The Bemidji daily pioneer., 1922-12-27
BUSINESS SITUATION =, Z.
!. SAID TO Be IMPROVED
Continued from page&l)

improving prices, and increasing IN:
dustrial activity, the outlook for the
future may be considered distinctly
favorable. In any event, the: definite
basis for continued prosperity now
exists, although it must he admitted
that the road ahead is by no means
free from obscurities and obstruc-
tions. E5W@ ! ~. 4. 4 J<.s T. H. "A.
A we'll sustained volume of for
eign trade, for example, is an inn
portant element in satisfactory
economic situation in the United
States, and there is ample cause for
apprehension over the present finan-
cial, and economic difficulties in Eur
ope, for which solution is still to
be found. A serious reaction would
certainly result in America if the
great continental markets were
thrown into further disorganization.
The financial outlook is excellent
and gives assurance of ability to sup
port any sound development of busi-
ness that may be desired. Through
the Presidents veto Of the soldiers
bonus DILL the nation has for a time
being escaped the enormous financial
burden which would have been inn
posed by that legislation, but the ef-
fort to- secure blanket distribution
of public funds to the soldiers of the
late war will undoubtedly be contin-
ued and, if successful, would consti-
tute serious check to hope for re-
duction of taxation and amortiza-
ton of the national debt. T.: =
A similar menace to the public
credit lies in the proposals to weaken
the Federal Reserve Board by APP
pointments for political or class pur-
poses in it's personnel and to insti-
tute special and perhaps unsound ex-
|tension of credit to selected interests
in the community. -: -.
The labor situation also is fraught
with obvious danger to the balanced
and orderly readjustmcnt Of the
economic structure. The restriction
of immigration has strengthened the
strategical position of organized Ia
Dor. -. 81"
President Harding has recently
declared that the nation is Solvent
financially, sound economically, .un-
rivaled in genius, unexcelled in in
dustry, resolute in determination
and unwavering in faith" If the
basic economic and financial factors
can be wisely protected and2sthese
human qualities can be assured free
play, there need be no interruption
to the continued progress Of the
United States towards prosperity.
It would be folly, however, not to
recognize that such protection and
freedom can by no means be taken
Tor granted, but demand an inteili-
|gent initiative and a sustained cour-
age on the part of the leaders and
majority of the people. if they are to
be assured. The problems in indus
try, finance and international rela-
tions which confront the nation are
many and difficult and will severly
tcSt ACS CC1pf1C1Ly W H0AAoSS ALo <AA~
fairs with wisdom. There is evident
a tendency to experiment with theor-
lies of finance and administration
which have been often discredited
by past experience and unless this
tendency can be controlled, our pres
ent fortunate position may be seri-
ously compromised, ..@
The favorable features in the pres
ent situation in the United States,
however, would seem definitely to
outweigh the, unfavorable ones, and
there is reason to entertain sane
optimism in regard to the prospect
of excellent business conditions for
the first six months of 1928 at least
and if the possible difficulties to
which reference has been made can
be successfully overcome, the coming
year should place the nation in a
stronger economic and financial po-
sition than ever before. Its situation
may be deemed favorable indeed,
when compared with that of most
great countries in the world today,
where far heavier burdens exist and