Evening Star Newspaper, December 31, 1923, Page 19

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SCORE OF MINOR GROUPS “"RECOVER Railroads, WAR LOSSES Home Builders and Automobile Manufacturers Also ‘Send Production Records BY HARDEN COLFAX. American industry has shown the world in 1923 the greatest activity 1t has ever secn. Railroads, home- bullders, automobile manufacturers an score of other minor groups spent the year in recovering ground lost during the war and immediately thereafterl These industries piled new production records skyward, overtopping what had been marveled #L before—the war-time and post- armistice high levels. The sreat lines of enterprise named above carried ‘onward and forward with them a host of -attendant activities. They swept the iron ahd steel in- Stry to a mew mark, for instance, than acity record of hey resurrected the coal in- Y from the grave of stagnation 10 a period of almost unequaled pros- perity, They helped blot out en- 1y _the pool of unemployment and r shortage in its stead. And pract 1y while this move- Mmoent was on the w to the greatest momentum, the market values of bonds of the firms and leading ‘in the revival less than $10,000,000,000, s with the decline in ked and partly by substantial recoveries, #1though stocks are selling now at about a level of seven to eight points lower than they sold at the beginning of the year, Less Active at Year's End The vear closes with indust: geri- erally ‘less active than it was six months ago, with a pronounced, though tion as to the future, slowly iIncreasing mon—and son killed—labor. The peak of acti appears to have been passed during the summer. The | immediate future of industry seems to be linked quite definitely with the legislative situation in congress. The fate of the tax reduction, bonu and proposed railroad regulation mea- suwies probably will be reflected largely on the industrial situation in 924, In the purely financial phases of | the situation during the past twelye months, the Treasury Department's showing indicates considerable in- crease in the already top-heavy stock ! of gold in the United , a fair incre: in the in busi- ness enterprises, interest rate thorougho vear, and a growing pile of idle dollars seeking vrofitable employment. Deposits in the federal reserve banks, by way of filustration, were more than 65 per- cent in excesse of loans at the be- ginning of the 3 r and were ap- proximately 70 per cent in excess at the end. Three years Posits in feder: enterpri slumped not The year ¢ security redeemed and with a surplus of com- a the o, in contrast, de- 1 reserve banks were somewhat less than half the amount of loans Business has come out of the woods, however since then. Store of Gold Grows The re of gold i the States as grown b more than $300,000.000, it is estimated, since | 1. New Year's and stands now at almost half of the entire world supply. It passed the $4,000,000,000 mark for the first time in our na- tional history last summer. There appeared to be no surface reason for the great inflow, for. exports during the fi ten months of the year ex- ceeded imports by only $34,000,000. A\pparently observers here say, bankrupt rope is investing what little zold it has left in American =securities. Forelgn trade during the year. while not_explaining the rush of gold, was of high interest for another reason— during the year, imports, for a period, exceeded exports. For several consec- | utlve months during the spring and | summer the alance of trade turned against the United States for the first time since before the war. -Depart- ment of Commerce figures for ten month. rdic quite clearly that when the r's totals ‘e closed both exports and imports will show a ma- terial increase over fizures for 1922.4 xports probably will total about | hall of the $8,28,000,000 of the ban- ner year of 1920 imports will still fall short of the 8,000,000 for the same vear, but probably will be $100,000,000 or so less than total ex- leaving the balance of trade for ear in favor of the United States more. United ear of savings, apparently. Fizures made public by the Savings on of the American Bank- ion place the total for the ¢ as of June 30 last at more than $1,000,- than for a year pre- rom other sources come in- that the savings ‘habit is Wemand and time deposits n 1 banks reporting to the federal reserve board stand at about £200,000.000 more than their December, | figure, but the increase in de- s not subject to check is much | ter than that amount, : New Investments Large. Nearly $3,000,000,000, in addition, had been invested in new enterprises during the first ten months of 1923, if capital issues may be regarded as an accurate index. During the same period last year, the amount invested fell short of that by more than $200,- 000,000, Tndications are that capital flowed into new enterprises in 1923 to the extent of about $3,600.000,000. ank clearing ghout the coun- try, with the exception of New York | eity, picked up about 17 per cent dur- | ing 'the first ten months of the year. in New York city clearings