Presto

January 5, 1924.
PRESTO
HOOVER, BRIGHT
OUTLOOK FOR 1924
Secretary of Commerce, in Report This Week,
Summarizes Conditions Throughout the
World in Determining Our Own Sat-
isfactory Economic Situation.
REVIEWS OUR PROGRESS
Why United States Is Free From Depressing For-
eign Influences Is Pointed Out and Many In-
teresting Figures Are Quoted.
Herbert Hoover, Secretary of Commerce, sum-
marizes the reviews by Department of Commerce
representatives throughout the world in an article
released this week. The summary is a help towards
an understanding of our present position and of
the forces for and against our economic progress.
''The economic outlook for our own country for the
next year is bright. In general the world situation
is hopeful. The general spirit of prudence, the ab-
sence of speculation, complete employment, high pro-
duction, and the great financial strength and stability
of the important states in the Western Hemisphere,
together with the promise of the early conference for
systematic consideration of constructive solution of
the world's greatest economic menace—Franco-Ger-
man relations—all create a hopeful foundation on
which the New Year may build," says Mr. Hoover.
No European Influences.
Our own country has shown more freedom from
depressing European economic influences than most
others. The explanation lies in the fact that although
our exports are of profound importance less than six
per cent of our total productivity is exported and of
this only about one-half to Europe. The proportion
of different products exported to Europe of course
varies and European conditions, therefore, have a
fluctuating influence upon different industries.
As we are not in a boom we can expect freedom
from a slump. Some secondary interrogations can be
raised as to the effect of the expansion of installment
buying of consumable goods, the acute suffering in
the Northwest agricultural areas, the increase on
stocks of some commodities, and decrease on some
advance orders. These items are small compared to
the whole industrial fabric.
Taking the country as a whole we never in history
have enjoyed a higher standard of living and com-
fort, nor so great a degree of commercial and indus-
trial efficiency as today or so wide an understanding
of the forces which control the ebb and flow of busi-
ness.
Our Foreign Trade.
A more detailed examination of our own situation
based upon the first eleven months, and some later
data, indicates that our foreign trade will show about
$4,100,000,000 in exports and about $3,800,000,000 in
imports—an increase of seven per cent in the former
and twenty per cent in the latter over 1922. The
merchandise balance will be about $300,000,000 in our
favor. Net gold and silver imports will be about
$260,000,000 or on the face of these figures almost
a full liquidation of the trade balance.
Our manufactured production taken together will
show about ten per cent higher than 1920 and fifteen
per cent higher than 1922.
In transportation, car loadings were increased by
about fifteen per cent. Cargo traffic through the
Panama Canal doubled, it increased forty per cent in
through Sault Ste. Marie and thirty per cent through
the Erie Canal. The overseas tonnage was about
the same. Consumption is indicated by the increase
in sales of mail order houses by about thirty per cent,
in chain stores eighteen per cent and department
stores about ten per cent over 1922. Postal receipts
were ten per cent greater than 1922.
The stocks of goods generally at the end of this
year are somewhat higher than at the beginning of
the year and unfilled orders for steel are lower, as
are orders for railway equipment. But the large
employment bids fair for large continued consump-
tion of goods.
Price Levels.
Price levels maintained comparative stability.
Wholesale average prices of all commodities declined
about three per cent for the year and stand fifty-two
per cent above 1913. The reserve ratio is about the
same as a year ago, that is about seventy-six per
cent. Savings increased about ten per cent and life
insurance sales about twenty-two per cent. The
financial items, therefore, show a general parallel with
increased production without inflation.
Our own country has exhibited extraordinary
strength and progress. The basis of healthy business
activity lies in balanced budgets, stable currency, high
production accompanied by proportionate consump-
tion and savings with an absence of speculation, ex-
travagance, and inflation. These things we have in
the United States. We have even more in the hope
of decreasing taxes. The odds are favorable to 1924.
Chicago Piano Manufacturer Interviewed by Reporter
for the New York Daily Times.
The piano manufacturers generally see relief in the
tax reduction law as framed by Secretary Mellon.
The eastern newspapers have given much emphasis
to the provisions of the proposed bill, and the opinions
of prominent business men have been sought. They
have made good reading.
While in New York City recently, a reporter for
the Times of that city asked him for his opinion of
the result of the Mellon tax reduction bill. The
treasurer of the Story & Clark Piano Co. is quoted
as follows:
"Capital and labor may have little differences of
opinion on some subjects, but on the question of the
income tax the opinion of these two great forces in
America is unanimous. Both are engaged in bringing
prosperity to America and the shortest road to the
prosperity born of healthy industrial activity, and
that is lasting, is the reduction of the income tax.
