The Alaska daily empire. [volume] (Juneau, Alaska) 1912-1926, 1924-12-31
Great Britain Denies Legality Of L. s. Var Claims
Business Predicts Year of
Prosperity Without Precedent

during 1924 ss generally summar
ized as fair by banking and indus
trial leaders. Prospects for 1925
however, are considered unusuall,
bright, many business men eehoinf
the sentiments expressed by Prsi
dnt Coolidge in his annual message
to Congress, that under the as
surancc of a reasonable system OF
taxation, there is every prospect
for an era of prosperity of unpre
cedcnted proportions
The prediction of further h,lsi
ness Srosperity Is. based on several
well Known facts. Settlement of the
German raparations problem through
the adoption CT the Dawes plan is
widely believed to have removed
the greatest obstacle to the econo.
mic recovery OF Europe. upon whose
prosperity We are moro or less de.
pendent. becatse OF our position as
a bigk creditor nation and an inl.
portaitt participant in international
trade.
Money Market Easy
Foremost among the domestic fac
tors is the essiness of the money
market and tie huge sums avail.
able for commercial credit In ad.
dition most stocks of merchandise
are relatively low. railroad traffic
is at record levels. exports are In.
creasing, the principal European ex
changes are at par. or heading there.
several important industrial aud
ailroal mergers are pending. the
high prices received for current
crops has brought prosperity back
to the agricultural regions, gaso-
line consumption is at record high
levels and an ambitious program
of hydro-electric power development
is under way
Railroads enjoyed one of their
best years in 1924 since their res.
toration ID private control. Econo-
mics affected through the, cutting
down Of operating expenses enabled
many oystems to increase their net
income despite reductions In gross
earnings. Ono of the most import
ant developments of the. year was
the completion of plans for the gi-
gantic Nickel Plate merger to In.
clude the Michel Plate. Hooking
Valley, Chesapeake & Ohio, Pere
Marquette and Erie systems The
Southern Pacific also acquired the
FL Paso & Southwestern during the
year, with considerable progress
made towards other important con-
ance Of power by the so-called radi-
cal bloc in the Congressional cleo
tions. removed the fear of adverse
legislation and has engaged the
roads to proceed with important
consolidation and development plans
common stocks OF the Southern. St.
Louis-San Frar cisco and Pere Mar
quette railway and the resumption
of dividends on Baltimore & Ohio
also were among the years import
ant railroad Developments, Several
other possible dividend develop
ments arc pending.
Steel Industry
The steel industry enjoyed a good
first quarter, but the second and
third quarters were poor. untitled
orders of thu United States Steel
Corporation falling to the lowest
level in ten years in July with
operations below SO percent of ca
pacity Business picked up in the
fourth quarter with indications of a
steady increase into the new year.
The oil industry was again ham
pered by the excess production OF
crude oil which, combined with the
extraction of more gasoline through
improved cracking processes. made
it a particularly poor year for the
refining companies and the smaller
producers.
New building construction during
the year was estimated by mem
bers of the L ade at $1,000 900 900,
a new high record. sfissses =.
Automobile output for. the year
was estimated at 100000 vehicle, $
or less than 10 per cent below the
high record established in the pre-
vious year. Several companies
found 1t necessary to cut prices In
the last few months of the year In
order to dispose of heavy inven.
tories before starting work on new
models.
Copper. prices stiffened towards
the close of The year with indica-
tions. of an increased export de-
mand. but the industry was still
hampcred by the competition afford
ed by the low cost producing red
metals received from Africa.
Puniie Utilities
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