Evening Star Newspaper, January 21, 1922, Page 16

16 SUGGESTS BOND REFUNDING FOREIGN DEBT " "FINANCIAL. PLAN FOR . New York Financier Sgya I¢ Would Revive Business and Also Relieve People "of Heavy Tax Burdens. Suggestions for refunding the for- eign debt, which he belleves would result in a revival of business and at the same time relieve the Ameri- can people of heavy tax burdens, have been submitted to the Senate finance committee and Secretary Mellon of the Treasury Department by B. F. Yoakum, a prominent financier of New York city. Briefly, his plan is to have the debtor nations issue fifty-year 4% per cent bonds and deposit them with the United States, which in turn_would Issue bonds against them at fifty cents on the dollar, or $5.000,000,000. “The United States is for the mo- ment the industrial leader of nations, and one of the biggest problems re- lating to other nations is the adjust- ment of the indebtedness of foreign nations to this country for money loaned them to prosegute the war, said Mr. Yoakum. “Prompt actlon on the part of the United States will enable its debtor nations to formu- late their future financial plans un- der a definite program. which they cannot well do until this settlement is out of the way. After the great Work of rehabilitation of the world i once started under a definite con- structive policy, everything of the res cent past wil be forgotten. Terms Should Be Liberal. “The terms of settlement we should propose to nations owing us large sums should be liberal on our part, which I endeavored to point out in the following letter I wrote Secre- tary of the Treasury Mellon: “*I am respectfully submitting for your cousideration the broad outlines of a plan under which I believe eco- nomlc, financial and industrial relief could be brought to the United States and Europe. “‘Permit me to add that in my opinion the United States should take the lead in this matter. Our init tive and leadership would thus relieve the ‘debtor nations of an_embarrass- ment which all debtors feel in pro- Posing a settlement of obligations to the creditor on any other than a cash basis. “‘Tha enthusiasm displayed by the civilized world over the plan offered by this country for the reduction of naval armament shows how eager the United States is for definite policies affecting its immediate future. Enormous Tax Burden. ““The people and their business are suffering from an enormous tax burden, and they will acclaim a fixed and definite plan that may be agreed upon by the international conference for the limitation of armament as a means of relieving them from the stupendous load of taXes that is now hampering them “'The_delegates of foreign nations now in Washington at the confere are far more fearful of the de: tive possibilities that threaten their Tespective countries thr ugh financial failure and bankruptey than any Other probdem confronting them. “*Apparéntly their co-operation in the effort to definitely agree upon armament limitation is _ sincere. They must realize that this is the first time that a sound and popular basis has been offered. Common Intcrest in War, ““The War was fought by all the allies for the good of each, and it be- | came necessary for such of the allied | and_associated powers as were able | to do 80 °to extened loans to each | other, to the end of enabling them | Jointly to conquer an enemy, to which | enemy, if successful, all the allied and | associated nations would have been! forced to pay an enormous tribute for an indefirite duration of time.. “‘In the face of these financial re- quirements the United States loaned the following amounts: 39,634, | a feasible Proposition that might be workedi out by you through which each of uu~| debtor nations would issue their fifty- vear 41; per cent -obligations, payable semi-annually, with 2 per cent sink- ing fund, aggregating approximately $10,000,000,000, this full debt by the respective’ countries to become due and collectible immediately should any of the debtor nations go to war with the United States. “‘Issue against the total of these foreign obligations $5.000,000,000 fifty year bonds of the United States draw ing the same Interest or an interest charge not exceeding 5 per cent. This country Wwould soon absorb the $5.- 000,000,000 issue, thereby relieving our people of the burden that is now 50 retarding our business and eco- nomio_recovery from the effects of the war. Go further, include in the principal twelve months’ interest. which would give them that much additional time to get more vigor. ously under way. Require no col lateral from them. Let them hav RESORTS. “‘It occurs to me that Travel Informationr { heavy on the bourse today. the full benefit of all their resources. nder this mort of arrangement it would be good business for us. ‘Two Reasons for Collateral ““The suggestion to deposit the foreign obligations in the nature of collateral to the United States loan | is not because the government needs to put up the collateral, but for two reasons more substantial: . It insures an income of almost double the interest charge agaln the $5,000,000,000 bond issue of th government, thereby more than re- imburding this country for the in- terest on its bonds. ‘2. And, of equal importance, the existing obligations of the foreign countries would in this way be se- cured agalnst their use for other pur- poses which are being suggested every day by congressmen and others in public life who are offering and favoring various schemes to use these obligations