Evening Star Newspaper, December 31, 1924, Page 24

Grain Trade Is Prosperous; Bumper Crops Reported Bull Fever Hits Market—Heavy Demand Abroad—Canada and Argentine Yields GEORGE €. SCHNACKEL. came back to the grain ear of 1924. All grains and provisions were in greater de- mand than in any yvear since 1920. Bull fever ran high in the latter part of the year, and this always means activity in the speculative mar- Xet. Crop pro- duction_compared favorably with bumper years, and this insured pros- périty to the spe- cialist in cash grain Among the out- standing events in the board of trade history for the Fear of 1924 was the opening of a market for trad- ing in cotton fu- tures. Trading started on December 1, and while it is yet too early to prognosticate a to the uitimate success of this venture, business the first month was of good enough volume to impress any of the skeptics. Confidence Pervades Trade. From the st ing of confide the trade in wheat. the 1923 crop, how too big to insure However, the pe 1924 o thusiasm, ar knowleds the new cro; ing cha BY Prosperity trade in the Geo. C. Schnackel. feel- srvade nd of ed to The tail e ver, proved to be st for the bulls for the su r outl tended to | 1 for the first time In the | the grain trader | futures sold at a carry the old crop months. Early forecasts proved misleading. The crop was favored with ideal weather conditions up to the time of ¢ of the largest crops v was harvested. The farmer, however, did not suffer be- f this yield. He benefited by of grower the pok : ove cause o the mi world over Wheat production fered greatl ing the grow moisture at t as not only t aiso of all er, with th ates farmer. in Canada wa becar a dr: g season ar e time of ha true of that the grow nada suf- ught dur- ex vest. This producer, rs the world aption of the United However, production ut so sharply that it a feature of the grain trade. Foreign Crops Reduced. According to the latest figures from the governm ada, the wheat crop will better than 272,000,000 bu vear Canada raised 47 els. Argentina crop was reduced fro 247 available of Ca vield e Last 000,600 bush- 000,000 bushels harvestec to an outlook 000.000 bushels | year. With this reduction in the of two sharpest competitors of United rer, | little 10 be wondered t the foreig buyer Is taking a panlcky way, of American-grown wheat For the first four months of the crop year the United States exported | approximately 125.000,000 bushels of wheat and flour, or more than twice the amount exported the same time year ago. This represents half the surplus said to b from this countr this the ¢ available High Prices for Farmer. Prices for wheat were the highest since 1920 and w of the heav crop productio farmer was in a much better financial than he was a vear ago. The latest figures on crop production show over 109,000, 000 bushels more than last year on smaller acreage Corn prices also entered the breaking class and in De high shed v nearly hels less than year anc was the factor the duced feeding oy to cut into the ¢ - consumption materially. There were 102,000,000 bushels of the old crop carried over, which made up for some of the deficit in tho new crop. shape rocord- the mber points establ ro the in oduced was ago this iggest in However, re- s are d expect very encouraging d_foreign demand for this vear. Argentina, the biggest competitor in the export trade, has suffered a material reduc- tion in the crop promise, as have most of the corn-producing: countries this year. Past Year Foor for Corn. It was not a corn year the over. There was too much weather and a lack of moisture. est estimates from Argentina cate that there is only a half crop in prospect. Rumania, also a com- petitor in forelgn markets, although in a smaller way, has a surplus of only 38,000,000 bushels for export this year compared with 88,000,000 bushels the year before. Oats growers were handsomely re- warded despite the fact that the crop was one of the largest on record. The. shortage in corn and the high price prevailing for that feedstuff led to much substitution of cheaper grains, and among these oats was the leader. Feeders could not success fully continue in operation and pa the prevailing prices for corn and sell their stock for the low prices which prevailed for the latter. A mixture of ground oats and ground barley solved their problem in a man- ner and this led to excessive consump- tion of the substitute grains. Prices were the highest obtained since 1919. Provision Values Break Records. world cool Lat- indi- Froviston values also record-breaking class cured hog products were so unsatis- factory and prices for feeding m terials were 0 high that the producer of meats was compelled to curtail his output. The effect of this reduction in production