The evening herald. [volume] (Albuquerque, New Mexico) 1914-1922, 1919-04-23

spcctacOiurlt succc1sfW way. Ills ~ the 'Own-
lour-Own-C Campaign" idea Ills the spiri; that j.
proven theory that the way 90 resume is 10 resume.
His remarkable series of advertisements 10 adj
%vcrtisers. his messages 10 business. now appearing
IN the Evening Herald FROM day 10 day. are proving
highly effective, not only in restoring confidence,
but IN overcoming hesitaney and DELAY. His de-
partment has Just completed and issued the results
Of a study Of prices during the war aud readiusi
meui period that Is enlishiening. and that will tend
still further 20 encourage resumption Of general
business and industry. Discussing the civil war
period as a precedent for war and present re-
adjustment period prices. this report says in parts
"A comparison OF the course Of prices during the
civil war and the present war shows many points
Of similarity during the two war periods. The
course Of prices during the present period Of re-.
adjustment and the corresponding period following
the civil war show more points Of difference than Of
similarity.
During both wars the wholesale prices Of com
modities In general rose steadily through the war
period. The rise during the civil war period. TAX.
ing the year lc6O as the base. runs up 20 somewhat
highey level than the rise during the present war.
Ia both wara. building mateiia ls rose in price. but
they did not AZ either time reach levels ~ high ~
the price levels Of other commodities.
AT the beginning OF the year ls65. the end Of the
civil war being in sight, wholesale prices broke sud.
denly and violently. During the first six months OF
~ efdA, IFlttH ll NfNtldl i'H OH - per tfnf from
the high level ~ January. However. the break in
wholesale prices. though unprecedented II in violence
and accompanied by the msettling influence of the
end Of the great war. produced no business crisis or
depression. Through the latter half of 1855 prices
recovered from the low point until in January. 1850.
they stood just 10 per cent below the level of Jan
nary. 1855. From the beginning Of 1850 prices drop.
ped slowly downward. They did not reach the pre-
war level until the year ISIS. As il well known.
during that period Of inflnted currency. gold was AZ
q premium. However, commodity prices remained
above the prices Of gold mp 70 and including the
year 1871. o.
Building materials declined in price along with
other commodities during the first half Of the year
1855. However, the fall was less than in the ease
Of other commodities. Whereas commodities in gen
eral dropped % per cent, building materials drop
ped only II IL per cent. The recovery during the
second half of the year was more marked. prices of
building materials returning TO the level Of the last
quarter Of the year 1854, aud remaining al that level
for period Of a year before the decline set in. The
index figure for the building materials group re-
manned higher than thai for oil commodities up 10
and including the year is74
"The currency was on a distinctly unsound basis
in The civil war reconstruction period. The sharp
fluctuations in prices gave rise "a much speculation
aud the opportunities for development of the r..
sources Of the country. such a, unused land, river,
aud harbors. building Of railroads, led 10 oycr.cx.
pansion Of business, resulting in the financial panic
of is73. This panic was not accompanied by amy
sharp decline IN prices.
As was stated above. IL was thirteen years after
the ciyil war before prices returned To the prc,war
level. The principal cause Of the return 10 the pre-.
war level was the fact that there was such abundant
opportunity for the dcyelopmcnt of new aud moro
economic methods of production IN the shape of new
forms II machinery and new kinds Of business or.
CARNATIONS. These opportunities We do not have
At the present day in any measure comparable with
the previous period.