Muncie Post-Democrat, Muncie, Delaware County, 29 September 1922 — Page 3

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FRIDAY, SEPTEMBER 29, 1922.

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NEWS OF THE FINANCIAL AND INDUSTRIAL WORLD

The rise of a temporary “war scare” and its disappearance—practically as quickly as it came—has naturally been the event of most importance in the stock market during the past week. Anxiety over the Turkish situation, leading to reaction in stocks and at the same time an advance in wheat early in the week, seemed to indicate that tho situation had for the time been seriously re-

garded by the Allies. The Bonus Outcome.

Second only in importance to the foreign situation, and, from a longrange standpoint, more significant than the former, has been the position adopted with respect to important Federal legislation during the week.

lines of stocks any further support from that quarter at tho present time cannot be counted upon. It must be conceded that the upward movement has been of prolonged duration and that very few stocks have been neglected in the extreme advance which has taken place. The running up of call money rates to 6'* is advanced as a reason by soma people for the market’s setback, but this is simply an excuse as for the past week or ten days it has shown every evidence of being in a strained condition. _ Prices this week have had a fairly j good decline, and the situation in I consequence has been improved to j that extent, but it is safe to assume ' that traders, who temporarily are leaning to the shortside, will not neg- '

Anyway,

CITY FFIENDVtusT qer tipsd CF it; SOPlETineSy DON'T You, J1 ri TO LCiMELY etc"

Yim"VvELL, WITH R,OADS LIKE THESE AND A CAR IT ISN'T SO BAD"

cJI M — "WISH'YOU COULD STAY AND HEAR THE MUSIC AJEXT WEEK"

TAKING THE FAMILY TO-MORf{OW"

am— "we're qoinq TO HAVE- OUR BEST FAIR THIS Year"

AVIATOR— HERE'S THAT FERTILIZER YOU ORDERED YESTERDAY, OIM, qot anYThinq to qo TO CROSOTOWL? WE'VE QOT TO STOP THERE"

The final action of Congress -on the I lect any opportunity to unearth weak tariff removes that measure as a| spots. So far as the money situation factor of market unsettlement by j is concerned, that need not cause any j making it certain what duties will particular alarm, as the excessive re- j now actually go into effect- The fact serves held by the Federal banks pre- i that the President has sent to Conelude anything like money stringency,-gres-s a strong message vetoing tile although at this time of year it is S

Say

s

bonus bill and that the legislative body has been unable to overthrow his veto likewise tends to reassure the business public and removes a danger which was more threatening to sound banking and to effective public finance than most observers have realized. With the bonus out of the way, large public refinancing involving important bond issues is probable. The decision of Congress to adjourn also defers further consideration of the various financial schemes which have been under consideration to some future date. It is hardly likely that any of them will come to fruition during the shore session, and political conditions may be very different when the new Congress assembles. In these circumstances, it must be admitted that a substantial step lias been taken toward the e: tablishment of stability in the stock market. Progress in Restoring Freight Move-

ments.

would be made between given roads group of roads the percentage of normal shop forces now employed is considerably over 80 per cent, as against perhaps Co or 70 per cent not long ago. Car loadings have steadily increased, and the past few days have witnessed a much greater degree of efficiency in handling the"" movement of traffic. Altogether, the gain of the railroatls, both in effective disposition of business and in the actual reorganization of their personnel, has been substantial. The agreement which had been reached between the shopmen and the executives, whereby individual working arrangements and their former employes appears to be likely to prove feasible. In such circumstances, it is not strange that railroad stocks have given an excellent account, of themselves, yielding relatively little, and from time to time shoeing distinct buoyancy. AltogetherTthe railroad group of shares Estimates show that on a large is in a better condition to-day than for a good while past, and its prospects are more favorable than for some time. The chief questions relating to costs and wages, of course, remain open, but are perhaps no more serious than has been true for years

past.

Indications of Industrial Improve-

ment.