as well as the in- terest accruing thereon. If such a scheme for funding this country’s cash distribution to its allies to en- able them successfully to prosecute the war were adopted the effect would be dynamical and greatly aid in the revival of business in_the United States and throughout Europe. Time Extension Necessary. “'On the other hand, there is no fisputing the fact that all of the na- ions indebted to the United States are struggling to avért calamitous disaster and cannot, under any cir- cumstances, be expected to meet their obligations without a lonj ex- tension of time. If this extension is given them now, it would not only encourage them but provide a basis upon Which they could make their calculations and work with better heart and determination. “‘It goes without saying that a great revival of business in Europe is essential to our domestic pros- perity and an expansion of our for- eign trade. The effect of every nail driven in Europe is felt in this coun- ' CURB MARKET ACTIVE. Several New High Records Are Es- tablished Today. NEW YORK, January 21 (Special).— On the curb exchange today several new high records were established, notably in Combustion Engineering and Cleveland Motors in the early dealings. 1t was reported from the floor that commission house buying in these issues was on a large scale, the demand for the first-named coming from a prominent firm of banke Th trend in the market wa. 1 g)wn- Wwas rather heq in some issues during was again in evi- vice issues, and in Cities S there was a ste of the other recen Profit taking b was throughout the mis- t. the coal stocks and the tobaccos being in moderate sup- ply and moving upward. Intercon- tinental Rubber was slightly lower, and an easier tendéncy was displayed jin Goodyear common. while the pre- ferred advanced. Pressure was in evi- dence also in the mining group. STOCK FIRM SUSPENDS. PHILADELPHIA, January 21.—Re- ceivers were appointed today for the stock brokerage firm of Edwin E. Kohn & Co., on a bill in_equity filed in common ‘pleas court by creditors alleging insolvency. The bill claimed the concern’s liabilities would reach at least $500,000, and that the assets would not be over $200,000, “probably less.” Members of the firm admitted its_insolvency: NEW YORK, January 21.—The New York Consolidated Stock Exchange announced today suspension of the firm of Edwin E. Kohn & Co. of Philadelphig. PARIS BOURSE HEAVY. PARIS, January 21.—Prices were Three ent rentes. 55 francs 95 centimes. per * Exchange London, 52 francs 5 cen- times. Five per cent loan, 80 francs 20 centimes. at 12 francs 47 centimes. COFFEE MARKET STEADY. NEW YORK, January 21.—Coffee, Rio, 7, 91-16; futures, steady; March, 8.54; July, 8.34. —— NEW YORK BANK STATEMENT. NEW YORK, January 21.—The ac- tual condition of the clearing house banks and trust companies for the week shows that they hold $39,625,- 70 in excess of legal requirements. This i8 an increase of $23,467,670 from last week. ——e BAR SILVER QUOTATIONS. NEW YORK, January 21.—Foreign bar silver, 643%; Mexican dollars, 49%. LONDON, January 21.—Bar silver, | 34% pence per ounce; money, 3% per cent. Discount rates, short bills, 3% per cent; three months’ bills, 313-16 per cent. RESORTS. " The AR Mr. Foster Service. wishes to serve you, To help you plan your winter trip, to give you desired in- formation about winter resorts, cruises—travel any and Mr. Foster has forty information offices, in all parts of this broad land, offices in all of the principal re- . sorts of Florida, California and other winter resort territory and he has, therefore, reliable and up-to-date knowledge of hotels, routes, resorts and winter sports, Mr. Foster will help plan your trip, secure tickets and reservations, give cards of introduction, advise about outfi charge of fes ever, everywhere. You are invited to (Oppo The dollar was quoted | tting, and thére is no - Ask Mz. Foster PRICESOF STOCKS GENERALLY LENER Today’s Market Is Given Over Very Much to Profit . Taking. Special Dispatch to The NEW YORK, January 21.—The stock market today was given over very much to profit taking or realizing sales induced very naturally by the advance of previous days. Recent favorites among the steel and sugar Broups ‘came off very sharply for a time and the balance of the list was s | dragged along, but the d¥cline was moderate and had no significance be- yond the normal reaction in a market Which has been going rapidly up and in which_attractive profits have ac- cumulated in the hands of speculators. As against the main drift downward, there were numerous points of strength among individual stocks. . The “steel mefger” and the “sugar merger” were for the moment set aside, and today it was the ‘‘copper merger” which held the center of the stage. Very heavy buying of Kennecott, Chile and Utah—stocks of the three companies considered most likely to figure in any copper combination— carried the whole metal group up- ward. This provided the main feature of the day and helped to ease the ef- fect of realizing sales in other di- rections. Traction Bonds and Stocks. Traction bonds and stocks, espe- cially the Interborough Rapid Transit 6s and Manhattan elevated guaran- teed stock, made prompt response to the remarkable statement of the In- terborough Rapid Transit Company president in reply to that brought against the company in the federal court, in which it was dlsclosed that fixed charges were now being earned n.g :he result of steady reduction in costs. Outside of the stock exchange there was_little of Importance to record. Exchange rates moved very slightly and the commodity markets did scarcely anything. Closing prices were generally lower. Sales approximated 500,000 = shares. Liberty bonds eased and other bonds were. steady. WEEK’S GRAIN MARKET SHOWS UPWARD TREND CHICAGO, January 21.