davidaulloa/AmericanStories huggingface dataset:
Evening star., 1922-01-08
STEADIER TONE NOTED
IN THE COTTON MARKET

NEW YORK, January THE cot
ton market was very quiet today, but
showed generally steadier tone,
with March contracts selling up to
low level of yesterday and nineteen
points net higher. That delivery
closed at 1926. with the general mar
ket closing steady at a net advance
Of seven to thirteen points.
The market opened steady at An
announcement that a committee Of
creditors had taken over the affairs
of New York firm doing an i'm
porting and exporting business in
dry goods seemed TO clear the
atmosphere of uncertainty arising
from recent unsettling rumors.
There was some further scat
which caused slight reaction. but SELL
ing otherwise was held in check by
favorable reports from the cotton
goods trade at home and abroad. and
the market did better during the
middle OF the morning on covering
ported that the difficulties of the ex-
porting firm eliminating in the an
nouncement Of late last night had
been known in business circles for
some months and were due to in
ability to make collections on goods
shipped abroad. London cables re-
ported very optimistic sentiment in
Lancashire with coed inquiry for
goods.
NEW ORLEANS. January 7.-week
end covering of the short interest
vas supporting influence in the cot
ton market today and much of this
character Of buying appeared to be
due to better feeling regarding The
financial situation in Europe. Cable
messages from Italy. saying that
stock market troubles had been
cleared away and that the stock ex-
change of that country would re-
sumo trading next week, had not a
little to do with the buying.
Evening star., 1922-01-08
lack Of pep NOTED
AT YEARS OPENING
Marked Improvement, How
ever, in Money Market.
Call and Time Loans Low.

NEW YORK. January THE first
week OF 1922 was a disappointment
70 those hoping for a radical change
from the unsettled conditions mark
ing the close of the year in the finan-
cla! and commodity markets.
The only marked Improvement was
that evinced In the money market.
Call and time loans to brokers fell
10 lowest quotations in almost six
!nohtns with simultaneous easing Of
the rate for commercial paper.
another sentimental incident was
bank and it's subsidiary under un-
usual circumstances and sharp cuts
In oils and by-products.
Industrial Conditions Noted.
suspension of cash and stock divf-
dends by General Motors and Kelley
Springfield Tire was cited as evidence
that Industrial conditions required
further readjustment.
The stock market withstood these
developments with equanimity where
season. or standard issues were con-
cerned, but many speculative groups
were depressed two to ten points
Bonds were active on the usual Janu-
ary reinvestment demand, although
regularity.
The extent to which the Old World
looks to this country for assistance
again was strfkingly demonstrated
by the public sale in this market
OF the Dutch East Indies $4,000, 900
loan. Other neutral European ma
tions are negotiating more or less
actively for credits, as are also sever
al Latin American countries.
Foreign exchanges followed the ebb
and flow of events at Washington.
Anglo French relations and the pro-
posed economic parley. The decision
of the allied supreme council to in
vite Germany and Russia to partici-
pate in the latter conference was
well received,
Evening star., 1922-01-08
GRAIN AND PROVISIONS.

