The Washington herald., 1912-02-18
BUSINESS is NOT BAD
Many of the sO-called Complaints
Are Hollow, Although Big No
nOpolies Continue to Wall.
By n. c. FORBES.

New York, Feb. 1.-THE United States
is supposed to be suffering from acute
depression. am bold to ask: Are not
some Of our complaints hollow? What
are the facts? Isn't labor well employed
from coast to coast at the best wages
ever paid7 The ranks Of the unwilling
idle are not abnormal. that is certain.
The cost of living still Is uncomfort-
ably high, but have there not been ap-
preciable reductions in more than one
direction? And the impending tariff re-
vision should bring additional relief to
consumers.
Railroads are complaining-they nearly
than an average amount Of trafhc, and
very few prudently managed systems
have been forced to lower their dividend
payments
Manufacturers declare that they are
having a hard tine; that business is
dead. and that the shadow OF q mutt
lated tariff lies as a blight across the
horizon.
Well how does all this square with
the governments returns showing the
volume OF our foreign trade? We ex-
ported during January goods worth 2O2,-
506,07l, a record only once surpassed.
and our imports ran up to $lss.SSI,222,
figure never approached by any other
January. and passed only once In our
history lin March, 1910. Since the fiscal
year opened our inward and outward
trade has aggregated S2r22o,Ooo,00o. OF
course, a new high water mark.
At the rate of the last seven months
our exports for the current year would
reach s., ,240 900 and our imports 1885,
10000 An annual foreign trade of s.
so, O00 900 is something the United States
may pardonably feel proud of.
Money Is Cheap.
Money is exceedingly cheap, though
naturally somewhat timid. The demand
for shOrt-term notes in particular is
keen. Quite a number Of bond offerings
have been successfully aoated, and 1
hear that arrangements are nearing COM
pletion for several big loans TO be spread
over the principal International financial
Centers.
In the face of the foregoing facts can
the situation in the United States be
fairly regarded as hopelessly gloomy?
No well-balanced study Of what is what
throughout the business world can ig-
more the represslng influences which un-
questionabIy exist. But even the present
drawbacks are not wholly zimmerman.
Personally. / look for a gratifying out
come OF the pour parlers now going on
between Britain and Germany. 1t de-
velops that War Secretary Haldane went
10 Berlin on an invitation from the En-
peror. This is most encouraging. 1t in
dicates that Germany is becoming sick
of continuous sQuabbling and a little
tired Of trying TO beat Britannia at the
navy-building game. which is playing
havoc with the finances of both nations.
Wall Street Unhappy.
The specializing fraternity in Wall
street is far from happy. Stocks move
uninterestingly from day to day, with
commissions from the public extremely
limited in number. Political, legal, and
tariff uncertainties still abound. The pro-
posed money trust investigation is an
other source of uneasiness, although the
better element is more convinced than
ever than those under suspicion cannot
AFFORD 10 block the movement for ascer-
tanning the whole facts.
Although trading was on a very slight
scale. stocks were firm during to-day's |
trading, and closed with slight net ad- !
vances. United States Steel ana Union |
Pacific were the strongest issues. The
bank statement showed no changes Of |
Importance.