davidaulloa/AmericanStories huggingface dataset:
The Washington herald., 1920-12-14
COTTON MARKET
FEELS RELAPSE
Quotations Suffer From
Heavy Pressure and Rally
Fails.

NEW YORK. Dec IL. - Heavy
pressure was applied to the cotton
market today, and quotations suf-
fered sharp losses. For a time there
was some resistance against the
movement downward, which came
mostly from new buyers taking ad-
vantage of the break to get some
cheap cotton.
But when this demand was ex-
hausted the supply from sources
that had previously bought for a
turn and from Southern interests,
produced a very weak feeling from
which the market showed little
rally.
Initial quotations were. 10 to q
points lower. with the trade fairly
active The decline was due TO sell
ing by the South and Liverpool. The
break extended to about % to 30
points below the close OF Saturday
before it was checked by some buy
ing by the trade and covering by
shorts. Later the market became
Iuiet, with traders waiting for the
government report.
Immediately after the publication
Of the bearish government report
there was a good deal of unloading
and short selling. causing severe de-
clines.
The Federal figures were followed
by new low levels for the day, and
last prices were only a shade up
from the bottom. Final quotations
showed net losses of So to 81 points.
Spot here was as points lower at
1870 cents for middling: there were
no sales. Spot at New Orleans was
steady with middling unchanged at
l475 cents; the sales were 1,776
bales.
The market at New Orleans will
not be in session tomorrow. election
day.
Receipts of cotton in bales at
some of the leading points today
follow: Galveston. 1880: New Or
leans, 1856; Savannah. 1.2lS; Nor
folk. 1,4S6; Augusta, 1876: Houston,
1871.
The Washington herald., 1920-12-14
MEN AND BUSINESS
By RICHARD SPILLANE.

A lie travels on q thousand
winds. the truth on one.
There are, many lies being told
today. and not a few IN Philadelphia,
Reports as to the insolvency of this
or that concern. the prospective
failure of such and such. a firm, are
whispered by trouseted gossips and
spread by others of that ilk. >
In New York they have a law max
ing IT a criminal offense to give cur
rency to an untruth that affects the
credit of a corporation. Pennsyl-
vania may have no such specific law
but under the common law there Ia
little doubt there is adequate basis
for action.
The substantial houses of this
city are well and honestly managed
They have ample reserves for emer.
gencies. But idle and malicious gos-
sips can do them and the city much
injury.
Earnest, conscientious citizens
should take measures to stop the
liars. Demand from
the babblers authority for or proof
of what they say. Tell them you are
going to report at once to the per.
sons most concerned. Don't have
any qualms. A spreader of CONNER.
cial untruth is little short of a pub.
lie enemy and never more so thar
in times like these. Idle or mali.
cious words OF one person may un.
dermine confidence in houses with
records of twenty-five, fifty or sew.
enty-five years of commercial hon.
esty. service and general worth.
Out with the liars.
II you want to know the standing
OF any concern, get 1t from your
banker. 1t is his business to know
or assist you in ascertaining such
Information IL 1t is essential to you
Meanwhile, get the branding iron
ready for use on the trousered gos-
sip. He is ubiquitous and ever busy
And always remember that a lie
The Washington herald., 1920-12-14
PARTNERSHIP IN
INDUSTRY URGED
Henry A. Wise Wood Tells
Credit Men us. Trade Abroad
Should Be Protected.

PHILADELPHIA, Pa, Dec. 15.-
That the banking and the industrial
interests of the United States should
unite and create a machinery for
doing business with foreign markets
despite the present rate OF exchange:
that a governmental policy of pro-
lection should be inaugurated
whereby our citizens and their busi-
ness shall be protected in foreign
lands, and that our merchant marine
should be expanded until it carries
the commerce of the world. were
ingredients of the recipe for Amer
lean prosperity suggested by Henry
A. Wise Wood. New York printing
machinery manufacturer. speaking
at the luncheon of the Philadelphia
Credit Mems Association at the
Adelphia Hotel yesterday. Mr.. Wood
also spoke strongly against the
present league of nations, urging the
re-establishment and Strengthening
the The Hague tribunal.
The open shop" said Mr.. Wood,
now being talked of so strongly,
Ol
1t merely means the right to work
where We will and employ whom we
will. There is no crown for either
labor or capital. the one that tries
to rule is doomed to defeat.
I'VE have changed from a debtor
to a credNor nation and it will in
evitably drag US into international
affairs. We must find world mar
kets to get interest on our money.
We need cleverness, ingenuity and
good business judgment i'm organi-
zation to take over the commercial
and industrial power of the world.
I'VE must become the maritime
power of the world. To do bust:
ness with the world We must have
our merchant fleets under our own
flag and protected by a bigger navy
I'VE must become a great bank
ing nation. To do this our banks
and our industries must form a
partnership. when the salesman of
American products goes abroad he
should be accompanied by the Amer
lean credit salesman. Our banks
and industries should get together
and plan campaigns. Now is the
time to loosen up and extend credits
The way to make this Auntry a
banking nation is by the use OF ths
| Edge law"
The Washington herald., 1920-12-14
LIVING SCARS IN
CONSTANTIN0PLE
Enormous Rise in Costs Makes
Living" Impossible-''Lin-
ger in Misery"

