Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1915-02-09
Elements Of Prosperity Are
Now at Hand Says Noted
Financler in Address to En-
gineerS' Society,"
TRADE BALANCE MEANS
MUCH FOR THE FUTURE
Business Men Should Stop
Talking Hard Times and.
Strain a Point to See the
Good Times Ahead.

lsV nosniRo Jousnsl srtciAl laAeen wiHsl
Pittsburgh, Feb. S.-~Courage and I
cooperation in business and confi- I
dence In restoration OF prosperity !
was recommended by James a. Far
rell, president Of the United States
Steel corporation in an address before
the Engineers society of western
Pennsylvania here tonight
Among reasons for announcement, !
Mr.. Farrell quoted eminent Euro
pean and American authorities" as
calculating that the United States ex-
cess OF imports over imports in 1915
may easily reach 81 600. 0.000.000, and
he declared that the balance of trade
in favor of the United States for the
opening month i'm the year Is at the
rate of S1,50e, 900 a year
The years Of greatest prosperity IN
the United States have been when the
balances were largely in our favor
asserted Mr.. Farrell. at IS not inn
prudent To predict that our total farm
values Cor the current year for the
first time in the annals OF this or any
other country will pass the SIC, ,000,-
000,0 mark.
Should Talk Encouragingiy.
II feel safe in saying that. If you
will strain a point just now and
trade a little more with each other
and talk encouragingly as TO condi-
tions rather than pessimistically the
business of the country will take on a
momentum which viii carry us into
better times and, what is more inn
Dortant, create more employment for
labor. our best efforts should be
put forth &c stimulate 0etivity in busi-
ness ana DO everything Practicable 60
increase the number of working peo-
pie. not only in the Industries in this
community but throughout the whole
country.
"The elements of prosperity are at
hand; the developments from day to
day are favorable. The steel trade
has been called the barometer of bus
mess; there is a marked increase in
orders and in operations; more men
are obtaining employment, and the
I trade movement Is progressing and
encouraging and we should do every
I thing practicable to sustain and adj
vance it,"
Mr.. Farrell said that up to within
few weeks, 'it seemed as II the pros
poets of material improvement in
business were doubtful, but apparent
records q marked Improvement in
the general direction
Cooperation Necessary.
1T seems to me- he continued,
that the time has come when Coop
Grafton should manifest itself among
business men, to bring about condi-
tions which will result in larger en-
ployment of union labor"
AS business men let us give our
attention to solving Industrial unrest
by creating work, by toiling and spin
ming and creating normal circula-
ton In the arteries of commerce. In
my judgment campaign for the con-
structive upbuilding OF the business Of
our country on a scale commensurate
with modern needs and opportunities
should be inaugurated. Our prob
lens are national, our opportunities
are national; let us hear more of ma
tional common seansc ana see If we
cannot get back to work. Public
sentiment and governmental inclina-
ton Enthusiastically have q live and let
live attitude towards business.
Whatever may he the political out
come OF the European war. ID is Of
vital consequence 10 Americas future
position that advantage be taken Of
the present opportunity TO exploit the
products of American invention, en-
terprise and quality, to establish al
market"
There Is n strong sentiment. Mr..
Farrell said, for corporate effort in
trade activities. Confidence in the
business future Of the country, he
clared, is growing and balance of
trade is piling up that will place the
business Of the country on firmer
foundations.
We are the only nation at the pres
ent time in position to assume the
role Of the worlds bankers he said.
American dollars will be spent in
America this summer as never before.
The outlook for raising New York to
first place among the financial CEN
ters of the world Is declared by able
bankers TO be something substantially
more tangible than dream. Money
is plentiful and low rates obtain.
Cotton has recovered In price from
6 Ia cents in October to fully l-2
cents per pound today. Shipments
to Europe exceed four million bales,
or two-thirds Of the corresponding to-
/ tai of year ago
"The United states Is today the
chief granary Of Europe. The prices
received should insure Tor our farm- !
ing population an unprecedented
measure of prosperity and 1t has
come TO be an American axiom that |
when our farmers are prosperous the |
whole country prospers.
"The Interstate Commerce commits !
sion's decision in the eastern freight !
rate case has raised the dropping spir-
its of the railroads and has been tam |
gibly reflected by increased orders for
material. There is less clamor for
indisc.imnate governmental suits
against corporations and we may
reasonably hope that honestly con-
Quoted enterprises will hereafter be
allowed to carry on their legitimate |
functions without fear OF political or
legal harassment.