La Grande evening observer., April 23, 1921, Image 7

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MEMBER OF THE "ASSOCIATED PRESS
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VOLtfUlE XXIV
SECTION TWO
LA GtArfDt. OJMGfft SATURDAY. APRIL 23, 1921
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o . Six pages Dumber m 0
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Financial and Business ' . ''
. . Conditions in the'U. S:
With, the extra session of Cong
ress, at which many matters of hust
ifcss and fjnancliil Importance will
presented Tor consideration, the
economic atmosphere has heen to
t some extent clarified by a declara
tion of the new administration's at
titude toward the Versailles Treaty
of Peace and the League of Nations
Covenant. Germany has been frank
ly told that she must accent respon
sibility for the war and that such
settlement as may bo made Between
her and this country will be predi
cated by that acceptance. At the
same time the United States will not
enter the League of Nations as now
constituted, but will formulate a
separate peace with Germany, such
peace, however, to Indicate clearly
this country's focoKnition of the In
terdependence of all nations and Its
determination to assert Its utmost
influence hereafter in preventing In
ternational war. These declarations
of policy, aa yet not fully elaborated
arc helug recolvcd by the business
men of the country as indications
of a desire to have. the major un
certainties of thu present readjust
ment period removed as iiuickly as
possible. It Is believed that a set
tlement of this country's relations
to the new order in Europe; will go
far to stabilizing the world condi
tions, upon which a revival of in
duslry In this country so greatly de
pends. America Dependent.
ThiB matter of American prosper
ity in Its relation to world affairs
was emphasized recently by Francis
K. Slssou, Vice-President of the
Guarantee Trust company of New
York, hi an address before a Joint
mooting of the Illinois Manufactur
ers Association, the Chicago Asso
ciation of Credit Men, and the Chl
cbeo Association of Commerco. De
claring that Americans are too
prone -to think In terms of what the
United Suites means to the remain
der 6f tho world, he said":
"It is high time for us to reallza
fully what tho rest ot the .world, and
especially Kurope, means to this
country. Wo have lately put too
much emphasis on our help to other
nations; we uocd to understand thut
we require their assistance.
'"For the first time, perhaps, our
people as a whole aro beginning to
visualize, If not completely to com
prehend, that economic conditions
in Europe have their reactions here,
and vice versa; t"hi.t consequently
we must think of Europe in terms
of American conditions. In brief,
vo are Just awakening to the reali
sation that, while we did not an
nex a Bquare foot of burope poli
tically in the war, we annexed, al
most unwittingly, a large part of j
mat conuncni. ecunuiiiicuu) . nu
find now that wo cannot withdraw
from it, ir wo would, except at the
sacrifice of our own iprospcrlty
except. Indeed, at the fearful cost
of great economic loss here.
"Tho reactions here or economic
disturbances In Kurope ure begin
ning to manifest themselves so plain
iy that every element ut our hod)
p lltlc the business man. the hank
er, tile nianntnrturcr, tho funnier
and the laboror cunnot fall to boo
and feel them. Tho most patent
and perturbing evidence of those re-
ctloas is the present uncny'lHymciil
in the United States, unquestionably
dtie li considerable part to world
wide conditions."
' Foreign Trlo
The report of the,Buroaii of For
eign and Domestic Commerce on
foreign trade for February shows
a decline from 645. 145,000 to
J489.2D7.CrvO in exports as compar
ed wfth February, 1920, and n de
cline from 47,402,000 to $214.
S25.000 lit Imports as compared
with February a year ago. Imports
for the same periods were $2,757,
338.000 and (3,235,079,000
Aa between" February of this year
and February, 1920, thore wero not
able declines in exports In the case
of Belgium, from $28,145,000 to
$12,137,000; Denmark, from $14.
G59.000 to $2,4,000; France,
from $65,520,000 to $20.4:12,000;
Sweden, from $7.B36.000 to $2,
910.000; Switzerland, from $2.
