Newspapers / Greensboro Daily News (Greensboro, … / Dec. 31, 1922, edition 1 / Page 7
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7X Business and Securities In 1923 Halfway Between Depression and Prosperity Says' Babson.. Statist!-. ' 'i cian Discusses Prices, W agea and Sales For com- ins Year, Stocks and Bonds To Go Higher QVESrcSBOKO DAILY NEWS. SUNDAY, DECEMBER 81, 1923 i J .'.ia.ft ."! ,iB.5. . . .ig?Q, . .-.'My. . ,18,00, . ,w,qi, ' J9.(T'V"'I ,",'9$ i ri i f 1 1 1 r i 1 1 i t "Waar rains; to batten In ltlir Tkat sjusatlon It uppermost la th atlaa af l.OOMtO Atarlcaa boslness- m.a ana investors wno are xaoins; the problem of making plant (or the Maw Taat. V ': ,.. lira ara mat alaariaaa the aaual karemeter , aaam la oantradlet on another. r--. -. fualoa had bait Jail back ea -th (acta and flruree. After a thoroush study o( tha Xonaamental condition that overo 'our market. Roer ' W. , Babaon today laaaad . a atatamant a-htca alaara tha air and -furnlehss a haats af fact for your plana. "We ara aow at a point la tha haslnaaa oyol," saye Mr. Babaon, "wher you can gat, almot as many different opinion! aa tha'r ara busl- ! SMVII. UHIUI 1 ! J VUIIIBU AVS tha eomlln- yaar, and otkara cannot aa snoch hopa tar Business. Tha raa loa for inch a iltuatlon la that w ara at praaant nalthar at tha top of a boom nor at tha depth of a depres alon. It wa vara at althr of thaa eitrcm thar would ka ha oueetlon ot what tha nut mora would ba. Aa it ' " ' Htni mmj wviwevn them. ' ' "Durlnar tfca past yaar United tata business baa ateedlly advanced until tha avarac far tha wholeooun try I what wa aaually call "normal amines. Harln advanced thu far, ahall w traraedlatelr eentlnua Into (raat proapaiity aarlod or (hall wa a Into another period af dprlon and poor bualna aa om predict? . "If van will ranlv rtmimhip the . ive veere firMterilti 111 mnA moiII Vaat an enormou orry of expansion Restated, yon an aaa for yourself that It will take m time to Bet a proper foundation far really Bood buelneaa. - Wa danaad Sarins; thoaa i yeara, and now wa muet "ay the fiddler hla complete bill. ' Bustn haa really bean Ilka a aenvalaaolnB patient. Bverythin;. will bo wall with tha patient If ba doaa not try to Bat Out ot bed too aeon. It ha trlaa to -. overdo ha will have relapaa. W now lhave paaed th moat painful part of the readjustment Th srtala In over, but a prooaaa of ooat radno- .' tlon and re-balanoln It neoeaaary." .1 Prlv Ipraad la Waae, "Today a wide dteparttx Mist bJ fcwsen nricaauiE Hlffemnt emnd1t1aa and peutlealarly th spread katweea producers' and ooneumera' soada. Thla la a hraka on trade. Ona half of .the people cannot earn anouch tu buy the Bood that the other half has to nil. ' Thar ara ona hundred and fix . million people In th United State an fifty par cent, of them get their living from producing or dls trlbutlng raw . materials. It haa thu far been Impoulbl to reduce the. prlcee . of ' flnlihed consumers' food to meet tha cut en theee raw materlala. Tha .purchasing powr of thee people la out of it natural pro portion, -V W ?, "it la not entirely a matter at re ducing wag", although labor coata are a large factor, nor la It entirely a matter of Inefficient management. No, th problem of , high eoata la not a problem of any one element) a'hd readjustment can coma In only one way drastic competition. All thla will taka further time. . "Doaa thla mean that thar will be no pprtunitlea In HJIt Not bit! Thera will be juat many chances to mak money aa In any year you ever lived. It will be possible for yn to make- aa much during tha next It montha aaln any year ot your busi ness Ufa, but It will not ba along th line which made money tn 1(11 and mo, nor In any ether boom rear. Tha, proflta In ltll will come by giv ing attention ta details, 1y atopplng th little leaka, by eavlng here and there through new labor-eavlng In vention, and moat ot all, by devising new and, mar economical maana ft distributing roods. Thla wa not at all tha situation during tha business boom. Than th man who atoppd to prevent amall laaka found himself caught by tha momentoua rise In prloaa and change la.generaJ eondl tlon. - . . , Theee day hav paaaad. They were - wild and merry while they lasted. Now bualness had oom back to earth. In moat Industrie, aa ax eesslve , produolng aapaolty wa created. During tha beam, overhead eoata war Increased to keep up with an . abnormal turnover. Today the amount af boslness haa dropped back mora nearly to normal, but t have not been proportionately reduoed. Higher wag, higher rents, more ex pensive sales rganlsatloa--ta faot. nearly erery nam of sxpona la ut of piapoitlan with the amowat of We. appredate (he