Secretary Mellon has hit the nail on the head. It is
up to Congress and the people to drive it in, so that
the prosperity of our future years may be founded
on supreme confidence in the good faith and integrity
of our Government as expressed in its interest in the
welfare of the people. That is precisely the spirit
expressed in the text of the Mellon tax reduction bill,
which should be adopted without the slightest un-
necessary delay."
BIG ANGELUS SALES.
The Reed, French Piano Co., Portland, Ore., had
great sucsess in sales of the Angelus reproducing
piano during the holiday season. The firm is taking
the opportunity to advertise the merits of the instru-
ment extensively in the local daily papers. H. G.
Reed, the head of the firm, expressed himself as
greatly pleased with the Angelus and anticipates a
good volume of business for the instrument, as well
as all of the Hallet & Davis line of pianos and phono-
graphs, for which they are the Portland distributors.
The company recently appointed two new sub-
agencies for the Hallet & Davis line, one at Kelso,
Wash., with the E. E. Lacy Music Co., and the other
at Baker, Ore., with the Francis Brokerage Co., with
J. W. Francis in charge. Both of these dealers ex-
press great confidence in their ability to get a good
volume of business for the line.
HOLDS DISSOLUTION SALE.
SUCCESS
Brocketts Music Co., 124 North Main street, Hen-
derson, Ky., is holding a "dissolution sale." In a
local newspaper this week this is said: "Several
people have asked: 'Are you quitting business?' We
are not quitting business—just dissolving partner-
ship. We will continue business at the same loca-
tion."
THE BALDWIN CO-OPERATION PLAN
which offers every opportunity to represent
under the most favorable conditions a com-
plete lme of high grade pianos, players and
reproducers
For information writt
iano Company
CINCINNATI
INDIANAPOLIS
LOUIS VILLI
Incorporated
CBICAOO
ST. LOUIS
DALLAS
NETV YOKK
DENVEB
BAN FRANCIACO
Secretary-Treasurer of Louisville Veneer Mills Died
by Self-inflicted Pistol Shot.
When H. Eugene Snyder, secretary-treasurer of
the Louisville Veneer Mills, shot himself above the
heart on October 26, it was believed for days after-
ward that he could not live out the week. He was
taken to Norton Memorial Infirmary and later re-
moved to his home, where he lingered until the last
day of the old year, dying there, 1615 South Third
street, Louisville, December 31, at 4:45 a. m.
Mr. Snyder, who was 38 years old, had been con-
nected with the Louisville Veneer Mills for eighteen
years, starting with the concern as a stenographer.
He had been secretary-treasurer since 1916. A con-
firmed sufferer from stomach trouble, it is alleged he
attempted to end his life by using a pistol which he
had given his wife, Mrs. Ida May Snyder, for her pro-
tection, and she had found him wounded on returning
home from a shopping trip.
During Mr. Snyder's connection with the Louis-
ville Veneer Mills the company grew great and manu-
factured veneers for various uses, not the least of
which was for pianos. The company was always
friendly to Presto and this paper carried its advertis-
ing for many years.
FRANK F. STORY SEES
GOOD IN MELLON TAX LAW
Cincinnati Factories of The Baldwin Piano Company
is assured the dealer who takes advantage of
DEPLORABLE DEATH OF
GREAT VENEER MILL LEADER
The Heppe, Marcellus and Edouard jfules Plaoo
manufactured by the
HEPPE PIANO COMPANY
are the only pianos In the world with
Three Sounding Boards.
Patented In the United States. Great Brltaltlt
Prance, Germany and Canada.
Liberal arrangements to responsible agents only*
Main Office, 1117 Chestnut St.
PHILADELPHIA. PA.
Small
Grand
Five foot case full
grand tone, beautiful
design and finish.
Lester Piano Co.
1306 Chestnut S*
Philadelphia
NEW CALIFORNIA BRANCH.
A branch of the Marlow Music Co., of Santa Rosa,
has been established in Mason Hall, Sonoma, Cal.,
and will carry a full line of pianos, phonographs ond
small goods. The Sonora and Victor lines will be
featured among the talking machines. Mrs. Eunice
Lindley has charge of the new store.
When in doubt refer to
PRESTO BUYERS GUIDE
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