Evening star., 1925-06-30
FISCAL YEAR ENDS
WITH GOOD GA|NS'
Business Spotty, However, in
Many Lines-OutIook Con-
sidered Bright.
BY j. C. ROYLE.
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, June 30-The fiscal
year ended today on volume of
business for the country which in the
main was thoroughly satisfactory and
which gave adequate guarantees for
continuation of prosperity. That does
not mean that satisfactory profits ac-
crued to all sections, to all lines of
commerce and industry, or to all con-
Germs engaged in the successful lines.
There was no boom. Neither was
that imitation in evidence which is the
sure forerunner of depression.
Some High Spots Noted.
These facts are amply substantiated
by the known volume of foreign trade,
by bank clearings, indicating daily
sales volume: bank deposits, which in
many centers show marked increases,
and the number and total amount of
savings deposits, which have increased
daily. Production figures for various
industries show output has been high.
Employment has been steady and at
high wages. Labor disputes have
been comparatively few, and the
amount of money available for in
Vestment at reasonable interest rates
has been remarkable.
L. S. in Fine Financial Shape.
From the point of view of business.
the Government wound up it's finan-
cial year In splendid position. The
volume of foreign trade was heavy.
In not one of the last six months have
both exports and imports failed to
exceed those of the corresponding
months of 1924, and the balance of
trade has been heavily in favor of
the United States. The volume of
foreign business now is comparing
favorably with pre-war years, accord
ing to some exporters.
Not the slightest difficulty has ac
companied Treasury financing opera
tions and liberty bonds wound up the
year with some issues which six years
ago were nearly 20 points below par
around their high points for all time.
Finally the Treasury has a surplus
around $3.50 100000 and that $400.-
100000 cut in taxes is deemed prac-
ticable.
Private Business Spotty.
has been spotty. There has been
great amount of dissatisfaction ex-
pressed as to conditions. A certain
number of men in all lines of endeavor
have had only one question on their
lips: What is the matter with bust
ness?" This very fact has caused
a hesitancy and uncertainty which in
itself has adversely affected trade.
There is nothing the matter with
business. Leaders in the basic indus
tries, heads Of great financial institu
tions and great merchants have tes-
titled to that effect The trouble has
been in the way certain concerns did
business. Business has undergone tre
mendous economic changes in the last
year. 1t has gone through period
of transition. The year has been one
of remarkable readjustments and
fundamental alterations. Failure to
recognize and understand the trends
of modern industry and to take ad-
ence between profit and loss to many
organizations and individuals.
Gains Outnumber Losses.
A better understanding now is
manifesting itself, but the failure or
some business men to recognize these
facts earlier does not indicate that
business in general was unprosperous.
Despite some poor showingS, reliable
reports and statistics from the entire
country show that the leading lines of
good or fair far outnumber those in
which it has been bad.
Among the lines which showed
good returns may be numbered auto
mobiles, automobile accessories and
tires, cement, chemicals, advertising.
electrical equipment. electric power,
light and gas, farm equipment. office
and business equipment, railroads,
silk, tobacco products, insurance,
real estate, building construction,
building materials, road construction.
beet sugar production. mechanical
rubber goods and lead
Lines Giving Fair Returns.
Included among those in which
business has been fair are anthracite
coal, fertilizers. iron and steel,
leather, machinery, paper, packing
house products, live stock. radio sup
plies, shoes and wool. Cotton, tex
tiles, copper, soft coal. machine tools,
equipment, oil and street rail-
ways have found business bad. al
though some of these are now show
ing some betterment.
It is still too early to rate the 1925
crops accurately, but the most unfav-
orable factor at present is the small
yield of wheat, which
may be overcome by high prices
which would compensate for the
short crop. If business men adapt
themselves to the changes in the busi-
ness world, there is nothing in the
present situation which would pre-
vent a continuation of reasonable
and healthy prosperity for some time
to come.
Copyright. 1e25)