eonHaHty irftti wtddi you hxn reoeiTed tts lww nd hope that 1928 vvlll brtntf us closer together tn mu tually nalavaixuea relations. ForYmiWeWishMtfe . Good Things Desirable 212S.Ehnt I Observing ij WEW YEAR j I Holiday jii Our Offices Will Be Closed :! AU Day Monday Emergency Calls P.hone 331 Public Service j! Company business don. "Instead of wild gyration In tha commodity markets, the average trend throughout tha aomlng yaar ahould be more ot a aldewlss movement Soma oommodttlas are high and others arer very low, but ,the majority at present ara about II per oent above thalr lavala a yaar ago. A year from now wa shall probably Snd them av eraglng at about the same level they atand today. , In between, there may be a further rally from tha low of 1921, and agricultural products ear talnly ahould do better." Hantaan Will Ba Hlaher. "Earnings," continued Mr. Babaon, "ahould average somewhat better thaa In tha yaar Juat passed. , A aur vey of 100 leading Industrial com pahlee, recently made' by my organ ization, bhowed that In 19U, M per cent of, these companies made a net profit, while only 4 per cent ahowed fir me which could show a profit was a deficit. In 1021, the number of down to 41 per cent. Over half, or 61 per cent of these Industrial con cerns lost money on their year'a busi ness, III! haa witnessed a change from red Ink flgurea Into black Ink flgurea, but the amount ot net proflta will not ba large when tha books ara finally balanced. Wa ara Just getting back onto tha right aide of the ledger. ' "The ehortag of labor la on of in worst features ot tha 1(21 out- loo 1. Tha moment that business work up to avarag activity It be come lmposalbl to get eufflcient workers. Thla raises costs and M turn Increases commodity prices and tha cost of living. Ths Immigration law la largely tha cause of thla short age. Thla law restricts th number or lmmigranu in a single yaar to I per oent or tba total number of re spective nationalities already la th United. State. ; Befsr tha war'w had an addition of a million Im'ml ' grant a year. Now we ara receiving lea thaa 100,004 and at laaat 0 per cent of th ara woman, rhlt dren or other - dependent. Oa the other hand, I donbt If tha repeal tf thla I par cent Immigration law la th propar aolutloa of tha present labor ahortsg. ' '"The ,raa solntlen Is not th re peal af tha praaant Immigration law but rather tha repeal at tha contract labor law for aa lang a period aa the s par oent law remain In fore. This would mak It posslbl for em jloyora to promise selected foreign worker employment before leading weir own aomaa. ' Tha moment that tha. (migration It fa repealed the contract labor law aaa again b an,, piled. There skewld k m gnat aWtaalty In getting ample any He af bltamln- out coal thla winter. The ear chart la diminishing eemewbat. Ample supplies of bituminous soal sura being produced, euggeetlng tower prices. rne mieoBief or uts sJtuaUsal He in th fast that It win agate, b U the advaatag if both minora and oper ator to slese tha mine tor a time. Th dlffleulUea which brought oa the trik last year bar sat been act tied. Thar 1 arlus danger af an other atrfke In tha ft coal fit id. "Everybody I w.rrvln about tha pouiiosu aicuauoa. Thar la talk of radical legiaianoB aunng in coming year. Most ot this merely tha eon xrvm eamnalgn speeohea , It may be a noisy year. Both tha son terra Uvea and tha radloal bar a veto pawar, but neither la trona- en ough to push through any extreme measure or its own. Tha only kind of 'legislation that will really be enaotea is that which will appeal to members of both group. , Already tha federal reaerve board ha Issued a ruling, admitting a largo ameunt of agricultural paper tor rediscount in the federal reaerv banks. Tha Muscle Shoals problem Will probably be settled, either by sal t Hnry Ford or by development n th part of the government Itself. Tha aol dler'a bonus will probably b anaot- a, aituougn no agreement as to the terms or mean of railing tha money has yet been made. It la Improbable that there will ba any Increase In the amount ot business taxes. "The political aspect haa frighten ed many stockholders, but It Is entirely- too early to ba worried. The thing to watch Is fundamental condi tions. We ara still in a readjustment period. Thla mean that sooner or later' w shall work' toward better prosperity. It la true" that Induatrial stocks ara much higher than a year ago and ara certainly not th bar gains that they were. However, aa I have already atated, certain line of Induatry ara Just getting ready to go forward. Th Industrial market will be 'spotty' but there are a great many Issues that should do better In the coming year, "Th