, 1923-03-04

Go per cent greater than in 1921 and was the great
est in the history of the automotive industry.
More building of all kinds was commenced and
completed in 1922 than in any other year, but ac-
cording to the most conservative estimates of all
construction authorities, the year 1923 will far
eclipse 1920. Already contracts have been made for
construction during the present year in sums in
excess of S5,116,60 900.
The Federal Reserve board announces that re-
ports from all sources show the purchase of farm
implements during the months of December and
January were more than double those of CORE
spending months a year ago.
Reports made to the Interstate Commerce Com
mission for the calendar year 1922 show that class
L railroads earned Ala per cent on their BIS per
cent for the calendar year 1921. This was accom-
plished first by a tremendous reduction in operat-
ing expenses; and second, by a tremendous increase
in the amount of traffic handled. Car loadings dur
ing 1922 were the greatest in the history of Ameri'
can transportation systems. This had to be be-
cause during that year the Interstate Commerce
Commission made reductions of rates in a score
or more general classifications, and in thousands
of specific cases.
These conditions are instantly and accurately
reflected in the labor situation. \ comprehensive
survey of the industrial situation embracing TWEEN
ty-three basic industries employing over 100000
workers shows that the average weekly wage paid
in these industries in December was 1O1 per cent
higher than the wages paid in the same industries
in July 1914. 1t shows Furthermore that the en-
~ployment in industrial plants at the beginning of
this year was twenty-seven per cent greater than
in July, 1914
I'LL MS 10 aNtudlg anu A4lON ALuDIs III
foreign trade. Such tremendous industrial output
cannot but increase our foreign business. This
is exactly what has happened. The department of
commerce tells us that exports for twelve months
ending December 81, have been in the value of 49,
S31 go, 194. The exports of the United States for
the last fiscal year before the world war broke out,
which was the last year of normal peace conditions,
was $2,264,5 $40, Jas. In other words, our export trade
last year was s1,400, 000, 900 greater than our export
trade in the last year previous to the world war.
We are today the greatest exporting nation of the
world.
The financial world reflects the activity in in
dustry and transportation. The controller of the
currency said only a few days since that the ag-
gregate resources of national banks on December
20 were $2,031 ,215 5000 greater than December 81,
1921. The resources of the national banks in the
twelve federal reserve districts show a consistent
and substantial increase during the year. The to-
tai deposits of the banks showed an increase of
S2,345, 10000.
Postal savings showed an increase during the
calendar year of $685. 0S, 900.
Postal savings banks and postal savings depart
ments of banks and trust companies showed an
increase during the calendar year of 81 800, 600, 900
in deposits, and an increase of 1900, 900 in the num-
Der of depositors.
The retail business of the country is returning
to normal prosperous conditions. Reports of such
organizations as the large mail order houses, which
serve a wide and varied trade, show a tremendous
increase of business during the last year. One of
the largest of such businesses showed gross sales
in 1922 to have been PIG per cent greater than in
1921.
without exception the holiday business trans
acted by retail merchants throughout the country
was the greatest since 1919.
Commercial agencies report during the month
of January the number of business failures were
20 per cent less than in January, 1929. while the
aggregate liabilities of these failures was 40 per
cent less than in 1922.
All of these things go to make up the grand total
which clearly indicates that prosperity reigns at
home and that America will prosper only SO long
as she has a wise, conservative, economical and
businesslike national administration, which places
America and American interests first, and which
stands four against sacrificing either Amer
lea of American interests in a wild and blind en-
dcavor OF accomplish the impossible across the
seas.