Evening Star Newspaper, February 27, 1921, Page 28

FINANCI S ———— LE_R'F TOBACCO MARKET. Baltimore. BALTIMORE, February 26 (Special ~—Leaf tobacco receipts the past wee totaled only forty-two hogsheads ar salesnof twenty-five hogsheads we: eposted. The market is very ina ive @éxcept for the sale of zr\\um: nd eaves. Prices today for Mary obaéco. per hundred pounds ferior and frosted, firm leaf. $.00; sound, common and greenis 6.00 to 10.00; good common, 7.00; medium. 15.00 to 27.00 bfine red, 25.00 to 40.00; fancy The Traffic Officer them, too. Look for the Red Box with the Funny Fat Man on it} GOLD FILLED KNIFE AND his wo ma is the outcome of employ i and e hac Escapement, Steel E: A beautiful and filled Chain and G given FREE with Simply make a small and the Watch, Chai delivered. Then pay eekrh Receipts and Sales Small at 3.00 to 11.00 to £00d to | grant of 5.000.000 francs with a v 400 Beconds, common and medium, 5.00 to “Out in all kinds of weather— | hot and cold—dusty and rainy. Yet my throat never bothers me.” He uses BUNTE'S Cough Drops. Keep a box handy. You may need BUNTE BROTHERS :: CHICAGO Makers of the World Famous Candy :0d Cocoa in this Watch FREE FAMLY Cl'l _ASJC 708 7th St. N. W. T = | 17.00; 'seconds, good to fine, 18.00 to | 30.00; upper country, air cured. nom- | inal; ground leaves, new. 2.00 to 23.00. | Unsound and badly mixed pac | from 1 to 3 cents per pound lower. ock in warehouses tod nd. 15,239 hogsheads: Ohio. ) | hogsheads, making a I | hogsheads. Ground te 1.016 hogsheads. o _—— The opening of fthe port on the western coast of § foreign trade wiil take place ’:\l’)l’ll 1 1 of 1 to tot leaves of Maoka halien to about h. ey The French government has made a w to the development of the phosphate mines in French Moroc Says : And Own One of These Jeweled Guaranteed, High Grade Gold Filled Watches For $1.00 a Week---and Wear It While Buying It. $7.50 Gold Filled Knife and Chain FREE rful, high-grade Watch is made by the Richard Watch Co. who the world’s most renowned experts to supervise their making. vears of scientific study and experience. <uch requirements as are seen only in the highest priced railroad grades are They include such railroad requirements as Double Roller cape Wheel, Breguet Hair Spring, Genuine Ruby and Sapphire Jewels, etc., which assure excellent running qualities-and make this watch one that can always be relied upon. model, gold-filled case, warranted for 20 vears, will meet the approval of the most Take -it- all in all, this Watch one that any man will be proud to No Watch of other make selling l.or $100 or more keeps more accurate practical Gold- old-filled Knife every Watch. initial payment n and Knife-are §1.00 a week. eritical. carry. time. et 15-Jeweled Open Face Gold Filled, $19.75 15-Jeweled Hunting Case Gold Filled, $29.75 Nationally Known Goods—Cash or Credit Same Price \\11y fi%arl‘s Entablished 1888 32 Years of Square Denling SEWELERS '\ it The high-grade materials /AND OPTICIANS & Son PETITION FOR RECEIVER. Creditors of Memphis Cottonseed Firm Apply to Court. MEMPHIS, February 26.—Applica- { tion for a recciver for F. W. Brode & Co. of this city, dealers in cotton- sced produtts. was filed in chancery ! court today by - the Widneys-Hum- phreys Company of Dallas, Tex. The petition claims $85.706.03 due the Texas firm, and alleges that the Memphis concern is unable to pay obligations which the petition asserts amount to “not less than $400.000. The petition will be heard Monday. COTTON AT LOWER LEVELS. NEW YORK, February 26.—There was a continuation of southern and scattered celling in the cotton market ind suil lower price levels reached with March 1ling at May at 12.00, or about 150 points below the high prie on the dvance of. arl Last prices were at e lowes 1though the was steady net decline of 23 to 40 points fresh factor was reported ~tion with the deeline, but the various features in the ws wh nded to emphas unfavorah resnonsiple fi Fal today were to 500 touched January. in cent w teports from River said t increased mill cur- tailment was expected there next reported that loc: »d messages from & growers’ organization infir an effort might be made to se- legislation against short seili S CUT PAY. 1 cotton fi ern that curd TWO COMPANIE YOUN —The ¢ and the con Steel Comp announced reduct the hourly w s here, effect w scale will be from ny per cent at eheir It The handsome thin 3123 M St. N. W. " THE SUNDAY STAR WASHINGTON, D FEBRUARY RANGE OF MARKET AVERAGES. The following chart shows graphically the action of forty repre- sentative stocks dealt in on the New York Stock Exchange. The period covered is the past month, up to and including the close of the market ¥riday, February 25. The lower section of the chart indicates the relative activity of the market. —JAN.