—Wheat has shown a decided tendency toward higher prices this week, largely as a result of prospective greater Euro- pean demand, together with taik of {2 coming_ shortage in the domestic supply. { the market this morning was up 1% | to 23 a bushel. | _Other gains for the weck were cor I % to 2iazlk; oats, Ya¥, and pro- visions, 10 to 50, Announcement that world stocks of { wheat hud - nearly 5,000,000 | bushels in « W and that estimates j of the Australian surplus were being sharply reduced gave some point to hopefulness about a greater call ahead from Europe for wheat The buying side of the mar T | Feports from Okluhoma ana clsewhe | southwest, and later because of word of the presence of the grecn bug pest in Texas, Oklahoma and Kansas. | Then came farm reserve estimates | which, if accurate. would seem to ini i ply that except for mill and country | elevator stocks the United States was facing & shortage of 0,000,000 bushels of wheat before the 1 would be available July 1. y snowfall, In the southwest, affording needed molsture and protection winter wheat, led, however, to a mod erate downturn from the top prices of the week. Corf and oats derived, their gains for the most part from the action of wheat. Besides, there was further export buying of corn, and estimated farm reserves of corn were cut down. Scantiness of provision stocks tended to lift'the value of provisions. —_— DRY GOODS NORMAL. Dullness in Cloth Imparts Easier Tone to Prints. NEW YORK, January 21 (Special). —The dullness of the last week in the | cloth markets has had the effect of ](mparflnz an easier tone to print clotha While there has been no pro- nounced downward revision of prices. as {the market was described toda “goft.”” Southern 3815-inch 64x60, yard clothe were said to be available from first hands at 8%, and 73% was considered the market for southern 60x48, 6.25-yard. Prices are considered nominal be- cause there was not enough business to test the market. Sheetings were quiet also. | BANANA SHIPS WITHDRAWN . BALTIMORE, January 19.—With the arrival here of the steamer Bella from Jamaica to a local trading company with 11,000 bunches of bananas, that ship will join the Phaliron to be laid up temporarily. It is given out as rea- sons for this action that prices in Jamalica for fruit are so low that plant- ers refuse to cut and deliver. The , Oritani, to the United Fruit Company, arrived with 18,642 bunches. RESORTS. 4 i i 503 14th St. NW, site New Willard Hotel) THE EVENING STAR, Compared with a week ago |4 STOCK MARKET KEYNOTE SEEN IN PROGNOSIS FOR NEW YEAR Forecast of Industrial Unions to Reduce Mergers and Business Production Costs Reflected in Wall Street Trend. BY STUART.P. WEST, Special Dispatch to The Star. NEW YORK, January 21.—At the outset of the New Year the prediction ‘was made that 1922 would be a period of active competition, relatively low commercial prices, and consequently small profit margin: To meet these conditions, every energy must be bent to reduce production costs, and it was pointed out that one of the most effective ways of doing this was for large corporations, which would make little or no money going it alone, to get together and form single units, with all that/this would mean In the way of economy and saving. Conse- quently, it was also predicted that 1922 would be a year of industrial]en combinations, the union of producers and manufacturers acting under the impulse of a mutual necessity. In this prognosis lies the keynote of the present Wall street movement. The stock market foresees great mergers of enterprises Impending and is discounting their effect not only upon security prices, but upon general business conditions as well. But it has remained fgr this week's market to awaken to the great sig- nificance of these probable consolida- tions, first as a factor in reviving speculation, and second as & help to trade recovery. Investment Demand Still Keen. Everything that has happened in the financial week is of some consequence besodes the movement on the stock exchange. It was clearly shown that the investment demand i still as keen as ever by the wonderful oversub- scription of the thirty-milllon-dollar Southern rallway bonds, the sequel to which was an allotment of only 20 per cent for the small applicants and of only 10 per cent for the large. But there ig still no reason to change the view that the greater part of the bond list reached about the best that could be expected in the December boom, and that the great advance from June to January had pretty well | measured the decline in the Inlerenll rate and the rise in the purchasing power of the dollar. This judgment has been supported Grain, Produce LOCAL WHOLESALE PRICES. | tiy fresh, per dozen, athern, 40. per Ib., 18: chickens, | sprin | each, | Dressed {aprini ch iper 1L, 30; 1 i Keys, per Ib. | 60at It | 4. small, per 1b, 12a | Calves. choice, per 1b., cho per 1b, 9; bbl, 6.00a Pork—Dres 01 v stock. lanibs, 1ozs, per Ib., 9. Green fruits—Apples,-per 10.50; per bu. basket, 3.50a3.25: west- [ ern, per box, 2z.7sai.50. California i o per box. 4.00a4.50; California (U | lemo | orange: Grz .00. a_oranges, 4.00a ad . —Potatoes. No. 1, per bhl. 00; per sack, 390a4 {gweet potatocs, per bbl, 4.00; Lettuce, southern, per crate, 2.00a2 Romaine L celery, or doz., 5. -, 1.2522.00. " Cy 0. Spinach, per bbl, per | Cabbage, {bers. 3.0026.00. 