The sun., 1909-01-04

trying times that have just passed away
Heretofore IN our country the West hai
been the poorest section on OCCASIONS o.
business depression. and the unrest OF thu
people there by reason Of their hard lucI
has vented itself in grave political dis
turbances. This year unwelcome ethlbi
tions Of the kind described have been few
Similarly the year has been marked 10y
comparatively small number OF strike
and labor troubles. nor has railroad rate
cutting warfare occupied such a place
as 1t has in corresponding periods In the
past. Indeed there have been no railroad
wars at all, and II is obvious that the
concentration Of stcckholding control OF
these companies has at least progressed
TO the extent that IL has sufticed to KEEP
the roads in peace with each other during
season Of falling revenues.
Prophecy concerning the year just
begun IL by nS means 90 easy as phlloso-
phizing over the year just ended; but at
least one thing Ia already attested. and
that is that general confidence exists
that the Improvement in business mani.
tested in 1908 will be continued. evon II
il does not soon reach tho dimensions
OF a boom. There are abundant reasons
for this hope. first among them perhaps
being the circumstances to which REFER
ence has already been made that q
great change has come over relations
throughout the world between the pro-
ducers and consumers Of foodstuns' inc
supply Of foodstufiB having become IL
not actually less than the demand therefor
at least 90 much smaller than formerly
az TO invest agricultural occupation In
the United States with degree OF we'll
being not known before in the last thlrty
years. There is 10 be no Presidential
campaign for four years to come and there
is a prevailing inclination to tho belief
that a business blessing is about 10 be
substituted for a business curse IN the
White House. There is much talk now
and will be in the near future OF the enec'
upon business Of the tariff revision proc
ess that is now being undertaken DIS
cussious of this sort admittedly hampereo
business somewhat in the last two months
OF last year and will doubtless continue to
do 40 until business men can Obtain a
more definite idea as to what the new
tariff rates are TO be. but II Is obvious
that our tariff laws are being revised by
those who are friendly to them, that IN
many lines OF business tarih reduction
would work no harm and that IN other
lines still will do a great deal oi gooo,
Il seems plain too that the new tarirl
laws this year will be enacted with com
narrative speed and that there will be
no such party and individual business
vranglings over them as known before
The matter is one therefore that must
be borne with patience for little time
further but with strong confidence that
injurious results will not aow from It.
For reasons that must be apparent to
every one the expectancy seems Justlreo
that money market conditions Will not
be such-in the present year as to harass
business. while as regards actual occur
rences in the year those people In the
financial district who are accustomed 70
look q little longer ahead than a 10"
days are now turning their eyes 70 the
changes for the better that may take
plnce in the status Of many Of the coun-
trys railroad lines Just what Is going
OF in this direction was Indicated in
the purchase last month Of the Colorado
and Southern Railroad property by the
Chicago, Burlington and Quincy Railroad
Company. and these general indications
are SO numerous and so strong that
il may he held as a positive certainty
that the yaar 1900 will witness two
important Developments in the railroad
world, one the further absorption by the
great railroad systems OF smaller lines
like the Wisconsin Central. Chic ago and
Grelt Wes:etn. Wabash. and Missouri,
Kansas and Texas, and the other making
o, or or new birth for such larger railroad
properties as the Erie, st. Louis and San
Francisco, Missouri Pacific and even the
New York Ceatral Not TO go into de-
tails. il may be said that with the con-
cmson Of the Erie Railroad Company's
.cutoa" made around Port Jervis and Of
another similar work in the Genesee River
country the Erie will havea through line
to Chicago which will be as regards grade
as good as that Of any other trunk line
aud with the Erie operated in the future
with a view to its own advantage and not
that Of it's competitors the prospect Of
the company becomes bright. The next
great railroad system in the country to
be taken in hand by a railroad president
of the character and ability Of Mr.. Under
wood should be the Missouri Pacific
and although the New York Central is
a railroad organization not to be men,
toned in the SINE GLASS with the last two
named. no one familiar with the facts will
deny that the New York Central too is
in need Of better management and will
in all reliability receive it.