Pine Bluff daily graphic., 1918-12-24
Taylor & Co. Real Estate and Insurance
 Agents.
DEMOBILIzAT|ON OF
 ARMY AND INDUSTRY
 AS VIEWED BY CLEWS

Reconstruction In Commercial and In.
 duStrial Lines Responding Readily
 To New Order.
 New York, Dec. 23.--Demobilization is progressing even more rapidly than expected; not only in military affairs, but also in industrial and commercial circles. Restrictions upon steel, text ile and other industries have been almost entirely abolished. Price fixing has also practically disappeared, and the merchandise markets are rapidly adjusting themselves to open market conditions without serious derange- Tnent. AS anticipated, there is some degree of uneasiness concerning such changes, accompanied by occasional efforts to prevent demoralization by concerted action, as well as a few complaints of losses and cancellations. Taking such difficulties ill the aggre- gate, however they are much smaller than expected; the total percentage of cancellations being placed in some important industries at not more than five per cent. In the steel industry the volume of cancellations has been much diminished through the shift ing of war orders to industrial steel, and similar policy has been followed to some degree in the textile indus tries.
 In readjustment in labor also seems to have been readily handled thus farI Many thousands of hands who had been discharged from munitions plants quickly found employment in other $ industries: and a large percentage of discharged soldiers has thus far had similar good fortune. How this will be as the influx increases emains to be seen; but with the activity now pre- vailing in industry and the revival ol deferred enterprises there should he no serious difficulty in finding en- ployment for those mustered out. In view of the stupendous changes de- veloped since the signing of the armis- tice on November II, and considering that this country was much less pre- pared for peace than some other coun- tries, the transition is really being affected with marvellous prOmptness and ease.
 One of the greatest difficulties in returning to normal is the monetary situation. Government requirements are so huge and insistent that ordin. ary demands for commerce and indus try take second place. Taxes are a menacing burden and, combined with bond issues, manage to absorb the bulk of the country's savings estimat- ed at somewhere betweeM seven and ten billions The excess profits tax is particularly injurious; because it strikes directly at the main source of new capital and is a significant proof of political and social prejudices against against capital. The latest railroad projected would involve an expenditure of about $500,00O,000 a year for five years. The shipping pro- gramme calls for the buildi $ of about l3,OOO,0O0 additional tons. at a cost of several billion dollars not to mention liberal subsidies to meet operating losses, which would have to be raised by taxation All of these proposals which are more or less sOcialistic II their drift, threaten to seriously raise the burden of taxation and lower the standard of service
 More interest in foreign trade is promised now that the war Is over ane commerce tends to resume it's natura sway. At first the European demand for foodstuffs will be the most prom inent feature. Next there will be ar extensive call for materials necessary to reconstruction. Our imports are stil very light, and transportation is fal from normal Many foreign commOdi ties are scarce. The production of lux uries has been lessened by war an( belligerent countries have practically no surplus merchandise to spare. The result is, our exports are rising d nearly double the rate of imports; { condition that must delay the return to a normal trade balance, and which promises to run heavily in our favol for months to come. Considering Flu rOpe's ina bility to pay for exports b, sending merchandise to this side, WI must continue extending liberal cred it's to former belligerents in one forl or another. International credit is C course under heavy strain, though fost cases the machinery of soverI ment has been suitably adjusted meet it. At home the strain is als felt, showing itself partly in the diff culty of securing sufficient funds ft new enterprises unless they are of
 strictly necessary character. Comme cial credit requirements are usual met without strain, through banke are disposed to- discourage carryir large stocks of merchandise at pre ent high prices.
 Farmers Get Good Prices.
 Big distrinutive merchants throug out the country report conditions very satisfactory This is especial