Evening star., 1929-06-30

First Two Quarters of 1929 Garry Forward Tremendous Gains
Scored During Latter Half of 1923 Prosperity General
BY J. C. ROYLE.
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, June 29.-Sustaine6
speed under thorough control. That
was the distinguishing mark of the
business year of 1928-29. It seemed
hardly possible that the tremendous
progress of 1926 and 1927 could be eX-
celled. 1t was not eXcelled, 1t was over
whelmed.
Prosperity was general throughout
much of the world. Production attained
the highest levels ever known in the
history of the world. Distribution was
more evenly spread than ever before In
this country. The one real depressing
note was sounded by the agriculturists
They wound up the fiscal period with
prices for grains well below those for
June, 1928, with feeling of unsettle-
ment in agricultural circles caused
somewhat by congressional debate and
partly by lowered financial position.
Business laughed at seasons during
the fiscal year and especially in the
last six months. But it did not laugh
at the weather. The weather was a
factor, but seasons were not. The usual
seasonal declines, kow-towed to for gen.
erations, did not make their appearance.
industrial activity simply would not
cease at the time it was expected to
show marked decline. This over
industries where the weather had a
bearing the unfavorable periods were
compensated for by subsequent weeks Of
favorable weather.
No Feet on the Desk.
This year was not one in which any
producer, manufacturer or merchan-
diser could sit back, put his feet on the
desk and take orders. He had to bat
= rx,. III >@ft tN,Yc
NOTED efficiency to point never
benefit to the buying public and the
ultimate consumers. New methods were
introduced, new Affiliations we're formed
and new industries were promoted with
the by-products Of the old lines as a
basis.
Price levels in the main were lower
than in the previous year for some very
commodities, but while profit
were narrow, volume of busi-
ness in general showed a striking gain,
especially in the six months from Janu-
ary to date.
Immune to Politics.
The political campaign of 1928 was
one of the most bitterly contested in
many years, yet this factor did not suf-
flee to check prosperity or business
progress before November and the an
nouncement of the election result was
followed by a squirt which carried
Christmas trade to a height never be-
fore experienced, even in the boom ex-
ransion years of 1919 and 1920.
This immunity to political move
ments did not last long after the spe-
cial session of Congress was convened
in April. The uncertainty of action on
farm relief which continued past the
middle of June was q depressing factor.
The debenture feature was bone of
contention until the test vote in the
House June 13 with vehement advocates
who said it was essential and equally
vehement opponents who declared it
was nothing but a dole such as was paid
to English unemployed in another guiSe.
A further. depressing influence re-
suited from the feeling in many quar-
ters that even after the bill became a
law considerable time must elapse be-
fore its provisions could be put into ef-
feet and the measure have a chance to
show what good it could accomplish
Finally the uncertainty called to the
mind of the farmer very emphatically
the fact that he needed relief. A good
many farmers wound up the 1928 CROP
year feeling they were in a sound posi-
tion, but after the debates in Congress
they began to doubt it. Then, too, the
tariff changes proposed were an un-
settling factor. The changes, whatever
they may be. will be of benefit to many
industries, but there will be some busi-
ness men hurt for those who are helped
Industry Upholds Prosperity.
In the previous fiscal year business
owed much to the improved condition
of the farmer. This year it owed ar
To ho ifxy ~
the industrial worker. In the last hall
of 1928 the farmer was feeling his oats
when he ought to have been selling his
wheat. Today many farmers have huge
holdings Of wheat and the price is down
around 40 cents bushel for No. hare
as compared with year ago.
The farm situation has been aideo
by improved methods, by cost account
ing, by rotation of crops and by diff.
ferentiation of products, and today the
farmer is in anything but a desperate
situation, as IS shown by the increase
in the value of farm lands Most of his
troubles are psychological, but they
trouble him none the less for that.
The industrial worker, on the other
hand, has had almost continuous en-
ployment at extremely high wages
Wage levels in the last year have riser
If anything. The industrialist has hac
money to spend and has spent it. He
is today the most valued customer oi
the firms he works for. He has beer
aided, not hurt, by the new and i'm.
proved machinery and methods which
have put over three horsepower at the
beck and call of nearly every industria
worker. This machinery has not showed
men out OF employment. 1t has lee
corporations to develop new lines anc
thereby create new jobs. There is still
the problem of the man past 45 tc
reckon with. Many thousands of middle
aged men are out of work and car
secure none.
Efficiency Development Marked.
Efficiency has grown tremendously no.
only among the trained workers, bu
among the unframed men and women
Much has been accomplished by added
efficiency in management, but in mos
cases the workers themselves have
raised the standard and made theil
fellows maintain 1t or at least keep 8
pace commensurate with the ability O
each. This has been found to be &
money-maker among the workers.
There were comparatively few seriou!
labor troubles during the fiscal year
The major one was the strike of tht
textile workers in the cotton and rayoI
mills of the South. This was of con
siderable moment to the textile trade
since Northern mill owners had movec
South in the hope and expectation o
avoiding just such situation. Th'
strike therefore created uneasiness in {
business already quivering with an
ticipation of blows from the commercial
bludgeon.
A dollar today will buy more thai
1t would a year ago of a majority o
commodities except labor. The citizen
of the country have plenty of dollars
too. The gain has not been registered
very vigorously in savings accounts, al
though they have gained. Many dollar
have gone into investments of variou
sorts and it cannot be denied that
huge number of them have gone int
stock speculation.
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