Great Falls tribune. [volume] (Great Falls, Mont.) 1921-current, 1922-03-19
FRIGHTENING BUSINESS
SKIES
NNE can scarcely pick up an
- eastern business or commercial

eastern business OF COIlllac1 SAdI
newspaper these days without find
ing a few items of news in it that
support an optimistic outlook, and
vet along with these items he will
find plenty Of items of an opposite
character. The year 1921 was bad
one-a very bad one-from the
standpoint of business and finance.
Hundreds of big business corpora
tions that for years have earned
profits for their stockholders made
no money and paid no dividends to
their owners. Deficits are more
common than surplus accounts IN
their annual reports. We read that
Uncle Sam expects the quarterly
collection of income tax due March
IS to be about half what 1t was
a year ago, and we guess he will
not be disappointed. It is a tact
that does not seem to trouble con-
gress much at that.
But through the clouds there are
many streaks of blue. Here are a
few solid facts on which we build
our faith of better times soon COM
ing. We note that the iron and steel
industry shows marked improve
ment. Steel ingot production is Is
Der cent greater than it was last
fall. and now stands at S. per cent
of capacity. Pig iron production IN
February was 100 per cent above
the low record of last summer, and
the combined iron and steel pro-
duction of February was IS per cent
above the average monthly produc-
tion of 1921. Iron and steel pro-
duction is one Of the so-called
basic industries Of the United
States. People have come to look
IN Il as a sort of business baro-
meter. 1t is set toward fair weather
in the future. Yet Judge Gary OF
the Steel Trust warns US not to
look for a boom in this business
for some time to come. He admits
that business is improving and that
he expects continued Improvement,
but he says it will be slow and
gradual.
Another omen of better times -
the continual decrease in the NUM-
her OF idle freight cars. Each week
recently has shown a decrease in
their number, yet on February zs,
1922. there were 417,o64 idle freight
cars in the United States, 50 there
is room for great Improvement yet.
Another evidence of better bust
ness lies in the increasing volume
of bank clearings. Month after
month they showed decline when
compared with the same month
year ago until last month. In Feb
ruary they showed a gain OF l.3
per cent over February, 1921, the
total reaching ,04e,358,oo0. This
is the first month since the fall OF
1920 when such a favorable COM
parison could be made. Naturally
that is a most encouraging fact,
and induces the New York Finan-
cial Chronicle to say that 1t IS
most significant" of improving
business conditions.
The automobile business has felt
the impulse of new demand. In
Detroit there are now twice as
many men employed in the auto
mobile business as was the case
wear ago, while in the third week
in February the cars loaded with
automobiles averaged AS a day as
compared with 1854 day last June.
The automobile manufacturers are
feeling much more cheerful than
they did year ago.
The metal and mining industry is
reviving more slowly than in most
other lines. In fact after a slight
increase in price and demand the
market seems about stationary. Yet
even here it is better than it was
a year ago.
Agricultural products are de-
cidedly better in price and demand
than they were year ago, though
wheat after a mild boom has
reacted somewhat in price. Prob
ably sheep. wool and pork lead the
march of advance in agricultural
products. But that advance. though
moderate in most lines, has had a
very stimulating effect on business.
The stock market is not very
reliable index to business prosperity
to be sure, but it has been quite
active of late and on the whole
bull market. That shows that
SPECTATORS expect better times and