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

for civilian consumption cannot be
otherwise than short Although some
time must necessarily elapse before
abnormal conditions adjust them
selves. the bank says. there is every
reason 10 anticipate a. favorable
future both for the production Of
raw cotton and the manufactur OF
Gotten goods The worlds cotton
consumption. It says, is normally it's
is made regarding Japan's gain In
cotton consumption. which Is describ-
ed as a very remarkable one. and it
is pointed out that Japan has replac-
ed Germany as the third largest cot
ton CONSUMING country in the world.
However. tina. Germany has the ma
chinery to resume her place Is indi-
Gated as follows:
Germany had 11,18e,ooo active
spindes in 1918. In the number of
spindles as well as the consumption
OF cotton, she was the third leading
nation. So for as machinery goes.
she is prepared to resume her place
AZ an important cotton manufactur
ing country. Russia had a.213.oo0
active spindles In 1919, France T.
100000 and Austria Hungary 4.s0o,-
600. Consumption Of cotton for
normal civilian uses has been greatly
curtailed in two directions az q re-
suit OF thu war. The Central Powers
did not consume 1t because they could
not get II. while British consumption
was somewhat reduced because the
national good judgment demanded
curtailment., to meet the exigencies
OF the situation. Not only did Great
Britain cu-tail her total consumption.
but a large part Of her spindle capa-
city as well as that Of the United
States. was diverted from civilian to
featuring industry expanded in Japan,
and. to lessee degree. In some other
countries, but those countries which
before the wnr depended on Great
Britain and Germany for their supply
of cotton goods cannot be otherwise
than short
The turning point In the wool stu
alton has been passed. the banks re-
view declares. On the first OF March
half the wool machinery OF the coun-
try was Idle. IAN unparalleled situA-
ton" but now a marked decrease in
idteness is apparent reduction in
the amount of machinery engaged in
government orders. the bank says,
indicates the beginning OF resumption
OF norma civilian production and re-
In its money market discussion in
Commerce Monthly the National
Bank OF Commerce in New York
points out that less than $5T4,000. 900
of credits authorized for the allies
remains angranted, so that the re-
sumption Of the financing Of trade
between this country and Europe
through private channels is near. A
decrease in the sales Of liberty bonds
on the exchange during the period
from Apri Is 10 NJ ~ Is taken as
indicating that HS~ty bonds are
gradually esinE aAW,rbed as perma-
nent investments. Now that the vic
tory loan IL over, the bank says the
indications are for moderately lower
money rates. As TO the railroad stu
alton the bark has the following to
say
The most d,scouraging element In
the securities market Is the serious
situation of the. railroads. Prior to
federal CO ntrol, an unresponsive
method OF tat.-regulation had weak
enee heir eredii. Since then. the
huge detcit amounting to 4iS million
dollars for the mrs; fifteen months OF
governmental operation. together
with the uncertain tenure Of federal
control and the uncertainty OF the
terms and conditions under which the
roads win be returned to private