— ¢ FEBRUARY MWWV 12 345789101 1415161718199 232435 1921—PART 1. FINANCIAY. ISTEEL SHOWS BULL} l 83 ] | [51 20 75] ‘ |9 @ 1<19 1 !{-. T = 8 5 - o B R a =] > [~] 2 i z | g'ls;_ {elw] Oz | 2 2| w3 = t—1 8% EER AR RN OEE [ & o 7] bb | | . il | | ©9 —1—1—1 647 | g } ' g | e i ] W2 ; » s 5 (Coprright, 1921, by W. F. Meyer.) High 1920 High 1921 to Date Industria .109.88, January 2 | Industrials ....... 77.14, February 16 tails 37, November 3 Rails A 77.56, January 15 Low 1921 to Date Industrials December 21| Industria nuary 3 Rails ............. 67.83, February i1 | Rails . 75.60, February 11 Twenty Industrial Common Stocks Used Are: Central Leather Rep Iron & Steel 1 Am Firs Corn Products Studebuker Utah Copper Am Locomotive aconda xus Company Westinghonse Am Smelting idwin Loco U'S Rubber , Western Union ' Twenty Railrond Common Stocks Used Are: Atehison S CM&StPanl K CSouthemn - - - Northern Pacific Readiug Baltimore & Ohio Del & Hudson ® Lehigih Valley New Haven Southern Pacific Canadinn Pnc Erie Tonis & Nasl Norfolk & Western § Ches & Ohio Tilinois Central N Y Central Pennsylvenia Union Pacifie Daily Movement of Averages: . Industrinls. Rails. | Industrials. Rails 6. Wednesday 75.19 00| February 10, Thursday . 744 27, Thursday Eebruary 11 0 % February 1 19 February 90 February 7408 February 3 February 7400 Febroary v February 5. Saturday . February 23, Wednesduy .. February 8, Tuesday February February 9, Wedne 15 LIBERTY BONDS AT A GLANCE. 192d. Maturity bt Close High. Low. date. Tow. Yesterday. Yield. Liberty 3% ...oeee....10040 8930 6-15-47 9094 9108 406 Liberty Ist 4s... 9348 8300 6-15-47 8524 *8694 489 Ciberty 2d 4s.,.. 9200 8140 11-15-42 8534 836 503 Liberty Ist 4%s. 9400 8400 6-15-47 8540 8688 517 Liberty 2d 4%4s. 9284 8110 11-15-42 8530 8630 530 Liberty 3d 4%4 9500 8560 9-13-28 8800 8988 593 Liberty 4th 4%4s. 9300 8200 10-15-38 8574 8660 544 Victory 3%s - 1 9940 9460 058) 9746 495 | Victory 434s . 1119940 9470 . 9585 9746 595 i‘Tl’le Year 1921 to Date on the Washington Stock Exchange. Furnished by W. B. Hibbs & Co., Hibbs Building. BONDS. Open. High. Low. Close $2.000—Ana. & Pot. River R. R. 58.......... 62 5 62 65 5.000—C. and P. Telephone Site0 20 90 0—Capital Traction 1st 5S....... . 861% 88 87 00—City and Suburban Ry. 1st 5s. . 62 62 52 8,000—Metropolitan R. R. 1St §S............ 92 a2 92 | _1,000—Pot. Elec. Power 1st 5s.. & 8§ 58 i 33.000—Pot Elec. Power con. 58... ) 3 &3 { 7.500—Pot. Elec. Power deb. 6s.. : 91 i 15.000—Pot. Elec. Power gen. 6s.. 2 9315 9315 | "2.000—Wash. Alex. and Mt. Verno 10 41,000—Wash. Gas Light gen. 5s.. 50 39,000—Wash. Ry. and Elec. con. 4 593 7.000—Wash. Ry. and Elec. gen. 6s.. 901, *33,200—Wash. Gas 7% 101%; 100% 100—Dist. of Col. 3.65s.... 90 99 *Small lots at 102. STOCKS. § 541—Capital Traction .. . 825 86 s2; 85 ! s30—Washington Gas ............. o3 a4 3L 40 $8—Wash. Ry. and Elec. com.........%.. 21% 29 213 28 { 424—Wash. Ry. and Elec. pfd............. 51 0 50% 57%% 201—Wash.-Va, RY. COM........... 511 1 T 3—District National Bank ..... . 169 169 169 33—Federal National Bank... 16615 166 176 a_Liberty Nat. Bank............ s 12t 121 121 1213 10—National Bank of Washington 180 180 180 180 20—National Metropolitan Bank.......... 220 220 1 T$—Amer. Secur. and Trust.............. 225 226 50—Continental Trust ........ e . 109 108 90—National Savings and Trust......... 260 280 A1 —UnfonsiMruat i1 2 S0t i RO R S 120 0 A 13010 | 10—Wash. Loan and Trust Teasn265 265 1 40—Sec. Sav. & Com. Bank . 200 17—Union Savings 112 56 10-20—Col. Grapho. com. 1314 12 30—Col. Grapho. pfd... 60 60 60 303—Mergenthaler Linotype 1224 120 1213 267—Lanston Monotype 5 71 1t GETS CHARTER IN VIRGINIA. Z Special Dispatch to The Star. ; 1S, F e RICHMOND. Va., February 26— ST. LOUIS, February 26.