Imperial Valley press., 1923-02-26
Imperial Valley is in the beginning of it's
greatest period of prosperity. Read what
others say Of what is going on.
British Debt Settlement Great Help
to Business in General Says Babson;
Tells Today of North Atlantic States

NEW YORK, Feb. 26.-Roger
w. Babson is now on his annual
trip of inspection. With some
10000 miles of travelling he will
study conditions i'm 20 leading
centers of the United States. His
report divided into eight sections
presents an unusually valuable
picture of current business condi-
tions. Section two, which is is
sued today, treats of New York,
Pennsylvania, Maryland and Ohio.
New England Receivers First
AS New England was the first
section to be hit by the depression
and the first to recover,N SAYS Mr..
Babson, $50 New York, Pennsyl-
vania and Ohio being the second
section to be hit, naturally is the
second section to recover. In 1920
the center of the depression was at
Bridgeport, Connecticut; but by
1921 the center of depression had
moved to Akron, Ohio. From Con-
necticut to Ohio, however, business
is today in fair shape.
The steel industry is back
to s5 per cent of its capacity; coal
mining is very active; the carpet
factories and textile mills ARE ex-
ceedingly prosperous; the agricul-
tural sections and the numerous
small factories of these states are
getting on much better. New York
City is feeling fairly optimistic. The
hotels are full and the retail stores
are doing Il good business. There,
however, is no such riOtous spend
ing of money in the restaurants
and theaters as during boom times.
The principal business of New York
City is banking and jobbing.
BOND SELLING rs GOOD
"The bankers are not especially
optimistic over the prospect of low
er money rates for 1928, excepting
those who sell bonds. OF course, as
money rates declines the demand
for bonds increases and bond prices
strengthen. Certain banks have al
ready been obliged to reduce their
dividends and more reductions may
be expected i. by other institutions.
"The jobbers of New York City
are facing some uncertainty. Their
work is very largely importing and
exporting. The tariff has handi-
capped them considerably, notwith-
standing the optimistic figures on
foreign trade which the department
of commerce is issuing. Whatever
the figures may show, these export
ers and importers find it much more
difficult to do business. This, of
course, means smaller margin of
profit for all concerned.
However, there has been dis
tinct feeling for the better through
out the east since President Hard
ing's message on the British debt
payment plan.
REASON FOR OPTIMISM
In the midst of all this talk about
the cancellation of debts, repudia-
tion of contracts, accompanied by
a general depreciation of foreign
bonds, it surely was stimulating to
have the British come forward and
flatly state that they are determin-
ed to pay us principal and interest
in full. Considering that of the
$l0,000,0 100000 owed to the United
States over One-half of it was by
England, this is q tremendous step
toward the restoration of interna-
tional confidence and commerce.
The general impression in the
east today is that in return we
should now help England and give
her all the credit we can to enable
her to buy our farm products. Now
is our chance for us to demonstrate
that it pays for nation to meet
her obligations and protect her