davidaulloa/AmericanStories huggingface dataset:
The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1920-12-31

however, the high points of the year,
and in between considerable fluctua-
tions occurred, with the low of 1922
reached on May IA. During the latter
part of the summer the reserve RATIO
fell week by week from 44.4 percent
on July % to 42.5 percent, on Sept. 3,
only O.3 percent above the minimum
of the year. Combined note and de-
post liabilities increased between
these dates from $4,SO4,000,000 to a
maximum up to then for the year of
$4,978,O00,000. Successive advances in
the discount rate were made. The Fed
eral Reserve Banks of New York,
which sets the pace for the others, at
the very beginning of the year in
creased its discount rate from Az to
Az percent for best commercial pa
per. Later in January this rate was
again increased to percent, and in
June to Z percent where it has held
ever since.
Federal Reserve Bank notes in cir
culation reached their low of the year
at $2,844,O0O, 900 on Jan. %, while the
total reserve stood at $S,0S8,000,0 900.
But at the peak of crop-moving period.
notes in circulation were expanded to
1885, 100000 on Oct. %, the highest
for the year, with total reserves ST.
15S0O0,OO0, thus illustrating again the
flexibility of the system at time
when money is most in demand sea-
sonally. Interbank borrowings that
week rose to 100000 against $685.
100000, June 10, when the last big
swing began. and s11O.O0O,OOO, on Jan.
3. By Dec. Is they had fallen to $11S,-
100000. By Nov. 10 note circulation
got down to 1907 100000, although it
has been expended since.
(10D Tightness of money was ac-
centuated during April the world over.
About the middle of that month the
Bank of England put its minimum up
from 6 percent to Z; the Bank of
France advanced it's discount rate
from percent, which had been effec-
tive since August, 1914, to percent;
the Bank of Belgium increased it's dis
count rate from Az to ~ percent, and
the Bank of Bombay from to s.
These rates remained in force to the
end of the year.
QD Our gold and silver shipments
early in the year maintained heavy
excess of exports. due to large exports
to the Far East and Argentina, but we
then changed to a heavy excess of i'm
ports, and shipments have varied wide
ly. Altogether the first II months of
The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1920-12-31

were somewhat more successful than
those at holding wheat, and helped
him somewhat in maintaining big
prices earlier in the year. But the far
mers could join this campaign whole
heartedly because it was really more
profitable for them to feed corn freely
to hogs and cattle. Hogs at Chicago
were selling at SIS to SIG per hundred
pounds at the outset, as a result of
the enormous export business in lard
and meats. This gave corn a feeding
value of between $3.50 and $3.50. Corn
prices reached $2.31A on May Is, but
fell we'll under a dollar by the close
of the year. The price of hogs also
fell heavily.
The worlds 192O-21 cane and beet
The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1920-12-31
The Worlds Financial Outlook For 1921
eComgTw Are
is md lit heWn haIa

What happens in the financial and
business world during 1921 will be the
resultant of, first, the interaction of a
number of powerful economic forces
operating on worldwide basis; sec
ond, the kind of management, politi-
cal and financial, we and the other
nations give our affairs; and, third,
the unreasonable and uncomfortable
elements of chance. Predictions as to
the result naturally are difficult and
hazardous, but it is possible to outline
the main influences at work and to
suggest some of the outstanding prob
abilities.
During six years of unprecedented
war the world suffered, of course,
staggering economic loss. ALI the
countries involved financed the war to
large extent by initiation of currency
and credit. Coming out of slight
post-armistice slump, a tremendous
wave of speculation in commodities
and securities was added to the war
time initiation. prices advancing to un-
heard-of levels. The past year has
Sc0A LulS OOOAl DIdStlC
ton is under way and attention Gen.
tiers on its probable duration.
Adverse Factors.
One powerful and adverse factor
which must be faced during the COM
ing year is the economic prostration
prevailing throughout the whole Far
East Japan is overloaded with goods
the price of which have fallen to but
a fraction of their cost, the country's
large shipping and shipbuilding indus
try is caught in shipping slump tho.
like of which has not been seen for
years and the duration of which will
probably be prolonged, while the loss
of foreign markets gained during the
war has resulted in a disastrous excess
of imports. In India and China condi-
tons are much the same. The price
of their exportable articles and the de-
mand for them have fallen away until
the former offers but a poor return for
the effort of production and the latter
is almost nonresident. In both these
countries, furthermore, harvests are
failures and the inhabitants are starv-
ing in appalling numbers.
The effect on our own prosperity of
the depression in the Far East will be
more apparent when it is recalled that
not only do these regions normally
take large quantities of our goods,
such as cotton, cotton goods, kero-
sene, steel, copper, and machinery, but
they also are normally one of EurOpe's
The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1920-12-31

