The Washington herald., 1915-04-12
u, 5, ON Way TO
PROSPERITY NOW
Canvass of Business Men De-
velops Optimism
for Trade.
ORDERS FROM WAR HELP
Federal Reserve System. Under Severe
Test. Has Proved Its Worth.
Merchants Say.
ORDERS FROM WAR HELP

New York. April 11.-"What about bust
ness? Has the tide definitely turned"
The Sun has asked these questions
of the presidents of chambers of COM
merce Of more than fifty of the leading
| Industrial cities from Chicago east and
| from the Mason and Dixon line north
| II has asked the candid opinion OF many
| local business leaders. and To-Day prints
| the following article as a summary OF
| their views:
THE ajority of those reached by the
Sun are of the opinion that business has
turned the corner Of the road Pros
perity'
THE speed which business has &C.
quired in its race to good times varies
in different localities. War has broush,
good business to many industries, but
has injured others. Retail trade is in
the poorest condition.
Change in spirit.
Thus far the actual results in dol
lars and cents have been relatively small.
The change has been largely one of
returned confidence and renewed deter
mlnation to undertake operations con-
sidered for a long time as hopeless. The
change is based primarily in a returned
belief in bettered fundamentals.
\ fairer attitude of the government at
Washington toward business and its very
evident and not entirely unSelfish desire
for two years of pronounced prosperity
a less hostile program of legislatures
against business. the marked change in
the courts to an attitude of sympathetic
and careful attention TO the rights and
benefits of corporations in interpreting
the principles of the antitrust laws have
convinced large numbers Of business
leaders that has H,e in,
the country for period ri development
and construction.
War Trade a Buoy.
While business leaders hold that there
can be no boom in industrial and COM
merCial activity in this country until
after the war is finished. it j. recognized
that the war has not been without its
benefits to this country The war has
not been I'll" devastating or hlighting
thing that the first fears seemed to in
dicate
The volume of war orders placed here
has stimulated the business community
and undoubtedly has been the chief di-
rect factor that has kept the industrial
situation here out Of complete staena-
ton. business men look for these war
orders to continue.
For the time being the difficulties
VI 'Il' i'" ldI III la ~ lltl lHEtdl-
ened TO throw the manufacturing COM
munity into n slough of despond. have
greatly decreased. as the Germans and
the allies have been absorbed in other
pursuits. Exports have scared to
heights not even dreamed Of and the
effect of the tariff of normal times
has been thrown entirely out of TO-
Gus. so that no reasonable gauge can
he made of what the business OF the
country must face from the tariff
when world markets are restored
Back of all The increased optimism
of sentiment belief in a definite turn
In business sentiment is based on
moderate but very real improve
ment in the volume of business In the
last several weeks. The steel bust
ness. though in no marked degree
has shown a healthier tone in the la st
several weeks. Railroad earnings be-
gin to make better showing. though
very gradually. The dry goods and
retail trade made substantial progress
in the last week or two
Praise Reserve system.
The profound belief in the sound
ness of the country's financial and
business condition has been a steady
development. 1t has existed for
months beneath the surface 1t has
been only in the last two weeks that
I has cropped out into strong public
Practically all of the big
men of New York in private CONVEX
sation admit feeling a strong impulse
% optimism
Back Of the outward signs of re-
turning better feeling bankers. manu-
facturers and merchants say that the
+ federal reserve system. In giving the |
country a financial strength never be- |
fore realized in operation. is the pri- |
mary consideration as a factor respon- !
sible for the upturn.
The astonishing ability of the country |
% absorb without the least sign of diff |
'iculty the enormous amounts of Amer |
can securities that Europe has sold here
n recent months in addition to the
huge foreign loans that have been float
ID here, has for the first time in the
asst week opened the eyes of financial
communities to the fact that the coun-
ry has at last a financial system that
S adequate and powerful.
Every indication points to the fact
hat. especially in the last two weeks.
he terrific depression and anxiety of the
irst days of the war last year have
Utmost been forgotten in the minds of
financial and business leaders. The de-
ais OF those days are foggy and the
'criod Is looked upon as thing of his
ory long past
The business community feels that the
International exchange situation Is we'll
n hand the receipts of gold from abroad
ave increased reinsurance and the
financial and banking situation is felt
o be emnently sound