The Birmingham age-herald., 1908-01-20
LESSONS LEARNED
 FROM STRINGENCY
HON. CARROLL D. WRIGHT SPEAKS OF THE REcUPERATlVE POWER OF THE INDUSTRIES OF THE UNITED STATES.

New York. January 19.-(Special )-Hon. 1 Carroll D. Wright, former commissioner of labor. writes as follows:
 T took occasion in an article last year to say that there is an important fac l tor which leads to the conclusion that the next industrial depression in the United 1 States will be postponed, or will not be as severe as Impressions in the past. That factor is the steadying influences of great combinations of capital, whether l in manufacturing or otherwise, or to use another expression, the steadying intiu- enees of the trusts.
 This Is what occurred. In October last the controllers or managers of great capi- tals. both individual and corporate, ral- lied and prevented general panic. They applied their steadying influence and what might have been a serious panic was nothing more than a furry. It is a thing of the past, with it's instructive les- sons still operative
 We read in the press every day of the improvement in business. Temporarily manufacturing establishments here and
 
 short time. Outputs were limited, but they are again approaching normal condi- ton.
 Within three weeks of the furry many establishments began to start up Men returned to work, and there was little sign left of the depresson The great northwest went through the temporary difficulties without a noticeable change in business transactions
 We must look to the northwest for certain powerful elements in prosperity, The country banks of that territory re- port that they are continuing business as usual and have been supplying funds for moving the great grain crop. Money has been plentiful all the time and has restricted for time, but there has been restricted for tme, but there has been no panic-not even a furry. We need have no fear of a perma- heht disaster when great agricultural territory, also given to manufacture, is prosperous while there are panicky cond'- tlons existing in other parts of the coun- try. Had the recent furry amounted to a great deal, the northwest would have felt and evidenced it.
 It is wise in an accounting to show just where the country stands from business point of view. It has A larger per capita circulation than at any time Tn Its history. The farmer has enjoyed unprecedented prosperity. His labor and Knowledge have been rewarded with products the sum of-whose value the present year is SAP Oo0, ,0OO. Such a statement ought to go far toward remov- ing any apprehension of a long g-con tinued period of industrial depression
 Fifteen billions represents the annual production of manufactures in the Uni ted States. While this statement is based on partial data it is so significant that it ieaus 10 conclusion paralleled by thae concerning the prosperity of the farmer
 The stringency in the money market IS already about over. The iron and steel industry is engaging in renewed &C., uVlty There is general activity in rail- road buliding-true indication of the solid condition of business. Pages could be taken up with lists of manufacturing es- taDllshments, railroads and other enter prlses that are resuming work in conf- lure.
 This means prosperity, and continued prosperity, in spite of temporary flurries. With such vast business interests at stake, with the enormous capital con trolled and managed by corporations, each or which cannot afford to see another fall the elements of general prosperity exist. and think it is not too bold to say that .he recent scare will have nothing but penehcial results and will have the ef feet of restoring the country to a mora conservative management of it's business and to bring it's great financial transac tions to safer lines"