—A 75 per | v 26. cent reduction in the price of m:r-lah";e{l was issued here today to the mot, since last May, was recorded | Kendall Products” Corporation, with toddy at the winter auction at the|CaPital of $50.000. It will have head- international fur exchange here. | dUarters in Alexandria and will en- This is the greatest decrease regis- 08¢ ‘,Ei producing moving pictures tered since the sale opened Monday.|2Rd exhibiting same. Leslie Kendall i f Washington is president Prices ranged from 18 to 90 cents | president, and a pelt. Total sales to noon today [GS0re Wedderburn of Vienna sec- were announced as $4,510,000. v DA _— i ! ! i i | i ! | i GRAIN AND PROVISIONS. CHICAGO, February 26.—The wheat CANADA’S IMPORTS RISE. | 1l Shorts | $52,000. H - 6. i 1 ! OTTAWA, Fcbruary 26.—Canadian| market was extremely nervous today | | imports for the vear ending January.|and fluctuations were rapid. 11921, exceeded exports by $42.372,494, | in March were inclined to cov. savs a burean report. Canada’s im-| that delivery was rather frme It :r:g {ports increased $334,814.685 to the total | this . firmness which prevented the {of $1,305,593,8! against a total of | May delivery from slipping much | $970,779,210 for the previous twelve| lower. At the. finish wheat was 1| [ | cent lower to % cent higher, includ- | xports for the year ending January, | ing March, 1.65 to 1.68%, and May, | 1 ed $1,263.221,401, less by $28.- | 1.57 to 1.57%; corn was off % to 13 | for the preceding | cents; oats were down % to % cent, ! iiesera Of the exports, the| while' provisions finished strong. i United tes took .444 and | The feature in wheat was the rela- ! Great Britain $332,96 tive strength in the March delivery, | Purchases in the United States in the e 1921 were $598, %4,675, against $74 2 the previ us tweive months, an increase of $1 3 which went more than 11 cents over the May. Sentiment was decidedly element were very bearish, there belief that the market was to work higher. The main_ bullish influence SUGAR IN GOOD DEMAND. | \as the prospect for a marked i NEW YORK, ,February 26.—The| Provement in the export demand. [ raw sugar market was auiet, and no| Germany was reported to have pur- [ T emorted today. Prices | chased wheat in the United States {closed nt 4% cents for Cubas, cost|and was after more. Large receipts and a decline in cash corn as compared with the May delivery had a depressing influence on coarse grains which averaged {and freight, equal to 5 { fugal. Refined was in good demand at for fine granulated for centri- | ! “Futures advanced on 1i lower. and more than offset the effect I Piaa tarices! wares1rito of the relative strength in wh I higher. March, 5.03 Tocal sentiment was bearish. 15.4%, and September, porters wern after corn in the west | “Futures closed st 'nd sales of 60,000 bushels were re- i tons; March, 5.03 portad. |5.48 September, Provisions were firnger with hogs | i Pk N N. Y. RESERVE BANK REPORT. NEW YORK, F —The | statement. of the.condition of the | Federal Reserve Bank of New York and on small receipts here and in the at the close bus. s Feoouary & { shows: 1Y Total gold reserves. $419.169,393. i = e Jery Total reserves, $577.273,018. 161 8% by Bills discounted, secured by go ernment war obligations, for mem- . DAIRY MARKE NEW YORK, February 26 —Butter— bers, $393,451,658. All other, for members, $458.989.988. Bills bought I open market, $30,- | 7428 Total bills on hand, $913.184,547. Total earning assets, $974,020,790. Uncollected items and other deduc- tions from gross deposits, $139,073,- 827, Due to members, reserve account, $655,729,686. Total gross deposits, $769,755,562. Federal reserve notes in actual cir- culation, $796,382,730. Ratio ‘of total reserve to deposit and_federal reserve mnote liabilities combined, 40.5 per cent. —_— A new process has been perfected in Ttaly for the production of am- {monia and nitrate from the air. Strong; receipis. 