Los Angeles herald., 1907-12-22
FORECAST OF
NEW YEAR
VENTURED
PEOPLE HOLDING FAST TO
THEIR FAITH
WILL BE REWARDED BY ERA OF
ACTIVITY
New York FInancier Pertinently Asks
II the Recent FURRY Has De-
stroyed Brains, EnergJ
or Incentive

There we're no new features in the real
estate situation the past week. The mar
ket is standing in a waiting attitude,
watching which way the pendulum VIII
swing when he banks return to a gold
basis. The gradual loosening or the
reins in other cities and the reports OF
an encouraging renewal OF activity III
those places where the embargo Is being
lifted is having a salutary effect upon
the feeling in Los Angeles The con-
fidence in the healthfulness of local con-
ditions continues strong and the hrms
which have been promoting large realty
operations express a profound bellef tnat
they will not experience any reversal.
AS a matter of fact business men ana
people in general here have not had any
fears of the ultimate result. They have
not been panicky; they have simply bee.'
forced to protect themselves. as they
thought, against dref,rl conditions which
reckless business methods In the large
financial centers developed When
restoration has become an established
fact and the country Is once more in full
commercial swing the people can take
unto themselves the unction of having
born themselves admirably throughout
the furry They believe now and will
continue to believe that they are Justified
in holding fast to their faith. AS the
comptroller of the currency said in his
report to congress- 1T has been remark
able how patiently and with what for
bearance the people in the business
community generally have borne with
the situatioi and helped the banks to
deal with the emergency With the ex-
ception of the first excitement in New
York and some smaller runs in other
places, there has really been surprisingly
little excitement or uneasiness among the
people"
Already they are facing forward and,
looking beyond the immediate present,
are endeavoring to forecast the POSSIBLE
tiles of the new year. 1t will be interest
ing and encouraging to Herald readers to
learn what those sitting in high towers
see Out of number OF similar charac-
ter we quote below the prophecy OF the
editor of the New York Financier. who
endeavors to answer the question, What
Ck 190S?"
What of 1908?
"It is idle to prophesy, but in a gem
eral way there is warrant for the belief
that the next twelve months ought to be
marked by rosperity-prosperity in the
substantial sense We will have less of
sensational progress perhaps, but more
solidity, more conservatism. and mora
careful management in every avenue of
trade Therefore we can hope for con-
t,nuance of stable conditions, eor rather
a restoration of such conditions after
the subsistence of the violent interrup-
tion of the past month or two An
analysis of the recent crisis leads to one
conclusion. that at heart the country is
sound, that the things which brought
about the panic concerned the body
polite only as symptom which had be-
come aggravated, rather than chronic.
This does not eliminate the fact that
much loss and suffering have been oc-
casioned already, but it is cheerful re.
Election that the disease was checked in
time to avert later prostration.
''Will anyone advance the proposition
that the furry since October has de-
stroyed the brains the energy or the in
centive that have brought the United
States to the forefront? Will the fall
in securities reduce the yield Of wheat or
other products per acre? These Ques-
tions are elementary almost to the point
of childishness, but after all they are
pertinent. for the answer refutes the
theory that the country is dependent on
Wall street for the mere fact of its ex-
istence past; present or future. 1t IS
idle to deny that waien the function of
money or credit is disturbed, a condition
most unhealthful in its influences is cree