Evening star., 1920-09-04
LARGE BANK REPORTS
IMPROVED CONDITIONS
Cites Various Factors That Have
Shown Betterment in Last
Two Years.

From Cara Exchange Bank Of Philadelphia.
In looking back over the postwar
period. one fact stands out sproni-
nently. That fact is that most Of
the dire things which were appre-
hended never came to pass.
It is now nearly two years since
the armistice. The increasing pro-
duction of goods in many lines has
already exerted marked tendency
on the trend Of values.
While we are still far from a
proper. balance. business is, neverthe-
Increased production, lessened ex-
travagance. improved labor condi-
tions-these with the promise Of bet
ter transportation conditions and
good crops are the factors which
show that any crisis which may have
confronted the country has in all
likelihood been safely passed.
There Is also reassuring evidence
that the sober common sense Of the
American people Is beginning to re-
assert itself.
There is. no question that during
the present year the tight money
market <and an overwhelmed credit
tunate transportation conditions.
warranted some misgtvings as to how
the situation would work itself out.
Tread fer Better.
There weye no sign posts to guide
the way. but, as has been the case all
Though this remarkable postwar
period, there has suddenly developed
an unmistakab4e trend.
Perhaps the first determining factor
was the. realization that we have
quite enough to go round-enough
food. enough clothes. enough COM
forts, housing conditions excepted,
and even enough Injuries to satisfy
with good margin to spare.
As asresuit, business began to feel
its way. Manufacturers and dealers
became cautious and refused to take
donbtedly had great deal to do with
this change in policy.
Speculation in merchandise and q
disposition to pile up stocks for fear
goods would not be evailable. are
things of the, past in most lines.
II this makes for smaller averaEe
profits. 1t also makes for. a. leSsened
strain on credits, less imitation and
ultimately a healthier price basis.
During this transition period there
has. been demonstrated beyond cavil
that the law OF supply and demand.
by artificial restrictions. will do more
than anything else to bring order out
Of chaos. The equalixing processes
that result frosn the opeation OF this
law mean in laIye part not orify the
solution of our own troubles. but Of
the troubles of other countries.
FoFe4En CSnAerce.
Therein. too. will be found the So
luton to: the problem OF establishing
a better proportion between aEricul-
ture- and. industry. So will. the. Ques-
tfon Of our foreign commerce ufti-
mately find its, answer. for"we are
convinced that a greater interchange
n hAfUAAn a
States and the rest .of the world will
be the sequel to our own condition
Of supply and demand here at home. =
Likewise, may we look Tor a remedy
MISREPRESENTATION in one. industry win
divert labor into another. Artificial
restriction of labor unions may for a
time hamper the working out Of this
process. but no organization can long
arbitrarily prevail against the pressure
Of mon seeking an. honest livelihood.
Reviewing. then, the conditions that
confront the country at. this time,
there lis much to be thankful for :
FIRST; The railroad Problem, so
process OF soiution.- 80. 49,.
Second. Crops on the whole will be
good.
Third. The labor situation is im-
Fourth. There is widesp,eai de-
mand for a-wise revision OF our TAX
Fifth. :. The slackening up In: some
lines of business will probably lie
followed by greater activity in otn-
Sixth. Our supply Of funds for com
merc4al and capital needs, IL proper iy
distributed. 10 adequate.
Seventh. The past warihys&eFia Is
ception Of things that mako for or
derly uFoGFeSS