Imperial Valley press., 1920-08-24
TRUE, THERE ARE HOLES, BUT THERE ARE ALSO
DOUGHNUTS

Most business have worries aplenty at present.
Orders are falling Off Prices tumbing. Banks are
applying the screws painfully Railroads neither
bringing in enough materials nor taking away enough
finished products. in many cases coal famine never
far have shrveled price mpalrlng the
value and also the credit standing of
many companies Cancellations everyday occur
renee Failures increasing. Strikes still rife.
Railway freight rates about to be raised Competition
from foreign goods increasing Europe cables fresh
alarms be served with breakfast morning And so
And yet-well there doughnus as we'll as holes.
Take these half-dozen developments each is of enor
nous Importance and all together, they cacu
lated prevent the last OF optimism from ebbg
through the soles Of ones shoes:
First-Labor is beginning work in earnest For IL
lustraon: Chicago concern. because of dull demand
laid off 20 per of its workers The remaining 80 per
cent actually produced the following month than
had been produced by the 100 cent AS most OF our
economic have been due to labors aziness and et
cency the reformation which has set IN Is OF ncacuaoe
moment.
Second-As extravaganza has probably ranked next to
under-production cause OF financial and economic
evils here and elsewhere the covering up now beng VIII
messed is factor of the first consideration II you nave
any whether extravaganza the Wane, ask
any manufacturer sell of hghprced suits or dresses or
silks shoes musical instruments or automobiles or any
one of hundred other expensive articles
Thrd-The abnormal swelling of the volume of credit
and currency through the issuance of obligations was
more responsible the rise in the cost of living than the
citizen realizes This initiation has ceased and de-
fation in progress The financial position though
still strained is sounder than It was and the trend Is no"
in the direction of safety.
Fourth-The threatened dearth of grain, cotton and
otbar crons has not materazed Instead growing cond
tons OF late have improved than in correspond
ing period covered by the records of the department OF
agriculture assured of better than average
harvess consequence, wheat has tumbled from s5
to not so very far 50 bushe and cotton around
30 cents against 40 pound July This heav-
ensent gift enough eat and to Wear furnishes no
slight consolation.
Fifth-The railroads have been on their backs both nm
ancay and physically The inability to handle the nations
business has inflicted mmeasurable loss alike to capital
labor and consumers Senator Cummns, Joint author OF
the new railroad bill recently declared: The inability OF
the railroads the business of the country at present
costing the country every day than the German war
cost the people any day Well the railroads are about
to be put on their feet financially and they can now be
depended upon put forth edoubled efforts to clear away
the glut of traffic. w ..E. .s
Sixh-Washington has kept the business world on tent
erhooks Confidence general that the next
administration will have practical realization OF the
need cooperating with business This at present only
psychological consideration, but psychology has more to
do stimulating of prosperity and the bringing on
of depression than the unimaginatiVe grasp
AS the drop in security prices the veteran banker
and broker, Henry Clews who has been active in Wall
Street nearly 70 years, reminds those who become
pancky when prices have crashed, Don't forget how
ever that you can't dogs tail off twice Most Wall
Street dogs have had their tails cut off already.
Yes there clouds apenty But at least some OF them
are revealing svery lining to those who have discerning
eyes.-Forbes Magazine.