Newspaper Page Text
GOOD SINE THIS FALL"
WeUesley Hills, Mass., September
16th, 1922 Roger Babson evidently
is not upset by labor difficulties and
the tbreatened coal shortage. In a
statement issued today he forecasts
good business for the next few
"Go after business now!" says Mr.
4 Babson. "Buyers during these past
two years have been following a hand
to mouth policy. Everyone has pur
chased as little as possible because
a delay has meant lower prices and
a consequent saving. With the turn
of the business tide, however, prices
again tend up and both business man
and individual will make more money
by buying ahead rather than by fol
lowing the more cofiserAtive policy.
An analysis of 76 basic materials for
instance shows that 48 are higher to
day than they were a year ago, 24
are lower than a year ago, while 4
commodities show no change. Price
increases will be felt most on the raw
materials that have been completely
Wflated, but finished goods in prac
tically all lines will show some
strengthening duing the next few
"It is particularly important that
retail merchants fullyr grasp this
change in the situation. They must
turn with the tide. The retailer
should plan on a substantial increase
in trade between now and Christmas.
If he does not he will be caught with
a shortage rather than a surplus of
goods, and a transportation tie-up will
make it difficult to get more on short
"This increase in business will be
due to a combination of increased
purchasing power and a change in
the attitude of the g'eneral 'public.
In spite of the strikes and labor un
rest there is relatively little unem
ployment at present. On incomes ov
er $1000 figures show that 48 per
cent of the purchasing power of the
country comes to the individual. as
wages and salaries. This makes up
the bulk of the purchasing power up
on which the average business man!
must depend.' A drop in the cost of
living and prospect of steady work
is rapidly turning a majority of these
people into ready buyers.
"In the farming field, bumper crops
and better prices promise to class
the farmer as a good prospect. He
has bought very little since 1920 and
his accumulated needs should absorb
a tremendous quantity of farm mach
inery and supplies. The plans of the
business world accumulated during
these past two years will also be put
into operation this fall.
'The combination of these several
factors points to a merchandizing
shortage. If I were a retailer I
should certainly buy all goods necess
ary for Christmas trade now and in
sist upon early deliveries.
"This general increased business
actively will lead in turn to the in
* In a few
hnve a. fr
for the sch<
* girls. This
fall, and w
Ithe very~ t
ereased business and i ustial prof
its that are already reflected
in the action of the $ock market.
Increased profits, of urse, mean
more money for expansiop and equip
ment. Refits and money tates, in the
meantime, are tending gradually i
lownward relieving both individual
:nd business houses in the matter of
>ver-head. Banksi have ample f-mds I
to meet all commercial and invest
ment requirements. In many locali
:ies money is a drug on the market. 1
rhe slight seasonal tightening will
loubtless be experienced at crop wo%
ng time, but taking the fa!l _'eason
is a whole money thruout the West
mad South should come nearer to the
.ew York market level.
"In the investment market, prices i
)f good bonds promise to rule strong i
his fall. As investment capital ac
:umulates, the interest rates ease off,
)ond prices automatically rise. As
?rofits and income increase, the noni- I
axable issues will again be in de- I
nand. The affect of commodity
prices will be more than offset for
:he time being by the quantity of I
money available. Continue to hold I
"Whether or not we shall have a
eaction in the stock market this fall
s not the point. We may get the
>reak that the "bears", are hoping,,
or or stocks may climb suddenly.
rhe point of imptrtance, as I see it, I
s the fact that we have just turned t
:he corner at the bottom of a period i
)f depression and that the stock i
narket has never reached its high I
yoint 'until early- in the period of
arosperity. Those who own good
;tocks outright need do no worrying
tout the market.
In spite of rail and coal difficul
;ies, general business as reflected in
;he index of the Babsonchart is hold
ng its own. Activity is now running
tt 9 per cent below normal. -
'ANACEAS DISREGARD LAWS.
"Panaceas for employer-wage work- r
.r ills have always been on the mark
t but in practically all cases they
1ave been designed to produce some
ffect other than that which would
:ome from the normal working out
>f the law of supply and demand.
['hey have sought to keep awages up
hile cutting prices, or to force wages I
lown while maintaining price levels,
>r have otherwise disregarded the '
iormal and natural relations between I
wages and prices. Therefore, these I
>anaceas have not worked and never
ill work. The sooner it is recogniz
d that natural laws will prevail, the
;ooner will we find the solution for I
>r troubles. The proper solution I
nust bring the same result that the
iormal working of the law would
aring, bt must avoid the evils -nd
Is and damages incident thereto.
Wellesley Hills, Mass., September
6th.. J. Ogden Armour has been
days we will~
-esh line ofL
new in KedsL
)Oi boys and
shoe is es=
~signed f o r
r in the early
e think it is
:es Tires Are
looked upon as a great capitalist in
apable :of.-seein; the side of eithe
the Wage Workf r or the Public. To
iay, however, ie *has outwitted hi
-riticism by coming out frankly fo:
>oth the organizing of wage work
,rs and the protection of the publie
dr. Armour begins his discussion b3
;aying that the problem of the em
)loyer and the wage worker is noi
>rimarily to divide proTits but to as
,,re them. "For certainly they mus!
e made before they can be divided
)ividing them, says Mr. Armour, "i
L mighty easy jpb alongside of mak
ng them." In discussing the receni
trikes Mr. Armour says, "Strikes oi
ockouts merely show which factoi
'or the moment is most powerful, and
iot in any sense determines what ih
ight. It is the strongest side whici
vins and this is not necessarily the
ide which should." His complete
tatement as just issued at the receni
,onference on Public Relations at the
labson Institute is as follows:
"Efforts to take Labor or Capital
ut of the list of commodities subjecl
o the law of supply and demand are
esponsible for what is generally call
d the struggle between Capital and
,abor, or more properly speaking
lie struggle between employers and
vage workers. Always in the past
surplus of workers has meant low
r wages. Thope with Labor to sell
ave said that Capital was cracking
he whip, while employers pointed te
ncreased competition and lower sell
ng'prices as both justifying and com
elling lower operating costs.
