<- The Business Barometer This Week’s Outlook in Commerce. Finance. Agriculture and Industry Based on Current Developments. By THEODORE H. PRICE. EU tor Commerce and Finance, New Tork. tCopyright. JKS.) Th® markets changed but little last week. The world, and particularly the American business world. Is awaiting with interest and suspense the result of the Frenc h -ff ^t to coerce Germany. The people of the United States sympathize with * he French In their fear of another German invasion. but they doubt the suc « ess of tie french method ow collecting debts by Impoverishing the debtor. There », however, an almost fatuoue belief that the present Involvements will somehow be straightened out and this may explain t ha complacence with which the some what omnious outlook is regarded. The dollar bends of France and Bel gium that are held in the United States hate declined, as was to have been ex. pected, and French and Belgian franca have likewise fallen. Marks have also dropped to a new low level, being now nOotel at hardly more than 9 cents a thousand. At this price their value as an international medium of exchange Is neg !igtble. though they still have more or less purchasing pother In Germany. Sterling, on the other hand, has been surprisingly tteady in the face of the for eign complications, largely because the I'ngllsh commissioners now here to dls • us* the British debt to our government have won the unanimous approval of the financial community by the straightfor ward courage with which they have ap proached the subject. (omment Not Needed. But aside from the fluctuations in foreign exchange and foreign bonds the security market does not call for much < omment. Stocks have been quiet and some large offerings of newly issued bonds have been successfully disposed of. This is especially true of the tax-e;;empt obli gations brought out on behalf of the varl. ous fnderal land bands. The avid ity with which these and other tax-ex empt securites are absorbed by people of large wealth Is In fact one of the dis turbing features of the situation, ns It tends to reduce the government revenue from the income tax and make It Increas ingly difficult for private enterprises to get the capital tt requires. Secretary Mellon is wisely emphasizing this view, hut his utterances are unheeded by a congress which, contrarlly enough, otherwise aceina bent on taxing capital wherever it can be reached. There is in deed a grave posiblllty that the radical senators vflll force a re-enactment of the excess profits tax before the year Is out. forcing the administration to acquiesce by ’he threat of even more disturbing legisla tion. Internal Trade Normal. The commodity tnaikets have fluctu ated within narrow limits. Our Internal i rade is about normal, for there is and Will be nothing to create unusual activity s* long ns the possible disintegration of Germany impends. This may be a blunt statement, but there Is no use blinking th# facts. May Reduce Trade. Before the war the market for our sur plus production included 180.000.000 Rua -lans, as well a.s 65.000,000 Germans We have been cut off from Russia for some time and if a political revolution or up ilsti.g In Germany shall result In the disruption of the present German re public our trade with Europe will be still further reduced. The so-called "Ruhr’ which is really the valley or basin of the River Ruhr, is almost the industrial heart «.f Germany. Its occupation by the French will greatly discourage the Ger man people and seriously reduce their producing power. For these reasons it is to he hoped that some way may be found to avert a « ontlngency whose consequences may be ho depressing, and until the outlook is clearer caution 6»emi to be advisable. Hubert Dollar, the well-known San Francisco merchant and shipowner, has said that the time is not far distant when our trade across the Pacific will exceed our Transplant 1c commerce. I It may be that he Is right and that what is now happening In L'urope la has tening the day of which he spoke. Th* people of the United Stales are In every sense sufficiently resourceful to adjust themselves to any change, but all read justments Involve stress, and stress la not consistent with what is called prosperity. No Immediate Concern. Insofar ts the details of our domestic situation are concerned they are about as usual. There Is enough to worry about but nothing to cause Immediate concern. The coal supply is meager and badly dis tributed. but It looks a.s If we shall worry through the winter without acute distress The operatives in the New England tex ! tile mills are threatening to striae in the (Spring unless their wages are advanced, and the outlook is by many considered grave, but some employers show a dispo sition to meet their employes half way and it may be that serious trouble will be averted. The railroad congestion has been par ! tlally