Over 400 business establishments in the U. S. have manufactured toys for this Christmas. The industry has consumed this year about 30,000,000 board feet of lumber; and its products are estimated as being worth about $56,000,000.

Nevertheless, one deep shadow still lies across the U. S. toy industry—the fear of German competition. Last summer, many other industries were worried for the same cause; but, one by one, they have recovered from their fears. The steel industry now has little concern about an invasion of U. S. markets by...

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