The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1922-12-12
S3,25O,OOO SAVING
NOTED IN COMMERCE
IS REPORT FOR YEAR

WASHINGTON, Dec. 12.-Vigorous
expansion of all the functions of the
department of commerce, close key
ing OF It's efforts to the expressed de-
slres and needs of commerce and the
trades, careful avoidance of govern
mental meddling in business affairs,
AND the saving despite all advance in
accomplishment of more than three
ana one quarter million dollars from a
single years appropriation, were the
h1gtSlghts of the departmental re-
port for fiscal year 1922, submitted to.
day to President Harding, by Secre-
tary Herbert Hoover, in accordance
with the law.
Exhaustive and practical confe-
renees with the principal trade
groups and firms interested in foreign
trade led, in the words of the report,
to an entire revision Of the charac-
ter of information sought from foreign
countries in broadening its economic
character and in rendering more spe-
clfic its values to the different in.
dustries. An index of the apprecia-
ton of the service which this organi-
cation involved is found in the n
crease of inquiries to the department
for assistance to total of $50, 533 dur
ing the fiscal year or about double
those during the previous fiscal year.
World surveys of stocks and consump-
ton OF cotton, wool, wheat, rice and
other commodities and manufactured
goods, have been and are being con-
Quoted constantly. Cooperation of
several hundred newspapers and peri
odicals has made this vast business
information service currently avail
able to ten million readers.
The initiation of the policy of seek
ing guidance from the industrial com
munity and responding sensitively to
current needs applied also to all do
nestle affairs. The report cites par
ticularly the case of the agricultural
and commodity crisis of the summer
of 1921, when investigation by the de-
partment of commerce revealed tho
necessity for the reconstruction CT
the War Finance corporation and the
extension of three hundred million
dollars in loans to the American
farmer. THE impending widespread
bankruptcy in the agricultural indus
try, the report says, was thus pre-
vented The beneficent re-
suits of this credit operation in con-
tribution to the economic recovery of
the country can not be overestimated
Warfare, by close non-paternalistic
cooperation with the business world
against housing shortage of one
million dwellings, against great en-
ployment emergency affecting five
million workers, and against the eff
fects of coal and transportation tie
ups which unchecked would have
meant acute suffering, setback and
disorder, is reviewed. In these and in
minor interventions the method en-
ployed was, first, through an open
conference with all the interested ele-
ments of the community and, second,
service as clearing house of informa-
ton and center of stimulus for all
agencies enlisted to expedite the nor
NAL processes of recuperation.
Regarding the coal strike the report
cites the action of the department in
securing the following results: u
The country entered the strike with
the largest stocks of coal on hand
ever known, owing to departmental
surveys and a general campaign to
increase storage prior to the strike. |
These stocks allowed commerce and
industry to be maintained during the
longest strike in our history. (2) IN |
the absence of any legislation volun-
tary agreements were entered into |
with producing operators whereby the |
average price of spot coal for the en-
tire period of the strike was held at
$40 per ton as compared with $500
in 1920, when production was three
times as great; and thus millions of
dollars were saved to consumers. (3l !
With the exhaustion of stocks during
the latter part of the strike, volun-
tary coal distributing agency was es-
tablished through cooperation with
the governors of all states and the
Interstate Commerce commission.
To Cure Cold in One Day