Omaha daily bee., 1920-12-13

Don't Sell America "Short"
By CHARLES H. sABIN.
In statement prepared for the December 1920 of the
Guaranty Trust Company's publication The Guaranty
Mems, Mr. Sabn. president Of that company. comments
on current conditions as folows:
THERE are some important considerations which should
be borne in mind in the present situation by all who seek
to analyze it accurately
In the first place. there nothing mysterious unexpected
about the present condition in either the commodity security
markets For months has been certain and has been
peatedy so stated by students of the saon that there must
be liquidation of commodities securities and labor before
this country could fully from the effects of the
and be restored to anything like normal business basis 1t
was inevitable that the processes of readusment should be
painful in many respects and many instances but that they
were and are inevitable was matter Of knowledge
among all who seek to study these problems apart from i'm
mediate selfnterest resrettabe thing that as COM
modify and security prices reached points tar above their real
value in the boom PERIOD they today falling to points
far below their real value Necessary liquidation proceed
ing after the manner anticipated the whole but there are
yet several steps to be taken
Perhaps the most important of these for retail merchants
to realize that they too must meet the inevitable economic
trend and adjust their prices meet the conditions Only
in that manner the situation be stabilized and frozen
credits hawed out know this pleasant message. but
am firmly convinced that the such policy pur
sued the less costly and painful will be to all concerned
The process Of deaton must include all the elements in the
body economic sooner or later and there be
from the nexorable law which directs it. Dodgng the facts
or attempting to postpone the inevitable will not bring mun
iy to anyone whether his interest lies production distbu
tion capital or labor. -
The unfortunate effect in such situation always that
many innocent parties made to suffer through ignorance
and misunderstanding and also through the spread of false
and malicious rmors which such conditions always inspire,
with resulting loss of confidence and panic sales.
There is so much in the present situation to inspire
6dence and hope for the future that is little short of GRIM
na for anyone paint the picture blacky through either
ignorapce or intent that these vital facts obscued To
cite few pertinent facts This country will harvest this
year one of the largest crops its history its transportation
congestion has been relieved and its railroad system for the
first time in decade on sound financial and operating basis;
we have passed through national election and assured four
years of sane administration of public affairs; banking
system has wthsood the greatest credit strain its history
and sound and workable DaSC; the accumulated sur
plus of FIVE years Of splendid prosperity stored many
for our continued ue the markets Of the world demand
products and great mercantile marine prepared to trans
port hem this country has been oveut oyeexended
in any of its underlying activities and faces program Of
readustment along these lines such usually pecptaes
panic conditions We sounder financial. industrial
and political condition than any important nation the world
These are the simple fundamental facts of business
situation and consider the present reaction anything but
temporary setback from the destruction initiation. extrav-
agance and unsound economic conditions pecptated by the
war is simply not reckon with the truth 1t remains true
today as it has since this country FIRST settled that any
man who sells the United States of America short in the
long run certain to loe and furthermore, any who
seeks to profit by the msfounes Of others the circulation
Of msstatemens false mors hoping to precptate further
reactions. should be branded as a public enemy.
This is time for clear thinking and courageous acting
and the proportion that such factors brought to bear
will rewards follow when this spell Of reaction has its
course.
.--.-- ". H. AIiAaANsoN Pre-: . - -. -
w., t. y MYXN Merrck E Lease Agcy. Supt