The Richmond Virginian. (Richmond, Va.) 1910-1920, 1919-06-01

ownership. hes occasioned much mis-
irving. The results Of governmental
control have convinced the public that
its interests will be served best by
private operation. and II Is hoped and
expected that the new congress. In
response to this public conviction.
will deal with the railroad situation
in constructive manner"
Conditions are active In. those hines
OF trade and manufacture which serve
the ultimate consumer directly. the
bank says in It's general market let
ter. the consuming power OF the pub
lie seeming to be high and It's pur-
chasing power felt In those Industries
which directly satisfy It. In the basic
metal and mining Industries, which
do not supply the consumer directly.
adjustment to postwar conditions has
not vet been reached, II Is declared,
so that the iron and steel industry
is Obliged to wait until the ultin, ate
consumers demand can be passed to
1t through a long series OF INTERN edi-
ate industries. A. to foreign trade
the market letter says:
"Superncia1fy. 1t would appear that
there has been an expansion In our
export business since the aruistice,
but ii must be remembered that many
q
goods for export from the United
Slater into foreign markets had been
held back by embargo restrictions and
shipping conditions for months and.
In some cases. for years. Our pres
ent huge monthly export Shipments,
therefore. represent an accumulation.
and this increase ray continue during
the next few months as more tonnage
on the various trade routes becomes
available. On the other hand. new
orders from abroad so much hoped
for have not been as large as was ex
pected. ThA disappointment felt as
a result OF this condition Is due to
our unfamilisrjty as a nation with
the factors which ultimately deter
mine foreign trade The expectation
that European countries will consume
large MOUNTS OF our manufactured
goods Is based upon the assumption
that so great IL the need OF such
goods that they will buy rather than
wait to manufacture the goods at
home This assumption IL modified
by two essential factors: nrst. the fact
that all the helligcrent countries have
been left economically exhausted.
leaving them under the necessity Of
conserving credit and OF providing
employment for their own dem obiliz-
ed armies; second, the fact that a
greatly intensified nationalism has re-
suited from the war and the doctrine
OF national self-containment is
rampant The export situation, so
far as concerns countries not num-
bered among tn, active beiligerents.
is likewise such that as yet the future
cannot be clearly foreseen. Our ex-
ports during recent months TO these
countries have been, for tho most
part, satisfactory. but we have like
wise in these areas q situation which
has developed as result Of the war
and in which we cannot yet discern
the permanent tendencies. Recent
shipments are largely on old and. in
many cases. delayed orders. Buyers
in South America and elsewhere have
been rather SLOW to order, as. in com
mon with domestic consumers. they
have felt that prices will 90 down
Some OF .hem are again considering
the possibility of purchasing from
the countries which they bought be-
fore the war. There is every reason
to anticipate satisfactory future for
our export trade. but this conclusion
Is necessarily based upon the fact
that we have abundant supplies Of
raw materials. high organizing ability
and labor capable OF large output,
rather than upon the facts Of our ex-
port trade as shown during recent
months"