Newspapers / Wilmington Morning Star (Wilmington, … / Jan. 2, 1921, edition 1 / Page 19
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tnsfe;'-.". : -.v. i;::.Tnr,-rr.r ttt ... . ., r ... r - -r : - - - ' - -THE MOKNIN'O STAK, WlUItN'GTON, N. C, SUNDAY, JAKUARY 2, 1921. '. X' - V BARNEY GOOGLE This is the boss' idea, not Barney's. . ' -:-; ;X v : ' --By BILLY DE BECK r -- ' ' ' ' v r , - ' -x jc .K I ' ., l!AMV MFU! VFAD l f7..Z V I ' - I I n mi ill I Ml I I I " J. . . " " ' I ' I SWEET wcMwr tcw yeAR.V ; iSrV START 'SSelill ' V 7 -V BARNCV I POM6ftTi fl( CMlF A JT" .TJ?, A llgll i TL CRC g NM YEAR CJ5 T 'J "' ' ' '"" " 'i , ' . ' ii "b:-" : im ' . ML ",", .. ,., , ' ,. '" ' ' BUSINESS YEAR Extracts From 'Bra Niiui'n hundred and twenty may ,;isily lay claim to having been one of Uie biggest, though certainly -not one of the lx'ft. years in trade, manufac ture anl industry. Some new high records- were set up in financial lines .and jn industrial output, , though It -will liavdiy ic claimed that the year was as irofitubio m ait lines, as were some titlui's when output were smaller and prices were lower but when final mar gins Wt'iT ir-ifcci. Clo.in.ir. as it does, with wholesale tradt stagnant, retail trade below -that of rect nt years, manufacturing output ,-estrieted. unemployment, including re working time in industry," rarely! rtueed if -ever, equaieci. collections DacKwara arrd depression widespread, the stamp at success as to the past is missing and flie outlook as to the future far' less favorahlf than prospects at its outset .Jed the business world generally to ex jiect. Indeed, the general feeling is to: recai"- it as a year whose result3 -knight best bo" soon forgotten were it not for the useful lessons that costly xnerieiue has taught, not only to this ftiintry but to the entire world. The fact is that the year just closed was the true hejr of 1919, and as such it reaped to the full the results of the bad seed sown in 1919, this referring to the extravagance in buying for which !je latter year was pre-eminently noted the piling up of unreasonable demands In- labor, and the increasing of costs beyond the ability of a people to pay who had already been "taxed to the ap parent limit to carry on a confessedly war. The Avaste of that and earlier vcars. most of it unavoidable because war is and always has been wasteful of life and property finally demanded it' reckoning, and its payment bids fair to be a heritage for some years. In liad to pay the price in dead that other eountries nearer the scene of active hostilities 'have had to shoulder, the effects of the- conflict, the waste pt , liquid. capital involved,' the lowering of moral tone that followed the exaltation ,of fhe war itself, the extravagance en gendered, the heartburnings involve!, the straits to, which the ordinary man And woman, debarred , from profiting by the conflict, were reduced, should act as guideposts for centuries to come and -set the seal of civilization's disap proval and condemnation on those who in-rtiilr? lie-hthpnrtAdlv tallc ff war as a terrible examples visible on every hand -should oppose any reasonable means of rendering future -conflicts impossible. i A Glance at tlie rast ll'l . . . ! 1 A 1 - naiever ine causes wnutuer tins . .... 1 .1 : i J . n J - C. f. . wirtV. v iiiunu'iigi ui Lie vie aim j ' . - excessive costs oxerproduction cer tainty aid not atrect an lines ine ex- r haustion of mobile supplies of money, .as shown by the marking up of loans Varly in the. year and their maintenance until tho late; months, or the" attenua tion of credit to a degree where a halt had to be called on the raising of prices of commodities to a point where further uuying uecame impossiDie ine year 1920 will probably be memorable for what is now freely termed the "buyers' strike" or the "revolt of the- buyer." Jt would be difficult to fix the date at which this "doing without" movement ., first became . noticeable as a market ' factor. Necessity buying only was urg ed early in our war years as a national duty; later it became an apparent ne cessity with a larere part of the public l-ost sight of for a time in 1919 when the strain of wa waa Wftd. It was '-i'ra'n actively preached by public men - when the snowstorm ofstrikes struck . rlie country in the late sumper of that year, and was powerfully 'enhanced by 'he countless ; . exhibitions? of extrava gance to which easily extorted wages . advances gave rise. " r Sisrns nf mih1t mro tianpa with the -j-ierfauy mounting cost oi living grew , is the year 1919 waned, but