Evening star., 1921-03-22
Pittsburgh Bank CIearances
Regarded Favorable Index
BY II. II. LAUFMAN.
peciai Dispatch TO The StAr


PITTSBCRGH, March %. - Pitts
burgh bank clearings for 1891 TO DATE
total s1.762.1os.02o, this aggregate
comparing with s1.s25,7 ,755,<ss for the
same period of 1920, a very busy
twelve months in the district Bank.
ers consider these figures very farpr-
able, in view of a downward revision
in selling prices of commodities and
materials which would be reflected IN
bank ciearingS without a reduction ia
the volume of business handled.
WIN spring merchandise offered
SUBSTANTIALLY lower than a year aro.~
mercantile trsde is on a eratihvinr
scale Workmen in many instances
welcome the lowering of the tension
under which they worked for half A
dozen years and are utilizing their
freedom from labor. or expanded
leisure time, in shopping and seeking
amusement and recreation with as
sIstance of funds accumulated during
Inc long period of steady employment
at nigh wages.
Steel Production Down.
Records for the past week indicate
that steel producers are not inclined
TO increase plant operations at tho
expense of selling prices. The Unit
ed States Steel Corporation, while
reducing plant operations, is adherins
to the industrial board price sched-
ule of March. 1919. In the past week
there have been few reports Of price
cutting. and, within the same period.
there has been a clearly marked. all
though slight. increase in the demand
for steel products. Despite this fact
there has been a decline in steel cor
poratfon plant operations. In some
Steel Company. at Monessen, inde-
pendents have increased their out
puts. The general production tend
ency, however, is downward. Kin
dred industries, insofar as production
is concerned. show the same tendency.
Labor Hinders Building.
A building movement was expected
to find foundation in negotiations be-
tween the chamber of commences
special housing committee and repre-
sentatives of the craftsmen in the
building trades. The chambers com
mtttee sought a reduction in the
scales of the building trades unions. )
After several conferences repRe-
sentatives of the organizations an
nounce that the unions will not con-
slider a reduction in wages. 1t is
stated that this decision applies to.
all unions in the building industry.
Business Notes.
NEW YORK. March 22-Plans for
Northern railroad, which probably
will involve between $500, 900, 600 and
500, ,000, 600 are being worked out
here by the officers and directors of
the system and an announcement is
expected the latter part of the week
The new plans mean the tearing down,
Of the remarkable one executed on
May I. 1911. by James J. Hill That
plan was designed to take care OF
the Great Northern financing until
t.se ISL 1c~N
through the refusal Of the Interstate
Commerce Commission to allow the ,
Burlington railroad to issue s1o9.ooo.-
900 in bonds and to pay s4o.000.0n0 b
cash to the Great Northern and
Northern Pacific railroads has made a
new financial scheme imperative.
PHILADELPHIA, March 22.-There.
Is a movement on foot among COM
mercial travellers to bring hotel rates
down to normal Their complaint is
directed against what they term exor:
bitant rates for rooms. Increased
costs Of travel due to high fares and
the so per cent surcharge on sleeper
tickets. together with taxes: have hit
very hard the men who sell on COM .
missions and pay their own expenses
The International Federation of Trav-,
eiers, made MP Of six smaller orgah-
ixatfons, has sent out circulars to
SOC; 900 travelling men urging them 70
.
TOR Eoome.
Complaints from many sections of
The country are reaching the ways and
means committee Of the House Of Rep
resentatives concerning the proposal
to levy tariff duties on the wholesale
selling price Of commodities in this
country, rather than on the purchase
price abroad. 1t has been figured that
this change would prevent dumping Of
cheap foreign-made goods in this coun-
try and at the same time would ep-
hance the customs returns. The plaf.
however, seems to have aroused i'm ,
porters, and apparently a vigorous
campaign is under way.
NEW YORK, March 22.-Price re-
cessions have reached the point where ,
bankers and economists are figuring
that 60 cents today has the purchasing =
power of 81 year ago. During the ,
period Of rising prices It was a popu-r
lar pasttme to figure the diminishing
power OF the dollar. Now the pendu-
lum has swung the other way. and ,
wilf1e the dollar may never reach its
pre-var pulling power, 1t Is IN a fair
way to ooms approx&mately into fits
n1afH