Babson Discusses Business Cycles Babson Park. Pla.—I don’t be hove in a universal business cycle, r do believe in many business cycles. Under Newton's Law of Action and Reaction, business cycles are inevitable with human nature as it, is. MANY CYCLES When someone teds you he does not believe in the business cycle, it is because he pinned his faith on one business cycle and tried to make the same cycle ap ply to the stock maiket. interest lates. real estate, labor strikes, building, retailing, and manufac turing. Not only do all the above have their own cycles, but different in dustries may have different ey ries. For instance, wheat has a 9.6-vear cycle, iron and steel a C-year cycle and automobiles a i3-year cycle. MAIN CYCLES Although there may be A score of different cycles, all working at the same time. 90 per cent of the readers of this column are tied up with five main cycles. These are < 1» the 35-vear cycle, which ap plies to agriculture, weather, and insect pests. Every other 35 years the cycle is very severe. Hence, some talk about a ~ '-year cycle: and others about a 50-year cycle. : The cycle which affects us all 1 is <2' the approximate 9-10 year j cycle. Every other ten years this ' cycle is especially pronounced. Hence, some talk about 13 > t.h 20-year cycle. This particularly applies to real estate, new budd ing. wholesale prices and general business—although as above sta- j ted, different lines of business i vary as to when their special 20 year cycle starts and ends. Ed ward R. Dewey, who is perhaps j the best living authority on cycles.' shows that a 9-10 year cycle ap* I lilies to forestry, fish life, ozone .

64.5%