The Filer record. (Filer, Idaho) 1919-1930, 1923-01-11
SHOWS INCREASED
PROSPERITY FOR
NEXT IL MONTHS
Monthly Trade Digest. Received by
the First National Bank, Con-
fains the Following:

me OUTLOOK Tor the ne" year IA
one OF optimism. tempered with wis
dom. II progress Is made gradually
beneflting in proportion all classes
/ of people In this country and not
getting too far ahead OF conditions
abroad, IL may safely be said that
the year 1928 will bring more hap
piness and prosperity to all than
the year 1929 Just completed. ON
the other hand, should prices OF IA
vored materials and labor mount
! rapidly, taxes Increase and i'm
proyement abroad not keep pace
with that In this country, then 1t
is possible that the latter part OF
1923 will witness renewal OF ths
deflation movement.
While IL IL recognized that the
past corrective period has not en-
tlrely completed its work OF read
justment, oyer-extension among bust
ness concerns and habits OF extraya-
gance and waste on the part OF the
people have been sufficiently re-
duced TO Justify general prosperity
Just so long as those persons engaged
In lines where demand is impera-
tive do not give free rein to a short
sighted greed. Legislation has ia
vored few. The new tariff law
will take millions from the pockets
OF the general public AZ soon as its
full effect Is felt. The immigration
law Is tending to force an artificial
condition In the common labor mar
ket. Even now the miners union
IL forming plans for q walkout next
spring, suggesting government own
ership as a possible alternative. Tax
increases. particularly In the event
OF national bonus. are fairly GER
tain.
The nations buying power should
Increase In 1928. Railroad, mine,
textile and construction work may
all be expected to enjoy better-than-
average incomes. Farm prices
should share In any forward move
ment of prices. although owing to
the relatively high position they
maintained with respect to the gen.
eral commodity average during the
fouryear period 1917 through 1920.
II is doubtful that farm prices will
naturally rise proportionately or
better, and maintain such = rise for
any length OF time during the coz
Ing year. The fact. however. that
farm prices are much below those OF
tools, fertilizers. clothing and other
articles purchased by farmers has
caused widespread discomfort In the
agricultural sections. and II 10 GER
tain that legislative assistance will
be utilized TO better the farmers po-
si9ion. Credit legislation for this
purpose may embody provisions to
enable the farmer tai to warehouse
and hold his crop at comparatively
small cost. (b) 10 act freely through
cooperative associations without re-
gard to antitrust laws. tc) to Sc
cure loans up to $4,000 or more.
instead OF $4,000 ss at present,
through long-term mortgages given
farm loan banks.
As = result OF foreign debt serv-
ice to this country American ex-
ports should tend TO decline. or at
least. not TO increase as rapidly as
incoming shipments. Another factor
In cutting down export trade II the
probable relative cheapness OF Euro |
pean labor. In the pre-war period |
the American producer building up
q world market met with . severe |
In the form Of cheap labor
employed by foreign competitors. |
The war changed the situation |
abroad. but tho tendency In this |
country TO maintain or increase post |
war wages. as opposed to the drop |
In wages abroad. Is swinging the ad-
again 10 favor OF tbs Euro
psan producer.
The course OF the stock market
may be watched with interest a. II
will doubtless perform its function
Of diseounting the future OF busi-
ness by six TO twelve months. The
broad outlook for the year tsas In
the stock market 10 for an upward l
surge OF prices In the spring or In
the TALL which will carry average
prices to level at least approx
that attained In october OF
last year. The longer the rise 10 de-
Iayed. the higher e should carry
prices. Tor the foundation will have
been strengthened sufficiently to
,arry larger price burden. just
Is the primary rise favored manu-
corporations. so will the
seeonday rise boost raw material
stocks. more particularly the sseels.
,oppsrs and oils. as we'll as rails
should continue intense.
bringing about additional eombina-
lions and mergers. The way for
aew financing 10 likely to be paved
by stock dividends. dividends re-
'tored and initial dividends. Manufse-
Iarinx companies should show good
earnings. evidence Of which shouid
BE- the occasion for wider distrfhu-
= \