relieved and net earnings make a ) rather better showing Continued Im provement In the steel industry is report ! ed and those who ought to know predict great activity In the building trade when spring opens. New Cotton High. Cotton, like other commodities, hns been unaffected by the developments In Eu rope and made & new high price for this crop while the French were marching into Essen, and fear of a "buyers' strike" which ruled much of the trade not long ago seems to he receding into the dis tance .The trains also are steady and the various cottonseed products are at tracting attention by their advancing prices, which reflected improved demand as much as scarcity of seed. Wool, tin, the lesser metals and nearly all other commodities are firm. The ex pected decline in sugar under the im pact of the new crop has not yet ma terialized to any extent, and if we could be sure that our consumption this year would equal the 102 pounds per capita which, it is now announced, we used last year, no great decline could be looked for. Sugar has shown that a surplus of any widely used commodity can he very quickly transmitted into a scarcity, and rubber, which has advanced to above 30 cents in New York, :» now illustrating the same process. The strength of thb petroleum market in the face of the largest output in our history is also worth noting, it probably reflects the general expectation that 1923 will be our greatest automobile year up to this time. Reports from industrial centers indi cate that v ages are slowly rising and from the agricultural districts they tell of increases in the farmers’ purchasing power and growing optimism among ull who sell to them. Increase In (fold. The weekly statement of the federal! reserve system shows an increase of $13.- ( 000,000 In the gold held, a reduction of) nearly $100,000,000 in circulation, and a decrease of $145,000,000 in discounts. As a result chiefly of these changes the reserve ratio has risen from 71.3 per cent to 73.6 per cent, and an easy money mar ket seem- now assured as far ahead as it is safe to look. It is in fact possible that the plethora of credit by these figures explains the paradoxical steadiness of the markets in the face of the unsettlement overseas, and that the Inflation which has been so long expected as a consequence of our enor mous gold holdings is at last making itself felt. No can say. but we are at least Justified In concluding that America woul.l have no worries of the first mag nitude about which to concern herself If European conditions ceased to be dis turbing. TRADE REVIEW. Bank Clearing* (Bradstreet'a) In thousands . Business failures . Federal Reaerv# ratio . Security Prices, N. Y. Stock Exchange.. CO Industrial* .* 20 Railroad* . 40 Bonds. Commodity Price*: Wheat, May delivery, Chicago . Corn, May delivery, Chicago . Pork riba, Jan. delivery, Chicago ..... Beef; gd. dressed steers. Chicago. Sugar, refined, New York . Coffee. Rio No. 7. New York. cotton) middling, New York. Print cloths. New York . Wool, domestic, average. New York... Silk. No. 1, Slnahiu. New York. Rubber, crude, planta, New York . Hides, pack. No. 1, New fork. Iron. No. 2, Philadelphia. Steel, billets Pittsburgh. End of End of End of East Week Previous Week Lo*t Tear $7,701,912 $8,226,573 $6,931,890 650 445 717 73.6% 71.3% 74.7% 98.12 98 42 79.96 84.59 83.68 74.63 89.00 89.39 85.16 3.20% 1.18% E10% ► 73 .70% 63% • 11.10 10.90 7.87 15.75 16.00 13.50 .0690 .0700 .0480 .11* .11* .09* .2720 .2643 .1825 .07% .07% .05% .7863 .7950 .5929 8 40 8.40 7.83 • 11 % .28% .19% .19% .20 .16% 29.76 28.76 21.34 36.50 36.50 28.00 Omaha Grain January 13, 1923. Total receipts at Omaha were 141 cars as compared with 207 cars last year. Total shipments 113 cars against 209 cars last year. Cash wheat on the Omaha exchange was in fair demand, with prices about unchanged. Corn sold readily at un changed prices. Oats were about un changed. Rye whs quoted l-2o lower with barley nominally unhanged. A lower range of values was reached in the early session of the grain mar ket, but export business in wheat, corn and rye developed on the de cline and prices about faced and a good upturn was soon recorded. Local shorts were eager buyers and there was also a good class of com mission Tiouse buying. The European situation was also an influence in making for higher prices*. WHEAT. No. 2 dark hard: 1 car. $1.22; 1 car, amutty, $1,204; 1 car, $1,17 4 No. 3 dark hard: 1 car, smutty, $1.17. , No. 4 dark hard: 1 car, smutty, $1.17. • No 1 hard winter: 1 car, special bill ing. $1.15; 1 car. live weevil. $1.11. No. 2 hard winter; 1 car, $1.12; 13 3-6 cars. $1.11. No. 3 hard winter; 1 car. $1.11; 1 car. $1,104; 1 car, $1.10; 1 car, smutty, 67 per cent dark, $1.11. No. 4 hard winter: 1 car. smutty, durum' dark. $1.15. No. 6 hard winter: 1 car, musty, $1.09; 1 car, musty, live weevil, $1.09. Sample hard winter: 1 car, live weevil, heat damage. $1.08; 2-6 car. 5 per cent heat damage, $1.01; 1 car, amutty, 9 per cent rye, $1.12. No. 2 yellow hard: 1 car, $1,114; 3 care, $1.11. No. 3 yellow hard: 1 car, $1,104. No. 4 spring. 