Show T WILL ILL I BRING BABSON BAnSON PARK Mass SInes July 3 During the thc past two weeks week Roger oger W v Yo Babson Dabson has hu been making a of tho the crop situation with wih t n. n view of determining the real meaning of oC the tho governments government's crop report As As- Assuming suming that the th government nt fig fly figures figure urea ures are correct Mr r Babson Dabson be beo believes I evl that their ther Importance is I bo- bo boIng be- be beIng I Ing greatly greal exaggerated Ills His 11 com corn complete statement Is I as follows follow's s folo Tbs Th Th stock market always reach reath reaches es C its lt H lowest point during the he early portion porton of a n period of depression After this the th insiders have has ha e accumulated ed such holdings hold InK as they desire delre at atthe atthe the lowest lost lo st prices thes' thes begin to gradually talk optimistically This optimistic talk continues through through- throughout I out the period of depression and Is Iso accompanied o by rising g stock I mar mar- market market ket prices As these I gp people p I r haves havo I large security holdings they are I naturally interested Int In bulling the tho market Hence Hence- they thy give he an op op- interpretation to lo all Rl news whenever possible they endeavor Id Id suppress bad news and exaggerate an ler ale ate good news new's This situation ne eon con continues throughout the period of de de- depression de- de depression until the market climbs to high figures when thesis these mar mar- market market market ket operators begin to liquidate NO O OW HIGH The stock market usually reach reach- reaches es Its highest point at the 11 begin begin- beginning ning of ot an era of Improvement Statistics indicate that we are at or approaching such a time Ur at pros pre oft ent This for the ent Thil liquids liquida liquidation lIon tion ton which Is I. i going on now no In the stock sleek market and explaIns explain why wise Ise people are arc now takIng Inking their prof profits its Is a a a. athe the insiders sell sellout sellout out Olt they turn pessimistic It I Is I an anold phd old Wall Wail al street et quotatIon that the greatest bear blar Is i a sold old out hull bull hull Surely this has ha h been true through through- throughout out my roy lifetime and very noticeably so After Ater the insiders liquidate they begin to 10 exaggerate bad news new s and suppress good gooI news because they the then arc Interested In pro pro- lower louver prices having taken their profits In tho market market- All Al Al Alof l of this means meins mennO that If It n a 1 medium sized sired wheat crop Is I indicated when stocks are nrc low lout this wheat crop crol Is I s reported as oR a at fairly good crop which will wi probably bo he sold at rae rec record ord breaking prices If I. I however the government forecasts similar a r crop when th stock market Is very ver y high then these same operators operator s state that hat the crop will 1 be he bevery very tor y short and prices pries very cry low how thus thu s bringing great losses loose loss Il to the tural district This seems ems s to 10 be b e the situation at the present time and readers must recognize the th e ports fact when considering crop re ro reports re- re IMIl I Without doubt the winter wheat t crop cop will still 1 be a R disappointment this thi s fall tal ns as a to bushel which will 1 be he h e less heM than for several le col year years ears More over from present Indications the tho th e world wheat crop will wil be quite quit e good thus keeping world prices price s down lo to a fair tall figure On the oth er hand Stand the United d Stales Stale tariff on o n wheat must not be bc b forgotten which h means meas that the American people e must pay considerably more than Ihan tha n the world orld market Hence our ou r western formers farmers should be able to 10 t o make a fair profit profi eve Ive non the tho pres pres- present ent crop Indications because the th e price to lo our farmers farmer should bo be b e quite good Hence I believe e bele pea pes- Pl crop nop reports arc are being ex cx and that even the wheat t grower may rosy have havo a fairly good goo d ear car SHOUn SHOULD m However lIon the purpose of this s Interview Is not to 10 discuss either eithe r the stock abc market or the wheat crop but to urge business men to keep kee p on an even en keel and I ond not let lot either eithe r the tho the bulls buls or the th bears of the stock toce c I market rock their boat boal I want am to t o Impress upon business men that the th e financial interests s are always alwa's bull bul- bul ish Ih during the early part of a pe P nod of ot depression and ant are arc alway alwa's s bearish In the early part of a I pe pe- period nod of ot Improvement All Al of this thI s means that the thC present high prices price s of ot stocks and the pessimistic talk c lale which Is now coming Corning from certain certai n Interests Is 1 one on very er good gOO Indication n that we ne are entering n a period of ot o f real business improvement In ad ad- to the the lb general n ement 1 reasons re ons above o I given this Is I borne out most clear clear- clearly clearly ly by b s. i Most ost of the fun fun- subjects show an Im provement over oter 0 er last year ith standing the pessimistic talk lalk you jou ou hear today Check transactions for May ay amounted to 49 17 1 per cent ahead of ot the figure foi fui COla Ma May a 1924 12 Returns for tor throe three weeks weeks' In June Indicate even a larger Increase Failures show shout sho considerable Improvement for th the liabilities of firms falling failing in May Jay were but 71 il per cent ent of Ma May Ia a ft ear jear ago while the number of or firms falling has ha not declined na as 19 much but Is now non 6 per cent be boo bo- low it last yearn vear's y ars rate Building li is 1 unusually active as lS evidenced c by ly awarded and permits Ma Ia 1925 operations In 20 lead lead- leadIng Ing cities citte were ere white while i In May Jy 1924 the a alue alue of per per- mite mits totaled but 1 per per- Ce Ce- Cement ment production was barrels barels an Increase of 32 p per r cent Recent foreign trade statistics statistic show Improvement with lh exports In May Ma 10 10 10 per cent larger than last lat year Sear white while Im Imports im- im imports ports gained 8 g per Ier cent to 2 Car loadings are running close clone to one one- ont million milon a week eek In spite of lighter coal shipments shipment while merchandise In less than I carload lots Is considerably nr xi- xi T i- i L. L above ahova Y nr xi- xi T i- i L. L all nil RI Al previous p r ev I ous records o Freight Frei cor car continue continue- heavy al al- hev al though there has his been a R gradual decrease since April Apri On June 1 there was wan a surplus of at cars compared with wih cars cam camon carl carson on April Apri 1 1 1 GROWS The comptroller reports that bank loans have havo Increased Increase ant ami deposits 4 since last lat year Statistics on money rates rale show how commercial paper less than 4 per cent cEnt about the same as os a year ago Igo Retail Belal trade is I showing a gain over last year jear ear April Apri th most rec recent nt month reported was as the largest on record Production In many lines Inu Is IH high automobiles and stud trucks hucks were produced In May Mav IRY compared com par with wih in April Apri and In Slay May 1 a a a. I year ear cor ago ao gallons Kalons of ot gasoline were ere produced in April Apri an In Increase In in- increase crease of ot gallons gallon above e April Apri 1924 An Increase o of ot 18 per p r cent In new nest ne corporations corporation formed during Stay May a compared with lh Stay May a year ago would seem m to l f Indicate a e optimism tr regarding d the t outlook And one ont of ot the most mo encouraging conditions is I that thit th th the purchasing pow power r of ot the American farmer furer has ha Increased about 10 per over last lat jear ear |