El Paso herald. (El Paso, Tex.) 1901-1931, 1920-09-10

IL the market letters and bank circulars issued Dy
a the big financial houses agree that the peak OF
~ has been passed at least for the present. there may
Re another peak or several peaks in the future some sug
gest but the tendency right now is downward
The changes in commodity prices have been aoeomPaneG
BY softeuing IN the manufactured lines, and
stocks reflect the market unceraintes Railroad seeuues
vent up with the increased rates, but most ndusTas nave
shown q marked declining tendency
Wool Is abundant with vast quantities offered upon
market that cannot VIII not absorb It. Not ony are
wool growers unwilling to accept such prices as may De
offered by speeuatOI but the manufacturing inoasS
based wool ID be CAUTIOUS 10 the extent o.
ton There NAY be some for continued high prices
of wool garments the attempt Of dealers to avoid
loss but the general condition OF the WOOL ael anu
dustries foreshadows cheaper prices
curious condition exists IN the worlds cotton markets
Treeourths Of the worlds population uses Gotten lo
clothing and cotton is normally in high demand toT nuneI
Gus other manufactured commodities As inquired on PaPel
the world today is Of cotton yet the expected demand
does not aterializs The United States has an unusually
heavy crop and Egypt India and ssuoorainate eoton I
gfons all report satisfactory crops
The tremendous war demand and the powerful efforts
and propaganda IN countries having for their object the
increase Of production Of prime neceessaes had their e-
feet and the effect has ouased the war Inc sugar
age and high prices only temporary and the present
downward tendency IS due, It is reported, simply to m
creased production and the heaEy available supplies
Harvests al over the world generally good and the
worlds food supply viii be sufficient, though it VIII
still take careful management to insure that 1t shall De
evenly distributed.
In general way the dark predictions Of year ago
have not been verified Europe has pulled herself together
wonderfully Manufacturing and exporting are DelnS 4s
umsd and Europe viii be able IN greater and greater de-
gree to pay FOR her imports from America n goods Iaer
than in deprecated currency exchange and promises to pay
Many Of TIE European countries VIII soon be almost normal
again so far the principal food supplies are concerned
But Europe faces big problem IN the lack OF fuel and raN
materials Of manufacture which must be imported
American conditions bear direct relation to European
conditions The more nearly international trade approaches
barter of goods equivalent basis for the next few
wears the better of shall be along With the rest Of the
world But It VIII do US harm good if staple goods be
irted in competition American produced goods. We
shan have to use all diligence to that exports made
10 pay for imports from Europe do not deplete Aican
industry Of things It needs and also that importation OF
goods that INTO direct competition with American
made goods shall be closely restricted
Europe produces many things that little known n
America and that would have ready market here adVer-
tsed and arrangements made for distribution The same
thing Is doubtless true Of Mexico South America, and the
orient There Is need for better information service IN
ford to bit bold in developing American markets
for foreign novelties.
1eadjustmsut Of prices IN this country VII newt
ably the gradual elimination Of the weak concerns
have been living speculative basis and that have
beea doing business shoesng The story Of the New
Yorker who snade7 $4,000 IN few months ont Of an
initial Investment Of $3.50 VII be matched doubt IN
coming months by stories Of sensational failures.
But the financial Commercial and industrial world has
been put notice by al Of the recognized authorities
There no reason Why anyone should be taken by surprise
The tendencies are interpreted time time and wise
business VII lake them into account II al theiT
operations.
The thing TO remember all the time is that the actual
resources and absorptivs power America great
ever that Americas financial and industrial and
cal strength greater than ever that fundamental condi