Las Vegas optic., 1914-11-24
HOPEFUL Spirit
PERMEATES THE
PROMOTERS
MEN WHO TAKE INITIATIVE LOOK
FOR BETTER BUSINESS
CONDITIONS

New York, Nov. 24.-Evidences of
progress are multiplying daily. The
federal bank has made a good start;
the New York stock Exchange will
soon open for bond dealings; the cot
ton exchange has already reopened
successfully; exchanges in various
parts Of the country are also resum-
ing; our foreign trade shows remark
able reouperation; sterling exchange
is almost back to normal; the gold
pool is being closed out; The cotton
pool is now hardly necessary; money
is fairly abundant and easy, and COM
mercial paper is in decidedly better
demand Evidently the credit and fin
ancial machinery of the United States,
which was so thoroughly dislocated by
the war, is rapidly and surely return
ing to normal conditions. Our banks
and bankers have at least put into
practice the theories which they pro-
fessed-that the way to resume is to
resume.
In nearly all quarters where initia-
tive must begin, there is distinctly
more hopeful spirit. This has been
encouraged, not only by the develop
ments referred to above, but also by
the repeated declaration of President
Wilson that business needs a rest
from disturbing legislation. From the
presidents recent utterances it is safe
to hope that there will be a cessation
of legislative attacks upon business.
There is also one other respect in
which Mr.. Wilson's recent remarks
are significant, and that is his in
sistence upon fair play to the rail-
roads. The president evidently real
ICES the very critical position of the
railroads arising from unavoidable in
creases in expenditures, decreases in
revenues, plus persistent repressiye
and prejudicided regulation. Thus
far government regulation as practic-
ed by the present interstate commerce
commission has proved TO say the
least disappointing. It is grievously
e1fppling the railroads and conse-
quentIy depriving the public of facll-
tiles which they sorely need. Under
private management there was no
lack Of facilities. In fact they were
usually offered in advance IN order to
develop traffic That is Ilow impos-
sible under the present starvation
policy Of the interstate commerce
commission, which is anything but a
judicial body and seems bent on dis
couraging private enterprise in the
railroad world. At least that is the
effect Of its present attitude, and there
is no wonder that the cry is being
raised for its adjustment Someone
has said that we are burning the rail-
road candle at both ends. 1t might be
added that we are burning il in the
middle also.
In other directions the symptoms Of
reyiving confidence are also FORUM
ately multiplying. The great steel
industry is still exceedingly dull, run
ming considerably less than 50 per
cent of capacity, but there is bet
ter inquiry for pig iron and indica-
tions of a renewed interest among !
buyers owing to further cuts in prices
Our great textile trades are in better
than a month ago. the cot
ton industry benefiting from improv-
ed financial conditions and the gradual |
Of the cotton situation. IN
the woolen industry there is consider
able activity in certain directions ow-
ing to the placing of large orders for
cloth and underwear for foreign ar
mics. At the west business is in fair
in spite of recent setbacks,
and this is particularly true in the
grain belt where big crops and good
prices are exerting their full stimulus.
The south is naturally much depressed
by cheap cotton, but as the financing
Of the large surplus crop becomes less
difficult and demand improves, de-
preston will become less acute and |
the necessity for creating a big cot