davidaulloa/AmericanStories huggingface dataset:
Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-12-31
ny wesley c. Mitchell.

Author or business Cycles.
The revival OF business activity
which began in 1921 has made grad
ual but incon,estable progress in
1922. According 10 the November re-
ports relatively few wage-carners
remain unemployed, wage rates are
advancing, the factories are busy.
Wholesale and retail trade active,
the pric" level is rising. and business
sentiment is optimistic. but not reck-
less
Revival Usually Continues.
When revival has been under
way for more than a year and at
tanned such proportions rs these re-
ports Indicate. IL usually develops
into full-blown prospcrity-usually
bat not Invariably. Al least two eX-
ceptions TO the rule have occurred In
the recent history OF American bust
ness. The revival which began in
1891 and gained momentum in 1892
ended dlsastrously in 1893 the re-
vival which started late in 1908 and
ran through 1909 ended ingloriousiy
in the recession OF 1910. Before We
forecast boom in 1923 We should in
quire whether there is reason 10 fear
that the present revival may prove
another exception to the highly ir-
regular rule.
- lHcic any factor IN the present
business situation. domestic or for
eign. or is there any factor from out
side tho realm OF business which
threatens to check purchasing or to
undermine confidence? To answer
this question II Is necessary 10 can
vass the salient features OF the re-
vival itself and note the peculiar con-
ditions 10 which business must ad-
just itself in the near future.
The revival consists OF a series OF
changes in business activities which
began at different dates and have
proceeded at different rates. Accord
ing to the indexes OF the Harvard
economic service. the manufacture OF
consumers goods began to increase
IN February. 1921, and the manufac-
ture of basic materials began TO in
creas" in the following August.
Bond prices began to rise in June.
railway stocks in July. and Indus
trial stocks in September According
10 the Federal Reserve Boards in
dexcs. the wholesale prices OF raw
materials turned upward in Septcm-
Der. 1921. the prices OF consumers
goods in February. 1899, and the
prices OF manufactured producers
goods in April. The commercial loans
of the 500 leading member" banks
ended their long decline last August.
and in September the cost of living
tas estimated by the chief statistician
Of the American Telephone and Tele-
graph Company began to advance.
Rond prices turned downward again
Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-12-31
RECOVERY ADVANCES
IN NORMAL MANNER
Further Expansion in 1923 Assured-Self Control May
Be Needed to Prevent Abortive Boom
Europe Is Drag.

in October-another sign that activ-
ity was becoming general.
Present Recovery Normal.
This succession of developments is
not far out OF line with expectations
based on past business cycles. Nor
has the pace at which various factors
have advanced shown disquietinE
discrepancies. Though security prices
have been moving upward for more
than year. there has developed no
such feverish speculation on the
stock Exchange as marked 1919. We
are told that even yet merchants are
not buying far in advance Of current
needs. The liquidation in lo2O-cl
seems to have been thorough. at
least in the commercial and industrial
districts. SO that no serious check
need be feared from delayed bank
ruptcies.
Not only was the financial snarl
disentangled. but the stocks OF mer-
chandise and raw materials carried
over from the preceding boom were
gradually worked off. The vitality Of
the revival proved sufficient to with
stand the strain of the great coal and
railroad strikes OF last summer and
to dispense with support from for
eign sources. All this favors the view
that business will continue TO expand
in 1923.
Yet the situation presents several
features which make for uncertainty.
First the rise in the wholesale price
level has been very rapid Brad
streets index. though by no means
the best measure of tho price level.
is the best forecaster among our gem
cral index numbers. II advanced far
more in l9cl22 than In l90S-O9. and
the advance in the earlier case was
thought Ia have been overrapid An
upward rush OF prices may put an
early end to revival in two oppo-
site ways: 1t may check the increase
OF purchasing and so undermine the
expansion of production and distri-
button on which the whole movement
rests. or il may stimulate speculation
in commodities and produce an in
tense but short-lived boom.
IL We were living in prc-war times
one or the other OF these results
would seem probable. But the whole
business community has become ac-
customed since 1914 to price eyra-
tons OF extreme amplitude. more
violent rise than the present one ac-
companied the revival OF l9i5-l5 and
did not prevent the development OF a
long period of prosperity. Neverthe-
less. there is danger that the rise of
commodity prices may be pushed at
dangerous rate. From this viewpoint
the slight drop in the Bureau OF La
Dor statistics index number i'm Sen
teniher is reassurinE. Bradstrect's
index. however. did not drop then and
Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-12-31

