The Chickasha daily express. (Chickasha, Indian Territory [Okla.]) 1899-current, 1921-12-31
OUTLOOK is MORE HOPEFUL.


than there the beginning OF 1921 the opinion
pressed by the Guaranty Trust Company. Of New Yors
largest financial Reviewing the progress OF readust-
during the pas, year the Guaranty Survey issued December
q. says:
"The year which is closing has marked in this country
turning point the drastic reaction against initiation. The inan
e and commercial nteeons Of nations comprehensive
and intricate that no country however favorable its domestic
dions. worldwide readustmen escape the III effects
Of economic arrangement elsewhere Nevertheless American bust
ness activity IN general has been for months gradually
emerging rom the trough Of depression.
Moreover or the part industrial production
does vet ml reflect the substantial improvement that has
been effected the fundamental business factors such the de-
cline interest the liquidation OF bank credit the reductions
accumulated stocks o commodities and the comparative ab
saon Of prices reduced levels Nor has domestic business vet
had time fully to reflect the economic recuperaon of the year
IN various OF the former bgerent and the favorable
political developments in the international field
he successful results OF the Washington Conference already
assured the progress solution OF the Irish question:
evidence OF revvng sanity Russia and the probability
workable agreements will be made respecting the German repara
ton payments and the many commercial restrictions which still
hinder European fail favoraby upon
world industry and trade.
THE distinct improvement since midyear in the fundamental
elements OF the business situation whole much
hopeful outlook for the coming year than ustiiable
the beginning OF 1921.
liquidation many lines complete Moreover. it is still
necessary that production in industries be severely
limited to avoid the OF further depression
certain prices OF excessive stocks OF goods while
others new working capital must be raised replace that which
lost through unwise expenditures under rising prices Such
conditions these must be expected to read less the
progress OF revival.
price changes the whole there is little indication that rapid
progress being made toward narrowing the spread
relative prices of different classes of commodities which
the prelude the approximate stabzaton of prices The
OF the various domestic price ndices connection
with that OF the foreign ndces which have declined recently
lends much support the expectation of prices
the expectation of higher levels in the future
"A period of gradually falling prices however should not be
regarded pecudng fair prosperity on the whole
possible for the general business who has succeeded
putting his house in order and oveburdened with debt
make profits under declining prices but requires far bust
sagacty and attention detail than needed the
easier circumstances of rising prices
THE most gratifying aspect of the years industrial
the uptun during the last few months in the general volume
production the country which about midsummer
its point 1914 Although some of the increase is
clearly due to seasonal influences there has been nevertheless
mental Improvement
This upurn is most marked the textile industry and less
ned high point March 1920 Of 80 per cent above the
estimated normal after allowance seasonal influence and long
time trend to 90 per cent below normal in July 1921 whence
has since advanced point only 40 per below pro-
duction in November.
Textile production declined from its highest point January
NV ~ per cent above the estimated normal lowest
cent below normal in December of year From this
point the increase was steady throughout nine months 1921
with the exception OF slight setback in July In September
highest record since March, 1920
The large consumption cotton reuu red bv the
activity OF the textile industry particularly encouraging in view
OF its influence important section Of the country and the
governments revised estimate of this years $780,
OOU bales exclusive of ners approximately 100000 bales
more than indicated by the preliminary report made two
months previously Cotton consumption has each month
since August
Production in other lines of manufacturing has also
SHOWN pronounced increase the low points
especially this true OF manufactures of paper lumber tobacco
leather and oodstusmeat flour sugar etc These increases
IN volume production seasonal advances
ou more substantial gains indicating the that readstnen
industry prices and operation are producing the
desired results s ~
AN increase OF production of equal magnitude in more normal
me e gn marx the actual restoration of prosperity with
otai production at SO low level the md-sum
nr months OF 91 such improvement taken place
snts at best only the alienation Of adverse conditions Caution
mould still be observed for the NAV easily over
mae he consuptlve capacity of the public which remains
considerably limited by the curtaied buying power of large classes
# the community" . ~
mere must be no Let the killing be done bv the