BUSINESS IN THE STATES

Taranaki Daily News, Volume LVII, Issue 14, 4 June 1914, Page 3

BUSINESS IN THE STATES

DISTURBING FACTORS REMOVED. I I SEVERE STORM WEATHERED. (From our special correspondent.) San Francisco, May 15. Business throughout the United States appears to have reached the final stage of the recession which has been in progress for at least three years. One by one disturbing factors have been removed. Financial conditions, w'fell 'have been unfavorable from a combination of causes, are clearing up. The country seems to have successfully weathered a severe, if silent financial storm,,and to have its course laid for several years at least, of "good times." Tremendous internal development, of every conceivable variety, brought about the big demand for money and consequent industrial activity, which it may be said was at its height about three j years ago. With this demand at its j I zenith, there arose the disturbing Influence of the Balkan War, and its tightening effect on the financial affairs of Europe. All of this was reflected in the j Uni|ed States, and the banking world I began gradually to draw in. It may be said, in truth that while there has been ample money for legitimate business in the past two years, 'there has been no money to be had from the banks, either for speculative purposes or for real estate operations. Coincident with this gradual contraction of banking operations, there arose the uncertainty of business men and manufacturers as to what the newly . elected Democratic administration of j President Wilson would dp. There was no fear of a new tariff laft', oiiul equally 110 fear of a new currency law, both of which have eoine into being. Neither is there much fear of the new corporation . regulation law and anti-trust law, which . it is announced at Washington, must be I enacted (before t'le present I'onjrcfw adjourns. Business men and banks of America readily adjust their operations to any given set of conditions, just as the same classes will anywhere. But what has proved a most annoying factor, lias been the uncertainty incident >.O formulating and passing the new legislation. Business men everywhere will be glad when the corporation laws become a reality, instead of being discussed in and out of Congress. "What wo want to have," said the president of one of the railroad companies reaching San Francisco, ''is an end to this uncertainty. We want to know what we can and cannot j do, and remain law-abiding. We are willing to meet any reasonable set of conditions, but we want to know what we can do. That is the position, as far as I am, a ware. Until this is known, we will all be unusually conservative." Prospects were never better for a good year in California. This State and the entire coast rely oil the products of the mine, forest and farm for substantial prosperity. There is more mining going on this year than for some seasons; j the oil production will go well over 100,000,000 barrels, the highest on record; there will be a fair crop of fruit; and the largest crop of barley ami other grain for many a long year. Tlie stock ranges are in fine condition. Add f> this the further fact that prices are high and show little sign of weakness, and it wf'l bo realised that Oh", producing clashes should have a fin-' veil'. That means, consequently, a year of good bus'nel-'is for everybody. Under ordinary circmnftanccs 'these prospect* would he discounted in advance by good mercantile business, but. that, does not hold this year. (Jeneitil in 'Sail Francisco is quiet, and the r-anie is true, in all the trade centres of the Coast.