Among merchants there is a note
of misgiving about commitments for
goods which they will have to sell
next fall at higher prices, but this is
prompted by a realization that the
price level is very high, rather than
by any evidence which they see of a
probable decline. They have to go
ahead with purchases if they want to
stay in business, in many lines, and
must answer promptly or goods will
be allotted elsewhere
In industrial circles there is gen
eral confidence in the maintenance
of activity. The amout of building
in sight in all parts of the country
the return of the railroads to private
management, and their evident need
for equipment, the demand for all
kinds of basic materials and Indus
trial equipment, the unheard-of de
mand for labor, and the enormous
consumption of goods in personal and
household use, altogether make up a
situation which to the average busi
ness man seems to give all the as
surance he needs for some time to
come. He is influenced much more
bv these conditions which he can see
i thereby
Nevertheless, our foreign trade re
lations and the banking situation are
properly matters of grave concern.
The trade of the world is unbalanced,
and, as a result of the high prices, in
such enormous volume that banking
and monetary systems are taxed to
the utmost to accomplish the settle
ments. The fluctuations of exchange
and the movements of gold present
questions- of great perplexity, outside
of all precedent, and having import
ant bearing upon conditions at
home.
LTTDENDORF HEADED
FOR RUSSIA.
