<- 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.ou<rf 17.09
box, 50 lbs., $8.60; Jersey Howes. $17.00.
Apples—Delicious, according to size and
quality, per box, $2.0004.26; Washington
Jonathans. per box, $1.6502.50; Iow’a
Jonathans, per bbl., $6.50/ bu. basket,
$1.86: fancy Grimes Golden. r>er 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. «