4.00a {5.0027.00._Beans, | Sprouts. 20430 per quart. Peppers, per | crate, 3.50a4.50. DAIRY MARKETS. BALTIMORE, January 21 (Special). —Live poultry—Turkeys, pound, 35a 45; old toms, 35a40; poor and crooked breasts, 30; young chickens, 25a30; thin and white leghorns, 18a24: old small and_ white leghorns, osters, 15; ducks, 23a3f 15a25; pigeon: pair, 30a35; guinea fowl. each, 25a60. Dressed poultry—Turkeys, 35a45; old toms, 35a40; poorly dressed and thin, 3 hickens, 22a25; old roosters, 1 ucks, 25a30; geese, 20a23; capons, 30a42, Eggs—Loss off—Native and nearby, firsts, dozen, 40; southern, 37. Butter—Creamery, fancy, pound, 37a38; prints, 38a40; nearby creamer: 33a4¢; ladles, 26a28; rolls, 20a2. store packed, 18; dairy prints, 20a23; process butter, 32a33. CHICAGO LIVE STOCK MARKET. CHICAGO, January 156 (United States bureau_ of markets).—Cattle — Re- ceipts, 600 head; compared with week ago, beef steers and fat ‘cows and heifers mostly 25 to 50 _cents lowe canners and _cutters fully stead; bulls, 15 to 25 lower; veal calves, 75 higher; common and medium grade feeder ' steers, weak to 25 lower; others and stockers steady. Hogs—Receipts, 11,000 head: active; mostly 10 to 16 higher than Friday's average; packing sows and plgs about steady; shippers about b5.50; good clearance; top, 8.75, on light ll‘hu; very few over bulk, 8.00a8.35. Sheep—Receipts, 3,000; today’s re- ceipts nearly all packers direct; come pared with week 8go, fat lambs 26 to 40 higher; fat sheep and yearlings, 26 to 50 higher; feeder lambs, 50. to 75 higher; weak closing at the high spot. —— FOREIGN EXCHANGE. Selling checks—dollar values at close today. 421% Budapest ..... :18 812" Pragu 7.80 Wamaw . 1081 51 Copenbagen ...20.06 Cbristiania 5.70 Stockhol 95 By the Associated Press. NEW YORK, January 21—Foreign exchange irregular. Great Britain, demand, 4.20%; cables, 4.213%; sixty- day bills on banks, 4.17%. France, demand, 8.0¢3; cables, 8.10. Italy, demand, 4.37%; cables, 4. No! , demand, 15.60. Sweden, de- mand, 24.87. Denmark, demand, 19.95. Switzerland, demand, 19.41. Spain, de- mand, 14.92. - Greece, demand, 4.30. Argentine, demand, 33.87. Brazll, de- 12.62. Montreal, 94%. mand, BERLIN BANK STATEMENT. BERLIN, January 21.—The state- ments of the reichsbank as of Jan- uary 14 shows the following changes: Total coin and bullion decreased 22,000 marks. Gold decreased 3,000 marks. Treasury notes decreased 4,897,316,000 marks. Investments increased 7,173, 000 markas. Other securities Increased 26,126,000 marks. Notes in ciroulation decreased 545,935,000 marks. Deposits decreased 65,318,609,000 marks. Oth 1iabilities decreased 775,080,000 marks. Total gold holdings 995,892,000 marks. —_— RESORTS. . ATLANTIC CITY. er [chamber of deputles Mr. Lloyd still furt! by the action of the money market during the past week. In consequence of curtailment of Wall street supply, the money rate went up to 4% and 5 per cent, This made 1itself felt as an additional check upon the investment market, which had been planning sn adjustment of its prices to 3% per cent money. Credit Position Unchanged. ‘The advance in the Wall street loan market has signified absolutely no change In the general credit position. 1t is merely a diversion of funds from one quarter to another. The federal reserve reports are the true guide to the banking situation, and, with the reserve ratio up to 76 per cent this situation g the strongest in five years —that is, since before the United States tered the war. With little more than & year the inflation of the war period has been undone, while e nations of the world, in the course of settling their trade debts, have added the enormous sum of $700,000,~ 000 to our stock of gold. The general business outlook appears very little different from what it did at the close of last week. Steel manu- facturers are looking forward to the spring, anticipating that building and other construction projects will be re- sumed then on a large scale and that this, added to the railroad buying, will considerably expand mill operations, even if it does not bring much of a rise in prices. Latest reports from the ‘woolen industry are good, but the cotton market has had another object lesson that the trade is not ready to follow prices up from the present level. Franes and Marks Fall. ‘Whatever outside opinion may be as to the policy of the new French govern- ment n insisting upon the most rigor- ous enforcement of German reparations, it is plain that the international money markets do not like it. Not only has the value of the German mark steadily fallen since the Poincare ministry came into power, but French exchange has come down still more proportionately. What this weakness in francs clearly reflects I8 a revival of the old fear that Gormany, pressed to the wall, would =ay mat it could not pay, and that it would not be as eaty a matter to collect in- demnity by the forcible measures pro- posed s some French statesmen pro- fess to think. (Copyright, 1922.) and Live Stock GRAIN AND PROVISIONS. BALTIMORE, January —Potatoes, white, 150 lbs 2.00a2.25; 0 u. Cabbage, a2.50. Carrots, 70 Cau wer, crate, 1.00 0z., 7681.50. Cucumbers, 3.5024.00. Horseradish, le, bbl., 1.2581.50. Lettuce, basket, 1. . _Onions, 100 1bs..” 6.50a7.00; 2, 2.50a3.50. Oyster plants, bunch, 8a$. I bu., 75a%0. Peas, hamper, Peppers, crate, 3.00a4.50. bunch, 3ad. Savoy