has mot been felt as| yet because of the panicky marketing | of hogs by producers who did not eare to take the risk of fattening them. Lard was the first to reflect the shortage in production. Most of the hogs received were not of the lard- | producing kind and stocks of this product soon dwindled away Meats were in larger supply and were slower in responding to: the bullish situation, but finally, before | the year had ended. highest prices | since 1920 were reached. entered the Prices for Dawes Plan Bencfits Grain. | 1t would be remiss, in reviewing grain | and provision markets for the year, not 10 call attention to the benefits derived | from the settlement of the reparations | questions by means of the Dawes plan. | Jurope has not as yet come back cco- | nomically, but it is making progress in the right direction. Willingness to work | and produce is leading to extension of | credits to Europe by the leading creditor | nation. ! The big absorption of American agri- | cultural products can be attributed | Jargely to this fact. Germany is still | in need of fats and meats and all of the | countries of central Europe need United | States foodstuffs as well as feeds, be- ) cause of the disaster in crop production in all of those nations. The United “ Kingdom also is expected to be a big Consumer of United States products be- cause of a loss in production on account of abnormal weather conditions dur- ing the growing season. Agricultural prosperity for 1925 seems | A virtual cortainty. Prices for grain | and provisions haye not as yet reached | 000 | would commit the State to recognition Short. their peak, judging by the supply and demand situation existing in all grains. For example, the Department of Agri- culture estimates the exportable surplus of principal wheat-producing areas of the world at 700,000,000 bushels, while import requirements are expected to total nearly 725,000,000 bushels. This clearly demonstrates that a forecast of $2 a bushel for wheat next year is more than likely to be realized and some of the rampant bulls believe that 2.50 will be the high point. For corn it Is freely predicted that $1.50 will be the peak of the 1924 crop and oats bulls are a little more con- servative and look for 65 cents as the high. However, prices are near this point and they should reach over this figure without much dificulty, judging by the heavy consumption on the farm. It is difficult to name a top price for provisions. A shortage of a serious na- ture is facing not only this country but the entire worid. Meat production, not only hogs but of cattle and sheep as well, s probably on a smaller scale than ever before. This is due to the un- attractiveness in price of the finished live stock and the high cost of bring- ing the stock to that point (Copyright, 1924.) BRITISH SEARCH FOR LAND POLICY Tories, Like Other Parties, Confronted by Grave Farm Problem. Correspondence of The Star World LONDON, December searching for a land policy. Agri- culture in the United Kingdom, as elsewherea throughout the world, was the first Industry to feel the reaction of the war’s close, and it has never recovered from the depression which settled in soon after the armistice of November 11. 1918, ended the Fool's Paradise in which the farmers had been living throughout the war years. The problem for which Mr. Bald- | win's government is seeking a solu- tion is all the more complicated be- cause it linked up with unemploy- ment This the fifth Winter in England du & which 1, 0 people have been of hat has been the average of unemployment | all the vear around ever 1920, but the hardships of the jobless are, of cou much more acute in Winter, Five prime ministers: have dealt successively with unemploym yet the number remains as great as did when the loss of her markets after the war forced England to close down so many of her industries. Varlous schemes have been propounded from Mr. Lloyd George time down through the regime of t Labor party itself. Now Mr. Baldwin and the Tories are again in power, but Britain's army of unemployed remains undimin- ished. This demonstrates clearly enough it is not a party question. The settied, though gloomy, conviction is that En, nd for long ars to come will never have fewer than 1,000,000 people without jobs And while the ¢ and New York ~England is nt goes forth cease- lessly that rural iife must be made more attractive, that the land must be made more productive so that Eng- land will produce a greater part of her own food, the movement s stead- from the country into the re already more than 1.000.