apparently lost sight of in the holiday buying orgy .at the close of that year. The momen tum acquired In 1919 was sufficient to earry trade generally at --a very high Volnmo tlirr.ii o-nmit th flrnt mntlth of last year, but severe weather, the tie uof traffic and the acute congestion "f transportation, noted earlier in the Vf,ar, but culminating in the winter and . early spring of 1919-20, slowed down- . trade eenerally in the second month. and' the index numbers of February 1 . nd March 1. marking a nearly flat line on published charts, was a visible sign 'oat wholesale prices were about at their neak. Rrie-ht- weather in the spring months and the approach and passing of Easter gave a temporary . fillip to trade. -while prices were driven upward temporarily by the s.wltchmen'3 strike of early April. By that . time, . Vlad become marked at retail, and early jJrs.v "aw a big outburst of advertising living. for its aim the moving of slow ... K, 'HriK stocks. : ' " . Some Meannre of Movement . f' and large, the past year was "One ' (if i i . I .i . i i - 1 l nAA,.olttMa and commodities, of attempted read JUKtment of all values from a swollen vat. nnrl nntwiT- 1av1. n.n d of a s'aufrhter of prices of commodities at wholesale. Th rptnf of tlie exnen- .si vely and badly run ; railways to iheir owners was signalized by a iribd ,rate rise in railwav as distinct from 'i'Jaf-ter and tho frrnwin- .-reaction .. in trade and industry, howeyer, finally in volvinR the former, as well as bonds tff 4,1 1 Kinds, in final end-of-year depres-; 'vn. Not the least lmp'oplng feature of this liquidation, by. the way, was its , oritinuance. with rather" feeble rallies, '."r the period from-arly November 1;1!. to late December, ; 1920, , a period or H months. During thV.year the for f'R'i exchange markets -were greatly f xcit.ed, and while early low-record levv. rl in British exchange were not auitfe reached later, rates of exchange on other countries in most instances uched bottom twice at-widely sepa 'pd periods. -' Kales of stocks 'did ' not" grreatly ex- ANQ FORECAST dstreet's Annual Review pand with the liquidation, ' and aggre F?,4!? ales were much below those of whlle slIhtly less than those of 1916. Bond sales broke all records, for which dealings in the war crop of lib erty artd vtctory bimd, that were liqui dated freely by business houses , as a result of higher money rates and credit restriction, were1 responsible. Munici pal bond sales were slightly below those of 1913. New incorporations and new domestic capital issues were of record size. Federal revenues were in creased heavily by takes, and the na tional debt showed a decrease despite wnat were regarded as extravagant ex Penditures. MoneV. In circulation in creased in total volume and in per cap ita allowance. -Foijeign trade broke all records, alike in exports land In im ports, though exports never in any month reached the food-Bwollen totals of June, 1919. Imports reacted from the high record June, 1920, total. The ex cess of exports over imports was pared down from earlier records. Exports and impots of gold exceeded those for the preceding two years, but silver ex ports - were smaller despite the very high prices ruling early as a result of far eastern buying. , The bank clear ings of the country in eleven months equaled the record 'breaking annual record of 1919, but this excess was due largely to, early months' totajs dwarf ing the corresponding periods of the year bef6re, because 'the totals in the last quarter of 1919, were never there after equaled. It was frequently said "that, owing to our possession and op eration of the federal reserve banking system, the often predicted panic had failed Nto arrive rwe were at least spared the old-time American luxury and thfs was true to the extent that bank runs were rare, except in the Ponzi troubles at Boston and the small agricultural bank suspensions in North Dakota and other western states, but the volume of. failure liabilities as a whole practically equaled those of the panic years 1907 and 1914, though the commercial failures were comparative ly light, exceeding only those of 1919 during the present century. As to this the fat profits of precedingyears were reported sufficient to carry many deal ers, through a notvery profitable cal endar year, but the record addition to thos,e in business in-1919-20 may con tain some elements of future- liquida tion. Retreat of Ommodlty Prices .,J ' i: -.,;rbu?.lness equipment and a deficiency of movement of prices, although this does not show in the yearly