Evening star., 1928-12-02
STUDYING THE STOCK MARKET
BY FREDERIC ]. HASKIN.

facts on the Stock Exchange. In about
two years this poor college professor
has made a million dollars with a
minimum Of risk.
The second case Is that Of q man
employed as a member Of a lobby a.
Washington working for farm relief
legislation. To carry on such work
| effectively 1t is necessary for the lob
byiSt to study the economic background
OF the farmer and the relation of the
| farm industry to other industries.
| These studies revealed to him that
, certain magic was hidden in statistics
and he, too, tried the stock market.
He has resigned as a farm lobbyist.
These stories can be repeated over and
over again.
Wealth Of Statistics Available.
The Bureau of Foreign and Domestic
| Commerce issues monthly Survey of
Current Business, which gives index
| numbers and such data on production
and consumption and the many other
| cogent facts relating to and governing
business. The Department Of Agricul-
| ture prepares all manner of data on
crops These data are especially helpfu;,
For example. the department has o
| special report compiled mouths in ad
vance concerning farmers intentions TO
plant certain crops. To be sure these
intentions may change, but experience
shows that they do not change very
much. Then, Of course, weather condi-
tions will have an effect on crops which
cannot always be foresene. Yet the
country is so large that a fairly safe
general average can be calculated Nor
does the department stop with statistics
relating to American crops. Through
1 fnFNi0f1 III tI9a
international Institute of Agriculture
at Rome, 1t obtains data on foreign
crop prospects and results.
Statistics are constantly available on
coal production. on oil production, on
| lumber production-indeed. there is no
line of basic production which Is not
| fully reported upon by the Government
In recent years the newspapers of
the country have paid an increasing
amount of attention to business news.
Detailed statistics of a business nature
are printed every day and diagrams and
charts are laid before the reader. Space
Is devoted to the condition Of various
companies, their plans and prospects.
Wage rates, the national income, the
income by classes and by industries, car
loadings, all changes In railroad rates,
taxes, and every other factor affecting
business enterprises are all set forth
before the public. Government policies
which might possibly affect business are
fully and promptly reported upon.
The National Industrial Conference
Board. an organization which works
in cooperation with Government agen-
| cies In the distribution of statistics,
has just undertaken a new service in
the collection and distribution Of more
detailed statistics from II OF the most
| important industrial nations of the
world to the end that proper comparison
may be made between American sup
ply and demand and the rest of the
world. The National Foteign Trade
| Council, a somewhat similar organiza-
ton, has just completed a study of the
foreign trade OF 80 countries Of the
world and intends to keep this con-
stantly up to date. The American sta
| tistical system Is frankly the envy of
all foreign countries.
While 1t is true that there Is magic
IN statistics, that magic cannot be ad-
vantageously used without careful study
and thought. Many factors must be
taken into consideration. An apt warn
ing along this line Is expressed by the
famous Midland Bank, Ltd, of London,
which. following American hints, has
begun paying increasing attention to
statistical studies. 1t observes, sta
tistics are like proposals of marriage
they should be, but rarely are, studied
and considered very deliberately, upon
| their all-round merits"