Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-04-23
JUMP IN STEEL MARKET
OUTSTANDING FEATURE
Comeback Proceeding I'm
evenly and More Slowly
Than Its Disappearance.
UNEMPLOYMENT IS REDUCED
Frozen I.onnr Are Also HrinE I.Iaui-
dH'r"' md the Initial impetus So
Ncrehhnry for Speeding In Eco
nomic Machine Given.
UNEMPLOYMENT Is REDUCED
By Walter u. Brown.
Written for the United Ncws)

~ Iltten Tor tho United NcTg.)
NEW YORK. April 2.-Returning
prosperity is SO thoroughly apparent
mat IL can no longer be denicdS is
comeback is, however. proceeding as
uncvcnly Ak. but much more slowly
than. it's disappearance Neverthc-
less. unemployment is being reduced.
frozen loans arc being liuuidated and
tho Initial Impetus SO necessary for
speeding up the economic machine
has finally been given. Much is be-
Ing made OF the activity IN the stock
market. with the declaration that IL
liz merely speculative outburst. sub
Jcct Ia probable reaction In the
immediate future. But there is moth
Ing speculative I'm tho renewed &C
tlvity Ia various departments OF In
duEtry. the most outstanding feature
OF which has been the pickup in the
stool market
AZ for the stock rnartc, Itself. II
has continued its million share days
without Interruption up 10 this writ
inr from tho LIST ot April. once cx-
ccrding 100000 shares and most Of
tho tim" more than "a million and
hnlf Despite rroHt-takinE. chiefly in
the industrinls. 81 has continued i,s
upward movement and nothing has
seemed TO impair its underlying
strength. According TO tradition. a
reaction ls due. but Il viii be re
called that In the boom period !ol.
lowing IA" arunisticc these p:ralc-
tIous were made for fuzzy two months
h"for" there vas anything r"Sc'nhl
inr reaction. and that proved to lie
"Hl: temporary. While the abund
Hncc ~ cheap money viii continue to
be factor for some time. the mar
k"t has been discounting prosperity.
and j., nov t. question az 10
whether II has gone tho tuli limit in
that direction.
simple Products Advance.
Activity In tn. stock market is
however, an important factor In the
return OF prosperity. even II 1, does
nothing else than inspire confidence.
Advances in staple products have
been notable. particularly in steel
Tn" building boom no" under way
~ likely 10 continue FOR some months
unl"sn hindcred BY the eNactions OF
labor or Hndun advances ia buiidii.H
materials Tn" necessity for taking
up deferred maintenance b. the rail
roads and for meeting the demand for
housing facilities - imperative. In
creased earnings bY the IA ilroad>. du"
to intensive economies and somewhat
reduced labor costs. have made IL pos
sihl" IN Obtain capital with which to
proceed with the rehabilitation "t tho
roads, which has reached IN" point OF
urgency. New rolling stock has cen
ordered In larger quantity than for
several years RoBdbcd equipment
arr bridge construction are being un-
dertaken that have too long been
deferred. This in Itself has been
helpful TO the railroads through in
crcasinS the tonnage in hauling the
raw material. In tn. building boom
there ara 10 he found many direct
and Indirect benefits. not only IA
the advances in the building mate
~ nj .t nj fnr
roads In increased tonnage. The com
pieicd buildings will call for larg.
quantities Of furnishings. with all
that implies. and again with advan-
tag. to tho railroads through haul
ing the raw materials and the fin
ishcd product.
Active HmyinE in ut"m"bIics.
Renewal Of active buying OF auto
mobiles is pronounced. the increase
in comparison with u year ago be
Ing 50 per cent. while In particular
instances the peak OF The 1920 ac-
tivity - in sight. Much OF this may
I've temporary. but number OF CON
Germs have orders IN hand TO keep
them going for i've months at fun
capacity The Ford Motor Company.
whose sales may be taken as fair
~ good business barometer. expects
TO exceed this year It's former mar
Vicious production record OF 1000
900 vehicles. including trucks and
tractors, by 10 per cent. This de-
mand Is coming principally from the
territory adjacent TO the industrial
centers OF the Middle West while. II
farmers are az successful with their
crops there should be additional de-
mand from tho agricultural centers.
II is reported also from industrial
centcrs that labor is fully third
more efficient than II was year ago.
IT. therefore, labor can be left free
from the agitators long enough To
get into its stride. the workers Will
have more money for their individ-
ual use. They viii, enlarge the buy
ing power of the community and will
continue to bring about demand
for industrial products. 1t would
seem that. after their recent expert
enccs with unemployment, they would
be glad enough TO take advantage
of improved conditions to restore
their balances IN the savings bank
wlrch In too many instances have
been sorcly depleted as a result OF
the industrial depression. Unfortu-
nately, there are already evidences
of Interference with this program,
particularly In the building trade.