cabbage, bu., T5a85. Spinach, bu., 73al.00. Squash, crate, 3.50a4.00. crate, 3.0046.50. Turnip: 0. Appl , 5.00a8.00; No. 2, 3.5085.00; .23a2.50; box apple 25n4.00, Cranberries, bbL, 35.00. Grapefr box, Oranges. box, 2.50a4.23, strap, 4.50a6:30. Strawberries, qt, 50 a60. a; bu., Closing Prices at Noen. Wheat—No. 1 red winter, spot, no No. 2 red winter, spot, 1.20%; No. 2 red winter, garlicky, 1181, Sale—Carlot of No. 2 red winter, garlick, &pot, 1.181; per bushel. Corn—Cob corn, old, yellow, quoted 3.00 per barrel; No. 3 corn, spot, 59%; No. 4 corn, spot, 58% per bushel; corn yellow, No. 2, domestic or better, 62 asked per bushel. Sales—7,000 bushels of No. 2, port yellow, spot, 61 per bushel; 1,690 bushels of No. 2, white, 60% perlgenting loans or discounts bushel; 1,690 bushels of No. 3 white, WASHINGTON, D. O, BATURDAY, JANUARY 21 FARMERS CREDITS SOUGHT IN REPORT Commission Would Have Bet- ter Adaptation of Existing Bank Agencies. Recommendations that existing banking agencies be adapted to meet the credit requirements of farmers is made in the second section of the re- port of the joint congressional com- mission on agricultural inquiry, sub- mitted yesterday, coupled with a criti- clsm of the Federal Reserve Board's policy during the months following the armistice. Representative Anderson, republi- can, Minnesota, 18 chairman of the commission. The report deals with banking and financial resources of the country, especially as affecting agri- cultural interests. It stresses the im- portance of filling the gap between short and long time credit, and con- cludes that the “present” gap can be “eftectively and safely” bridged “without the necessity of establish- ing any new or untried machinery, and without sacrificing any of the fundamental principles upon which both the farm loan system and the federal reserve system must rest.” Farmers' Conditions Reviewed. Reviewing conditions that have con- fronted farmers since the war, the fon of the commis- sion that a policy of restriction of loans a@d discounts by advances in the discount rates of the federal re- serve banks could and should have been adopted in the early part of 1919, notwithstanding the difficulty which the Treasury Department an- ticipated in floating the victory loan if such a policy were adopted. “It is also the opinion of the com- mission that had this policy been adopted in_the early part of 1919 much of the expansion, speculation and extravagance which character- ized the post-war period could have been avoided. Might Have Averted Trouble. “The commission also belleves that had such a policy been adopted in 1919 the difficulties, hardships and losres which occurred in 1920-1921 as a resuit of the process of deflation and liquidation ~would have been diminished.” The report summarizes the commis- sion’s recommendations as to better credit facllities for agricultural in- terests thus: “The commission believes that the credit problem of the farmer can best be met by adapting existing banking agencies to hls credit re- quirements. In meeting these re- quirements there is no reason why, without destroying their utility for the purposes for which they “were originally created, all of the banking agencies of the country can not be d by adapting them lo the farm- er's requircments. These require- ments are for credit of sufficient maturity to make payment possible out of the proceeds of the farm, This means u credit running from six months to_three years, depending upon the character of the commodi- ties to be produced aud marketed. In the case of crops six months may bé in some instances sufficient, but in the case of live stock three years may be required. Remedy in Proposals. “The commission proposes to meet these requirements by authorizing jany federal Iand bank, through a sep- arate department created in it under restrictions, limitations, conditions and regulations adopted by the Farm Loan Board, to rediscount paper on which money has been advanced to or used by the farmer for agricultural purposes having a maturity of not . {less than six months or more than ithree vears at rates of discount to be fixed by the Farm Loan Board for any national bank, &tate bank, trust com- pany, savings institution or live stock loan company. “In addition the commission deems it desirable to permit the federal land banks to make loans direct to co- operative associations of farmers or- ganized under state laws for the pur- pose of marketing staple agricultural products when such loans are secured by warehouse receipts upon such products. “The notes or obligmlonsbrepu- v federal land banks are to be convert- 59 per bushel: 1,690 bushels of No. 4|ed into short-time debentures and white, 5712 per bushel. - Baglot of 2 yellow, 60y per bushel; baglot of No. 3 yellow, 58% per bushel; bag- lot of No. 4 yellow, 57% per bushe baglot of 2 mixed. 603 per bushel; bagilot of No. 3 mixed, 58% per bushel; baglot of No. 4 mixed, 57% ts — White, No." 2, 46a46 e bushel; No. 3, 4315a44% per hu‘ubhe{ 7 Rye—Nearby, 85a95 per bushel; No. 2 western export, spot, nong;mt;uon’n '—Receipts, 38 tons; ra is 17.00 to 21.00 for good to - o!shLyr.lnd gfllld hay. Sheton)t w—No. 1 rye, nominal, 15.90; No. 1 wheat, tangied, 11.00; No. 1 oat, nominal, 110011{50. PiNeLoat; CHICAGO, January 21.—Traders on the Chicago Board of Trade were in & waiting mood at the start of to- day’s sesslon. Trade was light, senti- ment mixed and the market seemed ;;len. S ay started 1§ lower to uncha: at 1.13% to 1.14%. Initial flt\lre:‘fi?