The Birmingham age-herald., 1923-08-02
Daily Business
 Editorial
Bv RICHARD F. JOHNSTON

It does not pay to force the 1u- ture. So far as one may pierce it with what seems to him to be a measure of accuracy it is we'll to go with view to action predicated on his vision. Beyond that the lenses of human plan and procedure are as apt to misguide as to guide.
 It is also we'll to get away from can't. Business has a habit of re- garding presidential years" as pe- riods which of themselves are more or less destructive of business. Business, if it harks back to sev- eral presidential years, will recall that they were quite uneventful.
 Presidential years become less eventful as men become more in telligent and learn to give them the consideration to which entitled and no more. They are less eventful than they once might have been because, no matter what be the party in power, legislation and ex- ecutive action are more and more based on national and not on par tisan sentiment.
 Judge E. H. Gary takes the sound view of business conditions and prospect. He says:
 "There is nothing to indicate an interruption to progress and prosperity in the immediate fu- ture." With the country's great manufacturing tablishments book ed for months ahead on an inn mense volume of product financed and assured of being paid for his statement cannot be assailed.
 With equally good judgment Judge Gary says: "Now, as always, things may happen to cause re- taxation of business. People hesi- tate because they cannot see little more clearly into the future.'
 Judge Gary sums it up thus: "No man can say certainly that he knows there may not be interrup- tions to our present progress and prosperity. On the other hand, no one is justified in saying that such will occur in the immediate fu- ture."
 What is the unalterably safe policy in business? There is one only: It is boise. Let one carry on his business as he cares for his body. He observes the seasons and, be he wise, eats, sleeps, rests and works accordingly. He does not try to turn winter into summer nor spring into autumn.
 The maker of finished products does not gamble on his raw mate rial. He has a fairly accurate if not ironclad knowledge of what the finished product will bring be- fore he purchases raw material. In reckless pig iron days melters were prone to contract for pig iron with out careful estimate of the tonnage of finished product on order books. They do not do that now.
 In times gone by blast furnaces kept on making pig iron at no mat ter what the market price and the cost of production, piing it on their yards in a kind of blind faith on turn of, the market. Lots of money was lost that way. Not so much is being lost that way in these wiser days. The cost of over head has been reduced to. the same exact science and serious consid- eration as depreciation and wear and tear.
 Alabama's most distinguished cit izen has attained national fame more by reason of one outstanding quality more than all others put to- gether. He has always possessed and maintained boise. The atmos- phere about him has been one of a serenity ever master. of itself and, therefore, in control of the situa- ton.
 Poise in business is the decisive measure. There is no room in sue cessful business either for the timid or the rash.