Evening star., 1921-11-01
SEES BETTER TREND
IN GENERAL TRADE
Federal Reserve Board Cites
Evidences of Improvement.
Armour g. Co. Also.
BY /. A. FLEMING.

hioi e pi oIHiSlnS OUTLOOK.
Marketing of agricultural products
according to the bulletin has pro
ceeded rapidly and has been an i'm
portant factor in stimulating trade
in various lines.
Higher prices for tobacco and cot
ton have been beneficial in enabling
the planter and the farmer to pur-
chase seasonable goods.
Collections are. better and the re
duction of outstanding loan accounts
have followed in the train of this
new activity.
The beginning of the improve
ments are noticeable" continues the
bulletin. even in some portions OF
the southern and southwestern sec
tions, where credit conditions have
been more serious than generally be
! lieved."
distinctly encouraging elements are
noticed in general business. Iron and
steel show increased production and
larger orders. Lumber is better. and
the activity in building. lis particu
larly noteworthy because of its con
| Gnuation beyond time when az
seasonal reaction would ordinarily
occur"
Steady liquidation of credit. Increase
IN reserve strength and reserve ratios
and some decline in bills held by Fed
acteristic features Of the month from
the banking standpoint. Financially the
outstanding occurrence has been the
marked increase in the price OF
! standard bonds particularly of liberty
bonds, and the limited decline in rates
Of interest. Foreign exchange has shown
great instability. largely due to dis
/ turbed political conditions and con-
tnued difficulty of devising any sys-
tenn of international financing
Armour's Views.
Armour & Co. find that the month oi
October brought an encouraging IT.
crease in the volume of production l..
the packing companies.
1T would not be proper to per1R}'
this statement TO carry the impression
that the packing business was gain
| ing by leaps and bounds"
The public is still backward in pah
ing the price that would give the pack
ing houses the needed profit.
Armour & Company also note
turn to the economical trend on IN"
part of the people and the develop
ment of belief that there is SOM
thing else to beef carcass except
lporterhouse steak.
distinctly better turn to coll"
tions is reported, this being an i'm
portant factor in business.
The Labor situation.
The November circular of the Ma
tional City Bank discusses at son!.
jlenGth the railroad situation and
| labor condition pointed ifiustrt-
ton of the effect of the heavily i'll
creased freight rate on the cost of
farm wagon. and from this drifts int"
a discussion of freight rates and th't
general labor situation.
+. The purchasing power of farmers
| products has decreased from Loo
average before the war to 81 for corn
/ so for oats. So for barley, Ga for po-
! tatoes. 80 for wheat. SO for bee:
cattle. 81 for cotton. 81 for hogs, 6'
| for sheep. 81 for apples. Ill for cab
i bage and 1.16 or chickens in June
! 1921.
The labor situation is discussed ~
length and pleas were made for tn
consideration of economic laws
There is no difference in economic
effect between the ravaEes of tho ioli
weevil and the policy of half-tiiii"
work in industries.
! "It would save a great amount Of
agony if these simple economic pro
{: T., sitions could he understood. !;
! does not pay to disregard facts They
are neither friendly nor unfriendly /"
labor: they are the Nme to every
body. Unconditional are unyielding.
! tt ey may be denounced and heads
may be bruised against them. but
| they will not be disturbed. The wise
: man takes account of them AMI
adapts his policies to them.
unfortunately the labor organiza
tions have been unable or unwilling
! to see that the market for their ser
vices no longer exists at the old rates
! of pay. and that il was not only just
; to the great agricultural popula tion
| that wages in the other industries
] should be reduced. but for the best
! interests Of the wage-earninS popula-
! ton itself.
! They do not see that the economi"
! law already has forced a great re-
! duc1ion of actual wage payments
: nothing to the wage-earners to hav"
=, the rates high if there is no work
i to be had. or work only part time
Personal Mention.
; Milton f. Allies, president Of thu
! Riggs National Bank, returned I"
/ business this morning after d month
spent at his summer home on Bolivar
| Heights, Md. During the month the
! black bass supply was greatly les
sened.
i Rolf E. Boiling begins his fourth
/; wear as president of the Commercial
; National today.
! Local Securities.
! Clearly the feature Of today's trad
| ing on the local exchange was the
| squirt of activity in Capital Traction
| stock. 1t is scarcely possible that
! slight decrease in earnings had any
i thing to do with the small fractional
recession of price, s7s4 being the
j current figures of the day. the slight
] reaction from the IS of the last few
! days being probably due to the mar
| keting of $50 shares. which were
readily taken, with none offered un-
! der IS at the close.
! Potomac Electric Refunding and
Improvement IS were again frrn.
with a fair trade at leo. which is
/; likely to be the price until the last
| issue is digested.
| Washington Gas SIS We're firm at So.
! Gas shares brought 4Sa. Lanston
Monotype sold sparingly at -.
Worlds Debt. &4OO. O.OO0. 100000.
| q p. Austin, statistician of the
! National City Bank, is authority for
| the statement that the worlds debt Is
now 100000. 100000. compared with
s43, ,o00, 100000 in 1913. and s205,o00.-
100000 in 1918.
900 ,OO0. 900; Poland, for a new state,
stageers under $4,000. 100000: the
United Kingdom. $37.9l0, 100000, and
the United States, $23.s22. 100000
New Brokerage House.
Samuel Ungerleider & Co., members
of the New York. Cleveland. Pittsburgh
and Columbus stock exchanges and the
Chicago Board of Trade, have opened
local office in the New Willard
Hotel. J. S. Bache G. Co.. and Halle &
Stiegiitz of New York are correspond
ents of the firm.
FOREIGN BONDS.