The Birmingham age-herald., 1908-10-12
Business Questions.

Henry Clews the prominent Wall street banker, has long enjoyed reputation for a broad and practical knowledge of business conditions, as well as keen in- sight into complex problems. In his last Saturday letter he writes more optimis- tically than usual, and what he says will be read with especial interest and satis- faction at this time. In part he dis courses as follows:
 Evidences of business improvement are multiplying in various directions. This is not only true of the west, wher- con ditions are sound and promising, but also in the east, where the depression has been most severe. Railroad traffic is recover ing, and the number of idle cars is stead fly diminishing. Earnings of S7 roads re- porting the third week of September showed decreases of less than 1 per cent, whereas in July and August the same roads were showing losses of F to + per cent. September's bank clearings showed an increase of per cent over the same month last year, a fact which is surprising in view of the prevailing quiet ness of business; and while stock ex- change activity probably accounted for much of the increase in clearings at New York, the gains reported from many cities in various parts of the country prove be- though slowly reyiving in spite of a po- ltical campaign. If other evidences of recovery are desired they can be easily found. Improved conditions in the money market have carried natural and much needed relief in various directions. Bank CTS. although in a discriminating mood, will now lend with greater freedom on all sound and legitimate enterprises. Real estate is feeling the advantage of this re- lief; property is changing hands more freely, and better class developments which were blocked by the panic are be- ing carried out with more promise.
 "The first question to be asked is how long will this improvement last in view of the fact that the country will shortly be precipitated into sharp tariff agita- ton, both parties being pledged to re- vision. Tariff changes are always unset tling; the uncertainty as to what will be done usually being a more serious mat ter than the actual changes. Fortunate ly, the country Is in some respects bet ter able to stand tariff discussion than ever before. The tariff in many in- stances is so high that a moderate re- duction would do little or no harm to home interests, and would increase the national revenue. In other cases our manufacturers would be positively bene- fitted by reduction of the tariff on their raw materials. The most likely point of attack is the steel tariff; but there is an ample margin here, and our steel indus try is so well fortified by superior meth ods and low costs of production that it's future will not be seriously endangered by any well considered reduction. WhetA- CT the campaign against corporations will be conducted as aggressively as hereto fore, or not, is an open question. Already there has been a decided reaction in pub lie opinion in this respect, and the feel ing that the country needs a rest from this sort of agitation is steadily gaining ground. As soon as the Presidential elec- ton is over, the anti-corporation policy will not be so much in demand as a no1iticaI isslla