Evening star., 1922-12-31
BID PRICES OF LOCAL SEr
CURITIES ON MARCH l, 1913
Interesting Comparison With the Going
Figures of Today-Markets Go Into
New Year Strong-West P Prospers.

to- to nearly every one to a degree at
The feeling is prevalent that we
shall have another era of easy
periodical borrowing operations OF
the Treasury In keeping the old pot
boiling pending the liquidation of
some of the frozen foreign debts.
which are beginning to have the ap-
pearance of fixed obligations.
And easy money tends to make good
bond markets and to make business
prosperous.
! Personal Mention.
W. W. Spaid Of W. B. IIibbs & Co.
is spending his New Year holiday
with his parents in Ohio.
Business In Midwest.
prevailing conditions In the middle
west are much more satisfactory.
says the National City Bank of Chi
cago. than they were year ago. and
the large holiday trade reported in
this district has given new courage
to merchants generally. Retail trade
has been excellent and sentiment has
| improved as a consequence of the in
! creased turnover compared with
year ago. The trade situation
throughout the middle west is favor
able: people are conservative and not
inclined to overdo things. There has
been a decided increase in nanufac-
turing activity during the past twelve
| months and. while there are difficult
problems yet to solve, the outlook is
reassuring and suggestive of further
Improvement during the coming year.
"All nations are face to face with
the necessity of cutting living costs
and stabiltzing business upon Il lower
price basis. The new year begins
mercial prices in the United States
53ss per cent higher than on August
/. 1914, when the world war began.
Although Dun's figures Of December
1 showed an increase in commercial
prices of only 1& per cent for the
highest reported on any date since
February l. 1921. AS compared with
the low level Of the recent dehation
period touched on July l. 1921. the
present price average shows a gain
of 16 per cent. 1t is, however. some
high level of May l. 1920. This show
ing gives interest to the international
wholesale price index Of the Federal
Reserve Board, which indicates that
! during October prices rose in the
United States and Canada, while they
declined in England and Japan and
remained unchanged in France. These
calculations are based on 1913 prices
in the currency of each country and
converted to gold basis by allowing
FOR the rate of exchange on the United
States
Estimates lately given out by the
Department Of Agriculture show that
the nations crops this year are worth
1852. $780, 600. based on the farm VAL
, ueS of December l last. This figure
shows an increase of $1.S4297S,OOO
! for the year. Despite the falling off in
the cotton crop. it promises to be the
third or fourth most valuable crop
ever grown owing to the recent sharp
tadvance in cotton prices. Corn-with
an increased value this year Of $780,
0O0.O0O-was our most valuable crop.
being worth s1.s00.2S7 900; cotton
| came next with sl,S68.o17, 900; hay
being worth 1881. .679. 900. On the
basis of December 1 figures. wheat
was given. by government experts.
valuation of sS64.139. 900 These fig
+, ures are very interesting and show
how the financial position of the
farming classes has been strength
| ened during the last twelve months.
in spite of the drawbacks.
THE year just closed was in many
respects a banner investment year
and, with the movement to start va
riouS enterprises. it is probable that
1923 will rank high in new financing.
The United States government is
likely to figure prominently in the
money market. and when conditions
are more propitious the Treasury may
attempt further long-term financing.
In addition, there are numerous de-
mands to be financed in connection
with the reorganization and re-euuip-
ment Of railroads as we'll as the ex-
pansfon of productive facilities in
various industrial lines"