Coronel Ayres

Colonel Ayres

Colonel Leonard P. Ayres, famed Cleveland banker-statistician, has expressed definite views concerning future business He points out that for the first time in a decade the four most fundamental causes of prosperity are all present. These factors are: 1) Increasing industrial production; 2) farm prosperity; 3) increasing exports ; 4) easy money conditions. Beginning last summer, these four prerequisites to prosperous business appeared together, and in all probability they will remain with us during 1925.

By next summer, however, Colonel Ayres believes we can get a line on the latter situation, when we begin to know how successful the current crops will be. With another year of profitable crops, industrial prosperity should continue, 'with poor or unprofitable crops, the present phase of the "business cycle" might be rudely terminated.

Colonel Ayres declared that, while European manufacturing competition would ultimately make itself felt here, there was little to be feared from this quarter in the near future; indeed, just now, the European industrial revival was creating an unusual demand for U.S. raw meterials and semi-finished products, as shown in our recently expanding exports.

Kresge and Woolworth

The prosperity of chain stores continues to be the admiration and despair of most other lines of trade and industry. For the calendar year of 1924, the F.W. Woolworth Co. showed net, after depreciation and taxes of $20, 669,397, $7.95 on each of its present 2,600,000 common shares, or $31.80 on its 650,000 shares of old stock, upon which $31.84 was earned in 1923. Woolworth has assets totaling $92,422,858, compared with $87,702,345 in 1923.

Even more striking has been the success of the S.S. Kresge Co., which reported net income of $10,114,163 for the calendar year of 1924. This, after preferred dividends, amounts to $40.66 on each share of common stock, compared with $38.14 in 1923. In the Kresge balance sheet, some striking changes are likewise apparent. . Surplus is now $15,398,585 as against $11,161,180 in 1923. In addition to its regular $2.00 quarterly dividend, Kresge directors have declared a 50% stock dividend to holders as of Mar. 16.