The Pensacola journal., 1920-04-05
SPRING OUTLOOK
is PROSPEROUS
FOREIGN RELATIONSHIP HAVE
IMPROVED AND INDUSTRIAL
SITUATION is BETTER.

New York, April 4-( -(SpeciaD while
there has been comparatively little in
dication of Improvement in the dis
turbed condition of affairs in Ger
many, international relationships have
been slowly progressing during the
past week or more as the result of nat
ural processes. Trade returns pub
lished by the Bureau of Foreign Com
merce, and giving details of our inter
national business for the month of
February show very distinct evidences
of Improvement in economic power in
many of the European countries. Some
are still much retarded. but the pro-
gress made in at least few direc-
tions is such as to furnish genuine en-
couragement taking the situation as a
whole The disposition of Congress to
adopt a resolution simply declaring the
United States at peace and thus au-
tomatically terminating the war, al
thought without any treaty agreement,
may result in closing up the present
unsatisfactory situation and in giving
US at least a nominal basis of inter
course with other countries. This pros
pect has naturally had a good effect
upon the international investment
situation as well as upon foreign ex-
change.
Continued reports of prosperity are
received from the interior districts,
land as spring work has opened up in
the agricultural regions of the West
and Southwest it is seen that crop
prospects are of an unusually favor
able description for this season of the
year. The principal sources of anx-
iety are found in scarcity of farm Ia
bor and in inadequate equipment of
IL
prevent both satisfactory movements
of agricultural products to the con-
sumner. As for the labor shortage, that
lis a two-sided situation. Manufac-
turers all over the country have been
urgently demanding greater labor
supply complaining that they are uh-
able to carry their productive power up
to 100 per cent. efficiency unless they
can get such assistance. This great
need of labor and the fact that it has
taken form in abnormally high wages
has powerfully tended to bring work
ers from the extractive industries to
the factories and to indoor work in
general In one way this is another
index of prosperity, the demand for
goods both for local consumption and
export being so great as to necessi-
tate the full employment of capital of
every ueSC1lDIlOIl. TNepOFlS lIoHl LIE
steel iron, automobile and textile
trades show not only fuller employ
ment than at any time in recent
months but also a smaller degree of
labor unrest and probably a lesser
number of strikes than on any recent
date. while the Giants themselves are
not only operating at full a ca
pacity as possible, but have booked
orders far ahead, in many cases up TO
or beyond the calendar year. These
facts have become a familiar story
within the recent past, but they have
never stood out so prominently as they
do today in the business condition re-
ports of the producing regions. 1t is
no wonder in these circumstances that
industrial earnings have held their
own remarkably well in spite of the
heavy burden of taxation to which
they have been subjected, and in spite
also of the high prices of labor and
materials with which they have had
to contend