The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1921-07-21


vigorous house-cleaning now being
done by Chairman Lasker, of the
shipping board. makes a new speed
record eclipsing the one hitherto held
by General Dawes curious combina.
ton Of evangelism and profanity, ded-
tcated to the service of government
economy.
Aside from what has been accom-
plished by these two and by others
in the direction of better government
housekeeping, the most noticeable
progress made by the administration
has come from those government
agencies which are most concerned
with the country's business conditions
and most responsible for its economic
prosperity.
See Bright Future.
The men who constitute the per-
sonel of these governmental agencies
have gone at their problem with a
high spirit of aggressiveness. The
belief of practically all of them today
is that the worst of the business de.
preston is over and that the future
will be period of growth and bet
terment, of which the speed is de
pendent more upon business men
themselves than upon any other fac,
tor
One of the most careful of the au-
thorities here in Washington believes
that the principal factor now is the
psychology of business men and mer-
chants. It is believed that the mer.
chants are as unreasonably timid as
they were unreasonably confident two
years ago.
It has been found that important
merchants in some cities are carrying
stocks of goods only adequate for two
or three weeks of consumption. Their
motive in carrying such small stocks
is the expectation that they will be
able to renew them at lower prices
The same merchants two years age
being then in the psychology of rising
prices, had goods ordered ahead fol
several months.
Cuts Are Over.
Some of the most cautious OF the
authorities in Washington do not be
lieve that this anticipation of lower
prices will come true, except as to &
few lines which have not yet gone
completely through the progress ot
liquidation.
The completeness and thoroughnes;
of the governments organization fol
helping business are now such tha
this factor alone ought to be able tC
change the trend that has been down
ward for nearly a year past The fed
eral reserve board has recently taker
steps which will make it possible fol
small banks throughout the countr!
not members Of the federal reserve
organization to get in large degree
nevertheless, the benefits of that or
ganiZation.
Ease Strain.
The War Finance Corporation ha!
done much not only to stimulate ex
ports but also to ease the strain or
businessmen who must carry good:
until a market develops. While the
primary function of the War Finance
Corporation is to stimulate export.
il is a part of that function to provide
credit facilities for business men Il
carry goods destined for export anC
prevent those goods from beins
dumped on the markets disastrously.
In the old days, when Great Britain
was the creditor nation of the world
it was the custom for that country t
buy the major portion of the cottol
crop soon AFTER II was picked. Urea
Britain not only consumed a large par
of our southern cotton crop, but also
in fact, provided banking facilities t
carry that crop from the time it wa
picked until the time when it shoul
go into the factories. under the chang
ed conditions it is necessary for Amer
lea to furnish these credit facilities
and the War Finance corporation i
doing so to the limit of its power
Relief is Coming.
In addition to this, further relief 70
cattle raisers and farmers is sure t
come. Just at this moment it looks a
if this relief might come through tn
passage of the Norris bill in congress
which sets up separate organization
for farmer relief. If this help doe
not come through the passage of tn
Norris bill, it will be sure to come I
an equivalent degree through the fec
eral reserve board. or some other OF
ganizations that have the duty of ca:
ing the strain on business.
All in all, every appearance i
Washington leads the most caution
of the government officials who ar
concerned with such matters to be
lieve that business conditions IN tn
United States are now safely heade
toward recovery.
Copyright 1921 by the New York