5,440 tubs; creamery, higher than extga, 5 2 creamery, extras (92 score), 52! creamery, firsts (88 to 91 score), 47a52; packing stock, current make, No. 2, 22. Eggs—Steady; receipts, 22,912 cases; fresh gathered, extra firsts, 40; fresh gathered, firsts, 37a39; state, Penn- sylvania’ and nearby 'western_hen- nery whites, firsts to extras, 50a56; do., browns, extras, 43a45; do., gath- ered browns end mixed colors, firsts to extras, 38adl. Cheese—Firm: receipts, 474 boxes; state, whole miik, flats, held, specials, 281%a29; do. average run, 2434a26: state, whole milk, flats, fresh, special, 24%a25; do.. avetage run, 23a24. Poultry—Live, not quoted; dressed, aulet and unchanged. mixed, and while some of the local | | were others who were strongiy of the | | companies | justments are | th! i stock at 38 to 42 cents; small and poor, iand SLIGHT VARIATION More Wage Readjustments' Anticipated—Copper and Other Metals Easy. NEW YORK. February 2. market conditions are p - | changed. Scattered orders tended to! cause more hopeful fecling occasionally, | but, on the whole, the market was dull | and weak. Independent companies in| some cases made further reductions in | values, but cuts have failed thus far to stimulate business. More wage read- | anticipated, however, and ! is expected to further affect prices ig_iron reflects conditions in the steel markets and the tone is weak, with | the demand poor and mostly for small lots. Round lot orders are Copper Eaxy, Demand Quiet. | Copper was easier and the demand | Some small producers or ¢ m 1 shading the 13-cent | for spot and nearby pments of electrolvtic. Larszer producers, strength- | encd by financing of surplus stacks, | seemed "disposed to await revival of x| demand rather than press for immediate business, and are holding for 13 to 131; | for second quarter. January exports: were the largest in six months, and fo cign buying has been one of the most | encouraging _ features in the market, chiefly for French and German account, Leading manufacturers of brass and copper products have made further price | reductions., H Review of Other Metals. ad was easier, reflecting the consuming demand 1 whi mant. Tin is shaded another quarter cent by indcpendent dealers, due to weak- ness in London. and selling pressure in the west. Zinc also was dull and easier. The possibility that German competition may | undersell domestic producers restricted the demand for heavy local stocks. Antimony was quiet and steady. ocks were ample, but there was no disposition to sacrifice them, in view of light offerings from the far east. BALTIMORE PRODUCE. BALTIMORE, Md., February 26 (Spe- cial).—Egg_ receipts’ have unexpectedly | continued fairly liberal the past few days, hence trade wants have been easily supplied and there is no snap to the de- and, as was anticipated under weather conditions prevailing the first part of | the week. Temporarily the situation is | steady, with no surplus of strictly fresh | nearby egg offerings, These are quoted at 36 and 37 cents a_dozen. Duck eggs, in fair demand. at 55 cent. Receipts of live turkeys are now run- ning_very light, and vaiues are held steady under a fair demand for choice hens and medium young gobblers, which sell at 50 to 5¢ cents a pound, while poor and old toms are quoted from 40 to 48 cents. The market for old hens is firmer, under moderate ‘receipts and a! good demand, at 36 to 38 cents a pound. Small, fat winter chickens, about two pounds each, a1e wanted at a premium, 45 cents being freely offered. Smooth, fat, young chickens also find ready sale at 37 to 40 cents, with receipts light. | Rough and staggy stock is slow sale at | 34 and 35 cents. Duck receints are light, with demand good for desirable declines was dor- draggy, at 35 cents. Geese .are quiet, receipts moderate and only fair demand for choice fat stock, at 30 to 33 cents; poor and thin, slow sale, at 25 cents. With colder weather prevailing more inquiry is noted for dressed poultry, and under light receipts the market is steady to firm. Turkeys! range from 40 to 56 cents a pound; | chickens, 38 to 40: ducks, 38 to 43 geese, 30 to 35, and capons, 40 to If the cold weather continues next week shipments of medium sized tur- keys, straight lots of young chickens| and large capons will be advisable. The market is steady on the better | grades of white potatoes at 1.25 to| 1.35_per 100 pounds, but the poorer grades of McCormicks are slow sale| at 1.00 and 1.10, while No. 2 stock and | frosted potatoes are hard to move at any price. Sweets and yams are a| shade firmer, the former being quoted | at 3.50 to 6.00 a barrel, and the latter 4.00 and 5.00. No. 2 stock and_ culls! of both are slow sale at 2.50 and 3.00.1 Norfolk truck has been doing better recently, especially spinach, brings 2.00 to 2.50 a barrel. Native turnips, oyster plants, parsnips and savoy cabbage in fair supply and not | very active. Old cabbage and onions dull. Receipts are running ample and demand only fair. The apple market shows a slight| advance on all standard grades, with | a good mévement noted, but demand | centered on soft eating varieties. | Both No. 1 and No. 2 stock are quoted | at 3.50 to 6.00 a barrel; box apples, ! 