Throughout the year there was n
shortage of labor. The opening M
OF plants which had been shut dow n
not only in the equipment business.
nut in many other lines brought
about competition for labor which
raised wages, increased the turnover.
and made operating conditions gen
orally unsatisfactory. The low Out
put OF the plants Increased overhead
charges. so that when orders taken
In tho early months OF the year based
on the hope of full operations were
turned out the estimated costs wore
not realized and red ink figures were
the result.
The difficulties throughout almost
tho entire year in getting raw ma
tcrials. particularly lumber and steel,
also seriously cut down the output o 2
the plants and further increased
costs. 1t is significant OF the trans
portation situation In the country to-
day. that the shortage of railway
equipment Is largely responsible for
the dificult'es and delays in supply
ing the new equipment SO badly
needed at this time.
Foreign Buying Disappears.
During the war years foreign pur-
chases of cars and locomotives helped
materially to make up for tho small
buying In this country. In fact, for
eiEn purchases OF cars for several
years past made UP very consider
ahlc percentage OF the total business.
The important part played BY for
Continued on Page Tweive)
Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-12-31
ny Robert Il. Inmnnt.

President American steel F'oundries
within the next sixty or ninety
days. profit and loss statements and
balance sheets will tell the story Of
the railway equipment and supniy
business for 1922. II is pretty cafc
TO predict in the meantime that tho
results OF the years operations will.
generally speaking. be unsatisfactory.
This prediction is made in spite of
the fact that purchases OF freight
cars have pccn the largest in five
years. and, in fact. well up to the
twcnty-year average. Purchases OF
locomotives aud passenger cars. fur
thermore. have also been fairly large.
as may be seen from the appended
charts. which show tho purcha ses of
the several items by years since
1900.
t'his apparent anomaly is explained
by the fact that large orders are not
immediately reflected in plant opera :
tons and profits. Between tho plac-
ing OF orders and tho actual delivery
Of the materials and supplies from
the plants. there is a lapse OF several
months to "A year. This feature OF
the equipment business is brought
out clearly In the accompanying
charts
Repair business las, year also was
maintenance of previous years and TO
the strike OF the railway shopmcn.
Here again. however. operating CON
ditions have seriously restricted out
put and the final results will not be
any more satisfactory than those OF
the manufacture or new equipment
and supplies.
on to Poor Stnrt.
The year 1921 was bad one for
the equipment and supply business as
II was for most lines of industry.
Orders carried over for construction
In the early months of 1922 were
small and the prices in many cases
were below cost. Plants were hun
cry for work. however, and COM
petition was excessive for the first
orders that came into the market.
Then came the coal strike in the be-
ginning OF the second quarter and
tho railroad strike in the third quar-
ter. These developments did not help
matters, although the railroads con-
Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-12-31
WAL SHOWS SIGNS OF DEVELOPING PROSPERITY

construction. In the present revival
role. We have already had great
guiding boom--a boom SO great as
to raise the question whether the
construction factor has not already
shot It's bolt. Will further expan-
sion in 1923 have the support which
most periods of prosperity receive
from growing demand for build =
ing materials of all sorts and from
the disbursement Of increased sums
in wages and profits? We do not
know.
To sum up: it seems certain that
1929 will begin as a year OF pros
pcrity. How long that prosperity
Will last and what heights it will
attain are problematical. II the
business public and the banks lack
self-control and courage we may
have sudden boom ending before
tho year is out in another great
crisis. As safeguards against that
danger VIC may count not only the
fresh rccollections Of 1920. hut also
the various factors which limit ex-
pansion-hard times among tho
farmers depression and unccrtainty
in Europe. and a possible recession
OF building.
Prudence ESscntinI.
Seldom has there been time in
which the fortunes OF business dc.
pendcd more largely upon the col
lectvc wisdom of business men.
Thcy cannot control the weather
they cannot control tho tides OF DO
littcal feeling. they are quite az
much servants as they arc masters
OF the money economy. Rut for all
that. the behavior OF business men
is the most potent single factor in
the business cycle. for business man
can make good or i'll use OF what In
formation they have about their col :
iectire activities: they can be pru-
"ent or rash in their financial COM
mitments: they can make allow
ances for tho uncertainties NJ m.
crops and Of politics. domestic and
foreign. or they can take chances
How American business will pros
per in the latter part Of 1922 will de-
pend partly on tho proftablencss OF
the crons 10 the farmers on tho
economic recupcration Of Europe and
the progress toward the settlement
OF international problems. IT will
depend quite as much on tho nru-
dence with which business men man
age their affairs in the first half OF
tho year. when they will he prontinr
ny large sales. All in I'll. think
IT probable that trade will continue
TO expand for tho next six To min.
months without running into Viii
excuses. II that happens the bust
ness community should find itself
ready to meet without disaster what
ever conditions the latter part O, the
year may bring.
c. 1879. by y. Y. Evening Post. Inc ,
Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-12-31
Vogue Motor Comp.n, A,,,rn,

