The Brookings register. [volume] (Brookings, Brookings County, S.D.) 1903-1971, 1923-01-04
FORECAST OF BUSINESS

CONTINUED from page H.
after-war initiation. By and large, the
year will probably be remembered as
OF this was rather painful progress) in
most lines. and, all things considered,
a far from unsatisfactory twelve
months.
A number of big features stand out
prominently in a review Of the past
year. These features may be sum-
married. as follows:
Prices continue preceding years raj
~. Strikes retard and make operations
costly. Liberty bonds and victory
notes reach par. Domestic trade and
industry expand. Export trade shrinks
10 lowest in eve years. Prospect of
tariff legislation stimulates imports.
Stock market rise foretells years trade
gains. Reaction later. Crops larger
and prices better. Record number of
failures and second largest liabilities.
Labor scarcity follows previous UNI
employment. immigration little above
wal times low ebb. Railroads year
long struggle fairly successful. Whole
sale and retail trade exceed 1921. Col.
lections slower to gain. Mail-order
trade surges forward in autumn. Build
ing and automobile trades and kindred
lines set up new high records of pro-
duction.
AS to the constructive side Of the
future. it may be said that the big
feature is naturally the notable de-
gree Of betterment shown and the op-
timism generated thereby in the past
year and a half, or say since July l,
the beginnings Of improvement first
became clearly visible. Satisfaction
arising from the surge forward in do
nestle trade and industry in 1922,
perhaps best evidenced in the wonder
full years operations in building and
allied lines. has strengthened the feel
ing that this activity will continue we'll
into 1928. How much more might have
been accomplished if the country had
not had to shoulder the terribly ex.
p~ensive coal and railroad strikes is, Of
course, not a subject to dilate upon
now. The continuance at a faster rate
Of the 1921 rally in prices has been
comforting, as frequently noted, chief
are two sides to the price situation.
The rally in prices during the autumn,
especially in leading farm products,
unquestionably served to hearten the
agricultural interest, which had here
tofore apparently profited little from
the years improvement. There is Wis
ible 10Y a great deal less worry than
a year ago as to all costs OF operation
in view Of the apparently slight visible
effect of these on business in the past
year, this despite the feeling that labor
will ask a great deal IL present prices
hold. How much effect the general
increase in all costs has had in further
reducing the admittedly discouraging
volume of export trade does not seem
to attract the attention it deserves.
There is, in fact, a disposition to
charge the unsettled conditions in
European politics, and consequently in
exchange. with most of the RESPONSE
bility for this unsatisfactory buying
from abroad. In this respect the gains
shown in trade with other parts of the
world fail to satisfy entirely. Unques-
tionably, feeling as regards foreign
markets for American products has
been favorably influenced by the rise
in British exchange and the rumors
that this country is going to abandon
its much trumpeted, but apparently
untenable, position Of political and &c
onomic isolation.