The Challis messenger. (Challis, Idaho) 1912-current, 1922-03-08
REVIEW OF THE FINANCIAL
SlTVATlON-THE OUTLOOK

slTVATioN-THE OUTLOOK
HAVE on my desk a symposium
OF views of leaders of finance, cap.
tains Of industry, railroad presidents
and other important men on current
business problems, with their esti.
mates of the future. 1t occurs to me
that these views, on account of the
sources, are of unusual interest For
example, B. c. Forbes, publisher OF
Forbes Magazine and a recognized
authority on financial matters, says
that the second half of 1922 should
bring better times than the first
half. and particularly than the first
quarter. No good purpose is served
by obscuring facts, and sunshine in
terviews" never accomplish anything
rim the way of improving business.
The psychological causes lie too deep
to be reached in this way.
Mr.. Forbes goes on to say that
there Is to be more squally weather.
with wreckage coming to the surface
in the way of commercial failures.
Unemployment must be watched, he
says. He points out that stocks of
gold are at ahigh point, and this,
he holds. will not be without it's effect
on security markets, He deems it
not improbable that an animated spec
ulation in stocks will follow later in
the year
He conculdes::: my own convic-
ton is that, after rather pronounced
irregularity I'M Industrial, financial,
agricultural. transportation, labor and
security circles during the fore part
of the year. we shall enter period
of greater stability, gradually reviv-
ing activity, normal employment, reas.
enable but not by any means dazzling
earnings by industrial and mining
companies, clearer railroad outlook.
better stock market, and somewhat in
creased buying by our vast agricul-
tural Notwithstanding, as is here
assumed. that 1922 crops will be nor
mally satisfactory"
William Sproule, president of IT,,
Southern Pacific company, declares:
That the railroads are bending every
effort to have road-beds, rolling stock
and equipment in condition that will
justify public expectation OF good ser.
vice. In return, the RAILROADS. ask thu. :,
.i.o pubic see TO it that they are
fairly treated. Investors will not pu,
their money into railroads unless the,
believe that it will be allowed to earn
fair return.
Three things are pointed out by
Charles NJ. Schwab as Of greatest i'm
portance in forming world basis O.
good business. He enumerates thes,
- Tie repeal of the Adamson law,
which will help railroads; modifica.
ton of tax laws, which will stimulate
American initiative to become opera.
tive again; and the carrying out of
President Hardings program for es.
tablishing real American merchant
marine. Mr. Schwab predicts a very
gradual but sustained increase in
business.
That the process Of liquidation has
run so fast that majority of business
institutions alc now in position to
step forward. is the opinion of Charlie;
H Sabin, chairman of the board O.
directors Of the Guaranty Trust com.
pany OF New York. Business men. he
declares, seem more Inclined to 20
ahead than at any time during the last
year and half. Bankers will on the
whole. be says. be more responsive to
business borrowers than they were a
year ago.
Jerome J. Hanauer y partne. I
the flrr' IF Kuhn. Loeb 6. Crr,. -.
declares that a continuance If easie..
money conditions will warrant en-
stantlv imnroving market for invest.
ment bonds.
The automotive industry must cut
costs and increase efficiency. in the