The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1908-11-17
THE BUSINESS REVIVAL.

TILE REVIVAL.
An excellent and authoritative
survey of the wonderful renewal OF
activity in all of the many branches
of business in this country is found in
the current weekly financial review
issued by Henry Clews & Co, one of
the most reliable of the banking
houses in New York city and with
connections all over the land from
which it obtains first hand in
formation. In it, Mr.. Clews, who
among other things:
zone of the most gratifying fea-
lures of the day is the unmistakabIe
revival of business in many directions.
OF course, improvement is much more
pronounced in some quarters than
others, but the recovery is most GER
tainly genuine and not of the
imaginary sort talked about by last
summers prosperity boomers. There
is no extraordinary prosperity nor
boom in sight, and none is desired;
for the country has had enough of
such and their disastrous reactions,
and simply requires a gradual and
steady resumption of normal ac-
tivities, such as it Is now experiencing.
All that the country needs for the
present is to be let alone for a period
in order to recover it's nerve and
wonted activities
eff we look for the quarters in
which recovery is most pronounced
cheering trades. This was to be ex-
pected. A great many important en-
terprises were in course of construc-
l. -.
panic came. These works, more
over, were often very urgent in their
character owing to the rapid growth
of our great cities. Congestion of
traffic and the great demand for new
homes and office buildings made
many of these enterprises imperative.
The great pressure upon the railroads
for better terminal facilities and
greater carrying capacity is already
an old story; and their excessive de-
mands upon the money market in
1907 was no doubt one of the ele-
ments which brought on the financial
crisis that for nearly a year paralyzed
all industrial pursuits. With easier
conditions in the money market and
with a gradual revival of confidence,
these activities are being gradually
ment of uncertainty, the presidential
election, has disappeared, the chief
shackles upon industry have been
1oosened. Another very important aid
to resumption has been the decline in
raw materials. High costs of pro-
duction and operation, the inevitable
accomplishments of the late boom,
have been serious hindrance to re-
toll h
derwent a considerable decline after
the panic, and this fact together with
the rigid economies recently enforced
materially facilitated a fresh start. 1t
is estimated that office buildings,
apartments and other engineering
structures can now be erected at a
cost of 10 to Is per cent less than a
year or two ago. Steel, lumber and
bricks each having undergone con-
siderable declines. Wages have not
been reduced, but labor is in much
more rational spirit than formerly
and it's efficiency is undoubtedly bet
ter. Some idea of the increased ac-
tivity in building is obtained from the
regular trade authorities, which show
that building expenditures in So lead
ing cities during October were nearly
A per cent greater than in October,
1907; while the increase in Greater
New York in the same period was as
much as 76 per cent. This COM
parison is made with a time when de-
preston was beginning in the build
ing trades but had not reached its
climax by any means; and the figures
Just quoted show a surprising re-
vival in an important industry fore
shadowing a growing demand for
steel and all other building materials.
The signs of recovery extend also to
other lines of business. The cotton
goods trade is much more active than
at any time since the panic, and lib
eral orders are being placed at adj
prices. There are fewer idle |
cotton and wooden mills than for
many months. Interior distributors
are now filling up their shelves with |
larger supplies of dry goods and |
groceries, stocks having been much |
depleted by prolonged caution in |
purchases. The west continues opti-
nistic and prosperous, thanks to a |
profitable harvest, and there is every |
prospect of a good fall and winter |
trade in all parts of the country from !
Maine to California and from Dakota |
TO Florida. Our rapid emergence from |
depression is remarkable; we plunged |
more deeply than any other country |
INTO the slough of despond; and as |
usual we are leading all others in the i
path towards recovery. This of |!
course is explained by our great ma |
donal resources, by our great wealth |
and by our general financial sound |
ness backed by the indomitabIe |
optimism which characterizes the |
American spirit. Later on Europe !
and Great Britain will follow our ex- |
ample for which theretis great mood |