ammonia,
Alli) THE BUSINESS MAN
, ‘i-iti'cs and Commerce Never So Cl
‘ Together as in Past Year—~
,. Brings Success
0
Copyright. 19"4
. By The Evening fientinel
WASHINGTON. Dec. 31. --Poliiics
d business home rarely been so in-
terwoven as in
the year 1921.
America. follow-
ing the example
of other countries
in the throes of
economic adjust-
ment. found her
electorate keenly
sensitive to those
currents in party
politics w h i c h
' promise- a. maxi—
m ”m” mum of stability
d a minimum of disturbance.
The are: six months of the year
{were devoted to the skirmishing by
_the various candidatls for the Presie
dentinl nomination. Calvin Coolidge
dead the advantage of being already
in the White House so his acts fiom
day to da\ gave an indication of his
character of public service. The
pOsition party. however. bisod its
hole hope tor \ictory on the pro-
' lse that the liarding administration
had not made good. Striking revela—
> . -s concerning the leasing of oil
do in “yomlng and California
romised at one time to mean the
1' . pulsion of the Republican party
' om power. The Dcmocxats tried
rd to associate President Coolidge
th the errors of Cabinet oilicers
pointed by his predecessor but to
o avail.
' Country Trusted Coolidge
lThe country simply would not he-
eve that a man of the rugged New
uiand training of “r. Coolidn re
uld permit a repetition oi’ the oil
4; mini. Nevertheless. the ousting
.3142" Secretary Denby and Attorney
«4‘ Beta) Daugherty was demandld by
e leaders of the Republican party
0 felt that the election could be
nor won with handicaps moved
Iflan if the administration were to
fiantinuo on the dc fonshc
hSinceLihm time. there has been a
Europe’s Prosperity Depends on Peac
AWES PLAN CREATES HARMONY,
1925 OUTLOOK LOOMS BRIGHT
irfl-Wurope’s Cross Wordi
:Puzzle of Five Let-
‘ ters Beginning With
P and Meaning P1 os-
peritv
(COPJright. 1924-)
By The Evening Sentinel.
(This-splendid review'o! the year
1924 in 1-,:urope villi-I a. foreshadow
ng of what may come in 15125. was
‘b‘inritten by William Bird especially
throw light on the outlook abroad
in which American business is so
anally interested. Mr. Bird. an
American newspaper man who in
.8 past vear has traveled widely
an his Paris headquarters. is 'ex-
ptionally qualified to analyze
, rope‘s situation from the Ameri-
n point of view).
PARIS, December ill—"Papa. tell
7 » rive-letter word beginning with
- and meaning Prosperity."
That is Europe's cross- -word puz-
go. It all depends on finding peace.
The twelve months of 1924 have
some calculable progress to-
a. solution. _
‘Tfie Dawes plan—which for the
. of historical accuracy ought to
" called the Young plan—is beyond
shadow of doubt the greatest
9 factor in this progress.
comic paper pictures a history—
her of the next generation ask-
“Johnny, what was the Dawes
2" and cynical Johnny replying.
,oelect Coolidge."
Efiects of Dawes Plan
greater effecu. First and fore-
_t, it has brought America deflné
, back into world peace councils.
"although the American govern-
nt technically kept its hands oft. .
:wlil he dlfiicult to persuade future
7 . . that:
.7 The American' government' s
. nal approval of the selection of
{noticeable effort on the part of the
‘Dawes to the vice-Presidency.
riowed by his election—do not mean
on . ' Sens e“ . An
osely Bound
New Policy
Coolidge group to dissociate them-
selves «i‘rom all acts which occurred
prior to the taking of the oath of
office by the Vice President. Also
since the election when the American
people gave Mr. Coolidge an over-
whelming majority, there has been
confirmatory evidence that he wished
to steer the ship of state without
thought of ,what had occurred be-
fore.
“Better Business and Prosperity"
The most impressive thing indeed,
about Calvin Coolidge since the No-
vember. election is his determination
to make a record on his own bo-
half and not to regard the obliga-
tions or commitment of a pre'decvs-
sor in politics too seriously. If there
was any one thing, however. which
typified the Republican candidacy it
was the slogan of "Better Business
and Prosperity." .