TOLEDO. ONO. Dec. ao.-vo,un.
,ary petition in bankruptcy was Aled
IN court here today by the Vogue
motor Car Company. of Tincn. Liza.
oliities were listed at sS2.5SI.aa and
assets at SS5,24l. According to the
pe'''ion. tho unsecured claims against
nc company amount to 33a.24l and
tho secured claims to SIS san tn
company owes the Federal rovern-
merit taxes to the amount of s5.5o.
ana other taxes amounting to 81.
1885. the petition states.
Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-12-31

in october-another sign that ac,iv
Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-12-31
INVESTIGATE PACKERS
"epnbIican Proposes Trade Commits.
MON Look into Churtcr
ley Associated Press. ]

Icy Associated Press
MHShiNGTON, Dec. 30-Invcs,i-
sdtion by the Federal Trade Commits
S'oh OF the recently organized cor
pora'i"n TO he known as Armour and
company. OF Delaware. and of ,ho
projected combination OF Armour ana
Company with Morris and comnanv
win Morris and Company through
purchase OF the latter by tho Armour
interests was proposed in resolu-
.ioh introduced today by Senator
Norris Republican. Nebraska.
Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-12-31

For the buying was practically nil
Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-12-31

character. Thus the normal season
al slackeninE in November and De-
ccmbcr was much smaller than usu-
ally is the case. The performance
during these two months exceeded
all records. and not merely because
Of the heavy coal movement since
Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-12-31

Continued on Page TweIve)
Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-12-31
INDUSTRY AWAKENS
TO REVIVAL IN. 1922
Employment Is Full Industries Operating at High Rate
and Money Still Is Plentiful as Year
Comes to Close.
Dy F. Schneider. Jr.

Financial Editor New York Post.
be termed
ndustriay speaking
ocsan the following
dd
Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-12-31

shipments OF general merchandise
and miscellaneous freight were ex-
traordinary. The demonstration Of
carrying ability was the more re-
markable In view OF the after-efrects
OF the shipments strike
&C., 1872 by y. y. Evening Post, Inc
Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-12-31
SHORTAGE OF EQUIPMENT
MUST BE MADE GOOD
Rail Facilities Far Behind Countrys Crowth-Euough
Business in Sight to Keep Car and Engine
Builders Busy for Years

tinucd to purchase cars in consid.
cradle quantities. as tho following
statement OF monthly purchases
shows:
Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-12-31

Prior 10 this year the greatest
performance of the country's rail-
roads In moving freight was that in
the fall OF 1920. While the move
mcnt during the past autumn did not
produce single week that quite
touched the best week of 1920, il
was remarkable for it's sustained
The Alaska daily empire., 1922-09-16
picked up at Petersburg. Wrangell, Ketchikan and Metlakatla.
 Queen of Pacific"

picked up at ter5burg, Wrangeil. Ketchikan and Metlakatla.
 Queen of Pacific"
 The Queen has long been one of the best known and popular of Pa cific Coast passenger steamers. She was built in Philadelphia for the old Pacific Coast Steamship Com pary for the Puget SoundSan Fran cisco run, and when she came to the coast. after being launched in 1882, she was touted as the finest ship on the Pacific Ocean At that time her title was expressed ip her name, as she had been christened "Quoen of tho Pacific She was wrecked at the mouth of the Coium- bia few years after she began oper- ating and after being repaired and again put in commission her name was shortened to Queen. The public had already performed the amputa- tion by dropping the last three words of the name when speaking or writ ing of the vessel.
 The Queen is an iron ship; 40 years of age; of 2,727 tons gross and 1872 tons net register: 331.2 feet in length; 38.5 in breadth. and PIP feet depth of hold. Her engines ara of 5000 indicated horsepower.
 For many years in the sos and later tho Queen was used by the Pacific Coast Steamship Company as an excursion and general passenger and freight carrier on the Alaska run. She was commanded by Capt. James Carroll. one of the well known nicneer steamship masters in the North. She was succeeded in the Alaska trade by the Spokane in 1903.
 With the other ships of the Pacific Coast Steamship Company the Queen came under tho control of the Pa cifc Steamship Company. the "Ad- miral Line" when that company sue cceded the Pacific Coast Steamship Company The Admiral Line re- placed the City of Seattle on the Alaska route with tho Queen when the former shin WIS sold for Atlantic trade, and made her reappearance in Alaska this season. arriving in Ju- ncau for tho first time in nearly 20 years. February "A. under command of Capt c. A. Glasscock.
The Alaska daily empire., 1922-09-16
THIRTEEN ABOARD
 ALICE FOR JUNEAU

