The Daily Ardmoreite. [volume] (Ardmore, Okla.) 1893-current, 1921-01-12
(By Henry Clews Company

Now Yorw, Jan. 12.-Year end re-
views sketchng the outlook in Great
Britain and on the Continent, all
though none too optimistic ,neverthe-
less recognize the prospect of mater
tally better conditions within a rea-
sonable length Of time and are far
from taging the hopeless view that
some pessimists have lately been set
ting forth. Further advance toward
a trade understanding between Rus
sia and Great Britain opens up pos
sibilties of important changes in the
general European commercial situa-
ton. Meanwhile conditions in South
America and the Orient have hardly
improved The moratoria in cuba,
Paraguay and elsewhere have been re-
newed within the week, while in other
South American countries financial
conditions are but little more favor
able What amounts to a moratorium
on foreign business has been declared
in The Philippines and other eastern
points are not much better off.
Home Outlook Better
The opening Of the new year has
at least brought with it prospect
of distinctly better conditions at home.
There are already Indications here
and there of decided power of indus
trial revival, not few factories re
suming business, while there is good
evidence that the process of read
Il, hoy oh itG
in "a number OF important lines. This
is situation which lays the founda-
tion for improvement. Prices are still
on the down grade, but there has been
little change in those branches Of in
dustry where the slump had already
week the most marked recession of
prices mas been in the retail trade |
field where il was needed as mat
ter Of readjustment to wholesale lev
els. In the steel industry there is still, |
according to the best authorities, fur
ther readjustment to be developed, |
but in some branches the revision of
prices has made progress during the
past few days. Suspension Of divi-
dends on the part of some consider
able enterprises is attributable rather
to a desire to conserve their cash re-
sources in the present money situa-
ton than to lack of earnings or I'M
satisfactoriness Of business prospects. |
Altogether while the outlook is GER
tainly not yet brilliant it shows an
improving tendency.
Business Conditions
These phases OF the situation are
clearly reflected in the business con-
dition reports OF the federal reserve
board and in other reviews Of similar
nature which have lately been issued. |
The reports state That while there is
a considerable amount OF unemployment !
ESTIMATED by some private sources
as high as 100000 persons for the
whole OF the country and while as
already stated, readjustment is still in |
progress, many industries having fall |
len off in the degree of gheir activity, |
by from % to 40 per cent or more !
there are sound and wholesome con-
ditions underlying the entire situa
lion. These are wei! indicated by the |
existence OF an unprcceientedly large |
amount of real wealth, both as rep |
resented by farm products and as rep
resented by manufactured goods. Tine !
output of the yeitr 1920 In manufac- |
lures was (contrlIy 10 che impression |
of some) decidedly large. there hav-
ing been peak of production in she |
first third Of the year which offsets |
falling of during the last third. The |
reports Of the several federal reserve |
districts with respect TO the retail |
trade show continued activity In that |
branch of business which Is one OF /
the best symptoms of soundncss and |
vlgor indicating, as Il does. sus. |
tained buying power due TO the pres
cncc of accumulated savings. True, the |
Of using such savings for /
support during the period OF lesscncd |
tends to weaken the in
vestmcnt market, but the factor is |
only temporary. Were IL not for |
the unsatisfactory foreign outlook in |
mtny parts of the world II would be |
felt that there was very encoupg- |
ing condition. This foreign situation I
has evidently been much upon tn
mind of our legislators as seen In Their
financial and tariff activities.
Action of Congress
Congress has taken the important
stop of passing over the presidents /
veto the so-cillcd wlr finance revival I.
bill. The majority was large In both
houses and tho order is thus unmle-
takably given FOR resumption OF
government aid to exporting. Tech
niCal difficulties however stand IN the
way. among them being the appolni.
mcnt OF new directors and officers
of the concern and the enlargement
OF ts staff. II will thus he month
or two perhaps before anything very
positive can be- done In the wny uf
ac ual export financing. and when
the cn,crlr gets into position to
do such. financing Il will still have
TO face tac problem Of getting funds
either by borrowing themselves or
through treasury borrowing Doubt Is
therefore entertained as to the gen
u.ne effectiveness OF the nction taken
In enlarging our export shipments. As
FOR the tariff bills which congress
had contemplated opposition on the
part OF the administration seems like
ly to hohi them over TO another Res-
sion In the spring. Meantime the on
ening of regular tariff hearings be-