The Richmond Virginian. (Richmond, Va.) 1910-1920, 1919-12-15
REPRODUCTION WILL
BRING DROP IN PRICES
BY RIsOADAN WALL.

New York, Dec. IL Reason for
.asing and selling stocks just now
NJ about equally weighty. You can
get just a. good authority for one as
En. other. Equally successful men
D the financial district will tell you
hat we are on the verge of business
|seprcssion and that we are just en-
e,iHE an era of unexampied busi-
i ~ prosperity. It all depends upon
.stether the speaker Is q nationalist
81 an Internationally Those who
have attuned their souls to world
Conditions are depressed but those
$eao never look beyond the borders
,f the United States see boom times
spn,ing for this country.
The internationalists think the
AFRO rican government should do
b,mething to restore the equilibrium
tf foreign exchanges contending that
n matter has gone beyond the
Power Of private capital to control.
Irh' nati0naliats say that England in
particular has rather favored the de-
Sine In sterling because 1t compeis
ht British 70 buy in home markets
hnd cuts on dealings with America
he matter should be allowed to run
u course
The theory nrst advanced. two
Kceks ago to the effect that collapse
pf foreign exchange would be good
lining for this country by forcing the
aln here OF commodities now held
For cxpug< and thus reducing the cost
pf liv13k = finding wide acceptance
ibis tlssosy has nothing to do with
hr au>ntton OF our duty to starving
Europe.~.~M n merely cold blooded
fhan aafnailar theories advanced into
kcttve pfacticc by foreign govern
aaents N competition with the United
$tatew. eHa
TfnBeaB we can speedily resume
cuisines relations with Europe on
arge scale there Is sure to be great
,serpfcdhction OF commodities In the
United States and that means de-
Hines in prices This vfN ultimately
bring wages down and restore con-
Billions to normal in the United States
fheeupon Europe can afford To buy
rom TIE again Whether this Is a
.puti or bear argument ON the stock
starket depends upon ones point Of
ipw
l;egardleas IT what the NEXT TIVE o.
hree years may disclose It u faet
cs, now that there Ia whole
cars supply OF copper metal held In
esre houses at high interest charges.
Ftsis copper is becoming more and
ore III an embarrassment to Its
-, Htrs and before long must be
own on the market regardless of
'seA.
81 r. also a fact that the spinning
,43eiw Of the worlds cotton mills
seen reduced one-eighth at least
Ire war through the inefficiency of
43pss, and that additional spindles
I.ann0t be put into operation owing
.. he high cost Of. material. The
,sHit is that with the world needing
Easily more cotton fabric than In
srsd iced the supplies of raw cotton
eanssct be marketed because they can
b. marketed only In the form Of
fa iric This Is the chief trouble
kls.s I'm regard to sugar, of which
| rerc are vast supplies of raw ma
&sr.a; accomra nied with = scarcity OF
he finished product due to a lack OF
transportation and refinertes. The
Sr,nte II to q large extent through OF
PETROLEUM The world is overlooking
3eitf, crude OH far in excess of the
re deportation and refining facilities
lFsn the available supply.
This country can produce food for
he world but the foreign exchange
ave acts al an embargo. Since the
Or astuffa cannot be sold abroad TO
k.iyantAEe and since the American
snvcrnmert win not guarantee
+rices to farmers in the future Ii is
reasonable to suppose that crops will
IL. smaller next year. That lis no
argument for high prices in the
tnck market.