The evening herald. (Klamath Falls, Or.) 1906-1942, 1922-03-13
BETTER DAYS
By o.. q. Forbes

THE commodity most needed to-
j day Is faith, faith that present
difficulties will he overcome, that
overhanging clouds will pass. that
tho dullness Of today will give place
70 somewhat greater activity In a
tomorrow not far off
Despite everything. ! believe that
there is justification FOR calculating
upon the inciplcnt revival OF real
improvement this spring.
The nations principal financial
center Is again in the grip OF pessi-
misn. Many bankers talk As dole
fully as they did when the postwar
bocm first collapsed To listen TO
thcm you would think that all our
troubles were still ahead OF Us and
that We had made M gr1tifying
progress toward the establishment;
OF sound foundations for the up.
building OF solid. sound prosperity.
Those who are wearing blue
glasses foresee the breakdown Of all
efforts 60 get the German situation
under effective control. they fore
see finanHla lal and security market
chaos resulting from tho soldier
bonus legislation; they forcsee fail
ures galore. Industrial. financial.
commercial and every other kind:
they foresee nationwide railway
strike: they foresce other labor trou.
bles as a consequence Of the "liqui-
dation" OF labor. which they de-
clare must 70 much further: they
forcsee nothing but continued lack
OF purchasing power on the part OF
our 40.0oo.0oO agricultural popu-
lation: they foresee a bombardment
n frishtfully bad annual reports;
they foresee nothing but the pros
pect OF further dwindllng ot our
foreign trade; they foresee rate re-
ductions injurious TO IN railroads:
they foresee Ynse,tlemept and -unS
certainty ever tariff tiake-fng: they
foresce disturbing political splits and
other political developments likely
to affec, business: they foresee fur
ther price-cutting right and left.
In short. the pcssimisis see moth
ing but disheartening developments
ahead.
For my part. ! do no, believe
they are seeing clearly do not
believe they are seeing straight. .
do no, believe their dire forebod-
inss will be fulfilled. rather sus-
pee, they are putting the worst face
on things for no; d.sihterested pur-
poses.
believe as firmly rs I ever did
that spring viii mark the advent OF
better times. that the improvement.
at first will be very moderate. but
that the recovery will gain momen-
tum during the rest OF the year
this. too. even should the threat
ened strikes occur.
The urge to find employment for
idle capital is becoming tremend-
ously strong. Think OF H. when
the government offered $4,000. 900
treasury certificates the bids reach
ed the colossal total OF si.2JO,O00,-
000. Federal reserve banks have
reserve approaching so per cent,
Ridiculous surplusage, That those
responsible for earning interest on
funds will shortly find ways and
means OF putting IL 10 work Is
certainty. And Il Is equally certain
that the effect upon business will
he stimulating.
A significant development has
Just come TO my attention. 4 large
woolen goods plant finds itself in
an uncomfortable position because
II refrained too long from purchas-
Ing wool when prices We're very low
Investigation reveals that other
mills are also bare of raw material
In not few other industries this
same tendency to allow raw mater
ials and stocks to run extremely
low has been In vogue. Is II not.
therefore. more than possible that
before long there will be something
OF scramble to secure both raw
materials and finished products.
and that real scarcity will be re-
vealed? After all. the actual con-
sumption OF the necessaries of life
has not been SO very drastieally re-