Great Falls tribune. [volume] (Great Falls, Mont.) 1921-current, 1922-10-22

tional Association Of Credit Men, in a
talk before business men of Great
Falls Saturday night in the palm room
of Hotel Rainbow. He gave this warn
ing after pointing out some of the
tendencies to better business.
He. urged that business men be not
too inclined TO grasp at predictions
founded only on false optimism. Bust
ness facts show improvement but
there is work to be done, he said:
Thu dinner meeting was one of the
best attended of any business lecture
held recently by civic organizations.
The palm room was filled with bust
ness men of the city and heads OF de-
partments and employees of business
houses.
r. E. Cunningham presided at the
'vided music during the dinner.
Tregoe said in part:
"At no period of The present year
has it been more difficult to summar-
ize conditions with a confidence that
entire justice is being done to the sit
uation..
Il discover a confused sentiment in
some directions bordering on the pes
simistic, and in others making a broad
swing in the opposite direction. We
must be watchful against committing
errors just now. Therefore, | want
to say emphatically that we are not
bordering on a boom. There is moth
ing in the situation at home or abroad
that would suggest such an expecta-
ton. We must struggle hard to main
tain the Improvements we have made
to neutralizs the present compica-
tons SO far as human powers permit.
THE wheat crop has been disap-
pointing as to yield and price. This
shows that values canno be added to
by legislation. With a smaller crop
the prices should be higher. but we
'nre competing with a fine crop in Can
ada which, together with the reduced
purchasing power abroad, affects the
price of our own yield.
There is much speculation about the
cotton crop. 1t will undoubtedly be
short of original expectations. The
'carry-over may be dangerously reduced
This condition will affect the price of
the staple, but not to the point that
would happen if export conditions were
more favorable. There is a little fever
ishness discernible in the commercial
atmosphere and much will rest upon
the prudence and the intelligence of
the banks in granting credits SO as TO
encourage sound enterprises and to
discourage speculation. In the hands
of the banks rests just now a large
share of the determination AS TO the
manner in which we shall build our
trade.
Coal Operators Dissatisfied
81 have made surveys of certain To-
~calities in order TO discover the trend
in some particular industrial lines. The
condition of the anthracite region calls
for a great deal of conjecture. The
settlement of the strike was not such
AS to encourage confidence. The oper-
ators naturally are dissatisfied. The
miners are not coming back with alac-
rity: there has been an enormous eco
nomic sacrifice without any compensa-
ton. so far as we can see. It will be
many months before the anthracite
output is normal. Experts feel that
the situation in this industry is un-
sound. due particularly to high prices
and high costs.
I'm the textile industry of New Eng
land. the strike settlement was too
indefinite and may prove merely an
emergency settlement. The sales in
this district, however. are showing a
steady improvement with a slight in
crease over the earlier months of the
year. Collections are proving quite
good under the circumstances Basic
costs and production costs are increas-
ing. Prices are also increasing. I'm
employment is decreasing. There is a
better feeling beginning in this dis
triet.
in that active market centered in
Ohio. we find sales of textiles and
electrical lines showing some little
change for the better with improve
ments general over earlier months.
Collections are spotty. better in some
instances. worse in others: failures
decreasing; basic costs increasing. and
production costs decreasing in some
instances. Prices are unchanged with
some. and higher in others. The out
look in this market runs from promis-
ing to low. Employment shows no
marked change.
Increased Steel Sales
I'm another active market we find
iron and steel showing increases in
sales over last year and earlier months.
In the textile manufacture in this
market. there is an increased sale over
earlier months, but little change from
last year.
zone Of the significant facts Just
now is that the general price level
has advanced Is per cent above the
level of August, 1921. This is a COM
plication. 1t is unusual in normal
periods. It is q strain on the improve
,ment of fundamental conditions.
'The cost of living on the whole.
however. has altered but slightly, and
for the reason that prices of some
ifoodstuffs have declined but little.
CONSTRUCTION is still active; there
was a recent lull, but the movement of
commodities should accelerate con-
struction, and q great many contracts
have been awarded.
"As the above survey indicates, bust
ness failures have decreased. We are
now fairly well stabilized in this re-
spect.
''The railroads are reported to be
placing large orders for equipment.
This should have its effect on the
production Of certain commodities.
Car loadings are reaching their greater
volume of business for the year. and
far exceeding the loadings of the same
period of last year.
Sees Active Fall Business
Throwing all of these facts to-
gether, we annot but forecast an
active fall business, though the perma-
nency of it and the future will rest on
the wise handling of present problems.
We are still confident that fundamen-
tally the Improvement holds and that
we shall return eventually to sound
,poJ;rx conditions