The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1922-12-30

~ dy, speaking before the Chi
z&p Association of Commerce
$50 six weeks ago. said: 1T seems
'egone conclusion that the imme-
- future of American business is
z&eM indicative of a boom: reaction
~ on present revival is not many
'2cnths ahead of US, and while the
Isl few months of 1928 may be rela-
&sely prosperous. we may run into a
80 ewed perNd of defiation before the
k& of the year" B. c. Forbes like
~ warns business men to blend
- ton with courage" On the other
Xfld, the recent QUESTIONABLE sent
80 by the New York Merchants AS
E#ciation elected responses which were
overwhelmingly optimistic. Baoson
~ on the hopeful side, and the stats
<Ecian, BTookmire, whose forecast a
bear ago on the favorable side has
foeen justified by events, after a study
LOT his four statistical barometers.
again announces that the balance Of
probability is that business expansion
4 will continue into the fall"
The year just ending has been fun
sn spite Of the fact that conditions at
the close of 1921 gave ample warrant
for the belief that we were nearing
the end Of one Of the downward
swings Of the endless business cycle
That this must have been true is
sufficiently evidenced by the quite re
markable recovery which business has
made from the mid-year setback
caused by the coal and railroad labor
difficulties. Good crops, steadily i'm
proving commodity prices and a sound
banking situation were all factors con-
tributing to this surprising recovery;
also the fact that there was no sur
plus Of goods on the shelves to cause
a reaction against normal activities in
manufacturing lines once the wheels
OF commerce began to turn again And
so the result that reports for the last
quarter Of the year from practically
all lines Of business are favorable
Agriculture Improves
The improvement in the agricul-
tural situation is one Of the most
cheering facts Of the end Of the year.
There was no mystery about the low
prices for farm products which
marked the earlier months of the
year. The surplus products OF our
farms must be sold abroad and par
ticularly the price Of wheat and cot
ton is determined by the world mar
ket. Ali countries which are nor
mally large customers for foodstuffs
and cotton have this year been com
PEELED by their poverty to cut down
purchases to the lowest practicable
figure. Toward the end of the year
improving conditions abroad espe-
cially in England, have brought an in
creasing demand for foodstuffs and
cotton: There is evidence, too, that
because Of their necessities foreign
buyers overstayed their most favor
able market Wheat has appreciated
) 80 per cent above the years low price,
con As per cent and cotton So per cent
What is more important not only
has the price of farm products adj
vanced, but their buying power re-
lative to the things which the farmer
must purchase, has increased ma
terially. Sept. 1, according. to Dun's
Review. the price of breadstuffs stood
1914 per cent above Aug !. 1914,
whereas the average of all other COM
Enodities was 49% per cent above
what they were on the same date.
BY Dec. 1, these figures were re-
spectively 80 per cent and 5SB per
cent, and since that time the diff
ference has been /still further
narrowed. So that the farmers po-
sition now as compared with a year
ago is a matter of promising expan-
sion rather tina ncontraction in rela
tive power to buy. 1t is significant,
too, that he is using at least part
of this improvement in his position
toward getting out of debt. The re-
Continued on Page 49,