declined about two per cent. Busine: Aecreased, dropping from the first ten months of 1922 to 15,173 during the corresponding period this vear, while the amounts involved de- creased from $525,561,000 to $437,- 480.000. The stock market experienced a ma- jor movement downward, beginning in March and ending with 'a sensational upturn during the fall, started by the declaration of a small extra dividend upon the common stock of the United Steel Corporation. While much of the lost gronnd was recovered, stocks were selling generally at. lower prices at the end of the year than ‘they fetched | at_its beginning. Dividends poured into the bank ac- counts of security holders at a rate unapproached before. Payments of this kind made by industrial corpor- atlons, steam rallroads and street rail-, roads combined were estimated at up- ward of $833,000,000 during the first eleven months of the year. Borrow- ings by municipalities dropped sharply, { long-term issues falling during the first_ten months of the year to $892,- | | three | [ted with coal. not acute, degree of hesita- | | since before the war, Soaring. ed to $2,947,000,000, as compared with $2,886,000,000 during the same period in 1922. “The banner month appears 5?“ ha.\‘e‘ been last> May, "when the ue of contracts reached $433,- 000,000, e As a result of this activity and the resultant spur to allied _industries, labor remained employed at high wages throughout the year, the de- mand slackening only during the last two months. Skilled workmen in the building trades earned, in some in- stances, as high as $125 to $150 a week at the peak of activity. Country Catching Up. Indications were multiplying, to- ward the close of the year, that the country was catching up with its building needs. This was not the case in New York city and in several her large centers, but elsewhere there had been noted a_lessening in demand,and a tendency toward easier rentals. Contractors are not looking for so busy a year in 1924 as the one through which they have just passed, but expect a large volume of business when measured by normal standards, a_keener competition and smaller profits. Some readjustment of wages in the buildis trades is expected in 192 Bituminous coal production, after a year of turmoil in 1922, enjoyed nine months of great prosperity and activity and then went into a sea- sonal slump that rivaled the stagna- tion after the armistice. The gov- ernment's last survey of coal stocks revealed that the country is glut- No_great revival of business is expected in this Industry until some of the huge stock has been worked off. Unless, of course, a strike threat- ens the present working agreement between miners and operators ends March 31 next afd unless it s re- Dl by another there will be a cessation” of work. Brellminary ne- gétiations looking toward the writ- ing of a new agreement will begin next month. The uncertainty as to success of these negotlations probably will galvanize the industry into an artificial prosperity there- after for a period. Two months ago leaders in the coal industry anticipated a strike rext spring. Few anticipate it now. The opinion gains ground that the miners and operators will set to- gether. Iron and Steel Prosper. Makers of iron and steel cause to bless 1923 for the prosperity it has brought them. That, in large measure, can be attributed to a $1,000,000,000 spending program on the part of the equipment and a_demand for automo- biles that seemed insatiable. last May, for instance, the blast fur- naces of the country made high record of 124.764 long tons dally. “or four months they averaged about 000 tons daily. While production tapered off somewhat toward the el ear, 1923 will mark the greatest activity the iron and steel plants of America have ever known. ‘The railroads hauled prosperity to the extent of almost 1,000,000 car- loads a week, on the average, during the entire year. No such movement was ever witnessed in this country before. Million-car weeks began in May, and became so frequent that by November 15 there had been twenty- one of them. Only five times—and then at scatiered intervals—prior to 1923 had there been a million-car week. The vears haul will hardly be less than 50,000,000 cars for the fifty-two weeks, an increase of more than 15 per cent. = No little of this haul was in agri- cultural products. The value of the farm yield in 1923 is officlally esti- mated bythe government at more than $1,600,000,000 in excess of the value of the 1922 yield, notwithstanding a Grop in the price’ of wheat that ear- ried the bushel, for the first time to less than a dollar. The effect of this breaking through the dollar mark was pro- found In rural sections, and led to a psychological depression that lasted for weeks. entually, the farmer recovered his perspective and wheat | prices rose. Cotton Moves Rapidly. Cotton streaked across the, price firmament in comet fashion during the year, its fluctuations leading to mueh confusion in the trade and its high prices—it passed the 25-cent level —to a general revival of real pros- perity in the