This did. not appear last June—at
the time of the convention—as the
paramount issue. it then looked as
if the Republican administration
would fight a defensive campaign.
The Democrats were preparing to
crusade for a liberalism and radical-
ism which hoped to use the Teapot
Dome controversy as the basis of its
claim to power. Unrest in the agri-
cultural regions of the country seem-
ed Sill'f‘ to mean a political upheaval.
There had been .slgns in thorl922
Congreseioual elections of a reces-
sion in popular sentiment with re-
spect to the Republican party and
even the Republicans themselves
early in 1024 feared the tide would
run against thcm.
Turning Point of Year
The turning point in the your came
with the events of June and July.
Not only did the Democratic party
break in half at Madison Square
Garden but the appearance of a
third party.
Senator La. Follette of Wisconsin.
made assurance doubly sure for the
‘ agricultural prices.
under the leadership or"
erlty Ends 19 4—-
WEDNESDAY, DECEMBER 31,
It was due. of
course. to no not of the Coolidge ad-
ministration but to a series of cir-
cumstances throughout the world
which enable the American producer
to become the beneficiary of the
change‘ for the better.
Politicians, however. do not look
beneath the surface—they are satis-
fled with the result and not, its
causes. A rise in agricultural prices,
which at first was gradual. at last
became a. sensation until a ray of
hope was spread everywhere that the
depression of the preceding months
would be superseded by an era. of
golden opportunity. Some sections
of the country produced larger crops
than ever before and the prices re-
ceived were especially favorable.
,
had been ,due almost entirely to the
diminished return which the tanks
had been receiving for their prod-
ucts. The cry naturally had one up
against excessive freig t ta and
the profits of the middlemen.
The clamor for relief in a legisla-
tive way had become so acute that
the farmers of the “goat had begun
to look to Washington for a solu-
tion of the problem which had. in
fact. only a. general relationship to
the government at Washington. This
was more or less borne out later in
the year u hen the upward trend of
prices began to have its effect.
Advantage to Party in Power
' The party in power was not slow
to take advantage of the change in
the agricultural situation and the
conservatives from one end of the
West to the other insisted that it was
no time to add disturbing factors to
tlie‘situution by changing the ad~
ministration. \Vhen it is said that
the government at \‘v‘ashington had
little to do with the improvement in
agricultural conditions. this must be
qualified by the statement that the
extension of credit facilities by the
government through the \Var Fri,
nance Corporation and private insti-
tutions generally gave a. psychologi-
cal confidence which helped the
“’cst to recuperate when the good
crops begun to move.
There was money enough to lend.
and when the yield was found to be
large and tho shortages in other
countries were discovered. the west-
ern farmer began to think of paying
off his debts. Estimates vary as to
how much money was made by the
American agriculturist on the craps
for lho‘ycar but there can be no
doubt that considerable payment was
made on previous indebtedness.
Republicans. On top of it all came
the sudden ascent of the curve of
Dawes and Young:
2. The trip of Secretary Hughes
to Europe during the Dawes plan
debates and his interviews about the
matter with all the political chiefs
of “'oslcrn Europe. and
3. The sui‘seqllcnt nomination of
foi-
compietc committal of the American
nation to the success of the plan.
Reparations Problem At Root
The second great cilcct of the
plan's adoption is that'it has laid
tho thorny reparations problem tem-
porarily. and probably permanently.
to rest. The Treaty of Versailles
was signed in 1919. the Dawes plan
was adopted five years later. ile—
tween those two dates it had been
demonstrated that the collection of
reparations from Germany by means
of the machinery provided in the
treaty was impossible. either be~
cause the machinery was defective,
as some wink. or because (as the
majority of European observers
hold) too much depended on con-
stant agreement between Great Brit-
ain and France, and such agreement
was ilnpossllrle to obtain.
1 In either case, the result was the
same: France was embittered and
isolated, was compelled to maintain
a. large army and to threaten and
even to execute measures of violence
against Germany. Unhacked by
Great Britain, indeed hampered by
her. it was becoming apparent that
France was not only losing all
chance of being repaid for her war
damages. but was running a grave
risk of German vengeance. as soon
as Germany could regain her
strength-sufficiently to undertake a
war of revenge. Thus France was
being cheated of both her principal
fruits of _victory——reparatious and
security.