with normal. Corn production reach
ed 1922, 100000 bushels, easily the
highest on record. Oats. barley, rye,
potatoes, and hay all ran high. Tobac-
co production reached a record high of
sos, 100000 pounds, and rice more
than doubled it's pre-war rate, reach
ing 100000 bushels.
90 Pig iron production fell during
the spring, as transportation was tied
up, but gained great Roadway during
the later part of summer and early
fall, holding well over the 1914 aver
age throughout the year. Untitled or
ders of independents, and even of the
Steel Corporation. fell off heavily dur
ing the latter part of the year. By the
end of the year independents had seal
ed virtually all of their prices down to
Steel Corporation, that is, Industrial
Board levels
(1S} .Bituminous coal exports, which
have never been particularly signifi-
cant excepting those to Canada, made
a new high record every month begin
ing with June and running through
October. During the first quarter this
year we exported a monthly average
of 1865 900 long tons, about the 1911
IA average, but by October bituminous
coal exports reached 4,5SO,O00 tons, of
which nearly 100000 went to Europe.
G9) A severe depression has fallen
on ocean shipping. Charter rates have
fallen back to pre-war levels, or by
three-quarters since the first of the
year, while ship values have fallen
from 5000 deadweight-ton level to $50
and 500. TankerS alone are in de-
mand
The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1920-12-31

bonds; the other, the government s
great floating debt and it's heavy tax
requirements.
The Favorable Influences.
Turning TO the more favorable fac
tors, the chief one is the accumulated
haps somewhat exaggerated and some
what alleviated by renovations and al
terations of old properties, a real
shortage undeniably exists. If prices
of building materials and building la
Dor are reduced sufficiently, this de-
mand should come into play and may
act as a strong force for more active
trade. Similarly, the accumulated de-
mand for railroad equipment should
help the steel industry, but this de-
mand is now admitted by the trade to
have been far too optimistically esti-
mated.
A certain amount of encouragement
may also be derived from the fact that
the prices of several important raw
materials are back to pre-war basis;
and there can be no doubt that our
greatly improved banking system will
be stabilizing influence. Finally, the
steadfast refusal of our banks to lend
artificial support to commodities and
securities argues for a very healthful
basic situation.
Summing up the outlook, then, it
seems unreasonable to expect an early
and vigorous revival. In the imme-
date future further liquidation is prob
ably in prospect. By spring some
sterilization of commodity prices
should be accomplished and a mild raj
lying of business activity might be ex-
pected. But buying probably will be
cautious and business probably will be
conducted on a hand-to-mouth basis
for some time.
The prospect, disregarding immedi-
ate losses. is not, however, a gloomy
one. Even in times of depression a
very considerable volume of business
amounting to as much as IS percent of
that in boom periods goes on. The re-
sources OF our country are too great
and our institutions are too sound to
permit thoughts of anything like disas-
ter. What we have to accept is the
proba bility that margins of profit dur
ing the coming year will be small and
that for the time being we have seen
the end of flush times. One of the
most hopeful features of present sit
uation, it may be reiterated, is that
liquidation promises to be so thor
ough that when the real revival finally
comes it will be both vigorous and su-
stained.
The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1920-12-31

