davidaulloa/AmericanStories huggingface dataset:
Evening star., 1924-12-31

BY the Associated Press.
NEW YORK, December 31-High
hopes for 1925. in some cases mouGting
| to conviction that 1t may prove the
greatest year In the history of Amer
lean business, are held by various
leaders in basic industrial and financial
activities here.
Forecasts for the new year ex-
pressed by these executives agree upon
the seeming certainty of a substantial
prosperity. They appear further to
agree for the most part that the out
come Of the last presidential election
and the favorable working out of the
| Dawes plan should prove major con-
| tributing factors. They also bank
heavily upon the fortunate coincidence
of great purchasing and great produc-
| ing power at home and upon the prom
| Use of a wholesome recovery and eXp8n-
sion in markets overseas.
Gnry Sees Great Prosperity.
Ebert H. Gary. chairman of the
| board of directors of the United States
Steel Corporation, expresses as follows
his confidence in the coming IL months
If the policies of the present admin
istration shall continue in force and
practice, and the American Congress is
| reasonably disposed to cooperate with
the President, and the business interests
of this country will likewise be dis
posed to support the administration in
it's efforts to assist the business of the
country, the year 1925 should show the
highest and most satisfactory pros
perity in the whole history of the
United States"
+The business of the manufacturers
of the iron and steel industry of the
United States during the year 1924, up
to the date OF election, was rather dull
and depressed" Mr.. Gary declared. THE
election has had a marked effect upon
the steel industry. Almost Immediately
the demand in this country began to
show improvement in volume, and this
condition to some extent had favor
able influence on some foreign Coun-
tries. At present the demand for the
iron and steel products manufactured
in the United States is large, persistent
and satisfactory.
THE New Year will probably COM
mence with all of the manufacturing
plants operating at full capacity.
Also selling prices have advanced to
considerable extent and should af-
ford reasonable profits sufficient to
continue the wage rates at the pres
ent standard. These were not reduced
during the depression notwithstand-
ing they were not justified by the
results Of business"
1925 Railroad Outlook.
American railroads enter upon the
new year with hope that the trans
portation act will be so administered
as to accomplish what 1t was designed
to do, /. e.. by efficient management al
ready attained to earn the statutory
income, which has never yet been done.
julius Kruttschnitt, chairman of the
executive committee of the Southern
Pacific Co.. viewing what lay ahead
of the railroads, said: AT the
Evening star., 1924-12-31

| dent of the American Bankers Associ-
alton.
There are several main factors" Mr..
Knox pursued, ito which this favor
able outlook is attributed. One is the
fact that we have won political peace,
with an administration that guarantees
economic sanity so far as the National
Government is concerned. Another is
that our banking and monetary sit
uation was never in a better position
to serve expanding business. Indus
trially also the country has ample plant
capacity equipped with modern and
efficient machinery. Conditions in en-
ployment and wages are such as to in
sure large buying power from the gen.
eral public. In agriculture the position
of the farmer has been improved by
splendid crops and good prices.
Financial conditions in foreign coun-
tries, whose purchases are required to
take up the slack Of surplus production
of this country, promise better foreign
markets.
Granting that this optimism is
soundly based It may be pointed out
that there is one other factory as i'm
portant as any of the foregoing If we
are to have an era of prosperity that
will continue for any length of time.
This factor is the mental attitude OF
our people ana tne consequent use
they make of the opportunity OF pros
perity that is presented?"
Copper Outlook Encouraging.
The outlook for the copper indus
try was deemed "most encouraging
by r. l.. Agassiz, president Of both
the Calumet and Hecla Consolidated
Copper Company and of the Copper
and Brass Research Association. he
saw no indications of abatement in
the domestic demand, and said the
situation abroad was steadily i'm
proving"
"The domestic consumption In
1928" Mr.. Agassiz said, was the
largest in the history Of the indus
try; nearly one and one-half billion
pounds. This years consumption has
been going at even a higher rate.
In spite of the fact that production
has increased very materially, the
total stock of available copper has
decreased conside erably since January
1 last. owing to the large refinery de-
liverieS.S
Copper exports in 1924 now closing
should exceed one billion pounds. Mr..
Agassiz expected. This would be a
25 per cent gain over the annual
figures Of the last three pre-war
wears. and would be accomplished
despite Germany buying only two
thirds as much as before the war.
with world production and con-
sumption of copper running pretty
close together at the present time
said Mr.. Agassiz. land increased pro-
duction on any very large scale un-
likely, the outlook for the future has
very encouraging aspects"
Public Utility Prospects.
Public utilities. according to Hen
ry L. Doherty, banker, share in a
general business outlook for 1925 the
Evening star., 1924-12-31

