Alma record. (Alma, Mich.) 1878-1928, 1921-06-23
EXPECT BUSINESS
TO IMPROVE soon
SUBSTANTIAL FOUNDATION BE-
ING MADE FOR LASTING
TRADE REVIVAL.

ms country Is HOW uellnlJely OH
the upgrade in the Judgment of its
ablest financiers. In a recent adj
dress, w. =. G. Harding, governor of
the federal reserve banks, made this
significant statement: "The business
depression Of 1921 has definitely
passed, and the financial condition is
such that it should inspire only OPP
timsm.
"The public has lot Of buying
power left. All the reserve banks,
the ultimate resource Of all member
banks and through them of the pub
lie, are i'm position now, better than
before, to. extend TO all legitimate
business all the assistance needed"
The Wall Street Journal, recogniz-
ed as the LEADING financial paper Of
the country, in one Of its latest is
sues, declares: "A substantial foun-
daton is surely being laid for a trade
revival that promises to be lasting.
The definite upturn may not start UNI
til fall, but everything points to pros
perity in 1922"
This publication adds: "Readjust-
mont is not over by any means.
There will be further cuts in prices
and wages But these rcvisions
downward will be constructive rather
than destructive, and will carry bust
ness and commerce nearer to the be-
ginning point of prosperity"
Notwithstanding a recent cut of
20 per cent to the steel workers, the
wages in the steel industry are still
double what they were before the
war. The same applies to other lines
Of industry"
"The railroads, which have pro-
crossed little in the face of ten years
of record breaking industrial eXpan-
sion, must undergo drastic readjust-
monts in every way. Fortunately
they are now being fostered by bus
mess administration that is fully alive
to the situation. The equipment Of
railroads is not sufficient to handle
the business of the country when OPP
Grating at normal. This was demon
strated in past years when congestion
was general all over the country"
Attention has been called to a sur
plus of 100000 idle cars, but 100000
idle cars with the country on a 80 per
cont basis is a very small number.
Should business jump to normal this
surplus would soon be turned into a
deficit Of several thousand cars. The
fact that the railroads Of the country
for the last ten years have been con-
Stunning fewer steel rails by several
/ hundred thousand tons annually than
/ IN the preceding ten years, is suffi-
cient proof Of the limited progress
made by the railroads. 1t is true that
/ heavier and better rails are being
used than ten years ago, but the to-
tails include the increased consump-
ton Of the street railway systems Of
the country.
"The world added S20O,00O,G 600, 900
or more to its indebtedness as re-
suit of the war, but this should ac-
celerate rather than retard CONNER
cial expansion.
when man owes money he will
work harder to pay off his debts than
when he is prosperous and money is
coming in without any great effort on
his part or the part of his sales
agent
Germany in addition to her war
debt Of $40, 150,0O0,000 must pay
about $50, 0OO,OoO,Oo0 of reparation
money. Germany has made more
progress toward recovery since the
war than any other European ma
ton"
Among the reasons given for the
statement that the tide has already
turned, the Wall Street Journal nam
ed these:
The depression has continued seven
months and must be that much near
or its end. Industrial and railroad
financing sufficient for present needs,
has already been accomplished in de-