The Glasgow courier. [volume] (Glasgow, Mont.) 1913-current, 1921-01-07
CONDITIONS ARE
BRIGHTER AHEAD
Orgy of Reckless Buying and
Speculation Stopped in 1920
by Sheer Exhaustion.
WAS A REMARKABLE YEAR
The Range of Values of All Commo-
dities Within One Year Never Was
So Great. Fickleness of Public
Sentiment was Never
So Pronounced.

The year 1920 closes as one of the
most remarkable in the history of the
country-remarkable for its wide di-
vergence of a public temper which
displays in sharp contrast the emo.
tlonal insanity of sentiment that
swings suddenly from inflated val
ues that were beyond reason or even
the i~maginations of the professional
dopester and then back to a period of
extreme depression, gloom, cares and
problems incident to a severe lower
ing of prices to a sane, normal basis.
The range of values of all commodi-
ties within the confines of one year
never was so great, the fickleness of
public sentiment never so pronounced.
Reckless Spending.
Prosperity had been pushed to the
breaking point, and although a reac-
ton was not at all unexpected bv
most people, it was, as an unpleasant
occurrence, showed off, postponed from
time to time to a further date. The
consequences, however, came unher-
aided. The orgy of reckless buying,
speculation and spending continued
until stopped from sheer exhaustion.
Bountiful crops came with money
scarce; impoverished Europe cfrered
no immediate cash outlet, comm oditv
prices declined below intrinsic worth.
heavy losses were sustained. the
squawks of spectators and proIteers
became louder, and for the want Of
the customary public demand COM
modity price list crumbled.
Reaction was a foregone conclusion
for the reckless spending through
which we have passed rested on no
sound economic principle. The sump-
ing business which was inevitable
gives no grounds for despair. We are
the earth's richest country. Least dam
aged by the war we have been made
by the war the worlds financial center.
We have a population of los, OOO, 900
people to be fed and clothed and all
their manifold needs supplied. We
contend that the purchasing power
OF the public is as great as it ever has
been and as o 0 as the public mind
becomes satisfied that prices are low
enough, its purchasing power will be
felt with the result that an immedi-
ate revival of good business will be
at hand.
Better Conditions Ahead.
1t may be stated without question.
however, that the consensus of Amer
lean business opinion regards the stu
alton as anything but pessimistic. The
recession of values is producing and
renewing sound business principles
and methods that cannot prove other
wise than beneficial to the country.
After a long journey over a dangerous
and ShokInr rnolhnl h,~o.. -. ..-...
resting. The croaker and gloom
spreader are about, as usual, but with
the Nations financial fabric sound as
it is and the great resources of the
country available, business is proceed
ing more slowly, of course, but safely
and on sure ground.
Export Financing
The creation this month of a Bill
lion Dollar Foreign Trade Finance
Corporation to extend our foreign
commerce under reasonably safe
guarded credits brightens the immedi-
ate outlook for the present disposition
of our surplus. The barrier of un-
favorable exchange rates and lack of
proper credit extension has been a.
check on u foreign trade. Over.
production here and interpretation
overseas is a condition that can be
remedied. On any kind of terms there
is no such. thing as isolation for
America, and for our own good it
is maintained that the call for held
must be answered. There must be
peace with Central Europe, credit and
supplies must be extended ON wise
terms to those people who cannot pro-
gress without it. The machinery of
world trade is now clogged, but mere
ly clogged; it can and will be adjusted
by principles violating no fundamen-
tai law when this is done the chart
of world progress will again move up
ward.
Wheat.
In Wheat it is Ihe Statistical con-
dltlon that argues strongest against
declining prices. We RAISED this sea-
son 7S9,87S,000 or 141,373.ODO less
than in 1919 and 32,368, 900 less than
during 1914-191S average. The quality
of the Spring Wheat is SO inferior that
we estimate fully thirty million is
entirely unfit for milling purposes ard
suitable only for animal feed.
We estimate the statistical position
Of Wheat as follows:
Total Crop, Spring and
winter ACKNOWLEDGEMENTS. 7S9 ,S7S, 900