There have been during the past week several important indications of industrial improvement. The per. centage of activity at steel mills is now estimated as from 60 to 65 percent of. capacity, and fuel conditions are much better than have been anticipated. In copper metal, export and other demands are proving exceptionally good, and the result has been a better tendency most of the time. Although sugar has suffered somewhat from depression, due to the fact that the consumer has been somewhat overloaded with the refined product Cuban prospects are favorable, and sugar shares have shown the good results of this situation in greater stability and power to hold their level of value. Good demand for oil, and the extensive introduction of it as a fuel to take the place of coal at industrial plants, has tended to prevent oil stocks from suffering any serious setback. Many shares in the textile field have continued a higher level of value, due to the strong demand that is being felt for goods practically throughout the West. Money and New Issues. An unusual amount of new seeux*ities has been offei-ed, or is in prospect of offering, upon this market, many of them of foreign ox-igin. The favorable reception which has been accorded to those already sold is both a testimony to the large amount of savings available in this market, and also to the continued confidence in reasonable rates for money. This week’s Federal Reserve ratio is reported as 78.3 per cent, or precisely the same as last week, with an advance in the demand for credit reflected in a $53,000 000 larger bill account. There is thus an almost unlimited lending power available .to our banks. Rome tendency to absorb a part of the lending capacity of the smaller institutions, either in connection with the moving of crops or with other seasonal trade changes has already made itself apparent, but is thus far much below the level which would be necessary if any serious reduction in available funds were to be expected. It is a noteworthy fact that this season is the first in several yeai's that has witnessed no inter-district x-ediscount-ing among Federal Reserve banks and that none appears to be probable. The report of the War Finance Corporation covering developments up to a few days ago shows that more payments are now being received than advances made, u fact which seems to indicate that the period of adjustment has definitely set in, even among those Joans which were considered least liquid. Market Review and Outlook. While the market has resisted pressure fairly well, considering the threatening situation abroad, it w r ould appear to be a good time fot some conservatism in the matter of making purchases. It is very clear that with the public already carrying large

only natural that loaning x-ates should j be higher. With regard to the at- | titude of the Turks, it is still rather threatening, and England is unques- • tionably confronted with a grave 1 situation, but this at the moment is j not regarded as a serious market factor, alhough it no doubt has some influence in holding back would-be

buyers. '

Farmers Are Weary of Strikes

Secretary of Agriculture Points Out Reasons and - Presents Farmers Views.

Gasoline Output Was Largest In July

Brunt of Cost Borne by Others Than Strikers and the Empioy-

ing Capital.

By HENRY C. WALLACE. Secretary of Agriculture.

Editor’s Note: Henry C. Wallace, secretary of agriculture, knows the work and the rewards of the farm both from a personal viewpoint and

is rather startling to thinking people to compare the wages paid the workers in the organized industries with the wages received by the farmer, as represented in the price he gets for the things he grows. A few specific illustrations indicate clearly the posi-

finds himself in relation to workers

in these industries.

Take for example, the average received by the coal miner for mining a ton of coal. In 19f3 this wage per ton would buy 1.1 bushel of corn in Iowa; in 1921 it would buy 2.5

I from a viewpoint gained by national bushels of cox*n in the same state.

W ashington, I),. C.- All previous j unrests that make trouble for everyrecords for monthly production of ; one and he a i So shows that the agrigasoline in the United States were | culturist has woes of his own that

broken in July, when 569,711,415 gal- str ik es wou id not benefit. Ions were produced, according to fig- j •

ures compiled by the United States j this time when everyone is ponBureau of Mines. The July output ; dering over questions of wages and of gasoline repreeents an increase | conditions of employment in the orof 44,000,000 gallons over the June ganized industries, there is muc‘h food production and 56,000,000 gallons for sober reflection in contemplating above the figures for May. The in- the wages and the conditions under crease over July of last year is which about one-third of the Ameri150,000,000 gallons. j an people, namely, the farmers and Domestic consumption of gasoline i those who live on the farms, are workfor July was also the largest ever < ing. Let us consider first the matter recorded" in a single month, amount- ! of wages, or income. The value of |

t dealings with agriculture. He holds I in the following that the majority of | farmers are weary of the industrial

1913 the ton wage would buy -7 of a bushel of wheat in North Dakota; in 1921 it would purchase .9 of a bushel. In 1913 it would buy 4.7 pounds of

and he also shows that the agri- co ^°, n Texas but iryl921 it would rist has woes of his own that ! Purchase 8.5 pounds of cotton in the

same state. In 1913 the miner s wage per ton would buy 7 pounds pf hog in Nebraska; in 1921 14 pounds. In 1913 the miner’s ton wage purchased .8 of a bushel of potatoes in New York; in 1921 it would bring him 1.2 bushel. In 1913, 11 pounds of sheep in Wyoming; in 1921, 18 pounds. In 1913 1.0 bushel of oats in Illinois; hi 1921 3.1 bushels. In 1913, 2.4 pounds of butter in Missouri; in 1921 3.2 pounds of butter in the same

state.

