The New York herald., 1922-01-01
HOOVER AND WEEKS
SEE PROMISING YEAR
Industrial Upheaval Over,
Prosperity Coming Says
War Secretary.

WASHINGTON, Dec. s1.---Much of
promise in the new year is seen by Sec
retaries Hoover and Weeks. who in
statements issued tonight declared the
American people could look forward into
1922 as a year OF recuperation.
Considering that we have gone
through the greatest war In history and
considering the dangers that we have
passed through III the great readjust-
ment of 1921" said Secretary Hoover,
I'VE have a lot to be cheerful over and
we have ahead of us very substantial
hopes of steady Improvement both at
home and abroad"
The industrial and social upheaval
resulting from the war reached its crisis
during the old year." said Secretary
Weeks. THE period Of adjustment has
been trying for the people and the Gov
ernment alike. but the rapidity with
which the American people have been
putting their affairs In order during the
last few months makes the outlook for
complete Industrial adjustment and re-
sulting prosperity during the coming
year bright"
Mr.. Hoover, In his statement said In
part: The economic situation for the
new year holds much good promise. Our
year of liquidation is over and we can
look forward to year or recuperation.
Except for the seasonal dip Of the winter
we should have a continuous lessening
OF unemployment and an increasing bet
termcnt in the agricultural situation.
We have passed through the most pre-
cipitous price drop in our bistory-a
drop averaging nearly SO per cent. and
neceesitating the writing OF something
over twenty billion dollars off our books
as nation during 1921. We have
got through the credit strain that has
been involved in this violent writing
down of national Inventories: we have
absorbed the enormous surplus Of goods
carried over from the post war boom !;
we are on much sounder foundations.
we have still good many readiust-
ments TO be made. due to the inequality
in the fall of prices and wages. The
farmer has fallen too much. Some Of
the Industries. such as coal, railways
and construction, are far above the
average levels Of the country; but
economic pressures. although painful.
are i'm motion which Will eventually re-
duce the expenses of and the charges of
these industries against the community.
"a secondary part or our recuperation
must depend upon the recuperation
abroad. In Europe the most promising
thing is that there is a more general
realization that German reparations, the
land armaments, the unbalanced bud
gets. the inflated currencies, the unnec-
eesary barriers against economic move
ment must all be reduced. II Europe Is
to attain economic stability and II the
very solid progress made I'm other d.
rections during the last three years is
not 10 be lost.
The part OF the world outside OF Eu-
rope which has not been directly In
volved I'm the war has been liquidating
the postwar boom. and as It's wounds
are not deep, 1t is showing signs OF
general recuperation. The boom sur
pluses OF goods in these parts are rap
idly being absorbed. The competition
Of European manufacturers with us in
these markets ts not as disastrous as
some think. for our Fade In percentage
holds It's own pretE well compared to
others"
Secretary Weeks expressed the belief
that the greatest achievement OF the
old year Is the conference on the liml-
tation Of armament"
Though the conference has not COM
plcted it's deliberations, the world Is as
sured reduction in naval armament"
he said. lie expressed the hope that
1922 might make ''us Better Americans
and bring us Individual tranquility,
peace and renewed prosperity"