The Bismarck Tribune Newspaper, January 17, 1925, Page 6

casa $i ‘PAGE SIX JACK DEMPSEY TO ABDICATE, “He Boxer yweight Says it Tommy Gibbons Is His Choice for Crown nent, Dem 1 choice would . Paul nd he's champion < possible or ee n_be-| foodstuffs which Europe has been of who ars the he wise cracking manager] accustomed to import. The low ipremacy next, how x / the boxing gloves in the | prices of such products in this coun- pa ysdrerthntne isvee: |i) cectaunre. ese pers, try have illustrated the situation ing to it fall from his shoulders |e cclye that Mann's 1 e elsewhere. ee ed rubbed in and The British government recently And when through fam vision created a special committee to in- Pe re co Te entry inn title quire into the state of British tride, et ee ur purse and at a hearing last month a dele- a Munn managed to get through h ui # City. The | gation from Manchester preserited largely talked of the /¢iyct fight without running into any |recul new CHAMPION the facts as to the cotton goods in- approac rriage of Dempsey | punches. he was matched 'to| it i if the sport world| dustry. The London Times gives and Mis lor for several months,! tect that ld war horse, Jack Clif. jever ; bigger sur- | summary of the testimony, from but until yesterday the two had been (oq : ia Tea oR EE an cats | SOaeREHe: GONG ARE nie PERRET reticent about offcially admitting Ve (UipuRighth Game te their plans to marry next summer. {iy the second round, | think, Munn | if time in history that Emphasis was placed in the ev- vO CLAIM CROW USC allies er On tal out to win the! idence on the importance of the * 4 whi looking for a forward boxin championship, cotton trade to this country, par- St. Paul, Jan, If Jack Demp- jie took a tight swing on the ail then UeaPREAAES | ERAGON eta ees RA ToEHOEN : Pee atin next may ceaine Soo rec liZeuip ais ambitions The export .of cotton gooils con- tihout ending his Tae een 2 “| stituted some 25 per cent of the Tommy Gibbons of St. Paul, will [Ree ee gold standard. The | whole exports from this ‘country. that honor, nnounced [visits of 3 Norman, Governor The decrease in present exports Gibbons deel: s long ring rec-4 joe ils of England, to the! as compared with pre-war exports, ord, which includes a 15-round fight ato lent color to these] put simply, meant that this coun- auly 4 sew ieh i the | [Great Br inst wished to aseer-| of cotton cloth today where we limit with the champion, gntitled | tain America’s Future policy govern-| sent seven yards in 1913, and 2b. him to first consideration. { in teserve Bank rates and] 2f cotton yarn where we formerly ee D4, = td movements, giicetion | New Yo 17—Restoration | 11 support which | Cline in the cou Sanene tee jof sterling ex: rold parity | 4 for about two more to the combined effects ' b Waste abe saeG86. toa = eae jecline. from| high prices for British goods and la peor cli ak to ‘in 3.80 late in the the reduced purchasing power of atic fluet an E the dis- oversea customers than to any CG Ine catitch micas AGHAriA 198) hv nts of that period, fore-| Other factor. They pointed out 5 $ to pass the United |_‘#rhed hw the nnbeaval of the war. | ofal of the war-time @ the unsettlement |ment of many internal problems, ap- 'wh Im-! Show Decided provement and Easily Defeat Mandan on Home Floor ocals ] n 10. | * took their an in the at Man cient y regular rd of last their de- ck team lt \Big Fizzle As Fighter Wins Wrestling Title | Sports Nebraska Grid Star Surpris BY BILLY EVANS football star, 2 joke as a h eavy we champion of the world athe f Wayne By Beating Strangler fo | | The year 1925 opens to more | hopeful conditions the world over ® |than has been the case with any j other year since the great war dis- ‘turbed the equilibrium of trade and ‘industry everywheve. Improve- ‘ment had been going on in previ- ! ous years, but the political and so- | cial controversies in Europe have ‘been so complex and menacing that they seemed to dominate the situa- | tion and prevent the full restora- tion of confidence. These condi- | tions have improved decidedly in the past year. Social order is more firmly established in Europe. The fever for political agitation and ‘ex- yeriment has died away, and the tagonisms arising from the war have been in some degree subdued | by the desire for peace and the re- jestablishmnt of industry. Importance of the Reparations Settlement | The reparations settlement has been the most influential factor in this process of improvement. The j volume of trade between