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About The Omaha morning bee. (Omaha [Neb.]) 1922-1927 | View Entire Issue (Jan. 8, 1923)
The Business Barometer Iliis Week’s Outlook iu Commerce, Finance, Agriculture and Industry Based on Current Developments. Bv THEODORE II. PRIC K. Editor. Commerce and FI nance. New lork. Copyrliht, 1923. Among the many review* and forecast* sponsored by prominent business men and published In the papers at New Year's 1 found only on* that was not confidently optimistic. It was written by Edward E. I*oor. who is one of the best know dry goods merchants in New York. He sava: "The year 19 23 opens with prices for cotton, wool, silk and other raw products on a high level, and tills fact seems to indicate to many people that general and continued prosperity is again with us "Those now following charts of past - wndirlons ss guides or aids for future actions, may read their various charts *» indicating active and prosperous times. The Harvard committee on economic re “-Hirh lies apparently great faith that its j • harts indicate prosperity through the1 f rst half of the rear, and leading mem- j hers of the administration are reported to j believe that conditions were never bright-1 er for a continuance of Improvement in] all lines of buslne-s •Vredit will apparently be obtainable in volume on reasonable terms, but the fact , »ia* been noted in the trade that the j high prices of raw material and high wages are forcing many mills and iner- [ • l ants to seek financial help outs.de of , their regular sources of supply. Alula are again running to capacity and arc generallv sold ahead for two or three months at price* which appear high, and yet do not compensate them for the present L'5-cent price of cotton. "Labor !* fully employed, and in many manufacturing tenter* an actual .scarcity exist*, partly caused by the working of the laws restricting immigration Labor is ••gain preparing to ask for a return of tbe 22It per tent, which was cut from their wage* !n January, 1921. "The wholesalers have been uettvely en gaged selling to i he retailers at prices he U.w present levels, and arc now replenish tg their stocks i current prices, hoping that the retailers will later follow the market upward. "The retailers are reported to lia' c done a 'large business, their holiday trade hav ing been greater than for Severn I years* but tiny have been selling goods below i he present level of prices, evidently be lieving that they could only pass their goods along to the consumer at low and attractive prices. "The foregoing facts would h em to In ti .ate prospt rout times, but the test of ' hether or uol we are actually to have them, will com" during th« spring months. '• hen the ultimate consumer is asked to par materially higher prices, and judg ing by this action during the past two .'ears, he may again go on strike. "Arc u .* mi anon losing sight of the costly lessons of 1920 and 1921. which fol lowed, a* a natural sequence, I he wild boom day* of 1919? With disturbed con ditions throughout the® world and with many disturbing question* before us in on • own country, why would not all. iitanufactuprers. merchants. Jobbers and retailer* be better off ami far happier by practicing ‘caution' at least during the first nix weeks of the present year?” Mr. Poor's view* arc quoted because he I* one of the very small minority ami it % generally wise to give careful atten- 1 t on to those who have the courage to differ from a p’-ponderant majority. Expected Rarely Happens. It 's an obi saying that the expected rarely happens, the reason being that a thing universally expected i* universally prepared for or ‘Miscounted.” This prob ably explains why the new year did not ..pen with th« rush that some anticipated after rending tlie glow ng predictions of; prosperity ttiat wm-e given out by Secre- J tar> Hoover and many others who seem to have embraced the prevalent philosophy of auto-suggestion and believe that 'day bv day in every way" things will improve If we but keep on faying they are im proving. At a time of acute depression auto-su gestion has its place and its uses in busf j ness us well as jn pathology, but when every one has become optimistic we may 1 be misled if we look only at the high lights hi the picture. The fact seems to bo that we have reached a point at which any further ex pansion in our domestic trade is largely | dependent upon an extension in our for