New-York tribune., 1907-06-25
ro CHECK TO PROspERITY.

The Tribunes review yesterday Of local COM
mercial and financial conditions may be taken
as an Offset 10 much vague talk about hating
prosperity. Looking at the industrial and Dusl-
ness field 1t is hard to find much foundation for
suggestions that confidence has been chilled or
that production and consumption have been tenn
porarIly checked There has been decline in
speculation and IN certain speculative values
but it is entirely misleading to maintain that
this reaction was caused by business cOntrac-
tIOn There are those who still refer to the
. recent upset in quoted valuations in Wall Street
as q panic" but a panic It failed 10 De
velop any of the generally toxic symptoms which
! accompany epidemcs of violent business ndges-
! ton For industry and trade have not slack
: ened and In the main only inflated paper stock
! prices were levelled. The country's foreign
trade shows that there has been no curtailment
/ in consumption. y real panic would have cut
down imports. But our imports have been in
creaslng enormously-even faster than ex
ports-and the fiscal year 1906-O7 will soon end
with much the largest totals ever reached both
in imports and exports, and with q foreign trade
in and out of more than $3,30o,0OO,00O.
The conclusion is unavoidable that such rec
ords in foreign trade could have been made only
when conditions at home were sound and busi
ness confidence was firm and widespread AS
The Tribune's local article plainly indicated
domestic traQe ana commerce nave not Deen
handicapped by Wall Street disturbances. II
demonstrated that contrary TO what appears
almost general belief, the inactivity of the
'stocl market has not had any great effect on the
mercantile industries Merchants who do not
Include optimism and pessimlsm IN their stock
"of trade have not only not been affected by the
'stagnant condition of Wall Street but appar-
"enty are little interested in IT." This test-
mony is direct confirmation Of the conclusion
TO be drawn from the mounting receipts at our
custom houses, and it is not to be lightly blown
! away by talk about depression in the security
market O. the dangers OF radical anti-rairoad
| legislation. 1t is becoming more and more ap-
parent that the public desires no punitive cru
sade against the railroads and will approve Of
| no legislation likely to cripple common carriers
whose efficient and profitable operation so init
mately concerns every producer and every con-
sumer. The irritation of the public has not been
| directed against the railroads. as such but
| against the oppressive and selfish policies of
| some railroad managers. If railroad stocks
| have declined In value it has not been SO much
because of fear Of cOnfscatory legislation as
because Of distrust Of the habit OF coupling rail-
| road management with stock manipulation.
Mr.. Frank A. Vanderlip In an address last
week TO the Virginia State Bankers Associa-
ton admitted that general business conditions
were sound, although he dwelt on the perils of
| further antirallroad agitation and unsettlement
| in the security market. There is" he said mo
inherent reason in the conditions Of agricult-
"ure, trade, industry and finance in the United
States that would make necessary a period Of
further disturbance and depression" This is q
| broad judgment, but just one. The trouble in
the stock market was not caused by or related
| TO ordinary fluctuations in commercial activity.
SO far as production, distribution end consump-
ton go we are still in period Of marked and
strongly persistent prosperity.