Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1923-01-01
1922 Turned Out to be Bet
ter Year Than Was
Expected
BUSINESS OPTIMISTIC
Labor Situation Causes Some Grave
Concerns-Opinions Differ as to
Steps to be Taken in European Sit
uation.

New York, Jan. 1.-Throughout
the nation Business men and others
who have reviewed the economic sit
uation find reason to be of good cheer
and clearly foresee year that shall
be prosperous from every point Of
view. There are, however, some dark
clouds but on the other hand all these
clouds of doubt give some season
for the belief that behind each one
the suns still shining"
1t is generally recognized that the
past year has been materially better
than expected-that the business re-
vival has developed an unforeseen Wig
or. Thus it is pointed out that the
country has enjoyed an unprecedent-
ed building boom, that the steel in
dustry has outstripped ali pre-war
years in the matter Of the rate of
production and that buying Of auto
mobiles has set new high record.
Defation of prices has ceased and
has been succeeded by distinct firm
ing up, employment is full and pur-
chasing power in the urban and in
dustrial districts is high.
In expressing a belief that the
present revival will continue with
moderate increase in yigor during
the next several months, business
leaders do not hesitate to point out
that the skies are not cloudless. 1t
is realized, for example, that the
farmers position is not yet wholly
satisfactory in many districts and
the Northwest in particular, the farm
ers are still heavily in debt and are
securing but modest returns for their
crops. Some observers think that II
will be fully two years before the
situation in these districts will be
restored to something like normal
The view is held that conditions are
generally on the mend and the mark,
ed improvement, which has occurred
in the South as result of the high
prices obtained from the present cot
ton crop, is cited as an example OF
what might happen in the grain
growing districts if prices should
take q, decisive turn for the better;
In this connection emphasis is laid
on the Importance of the European
situation. The economist point out
that roughly one-third of the coun-
try's wheat must be sold abroad and
that the price of wheat is determln-
ed in the world market. AS Europe
is the chief customer for our wheat,
1t follows, so the argument runs,
that our farmers cannot receive ad-
vantageous prices for their grain as
long as European purchasing power
remains deplated. There is general
agreement among bankers that the
question of whether or not the coun-
try is to have a return to full pros
perity depends on the progress which
is made in restoring peace and COM
mercial stability in Europe. Opinions
differ as to the precise steps which
this country should take, but there
is unanimity of opinion on the point
that the country's welfare is involved
and that business-like steps should
be taken to improve the situation
With regard to European prospects
the attitude seems to be one of eau
tious hopefulness: Conditions now are
thought to be more favorable to a
settlement of the reparations, but II
is realized that progress in this mat,
ter heretofore has been slow and that
the revival in European trade proba'
bly, will be grateful.