end Of the war the public pronounced
emphatically against Government and
in favor or private ownership of rail-
roads. In it's transportation act IL
determined to secure:
Adequate transportation facilities
to keep pace with the growth of the
country through the agency OF
scribing rates that would secure a
railroad income sufficient to raise
capital for needed facilities.
Freedom from interruption OF
transportation by creating a tribunal
to settle controversies with labor, on
which it retained the balance OF
power.
Because" Mr.. kruttschnitt con.
tinued, "the act has never been al
lowed to function freely, neither aim
has been attained"
No new laws should defer a rea-
sonably permanent adjustment of the
interests of the public, the railroad
owners and labor, according to Mr.
kruttschnitt.
Dangers in OIL Industry.
I'VE are nearer the high road OF
returning prosperity" said Walter G.
TeaEle, president OF the Standard
oil Company of New Jersey, 'ff we
frankly admit that most of our trou-
are all in varying degree responsible
the larger companies. including the
one L represent, perhaps in greater
proportionate degree-that none OF
us is able to say I told you So and
that of us all, the producer of crude
is perhaps the least to blame" He
expressed Solicitude in the light OF
1924 experience in what he said was
a distinct overproduction in the oil
III 10
of 530.000,000 barrels of crude OF
and it's products now in storage in the
United States a pressing problem.
This overproduction, Mr.. Teagle said
was in part due to these vast stores OF
oil themselves which had been ac-
cumulated at higher than present
prices, and. in being under-sold by
current production, had failed to stab
lie the market. In part 1t was due also
to the fact that gasoline was producing
more power per gallon through inn
proved production science.
Then, a considerable portion of the
requirements of gasoline were being
supplied by sources other than straight
run gasoline, such as casinghead gaso-
line and cracked gasoline. The influx
into the oil industry of war millionaires
had boosted production from 1,1S6, 000
barrels in 1918 to 2,930, 900 barrels in
1923. Finally, modern transportation
had brought production to the doors OF
the great refineries. Isolation of any
great producing field was now made i'm
possible.
Knox Sees Bright Future.
"The people of the United States have
seldom if ever been presented with q
greater promise of prosperity than to-
day if many of the current business
analyses and forecasts are to be taken
seriously" said William e. Knox, presi-
Evening star., 1924-12-31