Europe and other countries in recent years Wine ie OV ciousness « the to go to| has been much below that of pre- or bu war years because of the deratge- thout the time is t Munn ment of industry and its effect upon Oye. poses yen i him that it was all] the purchasing power of the Euro- hould have been 2| pean populations and in turn upon the prices of raw materials and |beginning of t|from the dev pound » in disappoint: of |veritable t hi-| dicular b flected in A in been known. ef herto had } Gr Britain's d. recovery i ets of follow re en-' when of post-war | perpen- four rate to the lowest Announce- | proach of the Irish settlement and ! the favorable impression created by | the disarmament conference in the United States. This year saw the! rise of speculative activities in ex- changes on a scale hitherto un- known. These operations supplied much of the purchasing power which put sterling above the $4 mark. The gradual appreciation of ster- a war was refl cellor of the lling continued until December, 1922, ation of British treasury when a violent upturn of about 20 bottom had be yrtion of the An-jcents in a week to a high level at high records ¢ necessary |$4.69 attracted the world’s attention States to ac-|to England’s recovery. The rise was ed quidation, initiated |aided by favorable trade figures, the he | the mors of |better condition of the British Trea- reed by the} th quent harp break ed to sury, the return to London of large functioned well as a team and pre-|¥Pturns marked the ve nees by international companies sented a tight defense at all times + and times caused much con- | 000, id the “trapping” of a large num- making the Mandan team shoot from | C1”: ‘ y was {ber of speculators who had sold the middle of the floor for| Whe e early in 1925 cross- loan, |sterling. for a decline. ; counters, The Bismarck team \¢d the war-time “peg” point, it was pr ective February, 1923, _ sterling at has been coming on slowly felt that the barrier : & had reached its highest level pro to be a real proble of sterling’s march For the March, 1919. The uncertain Efeitionponents later on in the sen-|PSd been removed. he course of ‘as froverned jtrend of foreign political events, the * son. Olson 5 to " gold the world ov y trade gold ship- |growing strength of the Labor party higvetride at Sedat ues to from the in England and unfavorable trade a troublesome for the defense | Tate which ing took |factors, however, combined to force to cope with. § moved up| ice caector moved |the rate down about 46 cents to from guard to for panes Geld on.” to a high _ November. d with the return of his he ,approach act ae ee the year. ion of the labor govern- will make alot of trou. {N88 #ecompanied by report which contributed |ment in’ England, coupled with vague osing guards. H. is being used at forward and proving in both floor work shooting. The “Demon” center court is being handled in good shape by Register with in good styl form a good team at the two guards and ure putting up a great game on the buck court, Lol Lofthouse, Brown and Le » fast becoming veal competition for the rest of the Russell coming along Scroggins and Bender | nd are breaking into games rly. Bismarck plays the Dick- inson Norms 8 There will be « y between the St. Marys High School and one of th practice squads. The first game will be called at 7:30 P.M. Line up: | Bismarck Mandan | Olson F Owens | Shepard F Johnson Lobach F Schrimp Haas F Hanson Register c Helbing Russell c Seroggins, Bender, Lofthouse G, NEW SALEM IS EASY WINNER New Salem High School's basket- ball team defeated the Dickinson Normal School’s team at New Salem, 33 to 10, last night. KRAUSE FIGHTS DRAW IN MINOT Minot, Jan. 17.—Bat Krause of Bismarck fought a 10-round draw with Rex Moore of Miles City, head- ing a boxing card, last evening. Moore’s science was offset by his jack of punch. George Tobin of Leeds knocked out Billy Saunders are lightweights. England w plannin an. early ED “STRANGLHR” LEWIS, BONNIE McCARRCLL ous pastime of cow-+punching. ‘broncho-rider, in the garb of a tenderfoot. ovement were the settle- qi Now that Ed “Strangler Lewis has been shorn of his title of heavy- weight wrestling champion, he may decide to take up the more strenu- | following: Here we have Lewis in cow-boy togs, | Oats of Crosby in the third. The a ici approved styles, and Miss Bonnie McCarroll, champion woman|Barley . talk of a tax on capital and fears of zn inflationary policy, started a flight” of British capital to this country