\tht Was Needed
What was needed was to put the
reparations question on a new foot-
ing. to take it out of the hands of
Agricultural Commission
There are. of course. some excep-
The unrest in the agricultural states
L
Pres. Calvin Coolidge
3'
tions to the rule. The cattle indus-
try benefited only slightly and in re-
CCllt “‘(‘Gkfl has become even more
depressed. The President realized
early in the year that the; problems
of agriculture could only be settled
by a non-partisan study apart from
the maelstrom of campaign politics.
His first inclination was to appoint
an Agricultural Commission in mid~
summer and start working on a so-
lution. out he was dissuaded from
this course by the farm leaders
themselves who thought very little
could be accomplished because of
the inevitable charge that the Com-
mission was being used for a political
purpose.
As soon as the campaign “as over.
howmcr. Mr. Coolidge made
his promise and appointed an A‘grl-
cultural Commission. which is to
mrct in Washington on January 5.
and one of its most immediate prob-
h-ms is the cattle industry.
But while agriculture had much to
do with the whims: of the West by
the Republican party this cannot br-
\age reinforced that view.
good I
the same issue. namely. confidence in
the stability of the Coolidge adminis-
tration and its unwillingness to in—
terfere with business by meddlcsomc
legislation or executive flat.
First Message Reagent-lug
, Although President Coolidge had
been in office only a. short time, his
first message to Congress satisfied
the business men of the country that
he was no radical and that he would
undertake no experimental step
which would injure the course of
business. His second annual ines-
It is a
strange commentary on the present
attitude of business toward govern-
ment that there is no longer so
much clamor for particular legisla-
tion with Special privilege in it but
a genuine demand that Congress
cease legislatlig and interfering with
the processes of business.
The fact. that combinations in the
foreign trade have been permitted
by law is an indication of how im-
portant the business world regards
the opportunity to do business on a
large scale. Some of the largest
mergers in American business his-
tory have been accomplished “'lll‘l-
out even a murmur of criticism
about "big trusts" and there is no
doubt that the Department of Jus-
tice in “‘ashingten has been free
from the effort to make political
capital with the milSSl'S by assziiling
big business as such.
Federal Trade Conunisslon
'l-‘htrc i-
neu men. It is the Federal Trade
Commission. ' That
founded as a sequel to the agitation
by Theodore Roosevelt that business
should lure the watchful ('31! of tho
government on it so as to prevent
unfair competition. has managed to
put its lingers on every conceivable
plian: of Amrrican business life.
. There has been talk of‘val‘ollshing
it but the wisvr heads among the
couscrvaives realize that abolition o:
the Federal Trade Commission
would only load to a renewal of por-
slnrss than is now
the Government. llulhcr has it
seemL-d to come of the conserva-
tives that the appointment of men
to the Federal Trade COlllllllSSiOl‘l
who will exercise their functions Ju.
dicinlly and without stopping beyond
the purpose;- cf the law is the way
to solve the problem.
The general public folloWs the
being v. aged by
laid to have been true of the eastern
sections of the country. An alto-
gelher different basis prevailed there
but fundamentally it was made of
. work or the Federal Trade Commie.
3 sion only in a superficial way. but it.
its a fact that tho i olnmissipn has. islalixe lilf‘rllllillll m.
ihn'n used ty businesses large and
small, as
the Opprt-ssi
competitor.
the Federal
course, is violt
who feel that the W i
not have anything) W3: I
omic laws or the EN 0. "the ‘
test in any compttit u: “31‘.
government at Washington. how-l
ever, has been the fridge or; ill\ at
pressed (not since ililsln'vs lngtn
to be operated on a large scale i
America. Just as Ugllltllliuie run
to W'asliington. so do ilI«. opium
sod businiss men in the ir- “JCS. 'lim
liedcral 'lr‘zidi- Combustion
only institution hvrn \\iiili h r- :11] inlv-
'up the cudgtla ioI ‘llu
when he is lIiumlf mihout lunvis’
to engage in l IId'I- 85 luuHIIi'a ~
cxpcnshe litigatmn.
