Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1915-12-29
Wednesday, December 20, 1915.
Business Now, and Then.

ElRnCGen InOntUS ago diiSoiiC WI"
dared refer to the Industrial and bust
ness depression was instantly assailed
as calamity howler." yet today
everybody is expected to "holler" about
the recovery" and the industrial,
trade, and gambling activity. If there
has been no depression" how comes
the recovery?
The New York Commercial has only
recently received the news that the
country has complained Of typical
Democratic times, and it Immediately
swings right and left at every head in
sight, giving present war-nursed con-
ditions as proof that no depression has
existed.
The Philadelphia Press says: For
many months the industrial corpora
lions have been feeling the benefits OF
the foreign demand and now their
stockholders have commenced to reap
rewards in resumption of dividends
and the payment of accumulated CIV
idends That the transportation COM
panies are getting share of the gen
eral prosperity is disclosed by the lat
err reports Of the steam railroads in
all sections Of the country. one favor
able feature for the inv cStor is that 4
large portion Of the increases in gross
earnings is being saved, so that the
net earnings are unusually large.
For a long time the railroads were
70 fhpiys lines o.
nomically as possible and operating
costs are still held down. Managers of
the railroads are inclined to 80 slow
about making more liberal disburse-
ments of profits to shareholders until
they get better line upon the labor
situation. Trainmen upon a great many
railroads will take a vote upon giving
authority to their leaders to call a
strike if certain demands upon their
employers are not complied with.
Awaiting the result of the issue the
railroad managers are also cautious
about placing orders for improvements
and additional equipment.
Reports have been published to the
effect that the railroads are storing
thousands Of tons fo coal This is BIZ
luminous coal and the action of the
railroad managers is construed to mean
that they wish to provide against any
possible contingency which might
arise out of strike in the bituminouS
mines of the country next spring. \
cessation Of production of bituminous
coal would be a handicap to industrial!
plants which cannot we'll anticipate
their wants by storage of fuel
Financial conditions continue sound
The great wealth Of the people has en-
abled them to absorb securities com
ing here from Europe at the rate Of
500, 100000 a month. Notwithstanding
this flow of securities from abroad gold
continues to come from Europe with
the arrival of the big liners. receipts
of a million to two and n half millions
of dollars on a single steamship being
common. One effect of the sale of secu-
rites and the flow of gold is an in
crease in the rates of sterling eX-
change which is beneficial, as the ad
vance is step towards tine normal
which tends to insure further pur-
chases of foreign supplies in the Amer
lean markets.
We are reaping from the war. Eu-
ropes woe from misgovernment has
saved us misery from misgovernment
In our flood tide of business we should
prepare against recurrence, and worse,
of those conditions of a few months
ago. For 40 years the Democratic par
ty has pledged itself:
I'VE declare it to be Fundamental.
principle of the Democratic party that
the Federal government under the Con-
stitution has no right or power to impose
pose or revenue, and we demand that the
collection of such taxes shall be limited
to the necessities of government honestly
and economically administered
Now let the Democratic party live
up to it's pledges of two generations
and raise the revenue from that source
instead of by special taxes on classes. A
revision of the tariff to meet the need
of hundreds of millions of revenue will
so far toward preparedness against the
European flood when the war shall end.
In the present light of common sense
the only hope of Democracy lies in ac-
lnowledgement Of the failure Of it's
tariff attempt, admission of the cause
of the present recovery" and prompt
provision against the inevitable when
the war ends.