The Bozeman courier. (Bozeman, Mont.) 1919-1954, 1923-11-14
PROSPECTS LOOK
Bright FOR 1924
LACK OF CONFIDENCE CAUSE
OF FORMER DEPRESSION;
NO UNEMPLOYMENT

Washington, Nov. 14-(Special Cor
respondence)-Probably one of the
best reasons upon which tc base con-
fidence in the immediate business fu-
ture of the United States is the fact
that a great many people are a little
weak in their confidence. Because
of this lack of confidence, they have
been over-cautious, and the financial
situation has none of the weak spots
that made the slump of 1920 so dras-
tic. Prior to the 1920 depression, all
lines of industry had been running at
full capacity and retail merchants CON
fident of the future, had loaded their
shelves with goods bought at high
prices. When the Wilson Administra-
ton, in the effort to fulfill it's prom
Use to cut the cost of living, started
the deflatiOn program, every feature
of the situation was exactly right for
destruction. Not only the merchants
but farmers were carrying huge debts
which their creditors called upon them
to pay. Liquidation meant heavy
losses.
The lesson of 1920 has not been
lost. According to all reports retail
merchants have been buying cautious
ly and in quantities such as they can
reasonably expect to turn over with
out loss. Although the wheat farm
ers are in a bad position, other farm
ers are prosperous. The agricultural
loans made through the War Finance
Corporation have been reduced from
$3.50, 900 900 to about 500, 200, 900.
Loans from banks have been reduced
and the farmers interest burden
lightened. Savings banks accounts
have increased throughout the coun-
try, in farming regions as we'll as in
industrial centers. The people of the
country have been providing resources
against a period of adversely, and
this makes all the more unlikely the
occurrence of such a misfortune.
Current trade reports show freight
car loadings at the present time more
than Is per cent greater than at the
same time last year, the increase be-
ing recorded in every class of COM
modities except coal and coke. The
largest increase is in forest products
which indicates a continued use OF
timber in construction. The freight
car surplus is below normal, Indicating
the increased activity of cars, and this
is made mo significant by the re.
port of a larger proportion of freight
cars in serviceabIe condition. Build.
ing permits for September, 1928, were
S11,000,000 greater than for the same
month of 1922.
In a recent resume of factors upor
which to base the opinion that there
will be sustained industrial activity
President julius H. Barnes, of the
United States Chamber of Commerce
recently enumerated the following
Largest pig iron production, largest
residence construction, largest pro
ductiOn of locomotives, largest volume
of mail order sales, largest volume
of retail sales, and largest volum,
Of railroad car loadings.
Of course, the situation is not with
out its disappointing features. TIL,
wheat farmers have some company il
the oil producers who are suffering
the steady decline of prices, due Il
surplus production, as in the case o.
wheat. Lower gasoline prices will tenC
to increase the consumption and hell
to reduce the surplus.
In no section of the country is Their,
any complaint of unemployment. II
fact, the complaint is that there ar,
not men enough to do the work an,
there is clamor for the lowering O
the immigration bars, a demand which
seems to make no appeal to the Re
publican administration. The peopl
I Of the country not having engaged il
any extravagant buying at higl
/, process, there is no danger of a "buy
ers strike to start an industrial re
action.