The Bozeman courier. (Bozeman, Mont.) 1919-1954, 1925-05-13
rae BusINEss A

The outstanding feature of the business situation during
the last month has been the tendency toward sterilization
following the downward reaction in some lines of pro-
duction and in general commodity and security prices,
states the current issue of the Guaranty Survey, published
by the Guaranty Trust Company of New York.
Increases in some branches Of trade and industrial
activity are offset by declines elsewhere. In some degree
this irregularity is a seasonal phenomenon, the Survey
continues. Renewed strength in security prices has been
shown in recent weeks, and commodity prices generally
have been steadier.
The net result of recent Developments, it appears, is
that business as a whole is proceeding in a fairly salts
factory manner. There is no evident basis for expecting
more than a moderate expansion in the immediate future;
neither is a general depression in sight. Probably not
until crop prospects become more clearly defined, at the
earliest, will any marked departure from the present scale
of general activity occur, aside from normal seasonal
variations in particular fields.
Retail trade has been especially well sustained. Weekly
car headings still exceed last years figures but OCCASION
ally fall below those for 1928. Bank clearings in the
country as a,whole, having made a new record for March
further attest the large volume of current business. The
continuing high level of purchasing power in general is
supported by increased employment in manufacturing in.
dustries.
The current decline in operations at the steel mill.
follows a period Of extraordinarily large production. Tn,
daily rate of steel ingot output in March was slightly
larger than in February and practically identical Will
the maximum rate, reported a year earlier. New order
declined in March and a further s~Iackening in operation
is thereby indicated.
The seasonal increase in building operations last mont
) exceeded expectations.
The inventory situation in general is more favorabl
than il was a year ago. H-and-to-mouth buying has com
to be accepted as a relatively permanent feature Of me,
c~handising, and seems to represent on the whole a stall
lizfng influence.
oil There is evidence of increasing reliance upon systemat
3 cooperation in industry for the lessening Of avoidabl
waste IN various forms. Every step in shis directio
provides an enduring safeguard against misfortune whe
Z general conditions are unfayorabIe and a strenethenin
Ell Of the bases Of profit-mahing at all times.
And ia the conduct Of the public business also unremit
ing watchfulness is necessary. Business men rightly d
sire every encouragement for proper governmental eco'
omy, with taxes made as low as the maximum efficiens
z Of the public service permits. The reduction Of feder
j, taxes begun last year should be continued by such
revision IS would not only further tighten the aegreRs
burden Of these taxes but distribute them more eguitaAl
The urgency Of the situation would probably warrant d
calling Of Congress ia special session. expressly FOR aet.
ii this matter.
state ana local taxes also are in my eeses nnds
thigh, and there IS room 4x halnEn e6oeason es
es b rem9gdag Unnecessary ma ntatns dbplcaea.
wise fiseai policy, hoBesek. va ins provision
eeatinane the gradual retirement s he huge aaesF
Aabt Ted 6urA ire