- are jobless. Thus the soil, ad- mittedly as good as any in Europe produces far less food than it might. It gives neither farmers nor laborers as good a living as It might To meet this dual problem the pres- ent government has no policy. This frank admisslon was made at the Conservative party headquarter: Premier Baldwin's election addre in the paragraphs touching upon ag- ricultural policy, would have done credit to any politician seeking to evade an issue. The prime minister lapsed into the use of what Mr. Roosevelt used to call “weasel words. “I regard it as vital” said Mr. Baldwin to the electorate, “that the great basic industry of agriculture should be not merely preserved, but restored to a more prosperous condi- tion as an essential balancing ele- ment in the economic and social life of the country. Agreement Is Sought. “For a permanent solution of the agricultural problem a common agreement between all parties is de- sirable; and the Unionist party, if returned to power, will summon a rep- resentative conference in the hope of arriving at an agreed policy by which the arable acreage may be maintained and regular employment and adequate wages secured to the agricultural worker Politicians here, as in America, often resort to the expedient of refer- ring a troublesome question to a conference. That means as often as not the processes of the lethal cham- ber. But England's land problem, which likewise embraces the problem of national food production and bears so0 vitally on the question of unem- ployment, cannot for much longer be sidestepped. Conference Expected. It is, therefore, confidently expected that not later than the early new year | Mr. Baldwin will summon a confer- ence which would be non-partisan in its composition and in ‘which the views of the Conservatives. with a majority of more than 200 in the House of Commons, would be laid bare along with those of the Liberals and the Labor-Socialists. For the time being, probably the most which could be expected from an overwhelming Tory House of Com- mons would be a program which of the broad principle that the land is held for national service. In the late election the Liberals—a pitiful hand- ful in the present House—advocated stem of cultivating ownership. would involve a new kind of land tenure under which the State wonld help to make into cultivating owners all farmers who farm well. The ability to farm well would be one of the gualifications for holding farm land Any plan which would stem the flow | of farm laborers to the cities where | they are swelling the army of unem- ployed must take into consideration the present wages of the laborers— about 26 shillings a weck, or around $6. Of course a system of culti- vating ownership would have been Genounced ax rank socialism before the war. But the vital question clamoring for answer now is: Can Englang grow more food? Al tfree parties are agreed that means must be found speedily to in- crease food production by increasing the arable acreage in England and Scotland and Wales. Under the pres- ent policy of laissez-faire toward agriculture, increasing millions of | the Soviet government 1 Vice President-clect Dawes headed the unofficlal delegation of Americans who worked out the Dawes reparation plan, ending the troublesome prob- lem of what and how Germany should pay. Nominated by the Republican convention candidate for Vice President after former Gov. Lowden refused a nomination voted earlier, Mr. Dawes was elected with Presi- dent Coolidge In the great landslide of November 4. Mr. Young was associated with Mr. Dawes In the reparation work and served as fiscal agent of the plan. Mr. Gilbert, the youngest man ever to hold the office of Undersecretary of the Treasury, resigned his post to become agent general of the repa- rations plan, accepting the office Sep- tember 3. Mr. MacDonald became Labor Premier of Great Britain on January | 22 and was able to guide the ship of | state through many difficulties until| after he had negotiated treaties with| His down- with the refusal of the Commons to give him a| as fall began House of | vote of confidence on October 8§, and| in the eclections Conservatives office Mr. Baldwin, accepting a call from| the King. reassumed the office of premier, which he held prior to the advent of Prime Minister MacDonald, and on November 6 his government took office. of October were swept back 29 o into | LIVE BY L. C. GRUNDELAND. Records for the year of 1924 un- doubtedly will show that the receipts of live stock at principal markets fell somewhat short of the record- breaking total of 1923, when 18,501, | $83 ‘animals were sold. Incomplete figures for this year place the to- | tal roughly at| 17,300.000. Prices | generally are high as the vear ends. For some years| the live stock in- dustry has la- bored under diffi- culties. Big pack- ers have been subject to adverse criticism, and feeders have been uncertain as to| the future. It has| consistent labor to | make