The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-12-03
STEADY RECOVERY
IN BUSINESS SEEN
National Civic Federation Finds
Optimism in Most
Quarters.
HEARS FROM 600 SOURCES

Business Improvement. with increase ot
prosperity for the immediate future ana
steady bettermcnt thereafter, Is the sum
mary OF the findings of John Hays Ham
nond chairman of the industrial eco
nomics department of the National civic
Federation as the result Of widespread
canvass OF conditions throughout the
country. MIR. Hammond has had reports
during October and November from about
500 corr, spondents. including Governors
Mayors officials of national banks saw
ings banks, railroads. associations OF
manufacturers. boards Of trade. life IN
surance companies. state declarations OF
labor. trade unions, provdent loan So
cieties, state labor bureaus and charly
Organizations.
Mr. Hammond will present a report on
this correspondence to the annual meeting
OF the National civic Federation TO be
held AT the Hotel Aston tomorrow ana
Saturday, when the problem OF unem-
ploymcnt and The other financial and in
dustrial questions arising out ~ the war
will be considered.
"Busir,ss throughout the United states
In improying and the conviction that
further advance toward prosperity will be
made I'm the next few months is vide
spread" says the summary of the report.
Improvement In financial conditions ana
the resumption of exports have been fol-
lowed by signs OF improvement in many
quarters
IMPROVEMENT IL Gradual.
The resumption OF normal business ac-
tivities must be gradual and the I'M
usually large number who are now unem-
ployed will find work slowly. We must
expect a great deal OF unemployment in
t,,, inta
most gloomy view Is that taken by nearly
all the charity organizations. New York
city reports applications for relief 20 per
cent more numerous than a year ago
while in smaller places such organizations
And their work increased from 20 per
cent to 100 per cent. over last year.
"Bu; 1t is highly significant that in the
many gloomy letters from charity Off
Gals and trade union authorities there is
NJ note OF actual despair and no advo-
cacy of untried experiments to relieve
poverty.
Railroads Are Pessimisttc.
"NeXt TO the charity organizations rail
roads are the most pessimistr. Several -
the great manufacturing associations insist
that an increase in freight rates would do
more for the permanent prosperity of the
country than even the ending of the for
6lgn war.
Largely owing 10 the railroad situa-
tion many of the great fundamental in
dus,res have been for a long period eX-
Ceedingly quiet. But reports now come
in of new building projects in the middle
West. The concrete trade is picking up
and to a slight extent this is true OF the
electrical trade. although machinery lines
still appear very quiet The president of
one Of the greater steel companies says
tina, in his opinion the bottom has been
reached in the steel trade,
~ markedly large number of letters
emphasize the service which the opening
OF the Federal reserve banks Is expected
20 afford. Not only do bankers make
this point; manufacturers and merchants
are even more impressed with benefits TO
be expected from these new institutions
Numerous letters refer to the lowering
OF money rates that has taken place in
the last month, especially in the middle
West. and the consequent; freer movement
of trade. Another significant feature is
the Improvement in the savings bank
situation The great savings institutions
of New York city report that business
is now altogether normal.
THE last few weeks have brought about
u;tle convale scence even in those IN
dustres which seemed wholly crippled
From mayors OF cities In North and South
Carolina. Alabama and Georgia come
more cheerful views OF the situation there
MANY letters tell OF purchases of sup.
plies by beligereut nations.
In the great farming region west ot
the Mississippi and east of the Rocky
Mountains, and to a somewhat less extent
in the agricultural sections of more east
ern states and the Pacific coast, loca
conditions OF prosperity. because OF tn
unusually good crops. have prevented an!
serious effects from the war"