early in 1924 which depress- ed sterling still further to $4.20. A turn in the tide came with the spring reaction in the stock market here, the extreme ease of American moriey. rates and higher interest rates at London, all of which tended to at- tract funds back to the British cap- ital. Acceptance of the Dawes plan ac- celerated the advance which gained momentum through the succe: flotation of the international loan to Germany and the return of the Conservatives to power in Great Britain. Despite-an unusually heavy. volume of trade and grain bills, due to customary autumn purchases, the final forward’ movement of sterling centinued almost without interrup- tion until party had been attained. The high and low prices of ster- ling for eaeh of the last five years BISMARCK GRAIN (Furnished by Russell-Miller Co.) Bismarck, ‘Jan, 17, 1925. 1 dark northern 1 northern spring 1 amber durum 1 mixed durum . 1 red durum 1 flax 2 flax No. 1 rye ... No. 1 Dark Hard Winter Dark Hard Winter . We quote but do not No, No. No. No. No. |No. No. Speltz, per ew + 4 THE BISMARCK TRIBUNE aria $1.69 + 1.63 » 1.66 ATURDAY, THE OUTLOOK FOR 1925 : By GEORGE E. ROBERTS that the agricultural populations in our foreign markets were un- able to exchange the products of their labor for the same quantity of manufactured goods as former- ly. The low level of prices of the articles exported by certain oversea countries resulted in the purchasing power of these mar- kets being seriously diminished. Jhereas the average price per ‘unit of cotton goods exported from this country had increased since 1913 by 142 per cent, the average price of cereals exported by India had only increased by 34 per cent, Similar comparisons were made regarding the exports of other consuming countries. These considerations led the witnesses to eraphasize the im- portance of any steps which might lead to a reduction of Lan- cashire’s prices, and to a foreign policy which would foster eco nomic rehabilitation throughout the world. @ The beneficial effects of the repar- ations settlement already have been felt. Exports of two leading raw materials, copper and cotton, from the United States in the last five months have been far ahead of those for corresponding months in any other year since the war, and the increase to Germany has been the principal factor in the gain, More- over, the benefits of better condi- tions do not appear only in direct trade with Germany. The Manches- ter Guardian Commercial comment- ing upon shipments of cotton goods to Central America expresses the opinion that large purchases of coffee by Germany in recent months have contributed to increased sales of Lancashire products in those countries and in Brazil! Unity of the World Organization Mr. Owen D. Young, Chairman of the Board of the General Elec- tric Company, was honored last month with a testimonial dinner in New York, given in recognition of his services as a member of the Dawes Committee. Speaking of the interest of the United States in the prosperity of other countries, he said: “We may debate political participation in the affairs of the world as we will, but we must par- ticipate in its business, and busi- ness like science knows no political boundaries and in its dictionary there is no such word’ as isolation.” The economic organization of the world is interdependent, and no part can function properly unless all the parts are in order and right rela- tions are maintained between them. It may seem advantageous to the producers: of manufactures to’ have the exchange value of their orod:scts NEW SHELL CORN Yellow Whiie & Mixed No. 6 orien 80 Sample grade : 70 Ear corn 5 cents under shell. REQUEST OF Washington, Jan, 17.—The joint re- solution adopted by the North Da- the constitutionality of the sented today. will adjourn early in Legislature suggested that it portant that the present the court. The state complained that effective, December 2, 1922. 