eign trade and that the latter ia in turn chiefly a question of when and how eco 1 nomr order can be brought out of the economic chaos that presently prevails in j Europe This is coming to be clearly understood on both sides the Atlantic and therefore it whs entirely natural that last week's markets should ha\e had a good tinder ton-’ as long as It appeared probable that an agreement with regard to reparations I would be reached in Paris. Hut on Thursday afternoon, when it was announced that the Paris conference had ! dlrbi nded because am agreement upon the J reparation que tion could not be reached J stocks, foreign exchange and most spec ulative commodities declined quite sharply. I Agreement Expected. That the breakup of the conference I marks only a stage in the haggling that j seems necessary to placa'e political opln* i ion in France is generally believed in the Fnited States. It is sl*.n believed that the compulsion "f events will ultimately bring shout art agreement that will be followed j by a great International loan to Germany. Hut action in the political drama is like ly to he slow and in the interim and un til Europe is financially recomposed the | markets of this country will probably 1 be alternately weak and strong Of these alternations those whose .iudg ment is unaffected by the reponderant opinion of the moment, may take ad vantage to buy and sell, but in their op erations they should always allow for the outburst of enthusiasm that is likely to follow when it is finally announced that the vexatious rjuestion of repara tions has been settled. No Developments. To review the market in detail would bo to thiash old straw. In none of them have there been any striking develop ments. A distinct revival of activit> is reported in the steel industry, and copper j continues firm at 14"* cents. The Christ mas trade seems to have been good and i the drygoods jobbers say that, there is i fair demand, though the ordets are chiefly j for small lots. The cold weather lias emphasized the shortage of coal in New York and New England, and the government is again be ing urged to tak** over the coal mines and operate them. So mo very large issues of new securities have been offered and sold. ( The weekly report of the federal reserve i bank shows a reserve ratio of 71.0 per [ con *. as compare*] with 7.' two weeks j ago. In the same two weeks gold re- ! serves have increased by f '..iiuO.OfiO, and the circulation lias decreased by $40,000. 000. The other changes are not important. No Activity Expected. As January and February are genet al ly *|Ui**t months on the stock exchange, as well an In the retail and Jobbing trades, no unusual activity is to be expected be fore March, unles by an unlooked-for meeting of minds in Europe American co operation in arranging n loan to Ger many. shall b« made possible. 8udi a contingency seems remote, but ns it must occur sometime it is well to bo on the lookout for It. Trade Rwicw. End of End of Bank Clearings (Brads.feel s! lai! week. pie. Ions week. U‘i > «r I ill thousands.. M.SfM** M.bM.t.40 ; Business failures 44a “*,* 62? c Kederal Reserve rat o .. .1 3 r t . i <> Security Prices, X. Y sitovk Exchange: j 20 Industrials . ®?-4~ 79 Railroad.. »;•«* !«!' iJ'Xj 10 Bonds. •. s9 “!* SS"5 " ■'* Commodity Prices. , . ,. . „ Wheat. May delivery. Chicago ... .. *li9 * *'■;*« corn. May delivery. Chicago. • -J? * Cork, ribs, January delivery. Chicago . 10.90 ’ . 0 ' .I ltecf, good dressed steers, Chicago ... 16 00 1'' 1!'r...n • Sugar, refined. New York. •*;».* •?;}» Coffee, Ulo No. 7, New York .. . -Ill's 11 ‘ I’otton. middling. New York .. . 764., * 9 ‘nars Print cloths. New York .. •?'?* '....J Wool, domestic average. New York .... Silk. No. 1. Slnshiu. New York . S 40_ 9 . ' -.Ois. Rubber, crude, plantation. New York... '^ « ' s Hides, pack. No t. New York . .7000 •**« ..'ij * Iron. No. 7. Philadelphia .. -S..6 ;*•]* Steel billets. Pittsburgh . 'l6 o°_3t> “0___ Chicago Grain Chicago, Jan. T.