Future Value Of Mineral Property - The Average Through Booms And Panics

Every business man who has reached the age of forty, or perhaps even thirty, must know from his own experience that there are occasional periods of "good times'' and others of "bad times "-booms and panics. Those who give to business some complexion of science have invented a semiscientific name for these alternations-the business cycle-indicating that it is a normal phenomenon which by its own nature repeats itself. The longer one lives and the more one enlarges his own experience by the study of history, the more of these cycles he knows and the more disposed he becomes to take their recurrence for granted. If these alternations can be put into the category of common- places, why not treat them as such? We are in a sharp depression right now, why worry about it? Is there not a certain average value for business that can be depended upon in spite of depressions? By way of rejoinder one might answer that war is the great commonplace of history, but when we get into one we generally find it worthy of attention. In the present case, many a man has lost two-thirds of his income, and he is extremely nervous about finding it again. The Southern Pacific Railroad earnings have dropped 75 per cent in the past year; Pennsylvania, 60 per cent; United States Steel Corp., about the same. The drop in current earnings is