5, the Supreme Court set February 24 as the date for reargument of the case which had been argued last May, specifying certain phases of the controversy upon which it desired additional information especially up- on the bearing of the State Law up- on the Federal Grain Grading Act. iui ‘Famous Nurse LMUISLATURE| kota Legislature urging the Supreme Court to expedite its decision upon grain grading act of that state, was are Pointing out that the legislature March, the s im- session should have an opportunity to enact any additional legislation that might be necesary to meet the ‘decision of the operation of the law had been en- joined two days after it had become January raised in relation to agricultural products, but when it appears that the farmers @nust take less of manufactures in consequence, and that employment in the factories must bé reduced, the advantage is seen to''be largely fictitious. The world is passing out of such a situation, and this is the chief rea- son for confidence that it is enter- ing upon better times. Prosperity is a state of balanced industry, with production and prices so well ad- justed that the exchanges are readily made. This situation is more near- ly approached, today than at any time since the great disturbance oc- curred. In short, with normal trade re- lations between Europe and the rest of the world in the way of being restored, the equilibrium between manufacturers and agriculture prac- tically restored, with credit condi- tions favorable to industrial expan- sion, and confidence generally re-es- tablished, the situation is poised and ready for the development of all- round industrial activity. This coun- try has passed through liquidation and a deflation of prices. Some de- gree of recovery‘from the low point has been made, but it cannot be said that any course of inflation has been run since 1921, or that infla- tion exists here in comparison with Prices or fitions in other coun- tries, The apprehensions of those who incline to pessimism do not impress us under existing conditions. It is said, for one thing, that the profits of industry are ‘unduly small. It is true that profits have been low in the past year, but profits fluctuate with the state of trade. Profits arise from the relations between demand and supply and the differences in costs between competitors. trade slackens, profits tend to dis- appear for the marginal producers, competition narrowing down to hose operating on lower cost levels; on the other hand, when trade ex- pands and the production of the sigh-cost concerns is required, prices rise to a level at which they can operate and the profits of others in- crease. The fact that profits are small is no sign that they are not going to be larger. It is said that the present pros- perity in agriculture is due to ex- ceptional conditions, and that next year agriculture may be back in the slough of despond. , Possibly, but the two greatest periods of prosperity this country ever has known, beginning in 1879 and 1893, were inaugurated with similar con- ditjons in agriculture, to-wit: large crops at home and short crops abroad. Moreover. it is apparent (From the Monthly Bank Letter for January Issued by The National City Bank of New York)! from the prices now prevailing that the crops of 1923, although excep- tionally large, sold too low. The agricultural situation is discussed elsewhere and we will ‘not repeat our comments here. It is said that we are likely to have sharp competition from Eu- rope, underselling us in many mark- ets, possibly including our own. We have pointed out that increased pro- duction in Europe will mean in- creased buying power, and that in our opinion this contry will gain more than it will lose by that change. If our producers of food- stuffs and raw materials are bene- fitted by better conditions in Eu- rope, the reaction upon other lines of home industry will more than off- set the competition these lines will feel from Europe.. It should not be forgotten that we had the com- petition of Europe before the war, including Germany in the full tide of her industrial power. Even the Germans and Belgians cannot work any more than all the time, and in fact are working less hours per day now than before'the war. It must not be thought that foreign indus- tries have unlimited powers of pro- duction, It is said that our productive cap- acity in many industries is far be- yond our capacity to consume, com- pelling us to export and thus mak- ing us subject to foreign competi- tion. This always has been the case in some industries, but there is no other important industrial! country so little dependent upon foreign markets as the United States. More- over, we doubt § the leading indus- tries of the United States are found to be overdeveloped when a period of general prosperity comes. Every such period in the past has found us under the necessity of expanding alt our industries. As for the iron and steel industry, its capacity has been materially increased since the war, and is now running at about 80 per cent of capacity. Our prob- lem in a period