New York, May 22.
Cotton prices early declined on lower Liverpool advices ' and some liquidation of nearby options. Later, an upward move was witnessed on trade buying and covering by shorts, in which early losses were regained. At the final bell quotations ruled from 3 points down to 4 points up, compared with the previous closing levels.
Prices in the raw rubber market moved moderately upwards today on the steadiness of London advices.
Trading was quiet, and, at the close, gains from 2 to 5 points were registered.
Trading in the Chicago Grain Pit was again featured by the strength of May on reported crop damage and some short-covering, while more distant options ruled comparatively steady. Compared with Saturday's closing quotations, prices finished from unchanged to 5/8 cent up—Reuter.
New York Cotton New York Rubber July 813-73—03 July 1604-04 +04 Oct. 194-95 +03 Sept. 16.05-04/105 Dec. 7.7474 403 Dec. 1608-08 +09 Jan. 768 N +03 B/A Mar. 169-66 +03 Mar. 1611-11 +02 May 165-65 +08
New York Sugar No. 4 New York Silk July. 131-32
Sept. 1.1414-15—3!2
May (No. 1 Con.)
2.04B-69A.
The whole question needs looking at closely. The object of actual attack is our old friend, Unearned Increment—a Protean concept which need not have its origin in war at all. An investor whose £1 share rises to £5 in a market boom, if he sells at the top, pays no tax on his gain. Time and again the Treasury has been firm on that point. If the value of pasture age sour enough to turn cows' milk is raised to a couple of thousand an acre by an arterial road, the State gets none of the increment. Lord Snowden was allowed to play with the idea, but when he ceased to be Chancellor it quietly died. The moral case, however, in all these questions appears to be identical with that of a levy on war values. The fortunate possessor of a capital asset finds that its value has increased. through no merit of his own, and there is certainly a suggestion that his gain is in some respect at the expense of ihe community as a whole. But is the question one of ethics or of expediency?
Chicago Wheat Chicago Corn July 7414-7414 unc. July 50%-50% Sept. 1324-1334 unc. Sept. 51-51%
Text read from the printed page and cleaned; old type leaves the occasional error.