The San Antonio Light (San Antonio, Tex.), Vol. 42, No. 347, Ed. 1 Monday, January 1, 1923 Page: 4 of 12
This newspaper is part of the collection entitled: San Antonio Light and was provided to The Portal to Texas History by the UNT Libraries.
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‘ The Principal Commodities
Had a Satisfactory Year
Conditions Generally Showed
Much Improvement in 1922
and Prospects Are Bright-
er in Nearly All Lines.
BY J. C. ROYLE.
Special Correspondent of The San Antonio
Light.
Convrlght 1*22. by The San Antonio Light
New York. Jan. 1. — Nearly all of
the principal commodities had a big
end satisfactory year in 1022 and look
forward to a bright 1928.
Iron ami Steel.
The iron and steel industry showed a
reuwrkabli improvement during the
year. Production of iron increased Kal
percent over 1921 and at <he close ot
the year steel mills in gcnc-iil were on
• basts of production above 80 per cent
with plants in operation which had
been idle for months.
Prices have' stabilized to a large ex-
tent and arc at a level which is insur-
ing profitable operations and at the
same tim- stimulating consumption.
Automobile steel buying has been on a
tremendous scale and building has pre-
duced demand for structural steel and
small piled pipe. ;— — — •
Railroads have placed heavy orders
for rails and other steeel products and
. the greater number of steel companies
arc booked from three to six months in
I advance at present production. Pig
iron production has picked up with
• prices up nearly 40 per cent above the
level of*a year ago.
Coal and Coke.
The coal industry was disrupted for
j some months by the country-wide
strike. When that dispute was settl’d
production jumped at once to near war
time tonnages. All the coal was
brought to the surface in the better
■ part of the year that cars <puld be ob-
tained to haul away. Prices which
j had advanced sharply dropped back
again with coal pouring into the mar-
ket and this trend was fuithercd by
the mild weather of the early winter.
Desire of large consumers to restore
' depleted reserve stocks is expected to
j sustain' production until next spring.
Coke prices and production followed
the movement of coal closely.
Cotton.
With the final government estimate
placing the cotton crop at less than 10-
600.000 bales a world cotton shortage
is (forecast by many experts and pners
moved up from 17 cents a pound to
above 25 cents before 1922 dosed. The
cotton spindles of the counttv. many of
which were idle through a part of the
year were over 98 per cent engaged
this month. The New England mills
hud a less profitable year than those
of the South but the demand for cot-
ton cloth has improved greatly in tbe
last twelve months and prices have
risen providing a wider margin of
■ profit although the advances have not
been on an equal ratio with advances
in raw materials.
Wool.
Wool growers experienced an ex-
ceedingly prosperous year. Tbe amount
of raw wool produced was compara-
. tively small and demand forced prices
up steadily as the season progressed.
In acme cases growers received from
25 to 50 per cent more for their
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‘2 S isf ffl 2 e~
| I MM® T/te Officers and Directors of the I I
I | /WS Texas State Bank & Trust Co. | |
1 I Extend the Season’s Greetings and Wish for You a | |
I B Happy and Prosperous New Year ■ g
S B • ta B B
j | Commercial Banking Savings Department Foreign Department | |
= Checking Accounts of Firms 4’/ 2 % Interest compounded quarterly. Collections and transactions in Mexico a spe- S
.'2 = ond Tnrlividnalc $l.OO starts an account and obtains a Liberty Bell Home r . . „ = 2
as = . . inuivlGU « iS . Savings Bank. Chinese department m charge of Assistant Man- = 2
2 Certificates Of Deposit 1918 series (unregistered) War Savings Stamps and called ager Wu Sung Jid. 2 S
2 Safe Deposit Boxes Victory Bonds accepted on deposit at par. Foreign exchange on all parts of the world. = sa
=BI 1 =
| | ■ COMPLETE FINANCIAL SERVICE j |
|k B “A Friendly Bank” g g
| j TEXAS STATE BANK & TRUST CO. | |
I | Capital and Surplus . . . $330000.00 j |
J| A GUARANTY FUND BANK ||
We Aim to Serve and Please You New Accounts Solicited
; - Total Resources Over $2000000.00 Corner College and Navarro Streets | |
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•.. . . »
MONDAY.
product than in 1921 and today dealers
are anxious to buy next season’s wool
still ungrown at prices well above the
general average of this year. Woolen
mills were fairly active throughout the
year. Most of them avoided labor
troubles and operated at from 80 to 90
per cent of capacity although margins of
profit were small. Woolen goods ad-
vanced but not to such au extent as
raw wool.
