Salt Lake Telegram | 1922-01-01 | Page 6 | Hoover Predicts Recuperation for 1922

HOOVER PREDICTS I RECUPERATION fOR 19 Weeks B Believes Industrial Upheaval aval Reached Crisis in 1921 V WASHINGTON ASHINGTON Dec Much 31 31 Much luch of in the New ew Year is seen by bj Secretaries Hoover and Weeks who In n statements tonight declared that the he American people co could ld look forward forward forward for for- for for- ward into 1922 as a year rear of ot tion on Considering that we have gone through the gr greatest war i in history ry and nd considering the dangers we have passed assed passed through In the in-the the great readjustment readjustment readjustment readjust readjust- ment of 1921 said sald- Secretary Hoover we we have a lot to be bo over and andre we re have haye ahead of us very substantial substantial al hopes of ot steady Improvement both at t home and abroad TIle TIe industrial and social upheaval resulting from the war var reached its crisis during the year said Secretary Weeks The period of adjustment has ms been trying for the people and government but the rapidity with ith which the American people have b been en putting their affairs in th order during ho tho past few fe months makes makes' the outlook outlook out- out look ook for complete industrial adjustment adjustment adjustment adjust adjust- ment and resulting prosperity during the he coming year bright Mr Hoover in his statement said In n part LIQUIDATION IS OVER The economic situation for the New year holds much good promise Our year of liquidation is over and we wean can an look forward to a year of recuperation Except for the seasonal dip of the winter we should have a continuous continuous con- con lessening of unemployment and an Increasing betterment in the agricultural situation We Ve have passed through the most precipitous price rice drop in our a history a drop averaging averaging averaging av av- av- av nearly 50 60 per cent and necessitating necessitating necessitating the writing of something over twenty wenty billion dollars off oft our books as asa asa asa a nation during 1921 We Vc through the credit strain we have absorbed absorbed absorbed ab ab- ab- ab I the enormous surplus of ot goods carried over from the postwar boom w we ve are on much sounder foundations i We have still a good many readjustments readjustments read- read to be made The farmer has fallen alien too much Some e f c-f f the industries industries indus- indus tries ries such s as coal railways and constructIon construction con con- are far above the average levels but economic pressures al although although although al- al though painful are in motion which will vill eventually reduce the expenses of and the charges of ot these industries against the community EUROPE SEES NEEDS 1 A secondary p part rt of ot our recuperation tion ion must depend upon the recuperation recuperation tion ion abroad In Europe the most promising prom- prom Sing ising thing is that there is a more general general gen gen- eral realization that German reparations reparations reparations the land armaments the unbalanced unbalanced unbalanced un un- un- un balanced budgets the Inflated currencies currencies currencies cur cur- the unnecessary barriers against economic movement must all al allbe allbe be reduced reduced reduced-if if Europe is to attain economic stability and if the very solId solId solid sol sol- sol sol- id progress made in other directions during the last three years is not to tobe tobe tobe be lost The part of the world outside o ot of Europe which has not been directly Involved in involved In- In velvet in the war has been liquidating the postwar boom and as its wounds wound are not deep it is showing signs o of general recuperation Secretary Weeks expressed the be belief belief belief be- be lief that the greatest achievement o ot of the old yar is the on the limitation lim- lim of ot Though the conference has no not completed Its deliberations the world is assured a reduction in naval armament armament arma arma- ment meat he said