The Bourbon news. [volume] (Paris, Ky.) 1895-19??, 1922-01-06
BUSINESS POOR,
BUT SOUND
New York Financier Gives Interest
ing Resume Of New Year
Business Conditions u
RECOVERY CERTAIN SOON

puSiueSS cOuUlCIOnS throughout the
country poor but sound" said
Archer Wall Douglas, chairman Of
the Committee Of Statistics and
Standards of the Chamber of Com
merce Of the United States, recently.
According to Mr.. Douglas a deter
mined and constructive effort is be-
ing exerted to bring about a change
for the better by teamwork and CO.
operation. In the entire absence of
any apprehension of a money panic
he sees the most encouraging fea-
ture Of the whole situation.
How long the present situation
will last is subject Of much spec,
ulation and inquiry" said Mr..
Douglas.
I'm the cotton sections, there are
those who who feel that the first
six months of the year will show a
continuous mOnotOny Of dull bust
ness. In the industrial districts
there is general feeling that the
situation will improve when prices
of commodities reach a figure that
will tempt the ultimate consumer to
begin purchasing for other than his
Immediate wants. 1t is rather sig
nificant that some sales can be made
at bargain figures, but very few at
moderate concessions. The answer
apparently is, therefore, that when
the readjustment now in active ope-
ration has resulted in a sufficiently
low level Of prices for manufactured
commodities, business in the indus
trial districts will assume more nor
NAL proportions.
eve have the curious paradox in
this country at this time Of the
greatest harvest ever gathered, and
consequntly the greatest amount of
agricultural. wealth, in quantity,
that we have ever known, with the
lack of the factor of ready transla-
ton into liquid capital; and in the
midst of increditable plenty on every
hand, the country side is still in
sore distress. The farmer is partic-
ularly short of funds since he has
marketed so small portion of his
crop, and as the country banks are
already loaned up to their limit, it
is difficult, in fact almost impossible,
for the merchants and farmers to OBJ
tain further credit. The farmer is
most unwilling to sell his products
at present low figures, and is not do
ing 80, save under stress Of neces-
sity or because of pressure brought
by mercants and banks to settle his
accounts.
From the viewpoint of the farm
er, it may be said that he purchas-
ed his house and farm equipment
last spring at the peak of high pric-
es and paid for labor the largest
wages within his memory. Now, be-
fore he has opportunity to dispose of
his products, the prices decline from
forty to fifty per cent, until they
reach figures which seem to him en-
tirely. unremunerative. In addition,
as is always the case in periods Of
low prices, he finds that there is
practically no market for some of
his goods.
Many merchants are engaged in
collecting bills due rather than in
curing new commitments, and con-
sequently their buying is confined,
after the example set by the farm
er, largely to things of immediate
need. Collections are naturally slow
under these conditions. Merchants
are revising drastically their credit
systems under the stress of neces-
sity, and in many cases the retailers
in the country districts are combining
h 90 ~ %