The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1922-03-04
Business Conditions Not So
Bright During January.
Journal Published by Mer-
chants Assn Makes Survey.
EXPORTS SHOW SHRINKAGE
Outlook for Future Is Brighter,
Report States.
Slowing Down of Activity Due
to inventory Period.

Business conditions. internationally,
were worse during January, 1922,
than they were at any other time dur
ing 1921, according to an article ap-
pearing in Greater New York.
weekly Journal published by the Mer-
chants association of New York City
The article is as follows:
The money value of American ex-
ports OF merchandise during January
reached the lowest level for any month
since August 1915
Figures published by the depart
ment Of commerce show exports val
ued at s279.OOO.OO0. and imports val
ued at &21s.000,oOO.
Great Shrinkage in Exports.
These figures show a falling off Of
$4,000. 600 in exports as compared
with December. and nearly S1OO,OOu,-
geo as compared with the SSl ,OOV'-
600 of exports in January. 1921
The total value of imports IN 1871
was 5000. 100000
Department Of commerce officials.
in discussing the trade figures, en-
Dhasfzed, however. that the falling or
in the case OF both exports and i'm
ports was due, not TO volume. but IN
a large degree TO the decrease in
For the seven months ending with
January. exports aggregated S2,2SO,-
600. coo. compared with S4,636, OOO, OOO
during the corresponding months OF
1921.
For the seven months ending with
January, imports aggregated 81, 405,-
600. geo. compared with S2.54S, 900
600 during the correspondent period
of 1921.
The January surplus OF exports over
imports was slightly larger than IN
December. owinELo decrease OF I'M
ports. otherwise IL was the smallest
sNuort surplus of any month since
the month OF jan
uary if is the smallest of any year
since 1914. and was exceeded before
the war by the January export sur
plus of 1913 1911, 1908. 1907 1906
the fiscal year the excess OF exports
is the smallest since the similar period
ended with January, 1915
Outlook Is Brighter.
The outlook for the future is not
so black as the commercial figures
for January indicate, however, accord
ing to an editorial in the same maya
Under the title The outlook for the
Resumption of Business Activity Is
Encouraging" the following editorial
appears. in the same issue:
Probably no other man in the
United States has opportunities for
knowing the truth with regard to the
cor6iticn OF business equal to those
possessed by the secretary OF com
Moreover, nobody is better qualified
to interpret the fact both from ex-
perience and training, than Mr..
Hoover is. His official summary of
the business situation at the emu OF
January is of peculiar interest.
Attic industrial activity, on the
whole. showed declines in both De-
cem-sr and January, Secretary
Hoover finds a spirit of optimism IN
practically every industry that augurs
wenafor the future
Tie slowing down of activity is at
tributed TO the seasonal inventory
period. and Mr.. Hoover expresses con-
ffdence that as soon as this is over
there will be renewed activity. In
deed. he noted evidences of this tow
ard the end of January
The industries which depend upon
purchases from the rural population
have shown little recovery, and not
much is to be expected until the new
crop year. This is particularly true OF
agricultural implements.
Actual figures show that in the ma
Jority of lines. production was less IN
December than in either November or
october. To a certain extent this is
seasonal decline. A number OF i'm
portant commodities, including pig
iron. bi-product coke, certain building
materials, newsprint paper. etc, have
increased over the previous months
Many commodities show n marked i'm
provement over the low point of pro-
ductiOn reached in 1920 or 1871 me
consumption of cotton by textile mills
in December amounted to 511,S0 bales.
compared with only 294,S51 bales in
December. 1920 Wool consumption
has also risen from a low point of
243I6.OO0 pounds in December. 1920,
to nearly 65.OO0.0OO pounds in the
same mont.i of 1921.
The results indicate that consider
able progress has been made on the
road back to normal business in spite
of the Few reactions experienced in the
last two months
Mr.. Hoover notes that prices have
remained relatively stable during the
past six months, and he believes that
this condition will convince the pub
lie in general that the decline in prices
is ended and that the time to buy has
arrived
Mr.. Hoover's conclusions agree with
those Of the great majority of bust
ness men. who are convinced that
business revival is now only a question
of time. and that the spring months
will witness its Inception.