Albuquerque citizen. [volume] (Albuquerque, N.M.) 1907-1909, 1908-01-18
ARMY OF UNEMPLOYED
GROWING SMALLER
r
BIG Industries lin All Sections Of
Country Resuming After Mid
winter Shut DoWn--Cledrlng
House Certificates
Disappear.

New York, Jan. 1s.-The weeks
END brings Joy to thousands OF peo-
pie not only in this great financial
center but all over the country, for
1t marks the end OF the financial
stringency which for some three
months has prevailed generally
throughout the United states.
While the financial interests,
weeks ago, took steps which prac-
tically ended the stringency, still
lack of public confidence made
money tight and kept just enough
doubt in the air to seriously retard
business in all lines.
Reports from all the leading
cities of the country, however, are
to the effect that confidence in bus
mess has made rapid recovery and
that practically all clearing house
certificates have been taken up.
The banks are in excellent condi-
ton. More money is on deposit in
this city and in the banks of other
leading cities, than before the strin-
gency began tnd there is a general
resumption of business by thousands
of concerns that have been waiting
for this time to resume, while con-
tinuing operations with largely re-
duced forces.
The army of unemployed has
shrunk to nearly half the size it was
tw weeks ago and there has been
no marked effect on wages.
During the winter months, there
are always a certain per cent of en-
ployes out of work because of the
forced curtailment of operations
caused by shut downs for repairs,
invoices and because severe winter
weather prevents outdoor work be-
ing continued in many localities.
The mills of New Eengland have
nearly all resumed operations with
full forces and many of them are
employing extra help because of ac-
cumulated orders.
The steel plants of Pennsylvania
are also working day and night and
are employing all the skilled help
they can secure.
Chicago reports that within the
last ten days, fully third of the
unemployed men in that city have
found work and that the large bust
ness concerns have resumed with
full forces.
The railroads have taken many of
is impossible in many places for the
railroads to continue improvement
work because the ground Is frozen
and covered with heavy snow, still
all the work that can be done, is
being pushed forward as rapidly as
possible.
Reimbursement Came Quickly.
The general resumption of work
on buildings and other structures, is
also another sign indicative of the
improvement in financial affairs
The readjustment of business con-
ditions came much more quickly
than was anticipated in even the
strong financial centers.
The rate of discount has dropped
steadily and an influx of money
from many sources has made cur
rency somewhat OF a drag on the
market
Public confidence did not suffer
the blow anticipated. because the
average persons were not particu-
larly affected and those who were
suffered inconvenience for only a
short time.
Nearly all of the financial insti-
tutons forced to suspend. have al
ISduy ItSuulOu ana some others Will
do so in a short time. Much of the
securities held by these institutions,
and labelled as doubtful by exam
iners were found to be perfectly
good and money realized in this
manner ran from fifty to seventy
five per cent above what it had been
estimated
It now appears THAI conditions of
stringency have been greatly over
rated.
Discount Rate Decreases.
The bank of England, which re-
duced the rate of discount this week
from six TO five per cent, will. 1t is
understood, make another reduc-
tion during the coming week. These
reductions are the result of receipts
of gold from many localities, among
them the United States, which has
increased the banks reserve TO
nearly double what it was three
months ago.
The fact that the stringency has
almost totally disappeared, is per-
haps best shown, by reports receiy-