Douglas daily dispatch., 1926-12-07
NO IMPENDING
BUSINESS
SAYS OLEARY

COLORADO SPRINGS,
Colo, Dec. 6 (AP)-Amer-
ican business and industry
is closing its books for the
year Of 1926 without the
threat or fear of stress or
strain which business has
learned in the past. were
the signals Of impending
danger, John w. O'Leary
of Chicago, president Of the
Chamber of Commerce. Of
the United States told more
than 400 delegates here to-
night at the closing session
of the first of a three days
convention of the western
division Of that organiza-
ton.
"In 1925 new peaks OF production
had been reached. New peaks Of
sales volume had appeared. There
was wonderment then as to whether
we could continue the pace that had
been set during that year. Today
we are closing the books on an
other year and the records of 1925
have been surpassed. An outstand-
ing and isignificant feature Of the
business situation at the end Of 1925
is the absence of stress or strain
which we know from experience are
the signals of impending danger.
"A year ago bank credits grew
rapidly by reason of the demands
of that year but in 1925 with larger
business the amount in use has not
expanded materially and recently the
volume has tended down. Wages and
employment have remained at high
levels vet the general price level has
had downward tendency. The record
of the last two years is not an &C
cident. 1t is not a windfalI, nor
a piece of good luck The cold rec.
ord of statistical facts shows to all
who wish to know that for the meas
ure of national prosperity which has
come in the last two years we have
worked hard.
"We have been exerting ourselves
to greater efficiency. There is no
other possible explanation for the
upward course Of the wage level
in the United States since 1919 and
the downward course of the price
level
mot only have conditions been
sound but there is every reason to
believe that they will continue to be
healthful. On every hand the in
centive to efficiency in production.
Distribution and utilization is IN
full force More over, we have suf-
ficient Irregularities, in conditions
to cause everyone to be thoughtful
of the dangers OF overconfidence and
of his part to avoid them. The good
years Of 1925 and the one just clos
ing helped us toward a solution of
many of the difficulties confronting
us. Very real difficulties still exist.
To deal with these with resolution
and courage are essential.
"There is another reason for fac
ing with confidence the economic
difficulties of today. It is axiomatic
that the distress of an industry or
section affects. adversely every other.
1t is equally automatic that success
of an industry or section benefically
affects others less fortunately situ-
ated. The range and farm industries,
which produce meats, are well aware
of this fact.
"We ought to be happy. We ought
to be encouraged. We ought to have
the courage to continue to conduct
cur business on the same basis which
il has gone forward so successfully
during the past two years, but there
is always the danger that we wilt
face the future with fear and adopt
some new bogey to disturb the even
flow of good business. The expert
ences of the American people,. since
the major deflation after the war
ought at least encourage us not to
become panic-stricken over some fav~
Continued on Page E:ght)