The West Virginian. [volume] (Fairmont, W. Va.) 1914-1974, 1921-12-31
BABSON GIVES
tcoaIinuOd trUs paGs opsI

NAL to its present position. IL per-
cent below normal. The recovery
has been rapid. It probably will
not continue at such a lively Fate.
After the recent seasonal improve
ment We shall PROBABLY have a re-
action and then another upturn.
OF course some lipes which have
already been severely dictated such
as Textiles, Leather Products and
Packing will improve but others
including Coal. Steel and OH will
decline. Sales the early months OF
the year will be lower than 1921
but some improvement Should
bring next fall up so that the net
result will show 1922 to be about
the same as 1921. Except we shall
be further along toward the brisk
business which must eventually re-
turn.
Our hindrances now stands as
follows:
"a Conditions in Europe are still
chaotic. We are oil grateful for
the improvement siuce the D1sarm-
ament Conference began, but in
ordinary times Europe has taken
over half our exports. At present
she is more INTERCEPTED in selling to
us than buying.
(2) Our agricultural areas are
having the worst depression In his
tory. Particularly is this true Of
the corn belt where crops are
worth little or nothing and where
the things the farmer buys are
still very high.
CS) There is still a shsarteu-
Ing lack Of balance In other lines,
and between wholesale and retail
prices, wages and profits.
90 Nearly every industry IS SUI
fering from excess capacity deVel-
oped during the war and from q
burdensome overhead which must
be eliminated. 1t takes time to cor.
rect all these unEavorable inAu-
ences.
The year. 1922 viii serve to
smooth out many Of the difficult
ties. AS TO Commodities, most ag-
rlcultural and food products are al
ready at the low point and ought
slowly TO recover Others. like
petroleum products, chemicals aud
certain building materials, are still
too high. Generally speaking 10
calities and industries which mad a
big boom during the war are alb
soluteiy fiat. The other localities
and industries have been little
court an dare doing fair business.
This again is wonderful demon
stration OF the great law OF &ction
and reaction.
Furthermore, ststistics show
that the localities which were the
first to slump will be the first to
offer sales OPPORTUNITIES. During
the coming year, the Northeastern
section OF the couptry will show
up more favorably than other ter
ritorles and the sales departments
that are ready for competition will
get the business.
1T Is a great satisfaction that
the monetary situation is so much
better than last Year. In spite Of
its severe criticism the federal
reserve Board is entltlcd to great
credit for the way II has handled
things. Money viii continue 70
work lower ana this means that
bonds will continue their upward
trend which ] so strongly cmphas.
lied a year sso. This Is one thing
on which We can all De op: rIst!c.
II you have not bought your ponds,
buy them before they get any
higher. I am also feeling better
concerning the stock market, al
though It is still two sided as far
as the various groups are concern
ed. Regardless Of tbe 1929 record,
and temporary recoTeries commo.
dIty prices averages should work
slowly back toward pre-war levels:
Remember, however, the follow
ing favorable points for 1929.
~ Money is getting cheaper
every day.
C2) The Disarmament Conference