Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-02-19

The trend OF business in the first
month of the new year has strength
ened the feeling of confidence which
developed in the last two months of
1923. In midsummer there were
widespread misgivings that the state
OF industrial activity would not last
through the year, but as the Fall
season passed it became evident that
business was well-sustained and pos
sessed OF staying-power able to carry.
1t very much farther. The volume
OF Fall business was somewhat di-
mlnshed by the unusually mild
weather. which affected the sale of
clothing and shoes and played havoc
with the bituminous coal industry, but
notwithstanding this influence rail-
road traffic was heavy TIP to the holi-
days and, excepting the seasonal in
dnstr'cs. employment was but slight
" affected. The average weekly
earnings of factory workers In New
York State in December was $27.o7.
a gain of 80 cents over November
and of $l.58 over December. 1922.
This wagc-avcrage includes paft-tine
wages. but does not include names
dropped from the pay rolls. How
rvcr. there was no general reduction
oi working forces. The Illinois De-
partnent of Labor reports a consid-
cradle influx of unemployed at Chi
cago from seasonal jobs outside. such
as road construction, but says that
l,l79 employers having on their pay
rolls more than 20 per cent OF all
factory workers show a reduction in
December of less than ! per cent.
The Bureau of Labor at Washington,
gathering reports from all parts OF
the country for December, calculated
a reduction in number of employees
III 50 manufacturing industries of is
per cent from November and AZ
from June.
The steel industry, after depicting
Its order books over q period of
seven or eight months, turned the
corner in December, receiving orders
IN excess of shipments, and since
then has been operating at so to 90
per cent OF capacity with satisfactory
prospects for the first half of the
year. The Matthew Addy Company
OF Cincinnati, reporting upon pig
iron, first week in January, said.
In the past fortnight we have gone
over business prospects with several
hundred foundrymen, malleable
makers and large users Of iron. They
all agree that the prospects for this
year arc good. Even the makers of
agricultural implements feel that the
time OF their long depression IS over.
The makers of railroad supplies have
been unusually prosperous and they
look for even more business this
year. The automobile makers are
preparing for larger season than
ever.
The United States Steel Corpora
ten in 1925 had the year OF largest
output and earnings since the war,
and after adding rs cents share to
the last quarterly dividend for that
year vcntured to add SO cents for
the first quarter OF 1924. Both are
classed as extras, but there is good
deal OF confidence that they signify
a permanent advance over the reg
uiar per cent per annum heretofore
maintained, and that the additional
distribution would not have been
made il the management had not be-
lieved the general business outlook
to be good.
Outlook for Building Operations
It has been recognized by every
body that one Of the chief factors
in the industrial revival from its be-
ginning in 1922 has been the great
amount of building construction
under way, thu explanation for which;
is 10 be found in the restriction OF
such work during the war, and high
costs in the years Immediately toll
lowing. The Copper and Brass Re-
search Association has completed =
survey of such construction in iyz5;
and sums up the result, divided
among the different classes OF build
ings. (see table)