Staunton spectator and vindicator. [volume] (Staunton, Va.) 1896-1916, 1908-04-17
President Finley on the Commercial
Outlook.

+ Washington, April 6.-President w
W. Finley, of the Southern Railway
Company, who has been looking care
fully into commercial and industrial
conditions in the Southern States, was
asked today for summary of the result
OF his inquiries.
"While business conditions in the
Southern States are not as favorable as
we would like 10 have them," said Mr..
Finley, 81 think the situation in that
section is fully as favorable to an early
revival of prosperity as that in any
otherpart of the country. Throughout
the South, the banking institutions are
in sound condition, and, although
their managers are generally pursuing
careful and conservative policies, sound
business enterprises are generally able
to obtain all of the credit needed. From
most localities come reports that South
ern farmers are in prosperous cond:-
ton, and have substantial bank ac-
counts. In the United States as a
whole, and especially in the Southern
section, agriculture is the predominant
industry. Last years crops were sold
at remunerative prices. Largely as a
result of the purchasing power of the
farmers, retail trade in most Southern
communities is fairly active. In those
localities where cotton mill employees
and other industrial workers are most
numerous, there has, of course, been
more or less falling off in retail business
as a result of the industrial depression.
AS in all other sections, there is ten
dency on the part of retail dealers in all
lines to buy very conservatively and
reduce their stocks of goods. This nee
esSarily has the effect of curtailing the
business of jobbers, who in turn are
conservative in their purchases from
manufacturers, and this, in turn, tends
to accentuate the industrial depression.
'gThat the depression should have
been SO widespread and serious is due, l
think, not so much to fundamentally
unfavorable economic conditions as to
the general uncertainty as to the future
which has prevailed and to the conse-
quent tendency on the American people
generally to economic in their expendi-
lures. The cumulative effects of all
these individual economies, passed on
through retailers and jobbers, have
fallen with full force upon the manu-
featuring and transportation interests
Of the country, which are, consequently,
feeling the depression much more ac-
utely than other interests.
'The question of how soon revival
may be expected to begin is one which
no man can answer with certainty, for
the reason that some of the reasons for
the continuance of the business depres-
sion are psychological. This being
true, one of the most important results
to be brought about is the creation of a
sentiment based on faith |
in ourselves and in the future The few
weak spots in our banking system have
been eliminated; the natural resources
of our country have not been diminish
ed, and the industry and enterprise of
the American people are as great as
ever before. Under these circumstances,
before, as a result of the prolongation
Of existing conditions, economic COM
arise, it is the duty of each one
Of us to look to the future, rather than to
the past, and to contribute, to the best
Of his ability, to the bringing about of
such sound constructive sentiment as
will substantially aid in return to