586,000 to $607,000; United King
dom, from $169,121,000 to $93,
450,000; Canada, from $63,316.
000 to $45,178,000; Brazil, from
$10,443,000 to $6,240,000; and Jap
an, from $34,884,00 to $22,028,
000. Tho notable Increases In ex
ports were: Germany, from $18,
598.000 to $39,619,000; Mexico,
from $12,22.2.000 tp $25,154,000;
Argentina, from $11,612,000 to $l(i
441.000; China, from $7,124,000
to $12,768,000; Dutch East Indies,
from $4,442,000 to $9,689,000;
Australia, from $9,205.0(10 to $13,
465.000; Philippine Inlands, from
$3,568,000 to $5,017,000: Drltlsh
South Africa, rrom $3,990,000 to
$5,017,000; and Egypt, from $645,
000 to $1,623,000.
Imports declined In the case of
all countries oxcopt Germany, where
there was an Increase from $3,881,-'
000 to $4,952,000, and Greece,
where the Incrensn vas from $1,
095,000 to $3,626,000.
itnllroud Earnings
Definitive figures on railroad op-
eration made public on Apfll 1
during tho past six months. It Is
iv that lit January the carrlursfestiinatel that tho addition to this
suffered a deficit ot $1,167,800. Aa
result ot this deficit the carriers
failed by W8. 439,000 to cnn the
amount wiich It was cstlmatod they
would crn because of the Increas
ed rates granted by tho Interstate
Commerco Commission. Of the 202
ailroads reporting, 109 failed to
earn their expenses and taxes). Of
these roads. 45 wero lij the Enstern,
16 In the Southern, sad 48 in tne
Western Districts.
Total operating rovcnues for Jan
uary wore $468 834.000, or an In
crease of 5 1-5 per cent over those
for tho same month in 1920, while
total operating expenses wero $442,-
474.000. an Increase of 6 3-5 per
cent over those tot- tho previous
January. Tho net railway operat
ing Income, however, was a decreaso
of 120.6 per cent under that for Jnn-
nary. 1920. In making these tab
ulations. $54,136,000 in back mall
country's gld supply 'during that
period Is about .$300,000,000, and
11 has been noted that Shore have
been only two six-months' perjods
In which such a total has been ex
ceeded. During tho six months end
ing with Muy, 1917, gold Imports
totalled $545,000,000 as against ex
ports of $143,000,000, and from
Juno to November, 1916, inclusive,
Imports, of gold wero $463,000,000
as compare'd with exports of $70,
006,000. Boforo flio war the record
importation for a six montlra' per
iod was during the panic of 1907,
when $122,000,000 came jn. The
gold resorves of tho Foderal Reserve
System on April 2 totallod .$2,246,
000. Of tho $44,422,000 In gold Im
ported into this country during Feb
ruary, it Is officially stated that 31
per coat enmo from Franco, 2 4 per
cent fratll Klllflalld. 1 3 1-8 nor rent
pay, pain me roaos in i...,.....,., from china. 11 3-4 per cent from
1920, nut uppucanie to u
1919, waB'iiot included.
Despite tho jncre-ase In rates
amounting to 33 1-3 per cent, which
became cffectlvo lust August, frelhl't
traffic revenues increased only .4
1-5 per rent ivor thoso oi' Janua-v,
1920, rhllo passenger ratus. In
creased 20 per cent la. Aurust,
yielded an liiereusc ot on y 14 .1-5
per cent In revenue as computed
with January a year age. This la
explained by the fact that net )on
nilleB for freight decreased 11.7 per
cent and passenger miles decreased
6 1-2 per cent.
Early reports on Fobr't.iry i all
road operatjon indicated a some
what better result than was attained
during January. '
The (.old Movement
Tho Fedora I Reserve Bqarrt'r
statement ot April 2 showing ag
gregate gains or $35,700,000 ill
gold has dlrectod attention to the
magnitude ot the gold movement
23rd. year
Oversize and Power
At Low Cost
When you waul lo use it you will be agreeably surprised io find the surplus or power in the OMMMOMLK
FOUR that will carry you through any emergency of road or traffic.
