The Lake County times. [volume] (Hammond, Ind.) 1906-1933, 1922-12-29
NEW YEAR
REVIEW IS
HOPEFUL
Federal Reserve Board See.
Continued Upward
Trade Trend
By n K. REYNOLDS.

y 4ON, Dec. 2S.-Business
ana industry in the United States.
approaching the beginning OF tbe
ne" year. can regard the progress
% tne past months with ssttsfac.
e!on and may look forward 10 con-
lihueo prosperity during the early
Fart OF 1923, Secretary of Commerce
Herbert Hoover declared today.
He pointed out. however. thai
unsettled conditions In foreign
countries. particularly In Eurons.
arc Still depressing our trade and
% T. certain extent have kept the
prices OF agricultural products be-
70" the level of other commodities
INCREASES IN PRODUCTION.
me optimism voiced by Secretarv
Hoover was echoed by the Federal
reserve board In calling attention
to increases in production and en-
ployment, greater volume of trade
and advancing prices during the
month OF November.
These price increases during the
past two months were also noted bv
the commerce department in con-
nection with its reference to the
depression resulting from economic
chaos abroad
Production OF manufactured COM
modes in 1922 was approximately
90 per cent greater than in 1921. &C
cordiag to figures compiled by the
commerce department from reports
to the census bureau.
INCREASE IN STEEL OUTPUT.
Textile mills were about 90 psr
cent more active than IN 1921. the
iron and steel industry Increased
its output from so to 20 per cent.
while other production gains were
noted as follows:
Non-ferrous metals so to s5 psr
cent. petroleum Is per cent; coks
40 per cent: paper 90 to 80 per cent.
rubber 40 per cent; automobiles 30
per cent; building construction so
per cent; lumber 35 per cent; brick
so per cent; cement Is per cent:
leather 20 per cent; sugar IS per
cent and meats about 5 per cent.
The only declines OF outstand-
ing importance recorded by the GEN.
sus bureau were 7 per cent IN btu
minous coal and AZ per cent in an
thractte caused by the strikes last
summer. Tho per cent reduction
In soft coal production under the
figure for 1891 resulted in a decrease
of 26,oo0.00o tons due to a strike OF
hve months last summer. The an
thracitc decrease aggregated So.-
o0o, ,0o0 tons.
FARM RECEIPTS HIGHER
Agricultural receipts were report
ed as generally higher during 1929.
as compared with the preceding
year.
The Increase IN production coupled
with reduction In immigration
improved the labor situation from
a large surplus OF labor at the end
OF 1921 TO a point where shortages
now occur. while unemployment has
been almost eliminated.
Transportation conditions in 1929
changed from a big surplus Of idle
freight cars to considerable short
age. while car loadings were II
per cent greater than IN 1921, this
despite the shormen's strike.
Prices received by farmers In
creased approximately II per cent
during the year, wholesale prices
4
prices declined per cent This
condition. the department states.
Gives the farmer 4 greater pur-
chasing power and narrows ths
margain between wholesaler and re-
taller"
The heavier volume Of trade dur
ing 1922 was indicated by an in
crease OF s per cent in the sales or
mail order houses and q gain OF
t3 per cent IN the business OF chain
stores. Debts and bank clearings
showed about the same relation
so PER CENT MORE AUTOS.
Fifty per cent more passenger
automobiles were manufactured in
l1s22 as compared with 1921 and
about 70 per cent more trucks.
Discussing the governments d
nancial operations during the year.
it was stated that the total United
States interest bearing debt was re-
duced by 1857 900, 900. or about 8
per cent. during the twelve months
ending Dec. /. Liberty and Victory
loans were reduced by $2.i5Ssooo.-
coo or about j. per cent.
The Federal Reserve board drdx
the year ending with continued up
ward trade in the entire field.
Heavier spending during the hoi-
idays was reflected IN an increase
Of s15T. 100000 in Federal Reserve
notes in circulation.
Larger demand for bank credit
in the interior during recent weeks
was accompanied by liquidation OF
both loans and investments In New
York and Boston.