The Washington times., 1923-07-06
TRADE OUTLOOK
.GQ:|'QD,EXPERTS.
EXPLAIN
p
Steel, Textiles, and Woolens
Being Manufactured Almost
to Capacity.
BY w. 8. COUSINS.

NEW YORK, July cit Is one
Of the axioms of business that, as
goes steel production, so goes the
general business Of the country. 10
this, however, might be added few
other basic industries such as cloth
ing, foodstuffs, building and trans
| portation. 49,.
When Judge E. H. Gary, the
veteran head Of the United States
Steel Corporation, was asked to
comment on the prospects for
| American business Il in the latter
part of the year, he replied that his
views were not in any substantial
respect different from those which
he entertained about one month
ago.
while it is impossible to state
with certainty what will happen in
the future, even for a period OF
six months" he said, many of us
in practice, reason to a conclusion
as to what is likely to happen, and
act accordingly,
Near Full Capacity.
"At present the furnaces and mills
Of iron and steel manufacturers
are operating nearly to full ca
pacity, limited only by a lack of
sufficient working forces. Stocks
Of finished materials in our ware
houses and at the mills are very
low. There is nothing in signC
to indicate a substantial diminu-
ton Of the demand for finished
steel in this country during The
Judge Gary reiterated that the
present business outlook is bright
Almost as important from the
standpoint of the general consumer
is the outlook in the clothing trade,
the most important being the textile
and wooden goods departments.
Frederick K. Rupprecht, chairman
of the executive committee of the
Consolidated Textile Corporation, IS
optimistic.
THE prospects for the business of
the~<Ereat textile industry over the
balance of this year." he said, ARE
excellent. I. look for a season Of
brisk trading in printed cotton
cloths, ginghams, sheeting, drills and
bleached goods.
"a survey of conditions, not only
within the textile industry but also
in the general business and financial
status of the whole country, reveals
conditions that are most favorable to
this expected increase in our BUSH
ness.
Textile Stocks Low.
Stocks are low with retailers and
jebbers. Laber-is fully employed at
high wages and spending freely.
Goods are flowing outward in large
quantity through the mail order
houses to the agricultural and inte-
rior sections of the country.
For the first five months Of this
year retail and jobbers' sales have
surpassed all records since 1920.
Last years high records have been
shattered by the laI ge increase which
has been made in textile sales this
year.
Turning now to general financial
conditions, we find the banks in ex-
cellent shape to handle a larger vol
ume of business than is offered to
them at present. Very few. of our
customers are now borrowing their
full lines at their banks, and thus
they are in a position to expand,
should the occasion warrant it.
With steel and other important in
dustries running full blast, it is only
logical that consumption of all COM
modties should be maintained at
high rate"
Regarding prices, Rupprecht said:
Many Of our prices today are
on the raw material basis Of nine
months ago, when cotton was Z
to cents a pound lower than at
the present time. Within the next
few weeks prices will be fixed for
fall, and l do not see how they
can go any lower than at present"
Mr. Rupprecht stated that in
accurate Government reports on
cotton crops, the world conditions
in raw cotton were a great handi-
cap to those who are attempting
to carry on legitimate business. "A
few weeks ago. he said, ''one of
! the departments in Washington
according to figures published,
made an error of approximately
1000. 600 bales in estimating the
worlds visible supply of cotton.
Such incorrect statements have a
demolishing effect on the industry.
With an indicated cotton produc.
ton in this country of not over
II ,0O0, 900 bales this year, the price
OF raw cotton should remain
strong"
Future Looks Good.
William H. Wood, president of
the American Wooden Company,
who recentlyG returned from
European tour, said:
Il see nothing on the horizon
to disturb wooden and worsted
manufacturing conditions. Despite
all rumors, our cancellations of
orders have been negligible.
"Contrasted w it'll conditions in
the British empire the United
States appears business haven.
In England, and especially in Scot
land, there are thousands idle,
roaming the streets, constituting
the greatest national problem.
Great Britain has been for years
manufacturing for the entire
world, but the war put most coun-
tries on their own. Even in the
Argentine weaving operations have
begun. Not only does the business
outlook appear satisfactory to me,
but financial conditions are very
sound. Our own credit is splen-
did"