Evening star., 1938-01-10

conditions, OF the Du Pont enterprises,
the witness said:
In 1929 the number employed by
us was $4,000. This fell to a low
point of $4,000 In 1892. Subsequently,
our employment showed an almost
continuous upward trend. reaching
$500 at the end Of December, 1896.
and then rising to a peak Of $1,000
in September 1887 This declined by
the end of the year to 81 500, which
constituted loss over three months
amounting to IA per cent, and over
the IL months to per cent. At the
peak of our employment last summer
We had on our salary and pay rolls AZ
per cent more people than in 1929,
and at the year end We were employing
% per cent more people than in 1929.
Our annual pay roll at the year end
was 40 per cent higher. average
monthly wages were 13 per cent higher,
average hourly wage rates were 26
per cent higher, although the number
of hours worked were 20 per cent less
than In 1929. Our total annual pay
roll in 1887 was rs per cent greater
than for the year 1896.
Ever since our sales began to de-
cline last spring, We have gone to
the limit compatible with sound bust
ness practice to maintain employment
and wages at the highest possible level.
First Intimation in April.
''The first intimation of q changing
business situation came in April The
decline in sales OF our products that
followed became precipitate in the late
autumn. Our November sales were II
per cent less in dollars than in Novem-
Der, 1895, and in December % per cent
less than in December Of the preceding
year. Our forecast of sales for the
first six months of 1888 is % per cent
less than in the first six months of
1887"
Declaring that "a shortage of VEN
ture capital has been i'm
peding the realization of innumerable
projects throughout the country" Mr..
du Pont disclosed that his company
sold S48000,000 in securities last sum-
mer to finance development of its busi-
ness. Much of this development. he
explained, has been along lines of re-
search in which the Du Pont company
has been most active and successful.
Improvement of cellophane and de-
velopment Of rubber-like material
known as neoprene were cited as two
foremost achievements of Du Pont re-
search efforts
Such research. he said, leads not
only to new products but to expand-
ing employment in the laboratory,
the factory and allied activities.
Expended S53, 5000, 900.
I'm providing facilities for new en-
ployment, Du Pont expended $50 .900,-
600 on plant extension and modern
ization in 1887" the witness said.
This was more than double the aver
age annual expenditure for this pur-
pose since 1929. Over the past eight
years our total investment in new
construction was s194 100000. This
shows our faith in the future of
American enterprise and is cited as
an indication of one of the contribu-
tions in my intimate knowledge made
by private industry to employment and
progress. New construction OUTLAWS
projected for 1888, according to the
compilation that has just been made,
approximate $35 200, 900. We are still
looking ahead and hoping for better
business"
Other witnesses listed to appear be-
fore the Senate group today included
Robert E. Henry, president of the
Southern Textile Manufacturers As
sociation, and Russell Fisher, presi-
dent of the American Cotton Manu-
facturers' Association.
Last week the committee dealt par
tlcularly with the automobile industry,
and during the remainder of the pres
ent week its members plan to direct
principal attention to the railroad and
steel industries.
Activity OF IS Per Cent.
Government officials studying the
business situation received a report
from the Federal Reserve Board that
industrial activity in December fell
about rs per cent below the first eight
months of 1887.
December steel output, the boards
survey showed, was about rs per cent
OF capacity, against 38 per cent in
November and IS per cent in August.
Holiday retail trade was somewhat
smaller than in 1o26 olthnuoh demo rt