The Washington times., 1914-11-17
REDF|ELD OPTIMISTIC
OVER TRADE OUTLOOK
Says Phase "Buy 1t in America"
Has Come to Have a Poten-
cy Hitherto Lacking.

1.-THE phrase BUY it in America has
come to have a potency that has hither-
TO been lacking" says Secretary Will
liam {, Redfeld, of the Departments OF
Commerce, in a letter to the editor of
Nations Busness,% made public to-
day Secretary Redfieid's letter is an
optimistic review of business cOndi-
tions and the ups and downs of inter
national commerce since the beginning
of the great European war.
After asserting that there is always
room in n big country for the ressi-
mist to find something uEon which TO
hang his mcurnful prophecies, Secre-
tary Rcdheld says:
''One need not react to the other eX-
treme and eXclaim that the special
equally good conditions everywhere.
The truth lies between, but no observer
of the large movements in our commerce
today fails TO recognize the great i'm
provement that has been made in busi-
ness conditions within the last few
weeks and which is still progressing.
The payment of our foreign obligations
is 40 longer cause for serious worry
since an import excess of twenty mil
lions in August has been changed to
an export excess of approximately
sixty millions in October This fav-
orable 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 forty-three million dollars in
August rose TO a surplus reserve early
This month of nearly eighteen millions.
The course of exchange has become
more normal Clearing house certifi--
Gates are being retired. Large sums or
emergency notes have been withdrawn
and with the opening of the Federal
reserve system great additional sup
plies of loanable funds have become
available. There is no longer serious
concern over our financial future.
One can look back calmly now to
the first weeks of August when there
WAS a. wheat embargo which some
feared might mean sad loss to many
are prosperous today, for wheat exports
have beer 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 ami one
wonders whether the proportion of
idle cars to the total, If it were stat
ed, would not give a different i'm
preston from that which is made by
the present form of statement. How
ever, he who 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 prob
lens are not worked out yet to per-
feet solution. That could hardly be
with most of the business and indus
trial part of the world engaged In 1
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
shadow before as was feared a few
weeks ago, and the statement is be- |
ginning to be heard here and there
that goods cannot be delivered as,
promptly as they are wanted because
the factories are too busy" |