There are
\Vushingimi “hich ri‘fvct.
very vitally particularly lit:
stale commerce commission.
complaints against
cont months inm tilmimsht l litu-
l3 because the (' m Irv-~10 i has liv‘
held within limits; l.\ Il;-- 'iI;m:;x--.
tulion Act iiscli’. Thu i.‘l‘ll;!iil’»‘~'i'“r‘
can di'ii‘d’illlli" “11‘” ..]‘t‘ l;'--ls.‘].i .
rules but only :liicr I! 5"i’u :1
dim consideration tnhv ”1
phusrs of the , law I
ill~
The é
um i. rtin;
tile l'illu' in z»
frtli‘
ii:l:;
til”
u hw‘
1i)
; Usive
one institution in \Vash- .
lngtm. which in. s “orrlcd the bust-i some “a, x,.U.;;_...1 H.
haps a more furious warfare on hu-l
_ .H H ._
that lilt‘ roads l-~- rnr'Iiti-l I 1 '
I‘vim‘n on II'r il.\l.‘iiil"il'.‘.
liadix‘uln “ill Nut I‘l‘~l
radical :3! )il;\ in "'iwilxrx
no I‘vrt until th ia‘m
'iI mspoz‘.‘
tion Act sin that frtftht : .lll ., um
tn I.
ti)
Tilf‘
“ill
insdtullon. i changed and u litxlilllil} ii: 1;» )\I l ::
ComIm: V,i’l.ll‘.lr—
.‘m'iz. :.
kn}
ithc Intetslulo
sion which it is not
Tho f-i'fol‘l if) p’ :;.l
tnrilv to alt-czmsz :‘Iw-u-lgz r .,
was a. policy ct i’r‘"-il".*l‘.' l-lm'flzrvu.
was not pursued by Air. minim-m
lmcausv; of its fiziiliiv. 'l in: lll‘vpzl‘
of consolidating: Isthmus
(whim. are”: r 4l':-i i«t
htild forth as WM 9;.» ll»
of the dilluculiv. \‘ hi II
rorlix‘v lh‘ir‘ (\Ii x
‘hy convnliiluiiwu, if lb
ltbo .\dIIiiIi:sI'.I:iuI. i"?-
in freight rum; tinny lie of:
Perhaps the mom outsmn:
thing which Mr. l ooliix. lI'IS;
so far with ri‘spgct to lill‘xlril\¥
his announcr'nient that liniin .m
unforscen cnzt-rgvncy :IrIs-u ..
not. call an extra session mum r.- ~.
March. He is content to hex.
grass to do 'ts ucrk in ill-.-
short session. parsing the a. prop
lion hills'ami coin: boon for z: 4..
n1“; « ::
.. , ,
Allan:
He “1.
Si'.
IV}: In
[fl“-.'
1n the till- -lmpoxi
'iiV
politicians, who could only use it to
stir up nationalistic sentiment. with
serious risks to world peace. and
place it on a purely business basis.
This is w hat the Dawes plan sch-
loved. It did away with the Repel-U
ntinns “Commission. which had be-
come merely an instrument of the
various allied governments. who
themselves could never agree. It ea-
tablishod instead a. definite program
of reparations collections. gi‘vinsduil
recognition not only to the difficult?
of collecting reparations. but of
transferring them across interna-
tional frontiers without upsetting
exchange. '
Physically the immediate effect of
the Dawes plan was to effect the
withdrawal of the French and Bel-
gian troops from the Ruhr. after
more than a year of occupation.
This move not only quieted the po-
litical atmosphere but permitted a
gradual resumption of industrial ac-
tivity in the region affected.
,1 'l‘ho Dawes plan may never pro-
duce a penny in actual cash repara-
tion payments. Nobody can' tell.
But Europeans generally feel that it
has accomplished the maximum that
is possible of accomplishment. If
no payments come out of it. most
people will probably say. "Too bad.
but if the Dawes plan can‘t make
Germany pay. then nothing can."
and let it go at that.
