The Washington times., 1910-10-24

big fnancier, mean-can better af-
ford to wait and let his money lie
around idle than can the man to
whom every dollar Of interest counts.
If the big interests were TO begin
buying generously, we should see a
very emphatic rise in the price of our
securities, but the probability Of their
becoming heavy purchasers until the
Sherman Act is cleared up isn't very
promising
The Business Situation.
The business situation is better
than it was, not perhaps in the i'm
mediate volume Of business, but bet
ter because the financial situation is
better. A panic6y condition in Wall
Street means the slowing down Of
business, and Wall Street has been
Il state Of slow panic since the eth
Of January. But the disease is now
pretty well out Of its system. It has a
clearer vision, and hopefuIness is
taking the place Of fear and inaction.
As this better feeling in the money
center spreads to the business world,
a spirit Of advance and courage will
show itself f. our industries and
commercial life. We are a big world
in curse. yes, with over rinety mil
lions of people TO feed and house
and clothe and entertain. This means
an enormous aggregate Of industry
busy factories and wide commerce.
do not mean to say that business
is going 10 enter Immediately upon
a period Of great activity, but I do
wish to say that the better condition
Of things in Wall Street will tend TO
check the recession IN business, and
10 place It squarely on its feet ready
to advance again.
Business has not suffered as the
I security market has suffered. In
fact, business as a whole, covering
the country in every phase Of en-
deavor. is up TO perhaps So per cent
Of normal-certainIy not below so
I per cent Of normal. This is not bad.
In fact it IS tremendously good. con-
sidering the demoralizing despond-
ency Of the financial district and the
enormous decline in the price of Sc
curities.
The one great drag in the business
world is the inactivity Of our rail-
roads in the matter of extension and
up-heep- In this respect they are
doing well-nigh nothing They are
buying no rails, and in fact are plac-
ing practically no orders for supplies.
The activity or inactivity Of the rail-
roads cuts a very big figure in our
general business.
But the present inactivity on their
part will Tot continue forever. They
must have new rails. The old ones
are wearing every day. The Atlantic
ocean keeps the track well repaired
all The while for our sea-going YES
sells, but the railroads are not a
branch Of the Atlantic ocean, and
so are not IN on this automatic re-
pair process
On the whole, I am optimistic, as
concerns both our securities and gen
eral businessmen wildly optimistic.
but sufficiently so to expect and be-
lieve that the year ahead of us will
be 2 better one than the year now
drawing to cIOse-and this one
hasn't been so bad as TO justify US in
becoming pessimists or wishing &c
be citizens Of some other country
! We have not been altogether neglect
i5d this year in the bounties of Provi-
dence, and our government, while
slipping a cog now and again. has, in
the main, done good work within its
LIMITATIONS, and has squared itself
TO its traditions.
Politically We are moving forward
There are some rough places en-
route, but the stretch ahead will be
sm bother and better for us all.
/ Written September q, 1910.