Bisbee daily review., 1922-01-03

ness activity in Decempor as com pared with the same month last, year.
 The holiday trade" the board said, ''is a test of the soundness of preceding business activity. Reports from the federal reserve districts GOV erlng over half of the month show that this years demand in the east ern districts has registered an ln- crease running as high as 10 per cent of that of 1920, while in other dis tricts, the situation is pronounced satisfactory"
 Manufacturing conditions, however, the board reported, as far from uni form; there being a decrease of ac- tivity in the iron and steel industry, while textiles showed little clange, and uncertainty exists as to the fu- ture of the clothing industry, due to labor disturbances and the continued demand of consumers for lower prices.
 Freight Rates Hindering
 Freight rates," the board said, continue as a disturbing factor, due to the belief that reductions already announced as affecting some com
 
 extended"
 Relatively lower prices .ur cereals ard cotton, the board continued, had discouraged trade in the agricultural districts and also had resulted in re- tarding the liquidation of frozen leans. Hardware and related lines were also said to be in an unsatis- factory condition, but wholesale prices ''are shwoing increased stabil- ity.' Unemployment conditions were reported as but little changed.
 "A decided improvement in Euro pean exchanges" the board said, has tended to some extent to help the foreign trade situation during Dece.n- Der, but the extreme caution in the extension of bank credits, which was previously so notable a phase of our freight trade, still continues. Export figures indicate a still further de- cline of activity in staples, while i'm ports show an advance.
 Wages Still High
 Disturbed conditions in various countries of Europe still render a of business relations with them uncertain and hazardous Rates of interest which had made notable decline during the autumn, have tended, on the whole, still fur ther downward, partly owing 10 the fact that there was no foreign outlet for our capital
 Reviewing the year in the shipping industry, the board declared that tie industry has been through most c.I- ficult period in which many weaker  business and in which, as result of greatly reduced freight rates, smaller ! available cargOes and continued higA | costs of operation, very few com panies have been able to make d sat showing. This condition has 1 been worldwide, although American have felt in special degree | the handicap of a higher scale of | wages than their foreign competitors | have been obliged to pay.
 Wall Street SkepticaI
 NEW YORK, Jan. 2.-(By the As sociated PreSS)- Wall Street views the passing of 1921 with few regrets, but looks hopefully to the future, al though realizing that the new year will put the country to even a greater est of it's resources and stability.
 Leaders of industry and finance emphasize their belief that return to normal cannot be accomplished until everybody settles down to earnest work, economy and saving.
 For the most part, however, those who hold the purse strings and con- rol the country's important industri- Il enterprises believe that the United States is destined to grow as a world bower.
 This belief is largely founded on he fact that Europe is leaning more heavily upon this market.