New-York tribune., 1917-12-30
Next Liberty Loan
Expected to "Go"
Better in West
Gospel of Cooperation
Spreads and Another
Bumper Crop Year
Is Promised

CHICAGO, Dec 29.-Bus.ness has be-
come more sensitive TO war news, and
the adaptability of business to novel
and trying conditions has been demon
strated. A better understanding be-
tween business and politics has been
reached, and the administrative and
supervisory agencies seem 20 be getting
more into unison.
The gospel of cooperation and conser-
vation has spread everywhere. Price
fixing has been more effective and less
sacrificial than feared. Government
financing thus far has been quite sue
cessful and overreaches the country's
industrial and transportation capacity
for several weeks or months of the
new year. Bankers have passed through
the most strenuous financing in their
lives without serious disturbance, and
the years final results reveal more
new wealth than estimated, widely diff
fused and sanely invested or expended.
with an Unprecedented proportion Of
the total in the safe hands of the
farmers. Great shifting Of financial
resources and physical energies causes
great irregularity.
Farmers Need Tractors
Agricultural conditions and prospects
are generally good, and 1918 should be
another bumper" crop year if the
farmers can get enough tractors and
other new machinery to Offset the labor
shortage. The livestock industry will
revive with stabilized prices. Two mill
ion high school boys will help the farm
ers next summer. Particular attention
must be given to fertilization and seed
selection.
In mines, forests and mills the basic
problem is also labor, not so much in
sufficient as inefficient labor There is
plenty of unplaced human energy and
altogether too much misplaced employ
ment, with no apparent control over
shirkers or slackers.
Coal shortages are dual menace
now; domestically. on account of the
weather; industrially, on account of
the speeding up of munitions plants.
Scarcity of raw materials is localized
and due to congested transportation
Rail improvisations relieve only spots.
Even otherwise, the ocean shipping
would determine the country's ability
as an international carrier.
No class of Western business men
has displayed more efficiency or pa
triotism than the railroad managers.
December freight traffic in the West
scarcely held its own. Current load
ing is about even with a year ago.
Travel has been heavier, the heaviest
ever known. There is not much room
for curtailing passenger service. except
in few districts; but a great deal
of plush" can be dispensed with.
Pullman would like to see every upper
hprtb ocpunipI and probah hlr- will
Railroad investors find much satisfac-
tion, looking into the futurt. in finding
public sentiment so ayorable-neces-
sarily so in the case of shippers-and
10 learn of the wide diffusion of owner
ship of these properties the last year.
That is the best buffer against labor
eXactions as well as political attacks.
Country Bankers Converted
Similarly. the Liberty Bonds and war
stamps are the best assurance OF good
government, as well as of a thrifty.
Industrious citizenry. The next Lib
erty loan will "go" much better be-
cause there are ten times as many in
vestors as when the war began. and the
cumulative effect of publicity has con-
yerted the country banker, whose adj
vice the farmer follows. But not much
other investment need be expected
while the war lasts. Those who do
invest want TO keep close TO the
ground, with Atchison, international
Harvester. ETC.
Commercial banking, on the other
hand, will continue prosperous. High
record deposits and an average inter
est rate nearly double the average unit
of banking cost explain the large prof
its of and extra dividends by the
banks, which passed through very
lean period two TO three years ago.