The Chickasha daily express. (Chickasha, Indian Territory [Okla.]) 1899-current, 1922-12-27
BUSINESS CONDITIONS AT CLOSE OF YEAR.

The year closing has been marked by
the country general business situation the
Of The Guaranty Survey which Just issued b
the Guaranty Trust company of New York. The fact that this
progress continuation OF movements begun in the preceding
year. following the drastic reaction which produced widespread
depression has contributed the increasing confidence with which
the problems OF readustmen have been the Survey"
plains On the other hand the continued production
and trade has been instances rapid suggest that
gaps in the underlying bases for sustained progress being
looked ignored with possibility that important,
eversa be encountered earlier than to be generally
expected.
The improvement in business conditions has not been one
sided fuller utilization of productive equipment and increased
output of commodities growing demands has been
panied by beement in the credit siuaiona strengthened
on OF the banks whole through liquidation OF loans and the
aecumron of adequate reserves AS usual however the
early stages of the upward swing of the business cycle
share unevenly in the benefits of reviving activity.
Moreover the essential conditions OF what may properly be
~regardd general prosperity do rappar promptly
the resumption of increasing business activity after the
of depression For time much of the evivng business
Quoted at loss very margins of profit While
this condition in considerable unavoidable pros
pey not established until there promise Of reasonable profits
as the reward for initiative and the assumption of risk
Genuine progress the direction of prosperity made how
when losses resulting from idle partly occupied productive
equipment being reduced with the resumption
OF activity Accordingly significant that large number OF
corporations have been able months report operating
profits after period of repeated deficits
The revival OF business this year has been accomplished
the face Of number of special obstacles Among these the
major strikes by important group of railway workers
the coal mining and textile industries The first and OF
these strikes greater degree harmful general
including such fundamental branches the iron and steel and
automobile industries, retarded The inability
roads fully to meet the transportation requirements during the
cop-movng but of the after-ects of the
strikes by railway shopmen and coal miners
Another continuing obstacle to the profitable employment OF
all the countrys productive equipment imperfect adjustment
of prices of farm products other prices year ago. average
of farm products measured by the Sta
stics index relative the 1913 levels IA per cent
below the for all commodities included index The
net effect OF subsequent changes has been reduce the spread
Of prices of farm products below the accommodates average
about cent This reimbursement OF prices
ability of the rural people buy the products
Various measures intended to benefit the farmers have been
proposed Among the plans which have been proposed make
to
their needs is that includes the extension Of the Federal
serve redon term on agricultural nine months and
the establishing OF Intermediary loanng machinery
Of farm loan banks to operate in conjunction with the farm
banks with capitalization Of $5OoO0o with power to
loan funds to ten times the such capital and with
issue debentures This plan contempate establish
ing Of such farm loan bank each Of the twelve
Reserve districts.
Other friends Of the farmers would sweeping reductions
n freight rates regardless Of the already inadequate earnings
the railroads But should be borne in mind that the
interests Of element the business community cannot be
served at the expense Of the rest without ultimately nurng all
Any essential disadvantages under which farmer
may be operating however, emedabe without ex
tTeme measures He will fare better his markets abroad
Europe especially revve and at home he benefit Ey improved
marketing systems.
No expects that the rate OF beermen in general
during 9z as whole be continued indefinitely 1t seems
probable however that further advances will be made in the
coming months with due allowance for easonal ctn = The
reserves of the Federal banks are practically
double the legal requirements are moder
ate and the commercial banking institutions GENERALLY are
position to finance much larger volume without
san These conditions as reecng the credit situation will
tend to stimulate business activity Commodity prices are adj
vanng The housing shortage has not been fully met the rail
roads in need Of equipment the for automobiles
These are Some Of the outstanding Conditions
which also give promise Of sustained activity production
How long the upward of the cycle of production
can continue will depend largely upon developments abroad and
the attitude OF the consuming public toward rising prices
really doesn't make much difference who is back Of the
charges against Attorney General Daugherty The important
matter the Congressional nqare into whether
there sufficient foundation for the charges to impeae