Show NEW WORLD OF OF BUSINESS How tie Uie the department of com 4 t I merce is helping the world i In ia a better beller understanding of com corn T C movements it set Bet forth hj by b 1 Edwin E. E E Judd editor ot ut the In Industrial fl 1 Digest DIest la tn an address de do- doS det t S in New York who explain explain- explained red ed that with the tho expansion of in industry t and the broadening out o of I 7 markets markets it became impossible fo for any anyone one man to compass sufficient I t territory r by his Ms personal ions If he ho wanted a foundation of f full fun knowledge ot of the facts per Der i to his particular Industry and markets ho he had to rely some some- somewhat somewhat somewhat what upon the tho observations of his representatives And as al small factories grew Into iato mammoth cor cor- corporations potations with plants plaats about the he country countr and as lIS markets spread from roni local neighborhoods to tho ends of ot the tho earth the mechanism for lor gathering information was also obliged to grow Today the tho report report- reporting reporting ing of ot commodity movements stocks of merchandise on oa hood hand and other evidences of ot tho the trend of business is 19 a II specialized line tine of activity in itself with its report reporters ers era trade and aad commercial journals statisticians and and analytical cco eco ceo Tho The progress along this line during the tho past decade and a ahalt halt half has been particularly rapid Partly because of ot the tho stimulus given to production by the world war and aad ho tho Keen struggle for lor business since then which has made roade the maximum efficiency imperative Partly because ot of o the severe severo les los lesson son taught tho the present generation of business men during the slump of 1920 1920 1321 Partly too because of the wonderful support and en cn- encouragement given to commercial reporting by the tho department of o commerce under tinder the direction of Secretary Hoover We Wo have today at our command reports on oa commodity movements that hat were scarcely dreamed of as recently as the tho years jears ears just before the he world war We e know lenow more about actual actual consumption require require- requirements requirements requirements ments and production capacities I than baa ever before In ia our history In Ia Ina Ina a a. few industries reports have been perfected to such a degree that it its iti ItIs is s now possible to tell within a 11 rea- rea margin of error the nor nor- normal normal mal consumption requirements of this his country the current rate of consumption the stocks on oa band and the rate of production Such Industries are In position to keep their heir outputs in line with actual requirements neither breaking I prices rices through overproduction nor losing osing business through inability too oo supply merchandise that is needed In other industries the reports are less complete but still suf- suf sufficient sufficient to be of real assistance nce while in others other we have still a long ways to go Many divisions of o the tho chemical Industry fall within withla the latter alter category There is room for fora a great deal of work ork to be done donea In a the chemical industries before the elements of ot chance and aad guess guess- guesswork guesswork work are reduced to their proper minimum Not only have hive we made remark remarkable remarkable able progress in getting at the facts acts about commodity movements but ut we wo are moving forward in ia the interpretation of such data Just Justas as the chemists in tho the research lab lab- laboratories laboratories oratories are constantly testing new combinations and searching for or underlying principles so are the he statisticians and economists as- as assaying assaying saying this mass of economic data Many of the relationships between different commodity movements are arc as complicated as any of your arm long long formulas which I would not act dare attempt to pronounce to say nothing of pretending any aay com com- comprehension comprehension comprehension of their meaning The Tho state of the monsoon In ia India may seem far removed from production program of an American dyestuff company And yet jet et tho the connection may be very direct and vital A favorable monsoon means good crops a heavy Indian demand for cotton collon goods dyes wherewith to color tho the same and there thero you jou ou are The The working out of ot many of these thee relationships is a n task for specialists But Dut the results of ot their work can be bo of ot direct and tangible value to jou OU on as working members in a the tho business of ot chemical pro pro- And Aad make no mistake about it Just as the business world has come to a very ve keen ap- ap appreciation appreciation of ot the necessity ne for watching new developments in the chemical field lest It wake up to nd Ind a new synthetic product walk- walk walkIng lug Ing ag off oil with a market that seem seem- seemed seemed ed as safe ufe as gold in a federal reserve vault so must the chem chem- chemical chemIcal ical Ica industry keep abreast with the tile progress made in Ia the science of business administration |