New-York tribune., 1914-11-17
Reports from All Sections
Prove Return Of Pros
perity, He Says.
N. Y. BANK DEFICIT
TURNED TO SURPLUS
Export Excess Triples August
Import Surplus, and Boom
Hits Manufacturers.

NhSn Snlngion, nov. 10. Hlt '"'
forces Of destruction are being mob
ilized IN ever increasing strength IN
the warning countries Of Europe, con
structive agencies. public and private,
are at work on this side OF the At
lantic, and resources of peace arc be-
ing concentrated TO overcome the ci-
fects of the world war, according 20
Secretary Redfcld of the Department
of Commerce and Labor All intorma-
ton reaching government departments
IN Washington indicates that the gloom
and depression which overlook bust
ness enterprises in the United States
when the war storm burst are slowly
drawing side, and glimpses OF present
and coming prosperity are visible.
The hopeful outlook for American
ventures was summarized to-day by
Secretary Redfeld in letter 60 the
Chamber of Commerce Of the United
States, in which he declared:
LET the worst be said that can be
said respecting existing business DIM
culties in America, our condition stun
remains not only relatively bright, but
rapidly improving, and IN many re-
spects both prosperous and promls-
ing"
The Secretary's letter follows:
"A manufacturer whose plant was
in Liege or Lille would find no strong
ground for cheer in the condition oi
either of these Industrial centres. In
either of these cities financial, eeonom-
ic, possibly even physical destruction
would threaten his business.
zone cannot but sympathize with the
l..r. hafulInu rVHTIg e.
tries in all the belligerent countries,
and be. therefore. so much more crate
ful that no like fate threatens our own.
Let the worst be said and admitted
that can be said respecting existing
business difficulties IN America, our
condition still remains not only reia-
lively bright, but rapidly improving
and in many respects both prosperous
and promising. There ~ always room
in a country as large as ours, and with
such various conditions as exist IN its
different portions, for the pessimist =
find some hook on which he can hang
his mournful prophecies.
Movement General.
zone need not react 20 the other ex-
treme and claim that the special pros
nerity OF one is an indication Of equally
good conditions everywhere The truth
les between. but no observer of the
large movements in our commerce 10.
dav fails 20 recognize the great i'm
provement that has been made IN bust
ness conditions in the last Few weeks
and which is still progressing.
"The payment OF our foreign obliga-
tions is no longer cause for serious
worry. since an import excess of S2O,-
600 900 IN August has been changed 70
an export excess of approximately 500
OOO.OOO in October This favorable
process continues and there Is every
indication that 10 is likely 20 continue
long The deficit in our bank reserves
In New York, which was as low as
$4,000, 900 IN August, rose to surplus
reserve early this month Of nearly Sl8,-
100000
"The course Of exchange has become
more normal. Clearing house certi-
icates are being retired. Large sums
OF emergency notes have been with
drawn. and with the opening ot the
Federal Reserve system great adti-
tional supplies of loanabe funds have
become available. There is no longer
serious concern over our financial iut-
ure
zone can look back calmly now 20 the
Ilhk Nttho Va august y lAlH hlIfAf wa"
q wheat embargo which some feared
might mean sad loss 10 many Of our
farmers Those same farmers are
prosperous to-day, for wheat exports
have been unprecedented in amount
and at profitable prices.
Cotton Released
Cotton has begun 20 move. and ex-
IstIng arranrcm Cuts promise relct from
the shadow which has so long hung
over our fellow citizens in the South.
II both money and crops are in far bet
ter condition than they were months
ago, and If both are in some respects in
excellent condition, the same is true
OF our industries. They are not all full
" occupied, as facts in the iron and
steel trade show, and there remains
still a surplus Of idle cars. One does
not hear as much of the number of
cars in use as is said Of those which
are idle, and one wonders whether the
proportion Of idle cars 20 the total. If
1t were stated, would not give a differ
ent impression from that which is made
hy the present form Of statement.
However, he VINO wants may read
plain facts which show on every side
not only marked hopeful feeling in
industry, but tangible facts on which
such feeling rests. All problems are
not worked out yet 20 perfect solution.
That could hardly b., with most of the
business and industrial part of the
world engaged in destroying life and
property on a colossal scale.
Nevertheless, on many sides mills
are busy and factories running full
time or overtime. The number Of un-
employed is steadily getting less. The
coming winter throws no such dark
hadoW before as was feared % few
weeks ago, and the statement is begin
ming 90 be hear here and there that
goods cannot be delivered as promptly
as they are wanted because the fac
tories are too busy. The world abroad,
both that part Of 10 which is in arms
and that which rs at peace, is turning
toward America for a large portion Of
its supplies, and the phrase buy 10 in
America has come to have a potency
that has hitherto been lacking.
Exports but Small Part
The Improvement in conditions.
however. is not who'll. due 10 the war.
Great and growing as our exports are.
they form but a small portion of all OF
the total business that is going on and
which rs constantly increasing. a
knowledge that products can be sold,
the certainty that money can be had 10
finance business and enterprise these.
and facts ike these, have brought fresh
confidence into our domestic markets
AT the same time that foreign buyers
have entered them.
I'VE may be grateful, therefore. and
in p sense both calm and confident. not
only that we are far better of than are
our suffering brethren beyond the sea.
but that we are better placed our
selves at home than we were a few
,raoLs etpce Vra r,,o,- ho ,-Iod tk.t -