south. The year closed with the price fluctuating between dizzy advances and sharp breaks, and with an apparent shortage in the world supply. Sugar, too, shot strangely upward during the early months of the year, but came down almost as quickly upon popular discovery that the price apparently was being manipulated by those controlling the Cuban supply. The advent of American beet sugar on the market during the last two months of the year caused a further drop in prices, and effectually stopped artificial price adjustments. Retail trade continued excellent throughout the year, including the holidays, and established, it is be- lieved, new high records. Wholesale trade felt somewhat the effect of extraordinary caution on the part of retail buyers. Large orders were comparatively rare, the retailer pre- ferring to buy from hand to mouth. Stocks on hand in retail stores drop- ed to the point where & busy period Pn manufacturing and kindred lines will be necessary to restore them to normal. As the year ended, business show- ed marked tendéncy to awalit & clear ignal from Congress as to the char- aoter of tax and other legislation that may be expected during the winter and spring. Indications are that the lull will continue and in- tensify until such signal is forth- coming. GEN. BUAT, FRENCH ARMY, DIES AFTER OPERATION Chiet of Staff, in New Year Honor List, fuccumbs to Intestinal Disorders. PARIS, December 31.—Gen. E. A. L. Buat, chief of the general staff of the French army, died yesterday. He under- went an operation for an intestinal dis- order on Thursday. Gen. Buat was to have been included in the mew year honor list and given the grand cross of the Legion of Honor. Today President Millerand and Marshal 249,000 from $1,132,456,000 during the corresponding period in 1922. Extra Dividends Paid. A flood of extra dividends marked the closing months of the year, giving added strensth and buoyancy to stock values. Manufacturfng and other industry gained momentum through the spring and summer, tapering off somewhat with the approach of winter. In the wan of progress were the motor car Builders, who surprised themselves by manufacturing 4,000,000 passenger ears and trucks during the year. That figure was materially higher than the most optimistic men in the business forecast at the beginning of the year. An unusually large demand for closed passenger cars has marked the last few months. This, coupled with a program calling for the con- struection of 2,000,000 cars, trucks and tractors by the Ford interests, was taken as indicating another year of unusual activity in 1924, Bullding construction’ reached its highest mark in 1923. Tho value of contracts awarded during the’ first ten months of the year in the twenty-seven states covered by the F. W. Dodge Company survey clithb- . Petain went to the hospital before he died and pinned on_ his breast the in- signia awarded him. Gen. Buat was chief of the French military advisers at the Washington armament conference. —_— WRECK REPORT DENIED. Ttalian Steamer Isonzo Now De- y clared Safe. i LONDON, December 31:—A-dispatch to Lloyds' from ' Constantinople says the report sent out Saturday that the Ttallan steamer Isonzo had been wrecked near Panderma, ‘Asia Minor, was erroneous. ¥ The Isonzo sunk was a small Ttal- ion tank vessel of 250. tons belonging to the Triestine Lloya. A dispatch from Constantinople Saturdey said @ vessel numed Isonzo’ dogoribed as “an Italian flagship,” had_floundered after collision with othor vo WS have | railroads for new | During | a new | THE' EV‘ENINGbstl‘AlB, - WASHINGTON, D C., MOND‘AYi,’ DECEMBER 31,- Optimism Reigns Over U. S. in Visioning Pro DIRECT ACTIVITIES' OF CHAMBER OF COMMERCE JAMES T LLOYD. Ist Vice Presiaent A E . SEYMOUR Secretary | Backracr | (Continued from Fifteenth Page.) unmarketed. Tt is being held for higher prices, but so far the returns to growers have been only 7 cents a bushel. Later they will, of course, receive the remainder which their icombined production brings in the market. In Idaho, as low as 40 cents a bushel was pald growers. Michigan farmers sold some lots at 30 cents. Facific northwestern men did slightly better. Little of the crop so far has Leen frosted, although warehouses are full and some potatoes remain on_the ground. Taken as a whole, growers did Tot have a prosperous year, although ex- ceptions were numerocus. RAILROAD EQUIPMENT The most significant thing as to the condition of the railroad equip- ment industry today is that the i American Railway Association has determined to continue the program of equipment improvement, which attained such proportions in 1923. Appropriations for such expenditures totaling $242,804,400 will be carried in 1924. Orders now on the books of equipment manufacturers are suffi- cient in most cases to keep them oc- cupled at Bapacity for from three to six months at least, and some few plants are booked almost solid for the ensuing year. The reason for this is the more evident from the fact that during the first ten months of 1923 the class 1 roads put into commission 155872 