averages, which show striking similarities for three years past. After hesitation in the flrst quarter of the year 1919. prices very generally moved upward until so-called. war prices were dwarfed. In 1920, af ter somewhat parallel hesitancy in the same period, the trend, though inter fered with by the switchmen's strike in April, which introduced actual famine to some citie.s, was pretty generally downward, declines at first, moderate expanding as it he year advanced, until the record decline of November- re corded in the index "number as of De cember 1 (13 per cent). Involved a net drop from the; peak, point of February 1 of 34.fr-per cent, the December 1 num ber being the lowest recorded since No vember l,i 1916. In other woras, tno general level or. wholesale prices on December 1 was below that ruling in thenvnths immediately preceding our break with Germany over the subma rine warfare, but although the Decem ber 1 level was still 56 per cent above the nrice level of August 1, 1914, more than half (60 per cent, to be exact) of the six-year and post-war advance had been canceled., ; i ' The Year's Cron - I The drawback to the year's results lay in the less satisfactory prices se cured as a result of the great decline in prices from the high levels of the preceding crops. The department of agriculture puts the decrease in value at $4,939,000,000, or 35 per cent from the high record of 1919, but this big cut seems rather overstated when the de tails are looked into. Of wheat, for instance, a 4ig quantity was exported at higher prices than in 194.9; 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 aggre gating $2,334,000,000. The loss in cot ton was concededly large, as all that crop -leaves the farm and did not leave it this year until the price was much below last year. The fact is that even accepting the very low crop value esti mate of the department, the return to the farmer, December 1 prices used, was in excess of anything previous to 1917, and. 1915 and 1916 were not poor years for the American farmer. How ever, in respect to prices, the farmer is merely experiencing what the whole saler and manufacturer in "business has had to suffer. Despite the heavy loss suffered by the wheat farmer, the ag--iit,iti department places it at mano nnn nnn fhA area planted to thaH cereal thiyear Is estimated at 40.605, 00d acres, a .loss of only 2.8 per cent from a yeaf ago and of 20 per cent from war1 acreage record of 1918, while the condition is given as 87.9, compared with-85.2 a year ago. , . Looking Forward Divergent views are held as to the Iutw oinndAd outlook. Those.in cTined takTtbe cheerful epoirjto the absence thus far of acute financial, especially banking, troubles, thejson ceded easing' of the strain on-credit from the Peak point of m ft brought nearer1 the point where, condi those affecting money inpludod, .riiaTia or Dnco'4"v". r T ... relatively- speaking, way be exptea t the- emntry,. really untouched, by the r-r: thi'TMr. and the demonstrate eVrY'"S I' series to adapt f?1." Vt"Zl n difficulties. Thft SneVlesrfaWrlble-views advance nave to "o with the spread of ynj Dloyment. the slowing down of indus fXthe' injection of short time and reductions into the situation, this wage tending to hamper buying ability among large sections of country, uand the asserted crippling of the farming interests, heralded as meaning reduced purchasing power among producers and as threatening the very basis of trade and industry, the production of staple food and other crops. Only tlie very sanguine apparently look for a x swift reaction from what economists describe as the secondary phases ofarises and depressions, the slow, gainful and al together unpalatable processes of re covery from industrial organization and reduced production. Without at tempting to make any hard and fast predictions, indeed with every disposi tion to keep out of the ranks of the prophets who are proverbially lacking in honor in their own country it may be well to set down a -few facts which have a bearing upon the working out of either of these forecasts. In the first place, it apparently needs to be again brought to the attention of the faint-hearted that this counry has bo far ceme through lightly from the troubles which have, beset the world as the result of the overweaning am bition of the German militarists; that our present trade and industrial trou bles, due in part to our own exrava gances, are the natural results of the antecedent causes, and that it is best that the reckoning came as early as it did. In other