‘ lower at: 1.01% to R Holders of corn were in;’lnn%‘“:% ‘ade in favor of oats ‘Th lling was not wide lt:d. D-Ptloe‘r‘l 800A recovéred. May started 3 1 ower to unchanged at 631, to 53%ab3l4; July began at, 56, later gal: igher at the opening, 3 b . 39%. There was a gain of*3 In the first hour, Provisions reflected a stronger mar- ket in live hogs. Trade -was light and prices generally 2% to 5 higher. Potatoes—Weak; receipts, 30 cars; total United States shipments, 480 cars; Wisconsin sacked, round, white, 2.0022.10; Minnesota and Michigan, sacked, round, white, 1.90a2.05. LBuyitE by ‘I‘ixr'un‘ Sommission houses er wheat oss later :‘z‘ngns new high ,t:r the 3 Was reco -tak! checked the advance, but the ““?5 tone was stron, 0 1.16 and Jul X Corn stre) ened with wheat, but b lolaz' Lo nu-r;' range by cash uses e 'Inal roes 4 May, 53% to fiu ‘and July, m;?"" WHBAT Low. Closa. w oo I BRI BN Joly ool <+ B - iy 2 omomyome NEW YORK, January 21.—Lard— Firm; middle west, 10.10a10.20. Other articles unchanged. EXCHANGE REFLECTS TALKS. BERLIN, January 21.—Foreign ex- change has showed a marked advance all along the line as &-result, finan- ¢lers pointed out, of Premier Poln- care’s dediaration in' the ¥French George and M. Poingare, says the Boersen Zeftung, ars two statesmen ‘whose utterances inevitably react on the bourse—*“When the Englishmen talks bad weather sets in, whereas the Frenchman's utterances invari- ably result in a bullish movement.” FUR CATCH HEAVY. SARANAC LAKE, N Y., January 21. —Fur buyers in the Adirondacks dx- clare the present season would be marked by the largest harvest of pelta on record, with the trappers recelving approximately $1,600,000. Prices are 40 per oent sold to the public in the same way as farm loan bonds are now sold. “It is proposed further that notes taken or discounted by a federal land bank shall be eligible for rediscount with any federal reserve bank, when such loans have reached a maturity of less than six months. In addition, any federal reserve bank is authoriz- ed to buy and sell the debentures is- sued by the Farm Loan Board to the same extent and in the same way as they now buy and sell farm loan bonds.” CONTINUED LIQUIDATION LOWERS WEEK’'S COTTON NEW YORK, January 21.—There |at present, there is a feeling that the was continuedsliquidation of pre-holi- | spring will show better demand and day purchases in the cotton market here during the earlier part of the past week and prices made new low ground for the movement. March contracts, for instance, sold oft to 17.25, making & decline of very near- ly $10 per bale from the high prices touched at the beginning of the new year. This decline was accompanied by rts of scattering spot liquida- tion in the south with an n| basis, but there seemed to be some improvement in demand just below the 17-cent level for May deliveries, and there was probably some trade buying as well as covering on later week rallies of some 50 to 75 points from the lowest. The buying, however, ¥4 not broaden sufficiently to suggest any very marked improvement in senti- ment, and brokers reported a more or less unsettled tone in the end week market. Advices from the cotton goods trade indicate that buyers have been hold- ing off in the expectation that fu: ther declines in raw material markets or reductions in mill wages might give them a lower buying basis. Thi fallure of demand to become mol active while so many goods buyers were here in attendance on the con- vention Wwas & disappointment to traders in cotton futures, which prob- ably contributed to the enormous market, and there was also some ap- prehension_of unfavorable develop- ments in chester based on re- ports of & strained financial position among some of the Lancashire manu- facturers. ‘The census report showing domes- tic consumption of 511,600 bales for the month of December was more fa- vorable than looked for, but had only a momentary effect on the market. SUGAR MERGER LIKELY. Committes Is Reported Working on Plans and Details, January 21—A mer- NEW YORK, of large pnqnol:r" and refining [ mand. teresta lsau Sugar Com; Indies Bugar 5 fnoluding the Cuban-Amer- y, the National e Cotporation, the ce Corporation, the New Niquero Sugar Com&tny and is reported by the New York Herald to be under way. A committee of representatives of the interested concerns has been ap- pointed, it says, to work out details and bankers have discussed plans for effecting the merger. The transaction will not require new financing as it is to be accomplished through an ex- change of shares. —_—— R o atons! gt end of mmel a , &0 Vice president of the Chat ® | north. | ! and bituminous prives are not expect- ed to advance materially, Steel men lare not only increasing output, but are enlarging their plants. Attention is now being turncd toward produc- tion of tonnage for railroad car re- * FINANCI BOTH TRADER AND BUYER AL. Ra EXPECT MORE FOR THE DOLLAR Rigid Price. Resistance of purcha;ing Public Forcing Quality, Service °1'f 4 & 4] Efficiency, if Not Quantity. BY J. C. ROYLE. Special Dispatch to The Star. NEW YORK, January 21.