Cost of living in Constantinople
has risen approximately 1000 per
cent since the beginning of the war.
according to advices to the Depart
ment of Commerce yesterday from
Consul Charles E. Allen. At the
same time the living cost has risen
lis per cent in the United States
and $50 per cent in Belgium.
At the time of the armistice the
increase was 1900 per cent, and
since that time, in spite Of the re-
sumption of trade relations with
Europe and America, instead of de-
clining, living costs have increased.
Rents have increased 400 per cent
for dwellings and 900 per cent for
business buildings. In practice the
proportion easily reached 1000 per
cent.
Concerning the rise in prices. Con-
sui Allen says:
I'VE are curious to know how the
population of Constantinople lives
under such conditions. Foreigners
admire its endurance, without be-
ing able to explain the cause. But
the solution of this problem is very
simple. 1t Is that the people of
Constantinople no longer live, but
linger in misery. And the people
able to feed themselves properly
hardly number 20 per cent OF the
total population"
The Washington herald., 1920-12-14
CHICAGO WEEKS
CLEARINCS SHOW !
ENORMOUS Loss
Southwest Farmers Offer
Corn Somewhat More
Freely.
HIGHER RATES HURT
Rural Buying on Mail Order
Bulks Smaller as Weeks
Progress.

Cspscisl 10 Basinsss ssotss, Of Ths vssh-
tnrton Hsrsh-O
CHICAGO. Dec. I3-The Federal
Reserve Banks weekly statement
showed a decrease of $1,000 900 IN
discounts. Loans at member banks
report a seasonal decrease in COM
mercisl deposits. Financing on gov
ernment account December is a wet
blanket upon the money market.
but the essential cause Of credit
congestion Is the farmers strike"
Government deposits in the Federal
Reserve Bank decreased about 81.
100000. and total deposits, $1,000. 600.
the reserve ratio remaining almost
stationary at a small fraction be-
low Al. Chicago bank clearings for
the week were $3.50. 900 900. or sae.-
1000 less than a year ago.
Advices from the Southwest say
farmers. particularly in Nebraska.
are most disposed to follow the ex-
ample OF many in Iowa and some
in Illinois in offering corn some
what more freely. and that some
farm associations recommend sales
when necessary to relieve financial
distress.
Decline 10 Hog Prices Seen
A livestock writer of prominence
predicts n liberal run of swine Until
March and further decline in prices
to IS here. but very material reduc-
ton in receipts next spring. Feed
ers are overwhelmed by increased
fixed charges-freight up more than
100 per cent; market commissions.
40 per cent: yardage. IS per cent.
and feeding at terminal markets. 75
per cent A Virginia csttleman
came here last week for a load OF
feeding cattle. but went home with
out any. finding transportation cost
140 per cent more than a year ago.
Many other feeders are staying out.
he said, reducing farm consumption
OF corn and forecasting higher prices
of beef.
The weeks shipments OF cured
and fresh meats from Chicago were
+s.35o,000 pounds. against 5l.ls2.O
the previous week and Ss.7tl. 600 a
year ago. Lard shipments were
S.375.o 900. against S.570.OOO the previ-
Gus week and l5,473.ooo a year ago.
and canned meats. ss.7zS cases.
against 33,l22 the previous week
and 2l.sSs a year ago.
Rural buying bUlks smaller as
inc WeGhs pass sears Ieff DUCK q
Co.'S sales this month being ore
third less than a year ago. whereas
November's decrease was less than
20 per cent. Ofiicisls still blame
unreasonable weather. even for the
sluggish Christmas trade. and re-
assert expectation of early improve
ment. A. II. Loeb. the vice prcsi-
dent. says: Many commodities we
sell have touched bottom. although
some will go lower. AS sooa as the
public is convinced prices are stable
they will resume buying on a large
scale. 1t is absurd TO discuss the
common stock dividend two months
before action on Il is due. I am
not worried over the Company's n
nances. That is less confident as
surance as to maintenance OF the
dividend than has been given here
tofore."
The Washington herald., 1920-12-14
Corn Appears to Be
s, Well LiQutdated