CHlSAGo, January "A lively
finai hour following a light early
MARI marked today's short session
: on the Chicago board of trade Prices
were bid up sharply toward the close
and the final figures showed net
gains OF N to 1S in wheat, y to u
cent IN corn and i to "a in oats
provislons were firmer and generally
unGnanged to IL cents higher.
Wheat was inclined to slide at the
start, but strong commission houses
absorbed offerings at Ill or under
for. May. and easily took the slack
out OF the market Reports of fresh
flour exports and Of further milling
demand started the shorts to cover,
but later they found the pit almost
devoid of offerings. Substantial
gains We're registered before they OBJ
tanned all their wheat.
Aside from quiet export demand for
wheat. the news was generally
against the bears. st. Louis sold
$4,000 bushels to mills overnight. dry
weather continued southwest and
coarse grains were strong.
Exporters were after corn and took
10000 bushels here. The local cash
market was affected by high bids to
the country from outside markets and
this was soon reflected in the pit.
oats developed a strength OF its
own. mainly on southern and south
eastern demand. There was a steady
advance toward the close.
Provisions ranged higher with live
hogs, but speculative demand was
rather light and the full expectations
of those who pointed out that the
yards were paying for live animals
the highest prices since October were
not realized.
. NEW YORK. January Wheat
Spot, steady; No. 2 red, 1.201a: No. 2
hard: 1:19h; Manitoba, LES, and
New York to arrive
Corn-Spot, steady; No. 2 yellow.
$50; No. white, 66N, and No. 2
mixed, 65A, C. i. +. New York, all
rail.
0ats-spot. steady: No. 2 white. an.
Pork-Cnsettled. mess, $500,
Lard-Ffrm: middle, west 9.45ae.b5.
Other articles unchanged.
Evening star., 1922-01-08
TRADE LAxITY IN SPAIN.
Uncertainty Over New Tariff Is
Business Deterrent.

Financial conditions remain ex-
tremely difficult in Spain, says the
Department of Commerce in a sum-
mary of its monthly business survey
covering that country. The recent is
sue of short-term notes on November
realized only 25 per cent of new
money. The Spanish government has
authorized new issue January l.
The uncertainty caused by the high
rates of the new tariff due to come
into effect January Is Is still fur
nishing an effective deterrent of busi-
ness activities generally. Although
important commercial agreements
have lately been concluded with Nor
way and Czechoslovakia, trade with
France has declined in view of the
recent break in commercial relations
with that country.
The mining and metallurgical in
dustries are improving to slight
extent; coal strikes in northern Spain
have been abandoned by the miners
involved without securing the con-
cessions desired. The iron mines OF
Bilboa have experienced a resunp-
tion Of activities due to the securing
of contracts for 100000 tons of ore
for the export market during the
coming year Increasing cost Of liv-
ing and falling wages have aggra-
waited industrial unrest.
Evening star., 1922-01-08

Ordinarily, the Senate is the con-
servative wing Of Congress. In this
case. the House originally fixed the
maximum surtax rate at 32 per cent
and It was the radical members of the
Senate who raised this rate to SO
per cent. The Senate members OF the
conference committee were not In
favor OF the SO per cent rate and
were ready to agree to lower rates
The House. however. reversed its own
action and accepted the Senate
change, thus nccessitatin the accept
ance OF the higher rates By the con-
ference committee. II this was a con-
gressional joke, the joke is on the
public. However. l think 1t is a serl-
GUS miscarriage Of equity.
I wish further to quote this Annalist
article:
"The two outstanding shortcomings
Of the new law are its failure to rec
ognize the intimate relationship be-
and its failure to appreciate that
the basis Of revenuc raising suitable
for war purposes is inapplicable to
peace times. a scientific and compre-
hensive study should have been made
either before or during the seven
months when Congress was In ses-
sion for the purpose of determining
not only the minimum financial needs
of the government, but also the best
and most reliable sources of revenue.
Profits Unstable Of Tax Basis.
II think it Is obvious to all stu
dents Of the subject that at the pres
ent time. and probably for some time
in the future. profits will be the most
unstable of all tax bases. The COM
mission which Senator Calder's pro-
posed bill is to call into being may
yet write for itself as enviable a rep
utation as was achieved by the Brit
ish royal commission on the income
taxes which rendered its report in
1920, and upon which report were
predicated the British revenue law
changes. Hope for improvement Is
also based upon section 1927. which
provides for the creation OF tax
simpliflcation board.
I'm passing 1t seems that Congress
should have provided by direct taxa
ton (some form of sales or turnover
taxi for at least the amount of inter-
est ON government: Indebtedness as
representing the most democratic
scheme of taxation, and as most fair
and equitable in that all of the peo-
Pile are called upon to bear the bur-
den of the war for democracy. The
balance Of the governments require
ments should be raised by means of
q tax on income. no heavier on the
individual or partnership than on the
corporation, and from customs and
excise taxes. I venture the prediction
that the promised revision of the act
Of 1921 will not fail to take into con-
sideration what is implied in the pre-
ceding sentence"
Article " will be published tomor-
row.
Evening star., 1922-01-08
BALTIMORE PRODUCE.