words, our condition might have been a whole lot worse it is certainly a great deal better than is the lot of pur European friends and allies. The industrial worker may be idle in unprecedented numbers and a fraction of his 'pay (25 per cent. Der- laps) has been cut. hut h hnri an im portunity to prepare for th$ inevitable reaction, while the farmer, ourning the fat returns of 1919, should not for get that his monev and crop returns are better than in 1914, 1915 or 1916, which we re not esteemed bad years at the time. For the great mass of people who did not directly gain by extrava gant wages or prices, the return to saner price levels is a nearly unmixed good, and all three of the groups cited have the knowledge that, as a result of readjustments, a dollar goes and will go further than it did in recent days of so-called boundless prosperity. The fact is that, for a while at least, busi ness will need the present quiet period to recast its ideas, form new plans and prepare to put in operation new and better conceptions. As put by one ob server, the old figures are blurred ,an'd new ones must be prepared. - w It is hardly to ie hoped that the present readjustment will not go far enough to retire a large number of those who in the past year and in un precedented numbers sought the profits of a business life with a modicum of ability to succeed. It might be well if we were able to forget some of the events of our recent "silk shirt era" of extravagance were it not for the les sons conveyed that in . the Nlong run ability, education and experience are also entitled to their reward. Perhaps no better service could be done the' American business man, wage earner or farmer than to hold up to his eyes the example of battle-torn France, which in its patient rebuilding of its shattered fortunes, this year, shows a gain in its export trade comparing fa vorably with all but the very largest gains in our own. With the experi ence of some past years of stress in "mind, one is inclined to look askance at efforts of "medicine men", of both parties to offer patent nostrums to the people in the belief that acts of con gress will arrest, delay or mitigate the working out of the great natural forces now in operation. " The patient's fever seems to have broken, and there re mains now the process of building up his strength, for which time and care are the main requisites. The minimum charge for automobile license in Texas is $7.50, which 'includes any motor from one horsepower up to 21 horsepower. From, 22 horsepower on up, there is a charge of 35 cents per horsepower. Concrete roads cost from $50,OT5o to $70,000 a mile to build. "They WORK . while you sleep" You are constipated, J bilious, and what youjieed'.is one or two Cascarets vtonight -sure : for your liver aud bowels. Then you "will . wake up wondering what becarte'Of your- dizziness, , sick neaaacne, - Dap .-coia, or upset, gassy stomach,. J"ifo griping ntt inconveni ence. Children love Cascarets too. 10,' 25, 50 cents. (Adv.) WSm mm CLEAR YOUR1 COMPLEXION WITH This fragrant super-creamy emollient for cleansing, pun tying and beautifying the skin and complexion tends to pro- moteand maintain skin purity, skin comfort and skin health if used for .every-day toilet purposes. Largest selling complexion and skin soap in the world. Sold everywhere. 9 Cuticura Toilet Triova Consisting of Cuticora Soap to cleanse and purify, Cuticura Ointment to soothe and heal, and Cuticura Talcum to powder and perfume. Everywhere for 25c Sample each free by maiL Address postal: Coticura. Laboratories, Dept. AA. Maiden, Mass. JS9Catieara soaa aboves without FORC0 HEADACHE Made and sold for 25 years without a complaint. Endorsed by the best phy sicians and druggists. Safe absolutely, 2 eizes 30c and 60c. BROMALGTNE COMPANY, Ooldslwro, N. O. IKI air BALDNESS Wnd. HXSas nair iioppea. new nair fertilized. DANDHUr r eradicated. Many such reports w oat en, men, all arcs. Gt full br f KOTALKO at any buny drasclst'a. Or end 10 cents, lilver or stamps, fot PBOOF box to KOTALKO OFFICE, BA-48; iauoa a. hsw (sra. n. T. L. W. MOORE Buys, Sells and Rents REAL ESTATE 205 Princess Just" received eomptete-Hne Dutch Bulbs. - Hyacinths, Narcissus and Tulips ; ' c Buy - now while assortment Is complete." . John S. MeEaeheriifSons. : v SEKDSMAN gtl MARtfKT ST. - ;v s. s :3,.i -. - -s :-. .