rail group Is, relatively, not so far advanced as th Industrials. I do not believe rails should b bought Indiscriminately, but tha rail aver age will follow up tha general mar ket. I am much more attracted to the long-haul roads than to the short er lines. The motor truck Is a feeder for the former but a competitor of the later. Copper stocks have rea'lly not atarted lyet, but the statistical position of the mtat is far bexter than it has been for a long time. Coppers, certainly are selling at bargain levels, . . ... , t .... "Money condition should continue good. There Is no question that the banks are In a strong poaltion. The federal reserve banks today have re serves equal to about 70 per cent of (heir note and deposit liabilities. The reserve required Is between 3S per cent and 40 per cent. It la true, that when foreign countriea began to get ,on tneir leet. It will be necessary to send much of this gold back.. For the present, however, this gold rep resents the basis on which a con siderable expansion of credit can be built. ' It guarantees to us a relative ly easy money rate, until heavy gold exports are resumed. , During the coming year, borrowers need have llt He fear of a lack of funds for all legitimate purposes, and thla also ap plies to long term money, that Is, capital for permanent Investment. Mortgage rates during 1951 ahould work lower. Today, the average rate of real eatate mortgages throughout the United States, Is between per cent and t per cent." The time Is not far away when thla average will stand between 4 per cent and ( per cent. "Of course, the ess of the money market Is distinctly favorable to long time bonds. There Is a point In (the business cycle when Industry' becomes so active that money is ab sorbed by trade. When thla occurs bonds are sold and develop a 'down ward tendency. . Thla point In th cycl haa not yet appeared. Mora over, history shows thst following th Civil war bond prices, barring temporary f luctustiona, rose for a long period of years,, the advance cut, mlnaUng about ltOO. From this point f V 110 LONG SWING BOND CYCLE i! i Present Bond Market 'lata MexHIIMI a descent was gradually mads to a low point at the end of tba European war. 8lnc this low point, history Is repeating Itself, 'bond having reached a middle ground, but still tar below the 1. 10 or 4 per cent basis of th 1100 period. All- these factors suggest that wall alctd bonds, both municipal and corpora tion, ar a dlstlnot purchaaa. "Bonds and money," concluded Mr. Babson, "are certainly aound factors In tha altuatlon. As for bualness as a whole, there la no doubt that It will average better thla coming year than It did In 1121. Thla doea not mean that there will be any boom, but that there will be pUnty of money-making opportunttlee for those v.no know fundamental con ditions." ; . General business according t th Index of th Babson chart stands at only 1 par cent' below normal, the aama a a week ago. GOV. MORRISON GOES TO LUMBERTON TODAY Govwrawr and His Daoghtor Will B Cutts of A. W. McLaaa . Other Lumbertoa Nwt. (ferial tt Ball; Ntta) Lumbsrton, Dec. 10. Governor MorV rlson and hla daughter, Mlsa Angelia, will arrive her Sunday morning from Raleigh and will apand a few days In Luaabarton 1 aa gut at tha homo of Mr. aad Mrs. A. W.. McLean at their home on Chestnut street. Thla will ba Governor Morrison's first visit to Lumberton alnoa hla election. On Monday afternoon from I to I o'clock Mr. aad Mr. McLean will hold a publlo .Informal reoeptton at their horn In honor ot th governor. Th publlo generally la Invited to oall and meet Governor Morrison daring these hour.'.. ;(.. , , Twelve marriages ,' took plaaa m Lumberton during the last week. The majority of those boarding the matri monial boat were negroes and Indi ana, however. Tha Robesonlan of yesterday carried notices of ten deaths, all of which occurred around Christmas. None of thoas who died lived in Lumberton. There were 44.7S0 bsles of cotton ginned tn Robeson county from the crop of 122 prior to December II, aa compared with 61,770 bales from the crop of 1921 to the same date. The amount of- Christmas mall handled at the Lumberton postofflce this year was at least 25 per cent larger than ever handled during the holiday before, according to Post master I. L. McGlll. Although the postofflce force lost one day Just be fore Christmas as a result of a fire In the postofflce building, sill mall was delivered by early Christmas morning. Members of Lumberton post No. 41 of the American legion enjoyed a barbecue and general good time at the Ooat club cabin, near Lumberton, Thursday from 6 to I o'clock. The occasion was known as th "annual feed" and the