The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1922-01-23
BUSINESS REVIVAL ARRIVES.

For several months those who were
apparently in position to know have
been assuring the public that business
revival and attendant prosperity were
almost here-just around the corner,
in fact.
The real basis for confidence in
the course of business, says a bulletin
issued by the National City Bank of
Commerce of New York, is now clear.
Notwithstanding the severe de-
preston during the past year" con-
tinues the bulletin, purchases by the
American people in terms of physical
volume were sufficient to absorb to a
large extent accumulated stocks SO
that a gradual increase in output of
many classe- of manufactures may be
expected. Future needs must be sup
piled primarily from current produc-
tion.i This means greater business
manufactures which has taken place
in recent weeks The general tone OF
business during the first two weeks of
January has been encouraging. The
total physical volume of retail trade
is good
The major part of the productive
energy of the country, it is pointed
out is absorbed in clothing, feeding
and sheltering the population. Farm
ers certainly will not buy heavily, but
they must have such foodstuffs as are
not produced on farms, as well as nee
essary clothing. They must buy some
farm implements, for even with the
more careful repairing which is in
creasingly practiced, a certain proper
ton of farm machinery steady be-
comes unusable. They will buy some
fertilizer. and they will buy articles
of convenience and even of luxury to
some extent.
RAILROADS are reported to have
made notable gains in economy of
operation. and improved credit condi-
tons have definitely bettered their
outlook, altho traffic is at present dis
appointing in volume The heavy de-
cline in tonnage. serious as it has
has been, has primarily been the re-
suit of 1essened shipments of coal,
iron ore and similar heavy commodi-
ties. Reasonable buying of rails cars,
locomotives and other equipment may
be expected during the current year.
In regard to the outlook for build
ing construction the banks bulletin
says:
The Year opens with promise Of
active building construction. With
gradually declining yields on All
classes Of Investments it may be ex-
pected that funds heretofore unavail-
able TO the mortgage market will be
turned Into construction projects
Labor has not been liquidated and
building costs therefore are still far
above pre-war levels and are out of
line with prices generally. This con-
dition operates especially against
building and construction for produc-
ton OF income. but not so heavily
against individual enterprises for per-
sonal occupancy, or public buildings
and public works.
Consequently the field of residence
building and public construction Of
fers the greatest promise. The hous-
ing shortage has not yet been met.
The entire country needs highway con-
struction and there is widespread
necessity for essential public buildings
II Is recognized as good public policy
to carry on construction of these
classes at times when industrial ac-
tivity is at a relatively low level Lower
money is making this construction
possible This is Enthusiastically shown
by the volume of state. county and
municipal bond issues in the United
States in 1921. The total for the en-
tire country is unavai1a bile but offer
ings are known to have exceeded
$1,000. 100000.