The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1921-01-01

stances touched bottom twice ~ widely
separated periods.
Sales OF stocks did not greatly expand
with the liquidation. and aggregate sales
wsro much below those OF 1919 whlle
slightly less thar those OF 1916. Bond
sales broke all records. for which deal
inEs In thu war crop of Liberty and We
tory bonds. that were l!Guidated freely
by business houses as a result or higher
money rates and credit restriction. were
responsible. Municipal bond sales were
slightly below those Of 1919. New In
corporations and new domestic Cap!tai
issues wero OF record size. Federal rev.
enues were Increased heavily oy taxes,
and the national debt showed decrease
despite what were regarded as Etrava-
CANT expenditures. Money in circu,a-
ton luCrcR sed In total V"lum" and IN
Ter capita allowance, Foreign trade
broke all records. alike in exports and
IN imports. though exports neHer IN any
month reached the fnod-sTo!lsn totals
OF June 1912. Imports reacted from
the .Sh record June. 1920. total. The
excess ~ exports over imports was
pared down from earlier records. tx
those for tho preceding TWO years hut
silver exports were smaller despite me
vcrv high Prices ruling early as result
~ Far Eastern huytrg. The bank rl"1r-
iugs Of n" country IN eleven months
nougleI m. -rl-br.aIirs annual ROC
ore, Of lYl9. hu, this escrss was du"
largely to cary months totals dwarf
:nS tuo corresponding ""T!"ds tHe Es"T
before. pccaUs" The tp:aS II Ia" .aSt
uuare,r OF 1912 were never thereafter
rovalSd Il WAS frequently said that,
owing 10 our possession and operation
OF tho Federal Reserve Banking systen
the often predicted pahic had tal!ed 70
arrtv"--ws wVr" At least spared thls
old-ltme American luxury ana THIS Was
true to the extent that bank runs We're
rare. except n the Poazl troubles az
Boston and the small aSrlcu!tuTa. "thE
suspensions ~ North Dakota and OlAer
western states, but the volume or i1;!-
ure liabilities as a whole practically
eauaied those OF the panic years 1907
aad 1914, though the commercial fau-
ureS were comparatively light. exceed
ing only those OF 1919 during the pres
ont century As to this. the fat profits
eient to carry many dealers through
not very profitable calendar year, hat
the record addition TO those In ouS'-
ness in 1890 may contain some e.e-
ments OF future liquidation.
Retreat Of Commodity Frtcos.
Nineteen hundred and twenty was an
almost oxact reverse OF 1919 IN the
rnoVsmen, of prIees, although this does
not show In the yearly averages, Wnlch
show striking s!mIlartties for three
ycars past After hesitation IN the iirSt
uunrtsr OF the year 1919, prices very
gcnerdIly moved upward until so-cal.eI
var prices were dwarfed In 1899 ait' r
somewhat parellel hesitancy IN the sar'e
n rtnd. the t-eud. though interfeT"H
Win By the switchmsn's strike IN April
which Introduced actual famine 10 some
cities was pretty generally downward.
declines 1T frSt. moderate expanding 2S
the year advanced. until tho record &C.
cline Of November. recorded In the IN
deN number as Ok Decemhsr ! tIA p'G
ysnp, Involved u net drop from the poaH
point Of February OF $40 per ="
the eCember ! number being tho 10" =
est recorded since November !. 1919:
Ia other words. the general level o.
wholesale prices on December ! was
below that ruling in the months im,nr-
diately preceding our break With Ger
many over the submarine warfare. but
although the December ! level Was SIN
56 per cent above the price !cyeI OF
August !. 1914, more than half Coo per
cent. to be exaeD ot the s!x-year war
and postwar advance haj ben canceIsd.
Fhs Years Crops.
Tho drawback TO the years results
lay IN the less satisfactory prices Sc.
cured as Il res&t Of the great tec!int
In prices from the high !hve!s Of the
preceding crops. The Department or
at SLs3s. 100000. or IS per cen; from
me hlsh record OF 1919. but this btE
out seems rather oysr-BtatGd' when tho
details are looked into. OF VIII A. 10:
instance. big quantity was exh ortsi
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 agEre.
eating S:,3SLOeO.e00. The loss In cot
ton was eopcededly large, as All thGt
crop leaves the farm and did not Leave
Il this year until the price was much
below last year. The fact Is that even
accepting the very low crop value estl-
mato OF the department. the return to
the farmer. Dacsmber | prices used, was
IN excess OF anything previous TO 1917.
and 1915 and 1916 were not poor years
for the American farmer. However IN
respect 70 prices, tho farmer Is merely
experiencing what tho wholesaler ami
manufacturer IN business had TO suffer
Despite the heavy loss suffered by the
wheat farmer, the Agricultural Depart