The Daily Ardmoreite. [volume] (Ardmore, Okla.) 1893-current, 1914-12-10

in the steam coal trade, the steel sit
uation has turned from serious de-
preston TO rapid improvement, and
the whole mineral industry may soon
expect to share in this general bust
ness improvement
Today the financial horizon is so
nearly cloudless, that the prophets Of
bad weather have little upon which
to base their predictions. The new
federal banking system makes the
money reserves mobile as never be
fore, and extension of credit is now
possible, without the veto power re-
naming in the hands of small
son for belief in business betterment
is the recognition, now becoming
widespread OF the general inter
dependence OF big business and the
general public. On the one side, the
people are realizing that they are
and have been in reality the silent
partner in big business, and now that
there has come the promise of some
regulation that will in large part pre-
vent monopolistic Capitalization, the
people are interested in getting their
share of returns that can come only
with operation at a profit, On the
other hand, the managers of the large
corporations, the trustees of the in
yesting public are beginning to see
that certain financial security goes
with public confidence. and that the
attitude to the public so tersely eX-
pressed 30 years ago by pioneer in
railroad financing does not pay diyi-
dends today.
or course, optimism is apt to so to
extremes. Already we are hearing
opportunity unparalleled in history
and avalanche of prosperity" and
even hard headed business men are
quoted as thus characterizing the
present situation All this kind of
talk indicates that a period of over
stimulation may threaten us, a con
dition that is somewhat symptomatic
of the American temperament. The
four months record, however, can be
summarized thus: While European
countries have been mobilizing their
armies and calling to the field of
battle their reserves OF soldiers;
America has mobilized its credit and
begun to send forward to the market
place its vast reserves Of food stuffs
and mineral products.
Secretary Redfeld recognizes three
periods of business condition as nat
urally following the declaration OF
war on August ! last-those OF
shock, stimulation and readmstment.
These three must be expected to ar
feet in the same order all branches
of American business, though the
transition from one period to the next
may not be simultaneous in all
branches. Thus for several weeks
after war was declared, the eXDorta-
tion of wheat felt the shock and
thousands OF carloads accumulated
at eastern ports. With cotton the
period OF shock has been longer, but
stimulation of export has now be
gun. With copper the resumption of
sales to Europe seems slow in com
ing, but come it must, for in the
modern world, whether at war or at
peace, the red metal is necessary
of life
As we look toward the south we
find that our commerce with South
America for the last four years has
been one sided to the extent of an
unfavorable annual trade balance av-
eraging more than 60 millions of
dollars The fact that the balance
of trade is against the United States
in two OF the three "a b C." coun-
tries should be taken only as an in
vitation to export more, and that 60
millions suggests the chance for
further development OF trade rela-
tiOns We need meat and hides from
Argentina, tin ore from Bolivia, rub
Der and coffee from Brazil and We
nezuela, nitrate from Chile, platinum
from Colombia, caco from Ecuador,
wool from Peru and Uruguay.
To increase industrial prosperity
this country needs to export finished
rather than crude products and to
import raw materials rather than
manufactures. Betterment of indus
trial conditions can come best
through expansion OF manufacturing
The increase OF the element OF labor
in the product exported will mean
that we are not bartering away our
heritage of natural resources, but
rather that we are using these re-