1 csr, northern, $1.08. No. 1 mixed; 2-5 car, durum, smutty, 99c. No. 2 mixed: 1 car, $1.13. No. 3 mixed: 1 car, $1.10. No. 1 durum: 1 car. $1.00. Nt. 4 dutum: 1 car. 9fc. COHN. No. 1 whits, 1 car, 67 4c. No. 3 white, 1 csr. 67c No. 4 white, 2 cars,, 66 4c. No. 2 yellow, 6 cars, 68c. No. 3 yellow. 1 car, C8c, dry; 3 cars, 67 4c; 4 cars, 674c. No. 4 yellow, 1 car, 67 4c. special bill 1,1 No. 3 mixed. 1 car, C6 4c; 2 cars, 66c. No. 4 mixed. 1 car. 65‘sc. OATS. No. 2 white, 1 car. 43 4c. No. 3 white. 1 car. 424r. special bill ing: 1 car, 424«; special billing; 3 cars, 42 Vic, shippers' weights; 5 cars, 42 Vic. No. 4 white, 1 car. 41c; 2 cars, 414c; 1 car, 42Vic; 1 car, 42c, shippers' weights; 1 car, 42c. RYB. No. 2, cars, 814c. No. 3 ,2 3-3 cars. 81c. OAKLET. No sales. OMAHA RECEIPTS AND SHIPMENTS. (Carlots.) * Week Year Receipts— Today. Ago. Ago. Wheat .. 47 77 1 4 Corn . 05 114 100 Oats . 30 32 28 Rye . * 3 3 Barley . 1 2 2 Shipments— Wheat . M 50x 30 Corn . 49 48 178 Oats . 35 34 29 Rye . 1 * 5 Barley . 1 . . 2 PRIMARY RECEIPTS AND SHIPMENTS. (Bushels.! Receipts— Today. Wk. Ago. Yr. Ago. Wheat .1,289 000 1,252.000 595,000 Corn .l.51«;000 1.100,000 1,687,000 Oats . 829,000 679,000 530,000 Shipments— Wheat . 459.000 845,000 465,000 Corn .3,086.000 883,000 1,084,000 Oat. 952,000 801 000 446,000 EXPORT CLEARANCES. Rntfhels— Todaa\ Year. Ago. Wheat and flour .1,291,000 683.000 Corn . 185,000 372.000 Oats . . 132,000 20,000 CHICAGO RECEIPTS. Week Year i Carlots— Today Ago Ago Wheat . S3 29 16 Com .233 382 205 Oats . 65 116 55 KANSAS CITY RECEIPTS. Week Year Carlots— Today Ago Ago Wheat .215 130 132 Corn . 31 20 5 Oats . 26 5 5 ST. LOUIS RECEIPTS Week Year : Carlots— Today Ago Ago j Wheat . 86 100 41 Corn . 67 74 125 1 Oats . .. .. 62 4 4 62 NORTHWESTERN WHEAT RECEIPTS. Week Year Carlots— Today Ago Ago Minneapolis .436 400 220 Duluth . 64 87 9 Winnipeg .413 539 350 Chicago Potatoes. Chicago, Jan. 13.—Potatoes—Stead> ; re ceipts 63 cars; total United States ship ments, 622 cars; Wisconsin sacked round whites, 80CD90C cwt.; dusties, sacked, 95 ($81.05 cwt.; dusties, hulk. 81.0ft8jl.10 cwt.; Idaho sacked russets. branded, fancy, I1.G5 cwt ; Idaho sacked russets bakers, $1.65 cwt. Clearing House Statement. Now York. Jan. 11.—The actual eondi ! tlon of clearing house banka and trust I c ompanles for the week shows that they I hold $5,093,640 In excess of legal require ments. This is an increase of $42,106, • 580. Legislators .in Caricature ■ - (Sketches by (.raj bill.) ——- • O/VTAHA— SlLTNT Cot tFFECTive, Rn IXjmXTr: I ID FATHFR R‘*«i“e"d SEE jiggs AND maggie IN full Drawn for The Omaha Bee by McManus Dlx 1 VJ I Is VJ U Jr 1 A X U. S. patent Office PACE OF COLORS IN THE SUNDAY BEE . (Copyright 1922) bot 'mother I HAVE SPOKEN' TOO VMLU DO A*b \ ‘&AV-~50 ' THAT’S THAT.' CO AND Oo A*b » TELL, i ^OO-CO’.'. , I DON'T KNOW WHERE OOR DAUGHTER 4ETS HER TEMPER PROM -DUREL-T- MOT PRON iT^J^ * riOrxoo’vE t>T>L.u CtGT iSUU OF POORS' OAX ax DAX -\H EVERT WAX*I'M 4E.TTIH* THE.' r WORVT OF »T.* l -----I Financial New York. Jan. 14.—Tile composure, one may even eay the cheerfulness, with which the financial markets of the last week responded to the news of the actual advance of France into the Ruhr, may give the incident a place in the history of finance illus trative of the capacity of markets to pass judgment in advance on a per plexing hlstorigpl event. The particu lar significance of the last week's re covery on the stock market and in for eign exchange was that it should have occurred at the moment when popular discussion, even the intimations from government circles, were pointing out the disastrous possibilities of the new French policy. But this flat con tradiction of the general run of pub lic opinion is no novelty in the mar ket’s history. The case of the Stock Exchange at the crisis of last summer's coal and railway strikes comes naturally to mind. Even in administration circles, warnings and predictions of the most gravely disturbing character were ut tered, in regard to the probable con sequences of te strikes, but the stock market-obstinately refused to decline; it even advanced, though on a volume of business much reduced as was that of last week. Prophecies Inconsistent. The rise of prices on the “outlaw mar ket" during the Stock Exchange suspen sion of 1914 and after reopening of the Stock Exchange itself In 1915 was wholly inconsistent with prophecies current in Wall Street as to the disaster which was impending to American finance when the gat? should be opened for European in vestors to unload their billions of Amer ican securities. Still further back, there are tho.