Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1920-11-18
F|NANC|ERS SOUND
| OP PT|M|ST|C NOTE
| ON TRADE OUTLOOK
United States Business Is
Safe, Declare E. N. Hur-
ley and G.. HI. Sabin.
RECKLESS CANCELLATIONS
ARE STRONGLY CONDEMNED
Disregard of Contracted Orders
Affecting All Classes Of
Manufacturers.
SANE ADJUSTMENT IS URGED
Economic Authorities Denouncc
Panic Rumors as Little
RECKLESS CANCELLATIONS
ARE STRONGLY CONDEMNED
,ANE ADJUSTMENT IS URGED
economic Authorities Denounce
Panic Rumors as Little
Short OF Criminal"
ny ROBERT }. BENDER.
nltrd News stan Correspondent.

EN ItOHI:itT J. BENDER.
United News stan Correspondent.
NEW YORK, Nov. l7.--Undue alarm
r. hmcrica's economic outlook is
absolutely uncallcd for, panic rumors
gre little short OF criminal" and the
patton. while passing through It's
natural processes OF dcnation looks
Forward tn continued prosperity IN
he opinion Of authorities both in
hc East and West,
That tho country Is in for winter
continued reaJjus,incnt was tie
Cord accredited TO IIcrber, Hoover
N talk with the American Fedora
ion of Labor Ut Washington lie is
{Trthcr quoted as stating that the
Fr.atcHt relief can be expected wien
imerlca's foreign trade gets -
pooning again. And on both Of :nc4s
koints authorities questioned on tho
Ipbjcct agreed. But. at the same
unc. all united In the conviction that
N.F-s, not pcssimisir. j. Tho
acnword.
Two striking statements. ono from
;dward y Hurley, OF Chicago. form
rly chairman OF the Federal Trade
AaI'I man a.. inc
'ni'ed States Shipping Hoard. and
nee his retirement from that post.
cccr,ed as leading authority IN
nc Middle West on foreign and do
nestle trade: and the other. from
harlcs II. Sabin. president or the
guaranty Trus: Company. of New
ork, reveal the generally accepted
ttltude of big business on the ma
Ions economic outlook. In rcsposs
o inquiry sent to 3fr. Hurley. he re.
lied:
Cancellations Affect Industries.
The mad rush on the part OF many
usincss men 10 cancel orders and
ontracts for materials over night "a
oon AZ tho public indicated IL was
ot going TO continue reckless bug
ns. has materially affected the in
,ustrics OF the country. Tho larger
manufacturers have fci; IL, particu-
arIy those who pursued liberal
.olicy towards their old customers Il,
cccptinE reasonable cancellations
Utmost every Industry has hccn af-
octcd b. these ruthless methods o!
rnorins the sancti;y OF contracts and
rders. ], IS recognized ,ha, 1.
rices arc too high, il Is 10 tho pub.
= interest ;hat they should come
own gradually. Hence the business
ncn Of the country are partially re.
ponsiblc for the present unusua,
us;ncss conditions.
Many lines OF industry have been
onductcd IN the past few years on
margin Of profit which did not re-
nirc very much effort on the par,
sales organizations. Statesmen were
III Of prac;ice-takinS. not soliciting
rd"rs. The result is that IL will re
n!ro several months for them to be.
one accustomed to new conditions
nat is. hrstlinS for business. Tile
MS way that you can change from
sellers TO a buyers market is IA
rtatc the demand through an cmc!cn:
ling organization. The public has
lc money 10 purchase goods al fa!.
riccs, but salesmcn new have keen
ompet!tion and must prove the!-
orth."
On these same points. Mr.. sabin
,d
Commodities Above Real Value.
The rcsrc;tablc thing is that. a:
achod points far above their real
alue In the boom period. 30 today
10y arc falling to points far below
icir rea! value. Necessary i:auida
ca is proceeding after the manner
Anticipated, on tho whole, but there
re several steps yet To be taken.
Perhaps the most important, OF
ESQ is for retail merchants to re-
iizc that they. too. must meet the
lcvitablc economic trend and adjus.
lc!r prices to meet the new condi.
0,ons. The process OF defiation mus,
iciudc I'll the elements in the body
= concmic sooner or later, and there
an be no escape from the inexorable
Nv which directs 1t. Dodging the
,cts or attempting TO postpone the
Inevitable will not bring immunity to
= ny one. whether his interest lie In
rcduction or distribution, capital oil
,bor"
: Mr.. Hurley makes a special poin;
ia5cr's part in his discussion of the
nation.
we must rcadjust oui manufac-
.rinS and AL branches OF business >
says. but the claim that wages
u.t be reduced in the factory first
iihout taking into consideration
cry other branch of the service that
.tcrs into the expense OF nanufac-
ire and distributing. is not fair 10
ic workman nor to the public There
no doubt but what there is great
ON for improvement in the efici-
icy of workmcn. But 1t must be
needed that In the productive and
rc non-productive labor In most in
Continued on Second Page.)