Demand for silk increased strongly
toward the end of the year. Prices
advanced but demand for finished goods
advanced with them and mill which had
been tuning on part time and with
reducted forces or had been idle were
well engaged when tbe season closed
with orders booked ahead. This was es-
pecially true of the hosiery mills.
Clothing prices mu d ulecu with
the costs of raw materials but II ■
creases were not of great p;- >o; - ions.
The trend of demand however developed
into purchases of better quality and
higher priceri goods than were market
features in 1921.
Shoe manufacturers in general have
done an excellent and prosperous busi-
ness in 1922 although the early part
of the year was marked by continued
labor troubles in New England plants.
St. Louis factories worked at capacity
all year. Hides advancer! in price
more rapidly than leathers and it was
not until late in the year that this
disparity was lessened.
Lumber and Building Materials.
It was a great year for lumber man-
ufaciurers and producers of building
materials. All were on a capacity pro-
duction basis throughout most of the
twelve months and prices advanced
steadily and constantly up to the end
of l»eeember. Lumber operations in
Michigan and Minnesota just about
doubled during the year. In the North-
west till per cent more lumber was pro-
ducer! than in 1921. the total approach-
ing 9(100.000.000 feet while new busi-
ness accepted rose 44 per cent above
that of the previous ye; r.
In the South the mills have run as
close to capacity as car shortages would
permit with reserve pine lands being
cut into in some sections. Prices gave
opportunity for excellent returns. Brick
plants were pushed to the utmost and
were hampered to some extent by fuel
shortage. Cement mills with increased
prices as a spur were kept fully oc-
cupied. There was a seayy demand for
electrical equipment and plumbers sup-
plies.
Fruit and Canned Goods.
Fruit growers in many sections had
a disastrous twelve-month. The trem-
endous apple crop in a score of dis-
tricts glutted the markets and prices
fell heavily. The Georgia crop however
yielded good returns. Grapes were in
excellent demand and prices were satis-
factory. All crops suffered to some ex-
tent from car shortages.
Tbe canned goods markets finally
(lothing.
If Europe Pays What She Owes Us
’TWOULD MEAN DIVIDED $98.57 TO EACH AMERICAN
Washington. Jan. 1. — Are Europe's
debts to the United States to be can-
celed?
Or is it tbe interest on these debts
alone to be remitted?
Or will our European debtors simply
be given a breathing spell of 10 years
in which the United States will make
no demand for payment either of in-
tereat. or principal?
That question is being eagerly dis-
cussed in all America as well as in
London. Paris and Berlin following the
news that the United States at last will
take some action toward the economic
stabilization of Europe.
No one will know tbe answer before
the American proposals officially are
placed before tbe allied premiers. This
probably will be by January 2.
Well-informed observers here believe
the United States will agree to a post-
ponement of payment by Europe of at
least 10 years.
But they believe that such an agroe-
<nt will be conditional on the ratifi-
cation of n peace pact by Eurojiean na-
tions which will give guarantees of
-ifety to France and allow her to cut
tbe expense now involved in the main-
tenance of a huge army.
straightened themselves out and after
a period when grovers held off stub-
bornly from extensive purchases the
industry ended the year in good con-
dition with price levels well up on
most products. The packing industry
on the whole had an excellent year
better at the finish than at tbe start.
Glass and Paints.
Two great factors affected the glass
industry this year. Almost overnight
the greater percentage of auto buying
ebanged from open to closed cars. This
resulted in an unprece ented demand
for plate glass beyond the capacity of
the plants of the country to supply. The
building boom occasioned a strong call
for window glass and glass for illuminat-
ing purposes while table ware and other
linos were on a satisfactory basis. Prices
all along the line advanced but not
prohibitively.