-* who will recall the stock mar ket of y.prli, 1S98, when the United States declared war on Spain. Professional Wall Street knew what had usually happened to the finance and markets of a nation which went to war; it watched the. tape excitedly on the morning after McKinley's ultimatum. The market’s action astonished every one. Pausing for a day, it presently began to rise, with a rapid and sustained advance the following wee. with foreign exchange moving strongly In our favor and with heavy gold import from Europe. Now, judged In retrospection, it is pos sible to say that in each of those three celebrated cases there was a strong eco nomic situation to set against the dis turbing news. A great/ trade revival was J under way, even at the crisis of last sum mer's labor troubles. When the Spanish war broke out. the elements of the spec taculnr “industrial boom" which reached Its climax In 1900 and 1901 were visibly shaping themselves and the largest wheat ctop ever harvested was fairly in pros pect. Wrong Predictions. But the fact that such consideration may have superseded the bad Influence of the labor dispute or the great European war or our own war with Spain cannot explain away the fast that even in the face of the disturbing episodes, tho mar kets* prophecy was correct. The strikes of 1922 were peaceably settled. The Euro pean war brought immense prosperity to America. The war with Sfoaln was quick ly ended In a victory; it served chiefly to show the unsuspected power and resources of our navy and our Inductries. People who rummage In economic his tory will run across one other famous Instance In which the markets apparently gave the wrong prediction. After Cleve land's defiant Venezuela message to Eng land In December, 1895. the stock ex change first hesitated; then, next day. was tw.pt into a panicky decline ot price*, with a rise of foreign exchange above the gold export point. Hut the aequel to the message was friendly ne gotiation and an entirely amicable settle*, ment of tho dispute. The stock market seemed to have missed its guesa. Yet, Wall Street understood the fBll 111 stoiks better a few months afterward. The situation In the currency, In politics, anil lr foreign exchange had been thought to be aecuie; as a matter of fact, and as was shown l.y later developments, U was so dangerous that the preceding specula*, lion for the rise In stocks h*rt“ market which was a hollow shell It was certain to collapse before very long, the Venezuela message only gave the neceg V‘y >nlMl Three Viewpoints. The present situation is regarded In Wall Street troin three different view* . points, each with its own explanation of , the markets. In some places there will be found a lingering belief that Germany will, ‘n the end, propose an acceptable compromise. in others It la Insisted that only the very promising economic outlook is being reflected and that the markets forward movement in response to that consideration hrs actually been held In check by the European complication. In still, others, the belief Is slowly growing that the French move will not in itself have any unfavorable effect, cither on the political or tho economic situation. The first theory Is guess work; the German government did not make the eleventh-hour proposal when French troops were at the gates of Essen. The second might expluln the stock market, hut It would haid’.y account for the re covery! n foreign exchange. As to tho third, wo shall know more two or three months from now than we can possibly know today. Record of Week's Failures For the fj'x business days of this week reports received by F*. G. Dun & Co. in dicate Increases in the number off ailures in all sections of the United States ss compared with the f gurea for the five, do'’ period precedtner. The total for this week is 540, while last week it was 396, and for the nlx-day week a year ago the total was 719. Defaults with labilities of more than $5,000 In each case number .335 this week, as against 324 last week; in the present week they amount to 61.3 per cent of the total, while a wee ago they were 56.5 per ceknt For the corresponding period a year ago, similar Insolvencies totaled 426, or 59.1 per cent of the total. Canadian failures have increased from 71 last week to 108 this week; for the same week in 1922 they numbered 94. Defaults Involving over $5,000 in each in stance aggregate 46 this week, compared with 34 a week ago and 46 last year. Foreign Exchange. New York. Jan. 13.—Foreign exchanges, easier. Quotations in cents: Great Britain—Demand. $4.67%; cables, $4.67%; 60-day bills on banks, $4.65%. Franco—Demand, 6.94; cables. 6.95. Italy—Demand, 4.94; cables. 4 94%. Belgium—Demand. 6 33: cables. 6.33%. Germany—Demand, .0095; cables. .0096. Holland—Demand. S9.G0; cables. 39.6S. Norway—Demand, 18.66. Sweden—Demand, 26.89.^ Denmark—Demand. 19.07. t Switzerland—Demand. 18 $7. Spain—Demand. 15.70. Greece—Demand, 1.25. Poland—Demand, .0049. Czecho-Slovakia;—Demard. 