And that the tonneau has actually as much space as some seven passenger cars. You'll appreciate tins
point when touring and camping time comes. , i ;
The reason is that the Oldmobilc Four was designed deliberately for the average American family, who like
a moderate priced car of sine and power beyond what they normally need.
And it is built o endure so stoutly that the pleasure of the linal cost of the extra service will eclipse even
mat OI inc. attractive iuivncii: pi ice.
i
value.
It will well repay your lime to let us show you why the Oldmobilc Four is so readily' accepted as a better
i- r - ism
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H. BohnehKriip vpo.
Morfel 43 A Olcferioljile Four
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Ilrltlr.h India, and 20 1-8 per cent
rrom half u dozen other countries.
German and Austrian' gold to the
amount of $1,000,0.00 js reported
on its way to this country now, tills
shipment being regarded us thn be
ginning of a considerable movement.
ltiiNiuesH Conditions
Tho second quartor of the year
opens with an appreciable gain in
business confidence...' Irregular und
contradictory us they may at first
glance appear, the reports rrom var
ious sections of the country ure oil
the wholo indicative of an improved
situation. Cortalnly conditions are
no worse than they wero a mouth
ago, and, Indeed, thn element of
greater stability is so pronounced us
to lend to a prediction that before
mid-year h definite turn for the
better will be dcnioiiBlrulcd. There
has boon a slight Increase in railroad
traffic, and an improvement in .tho
railroad labor situation because of
thn policy or retaining efficient
workers only. A n t (invohl lo niunu
facturers are reopening their planln.
Hiiildjng operations are oil the In
crease. Farnl products aro being
disposed or under pressure or a
large new crop and the Inability or
tho bnnkfl to carry both tho hold
over and tho new products. Secre
taries Hoover and Mellon, hacked
by Governor Harding of tho Federal
IteBorvo Hoard, huvo told the cot
ton raisers that they rainint export
tho Government to assume all the
risks or rinanclug the exportation of
cotton, and It appears that some
thing llko personal Initiative is tn
collie to tho rescue or the unhappy
situation In the Smith. The trond
of prices continues downward In the
wholesale markets, 'but 'consumers
stj 1 1 complain that, with one or two
exceptions, retail prices for food and
clothing do not represent these re
cessions in manufacturers' und Job
bers' 'costs.
'J'liu .Money .Market
For the first time since last Nov
nmhntv llin rate for call nionev on
tho New York Stock Exchange fell
below 6 per cent on April 6, when
5 'A per cent was quoted. Loans
at 4 Vz per cent. For the two weeks
previous llin rate for call money
ranged from 6 to 7 per rent, Willi
6 Vt per cent the prevailing rate.
Time fuinlH are still closely held und
Utile business Is being done at the
per cent rate quoted tor both
elusBcH of collateriil. Cullimcrclal
paper rates arc 7 per cent unii
7 per cent.
The li'nporlallona of gold already
referred to nnd the ronlluned re-1
durlion of loans brought the Keder-1
ul llesvrve ml lo of reserves lo de- j
poslta and Federal Reserve Notes up
to 52.4 per cent, on April 2. as mm-
pared with 50.8 per cent the week
before and 42.9 per cent a year. ago.
The New' York hank, wllh a ratio
or 66,7 shows a gain or lfi 7 Blue
tho beginning of Hie year.
t'oiniiniiliiy Mirken
I HON: A few foundries have
been buying Iron fo'r Immediate
shipment, hut not enough to supply
Hie furuHces remaining In JiH'"1
with sufficient work lo keep them
goluir. Production has reached a
low r'ord level, but there is ample
Iron lo supply urrent needs. The
liimk'Ml In Eastern Pennsylvania
and In Hie South are doll and re
ports from lh Pacific oasl still' -
that roiulltlotiH there are In keep 1
lug. Willi Hume In Hie Knst. IMoln-',
I1..MK April 4 were' (!ry Korge.
