The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1922-01-04

of it's own IL bound 60 suffer ulti-
mately. In this connection, the
stand against reductions OF many in
the building trades and the attl-
tude OF the coal miners who talk
OF demanding advances next April
must seem puerlle. especially In
view of the depression and short
time that has ruled the fuel trades
for year past. In the popular
mind. also. the average retailer Is
n case in point OF overstaying the
market and of belated reductions
failing to find the sale they might
have realized earlier before pur-
chasing power was curtailed by low
prices to the farmer and short time
or unemployment in Industries.
The foreign situation seems to
have many more elements Of
strength than would seem possible
from n cursOry glance at the past.
If the calculations OF the depart
ment OF commerce as to volume
versus value OF trade are correct. a
better demand exists than year
ago-at a price. The political stu
alton abroad looks far better than
one or two years ago despite the
woeful condition OF the central Eu-
ropean exchanges. The collapse OF
should have some lessons for our
own medicine men" and quack
doctors who would create values by
flax With protection guaranteed
by the stronger powers against In
cursions OF the eastern hordes. who
have admitted that their own COM
bination OF socialism and murder
has failed to bring about the millen-
mum, central Europe should rally
because its peoples are mainly
workers and have not arrived at
the point. reached by some ad-
vanced thinkers nearer home, wnere
they believe men can live py agi-
tation alone.
The course of events In the past
year. and especially since the late
summer, would seem TO point TO the
normal conditions following the
bursting of a boom having made
fair progress. II was said quite
early in 1920 that we were expert
enclng the secondary effects or the
usual panic depression, Industrial
stagnation and shutdowns without
having had the acute troubles that
had preceded these in other years
Of stress. II reports are to be be-
lleved. the unemployment trouble Is
not so great as 1t was earlier last
year or In the last months or lgZO.
although efforts of sunshine So
cieties cannot close our eyes to the
fact that an unprecedented amount
of labor was displaced in midyear.
With easing money from the sum
mer onward, the usual phenomenon
of active demand for fixed interest
securities. bonds. etc, was wit
messed. Tho stock market proper
seemed to lag. hut still average
prices of rails and industrlals ad-
vanced 13 ami 25 per cent, respect
lively, from the low of summer. The
strength of exchange Is another fav-
orable sign. Backward weather and
reduced purchasing power were
brakes on final distribution IN the
autumn, and December. failure
liquidation was equal to that OF the
worst month in our history, Janu-
ary 1915, but manifestations like
the latter have often been termed
the judgments OF the court or last
resort in the business world. With
the close OF 1921 and the realiza-
tion that two years OF liquidation
and depression have passed, the
feeling OF cheerfulness Is more
marked than II was. Summed up,
the bushes barometer Is now set
at about "fair," but courage and
care seem to be essentials in the
commercial world as We face the un-
certainties of 1922.