best markets. Their condition thus
affects Europe's prosperity directly,
and so our own indirectly. For ex-
ample, the Far East is one of the
chief markets for Europe's cotton
cloths, so that when the Eastern
slump came last spring. one of the
first events was cancellation of Eng
lish textile contracts. AS a result the
whole cotton cloth industry was
thrown into depression, with cor
responding reaction on our own cotton
market. The most discouraging fea-
ture of the Far Eastern situation is
that no speedy revival is in sight.
Turning to South America, we find
a picture of another collapsed BOOM
Here is a great raw material produc-
ing continent, the demand for whose
products has disappeared, whose ex-
changes have fallen into heavy depre
Citations, and whose merchants have
taken such severe losses on precipi-
tous tumbles in the value of commod-
tiles that they can, for the time. no
longer meet their obligations. Argen-
Una pOS1tlOn OOuDLleSS Will improve
when another wheat crop is to be sold
to Europe, but even then the proceeds
will be spent but sparingly for the pur-
chase of our goods, since substantial
part must be devoted to paying off old
debts. In exporting our manufactures
to all these eXtractive countries, fur
thermore, our merchants will suffer
from the competition of European
manufacturers who are aided by low
production costs and a relatively ia
vorable exchange position.
Of our other great foreign markets
Europe remains. She must take our
cotton and must take our grain, and
she has made progress toward the re-
hablitation of her factories. Still, she
is caught in the same worldwide wave
of depression and her factories, too,
are partly idle and great numbers of
her workers are unemployed British
mills now have greater stocks of cot
ton on hand than before the war,
while the demand for the manufac-
tured product is in allegiance. Besides,
Europe must struggle with deprecated
currencies, unbalanced budgets, unset
thing exchange fluctuations, a shaken
credit structure, and serious political
uncertainties. The war, after ALL was
a grave economic setback for Europe,
and it is probable that she will go on
short rations during the period of re-
Mobilization. Meanwhile her purchas-
The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1920-12-31

ing power will be curtailed, and since
the dollar stands at the highest prem
imum in the world, there will be every
incentive for her to buy elsewhere
whenever possible. In Europe, too,
signs of revival are wanting as yet; in
fact, the best British opinion expects
the revival to appear here first
In our own country the liquidation
in the stock market has not yet ceased,
and in previous business cycles the
period of depression usually has lasted
from six to ten months after the low
point in stocks had been reached.
Some commodities, and particularly
raw materials, are back to pre-war lev
els, and some are even below the prob
able cost of reproduction; but taking
goods as whole, considerable further
readustment still remains to be made.
Prices of finished goods, and especial
ly retail prices, still need to be
brought into line with those of raw
materials. Much additional bearish
news is also in prospect; reports of
further falls in prices will appear,
more dividends will be passed, and
large numbers of business failures
probably will occur after accounts
have been closed at the end of the
year.
Reductions of purchasing power are
also in prospect. Unemployment in the
textile and other industrise will have
its effect this spring, while the fall
trade will suffer because farmers are
so heavily in debt to their country
banks that their next crop will be
mortgaged when sown
Tax problems, too, will bear on the
situation. The government, by some
means or other, is planning to take 81.
00O,000,000 out of bushes, and uncer
tainty as to the method to be adopted
and the actual withdrawal of such a
great sum itself will be unsettling in
fluences in year of shrunken profits
and general embarrassment
One other important obstacle to
early revival exists, that is high mon
ey rates. To be sure, the peak of the
strain seems to have been passed, and
the Federal Reserve system deserves
great praise for getting the country
by this point without something ap-
preaching a panic. The relaxation in
rates, however, is very slight so far
and months will be required to bring
really cheap money. Two chief re-
tarding forces are operating, one the
locking up of credit in country banks
and in loans against government war
with normal Corn production reach
ed 1892 100000 bushels, easily the
highest on record. Oats, barley, rye,
potatoes, and hay all ran high. Tobac-
IN Droduction rea cd a record high of
The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1920-12-31
Bank Clearings in the United States