--.' . USE THE STAR WAHTS CUIICURA SOAP Jl i STm.l a, -. W D. MacMILLAN, JR. . Phones 345-2103 Packard : : Buick Dodge Brothers iuu-u7 North Second Street BURNETT SALES AND SERVICE COMPANY Successors to Page Sale and Service Company CHALMEKS-DORT 14 Market Street . Phone 2048 R.W. MONTGOMERY Sales Service and General Anto Re pairing. Gasoline, Oil and Supplies Sth and Prlneeaa Sts. Phone 2250 WHmlnerton, X. C. HANOVER MOTOR CO. Columbia Grant, Hup mobile and . Seneca 12 Dock Street -t- Telephone 83& BROOKLYN AUTO CO. G. C. COTTLE, Manager 517 Nixon .St. Telephone 525 Expert Auto Repairing owd Cars lor Hire We Buy and SeU Second-Hand' Can SUPPLIES, AUTOMOTIVE Starting : Lighting : Ignition GENERATORS AND MAGNETOS REPAIRED M. W. McINTIRE No. 5 Dock Street Prest-O-Lite Service Station J. W. MEYLAND Storaare Batteries Batteries Reehargred Gasoline Dispensed From Visible Pump BJafti at New Ferry Dock Telephone 589 Have you thouarht nt the dana-er of d r 1 v 1 n a- with ut - complete li ability protection? Telephone us and we will cover yon. JAMES A JAMES relephones 507-103 CARTER'S MACHINERY MARKET The Place to Buy and Sell Machinery OLIVER CARTER 210 S. Water St. Telephone 1195 . Wilmington, N. C. Dr. M. Buettner i PODIATRIST (Treatment Confined to Feet) M Murchison Btldla. Phone 633 Trusses Fitted Satisfaction Guaranteed The Rexall Store AW. Muriroe AND COMPANY ' FURNITURE 18 8. Front ft. Tour Money's Worth Always ..SANTA CLAUS v -r "HEADQUARTERS ' -y- ,we sell rr for less:, THE ; BEE HIVE NE.W STORES TIT North. FeuTth Street - Directory of Wilmington Dealers PL ATT AUTOMOTIVE CO. Distributors and Service Studebaker White Trucks No. 0 Princess Street Phono 1185 JONES MOTOR SALES CO. HALES A ItfTi sr.Rvrm 308 Market St. -i- Telephone T25 FORDS NEW AND USED Delivered to anyone Immediately re gardless of territory. Tires and Tubes. Vulcanizing Stnndard Gas and Oil FKEK Air and Water. Open 7 a. m. to 11 p. m. C. S. BURNETT 10 N. 3rd St. -- Telephone 07 CITY TAXICAB COMPANY Phones 15 and 10 AUTOS FOR HIRE Cars Washed; Polished and G reased Storage 108-113 North Second Street C. W. LASSITER Distributor Briscoe and Mitchell 114 N. Second St. Telephone 13 REPAIRS AND RADIATOR BURST-PROOF CORES Radiators Rebuilt With Burst-Proof Cores. Rebuilt radiators better than ney one for sale! Ship us your frozen bursted radiators for repairs. We can furnish burst-proof cores on short notice. All work guaranteed. W. B. Klander & Co. 132 Market Street Wilmington, N. C. THOMPSON-BERNARD CO. Represents Strongest Companies For Automobile Insurance See us for Public Liability, Property Damage, Collision, Fire., and Theft Protection. We make our Own Adjustments ROBERT R. CHRISTIE, Mgr. 112 Princess St. Telephone 162 AUCTION SALES ANYWHERE Let Me Sell It For You .'Administrator Sales and Personal Property Given Special Attention R. O. HANSON, Auctioneer 518 Grace St. Phone 1820-W " 1 1 1 uz i To Our Friends and Patrons We desire to announce tlhat Mr J. A. Elmore has taken over the interest of Mr. T. J. Quinlivan in the firm . of Quinlivan & Quinlivan, which will now be known as Quinlivan You carefully oeleet your Doetor--Why not your Druggist 7 He's your last check to. the mouth " 'J DEPEN1ABLK' DBTJ STORE' X1T N. Front 8 Phones 1&1-182 NTNETJEJST, When you buy a car) buy comfort not just a jumble of machinery THE CHEVROLET Johnson Motors Co. 5 North Third St. Phone S08 WORTH-OVERLAND CO. lAfil AM) SERVICE Overland Commerce Trucks 8-10 Dock St. Phono 2193 NEVVKlRK AlJTO 6ALES COMPANY MOTOR CARS SALES service: " 12 Market Street -- Telephone 11B5 Best Road and Shop Servloe The City Telephone 992 ' In Stearns-Knight Silent Sliding,, Sleeye Valve Motor Improve With Ago FRANK HERBST Phone 1554-W WHITTEN MOTOR CO. TUBES, TIRES, OILS, ACCESSO RIES, STORAGE SPACE Open All Night SOS Walnut Street SERVICE Rabey storage Battery Co. Front St. Telephone 845 t hi WOT AN SALES AGENCY Distributors For Phelps Farm Light, and Power. Co. and National (Non-Storage) Fresh Water System Second and Princess Streets Lock Box 1146 Wilmington, N. C. WILMINGTON TAXICAB AND SALES CO. 208 Market Street Telephone 2251 SERVICE NIGHT AND DAY New and Clean Cars Exclusive Service for Weddings and Social Calls . Thank You for Your Patronage W. D. MacMILLAN, Jfc. Fifth and Wright Streets' - General Automobile ' ' Repairing HAYES PETTBT, Superintendent' ' Phone 1119. W t & Telephomea ,122-1? mm Edrnqlre i .' " . 1 '"r. -'in ! i i! :,.rli.-' r ' J i l 4 V t ' 1 f 1 r It " j ! . f r I . ! jv 1 , V: til' I. ,4 ,1.J. , ui - r T": I: i-V n t. '',( i : r ,1 -1 't i1 V : i. hi;- i,:'m 'iim .-IT' I" i. -f .. i.
Wilmington Morning Star (Wilmington, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
Jan. 2, 1921, edition 1
19
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