The Winslow mail., 1925-01-16

In reviewing the happenings affect
ing business affairs in 1924, great
deal depends upon the angle from
which events in that many-sided year
are approached. From a purely trade
standpoint, it seemed during a good
part of the year that something like
a false start had been made and that
it was necessary to make another try
in mid-year. From a manufacturing
point of view the years results were
extremely irregular, because opera
tions, which, except in some textile
lines, had early been at fairly full
pace, by mid-year had fallen off so
as to resemble an acute industrial de-
preston, exceeded in recent years only
in the dark days of December, 1920,
with all that that implies as to undi-
gested supplies of products and de-
pressed prices. From this there was
a; slow but steady recovery on which
the slack pace of midsummer was
taken up, with the result that early
spring percentages of operation were
equaled or surpassed. From an agri-
cultural viewpoint, too, the first half
y
with most products depressed, and
with the marks of recently preced-
ing years of depression written large
in a volume of western bank failure
unequaled since 1893 The last half
of the year was, however, percepti-
bly, different, and the rally shown in
yields, prices and favorable net re-
turns to the grain, and particularly
the wheat farmer, was nothing short
of marvellous. From the angle of the
stock and bond and foreign exchange
markets, however, the year really
turned out to be period of creep
ing bull market in which railroad
stocks continued the improvement
which began in 1923; bond quotations
fattened on easy money, and very
general all-around Improvement in the
worlds currencies was scored. From
a railroad point of view slightly
reduced traffic and lessened gross
earnings were so conserved that ex-
penses were heavily reduced, and a
net operating income promising to
differ little from that of the calendar
year 1923 was registered. The great
gain here was really scored when
railroad batting was discouraged by
the election.
In some directions, indeed, as in
financial lines, the improvement seem
ed heritage of 1923, and antedated
the trade and industrial turn for the
better in mid-year enough to show
that the stock and bond markets had
foretold the later gain in business.
Once more was illustrated the fact,
often before noted, that a calendar
year balancing of business is some
thing in the nature of an arbitrary
proceeding, whereas fiscal or cereal
or crop year period has enough ma
tural elements about it to commend
it to trade observers, if not to those
business men who, as rule, end
their year in midwinter.
The slump in trade and industry and
the snowstorm of bank and other fail
ures in the first half of the year did
not sum up the full list of unfavorable
happenings. The crop season as a
whole proved rather trying one, and
the heavy loss in the corn crop, the
leading animal food, with. the later
sacrifice of immature hogs and cattle
because of the high prices of feeding
grain, proved a two-edged sword to
those not engaged in wheat or other
small-grain culture, while holding
promise of higher prices for meats
the coming year. The corn-grower,
speaking of him collectively, found
some compensation in the partly
higher price paid for the lessened