yearly wage of railroad employees would buy 4112 bushels. The average yearly earnings of railroad employees would buy 1028 bushels of wheat in North Dakota in 1913; in 1921 it would purchase 1466 bushelsIn 1913 it would buy 6449 pounds of cotton in Texas but in 1921 it would purchase 13.934 pounds. It would buy in 1913 102 hundredweight of hogs in Nebraska; and in 1921 237 hundredweight. It would buy 148 hundredweight of sheep in Wyoming in 1913; and in 1921 296 hundred weight. In 1913 it would buy 1087 bushels of potatoes in New York; in 1921 1916 bushels. In 1913 2174 bushels of oats

tion in which the Amerian farmer i n Illinois; in 1921 5109 bushels. In

1913 3309 pounds of butter in Mis-

souri; in 1921 5285 pounds.

In 1913 the freight revenue per ton mile received by the railroads would buy 1.4 bushel of corn in Iowa. In 1913 1 bushel of wheat in North Dakota: in 1921 1.1 bushel. In 1913 6-1 pounds of cotton in Texas; in 1921 10.5 pounds. In 1913 10 pounds of bogs in Nebraska; in 1921 18 pounds.

flation. They have endeavored to get relief by all lawful means. They have appealed to the Administration, to Congress, and to every other agency which they thought might possibly help them, but while making these efforts to avoid their heavy losses, they have not stopped working. They have kept on producing and in the face of extraordinary low prices they have this year grown one of the largest crops in the entire history of our country.

Believes in Law.

The farmer believes in law and order. He believes firmly in govern, ment. He believes in fairness and justice between man and man. He believes in working hard and Reducing efficiently and he’ does all of these things in which he believes. .The farmers’ wages are not paid regularly every week or tlvery month. Instead he must receive his compensation at irregular intervals varying from three months to a year or more, depending upon the nature of the crop. Neither the rate of wages nor

In 1913 1 bushel of potatoes in New . the hours of labor are agreed upon VnvL-• j n 1921 i.o bushel. T " ■ ,Q15 id I - -- , - 1 --

York; in 1921 1.5 bushel. In 1913 14 pounds of sheep in Wyoming; in 1921 22 pounds. In 1913 2.1 bushels of oats in Illinois; in 1921 22 pounds. In 1913 2-1 bushels of oats in Illinois; in 1921 3.9 bushels. In 1913 3.1 pounds of butter in Missouri; in 1921 4 pounds.

Prices Go Up.

In fairness it must be taken into account, of course, that before the corn wheat, hogs, sheep cotton, buter or other farm products get to the

in advance. The consuming public pays, but it makes no agreement whatever as to the amount it will

pay. 1

The farmer is urged to produce abundantly, but the price he receives for what he raises is determined after the amount of his production is known. The buyers naturally drire

The

the best grace possible and adjust his living expenses to meet his reduced income. If other national groups would, work as the farmed has done our economic troubles would soon be over. Prices would soon be adjusted to their normal relationships. There would be work enough for everybody and just wages for all. But there are many people and groups of people who think only of themselves and how they can profit the most at the expense of the community at large and especially at the. expense of the farmer. The farmer is sick and tired of this sort of business. He sees no reason why such dispute cannot and should not be settled in an orderly and lawful way without the interruptions of service which cost him, and in fact all the rest of us , so dearly.

Much FertiHzer Is Purchased For Fall

Cooperatively Bought Tonnage Reaches High Figure Over The State.

