San Antonio light. [volume] (San Antonio, Tex.) 1911-1993, 1923-01-01
All Lines on Up-trend and
Come Near to Real Pros
perity in Year.
OUTLOOK IS EXCELLENT
Indications Point to Greater
Measure Of Attain
ment in 1923.
Ry HARDEN CnIEAX.

tnere great industries swung hlgn up
the ladder of progress with new records
of achievement. Labor shot idleness
into the discard, pushed up its wage
scales and ended the twelve months with
general shortage Of workers.
All industry was on the march toward
prosperity throughout the year. The
farmer alone Jagged behind the process.
sion, but he mended his pace in the
closing months and bettered his situa
ton by increasing his income approx.
mately $1,S00,00000O over 1921.
The total volume of business, accord,
ine to records of Ger loadings kept by
the American Railv<y Association, in.
over 1921. We failed to reach the high
record of 1920, however, by about G per
cent.
Indications generally point to the
attainment of still greater measure oil
prosperity in 1923. The present year
closes with activity in most lines near
the peak. the recesSions during Novem'
Der and December from the high mark
being attributed largely to seasonal de.
clines in several major industries, no
tably building construction and the
manufacture of automobiles.
Years Outstanding Achievements.
Outstanding in the years industrial
history are the following achievements
A labor surplus, estimated by the
Labor Department at 100000 workers
. at the beginning of the year, was wiped
out and a general shortage, in virtually
all lines, was reported early as last
September.
One million men went out on strike
during the year. Six hundred thousand
of them. iii the coal industry Won their
fight. Four hundred thousand railroad
employees failed TO win.
The iron and steel industry ended the
year with output virtually twice the
volume at the beginning.
Automobile manufacturers recorded
production greater than ever before
Che total number of cars turned out
reaching close to the 100000 mark.
Highway construction hung up new
reesrd the volume of the year approx
mafing $7j0,000,000.
Building construction was the great
est ever recorded, the total nearing the
100000 mark.
A 10 per cent horizontal cut in freight
rates saved shippers not less than SOU.
100000 during the last six months oil
the year, the period during which the
cut was effective, but Notwithstanding,
the railroads, as a whole, increased their
net income by not less than S125,OOO,OOU
! over the 1921 figure.
Deposits in the chief national banks
increased during the year by $l,0Oo,-
100000.
Issues Of new capital exceeded last
years figures by at least Sl.OO0,Uu,OOV.
Prices of the chief farm products rose
during the closing months from ID to
40 per cent. -
|. The buying power of the nation in
n creased. according to data gathered by
the Labor Department, upon when an
N unofficial estimate was based, by ap-
proximately S5,0000O0.O00.
Some of the Shadows.
Such are the high lights of the pic
ture of 1922. The darker standings
show: o
The railroads failed. by about $500
600 900, to earn the ) 81 per cent de-
sired upon their valuation. -,
n Farm mortgages and other debts still
H hang heavily over agriculture and the
farmer is virtually out Of the market.
d except for necessities, till the crops OF
N 1929 are harvested.
II Shipping continued in the doldrums
N with many millions of American ton
n mage tied up for lack of business.
III EXPORTS fell short. by Approximately
NS1 600 OOO. 900 of the 1921 dollar total,
III although the volume Of exports was
|lobout the same as last year. the dit
tference in value being due largely to
Hover prices. 49,.
Business failures reached the highest
level ever touched. surprising by many
lmillions the total of S627 100000 in to-
t.;.s>S;,bilities during 1921.
Ia Banks Pile Up Reserves.
IN In the realm of banking and finance.
[Nhe federal reserve system continued to
,Ilecord strength. almost 10 the point OF
| hccumulafing too great reserves. rms
Itvas attributed largely to the contlnu-
Ihnce OF the gold movement 10 America
Iiur total store of money gold rising to
1Ibout Sc. 900. 100000. This is more than
10 per cent Of all the gold in the world;
kAbout S20O.000000 in gold was added
10 our store during the year. sending the
#jeserve percentage, fixed by law at not
bss than 40 per cent. almost TO ~ per
Vent at one period and keeping it well
Ibove 40 per cent throughout the year.
Money Goes Into Securities.
The immense stock of idle money thus
teated found outlet in the security mar
PTS, or months NllthaAiF 49,
nounced was oversubscribed on the
hy the books were thrown open. unot-
3:ial estimates place the volume OF for
lgn securities absorbed in the Ameri.
f5. money markets during the year at
'lom $500. 100000 to STOCKHOLDERS.
Ponds totaling S4,500,O00,00O par value
Ere sold on the New York Stock Elk.
lange during the first ten months OF
year. indicating the years sales to
approximately SS.4O0, 100000 or more
nm double last years record. 81,
1During the greater portion OF the
lar the stock market was extremely
hive, million-s5are days being report
eonsecutiyely for many weeks. Inc
Tune of trading. based on returns for
first ten months. was 40 per cent
Eater than in last year.
II living costs rose in response TO the
Creased industrial and commercial ac-
kS=-.The bureau of labor statistics
M les the increase during the year at
81 Tut IA points for all commodities,
7cing prices on an average at about
per cent above the 1918 level. Dun's