1.50 to 3.35, and loose unpacked stock, 1.50 to 2.00 per hundred pounds, ac- cording to quality and condition. S — NEW YORK BANK STATEMENT. EW YORK, February 26.—The actual condition of clearing house banks and trust companies for the week shows that they hold $15,340,980 reserve in ex cess of legal requirements. This is an increase of $2,618,610 from last weck. The statement follows : Actual conditio Toans, discounts, etc., $4,998,634,000 decrease, $2,516,000. | Cash in_own vauits, members Federal | Reserve Bank, $78,513,000; increase, | $861,000. i Reserve in Federal Reserve Bank of | member banks, $496,733,000; increase, Reserve in own vaults, state banks and rust companies, $8,751,000; decrease, 187,000. Reserve In depositaries, state bankxl trust companies, $8,939,000; de- crease, $324,000. Net demand deposits, $3,774,604,000; decrease, $24,233,000; United States de- posits deducted, $50.314.000. i Time deposits, $234,690,000; increase, : $3,749,000. $34,157,000; Circulation, $248,000. Aggregate reserve, $514,423,000. Excess reserve, $14,340,980 increase, | 2,618,610. | Summary of state banks and trust in greater New York, not included in clearing house statement : Loans, discounts, etc., $577,272,800; decrease, $4.186,300. | Gold, $6,823,300; decrease, $11.100. | Currency and bank notes, ns,un,-:.ou;: i decrease, | decrease, $325,400. Deposits with Federal Reserve Bank, New York, $50,4 000. Total deposits, $603,179,300; decrease, 000 ; decrease, $1,141,- ating amounts due from re- erve depositaries and other banks and trust companies in New York city, and | United States deposits, $554,194,300; de- crease, $11,629.300. Banks: Cash in vault. $25,438.100 Trust companies: Cash in vault, $48,- 242,600. DRY GOODS REVIVING. CHICAGO, February 26 (Special).— Marshall Field & Co. in their weekly ! review of the wholesale dry goods tradec, Pl ‘Current wholesale distribution of | dry goods compares very favorably | in bulk and yardage with shipments | made during the same period of 1920. “During the last month there h been 2 steady increase in the num- Dber of orders received, and this week | the volume of sales for immediate de livery has exceeded the number of | the same week a year ago. There were about the same number of cus- tomers in the market as during the same period last year. “Collections are somewhat slower than a year ago. NEW YORK, February 26.—Cotton goods markets ruled quiet today in the primary division. Wash goods sold more freely, the printed lines being most sought. Yarns were weak and burlaps steady. Knit goods lines for fall are being opened steadily, and most of the larger cotton goods lines will be priced by March 7. Wool goods for fall moved faster. | tions disclose i 1ectible, and which bankers are MANY CROSS CURRENTS DISTURB THE RETURN TO THE NORMAL Important Developments of This Week Likely to Exert Great Influencc. Talk of Refunding Debt. BY L A. FLEMING. These are the days of cross-cur- rents and there are many hap- penings and settiements of world matters waiting adjustment, coupled fact that we are on the eve transfer of the with the of the one party to another, that one cannot wonder that there is hesitation in Tusiness. Very gradually, as one after its poor condition and medicine to the extent of one for the reduction stopping @ividends closing down, perhaps, on all act ties for a week or two, and starting in on a new wage base to meet pi ent-day market returns for their ac- tiviti the corporation emerge from the gloom and s on part time and will gradually > into its normal stride as de- takes its cutting to the by invenories, in i velops. The more drastic the dose and the sooner taken the quicker the recov- ery from the disease of intlat nd overproduction. We have stick corporations in the t few Weeks, and some of these are now | merging, hastened perhaps, satis- fied, with less profits and less volume ot siness, As the days move on. each with some recove ome with further unfavorable developments of this or that group or individual corporation, we find the market