Flour advanced with wheat, rice was
at record high levels, dried fruit sold
in extraordinary quantities, the fish
production was absorbed early and
profitably, producers of dairy products
had a fair year in spite of heavy but
ter surpluses, fresh fruit growers OBJ
tanned high prices, meats were strong,
with fair export demand, and sugar
prices were well stabilized. Beet
sugar producers showed fine profits.
Clothing production fell off, but
toward the end of the year prices ad-
vanced rather sharply. Cotton goods
had one of the bad years of its his
tory. Retail dry goods also suffered
to a considerable extent, and woolen
manufacturers found their profits re-
duced SILK manufacturers did well.
Shoes showed Improvement, as did
hides and feathers, and wool growers
had no call to complain of their rate
of return. Jewelry, musical instru-
ments and other so-called luxuries
registered fair sales.
Hardware had a worse year than in
1923. Farm machinery did better
Paint makers had a most successful
season, and the paper trade was in a
firm position. Furniture sales were
only fair as compared with 1923.
Drugs and chemicals were helped by
the demand for industrial alcohol and
fertilizers. Non-ferrous metal mining
took squirt, and rubber worked to
high levels before the year closed
Chain stores and mail-order houses
established new high records in the
early Winter months.
Outlook for 1925 Good.
Universal confidence seemingly exists
hn fny- h. l.
of 1925. The country is prosperous to
an unusual degree, buying power is ex-
traordinarily large, the European situ-
alton is improving steadily, little un-
employment exists, stocks of goods are
low and consumption is high.
This does not mean there Is going to
be a boom. There is every prospect,
however, that improvement will be
steady and continuous for the next four
months. Even the farmers, who have
ready money for the first time in some
years, have shown no signs of an orgy
Of expenditure. Building will continue
at a rate well UP to that of 1924, since
1T will be augmented by farm repairs
and replacements.,
The transportation systems of the
country are in splendid physical con-
dition. Fewer mistakes are going to be
made. Manufacturers are going to hold
production well down to consumption
Wages give no indication of falling ex-
cept in textile industries. Best of all,
there is no market tendency toward
imitation outside the stock market
There are few clouds on the horizon
Of business as the New Year COM
mences and the most reliable business
weather prophets predict 'fair and
warmer" for some time to come. But
there still is caution in evidence and a
decided opposition on the part of the
public to price increases. Students of
the economic situation have not for
gotten that every war in which this
country participated was followed in
six or seven years by a period of de-
preston which in some instances reach
ed panic. In consequence these stu
dents, realizing that new conditions
may arise which will change the pres
ent outlook, do not permit their pre-
dictions Of business advancement to
extend beyond the middle Of next year.
(capyEght. 1s9l.l
Evening star., 1924-12-31

complete without mention of the as
tonishing developments in radio
equipment manufacture, and the ex-
pansion of freight and passenger
transportation by trucks and busses.
When the year closed there were ap-
proximately 100000 radio receiving
sets in operation in this country.
In three years the manufacture of
radio equipment has become a lead
ing industry. Profits to dealers and
manufacturers have been phenomenal,
and there seems no check to the pop
ularity Of radio in sight. Makers OF
supplies are booked months in ad-
vance.
Truck transportation has grown by
leaps and bounds. Railroads in many
instances have replaced short-haul
rail freight traffic by truck movement
over distances up to Is miles. Termi-
nal congestion has been lessened and
delivery speeded up. Store, door de-
livery of freight seems destined to be
put into effect in many centers within
the next year.
Bus Transportation Grows.
Bus transportation of passengers in
cities and rural districts has been
placed on a more stable basis. Elec-
trio roads have decided to make the
bus an adjunct rather than g. COM
petitor, and themselves are running
scores of bus lines in connection with
their rail routes. In general the to-
tai supplanting of street-car service
by busses has been unsatisfacto
but the bus has taken its place firmly
as a de luxe" service.
The automobile industry in general
had less profitable year than in 1928,
but this was not due to approach of
saturation. Rather 1t was the result
of overoptimism and misjudgment of
markets by manufacturers. After all,
the year wound up with production
exceeding 100000 cars and trucks,
fair proportions.
Steel Year Closed Well.
The steel industry, which started
the year like a quarter horse with
production around 90 per cent of ca
pacity, felt the business slump some
what keenly. The abandonment Of
the Pittsburgh plus system of basing
prices caused a disorganization for a
time, but benefited plants and con-
sumers in the middle and far West
The adoption of the Dawes plan and
industrial revival after elect IA vent
far to counteract unfavorab condi-
tions, and the year could be regarded
as anything but unsatisfactory.
Building materials occupied a IA
vorable position. Window glass was
in satisfactory demand, but the
plate-glass market was affected by
heavy importations from abroad and
the cut in automobile production.
The coal industry was not prosper
Gus except in the anthracite field. ow-
ing to high wages and low demand
Oil bettered its position as compared
with 1928. Gasoline consumption in
creased between 20 and 25 per cent,
and the use of crude for fuel and in
Diesel engines added greatly to reve-
nue.. The United States Is producing
IS per cent of all the oil used in the
world, and oil men are confident of
the future of the industry.
Food Producers Prosper.
Tea and coffee showed increases in
consumption and in cost. The canned
goods business was prosperous, with
higher prices predicted for next year,
Evening star., 1924-12-31