ends meet. This year has been no exception. Early in the year, the | reports indicated latge crops of corn, and feeders took out many thin cat- tle for more finish. When it was found that the corn crop would be one of the poorest in quality for many years, the feeders had to unload half- fat steers, and the market was flood- ed with stuff that, under ordinary market conditions, would have needed three or four month’s more feed. Another serious situation facing the Amerlcan live stock industry is the abandonment of “blooded” cattle. Thousands of pure-bred cows of all the beef breeds have been lost in the shuffle of abandoned pedigrees. This condition is with us as the after- math of war, of economic conditions and of men growing weary in the struggle against overpowering odds. When the question of high-priced feed comes up, the blooded animals ASK SHIPPING BAN ON DAMAGED FRUITS| California Citrus Growers Support Regulations for Oranges and Lemons Injured by Freeze. L. C. Grundeland. taken hard and By the Associated Prese. LOS ANGELES, December 31.—Cit- rus growers of five southern Califor- nia counties, meeting here with offi- cers of the California Fruit Growegs' Exchange, have decided to indorse and strongly support county regula- tions which will prevent the shipping of oranges and lemons commercially | damaged by the recent freeze. It was decided after a lengthy dis- cussion not to ask the legislature to make any changes in the present State law governing fruit shipments until a final survey of the groves is completed and an estimate made of the loss, Then it s expected the leg- islature will be asked to make the present statute more effective and drastic. | The counties represented in the | meeting were Los Angeles, San Ber-, | nardino, Riverside, Orange and Ven- | | tura. The county regulations indorsed prohibit shipping of any oranges or lemous damaged by frost in two or more segments, and stipulate that no shipments may contain more than 15 per cent of frost-touched fruit with one segment damaged. No attempt was made to definitely { assess the loss in the groves of the five counties represented, but it is believed that this is roughly about 25 per cent of the entire crop. S R money are sent out of the country for foreign food while farm laborers join the army of unemployed. One's beliel or disbelief of a thing {does uol alter.the nature of the ! thing. | to have broken STOCK | ber has sometimes been SECRETARY WILBIR ATTY GENERALSTONE Photographs by HarrisEwing, National and Wide World M. Domergue became President of France after Millerand resigned his office over the question of renewed relations with German M. Herriot, the political upset bringing aboat the downfall of M. Poincare and M. Francois-Marsal, was | chosen premier with the backing of | radical Socialists. Under his guid ance, France attained a balanced budget on September 30, the first, time In 10 vears. | M. Rykov succeeded Lenin as| premier of the Soviet government | attersthe latter died. He is reported | with Trotzky, min- ister of war and friend of Lenin Herr Marx, German chancellor, has had a stormy career and while still ; t00 often have had to be sacrificed, | because the farmer has not yet found out how to Keep his cattle without regard to cost Growers Unable to “Hold the Bag.” The volume of fecding cattle sent to the country from leading market centers this year showed a decrease of about per cent compared with | last year. The general liquidation of | these cattie duri the last few | months seems to cate that the | farmer no longer is able to “hold the | bag.” When farmers are compelled to sell their corn in order to cover loans, they cannot continue feeding cattle, and the consequence of this| sltuation will undoubtedly be felt in shortage of fat cattle within a short time. The cattle trade started well 1924. Choice animals reached $12 in January, and the best sold at| $12.00 the month following. Thes prices were far above the correspond- ing months the vear before. Light| receipis marked February, and prices | geined. The feature of the cattle| market for March was a record sup- ply of calves, about 93,000. Top cat- tle went to §12.60 that month. Years Low Point in ‘While May showed light runs of all kinds of live stock, values were lower. The average price of beef cattle dropped 30 cents below the previous month. During June cattle prices again dropped. Best steers went at $11.50. Early in July prices fell to the year's low point, but val- ues gained again later in the period. The supply of cattle for August w the smallest for the corresponding month in seven years, but values were not able to hold, notwithstand- ing the light run, and average price for beef cattle was $9.20 at the close of the month. The cattle supply in