—Action of the grain markets has disappointed its friends, due largely to failure of the export demand to reach the propor tions expected, continued heavy pri mary receipts of all grains which have been tire largest in five years in the aggregate and a smaller general consumptive trade at primary mar kets than was anticipated some time ago. Liquidation in wheat by local and eastern interests lias been unusually heavy, with a break of 9?»c for May and (i'jc for July front the recent high point. The wheat lias apparently passed into weaker hands and the trade at present is mostly bearish on all grains, with expectations of ir regular declines following all bulges. At present there is no disposition on the part of large interests to take the buying side and the trade in gon eral is also inclined to go slow, fear ing the usual Argentine competition and the disposition is to look for a further break, because January 10 is regarded as a calendar time for sell ing. It might develop, however, that all bearish conditions have been dis counted by tbe recent break. >11 Scarcity In Supply. Tlie ntn 11st lea t situation In wheat docs not at present show any scarcity of sup plies cither In the United Stales or in i anada. or as regards the quantity in transit fur Europe. It Is claimed that Europe need* L’eo.ouo.uuu ousneis mov wheat than last year. In the 19 weeks from August 1 to December 9. Europe look 17,000.not) bushel.* more wheat than m the previous year and supplies on ocean passage are 1 n.uun.nuo bushels larger than a year ago. At the rat*- of 10,000.000 bushels a week shipped from leading export countries for the 26 w >eks to July 1. there would he 260,000,000 bush els Shipment* of such volume can easily be* supplied from loading surplus produc ing countries. Milling business has picked up here and at other points. Trading in cash grains Is now oh a May bas s. Minne apolis prices arc near an import basis and miller* throughout the country are taking n fair quantity of Canadian wheat. Close nt l osses for Week. May wheat closed Saturday at 91.17 1 18. "a loss of 4\C for the week. July was 91.10*4® 1.10:4, n loss of 399c. Sep tember finlahed at $1.07 ® 1.07 V4. *1 be ing It* first week s trading. Corn receipt# at primary markets de creased 2,286.000 bushel* last week, but Avere the largest for the first week in January in more than five years. The decline WM due, in a measure, to a sharp drop in rash value* which closed at l1*® 1 \r under May for No. 3 grades, while recently there were a good premium over the May. The big run in the last week in December was brought about by the filing of December shipment contracts and to take advantage of cash premiums paid for last month's delivery. The only new feature in the oats situa tion is that a few traders have become convinced that oat* have been neglected too long an dshould do better, as prices are only £>®6c higher than a year ago and the visible supply' is much lighter. Outside markets are paying relatively higher prices than Chicago and drawing grain from this territory. Metal Market Review. New York. Jan. « —The steel market during the first week of the new year has developed a very firm tone Prices while somewhat irregular, show a strong upward tendency ami the placing of large order4 for forward deliver} by lug consumers is taken as strong evidence of confidence in the future; pig iron Is also firm, with a good demand, and tsi som* quarters higher prices are being asked. Copper has been quiet, hut generally steady; domestic consumers appear to have covered the hulk of their immediate requirements. Owing partly to the un settled foreign exchange market and the ti ncert a i n# tes of the European political situation exporters also have shown less inter#st. The effect of last month's large purchase has been reflected in an ab sence of selling pressure, however, and produces are genrally firm at the 14**c. with some asking blight advances for forward deliveries. Tin was irregular, due to the unpromis ing European political situati»»n. Con sumers have shown an interest in prompt metal, but none in futures j head was in a strong position vitn outside markets held abo\e the price quoted by the leading producer. For ward hookings are large garni the trade outlook is satisfactory. Zinc ruled steady with a good domestic inquiry r nd tome European demand for prompt shipment. Antimony, firm, with a better inquiry from consumers, chiefly' for future de livery. PENN MUTUAL LIFE $5,000.00 Policy Coots $69.70 Aye 40; dividends reduce this cost after first year: oryanired 1817: asset* over 200 millions. Write for specimen policy at your aye. GOULD A STURGES, 720 Peters Trust Bldf.