Americus times-recorder. [volume] (Americus, Ga.) 1891-current, 1914-11-20
Secretary Redfield's Letter.

Secretary Redfield's Letter. 6
The Secretary's letter follows:
"A manufacturer whose plant was in
Liege or Lille would find no strong
ground for cheer. in the condition of
either of these industrial centers. In
either of these cities financial, econom-
ical, possibly even physical destruc-
ton would threaten his business. One
cannot but sympathize with the mis-
fortunes that have befallen industries
in all the helligerent countries and be,
therefore, 50 much more grateful that
no like fate theatens our own. Let the
worst be said and admitted that can
be said respecting existing business
difficulties in America, our condition
still remains net only relatively bright,
but rapidly improving, and in many
respects both prosperous and promis
ing. There is always room IN a coun-
try as large as ours, and with such
various conditions as exist in it's diff
ferent portions, for the pessimist to
find some hook on which he can hang
his mournful prophecies. One need
not react to the other extreme and ex-
claim that the special prosperity of
one is an indication of equally good
conditions everywhere. The truth lies
between, but no observer of the large
movements of our commerce today
walls to recognize the great improve
ment that has been made in business
conditions within the last few weeks
and which is still progressing.
THE payment of our foreign obliga-
tons is no longer cause for serious
worry, since an import excess of $780,
100000 in August has been changed to
an export excess of approximately
$60,000,000 in October. This favorable
process continues, and there is every
indication that it is likely to continue
long. The deficit in our bank reserves
in New York, which was as low as
$43 100000 in August, rose to a surplus
reserve early this month of nearly
| 100000. The course of exchange
has become more normal. Clearing
house certificates are being retired.
Large sums of emergency notes have
been withdrawn, and with the opening
of the Federal reserve system great
additional supplies of loanable funds
have become available. There is no
longer serious concern over our finan-
cial future.
"One can lcok back calmly now to
the first weeks of August, when there
was wheat embargo, which some
feared might mean sad loss to many of
our farmers. Those same farmers are
prosperous today, for wheat exports
have been unprecedented in amount
and at profitable prices.
Cotton has begun to move, and ex-
listing arrangements promise relief
from the shadow which has so long
hung over our fellow citizens in the
South. If both money and crops are in
far better 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 fully 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 to
the total If it were stated, would not
give different impression from that
which is made by the present form Of
statement.
However, he who wants may read
plain facts which show ON every side
not only marked hopeful feeling in
industry, but tangible facts on which
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