Belington progressive. [volume] (Belington, W. Va.) 1912-1927, 1923-07-19

number presented diagram based
upon Bradstreet's figures for building
permits issued in 15S cities in each
year from and including 1917, with
allowance for price changes, season
al fluctuations and year to year
growth, the purpose being to bring
the result into comparison with pre-
war building and determine the re-
lation Of recent operations to normal,
normal being taken to mean the
amount Of building which might be
anticipated II construction kept pace
with population. BY the courtesy Of
the Federal Reserve Bank Of New
York we have reproduced the diagram
with this article.
Conclusions as to the Business
Outlook. ~
The general conclusion from the
foregoing survey would seem to be
that actual construction work will
60 on at least through the present
year at about the capacity of the
industry, and that employment in the
principal industries will be maintained
about as at present, If so, It will
mean resumption Of buying and
good Fall trade. If the latter is rea-
lized, the present slump will have dis
appeared and the scene of our APP
prehensions will have been moved
ahead to next year.
! In valuing the apprehensions which
are manifested in some CHARTERS about
the present situation it should be con-
sidered that neither the price level
nor the credit situation is ANYTHING
| like what it was in 1920. No such
price recessions as occurred then
could occur again, even If we should
go into industrial depression, ard it
follows that there could be no such
losses. There is no state of credit
extension or stringency to cause pres
sure for the contraction of business or
the sacrifice Of assets. there are no
such drastic establishments TO be
made as were made then, md 40 pos
sibility Of such shock to confidence
as in 1920 There is no occasion as in
other periods Of prosperity to stop for
the purpose of catching up with prem
allure development; there aru 40 stocks
Of goods to be worked off before more
are needed Here is 4 ,s.tion u
10000 people with daily wants I,
be supplied, and with industsies nov,
fairly well adjusted to world cyndi-
tions. In no respect are tne ~ondi-
tions parallel to those Of 1924 4nc
1921. Ire entire situarsm WAS rev
and strange then. Nobody knew wnal
might happen to Europe u wNnt the
effects might be here. II wAs al d
guess as to how low prices a,igiw &C
and who would be solvent. The Whole
world has gone long way toward
finding itself since then. "
The business sky is seldom entirely
clear of clouds, and the rise Of indus
trial costs which started last Spring
and is still in progress is unfavorabl,
to permanent prosperity. The appre
tensions which have been aroused
have served good purpose in check
ing the pace that was developing. The
wage advances that are being demand
ed, and in many instances granted are
menacing, not in the main because Of
their effect upon the profit Of the en-
ployers Immediately involved, but
because they threaten the general
prosperity This is particularly true
of those which are pressed by the ar.
bitrary power Of organizations which
have the power to disturb the genera
bus ,css Of the country, for such ad-
vances interfere with the free play