The Brattleboro daily reformer. (Brattleboro, Vt.) 1913-1955, 1922-12-30
REVIEW OF YEARS
FINANCIAL WORK
Stock and Bond Prices Close
1922 at Materially High
er Levels
PRICE ADVANCES
ENFORCEMENT YEAR

Foreign Political Disturbances Only
Menace to Business Improvement -
Much Money for Commercial Credit
Northumberland Stocks Low.
NEW YORK, Dec. 80 (Associated
Press) Stock and bond prices generally
close the year at materially higher levels,
which is not only a reflection of the
marked improvement that has taken
place III business and industry during
the last u months but also construed
by conservative New York banking inter
ests as an indication of still further
progress in the coming year.
The year closes with conditions favor
able for a further appreciation of COM
modify and security prices in the opinion
of the financial community. Unfavor-
able and unexpected developments in the
political and economic situation abroad
are generally considered as the only prob
able obstacles to arrest the Improvement
in the business and financial world,
which began in the summer of 1921 and
has continued, with few temporary in
terruptions, until the present time.
The prediction of further business
prosperity is based on several known
facts. Foremost among these Is the
easiness of the money market and the
huge sums available for commercial
credit In addition most stocks of mer-
chandise are low, railroad traffic is close
to record levels. exports are increasing,
the principal European exchanges are
| heading back TO par and the European
| economic situation shows signs of i'm
|
untitled orders for railroad equipment are
| the largest in years. Other favorable
signs are seen in the facts that no big
strikes are threatened or pending, great
amount of construction work is stu III
arrears despite record breaking year o.
activity in the building industry, auto
/ mobile production reached new peak
| which probably will be exceeded next
year, while gasoline consumption ha
| been the highest in history and electric
1 companies are doing a record business
/ Sales Of stocks during the year totaled
! approximately 260.O00,000 shares rs
! compared with 1900. 600 last year
/ the record-breaking year of 1919 when
| postwar imitation was at its height
Bond sales this year reached the UMPIRE
| cedented total of approximately Si,15J,-
II 100000 as against 81, 505OOO.OOO IN
/ 1921. $3,945, 100000 in 1920 and So.
/ Gf9.bBU,UOO IN 1919.
| While most industries showed substan
| tial recovery from postwar imitation, the
number of failures during the year was
| the largest on record and the volume of
| liabilities next to the largest ever re
corded Severe labor troubles, particu
larly the miners and shopmen's strikes
/ also had disastrous effects. costing eacE
of the principal railroad systems millions
of dollars and even more 10 business gen
| orally. For the first time on record
! there was marked shortage of manua
labor, due in part to the restriction OF
| immigration, whereas in 1921 the mum
| Der of unemployed was estimated A.
| high as 100000 or 100000.
/ Crops, with few exceptions, were OF
lrecord size and the higher prices brought
vastly greater purchasing power TO the
agricultural regions, particularly the
| South. Exports as a whole were the
smallest since 1915 although in Novem
Der they were SS9,00O000 over those O.
| November, 1921, and the highest sine,
! March, 1921.