Steamer Princess Alice Is due in port any time between and o'clock this afternoon The steamer left Ketchikan at S30 o'clock last night. The following passengers are aboard the Princess Alice for Juneau: Rev. c. J. Beck. Mrs Ray c. Day, Mrs. A. Farrell and son George Howard, H. Messerschmidt. Rev. David Wagon CT. s. Wallstedt, Mrs. NJ. E. Lea and two children. Sister Mary Lucy and Sister Mary Phillip.
The Alaska daily empire., 1922-09-16
Railroad Makes Scale
 With Present Shopmen

CHICAGO, Sept. 16.-An agreement embracing the schedule of wages and working rules has been reached between direct representatives of tho present shop craft employees" and officials of the company. Prcsi- dent Holden, of the Burlington Rail road, anneuneed today. He declared the plan Of he proposed striking shop crafts had thus been dis rosed of.
The Alaska daily empire., 1922-09-16
DEMANDS ARE MADE

CHICAGO. Sapt. 16-It was learn ed today that some shop craft lead CTS of the Chicago & Northwestrn Railway arc demanding the dismissal of men hired to- fill the places of union men who went on a strike on July I. A hitch however, in the ne gotiations with the Northwestern will net prevent the return of the strik- CTS to work next Monday, the rail road officials say.
The Alaska daily empire., 1922-09-16

FOR SALE - Bl-e Fox breeding stock of the famous Cooks lhlet strain in any quantity, $3O0.00 the pair. Limited number of thoroughly domesticated animals of suitable disposition for pen breeding, $40O.Oo the pair; also limited numper oi pen bred. born and raised l92Z pups out of Lady Lill and Lord Pop noodle, guaranteed to breed in standard pens. $600.o0 the pair, F. O. B. Seldovia, Alaska. Write or radio Keith McCullagh.
The Alaska daily empire., 1922-09-16
FOR RENT-Apartments
CLIFF APARTMENTS

On the cliff next to the Court house - "The Cozy Corner or Juneau" 9. 5, room apart ments, fully furnished for housekceI ing. Clean and re- spectacle. Suitable for small families, ladies or gentlemen. Each apartment home by it. self. Strictly private in every respect, including linen, lights, baths, etc. Telephone services. Warm and comfortable. Rates $10 and up.
The Alaska daily empire., 1922-09-16
Impeachment Proceedings
 Simply Discussed Today

WASHINGTON Sept. 16-The House judiciary committee adjourned after Representative Keller declined'I to present his evidence today to sup port his impeachment eharges against Attorney General Daugherty. Keller just gave a preliminary statement.
The Alaska daily empire., 1922-09-16
STEAMER MOVEMENTS
N0rthbound

SPCK ANE due to arrive about o'clock this afternoon. PRINCESS ALICE scheduled to arrive between 3 and 8 o'clock tonight JEFFERSON due to arrive at 6 o'clock tomorrow morning.
 Scheduled Saiiings ESTEBETH will leave for Skagway at Il ?. m. Monday. QUEENS sailing on Sept. 19 not official
 ALAMEDA scheduled to sail from Seattle Sept. 20.
 Southbound ADMIRAL EVANS southbound Sunday night at : o'clock. NORTHWESTERN southbound about Sept. 22. WATSON southbound about Sept. "A.
The Alaska daily empire., 1922-09-16
Episcopalians Want to
 See Large Families Now

PORTLAND. Ore. Sept. 16.-Tne House of Bishops of the Episcopal convention has indorsed the commit tee report urging large Christian fam flies. The House of Deputies has approved the prayer in the marriage ceremony asking that the union be fruitful.
The Alaska daily empire., 1922-09-16
JEFFERSON DUE 6 A. M.