2.S 8. Argentine—Demand. 37.75. Brazil—Demand. 11.62. Montreal—99%. Bur Silver. t.ondon. Jan. 13.—Bar silver. 31 %d per ounce. Money, 1 % per cent. Discount rates short bills. 2% @2% per cent; three months bills. 2 A Flaxseed. Duluth. Minn . Jan. 13.—Closing cash prices: Flaxseed. January, 2.79c; Febru ary, 2.74c bid; May, 2.53%c asked, July, | t.43 %« bid Omaha Produce (Wholesale.) (By State Department of Agriculture Bureau of Markets and Marketing.) butt ran. Creamery—Local Jobbing price to retail ers Extras. 63c; extras In 60-lb. tube. 62c; standards, 60c; firsts, 48c. Dairy—Buyers are paying 35©37c for best table butter (wrapped roll) and 27c for clean packing stock. BUTT ERF AT. Local buyers paying 44c at country Sta tious; 50c delivered ‘.unahu. EGGS. Market weak and lower. Local buyers are paying around 33c for selected lots of extra quality; No. 2 held eggs und small eggs. 26c; cracvs. 20c. On the basis of case count some buyera are paying about I9.G0 per case for fresh eggs, delivered Omaha. Jobbing price to retailers; Fresh; Spe cials, 3«c; selects, 35e; No. 1 small. 30c. Storage: Selects, 31c; trade, 27c; cracks, 24c. POULTRT. Live—Heavy hens and pullets, 18c; light hens and pullets, 14c; spring roosters, smooth legs, 17c; stags, all sizes, 14o; Leg horn poultry about Sc less; old cocks, 10c; ducks, fat, full feathered. 15c; geeae, fat, full feathered, 16c; turkeys, fat, nine pounda and up, 25c; no culls, sick or crip pled poultry wanted. Dressed—No. 1 dry picked turkeys, hens and young toms, 35c; old lorn turkeys, 30c; No.J5 turkeys, no culls, 20c; ducks, fat. Nor 1. 16c; geese, fat. No. 1, 18c; country shippers should leave heads and feet on dressed poultry. Some local buyers and dealers are ac cepting dressed poultry from country dealers and producers, and rebelling same on lo per cent commission. Jobbing price of dressed poultry to re tailers: Broilers, 35c; springs, 24c; heavy hens, 24c; light hens, 23c; roosters, 17c; ducks, 24c; geese, 24c; turkeys. 45c. CHEESE Local Jobbers are selling American cheeae, fancy grade, at about the follow ing prices: Twins, 30c; single daisies, 31c; double daisies, 30c; Young Americas, 31c; longhorn, 31c; square prints, 31 Vic; ✓brick, 29 4c. BEEF CUTS. The wholesale prices of beef cuts In ef fect today are as follows. Ribs—No. 1, 26c; No. 2. 25c; No. 3, lGc. Loins—No. 1, 32c; No. 2, 30c; No. 3, 18c. Rounds—No. 1, 154c; No. 2, 16c;No. 3, 12c. Chucks—No. 1. 12c; No. 2, 114c; No. 3, 9 4 c. Plates—No. 1, 8c; No. 2, 7 4c; No, 9, f 4 c. FRUITS. Strawberries—Florida, per quart, 60c. Baranaa—Based on selling price of 9 per 11 $4.UO07.6G. Oranges—Extra fancy California navels, per box. according to size, $4.0006.00; choice, 60c less. Lemons—Extra California- 3mo. sizes, per box, $8.50: choice, 300 to 860 sizes, $8.00; Limes, 100, $3.00. (J'lipefrult — Florida ranee all «!*<»*, per box. $5.00; choice quality, $4.0004.59. Cranberries—Bbl.. luu ids., sl3.ouer bhl. $5.50; choice, per bbl., $3.60; Missouri Pippin, fancy, per bbl., $4.25; Northern Spy, per box. $> 9002.25. choice Hood River Winter Banana, per box, $2.00; fancy, $2.75; Spltzenberger. fancy, per box, $2.76; Gano, fancy, per bbl., $4.50. Quinces—California, fancy, per box. $1.00. Pears—Winter Nells, fancy, per box. $3.50; llood River Dutchess, per box, $4.00. Grapes—Red Emperor, per keg, $6.50; Almerla (white), per keg, $9.00. Figs—California, 24 8-oz. carton box. $2.75: 50-carton box, $3.75. Dates — Hollow!, 70-lb. butts, 10c; Dromedary, case. 36-oz.. $0.75. Avocados—Alligator pears, per dozen, $12.00. VEGETABLES. Potatoes—Minnesota Red River Ohio* No. 1, $1.2501.50 per cwt.; Nebraska Early Chios, No. 1, $1.10 per cwt.; No. ", 76c to $1.00 per cwt.; Idaho Russets. $1.60 per cwt.; Netted Gems, $2.00 per cwt. Sweet Potatoes—Bushel basket, $1.75; i»bl.. $5.00. Old Beets. Carrots. Turnips. Parsnips, Rutabagas—Per lb., 2?ic; In sacks, per lb . 2 V4c. Artichokes—Dozen, $2.50. Lettuce—Imperial Valley head, 4-dozen crats, $4.50; per dozen, $1.50; hothouse leaf, j>er dozen bunches, 60c. Peppers—Green, market basket, per lb., 25 c. Egg Plant—Selected, dozen. $3.7503.60. Tomatoes—Florida, 6-basket crate, $9.00. Beans—Southern, wax. hamper. $6,000 7.00. Onions—Southern, per dozen bunches. 75c; Ohio Whites, $3.00 per cwt.; Imported Spanish, crate. $2.50; Red Globes, per lb., 2 4c; yellow’, per lb., 2 4c. Cabbage—Crates, per lb., 24c; sacked. 2c; red, per lb., 3c; celery cabbage, per lb., 15c; Bruss^ll sprouts, per lb., 20c. Celery—Michigan, per dozen, 600760 Id a ho, per dozen, $1.3501.6001.85: Cali fornia (not trimmed), per crate, $7.00. Parsley—Dozen bunches. 