, 1923-01-14

N '~@Ah
a better position than It has been
since October 1920. Taking oil sec
tons of the country and all lines OF
business. the Babsonchart is practic.
ally normal today. This compares
with minus Fl per cent e year ago,
and minus - per cent two years
ago." says hfr. Babson.
"Of course, the Improvements has
been SO rapid during the past few
weeks thar it probably cannot hold
up during tho entire year OF 1923.
However, most lines of business are
doing well today and We should make
tho best OF this opportunity. Those
who are not in ines which are i'm
proving should get busy n find out
why. Certainly the ultimate consum-
ers Of most goods are today in posi-
ton to bNy in reasonable quantities.
Every businessman should be doing
business with them and sharing their
prosperity.
1.-The farmers are feeling better"
continued the statistician. than they
have for SONS years. The value in
money of the crops Just harvested is
over 80 per- cent greater than the
value of the previous crop. The bank
ing situation In the farming sections
is liquidating. Failures are running
only 400 a week compared with 500
or 500 a year ago. My records from
the mail order. houses show that De
cember has again been n record
month, and that most farmers fami-
lies had a sumptuous Christmas. This
applies not only to the grain sections
of the west, but most cotton sections
of the south. Conditions in Texas
are better than they have beer for
some time. Since the textile workers
have returned, the cotton mills are
very busy. Cotton should remain
firm until we know something about
next years crop.
"The iron and steel industry is in
a better condition than it has been
for three years. Pittsburgh had a
prosperous Christmas. Most plants
are working so per cen of their ca,
pacity and the demand for this time
of year for their products is eScep,
t~ionally good. Ordinarily many stee
plants close down this season, but
there is little chance OF IT at present.
Most railroads. are buying locomo,
ttves. cars, rails and other track ma.
terial. Building. which is usually
dull this time OF year, continues to
be active, and the demand for brick,
lumber, and hardware IL greater than
ever before at this season. The de-
mand for copper is increasing and l
would not be surprised to sec higher
prices during the next few months.
The coal industry continues, to boom.
and SO long as the present cold
weather continues, there should be no
let.up in the producing end of the in
dustry. Certain sections of the
country, however, which have been
suffering for lack Of coal should soon
get plenty. Coal prices should be
lower in 1923 han in 1922.
Foreign trade is holding up bet
ter than most people anticipated.
Various reasons exist for this. but
the principal one is the renewed in
terest which President Harding is TAX
ing in foreign affairs. The state
ments last week by Senator Borah
should be beneficial to the foreign
trade situation. Export business is
dependent on confidence. Nothing
will help SO much to restore il
Foreign Lrdue as a ltbllhb 1haS Nu
rope is to be kept from bankruptcy.
Ny financial friends have been very
pesslmistic over tho European situa-
ton during the past few months.
Reports which I have received this
week in regard to Europe Seem
brighter and more hopeful.
"There is even a bright side to the
labor situation as we begin the New
Year. Although most employers be-
lieve that labor is too high and many
feel that It is becoming inefficient,
the fact remains that strikes are few
Nr. There has not been a January
for many years with so few strikes.
Apparently both capital and labor got
a good scare during the railroad
strike, for certainly they both lost.
As a result, both sides have since
counted ten before pulling off a strike
or lockout. There is r+uch talk about
changing the immigration laws TO re-
lieve the situation. 1t. however, will
take more than changing the quota