The evening herald. [volume] (Albuquerque, New Mexico) 1914-1922, 1922-01-04
PANFuPR0GRESS
AFTER BO0M'S END,
SAYS DRADSTREET'S
Annual Review Hopeful
OF Better Business
This Year

yust of the futufc Follows IN part.
Ninptcen-twcutA - n watts % many
sided YEAR. ami II "a description were
fpught in a phrase. a. might be said
TO have been the last word ip ir-
regularity. IL was a period 81 liqui-
dntiun during which he boom Of
1919. punuiurad IN 1870. was pretty
t%lorourhiy Dictated Commodity
pricos as a whole. continuing the re-
action % 1890. though nt a slower
pace. was redueed to the lowest level
since 1916. or half the distance from
tho fa20 pea. while retail prices
fell about one-forrth. ON the average.
Crops. oXcept corn. were short, anu
farmers returns the poorest Snce
Ief4 Industrial OUTPUTS We're re-
duccd. ara vnluer % sal"s were cut
u,s merely 10 the bone bui To he
very vitsla| Of business. Some classvt
81 ~securites railway stocks Tor in
stance. reached tho lovest ayerase
points in almo sta generation For-
cirn tradc values dissolved nkc the
mist before the sun, giving rise 20
uucrios aa TO what hp1 really heuom"
OF international trade The rallies
shown were generally sluw in most
vascs, aud some OF the gains were
not entirely held. Few lines ~
business had as good % ycar as they
"'u "' "
shirt eytravaeancea OF The first yt,tr
ct peace. lnveuturl"Y. badly fllHhrd
in the last uonths OF 1890, were
even mors greatly reduced in 1921.
~ wa o. year with Hu unprecedented
hNnth'i OF l''l"i'H' "W" HlN "N"
tees "l itii'h '"htei ~ wv 'ih ""''
"hsthins 'N'u"h',
CIV, s,''""' "'
d~saerihed % h,'nk hul "n't.s N
d.V'i"p'u ''"''t '.1. ,
ioainr,s as M" E,HT NuFYnstu 'N'
lihe' hf.l u" .'l ln' ''tIl-.i'h
lnb ~ ~ Ni-
re " ~ F'i'7i "' ~
a.. an .s 1'. y.,r
whereas nthar4 vnitoi untl the sum.
wer wns ,yen pavnnred h,forr show.
ing the FIRST signs OF ralving WItl
Md prngress ~. the year. favornblC
feature. as-ortcl themselves in m,
crcaslng nnmber tho financial mar
t.ts Improved. uoucy released from
trade. where some of ID had lair
long I'm th. form OF frozen credit
sought Investment in fixed Interest.
payIur seruritIes foreign exchans.
nose wheat .xports brnkc all RECORD
in valumos as did building ,oustruc
ton In value. ard the clos, of th'
wear certainly fuuUu tn4uIE lNftNl
In many hBoa than lad tho beginning
san. the lesson was again bruugli
home more closely. apparently. thai
ever 10 tho p.opl, III tine Unto,
states. ts indeed 10 the people 81 tn.
rom af IN. world. that while thur'
may he vitai necessity for war. Their
. ittl. uroGt in ~. IN. last week
Of he ycar were eidod hy the ap
unrent agreement of tho nntious I,
trv To- find a vuv ouf of the moras
of armament. with AN thut this im
plies IN the why ct reducing eX
nenditure Tor war ngI wnrlike mate
rails. 10 The end that crushing take
may be reduced.
. IA. r,o,urcs
W ''nH '" y. ~
'u' y "t''' "a NV H"''
i""h'h On VIZ 49, H"t ~
napN '"t'l'l' D" ~ '"7es H'tu.
u.!,',n.'
Wl'n'u' ""'Vl y" i'H' l".i'
VIZ ul b"HNl"'' ""Vtii'i '"' ~
'~''tlnl' 'N'n ~ ~
,t"n"' s"l,'' ~ 49,
'lun' WHlvh' ih'N'l'', ,'','" "'u
rNl tN ne NeNA, "nu u"h' ~,
Io'l"llH ~ ''l.l"' r'"'"l' 'N'u ~
u'HPi', "n ,ii'l ~ .u N''W
M u'Htu'lN'INtNu hle nue. .Np''
hiiNs. 'Nlp1 u" :, ,uu'n d,
~ ~''u'l",
~. hiv',u ~ ",u
iflf "u' l1l'' th' I'Ai S',sl y,
w Nh,'iu'," 'He 49,
n'unt,o "u" va, w" ~
n't''s 'n'" " ,
la.t 'n't VIVA. N"' y AZ
uvt WY m'-t N'u'' 'I'Hi, "a ~
we ~
.'hn.u u"' Iu""ns ',
NH'l'ou" W.
'"Nhhn' 'Si'i u'i N'''''' '""" W
'Vvl h"i"I' 'Np'll'h''"
rue "N'h'H ~ me N''l' me i".,
counter current 'hp'il'h'e"' u
hup"tul advances mnd" hN some hh'
ana Inc "praf'nlly continuous Y
treats shown b' "th"rs, probably ~
hpsi Illustration 90 th" milithry SIM
Of an army which has been pcrhnf
\ defeated hut not routed and whlc
REINFORCED, returns 20 the battle,
regularly perhaps but with stoadfa
purpose 10 achieve its original ali
The year. In TACT. was fun Of
stances 81 fairly confident adyanc
beinp made hy some divisions OF q
busiuoss nrmy. while others contlnu