—More for a dollar! That phrase represents the guiding principle of American business life just at present and It works both ways. It represents both the attitude of the buyer and the seller and of the employer and the workers on his payroll. Business men and workers expect to give more as well as get more for a dollar than they did in 1921, That trend, however, necessarily mean lower lower wages. In some industries there is every indication that both prices and wages will be maintained at not less than present levels for at least six months to come. But there 18 o rigid price resistance from the buying public which must be taken into consideration. Recognizing this. manufacturers, wholesalers, jobbers and retailers are endeavoring to give more for a dollar in quality or serv- ice or efficiency, If not in quantity. Lobor, while determined as & pur- chaser to get more for its doilar. realizing as a producer the necessity of giving more for a Wollar in per- sonal efliciency and reduction of waste. More Stable Business Conditions. This spread determination to both give and get more for a dollar i8 bringing buyer and seller closer together in an increasing develop- ment of more stable and more active business conditions. ~Business di patches received in the last twenty- four hours make this evident. These developments will continue if econ- omy, conservatism and efficiency are stressed above stimulation and expansion. A lower turnover {s fnevitable, ac- cording to leading financiers and business men here, and profit mar- gins must be narrow and effected through reduction of _production costs. A more rapid turnover, how- ever, is making itself evident on every side. Accumulated stocks have been absorbed to a large extent and present and future nceds must be met from current production. This means greater business ullvl!y;l:’ll: does not prices or expansion of manufactures. tendency has made itself plainly felt In increased production since Janu- ary 1. Raw material is going into the factorics in larger quantities and freight shipments are increasing. Conl Strike Threat. | Threat of a coal strike in April still 1s too off to have affected the de mand although an Increase perceptible, w' iled to etiffen prices. nthracite stocks in reserve er, h are ample quirements and prodacts used in auto- mobile manufacture The opening of tb American Woolen C: counted on to aid s 1 of market in woolens. as it will indicate | the probable trend of prices. Perhaps the most striking development of the present situation is the marked in-| crease in quotations on raw wool. The | Tdzho, Montana and Oregon clips are | being cleaned up at prices ranging from 20 to 50 per cent advance over levels which obtained at the latter part of 1921, Wage Cuts in Mills. ‘Wage reductions in the cotton mills of some of the New England states 1s having a tendency to stabilize trad- ing, although the spot cotton situa- tion still ix uncertain. Lumber mills are increasing their outputs in the northwest, Michigan and the south, and lumber men anticipate one of thelr best years in 1922. The resump- tion of metal mining, even with re- duced wage scales, Is pouring millions from the mine and smelter pay rolls into the cash registers of the west and fall lines of the ny Monday is abilization of the Needed moisture in the great grain- growing sections has improved agri- cultural prospects, and this is being reflected in increased demand for farm implements and machinery. Rec- | ord production of oil is believed by | oil men to forecagt further cuts in the price of gasoline. There is also & tendency noticeable in widely sep- arated sections toward the reduction of pricps of candy. Savings deposits in geneéral are on the increase. Commodity Reports From Various Sections Dried Fruits. EW YORK, January 21 (Special). —Although there is remarkably little buying of dried fruits in this market this feeling is keeping prices firm. Candy. ATLANTA, January 21 (Special).— Some candy manufacturers here have cut prices approximately 20 per cent on most of their products. Automobiles. CLEVELAND, January 21 (Special). 8 | —Production of trucks at the White Motor Company plant is still below sales. The last year were 53 per osnt of those of 1920. Dry Goods. ST. LOUIS, January 21 (Special)— Wholesale dry goods merchants here have received large orders in the last few days from Texas, New Mexico and Arizona for complete stocks and for large assortments for spring trade. Salesmen report increasing confidence in improved conditions in all sections of the south and west. ¢ Paint and Varaish, KANSAS CITY, January 21 (Spe- olal).—Kansas City paint and var- nish firms did a business of $12,000,000 in 1921, or about 35 per cent leas than the year before. The loss in the dollar value of sales is accounted for by the lowering of prices last year Hostery. January 21 (Spe- clal).—The popularity of low shoes for winter has stimulated sales of wool hoslery at the mills here and salesmen on the road are sending in orders sufficlent to keep the mills ‘The effect also has been felt by woolen and worstad yarn man facturers, who are doing an excel- lent business. ‘Wireless Telephones. PITTSBURGH, January-21 (Special). ~—Radio business 18 crowding man facturers. - Although the Westing- house Company is selling $1,000,000 worth of the apparatus each month, the big cannot meet the de- 'ew. machines will be placed on the market in the near future. The apparatus sold is practically all for use in homes to provide entertain- ment, and it is estimated that 60,000 “listein” on each evening’s program sent out from the local station. Wool. | BUENOS AIRES January 21 (Spe- clal).—Germany is exchanging ma- terial for the Argentine state rail- roads for raw wool. Some of the coarse Argentine wool has been .in storage for two years. Iren Pipe. turing cast 1. ’ i ot v e che i —_— KNotes. CALUMET, Mich., January 81 0y clal).