90a Spinach—Per bushel, $1.60. Oauliflow’er—California, crates, $2.26. Garlic—Per lb.. 26c. Cucumbers—Hot house, per dozen, $3.60. FEED. Omaha mills and jobbers are selling their products in round lota at the follow ing prices, f. o. b. Omaha: Bran, $24.50; brown shorts, $2G.0Q; gray shorts, $28.00; middlings, $29.00; reddog, $31.60; alfalfa meal, choice. $29.50; No. 1, $26.5(>SNo. 2. $23 00: linseed meal. $57.10; cottonseVd meal. 43 per cent, $52.50; homi ny feed, white. $29.50; yellow. $29.50; buttermilk, condensed, 6 to 9 barrels, 9.1« per lb.; flake buttermilk. 60u to 1,600 lbs., 7 4c per lb.; egg shells, dried and ground, i 100-lb. bags., $25.00 per ton. FLOUR. First patent, H». *7.15: fancy clear U«» *6 00. Quotations are f. o. b. Omaha. HAT. Prices at which Omaha dealer* are telling In carload lota follow: Upland Prairie—No. 1, *15.00#15.i>0; No. 2 *12.00# 14.00. 'Midland Prairie—No. 1, * 14.00# 15.00; No. 2. * 12.00# 13.00; No. 3. *8.00@10.00. Lowland Prairie—No. 1, *10.00 #12.00; No. 2. *8.00#9.00. Alfalfa—Choice, *22.00 # 24.00; vNo. 1, *20.00# 21.50 ; standard, *18.00 #20.00; No. 2. *15.00# 17.00; No. 2. *12.00# 14.00. Straw—Oat, *8.0U#10.00; wheat, *7.00# 9.00. SEED. Omaha buyers are pay>ng the following price* for field aeed. thresher run, #de 11 ve red Omaha. Quotatons are on the basis of hundredweight measure: Seed—Alfalfa, *12.00 to *18.00; red buyers’ weight* and aelectlona, for good* delivered at Omaha: Wool pelts, *1.25 to *2.00 for full wooled skins; spring lambs, 75c to *1.00 for late take off; clips, no value; wool. 30c to »6c. Tallow—No. 1. 7 He; B tallow, 7c; No. 2 clover. *9.00# 17.00; alayke, *8.00 to *15.00; timothy, *4.00 to *0.25; Sudan grass, *7.00 to $9.50; white blossom aweet clover. *6 00 to *11.00; millet, high grade German, *2.25 to 12.75; common millet. *1.50 to *2.00; amber sorghum cane, *2.00@2.75. HIDES. FURS. WOOL. Prices printed below are on the basta^of tallow, 6c; A grease, 7 He; H grease. 7c; yellow, grease, 6He; brown grease. Go. Current receipt hides, lie and 10c; green hides, 9c and 8c; bull*. 8o and 7c; brand ed. 8c; glue hides, 5c; kip. 11# 10c; calf 12#10H«^ deacons, 80c each; glue calf and kip, Dc; horse hide*. *4.60 and *3.50 each; ponies, *1.75 each; colts, 25c each; hog skins. 15o each; dry hide*. No. 1, 15c per lb.; dry salted, 12c lb.: dry glue. Go lb. Fur*—Skunk, central atatea. na»row •tripe. No. 1 large, *3.00; No. 1 medium. *2.00; No. 1 small. *1 60; No. 2 good un prime. *1 oo. Muskrat, western, fall *1.50; medium. *1.00- small. 75c. Raccoon, central, ordinary, large, *5.00; medl im, *3.60; small, *2.26; No. 2. *2.25. M/nk. central, ordinary, large. *5 60; medl im, *3.75: small, *2.25; No. *1 60. W >If, northwestern, soft, large. *12 ou: medMm. *9 00; small, *6.60; No. 2. *3.60. Fox. cen tral. grey, large. **2.00; medium, *1 60; small. 76c: No. 2. 75c. Civet, prime. 60 ©25c. Lynx cat. *8n0#l 00 Braver, le gally caught. *30.00 # 5.00. Fisher, *75.00 010.00 House cat. 60©]0c. Lynx, $16.00 05.00. Otter, $30.0006 00. Weasel, white, S1.0UO26C. Wild cat. $1.60026c. Badger, $1.60Oi0c. Marten. $40.0006.00. B«ar, $35.00 01-00. CHICAGO CLOSING PRICES. ' Hy Updike Grain Co. AT. «3I^. JA.2847. Art. ( Open. I High. I Low. | Close, t Yea. WhlTl T~ i i j ' May 118*' 1.19* 1.17*1 1.1* | 1.19 I 1.18*1 | I 1.19*| 1.19* July | 1.12*| 1.13 H i 1-11*1 M3 I 1-12* I 1.12* I ; 1.13*1 1.12* St p. i 1.08*1 1.09* 1.08 *1 1.09*1 1.09 I 1.09*, Rye | I I Mav | .88*1 .89 .88 I .88*1 .88* July | .84*1 .85 | .84 | .85 | .84* Oorn | | I I | May I .72 | .72*1 .71*1 .73 | .72 .71*1 I I .72*1 .72* July 1 .71 *1 .72*1 .71 *1 .72*1 .71 * I .71*1 I | I .71* Sep. | .71*! .72*1 .71*1 .72*1 .71 * Oats | | I I | May I .44 *1 .45*1 .44*1 ,45*| .44* I .44* I I July | .43 I .42*1 .41*| .42*1 .42* Sep. | .40*1 .40*1 .40*1 .40*| .40* Lard | | I 1 | Jan. 11.07 [11.12 111.07 111.1* 111.12 May 111.22 111.40 >|11.32 ,11.40 111.42 Ribs I I I I | Jan. 110.90 110.90 110.90 110.90 111.00 May (10.90 11 o 90 |10.80 110.SO 110.95 Cotton Future*. New York, Jan. 13.—Cotton future* opened firm; January, 27.32 ; March, 27.60; May. 27.72; July, 27.42 ; October, 26.70. Cotton futurea closed firm; January, 27.53c; March. 27.73r; May, 27.89c; July, 27.64c; October, 25.93c. Chicago Grain Chicago, Jnn. 14.—Financial condi tion in Europe remain the dominat ing influence as a price making fac ton In wheat. Bullish or bearish sta tistics cause fluctuations at times, but the effect la only momentary and In the end the trade returns to a discussion ns to whether Importers can pay for all the grain they teoreti cally require. So far this season the world's tak ings have been less than anticipated, although statisticians do not agree ns to the actual amounts that have en tered international commerce. The figures range front 325,000,000 to 355, 000,000 bushels for the first six months of the crop year. At the inside figure importers would he taking 650,000,000 bushels for the full season ,or somewhaf less than in 1921-22, while should the clearances from January 1 to June 30 equal the outside estimates, the total woulS be 710,000,000 bushels. It will be noted, however, that on the former basis the average shipments must be only 13,000,000 bushels a week, while to equal the outside tig urea clearance will have to average 14.000. 