—Omaha | Resinol for that skin eruption You don’t have to wait to know that Aesinol Ointment is going to overcome rour skin trouble. It gives such quick relief from the itching and burning and <o generally succeeds in clearing away ;he eruption that, with Resinol Soap, [ it is the standard skin treatment in '.housands of homes. Resinol products sold by all drunrirta. Break chest colds Apply Sloan's. It draws conges* tion to the surface. Starts blood b circulating freely and thus | breaks up the cold / u Sloan’s Liniment vi - kills pain! -f Financial ~ I New York, Jan. T.—One of the pe ‘ ruliarlties of a New Year season is i that, up to the reopening of business after the New Year holiday, every one i in Wall Street is talking of the l ‘ trends" and "tendencies" which we ! are about to witness in finance. I whereas after the resumption of everyday business it is suddenly dls , "trendseovsere -dinaWe I1RDL U l' I covered ‘with a kind of unpleasant j disillusion) that trade and the markets are pursuing their course on the basis of just such temporary incidents as caused the fluctuations of December. It rarely happens that in the markets the firt few weeks of January are anything hut disappointing. Last week was evidently in line with pre cedent. Allowance must naturally be made for the breakdown of the Paris repa rations conference, which assembled January 2. If the selections of that date had meant that the statesmen who fixed it hoped that the treaty powers would, by that time, have turned over a new leaf and readied a fram of mind in which they were sure In agree on whatever was best, then they reckoned too much on New Year influences. Whether England was ill the right, or Prance and the other continental governmentss, in either case the two positions were mu tually incompatible. Markets I’u/zicd. The market* read the reports of the ; 1 proceedings with a kind of hopeless per- ; plexity. It was to have been a wholly I [difference conference from Inst year’s se- ! j lie* of deadlocks; the markets had shown such expectation arul financial circles i had expressed It with considerable con fidence. Y**t here was Brussels and Lon don and Genoa and Lftusanna again, with some change in personnel, but little In the general stuge and none in the dramatic climax. Some people in the financial markets will judge last week's results in the light of the slowly changing attitude of our own government in the matter. Others will Judge it by their own convictions as to the certainty or absence of certainty of reaching a final settlement and of the rest, a good many will Judge it, as they did last week, bylt the action of the market itself. Wall Stre knows by fairly long experience the extent to which the financial community's opinion on a gtvent event, and with it the opinion of other people in touch with the financial com munity, Is shaped by the action of the stock exchange. Not Kaiih' Alarmed. This was clearly the case in the critical da>s of the coal and railroad strikes last summer. The financial world did not grow really alarmed except on the ono nr two clays when prices wavered, and it recovered courage immediately when the one-day reaction* on the stock ex change stopped. The alarming inferences which were drawn after the November election were acardy hard in Wall Street after the market had resumed its ad vance. If a or 4-point decline had occurred last Thursday and Friday, the probability is that at the end of the week tl\e European situation would have been talked about in a far more despondent tone. V’ct the steadiness of tl*1 market, in the face of the news from Paris, does not prove that the news had no disquieting possibilities. Much of this influence of the stock exchange movement on financial feeling ;* purely psychological. It is al ways possible that the market on such occasion* indicates either private informa tion of a reasurlng nature in important quarters or at least a consensus or the best financial judgment on ultimate re sults. It Is also possible, however, that oth*'r influences in the financial situation are so favorable as to upercere and out weigh a distinctly unfavorable develop ment in the European news. Supposing this to be the present case. ; it would leave the reparations tangle to : be judged on its own merits as a future \ influence on finance. This Is not easy to J do. The mere fact that France had taken formal control of certain German cities. ! a pledge of future reparations payment .would not necessarily create a situation very different from the prsont occupation I of the Rhino country by the allied [ armies. X>w York Coffee. New York, Jan. 6.