Free trader-journal and Ottawa fair dealer., 1921-09-09
WHEAT EXPORTS AT.
PEAK; signs POINT.
10 TRADE REVIVAL
EUROPEAN COUNTRIES BUYING
GRAIN IN HUGH QUANTITIES
HOOVER PREDICTS EASING OF
CREDITS AND FoREsEEs NEW
BOOM.

Washington, Sept g. - Unprece'
dented exports of wheat during Au'
gust should react favorably on agri'
cultural and business conditions thru.
out the country, Secretary Hoover
said today. According to his reports,
wheat exports last month totaled 49,
595,0O0 bushels, four times the volume
in any pre-war August.
Increase in the movement of wheat,
Mr.. Hoover said, should ease the
credit situation through lessened de-
mand upon the War Finance Corpora
tion for advances. Exports OF wheat
to Europe have been growing. he add
ed, although the west European crop
has been above normal while the crop
in this country is below average.
The failure of the potato crop in
Europe, he explained, has forced the
use OF wheat products as substitute
Recent advances In cotton Mr.
Hoover regarded as promising bet
terment of conditions in the South If
the higher leyels are maintained
Then. he said. the South would not
need the credit relief which the War
Finance Corporation is prepared to
give.
Booming cotton prices were inter.
preted by other cials to mean the
real start OF business revival upon
permanent basis: They said bust
ness has now definitely entered the
state of revival and that prosperity
is the next stage of readjustment.
Governor w F. G. Harding of the
federal reserve board and Eugene
Meyer Jr., managing director of the
War Finance Corporation. joined In
optimistic forecasts.
s"In cotton. as in other products we
are getting back to the old law OF
supply and demand" said Governor
Harding.
1.-The recent change in The demand
for raw cotton and cotton goods Is
fact Of fundamental Importance of
far reaching import to the whole
country" Director Meyer said
T"If there is cessation, for brief
time. in this pessimism over the coun-
try" Governor Harding said, we
would have no depression.
Fundamentally and basically. as
shown by the figures of the federal
reserve banks, this situation is going
to work out all right"
Director Meyer said:
Thirteen cotton states. with a po
pulation of 30,l00,000, whose buying
power has been reduced since the
first of the year, are being restored
to normal purchasing power.
"Southern banks large and small,
will be able TO clear the debt with
which it has heen struggling.
Business. in buying and selling,
will be restored. We can look for
Improvement in all kinds of business
in the South.
sThe business of the whole country
has been adversely affected by the
plight OF the South. Revival in south
ern business will help to rehabilitate
industry thruout the country.
at will have direct effect upon
employment of industrial labor. From
now on the South should be large |
consumers of products from all parts
of the country"
John Wanamaker of Philadelphia
one of the first to detect the buyers
strike last year and to cut prices,
said:
II think it will take more than one
commodity to rise in value to affect |
in any substantial way the conditions
at present existing, but ! believe the
worst of the depressing times is over
so far as general business is con
aerned.
''There will have to be CONNECTION
in cities like New York and Chicago
from transportation in newly formed
companies based on subscriDton to
shares Of stock which thus far have
not been marketable,
"The rise in cotton is one of the |
galaxy of new stars appearing every
week and we must be cheerful and
hopeful and not talk things down"
Leopold s. Bache, recently retired
president Of the New York Cotton