Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-12-31
|ND|CES ARE POINTING
TO FURTHER RECOVERY
Increase Is Shown in Farm
Purchases and Money
Plentiful.
Ky George VI. Itcynold.
Chairman Cont.ncrtn, and comm

W." '''''' 'tIllsI' ana tpIililCl-
ciai National Bank OF Chicago
I can soc no indication OF a ma :
'erial chans" In the present trend OF
business. IL l"as; not for the next
few months and possibly not for a
,car. The volume which has been
attained should nc fairly certain. In
the hrSt place. the great agricultural
sections are IN soincIS IA. better con-
oition imam at any tim. since the
carly part Of 1890. II is true ,ha,
the farmer still! is forced TO paY too
mucn for what he buys. bu, prices
10: ans products have risen he ha,
been economical. has produced hi.
crops ~ az low cost as Was possible
aud liquidatod some OF his Indebted.
ncfs. lie needs machinery and
goods His purchases arc increasing
Another favorable influence Is tho
probability OF reasonably LARGE
orders being placed BY the railroad
companies. They arc short OF cIuip.
m"i!t. materials ana supplies. II ton.
mage remains somewhere near wha.
Is nov being carried. after the trans.
porthtion companies fully recover
from the effects OF III. strike, they
ought 70 he in position to enter the
markets III very large way
In some quarters IL Is predicted
mat IN" construction activity Of TO-:
WIZ! DO Projected over into the COM
ing year. !: that belief is well found.
Cd. building operations will 20 far
towards helping to sustain bus!ncsa.
There is no sign of scarcity OF
io"nable funds. Serious rcvcrsals IN
tn" trend az business do not usually
occur when money Is fairly easy. al,
at present.
The foreign situation liz as likely
as any other one thing To cause n
backward movement. y sudden de
cine IN tho ra!o OF construction worl;
Woh'h he bud Unusual aud persis.-
chi demands upon the par; OF labor
might raisc costs TO tho proh!bitIv.
point and check operations
Commodity prices in the main an
pear To have had very satisfactory
recovery from the low levels az 1921
lhere VIII. OF course. be come nuctu-
atoms. hut barring influences that
arc hut nov apparent there does not
seem 10 he any good reason for cN.
p"'tng drastic changes in ~. near
fu'u o.
Improvement in general business
rhs been under way for several
months. but this has not been gully
reflected at tho banks until quite r.
Unity nc b'Nh injuries are hack
ward aa compared with o:hcs In.
dice. Tho Increases III trade and n,
Want prra;ion Will. however have
a cumulative caect uron the nonev
market. especially sine" prices hav..
been advanced. Therefore the e1-
p"ctancy .s for :'rIn"r money mar
Ret duri nC tn" nsXr twelve months
O. cours" this Is upon the asumptiou
that business Will lie as good az o..
better than IL Is now. Rnt reserves
are amp" and ! cannot BEE any like.
ihood o: tiGh; money for the period
una consideration At least not I'm.
I'll tn" coming fall. II then.
The attltUd. Of labor has no..
changed materially. There is no lack
az "nplovm"r,. IN; working cord!-
lions ana high wages are lowering
nronis and helping 10 sustain high
prices
In my Judgment nc United states
should adopt liberal and friendly
rol!cy w,th respect 60 PREPARATIONS
ana mterall!cd debts. II were folly
- Insist upon placing impossible
burdens upon any country.