—Tha market for cof fee futures was firmer today. There was a little scattered buying or covering on •lightly higher Brasilian cable*, hut the main features were a moderate trade de mand for near months, presumably to un do hedges. March contracts sold up to $10.05. or 10 points net higher, and into new high ground for the .season, while May also reached a new high level for the movement, selling at 9.70c. The cloae was a few points off from the best under realizing, hut showed a net advance of 1 to 9 points. Sales wore estimated at 31,250 hags. Closing: Jauar.v, 10.50c: March, 10.04-': May. 9.67c; July. 9.26c; September. 8.73c: December. 8.74c. Spot coffee quiet; Jlio 7s, ll*4c; San tos 4b. 161i@15f^c. . ' ■« I '■■■ ' ■ I ' - Omaha Grain Omaha, Jan. 6. V.IIEAT. No. 1 dink hard; 1-5 care, $1.21. Vo. 2 dark hard; 2 ran, $1.16** (smutty): 2 cars, fl ip No. 3 dark hard: l car, $1.15 (0 3 per cert heat damaged, smutty); X car, $1.15 (smutty, 2.4 per cent rye); 1 car, $1.17. No. r dark hard: 1 car, $1.15 (smutty). No. 1 hard winter: 1 car, $1.11; 1 car, $1,104. No. 2 hard winter: 1! cars. $109*.,: 2 (ais. $1,114; 1 car, $1,104; 2 cars. $1.10; 1 1 car. $1.13; 1 car. $1.09; 1 car. Sl.lt. No. hard winter: 1 « ar, $1.15 (77 per cent dark); 1 car, $1.11; 5 cars. $1.09; 1 car, $1.0*4 (0.3 per cent heat dam aged); t—car, $1,084: 1 Car, $1.16 (smut ty. 7s per cent dark.) No 4 hard winter: 1 car. $1.07 (1 per cent heat damage). Xo. 5 hard winter 1 car, $1.06 (1.3 per cent heat damaged); l car, $1.04 (2 pep cent heat damaged); 1 car, \‘1.<j7 (musty). Xo. 3 yellow hard: 1 car, $1.09 4. Xo. 5 yellow hard: 1 car, $l.u5 (1.8 per cent heat damaged). Xo. 1 spring: 2-5 car. $1.23 (dark northern): 1 car, $1.16 (northern). No. 3 spring. I car, $1.16 (drak north ern t ; 1 car. $1.11 (northern); 1 car. $1.14 (dark northern). Sample spring. 1 car, $1.13 (northern (17 per cent damaged). No. 2 mixed; 1 car, $1.12. No. 3 mixed: 1 car, $1.09 (smutty). Xo. 4 mixed: 1 car. 98c (durum loaded out). Xo. 1 durum: 1 car. 99c (red). Xo. 4 durum: 1 car, 98c. CORN. No. 2 white: 2 cars, 65 4c. No. 1 yellow: 1 car, 660. No. 2 yellow: 3 cars. 664c. 8 care, €6e; 1 car. 66 4c. social billing; 1 car, 67 4c, secitfl billings; L car, 664c. No. yellow: l car, 66 4<-, secial hilling; 1 car, 654c; 4 tars. 65c; 2 cars, 63 4c. CORN. No. I mixed; 2 oars. 65c. No. 2 mixed: 4 cars, 65c. No. 3 mixed: 1 cars, eSVfcc; 4 cats. 64V|C. No. 4 mixed: 1 car. 64tyc. OAW. No. 2 w hite: 1 car, 42 lie; 1 c ar. 42c. No. 3 white: l car, 4lHc, heavy; l car/ 41li»c, social billing; 6 cars. 41c. No. 4 white: 1 car, 40 %c, heavy; 3 cars. 40ii.p; 1 car, 40Uc, heat damaged. Sample white: 1 car, 39V&C, 7 4 per heat damaged. HYB. No. ?: 1 car. 81. No. 3: 1 car, SOtyc. barlet. No. 3: 1 car, 63c; 1 car, 62*£c. CHICAGO CLOSING TRICES. By Updike Grain Co. AT. 6312. .7A. 2847. Art. I Open. | High. | Low. | Cloec. f Ye»T" wht. i r i i i May 1.18%l 3.18%: 1.17%1 1.18 I 1.18% 1.18%) I | 1.17% 1.18% July 1.11'il 1.11'il 1.10*. I 1.10% 1.11' a I I 1.10%) 1.10% Sept 1.07% I 1.07% 1.07 I 1.07% 1.07% I 1.07% R>« ' I I II May I 88 % I 88% 87% S7%l 88% July 1.1. .! 85 Corn I t ! I | May 71 71% 70%' 70%! 71% 71% 1 I 71% July 71% 71*. 70%; 70%, 71', 71% I : I Sept | 70% 70 % i 70% 70%' 711* Oat. Ill) May 44% 44%! 43%l 44 ' 44% 44 % I J July 42%l 42%l 41 % f 41 % 42 Sept I 40% I 40%: 40 % I 40',I 40% Card I | I | | July | 11.17 11.17 1 1.02 11.02 I 11.15 May ! 11.42 I 11.45 I 11.20 | 11.33 1 11.40 Riba I I I I I July 10.75 10.75 f 10.75 10,76 I 10.75 May_I 10,70 1 10,75 I 10.70 | 10.70 I 10.70 Oliiineapolia <irnin. Minneapolis, Minn., Jan. 6.—Wheat— Cash No. 1 Northern. $1. IS H @ 1.27 •% . May. >1.19*6: July. $1.15**. Corn—No. 3 yellow, G3Vi@84c. Oats—No. :: white, SS’a^MOc. Barley—49 @ 60c. Rye—-No. 2, 80 %c. Flax—No. 1. 12.74 @2.75. finds l-IJs, is proven remedy checks colds before they de relop into eerioos ailments. It soothes tired, scratchy throats, loosens disagreeshla phlegm and soon breaks np the cold. Nose—don't 1st year cold Hager on—ask toot druggist for DR, KING’S Jos Angeles ^limited S Select train for Southen^j| _c, cilifomia When you travel on the Los Angeles , Limited it’s as though your home or club r were put on wheels. Beautiful, refined , surroundings; ease; comfort; cheeriness. Attendants picked for their courtesy and experience. Luxury, but no extra fare. Pullmans of latest design; standard sleeping cars only. Spacious observation and lounge car. Barber. Valet. Dining cars the pink