The Omaha morning bee. [volume] (Omaha [Neb.]) 1922-1927, 1922-11-20
By TuEOD0EE u. PRICE.
lllInr lnmIucrne nnd llnnun. A..k An.I


In these letters for the last two month";
or more. Il has been repeatedly pointed
out that period Of secondary Initiation
was impending and that tho logical ~,
foct would be an advance IN eOmm0dl
ties and decline IN the value ~ seeurl.
ties. Events have justified this prog.
hosts for stocks are on tho average dis.
tinctly lower than they were 60 days
ago. and bonds have likewise declined,
But most staple commodities. Including
cotton, wool rilk, rubber, wheat. sugar,
hides and paper. have advanced.
/ Because II has been under quasi gov
ernmentnl control eoul has not shared
| IN the upward movement aud a Ha.
4 sonal suspension Of building operations,
| FASTENED by the railroad congestion, has
/ held steel copper ana lumber IN check,
Effect Of Election.
Last week I called attention 10 the
election OF the prngreYsiyo candidates In
the middle west and the power that they
would WELD IN congress by coalition or
90 operation with the farmers bloc !
suggested that the result might BE- some
anti.capltaliatic Liquidation or gesture that
would lessen corporate profits and earning
power.
A Fubconsclous appreciation Of this pos.
Hlblllty seems to have been reflected IN
the stock market by the decline recorded
last week The word subcOnHci0us IN 1d-
ysedly used, for most Of those who spec
ulate In stocks thoughtesAly follow the
row unFcfu ana Oil'n DHknONH ihpFih
who really think and act upon conyic-
tlon.
As TO whether these major influences
viii DO unremttingly operative no one
can say They are ~ yet chieoy psy-
Geological In their Incidence. They have
affected the minds Of habitusl spectators
and led students OF economic affairs to
revise their opinions, but tho great mass
of tho people have not thus lar sehsed'
their Significance, and the usual trade
la1t an IAtinfAfgEtE6 flow
business.
Most merchants are therefore expecting
an active Christmas season with large
sales, and one very prominent drygoods
week that he looked for "a mild pros.
perlty that would last until next sp-
tumn" He may be right, but much de-
ponds upon what the present congress
ana whethe% President Harding calls the
new congreN together before December,
1923, prior to which dato IL VIII not
otherwise convene.
Interest IN Market.
Normally tho stock market should have
n substantial reaction upward following
the almost continuous decline Of the last
two months and normally halt IN tho
upward movement OF commodity prices
would bc in order
These are, however unusual times Dur
Ing the war and post war period the PEG.
ing economic questions inteDslvely. The |
popular magazines have found that their
readers were as much Interested In conn
and financial articles as they were
in short stories. The newspa-
pers are deYoting more space than ever
before to business reports and throughout
Inc entire country there is O quckenlng
II interest in the operation Of economic
law.
Economic Education.
hat he int4rvAl
between cause and effect In business may
,e shortened and that having become
mentally more alert men VIII. more
promptly discount change In conditions.
Some years ago Frank Vanderlp said
70 were nation OF economic illterates.
rhe statement is no longer true We
ave learned at least the A. b. c. OF eco
ionic science but little learning 10 a
dangerous thing and II remains to be seeiL
low we Will apply the rudimentary knowl-
dge that We have iatterly acquired.
Upon the theory that what we have
Trade