Lewiston evening teller. [volume] (Lewiston, Idaho) 1903-1911, 1907-12-26
Resume of Wall Street
BY Henry CIews


NEW YORK, Dec. 26.-The only
way to meet the present situation is
to at once recognize changes in
fundamental conditions which have
taken place during the closing year
We have descended with unpleasant
violence from an abnormally high
level to an exceedingly low level
and the succeeding process of read
justment is painful but imperative
The more promptly it is recogniZ I'd
and the more promptly arrange
ments are made to go ahead on the
new basis, the quicker will be the
real recovery. While there are still
many unsettling elements in the sit
uation, it is satisfactory to observe
some compensations which may be
too easily lost sight of in the pre-
yailing gloom.
Farmers and Prosperity
1t must not be forgotten that our
farmers are in strong financial con.
dition, the happy result of a series
of very profitable harvests, This
season is sure to be a good one fol
all engaged in agricultural pursuits
No such situation existed in previ-
GUS panics, when our farmers suf.
fered to a degree which is now i'm
possible. This may be class pros
perity and, therefore, less desirable
than universal prosperity, but the
financial strength of our agricultur.
lists is going to prove no mean bull
wark against the attacks of depres.
sion. Our farms produced $1,000.
100000 of wealth this year, which
cannot be obliterated by any stock
market panic. *
Industrial Conditions Sound
Another consideration that should
not be overlooked, and to which due
weight has not yet been given, is
that our mercantile and industrial
conditions are generally sound and
free of the oversupply which char.
acterized the panic of 1898. Thus
far there are few signs of overpro.
duction in the textile field, the third
largest division of national indus.
try. The cotton mills of the coun.
try are in an especially sound con.
dttion financially; and to avoid the
consequences of overproduction are
generally following a policy of cur.
tailment In this direction at least
there are no signs of weakness, anC
our mills are in excellent shape FOL
meeting reaction. The same can bt
said regarding the food industry
which ranks first in Importance. L
is almost impossible to find any mar
ket in this division of business over
supplied. In fact, in all of the mer
chandise markets there is little OF
no complaint of overproduction, tn,
only weakness being in occasional
cases of unwise expansion and over
extension of credit.
Has Been Wall Street Panic
In such instances the present con
dition of the money market ma,
cause some embarrassment; especial
ly should diminished consumption
and lower prices, which are newt
able, make any serious inroads upol
profits We emerge from the panic
therefore, with the mercantile an,
industrial situation generally sound
and with the signs of reaction chief
ly limited to interests which hav
been excessively stimulated by ex
traordinary expenditures of the rail
roads and unusual real estate activ
ity. Thus it is gradually being dem
onstrated that our difficulties ar
largely financial; that to a YER
great extent this has been a Wal
Street panic, and that there are rea
sons for believing that it's effect
will not be as widespread as that O
its predecessors in 1898 or 1908.
Mining Has Suffered
Such industrial OVERRIDING as
apparent has been chiefly confine
to interests connected with or de
pendent upon the products of tn
mine. Great development has oC