The Washington times., 1922-11-05

NEW YORK. Nov. 4.-ln spite OF
continued uncertainty with regard
to tho outcome in the British
political situation general foreign
conditions have somewhat clarired
themselves and there is more
hopeful outlook than has existed
heretofore. On the other hand,
progress in adjusting the reparh.
tions problem has been slow ana
limited. The Preparations Commis-
sion has gone 10 Berlin FOR the
purpose of looking over the state
of German finances but 1t is sun
uncertain whether they will be able
to make any suggestions of immed-
late value or not. In these circum-
stances a tendency to weakness IN
the franc has naturally accompanied
the unsettlement OF the marx
Development of Unexpectedly serious
complications in Italy has added TO
the complexity of the SITUATION
internationally speaking. ana mas
inevitably had its effect upon the
value of the Ira.
Business Prosperity Realized.
Nearly all observers now admit
that the autumn activity in trade
and general business prosperity
which had been foreshadowed Tor
"a good many weeks past is In
process OF realization. Coal pro.
duction has continued to grow and
is now running at the rate OF
10 900 900 tons of bituminous per
week. Car loadings have exceeded
their high record level previously
reached. being 1,003,759 for the
week ended October 21. The un'
filled orders OF the United States
steel Corporation are the largest
reported since February. 1921, and
are said to he still increasing win
more and more activity in the utili'
zation Of plant capacity. output IN
good many lines Is greater than
for many months past Demand If
stronger than at any time for the
past year or two as Indicated DS
trade reports which show, for some
500 representative establishments
throughout the country, an increas
ing volume Of sales which is some
to 10 per cent larger than durihg
the comparable month year ago.
Holdings of merchandise have gone
off as result of this sharper de-
mand and there is corresponding
call for larger output of manu-
factured goods with n view to Ill.
ing up the reduced stocks of
merchants throughout the country.
Higher prices for both wheat ana
cotton as well as for other agri.
cultural products have coincided
with rather larger yields than had
been anticipated. the result being n
decided Improvement in agricultural
prosperity in many sections of the
country. All this Is accompanied
by a very greatly increased demand
for labor, a recent report from the
Department OF Commerce showing
an immense falling off In the per
centage of unemployment. In fact.
unemployment In the practical sense
OF the terms--ns applied to efficient
and employable Individuals
practically non.existent today. Wage
increases have continued here and
there during the past week or two
the effect being to continue the gen
eral upward movement of return
to labor.
Position Of Stock Market.
In spite of these conditions the
tendency to moderate liquidation
which has been in progress in the
market has continued, and, in view
Of the promising business outlook
and the actual realization OF n con.
siderable measure OF prosperity
must be regarded as primarily a
professional readjustment II is
still too early to assume that the
liquidation thus indicated has run
Its coiirse Completely STOCKS are