COMMODITIES: Major Liquidation

An epoch-making wave of liquidation last week hit the market of one of the nation's lesser known commodities. If the U. S. Government abolished its cotton-loan plan or its ever-normal granary for corn and suddenly undertook liquidation of the 10,800,000 bales of cotton or 490,000,000 bushels of corn now held off the market, the decision would be no more extraordinary than that taken last week in another commodity—art.

For decades the art market had its ever-normal granary and his name was William Randolph Hearst.

It was a melancholy day for art dealers everywhere when Hearst stepped out of their market for...

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