The Washington herald., 1914-11-30
The Movement Toward Prosperity.

One very keen student of economies describes
the condition of business throughout the United
States spotty. Veritably this is true, and the
hope is that the good spots multiplying Enough
of them would do the trick. The whole business
situation is so complicated and counterchecked
that it is difficult accurately to take its measure
positively to forecast its early future Nearly every
body is feeling little better, possibly because of
the dire things that did not happen, and the ad-
vancing column OF optimists is daily claiming re-
cruits. Charles NJ Schwab, the big steel factor is
among those who recently went to the colors. 1t
may be that the fat war orders for his big Bethle-
hem property have helped Mr.. Schwab to see with
rosy vision but, be that it may he is very conf
dent. He talked the other day to the newspaper
reporters and the outlook which he sketched was
most encouraging. He said that he had been
bear on the situation for several years and had
fused steadfastly to be stampeded by any of the
sunshine movements for prosperity, but it was diff
ferent now. Bottom had been touched by indus
trial and commercial America and from now for
ward upward and onward movement was
scheduled.
Benjamin Strong, governor of the Federal Re-
serve Bank, of New York, does not exactly range
himself with the optimsts but there is great deal
that is encouraging in the first extended statement
that he has made since he assumed Office. Speak
ing at the prosperity luncheon given by the Mer-
chants Association, of New York, to signalize the
opening of the Federal Reserve Bank he said that
the new system of banking and currency had erased
the word panic from our financial lexicon and that
the system would safeguard credit and ulti-
mately enlarge the field of business enterprise.
Sir George Paish, advisor to the British Treas
ury, who has been in this country special fnan-
cial mission for his government, was both hopeful
and encouraging in his talk he sailed away on
the liner Adriatic Wednesday. He is an able and
sound student and his judgment is that the United
States is getting back to normal business. He is
impressed by the large amount of free money wait
ing for investment in the United States. Mr.. H.
P. Dawson, of J. P. Morgan & Co., went abroad on
the steamer with Sir George, and his parting
words to the newspaper men entitled him to mem
bership in the Optimsts Club. He said: "The
country has never been in better condition to ex-
tend its trade To do must be calm and per-
sistent Things growing better every minute
and we have never been in better shape to extend
our trade than now"
The New York Stock Exchange has opened its
doors for restricted trading and this step toward the
re-estabshment of great national security market
is easily the most important that has been taken
since the Inauguration of the Federal reserve system
The course adopted by the governors of the ex-
with caution and discretion, gradually extending
the scope of trading conditions warrant
So that, all in all we do appear to be making
some progress toward that goal anxiously de-
sired by every useful citizen in the United States