July. for September | supply SECRETARY GORE. Photo Co., United, Underwood & Underwood in office, is there through a dead- lock rather than from firm party backing. He weathered political upset in May and another in the early part of this month Under hiz administration G rmany attained bLalanced budget in November. Gen. Calles was elected President of Mexico and was inaugurated Decem- ber 1. Gov. Smith, defeated in his race for the Democratic nomination for Pres- ident, came back In the State race and soundly trounced former Assist- ant Secretary of the Navy Roose- celt for the governorship of New York. Gov. Smith overcame a big upstate lead gained by Roosevelt and | MARKETS BELOW 1923 and October continued light, but val- ues continued downward. Grassy na- tives and plain westerns competed with good quality stuff to the detri- ment of the latter. Top vearlings went to $12.90 fn October, but the supply of these was light. In De- cember the market was at the high point for choice light animals, with prime vearlings going at $14.30 Supply Near Last Year In round figures the supply of cat- le for the vear 1924 is placed at .150.000. This compared with 3, 100 last year. Under ordinary mar- ket conditions, with feed prices pro- portionate to the prices for cattle on the hoof. the run should have been much smaller. About 785000 calves were received at the Jocal vards during the vear, against 760,000 last year. Con- sidering the fact that the supply of milk cows is decreasing. an increase of 23000 calves for slaughter, compared with last vear's number, should give the country considerable concern. Another serious problem is the de- crease in range catile. This yvear's stood about 172,000 against 219,000 last year and 254,000 in 1922. With the population growing the country will have to look for other sources of supply, as the range meat will soon be of little volume. The cattle feeders’ condition will have to improve or the meat production of this country will not have to look to export demand for disposition of the supply. Record for Light Hogs. Estimating the few days of the present month. the supply of hogs for the vear 1924 fell below the pre- vious year. High prices of feed played a big part In the market. Farmers were forced to send so many light hogs to market that all records were broken for a single week's run when 393,395 hogs arrived at the lo- ‘Amber Formed Millions of Years Ago by Resin From Injured Trees Close Association With Minerals and Gemstones Has Brought Mistaken Idea of Origin of Popular Material. Due to its close assocfation with the most valuable minerals and gem- stones, amber is commonly thought to be of mineral origin. This is, how- ever. a mistaken idea. Amber is a fossil resin or gum that was ex- luded from theconifer or cone-bear- ing tree, represented by a large num- ber of genera and species, Some three of four millions fo years ago. These conifers grew in great profusion and as the gum was exuded often be- came buried and in the course of geologic time were fossilized into the very hard substance now of such great commercial value and popu- larity as an ornamental object. The name comes from the Arab an- bar, probably through the Spanish re- ferring orginally to ambergris an ani- mal substance quite distinet, how- ever, from vellow amber. True am- called kar- word of Oriental derivation signifying “that which attracts straw,” in allusion to the power which amber possesses of acquiring an_electric charge by friction. Some of the most notable localities for the occurence of amber are long the shores of the Baltic and North where the gum that was buried ons of years ago has been washed up by wave action. The promontory of Samlan also produces an abun- dance of amber as well as many other localities. The great variety of names ap- plied to amber are taken from the Jocality where It is found. For ex- abe, a ample, the Sicilian amber takes its name from the River Simeto: Bermese amber gets its name from- Burmite, etc. Most of the Bermese amber is worked at Mandalay into rosary beads and ear-cylinders. Amber is regarded by the Turks as specially valuable, Inasmuch @s it is said fo be incapable of transmitting infection as the pipe passes from mouth to mouth. It is still believed by many peoples to possess certain medical virtues. Amber was valued as an ornamental material in very early times, being found in Myce- naean tombs; it is known from lake dwellings in Switzerland and occurs with neolithic remains in Denmark, while In England it is found with in- terments of the bronze age. temains of insects, spiders and cru- staceans and other small organisms which became eneveloped while the exudation was fluid are perfectly pre- served. Hair and feathers even have occasionally heen represented