Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1921-01-08
EVENTS OF A WEEK.

~ '
session of congress is that rewiving
the war finance corporation. The bill
was passed by large majorities in
both houses, and after being held in
suspense for several days by the pres
tdent was vetoed by him, on the gen.
produce the results expected in plac-
ing the export business of the country
on a basis which would improve fin
ancial conditions at home: that it
would be injurious in that it would
tend to raise false hopes in h minds
OF those who expected benefit from
it; and that other means Of relief
were available. The measure was
promptly passed over the veto with
a large margin of votes to spare.
In the message announcing his veto
the president referred to the situation
in Europe, maintaining that increased
purchases by foreign peoples had in
creased less rapidly than was to be
desired mot because Of inability Of
private financial agencies in the
United States to extend credit, but be-
cause foreigners who would other
wise be liberal purchasers had insult
iicient desirable security to offer for
h president believed, would not be
remedied until foreign production
a been expanded. In the discussion
of the relief measure in both houses
there was observable a general lack
of ~definiteness in the expectations of
benefits to be derived from the re-
sumption of the activities Of the wal
finance corporation, the general feel
ing appearing to be that the step
would do no particular harm and
might'do some good.i
The emergency tariff bill is making
less rapid progress. Passed by a SUBJ
stantial majority in the house, it has
been held up for discussion in the
senate, and for some time it was
thought likely to be defeated in the
upper chamber. The announcement
of Senator Penrose that he would
support the bill has created more
confidence in it's passage, as it Is ex-
pected that the Penrose sentiment is
representative of that Of a consider
able group Of senators.
The primary purpose of these
m ga S1YraS Was RI enhance tho rrioo IF
farm products, especially of wheat.
The passage Of the one resolution,
and the probability of the passage of
the other have been c%oincident with
material advances in wheat prices.
Other elements have been present,
and prices have fluctuated sharply,
but the general trend shas been up
ward, and wheat closes this week 10
to Is cents higher than the low mark
of a few weeks ago. Whatever the
effect of these bills in actual opera
ton may be, it is generally conceded
that they have exercised at least a
sentimental effect in advancing prices.
The senate has been discussing the
inauguration of the incoming presi-
dent. AS not in~frequently happens,
opposition was expressed to the ex-
penditure of money on the formali-
ties, but it is practically certain that
the usual custom will be followed, and
the ceremonies attending the inau-
guration will be in keeping with the
importance of h Office and the dig
nifty proper to the occasion.
mo announcement has com. from
PTesident-elect Harding as to forth
coming cabinet appointments. Opinion
remains fixed on the probability of
the appointment of Hon. Charles E.
Hughes as secretary of state, provid-
edshe is willing to accept. There is a
strong impression that Mr.. Hughes
has had the subject under considera-
tt0n for some time. and has been in
close conference with Senator. Hard
ing in order to determine whether or
NOT their views on the highly impor-
tant phases of our foreign relations
which will demand the. attention of
9th secretary of state are sufficiently
nEsh4Imony to work together in the
iul4dmate relations Of president and
seeretazy OF state.
decided note of-optimism char
AGMleriHss representative statements OF
49, business situation in the first
or the new year. There ID no
sssAftxmpt in discussions OF the situa-
sxhEn ~ responsible men t o diaguise
Ahefact that business in general is
nSg Actiye, that money Is dificult ia
and that there In 4 lack OF
sfpnabie certainty dis to when and
a M R1Fyhat conditions resumption OF
knatyy and a general speeding VI
wtss and nfe. But the con
general that the period OF
and the necsaaryattendan,
aiifiIII8 1Itsoa II passing and will pass,
t SERIOUS trouble. 4
3 3As9a - intsrssnng figures con.
Xs1 800 rsllsoad actayitias during thu
2& ~ ~ toid shSt ne nm,
% ~ countsy hays spsna
tseee N - eqpdpment III tn
le1S1iilnnss fls sovsensnsts
seatrpL This u aoonasds
Mttseastery ahowing. ma
Alxty rsstofatton ok rail.
i1ftt1nn II sensthIn1 ~.
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