The Alaska Steamship Company's steamer Jefferson is due to arrive here al 6 o'clock in the morning from the South. according to adyices received at the local office today. The boat will unload freight at Doug les and Trcadwcll before leaving the Channel. tE
The Alaska daily empire., 1922-09-16
Disastrous Waterfront
 Blaze at New Orleans

NEW ORLEANS. Sept. l6.-Five blocks of commodity wharves were burned here last night and the loss is estimated at several millions of | dollars. The fire started In car load of bagging.
The Alaska daily empire., 1922-09-16

'. FOR SALE-256 Newton "lth cheek piece. case, loading tools, am munition. new, $50. Remington automatic shotgun, special grade' fire condition, $50. Bill Fleek Douglas.
The Alaska daily empire., 1922-09-16
Ensign Killed When :
 Plane Strikes Wire

SAN DIEGO. Sept. 16-Ensign Jack Shafter. of the air fleet forces, was killed here today when his en- zine failed. His plane struck a high power electric wire.
The Alaska daily empire., 1922-09-16

FOR SALE Fox farm at Fin trance Island, Hobart Bay. fuliy equipped and stocked Inquire of Robt. M. Allen, Petersburg, Alaska
The Alaska daily empire., 1922-09-16

FOR SALE - Six-volume set on automobile engineering, good bind ing. $15. Inquire Empire.
The Alaska daily empire., 1922-09-16

WALL BOARD - Write for sam ple of Washington plaster wall board; won't warp. won't burn. Mid. by Washington Building Products Co.,. 6851 E. Marginal Way, Seattle.
The Alaska daily empire., 1922-09-16
CLASSIFIED ADS
T HE E M P 1 R E
IS THE MEDIUM

IS THE MEDIUM Through which the general public can always have its wants supplied. Closing time for classified advertisements: 2 P. M.
 Closing time for display ad- yertisements: II A. M.
 CLASSIFIED AID RATES
 Ten cents per line first in sertion.
 Five cents for subsequent in- sertion.
The Alaska daily empire., 1922-09-16
ZANE IN PORT

The fishing boat Fane arrived in rort this morning with a cargo of 700 pounds of halbut.
The Alaska daily empire., 1922-09-16
FOR SALE

FOR SALE-A $2500 for s3oo. Inquire of Ross the painter or Home Grocery.
The Alaska daily empire., 1922-09-16
Tides Tomorrow
TIDES MONDAY

The Pacific Steamship Company's steamer Spokane is due to arrive here at 6 o'clock tonight from the South, according to adviccs received at the local office today.
 The Admiral Evans is due to ar rive here at ' o'clock tomorrow night from the Westward. southbound.s :.
The Alaska daily empire., 1922-09-16

MEN. WOMEN. THERE IS BIG MONEY IN BARBERING. We teach you in few weeks. guarantee to place you in good position, or shop of your own. Write, Moler Barber r-lIege. 223 Occidental Ave, Seattle.
The Alaska daily empire., 1922-09-16

BOARD and room. Gentlemen pre- ferred. Phone 163 or call 535 Frank lin Street.
The Alaska daily empire., 1922-09-16

YOU CAN FIND A BUYER for that used car through the classified -and get all that 1t is worth. Try The Empire.
The Alaska daily empire., 1922-09-16

Mir. Herbert Baker, with Mir F. w. Troup, has been awarded the prize for designing the now build ings of the Bank of England in London. Mr. Baker is one of the leading architects of the British Empire and is particularly noted for his buildings in South Africa.
The Alaska daily empire., 1922-09-16

Old papers for sale al The Empire
The Alaska daily empire., 1922-09-16
MISCELLANEOUS

CARD READING at 322 West Sth St. on Tide Flats.
The Alaska daily empire., 1922-09-16
WANTED

WANTED Wardrobe trunk State price Address C-l472, Empire
The Alaska daily empire., 1922-09-16
ADMIRAL LINER QUEEN STRIKES
 ON WHITE CLIFF
We'll Known Alaskan Steamer Hits Rock Southbound
 for Seattle.

(Continued From FaEe OIa.,
Vilas County news. [volume] (Eagle River, Vilas County, Wis.) 1896-1927, 1922-06-07
seIleau Church Pillar.

ment all but tore the pillar in halves,
but when the marines and the infan-
try had driven back the enemy and
recaptured the town, far beneath the
mass Of stone and mortar the altar
was found intact.
Upon returning TO their devastated
home the French villagers looked upon
the little altar as a good omen and
set about TO clear up their ruined
church building. Later they removed
one OF the altar pillars, and after APP
prOpriate ceremonies. sent IL TO Amer
lea as the gift of appreciation OF the
commune of Belleau 10 the Yankee
regiments, through their organization
of the Legion. The pillar is carefully
preserved at the Legion's headquar-
tiers, protected by the French and
American flags.