The Hardin tribune-herald. [volume] (Hardin, Mont.) 1925-1973, 1943-12-30

90 a big volume. cereal prOductS
will do well. Canned goods will
feel effects of sharply higher
costs and lower output. Blum
nous coal depends upon labor
union policy, but I expect out
put to be at least 1919 better in
1914 than in 1943.
Air transport will gain In
equipment and efficiency. Man.
power is far from solved. The
trend of the industry is up for
both air passengers and freight.
Railroads will continue to suf-
fer from equipment shortages.
War peak of traffic is passed
Railroad needs are so acute that
higher priorities for equipment
will be forced. After the war,
railroads will have a terrible
slump. With much less to haul,
they will face, as never before,
competition from coaStWiSe ship
ping, river transportation, new
pipe lines, airplaneS and trucks,
Eastern roads will slump as soon
as Germany col!apses.
Electronics and television
should boom. Heavy electrical
equipment orders may decline
slightly in 1914. Kilowatt output
may be 1919 better than in 1943.
Lumber volume will continue to
be reduced. Backlog of machine
tool orders is declining sharply.
Subcontracts may help. Nonfer-
rous metals are held down by
acute manpower shortage. Paper
and pulp will be affected by the
cut in newsprint. Paperboard
output in 1914 should equal 1943.
Refinery petroleum output IN
1914 will run 1919 above 1943.
Higher prices for crude probable.
All-time peaks in steel output
scheduled for 1914. Higher pri-
ces for crude probable. All-time
peaks in steel output scheduled
for 1914. Shipbuilding may not
show further gains, but launch
ings will.
OUTLOOK FOR LABOR
Crux is whether sufficient
skilled and unskilled workers
can be channeled into critical
war industries. It is estimated
that 2,OOO,0 900 workers must be
added to essential plants in the
next few months. However, over
1000, 900 men and women reach
age 10 every twelve months
Therefore, the labor situation
may begin to ease. There will be
many disputes but most upsets
will be of short duration and
small scope. Labor leaders must
threaten strikes for publicity
and to hold jobs. The cost-of.
living situation will dictate the
rise and fall of strikes. If roll.
ing back prices is successful
pressure for higher wages will be
considerably reduced. After Ger
many cracks, there will be nc
scarcity of labor. Labor,S hon:
eymoon is approaching Its end
There will be no railroad strik,
in 1914.
STOCK MARKET L.. ..,
The 1914 long-term trend o.
stock prices is definitely upward
A growing hoard of money seek
investment. Few new stocks ar
available. Present holders ar,
less willing to let stocks CO.. ex'
cept at higher prices. The riSt
from May, 1912, to July, l943
was a long, unbroken advance
A period of consolidation, such
as from July IA to date, was II
order The next few month!
may still be marked by irreg'
ularity. This should not disturb
real investors. Corporations ar,
adjusted to wartime operations
Any material change in tine wa,
situation may create temperate.
upsetting uncertainties. On tn
bullish side of the. marke
strengthened in the face tt. rth,
largest War Bond Drive in ou
history. -, y
Most listed companies ar,
stronger than ever. Debts hay
been reduced, cash reserves in
creased. Companies doing well il
war work may get new building
and machinery for a song. Wa
stocks have gradually givel
ground in spite of record earn
ings and growth in net curren
assets. Many peace stocks hav
forged ahead in spite of decline
in earnings and lower dividen'
payments. 1t is possible the wa
babies" may become oversol,
and the peace stocks over
bought, but the total industria
averages will go higher some
time during 1914 than they ar
at present. In case a Republical
President should be elected il
November a big bull marke
could quickly develop
WHAT STOCKS TO BUY
Some industrial groups appea
more attractive than others
Building stocks should benefi
from the expected boom. afte
the war. Johns Manville, Lon
Star Cement and Eagle itehe
Lead hold prospects for goot
postwar earnings and liberia
dividends. Flexibility of mer
chandising companies make
their stocks favorites. I hav,
recommended American Stores
McCrory Stores, Kroger, Jewe