Further American Cooperation
This very considerable accom-
plishment is due to American inter-
vention. “‘ithout the backing of
America. it would have'been impos-
sible. But Americas participation
in the consolidation of world peace
is not expected to end there.
"You have settled the Reparations
problem. although you insist it is a
purely European question." Europe
cans say now. "Surely you will not
decline to offer a. solution of another
great financial puzzle, the inter-ail-
ied debts?"
It is confidently expected among
bankers here. and even by the pub.
lie. that 1925 will see very great
progress towards a settlement of
this matter along similar lines.
"The Dawes reparation plan
makes Germany pay what she can
but does not compel her to do the
impossible. 'Wlil not America take
‘ out the other.
debts?"
Political Rclwrvussions
The first political rvffmtt of the
Dawes plan was an immediate Im-
provcment in l-‘mnco»Gt-rmsn rcla~
lions. and the old Caiilaux policy‘of
Franco-German economic and polio
tlcnl solidarity lwgnn immediately to
be tail-ted of seriously in. both coun-
tries.
Ono has only to think back a few
years to realize what this means as
a sfcp towards pence. As lately as
two .vcaru ago it was scarcely poss-
ible to mention ihrl sulgjcct in
France. Almost anybody would in-
stantly tell you that Germany and
France were and always had been
and always would be enemies and
that any loyal Fri-nvhmun would
sooner cut on: his arm than shake
hands with a. German.
History. however. should have
made us all remember that France
has fought many more wars with:
the English than with the Germans‘
and that if France has any “tradi-
tional enemies" they are the inhab-
itants of the “tight little island"
across the channel.
Of course. Franco-German flirta-
tions are based not on sentiment but
on cold business calculation. France
has the iron mines of Lorraine—-
Germany has the coking coal of the
Ruhr. Neither is much good with-
if your iieighbor has
a. horse and you have a wagon. you
are pretty likely to get together in
the long run even if \ou don't like
each other very w.eii
l-lnglnnd‘ 5 Opposition
The flirtation hasn't led to may.
riago as yet. nor even to‘an engage;
ment.’ Part of the reason is that
the traditions of the British foreign
office are all against having a strong
Continental alliance. and .lhe British
foreign office can do a good deal to
prevent the happy pair from becom-
ing united. England is offering Ger-
many t.umerOUs tempting reason!
(for staying out of the combination.
and is ready to use her debt claims
against France as a, club. it all else
fails . Perhaps 1925 will show
more clearly just how this affair is
going to turn out.
_ .by France.
The l'nited States is
virtually the only first class power
to hold out against such recognition.
Soviets Not Sentinwnlallsls
it has been noticed, however. that
the Swifts are not smIilmcnialists.
They are of course looking toward
the main chance. and although the
French just now are treating them
with much more politeness and con.
slot-ration than the British. this does
not mean that Russia will show
gratitude by siding with France 1.3-1
thcr than England. ‘
“'hnt lilo ls'ovlt-t L’nion needs
chicflv is tnoncy with which to re-
hullililate’her industries and rail-
roads. and money for Russia is a
hard thing to Ilnd in France, where
millions of people are clutching
worthless Tsnrist bonds. The most
likely places for Russia to find ca-
pital are London'wand New York.
particularly New York. And as all
the advantage of trade with Russia
will not be on Russia‘s side. we may
look forward to a race between Arn-
erlca, and England for Russia's fa-
vor before long .
One might have thought that the
overwhelmlnsx conservative victory
in England had disposed forever of
the treaty with the’ Soviets and the
preposed loan. This would. how-
ever. be taking a sentimental Now.
If Ramsay MacDonald named to
advantc money to \Ioscow it was
not clause of any sympathy for
sovielism. but because he hoped it
would» mean increased prosperity for
England, The same motives will
move Mr. Baldwin and the British
conservatives even more strongly.
The only ditterence is that when Mr.
Baldwin docsdt, the British business
man will applaud.
England‘s Ups and Downs
England begun the year with a
new Labor government. and for the
first time in British parliamentary
history the government rested on a
minority. The year ends after' a
general election in which the con-
servatives come back with a wallop-
in: clear majority over both the
other parties.