Paints oils and varnishes were in
strong demand and plants all over the
country were well engaged especially
the last six months.
Non Ferrous Metals.
The non-ferrous metals bettered their
positions materially in 1922 and with
the exception of copper .each ban
marked advances in price. Lead pro-
ducers are selling their product at 58
per cent abova prices wbici obtained
last January. Zinc prices have ad-
vanced nearly 50 per cent and copper
has risen above the fourtcen-cent level.
Mines throughout the country which
were closed have reopened and working
increased wages.
Rubber and Electrical Equipment
In the lust three months rubber has
advanced from around 16 cents a
pound to about 27 cents due to regu-
lation of output in the Far Least. Tire
manufacturers have worked at a remark-
ably high rate of production through-
out the year and the usual slump in
demand mode jts appearance
WHAT FOREIGN NATIONS OWE U. S. WHAT YOUR SHARE IS
Debtor Nation. Principal. ' Interest. Total. Principal Interest Total
Great. Britain $4135818358 $611044201 $4746862559 $34.48 $5.22 $39.70
France 3340746215 503386035 3844132250 28.56 4.30 32.86
Italy 1648034050 284681434 1932715484 14.09 2.44 16.53
Belgium 377123745 6007338:; 437.197128 3.22 .51 3.73
Poland 135.602867 1 7618809 153221676 1.16 .15 1.31
Russia 192601297 39712670 2:12.313967 1.61 .33 1.97
Czechoslovakia 91887.668 14.464.536 106292264 .78 .13 .91
Serbia 51104595 7094.687 59098.682 .43 .06 .49
Roumania 36128404 5.861104 .30 .05 .35
Esthonia 13.999145 2089625 16.088770 .11 .02 .13
Finland 8.281.926 1.012.436 9.294.362 .07 .008 .078
Greece 15060000 750000 15750000 .12 .006 .126
Lithuania 4981.628 747.244 5728173 .04 .006 .046
Armenia 11.959.917 ■ 1.667.256 13.637173 .10 .01 .11
Austria 24055708 2886685 26942393 .20 .02 .22
Hungary 1685835 202300 1888138 .01 .001 .Oil
Total $10089011448 $1554144805 $11643156256 $85.31 $13261 $98571
At the time an effort will be mule
by the allies with American aid. to
stabilize the German mark. This prob-
ably will be accomplished by an inter-
national or a special German gold loan.
The foreign debt involved now
amounts to $11643156256 of which
with the passing of warm weather.
Prices are ou the move upward both in
tires and in mechanical rubber goods.
Electrical equipment companies are
working double shifts and both output
and profits have risen nearly 35 per
cent.
Phenomenal new pools of petroleum
were opened up in this country in 1922
while Mexico which in 1921 was at
its height as a producer is dropping
back. Production increased remarkably
as a result and at present there are
huge supplies of crude oil in storage.
Sharp declines in price have followed
but these have not served to check pro-
duction. Consumption has been over
16 per cent abort 1921 and is slowly
reducing these reserves. The demand
for fuel oil has been a feature of the
year. Higher prices for crude are fore-
cast for the latter part of 1923.
Improvement in the paper industry
has been slow but seady throughout the
year and price advances have been firm-
ly maintained. This year's total pro-
duction of paper exceeded that ot any
other year except 1920. Costs also have
increased both in wages and wood pulp
prices but demand for nil grades is
active.
Sugar anil Tobacco.
A year ago the sugar industry of the
United States was in difficult straits.
Today sugar is bringing around 5 1-2
cents a pound for crude as eom|mred
with 3 1-2 cents last January. Both
vane and beet sugar producers have
shared in the prosperity which altered
conditions have brought about.
The tobacco erop was one of the larg-
est in tbe history of the country. In-
creased acreage was planted and while
prices at present are perhaps slightly
under the general average obtained from
THE EAN ANTONIO LIGHT.
