The Chattanooga news. [volume] (Chattanooga, Tenn.) 1891-1939, 1920-10-18
ECONOMIC CONDITIONS
GOVERNMENT FINANCES
General Business Moving in
Satisfactory Manner, but
All Not Pleased.

All Not Pleased.
The National City bank OF Mex Yorl,
has issued the following circular letter
to its patrons, The Hamilton National
bank OF this city Ia the correspondent
OF this bank. and furnishes The News
with a copy from which excerpts are
taken.
General business Is moving along in q
reasonably satisfactory manner. Every
body Is not pleased but the fundamental
conditions are good, A month ago we
could report that n good crop OF the
small grains had been harvested, but
the greatest grain crop, that OF corn,
had not ma;ured and owing to its late
start was in danger OF frost. The most
notable development OF the past month
has been the maturing OF this crop.
now estimated at about $3.50 900 900
bushels II means much to the country,
although the farmers feeling OF graft
hcRtion Is naturally tempered by the
fact that the price OF corn, which at
the middle of June was about $3.50 per
bushel has fallen for December de-
livery 10 below 81 per bushel. 1t is the
first time since February OF 1917 that
corn In Chicago has sold under 81 per
bushel. The decline has been due TO the
falling Off in the exports OF meats and
Wheat Crop and Exports.
The wheat crop is considerably under
the expectations OF two months ago.
The winter crop west OF the Mississippi
river was excellent In amount and
quality. but the acreage and yield was
reduced In states east OF the river, and
the crop OF spring planting in the
northwest was below the early promise.
The upyarpmpnt'e pctIp,ata fo. tha ~ ,l
yield is now 770,000,000 bushels. The
Canadian crop. however, government
estimate, is 2S9. 500 600 bushels which is
5000, 900 above last year, being an
average of 16 1-2 bushels per acre.
against Q IL last year. and the quality
Is fine. Including the carry over the
amount available for export in the
United States and anada Is about the
same as last year. The foreign trade has
been buying freely. Although the crop
in this country Is being marketed
slowly. Bradstreets report 122, 4S9, 900
bushels, including the equivalent of
flour exported In the twelve weeks
ended Sept. 20. against S1,7S3,0o0 in the
same weeks Of last yenr. These figures
include old wheat, but we have exported
fully one-half OF all We can spare in
the year 10 July /, 1921.
The price OF wheat now TURNS on the
crop in tho countries of the southern
hemisphere and India, Europe i'm
poted nearly 100000 bushels last
year and will require nearly az much
in the year to come. The United States
anu Nnhaua can supply epout aoo'ooo'ooV
'"'''''' p''SH'S "'''e "'o'c'
The Market for Flour.
NO one has wanted to buy wheat eN-
cept for immediate export or consump-
m a al -,
wooden and cotton goods and shoes UNI
willing to lay In stocks, and factories
unwilling to make up goods, because
they feared n price decline, a similar
situation has existed in wheat and Hour
Elevator companies have been unable
TO buy wheat from farmers and make
hedge sales at margin TO cover carrying
charges and profits; millers have been
unable to sell flour for future orders:
flour dealers have bought flour only for
day TO day distributor. The principal
milling centers have reported operations
at only about one-half capacity, and the
primary wheat markets have little more
grain than at the beginning of season.
This Is one reason why the demand for
rreu't Tor crop-noNlnE purposes mas
oee" 'o'l'p"rdtiNeN Sh'aii 10 ul'e' ne
s,tun'loh iuInlshes announcer Illustration
!, .ne ul!lVclSal RUE una. hopouy WIZ
NlioM'' lhS man w w p"3 EoouS "
.a'l aS sto'N VII we l".e Oh ls''!ilS
,,,N' 70 a'Iou,t VI tnlN "pout t'IU
''i.''.S " ~ t",.'"h ppu"ot'on N''i
"i'e' any pouS p''''s III 'ils 'eSpeo''
Cotton Situation.
The cotton crop has lost ground dur
ing the last month, from too much rain
and the outlook now is for not much
over 10000, 600 bales, Domestic con
year aggregated 1862, 692 bales. Tho
carry over Aug. I. 1920. in consuming
establishments and public storage was
3412,9S9 bales This wears Crop had
n bad start and bout June 1 the
promise was thought to he for not over
10000, 900 bales, but It improved in June
ana yu,y un.,i est,lnates OF ,S'O OO0 o00
ana july uphtl estimates OF l0'ooo'ooV
baies were common On the strength OF
TINS change ana because OF diminished
consumption by the mills OF this coun-
try and Europe. and dull trade in all
textile markets. the price has declined
from above 40 cents per pound spot to
about 25 cents. with December delivery
. cents 1ower
MARKET 'nnuehoes'
AZ usual when cotton declines much
Is said in the south about the vicious
influence OF short settings, but tho talk
among people who are familiar with the
market ia that the selling orders are
mainly from tho south and nrohahlv
rnnrnsort hedcinc onsrstIons thnt 4.
: r. Ie -, .,,a,, 70.
SAFES esa',lst NC" ''VP pu' Nh"so'' p"'
"hether they are hedEe-sales or snort
sales the trouble with the market If
n lack OF buying orders. Instead OF
furnishing proof Of the evil OF specula-
ton 1t shows the necessity for specula-
ton. The demand for Immediate con-
sumption is very slack. trade in cation
goods Ia moor. huvers aro wentad with
con0donon a. ~ ,,,t,,ro -, oot.or S,1,o
III, 49,, ~ VI 1891 w W.
wiz zane pu'nl'r'S o' VIC hla' hot en-"
carry thenl uhtlI the CohSumptNe ue-
mand requires them 1hat IL the lunc-
ton OF legitimate speculation.