000 bushels. Guest ion About Dill. Whether It would he good policy for " tr* »**.*< the foreign grain credit bill, simply from a business man' stand - . .j »(i question, but at to the be/iefit to be derived by the agricultural dement there la no doubt. German marks can scarcely be considered a medium of international exchange. Francs are now worth over 14 to the dollar, and lira art und 20 to the dollar, compared with 6 to the dollar at the par of exchange. Th»* financial difficulty in doing businesH with Krurope on the basis of debased currency can be easily uderstood. Leading Interests are talking bearish or. wheat values around prevailing levels and look for lower bearish prices. L>ry weather talk from the southwest is in ' *’•- n-*|rp territory west of the Mississippi river needs moisture, but it . at i a crop scare of con sequence. Corn, unlike wheat, is influenced al most entirely by domestic development. There is practically no exportable sur plus of this grain from year to year and consumption depends entirely on tho size of the crop. Consequently those who pay close attention to feeding demands and other fatcors are talking much higher prices ultimately, although generally look ing for the market to hold dose to the prevailing level for some weeks to coine. Talk of nmn'il Revenue. Already there Is talk of small March 1 farm reserver of corn, which seem al most certain, in view of Goodman's re port which allowed a total crop of only 2.139.000. 000 bushels, while the govern ment estimated it at 2,*90,000.000 bush els. , tho latter making no allowance for the acreage abandoned or thHt which went Into silos, etc. Here would be an actual disappearance of 760,000,000 buah ell at least. tin March 1, 1922. farm reserves were given at 1.31:5,000.000 bushels, compared with tots! supplies of 3,373.000,000 buah | els at the beginning of tho season, sug i gestlng a disappearance of 2,060,000,000 bushels. Heavy feeding operations are being car ried on In tho at ate which raised the largest Amounts of corn The coutry is bullish and refuses to sell on the breaks, and small arrivals aro anticipated here t ht' Jattter part of the week. ■^There Is little of a striking feature In the oats situation and in the mam that grain reflects the action of corn. The domestic demand has fallen off and noth ing Is heard regarding foreign Inquiry of consequence. Speculation Is not sufficient ly large to cause Independent action ami at times the market has seemingly been upheld by the strength in corn. • New York C offer. New York. Jan. 13.—There wstf a fur ther advance In the market for coffee futures this morning, owing to contin ued covering by near month shorts and a moderate demand for later deliveries which was supposed to ho partly for Wall street account All months made new high ground, with March selling at 10 75o and July at 9.80c, or about 9 to 17 points net higher on the* general list. There whs considerable realizing at this level, however, and the close was several points off from the best, last prices showing net advances of 3 to 9 points. Males were estimated at about 29.260 bags. January and March, 10.26c; May, 10.26c; July, 9.76c: September. 9.20c; December, 8 88c. Spot Coffee— Firm; Rio 7s, 11 Sc; San tos 4s, IS1* (ft 16Sc Cost and freight of fers included Santos 3s and 6s part Bour bon at 14.25to114.80c, and Hlo 7a at 10.90 (ft 11.00c, American credits. Issued With the Acquiescence of the United States Government, Under the Provisions of the Treaty Dated Marj 22, 1903 $50,000,000 REPUBLIC OF CUBA EXTERNAL LOAN THIRTY YEAR SINKING FUND 5%% GOLD BONDS To Be Dated January 15, 1923. „To Mature January 15, 1953. Interest to Be Payable January 15 and July 15. Not Redeemable for Twenty Tears Except for Sinking Fund. Coupon Bonds in denominations ot $1,000, $500 and $100, registerable as to principal only. Principal and interest payable in United States gold coin of the present standard of weight and fineness in New York City at the office of J. P. Morgan & Co. The principal and interest of these bonds are to be forever exempt from any Cuban taxes now existing or which may here after exist. . % Agreement with the UniledT States. By an act of the United States congress dated March 2, 1901, certain provisions were formulated w liich have been incorporated by amendment in t he Cuban constitution and have also been embodied in a treaty, dated May 22, 1903, between the United States and Cuba. Under these provisions, commonly referred to as the “Platt Amendment,” the republic of Cuba agrees not to contract any public debt the service oLarmeh, including reason able sinking fund provision, cannot be provided for by the ordinury revenues. In addition to tills financial safeguard, the republic also agrees not to enter into any foreign treaty or compact which may Impair its independence, and furthermore grants to the United States the right to Intervene for the purpose of preserving Cuban independence and maintaining a government adequate for the protection of life and property. ) Sinking fund sufficient to retire entire issue at or before maturity. Provision is made for a minimum sinking fund as set forth below, payable in monthly installments, to be used in purchasing bonds of this loan at the current market price not exceeding par, if unobtainable at that price, bonds are to be redeemed by semi-annual drawings at par. Accrued interest on any such redemption is also payable. 