Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1920-04-22
From Other Viewpoints
Curb the Craze for Speculation.
ny ARCHER WALL. DOUGLAS

II Is increasingly obvious in some lines that
the tide is a; Hood both in volume and prices
supply is gradually encroaching upon drna nd
and there Is ever the apprehension tina, the
CONSUMER may balk at some OF the prices he
is called npon TO pay.
Each line OF business is subicc, sen,-,,.
Influences and is fun OF contradictions In
metals copper prices and production are held
down by surplus which many plans have
failed TO dispose OF Lead and zinc meanwhile
show increased outputs and higher prices
iron and steel products scare and high
priced az the RESULTS OF the recent Goa! and
steel strikes. Everything made OF steel sheets
and wire is hard to get. down 10 so
star." an item as the common wire nail. Con-
irarwise there other finished materials
IT. IN. iron and steel line that are fairly
ohnndant.
Ia some lines dealers are not taking all the
faN anotm"nis app0rtioned them by the man
ufacturcrs. While in others. notably stoves and
stove goods. the buying or futures is beyond
al! precedent. Meanwhile great is the cur :
rent business ana the purchases or scason:blc
goods. that both manufacturers and dist ribu, :
"'* are absolutely swamped with orders. Some
manufacturers, weary OF replying to Inquiries
"s to when they will MI orders already
months old. send answers printed slips
stating ihai they are doing the best they can
and are unable 10 give more definite infor ma
tton.
The usual query is. when the tide begins to
run out Will it fan gradually or all NJ once:
f"r among the many IL is only the latter con-
thHency which causes especial apprehension.
since me dangers Of a slow decline are posi-
bic or much evidence aad ame!iorat!on.
The answer as to the nature Of the change
II ponds upon whether il comes the result
or "vr'stra.ned credit or because OF the J.
ura avs OF supply and dema nd when produc-
tion becomes equal 10 nli domestic wants. So
ts sduarrly up TO the Federal Reserve
Board and the financial powers to hold in
check that speculation which is the chief
meme" TO present prosperity For the bust
meas which would thus be curtailed can well
DE- dispensed with under current conditions
STRIPPED OF all the suphstory with which il
d~ludcs itself and others. such speculation il :,
BUSINESS in which the OF the people ha W.
not the slightest interest and whose ex-
iStrnc" they are entirely indifferent.
lhc European situation probably will take
care OF itself Great Britain and France are
showing gratifying signs o! recovery. Eng
land is reducing her imports and increasing
neg exports. bile the rrhabiiia al ION OF north =
"rn Franc" N industrial lie far eurpasses our
expectations Meanwhile. the rest OF Europe
"hl'h Was at var ~ up Ia its eyes in trouble.
ana aces no WAY out. Wretched. miscr bl lie
Austria "ho started the war. is draining the
cup o. bitterness 10 its
WIN ns the farmer has expre<sed himse (
Ia Very definite way as to what he thinks
about the situation and what he purposes do
ng about II. Farming with him is Il business
II" fhi1s TO see any reason why he should
pr"ehcui" IL beyond the point OF making :,
living. He does not understand why the con
sumner wonders that the farmer. like every
one else. seeks 10 take advantage of the sit :
uation
lie finds himself confronted by greater
scarcity OF farm labor than even during the
war and al much higher wages lie looks
forward to a falling market on food products
Az already evidenced in cattle and hogs and
than the demand naturally calls for. For
larger production than this merely means ito
hm) lower prices
The European call for food products from