of neatness — you can dine well for • dollar. Leaves Omaha 9:40 a. m. The CONTINENTAL LIMITED is another fine train with observation, standard, and the money saving tourist sleepers and diner. Leaves Omaha 1:20 a. m. (go to bed 10 p. m. if you like.) Both go the scenic way to Los Angeles—the Rockies, color ful Weber Canyon, Salt Lake City with its Mormon Temple, Tabernacle, marvelous organ and Oraat Salt Laka, the Nevada Canyons and tha oranga groves. I WRITE You can spend the winter very economic I FOR FREE ally in Southern California. Let us tell you 4 BOOKLETS aboutit and send you ffeeillustreted booklet! and hotel, apartment and bungalow lista. For information, aak— A. K. Curte, City Pen. Agent. U. P. Syettm, 1416 Dodge St., Omaha, Phone Jackson jgaa Consolidated Ticket Ofict. Union Station, 10.6 Dodge St., Phono Atlantic 9314 10th and lfarcy Streets Union Pacific ___ _ 45-0 _TRADE REVIEW_ By K. Ci. DIN A CO. No change from the favorable tendencies u business is noted as the new year opens, and in somp quarters the gains ha\ been further extended. As the results of 1922 are anaylzed. It become Increasingly manifest that the early promise of com mercial revival was exceeded in differ i ent instances, adn that the adverse fail* i ure exhibit is mainly a reflection of past depression. An advance of about lt> per | cent in the wholesale commodity price level is one of the evidences of market tecovery. but the rise of production In some basic industries Is a still more sig nificant feature. The record of iron and pteel output leaves no dobut as to the decisive character of the improvement in that quarter, while the building con struction boom has had a large influ ence In view of the fact that many of the Weak spots have been eliminated, there seems reason to expect a continu ance of the upward trend of business, despite the foreign complications and some ' other elements of uncertainty. With mer chandise stocks well liquidated in most cases, buying for replenishment is of larger volume, and it Is an encouraging sign that there is now more disposition to anticipate future requirements Hhia is a phase that not only appears in in dustrial sections were employment of work ers has increased materially, but which also is observed in agricultural communi ties of the west and south, where a better sentiment prevails Reaction in grain prices has come after a sharp advance, vet cotton is maintained on a high basis and official stastlcs show that the pur chasing power of farmers has been ap preciably enhanced. Money Market Kaseir. The year-end tlghcning of the money market, which was a natural develop ment. soon disappeared. rates turning easier early this week. After call lonas had been made at 6*3 per cent, the quo tation was reduced to 31 i per cent, the lowest level touched since the middle of November, and some transactions outside 1 the Stock Kxchange were reported at 3 pcr cent Coincident with the relaxation : in day to-day money, time funds were available at concessions, 4 -1* per cent be- I iug named for all period* While gold con tinued to come in from Kurope, most of it from London, official statistics show that imports last year were on a. much smaller scale than was the *hhv in 1921, the 11 months’ returns Indicating a decrease of rnbout C'i per cent. In contrast, exports of the precious metal increased mod erately. lMg Iron Output Increased. It had been expected that pig Iron output In Decomb r, despite holiday in terruptions. would reach 3,000,000 tons, and the actual make was 3,086.898 tons. To find a parallel for this total, which Is nearly 90 per cent above last year's low level. It is necessary to go back to October, 1920, and aggregate production in 1922. Including charcoal iron, was a little in excess of 27,000.000 tons. A fur ther substantial increase in active fur naces during December is reported by the Iron Age. 15 furnace* blowing in and four going out last month, and 353 furnaces were at work on January 1. The num ber of furnaces in blast more than doubled last year, as only 125 w.