The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1920-11-19
EXPECT BETTER
BUSINESS TURN
ABOUT JANUARY 1.t
Nations Business Is Being Consider.
ed by Go1ernment of6ei.ls-
Reserve Board Criticised
And Defended

Reserve Board Criticised
And Defended
Washington, Nov. 15.-Business
conditions throughout the United
States are more a subject Of discus
sion among government nowadays
than questions of foreign policy or
national politics. The passing of the
election has brought back to some
extent to Non-Partisan viewpoint
which prevailed during the war. Men
are not so likely to express opinions
that reflect on the opposite political
party. There is the beginning here
of real appreciation Of the big
problems ahead.
For instance, much talk has been
heard about repeating the excess
profits tax. Congress will probably
do something about it in due time
but the interesting question is being
asked whether the drop in prices as
we'll as profits will not actually re-
duce the revenues that have hereto
fore been expected from the excess
profits taxes. Some observers have
gone so far as to suggest that for all
practical purposes the business stu
alton will before long have been re-
pealed the excess profits tax.
On the other hand the Federal Re-
serve Board which stepped in last
spring and began restricting credit
controversy as the League of Ma
tions. Defenders of the Federal Re-
serve Board insist, for example, that
the country is witnessing readjust-
ment without a money panic and
that the board has been fully justi-
fled in its action by current develop
ments in the economic field.
There has been much talk about
the export market in its relation to
the political situation abroad and
while it is quite usual to hear it said
that the bottom has dropped out of
the export market nevertheless the
last reports issued by the depart
ment of commerce indicate q gain in
both exports and imports. The exact
analysis of the, export trade in COM
modities has not been made and
some lines of business have suffered
from the inability of foreign coun-
tries to raise the necessary credit to
finance American exports: -.
On the whole, the information
available in the national capital on
business conditions throughout the
country reveals continued disclina-
tion on the part of the consumer to
buy. Stocks have therefore piled up
in many businesses. Manufacturers
who have had orders cancelled are
however, using the opportunity to
cut down labor overhead and to
weed out inefficient help.
It seems to be generally expected
that the first of January will wit
ness a marked change. With stocks
running low, the feeling seems to be
that buying by the merchant will
have to begin and that the consumer
will also find it necessary to join in
the buying procession. In some lines
like building a change isn't expected
until spring. The drop in lumber
prices and in the cost of other ma
terials is such as to warrant the be-
lief hereabouts that the American
people will begin to solve their hous-
ing problem as soon as the dimuni-
ton of the winter snow permits the
carpenters to begin work.
Another reason for optimism in
Washington however, is the certain
ty that European markets will come
back to American just as soon as fl
nancial stability is accomplished.