3os2ss3s2 @ s2s s72
The log cabin Democrat., 1920-03-26
DR. MBRIEN SPEAKER
 IGNORING SEC. LANE

pr. Jasper L. McBrien, deputy Unit ed States commissioner of education, and well known in Conway from his frequent visits to the State Normal School and Hendrix College, made the presentation speech at Washington at farewell to Secretary of the Interior Franklin K Lane at the time of his retirement Dr. McBrien's address and the response by MT. Lane have been reproduced in pamphlet form copies of which have been received here The retiring secretary was presented with a silk American flag on a handsome stand on which was placed the bronze figure of a buffalo taken from the official buffalo seal Of the department.
 Dr. McBrien's address is a classic of it's kind. Every employe of the de- partment was present to bid farewell to the retiring chief.
The log cabin Democrat., 1920-03-26
MULES DROWN WHEN
 BRIDGE WASHES OUT

A team of mules owned by Alvin Swofford, who lives five miles south west of Conway was drowned yester- day at Stone Dam creek, about two miles south of Conway. The team was being driven by MT. Swofford's two sons. The heavy rain had swollen the little stream until it overfowed the road and bridge, but the boys, thinking the bridge was still in place drove ahead. It had been washed away and when the mules plunged into the deep water they were drown ed. Both of the boys escaped without injury.
The log cabin Democrat., 1920-03-26
BULLDOGS BLANK
 NORMAL, F 10 Q
GREENBRIER BOY STARS
Red" Andrews Pulls Circus Catch in Two Thrillers of Game-Teams
 Again Battle at Hendrix.

The opener for the baseball season here was rather one-sided yesterday afternoon when the Hendrix Bulldogs blanked the Normal Pedagogues 12 to 0 on Russell field. The rain of We'd nesday night left the field in poor con dition, and errors were numerous on both sides. The many fans present, however, had the privilege of seeing their teams in action for the first time this year, and they left the park pret- ty well satisfied, regardless of the large score.
 Royce Williams, a Hendrix youth whose home is at Greenbrier, CO., starred with Red" Andrews. center fielder for the Bulldogs yesterday, these two players furnished the only "thrillers" of the afternoon. Will Hams rapped neat home run over the left field fence in the sixth inning. Andrews, however, brought the fans to their feet in the fifth inning when he took a line drive on the first hop and cut Hammer off at the plate with a perfect peg from center field thereby keeping the 70" in the Normal score.
 Coach Dan Estes picked Bud" An derson to start the game yesterday, while Smoky" Dunn, portsider, was the choice of Coach Headrick. An derson pitched good ball for three in nings, but the Bull Dogs touched him for four hits for five runs in the fourth inning. Errors by his team mates, however, was partly responsi- ble for the runs. Larry relieved An derson in the fifth inning and allowed four hits in four innings. Dunn al lowed five hits, but kept them well scattered.
 The same teams will play this af- ternoon, beginning at 1 o'clock. Carl Henderson, captain of the Normal team will probably do the mound duty for his team, while Mutt" Wahl will probably be Coach Headrick's choice. The game promises to be more fiercely contested than the one yesterday.
The log cabin Democrat., 1920-03-26