1st year.$500,000 I’d year. 550,000 3d year. 600,000 4th year. 650,000 5th year. 700/(00 6th year. 750,000 7th year. 800,000 Sth year. 850,000 9th year. 900,000 10th year. 950,000 11th year.$1,000,000 12th year. 1,100,000 13th yuir. 1.200,000 14th year. 1,800,000 l.>lh year. 1,400,000 10th year. 1,500,000 17th year. 1,600,000 18th year. 1,700,000 10th year. 1,800,000 20th year. 1,900,000 21st year.$2,000,000 22d year. 2,200,000 23d year. 2,100,000 21th year. 2.000.000 23th year. 2r'100,(t00 20th year. 3,000,000 27th year. 3.2<»0,ooo 2Sth year. 3,400,000 20th year. 3,000,000 30th year. 3,030,000 To the foregoing minimum Kinking fund payments there is to be added 10% of the gross revenues of the Cuban govern ment in excess of #00,000,000 in any fiscal year. The bonds are not to be calluble, except under the provisions of the sink ing fund, for the first twenty years, bnt thereafter may be culled for payment, as an entirety, at par, accrued interest being also payable. I Security. These bonds are to be the direct obligations of the republic of Cuba, which pledges its good faith and credit for the prompt payment of principal and interest. In addition they are to l>e secured: (.4) by a charge on certain revenues of the repnblic, including the customs revenues, subject to existing charges, but prior to any future charges. The customs revenues have alone aver aged $46,292,000 annually during the last five years, the lujvest receipts In any one of sueh five years having been over $30,000,000 In the critical year of 1921-1922. The existing charges upon the customs prior to these bonds for the current fiscal year amount to $3,985,750, of which amount $2,145,000 Is payable in the first Instance out of other revenues, which, during the last five years, have averaged $4,430,000 annually. (B) by a first charge on 10 per cent of the amount bv which the revenues of the government in each fiscal year exceed $60,000,000. Debt, revenues and trade. The funded debt of Cuba on July 31, 1922, amounted to $91,542,409 of which $51,703,500 was external debt. Kevennes during the ten years ended June 30, 1922, averaged $00,329,000 annually. The budget estimate for the current fiscal year Is $55,638,800 and estimated expenditures amount to $54,852,102.. During the first six months of the current fiscal^ year revenues have totalled $29,218,060, as against expenditures for the same period estimated in the budget at fa8)3t)3^)00t ^ The exports during the ten years ended December 31, 1921, have averaged $347,852,000 annually, of which $271,890,000, «r $9%, nere sent to the United States. Imports during the same period averaged $255,918,000 annually, of which $181. or about 71%, came from the United States. These figures indicate a surplus of exports over imports averaging $91,931,000 annually. Population and resources. The population of Cuba is estimated at over 3,000,000, raw sugar is the chief agricultural prod ®nd# daring the seven years ended June 30, 1921, exports of sugar and its products from Cuba averaged $360,758,000 annually. In the season just closed Cuba produced approximately 23% of the estimated world production. Practically ail of the old crop sugar has been sold, and the Cuban sugar industry enters the new’ grinding season with sngar in active demand at satisfactory prices. * THE ABOVE BONDS ARE OFFERED FOR SUBSCRIPTION f SUBJECT TO RECEIPT AND ACCEPTANCE BY US OF THE BONDS) AT 99'Ar/o AND ACCRUED INTEREST, TO YIELD OVER 5.55 PER CENT. Subscription will be received by the undersigned beginning at 10 o’clock A. M. Monday, January 15, 1923. The right is re served to reject any and all applications, and also, In any case, to award a smaller amount than applied for. The amount due on allotments will be payable on or about February 1, 1923, at the office of J. P. Morgan & Co. in New York funds, against delivery of trust receipts, exchangeable for definitive bonds when prepared and received. J. P. Morgan A Co. Kuhn, Loeb A Co. The National City Company, Guaranty Company of New York. Bankers Trust Company, New York. Harris Trust and Savings Bank, Chicago, HI. J. and W. Seligman A Co. Dillon, Read A Co. New York, January 15,1923. «