The Seattle star. [volume] (Seattle, Wash.) 1899-1947, 1923-02-24

eight sections presents an un.
usually valuable picture Of cur.
rent business conditions. Sec.
ton two, which l. issued today,
treats Of New York. Pennsyl
santa, Maryland and Ohio.
NEW YORK CITY. Feb. :s.-"As
New England vas tho first section 10
b hit by the depression and the
first 10 recover" says Afr, Bahson.
$50 New York. Ponpsylvsnla and
Ohio being the second section TO be
hit. naturally l. the second section
90 recover. In 1880 the center Of
the depression was az Bridgeport,
Connecticut: out BY 1891 ny center
OF depression had mssed 10 Akron.
Ohio. From Connecticut 10 Ohio,
however, business Is today IN fair
shape. Tho steel Industry Ia back
10 IS per cent OF It's capacity; coal
mining Is very active. the carpet
factories and textile mills arr ex
ceedingly prosperous. the agrlcultur
al sections and the numerous small
factories Of these states are getting
on much better.
New York city u feeling pretty
optimistic. The hotels are full and
the retail stores are doing a good
business. There. however. Is no
such riotous spending OF money In
the restaurants and theafers as dur
Ing boom times. The principal In.
dustry OK New York city Is banking
and johbing. The bankers are not
especially optimistic over the pros
pect OF lower money rates for 1873,
excepting those who sell bonds. OF
course. as money rates decline the
demand for bonds increases and bond
prices strengthen. Certain banks
have already been obliged 20 reduce
their dividends and more reductions
may be expected by other inssltu.
lions.
Tho jobbers OF New York city
are facing some uncertainty. Their
work is very largely importing and
exporting. The tariff has handl
capped them considerably. notwith.
standing the optimistic figures on
foreign trade which the department
OF commerce is issuing. Whatever
the figures may show. these export.
ers and importers find IL much more
difficult TO do business This, Of
course. means smaller margin OF
profit for all concerned. However,
there has been distinct feeling for
the better thruout the East since
President Hardlng's message on the
British debt payment plan.
BRITISH DEBT
PAYMENT HELPS
in the midst OF all OF this talk
about the cancellation OF debts, re-
quotation OF contracts. accompanied
by a general depreciation OF foreign
bonds, II surely was stimulating 20
have the British come forward and
fatty state that they are determined
TO pay US principal and interest IN
full Considering that OF the si0..
o0O. 900 900 owed 10 the United States
over one-half OF II was by England.
this Is a tremendous step toward the
restoration OF international conf.
dence and commerce. The general
impression in the East today II that
IN return we should now help Eng.
land and give her all the credit we
can to enable her TO buy our farm
products. Now Is our chance 10
demonstrate that Il pays for ma.
ton TO meet her obligations and pro.
tect her creditors.
an view OF this and other
events, the keenest bankers OF
New York city look for a rather
active stock market during the
year 1923. believing that the
market will swing both ways be-
tween very broad limits, thus
giving us both higher prices and
lower prices than we saw In l922.
Every time that I visit the Mo-
hawk Valley OF New York state am
more impressed with its great ac-
tivity and it's potential resources. /
should not be surprised to see the
country, lying between Albany and
Buffalo, traversed by the New York
Central. the West Shore and the
Eric canal, become the greatest man.
ufacturing section OF the United
States. The conditions are certainly
IDEAL for general manufacturing OF
all kinds. This valley is close not
only to our great American cities.
but II Is well located for export
trade.
SHOULD FOSTER
CANADIAN TRADE.
'1n case we ever establish reel.
procity with Canada, this would stlll
further help the states of New York,
Ohio and Pennsylvania. Moreover,
let me add that we do not appreciate
our Canadian opportunities.
Canada Is a wonderful coun-
try, and both Canada and the
United States are making great
mistake In erecting tariff walls.
The United States should freely
purchase raw materials from
Capada who should reciprocate
buying manufactured goods OF
us. The Creator expected such
reciprocity to take place and
both countries are making
a great mistake by trying to
block the natural flow OF com.
mercc.
"Ohio Is coming along slowly. but
surely. OF course. the agricultural
interests Of Ohio have suffered
severely the past two years. but the
Industries OF the state arc 10 diver.
sified that Ohio has not suffered like
states further west. There. however,
is less activity in Ohio today than
In New York or New England. Ohio.
however. is wonderful state and
has soE.o wonderful cities. These
cities are not only well located and
constructed. but they are peoped
with men and women having Vision,
energy. and desire TO do something
worth while. Hence, I am very
optimistic for Ohio In tho long run.