The Bismarck tribune., 1937-11-16
The Business Outlook

There no question that business uncertain as the
future would be improved by sounder tax system and
definite outlook.
Indications that it quite likely to get them
the coming of whether the farmer gets
and streamined law the wagehour bill is enacted.
At the me there disposition among intelligent
observers to minimize the Importance of other factors which
have entered into the recent business recession In fact
that conditions only indirectly traceabe
have played important part in the industrial recession
An important straw in the wind is article in recent
issue of the Wall Street Journal headned much Of steel
business calls for early delivery"
This asserts that steel have been reducing their
inventories recent weeks and this policy will continue to be
factor until ocks in the hands of brought down
to point considered justified under existing conditions.
Words while the sale of steel going ahead pro-
ducon reduced Steel being sold made time
whereas steel being made is for immediate delivery
This condition emphasizes the speculative character of
It all goes back probably to the strikes the steel mills
last spring. 1t is habit of business to swing farther to
side or the other than justified by the facts 1t is subject
to hysteria less responsible forces.
Thus when labor trouble brewed the urge stock
up Besides things booming and the tendency to
protect much possible both against price rises and the
possible inability of the steel makers to deliver orders time
That phase of the business cycle has passed. Because
production and sale exceeded consumption volume six months
they below consumption AS stocks in the
hands of reduced production and probably will
be returned to balance This will benefit the business sc
Steel offers outstanding example of the trend but the
factors doubtless prevail greater lesser degree
other industries
While production charts show peaks and Valleys
ton has been both steady and at increasingly high level
demonstrated by article of the Magazine
Wall Street, another publication.
Under the heading Retail Trade Confounds Pessmists,
this spokesman for business asserts that the strong posi-
on of retail trade constitutes reftaon Of statements made
by those whom it labels "panicmongers."
Asserting that retail trade has shown steady increase
every month since the tide turned in August 19S3 it denies
that undue Importance should be attached to the declining rate
Of this increase This September for example, only 46
cent above September year ago. but 1887 release
of soldiers bonus money such injected life into all business
IN the summer and fall Of 1886.
quotation from this article clarifies the situation fol-
lows:
Keeping up With The procession
p.as: 70 - absorption
think al in s@i. s.eeon ''o ''s3 's'''
81 H. ss
I sI oo s vh . % IS e. o: ,ess
ne'a menp;ss But ,s. price: aa
s
s's s'sa
s!s ssa u
ss s''s a but III H.
e md
sa .a,ns buying issss
yet to reduce previous billions
income: the Of spge Chicago
Mail Order and Penney evidence change
steady trend Of rural buying Department of
the highest such sales Of any September since 1922"
To have these conservative publications take such mod
crate view of prevailing conditions is encouraging Such
pressons pancmongers" and "scare campaign the
cwn-and rather unusual in such publications.
But, than anything else they give the socl
market its proper place in the American business scheme The,
do the business world favor anazg the situation
without bitterness or bias
The tax system should be further revised for no other
reason because has failed to produce the expected
Another cogent fact that business needs stability such
can be achieved only by balanced budget and the
that the era of experimentation is over
Business stand higher If the budget is to bt
balanced will have to do The thing cannot stand
nued instability brought about by uncertainty to what
gress may do.
Johnny wssuaul
When the
IN . evolution
Headline II Variety claims ~ Rolls sked"
ufeek iE dad auguagef