among these inclosures. Fragments of wood are not infrequently found with the tissues well preserved by Impregna- tion with the resin. Sometimes the amber retains the form of drops and stalactites just as it exuded from the ducts and receptacles of the injured tree. Inclosures of pyrites may give a blulsh color to amber. The so- called “black amber” is only a kind of jet, while bony amber owes Its cloudy opacity to minute bubbles in the interio~ of the resin. By gradually heating amber in an swept into office by a comfortable majority. Mrs. Ferguson, running for the of- fice of Governor of Texas, in order to vindicate her husband, Jim Ferguson, who was impeached but stoutly main- tained that his impeachment was a rolitical move and not founded upon wrongdoing, was chosen by the peo- | ple of the State as one of the two | first women to be elected to the of- of governor. Mrs. Ross, widow of Gov. Ross of Wyoming., was nominated to fill the ofice held by her husband. and was | elected by « large majority, sharing | with Mrs. Ferguson the honor of be- ing one of the two first women to be hosen to administer the affairs of a State. . | Secretary | fie | Wilbur, a form Federal | Annapolls, was chosen by President Coolidge to fill the office of Secrctary { of the Navy after the r gnation of Secretary Denby had been accepted Mr. Stone, a professor in law at Columbla University, was chosen to fill the post of Attorney General left vacant by the resignation of Harry A Daugherty, after the President had requested that Daugherty give up his ofMce, which was under investiga- tion by the Senate Mr. Gore. clected Governor of West Virginia on November 4. while hold- ing the office of Assistant Secretary of Agriculture, was elevated to the office of Secretary of Agriculture fol- lowing the death of Secretary Wal- lace, which had occurred on October 25. Secretary Gore is to hold office until March 4. MARK cal yards during the first week in December. On December 15 the lar- gest number of hogs ever marketed in one center in a day were offered in Chicago, the total being 122,749 The total supply of hogs for fhe vear was placed at 10,200,000, against an actual number of 10.460.134 dur- Ing the previous vear. Prices changed little during the first two months, | nowever. Values went higher dur- {ing March, but top lots stopped at |8 . Short receipts were recorded | for May, but June brought a com- | paratively heavy run. In July the top of the hog trade went from $7.25 to $11.15 on & sensational advance. | Comparatively high prices prevalled | during the balance of the vear, with |average going to $9.50 in September. At the close of the vear best heavy butcher hogs stand at about $10. Sheep Man Specially Favored. With the live stock erally unsatisfactory to cattle and | hog raisers the sheep man has the Lest of it. In-the carl; 1 when the farmer took thin lambs out for more finish, traders in the yards felt that the country feeder was due for a good financial spanking. but he is now reaping the reward for his fore- sight. At present choice lambs go at $16 and better, and the feeder is taking profit beyond what was looked for at the time he took the stuff out for finish. The total supply of sheep and lambs for the vear will stand about 4,100,000, against an actual run of 4,097,833 last year. Top lambs went to $14.75 during the first two months of the vear, and reached $17.10 in April. Values were lower again in May, but in July the market again advanced, and top lambs sold at $14. |In September the trade was low, but |all kinds were high at the close of the year. situation gen- (Copyright, 1924.) oil bath it becomes soft and flexible and in this way is rendered work- able. Two pieces of amber may be united by smearing the surfaces with linseed oil, heating them and then pressing them together while hot. ORDERS SPEEDING UP. Dry Goods f:r sPri::;;i’ow in Much Better Demand. Special Dispatch to The Star. ST. LOUIS, December 31.—Whole- sale orders for dry goods for Spring delivery are increasing, although preparations for the inventory periods Buyers are expected to be in the market in large numbers in February and manufacturers and wholesalers are increasing stocks in preparation. Retailers’ stocks generally are low and consumer demand has been strengthened by the high level of wages and the improvement in the agricultural situation. Coal produc- tion and distribution is speeding up. COTTON IMPORTS GAIN. NEW YORK, December 31—Great Britain's imports of cotton from the United States this year up to No- vember 28 increased to 758,000 bales, compared with 571,000 bales in the same period last year, according to the Bankers' Trust Co. Total imports were 1,089,000 bales, an increase of 146,000 bales. Conditions in the Lan- cashire cotton Industry were said to be distinctly more favorable. o CROP VALUES IMPROVE. ATLANTA, December 31.