The situation is clearer. of course,
but it tinnitus to be seen whether
a
There is also Russia to be reckon.
ed with. The Soviet government 18‘
the same attitude toward the war.
Financial R‘evlievv'. of
-—.
By STUART P. “7138!
Copyright. 1924. by The
‘ Evening Sentinel
foremost representatives in
business world are on record as.
m, during the last three
. 'of 1924 a period of good
ahead. The President of the
States has done the same
publicly. Whatever political
smaybe.ithastobead-
hot the investment and busi-
conttnunitles were pleased with
t of the election. They drew
tional ease of credit conditions. and
second. upon the fact that there had
been no elements of inflation in
business lines.
On the contrary business men;
mindful of the experiences of 1920-
1921. had long 'been buying for: im-
mediate needs only. There had been
no accumulation of high-priced raw
materials and unfinished products
the way there was five ,years ago.
There had- been 110 hasty and
frightened buying—in of necessary
supplies the way there had been in
the spring of 1923.:
Businm Position sound.
Nobody as the year ends ought
now recognizer! by all the important
countries of Europe. most recontlyi
it. will be to the advantage of the
conservatives. Under the MacDon-
ald rule. nothing could be done
That is to say, no socialistic measure
could he passed. And in fact both»
in; was done or even attemptcd that
was opposed violently to Conserva-
tivé principles. At the same time.
the conservatives ave 'dcd rcsponsi-
Milly for the necessarx things that
had to be done.
As matters stand now, a lot of
disagreeable things have to be done
and the conservatives will have to
do them on their own responsibility.
The British empire is in a laid way
Thvre is trouble in Egypt. in lndiu,
in the Far East. in Mesopotamia. in
Persia. Those very grins problems
will have to be met and solved as
best thev may by the conscrvatlws
and nobody can énvv them the task.
it looks as if events in the coming
years of the British Empire will to
all grist to the mill or the opposition
parties.
It In said that that the Liberal
party is dead, but that rrmains to be
proved. it pulled a hug-3 vote in
this last election, just the some. al-
though bccnuso of tlIrve-corm'rcd
contests it failed to get a propor-
tionate number of seats.
France Back To Pro-“'3:- Politics
Politically, France has returned to
pro-war situation. Except for the
Communists, who are a post-war
growth. but not numerous in Far—
liament. the parties are aligned
much as they were in 1913. There is
a good deal of talk about Socialism
in the French government. but the
socialists are only a third of the
present Herriot majority. and Will'
probably not figure at all when Her-
riot is replaced by Briand of Bar-
thou.
Joseph Calilaux. who has Just
been granted amnesty for his con-
viction icv the High Court under
Clemenceau. probably will return to
Parliament in 5. low months. by a
bve-electfon. He sis perhaps Frances
greatest financial genius among poli-
ficlans. and being the prophet of a
Franco-German agreement it is not
unlikely that he will be named it-
nance minister when the time comes
to put thatéam‘eement into force.
It is a tremendou , stride from
conviction for “tramic with the en-
emy" to a ministerial post But it
would astonlsh nobody. And this is
a, very good illustration of the ex-
without the support of the Liberals.
192 4;; «A Peep
tent to which the war is being for-
gotten today.
indeed, perhaps the
of 192‘. new that var
of it. is the turning of ivoi'
minds :\\\.Iy from the putt dim:
i wards the future .
g l nu ism on hm ““1
3 Mussolini «outlaws in hm»
‘u'hip-hund in Ital). :Ifitr u 1“.
three years, but his tilclnierllll -
(rs are already lrss niisoitztr'. :in-f '
is nircati} prt’zithin; a Iw’t‘iir
The Dictators difficulty .: '1 z:
his follmvwra luv to: as .
common “.12."; as hi has
lie “as glad to take :ivinlr
their \iolcut Fasc is: similar -
itho carlv daxs vi his dictum i':~
and cxcn to tncoumpo ihtl‘.) ill 71~
browubcating of polili¢.:l Oil]"‘l.'7
But while the necessity tor sin 3. '
tics is now past. the arm Ill 1‘
are too fond of the sport oi 1:41;;
lets-ring chastiscurnt to thou l
low—countrynvn tn :Il'anlieu i'.
the result is that the l-‘as'ict l.'"
getting into bad repute.