Cooperatively purchased fertilizer has been coming into Ohio in considerable amounts during the past

ing tu 566,000,000 gallons as compared income, whether it be in the form of j Some Figures, with 5.07,000,000 gallons for June and j wages, or of money received for j If we take the average yearly 457,000,000 gallons for July of last sales of the products of labor, is re- | earnings of railroad employees, we year. The fact that consumption fig- presented not in dollars and cents but I find that in 1913 the wage for a year’s ures showed a larger increase than in what that money will buy,—in other ! work would purchase 1492 bushels of

the closest bargain possible.

more the farmer produces , the less j two or three weeks. It marks the the buyers want to pay, and thus, j delivery of portions of orders , for

cwnsumer’s table, a good deal has been strange as it may seem, we have large I more than 22,000 tons which farmers added to the price which the farmer production actually penalized. Very j of Ohio made through the Farmers

the production figures accounts a reduction of stocks of gasoline for the month, amounting to 52,000,000 ] gallons. Thus stocks on hand Au- ] gust 1 were 772,908,949 gallons, or 6.31 per cent less than the figures i for Julv 1, which aggregated 824,966,- j

456 gallons.

A daily average of 1,593.000 bar- ] rels of oil was run through the stills I of 305 refineries reported to the Bu- j reau of Mines as operating during ] July. This shows an increase of I 46.000 barrels or 2.96 per cent in the ! amount of oil run and a decrease of 5 in the number of operating refineries as compared with June. Plants operating in July ran an average of 89.55 per cent of their daily

indicated capacity.

Imports of gasoline for July amounted to 4 810,098 gallons, exports were 58,630i,4Q2 gallcms, and shipments to insular possessions were

1,866,789 gallons. '

Kerosene production in July amounted to 192,924,420 gallons. Stocks of kerosene on hand August 1 were 324,586.128 gallons, an increase of 7.000. 000 gallons during the month. Exports of kerosene for July were 50.398.000 gallons and shipments to insular possessions amounted to 419.000 gallons, showing jointly a decrease of 21,000,000 gallons from the |

June figures.

. The production of gas and fuel oils in July amounted to 959.028,518 gallens, an increase of 56,000,000 gallons over the June Output. Stocks of these oils August 1 were 1.358 870/284 gallons, an increase of 32.000. 000 gallons during the month. Output of lubricating oils in July amounted to 91,714,987 gallons, an increase of 11.577,000 gallons over June Stocks of lubricating oils on hand August 1 were 226,690.749 gallons, a reduction of 213,000 gallons from the beginning of the month.

for j words, by its purchasing power.

received. This margin between the farmer or producer and the consumer has greatly increased during the past eight years. At the same time it is also fair to note that a good deal of this increase has been due to the increase in the wages paid the people

RURAL NEW YORK WELL PROTECTED

it corn m Iowa, but m 19M the aveiagc ; v/ j 1C) h and i e these products in connec-

tion with their marketing and distribution. The foregoing comparisons show, however, that the wages of the farmer as represented by the prices paid for his crops are lower than his wages w;ere before the war, measured in purchasing power, while on the other Land, the wages of the workmen and especially the workmen in organized industries, are considerably higher than they were before the war, whether we measure them in dollars and cents or in purchasing

power.

The fact is that the farmers of the country, numbering almost one-third of our entir# population, have borne altogether the heaviest burden of de-

often, in fact, it is the general rule, a large crop brings the farmer fewer | total dollars than a small crop, and i what is more, often a large crop sells ! at less than it cost the farmer, on an j

Commercial Service Company, the buying unit of farm bureaus, granges

and cooperative elevators.

The totals this year are said to mark the largest purchases of ferti-

average, to produce it. The energy j lizer made for a single season through and the intelligence with which the the cooperative agency. With last farmer produces his crops, the num- ! spring’s purchases it brings the total

her of hours he works, the expense he incurs in producing crops—none of these is considered in determining the pric# he receives. - The farmer,' therefore, works on faith. He carries all the risks of weather, heat and cold, of flood and drought, of storms, of insect pests and plant and animal diseases. He must plant enough to make sure that there will be food for all with the certainty that at the same time in unusually favorable seasons, the result may be a large surplus and that this surplus which cannot be hidden probably will cause prices lower ithan the actual cost of production. The farmer must be wil-

cooperative purchases in Ohio well

over the 40,000 ton mark.

Pickaway county led in the bulk of orders placed in the cooperative purchase with Columbiana and Union

counties following closely. GOVERNOR’S WIDOW SUSTAINS STROKE

Eaton, Sept. 28.—As the result of a stroke of paralysis, Mrs. Carrie Harris is thought to be in a serious condition at her home here. She is the widow of the late Gov. A. L. Harris. A son, Walter C. Harris,

ling to accept these low prices with I fives in Brooklyn, N. Y.