for securities in- fluenced by cross-currents that pre- vent any general rally, while at the ame time a general declin get far before it is changed ag; a recovery The stroet financial New 1 as the period in thereby set April the re- referring York, has after which covery will take on a little more speed. be more prominent and be ex- tended to securities. It may be that a week hence, with the advent of the new administration, there will be a change for the better, but it does not seem as if it could go far until some important questions have been defi- nitely settled. Thore is too much unrest, too much study for self-interest and not e nough for the zood of the entire world. 00 many possibilities for trouble that must be permanenily laid away fore the track will be r for the prosperity parade. The public is still undecided about things ana still buys only as needed. The country, referring to the agri- cultural distriets, feels too poor to do much anything else in the way of buying, and the reta il and who! ale trade both suffer, with incidental lack of freight tonnage for the railroads and inadequate earnings as a result. The London Conference. The London conference, if it shall result in the straightening out of the European tangle, will have gone far to relieve one source of misunder- standing. The final settlement of the German indemnity has too long been delayed, while in the meantime Ger- man-made _goods, variously trad marked and branded, are coming in competition with production of the allied nations. Germany is U‘rlal}lll)’ making good strides in recuperation. Dissapointment has been expressed in Washington during the week over some national loans and mandates granted by the allied council or the league of nations while our national finances are strained and the questions of taxation and other public policies await settlement. Money banks, and there seems to be no in- tent on the part of the Federal Re-, serve Board to relax the discount rates of the regional banks. The credit situation has worked much clearer. Bankers prominent in the credit field place their (-sum‘a};s £ “distress” loans at about 900,000 1o $75,000,000. They are not “frozen,” but are loans not easily cao:- reat- ing generously, rather than to force the sale of collateral. Talk of Bond Issue. There is renewed talk of making a bond issue for the purpose of caring for the floating debt of the govern- ment, as represented by the outstand- Ing Treasury certificates. something over $2.500.000,000. Secretary Hous- ton favors wiping it out by taxation. These certificates of indebtedness or, more properly, this floating debt. is a serious matter, disturbing funds every little while and keeping two and one-halt billions from employ- ment in trade and commerce, for the Treasury gets its money from the banks and the people to carry this DlElonn p 3 The Wall Street Journal. in closing comment on this subject declares that ‘3¢ should be the early business of the incoming admin the unproductice Treasury out of the money market. It also says: “If we could afford to pay off the floating indebtedness out of the taxation of this year and 1922 it would be another matter. But we have no right to impose such a paralyzing levy upon _ business. There is no meed for it "l;l'wre is a < r the funded bonds.” mirn}'\“ng: issue of bonds should give consideration to the various Liberties and an effort should be made not to injure their standing in the market. The refunding operation might be ex- tended to some of the nearby issues. The Chicago Packers. The Chicago packers are having ore trouble to divest them- e, "ot their stock yard holdings than they did to_acquire them. In the case of the Union Stock Yards of Chicago, the purchase of a large tract of land near Tolleston, Ind., and a demand for a substantial stock in- Lerest in the yards, under threat to move the business to the acquired site, was all that was necessary. Wall Street Had Information. Wall street had information early on Friday morning. to the effect that J. Skelton Williams, controller of the currency, would issue a diatribe against the United States Steel Cor- poration. At least one inquiry came over a private wire house on 15th street asking for confirmation of such intent. And Steel common advanced to a new high on the present move- ment yesterday, displaying excellent