The Daily Ardmoreite. [volume] (Ardmore, Okla.) 1893-current, 1921-01-02

uatNns SHOWING HOW High Costs
stopped Buying and for time
threatened Stagnation Of Business;
Country's Financial Interests Consid-
cred Sufficiently Safe to Assure an
Ultimately Prosperous Outcome; While
Farmers Suffer from Reduced Prices.
Taken all Over United States the
Crops Last Year We're Better than in
1913; America Better off by Far in
the Reconstruction Period than are
tho Nations Of Europe; While Some
business FalUres VIII be Inevitable,
General Forecast May Not be Con.
sidercd Gloomy.
Nineteen hundred and twenty mny
easily lay claim to having been one
oi the biggest, though certainly not
one OF the best, years in trade, manu-
facture and industry. Some new high
records were set up in financial lines
and in industrial output though it
with hardly be claimed that the year
was as profitable in all lines as were
Hon1e others when outputs were smaller
1.id prices were lower but when final
margins were larger. Closing, as Il
does, with wholesale trade stagnant,
retail trade below that Of recent years,
manufacturing output restricted, unem-
ployment, including reduced working
time in industry, rarely If ever, equal
ed, collections backward and depression
widespread, rne stamp OF success as
to the past Is missing and the outlook
as TO the future far less favorable
than prospects at IT'S outset led the
business world generally 10 expect.
Indeed. the general feeling Is to re.
gard II as year whose results might
best be soon forgotten were it not for
the useful lessons that costly expert
ence has taught the entire world.
The fact is that the ye just closed
was the true heir of 1919, and as such
1t reaped to the full the results OF
the bad seed sown in 1919, tbs re-
ferring to the extravaganza in buying
for which the latter year preem.nently
noted, the piling up Of unreasonable
demands by labor, and siie increasing
Of costs beyond the ability Of peo-
PIE to pay who had already been lax
ed to the apparent limit 10 carry on q
confessedy successful but immensely
expensive war. The waste Of that and
earlier years, mos, of it unayo dable,
-pecause war is and always has boon
wostefui of life and property--finally
demanded n reckoning. and rs pay
ment bids fair 10 be heritage for
some years. In this respect while
this country has not had to pay the
price in dead that other countries
nearer tho scene Of acivit cs have had
20 shoulder. the effects Of the con-
Ilct. the waste ot liquid capital in
'dlved the lowering OF moral tone 'tha =
followed the cxaltstion OF the W.. IT,
self, he extravaganza engend red, the
heartburnings involved. t'.r straits to
which the ordinary r.aa and woman
dcbarred from prof:rnc by the conflict,
were reduced. should act rs guide
posts for centuries to come and set
the seal of civilizations disapproval
and condemnation on those who would
!ight-heartediy talk of war az n solver
NJ problems, or who. wS.h the terrible
'Svamples visible on every hand should
oppose any reasonable means Of rem
dcring future conflicts impossible
a Glance at the Past
Whatever t'no causes-whethcr the
tFerload ne Of trade and INDUSTRY ws.h
excessive costs-overprod,c ,ction cer-
tainly did not affect all llnes-the
exhaustion of mobile supplies Of
money as shown by the marking up
of loans early in the year and their
maintenance until the late months. O.,
the GJtenuation OF credit to n degree
where a halt had 10 he called on the
raising OF prices Of commodities 70
point whore further buying became
impossble--the year 1920 will prob
ably he memorable for what is now
freely termed tho buyers strike"
or the revolt OF the buyer" II woull
be diff cult to fix the date at which
this doing without" movement first
became noticeable as q market factor.
Necessity buying only was urged early
n our war years as q national duty:
htrr II became an apparent necessity
with a large part OF tho public Lost
sight OF for q time IN 1919 when
the strain Of war was lifted, I. was
again actively preached by public men
When the snowstorm OF strikes struck
the country In the late summer OF that
year. and was powerfully enhanced
by the countless exhibitions Of ex-
travagance to which easily ex,orted
wage advances gavc rise.
Signs OF public impat ence with
the steadily mounting cost of living
grew as the year 1919 wancd but
were apparently lost sigh. of In the
holiday buying orgy at the close of
That year. The momentum acquired in
1919 was sufficient 10 carry trade
generally at q very high volume
throughout The first month Of last
year, but severe weather, the tie-,p,
OF tr1ffic and tho acute congestion OF
transportation noted earlier In the
year. but eliminating In the winter
ana early spring OF l9l9-l9oO, slowed
down trade generally in the second
month, and the Index numbers of
February and March 1. m,rkinc n
nearly Tat line on published charts
was visible sign hat wholesale
prices were about at their peak.
Brighter weather In the spring months
MD the opprolca and p sslng of Eas.
ter gavc temporary filip 10 trude
while prices were driven upward
temporarily by tho swichmcn's strike
Of early April BY that time, how.
over, public abs.on,ion from buying
hni become marked at retail. and eur,,
May saw q big outburst Of oivertls.
Ing having for i;s aim the moving Of
flow-selling stocks.