-f» in operation hi the beginning of 1923. With the opening of the new year, the general prospects arc highly favorable, and it is now less of a buyers' market than had been antliepated Textile Market* Opened Finn. As had been foreshadowed, the new* year opened with textile markets in a firm position, and with an upward price ten* deney in different quarters. The higher levels already named in primary' divisions will later be passed on to the counters, and Indications point to continued resist ance to advanced prices in consuming channels Reports of retail holiday distri bution. however, have been of an opti mistic character, ami substantial quanti ties of merchandise are expected to be moved at the clearance sales now in ‘ progress. An encouraging feature is thq ' Increased buying power and disposition I In agi h uliural sections, which is begin ning to bo reflected in more Inquiries for goods for future delivery The new \ year started with textile production at a high point, some mills running overtime, and the general labor outlook in * he in dustry ia nioro favorable than was the case a year ago. Hide and I .anther Outlook. The hide trade and allied branches still reflet holiday and yearend characteris tics. hut the general outlook Is favorable. At the opening of the new year, tanners are In an Improved position from the standpoint of holdings of old stocks of leather, and the markets disclose a firm undertone. Where prices have been re adjusted. I ho declines are not large, and most sellers are not disponed to grant concessions to force business. While sea sonal dullness now prevails, an early re. neural of buying Is expected, and th* re nlso is prospect of Increased activity in footw*nr channels. In the latter quarter, pending style shows and conventions at present attract chief attention, but the current month may conceivably bring larger purchasing for spring requirements. In the main, the new year has started rather auspiciously and a confident ton® is manifest. GET THE PRICE on that typewriter you are planning to buy and then get ours. You'll find it 25% to 50% Cheaper We Sell All Kind* of Typewriters All-Makes Typewriter Co. 205 South 18th Street ---I New York brain. Ntw York. Jan. h—Wheat—Spot, easy; No 1 northern spring. $1.44'%; No. 2 red and No 2 hard winter, $1.32 Vs; No. I Manitoba, $1.33\ and No 2 mixed durum. $1 194 « i f track New York spot < orn—Spot, eatiy; No. 2 yellow and No. 2 white. mnd No. 2 mixed, 88o c. 1. f New York all rail OatN -Spot, barely steady; No. 2 white, 54 ©f>4*4« Lard—Eauy; mtddleweat. $11.60© 11.70. Other articles unchanged. Laxatives Replaced By the Use of Nufol Nujol is a lubricant—not a medicine or laxative—so cun not gripe. When you are constipated, not enough of Nature's lu bricating liquid la produced In the bowel to keep tlic food waste soft and moving. Iloctors pre scribe Nujol lutausi' It arts like this natu ral lubricant and thus re places It. Try L_J $50,000,000 Armour and Company of Delaware First Mortgage Twenty-Year 54% Guaranteed Gold Bonds, Series A Dated January 1, 1923 Due january i, 1943 Guaranteed as to principal and interest by Armour and Company, of Illinois Principal and interest payable in New 5 ork or Chicago. Interest payable semi-annually, Januavv 1 and July 1. Coupon bonds in interchangeable denominations of .$1,000, $500 and $100. reg isterable as to^ principal, and fully registered bonds in denominations of $1,000, $5,000, $10,000, and $25,000. Coupon bonds of $1,000 denominations and fully registered bonds are interchange able. Redeemable in whole or in part on sixty days’ notice at 105 and accrued interest. Intere.t payable without deduction of Federal Income Tax deductible at the source, not in excess of 2% Pennsylvania Four Mill Tax Refundable CONTINENTAL AND COMMERCIAL TRUST AND SAVINGS BANK ar i THE CHASE NATIONAL BANK OF THE CITY OF NEW YORK Corporate Trustees CAPITALIZATION To be presently Authorized issued First Mortgage Bonds . (*) $50,000,000 7% Guaranteed Preferred Stock .$100,000,000 60,000,000 Common Stock . 60,000,000 60,000,000 (*) Additional bonds may be issued under restrictions described in Chairman’s letter. From his letter Mr. J. Ogden Armour, Chairman of the Board of Armour and Company, of Illinois, summarizes as follows PROPERTIES AND BUSINESS: The new Com pany has been organized under the laws of the State of Delaware to acquire from Armour and Company, of Illinois, certain of its properties and assets for the purpose of facilitating the adminis tration and financing of its business. The prop erties and assets to be acquired include certain packing houses and cold storage plants, the Armour Fertilizer Works and various other American subsidiaries, all of the South Ameri ca* and Cuban subsidiaries, plants devoted to the manufacture and distribution of by-products, including