In their daily corn letter, issued
at the close of yesterdays market.
Thomson and McKinnon. grain bro
kers. said in part: This market.
like wheat. gives every Indication
OF being well liquidated. The un-
dertone today has been quite firm,
although no particular deyeiop-
ments. On the question Of defia-
ton We want to say the price of
corn on the farms has determined
from the commercial price, and TAX
Ing into consideration the advance
In freight rates and other expenses
Is somewhat lower than in 1915.
while at the same time the number
OF farm animals. exclusive of
horses and mules, is greater than In
1913 With the restoration of con-
hdence in business circles, develop
ments as they sPpear should favor
the holder Of corn.
The Washington herald., 1920-12-14
WHEAT RALLIES,
CLOSING HIGHER
Futures Are Bought Heavily
Against Export in Chi
cago Market.

CHICAGO, Dec. 13.-Buying OF
wheat futures against export sales,
covering by shorts. combined with
light offers after an early rush to
sell, caused a stronger tone in
wheat. and prices at the close were
at material gains here today. the
finish being ga to } cents higher
Early selling was due to the slump
in stocks and pessimistic financial
reports. but the offerings were soon
cleaned up by commission houses
and local traders who were on the
buying side of the market most
of the day.
Other grains also closed strong,
bad weather affecting corn. while
there was little pressure. Corn
closed l to exc higher. oats - to
sc up. rye was &C lower to cents
higher, while barley was Ike lower
to l cent higher.
In corn, lowest prices for the day
were made at the start. after which
there was an irregularly higher
trend. Cash interests were credited
with buying December, which
gained about l cent on the other
deliveries. Local shorts were fair
buyers.
Moderate gains were scored in the
oats market, but trade was without
feature, operations being mostly by
locals. The strength in other grains
was a factor and there was no spe-
cial selling pressure.
The cash trade in provisions IS
stagnant in spite of reduced prices.
As a result there was little demand
for futures and the market was
lower. Pork declined ~ cents, lard
10 to 81 cents and ribs 80 to 35 cents.
The Washington herald., 1920-12-14
SHOE
SALES IN BOSTON
Market Is Slightly Strength
ened-Demand for WOmen's
Footwear Increases.
Special to Business Section Of The wash
ington Herald.)


BOSTON, Dec. IL. - Approaching
Christmas buying has given a little
stability TO retail prices on shoes.
Further concessions are not expect
ed by the public until January. This
has strengthened the market slight
Iy. Retailers are reporting an in
crease in sales of from s to 20 per
cent over the previous week. but
this does not include the mems shoe
departments. which remain rather
inactive. The demand is for fancy
footwear for women.
Unemployment in all industries
has increased As per cent in Massa-
chusetts since last October. and the
shoe industry has contributed its
full share toward this condition.
and it is now concerning itself with
a readjustment of wages. In the
nature of things the merchants will
be in the market soon to order
shoes, and they expect even lower
prices than they are paying today
on small orders. but the manufac-
turers have no reliable basis on
which to figure prices for future
deliveries until they have struck a
dependable basis Of wages.
One of the large factories in Bos-
ton is expected to lay off a large
percentage of its help within a few
days. Brockton is trying to settle
the question through agreement
with the unions of shoe workers.
While one group of unions in Brock
ton has withdrawn a request for
an increase in wages, another group
Of unions, having departments in
all the factories, has filed a demand
for an increase ranging between
II and 25 per. cent. But the Manu-
facturers' Association takes the
stand that this is no time for wage
increase, and that there should be
a reduction instead.
In Lynn the shoe manufacturers
have asked the operatives to accept
reduction in the bonus which has
been paid to them for more than a
year. This issue remains unsettled,
but the unions are insistent that
they will not accept II. although
they are informed that the alterna-
tive will be closing Of the facto-
ries.
The Washington herald., 1920-12-14