strength. January Foreign Trade. There are evidences that the Foreign Trade Corporation and the various other proposed export sides are sadly needed. Our foreign trade for Jan- uary fsll off twenty-five per cent, not because Europe did mot want our merchandise and breadstuffs, but by reason of lack of funds and equivalent, credit. Tribute to James Trimbie. It was a tribute of high merit that he forty-odd bankers of Washington James Trimble, the retiring ave bank examiner, when they all. with- out exception, signed the necessary release which permitted him to ac- cept the vice presidency of the Na- tional Bank of Washington. r. Trimble has been examiner of this district for s rs. He has a miner. -ve as clashed with the matter of judg- ment > each held to his opinion, but in gracefully giving indorsement to the examiner they have recognized his honesty of pur- pose, his ability and integrity, as well as his personal. pleasant and agree- able characteristics. “Having a long-continued and gen- eral knowledge of the condition, of every bank_ in the District its credits, good, bad and indifferent, of its customers. etc. il was nec that the local banks should ac in his retirement from gover (- uiesce ment administra- | tion of the national government from | an- | wrce and | giner of the great industrial corpora- meet with sharp competition from Pl s | seen some | does not | to | be- | fi developments connected with is being held strongly by | ration to take| 10 Us| their | : Tocal banking position. That they gladly gave it was ta- | dicative of their certainty that ha would make no improper use of the information obtained during his term Chase Economic Bulletin. The Chase National Bank has just issued an Economic Bulletin edited by B. M. Anderson, Jr., Ph.D., econo- mist of the bank. After discussing every phase of the situation he sum- marized as follows “The specific abnormalities mani- fested in the United States in 1919 nd early 1920 were the following ‘An export balance averaging threc hundred to four hundred million doi- lars a month and exceeding the ex- port balance during the war itself, de spite the fact that as a creditor coun {1ry we should normally have had ar { import balance. This abnormality re mains in large part uncorrected in the latest published figures, though signs of a change are in evidence Juring 1919 and early 1920, despite our favorable balance of trade with the world as a whole, we were losi zold heavily because of our adv | balance of trade with the non-Euro- n world. The closing months of 0 corrected this a consequence gold and goods in had the awkward combination o apidly rising commodity prices and growing tension in the money mar- ket | “Governmental expenditure continued { after the armistice for several months jat a rate of two billion dollars a month, and since the armistice the government has spent practically | much as it did during the war. Gov- ernmental expenditure has tapered | off. but still continues very great { “Municipalities, able to tax ex- | empt securities, made excessive de ]v,—nm and acceptance of =& { | | | |1 | of losing both foreign trade, mands on the monecy, commodity #nd markets at a time when th was already too great “With the return of four million men | to industry from the Army and Navy in 1919, we witnessed a sharp declin {in the physical volume of goods pro | duced in the United States in 1919 as compared with 191 Government Financial Exports. abor | str: export balance with Europe ed by the government down to the middle of 1919, went on on open account after the middle of 1919, cre- ating an unfunded debt of Europe 1o private creditors in the United States. which we estimated at three and & half billion dollars on September 15, 1920, and which by now substantially exceeds four billion dollars. This used a tremendous drain on Amer can banks. which expanded their loans and investments over twenty- five per cent from April i1, 1919, te April 8, 1920. This expausion occurre@ despite’a decline in government bor- rowing from the banks. It was due partly to direct loans by Americar banks to European importers. on the guaranty of European banks. but more to the fact that American busi- ness men and cxchange speculators who were tving up their working canital in advances to Europe, were oblized to have rocourse to American banks to