the Armour Soap Works, and approxi mately $23,000,000 of investments. • All of the common stock of the new Company will be owned by Armour and Company, of Illi nois, which will receive the proceeds of the $50, 000,000 of First Mortgage Twenty-Year 5 U Guaranteed Gold Bonds, Series A, and of the $60,000,000 of 7 rr Guaranteed Preferred Stock, to be presently issued by the new Company. PROCEEDS OF ISSUE: The proceeds of this is sue of $50,000,000 First Mortgage Twenty-Year 5f-i % Guaranteed Gold Bonds, Series A, and of said $60,000,000 par value of 7 ci Guaranteed Preferred Stock will be received by Armour and Company, of Illinois, and used by it for the re tirement of its $59,968,000 7% Ten-Year Con vertible Gold Notes, and its $3,697,2(50 6ro Serial Convertible Gold Debentures, for the re duction of its floating indebtedness, and for its other corporate purposes. SECURITY: Upon completion of the present financing, these bonds, by direct mortgage of the new Company and through the pledge of first mortgage bonds or obligations of subsidiaries, will be secured by a first mortgage upon lands, buildings, machinery, fixed equipment and prop erties appurtenant thereto, appraised by the Amei'ican Appraisal Company at sound values exceeding $85,000,000. EARNINGS: Based upon the earnings of the properties to be acquired by the new1 Company, the net earnings available for interest for the six year period ending October 29. 1921, after ap propriate adjustments and after depreciation and Federal Taxes at present rates, as certified by Price, \Y ate'rhouse & Co., average approxi mately $14,923,000. or more than 5 times the annual interest requirements on the 850,000.000 First Mortgage Twenty-Year 5CT Guaranteed Gold Bonds, Series A, to be presently issued. For the first eleven months of the calendar year 1922, notwithstanding the adverse conditions prevailing during the first half of the year, the net earnings of these properties on the same basis applicable to interest on said $50,000,000 of bonds amount to approximately $7,900,000, or more thton 2zi times the annual interest re quirements'thereon. During the recent period of depression in the in dustry, Armour and Company, of Illinois, suffer ed severe losses, but operations during the past few months have resulted in substantial profits, thus indicating a return toward normal condi tions. ASSETS: The consolidated balance sheet of the new company as of August 26. 1922, after giving effect .to the issuance of its $60,000,000 of Pre ferred Stock and $50,000,000 of First Mortgage ~)Kr'r Guaranteed Gold Bonds, Series A, and the receipt of the proceeds thereof by Armour and Company, of Illinois, as certified by Price, Waterhouse & Co., shows, after deducting all in debtedness except the bonds of this issue, net tangible assets of $178,359,000. As shown there in. the net current assets alone are $£0,424,000. GUARANTY: Armour and Company of Illinois, will unconditionally guarantee, by endorsement on the bonds of this issue, the payment of the principal thereof and interest thereon. Price 96 and Interest, Yielding About 5.85 Per Cent All legal details in connection with this issue will he subject to the approval ot' Messrs. Mayer, Meyer, Austrian & Platt, of Chicago, and Messrs. Rushmore, Bisbee * Stern, of New York for the Bankers, and Mr. Charles J. Faulkner, Jr., of Chicago, for the Company. This offering is made when, as and if issued and accepted by us, subject to the approval of our Counsel. Interim receipts • or temporary bonds will he deliverable in first instance. Blair & Co., Inc. Halsey, Stuart & Co., Inc Continental and Commercial Trust and Savings Bank Kidder, Peabody & Co. The Equitable Trust Company of New York Bankers Trust Company, New York The Union Trust Company of Pittsburgh Illinois Trust & Savings Bank E. H.Rollins & Sons Spencer Trask & Co. Cassatt & Co. Old Colony Trust Company, Boston Clark, Dodge & Co. Redmond & Co. Dominick & Dominick Graham, Parsons & Co. William R. Compton Company W. A. Harriman & Co., Inc. A. G. Becker & Co. Mitchell, Hutchins & Co., Inc. Mercantile Securities Co., San Francisco Federal Securities Corporation Blyth, Witter & Co. Cleveland Trust Co., Cleveland Anglo London Paris Company, San Francisco Cyrus Peirce & Co. Pierson & Co., Amsterdam, Holland The statements contained in this advertisement a-c not guaranteed, but arc based upon information which we beliece to be accurate and reliable