BALTIMORE. Nd. January Z (Spe-
IciaD.-Receipts of native and nearby
strictly fresh eggs have been more
liberal the past week, and, with the
demand of hesitating character, the
j market broke badly the past two days
and closed easy. with 43 cents a dozen
as top price. This is drop of Z
cents dozen within the week. Prompt
and frequent shipments are advisable,
as buyers are critical and values viii
week.
The market for both young and old
, live chickens Is fairly firm under mod :
crate receipts, and fairly good de-
mand for smooth chickens. more in
quiry gradually developing for win
ter chickens weighing around two
pounds piece, which will bring a
premium over the average run of
large young chickens. which are quot
ed AT ~ cents pound. Rough, STACEY
and white. leShorns are slow sale at
~ to rs; demand good for old hens
at 20 to 80; small and white leghorns
! IN talr demand at % and 23. Receipts
of turkeys are light, and for hens and
medium sized gobblers there is a fair
demand at 40 to As; old toms and
poor and crooked breasts are over
looked at 80 to 35.
Market for ducks is steady, with no
surplus of the better sort, for which
d = "a.
Geese. on the other hand, are easy-at
20 to %, with Kent Island varieties
bringing 25 and 26. Pigeons and
guinea fowl not in much demand AT
20 TO 80 cents a pair for the former
ana 20 to so cents each for the latter.
IN the dressed poultry market it takes
fancy stock to bring a premium over
quotations for live poultry; demand
iafr FOR choice fancy stock, on which
| the market rules steady to firm.
Gapons seven pounds and over in good
dunn selling at 80.
There is firmer tone to the general
market FOR white potatoes under a
| cieanlng up of previously accumulat-
ea supplies and an improved demand.
Maryland and Virginia McCormicks
are are selling mostly 1.75 to 2.25 per
bringing 2.25 to $50
NO. stock. all sections. selling 100
TO 1.25. Under more liberal receipts
the market for sweets and vans rules
a shade easier. with the demand only
Iair on good stock, which is selling
! 325 to 4.25 q barrel for the former.
! and 400 to $50 for the latter. No :
(; stock. 200 to 2.26; bushel stock Of
both selling better at LOO to 1.5O. and
| 90 cents for No. Is. Culls and inferior
certain value.
The general market for native and
nearby garden truck rules easy on
some lines and firmer on others. Re-
eeipts running fair and demand is
| fairly good at the following quota
tions; Beets, 20 to 100 per bu.: bro
! coll, 40 bushel: carrots, l.5o a bush
el: caulifower, 800 to $50 a barrel.
| Norfolk kale. LOO to 125 a barrel:
oyster plants. 6 to- S-a bunch; pars,
nips, IS to S5 a bushel, and 40 to so
| per AS baskets; savoy cabbage, 80 to
% % bushel; Norfolk spinach. $50 to
bushel for native; turnips, 40 to 60
for 4-8 baskets. Onions continue in
good demand, and the market rules
higher at 5.25 to 500 per 100 pounds.
and ESQ to $50 for No. rs.
Evening star., 1922-01-08
TRADE REVIEW.