of general prosperity will be to find the labor to operate the industries at capacity. ‘Will There Be No More Work to Do? It is pointed out that we have done a great amount of house- building, the railroads have been buying heavily of equipment for several years, and that the satura- tion point in automobiles must be about reached: where then is the demand coming from to keep our industries employed? One skeptic asks if we can live by. doing each other’s washing! The last question suggests the answer to all the others. If by do- ing each other’s washing is meant working for each other, that is pre- INU A cisely what modern industry consists of, and there are absolutely no limits upon it. The whole problem is in so directing the growth and expan- sion of industry that goods and: services will be offered in right pro-. portions to each other. That diffi- culty never will be completely over- come in a state of free industry, but it is one of the things to think about when business is booming, with danger of unbalanced develop- ment, and we need not worry about it at the moment. Prosperity al- ways has its perils; nevertheless, we welcome prosperity. wv As for the danger of getting all the work done up, so that -there will be no more to do, the Dela- ware & Hudson Company last month entertained a distinguished company of guests to show a new- ly-completed locomotive, said to possess about double the efficiency of any locomotive previously built. If this is true, it would appear that the buying of that class of railroad equipment is about to begin all ove again, and something like that is occurring all the time all over industrial field. The improvement; in industry are constantly making it over, and never so rapidly now. As for houses, a little fallin,; off in the demand’ for new ones might lower costs, with benefits so important as to fully compensat: for. a temporary slackening of ac- tivity in that quarter. The autc- mobile industry has passed a grea many imaginary saturation point:, and even if a real one has been reached we are not prepared to be lieve that this is ominous of in- dustrial depression. There are n a few people who think it woul have been better for other indus- tries if the saturation point for auta’ mobiles had been reached lower down, but that is an abstract ques- tion which we have never thought it worth while to discuss, To sum up, at the beginning of, 1925 conditions are favorable to, general and enduring prosperity) subject to the temporary fluctua- tions that may result from unbal- anced development. ‘While there is nothing in the immediate situation to give a great start to trade, the way is clear, and when this is the case business naturally .goes for- ward with growing momentum. Whatis wanted is not a sudden risc of prices, or a spasmodic congestion of orders, but that steady inter- change of goods and services which means that production and con- sumption are in healthy, normal re- Jations. As Secretary Mellon cays in his recent report to the Congres-. “It is only throug hard week, economy and sound policies that vie have a right to expect icue prog- ress,” STRIKING MUFF One of the most striking muffs seen this season is of white skunk with a conventional pattern in black. FANCY MONOGRAM , A fancy’ monogram or initial fre- quently adorns the cross strap or tongue of the smart slipper. rf Maxwell, “internationally famous nurse, has returned to Amer- ica after a Tome vication in Switzer-. ‘ “will take an active part (ee ae No matter what your wants may be — you can. get the best RESULTS through the Want Ad columns. Whether you: seek additional help—want to sell something—buy something —.exchange — you'll get real. results from “TRAVELING COAT A traveling coat which would also be excellent for motor wear is of brown suede lined with antelope. FOR TRIMMING SHOULDER PIN The shoulder pin s_ challengng the favor of the shoulder bouquet. ‘It is usually of rhinestones and |some colorful stone for contrast. NOVEL TRIMMINGS Rows of narrow ribbon shading from dark to light trim youthful dance frocks of chiffon and crepe. YOU CAN SECURE BEST RESULTS THROUGH TRIBUNE WANT ADS The Tribune Want Ad columns. Tribune Want Ads are really little ads with big punch —_they’re eagerly read by thousands of readers—natur- * ally, you’re assured of fine results. —FRIBUNE WANT ADS BRING RESULTS— PHONE 32 WANT AD DEPT. SMA aha Be BAREIS Uk SmI Buttons of highly polished wood in ball and drop shapes make very novel trimmings on sport frocks,