The New York herald., 1921-01-01
A Cheering Outlook
for 1921

yesterday morning speaking of the incoming year.
He is of large affairs and has felt the grilng OF
breaking markets.
81 should like to amend remark" answered, "by
saying Thank God for 1920"
When the clouds have rolled by prosperity has
ITSELF thinkers will look back upon 1920
year of salvation Another year of expansion of
wild speculation nation of high prices of proteering
general debauch like that of 1919 and the country
would blown up 1t has been the work of 1920 to lead
the back toward sanity and soundness and in this
spect has made record for achievement Incompatible in
the worlds history
Creed passion insane plungng in every phase of en-
deavor that millions kne bounds in 1919. Every
thing strained to the of breaking and the break
would have come wide open break if bankers and
the Government in cooperation in the early months of 1920
had not demanded quick sharp stop to all this madness
Next the of the great itself will stand in
crmnay the year 1919 for its stupid wicked handling Of
a situation that called earnestly called in all common
for the Inauguration of strict economies and immediate
sound business methods and to standards
of righteousness sobriety both business activities
and in our individual lives.
1920 shoulder the burden of the monumental
of 919 and has made great in clearing up
impossible and in bringing the nation back to
of mind The recession in actvi-
restricted business idle factories pased commerce.
the crash in unworthy securities dragging worthy securities
with them dear money and unemployed menal these
inevitable the readjustment Of artificial, highly
speculative situation that could not last
phosophic of the depression and the
producing with intelligent appreciation of the
of readjusmen must accept with compacency
and approval the community generally bewais with
gloom laden utterances.
community generally and the country at large would
1919 great year, when in fact it of
the worst the country has OF the worst the
world has The community generally and the
country large have had few good words for 1920 and
especially for the latter half of it.
job of has been to inaugurate the work of
tying the damnable dongs of 1919 in reckless spending
living reckless and conscienceless proteer
ing 1920 far in bringing about better and saner
condition. 1921 the starting to-day will carry
this work to completion.
Getting debt far better business than punging
debt Getting back normal getting down to the
foundation We not there yet all along the line
In part we'll nigh there Deation pretty nearly
complete the security market There doubtless
spots still perhaps weak speculative pools
that should have been permitted to
appear the board
bonds representing seasoned and sub
sana properties, either railroad industrial, below
value and probably close to if not actually at bottom
prices except for pasmodc dips brought about by the
covering of weak condition resulting in bear drive
So in the security market may confidently look for
this year having much good cheer in
for u.s. patient and with orderly and
safe progress should look forward buoyant
bull markets Nothing could happen the country
Bull markets in this situation, while the of read
ustment still would be calamity They would
built the still undefated business and unde
fated labor
This process of defation must its if to
get back to foundation which may endur-
ing of prosperity In 1919 and the early half of
cost with the result that the channels Of trade
clogged with pet ora of in lines that still
undigested Until they into the hands of
and of the retail distributors the
of obbers pass to the retailers and until the
of the jobbers relieved of their bulging
the manufacturers cannot their products to
the obbers. the manufacturers continue
manufacture unless they sell their turnout This in
evtably idle wheels, and idle wheels idle
With production greatly curtaed this state of congestion
will gradually clear up The daily purchases of than
hundred millions of people in the aggregate
even moving slowly Meeting the absolute
necessities Of aggregation of human beings rapidly
the bulging market of overproducton.
AS this deflaon and labor accept its
the readustment Of prices shall find ourselves all
the while nearing the dawn of better day. But
sound basis which to begin again to forge ahead
must get costs down.
We have sane, safe prosperity with pro-
ducton that prohibit the expectation of products and
the of living prohbitve scale that makes
unrest and breeds Bolshevism among people.
The smaller cost Of production only when
power yields bigger return for the
Defation labor be accepted gra-
plete.
Sky high wages do not fit peace times No do
sky high costs Of living fit peace times. We get
both down normal 1t is possible have living
costs with excessive wages. With and
in production for lower of living will fol-
fast the soft The lowerc costof 4