The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1921-01-04
THE OUTLOOK FOR 1921.

An optimistic letter has been is
sued by the National City bank of CHI
cago, dealing with the business out
look for 1921. Despite the worldwide,
readjustment in commodity prices and
resultant unsettlement in many quar-
tiers, says tho bank, the new year
opens under circumstances which jus
tify taking a cautiously optimistic
view of the future. The country has
cast aside all decisions about the pos
sibility of maintaining war prices III
board has rejected all efforts to se-
cure credits with which to support
speculative undertakings or to defer
the inevitable restoration of a reason
able price level.
Congressional leaders are insisting
upon the introduction Of important
economies to offset in part the sharp
decrease in the federal tax collections.
which must result from the enormous
decline in business profits realized
during 1920 as compared with those
cleared during the previous year of
high prosperity, upon which were
based the immense tax collections of
the year just closed. This the bank
regards as a favorable sign, for the
heavily upon the people and must be
reduced forthwith.
For more than thirty weeks there
have been more recessions than ad-
yances reported in commodity prices,
which in the nature of things must uf-
timately reduce the cost of living and
make it easier for the Industrial work
great Importance, since wages are be-
ing reduced everywhere, not because
capital is trying to get the better of
labor, but because the country cannot
continue wage advances in a period of
declining profits. The people are get
ting back to a sane basis of living and
while the liquidation means heavy
losses III some quarters. the general
influence will be highly beneficial to
the great mass of American citizens,
95 per cent of whom are Ordinary
citizens in the best sense of the term.
There are many problems to be
solved and numerous hazards to be
reckoned with, but the distinguishing
feature about this year as compared
with the situation of twelve months
ago, it is pointed out, is that initiation
has ceased, extravaganza is on the
wane, and operating costs are being
gradually reduced.
Farmers have been placed in a seri-
Gus plight by the decline in commodity
prices and much sympathy has been
expressed for those who have been
hardest hit by the fall in food prices.
1t has been estimated that the farm
ers stand to lose at least $4,000, 000,-
900 this year from the declines that
have already taken place and that
many wheat, corn and cotton produc-
ers will be ruined unless they receive
immediate help. 4 Various proposals
have been put forth as to how these
conditions could be met. but many
suggestions have been wholly imprac-
ticable and calculated to do much
more harm than good. No one wants
the farmer to take a heavier loss than
is absolutely necessary at time when
every other producer, manufacturer
and business man has virtually the
same problem to consider. But the
question is whether it would be wise
to attempt assistance, for whatever the
farmers receive in the way of special
treatment would bring demands from
other producers and manufacturers
similarly hard hit by the war. Since
there are many others facing serious
loss, it is questionable whether 1t
would be possible to grant relief to
one interest without granting it to an
other