The Washington herald., 1915-01-04

i
today. Generally they speak with a
confident tone of the immediate future.
| Several OF them think tho public,
| through fear of hard times, has gone
too far in the direction of economy and
| that a disposition is already apparent
to increase expenditures. With the ex-
| ception of the cotton States. good crops
and good prices for them are reported
and the increase of railroad rates. es-
| pecially II extended to the West, is
counted on as an important factor in
the prospective revival of buying. Fol-
| lowing are some of the expressions of
men of national reputation:
Iron and steel Trade.
Joseph G. Butler. jr.. of Youngstown.
Ohio. speaks of depression in the iron
and steel trade:
The present business situation is some
| what improved over that OF November,
but the months of November and Decem-
ber will show the most depressed con-
ditiOn both as to tonnage and low prices
of iron aid steel that has obtained in
| the last thirteen years. l look for 1
gradual improvement, however
John Hoge. president, American En-
caustic Tiling Company. GAINESVILLE
Ohio, tells of conditions in his State:
In this section of Ohio general busl-
ness is quiet and a great many people
are out of employment. The manufaC-
turing plants are running short time,
except the brick works, there being
brisk demand for paving bricks for the
buildings of new country highways. The
strike of the coal miners of Eastern
Ohio continues since last summer. caus-
ing destitution among the miners and
stagnation of business in the districts
affected by the strike.
General trade conditions, finance, and
business ought to improve with the COM
ing year, but it is a lottery whether these
desirable expectations will be realized.
Farmer Is Well off.
H. Bates. jr., president of the American
Hominy Company Indianapolis. describes
favorable conditions for future:
The condition of the farmer was never
better than at the present time. and as
good crops usually precede good business,
believe the line for this points upward.
With the reserve banks under way. for
IN exchange easier. and lower rates
for money, the financial condition GER
tainly looks better. Trade has an Op-
portunity if Congress will let it take ad-
vantage Of it-by putting an end to ship
purchase talk. changing our navigation
laws. and giving the country a rest
Samuel Ach. millinery goods. Cincinnati,
thinks the people have Overdone econ
omizing:
believe the present business situation
to have been largely caused by the
economies which have Deen enforced on
the part of the consumer-in frequent
cases enforced in an unnecessarily severe
manner.
Our observation shows us that even
in the agricultural districts where crops
were marketed at exceptionally high
prices the consumption of merchandise
was below normal. and il is our view
that this decrease in consumption was
caused by an unnecessary fear Of hard
times. / fully believe that the cOnsum-
ing public is beginning to realize that
these drastic reductions are scarcely
necessary. and that a replenishing Of the
things for wear and use will stimulate
business to a considerable degree.
I also believe that the recent favor
able action as to increased freight rates
for railroads will have a stimulating cf-
feet upon business.
Says Tide Has Turned.
John V. Farwell. wholesale dry goods.
Chicago, surveys conditions and looks
for better times in 1915:
Commerce has become adjusted to war
conditions. Prices have been made and
production regulated on all commodities
to conform to the new situation. The
general result up to date has been a
slowing down OF sales activity in all
lines. except where a war demand for
special things has been created.
We believe that the tide has now
turned. The war is now five months
nearer its end than it was in August.
The increase in railroad rates will grad
ually bring employment to many idle
men. The effects of large crops and high
prices for all farm products will begin
to be felt more fully this spring. The
South is recovering, being more scared
than permanently hurt. Low prices for
cotton goods are stimulating purchases
by merchants, both wholesale and retail.
Collections are better. The Federal re-
serve system lends a background Of con-
fidence to all business activity, both do
mestic and foreign, and we look for bet
ter times in 1915.
Warns of OvercautiOusDess.
Charles II. Thorne, president. Mont
gomery Ward & Co. Chicago, gives this
warning against overcautiousness:
The menace Of restricted credits has
disappeared through the establishment
of the Federal reserve banks
The agricultural communities. except
ing in cotton districts. are sound and
prosperous.
The railroad rate decision should re-
lieve some tension.
The cotton situation means a large
shortage Of outside credit, which may
be partially recovered by special pur-
chases for war purposes.
Our conclusion Is that this country
should show some Improvement during
1915, but while prudence is necessary
until the war is ended. overcautiousness
is fully as dangerous and as unnecessary
as overenthusiasm.
Livestock Situation Good.
Robert C. Howe, manager. Armour &
Co., South Omaha, finds the livestock
situation good:
The general business situation shows
a decided improvement. Conditions
through the Middle West are very good.
The advance in freight rates allowed
to Eastern railroads has had a very good
effect. 1t is expected the roads will spend
money for needed supplies and replace
ments, which would give employment to
extra labor. This increase has also
created a feeling of confidence among in
vestors.
The natural conditions of the country
today are such as should produce the
greatest era of prosperity IT has ever
known. All that is needed to bring this
about is confidence, which Is growing
stronger each day. Confidence does
more to make prosperity than any other
one thing.
Thomas r. Cutler. vice president and
general manager, Utah-Idaho Sugar Com
pany. Salt Lake, says:
Business in Utah Is severely affected
by low prices of copper and other met
ais. Many of our mines have closed.