The Topeka state journal., 1922-12-29
Secretary Hoover Says Outlook
for New Year o. h.
Optimism Is Voiced by Other
Federal Departments.
PICKING UP IN ALL LINES
Railroads Are Hauling More
Freight Despite Strike.
General Output of Nation In-
creases as Prices Soar.

Washington, Dec. 29.-Business and
industry in the United States, ap-
preaching the beginning of the new
year, can regard the progress Of the
past months with satisfaction and
may look forward to continued pros-
perity during the early part of 1923,
Secretary of Commerce Herbert
Hoover declared today.
He pointed out. however. that 'un-
settled conditions in foreign countries.
particularly in Europe. are still de-
pressing our trade and to n certain
extent, have kept the prices of agri-
cultural products below the level OF
other commo odities."
The optimism voiced by Secretary
Hoover was echoed by the federal re-
serve board in calling attention TO in
creases in production and employ
ment, greater volume of trade and
advancing prices during the month
of November.
These price increases during the
past two months were also noted by
the commerce department in connec-
ton with its reference to the deprsss-
ing resulting from economic chaos
abroad
Production of manufactured COM
moditieS in 1922 was approximately
so per cent greater than in 1921. ac-
cording to figures compiled by the
the census bureau.
Coal Production Down.
The only declines of outstanding
Importance recorded by the census
bureau were Z per cent in bituminous
coal and AZ per cent In anthracite
caused by the strike last summer. The
z per cent reduction in .soft-eoat pro-
ducton under the figure for 1921
resulted in a decrease of 100000
tons due to strike of five months
last summer The anthracite decrease
aggregated 4O,OOO.OOO tons
Agricultural receipts were reported
la- H. i .ge.E.-~
compared with the preceding year.
The increase in production. coupled
with a reduction in immigration, i'm
proved the labor situation from "A
large surplus of labor at the end OF
1921 to point where shortages now
occur, while unemployment has been
almost eliminated.
Transportation conditions in 1929
freight cars to a considerable short
age, while car loadings were eleven
per cent greater than I'm 1921, this
despite the shopmen's strike.
Advantage To Farmer.
Prices received by farmers in
creased approximately II per cent
during the year, wholesale prices ad-
vanced 10 per cent and retail food
prices declined 5 per cent. This con-
dition, the department stated, gives
the farmer greater purchasing power
and narrows the margin between
wholesaler and retailer"
Fifty per cent more passenger auto
mobiles were manufactured in 1929
as compared with 1921, and about as
per cent more trucks
Discussing the governments finan-
cial operations during the year, II was
stated that the total United States in
terest- bearing debt was reduced by
1867, 100000, or about per cent, dur
ing the twelve months ending De-
cember 1; liberty and victory loans
were reduced by $2,I53,0OO. 900, or
about IL per cent.
The federal reserve board finds the
year ending with continued upward
trade in the entire trade field.
Heavier spending during the holi-
days was reflected in an increase of
$15IOOO,O0O in federal reserve notes
in circulation.