The Brattleboro daily reformer. (Brattleboro, Vt.) 1913-1955, 1920-11-15

dlcate gain in both exports and imports
Inc exact analysis Of the export trade III
commodities has not been made, and
there seems to be no doubt that some lines,
of business have suffered from the inabi-I
lily OF foreign countries to raise the neces-
saIy credit to finance American exports.
On the whole the information availablel
IN the national capital on business condi-I
lions Throughout the country reveals Il,
continued Discrimination ON the part oil
the consumer to buy. Stocks have, there
lore, piled un, III many businesses. Man
ufacturers who have had orders Cancelled
are, however using the opportunity to cut
down labor overhead and to weed out
inefficient help. 1t seems to be generally
expected that the lst of January will wit
ness a market change. With stocks rum
ming to the low, the feeling seems to be
that buying by the merchants will have
to begin, and that the consumer viii also
lind 1T necessary to join in the buying pro-
cesslon. In some lines like building. a.
change isn't expected until spring. The
drop III lumber prices ana III the cost of
other materials is such as to warrant the
l.eiief hereabouts that the American peo-
pic will begin to solve their housing prob
lem as soon as the diminution of the win
ter snow permits the carpenters to begin
work
Another reason for optimism in Wash
lngtop, however, is the certainty that EIl-
rCpean markets will come back to Amer
aceemT lishcd. Everybody seems agreed
that Europe needs American goods and
needs them desperately, and that the re-
financing OF Europe will bring full pro-
ductlon to American factories again. Yet,
there is very little said about govern
mental aid to credit operations in Eu-
rope. The European countries themselves
adopted a resolution at the international
financing conference at Brussels looking
with dlsfavor on the extension Of more
loans hy governments. Yet, that confer
cnce did make several suggestions for the
betterment Of trade by new credit plans.
With the election out of the way, Of
neal W ashngtOn may decide to take a.
more active part in international credit
operations even IN advance of the new adj
ministration. The cutting down of gov
crHmental expenditures Will probably be
aeitated during the coming session OF
congress. but as Republican Leader Mon
dell once told the writer, it is one thing
to talk about cutting down appr0prla-
tons and it is quite another thing TO face
the people of the states and cities who
suffer from the cut in the amount of
money spent in their immediate environ
ment
Another thing with the high cost of liv-
ing many government employees who orig
inully got their Jobs through political in
tluence haven't been especially enthusiast
tic about staying in the government en-
Uloy when attractive positions are avail
able in the business world. The Republi-|
cans viii find the housekeeping Job they
have been promising the country very
easy task in many respects, but the hard
part of it will he to get competent persons
To come to Washington to replace those
who are every day resgning TO enter the
business or professional world at higher
salaries than the government has been
able to afford Many OF the government
departments have already given evidence
of their ability to cut down their nay-rolls,
hut when an is said and done official
Washington isn't expecting that the
amounts saved by dismissing employees
will compare with the big amounts that
will have to be raised to pay the interest
on bond issues and other obligations Of
the government.
With the excess profits tax falling off
in revenue and with liquor taxes natur
ally diminished, the question of how the
money is going to be raised, is pulling
everybody. 1t is seriously advanced by
some officials that taxes win go up instead
of down unless the tax burden is distrib-
uted over more years than was originally
planned. Some Of the experts say this
may temporarily ease the load but that
in the long run the plan will not prove
economical Briefly. now that the election
is oyer. Washington is changing from the
political to the economy phases OF recon
strlctiOn