The Birmingham age-herald., 1924-12-29
Steel Magnate Says Year Should Be Greatest In
 U. s. History OIL OUTLOOK GOOD,
 SAYS w. c. TEAGLE Railroads Hope For Ad- ministration of Trans portation Act BANKER PROMISES
 PROSPEROUS YEAR Silk Industry Is Getting Off To
 A Flying Start, Says MalIinsOn
fRx Associated Press.l

l NEW YORK, Dec. 28. -- Hlgn homes for 1925, in some cases mounting to conviction that 1t may prove the greatest year in the his tory of American business, are held by various leaders in basic indus trial and financial activities here.
 Forecasts for the new year expressed by these executives agree upon the seem 6ne certainty of a substantial prosperity. They appear further to agree for the most part that the outcome of the last ,l.residential election and the favorable Eorking out of the Dawes plan should Iroye major contributing factors. They Elso hank heavily upon the fortunate eoincidence of great purchasing and treat producing power at home and upon Inc promise of a wholesome recovery and expansion in markets overseas. Elbert H. Gary, chairman of the soard of directors of the United States kteel corporation, expresses as follows Iia confidence in the coming twelve months: -
 "If the policies of the present admin, sstration shall continue in force ana nractice. and the American congress IS reasonably disposed to cooperate with khe President, and the business interests If this country will likewise be disposed ko support the administration in its eff forfs to assist the business of the eonn- krv. fhe year 1925 should show the highest and most satisfactory prosperity kn the whole history of the United States"
 The business of the manufacturers of the iron and steel industry of the Knitted States during the year 1924, np to the date of election, was rather iiull and depressed, Mir. Gray declared.
 sIt was good at the beginning"
 hA said. ''but with the commence
 ment of March materially receded In
 volume. Commencing with June
 the volume gradually increased, but the selling prices were lower. Con-
 seOuently, with some exceptions
 fhe profits of the iron and stesl
 business for the first ii months
 Of the year, on the average, were
 small, and in many cases there
 were losses. As shown by the pub
 lished reports the Steel corporation
 was an exception and obtained con-
 siderable net profits, though they
 were small, considering the capital
 investment.
 However, as predicted by some of us, the election of the republican na- tional candidates has had marked eff feet upon the steel industry. Almost immediately after our election the de- mand in this country began to show improvement in volume, and this con dition to some extent had a. favorable Influence on some foreign countries. Al present the demand for the iron and steel products manuf@ctured in the United States is large, persistent and satisfactory.
 No Wage Cut Seen
 'oThe new year will probably com mence with all of the manufacturing plants operating at full capacity. Also { selling prices have advanced to con- siderable extent and should afford req sonable profits sufficient to continue the wage rates at the present standard lThese were not reduced during the de- pression, notwithstanding they were not Justified by the results of business" \ American railroads enter upon the .mew year with a hope that the trans portation act will be so administered aa to accomplish what it was designed to do. i, g., by efficient management ' already attained to earn the statutory
  Julius Kruttschnitt, chairman of the executive committee of the Southern Pacific company, thus summed up the | condition upon which the carriers de- [ pended to continue their accomplishment of 1924; a showing which in itself was \ a climax to what they had done since F102O. He summarized as their per @ formance in the past four year period Enumerates Gains
 "1. Reduced operating expenses $4,- kS52, ,O0O daily in summer of 1924 below those at end of government control and guaranty in 1920; collected $5, 100000 less in freight bills; paid $125,OOO more lin taxes. The payments by the public lin freight bills plus the taxes collected @by the public exceeded the reduction Ill Il expenses by $3S3, 900 every day. '2. Moved the greatest freight traffic in 1923 in their history, without cal shortage or congestion.
 ' "3. Changed the public attitude from (Continued on page twO)