| OCR Text |
Show I ALL AUTHORITIES AGREE ON THE OUTLOOK. All the financial writers are hopeful. hope-ful. On Tuesday, we quoted Henry Clews who expressed confidence in the future. Bradstreet's, while noting not-ing a reduction in output of our big industries, declares business is on a sound basis. Here Is a letter from Hayden, Stone & Co of Boston "If ia with little regret that the financial community witnesses the passing of 1913; to the financial world in general it has been a year of disappointment dis-appointment and unrealized hopes; to New England, in particular, a year of bitter chagrin. Yet as we look back on 1913, we shall appreciate that it was not empty of definite accomplishment ac-complishment and salutary effect For one thing, the financial depression depres-sion has been almost altogether the result, either of hysteria, or of the sins of by-gone years or of a squeez ing of water out of newly-formed and over-capitalized companies. The pro cess has been pnlnful, but beneficial, In that it has been necessary for any permanent and lasting prosperity. Outside of stocks tailing within the3e classes, there has been no disastrous depression of values "If the year has been one of disappointment, dis-appointment, it has also been distinguished dis-tinguished by several features of positive posi-tive progress. Judged by the usual standards, business, as a whole, has been well up to the average, new marks have been made in foreign commerce com-merce and trade balance. Two great pieces of legislation hac been passed, tjie tariff and the currency bill. The ultimate effect of the former can be demonstrated only by time. The lat ter is almost unanimously regarded as beneficial, yet even this 1" of rather negative character. Its greatest bene-Tit bene-Tit will ho felt onlj in times or k:pss. By Itself it will not create initial f, What is needed, if progress is to ? resumed rather than currency, is confidence con-fidence and capital Two great log'.s lative acts may well restore the former, for-mer, viz.: the elucidation or the Shcr man law, and the raising or railroad rates. Without both or these tttC country will simply continue to mark time and industries dependent on con structlon and anticipating the wanM of the people, will languish llh both factors settled favorably, the country is In a position to prosper, as it never has before. "Only one other element is nece sary, a more bountiful supply of capital. capi-tal. This can be furnished, in the long run, only by individual and communal com-munal saving. We believe this process pro-cess is already well under way. "The country starts the new year, then, a somewhat sadder, but a wiser nation. Greatly to the credit ol the party In power, the necessary purga i the acts have been largely completed The foundation has been laid for substantial sub-stantial prosperity This, it is neither hoped nor believed, will come witu any sudden rush and will inevitably be accompanied by occasional set-barks set-barks but conditional always upon wise constructive legislation we see no reason why 191-1 should not be a year, first of gradual anticipation of rpturn of prosperity in the markets, and in the latter part of the year or actual prosperity itself." On only one point do we take issue is-sue with the foregoing and that is as to the extent of benefits of the currency cur-rency law The measure should not only be a safeguard against panics, but a means of increasing the supply sup-ply of capital in that it will allow money to circulate more rreely be cause there will be less impounding through fear of sudden financial breaks The banks will he enabled to do a large volume of business with saTety as. in case of a pinch, their commercial paper can be converted into money |