NEW YORK. January Brad
streets review Of trade says:
@"Post-holiday quiet features trade
and industry as a whole: but the in,
trade and in some Of the big indus
tries relieves the situation Of some Of
the usual early-in-year inactivity.
Thus, while results of inventories or
preparations for sending saiesmep on
the road occupy wholesalers. there 10
some life seen in cotton goods at, large
primary markets. Wool Is active and
advancing, through the goods market
is quiet, and raw silk is strong. with
December consumption 16 per cent on
from November, but over. double last
years.
S.In retail trade. after-holiday sales,
coupled with colder weather In some
areas, help distribution, heavy wear
ing apparel, shoes and rubbers being
prominent In the latter: In the south
quiet is more marked than at the
north, and in Texas high temperatures
and drought. which latter hurts the
grain crops, limit ouytng.
Weekly bank clearings, $6.716,-
4vVsVVVo =
Evening star., 1922-01-08
COFFEE FUTURES QUIET.

ket for coffee futures was very quiet
today. Owing to the holiday there
were no ofioial quotations from Brazil
and the few sales reported in the
market were attributed to realizing
after yesterdays rally and for over
the week end. First prices were three
to six points lower and the market
closed at q net decline Of four to
eight points, with. March contracts
selling of from 8.64 to $50. Sales
were estimated at about 5000 bags
Closing quotations were: January.
$50: March. $50; May. $50; July. s.35 !;
S.35; October, s.83; .Decem-
ber. 6.s1.
The spot market was nomina1ly un-
changed at 9h for Rio rs and IL to
12h for Santos 4s. Owing to an in
firm offers were received from Brazil.
Evening star., 1922-01-08

vorable, we believe the constructive
elements in the outlook for 1922 will
turn the tide for business recovery.
The three factors which deserve the
most weight are optimism regarding
the political outlook, which Is greater
than at any time since 1910; the
reduced Inventories of business con-
Germs in the United States, South
America and the principal CONNER
cial centers in other parts of the
world and. most important of all, the
large and increasing supply Of bank
Ing funds. The increased supply of
funds will stimulate construction
work and enable business concerns
and foreign countries, even those
still financially embarrassed. to obtain
enough fresh working capital to re-
ita"a them of the policy of forced
economy practiced in 1921 and per-
nit them to resume more normal buy
ing of goods
Evening star., 1922-01-08
ARTICLE III.

The first two articles of this series
discussed the changes in the new
revenue law which went into effect
either on January ]. 1922. or on the
date when the President signed the
bill. that is, on November 20, 1921.
changes which became effective on the
fret of this January. 1922.
1. Change in surtax rates and f1x-
ing Of maximum surtax rate at so
per cent. instead Of 65 per cent, as
under the earlier act.
3. Increase from 10 per cent to 1a1s
per cent in normal income tax rate
affecting corporations
4. Elimination of prior specific ex-
emption of $4,000 in favor of corpora
tions, If such corporations have a net
income in excess OF $25,O0O.
so-Called Nuisance Taxes.
5. Special provisions for the deter
mination of net income of insurance
companies.
s. Tho repeal of the so-called nui-
phone and telegraph messages is re-
tained. but the old tax is repealed on
freight, express and pipe line charges
and on passenger and Pullman fares!
The old tax is also repealed on ice
cream sodas and on insurance pre-
miums. The tax on admissions re-
mains practically unchanged. except
that if the charge Is not over 10 cents
no tax is due at all: The so-cailed
luxury taxes are eliminated, but
corresponding tax of per cent is
levied against the manufacturer.
producer or importer" on the excess
above given prices for a few specified
articles (see section 904). Section
900 provides excise rates on num-
ber Of articles. but eliminates them
law. among them ftfrs and chewing
gum.
l should like to call special atten-
ton to an unfortunate provision or
the new law. Section 214 ta) CD pro-
vides that the interest paid in connec-
ton with purchasing or carrying
United States Victory 81 4 shall not
be deduetible, unless these bonds
were Originally subscribed for by the
taxpayer" This provision is not keep
ing the faith with those who bought
these low rate bonds early In 1921.
While it was proper to enact the pro-
vision cited to take effect after No
yember %, 1921. it should not. in COM
mon decency and fairness, have been
made retroactive.
80 Per Cent Surtax Rate.
wish also to say word regarding
the fixing Of the so per cent surtax
rate after the House and the Presi-
dent had both favored a more reason
able but still too high rate Of 23 per
cent. AS said in my Annalist article
of November %, 1921:
Evening star., 1922-01-08
WOOL TRADING MODERATE.

