The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1923-12-31
LANDON FORECASTS
BETTER BUSINESS
Continued From Page 49,

and In many industries the showing
will admittedly by disappointing, the
general business community may look
forward to 1924 without serious mis-
givings. Steel, as a barometer of
better business conditions, is perhaps
not as encouraging as we would like.
But such positive indications as 1t
does give are on the whole cheering
Prices are pretty firmly held, an in
dication Of belief on the part of pro-
ducers that the present slack market
is temporary. December orders are
in better voIume-railroads, man
ufacturers. and building contractors
all showing a disposition TO cover con-
siderable anticipated requirements IN
addition to substantial present needs.
Pig iron, after a record years pro
duction, is quiet, but most furnaces
are reported to have a good amount
Of contracts for the first quarter of
1924.
Agriculture Improving
The agricultural situation is I'M
doubtedly improved generally, al
though the spring wheat States pre-
sent an exception which has been
over-emphasized in its Importance.
Crops the country over have been
good, and have moved at better prices.
The farmers buying power has I'M
doubtedly improved during 1928. This
is reflected IN the improved condition
Of the manufacturers Of agricultural
implements and in the greatly in
creased sales OF the large mail order
houses.
The credit situation so far as the
legitimate needs Of the farmer Is con-
cerned is easy. Indeed basic condi-
tons in agriculture are SO sound that
the danger IS that more credit will be
extended to the farmer than he can
use without taking improper specula-
tive risks, such as those involved in
the holding of crops. Speculative risks
are just as dangerous for the farmer
as for the manufacturer or business
man.
In the face Of the large business by
the mail order houses. the statisticians
Of the National Retail Dry Goods AS
ISOLATION report that the increased
volume of business in that line is
less than is normally expected from
the mere increase of population. It is
reported from many cities that the
effort to stimulate retail buying by
intensive advertising. sales" and in
other ways, has been apparent even
In the midst Of the holiday buying sea
son-a distinctly abnormal situation.
One is led to wonder whether the
high wages so prevalent in these days
are an unmixed blessing-whether the
ultimate consumer IS not beginning to
realize the inevitable relation between
high wages and high prices. British
economic journals have voiced recent
~ the belief that the United States is
the dearest Of all markets to buy IN.
Weight is lent to this statement by
the 20 per cent decrease in the Amert-
can export OF cotton cloth for the first
ten months Of 1923. OF necessity for.
eigners take our surplus food products
and raw materials just now, but they
can not buy our manufactured prod
ucts as freely as they would like be-
cause we have built a tariff wall
around ourselves which prevents them
from paying for their purchases In
the only way they can pay US. by
an exchange Of commodities. So the
net result OF our mistaken policy is
to raise prices artihcially at home, and
shut off from our manufacturers and
ultimately from our farmers. the mar
ket for their surplus products.
In this connection there is additional
significance for thinking people in the
fact that in 1923 for the first TINS on
record our imports OF so-called agr1-
cultural products exceeds our exports
in the same classification.