Of employees 84 compared with March, This
increase of compared with the previous In
greater than the before In May the percentage
had fallen and June In July the number
of employees reported by establishments oS cent less
July September the number
approximately cent less than the before and Oo
Der the number cent less
These steady the number of employees
the payroll the corresponding periods of last If
conditions
whole there about IS cent less persons employed in
Establishments months
there employees than at the corresponding
period of
March, 1920 of the payroll of the Sz firms
than the before In
April and May showed marked
decrease the relative number of employees the total payroll main
tanned about the relation March This indicates
that increasing Since March the relation OF the
payroll that of decreased about the
decreased In the last months
the the payroll has been rapid indicating
slight decrease in
Washington Herald)
The Washington herald., 1920-12-14
Commercial Bureau
Opens in Shanghai

An ONCE of the Bureau of Foreign
and DOMESTIC Commerce was opened
at Shanghai on December II by
Commercial Attache Julean Arnold.
according to a cablegram received by
the Department in washingI1 IN yes-
terday. The ONCE is located in the
Chinese-American Bank Building
and will be in charge of Mr.. Arnold
until funds are available for the ap-
rcI7imeLt of an assistant conr, .r-
cial attache. The office was opened
in response to requests from the
American Chamber of Commerce at
Shanghai and from a number of
Chambers of Commerce In the United
States.
1t Is hoped by the Department of
Commerce that through the Shang-
hal Office a service will be rendered
TO American business men making
an opening in China which win ap-
proximate the service now rendered
in the United States through district
and cooperative Offices OF the De-
partment.
The Washington herald., 1920-12-14
C0tt0n's Future
Rests on Business

In their cotton letter. issued at
the close of yesterdays session,
Thomson and McKinnon said in
part:
We have had today the govern
ment estimate on the size of the
crop. This Is usually the event of
the cotton season. The estimate of
12.9S7.000 bales was somewhat in
excess of the average private esti-
mates. but did not show such i'm
portant variation as to cause violent
fluctuations, especially as the report
was to some extent discounted by
the sagging market which we have
experienced the last few days, fol-
lowed by a fair decline today prior
to the publication of report. There
Is nothing in the figures to neces-
state a change of opinion. since
the future of the market rests on
the development in business.
The Washington herald., 1920-12-14
RAILWAY HEADS
AIR THEIR VIEWS
l. c. C. Hears Protests Arising
From Recent Ruling on
Intrastate Rates.

Views of the State railway COM
missions on the action of the Inter-
state Commerce Commission sane
tioning an increase in intrastate
rates to the level Of interstate rates,
to maintain the uniformity of the
State and interstate railroad rates,
were heard by the commission yes
terday. State rate control organi-
zations represented at the hearing
were from Utah, Florida, Illinois,
Michigan. Indiana, Ohio. and other
States where the question of juris-
diction ever State rates as yet has
not been brought to an issue.
Frim the tenor of the arguments
of spokesmen for the State railway
commissions. as opposed to the ac-
quisition Of control by the Inter-
state. Commerce Commission over
State rates, regardless of the
wishes of State organizations, 1t is
not expected that the hearing held
yesterday will serve to bring the
two factions to an understanding.
In the case of each State, where the
Interstate Commerce Commission
has ordered an-increase in intra-
state rates in conformity to the high
level of Interstate rates, 1t is ex-
pected that court proceedings will
be brought to contest the authority
of the Interstate Commerce Com
mission.
The hearings were arranged by
the Interstate Commerce CommIs-
sion for the purpose of giving an
opportunity to the State railway
commission to express their views
before the commission issues a for
NAL order to the railroads of each
The Washington herald., 1920-12-14
HEAVY SELLING
MAKES RECORD
FOR new YORK
Range of Issues Traded
Sets New Mark for Single
Day in Market.
QUEER TALES ABOUT
Some of Staunchest Stocks
Display Unexpected
Weaknesses.

