Show WARNS AGAINST OVERCONFIDENCE Babson Future 1 Depends On Morals I Special 1111 ri HAnSON P Hh PA UK I lIe Fla In Jan 22 22 Roger W iv Babson today toly hIs annual t of nf giving Rivin it t ills time a resume of or the tit til various fi fl financial reviews issued by differ differ- different different ent authorities each January This Thu ThuIt It Is entirely apart from front Mr Bab on l own own review published In this pa-iper pa a per the first of tit the year Mr Ir Dab Dab- finn on sons authentIc statement is as II tel tel- lows fol-lows lows Now that all the Important re- re reviews re review views view tel s and forecasts as to 1926 10 have been published It Is well ell to ana them in order to make one coin coin- com composite dla They are from men inch of the highest type and each one Is worthy orthy of ot careful consideration ra- ra lion tion A As usual most moat of or them are optimIstic as to 10 the coming year although some seem to be trouble l by the present high stock markit prices The conclusions may he be summarized under tinder four tour heads beals Ciri-AI Ciri 1 MOSEY MOM ANH XI Ni Tin Tue 11 one thinK thing that all seem s-em 10 agree upon Is the abundance of money mOlley the low Interest rates a and ld present ent easy credit condition Most of these bellee that mot py lit ill very cheap out out 1926 1826 Th They state late that thed the tI f-tI- d eral d erat board II it functioning better than ever b before forG and Insist that a banking panic Is 18 now impossible sible One or two tl seem to worry as to the effect of ex- ex exports ex exports ports and some secret to see sec tuh suh sucha a large larse amount of bonds purchased In this country although the th amount beIng loaned does docs doc not yet et exceed tho Interest due us on foreign loans The keenest observers ers are ar troll trou troubled bled by the tremendous growth ot of the Instalment business and a very re amount of o merchandise in 11 prIvate homes which has not been paid for tot Personally I believe that thit th these feelings are Justified Esp Espe Especially daily In view of the tact fact that no statistics are available to show khow how U the e extent of this bootlegging bank bank- bankIng banking bank Ing The comptrollers and other reports which at pre ous have shown the amount of credit being extended absolutely tall fall to show this toda today A All l- l WrIte writers s agree an th that t- t our na national na- na political conditions condition ar are more satisfactory than hag hai been the caw case ca e for a hundred years Troubles I In iii Washington began in 1812 with aith th three secession of ot the New V England nd states tates then the th slavery question kept the nation In a turmoil turmoil tur- tur moil for tor II a n generation this was followed by a see sawing on the tariff and a II constant struggle he he- be between tween the and tie te manufacturing sections section then cam canoe Caine the conflict for tor twenty years be- be between between tween ten Wall all street and congre wIth railroad letl li lion tion troubles and trust busting bustins These trou- trou bles blea came me to a head with will were side aide stepped by Taft Tatt me messed up by Wilson lIson and smiled upon hy by li Co HardIng Today with Calvin Co- Co Idge as president all nil this non nonsense el e eIs Lg Is temporarily at an art end We e also seem more tree free from foreign wars ara than ever er before Since the Pilgrim Fathers Father land we we at Plymouth we have been at ut wr w with the th Indians or with the French or with Great Britain or with Spain or with German Germano Germany o No foreIgn complications arc are feared tear at atthe the present time We 1 surely aurely are go- go Ing goIng v-i-Ine immediately to enter the World orld court imme Imme and some day will wl enter I the he league of nations nation Since tile the Locarno conference all bids fair ar for tor world peace for tor man many years year ars to corn com The Tho only y pessimistic c nola In this connection Is the fact that we have hav become becom so great a It creditor I nation that other nations arc aro he- he coming cantIng he jealous of us UI Hence Ite-I Ite wp wo must avoid avold becoming orro arrogant ant and i Ignorant of tho needs of or the less es fortunate EXCESS EXCESS OF OP WEALTH All A through Ch our existence until tin tin- un til the great reat war or we were n a a debtor la nation sending sending- each year yeul lage amounts of ot money or good to Europe borrowed to pay the Interest on bor- bor bor rowed money Now we w are ar not only out of ot debt to Europe but arc loaning the rest of ot the th world huge hube sum on our own on terms This Is gIven by some writers writer as a reason why the present prosperity should last doubt for a generation Without we have haTo this wealth and it it III Increasing very rapidly bu but as ItI I Thoreau saId The Imparl Important ant Is butin not how fast last we e are ar going but In what direction Added to this vast ast financial re- re re serve sCIe reserve the United States Staten has a great reat reserve of plant capacity which now extends e even n to transportation Ind nd e housing We e are rich In ra raw lw a notably coal Iron and pe- pe petroleum We e have an of at ag products