Omaha daily bee., 1922-01-23
Looking Forward
From Bulletin Of til. National City Bank of New York


The third year passed the armisee signed and
world yet from restored TO normal working conditions
speak of from the losses sustained in the conflict
Europe been for the rebuilding resora
properties that destroyed that suffered deerora
on progress has been made in the reorganization of produe
The railroads in much better condition than in 1912 the
coal have been in part restored and industry generally
far physical facilities concerned able to operate in
fairly efficient Moreover social conditions in
respects notably improved The revolutionary spirit has subsidized
the appear be willing work. The Europe west
good 1921 the agricultural class is doing WELL
and in of the countries the continent that class
powerful the and exercises conservative
influence.
The of the European situation the
Of the curencies to which attention last month";
The have been running upon scale Of expenditures
the that they have been unable unwilling meet
by taxation and have esorted to cover the def
cts until the position of of them critical As yet the
peoples not sufficiently impressed with the gravity of the stu
alton to support the Of REFORM
There is unwgne both the parts Of the and
peoples face the stern conditions of the time Production
duced trade demorazed the of the peoples dmn
shed and until tree difficulties they must be met
by adjustments public and expenditures The fall of the
German mark and notice from the German government that it
will not make the January reparaons payments full has
opened the PREPARATIONS question which, of course the
issue in Europe. .&.....s
Hopeful Signs.
Over and against these dsqueng conditions there have been
of late certain important which give promise of sub
sana relief from the burdens of taxation of better inter-
national relations and better spirit in the world The
onal conference in Washington after raising hopes HIGH
disappointing conclusion the submarines but this
will not obscure its substantial achievements The prospect
for settlement of the status of Ireland which will give and
the stimulus of ambitions the Irish people and the
time relieve England from the expense distraction which the
Irish question has involved also of large significance The
operation and leadership of England needed in the financial
condition its effective participation Finally there are signs
in France Of growing Of the necessity for maintain
ing the financial stability Of all Europe giving ground for hope
that at the coming meeting OF the council the allies
some plan will be developed BY which the immediate menace in
certain facts which must have consideration whatever the udg
as to make possible for Germany to
build great export balances at this time and matter of
last year.
Conditions in the United States.
In estimating the outlook for 1922 is consider
been removed likely be The rapid decline
the European demand for products Of the AS
great falling off, compared years before the
war they are well above the latter the aggregate although
1921 about 100000 bales below the of the five
next preceding the which sufficient explanation Of
the great fall in price of that commodity.
1t confidently affirmed hlt the foreign demand
for our products will increase in 1922 be maintained
European hare Agriculture will be everywhere
but in Russia The purchasing of Europe
presumption that the will manage export enough
Of their products to buy food their people
duced in 1922 the mporaons gold 1921 they aggre
gated $600OOO000 This gold believed
largely from Russia and that Of supply
austed Of the output of the Of South Africa
Australia, we probably will continue get share
Unbalanced Industry.
The principal factor in the depression within the control
of the American people, 1t the relationship
between the prices of farm and other primary products
hand and the prices of manufactured goods
and other products and
final estimates Of the Department Agriculture upon the 1921
give them market value $4,000 900
below the value the crop of 1919 and the
value of the 1920 These figures significance
The farmers have produced much quantity
been valued the exchanges at less than onea the
1912 As other products and have
degree the farmers must buy much less and all the
suffering in consequence.
is useless expect conditions while this
disparity Of compensation between bodies
1t unfair and it establishes effective bockage against
vval of business 1t time that the took
OF the situation and itself
It, The that stock hand purchased higher
prices has lost whatever force had Merchants
interested in the return of prosperity should do their
and one OF their duties is to reduce operating COSTS
In large part the situation chargeabe action of or
gained labor in cnging to wartime
and foodstuffs had decline Wholesale
the wholesale markets and handling
has not declined like proportions
Is to obsruct the distribution of goods millions
out of employment at the
cost living on the entire population In the
gate there no gain but great loss the
class.