Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-07-14
NEWRECORDSM MADE
IN 25 INDUSTRIES
Bankers Journal Considers
Mainstays of Prosperity
in Fine Condition.

The composite balance sheet Of Amer
lean business at the close of the first
half year reveals a strength and liquid
ity of position surprising anything ever
achieved in the past, says the Ameri-
can Bankers Association Journal in
its current issue. The review says:
"All three of the mainStays of the
| present era of prosperity continue to
! give a good account of themselves with
| the steel industry operating at the rate
of 57,000.000 tons annually, and the
| automobile industry aiming at an out
ing construction has fallen only - per
cent behind last year in spite OF the
scarcity of mortgage money. A score
of other industries of scarcely less i'm
portance have established new high-pro-
duction records in the period. and cen
Germ is even expressed that output may
overrun demand in certain itnes. nota-
bly, the textiles. Distribution OF COM
moditieS, however, is holding To hlgn
level and the belated hot weather has
resulted in a brisk movement Of lighter
weight apparel and other seasonable
goods Individual merchants who fol-
low the style trend and operate along
scientific methods need have no
grounds for complaint, even against
the competition of the chain store or
| CARNATIONS.
New Marks in Is Industries.
1.-THE surprisingly high rate OF &C.
tivity In manufacturing this year is now
showing I'D In the statistics that are
available covering the first five months.
with June estimated. and it Is found
| that in no less than IS major indus
| tries there were apparently established
new high records in the half year just
passed. These include pig iron and
steel. automobiles and trucks. atrplaneS.
motor boats, tires. crude petroleum and
| gasoline, farm implements, machine
tools. electrical apparatus copper. plate
glass, sulphuric acid, silk and rayon
| cotton goods, clothing newspr1nt. nouf'
| bakerv and dairy products, confection-
| cry and cigarettes.
.'Of the three industries that have
for so long been the backbone OF the
! present era of prosperity. the steel IN
| dustry is still running full blast WITH
an output Of ingots IA per cent ahead
| of last wear and at the rate OF 57.OOOOOC
tons annually. Automobile and truck
production records point to an output
| for the full year in excess OF 5000 oOC
vehicles, or one-third more tpan 1873
which was the previous Best year
Building construction is hampered By
/ the scarcity of mortgage money at rea'
sonable rates and Is down from 10 tc
40 per cent below last year. but main
tains an enormous volume nevertheless
Too Much Speed Noted.
Some industries, in fact. are running
| at a higher rate than is good for them
and unless production schedules are adj
iusted to conform fairly closely with
| orders and shipments, then a surplus o.
product results with its attendant price
cutting and elimination of profit
margins. Textile authorities are warn
ing the cotton goods mills that the pres
ent record breaking operations are un'
warranted and that unless the situation
is corrected by curtailment before
| long a depression in that particular
branch of the textile industry is In
evitable.
"A cheerful and possibly surprising
development is the renewal of activit!
in American shipyards, which have beer
practically idle since the war, but ar:
now enjoying a revival in construction
as a result of the Jones-White law
passed in 1928. which grants extrs
compensation for carrying mails. alst
loans at low interest rates. in accord
ance with which program Of building
more than score OF large -goinl
vessels is gradually getting under way.