El Paso herald. (El Paso, Tex.) 1901-1931, 1910-01-08
A Look Ahead Shows Pros
pect of a Continuance of
Good Times Through 1910
(By Edward T. Devine).


THE panic Of two years ago seems
to have spent its force with I'M
= exampled celebrity. Such liquida-
ton as was required by the specula-
tive expansion of the period before the
panic has apparently taken place.
Railways have no longer an excessive
number of idle cars. Factories are no
longer on part time because of lack
of orders. Labor is no longer unem-
ployed on a large scale, and wages nave
returned TO the high level OF two years
ago in most of the few exceptional in
stances in which there were even tenn
porary reductions.
The tide of immigration-no other
figure is adeQua te-again flows strong
" If exports to foreign countries nave
not yet quite attained their former mag
nitude this is to be attributed chiefly TO
the colossal growth of the domestic de-
mand for our manufactures.
New Era of Prosperity
From every great industry alike, iron,
lumber. meat packing, locomotives, au-
tomobiles. paper, paints, wooden, beer
brewing. and life insurance, evidence is
presented in the current publication U.
the American Academy Of Political and
Social Science entitled American Busl-
ness Conditions, that we nave aireauS
entered upon a new era OF prospeIHly-
The purpose OF the culbOAo "a NA--~
urne has evidently been to secure an un-
+romn,e1ed and accurate statement from
an accredited representative or each IN
dustrv rather than TO prove any pareicu-
lar thesis For this reason the sho"ihe
is the more impressive
In all the explanations offered for the
ouiclx recovery of business ana INDUS
try there is constant reference 10 tne
fundamental fact that the great aei.
1f hn nation
scarcely affected at all by the panic ana
industriaI depression. Excellent crops
at GOOD prices have saved the farmers
and through them have saved the I'd
80 from, the worst consequences OF
+ba financial and commercial disaster.
Farmers Keep Busy
ono curious bit of testimony on TINS
noint comes from the spokesman OIL .lie
naint trade. who records that the ue
nand for shelf goods, l. e. paine9
used for houses and barns. was main
ta;Dad ar nearly the normal level, While
,1ain+s used in structural, railway;
p,,,anufacturing and technical lines. zen
off more than so percent we are no"
once more assured that the yleld VI oO-
farms will be satisfactory
Aeain high prices for food produets'
which are so serious an element II, IN
cost of living of town JEWELERS. WIN Gu
able those that live on the farms " 80
oIso at high prices, the output Oh tiIo
Iii. ond factories. and thus help 10
i-aaD town labor employed Again theie
is the Unsuitable demand for 1arih i
hor which strictly limits the nuIipei "
Tho unempIoved in the towns 10 ,ioso
Who are in the wrong place from oit0'o'
or accident r,cultural
The stable foundation OF agricui.ula
prosperity thus underlies the new
of commercial and industrlal au ~ .he
mon which we are entering, as III ,no
N1ne+ 41,-o wears It has so successluilS
p1o,d tbe uncertain and damaged SUI
perstructure.
causes of Depression
Social workers are as directly con.
cerned as any class in the coiiiiii -
in the phenomena of panic, depleoSion,
recovery. ana prosperity. Their TASKS ..-e
clt out for them by these suoOe'
stages of the industrial cycle tel
A journal which is concerned WI.
+bair problems may therefore wishout
innertInence or presumption record tno
nassfng of these stages, inquiry
what not too deeply, into their Gauss,
and point out their bearings on so0i"i
welfare. 80 no
Among the assigned causes ol tne
manic of 1907, our friends, the
mists, would put the emphasis On ~
inflated conditions of the years ple1 1,
ing it. The extraordinarily hlsh piI~'
of stocks and bonds, the enormous eain
ings of railways. the inceSsant inc,
of production in every trade, anu .n
frantic attempts TO extend plants anuI
facilities so as to keep up with oiue,
are still so recent as to be WITHIN tte
memory of all, notwithstanding tue t'To
vears' gulf of inactivity and depression
which divide us from that epoch
Abroad.
So quickly have We returned 10 F1l-
ume of business almost if not quite las
great as that of two years ago. t1at
j. has been natural 20 think that soL re
particular event, some unlucky accident,