Evening times-Republican., 1920-11-02
GEORGE D. ROBERTS SAYS RE-
ADJUSTMENT WILL NOT BE
DISASTROUS
ERA OF PROSPERITY
TO FOLLOW SOON AFTER
Complete Readjustment Of Business
Not Possible to Benefit Fall Bust
ness-Advises Business Men to
Prepare For Extensive Fall Trade
Building Boom Forecast.
special to Times Republican.

Special to Times Republican.
|, Des Moines, Nov. 2.-Desp.te low
prices for grain and the general an
settled condition In the business
world there arc underlying conditions
which Will bring back business aetiy-
ity on substantial basis, in the
opinion OF George d. Roberts. of the
National City Bank Of New York In
his November trade review he dis
cusses among other thing the de-
cline in agricultural products and the
marketing problems OF the farm. He
says. however. that the immediate
problem for business in general is
that OF price readjustment and that
once readjusted there is great work
OF expansion awaiting this country.
There is no gainsaying that the
fa,t season has hcen seriously de-
moralized by the unsettlement which
has developed" he declares in dis
cussinS this period OF failing prices,
The buying power Of O great many
people In the aggregate has been i'm
paired, measuring their ability by
the prices which have been prevail
ing. The general feeling that these
prices could not be sustained has
been thoroughly confirmed. The pub
lie will have nothing to do with them.
When the general level is reduced
50 that common basis for trade Is
restored. conditions are such that
business will be quickly resumed.
That can not be accomplished now
for the fall season, but If business
men will set about getting their
houses in order for spring trade on
a regular basis the situation should
be we'll stabilized by that time and
the field cleared for long period OF
prosperity.
No Pre-War Levels.
He declares however 1t Is unreas-
enable to suppose that prices are
going back at this time to pre-war-
levels. and where they do 1t is safe
To say that the things are too cheap
and can be bought to advantage.
There are good reasons for con-
fidently believing that this country
is not going into a long period OF
depression" he continues Such eX-
periences in the past always have
followed long periods Of internal
development, including extensive
construction work, such as railroad
building, town building, etc. Our
periods OF prosperity and credit OK
pansion have been of this character,
and it has usually happened that th-
movement has over run the needs OF
the country at the time and a perioL
of growth was required afterwards
to bring the country up to its new
facilities.
1.-THE boom period which has been
responsible for the existing eXpan-
sion credit and high prices was not
due to internal development or CON
struction work. On the" contrary it
interfered with normal DEVELOPMENT
and Improvements and the facilities
of the country are behind it's needs.
Never beforeaN aNas there so much work
in sight needing to be done or so
many opportunities in the world out
side. The immediate problem Is that
OF price readjustment. 1t is not a
case of exhaustion orAof waiting to
grow up to investments that have
been made. The new work would not
so forward on the level of costs
created by the war and regarded as
abnormal and temporary.
The reserve resources and re-
cuperative powers Of the country are
far greater than at any previous
time when check Of this kind was
experienced The credit situation is
stronger The banking situation Is
wholly different, which in itself is a
factor of great Importance. In view
of the extent of price declines. the
comparatively few cases Of business
embarrassment among business con-
Germs is Significant