The Washington herald., 1921-03-13

cloth. priced last year at 311z cents
a yard, Is now priced at 12z cents.
Statistics issued by the Raw Silk
Association of America show that
the consumption in February this
year was only 16,525 bales, COM
pared to 22,176 bales in the preced-
ing month. and 30.071 bales in Feb
ruary a year ago. Imports of raw
silk have Increased, showing a total
of 12,7s4 bales in February. COM
pared to only 5,6O7 bales in Decem-
Der, 1920.
Irea and Steel Production Lower.
The American Iron and Steel In
stitute announce that the produc-
tion of steel ingots in February
was only 1.74s,000 tons. compared
with 100000 tons in the preceding
month, and 2,S65.000 tons in Febru-
airy last yeear. The peak of the
1870 steel production was reached
in March. with a total of 5.299.eOe
tons. Present production is only
little over half as great as for
that month. Unfilled orders on the
books of the United States Steel
Corporation on February 2S amount
ed to e,sS4.o00 tons, or a decrease of
$4,000 tons since the end of Janu-
ary. In July. 1920. the Steel Cor
poration had more than 1900, 900
tons on its books. Nearly all of
the steel companies are now run
ming at very greatly reduced rates.
This has the effect of increasing
the cost of production. Reports by
the Lackawanna Steel Company
show that in 1921 operating costs
represented 81 per cent of the gross
sales, while in 1916 these costs
amounted to only 81 per cent of the
sales value. Reports indicate that
the wages of steel workers are
from 40 to $50 per cent higher
than in. 1914. Many of the inde-
pendent companies are taking steps
towards reducing wages as a means
of meeting lower prices.
Increase In Farm Reserves Of Grain
Announcement by the Department
| Of Agriculture on the farm hold
ings of the principal grain crops on
March l showed the largest total
holdings ever recorded for this
time of the year. Holdings OF
lGheat total 207,5s1, 900 bushels,
compared to 164,624,oo0 a year ago.
With the exception of 1916. the
year following our only billion
bushel crop. these are the largest
holdings ever recorded by the de-
partment. Farm reserves of corn
amount to 1.572.O00, 900 bushels, or
very neearly half of the 1920 crop.
| These reserves are a half billion
bushels larger than a year ago.
The large crops of last year and
| the decreased grain prices are be-
ieved to be chiefly responsible for
the heavy reserves. 1t Is not be-
lieved that the effect of the propa-
| ganda to induce farmers to with
hold marketing has had very much
to do with these large stocks.
Senator Capper has announced
that he will continue his fight to
have future trading on the grain
exchanges abolished. In Missouri
the farmers are carrying on a fight
to enable farm. Organization, To
become members of commodity ex-
changes.
British Trade DecIines.
Cable dispatches from London
state that British exports for Feb
ruary, 1921. amounted to only fSs.-
100000, compared to $4,000, 900 In
the preceding month. Imports
| also declined from fiji, 7,oe0,00 to
| ESf,VOO,OOO. :
| In connection with our own for
feign trade unofficial announcements
have indicated that the sales of
Stock Of the Foreign Trade Finance
ing Corporation have so far not
been as successful as expected.
1 much criticism is directed toward
the banking institutions of the
country, for not supporting this
corporation, which promises 40
mucn Tor our future development.
Heavy Fire Lssses.
\ The Journal Of Commerce an
nounces that FIRE losses in the Unit
co states and Canada during Fep-
i ruary totaled s25. 900, which Is
about Sleeeo.0oo less than q month
ago and approximately the same as
Tor February, 1899. The losses,
however. are recorded as abnor-
maiiy large and include an unusual
number of moderatc-sized fires
whlcn insurance companies class as
morai-nazard fires, and which are
alWays expected when a marked de-
nation occurs in business.
i Bends Sales Decrease.
Bond sales on the New York
stock Exchange in. February to-
tailed s22o,3i4,o00. compared with
$2sS.4ss.ooo in January and sass,-
3S6.ooo in February year aro.
dividend and interest paynentsa AZ, .
fnounced for March, this year, total
approximately s27s.ooe. 600. COM
pared to ssss.ooo.ooo in the same
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