Atlanta tri-weekly journal. [volume] (Atlanta, Ga.) 1920-19??, 1922-03-07
INDUSTRY IS AST|R
THROUGHOUT NATION ;
FARM PRICES RISE
BY HARDEN COLFAX
neased Wire Service to The Journal.
Copyright, 1927

Copyright, 1927
WASHINGTON, March 4. -
American industry is astir today as
| it has not been for months. Al
least 100000 more men are working
in the mines and on the railroads
| than were at work January /
Wheat is up more than forty per
| cent above it's selling price Of three
months ago; hogs are on the rise
and two bid fair to carry the farmer
back to measurable prosperity. With
him goes the nation.
Building and construction work
are tasting the advance portion of
| what appears to be a record-break.
| ing repast. Money is easy and gold
| continues to pour upon our shores.
Here and there blast furnaces are
| blowing in; steel mills are increas-
ing output; copper mines are coming
back; the oil industry, stocked up
to over flowing, is looking forward
to the greatest period of gasoline
consumption ever experienced, con-
fident that it is knocking at the
door. \
March probably will be the best
month the railroads will have ex-
perienced since they were turned
back to private control. Weekly
records of traffic are eclipsing each
other almost as fast as they are
issued. Water transportation is
picking up; exports are increasing.
A rosy picture that is almost too
rosy. Dark colors are fading out,
but they still are there. Chief is
the impending coal strike, but even
that the business world i; discount
ing. The belief prevails to an ex-
tent unwarranted by the facts that
there will be no coal strike. Such a
belief is sheer optimism, but op-
timism seems to pervade business
thoroughly today, just as pessimism
did six or eight months ago.
Such optimism, observers here
agree, will do much to carry the
country, on momentum alone, over
the coal strike if the strike be short.
Strange as it may seem, opinion in
the very quarters which should be
better informed, the railroad, is
that the coal strike either will not
come to pass, or if it does come,
will be settled quickly.
lnIldClOH r cdr6U
Events of the past thirty days,
especially the last seven, seem to
point to the conclusion that the
country is approaching another era
of initiation, far less in magnitude
than the war period but compare
BILE to it nevertheless. Not a few
analysts are disturbed by surface
indications which they interpret as
a too rapid return to prosperity.
There appears, however, to be but
slight basis for the opinion that
1922 will witness another period of
initiation. Such a movement can
not get under way in month or
two.
In the normal course of industry,
an alysist could write without hsei-
tation, an accurate prediction Of
prosperity come back in full during
1922. The situation, however, is
not normal. There are grave in
dustrial problem" ahead, first of
which, of course, is the coal strike.
Another is the readjustment of rail-
road wages, which will soon be
crowding the first pages of the
newspapers. Still a third is the re-
adjustment of railroad rates.
A decision in the rate case may
reasonably be expected from the In
terstate Commerce commission with
in the next three weeks. 1t may be
handed down within the next ten
days. There is, of course, no dis
counting the decision; but whatever
it may be, it's effect upon the coun-
try's prosperity during the coming
ten months will be indelible.
Country in Clover
From the standpoint of finance
and credit the country is in clover.
Within the past twelve months the
federal reserve banks have increas-
ed their holdings Of gold by nearly
$500, 100000. Their reserve ratio
the safety line of credit-has risen
from so per cent to nearly II. The
amount of money they have lent on
notes, including governrnr ut securi-
ties, has shrunk from more than
two and a half billion dollars to
eight hundred million-more than
81 per cent. They have retired from
circulation nearly billion dollars
in currency.
Nearly three quarters of a bill
nun OOiicIL S5Olo lbs UCCI I'LL
ported since the period of depres-
sion first became pronounced.
All this surplus money is seeking
work. Hence the present easy mon
ey rates. Hence, also, the recur-
renee of million-share days on the
New York Stock Exchange with lit
tie. disturbance to call money rates.
Hence, again, the rise in security
levels full ten points, in the case
of leading shares, within the past
year, half of which has occurred
within the past thirty days.
OF all the many factors entering
into the present hopeful situation,
the rise in value Of farm products
is the surest taken of better times
Indications are that wheat is seek
ing still higher levels and will at
tain them within thirty days; and
that thereafter it will continue on
those levels or above them for the
rest of the year. Other farm prod
ucts also will continue to rise.
All that means increased pros
perity for about 35,000,000 persons
in the United States. Until that