replenis their working capital. It was also in part due to the rising prices d speculation which the general situation created.” The even greater expansion of British banks (41 per cent from June, 1919, to Jume. 1920). was due to similar causes, as Britain supplied Z00ds and services on vredit to the continent of Furope and took over from New York the greater part of | the floating oblizations of the conti- nent to New York, assuming #n turn I direct obligations to New York. Falling exchange rates when due solely to distorted trade balances tend” to correct themselves through checking imports and increasing ex ports on the part of the country whose currency is below par. When however. exchange rates are de | clining because of the sinking value | of irredeemable paper money due {to increasing financial difficulties of governments or issuing banks, this generalization ceases to hold. Rising prices, due to depreciating paper money, likewise fail to check con- sumption. Anticipating further de- clines in exchanze rates and further increases in prices, people become ex- | travagant and speculators buy goods more recklessly. Production. more- over, is hampered oy fluctuating and falling values of irredeemable paper money, in View of the impossibility of forecasting future prices and future costs. The greatest single evil in the { world today is the unsound paper money of the continent of Europe Of ‘that reduced part of our labor i and resources which was devoted to the production of capital, a substan- tial part was misdirected during 1913 and early 1920. Government shin- building continued on a great scal We overexpanded the automobi in- dustry. We neglected railroad equip ment, public utilities. and housir | Unwise expansion has ceased. New operations of the right sort are being planned. . The Shell Shock. Business psychology in 1919 and early 1920 manifested an irrational exaltation of an extreme sort. From this we swung to a state of shell shock in December of 1920. Today we have recovered from shell shock { Business men are facing facts | squarely, with caution, but with | courage. Progress taken place si in credit liquidation has 1ce October of 1920, but monetary ease has not yet been achieved. The reserve ratio of the federal reserve system in ‘recent weeks has been rising slowly at the rate o° a fraction of 1 per cent & { week. A much more thoroughgoin: | payiug off of loans will have to pre- cede real ease in the money market ! Price readjustment has gone far. so far as the general average of { wholesale prices is concerned, but an { harmonious price system has not vet been achieved. Further declines in | the general average may be looked for. Problems Manageable. | Our problems are manageable, but they are not ail solved. Our general | business and credit system is ex | ceedingly strong. Our businesses | generally made wise use of the enor- { mous profits of the war and post- war boom. Dividend policies were | conservative. Over sixteen billions ! of corporate profits were turned back to surplus. Inventories and other assets were conservatively estimated The total wealth of the country, over $250,000,000,000, is enormously greater than the volume of credits resting on it. Credit risks have been diffused. | by a variety of wise practices. There | are, moreover. distinct signs of re viving aetivity in lines where price readjustment has been most drastie, jana the lines where trade is stil | deadlocked will do well to learn that their - prosperity is to be found in competitive open market conditions. Sl e NEW YORK COFFEE MARKET. { NEW YORK. February 26.—The market for coffee Cutures opened un- | changed to 4 _oints lower uuder some further scaltering liquiaation showing of the nd Later, how - | earl the indifferent cables from Brazil. an improvement was reported lin Santos, while there was talk of a4 better tone in the cost and freight | market, and futures rallied on cov {ering for over the week end. May Sold up 1o 6.60 and July to 7.05, and {the market closed at a net advance fof 3 to 10 points. Closing bids: March, 6.23: May, 6.63; July, 7.04: September, 7.43 October, 7.55, and De- cember, 7.77. Spot coffee quiet. Rio 7s, 61ab%: Santos 4s, 91:ald. Cost and freight offers were reported higher, ranging from about 875 to 9.00 for Santos and around .60 for Rio 7s, American credits.