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Show I BUSINESS BEGINNING TO IMPROVE. Secretary Redfkld, in a letter to the Chamber of Commerce of the United States, declares business is recovering from the effects of the world war and the outlook is most encouraging But evidenth conscious of the fact that business is not at its best, the Secretar says: "Let the worst be said and admitted admit-ted that can be said respecting existing ex-isting business difficulties in America, Amer-ica, our condition still remains not only relatively bright, but rapidly improving, im-proving, and in many respects both prosperous and promising. There is always room In a country as large as ours, and with such various conditions condi-tions an exist in its different portions, for the pessimist to find some hook on which he can hang his mournful prophecies. One need not react I the other extreme and exclaim tha the special prosperity of one Is an Ir dlcaMon of equally good condition everywhere. The truth lies hetweer but no observer of ihe large movr ments in our commerce today fall to recognize the great mprovemet! that h:is boon made In business con ditlons within the last few weeks ant which is still progressing" The secretary proceeds to giv some tangible evidence of improve conditions, saying: The payment of our foreign obliga tions is no longer cause for scnou; worry since an import excess of $20, "00.000 in August has been changed to On export excess of approximate! (60,000,000 in October. This favor ible process continues and there if every Indication that It is likely tc continue lonp The deficit in our bank reserves in New York, which was as low as f43.000.000 in August, rose to n surplus reserve early thlR month of nearly $18,000,000 The course of exchange has become normal. nor-mal. Clearing house certificates are briny retired. Large sums of emergency emerg-ency notes have ben withdrawn and, with the opening of the federal rc-serve rc-serve system, great additional supplies sup-plies of loanable funds have become available. There is no longer serious seri-ous concern over our financial future One can look back calmly now to i ho first weeks of August, when there was a wheat embargo which some Feared raisht mean sad loss to many Df our farmers Those same farmers iro prosperous today, for wheat exports ex-ports have been unprecedented In imo'.int at profitable prices'" Our own opinion in that business ;onernll is beginning to improve and hat the country has seen the low bb of our industrial activities. |
