New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-12-04
TIMES ARE PROMISING
We Should Not Be Despondent
Outlook More Hopeful


In the monthly letter Of Snapcer Trask
Co. bankers, made public yesterday,
there Is a decided tone Of cheerfulness
Following is an extract:
at would be idle to DENY that a Pertain
feeling Of discouragement has spread over
the community. At the same time we con-
slider the discouragement much oyerdone.
There is no reason why we should and
every reason why We should not go on
living in an atmosphere of dependency.
In the first place it is against human
nature; in the second it Is un-American;
last and foremost IT is unsound. We hold
there is no so-called situation existing
to-day which calls for despair. A true
realization of what is going on, patience
and prudence are what is needed. It
should be appreciated at once that the
situation is not of character which pre-
cedes days Of panic. II has not arisen
as the inevitable result of a long specula-
tive debauch, that has finally caught
merchants and manufacturers with large
stocks of unsold and unstable goods on
their hands. For years the output of our
factories has been largely against orders,
and orders have been on a hand-to-mouth
basis. Neither has the situation developed
through lack of confidence I'm our banking
institutions. These are sound-perfectly
sound, and they have been keeping SO for
months past, preaching conservatism and
practising caution i'm commitments.
The lurking feeling of encouragement
does not spring, in our judgment, from
fear OF industrial or financial collapse, but
very largely from considerations Of a
political nature. We do not refer so
much TO the Mexican situation, as it
seems impossible to believe that our pa
cihc intentions will have to be translated
into terms OF warlike eudcayor. We had
more particularly in mind the questions
of the tariff, the currency bill, the pleas
OF the railways for higher rates and the
probable attitude Of the administration
toward the trusts.
"In so far as the tariff is concerned.
we do not fear an invasion of foreign
goods on any large scale. as there is APP
parently a disposition on the part of for-
cign manufacturers TO 20 slow until they
are able TO form some pretty definite
opinion as to whether the bill as it stands
now will be continued through the present
and succeeding Presidential terms.
"As for the currency bill. although il is
making slow progress. We continue 10
have an abiding faith. based on general
and specific national characteristics, that
whatever bill is finally passed will have
incorporated in IL so many sound features
that even its less satisfactory ones will
leave the new measure distinct inn
provement on our present antiquated sys-
TEN.
Coming to the question OF railroad
rates. we have on recent occasion eN-
pressed the opinion that daylight was
ahead for the railroads. and developments
in the last month have but confirmed us
in our Judgment II Is true that the in
crease in rates Is not likely 10 come about
as quickly as the railroads and their
anxious stockholders may wish. but II
their plight has not been oyerdrawn- and
we do not believe IL has been unduly
oyerdrawn-thcir case Will be proved only
the more ConClusivcly as month succeeds
month Of diminishing net earnings. The
statistics recently given before the In
terstate Commerce Commission show that
despite the fact that $65g.u",vp additional
money had been spent IN improvements
since 1910. the net corporate income iE
fully 10 per cent less than IN 1910 and
nearly II per cent less on the capital