It hogan “uh iii's ,\i.I':«
in which :I Ellk‘iuii57 lhpmx
found murdrl'ul ".l'h iii" vm-‘I
of smile of Mussciiui’r A ii,‘t\">. l » I,
men. Mii~~><~iilii tI‘i-‘wl In I, l. :I.« ..
and 532i rid of some of his ”‘0‘"
trump partisans. liui \vilim'I'
success. It 1:4 often illi‘i'ivu‘x in
the pupil from outs'rii'ipm‘;
master.
The Dawes plum gave Gtrir
stable currency. and Poland .u.
got on the hand “axon and l":'
finances in order. 'l‘i-Io other 0 li'
and Eastern European count.
have managed to keep tinti‘.‘
change fairly stubln.
“'hile the Dawes commitixrv
deliberating about the mark.
over, the franc took 3 sudden Him-«n
”MSW u'\."‘
E'.
will :1 "
u
1......
in...»
ed by speculation. it ‘\OUi‘,l
been impossibln to keep the
from irreparable loss but for
intervention of .l. 1". Morgan
company, whose offer ot‘ swim-u.-
000 drove the speculators truth! "a!-
ly to cover. This advance has villi-
li-t
uai slices over that period.
There has simultaneously been an
effort in all countries toward Minn.
ced budgets. which will assist
stabilizing exchange.
Isonl. 1mm;
Illlmx
l
Is thr ; "
i
i
:iliIi I 5:.
other rommtsslozis In | :m
i|li‘~lil4 5% I ""
int-'1‘— 7 '
iiill lin‘rv .
‘14... .
iI"IvI-,‘ .
and.
in recent weeks been COUV‘IM.‘ ti illiu '
a. "5-)Par loan. redeemable 111 U -.‘i: -: ‘
' ITAIHC’Y‘ (1liiil.
. is
arm 1'
in ,
But a s:ei‘t.'iln2
-—~By_..
1min
lilting?
«‘tiO C l. the 1:.
ill littliiilm of
.l i Is Ionsilntiy
Iiclon of erotcsme
t“ ‘ i'li‘. '«\ l: rnduc
. l: .
fiolml‘lsm l'. .i‘ hillsitl'ilinrfliii and
tn lit". Fii'l‘ ' "
‘lll‘lssrrvq on ll“ . I“
4* Mg.“
.m. “til. It.
i :iraliuns “m ~,
t‘luullmj H.
all Cl.)lll]iril;
I
liIM‘ iv- "
1“.
~I “r
'll-I r h
vu'n. the
’-'J-'.\‘ of
' di‘Clvl
«:ween
of ;
i'i‘K'i l. t
‘ l‘rts,
‘inw
vlll; i'.\l
(illiiii s.
'1".
' lull :17“: 1',
Ir“: ”gand
'l in nlr.
"W t‘l’frct,
i‘ “'* \ \iingsc
up
mini»: .‘«
ltnruxs
i' ii
“is.
l .
'Hiii".
'I- ~..'»
‘lll'l‘in-n “mg
.l‘ .
. ~ “huh. 1‘
l“"i¢j .
' Yin m_
ri‘l“ ('1' f.
e—WILLiAM BIRI)
com~ ‘ . 1‘ “ ’-‘
and. with the movement pl‘ti:l}i"»1.i-: .
line'l-
uni.
- in);:4‘~ 1‘
'.\;i1'."
ol’i'u-IJ"
l.«-;ll;II««-. n
\
in“!
l~~i'
ilm'
his, .« .
LlL'i‘t' f‘l'lli'l'i ~ 3‘
I n t O 1 9 2 5*S‘rUfliBi3 Vi FIST
market developed its main force in
the summer and mid-way through
the autumn. Liberty bonds and the
United States Treasury o 1-4. per
cent loan or 1953 reached their top
prices in late October and early No.
vember. Then a change conic about.
The speculative element assumed the
place at prominence. the invest-
ment element grew increasingly less
conspicuous. This was due to two
causes. the first being the uncertain-
ty over the future course 01‘. money
rates. the second being the heavy
outpour of new security: issues.