—The present prices of no“’cr. a cheaper labor supply, lower prices for materials that enter into produc- tion of copper and lower money rates have combined to luce & more optimistic feeling throughout the Michigan copper country. A tre- mendous amount of repair work must be done at many properties before copper can be produced. Ground has fallen and caved and many of the concentrating tables in the millshave warped. About 5,000 men are now holding themselves in readiness to return to work underground. —Many miners who have left the district are ex- D:'{::d to return when the mines re- sume. TRACTIONS LEAD IN BOND TRADING Aside From Interborough’s Activity Market Is Featureless. Special Dispatch to The Star. NEW YORK, January 21 (Special).— Interborough Rapid Transit securities were the leaders in today’s bond mar- ket. The refunding 55 were up nearly 2 points to a new high, and the Inter- borough Metropolitan 4lis gained a point. These advances were the direct result of the summary by President Hedley of the Interborough of the economies which had been put Into ef- fect during the past year, a consequence of which was a steady reduction in the deficit month by month, during h a 21. In July there was a deficit of nearly $739,000. In December this had been changed into a surplus, after charges, of $19,300. Aside from the activity in tractions, the market was featureless. Forelgn government bonds were strong, with speclal attention paid to Japanese second loan, at a fraction advance, the French government Tls and 88 around yesterda, closing level, wiss 85 up over a half point and | Bern & Liberty Bonds Soft. Liberty bonds continued soft. Cer- reo de Pas d Chile Copper were quite he ¥ dealt in, and the was particular strength Mexican Petroleum 8s of the representative issues. Canadian provincial bonds contin- ued active and strong this week. The demand was heaviest for 6 per oent securities. Ontario 6s of 1928 were 99 bid, offered at 99';. The 6s of 1930 991 bid, offered at 10034; the 6s_of 1943 were 104% bid, offered at 1 Manitoba 68 of 1930 were 9913 bid, offered at 100; the 6s of 1946 were 104 bid, offered at 104%, and the b3 of 1922 were 991; bid, offered at 100. Bankers in this country are report- ed to have negotiated a loan for the city of Porto Allegro, capital of the state of Rio Grande del Sul, Brazil. STEEL AND IRON SHARES , FEATURE WEEK’S STOCKS NEW YORK, January 21.—The stock market threw off its l.r!hy this week when steel and iron shares became the central features at gai of 5 to 30 points for the so-called in- dependent issues. Inquiry for these stocks came in large part from speculative quarters, but observers noted substantial ab- sorption by certain interests which are believed to represent bankers con= nected with proposed consolidations. Gulf States Steel overshadowed the list at an extreme advance of 30 points, but part of this advantage was canceled on denial that Henry Ford interests were setking control. Rails were the disappointing fea- tures, their dullness and occasional reactions retracting from the strength of the general list. The only trans- portations to display any degree of strength were cotton carriers and some of the popular grangers. Money rates stiffened as a result of the drawing down of local reserv. by interfor banks and heavy pa. ments for federal account. Call loa again rose 1o 6 per cent, but most a commodations were offered nearer the 5 per cent rate. Time funds were available at 412 to 43 per cent, and some short maturities were nego- ;ln‘tedlu 4% per cent on prime col- atera king circles little at- paid to the unsettled foreign exchange markets. Leading remittances moved decidedly against home centers on the apprehension ex- cited by French political conditions. ASK 150 LAKE CRAFT BACK. DETROIT, January 21.—Approxi mately 150 éteamships taken from the BT lakes to the Atlantic seaboard during the war and now tn?m chiefly in coastwise trade, would be returned to the lakes by the United States Shipping Board, under a reso- lution framed for action at a mee ing of the directors of the board of commerce here. ‘WOOL NOW IN STOCK. BOSTON, January 21.—The amount of wool now in stock throughout the country, as shown by the annual can- vass of the Commercial Bulletin, was 113,272,337 on December 31, it is an- nounced. ‘The figures a year 280 were 275,707,481, —_— OCOTTON MARKETS. NEW YORK, January 21.—The cotton market was extremely during today’s early trading. The mrllu ‘was 4 to 9 points higher on & ©Oove ering for over the end, with March selll around 17.80 to 17.88 Part of the little business reported ook~ sisted of switching with spot peopls, buying near months and selling the summer positions. There was a little foreign buying of the later deliveries ‘at the opening, but not significant trading feature. Futures opened steady, January un- quoted: March 17.80; May 17.41; July 17:00; October 16.35. Futures closed quiet. January 17.76; March 17. May 17.3¢; July 16.89; October 16.30. Spot cotton quiet, middling 18.05. from the census bureau the thln:q Monday morning. In the half hour of the session the trading months rose 5 to 7 points to 16.8& for March. Futures opened qulet. ,W.. 16.85; March, 16.78; May, 16.67; July, 16.34; October, 15.65. o . -\ At a level 6 to 7 points tion of closing contracts -end came on the market ang remainder of the session. Driges’ inclined to sag in a small way.. A% lowest March stood at 16.72, and list showed losses of 3 to 6 points yesterday’s finals. The close was 1 up to 8 down net en the de¥, with Marek et 1875 Bl