The review. [volume] (High Point, N.C.) 1908-19??, 1920-10-28
AgA R2uk " C.s zhu,saay Oc0br 28, 1920
S ELWOOD COX. GIVES INTER
VIEW ON CONDITIONS TO
NEWSPAPER MEN.

1uhE-e country has been aVerted an
thar the general price readiustmen
~ going on throughout the nation
WIZ soon bring the United States bacl
TO normal business basis is the be
neg OF ). ElWOod Cox, of this CITY
prominent banker and business man
expressed IN an interview today. The
spRsndld crops the country has grown
! and many other conditions cause the
local banker to be very optimistic. as
7 TO conditions in general and especially
SO 5as to the future of High Point.
! = MT. Cox returned some few weeks
! agoNfrom a visit to various points IN
Europe and while he admits he has
~en out or touch, SO to speak, with
,-lalrs IN this country during his alb
! sence, he has made a thorough study
! since his return and believes his ideas
t~>pe based on Information that is re-
liable: In his statement he said:
The price adjustment going on
eS1oughout the country now after ~14
VIII soon bring us to "a more norma.
business basis. Every intelligent busi-
ness man knows, or ought to know,
that we have been going at too high
a. speed and there has been too much
extravaganza.
The readjustment of prices along
ali lines must come sooner or later
ana we are fortunate in that we are
having these changes come in most
anes OF business gradually. This is
not all bad for if we buy. cheaper we
can sell cheaper If food stuffs and
I
aTord to work for less. But readjust-
ment downward in the scales of wages
must be gradual and correspond with
reductions in living costs.
There is nothing to be frightened
at in the present situation. We have
safely passed any likelihood Of a.
panic. On the other hand we have
much to encourage us in looking for
good, steady business in the near fu
ture
1T is estimated, our crops this year
will save value of S2O,OOO,OOO "a
ngure. that~means much prosperity for !
the farmers and which will be reflect
ed f.5% all lines Of business. ~
1.-The indications are the present !
corn crop will be the largest in the ;
history of the country, being in ex-
cess. Of 3513O,00o,OOO bushels. The !
wheat crop is we'll UP. to the average i
Fruit and yegetab1es are above the !
average. The estimate of our cotton I
crop this year is 12,7S3,000 bales, :
while the average for the past five |
years has been II, 100000 bales or an
Increase above the average of 1888
100 bales.
Our tobacco crop, about which
here has been so much newspaper
DISCUSSION recently in this state is
above the average in guam +
ity and bids fair to bring a price
equal to the average or the past five
ears. Our North Carolina crop av-
'raged in 1915, 1O.56c per pound; in
916. 1850; in 1917, 31.3Oc; in 1918, E
IS 33c; in 1919, SAC; or an average for
be five years Of 29.93c.
"The influence of the crops this :
ear on general business conditions is :
'Ound to be beneficial =
'Then the railroads are steadily i'm
rowing their conditions TheH are ,
nd will be spending many millions 6
or materials and labor, thereby fur ,
ishing a great market for the prod :
cts of the country as we'll as for '
abor.
much has been written in the pub ,
&c press and a great deal has been e
aid criticising the federal reserve =
Oard for the recent slump in busi- q
ess. It seems to me that these criti- :,
lsms are unjust. The federal re- :
erve board Of course directs the fed
raj reserve banks. The federal re- n
erve banks cannot loan money with r
ut limit. AS a matter Of fact the G
,ans from federal reserve banks to / q
lember banks throughout the country h
Or commercial and agricultural pur U
oses have increased this year $692,-
90 900. Governor Seay of our fed q
raj reserve bank in Richmond, Hsays "
lat on December 26, 1919, the dis f.
ounts by the federal reserve banks :,
>r commercial and agricultural pur- D
oses was 1854, 100000 On Septem- ~
er 12, 1920, the amount of discounts n
n the same purposes had increased g
} $1.376, 100000, or an increase of
592,OOO,OOO. f,
''In our community we have much H.
} be thankful for and can afford to
, slow for awhile Let us adjust
lr affairs by collecting what we can,
%ing our debts and De ready to"take N
Vantage of conditions as business