Evening star., 1922-01-21
BY j. C. ROYLE.

Special Dispatch to The Star.
NEW YORK, January 21.-More Tor
q dollar! That phrase represents
the guiding principle Of American
business life just at present and 1t
works both ways. 1t represents both
the attitude Of the buyer and the
seller and of the employer and the
workers on his payroll. Business men
and workers expect to give more as
well as get more for a dollar than
they did in 1921.
That trend, however, does not
necessarily mean lower prices or
lower wages. In some Industries
there Is every indication that both
prices and wages will be maintained
at not less than present levels for at
least six months to come. But there
is a. rigid price resistance from the
buying public which must be taken
into consideration. Recognizing this.
manufacturers, wholesalers, Jobbers
and retailers are endeavoriug TO give
more for a dollar in quality or seIV-
ice or efficiency, If not in quantity.
Lobor, while determined as a pur-
chaser to get more for its dollar. Is
realizing as a producer the necessity
Of giving more for a dollar in per-
sonal efficiency and reduction OF
waste.
More Stable Business Conditions.
This widespread determination to
both give and get more for dollar
is bringing buyer and seller closer
together in an increasing develop
ment of more stable and more active
business conditions. Business dis
patches received in the last twenty
four hours make this evident. These
developments will continue II econ
omy, conservatism and efhclency
are stressed above stimulation and
expansion.
a lower turnover is inevitable, ac-
cording to leading financiers and
business men here, and pront mar
gins must be narrow and enected
through reduction of productlon
costs. A more rapid turnover. how
ever. is making itself evident on
every side. Accumulated stocks have
been absorbed to a large extent and
present and future needs muss pc
met from current production: rms
means greater business activity and
expansion of manufactures. rms
tendency has made itself plainly ielt
in increased production since Janu-
ary /. Raw material is going into
the factories in larger quantities anu
freight shipments are increasing.
Conl Strike Threat.
Threat of a coal strike in April still
is too far off to have affected the de-
mand materially. although an increase
of activity is perceptible, which. now
ever, has failed to stiffen prices. There
are ample anthracite stocks in reserve
and bituminous prices are not expect
ed to advance materially. steel men
are not only increasing output. put
are charging their plants Attehtion
is now being turned toward produc-
ton of tonnage for railroad car re-
Quirements and products used IN auto
mobile manufacture.
The opening of the fall lines OF the
American Woolen Company Monda! is
counted on to aid stabilizatlon OF the
market in woolens. as it VIII Indicate
the probable trend of prices. Perhaps
the most striking acvelopment or tne
present situation is the marked IN
crease in quotations on raw wool. The
Idaho, Montana and oregon clips are
being cleaned up at prices ranging
from 90 to so per cent advance over
levels which obtained at the latter
part of 1921.
Wage Cuts in Mills.
Wage reductions in the cotton mills
of some of the New England states
Is having a tendency to stabilize trad
ing, although the spot cotton situa-
ton still is uncertain. Lumber mills
are increasing their outputs in the
northwest, Michigan and the south,
and lumber men anticipate one of
their best years in 1922. The resump-
ton Of metal mining, even with re-
duced wage scales. is pouring millions
from the mine and Smelter pay rolls
into the cash registers of the west and
north.
Needed moisture in the great grain
growing sections has improved agri-
cultural prospects. and this is being
reflected in increased demand for
farm implements and machinery. Rec
ord production of oil is believed by
oil men to forecast further cuts in
the price Of gasoline. There is also
a tendency noticeable in widely sep
arated sections toward the reduction
of prices Of candy. Savings deposits
in general are on the increase.