rilislilirg. 2(j.!'6; .Vj. 2x I'liilsdeK.
phla. 29 r,4. . . i
COSS'KKf Inning the ftl !"
wei-s very Mule i-Umig" ha Vn
noted in Jib" eof; ,sr-. hlb
hat been dull alii jmsctilerf. Ttiei
Bpi(t, i1f(cccnirkol li" 'Vk'
Ing fe lures. Cost and frelfh. tttT
..rt. .. ),... (luRldS have II-
iiTf finned Tlr l'l m'et;
i't . .. il.. ..... 'J,.
also ai been dulio nioa w...
Quoted A ril ' W?l 0a,.d Kiosks .
I at B'A-I'i. 6 I
P .SL'UAJi: The M.ieelB tfpr
!..,.. uiii ili of i Kmergeni y ar-
iff bill vdih urovifion ofnr -in In
crease of the duty oudoiUr. explain i
.o some extent the prjfasjnjt dill
fined sugaiEjnarket has been Qy
dull, wltlwref liters lotln on tho
Oil" of 8c for fine granulated. 8 pot
sugt.r Cuban. s aeg. cent. axij
paid, was quoted April 4 at 6.27;
8.00. 0
COCOA: Because of s; laj-gerl
world supply of cocoa than boforo
rocorded, a decrease of 60 fer cent
In consumption, the shrlnkago of
market value at home and abroad
continues. Tho'fntura of the cocoa
beau market seems unceratln. Quo
tations April 4 were: Bahia. 6V4
7V4; Accra F. P. 7-7 V4: Arriba,
9-14-11; Sanche,.6H-6H. .
11UBBKR: Atthough offorlngs
6f rubber nro comparatively small,
there seems to bo more stock avail
able on spot and la future positions
than is required to meet the limit
ed requirements ot consumption.
Para Up-river, fine, was quoted Ap
ril 4 at 17o.
11I1IKS: Buyers aro showing a
keeuer Intorest In tho general situa
tion. Dry hides continue weak and
some buyers have expressed tho be
lief that prices should bn below
thoso nuked by holders, who show
little Inclination to shade present
quotations. Tho packer hides mar
ket haa -continued dull. llogotus
and Orlnocos wero quoted April; 4
at ll-12c. ...
COTTOfJ. The Impending Eng
lish strike has cast s shadow brer
tho world's cotton markets. 'The ,
Liverpool, Now York, New Orleans
and Alexandria markets hare drop
ped sharply. In tho spot market
sales havo heen small and prices
weak. ,i Thore haB, however, been
some Investment buying. April -4
Middling Upland was quoted at 11.
66c, a drop of 25 points. . '. -:
a.KAD: Tho' lend market has
shown signs of Improvement, al-.
though there has been little demsnd
for that commodity. . A recent-advance
has brought up the prloe ot
thni leading producers to 4.2(0, for
Now York and Kasl St. Louis dellr-.
ery. On April 4 the Metal Ex
change advanced Its settling pries
for Bot on April S points to 4.46c
and quoted 4.60c. for May. 'Tor
F.ust St. Louis nnd equivalent It
quotod 4.25c. tor spot and April, and
4.30c. for May. The London mar-
(Continued on Pag 4.) '
Flood Your Home With Music!
. Instill into your children a love
for good music. Gladden your
dull hours with gay dance tunes.
Soothe your worries with melo
dies of love, life and laughter.
Refresh your spirits with inspir
ing band music and glorious
orchestral selections.
Entertain your friends with &
programme of great music, just
as it is suag or played by fa
mous artists.
2&NEW EDISON
"is Pkitnpk milk Sul"
to fl
'
NKWLIN HOOK & STATIONERY CO.: V 4
Its Easy to Sweep
With a Thor"
Wo arc closing out ti lino or Thor
Sweepers at reduced prices. It will
piiy you to see us ulwut them
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EaMrnv.0reg6flLight!
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l Grande, Oregon.1
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