New-York tribune., 1916-03-20
TRADE RECOVERY
NEVER EQUALLED
Achievements in American
Industry Find No Par
allel in History.

II seems strange. says "Dun's Re
view" in a recent issue, in viewing the
present financial commercial and m
dustrial situation. TO recall the TACT
that little more than a year ago the
United States was passing through
nearly every possible experience OF ad-
ver.ity except that of complete disas-
ter. Having emerged fundamentally
intact from the greatest crisis IN the
worlds history. this country has. with
characteristic courage and fortitude,
met and overcome the most perple%lng
and irving economic problems and has
established itself upon a more solid
foundation than ever before.
Since many months were required for
full adjustment 10 the extraordinary
conditions created by the war, for
considerable period recovery from de-
preston was necessarily gradual, and
checkered, but of late the barometer Of
progress has risen with a continuity
and rapidity seldom, if ever, equalled.
Indeed, in some respects. nothing IN
history parallels the recent phenomenal
expansion in national activities, and It
is significant of the existing state Of
the public mind that the advance is
regarded as more than ephemersl
Even the most cursory survey OF the
commercial world brings 10 light a
number of achievements wholly lacking
in precedent. As a matter Of fact. II
has again become the custom TO speak
of new high records as something nat
ural and quite to be expected. while in
several instances actual performances
are outstripping the most enthusiastic
predictions.
Hallmarks of Prosperity.
All the traditional indices OF pros
perity are present. During October. for
the first time in the annals Of the coun-
trv. the output of pig iron reached
5000 900 tons; export trade. due large
ly, but not wholly, TO the magnitude
and urgency Of the war demands. con-
tinues Of unmatched proportions; bank
clearings have touched figures never be-
fore attained. and railroad earnings
show a remarkable enhancement OF the
earning power of the common carriers,
with some leading systems reporting
maximum revenues.
Moreover, convincing evidence OF the
broadening consumptive demands IN
many directions is found in the rise in
"Dun's Index Number" Of wholesale
commodity prices to the highest level
in several decades, while the statistics
Of commercial failures reflect a notable
recovery from the trains apparent dur
ing the early months OF the year
Eliminating cotton. the last year was
the most successful period in the his
tory Of American agriculture. Though
on many other occasions remarkable
results have crowned the efforts of the
farming community. nothing parallels
the wonderful achievements OF 1915,
either in respect 20 the output Of the
principal products Of The soil. or as 10
the combined value Of the crops
For the first time on record this
country has raised billion bushels OF
wheat: the corn harvest has only once
been exceeded. while those Of oats
barley, rye. hay and tobacco reached
totals never before attained. With the
single exception Of barley, all of the
leading cereals were planted on a more
tNNtUNlNt FNclt, anu u - W
the improved agricultural methods that
in most cases the yields per acre were
larger than in previous years.
Iron and Steel Break Records.
From an extremely low ebb, produc-
tion Of iron and steel has mounted
until all former records have been sur
passed, while values have risen stead
lily. the advances coming in sharp sue
cession during the closing quarter Of
1915. That certain phases Of the mar
ket are abnormal is recognized. but the
headway gained is likely to carry the
industry into a period Of activity eX-
tending over several years, for all pres
ent indications point TO prosperity. and
estimates Of prospective requirements
in railroad equipment alone represent
large tOnnages.
Delivery has become problem with
mills booked months ahead, and sales
arc reported at figures very attractive
20 manufacturers. white on warehouse
orders high values have been realized