Atlanta tri-weekly journal. [volume] (Atlanta, Ga.) 1920-19??, 1923-12-04
NATION s BUSINESS
AWAITING ACTION
OF NEW CONGRESS
(Leased Wire Service to The Journal.)
copyright, 1929

can enterprise. in the language of
trade association leaders here, sits
today on the steps of the capitol,
waiting for word from congress. A
lull in activity is reported from many
fields. Whether it will be only a luII
or another period of readjustment of
uncertain duration depends, accord
ing to the opponents Of business
here, upon the character of the word
that comes from house and senate.
Congress meets Monday and what
it will do, or attempt to do, or for
business remains today as much of
a guess as it was a year ago. Indus
trial leaders are somewhat fearful
and have adopted policy of extreme
caution, Buying is largely from hand
to mouth; selling commitments run
only to near dates instead of for
months In the future, and employ
ment figures remain barely steady.
Even this is somewhat better tla.f
the situation forecast two months
ago. The betterment is ascribed
largely to Secretary Melons tax re
duction proposals. Those proposals
came as a welcome light to many in
dustries which were frankly crop
ing toward the future. They profess
to see in the proposals an Oppor-
tunity to press ahead again toward
prosperity, freed of a part of the
heavy tax burden which has handi-
capped them during the period Of
revival.
Lower Taxes Awaited
If congress will signify early in
the session it's intention to enact the
Mellon proposals substantially into
law, trade association officials here
believe that there will be an inn
mediate revival of business and that
year Of great prosperity lies ahead.
Business throughout the United
States is represented as planning its
hope for better times upon lowered
taxes. If, however, congress makes
it clear that taxes will not be lowered,
the present uncertainty will con-
tinue-probably for mOnths-until
a definite tax revision proG-sra In
worked out and passed.
The proposed tax reductions would
apply to next years business and
for that reason many industrial con-
Germs are unable to formulate their
programs for 1924 until they can
figure with some certainty upon
their taxes. This is notably true in
building constructions, transpOrta-
ton, the iron and STEELE industries
and manufacturing generally. When
it is recalled that manufacturing
alone gives employment to about ten
million workers and that the value
of it's finished products runs about
$40 900 900 900, the extent Of the
widespread influence Of taxation
upon business nacoGiAS more APP
parent.
In the iron and steel Industries
production is down to about seventy
per cent of capacity. A further de-
crease Of small proportions is antic-
ipated after the holidays. Much of
its present activity is due to the
boom business in the automobile in
dustry, and the falling off generally
is ascribed to the lack of further or
ders for railway equipment and sup
plies.
Railroads Not Buying
The railroads are not buying as
they were six months ago, as they
too. are waiting on congress. A pro
gram involving orders tOtallnG $780,
100000 to 000,000,000 waits, the
carriers say, on developments in con
gress. AS a result of the waiting
policy, railroad supply houses as well
as iron and steel mills, also face I'M
certainty for 1924 and manufacture
ing generally, another link in the
chain, has Teen nOticeably slowed
down.
The coal industry which supplies
these plants and the railroads is also
having it's day Of uneasIness. mat
industry gives employment to more
than 100000 men. The market is re-
ported as stagnant and mines have
| closed down by the hundreds in Hi
| nois, Indiana, Ohio, Pennsylvania
and the producing states of the
southwest Hundreds of other mines
are running only from one to three
| days a week.
Tax reduction legislation, many op-
orators assert, would Immediately
help this situation. Coal orders now
| withheld because buyers can not
count upon the future with reassur'
ance would be forthcoming, it is
claimed. and tens of thousands Of
workers would go back to their jobs
in the coal fields.
Building construction shows its
seasonal decline after two record
breaking years. Leaders in the m
dustry look for fair buiness next
year; but if tax reduction legislation
is enacted, the volume will be large
it is believed, as building construc-
ton is tied up closely with the coun'
| try's general prosperity.
Officials here are much concerned
with the forthcoming monthly sur
vey of employment. Little. II any,
! increased employment is expected
and Washington will be lite we'll
pleased if the survey does not show
an actual decline of small proper
tons. Within the past two weeks pre-
liminary reports covering labor con-
ditions have not been altogether re
assuring and the fear is entertained
that a general feeling Of uncertainty
as to what congress will do may
lead to unemployment during the
wiz, toN~