product and tremendous loans which ore are ar being be made Intermediate by the Farm Loan and In- In In banks and the Joint Land banks the he farmer Is ii fully Cully supplied with money We lead the w wi worl i In ln mass tion both both as to agrIculture and manufacturing tore Moreover over through an and the th proper T T- T f us 01 statistics con costs are beIng con con con- stanlly constantly reduced CONDITIONS OPTIMISTIC The United States State Is the only I I nation of equal i area ara rr and na population which uses the lame ame cam language and I III I andla andI united by sentiment as a fr well wall a as 1 by a-iby a railroads newspapers tele- tele telephones tele tle telephones phones automobiles radio and most of ot all the h est creat-est oaf public ht 1 I In great great- h I world wrid We W have no state tat t tariff drift I hatI walls nor caste and church hat hat- hatreds hat hatreds reds to dIvide divid our people vc e hav have favorable land laws 1 and cred I it laws Our temperate climate and treat great variety of ot soil toil attracts I from every ever nation A Ver Vermont Ver- Ver Vermont I VerI mont farmer farmer boy without any I personal Influence becomes the presIdent of ot the th United States a ayoung young oung Immigrant from Europe be- be be becomes cornea comes the th richest richert t man to man to quote Franklin T Miller tiller one ona on of ot my most respected friend friends 1 lit Jn addition to the th above we have bythe the statistics brought broucht out b by I the Curtis Curds Publishing t company that the average cost coat of living is II I only 70 per cent greater today titan than In 1914 while the average a wage wo Is Ismor ismore Ismore mor more than double wIt what Is la was WitS In 1911 This they means me-ans me they ns-they they claim claim- claim that wage workers can purchase aso 30 10 per p r cent nIece more mor than In 1914 1 notwithstanding the th Increase In rents renta and prices Another prom prom- prominent Dent nent efficiency ncy expert uses sta- sta sta statistics to show that 0 InG to the tho Inflation of ot the th dollar ollar stock prices Ire still 1 lower today than at the time of ot the th worlds world's world previous high In 19 1906 06 I believe that the tha th Curtis company fIgures are arc correct but bill that the th men who are ara endeavoring to use usa us the th l tame name sta- sta sta to prove that the th stock market I Is It still till low are absolutely wrong in their fundamental tUl prin principle clr ciple lea Ir WHAT 1 OF OP Till ThE Granting all the tile above state stale ments are arc true and true and most moet of them are what what of the future I can gIve III my toy answer in a It very few f words namely that all depend up upon on the spiritual and moral out out- outlook Outlook out outlook look To use the th language of the Street if It we w keep our feet on the ground we arc are all right but If It we let this prosperity go eo to our heads we are arc facing one on of the big big- biggest Best ble-Best gest geet panics panic In our hl history tor The I Biblical naming 1 arning Pride goeth tb l hr- hr he I ro fore and I a haughty I spIrit A n tall fall Is it 0 as true Irue to- to today today to today toI day as all It was 2500 years ago RO The I Thc Tho Indications s of surface condi- condi condl I are arc ar not A crime wa r Is sweeping the country rape Is III necessary nc mary to 10 give a thrill In the movies temp and self control rol ha have e a Joke observance and respect for tor law Is considered red old fashioned honest labor Is it looked upon as 08 something to be avoided too many are try try try- try Ins Ing in to get something for nothing and are going Into debt d bt for need need- needless lets less luxuries s and harmful plesa ures aA tires nasty natty magazines lire are build build- int Ing up great treat circulations white while the tho colleges arc are closing up their chapels and are tre opening Sol ln ok I In log rooms for the women won atu- atu stu students dents i 1 sincerely hope that liat these theAe I thIngs are merely n a phase and andI I that the th American people or are still a God fearing raco rac race It If not cot thing things are aro a II tremendous in- in indictment In Indictment of schools and colleges a as aswell 11 1 as parents 1 Yes iea America hag every material at bles at th the I Irp present ent time lime and ond if It we will only I keep our feet teet on the ground round the present era of prosperity should continue for year yearn ar On the other hand all wealth is a n mere mera tool which can be b used either to up- up up build or to destroy depends on the tho motive ambition and tastes of ot the peo people lo who have this tool toot in their hands hI As this spIritual factor which bleh I con consider oIlier the most Important of all when considering the busIness s outlook was not brought broucht out by Iy any of the writers I take take- the Ibert liberty of emphasizing It 11 it In III this way In the meantime business I ii s still 1111 on the upgrade grade Irrespective of the th Ish wieh- wieh wish wish-c cs Ca of bulls or bears the chart Babson-chart I chart now no standing at 11 per perI percent percent cent above normal I Copyright 1926 I Publishers S Fl Fl- Fl Fi Bureau |