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What’s Ahead 7 1954—For Agriculture? 
This could qualify for the jack-pot question on the toughest of quiz programs. However, the question 
of the future of agriculture can be disposed of with comparative ease. For it will be determined by the 
over-all national economy, and to a lesser but vital degree by the world economy, specifically by the flow 
of goods in international trade. 
Having said that, we should promptly concede that the condition of agriculture greatly influences the 
over-all economy, but to a far less degree than in years gone by. On the other hand, agriculture is influenced 
by it. Nobody ever saw a flourishing agriculture in a depressed national economy, nor a really bad situation 
in agriculture during a high-level economy. So for a clue we must 
examine the “structure” of what is commonly referred to as general 
business. 
BUSINESS OUTLOOK? 
In recent weeks we have all been exposed to the usual bumper 
crop of year-end summaries and vague predictions for the new year. 
The sum total of what we have read and heard is zero! The most 
tangible thing that has appeared in the press and on the air purported 
to come from a group of economists to the effect that we are “in a 
recession.”” That certainly was not “news.” Fact is, something more 
than a mere “recession”’ began almost nine years ago! 
For it was in 1945 that the “inflationary pressure,” from new money, 
supplied by expansion of the national debt, terminated. In that year 
the ‘“‘debt”’ reached 278 billion, from which figure it receded to some 
252 billion dollars. True, it has now “worked up”’ to 275 billion, but 
there has been no new expansion since June 1945. 
Then in 1946 many farm products began to decline. Grains suffered 
a virtual collapse and meanwhile they have not come even close to 
the highs of that year. Numerous others have one by one undergone 
drastic declines, such as poultry, hogs, more recently cattle, meat 
products, hides, cotton, vital metals, etc. Seedsmen generally are 
painfully aware of the collapse of most grass seeds, especially alfalfas, 
clovers! A sizable list of important industries, including textiles, has 
in these past seven or so years passed through what can safely be 
described as a major adjustment. 
The stock market experienced in 1946 what is commonly known as 
a “bear” market, certainly in degree. It stayed down until 1949. 
Since then an estimated one-fourth of the 1300 odd issues listed on 
the Big Board, consisting mainly of so-called ‘“‘blue chips,” in well- 
situated industries, moved into new highs. 
Because stock averages include only a very small number of “‘lead- 
ing” issues, they have reflected and are now reflecting a distorted 
picture of the market. Hundreds of stocks, including those of some 
excellent companies, have experienced a real bear market and after 
a lapse of over seven years are still badly depressed. Actually many 
are now only half of their ’46 high; a few are less than a fourth of it. 
Then reflect on this! In terms of published stock averages no real 
progress has been made by the market in three years. Leading stocks 
like U.S. and Bethlehem Steel are now lower than in late ’50. Chrysler 
Motors has lost 38 of its 98 dollar price. Oil stocks (best performers 
since 1949) have lost ground since late ’51, although they have im- 
proved lately. 
WE DO NOT PAY THE POSTAGE 
When making out your order, please bear Forlpound.......... 
in mind that the prices quoted in this cata- For 2pounds......... 
log do not include postage, except where For3pounds......... 
For 4 pounds......... 
Kor5) poundsmasnaee.. 
specifically marked ‘‘Postpaid.” 
For all items not marked postpaid—up to 
the third zone—include for postage and 
handling, as follows: 
ss 
43 YEARS 
i OF SERVICK 
Founder 
WHAT’S THE RESULT? 
It seems obvious that both the general public and most authorities 
have been deceived by the fact that selected “averages” of stocks 
and the “indices” of business activity are still at a high level. The 
result is that they are expecting a major adjustment which they say 
must come because it has followed every war in history. 
Our observation over some 30 years has been that the most common 
mistake made by man (including those that pass for experts) is to 
fear what has already occurred. Too often the past is viewed as a 
pattern of what is to come, when the reverse is more likely. 
The controlling factors now are distorted and obscured. The gen- 
eral business and economic structure is stronger than it has been for 
bevel years, being greatly strengthened by the adjustments above 
cited. 
The fact that business activity has remained at a high level while 
a long list of securities, commodities and industries have one by one 
“passed through the wringer” over so long a period as eight years, 
is rather conclusive proof of a sound economic structure. In not a 
single instance in all history has this country been able to adjust 
individual excesses without upsetting the whole cart of apples. 
This is the essence of what we indicated a year ago. We then took 
a bold stand on the side of optimism. We dared to say that it was the 
first time in all history that such a state of affairs had prevailed. 
MONEY AND NEEDS 
The two most potent factors in economic life are (1) an adequate 
supply of money and (2) an urgent need for basic facilities. As pre- 
viously stated, we have the money! Some acute needs resulting from 
(1) a major revolution in industry, science, transportation and com- 
munication, (2) deficiencies created by a long, deep depression, (3) 
obsolescence of facilities and (4) fantastic increase of population have 
been met. In a few instances mild surpluses have developed. But 
our full, urgent requirements have not been satisfied. 
Space forbids even a partial list of these basic needs. It is so long 
and so big in dollars as to stagger one’s imagination! Providing a 
decent home for every American is itself enough to keep us busy for 
years. We do not dare to reveal the full degree of our optimism re- 
garding the broad outlook. It is assumed, of course, that nobody 
is going to drop any deadly bombs! 
But remember that good, sound, modern, efficient and dynamic 
management is still indispensable, indeed more so than ever. There 
will be few, if any, “free rides” in 1954, or any future year! ““Them”’ 
days are gone! 
WARRANTY CLAUSE: The Wetse! Seed 
DOG SAS SOSIOK $0 30 Co., Inc., warrants to the extent of the 
34 purchase price that seeds or bulbs sold are 
as described on the container, within recog- 
nized tolerances. Seller gives no other or 
47 further warranty, expressed or implied. 
For each additional pound add 4 cts. 
Gay Street Warehouse, devoted to the storage of seeds and other merchandise and 
cleaning of grains and grass seeds. 
West Market Street Store, Office, Warehouse, looking 
north, on U.S. Route 33, 14 block from intersection 
oft Route 11. Three floors visible from east side. 
