Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-12-24
GENERAL BUSINESS FAR
BETTER THAN EXPECTED
Remarkable Degree of I'M
provcmcnt Since the
Slump Of l020-2I.
Prices. Except for Cotton. Arc Rcln-
tiNri. L"w-tnskillcd Labor short
aSc obstacle to Great Increase
In Activity nj Industries.

BOSTON. MASS. Dec. o2-In i,s
ninth himOuthly review OF Industrial
economic conditions In the United
States. Just issued, the National In
dustriai Conference BOARD says:
The recovery oi business in the
United states since the severe de-
preston late in 1890 and early in
1871 has been unusually rapid. and
industrial activity today is fast APP
proaChnE the level at the peak OF
the boom Ot l9iH-lg@O. General bust
ness is probably not quite up to this
point. but the general situation il
sou1d and far hcitct than could have
been reasonably expected at the be.
ginning of 1874 or even at the be-
ginning Of 1922.
The business and Industrial situa-
ton q q whole has shown a remark,
able degree OF Improvement since the
slump Of 1920 and 1921. An index OF
Industrial activity compiled by tho
National Industrial Conference BOARD
and including seventeen OF the prin-
clpai basic industries OF tn" United
states showed that. compared with
the monthly average for lgl9-2l as a
base. industrial activity for tho
month Of October stood ut 12;S. This
compares Very favorahly with 65.7.
The indoN numhc, for january. 1921.
and the low point since the begin
n!n@ of 1918. The peak was reached
in October, 1919. and tho high point
for 1922 80 far was reached in June.
wien tile index stood at ll9.9.
October High Month.
This index of Industrial activity
shows That the index roso 10 per cent
from September to OC;ihcr and was
80 per cent higher in October. 1922,
thau in October 1877. These facts
Indicate that industry has recovered
much more rapidly than is generally
supposed ana that it is now ~ Il
very high point. In fact. it has been
higher only on two occasions. name
ly in July, 1918. and during the
a!tcr-war boom In 1919 ana l99O
During october and November
There was "a steady Improvements In
the industrial situation runda.
mental conditions have became more
sound. The ev!d.uc. 81 this is TO be
found in thos" induces which arc
commonly accepted as measuring
business conditions. Tile production,
Of PIG iron and steel iugo,* has
increased. aud during october it,
reached tho highest point since the
beginning of 1921. Tn" untitled ton.
nag" of tho United states Steel Cor
1"rtl"n also rose considerably, in
dlr1tuG tina, even the Increased pro-
auction of iron ana steel during Oc.
i"b"r is by no means keeping pac.
With demand, which continues at n
Ni=H rate. Commercial failures have
decreased. Railroad car luadiuc.
have reached alInos, record break.
ing hSurcs. in fact. car loadings for
the nrSt ton months OF 1872. are
higher than foY any similar period.
l'rItos have somcwha, advanced
and tho tendency during tho past two
months has been slightly upward.
Wholesale prices have increased an.
probably and in most lines seem to
be nTm and strong. Prices OF staple
raw materials have shown CON
siderable advance Retail prices
however, have no; as Sc, reflected
tho Increase in wholesale prices and
with the exception II those Of coal
ana food remain almost sti,tiouary
The agricultural crops OF tho couu-
Try are larger than usual Prices.
however. except for cotton. are r,la-
lively low. As "a gruur. prices of
hErlcultural products hav" advanced
less beyond prc-war levels than
prices OF any other of inc principal
commodity groups This condition
has caused criticism and unrest In
agricultural S"ct.uus Of tn" country.
where IL - felt that the general
prosperity az tn" Industrial districts
has not been shared
Nrnr"it! "f n>kili"d I.nhnr.