El Paso herald. (El Paso, Tex.) 1901-1931, 1910-08-27
Good Grounds For Optimism

The Continental and Commercial
National bank, of Chicago, second
largest bank in the United States, has
just published the results of an in
quiry by letter addressed to many
thousands of banking correspondents
and business houses throughout the
south and west, into the general bust
ness situation, the outlook for the
future, and the experiences fof the re-
cent past. From the published sum-
mary the following very reassuring
paragraphs are taken-the most con-
sentative deductions from the most
conservative sources of information
available:
Despite some discordant notes, the
general tenor of replies TO our letter of
inquiry is confident and encouraging.
The country is prosperous There is
work for everybody, in many localities
complaint that production is restricted
for want Of labor and the competition
of employers is pushing wages steadily
higher. 1t is interesting to note the
complaint everywhere that the automo-
bile industry is making labor scarce
and dear, for it illustrates how each
development of civilization reacts upon
the condition of the humblest member
of society.
Familiar Complaints.
The volume of business has been
large, but there are frequent COM
plants that competition is sharper and
the margin Of profit smaller than ever,
that labor is dictatoriaI and that i'm
proved methods are constantly required
10 Offset its demands. But the story of
industrial progress reads like that from
the beginning
Bankers Conservative.
cit is common expression from the
smaller cities anu towns that nothing
is known there Of business reaction or
of threatened trouble save what comes
from the few large centers. To them
the country seems very prosperous and
conditions sound Many Of them ex-
press some Impotence over the con-
servative attitude Of the banking fra
4ernity. whom they accuse Of being
frightened at shadows. Nevertheless.
1t is apparent that the note of warning
was well sounded and that a whole
some effort to check the expansion Of
credits has been made, and the coun-
try is in much better condition be-
cause OF it.
Farmers Wildly Prosperous.
1.-The entire west has been enor-
mously, almost wildly prosperous. The
basis of this prosperity has been the
high prices for farm products, which
have furnished the farmers with the
means to build better homes and barns. |
drain their lands. buy improved ma |
chinery enlarge their farms and in not
e few instances commit the Other
sided offense Of buying an automobile.
We have made considerable inquiry
into this, and our information is that
the farmer who buys an automobile
generally pays cash for it and is bet
ter able to own il than most of the
town purchasers II is probably of
more real utility to him than to any
other class of purchasers.
Boom in Farm Lands.
elsewhere we deal at some length !
with the causes Of the stringency over |
the west in the spring months Of this |
year Evidently the heavy transac- |
lions in land which are reported from |
so many localities in the west were |
the principal factor in it. Undoubt- |
eddy there has been considerable spec !
ulative buying. for speculation is in |
evitable in any kind Of property that 1
is rapidly rising in value, but the |
basis Of the whole movement is the |
high prices for farm products. Farm |
ing is more profitable than it ever was /
before in this country, and farming l
operations are being enlarged and de- J
veIoped in every way. The movement /
u young pcOplo dM dg HUN LAS 4dIlIlS
is checked The results viii be bene-
fetal to the country. The rise of food |
prices viii be checked and some re-
duction from the price of meats in the
last year no doubt will be made Few
observers believe that the price Of good I
tillable lands will have any serious
decline, but the investments have been
very heavy and but for the conserva-
tive policy adopted by the country