"On the other hand, when workers
re scarce, wages go up. Then those
vith capital invested have maintain
d that the wage workers take ad
antage of the situation. The wage
vorker's reply is that higher living
osts justify higher wages. Thus it
vill be seen that while there'isn't any
uestion but that wages go up and
own in accordance with the law of
upply and demand, there are two
ifferent explanations for the phe
Lomenon. Either is reasonable or un
easonable, according to one's own
The brother and sister in a Grand
treet family had discussed the ex
>ected new arrival in the family.
One morning William said to Jane:
I know something you don't know.'
he replied, "No, you don't and I
:now their names."
"Huh, how can that be?"
"Well, I was in the room when the
loctor came out and slapped pa or
he back and said, 'Twins, old man
wins," and pa said, "Hell and Damn
Hotel. Clerk-"The guest in No
0O6 say's he had a' nightmare' las1
Proprietor-"Well, tharge it en hir
>ill-ten dollars for livery."
Tomn Mix in "TI
One of Ilhe good
this .popular st
N tws No. 66.
T HU RSDAY
you'll find them
PLANS MA6E 1ftT2E
r GREATEST STATE FAIL
s Columbia, September 10. Plans are
rapidy maturing for the staging of
the annual State Fair to be held in
Columbia one entire week commenc
ing Monday, October 23. Scores of
workmen at this time are rushing to
completion new and needed exhibit
buildings and transferring the old
grounds into a beautiful pleasure
park. The new race track and grand
stand are already practically com
plete. The management gives assur
ance that everything will be in readi
ness for the opening day and no doubt
visitors will be both pleased and-sur
prised at what has been accomplish
ed since the close of the last State
Fair. Educational, exhibits this year
will be much more extensive than in
the past, including a mammoth dis
play from the United States Depart
men of Agriculture. Live stock and
poultry. exhibits will be more numer
ous, while such interest has been dis
played in the woman's department
that -five thousand square feet will
be necessary to accomdate these
dainty displays. Leading manufac
turers of farm machinery are intense
ly interested in the State Fair and
ten acres -f ground will be devoted to
displays of niodern farm machinery.
The amusement program of the
State Fair will- be the most elaborate
ever presented in South Carolina. It
.will include fast harness and running
races daily, band concerts, free cir
cus acts, and each night a stupendous
- display of fireworks. On the Joy
Plaza the famous Johnny J. Jones
shows will afford entertainment of
, the highest class. As an extraordin
ary feature professional auto races
Iwill, be staged the closing day, Sat
urday, October 28. Arrangements
have been nrade for the appearance
of Sig Haughdahl, champion dirt
- track driver of the world. Other not-]
ed dirt track demons will compete for.
t:he liberal prizes and records are
sure to be shattered that day.
On the opening day of the Fair,
lidies will be admitted without.
charge. On this day will occur the
laying of the corner stone of the new
- Woman's Building. Elaborte cere
monies will mark this event. -Mrs.
George W. Vanderbilt will be the
guest of.hono- and she will be attend
[ ed by special conimittees from each
county in the State.
Willing to Pay.
A Bishop of the Episcopal Church
- lived all his life unwed. A friend'
m'ieinedthat-rie -a The states was
imposing a tax on bachelors, -to be
increased' a certain percentage for
each ten years of bachelorhood, *snd
t"Why, Bishop, at youi1 age you would
have to pay a hundred dollars a year."~
s "Well", said the Bishop, "it's worth
ie Road Demon."
new Westerns of
:ar. Also Pathe
, SEPT. 21st 6
on ni "The Black1
all ni The Black
NOt a Proposa Widow-Oh,. do"tr, is-is, this a
Doctor-You are slightly morbid, Doetor-Allow. me to remind you,
my dear lady. You should look about madam,.that a dqctor prescribes medi
you and marry again. emne-but he dosen't take if.
One Qulity Only
The Silverown is &e pioeer cord tire of Anerica.
Its history is the record of every important develop
ment in cord tire construction. From the start it
gave the motoristM new idea of tire service.
The Silvertown is nade by an orggnizatio wiSh 52
year? experience ir rubber manuhcture.
There is only one quality in' Silvertown Tires. The
materials and workmanship in one are the same as
in all others. The name of Silvertown is alwaysa
symbol of one quality.
Your dealer will ief you the Sai.
town in any sie from 30 x 3% up.
THE B. F. GOODRICH RUBBER COMPANY, Akron, Ohie
., ATOMOBES. MOTOgCYCLES. BICYCLES, TRUCKS
We offer someting new for
everybody in the family.
We have some new china and
SJack's Department Store.
When we talk to you about
R. & H. All America Shoes, we
are not just talking about leath
~r with a real name. We. are
talking a b o u t trade-marked
~ootwear that is 100 per cent
toerican in design and con
~truction, which has a reputa
ion as a business builder'
There is a good reason wihy
~eal Americans prefer All
Our fall stock expected soon.