Wausau pilot. [volume] (Wausau, Wis.) 1896-1940, 1921-01-06
LIQUIDATION END
IS NOW IN SIGHT
Stress on Business Now Passed,
Say Financial Experts.
FEW SORE SPOTS IN SIGHT
Leading Financiers Have Confidence
In the Year to FolloW--Admit De-
fation in Commodities Has
Been Severe.

New York, Jan. 1.-The financial
and business stress of the past few
months is definitely passed. There are
still good many sore spots, but they
are being gradually cured and the out
look for 1921 indicates that sounder
and more normal business condition
has been attained,
Detlation in commodities has been "A
severe task TO many merchants who
loaded up at high prices, but the cure
is well on its way and resulting in u
healthier business condition during the
coming year.
Gary an optimist.
These are conclusions reached on
general inquiry made of financial and
business leaders throughout the United
States and may be epitomized in the
following expressions:
Ebert Nj. Gary, chairman of the
board Of directors of the United States
Steel corporation: Il am as hopeful
and confident of the future have been
at any time. Conditions are no worse
than many months ago. The wonder
is that they have not been much worse.
Conditions are abnormal and even the
minds of thoughtful people are dis
torted. This, of course, Is result of
the terrible time we have just passed
through. | wish to refer particularly
to the United States and our own situ-
ation--our opportunities and prospects.
70 hn rti nI
lar resources of the country. Others
have frequently done this and the
newspapers have published facts and
| figures. In addition to these we have
the spirit and determination to over
| come all obstacles to the greatest sue
| cess
Turn of Tide Near
Charles II. Sabin, president of the
Guaranty Trust company: "frhose
who are most closely studying the ex-
listing situation feel that the turn OF
the tide in declining prices and liquida-
ton is very near. Although there are
many readjustments from the effects
of war yet 10 be made in the months
and years to come they believe there
is reasonable assurance of Il return to
normal business conditions, stabilized
prices, easier money and larger bust
ness opportunities. 1t should be a
source of particular congratulation to
the people that American financial in
stitutions, on the whole, are on a sound
basis and amply prepared to meet
both the problems the situation raises
and the opportunities that are certain
to follow"
Daniel Guggenheim: The West has
great fundamental faith in Americas
future. Although there Is considerable
unemployment, | have found that II Is
chiefly among the rowing class. The
good, steady, married American Is
holding his job and has saved money!
Paul NJ Warburg former chairman
federal reserve board: IF actual
peace is established In Europe, If the
obligations of surviving and recuper-
ating Germany will prove an asset of
value in the balance sheet of her con
auerors and If, ut the same time, po-
litical and social order In Germany
will exert its healing Influence in Rus
STA, the lowest point will have been
| reached and all the world will soon
be on the uphill grade. That will be
| the moment when we may throw our
| weight into the scales and tip them
| from dependency TO courage and
cheer. II is then that the ambitious
| plans Of relief may come into full frui-
| ton and that the world deadlock IN
! production and trade may be broken"
Wages Must Come Down.
| J. A. Stillman, president National
| City bank, New York: THE existing
state of business depression over the
world Is the natural result Of the low
| purchasing power OF the population of
Europe as affected by their disorgan-
lied Industries. European production
! must be revived and industries of the
world brought back into balance be-
fore a state Of general prosperity can
be re-established Prices which have
fallen to approximately preWhr levels
may be presumed to be lower than
they are likely to remain permanently
but prices which are still bascd upon
inflated costs, including wages at dous
! bic DreWar rates are quite certain TO