freight cars and 3,371 locomotives and_on November 1 had on order 18,571 additional cars. RUBBER I { The so-called _Stevenson _plan, { through which rubber exportation in the British East Indian possessions has been effectively restricted, was the dominating feature of the rub- ber industry this year. Largely as a result of that restriction prices rose from 143 cents in the latter part of 1922 to 353 cents in Feb- ruary. Manufacturers of tires, who use 82 per cent of the rubber consumed {n this country, stocked huvfly early n the year and as demand diminish- od prices. fell, recovering later, how- ever, the tire inventories were worked off. Stocks of rubber in this country will probably start 1924 at nearly normal figures, although the carry-over of tfres will. be some- what heavier than usual. American consumption this year has reached nearly 300,000 tons. — About 45,000,000 tires, it is esti- mated, were produced in' 1923 and makers are planning fof an equally heavy output in 1924. Mechanical rubber goods, especially rubber heels, ‘were active all year, with production at a high pitch and turnover rapid. Shoe production for the year reached high levels and manufactur- ers, especially those in the middle west, in many cases had record ssles years. In New England, however, iabor conditions were encountered, which had a marked effect on pro- duction. These resulted in.an exodus! of manufacturers from some.of the New England, shoe towns. uc- tion_throughout the first five months. of the Saa lfrm ""?n‘t'lg." ,;::: to 35,83 pairs a_mo that e outpue foll off. slghtly: but for the three- of the year totaled 270,704,000 pairs, as ocompared ‘with 235,581,000 pairs' in the corresponding period of 1922. The annual statements of the manufacturers made it noticeable that the large manufacturers did far better in-the way.of profits than the smaller compenies.- - - - 3 After complete =~ diso: following _the Japanese ks, the ‘sitk market, ‘toward- the:end the year, .got back to ‘the levels which_obta before :the - disaster of below them. = Shipments of silk were ' resumed surprisingly. - early and few mans rs were acutely discommoded by the interruption of raw staple movements. Manufacturers expect next spring to develop into a strong silk goods season. - Larger crops of .cocoons in season will,. it ig be- ny ! | l t { CHAS W DARR TIreasurer : AaRR3-EWiNE Records Smashed in Commodities I ARTIFICIAL SILK l The year of 1923 showed a remark- able expansion in production and use of artificial silk. This was due in some small' measure to the Japanese earthquake, for manufacturers turn- ed to the artificial product during the time they were uncertain of raw silk supplies. * This moved the Price of the artificial product up in propor- tion to the advance in the natural silk, but prices stabilized when it be- | came evident that Japanese supplies of the latter would not be much af- fected. There continued, however, a demand for the artificlal product for light wool and silk and cotton and silk mixtures and the larger pro- ducers f{naugurated plans for plant expancion. SUGAR l i Sugar had a heotic year. To begin | with, demand did not increase with the same velocity shown in 1922, al- though it maintained a steady prog- ress. Then, in the spring of the year, the Cuban raw sugar production was gravely underestimated and a world shortage was predicted. Eastern cane sugar refiners rushed into the market and bought freely and as & result Cuban raws advanced to 8.11 cents a pound, far above the range in 1922. Refined sugars ad- vanced similarly. In many cases over 10 cents wholesale was paid. although the nominal high was 9.90 cents. Shrewd oriental traders seized ad- vantage of this situation and dumped Java sugars on this market in the form of futures. Canners and house- wives went on a mild buying strike and prices dropped when it was found that while the available stocks of sugar . produced would be slightly under the amount consumed for the year, the stocks on hand obviated any | possibility of a world shortage. Efforts of the eastern cane sugar refiners to supplant the present-tariff on raw sugars by a sales tax which would be borne by the consumer are being fought by the beet sugar men on the ground that the eastern re- finers in the majority of cases are also producers and that the zemoval of the tariff would enable them to pay themselves a double profit as well as dominate the market. The ' early forecast for world pro- duction in the season of 1923-1924 indicates a ‘world yield of 19,145,500 tons or a gain over that of the cur-! rent year of 6.7 per cent. Stocks on | November 1 in this country showed 831,000 long tons of raw sugar against 566,000 tons in 1922, so the prospect for skyrocketing prices in the immediate future is not bright. | SPORTING GOODS I Mare base; balls wers sold in 1928 than ever before, but the demand for club.uniforms and equipment was less than in some former years. This is attributed to the fact that employ- ment was general. , Sales of bage ball equipment increased during. periods of _{dleneas by workers. The ‘feature of the year, however/ was the increase in demand for golf and tennis equipment and for basket ball para; ia. Golf balls formed one of the featufes of the holiday gift buying and the general volume of sporting . goods . business throughout afl four seasons of the year was ex- celtent. Tea sales-in the past year. have ‘been st fairly.well. stabilizéed prices. There has been.an .increase in con- _ysumption . due,. it. is asserted .by grocers, to.advertising, liberality in giving samples’'of various brands and grades; and . the growing use of tea balls and tea bags. 