The Pensacola journal., 1922-12-27
(BY 3. c. FoRBES)


ii rather chronicle than comment
at present
My larger duty, I we'll recognize
I'm reminded often enough by read
ers-is not merely to record events,
but to interpret them, to sense trends
and draw deductions as to what the
future promises to bring.
Usually l have rather emphatic
views on the outlook. Indeed, at no
time since pre-war days have I felt
it was super-humanly difficult to
gauge what lay ahead.
I confess, however. that for some
little time I've found it impossible
10 draw definite conclusions as to
what we should prepare for in the
second half OF next year.
That we will enjoy-or, al least,
eXperience-rather pronounced activ-
ity in the early stages of 1923 appears
certain. -. F..
Frank A, Vanderlip once remarked
to me Prosperity always carries
with it the seeds of it's own destruc-
ton" Whether the relative prosper
ity of the next few months will GER
inmate seeds which will choRe pros
perity is a question I'm finding If
impossible to answer at the moment.
The last week has brought quite a
lot 10 chronicle Nearly all Of it has
reflected increased activity and i'm
provement in prices-if advances in
prices can be correctly interpreted as
Improvement.
May Wheat went to a new high
price for the year. So did corn. En-
pandinE cotton consumption sent quo
tations within fraction of the years
peak figure, reached last month.
Copper crossed 49, cents a pound
for the first time since it's post war
slump Tin also reached a new high
level for the yeaar. The iron and
steel industry is so busy that the Gus
toriary holiday shutdown is being
cutailed.
Automobile production is breaking
all December. records. Rubber and
tire prices are rising.
Crude oil is being marked up.
New York stores record extraordi-
narily active business. and reports
from the Middle West are equally
cheerful. Sears -Roebuck' s mail or
ders this month are more numerous
than in any previous December in the
company's long history.
Stock quotations closed the week
four points above the average quota
ton on December and bonds remain
cd firm throughout the week around
the best prices OF the month.
Instead OF continuing this kind of
chronicle. let me say that believe the
continuance of good times or the ad-
vent of poorer times depends on
whether or not the Christmas spirit
Of it's opposite shall prevail. Just.
what do / mean?
First. there is lacking the Christ
mas spirit towards industry on the
part of the more pronounced radicals
who have been elected to Congress.
There is lacking the Christmas spirit
towards the railroads by multitudes
or shippers and by not a few state
railway commissions.
There is lacking the Christmas spirit
towards the largest taxpayers on the
part OF many politicians and a large
section OF the public 80 e.
There is lacking the Christmas.
spirit lOW3TQ consumers III Ger Ndlh
whose leaders are marking
up prices.
There 10 lacking the Christmas
spirit toward .y7.oTksrs and especially
toward labor unions. in many direc-
lions where antasontsm Tss embold-
ened by the surplus Of workers.
Were there prevailing throughout
the world today, and especially
throughout this country, a spirit of
helpfulness. tolerance, broad minded
ness, cooperation, were the dominant
desire among the politicians. among
the agrarian interests. among fnan-
cial and industrial leaders. and
among labor, 10 reason together and
work together sympatheticaliy and
CnstructiVelv- for tine broad common
SooG were the EsnsEAl prosperity Of