evening was much en Joyed by the large number ot ex ssrvlcs men present. At a business meeting following the social hour the following' officers were elected by the post: Commander, W. Bert Ivey: vice-commander, F. Ell Wlslart: adjutant . and finance of ficer, I. Leon McGlll; historian, B. V McMillaa, Jr.; Inauranoe officer, John S. Oore. . ' Dr. Cha. H. Durham, pastor of ths First Baptist church of Lumberton, will fill hla regular . appointments Sunday. December II, ' after being confined to his room for two wssks with lnfluensa. Dr. Durham was stricken soon after returning horn from th Baptlat state convention at Wlnston-Balam. Hla many friends throughout ths atata will be pleaaed to learn of hla recovery. The' tobacco growera of Robeson county are preparing seed beds for th 1121 tobacco crop. It Is thought that ths acreage next year will be somewhat larger than that ff 1122. WEEDING ATHJURGAW ms galll Harrcll Beeaatee the Bride of Warm gaeltea. lUlierUI la until Km. i Burgaw', Dec. 30. The Baptlat church was the scene Wednesdsy eve ning of 1:10 o'clock 'of a beautiful wedding when Mlsa Sal lie Harrell, daughter of Mr. and Mrs. C. Harrell. became the bride, of Warren Shelton, son of Mrs. It. S. Shelton, of Wash ington, N. The pastor. Rev. J. H. Powers, officiated. The church was beautifully deco rated with palms, ferns, southern smllax, yellow chrysanthemums and cathedral candles. i The bride, who entered the church wSth her brother. W. R. Harrell, by whom she was given In marriage, was becomingly gowned In brown chin chilla satin with hat to match, her arm bouquet being an exquisite ar rangement of Bride roses and valley lilies. Miss Most-lie Weston, of Atkinson, was maid of honor. She wore a crepe frock of yellow with picture hat to match and carried a bouquet ot Ophelia roses. Mrs. Lnrlng II. Dawson, of Itlch nfond, Va., sister of the bride was dame of honor. Hhe wore a tan crepe and carried an arm bouquet ot Rus sell roses. ' , Tha flower girls, Ruth Harrell and Tetlv Bus Dawson, were dressed Tetlve Sue Dawson, wore dresses of yellow crepe and carried baskets 6f yellow rose buds. The ring bearer was little Carlton Harrell. Stanley Johnson acted as heat man. The ushers were John Wells and Harvey Blake. Mr. and Mrs. Shelton will.' make their home In Washington, N. C. A number or social events wsre given In honor of the bride. "The Careful ! Apothecary" Wishes You A Happy and Healthful V New Year 1 HOWERTON'jS DRUG STORE 113 E. Market St. We Close Sunday' Phone 47 A Huppy New Year . From Kirkman &. :C6M 113 E. Washington Phone 3232 I Silk Plush Ijj Syii Berinninz Monday Final sTTsT- M -SBO. TTliAVJW m D - s Bolivias Clearance Sale Women's and Misses Coats From Our Regular Stock. Radically Reduced For Quick; Clearance tSavfl waited for this final reduction and clear ance of coats before making your purchase. Now it is here arid we have placed a price on every coat in stock to move them quickly. The former prices were low in consideration of. quality arid we do not hesitate a moment to say that these are the lowest-prices in the city and you be the judge. ' Our Entire Stock is Included in Three Groups. The Origi nal Prices On These Coats Are Shown in Plain Figures. , $19.75 Sport Coats Group No. 1 Former Pricing $9.75 to $12.(50 ' Reduced to $6.95 In this group are 28 Coata of All-Wool Velours with Fur-Trimmed Collars. Some straight line models, others belted. These Coats are all nifty models and carry the ap pearance of much higher priced garments and really they are worth considerably more than this clearance sale price. Others maj reduce coats, but no such values- are to be found any place, than are to be found in this grenjp. ' Models for Stout or Slender Women or Misses' Sizes .SEE OUR WINDOW DISPLA OF THESE COATS Group No. 2 Former Pricing $24.50 to $37.50 Reduced to lip I '''iV-'illt " h5'4 - i $1975 Far Trimmed $19.75. In thfe group of 75 Coats are Bolfvias, Tweeds, Broadcloth and Silk Plush, in fact the styles and, fabrics are of the best the workmanship exceptional and the variety of different smart models are most unusual' for a clearance sale of this sort. For dress or street wear, in fact for any occasion ybu will find a coat in this group that will be ju3t suited for the time. IRMsaaaari Til I. BT 1 I ry alt tf amV Qf llf- Ql afaM A aaafjs laa Mtslalaasl .11 I ft mi o , ,vf -y ' VTvftOl , -,1. : : - Yl . g Group No.3 I y. In this) group are 5 Amertex Silk Seal Pluh I ' f " ' 'fl Coat, former price $49.60 and $69.50, at I I jV '4
Greensboro Daily News (Greensboro, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
Dec. 31, 1922, edition 1
7
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