The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1922-01-30
FINANCE
- AND


Bank reserves are the highest
since the United States entered the
war.
Sterling has reached the best level
since the fall of 1919.
Only half as many workers are
now idle as were fdie four months
ago, declares the Department OF
Labor.
New capital is being supplied for
Industrial and even railway purposes
very readily at increasingly attrac-
tive rates.
Railroads report heavier offerings
Of freight.
Price averages are showing re-
markable stability.
The security markets, though ir-
regular, are little II any lower.
From the West come slightly more
optimistic statements.
A few more dividend assumptions
and increases have been announced.
These are perhaps the most en-
couraging developments during q
period not distinguished by any de-
cisive trend or by transcendentally
important changes for either the bet
ter or the worse. On the whole,
business Is inclined to mark time.
This state of affairs. forecast In this
column, may, continue until winter
passes.
For some reason or other pes
simism is again being purveyed by
New York financial interests. Where
as year-end utterances were In
nearly every case moderately or pro.
nouncedly optimistic, warnings Of
trying times are now being issued.
Now, 1t may be that in inner finan-
cial circles II Is known that certain
disturbing matters are overhanging.
The warnings uttered, however,
make no reference to anything OF
this kind, but are couched In general
terms.
Outside of these influential finan-
cial circles the deduction is being
drawn that black pictures are being
printed at this time for Interior pur-
poses, particularly, 1t is thought,
with a view to throwing a scare into
the railway workers and the coal
miners who are threatening to de-
clare nationwide strikes. 1t Is also
assumed by some that this pessi-
mistic attitude Is inspired by a de-
sire to restrain the clamor for dras-
tic railway rate reductions.
Events to date do not warrant
this fresh outbreak Of pessimism.
No one looked for any extraordi-
nary Improvement in business con-
ditions Immediately after the turn
Of the year. True, It was hoped
some time ago that the rate OF re-
covery would be greater than 1t has
been. But II became manifest some
little time ago that the real revival
could not be counted upon before
spring.
The truth Is that conditions to-
day are tremendously sounder and
more satisfactory; than they were
either a few months ago or a year
ago. The process Of readtustment
has lately gone on rather smoothly
and, on the whole, in healthy d.
rections. The latest significant In
cident in this connection. the dras-
tic cut in the country's lowest
priced tractor, Ia calculated to
hearten our farmers, who, not with
out reason, have complained bitterly
that other prices have not fallen
commensurately with the fall in
agricultural products. 1t may be
that this incident throws light on
the daily-asked question, viii
agricultural prices rise or will other
prices decline?"
During the last week I have been
rubbing shoulders with a great many
business men outside of New York.
With the exception of a very few
from certain parts of tho South, the
majority from other sections OF the
country are reviving their courage
and are preparing to 20 after busi-
ness very aggressively. confident
that business is DOW to be had by
those who seek II with sufficient