'In"the first three-quarters ‘of the year 66,859,000 wnds -of . Formoss, 'Tndia, Ceyiom, ina and Japan teas were ‘The market was' not appreciably af- fectdd by ‘the Japanese earthquake, as the. crops-in-other oriental - triés made any shortage unlikely.\ Shattered records ‘marked the year in the tobacco -indystry. Clgarette manufasturers sold & Fecord-broak- olume, of their pi e a o T ey T75900,000,000. clparetiey Do |s:.z,non pounds of wool MARTIN A LEESE 2nd Vice Presiclent CHAPIN BROWN General Counsel WARRIS - EWiNG | ing disposed of, or about 20 per cent more than in 1919 and 1922, the previous high years. Cigar production increased only about 4 per cent Over last year and manufacture of smoking and chew- ing tobaccos showed a decline. The tobacco crop of the country was estimated to be about 8 per cent larger than that of 192% and growers, as a whole, ‘have received most satis- factory prices. Cigar manufacturers were well en- gaged, but their profits are not be- lieved to have been so high as those of the manufacturers of cigarettes because of stiff competition and high costs of leaf and labor. ‘WOOL Desplte the long continued fight be- tween producers and consumers of Wwool, most of them seem agreed on one point as 1923 draws to a close. That is that there is no immediate probability of lower wool prices. For the first three-quarters of this year mills in this country consumed 606,- as against This country grows only about 40 per cent of the wool consumed here. The activity of the miils increased in the last quarter, and prices which had sagged from the high levels of the first half vear recovered materially. In general, ranges are in fine con- dition for the winter, and herds in excellent shape. While demand is increasing, few growers have listened S0 far to proposals for contracting their next spring’s clips at prevailing figures. WOOLEN GOODS Woolen manufacturers in general probably had more complaints than profits in 1923. Yet production con- tinued at a rate well above that of the previous year, and many compa- nies ended the vear with substantial and satisfactory showings on the right side of the ledger. The com- plaints affected not the general in- dustry, but particular lines. The high price of wool, the unfavorable buying weather, the uncertainty of styles and the failure of dealers to stock heavily, all were instanced. 990,000 in 1 | states, and the indebtedness reported 1923, 540 BANK FAILURES DURING PAST YEAR| #F GERMAN MARKS | Many Go to Wall Because of De- Ppressions in Qemin Parts of Country. SMALL ONES SUFFER MOST Large Number of New Institutions Have Been Started. Special Dispatch to The St NEW YORK, Decembey 31.—Bank- ing fallures have beeA somewhat more numerous during the year just clollng than in a number of years past, but as to this there are many more banks in the United States than at any previous time, and most of the banking failures that have oc- curred have been in a certain terri- tory and have been due to special causes. There were reported this year 540 banking failures and the liabilities will amount to $196,790,000. Thege figures talten from the records of R. G. Dun & Co! contrast with 277 banking defaults that occurred in 1922, when the liabilities reported were 377,735,551, A comparison is made below showing the number of banking failures and the amount of indebtedness for each year since Bank Faflures 107 119 i®# no record of the actual number of banks organized, but in Tecent years many small banks have been created in outlying districts, and in some states under very liberal laws. The banking failures of 1923, also of 1922, in Jarge measure com- prise these small banks. Of the total number of banks in the United States that have failed, 70 per cent are located in the section west of the . Mississippi river_ and north of Oklahoma and Texasl not including the three Pacific coast by these banks constitutes nearly two-thirds of the total indebtedness of all banking insolvencies. There have been many: small bank- ing failures this yvear in North and South Dakota, Montana, and a con- siderable number in Minnesota, Iowa and practically all of the other states in these sections. Oklahdma also re- ports quite a few, and there are a number in Texas and North Carolina. The other southern and _central Western states report a small num- ber; also the Pacific coast states. There were thirteen banking failures in the New England and Middle Atlantic states, nine of which were in New York and Pennsylvania. Of