The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1923-12-31
PAST YEAR WAS
BIG BUSINESS
YEAR IN j. s.
Business in Most Lines Was
Good, Review of the Past
Year DisclOSeS
SEE GOOD FUTURE
Despite Unsettled European
Problems, Business Lead
ers Are Optimistic

New York, Dec. 81. business in
the United States during 1923 was
good in most lines, with the outlook
for 1924 regarded as encouraging by
many business and banking leaders.
While opinion is divided as to the
extent which domestic business has
suffered by the unsettled economic
condition Of Europe, there is a unani-
unity Of opinion among industrial
executives that satisfactory solu.
tion Of the troublesome reparations
problem would stimulate business
and increase industrial activity in
this country.
Freed from the heavy expenses en-
tailed by the prolonged shipments
strike and the loss of revenue from
the miners strike, which caused
enormous losses in 1922, Ihe rail
roads generally enjoyed a prosperous
year. Net income of Class One
roads for the first ten months OF
1923. the latest figures available. to-
tailed approximately $s20,O0O,O00, AZ.
increase of $2OG, 100000 over the cor
responding period Of 1928, with. in
dications that the years total net
income would reach $1,000,00 900.
Freight Traffic Big.
Freight traffic reached record
breaking proportions, the weekly car
loading exceeding the million mark
more than 20 times. The Increased
efficiency h loading and moving cars
was shown by an increase of ap-
proximately 30 per cent in net ton
miles over 1922. Huge sums wcfe
spent for new equipment, the pur.
chase of which was financed largely
by short term obligations known as
equipment trusts The Baltimore &
Ohio railroad resumed dividends on
its common stock during the yea,
the New York Central increased its
annual dividend from to per cent,
and the Gulf, Mobile e. Northern de-
clared an initial dividend Of l per
cent on its preferred stock. The
Louisville & Nashville railroad Dc
clared stock dividend Of 62 II per
cent.
For the first time since 1917 the
railroads showed an increase in the
construction of main line mileage.
Important construction developments
under way include the linking up Of
the Southern Pacific with Mexico
City, the double tracking Of the
Santa Fe, the cutoff operations OF
the New York Central at Albany and
of the Illinois Central on its main
line
II Hour Day Change.
Elimination of the IL hour day at
the suggestion of the late President
Harding was one Of the outstanding
developments Of the steel industry in
1928. E. H. Gary, chairman Of the
United States Steel Corporation, es-
timated, when the announcement was
made. that the change in working
hours would increase the cost Of pro-
duction by Is per cent. RECORD
breaking building construction, much
of which was delayed by the war,
and unusually large railroad orders
helped to Offset the loss of export
business through the economic dis
turbance of Europe. Material for
reconstruction work in Japan was an
important factor in the closing
months of the year. The declaration
Of an extra dividend of Ia of l per
cent by the U. S. Steel Corporation
on Oct. was generally construed as
an expression Of confidence in the
immediate business future
Heavy over-production Of crude oil
in California followed by the dis
covery of a big productive field in
Central Texas unsettled the oil mar
ket. forcing crude prices to very low
levels and bringing about a gasoline
price-cutting war in various sections
Of the country, despite the fact that
consumption was greater than ever
before. The increase in domestic
production more than offset the loss
in Mexico, where many wells ran into
salt water earlier in the year. In
ord er to conserve their cash re-
sources and finance huge quantities
of oil and gasoline in storage, several
of the smaller companies were forced
to suspend or reduce their dividends.
Auto Industry's Year.
The automobile industry had Che
best year in its history, nearly A.
100000 cars and trucks being manu-
factured during the year., This
brought the total cars in use in this
country to approximately 100000,
or 80 per cent of the worlds supply.
Production schedules recently an
nounced by the larger companies in
dicate that the output in the first
three months of 1924 will exceed
that of the corresponding period of
1928.
Production Of railroad equipment
also reached new high records as a
result of extensive requirements
made by all the leading railroad sys-
TENS. It is estimated that the rail-