Detroit evening times. (Detroit, Mich) 1921-1958, 1941-12-22
Forbes
Jap War News Is
Unsettles Stocks,
Some OF z Points
BY b. c. FORBES

BY b. C. FORBES
UnSettlement continues. The
cause: Japanese war news.
Stocks were again rather
heavily liquidated last week, en-
failing losses of more than two
points. Tax-loss selling was an
adverse influence, but far from
wholly responsible. Bonds held.
Farm commodities had a bad
week. Two specific develop
mentS melted pessimism: Gov
eminent announced its intention
to market 100000 bushels of
its enormous holdings of surplus
wheat, and this was followed by
an official estimate that the
Winter wheat crop would reach
630,913000 bushels. some 150,-
100000 above the AAA program.
Coming on top OF this years
record-breaking wheat supplies
of 1.34S.000,000 bushels. specu-
lators rushed 10 sell. Not only
wheat. but corn and rye lost
several cents, while soybeans.
after their spectacular boom,
fell sensationally. Flour de-
clined.
Farmers also suffered from
very sharp drop in eggs and
easier prices for butter Lard
lost. but beef, which had been
holding around last December's
level. shot upwards. Pork, too,
firmed. Cotton ended the week
a little above where ii began.
Wool commands a high price.
Before this sharp reaction, the
general wholesale price level had
risen beyond anything witnessed
since 1929. Farm products. ac-
cording to the bureau of labor
statistics. have climbed since
last December from SO TO SO,
while all commodities other than
farm products and food have
risen only from S4l3 to not
quite ga
Farm prospects for 1912 are
pictured by Washington as eX-
tremely rosy. Whereas farmers
last year earned 50, 10000 900
and will receive approximately
100000, 900 this year. total
of approximately $4,000 900
is forecast for next year.
Our sudden involvement in
the war checked retail trade
rather severely, but latterly
most stores have been doing dis
tinctly better. The Christmas
total may break all records.
Industrial developments are
mixed. Layoffs. because of
shortage OF materials, are occur
ring in many places. The auto
motive industry already is I'M
able to find work for employees
and announces that il will have
10 reduce its forces by 200 900
or more in view Of the further
official slashing of permissible
OUTPUT.
The tire industry has been all
but put out of business temper
arily due largely. executives de-
clare. 10 the haSty action OF
Leon Henderson. They, in COM
mon with many other indus
trialists who have found this
bureaucrat most autocratic. are
greatly relieved BY his removal
from control Of their industry
and several others.
The Presidents latest reor-
ganization Of authority. includ-
ing clipping of Henderson's
wings and the concentration Of
increased authority in William
s. Knudsen land Sidney Hill
mani is interpreted as the re-
suit of urgent representations
by many OF those responsible
for actual war production.
Uncertainty. irregularity must
he expected while the fate Of
Singapore. the allies mainStay
in the Orient. trembles in the
balance. It's fall would be catas-
trophic. Successful retention Of
il would hasten the defeat Of
Japan and bring nearer collapse
OF the Axis.
Copyright 1871. by p. G. Forbes