The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1922-12-30
BUSINESS OUTLOOK BETTER,
OPINION OF LOCAL BANKER
CONTINUED From Page H.

ports Of reduction OF member bank
loans from Federal Reserve Banks
in the strictly agricultural districts
show this plainly. At the same time
the increased sales of the mail order
houses indicate that this tendency Is
not. so marked as to negative an ex-
nectation Of purchases beyond last
year. Altogether we may fairly e1-
pect a reduction Of the agricultural
discomfort, concerning which we
heard so much in 1921 and the first
half Of this year.
Foreign Situation Disturbing
The European situation continues
disturbing. That is the factor most
frequently cited as likely to prevent
business expansion IN this country.
But 1922 has in some measure demon
strated that this country is self-con-
tanned in the prosperity which has
accrued. Business conditions in this
country and Canada have certainly
improved to the present point while
conditions in Europe generally are
as bad or worse than in 1921. I'm
doubtedly it would be greatly TO our
advantage If the tangle over there
could be worked out. and a normal
export demand for our manufactures
be restored. Therefore such slight
evidence as We have of improving
conditions there are encouraging.
Although it Will be a long time. prob
ably years, before anything approach
ing normal conditions prevails there,
Europe is undoubtedly showing signs
of recovery. There is slow, but steady,
improvement of trade. finance and in
dustry in several European states.
The movement of exchange indicates
th4s.
Bills on London sold recently as
high as 4.69. and while there followed
some reaction from this figure Il Is
plain that the masterful f1nanciers Ct
the British empire are determined to
provide the traders of the realm with
a medium of exchange that stands
on a pa with the best. Nowhere
will finer financial courage be 81 own
than by our English cousins. The
president Of the British Board Of
Trade has recently stated his 'ab-
soIute certainty" of a general revival
Of Great Britain's trade. In another
European country, little Belgium. in
dustries are now reported operating
at about so per cent of pre-war 9c-
tivities. In France unemployment IS
non-existent and tremendous headway
has already been made toward the
restoration of the section devastated
during the war These instances DEM
cnstrate the old familiar truth that
accumulation OF wealth goes un even
in the face of forced economic read
iustment, and that sooner or later the
process affords the basis for sound
economic conditions, wherever there
i; sound financial sense 70 take ad-
vantage of 1t.
OF course, whenever one is dis
posed to think hopefully Of Eurors,
what is going on in GERMANY 'recdrs
t. darken the picture. There is no
doubt that German affairs gre II tur
moil. that the currency is worthless,
and that the people are to some OK
tent disheartene1. The worst or the
Germany situation is it's hopeless mis-
management by the Germans them
selves, a mismana cement which man \
arc disposed 70 think has been de
liherate. However, even nore there
IS some evidence of returning sanity
Perhaps the most hopeful sigE in con
nection with the whole European
situation is the disposition manifested
by our own Government 70 aoandon
Its position of alJofuess from the rrob-
lem. The really hopeful thing apout
this disposition is the evidence that
it is the result of pressure brought
to bear on Washington by the bust
ness interests Of tke country
Indications of Improvement
The October reports Of the railroads
were not satisfactory, but indications
point to a better showing during the
last two months of the year. 1t must
be admitted, however, that the rail-
roads are one of fhe dark SUorS I'm the