The midland journal. (Rising Sun, Md.) 1885-1947, 1921-01-21
Business Revival
Expected in 1921

| GUS Heu, Among IHelH Uduk0TS, SUI
dents and captains of industry, the
following questions:
First Is 1921 to be year of acute
industrial depression and great suffer
ing, or will current REIMBURSEMENT soon
merge into normal times?
Second. Are prices on their way to
or near pre-war levels, or will they
halt considerably above such levels?
Third. Will reductions of wage
costs follow reductions in cost Of liv-
ing at some reasonable interval?
To these interrogatories rather ex-
tended answers were made in some in
stances. For brevity only the most
important point in each reply is given
here, as follows:
Prof Irving Fisher, Yale-We may
expect hard times and business de-
preston only through the winter and
in less degree, in the spring. In the
latter half, at least, 1921 should be a
year of prosperity
Prof Warren NJ Persons, Harvard
An industrial crisis Tor downward
turn in business activity and whole
sale commodity prices) occurred last
April. The subsequent business I'M
settlement and recession in commod-
ity prices have now continued for nine
months. In pre-war times the CORES
ponding phase of the business cycle
lasted ten to sixteen months before
it was replaced by business revival.
Judging by pre-war experience it is
probable that business revival will be-
gin between February and July or, to
pic ka single month, in April, 1921.
Ebert H Gary, United States Steel
EMBELLISHMENTS are not
in all respects proceeding satisfac-
torily, because of the Indifference Or
defiance of certain business men-in-
Guiding particularly retailers or mid
dlemen in some lines, whose selling
prices are much higher than they
ought to be. But the law of supply
and demand is controlling the situa-
ton, and we should return to reason
able and normal conditions within six
months, and probably sooner.
A. Barton Hepburn, Chase National
Bank-You cannot go on a spree with
out suffering in the cold gray dawn of
the morning after and whether our
suffering be limited to the morning or
extend till the evening depends upon
the attitude of the public. If with
patience, industry and, above all, econ
omy, we will put together, the period
of prosperity which is inevitable, will
be very much fastened.
Frank B. Anderson, Bank of Cali
formal do not believe we can have
normal times until: First, the present
form of the revenue bill is changed
to basis that will reward the results
saving and punish spending; second,
undigested Liberty Bonds are alb
sorbed by the investing public; third,
|
declines which have occurred in most
of the basic things that enter into the
high cost of living; fourth, labor is
willing to accept lower wages, which
it can minimize to the extent it i'm
proves its efficiency; fifth, the posi-
bility of trading with these great
masses of population outside of our
borders is restored; sixth, the govern
ments floating debt is founded and
Liberty Bonds refunded on longer
basis.
Daniel Willard, President Baltimore
mad Ohio Railroad-I do not expect
| to see prices or wages as a whole go
back to pre-war levels. l do expect
to see prices much lower than they
are, and, as prices go down, wages
will probably go down to some extent
Also but l do not think that either
material prices or wages are likely to
reach pre-war levels in the immediate
future.
| Clark Howell editor Atlanta Con-
stitution-The pendulum had to swing
back, and that it has done so with
sudden jerk may knock some of the
props of business out of place but,
after all, it may be for the bst, for
the reaction must inevitably be as sud-
den in the other direction. And when
it comes it will carry everything be-
fore it. just as happened when it
turned with collapsing force to sweep
the values of agricultural commodi-
| ties few mnoths ago.
| William C. Edgar, Editor Western
Miller-Prices probably will not reach
and remain permanently at pre-war
levels, but they must inevitably fall
until, as in the case of service rem