The Washington herald., 1914-11-26
A New and Prosperous Era.

Has business turned the corner? Is the long night
of lean and uncertain times tightening to morning
of better things and larger hopesl Surely there is
forming and in motion considerable body of Opt
mism which in itself is hopeful and helpful element
but its bases not yet certain not clearly defined
Unquestionably there is generally better feeling
Manifesty certain lines show the buoyancy that
alone from improved conditions, but it is too early
to say whether it sporadic or enduring 1t is highly
encouraging and there factors at work that may
sustain it. The country at large waits for it in
eagerness anxious to do its part and claim its reward
The Administrations devoted to it; devoted to it not
only by its broad public concern but by its private
interest in its own political future
Unitedly we have cleared away a good many of
the barriers created by the war, and collectively we
have little better grip on ourselves and on our
nerves in our individual and national relationship
toward the The is clearer, at lowering tolls
and foreign exchange has fallen to figures that are
approximately normal Our bankers have united in
financing Southern planters and their cotton crop
and the chief cotton exchange has resumed business
The steel trade best of all barometers reports an
improved sentiment and strong hope for early i'm
provement in actual conditions. Increasing demand
for foodstus and for war materials is carrying our
export figures back to where they belong.
That is the credit side and now for a word as
to the debts. The rate case is undecided with
general belief that the Interstate Commerce Com
mission continues in hostile and uncompromising
attitude there is open general market for our
securities and one forete the extent to which
large European investors will sell their holdings of
American securities, which enormous The new
Federal Trade Commission, its personnel and its
policies loom, large interrogation point, the
business horizon. Any serious survey of the situa-
ton and outlook invariably brings one to the rate
case. Clearly, favorable decision has the posi-
bilty of starting the country upon upward move
ment, probably of long and widely beneficial dura-
ton. Per contra, adverse decision is liable to
check the recovery that is manifesting itself.
An expert observer the correspondent of the New
York Evening Post at Chicago, itself a pretty safe
barometrc center signals that the tide has turned
Wiring to his paper on Saturday last he said: That
there has been turn for the better in the financial
and business situation throughout the Central West
and part of the East is certain 1t has been
under way for three weeks and is apparent in
many lines. The most striking thing came with the
opening of the Federal reserve bank
All sections will re-echo this sentiment as to the
Federal reserve system That organization with its
unusual power and capacity for national service is
naugurated under auspicious circumstances. Our
inanciers and bankers have joined hands with the |
government to insure its successful organization and
operation Its resources and accommodations are
behind and at the service of the nations business
md the processes of its adjustment already have
The fear that politics, prejudice, or
sectional feeling might impair this great national |
service is passing away rapidly. Experience may
iictate some changes in the system, but the main
structure is built for all time. II offers splendid
'asis and starting point for a renaissance of all
American effort that has to do with the material
hings of this life. We are optimistic enough to be-
ieve that the signs manfestng themselves about US
oretell the opening of new and prosperous era.