Formldahle Obstacle
This latter suggests .a tormldable;
obsticlo confronting the situation i 7
the ow year. The stationed/"hos
i been made that a: 9 '
new offerings have not actually sonar
with the success advertised o the
public. They have been over-ell»
has found its way into the hands of
the ultimate investor, is Very quel-
double. The shelves of dealers are
probably stocked more heavily than
at any time in the last three years.
1 Variations Not Seizure-m ‘«
The past year has not witneuod
such extreme variations' and channel
of mood among business then as (It
1928. Still the buying movement
Starch-19:4, was overdone in
lines the same as it was in th
”spending month the ycar .
Bend the subsequent reaction was
#i
3'
scribed. but how large a percent” »
J
*ly good throughout in the merchan-
dising and general distributive trade.
mpaniss. doing business in these
on nearly allot themmmado a lot
0! money. But the tektlle trades
were i bad sore spot. Cotton mann-
(”tux-era. had hem: very high
prices for their raw material for
three years and had not been able
to set their finished products up in
any day comment-etc; Bones there
wfiro shutdown- nnd part-time or-
menu instituted.inch lasted
9 ugh the summer and a good part
of the autumn. The woolen manu-
‘faicturers were not as poorly on. still
their seneral circumstances were
was real prosperity. in others the
state of things was decidedly the re-
verse. One of the principal troubles
was the old problem of high lobe:-
costs. Prices would content)“. but
mu. would stay up. and ms: un-
der the altered circumstances toward
the CIOIe or the .yéir this problem
has by no means disappeared. With,
the exception of a moderate cut at
the New England textile centers
wage scales have remained very
high. and it is still a question. as
the new year begins. how is his
labor cost is going to be lvided
«131:9.ny between producer and con-
comer. so that the former will de-
rive an adequate profit.
W of Price-
The mt change in “the Industrial
sum com with the movers in
rm prices ‘ inch stoma curly in
i
a serious shortage in home produc-
tion. The corn yield. to be sure, was
oi! considerably. some summit)
bushels tron) the recent average.
But the wheat harvest was far above
the ordinary. and other grains were
well up to normal The advance of
50 cents a. bushel in wheat from the
low of the spring to the high of au-
tumn, «as the result partly of the
heavy {stunt-off in the Canadian
croli. partly to the, prospective reduc-
tion in'the yields of other wheat-pro»
duclng countries. and partly to the
improved buying power of Europe.
This event had a truly revolution-
lzlng eflect. It is conceded to have
been a prime factor in shaping poll-
tical occupant during ,tbe Presidcn‘
tiai campaign. it did away with
"hunch oi the discontent in the term-
in; data of the wag. Along with
_ fiémmmud livestock prices.
1 Who W
all buying
at as
Ol’d-bi'c;i}\II-I; I runiiii'
lie and In
salve for “M1".
sent the filr'l"
L‘lm-linn In:
The stain: m1." 2:‘
investmunis. :
greatly in m“; t.
suits. \‘oiw V l:. .; will n‘
Third Pal-i}, out It; 1- r'munh ted
would hau- \‘II'inzll‘v iIJIllké'lfr:
large pan of mt- - .l' wi svst .
going l0 pi i Il' .llI‘il. l
self. llut I_.i ore \\ us.
in the lain runnmi
(iL'iil‘lilt‘ ii'u: “I ll i‘
cicnt viott: m lr.‘
2:“;riesidf riidiuio l on; was. and
n .
(v .I 11 m e
veloD “"0”“ h s, ‘ rillti Pond“
Of its anli mu
9‘3) far as the railroads «5r!
earned the liq thing brilme I
“3“: Rent:
W not . _
..mlnu°d on r‘
1 ']~ ill,1
I.
.._, Inf" wt.
"run Ii liaiL
l ”fill“
2:56. ‘i
I quctioll
<. i H.
‘.l£l .
1!”:
in] a long
“C‘U'Li
i 1216 balance
total V',
. n'lgh‘h NP 'v
,4an mill: ”3'.
.Llli’i a‘uiumu'
"Jill I ,
to ”1...“in Ch
.1tlIai’
I
Norwalk Chronicler