or are in course of construction
Drought had an effect in some sec
tions, but superpower hook-ups in the
manufacturing districts prevented
any serious check to industry. The
central power output was improved
by increase in the use of electrical
household utensils and refrigeration
by electricity, and profits to current
and power producers were at an eX-
cellent rate. Gas production continued
to improve steadily, aided by the
number of new dwelling erected and
equipped, and rose well above 1,000,-
100000 cubic feet a day.
Highway construction went on al
tremendous rate, and programs fol
the coming year bid fair to be even
more extensive. Traffic has become
SO heavy, both on streets and high
ways, that additional paving and
road building has been imperative
This has been made easy by the ia
cility with which such projects have
been financed.
Traffic Problems Pressing.
More attention has been given tc
traffic regulation than ever before
Congestion on city streets and coun-
try roads has become terrific with
the increase in the use of motor ve-
hicles for pleasure and business
Nearly every community has made
some effort to work out a system OF
regulation which would permit free
dom of movement and at the same
time avoid curtailing business OF
merchants and shippers.
Parallel highway routes are being
constructed all over the country tc
take the strain off the main arteries
of interurban traffic.
This road work, requiring expendi-
ture Of more than $1,000, 100000, has
played no mean part in the employ
ment situation in the country this
year. In general, employment has
been excellent. There have been few
strikes or tie-ups, and these have
been largely local in character and
involved jurisdictional matters to q
greater extent than wages. The un-
doubted slackening of industrial ac-
tivity in the second and third quar-
ters cut the number of workers on
the payrolls of mills and factories
sharply in some instances, but these
released workers apparently were
quickly absorbed by other lines.
Textile Workers Suffer.
The 1924 crops were harvested
without disastrous shortages of har-
vest labor or unexpected surpluses
When the work in the fields was over
these itinerant laborers drifted to
railroad and highway developments
Two lines were exceptions to the
above. The coal miners in the btu
minous fields were out of work for
months or enabled to work only a few
days a week. The textile workers in
New England were affected by cur
tailments and shut-downs in the mills
Wages were cut sharply in some
New England textile plants toward
the end of the year, but a higher rate
of employment prevailed. Conditions
in the mines also improved as cold
weather approached. The fact tina,
savings accounts increased materially
during the year indicates that the
employment situation in general was
satisfactory, and that the buying
power of the workers remained unin-
jured. Wages remained high in most
industries.
No review Of the year would be
Evening star., 1924-12-31

economic adjust
ment, found her
electorate keenly
sensitive to those
currents in party
politics W h / C h
promise a maxi
mum of stability
and a minimum of
disturbance.
T h e first ST x
months of the year
w e re devoted TO
t h e skirmishing
by the v ario u $
candidates for the
pre- esidential nomi-
Evening star., 1924-12-31

