The Washington times., 1924-12-24
PROSPERITY IS
IEEF|V| !. ] | . | !. ] !.
1925
Industrial and Financial Lead
Or Look Forward to AnsAc- !.
tive and Prosperous Year
BY W.. s. COUSINS. T
International News SERVICE.

NEW YORK. Dec. ~ The year
1894 win be remembered principally
because Of its contributions to in
duatrial ana political factors making
for stability and world wide pros
perity in the future
1t was not a profitable year for
many Of the major industries Of
America, including the steel. COP
per and oil industries. It witnessed
violent reaction in Industrial pro-
duction and distribution in the. early
months; and. developed to q larger
degree the habit Of lIand-t0-lnouth
buying which was such a handicap
to business in the preceding year.
The year was attended with most
Of the uncertainties In, business
which accompany Presidential
contest. Complications in the po.
lictical situation were enhanced by
the formation, Of a third party and
the nationwide discussion Of the
possibility, Of an election thrown
into the house" as a consequence Of
the. failure Of any. Preside Dental can
didate to secure a majority vote.
Considerable. uneasihess existed in
foreign financial circles in the early
part Of the year because Of the ap.
parent inability of French and Ger
man political powers, to agree on.
methods. Of making reparations pay.
meptS and conditions there were
nuddled until the Dawes plan was
put into operation.
u. s. Steel BarOmter. Il
Taking the operations Of the
United States Steel Corporation as
a reliable barometer Of general indus
trial progress. 1t will be remembered
that, the plants Of the big corporation
had closed down to about 40 per
cent OF capacity in the early months
Of the year, with forward orders re-
ported at the lowest since 1920,
Signs of depression had made them
selves felt In many other industries,
dividends were reduced or passed
and unemployment increased at Inn
portant industrial points.
If the current upward swing Of
prices in the stock market Is any
criterion, the country is about to
shake off its depression and to
enter into more active and pros
porous era. benefitting by the con-
structive developments of recent
months including the revival, Of
prosperity in the great agricultural
DISTRICTS the induction OF an ad-
n1inistration at Washington favor
able to business expansion; the
pacification of Europe and the for
ward march of industrial progress
in many Of the important Euro.
pean countries; and. finally the
surfeiting Of American money
markets with gold. investment
funds and credit.
Mellon Optimistic.
This at least is the testimony Of
American leaders of finance and
Industry and has been summarized
by Secretary Of the Treasury Mel.
lon in his annual report to Con.
gress. Says Mellon: There lie be.
fore us today years of prosperous
and healthy conditions. Bank de.
posits have increased six to eight
billion dollars from the low point
OF 1921, or over 20 per ce7t. At
the same time, reserves are un-
usually high, frozen loans have
been liquidated. Traffic handled by
the railroads continues at almost
record levels, and many roads are
returning to a. dividend paving
basis after years of financial struE..
giles. The building and autoinotiye
>: industries prosperous and in
turn are big. factors in maintaining
the country's general prosperity.
The reimbursement between aRricul.
ture' and other Industries has been
removed and the farmer Is rapi(llv
being restored to his proper status
In the economic system"
The U. s.. Steel Corporation closes
the year working at SO per cent Of
capacity or about double that Of
March and April. OF the. outlook
Ter steel, Judge Ebert H. CARY.
probably the formost Industrial
leader in America, said:
THE demand for iron and steel
products is large and increasiIIg.
II promises to be up to and mar
heps In excess Of misunderstanding
capacity. The price has been fo3
low and It is hoped they win be
high enough to, allow ali Of the
producers a profit. Fer the Last air
months, It has required some corr.
age and q clear vision 10 look for.
ward with confidence and satiaEac.
ton.
~ look for great business pros,
pertty in the future. We are now
entering upon q realisation of our
hopes and should increase our ef.
forts to justify the blessings be-
slowed On us. We have turned the
t. Z 4