New-York tribune., 1920-12-03
Insist That Future Is Bright,
Especially in Credit Con-
ditions; Laxity ON Can
collation. Plan Is Scored

Optimism In almost every direction
except that Of placing business upon q
basis OF absolute respect for contracts
was expressed yesterday st the four
teenth annual meeting of the Amer
lean Association Of Wooden and Worst
ed Manufacturers, held at the Waldorf
Astoria.
A bright future for American indus
try as whole was pictured by Francis
H. Sisson. vice pres dent Of the Guar
anty Trust Company. the principal
speaker at the meeting. Mr.. Sisson
asserted that the adjust tment period
was drawing TO close and that more
cheerful outlook was visible. He lined
up the favorable factors as follows:
good crops, a world wide need of build
ing and other production, railroads in
the best shape in fifteen years, the
election as past history, our merchant
marine, g more tractable attitude on
the part of labor and increased intel
ligcnce among our people, particularly
concerning politics and economies. The
few dark spots came mainly under the
heading OF politics. He decried our
present system Of taxation and govern
mental waste. He said that we should
not attempt TO finance the war debts
all at once He advised the refundng
of the 1928 Victory notes and urged
that foreign debts to US be extended
as far into the future as possible. He
also urged the adoption of peace
treaty and the establishment Of some
sort of league of nations"
far from pesslmistlc report on
credit conditions among the manufac.
turers Of clothing the chief buyers of
toA 70
the cloth manufacturers by A. d.
Whteside, president of the National
Credit Office. Failures among clothing
manufacturers, he said, had been re-
markably few. Summing up his re-
marks, he sized the probable situation
on January l as follows:
The weaker Customers will be out
Of the way or show their condition so
plainly tnat new credits will be diff
cult to obtain.
Your strong customers will be in
more liquid condition than last year
with perhaps smaller capital.
The retailers will have reduced
.heir stocks to the point where it
wiIl be absolutely necessary to make
new purchases, for there seems to be
every logical reason to tnink that their
stocks on january Will be subnor-
nal.
Your banks and your customers
banks will be prepared to meet the
demands upon them very much more
readily than in the past, and in all
probability at more acceptable rates,
Tor every indication points 10 a fairly
easy money market directly alter
january l.
Labor will certainly be in better
mental attitude. they will at least DO
more work for the same pay, ii not
lor less money. This cnange ls very
noticeable.
"Ihe administration in Washington
VIII have the confidence of the conn
try"
He advised tho woclcn men 70 col
lectively delay the showing of new
SEASONS soous for fall, 1921, until the
present surplus is used up. and also TO
start buying movement tncInseiye
by determining upon q fair price for
raw wool and othu supplies and be-
ginning to purchase them. y ou are
not going to get one inch further along
Than you arc now while you sit back
end wonder whether the market has
really touched bottom,' he said. 60
ahead, you have never bought enough
At rock bottom and you never will.
IS it any poorer business to huy on s.
scale down than 3 scA.e up
mill efficiency and economy IN opera
ton was advised by w. r. Basset, of
Muller, Franklin, Basset d. Co., indus
tria! engineers. lie briefly sh ,tcheJ
Out the economies that hive been cf-
:ccted by collective action IN other
associations, stressing such features
as collective bOying, exchange of ms
eninery, time study schools, investlga-
tons Of factory practice, uniform cost
accounting methods, etc.
Charles Webb, a Philadelphia raw
WOOL dcaier and a cloth manufacturer,
brought up the uucetlon Of contract
violations and scored thc association
Tor It's lack Of action in this drec~
ton. He alluded to the uniform oc,ier
hiAnk prepared by special committee
1t the association, but adopted by only
> handful OF mem beis How can YOU
lSure pIlces on your goods" he asked,
when yon do not kno" ii your Gus
TONER'S VIII take all they buy? 1t is
t'me that contract is regarded es
sacred as your mothers honor In
closing, be declared that "all The
money you Will make in the mex. few
years VII be through economy and
rugality."
New officers elected at the meeting.
which was presided over by George b.
SANFORD, retiring president Of the or
Eanizatlon were as fDllows: President,
John ?. Stevens, of J. p. Stevens & Co.;
hrst Vlce-p president, J. Francis Legg,
OF the Worcester Woolen Mill Com
pany, and second vice-president Alfred
A. Whitman, of William Wn. man &
Co. Several Mew directors also were
elected. J. ]. Nevins continues as seq
rotary treasurer The rest Of the meet
.n,g was given over to routine reports
OF various, committees.
Commercial Credit