| sands of dollars were spent on tick
cts. TRANSPORTATION, clothes. hotels and
amusements by those who attended
each big game. AS a result, hotel
managers are encouraging the sport
| by every possible method.
Sports Yield Big Revenue.
Sports played a big part in busi-
ness throughout the year. Golf has
taken a firm hold on the American
people, and millions were spent not
only for new courses and clubhouses,
clubs, balls and other paraphernalia-
| but in sport clothing for both men
and women. This latter item formed
one of the reliable props which held
up the clothing industry during the
year. Sporting goods manufacturers
had an excellent season.
The old reliable circus continued to
be the biggest drawing card In the
amusement field. The moving-pic-
ture industry had a fairly satisfactory
year, while the speaking stage drew
record-breaking audiences. and heavy
investments were made for new thea
ters in the larger cities.
The volume of advertising through
| out the country was maintained at a
high average. Most firms determined I'd
on their advertising appropriations
| for the twelvemonth early in the year
: and stuck to them.
Trade Balance Favorable.
The United States sold more goods
| to foreign countries than in 1923, and
bought less goods from other nations.
| AS q result, the favorable trade ball
ance Of the country advanced to
nearly $500, 100000 before the end of
the year. Exports fell off somewhat
IL L.. o-1x
| in Midsummer, but in September they
took a decided jump and were MAIN
| tanned at a high level from that time
on, surprising those of 1923 by nearly
| Z per cent, despite political disturb
| ances in Latin America, China and
elsewhere.
A tremendous volume of cotton was
sent abroad, and copper shipments
| also increased. Export automobile
trade showed betterment in the Fall,
as did shipments of electrical equip
ment and radio supplies. 1t is ap-
parent that imports to this country
will be heavier next Spring, and this
| will cause expansion in exports, since
| foreign countries will have the money
to buy more American goods.
Shipping Situation Unsatisfactory.
The shipping situation still is in a
somewhat unsatisfactory state. Sur
| plus tonnage was reduced consider
| ably and operating companies were
successful in cutting expenses, but
estuaries still are crowded with laid
up Shipping Board vessels. Volume
Of ocean passenger traffic was heavy
throughout, divided fairly well be-
| tween journeyings for business and
pleasure. There is no doubt that the
development of the Diesel engine in
| America the Improvement in cleo
| tro-turbine oil burners and the in
vention of the rotor ship give prom
ise of Improvement in the coming
year or two.
| Power Demand Strong.
| Production of electrical current
reached the highest point ever known
in this country. When final figures
are compiled it is estimated 1924 pro-
duction will equal or exceed 10000
100000 kilowatt hours. Many new
hYdro-alectTio plants were completed
Evening star., 1924-12-31

year drew to a
close, and served
to raise earnin gs
of m a ny basis
lines to a point
but little under
those of the re-
markable year of
1928. The fact re-
mains. however,
that production of
many raw mate
rails fell off in the
last twelvemonth h,
a smaller volume
of goods was sold,
and prices in gem
eral for manufac-
tured p + o d u c t s
showed slight de-
Evening star., 1924-12-31
National Politics Play Very Powerful Factor in 1924 Business
Business Curue During 1924
Sho,us Extremes High and Lou
Outstanding Feature To,Uard Stability
Came Near End of Year, When Il gricul-
turaI Products Reached Profit Prices.
BY. j. c. ROYLE,

The business year of 1924 had al
most as varied a course as a roller
coaster. 1t was marked by high
peaks and depressions. The most
striking improvements came as the
Evening star., 1924-12-31
Politics and Business More
Closely Related Than Ever
of Leaders of american
Trade and Industry IL, President Cool
idge Emphasizes Near Relationship.
BY DAVID LAWRENCE.

Politics and business have rarely
been so interviewer as in the year
1924. America, following the example
of other countries in the throes of
Evening star., 1924-12-31
Power Demand Stronx.

Production of electrical current
reached the highest point ever known
in this country. When final figures
are compiled it is estimated 1924 pro-
duction will equal or exceed 10000
100000 kilowatt hours. Many new
hYdro-alectrio plants were completed
Evening star., 1924-12-31

There are, of course, some excep-
tions to the rule. The cattle indus
try benefited only slightly and in re-
cent weeks has become even more
depressed. The President realized
early in the year that the problems
of agriculture could be settled only
by a non-partisan study apart from
the maelstrom of campaign politics.
His first inclination was to appoint
an agricultural commission in mid
summer and start working on a So
luton, but he was dissuaded from the
course by the farm leaders themselves,
who thought very little could be ac-
complished because of the inevitable
Evening star., 1924-12-31

Few complaints issued from the
hotel owners and operators during
the year. Prices were on a stable
basis, and volume of travel provided
steady flow of guests. Perhaps the
most striking disappointments were
found in the failure of the two ma
tional conventions to attract the
number of visitors expected.
Hotels found a somewhat unex-
pected source Of big revenue in the
years sporting events. Base ball
drew record crowds, especially for
the world series. The foot ball
games attracted crowds which jammed
every stadium Hundreds of thou
Evening star., 1924-12-31

CONTINUED on Page 23.)
Evening star., 1924-12-31

Food Producers Prosper.
Tea and coffee showed increases in
consumption and in cost. The canned
goods business was prosperous, with
higher prices, predicted for next year.