BOSTON. January THE CONNER
cial Bulletins review of wool saws:
rhe business in wool privately has
been of moderate proportions this
week. the disposition being to wait
the outcome Of the government auc-
ton on Thursday, which showed an
average advance Of 20 to 25 per cent
in prices compared with a month aro.
everything being sold. with competi-
ton very general. The situation at
the mills is without material change
everything awaiting the announce
ment of the opening of goods for the
next season. The announcement that
lower wages cannot be expected in
the mills in the near future will serve
to indicate at least a continuance Of
present prices on goods. More CLOTH
Ing is being sold at the recent reduc-
ton in retail prices"
Evening star., 1922-01-08
DECEMBER COPPER OFF

NEW YORK. January 7.-Sales of
foreign and domestic copper in De-
cember showed sharp decline from
those Of November, according to offi-
cial figures. December's sales were
put at a little more than 110, 900 900
pounds, in contrast to $4,000, 900 in
November and 100000 in October.
The monthly average sales for the
Ia tast guar quarter a, were 1s5. 100000 pounds.
domestic consumption and s.. .00o. 900
for foreign account Current nro-
duction from the mines of North
America and South America is esti-
mated at approximately 40. 900
pounds monthly. with an additional
lo,ooo:ooo pounds recovered from the
smelling scrap heap.
Evening star., 1922-01-08
OUTLOOK FOR WHEAT.

CHICAGO, January T.-According to
the Modern Miller, soil condition in
most of Kansas and Oklahoma is poor.
and the percentage of moisture in the
ground is low. Reports indicate that
,.cent SHOWS did not improve the
nrosuects and cold weather followed
ciosely, Plant condition in that ter
ritory is generally poor. East Of the
Missouri river the outlook Is still
nromising and much OF the territory
haI beneficiai moisture. The plant 10
sturdy in this area, although in some
iocaiities the growth is not MP 10 nor
NAL Il
Evening star., 1922-01-08
GOODRICH SCORES FOR 1921.

NEW YORK. january AT the
pany had no bank loans outstanding,
It il reported. When the year began
the notes owed by the corporation
amounted to $29,000.000 but all Of
them had been paid before the end Of
the year: In its final quarter the last
81: 100000 was paid Oh. Inventories.
which stood at $72,000,000 at tho be-
ginning Of 1921, had been cut down
to $3S,295.e00 by its end. The company
has no big supply of crude rubber and
has been buying at the market for
considerable time. No effort has been
made to contract ahead to supply its
need of crude, and what little IL has
on hand stands the company around
the current figure Of q cents pound.
Evening star., 1922-01-08
CUT IN RAIL FORCE.

ALBANY, N. T.. January Notice
of a Is per cent reduction in working
force in the locomotive department
and a so per cent reduction in the
force employed in the car department
of the New York Central shops at
West Albany is posted. -Approxi-
mately $50 men will be affected.
Notice also was given that the shops
would work on five instead Of q six
day basis. The order will be effective
Tuesday. OfficiaIs intimate that the
reduction OF the working, forces was
due to lack OF material and woaSl
be only temporary. =.
Evening star., 1922-01-08
CANADIAN PAc1F1c's YEAR.

