The Washington herald., 1922-02-26
GERMAN IMITATION
SHOWS DECREASE
DURING JANUARY
Forced Loan of Billion
Gold Marks Now Au-
thorized.
IN RESERVES
Coal Production ; in Ruhr
Large Increase Over
Month of December.

The note circulation OF the Reich,-
bank amounted to 11B.s75.732.oOo
marks on January 81. having In
creased by about I.7oo.ooo. 900 during
the month. says Commercial Attache
Herring in a cable to the Depart
ment Of Commerce summarizing Ger
man conditions as Of mId-February.
The rate OF imitation was notice
ably less than the average monthly
rate for 1921, and comparatively small
In view OF the December imitation OF
IA, 00O. .00e. 900 marks. The loan once
notes declined by about 2so.0eo. 900
during January. being given as s.
o45. 500, 900 at the end Of the month.
They have been reduced almost un-
interruptedly month by month since
January i, 1891. when they amounted
to l2.o3s. SOC. 900 marks. The Reichs
bank statement OF January 81. 1922.
shows discounts OF commercial paper
Of 1,5s2.4l6. 900 marks as against l.
0el.75l. 900 one month before, and l.
162.ss4.oO0 on January IL.
The German gold reserve which fell
TO ss4.oo0.0oo marks in October from
the August ffgure OF l.o24. .OOO. 900
Git had been steady az 1.Os2. 600 900
since August, 1920 amounted on
December 81. 1921. TO ss5. .3s2. 900
marks with a reserve Of baser metals
eQualling l1.612,O0o.
| Provides Forced Loan.
The Reichstag has adopted a fiscal
program embodylng a non-interest
bearing forced loan for three years
OF 1000. 100000 gold marks. calcu-
lated as the equivalent Of $1,000 .OOO.-
900 paper marks. Taxes designed 10
produce a total annual revenue OF
| 100000. 100000 paper marks have
likewise been adopted; these include
the new coal tax of 20 per cent, a
business turnover of 2 per cent, and
various consumption taxes
In view Of this new program. which
can hardly be expected TO yield i'm
portant results for a year or two.
II is interesting to note the deficit
/ 70 rthe fiscal year ending in March.
1922. is now expected to reach the
enormous figure Of lSO. 900. 900 .OOO
paper marks. The receipts Of the
German government for the fiscal
year will amount to something near
! $4,000. 100000 paper marks. An ex-
elusive forced loan among other loans
will probably be used to meet the
deficit partially
Industry Feels Insecure.
A general feeling of Insecurity and
suspense prevails in German indus
tries, although this is temporarily
somewhat relieved by the relatively
| stable mark exchange, which aver
ages about 200 to the dollar. The
nnaaElnQC ha
the failure TO obtain a reparation
moratorium and the uncertainty as
TO the future pressure which the en-
tente might bring to bear in regard
TO German obligations. and also on
/ account OF wage controversies and
the general attitude OF labor. ware
agitation continues as an inevitable
/ consequence Of the steadily declfu-
ing internal purchasing power Of the
mark
The Frankfurter-zeItunr stock in
deN on the third of February regis
! tered SS,ll7 as against SAGE an,
January 5. According 10 the
Frankfurter-Zeitung capital ipcresses
of l44 corporations amounted IN Ian
uary to approximately l,SOo moo 900
marks. largely in mining. smeItirE
foundry. metal and machine indus
tries and foodstufTs. New incorpora
tions amounted to 146 with l. .O5s .Ooo-
GOO marks capital. largely banks
metal and machinery industries
mines smelters. foundries and food
stuffs.
Coal Production Gains.
Coal production in tho Rubr for
the hrst IL working days OF January
reached 5,ss3.5ls tons ana 49,
production during the sam. neriod
l4s6.2S5 tons. as against l ss5 AZ
tons during the first 20 workiDr
Gays OF December. Pit head suppIies
IN the Ruhr oR>Janusry 20 amounted
TO 54l,Sss tons OF coal as comma rod
with 55s.1sS on December - Coal
car shortage in the Ruhr was given
as SS'sS2 for the above period or
January as against 1S7.735 for the
corresponding period Of December.
Inc Upper Sfesia coal production for
% working days i'm January
amounted TO t.Sss.sOs tons In com
parison with 2.7Ss.ss3 tons in the
corresponding period OF December
Inc cotton textile industry has
suHlclent orders on hand TO main
IAN It's present production rate until
may. Elghty-hve per cent Of spindlos
ana 20 per cent of looms are bus,.
mere was a slight improvement at
tne END OF January. Cotton supplies
NJ Bremen on February 8 amounted
70 2S6.s5S bales. including shipments
| on water.
The wool industry is steady. re-
porting increased orders AT the end
OF January. but stocks OF raw
material are diminishing. The linen
industry is active and the silk in
dustry steady, although the latter is
meeting serious difficulties IN its ex-