—The value cestimated at $263,086,896, an increase of $26,000,000 over 1933. The in- creased value of the cotton crop alone amounted to $17,000,000, while to- bacco, peanuts and fruits accounted - for: most of the balance. | tory judge in California and a graduate of | is holding back deliveries at present. of Georgia crops in 1924 is officially | Industries of United States Prosperou's Are Generally Auto Market Fluctu ates—Iron and Steel in Spotty Year—Soft Coal Trade Suffers—Anthracite Better. (Continued from Page 21.) this year and sales of calcium arsenate suffered in consequence. Bo- tanical drugs were in good demand throughout. Heavy imports of dyes and intermediates affected prices of coal tar products. Silk. “Fine as silk” could be used as a real and not a slang comparison as a result of the progress of the silk industry in the past year. Silk was the bright spot in the textile trades in spite of a long continued strike in the Patterson section. This was du to increased demand, lower raw mat rial prices and increased labor eff ciency. The first half vear lagged. but in Midsummer call for silk goods developed surprisingl Prices as the year closed were about well under those of January of this year and even further below those during the peak period of 1922 Supplies were well balanced, with stocks not excessive and shortage not ap- parent. Not only has demand from retailers expanded in late months, but there has been a heavy call for material for dress goods, linings and trim- ming from the clothing and fur man- ufacturing industries. Artificial Silk. The year 1924 was a record-breaker in the artificial silk industry. Pro- duction and sales of thix product ran about 15 per cent above those for 1923, the best vear on record, and totaled sproximately 40,000,000 pounds. At that, demand outran sup- ply and some factories were so pressed for deliveries that they shipped in the afternoon product made in the morning of the same day The hosiery trade was the largest consumer, but the uses to which this product may be put have increased astoundingly and another heavy crease s predicted for 1925, Stocks still are short and manufacturers are spending millions of dollars in fi extensions and expansion. This industry has sprung up since the war d prtoduction has -increased over 550 per cent In the last four vears. There have been no marked fluctua- tions in price since the quotation was pegged carly in the year. Shoes. Betterment in the business situa- tion did not strike the Eastern manu- facturers until after midyear. arly- year production was at a low rate with New England complaining that hours of labor and wages as estab- lished by local unions prohibited competition in the cheaper grades with Western manufacturers. In the Fail, the demand became in- sistent _and production advanced above 2,700,000 pairs a month. Wages were cut in many places in New Eng- land. Hours of labor were length- ened and costs of distribution were trimmed. As a result, many com- panies manufacturing footwear showed excellent profits, especially those of the Middle West. The trend of fashion in shoes was better stabilized in than in previous vears and, there were many new duced, the style trend was less vari- able. This meant increased confidenc women's 1924 while of dealers and higher volume of ad-} vanced sale Hats. Felt hat manufacturers enjoyed a fairiy profitable vear, although many assert their business will not pare favorably with that of 1923 Philadelphia factories were well en gaged throughout as were those of Connecticut, but retail sales were sharply affected by unseasonable weather. The visit of the Prince of Wales gave imp of gray felt hats In the Fall The straw hat year ends July 1 and for the 1923-24 period. business is estimated at 733 per cent under that for the previous twelve months. slump was caused by slow buying in May and June. Booking of orders for next Spring is about six weeks late. The retail trade was very blue until election and held back orders, but these now are pouring in in increas- ing volume. Manufacturers believe the decrease shown in the-last year will be made up if warm weather ap- pears in May and June, 1925 t is Hides and Leather. Hide and leather industries ended the yvear in a much improved position compared with a year ago. The heavy stocks of leather which have hung over the market since the war were reduced practically to normal. Prices advanced materially and the whole situation was aided by the late provement in the shoe industry. The advance was especially noticeable upper leathers, tanners advancing these grades 1 and 2 cents a square foot in the Fall, while backs and bends shot up an equal