Evening star., 1921-11-12
Special Dispatch to The Star.

Special Dispatch TO The Star.
NEW YORK, November 12.-There
will be glut of money in the United
States by the middle of next January.
Leading ffnanciers declared today that
they expected that by that time call
| money would be a vailable at 3 per
cent. This plethora Of money avail
able for loans by the banks and trust
, companies will result, bankers de-
clare. from the liquidation of So
called frozen credits and from infla-
tion OF tho currency during the war
years. which has not yet been con-
tracted.
are paying off their loans, establish
ing themselves on a firm credit basis.
This is clearly indicated by business
dispatches received from various sec
tions within the last twenty-four
hours. Money will be available for
commercial and industrial enterprises
on easy terms Even now the neces-
sity for and the practice of hand-to-
mouth buying is passing: but the
United States still faces the danger
Of hand-to mouth production.
In nearly every Nne Of industry,
stocks on hand are far below normal.
Production also is far below normal.
improving and that improvement is
gathering momentum each day. De-
manG shortly will be far in advance
| of the ability to supply it from present
stocks. A grave danger exists that
before various industries could speed
up production sufficiently to meet de-
mand. shortage will develop which
would again send prices rocketing'
place articles out of reach OF the
average buyer and bring about 1ur-
ther stagnation. of trade and indus
trial complications.
Safeguard for Business.
A general and comprehensive re-
sumption of production. therefore. not
only is the part of wisdom for all
sential safeguard for business pros
perity in the immediate future. In
urging such a policy upon the pro-
ducers of hardwood lumber, w. L.
Ritter of Columbus, Ohio. former
president of the Hardwood Lumber
the situation clearly as follows:
IF the hardwood manufacturers do
not do everything in their power to
have sufficient lumber to adequately
supply normal demand. it will be
most unfortunate. If there should be
| a shortage it will be the manufac-
! turers who will suffer most and hard
| est. One effect would be market in
stability period of skyrock citing
prices-which would be injurious to
the best interests of producers, for
| it would tend to a policy of getting
all the traffic would bear. which is
not sound policy.
Wise Labor Policy.
"A wise policy of production must
necessarily involve wise policy in
respect to labor. Just as it is detri-
menta! for lumber prices to go too
high, SO, too. it Is destructive for
wages to go too low. A fair and Just
policy toward labor should avoid
wage scales based too much on unem-
ployment conditions or the necessi-
| ties of labor. a fair and liberal policy
| is the part of wisdom.
"In view of the condition regarding
| present stocks. production and future
prospects l would like to urge a
prompt and general and widespread
resumption and accentuation of pro-
duction based on. firm faith in future
! conditions with a view to getting
stocks up to normal volume as
promptly as possible and the adoption
| of a policy designed to prevent ex-
| experienced under the influence OF
| the auction market of late 1913
| and early 1920"
Normal Production Urged.
Mr.. Ritter indicated his belief In
his own teachings by ordering each
of his sixteen mills to get back to
| normal production as soon as pos
Sihle The Situation outlined hv Mr.