the total number of banking failures in the United States during the current year, there were 70 national banks, 440 state banks, 26 savings banks and a few trust companies, although there are included with the state banks 2 number that engaged in sav- ings and trust company business. MUCH WORK COMPLETED BY TRADE BODIES HERE (Continued from Fourteenth Page.) Gov. Ritchie assured the chamber that reciprocity would come. That the National Capital made dis- tinct progress industrially and com- mercially is manifest in the records and achievements of the Merchants and Manufacturers’ Association, the one great organization in Washing- ODD TALES TOLD Forty. Box Cars Needed to Haul $1 Worth of One Mark Notes at Present Rate. By the Associated Press. NEW YORE, December 31.—The sharp depreciation in Berlin exchange | to the point where one cent in Amer- ican. money will buy several billion German marks, has given rise to sev- eral fanciful stories in Wall street and culations. One of the latest storles, credited to an American consular officer in Bel- gium, relates how shortly after the ar- stice the Belgian government, in an apparent effort to acquire sufficient marks to influence, if necessary, the German exchange 'situation, decided to redeem all the German currency then circulating in Belgium. It is said to have expected to acquire six billion marks in this manner, but the favorable rate of exchange offered in- duced _considerable _speculation by Belgians, who purchased marks in Germany and sold them at a profit in their own country, so that several more billlons were actually acquired. These marks are said to have been stored_in a large warehouse and a guard placed over them, necessitating an_annual outlay of 60,000 to 80,000 Belglan francs, besides the loss of in- |terest. So great has been the depre- ation in marks that the Belgian treasure,” which is said still to be junder guard, is valued at less than $1 {in American money at the present | rate of exchange. Another story. which illustrates the extent of depreciation, says that forty box cars would be needed to haul §1 iworth of one-mark notes at the pres- ent rate of exchange. — I tion but on main arteries and in the outlying sections to a degree never before paralleled in the history of { Washington, if not any other Amer- ican city. They constitute an ex- pression of the great confidence that Washington business men have in ‘the future of the community. While figures as to the amount of business done have not been com- pleted, the source of information available at this writing indicates that conditions in general are en- tirely satisfactory. The energies of the retail sections of the Merchants and Manufacturers’ Association were directed during the vear not only to promoting a greater volume of business but to bringing that about through the exercise of principles and practices that mark the mercantile distributors of Wash- ington as among the most ethical and substantial that could be found in any community. Realizing that permanent success in business depends upon giving the ultimate in quality and_ service Washington's retail stores have ap- plied the most scientific principles through research and conference on plans and practices to the end that Washington as a unit might dis- tinguish itself as a point of buying contact of consummate interest to the consumer. The fact that the year was marked by an‘absence of time-honored “sea- sons” involved responsibilities upon {buyers and merchandise managers second to no other period that Wash- ington business has ever known. First and foremost among the trade ethics that were promoted was the more general application that the one-price system should prevail. This is a reaffirmation of the years-ago rule which the Merchants and Manu- facturers’ Association established, that there should be one price to all, with no special buying privilege to any one group; therefore, eliminating the class discount. Consideration of legislation involv- ing business interests and jeopard- ising public welfare consumed a great doal of the time and energy of the officers and committees of the asso- clation. Promotion of seasonal trade periods, the development of out-of-town trade and the co-ordination of with- in-Washington endeavor called for [ ton made up of trade sections rep- resenting thirty lines of trade, with as_many units of concerted activity. This influence is realized through the board of governors of the dssoci- ation being made up of the chairman of each trade section. That Washington has a _proper place and is rapidly taking rank a an industrial center was made mani- fest by the starting of new manu- facturing enterprises and the putting in motion of plans for. others which, in the course of a comparatively short time, are expected to make Washington a metropolitan com- munity of the first order of high industrial importance, as it has long enjoyed the distinction of being a re- tail center that takes high rank. There has been a marked impetus in the development of apparel manu- facturing, particularly 3 This takes the