Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1921-04-06
WHO PRICES?

The statement. is often made and is doubtless re-
hgiously believed by those who make it, that the slump
in prices of farm products in the United States has been
due to the pernicious activities of boards of trade and
similar organizations. We in the northwest, are more
Interested in wheat prices than in any other, and our
discussion usually centers around those prices. The
Minneapolis chamber Of commerce is usually held re-
sponsible by its critics for the reduction in wheat prices.
1t has been pointed out time and again that the low
ering OF prices has not been confined to wheat or to
agricultural products. and that in many cases, commodi-
ties which are not handled on boards of trade or other
organizations Of like character have suffered even
greater reductions than have characterized the market
for agricultural products. 1t is a fact, too, which must
not he overlooked that this process of deflation has not
been confined to the United States; it is general through
out the world. Nowhere on this globe are commodity
prices generally nearly as high as they were a year ago.
An article in the Trade Magazine, American Industry
gives the results of a survey which sets forth the facts
in a very interesting way. The article is too long for
reproduction. but some of the facts which it mentions
are quite interesting. One paragraph may be quoted:
There have been crises in sugar ana coffee, in cocoa
and rubber. in wool and silk, in sisa! and cotton, in skins
and hides and nitratcs. from Japan to Florida and from
Cuba to Australia. The cratic economic and political
condition in many lands was responsible for a distinct
lowering of the standard of commercial morality. Can
cenations of orders: refusals to accept goods on arrival
and to honor signatures; moratoria deceed by various
legislatures as an easy way out of a difficulty; exchange
troubles and the like combined to shake the stability
Of foreign business. However, conditions are now as
Stunning evidences of a gradual return to normal. In
many countries that were neutral during the war. as
Spain, Holland, Switzerland. Argentina, in spite Of losses
4SuHefeu Dy merchants IT lS-V, fortunes nave been MADE
by many. and the purchasing power of the people has not
been impaired
The following items refer to conditions in. the coun-
tries mentioned:
ii Mexico is suffering among other things from a drop
in the price of ssal, and a moratorium has been de-
clared in the state of Yucatan.
In the West Indies and Central America, there
Ia depression because of lower prices for coffee, sugar,
cocoa, hides and skins.
-sxS Cuba is suffering severely because Of the sugar sit
uation.
- Ecuador complains of the low price of cocoa and
IVORY nuts.
40 In Brazil, the low price Of coffee, hides, skins, and
rubber has created a serious crisis.
In Argentina the bottom has fallen out of the wheat
MARKET
IntParasuay, the cattle industry is. paralyzed, and a
Moratorium has been declared.
sMs n Peru. sugar, cotton, and copper prices have gone
abysthe board.
Chile. the nitrate market has vanished.
In Japan the crisis In the ak trade has disrupted,
- commercial fabric OF the country.
sAn1traua and New Zealand are3 loaded up with wool
SNhlrh they cannot seM. @fss.
south Africa suffers from I collapse in the mining
sinlnst1y.
sHgypf has 9 saffett OF goods and no buyers
Thsss are some Of the outstanding features OF the
sRe1er<, and similar conditions m over Europe are de-
6aa1AsAssssTh defla4ion Supplies 70 natural products and
SX6SanE artjc1es a. commarca Nsvefthelesk We shal be
~ any rate. from now until Noyennber :, that the
1<44AaDcais chanbM@of commerce u at the bottom or
6Irf 4dtacuitiess
MssEAFwd y the stsners Of leasua accommodation notes
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Neutrality-suspicious. 80 &AEIS4J~EM1