Evening star., 1923-12-31
BANKER IS HOPEFUL
FOR COMING YEAR
Forgan Puts Special Stress on Plans
for Lowering Taxes of
Nation.
SHOCK OF WAR STILL FELT
Farmers in Better Condition Since
Harvest Months.
Special Dispat teh to the Star.

Special Dispatch to the Star.
CHICAGO. December 31.-James r.
Forgan, chairman of the board of
directors of the National Bank nr
Chicago, says:
"The year 1923 was a period of
continued liquidation necessitated by
the business depression of 1920, and
at the same time it marked the be-
ginnings of a revival in. business
Business men. however did not forget
recent experiences, and proceeded
conservatively. The result is that
inventories are not unduIy large, and
there has been no imitation of either
currency or credit. The outlook for
the future, therefore, may be termed
a reasonably hopeful one.
TT is not unnatural that even now
we are still feeling the shock Of the
war, though with diminished inten-
sity. Certain industries have not re.
covered to the extent that would be
desirable, and among these may be
noted the clothing and the leather
industries, both of which are still in
need of readjustments in order to
attain again a full measure of pros
perity. Much is heard about the
agricultural situation. As a matter
of fact, crops have been very salts
factory, and most farmers are in n
better financial condition than they
have been for long period of time
Even the difficulties of the wheat
farmers are exaggerated.
Farmers In Better State.
That the agricultural situation is
not as bad as sometimes reported
is proved by the fact that the liquida-
tion of farm debts is continuing in
a very satisfactory manner and In
recent months farmers have restrict
ed their borrowings from joint stock
land banks and similar organizations
A further proof of this condition is
to be found in the reports of the
mail order houses, whose sales have
been unprecedentedly large, and il
must be remembered that a large
proportion of their trade is found
in cur rural communities.
On the other hand, the country
still waits in vain for a solution of
the European difficulties. AS we have
pointed out in our statements of re-
cent years, we shall face continued
uncertainty at home as long as our
foreign markets are as precariouS as
at present The reports from Europe
are Of such a conflicting nature that
not there has been Improvement.
What rot only Europe needs but
the whole world, and we ourselves is.
above all, peace and quiet. Thr
transportation act of 1920 has not
been enforced long enough to enable
adequate judgment to be passed
whether it requires amendments and.
if SO, what these amendments ought
to be- Congress can do no create
service to the country than for tn
present to let we'll enough alone.
Lauds Tax-Cutting Move.
The Secretary Of the Treasury h.
made recommendations for a revisio.
of our present income tax schedule
which deserve the united support OF
all interested in the commercial pros
perity of our country. He and the
President of the United States have
done we'll to call attention to thc
fact that one of the serious difficult
ties of OUT time consists not merely
in the amount of the taxes but In the
uncertainty and duplication involved
in our system of taxation by various
federal, state and municipal taxing
bodies. Not only is it desirable to
diminish the amount of taxes, but u
simplification of administration ami
asse ssment is almost even more nee
essary."