MONTREAL, January 7,-Judeine
by weekly reports of approximate
gross earnings of the Canadian Pa
CHIC Tor December. the gross for the
100000 behind 1920. But. as the net
was $1,352,sS7 to the good at the END
of November. 1t is quite possible that
the company will show around a mil
lion net gain. At the end Of Septem-
ber there was net gain Of s2,743.531,
but decreases since then have re-
duced the amount by about one-half
The decrease for November was s1O1,- =
20S, SO that a similar decrease in net
for December, not yet announced,
would pull the total slightly under
the million-doNar gain level.
Evening star., 1922-01-08
DOLL DREssMAKERs; COSTLY,

NEW YORK, January THE man
child of Paris carrying her best doll
often has small fortune in her arms,
in proportion, as those who make the
newest creations for mamma to SPORT
when she takes her Sunday morning
walk in the Avenue du Bois. A tiny
dolls cloak Of gauze lined with sky
blue silk and edged with swansdown
costs. 100 francs. and an imitation err,
dress with dainty satin roses means
an outlay Of 10 francs. A complete
trousseau for a really up-to-date doll
costs 1900 to 1000 francs. =
Evening star., 1922-01-08
wooLwoRTH's BIG YEAR.

NEW YORK, January december
sales Of the woolworth Company
to $24,155,4 400. in contrast
to $21,524.073 in December, 1880, an
increase Of 1928 per cent. In 1891
the company's sales were $147.644,-
Ss9. an increase OF Ats per cent, COM
pared with those Of 1920. The In
crease was due. in part, to the OPEN
year and In part to better public buy.
ing In the late months OF thssyear.
Evening star., 1922-01-08
coTToNsEED OH FIRM.

NEW YORK, January 7.-while
quiet. cottonseed oil was very arm
through covering by ,timid shorts ON
the bullish showing In lard and cot
points net higher. Sales, 400 barrels.
Prime crude 100 sales: prime summer
yellow. spot, S.25aS.S0: March, S.71;
May. S.s4. and July, s.16; ali bid.
Evening star., 1922-01-08
RANGE OF MARKET AVERAGES.


stecks dealt the New York Stock Exchange The period
Friday indicates
Evening star., 1922-01-08
FEDERAL INCOME AND
EXCESS PROFITS TAXES


To receive At
al is mt be pr
~ by Joseph J.. rights
Evening star., 1922-01-08
COMPARATIVE FIGURES SHOW
DEPOSITS OF BANKS IN THE D. C.

The following deposits Washington banks
with National Savings
Evening star., 1922-01-08
LIBERTY BONDS AT A GLANCE.
THE WEEKS BOND MARKET.

Below summary bonds the New
Exchange the week ended yesterday January 1922
Evening star., 1922-01-08
UnfavoFable Influences.


sAgainst these encouraging influ-
e4ces must be balanced the following
factors, which will operate against q
revival Of prosperity:
fI. Wages in different industries are
syn unevenly balanced. being fela-
tiSefy lower in steel. agriculture and
copper mining than in building, tex
tiles, coal mining and transportation.
Reductions In the latter. especially
cdal and transportation. are needed
I'd stimulate revivals in metals and
agriculture.
's. Need Of further economy among
E3ain. live stock and cotton growers
I'd effect payment Of overdue debts.
rs. Reports from Kansas indicate
pdor winter wheat harvest next July.
cdndition being estimated at so
against an average>o OF 81.
"a. Inadequate taxation in Germany
add refusal of German business lead
eTs to support their government re-
tsrds payment Of indemnity. weaken
ing financial position of allies and
-3Sbcouragfng loans to Germany from
sS4ies and America.
rs. Incomplete readjustment Of prices
iH many retail lines.
s'6. Large capitalists withhold prof.
edtD involving permanent investment
in he hope Of further lowering of
basfc cost, viz. labor. money rates.
materials, transportation, fuel and
rants.
RI. Recovery in the United States
viii encounter the depressing infiu-
ence of continued defiation in Europe
until Great Britain resumes q gold
basis. .,
Is. The Treasury must consider re-
finding several billions of obligations
uiaturing during next twelve months
shd Will desire easy money condi-
ttoa0: 1t will, therefore. not favor the
absorption Of funds in a revival Of
Speculation and commodity imitation.
Trusts Constructive Elenents.
SNo&withstaudine the fact that the
uhfarorable factors listed are greater
ia number .tlAn those which are Ia
- --s'. 1880 - - -s'',