The herald and news. [volume] (Newberry S.C.) 1903-1937, 1921-01-04

does not show in the yearly averages,
which show striking similarities for,
three years past. After hesitation in
the first quarter Of the year 1919,
prices very generally moved upward
until socalled war prices were dwarf
ed. In 1920, after somewhat parallel
hesitancy in the same period, the
trend, though interfered with by the
switchmen's strike in April, which in
troduced actual famine to some cities,
was pretty geenrally downward, de-
clines at first, moderate expanding as
the year advanced, until the record
decline of November, recorded In the
index number as Of December G3
per cent?, involved net drop from
the peak point Of February l of 34.6
per cent, the December 1 number be-
ing the lowest recorded since Novena-
ber 1, 1915. In other words, the gen.
eral level of wholesale prices on De-
cember 1 was below that ruling IN
the months Immediately preceding
our break with Germany over the
submarine warfare, but although the
December / level was still Sc Per
cent. above the price level of August
l, 1914, more than half go per
cent, to be exact) of the six year
war and postwar advance had been
Cancelled.
The Years Crop.
; The drawback to the years results
lay in the less satisfactory prices Sc
cured as result of the great decline
in prces from the high levels of the
preceding crops. The department Of
agriculture puts the decrease in value
at s4,939, 100000, or 35 per cent.
from the high record of 1919, but
this bic cut, seems rather over stated
when the details are looked into. VI
wheat, for instance, a big quantity
was exported at higher prices than IN
1919: Of corn, only about 20 per cent.
leaves the farm in the form Of grain.
The money loss in wheat and corn is
given as aggregating $2,334,000 ,Ooo.
The loss in cotton was concededly
large, as all that crop leaves the farm
and did not leave it this year until
the price was much below last year.
The fact is that even accepting the
very low crop value estimate OF the
DEPARTMENT, the return to the farm
or, December, l prices used, was IN
,excess of anything previous to: 1917,
and 1915 and 1916 were not poor
wears for the American farmer. How
ever, in respect to prices, the farmer
is merely, experiencing what the
wholesaler and manufacturer in
business has had to suffer. Despite
the heavy loss suffered by the wheat
farmer, the agricultural department.
places it at $672,o0e,Ooo, the area
planted to that cereal this year IS
estimated at 4O,605,000 acres, a loss
of only 2.s per cent. from year ago
and of 20 per cent. from the war
acreage record of 1918, while the
condition is given as S7,9, compared
with 85:2 a year ago.
Looking Forward.
E Divergent viewssare held as to the
admittedly clouded outlook. Those
inclined to take the cheerful side
point to the absence thus far OF acute
financial, especially banking, troubles
the conceded easing Of the strain on
credit from the peak point OF nldau-
tuInn, the evidences of price revlslons
having brought nearer the polnt
where conditions, those affecting
money included, relatively speaking,
NAV be expected to be stabilized, the
great, habic wealth Of the country
really untouched by the events OF the
wear. and the demonstrated ability OF
the American to adapt himself to and
master difficulties. The other less
favorable views advanced have to DO
with the spread Of unemployment
the slowing down Of industries, the
injection of short time and wage re-
ductions into the situation, this tend
ing to hamper; buying ability among
large sections OF country, and the as
serted crippling of the farming inter-
.ests, heralded as meaning r. duced
purchasing power among producers