New-York tribune., 1922-01-20
Send Telegram to Finance
Committee at Close of
ConvcntionHerc Brighter
Business Future Outlined

At the CLOSE Of its four day conven-
tion ut the Waldorf Astoria yes
terdaw the National Wholesale Dry
Goods Association passed a resolution
opposing the American valuation plan
and sent the following telegram to the
Senate Finance Committee, which is
now considering this section Of the
new tariff bill:
The National Wholesale Dry Goods
Association, whose membership is COM
posed of $50 whole salers located
throughout the United States and who
annually distribute more than $1,000
ooV,OO0 worth of merchandise, of which
considerably more than 90 per cent is
the product Of American labor, in their
annual meeting this afternoon passed
resolution that the association go on
record with the Finance Committee Of
the United States Senate as being
strongly opposed to the enactment into
law OF the American valuation plan"
The action of the association on this
question followed a debate on the sub
Jcct IN which Clement J. Driscoll, Of
the American Valuation Association,
spoke for the plan and William Fl.
Mann, of Marshall Field e. Co., op-
posed it, Mr.. Driscoll asserted that
the American valuation plan would not
increase prices, and would prevent un-
dervaiuation and protect American in
dustry against unfair competition be-
cause OF the low exchange rates and
cheap labor of many European coun-
tries.
Mr.. Mann asserted that it would
raise prices if the bill went through as
constituted at present and said that
rear OF domestic markets being flooded
with foreign goods was unfounded.
Favorable factors in the business sit
uation outweigh the unfavorable fac
tors, Herbert P. Howell, vice presi-
dent Of the National Bank of Com
merce in New York, told the dry goods
whole salers-
I'VE are not going to have another
great and rapid revival in business" he
SAID, such as the optimist might feel
justified in hoping for but we can un-
hesltahngly count on continued grad
ual trend of developments toward
more stable and more active business
conditions.
Business was in far better shape at
the end of 1921 than at the begirnirg.
~ VII be IN better shape at the ond of
1922 than it is now. In net results
1922 will be better year. than 1921.
We might qualify this statement by
saying that 1922 will be better pro-
vlded business men as Whole con-
tinue to act. sensibly We might saw
that Developments will be favorable if
economy, conservatism and efficiency
rule in business rather than efforts at
stimulation and expansion.
"Profts can be made and success
can be established during 1922 But
they must be built UP by means of
economy and efficiency within the
bounds Of conservative business oper-
ations. A lower turnover is inevi-
table. There is rigid price resistance
from the ultimate consumer that must
be accepted. Therefore profit margins
in business must be effected in
economies in production costs"
Rudley Watts. president Of the As
sociation Of Cotton Textile Merchants
Of New York, discussed the mutual re-
lations between the mill selling agents
and the wholesalers and expressed
optimism on the general business out
look. Z. I. Pickard chief Of the
textile division of the Department of
Commerce, reviewed the work of his
department. and outlined it's objects.
In his annual address NJ. G.. Cooper,
president Of the association for the
last two years, suggested a greater ex-
change Of business data among the
wholesalers, particularly on overhead
costs, to the, end that they might be
reduced He also expressed the opin-
ion that while the 1921 Inventories
just completed showed little profit,
they also showed that losses were less
than in 1920.
The need Of more rapid turnover
and greater efficiency in the conduct
of business were the chief lessons
learned by the wholesalers during the
last year, it developed at round table
discussion in the morning.
Officers elected for the ensuing year
were: f. II. Lloyd, Pittsburgh Dry
Goods Company, presidents; James
Wilson, Clawson & Wilson Company,
Buffalo, first vice president; W. NJ. G.
Howse, Johnston & Larimer Dry Goods
Company, Wichita Kan, second vice
president; 7: A. Fernley, Philadelphia,
secretary treasurer, and T. James
Fernely, advisory. secretar ry- treasurer.