The Washington times., 1922-05-29
Marked Improvement
In Trade During May
Federal Reserve Banks Declare Business Sit
uation During May Best Since
49, Trade Revival Started.
/ BY HARRY GUsACK.
Marked and sustained improvement in the business
situation during the month of May is reported by the
Federal Reserve Bank of Cleveland and the Reserve
Bank of Philadelphia.
BY HARRY GUSACK.

Bank Of Philadelphia.
"Not since the beginning of
economic readJustment have replies
Of our correspondents been so unan-
tmously Of a hopeful, healthful and
cheerful tone" says the monthly
business review of the Cleveland
Bank.
The Reserve Bank of Philadelphia
declares that II finds business much
better than at any period this
year, and that activity in industry
and business has broadened consid-
srably. Attention is directed to
the increase in the number of orders
for future delivery. which Is called
q distinctly encouraging sign.
In addition to the distinct i'm
provement in the business situation,
the labor outlook Is also very en-
couraging, according to a letter
sent to Secretary Of Commerce
Hoover today by President Harding.
The President finds that the in
dustrial pulse of the nation beats
more steadily, as indicated by the
marked decrease in unemployment,
and felicitating Mr.. Hoover on his
work as chairman of the Presi-
dents conference of unemployment,
declares that labor conditions
throughout the country have i'm
proved to such an extent that our
anxieties in this particular are
largely removed"
The only discordant note encoun-
tered by the President in the SYM
phony OF revived national prosper
ity is the strikes. an evident refer
ence to the situation in the coal in
dustry and the disturbed conditions
In the textile districts of New Eng
land.
For Trade Arbitration.
A plan for advancing the use Of
arbitration as q means of settling
commercial disputes between busi-
ness men was announced yesterday
by the Chamber of Commerce of the
United States.
The plan takes into account the
present wide use of arbitration in this
country and contemplates making it
more general by extending 1t among
business organizations making up the
national chambers membership. As
sent to all member organizations, the
plan carries suggestions for setting
UP arbitration machinery and a
statement of the services which the
national chamber can render to
OTBhnlZdIlOT IneInDtTS SupplculcHldi
TO their own efforts both in domestic
and foreign commerce.
Arbitration, under the arrange
ment proposed, would consist Of set
, tlement OF local controversies by
local commercial bodies; of settle
ment of disputes within an industry
by trade associations and Of the
handling by the national chamber of
cases that doEiiot fall within local
or trade Jurisdiction. The national
chamber already has provided
machinery for handling disputes
that may come to it.
For some time the national cham
Der has had commercial arbitration
agreements with commercial organi-
zations in other countries. The In
ternational Chamber of Commerce, of
which the national chamber Is
member, also is undertaking the
furtherance of arbitration in inter
national trade. In the opinion of Of
ficials of the national chamber gen
eral adoption by its member orSani-
xations of the present plan will go
far toward bringing about universal
commercial arbitration in the United
States.
Cancellation First.
The plan provides, aside from arbi-
tration, for the use of good offices on
the part of business organizations as
q means of settling differences
wherever possible by conciliation
without resort to arbitration.
In a letter to member organizations
suggesting adoption of the arbitra-
ton plan, Joseph H. Defrees, retiring
president of the chamber, says:
: ct deem It one of the greatest ac-
complishments OF the chamber dur
ing my term Of office that plan so
thorough and comprehensive as this
has been worked out for the appli-
cation of the principle Of CONNER
cial arbitration wherever and when
ever 1t is applicable. While there
can be no question that there are
certain kinds Of commercial disputes
that can best, and indeed that only
can be settled satisfactorily through
the courts, it is equally true that
in the vast majority of commercial
disputes an arbitrable award quickly
arrived at and providing for a COM
plete adjustment of the matter in
dispute as between the two parties
Is best suited to business procedure
and will obviate a great delay and
expense now involved in these cases
being taken to the courts"