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Show HEAVY LOSSES OF THE PAST. I Twenty months or more of deflation defla-tion have worked havoc tvith many of the big Interests of the country. A financial statement just issued by Midvale Steel, one of the great iron and steel corporations ol the United States, shows that surplus earnings In 1920 were $12,000,000. The companv for last year presents a deficit of $5. , j 300.000. General MotoTs. In 1920, had a sur-i sur-i plus of $37,S00,00ii. The year 1921 returns re-turns a deficit of $38,600,000. That means nothing less than a Struggle to keep clear of the breakers on the stormy sea of business. Hundreds of companies, considered financially impregnable two years ago, are fighting to keep afloat. At no time In the history of American industry in-dustry have reverses come so sudden ly and destructive But the crisis has passed and big business once more is looking forward to better thinss. The best sign of Improvement Im-provement is the trend of prices. The low point was reached on June 1, 1921. Since then there has been a gradual recovery, until now prices of commodities are S 1 per cent above the low. Price recoveries mean a testoration of buying which It a manifestation of confidence, and confidence has been the one essential to brins bark indus trial strength. |