The Washington times., 1908-11-15
WASHINGTON TIMES
PROSPERITY COLUMNS
REVIVAL IS HERE.
DECLAR-S CLEWS
Genuine Improvement in
Business Recognized by
FinanCierS.

Dr. Henry CleWs. of New York city.
one Of the closest students of economic
conditions, has this to say of the BUSH
ness situation.
"One of the most gratifying features
of the day is the unmistakable revival
Of business in many directions. OF
course, Improvement Is much more pro-
uOunced in some quarters than Others
but the recovery is most certainly gem
ulne and not OF the imaginary sort
talked about by last summers pros
pcrity' boomers. There is no extra
ordinary 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 activi-
ties, such as it is now experiencing
--H that the country needs for the pres
ent is 10 be let alone for a period I'D
order to recover its nerve and wonted
! activities.
Building Revival Most Marked.
/ If we look for rhe quarters in which
! recovery is most pronounced we find IL
in the building and engineering trades
/ This was TO be expected. A great many
important enterprises were in course Of
construction OF about TO be initiated
when the panic came. These works
( moreover. were often very urgent in
/ their character owing to the rapid
growth of our great cities. Congestion
Of traffic and the great demand Tor
new homes and office buildings made
many Of these enterprises imperative.
4 THE great pressure upon the rail-
roads for better terminal facilities ard
/ greater carrying capacity is already an
/ old story, and their excessive demands
upon the money market In 1907 was no
doubt one of the elements which brought
on the financial crisis that for nearly a
/ year paraIy zed all Industrial pursuits.
! with easier conditions IN the money
market and with = gradual revival OF
confidence these activities are being
gradually resumed, and now that the
. last element Of uncertainty. the Presi-
3 Dental election. has disappeared the
/ chief shackles upon industry have been
+ IoOsened.
Raw Materials Have Declined.
'Anothervery important aid TO resump-
ton has been the decline in raw ma
tcrtaIs. High costs of production and
/ operation. the inevitable acCOmpaul-
ments of the late ba have been
+ a serious hudTanCe 10 recovery Raw
materials, however underwent a con-
siderable decline after the panic, and
this fact together with the rigid ecou0-
mics recently enforced materially ia
CiIIJated a fresh start. Il is estimated
that office buildings, apartments and
/ other engineering structures can now
/ be erected at a cost Of 10 TO u per cent
less than a year or two ago. Steel.
lumber, and bricks each having under
4 gone considerable declines.
Wages have not been reduced but
| labor is IN a much more rational spirit
1 than formerly and its efficiency is I'M
dOubJedly better. Some idea OF the in
. creased activity in building is obtained
from the regular trade autLolities. which
show that building expenditures in
tEIrty-tve leading cities during Octo-
Der 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 70 per cent This com
parisOn is made with a time when de-
preston was beginning in the building
trades, but had not reached its climax
by any means; and the figures just
quoted show a surprising revival in an
important industry. fOTeshadOWiug
growing demand for steel and all other
building materials.
Recovery IN Other Lines.
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 liberal
orders are being placed at advancing
prices There are fewer idle cotton and
Interior distributors are now filling up
their shelves with larger supplies Of
drygOods and groceries. stocks having
been much depleted by prolonged eau
ton in purchases.
The West continues optimistic and
prosperous, thanks to a profitable har-
vest 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
emergeuce from depression is remark
able; we plunged more deeply than any
other country into the slough of des-
pond; and as usual we are leading all
others in the path towards recovery.
This, of course, is explained by our
great national resources, by our great
wealth. and by our general financial
soundness backed by the indomitabIe
optimism which characterizes the Amer
lean spirit. Later on Europe and Great
Britain will follow our example, for
which there is great need, especially in
the latter country