Pine Bluff daily graphic., 1918-12-24

true in the agricultural districts where farmers have been securing very high prices for their products. It is also true of the industrial centers, where great activity and high wages have had similar effect in the retail trade. better holiday trade has been done than last, year, and cancellations among interior jobbers have been much below expectations. The general opinion is frequent among merchants that prices of nearly aE commodities must decline; that war profits and war wages will quickly end, if they have not already done so. Food may be a temporary exception, because of the urgent foreign demand; but the general outlook is considered as fa- voring a gradual reductiun in the high cost of living that should help solve industrial problems. This opinion, is not invariably held in banking circles, where there is a disposition to look for continued imitation in values as long as the Government continues it's borrowing and spending upon such a huge scale as at present. The convict ion strengthens daily that the Govern ment- should cut down expenses, stop borrowing, withdraw from business and get back to normal as rapidly as possible: that is, if the ,ountry is to regain it's former footing and utilize present favorable opportunities. Un- less this is done Washington may cas- fly precipitate a serious industrial crisis, which would react disastrously upon the present Administraticn. Another encouraging element in the situation is an increase of 16 per cent in winter wheat acreage, accompanied by condition of 9S.5 per cent com pared wit h793 per cent [; year ago. A significant event also was the organ ization under the Webb law of cop Fer export combination which is eX- pected to handle about 1,500,000,O00 pounds of copper for export annually, at saving of about $25,000,OOO to i $30 0C0, ,000. This piece of legislation, which frees our exporters from re- strictions of the Sherman act, will un- doubtedly greatly stimulate our fol |, eign trade. The steel industry will shortly take similar action in regard to exports while the chemical and other industries promise to follow suit Within a few months we shall in all probability experience a much in i creased foreign demand for both raw and finished products of American orl' gin. One more satisfactory feature is that the local money market will soon be relieved of arbitrary regulation. Al ready there are signs of an easier feel ing in the West as well as here. Gov ernment requirements however, will be a dominant factor for some time to come. The new revenue bill is expected to pass the Senate before the holi- days and promiss a slight reduction in excess profits taxes, in surtaXes on individual incomes, reduction on dis titled spirits and lowering of postal rates. January dividend and interest disbursements will probably aggregate not less than $35O, O,000,0O0.
 On the Stock Exchange there has been renewed depression. This was due to uncertainty in the further arrangements of the railroads. What the attitude of railroad managers Will be toward MT. McAdoo's proposal for continuing control is not yet disclosed. The steady fall and large sales in Government bonds attracted consider able attention and were attributed to preparation for the next loan which may need some attractive features such as tax exemption.
 HENRY CLEWS.