The Alaska daily empire. [volume] (Juneau, Alaska) 1912-1926, 1924-01-02
LEADERS IN BUSINESS EXPECT
PROSPERITY DURING THIS YEAR;
FORECAST is MADE FOR 1924

NEW YORK. Jan. 2.-Leaders in
The field of business aud banking
IN the United States are looking
forward 10 a prosperous year 1924
Forecasts for this years trade.
4 prepared by some of the leading in
/ dustrial and financial executives of
the country generally breathe the
spirit of optimism. Opinion among
them is virtually unanimous that the
adoption of Secretary Melons tax
reduction program would be a great
stimulus to business and industrial
activity. While 1t is admitted that
the unsettled European economic sit
uation has an adverse effect on
shipping and the copper and wheat
markets, it is generally agreed that
it docs not control domestic business
prosperity.
There is nothing in sight to cause
apprehension for the near future, In
the opinion of e. II. Gary, chairman
of the board of directors for the
United States Steel Corporation This
year, he said, should be a better
y'di ihtiu AJlDs NuttH WdS GlidIdI-
terized by a marked revival of busi-
ness followed by period of de-
creased activity. and then a period
of renewed optimism and cautious
buying.
Opinion of Schwab
"As an indication of our conf.
dence in the business future of the
country" asserted Charles NJ Schwab
chairman of the board of the Beth
lehcm Steel Corporation would
point out the fact that our corpora
tion is spending s250o0,000 to per
feet its facilities for turning out
steel and steel products at the low
est possible prices at our Lacka-
wanna plants in Buffalo,
Business men," Mr.. Schwab added,
should be very much heartened by
the soundness of the views ex-
pressed by President Coolidge in his
initial message to the country. |
feel the president, TO remarkable
degree. has voiced the opinion of
the American people and that Con-
gross canno disregard his sugges-
tions.
Business may be hampered at
times, but the driving force. the
common sense and the initiative of
the American people will, in the
end. overcome any and all obstacles
and we are hound to proceed on our
prosperous way"
Oil Production
While expressing the belief that
mo other industry holds quite the
amount of uncertainty that the oil
business does, for the reason that
no one can foretell for any long
period ahead the course OF petrol
cum" w. c. Teagle, president OF
the Standard Oil Company OF New
Jersey, takes somewhat optimistic
view of the outlook for 1924.
"Throughout 1928, Mr.. Teagle said.
"the volume of business has been
good. but much of it at prices that
allowed no profit to the producer,
refiner or marketer unless the latter
happened to be jobber with no
liabilities either as producer OF
crude or refiner."
Oyer.production of crude oil brought
about by flush yields in certain
Texas. Oklahoma and California fields
Mr.. Eagle went on to say, cohtrf
bnted so generously to the produe-
ton from older fields as to mean
throughout much of the year daily
surplus in excess of consumption oil
about 900. 600 barrels. In recent
weeks. the Powell field has dropped
off to well under 80 per cent. OF its
maximum output, and the California
wells have evidenced falling gas
pressure
"With further gains in consump-
ton probable" added Mr.. Teagle.
"it looks right now as though the
country should begin consuming
more petroleum than 1t is producing
around the middle of next summer
II new production does not upset
ehis estimate. there should be a
movement of storage oil INTO con-
sumption the latter half of the year.
There has been decided lift in
sentiment apparent In the last fort
,ss,,ht and so far | see no reason To
think that this now optimism VIII
not prove to be justified
Banner Year
"Ninetecn twenty-four should be
a banner year for the petroleum in
apstrv." declared H. F. Sinclair,
chairman of the Sinclair Consol'-
dated Oil Corporation. In the last
two years eight major fields have
been discovered or brought to their
peak of production. Any two OF