$10689011448 represents principal and
$1554144805 interest.
If this amount were paid and even-
ly divided every American man wo-
man and child would receive approxi-
mately $98.75 or $492.35 for every
family.
the 1921 crop they are assuring ade-
quate profits on tbe product.
The demand for furniture carpets
rugs draperies and household utensils
has been increased steadily by the vcl-
ume of building construction in progress
and prices have advanced steadily. In
many sections furniture sales averaged
from 35 to 50 per cent larger than a
year ago. Nearly every furniture com-
pany increased its plant equipment.
Aluminum kitchen ware was in special
demand and carpet manufacturers con-
tinued to work at capacity up to the
present time. The buying of household
ornaments and fixtures was a feature
of tbe Christmas trade.
Railroad Equipment and Machinery
Railroads placed tremendous orders
for new cars locomotives and equip-
ment in the latter half of the year.
More than 125000 new freight ears
were purchased. Orders for new loco-
motives from the Baldwin Locomotive
Works alone exceeded $60000000 for
the year and other vquipment and
machinery manufacturers did propor-
tionately as well. Street railways
spent huge sums for new cars and rails
and mining and mill machinery was in
active demand throughout the later half
of the year. Foregin business in these
lirtes was excellent.
Automoble production in 1922 was
tbe greatest ever recorded. Earnings
of tbe companies involved in general
were largo and net profits increased al-
though price reductions cut the margin
of profit oa each car. Competition lias
been keen but the number of possible
auto owners has been so widened by the
price reductions that the volume of
business was maintained even after tbe
time when the usual winter slump was
expected.
Makers of parts were not behind in
House Furnishings.
Automobiles
The table shows the debts owed to
us by each nation (the first three col-
umn- of figures) and what each of us
would receive if each country paid its
debt and the money wore evenly divided
among tbe people of the United States
(last three columns.)
the automotive advance. The majority
of them operated at capacity through-
out the year and body makers found
it impossible to keep up with demand.
Among the marked developments of the
season were the steps taken toward
plant efficiency and better management.
Farm Products and Live Stock.
The farmers of the countr. did not
have a successful year. Prices for
their products did not advance to the
same degree that was noted in other
lines of production. However the
later days of 1922 showed improve-
ment in this respect and the farmers
and stock growers will enter 1923 with
a brighter outlook than was before
them a year ago and with fewer debts
more ready money and better credit.
TURNS THE CORNER
A.picultiiral Implement Industry Shows
Better Prospects.
BY WILLIAM BLACK
President B. F. Avery & Sous
Manufacturers of farm implements
have experienced two very unsatis-
factory years. The effects of the de-
pression were felt in the later
months of 1926 and continued until
the fall of 1922 before any improve-
ment was noticed. In October and
November 1922 however a substan-
tial gain in volume of new business
was recorded with greatly improved
prospects for 1923. Nevertheless 1923
is expected to be not over 75 or 80
per cent of normal.
Implement prices are from 10 to
12 1-2 per cent higher than a year ago.
This advance is the reflection of sub-
stantiallv higher raw material costs.
The indications are that tbe bottom
of the depression has been reached
nud reacted from and that the in-
dustry is now on the up-grade.
Grain Growers’ Outlook
Is One of Hopefulness
Real Progress in Produc-
tion Methods in Past De-
cade—Proper Leadership
and Organization One of
the Great Needs.
By JULIUS H. BARNES.
(President United States Grain Corp.)
A survey of the grain trade and the
course of grain prices during the past
year leads irresistibly to certain con-
clusions. For example there is the
clear indication in price course that the
law of supply and demand while mak-
ing prices can be influenced by intelli-
gent marketing action. Every one
knows that overanxious sellers depress
a market price but efforts to protect
the grower ot various farm commodities
in this country against this overanxious
pressure have been confined principally
to attempts at setting up farm monopo-
lies rather than to relying on the aggre-
gate influence of many thousand grow-
ers guided by accurate information.
