Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1922-01-02
YEAR Of GREAT
PROMISE AHEAD
WORD OFFICIALS
Fl yer and Weeks
Confident Country
Will Recuperate
Industrial and Social Upheaval
Reached Crisis in Year Just
Passed-Cheering Word for
Farmer and Merchant

Washington, Dec. 31-Much of
promise in the new year is seen by
Secretaries Hoover and Weeks, who.
in statements issued tonight, declar.
ed the American people could look
forward into 1922 as a year Of recup-
Grafton.
considering that we have gone
through the greatest war in history
and considering the dangers that we
have passed through in the great re-
adjustment of 1921" said Secretary
Hoover, 1--WE have a lot to be cheer
full over and we have ahead of us
very substantial hopes Of steady i'm
provement both at home and abroad
1.-The industrial and social upheaval
resulting from the war reached it's
crisis during the old year," said Sec
rotary Weeks. 1.-The period of ad-
justment has been trying for the peo-
pie and the government alike, but the
rapidity with which the American
people haze been putting their affairs
in order during the past few months
makes the outlook for complete in
dustrial adjustment and resulting
prosperity during the coming year
bright"
Mr.. Hoover, in his statement, said
in part:
1.-THE economic situation for the
new year holds much good promise.
Our year of liquidation is over and
we can look forward to year of re-
cuperation. Except for the seasonal
dip of the winter we ST ould have a
continuous lessening OF unemploy-
ment and an Increasing betterment IN
the agricultural situation.
1--WE have passed through the most
precipitous price drop in our his
tory-a drop averaging nearly 80 per
cent. and necessitating the writing of
something over $20,00o,000, 900 off sour
/ bUohs as d nation during 1871. e
have gotten through the credit strain
that has been involved in this violent
, writing down of national inventories,
we have absorbed the enormous sur
plus OF goods carried over from the
, postwar boom: we are on mlch
sounder foundations.
I'VE have still a good many read
i iustments to be made, due to the me
quality in the fail of prices and
wages. The farmer has fallen toe
| much. Some of the industries sucl
! as coal. railways and construction. are
I far above the average levels of the
! country: but economic pressures al
! though painful, are IN motion "hic'
/ will eventually reduce the expenses
of. ara charges OF these industries
against the community.
| "A secondary part of our recupefa
! ton must deCend on the recupcfatlol
abroad. In Europe the most promising
thing is that there is more genera
realization that German reparatlons
! the land ornaments. the unbaiancc'
{ budgets. the inflated currencics, th'
! unnecessary barriers against econoih
ic movement must all be reduceo-i
Europe is to attain economic stabilitS
| and if the very solid progress mace u
| other directions during the last three
| years is not to be lost.
THE part Of the world outside O.
! Europe which has not been directly IN
! yolyed in the war has been liqu:datias
| the postwar boom and as its wounds
! are not deep it is showing signs O
| general recuperation. The boom sur
| pluses of goods in these parts are rap
idly being absorbed. The competition
| Of European manufacturers with US II
| these markets is not as disastrous al
| some think, for our trade in Iercent
1 age holds its own pretty well compar
ed to others"
J Secretary Weeks expressed the De
! lief that the greatest achievement o
! the old year is the conference on thu
! limitation of armament. Though tin
/ conference has not completed its de
/ ,iberations, the world is assured a re
! duction in naval armament" he said
He expressed the hope tnat 1872? nigh
make "us better Americans and brinf
: US industrial tranquility. peace AM
! renewed prosperity