form of high-grade speclalties that not only enjoy a local market but are distributed cver a wide radius. Printing and publishing still ma tains its position as the leading in- dustrial enterprise of the National Capital. In view of the developments during the past vear, it is the expec tation that there will be a marked increase in this branch of endeavor. for the reason that Washington, the National Capital, being the center of uarters of all manner of movements ooking to the public weal. Printed matter, from great books and maga- zines to pamphlets and other forms of printed work, are a necessary ally to the carrying forward of informa- Goods for men's wear undoubtedly dragged, yet the general condition of the industry was shown by the state- ment of the president of the leading interest that orders on its books late in the year were exceptionally heavy. This indicated that the unfavorable condition in men’s goods was more as | than compensated by the activity in women's . wear. Strong resistance to upward ten- dencies. in goods prices undoubtedly was encountered, but prices for goods were maintained at a point where an adequate margin of profit was possi- ble. This was accomplished by some manufacturers through improved mill methods, careful buying of raw material, ' better distribution systems and increased volume of output. Prices for cloth at present seem likely to, be stable for some while to come. uction, while down from the high point of 1919, {s up from the low level of 1920, and is between & and 10 points above normal. ‘The carpet manufacturers have had an excellent volume of sales due to new bullding at - well maintalned prices, and their factories hava been well occupled. The demand in this line has shown no signs of decreasing materially in the near future. (Copyright, 1923.) COOLIDGE IS INDORSED BY VIRGINIA REPUBLICANS State Executive ‘Committee Also Expresges. Opposition to TU. S. Senator Glass. By the Assoclated Press. ROANOKE, Va., December :31.—The nrufium executive ~ com- mittee has indorsed the candidacy of President Calvin Coolidge for the re- publican presidential nomination next year at a meeting of the committee called to perfect plans for the state convention for delegates-at-lai and alternates-at-large, to the national convention in - Cleveland -in June which will be selected by the state convention, which will meet here February 5. The resolution also lamented the death of President Warren G. Hard- ing and indorsed his administration and that of his successor, and desired that a candidate should be nom by the state 'convention to o ‘mited States Senator Ca Glasa whose_term expires March 926, _ that not only covers the country {!’3:‘ in many cases goes to distant lands. i Factories for bedding and hote and A twarant equipment have re- ported large gains. Building sup- Plies ‘are manufsctured here, t00, on a scale of increasing interest. The water fronts in Georgetown and outlying territory on the roads are the t:lel(:;;:rof _industeial rtaki o P tory. brossing the river, m the Key bridge to Alexandria, ml locality lending itself particu- larly to the heavier forms of manu- faocture. The development= of manufactur- ing in the District of Columbia on & safe and sane basis has been the heart's desire of the membership of the aseociation. With more than a nucleus to go on, it is the determina- 1575 & porioa OF prester endeavor (o 1924 & P of T en attraot other industries to Wash. ington. Jobbing and Wholesaling. Jobbing and wholesaling took on a new import during 1923, and through organized effort it is anticipated that Yor Things in the Histnbation. of er o ution _of gommodluau at _ wholesale from ‘Washington. ‘With the increase in the popula- tion of the National Capital and the growth of the surrounding territory, ‘Washington jobbing firms have found a big accretion in their busi- ness, the more prolific territory cov- ered being naturally Maryland, Vir- ginia, Peunsylvania and West Vir- ginia, with a marked development of | business in distant states. ‘The Washington market has al- ways ‘been famous for its foodstuffs and this fleld has ticularly a strong advance In nntud all uno(:—‘nrltx‘m&g’. speclalties in print- craft, ar : goods, paper, house furnishings, glassware, equipment for the furnishing of hotels and res- taurants, apparel, fabricated metals, plumbing and butlding supplies, ce- ment, beef and pork, bakery goods, Jewelry, ice cream, confections and other commodities. From the standpoint of quality. service and equipment, Washington retail stores more than came into titeir own during the year 1923. Store improvements that were com- pleted and other big developments that are assured for 1924 have marked 1923 as one entirely out of the ordinary.. This has not only taken plece in the downtown' sec- for women. | government, is furthermore the head- | the holding of a great many meetings and participation in conferences. The officers and board of governors of the association for the past year consisted of the following: Maj. Gen. Anton Stephan, president; M. G. Gibbs, first