The Washington times., 1927-12-23

dent of the United States Steel
Corporation, 1t is very encouraging
TO learn that better business is
coming forward for first.quarter
and second.quarter delivery next
year.
The iron and steel industry en-
activities OF the country that it
has always been regarded as an
unusually accurate reflector of
general business conditions. Ger
tainly 1t has been reflecting the
slackening OF the business pace
experienced over the country as
a whole during the last few
months. Therefore. Mr.. Farrell's
assurance is extremely gratifying.
More Good Times
Charles e. Mitchell, president OF
Americas largest financial institu-
tion, recently summed up his care
ful analysis in these significant
words:
I'VE have powerful. influences
tending to swing business back in
to its stride and to put 1928 defi-
nitely in the list of years that
have brought good times to the
United States"
From another New York bank
ing leader. Percy Fl. Johnston,
president Of the Chemical National.
comes the following statement for
this column:
Present indications are that
generally prosperous business con-
ditions will continue into 1928.
Continued conservatism in busi.
ness is evident as reflected in
moderate inventories. The un-
precedented amount of borrowing
through the flotation OF securi-
ties will unduestionably create a
further demand for labor and ma
terials. The enormous purchas.
ing power of the country. due to
full employment at high wages,
will doCotless continue to stimu.
late consumption of goods.
Continued easy money Is con-
duclye to speculation in the stock
market. Any signs of initiation
to be found in the present situa-
tion may be looked for in that
quarter.
In September, 1928, the pay
ments of Germany under the
Dawes plan reach the maximum.
How far-reaching the effect of
the transfer of reparation pay
ments on international commodity
markets may he, no one at pres.
ent can forecast.
The general opinion is that
the two leading political parties
will nominate conservative candi-
dates, and I believe we may we'll
anticipate another good business
year"
Another Optimist
Thomas n. Dysart, of knight,
Dysart & Gamble, and who is
also president Of the Industrial
Club. Of st. Louis, tells me:
There seem to be no clearly
defined reasons why general bust.
ness in 1928 should not be as
good as in 1927, If not better.
Most Of the Industrial concerns
OF the country. and particularly
the larger ones, have financed
themselves with longtime money
at low rates Of interest; the banks
throughout the country are In
better condition than they have
ever been; merchants are Opt
mistic and are building plans for
aggressive sales campaigns: wages
are high and labor conditions
good. There will quite likely he
some beneficial legislation by Con.
gress in, aid of agriculture.
Unless we have some great un-
foreseen calamity. such as a final
decision of the Supreme Court up
holding the extremely low valua-
tions Of railroad properties by the
Interstate Commerce Commission,
We undoubtedly will have q very
prosperous year"
Col. L. p. Ayres, the Cleveland
banker whose views are widely
quoted, declares that "All four of
the requisites for sustained bust.
ness recovery promise to be &C.
tive and effective in 1928" these
four being expanding industrial
production, ample supply of eas.
lily available credit, agricultural
Weilbeing and a good export trade.
Theodore Gary, head of Theo-
dore Gary and Company, Kansas
City, contributes this:
MY judgment is that we are
nearer a balanced economic con.
dition than since 1914. American
manufacturers have become ex-
pert at mass production and this
is the real source of our prosper
ity. This is why l believe bust.
ness prospects are bright.
Capital Scared Away
"It Is not the lack of produc-
tion, nor prices, nor demand, that
Is now retarding agriculture. Cap
ital has been scared away from
investment in farm lands by per-
sistent propaganda that farming
Is hopelessly on the rocks un.
less the Government in some way
rescues 1t. Change this propa.
ganda and see how agriculture
and farm prices will be bene-
fitted"
Frederick B. Patterson, presi-
dent Of the National Cash Regis
ter Company, after stating that
he figured his own company's
earnings this year would exceed
last years, declared that, in his
judgment, the Indications for
1928 are most encouraging, both
at home and overseas.
One thing to remember Is that
the natural course of business in
this young, rich. dynamic. grow
ing country is, over a period of
years, upwards. And there is
sound foundation for reasoning