The Cordova daily times., 1922-07-28
IS NOW SHOWN
 IN BUSINESS

NEW YORK, July 2S.-Summariz- ing the favorable and the unfavorable factors in the present business situa- ton, Secretary J. H. Tregoe, of the Ma tional Association of Credit Men, in his July letter to the 30,000 manufac- | turing, wholesale and banking mem bers of the association, said:
 "Six months of the present year have passed. Long enough to con vince the observing student of the potent fact that 1922 will be a con- structive year-not a year in which a complete revival could be expected. The upward grade of a business cycle is far more difficult and slower to take than the downward grade.
 June, the sixth month of the year, has recorded on the whole a little progress. As we anticipated, failures have decreased in units and amounts. This indicates growing, healthful condition
 "The disposition to speculate has not been curbed as it should. It has crept into housing construction. Drawing together the favorable and unfavorable factors as they ap- pear to us just now, we would class as favorable
 FAVORABLE FACTORS
 q. Economy in the raising of the present years crops. This economy will be a tremendous help to the farm CT and increase his purchasing pow CTS. This is now reflected in an in- The agricultural sections are looking we'll.
 "2. The production of basis commo- dities is on the upward trend despite the coal situation.
 8. The railroads are coming into the market Freight cars ordered up toI June total SO,OOO-three times the number ordered in 1921. If this rate continues there will be an output of 190,000 freight cars ill 1922.
 A. Railway earnings show an inn provement net. The gross returns are less than last years, but reduction in operating costs have put the net earn ings on the favorable side
 "5. Volume of trade, as reflected in carloadings and from other indexes, increased.
 "6. Construction still is active. Con- tracts awarded recently indicate this.
 "7. Unemployment is decreasing. A very marked increase of employment is recorded in automobile, paper, car building and repairing
 "S. A continued improved mental at titude on the part of the people.
 UNAVOIDABLE FACTORS
 "The unfavorable factors are:
 q. Competitive bidding for labor in the building trades. This competition has enormously increased prices for labor in these trades.
 "2. The continued coal and textile strikes. The voluntary idleness of men at present is a great burden on the income of the country and situa- tion that ought not to exist.
 "3 The failure of the Bankers Con- ference in Paris to reach terms upon which a German loan could be floated was a setback in the economic situa- ton of Central Europe, which is an unfavorable symptom for the whole world.
 "A. The continued unsettlement of financial and business conditions in Europe. They are fast becoming ex- ceedingly serious, and crash is un- avoidable unless there is a springing to the necessities of the situation and some plain talk on the part of the na- tions most deeply interested.
 "5. Pending legislation on the tar if and bonus causes a concern to the business of the country
 "6. A rise in the prices of the fin ished product, together with the slight increase in the cost of living"