NEW YORK, Dec. 13.-Heavy gen.
eral selling again featured the stock
market today. Transactions exceed
ed 1,4oo. 900 shares, and the range
Of issues traded in probably sur
passes any previous record for a
single day. Losses were again the
rule. with weakness breaking out
in some of the staunchest stocks;
such, for instance, as Royal Dutch.
Sears Roebuck, Southern Pacific,
Baldwin and Steel At times the
market was very thin and along
in the late trading it developed
symptoms of disorderly liquidation.
To those who looked for infiu-
ences in the morning news or the
developments over the weekend, the
decline came as more or less OF a
surprise. The showing of the twelve
Federal Reserve banks was much
better than anticipated, with the re-
serve ratio AS per cent, which was
the highest since June Is. More
over, the reports of the favorable
progress made in the organizing OF
the 800, 900, 900 corporation under
the Edge act gave promise of some
of the most helpful and construct
i've work undertaken since the ar
mistice. In addition to this there
was general expectation of an easier
money situation after the middle
OF the month.
Mob Feeling Rife.
Under such circumstances, 1t
would seem futile to go into dis
cussion of values or other factors
ordinarily regarded as fundamen-
this. The market at present fur
nishes more of a study in mob psy-
choIogy than anything else. Lack
of confidence, fears of unfavorable
developments of a mysterious and
unknown character. rumors that
cannot be confirmed, all play their
part in current operations. In ad-
dition to these is the fnexorable
margin call. and the forced selling
BY impecunious holders.
All sorts of stories are in circu-
lation about fortunes swept away
and of the poverty that has sud-
denly come upon those whose
names for years have been symbols
of affluence.
Big Break Expected.
Among the experienced habitues
Of the street" the feeling is gen.
eraI that "the worst is yet to come
The decline thus far has been too
orderly. they say. and one final,
smashing wide open break must give
the signal that the last agony of
liquidation has been undergone
These. however. are merely the
views of professionals. who. while
veterans in service. have little to
show for the years they have spent
IN following the shifting changes of
the tape.
It would be rather futile under
these conditions to indulge in SOL
emn analysis of underlying forces.
The selling fever probably will have
TO run its course before any con-
sideration is given to value and
the progress now being made along
constructive lines.
Sterling was firm around 3.44I
Grain was higher. Cotton broke
sharply under the influence of the
government estimate, showing over
1880. 900 bales. Call money ruled
1T per cent.
The Washington herald., 1920-12-14
1920 COTTON CROP
SHOWS MILD GAIN
OVER LAST YEAR
Total Increase of Million
Bales Indicated in
Report. :,
AVERAGE 5O6.9 LBS.
Texas Leads in Production
With Comfortable Margin.
South Carolina Next.

The cotton crop of 1s2o-21 totaled
12,ss7.ooo bales. the Department of
Agriculture announced yesterday.
This does not include linters. The
total production in 1919 was 11.42o.-
673 bales.
The average weight per running
bale was estimated at 5o6.s pounds,
gross. compared with 5o4.2 pounds in
1919.
The price per pound of lint cot
ton to producers December /, 1920,
was II cents, compared with a De-
cember 1 price of 35.6 cents a year
ago.
The estimated production for 1920
The Washington herald., 1920-12-14
u. S. Shipping Board
DispOses of Vessel

The United States Shipping Board
yesterday announced the sale for
81, ,73s. 900 OF the steel cargo boat Hy
s. Grove to the Atlantic, Gulf and
Pacific Steamship Company. of Bal
tiuore This boat will be operated
between Atlantic and Pacific ports,
through the canal.
The Washington herald., 1920-12-14

State to filY increased intrastate
tariffs. Similar hearings will be
held by the commission later to hear
the arguments of the state organi-
zations of the remaining States
where the question of Jurisdiction
Of State rates is pending.
The Washington herald., 1920-12-14

travels on a thousand winds. the
truth on one.
So it's 1000 to / any tale of i'm
pending failure, you hear il false.
Boston may be dropping a bit
financially. commercially and indus
trially. but intellectually IL stands
supreme. No Bostonian feels that
he or she is really dressed up with
out eyeglasses. Now a Boston
spaniel goes forth daily with tor
toise shell goggles athwart its aris
tocratic nose. The dog is Memo.
owned by Mr.. and Mrs. C.. w. Al
len. They say Nemo's eyes have
been affected by the sharp east
wind while automobiling. but the
fact probably is he. like other dem
izens Of the Back Bay, has over
strained his optic nerves by study.
One OF the Chicago mail order
houses reports it's November, 1920,
business 22.69 per cent below that of
November, 1919. Mail order business
Is likely to be poor for many
months. The bulk of mail order pur-
chases comes from rural communi-
ties and small towns. The great de-
cline in the price of wheat, corn,
cotton. wool and other farm prod
ucts has reduced the buying power
Of the agriculturist TO a decided de-
gree. That Is one of the things that
will affect the whole merchandising
system of the country adversely for
not a few months.
Evidence of improvement is likely
to be manifested in the automobile
tire business soon. Today the con-
sumption OF tires is greater than the
production. This means. of course.
that stocks are decreasing. What is
true of the tire busines applies also
to automobiles. A turn for the bet
ter in that line should come early
in the new year. Those best in
formed in the automotive industry
do not look for anything more than
moderate demand in 1921. What
ever increase there is. they believe.
will be in trucks and tractors rather
than in passenger cars.
Copyright. 1920. Public Ledger CO..