The monopoly-by-combination idea
leads ultimately to disaster. This is
clearly shown by the disastrous opera-
tion of the Raisin Growers’ Association
in California. On tbe other hand with
no combination or concerted action in
the grain country we have witnessed a
price advance in grains In the last two
months approximately twenty to twen-
ty-five cents per bushel. This advance
has largely come about because supply
and demand evenly balanced in the
world were influenced by self-restraint
in farm marketing and this again prob-
ably affected by the courageous and out-
spoken faith of a few in the grain world
with vision enough to see that the de-
pression of two months ago was utter-
ly unwarranted.
Leadership Needed.
The grain grower today lacks proper
leadership and organization. He lacks
also leaders in whose business judg-
ment and good faith the grain grower
could rest with entire confidence. The
leadership placed in charge of the na-
tional co-operative movement a year ago
failed utterly with a lasting discredit
to a very proper field of grain grower
co-operation. Today the farm leader-
ship is still short-visioned and futile
and largely because these men either
lack judgment to analyze the great
ground swells of agricultural economic
fundamentals or lack the courage to tell
the facts. It has been so easy to get
a farmer-following by picturing that in-
dustry as abused and misserved by nil
the agencies which touch the farms.
The railroads nre pictured as demanding
unjustifiably high rales for inadequate
transportation. Marketing channels
through which grain reaches the ulti-
mate consumer at trade tolls that are
JANUARY 1 1923.
the despair of Argentina and India and
Russia are pictured as absorbing the
profit of grain production and the
ever-present marketing opportunity
which daily and hourly serves the far-
mer with exact information and imme-
diate marketing facilities through tbe
future trading markets is pictured as
always manipulated against his inter-
est.
This false reasoning often proceeds to
the extent of picturing as a farm dis-
ability the fact that in 1020 there were
1.700600 fewer persons engaged in ag-
riculture than in 1910. A moment's
thought on any industry would rate as
evidences of growing efficiency increased
production obtained with fewer persons
employed. The fact is that although
agriculture is not a highly mechanized
industry it is being served by mechani-
cal production with increasing econo-
mies and at the same time served with
improved facilities for instantly realiz-
ing on better informed judgment as to
proper marketing times and prices. The
hard surfaced road and the motor car
and motor truck together with cream
separators mowers reapers tractos and
the gasoline power which tbe tractor fur-
nishes many farm activities have
strengthened the position of agricul-
ture enormously. Improved methods of
farming and improved strains of seed
show a constantly increasing yiel<l»"y-
acre and per capita and that means
lower production cost. A few items
show this encouraging tendency in agri-
culture.
Real Agricultural Progress.
With practically the same number
employed in agriculture in 1920 as in
1900 the food needs at home of an in-
creased population of 30000.000 people
were supplied and yet in 1920 the larg-
est export surplus of grain (500.000.000
bushels) was furnished for overseas ex-
P° rt -
The number of farms increased 12 per
cent. The average size of the farm in-
creased. The average acreage per farm
under cultivation increased. The pro-
duction of wheat corn cotton cattle
and hogs increased from 35 to 70 per
cent. Farm property rose in these 20
vears from $20000060000 to $78006-
(XKI.OOO. These are the high marks that
show the great resources built into
America's chief underlying industry.
Copj-rizht. io::.
CANADA COMING BACK
The Dollar There Now on Same Value
as That of U. S.
By Sir Frederick Williams-Taylor.
General Manager Bank of Montreal.
A point which has lately excited
much attention in Canada and. of
course has not gone unnoticed in New
Y'ork has been the return of the Ca-
nadian dollar to par value with the
dollar of the United States This has
been the subject of general and legiti-
mate satisfaction to the people of this
country but we should remember that
it is not entirely the outcome of nat-
ural causes. it has been effected
largely through the influx of special
moneys in regular instalment which
may presently cease and by means of
substantial borrowings in the United
States.
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The San Antonio Light (San Antonio, Tex.), Vol. 42, No. 347, Ed. 1 Monday, January 1, 1923, newspaper, January 1, 1923; (https://texashistory.unt.edu/ark:/67531/metapth1592264/m1/4/?q=central+place+railroads: accessed July 17, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; .