Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-01-01

but currency conditions in some in
stances leave much to be desired Ex-
cept in Mexico there has been
steady increase in political anG socia,
stability.
Our own country has shown
more freedom from depressing Euro
pean economic influences than most
others. The explanation lies In the
fact that although our exports are OF
profound Importance less than six per
cent OF our total productivity is ex-
ported and OF this only about one half
TO Europe. The proportion OF differ
ent products exported to Europe or
course varies and European cono!-
tons. therefore. have a fiunctuatins
influence upon different industries
As less than one percent OF our man
ufactured products frd their market
In Europe the direct effects 'upon
these Industries IS more negligible
than upon certain Agricultural pro-
ducts which are much more depend
ent upon European consumption,
such as wheat and pork products,
and we endure both economic ana
political reactions q. home from this
latter fact
In 1923 The Cn!,ed States have
witnessed the highest total produc-
tivity and movement OF commodities
since the war, with full employment,
high real wages. greatly Increased
savings. large additions TO home
building, and the largest increase In
railway equipment since the war.
The whole has been accompanied by
a remarkable absence OF speculation.
consequent REORGANIZATION OF
conSumable goods, or dangerous eX-
pansion OF credit. As We are not IN
| a boom we can expect freedom from
a slump. Some secondary interroga-
tons can be raised as TO the erect
OF the expansion OF installment buy
ing Of consumable goods. the acute
suffering in the northwest aEricul-
tural areas. the increase on stocks or
some commodities. and decrease on
some advance orders. These items
are small compared TO the whole IN
dustrial fabric. Taking the country
as a whole we never in history have
enjoyed a higher standard of living
and comfort. nor So great degree
of commercial and Industrial eiliclen-
cy as today or so wide an under
standing of the forces which control
the ebb and flow OF business. AS
, severe as the situation is IN the
worst OF the AGRICULTURAL states YET
the disparity between agricultural
prices as n whole and industrial COM
modities is gradually iesScninG and
the economic balance Is tending 10
| right itself.
A molc detailed examination of
our own situatiCr based Upon the
first eleven months, and some after
data, indicates that our foreign trade
will show about $4.l00, 100000 in eN-
ports and about $500 900, 0UG in i'm
ports--an increase of seven per cent
in the former and twenty per cent
i'll the latter over 1922. The
merchandise balance will be about
S300, 100000 in our favor. Net gold
and silver imports will be about
, $500. 03) 900 or on the face of these
figures almost full liquidation of
+ the trade balance. On the other
Land, our very large net eXpcndi-
! turc upon tourists. cmiErant ~
| mittances. and other current irvisi-
bic items have been apparently
| liqudated by the very considerable
| flight of capital from Europe. Our
publicity issued loans to foreign
countries and enterprises have been
! about $500, 1000 eco net for tho wear.
as compared ~ over 5000. 600. eco last
/ year.
Our manufactured production talk
en- together will show about ten per
/ cent higher chan 1920 and fifteen
! per cent higher than 1922. Tho 1928
! production of coal and cox" shows 4
| great increase. but the strike IL 49,
i prevents any useful comparison With
! last year. Production for this year
increased over 1922 by about forty
: per cent in iron and steel about fifty
/ per cent in copper, about sixty per
cent in automobiles. about fifteen
, rCr cent in rubber tires. about ten
| per cent in lumber. about twenty per
cent in cement, about twenty per
| cent in sanitary ware and about ten
! per cent in leather. Textiles were
about the Same as the year before.
In the agricultural products cot
| ton production increased about three
per cent; tho total bushels of Ger
calls show an increase of about three
| per cent; pork products about twenty
per cent: beef about five per cent
with slight increase in dairy
produce.
In construction work the large adj
ditions To our railway equipment
I have enabled the railways to fully
/ handle the traffic for the first time
since the war. and marks a great
achievement. In building there has
been aDOut the same floor space con
structed but there has been a great
SHIFT from public construction 10
! make way for private work, as indi-
Gated by the decline of over twenty
per cent in public building con-
struction. and an increase of about
fifteen per cent in residential build
ings compared to 1922. This shift
from public to private construction is
also indicated by the fact that con-
crete road contracts declined about
sixteen per cent while the output of
cement. however. increased as above.
In transportation. car loadings
were increased by about fifteen per
cent. Cargo traffic through Panama
Canal doubled. it increased forty per
cent in through Sault ste, Marie and
thirty per cent through the Erie
Canal. The overseas tonnage was
about the same.
Consumption is indicated by the in
crease in sales of mail order houses
by about thirty per cent. in chain
stores eighteen per cont and depart
ment stores about ten per cent over
1922. Postal receipts were ten Ter
cent greater than 1922.
The stocks Of goods generally at
the end OF This