The herald and news. [volume] (Newberry S.C.) 1903-1937, 1921-01-04
EXTRACTS FROM BRADsTREET's
REVIEW OF THE BUSINESS YEAR
High Costs Check All Buying-Ac.
tivity Early Gives Place to
Depression.

tIvlty Early Ilves Flace to
Depression.
Nineteen hundred and twenty may
easily lay claim to having been one
Of the biggest, though not one of the
best, years in trade, manufacture
and industry. Some new high rec
ords were set up in financial lines and
in industrial output, though it will
hardly be claimed that the year was
as profitable in all lines as were some
others when outputs were smaller
and prices were lower but when final
margins were larger. Closing, as it
does, with wholesale trade stagnant,
retail trade below that of recent
years, manufacturing output restrict
ed, unemployment, including reduced
working time in industry, rarely, if
ever, equaled, collections backward
and depression widespread, the 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 genef-
ally to expect. Indeed, the general
feeling is to regard it as year
whose results might best be soon for
gotten were it not for the useful les
sons that costly experience has
taught, not only to this country but
to the entire world.
The fact is that the year just
closed was the true heir of 1919, and
as such 1t reaped to the full the re-
suits of the bad seed sown in 1919,
this referring to the extravaganza IN
buying for which the latter year was
preeninently noted, the piling up OF
unreasonable demands by labor, ant
the increasing Of costs beyond the
ability Of people to pay who had
already been taxed to the apparent
liait to carry on confessedly sue
cessful but immensely expensive war.
T4e waste Of that and earlier years,
most Of il unavoidable because war
IS and always has been wasteful OF
life and property finally demanded
recokning, and its payment bids
fan to be q heritage for some years.
In tins respect. wlsile this country has
/. not had to pay She price in dead that
other countries nearer the scene OF
active hostilities have had to- should
81 the effects Of the conflict, the
waste of liquid capital involved, the
lowering Of moral tone that followed
the exaltation Of the war itself, the
extravagance engendered, the heart
burnings involved, the straits 70
which the ordinary man and woman,
debarred from proftng by the con-
aict, were reduced, should act as
guideposts for centuries to come and
SET the seal of civilizations disap.
proval and condemnation on those
who wauld htheartedlY talk of wa1
as ! solver Of problems, 6 who, Witll
The terrible xanpfes visible on every
hand shdsld s. oppose any reasonab' bic
means Of rendering future conflicts
Impossible.
Al Glance at the Past.
Whatever the causes whether the
overlooking Of trade and industry
with excessive costs overproductioa
certainly did not affect all lines the
exhaustion ef. mobile supplies OF
money, as shown by the marking up
Of loans early in the year and their
maintenance until the late months, OF
the attenuation Of credit to a de-
gree wheresa halt had to be called
on the raising of prices of commodi-
ties to point where further buying
became nmpessible-the year 1920
will pro- baby be memorable for what
IS now freely termed the buyers
strike or the s'revolt of the buyer :
il would be difficult to- FIX the data
at which this .doing without" move.
ment first became noticeable as g
market factor, i Necessity buying on
" was urged early in our war years
as q national duty; later it became
an apparent necessity with a. large
part of the public. Lost sight of for
8 time in 1919 when the strain OF
war was lifted, it was again actively
preached by public men when the
snowstorm of strikes struck the coun-