Seeding Wheat After Wheat Deemed Unwise

“Farmers who seed ivheat following wheat are liable to be loosers next harvest owing to attacks of anthracnose fungus at time of heading out”, is the warning sounded by a”. D. Selby, Ohio Experiment Station. Wheat after oats or rye may show ktss due to diseaseVthough no other fields suffer so heavily as. those in which wheat follows wheat or rve it is stated- • ’ Fields of diseased wheat in the Scioto bottom lands in Ross and Pike Counties yielded as low as 5 or 6 bushels per acre as shown by investigations of Station botanists. Similar losses are reported from other southern Ohio counties. Screening wheat to remove shriveled kernels caused by anthracnose or stem blight, followed by the formaldehyde or other chemical treatment as applied to prevent stinking smut, is recommended. , Wheat stubble fields already prepared for wheat, if seeded to timothy m September instead, will produce a good crop of hay next season; or rye may be sown for winter and spring pasture, provided it is not permitted to head out, since it, is very susceptible to the anthracnose disease. Efficiency's Reward. Efficiency, like virtue, 1ms to be Its own reward and when a man does a big job well everybody says anybody could have done it.—Ohio State Journal.

MAP OF NEW YORK STATE TROOPERS—BARRACKS AND SUB-STATIONS Large Circles Represent Six Permanent Barracks. Small Circles Temporary Sub-Stations. This map shows how the New York State Troopers are distributed to provide police protection for all the rural sections of the state. The force is first divided into six companies, with permanent barracks at six logical points. Radiating from these main barracks are sub-stations with an officer at the telephone and men patrolling the roads, on motorcycles for the improved roads, and horses for the dirt roads.

it

1 Central | Indiana I Gas Co.

1

Created In 1017 the State Troopers, as the members of The Department of State Police are known to the people of rural New York, have worked wonders in reducing crime to a minimum in their state., S'ome forty-five thousand square miles of open country are in the troopers’ keeping. Cities they avoid. At their limits the authority of the grey riders ends, unless the Governor sends them in, except in pursuit of criminals. They are rural police and their proper patrols are the little roads where people are far apart and crimes of late years have been close together. For the first four years, they were only 233 in number—four troops, a bare cavalry squadron In strength. In June of 1921, two more troops were added, making the present force 850 men. Yet in 1921 this handful of quiet, grey horsemen arrested some eleven thousand persons, an average of about fifty per man. In the same year, the New York City Police who are fond of hailing themselves as “the finest,” made an average of twenty-four arrests per' man per year. From these arrests, the city police obtained 80 per cent convictions. The troopers got from theirs 94.6 per cent. Twenty out of every hundred men arrested in New York City were discharged. Of every hundred arrested by the troopers, less than six went scot free. Poliiical infiuence has never been able to reach tlxem. They have kept clear of partisanship in local disputes. Unsoiled ad unafraid, they

have held to a creed that ranks service to the people they guard on the same level us their projection. Under the troopers’ ministration, rural crimed has decreased year by year in New York State. Automobile accidents have been kept down in the rural districts since they began to patrol the highways. ‘The New York State Troopers were the first State Police force evolved in America primarily to affoi’d protection to the country districts of a State old in civilization. No great crisis inspired their creation, but rather the gradually growing conviction that the people of the countryside deserved more protection than the constable and sheriff system affords. In Ohio today, the coxxntryside still turns for protection against marauders to the constable and the sheriff's posses that caixxe into being under English law in 1295, before the railroads, trolleys and automobiles were even dreamed of. To be effective today, a Rural Police organization must be state wide, not stopped by county line, if it is to cope successfully with the rapidly moving crinxinal. The altered conditions of life in America today make the formation of such organizations Imperative. The record created by the New York State Troopers make clear what such organizations should and can be. The movement is spreading and will spread until it eventually envelops the entire nation. In addition to the sixteen states now enjoying the protection of a rural police force, many states are making ready to follow, including Ohio.

year.

The Dividends received from a few hundred dollars invested at 8% Preferred Stock of the Central Indiana Gas Company would pay your gas bill each

Let us talk the matter over with you

$25.00 Shares

8% Dividends

Central Indiana Gas Co.

301 E. Main St.

Phone 755

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