Albuquerque evening herald. [volume] (Albuquerque, New Mexico) 1911-1914, 1913-07-02
Country in Splendid Shape to
Cope With Disturbed COndi-
tons Declares Eminent Fl
nancial Authority in East.
ern Money Center.


Boston. Mass. June sO.--is u AS
tonlshinE how general and how un-
animous the belief IL among people
high ana low that this country Is rum
ming into financial and industrial
panic Few seem 20 realize that pam
ics are in the nature OF accidents and
that when everybody - watching for
them they do not occur. says the Bos.
4an Commercial
FOR two or three years past the
whole world has been waiting with
batcd breath FOR panic Ia Germany.
The Gcrmen business people expected
II also Notwithstanding that the out
break Of the Balkan war preclpitated
q much more acute crisis than would
have occurred normally. however.
Gcrmany seems To- have gotten by with
little more than financial furry,
n the Balkan war had come three
years ago when GormaHy's Industrial
expansion was al les height and whom
everyone VAS Over-coniident, u would
have prccipltated "A crash but a panic
was avcrtcd by both conservative and
tlmid people having reached a condl-
ton OF fear long before the crisis
came.
In tho United states there has been
no ovef-expansion or excessive specu-
lstion for some years. This state.
ncnt may be qualified by excepting
the somewhat extravagant land specu-
iaii1n that has occurred In some local
tiles IN the west rhe whole coun-
tFy has been prepared FOR business
reaction and panic. and there IL hard
d. weak thread IN our Industrial and
financial fabric.
Thego has never before been a time
In the history Of this country when Il
was In az good shape to Withstand
the effects Of foreign depression. at
the same time that political recon-
struction. labor troubles and financial
strinEency prevailed at home. We
have had no over production OF manu-
featured goods, no speculation In SC
Curities and very little imitation OF
land values in recent years. Labor
has been fully employed at high
wages and should be. for the most
part In condition to withstand per
iod OF nOn-empioyment without great
suffering.
8
whole In exceedingly prosperous. Rec
ord crops were harvested last yeai
aud the outlook for big crops shi,
year Is nov most promising. Recent
rains In the spring wheat, corn and
cotton helts we're exceedingly reassur-
ing news
There In stlll scarcity Of labor Ia
the agricultural districts and u man
ufacturing has a moderate depression
the working people thus released
should End ready employment.
our foreign trade situation is mos
satisfactory. as exports are exceeding
imports To an almost unprecedented
degree.
Personal extravaganza has beer
and IN excessive. but the OppOrtunit,
for curtailment In this respect Is 81
great that II viii serve as "a regulator
Tie business situation.
Indications are multiplying tha
business curtallmcnt IN under way "
many lines. There has been a notable
lct-up In the consumption of iron ant
steel substantially all metals have
declined In price.
The worst part Of our trouble u
that big manufacturers and the rail
roads do not know what they ma!
do legally. Consequently they are do
ing only such business "a comes e
hand
Tho launching of new enterprise
of practically all kinds In being de
ferred. Industrial prosperity II al
ways dependent. not upon suppiyinl
the needs and current requirement
OF the public, but upon building 10
the future.