vice president; :. Horton, second vice president: Louis | Leyy, treasurer; M. D. Rosenberg. general counsel, and Charles J. Co- lumbus, secretary. Board of gov- larnoru: R. P. Andrews, Burkart, Joseph A. Berberich, Arthur Burt, J. C. Callahan, Charles F. Crane, J. Maxon_Cunningham, O. J. De Moll, George S. De Neale, M. G. Gibbs, E. C. Graham, M. E. Horton, F. W. Harper, Maurice Kafka, Philip King, M. A. Leese, Louis Levy, Henry T. } Oftterdinger, H. D. Ormsby, William I H. Rice, Charles W. Semmes, George C. Shaffer, Gen. Anton Stephan, Al- bert Tennyson, Sidney West, J. Lee ‘Whitmore, John H. Wilkins. Samuel Zirkin, M. D. Rosenberg and Frank E. Murra) t | i i | at ness you have to many™nteresting mathematical cal- ! Joseph A. | spects for Business 'BANKER IS HOPEFUL FOR COMING YEAR Forgan Puts Special Stress on Plans for Lowering Taxes of Nation. SHOCK OF WAR STILL FELT Farmers in Better Condition Since Harvest Months. Special Dispateh to the Star. CHICAGO, December 31.—James E Forgan, chairman of directors of the Chicago, says: “The year 1923- was a period of continued liquidation necessitated by the business depression of 1920, and at the same timé it marked the be- ginnings of a revival ine business Business men. however, did not forge! recent experiences, and procceded conservatively. The result is that inventories are not unduly large, and there has been no inflation of either currency or credit. The outlook the future, therefore, may be termc a reasonably hopeful one. “It is not unnatural that even now we are still feeling’ the shock of th war, though with diminished inter- sity. Certain industries have not r covered to the extent. that would br deeirable, and among these may b noted the clothing and the leather industries, both' of which are still in need of readjustments in order to attain again a full measure of pros- perity. Much is- heard about th: agricultural situation. As a'matter of fact, crops have been very satis factory, and most farmers are in a j better financial condition than they have been for a long period of tim. Even the difficulties of the farmers are exaggerated. ' Farmers in Better State, “That the agricultural situation not as bad as sometimes reporte: is proved by the fact that the liquida tion of farm debts is continuing i1 a very satisfactory manner, and in recent months farmers have restrict- ed their borrowings from joint stock land banks and similar organizations A further proof of this condition i- to be found in the reports of th. mail order houses, whose sales hav: been unprecedentedly large, and i must be remembered that a larg proportion of their trade is foun: in cur rural communities. “On the other hand, the country still_waits in vain for a solution of the Buropean difficulties. As we hav: pointed out in our statements of T cent vears, we shall face continuc uncertainty at home as long as our foreign markets are as precarious i at present. The reports from Europ. jare of such a conflicting nature tha it is impossible to say whether or not_there has been_ improvement. “What rot only Europe needs, bu the whole world, and we ourselves, 1= above all, peace and quict. Th transportation act of -1920 has no been enforced long enough to'enabl: adequate judgment to passed chether it requires amendments, and if 8o, what these amendments ouglh! to ba, Congress can do no great: service to the country than for 1! present to let well enough alone Lauds Tax-Cutting Move. “The Secretary of the Treasury I made recommendations for a revisio of our present income tax schedulc which deserve the united support « all interested in the commercial pri perity of our country. He and th« President of the United $tates hay done well to call attention to th fact that one of the serious difficu ties of our time consists not merel |in the amount of the taxes but in ti uncertainty and_duplication involv [in our system of taxation by variou federal, state und munioipal taxing bodies. Not only is it desirable to diminish the amount of taxes, but simiplification of administration an 2seessment 13 almost even more nec- essary. the board National Bank whe | Clever Di. From the Richmond Times-Dispatch. Diogenes was strolling in the dar places with his lantern, when he wi stopped by one who inquired: “Sir, are you the Athenian Nut wh« is_looking for an honest man with a lantern?” “I'm_him,” vou?" said the inquirer, ¥ shrieked Diogenes. “Get No honest man was er conscious of the fact said Diogenes. “Who am you: O close our bqoks the end of the year without ex- pressing our appre- ciation for the busi-- entrusted to us would leave a debt unpaid. We thank you and extend our best wishes for a : Happy and Prosperous N__ew Year The Washington Loan and Trust Company John B. Larner, President . Amdrew Parker Viee Pres. and Trust Oficer Boyd Taylor Vice Pres. agd See. Alfred H. Lawson, Charles R. Grant Asst. Treasurer Fred M. Berthrong i | Real Estate Oficer Wm. H. Baden Asst. Trust Officer . Carrell Gramt Asst. Real Estate Officer Arthur Peter, General Counsel

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