amount per pound. xports of hides and skins rose over 400 per cent as compared with | 1923 and stocks were reduced lower than for years despite heavy cattle slaughterings. Backs, bends and hides were down approximately to 4.000,000 which is considered about normal. Production of finished leathers de- clined steadily below the 1923 level all throughout the year. Undoubtedly the feature of the fur trade in 1924 was the immediate pop- ularity of the brown-dyed sealskins first presented to the public at the Government szjes in St. Louis. Domes- tic pelts were well taken by manu- facturing furriers early in the vear, but after Spring had passed, there was a decided slump in demand for all varietles. The trend of fashion, which decreed fur trimmings on hats, coats and dresses, as well as fur gar- ments, had a revivifying effect, and the volume of pelts consumed reached heavy proportions before the Christ- mas holidays. Skunk, squirrel and fox all were featured, while the demand for er- mine was of extraordinary propor- tions. Raccoon coats showed no- fall- ing off in popularity and required a record-breaking number of skins, while sales of sable, mink, broadtail caracul, silver fox and other high- priced skins was aided by the revival of business after election. The jump in the stock market was responsible for construction of an added number of expensive fur gar- ments, some of which sold for from $10, 00 to $60,000. leathers intro- | us to the movement | Jewelry. ! ds sales of bus to tu very hig months « to di colle the The slump in was not reflectec extensively as ness. It su owever, the trend away from priced goods until the lat 1524 This shown b ire of certain foreign holders of enormously valuable of jewels at the business in r in jewelry ced | | | pose | tions | asked Watches | owing to [ both a wr timeplece. Platinum gained i | ularity as a setting, perhaps | its price was appre 13 that of gold. T inun | from $125 1o | the year. | The trade ithough pearl Silverware tained. The bulge after election spurr priced jewels larger cities sold remark the trend tow watch b we 4" havi pocke pop thm droppe a st ar an ounce dur was the demand was n the stock mark a sales of to liquidate prices sinee Despite profits of falr to equal th for pork and lard hav | terial late | demana | expan | the pa k monthe Paper. Some the this country se « pape wutput Spot pric during the first compared with the corresponding pe riod of 1923, although contrac made at § ton. Later, d spot prices as low as 3.65 a poun For a time ther ssibility ¢ further softenin $65 to $68 a to for Spring deliv but the hus | improvement ey stiffer the backs of the producers, who held out in many instances fc Prices advanced well above those of last vear i month. Book papers start, showed late Year impro but kraft papers sank well below the last level Writing pape prices showed little change or adde activity « of the ng ti was to n this cou i v steadily 1924 idated Pre. ACCUSED BROKERAGE | CONCERN IS DISSOLVED | Miller & Co. Had Planned to Fi | by Cons Discipline by Stock Exchange. YORK of a court I B the Ase NEW planned New York Press Decen tic }obtainead |strain ex | azainst its lation of the hearing today ments had be stock exchan paring to notified that planned to that the firm today. The stock exchange ats on f the par par rul ter several p 1 granted. W e authorities were pre it the they wer f partners sequently dissolve ile 1 of etire and itself would ur the house was McCRORY'S BEST YEAR NEW YO Dece McCrory Stores Corporatio ing the best year $4.000,000 more $8.000 greater for 1924 afte estimated after preferred dividends share on the mo. company’s expansion | can for stores now tot n The clos- in its hi than than taxes Farning \d charges are equal $4.5 t about 10,000, : cor stock Dl for $30,000,000, al 175 BIG 1925 ROAD PROGRAM. HARRISBURG, Pa., > The Pennsylvania highway d ment will et contracts for 155 of roads on January between that time and April will arrange fo « struction of about 1,200 miles of improved highways provided the $50,000,000 bond approved by voters is declared avai able by the courts. 23 and 24 and | SHOE INDUSTRY SUFFERS. BROCKTON, M The 85, now ending Decemb has been the the history of the Brock industry since 1900. The the output is placed at §76 d with §s year poorest in ton shoe value of 064,000, in 1923, MORE GASOLINE USED. DENVER, Just ade December public Figurcs the State oil in Spector show that Colorado’s gaseli { consumption for the year ended D cember 1 totaled 9 lions, compared with lons' ir 1923 7,378 gi CALL MONEY STRONG. NEW YORK, D | money strong; high, {rate, 5; closing bid, § {last loan, 5l; call loans against ac- ceptances, Time loans firn mixed collateral, 60-90 day months, 3%ad; prime 33%a3%. mber 30.—Ca