Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1922-04-03
GRAND ohll,ss-h aRR4ALL s lis22.
Farmer Spending Power ~
Is Materially Increased

t#Er TEN1 l..F - U
count OF itself and the recent price
advance showed that the ind ustry is
rejecting stronger undertone.
Judge Gary has indicated that at the
close Of last year prices: for some
products were actually below the cost
Of, production. He adds, I'D however,
that since the beginning OF 1922 and
to the date Of writing this report 1the
United States Steel Corporations an
nDalg report new orders received
have. been equal to about one-half
ihe total capacity of the p.ants.'
Investment Buying.
Further advances lin government
ponds have carried them to- a level
where the Fourth liberty LDan24 Ia
per cents show a gain Of more than
~. Pc nts from the low, level Of 1899
and the Third Liberty Loan 4 Ia per
cents reflect an increase Of more than
IL points above that low record basis.
These changes arc very g%ratifying
and have been OF benefit in rcyiving
the courage Of the immense body Of
Liberty Loan holders whose interest
in the bond market centers chiefly in
the prevailing price of liberty bonds.
IT is difficult to over -estima ate the SEN
timental effect, Of this movement
which has advertised the strength of
n e bond market as almost nothing
else could do. 1t has beenYof impor-
tance also in bringing to the SUPPORT
OF the investment markets generally. a
multitude Of small investors who have
put their Surplus earnings to excellent
use through the purchase ioi,,. safe Sc
curitles o~btainable on an: attractive
income basis. More foreign govern
ment loans are being brought out.
The rise in foreign bonds has been
materially helped by the better tone
to foreign exchange, especially the
higher quotations for London ,ex-
change. In addition to the immense
absorption OF foreign government
bonds offered by s%yndicates there
have been large purchases by Ameri-
can investors who have cabled their
orders direct TO London houses. These
transactions have aggregated a very
large total and represent one of the
most interesting phenomena Of a
situation which has given American
investors the largest participation in
foreign government securities that
they have ever obtained.s -, &
Dishonest Promoters. y
Real progress has been made in
eliminating the waste due. to unsafe
or fraudulent Investments. Authori-
ties of various states have wared war
o"''@ i'oN upulOuS UIOherS anu
dishonest promoters who for years
past have reaped a harvest by Undue
ing the public to invest in worthless
securities. Some OF the culprits
have been sent to Jail for their Of
fcases and others fed the coun-
try to avoid prosecution Should
the authorities be successful in
stamping out this evil, innocent in
Nestors and small wage earners
wrn1H HO Cnu1rl fe@~, etAh.nnn a.. -
@2OO,O0O,OOO a year and the business
OF reputable brokerage houses wound
DE materially extended. 1t has been
estimated that through unfortunate
investments in I stocks and mining
shares during the war period Of OK
tremelv high prices for farm prod
ucts. the farmers sustained a loss
ranging from 100000, 900 to $500
; 100000. 1t will represent therefore a
great economic saving to put q stop
TO these losses. in so far a. that is
possible through the cutting hort OF
'the careers of dishonest prom otcrs and
fraudulent stock selling concerns.
New Building.
Revival of spring building opera,
tons has given employment to many
still short of houses. but recent op-
erations provide a basis. for the esti.
mate that something like $500, 900, OOt
a month will be invested in new build
ing undertakings during the balance
Of the year. These operations would
be materially extended were it pos
sible to secure the cooperation OF
various labor leaders who have held
out against proposed wage reduc-
tions. The general situation is much
more reassuring than it was and
there is apparently good foundation
for the increased opt mism tina the
country is evincing. -
Aztec hieroglyphics have never beer
solved. -.t