Evening star., 1921-06-19
HY I. A. FLEMING.

general revival hoped for and conf
IDENTIFY expected, has not materialized.
Business finds numerous and we'll
defined handicaps in the path which
1t must travel before the road to re-
covery is reached; many Of these
obstacles should and must be re-
moved.
Confidence is sadly needed for busi-
ness to be encouraged while the rail-
roads of the country are in their
present condition.: it is difficult for
business to make headway while
labor seeks to MAINTAIN wartime
wages and fights for every conces-
sion. or would if 1t could.
Capital has been hard hit, and yet
capital would be ready to march on
to better times were the pain
smoother-if reason held sway in
aiding adjustments rather than un-
reasonable and senseless opposition.
1t is difficult fPr business to make
headway or capital to be composed
and steady with the New York stock
level where 1t may at least rest for
time, or low point from which
real recovery may start.
Conditions in the security market
are bad. worse than there Is real
and have had fine feeding they are
reckless. Many a time they have
been badly stunG for selling that
which they do not possess, but so far
the bears have fed in clover and
the bulls are weak from loss of blood.
No one can tell when the change
IS coming. Money was never less
of a factor in security circles than
it is today. nor trade conditions never
more dominant.
The great railroad systems of the
nation are in serious condition; divi-
dends are being cut and passed to
= such an extent that an investment
duction is down to one-fifth OF nor
NAL capacity. story that should
be effective in wage argume nts.
Passenger fares are so high that
travel save on business has been
lCreatly reduced. and yet rail earn
'ings are such that managers are 1g-
noring maintenance and upkeep to
such an extent that equipment COM
panies are suffering.
Every day witnesses decreasing
Congress has been in session con.
tnuously all year and really should
offer apologies that its daily meet
ings have not been prolihc in some-
thing good for business"
Tax legislation. the premier need
of the community. still languishes;
the sales tax has been sfdetrackeo'
with no substitute offered: no legls-
away the bugaboo of the tax-exempt
securities, which prevents fotation
of taxable securities: economies IN
IRovernment service have not peen
and the burden of government financ-
ing still falls month by month upon
1.-THE people.
Every one agreed theat the excess
lproft tax would have to go. but ~
fingers and gives no INDICATION OIL
tbeing on its way.
' Congress has much to account for
| and the roll will be called at the next
ELECTION with many eliminations-un-
less Congress mends it's ways:
Mr. Mellon has found his 1ud gment
satisfactory and his policy of placing
a large amount of three-year notes
approved by large oversubscription.
! It now remains to be seen II Mr.
fporary financing. this makeshift OF
/ a monthly certificate issue and an
almost monthly redemption OF an
Tissue.
Secretary of the Treasury and pass
on the burden of war obligations to
1.-THE second and third generations that
tthcy may meet their share OF cost. Tor
a nation at peace and home where
equal rights rule. The refunding of
| liberty and victory bonds and notes
should be part of this plan.
! 1t will be a step in the right d1-
rection and the sooner IL Is taken the
better.
Give the banks of the United States
Acredit for standing back of business
fgamely and with intent to save where
! salvation is possible. In time most OF
/ the firms and corporations in trouble
I will see daylight: il they have been
/ honestly and wisely managed. The
/ other Kind do not deserve the support
l of the banking community.
Moreover, the banks have been
| greatly aided in the struggle by the
| federal reserve system. which has
again demonstrated the wisdom of its
| creation. There is small question that
| it has saved the nation from crisis
I a real and serious crisis-and has
| enabled business to function in some
| directions with relative safety and
! without anything approaching a
panic.
corresponding with 1901-and every
Unemployment continues to increase.
4 but 1t may be a means to an end.
unfortunate though it be-.
No changes have been made fnconnec-
ton with the obligations Of foreign
nations to the United States. and II
would seem as if there was something
remiss there. The funding of the
enormous debt. even at a low rate OF
interest. would be much better than
to leave it open and non-productive.
Any hope that the United States will
cash the German reparatien bonds
/ should be given the quietas in short
! order.
; Moreover. the government did not
take upon itself the viseing of loans
1 to foreign governments a minute too
soon. Big and little bankers, invest
| ment brokers and bankers, with
\ certainty. have flooded the country
with bonds and it is time for a let-up
tuntil the big supply is permanently
digested.
! Any congressman who neglects pub
1 lie interest for private hobbies and to
| advocate the impossible is wasting
time, and the people will keep the
I record and spring it at the right
I time
Col. r. N. Harper spoke last night
ton Problems of the Day" before the
Virginia Bankers Association. He
said. in part:
There would be plenty Of food
1 for encouragement for the optimist
in looking into the future il it were
not for the fact that there are so
many people in this country who are
! constantly looking through smoke
\ colored glasses of discomfort, instead
| Of through the clear glasses of hope
land confidence.
1--WE find too frequently in all COM
tmunities men who are conspicuously
Nsuffering from business indigestion,
men who look for and await trouble
and are disappointed If it does not
come, although their digestive organs
are in normal condition in the esti-
At will not try to deny the fact
that these are troublesome times, but.
I'm the language Of the day. why
ishould we worry? Competition is
great, taxes are high. The H. c. of
L.. is annoying. to say the least, and
- se vfx oil