R. F. Holloway, Plaintiff
 Northwest Quarter of the Northeast Quarter
 of Section Thirty-One (3l), the South-Half
 of the Southwest Quarter of Section Thirty
 t30), except eight and one-haf (S41) acres
 in square in the Northeast corner of the
 Southeast Quarter of the Northwest Quar-
 ter thereof. and beginning at the Southwest
 corner of the Southwest Quarter of the
 Northeast Quarter of Section Thirty (3O) :.
 and running North 70 yards thence East
 35 yards; thence South TO yards thence
 West 35 yards to the place of beginning
 containing in all One Hundred and Twelve
 Cl2) acres, more or less, and the Un-
 known Heirs at law of W. O. Brannon and
 the Unknown Heirs at law of Monroe Cole
 man. Defendants.
 Notice is hereby given that there has been filed in my office Clerk of the Faulkner Chancery Court, petition for the confrma- tion of the title to the Northwest Quarter of the Northeast Quarter of Section Thirty-One t3A, the Southwest Quarter of the Northwest Quarter of Section Thirty (30). the Southeast Quarter of the Northwest Quarter of Section Thirty (30), except eight and one-half tSla acres in square in the Northeast corner thereof. and one-haf tl2) described follows. to-wit; Beginning at the Southwest corner of the Southwest Quarter of the North east Quarter of Section Thirty (30), and run ming North 70 yards thence running East 35 yards; thence running South 70 yards ; thence running West 35 yards to the point of bevinng. all in Township Seven CD North of the Base Line, in Range Thirteen tl3} West of the Fifth Principal Meridian. con- taining in all One Hundred and Twelve Gl21 acres, more or less, in Faulkner County. Ar kansas, and the quieting Of the title to the sara in R. F. Holloway. petitioner therein he unknown heirs of w. O. Brannon and the unknown heirs of Monroe Coleman and any and all persons claiming said lands or any interest therein are hereby warned to appear in the Faulkner Chancery Court on the 2l-t day of Arri, ls2o, and show cause why said title to the lands should not he con frmed in said R F.. Holloway. and the deeds alleged to have been lost destroyed estab- hshed and restored.
 Witness my hand as Clerk of the Faulkner Chancery Court and the seal thereon on this 18th day Of March 1920.
 tSeal1 ". F. WHIDDON, Chancery Clerk. 32wst Ky J. E. Woford. D. C.
 George F. Hartje. Solicitor for Petitioner.
The log cabin Democrat., 1920-03-26
BANK GROUP MEETS
 AT RUSSELLVILLE

Group Five of the Arkansas State Bankers Association, which held it's annual meeting in Conway in 1919, will assemble on Tuesday at Russell vile. Members of the group will be welcomed to Russellville in an address by Hon. J. T. Bullock, and the response will be made by V. D. Hill, cashier of the Faulkner County Bank & Trust Company. Tom Davis, vice president O. the Bank of Conway, will make his report as secretary and treasurer of the group at the morning session.
 Other parts of the program for the day include dinner at the Second Dis trict Agricultural School. and an ad- dress by pr. Bradford Knapp, head of the college of agriculture at Fav- etteville. It is expected that the banks here will be represented by a number of officers who will attend the meeting.
The log cabin Democrat., 1920-03-26
R. E. Holloway, Plaintiff.

NOTICE OF PETITION FOR CoNFIRMA- TIoN OF TITLE AND WARNING ORDER.
The log cabin Democrat., 1920-03-26
GIRLS B. B. TODAY.

The girls basketball team of the high school left this morning for Stuttgart, to play the sextette of the high school there. Miss Nora Brown, coach of the team, accompanied the girls out on the early morning train.
The log cabin Democrat., 1920-03-26
WARNING ORDER.

In the Chancery Court of Faulkner County,
 Arkansas. Frauenthal & Schwarz, Plaintiffs. No 2268. Molie Davis, ct al, Defendants.
 The defendant, Hawkin Williams. is hereby warned to appear in this Court within thirty days and answer the complaint of the Plain tifs. Frauenthal z Schwsrz-
 Witness my hand as clerk of the Chancery Court of Faulkner County. Ark. and the seal of said Court Sn this 3rd day of March, 1920. (SeaD W. F. WHTDDON. Clerk 30w4t By J. F. Wohord, D. C.
The log cabin Democrat., 1920-03-26
COMMISSIONERS SALE.

Under a decree entered in chancery court in the case of L. E. Halter vs. ". C. and Susie Covington, Com missioner W. F. Whiddon will sell a tract of 40 acres southwest of Con way. The sale will be held Saturday afternoon at 1:30 at the courthouse.
The log cabin Democrat., 1920-03-26

There IS no remarkable secret about the recipes we use for our excellent bread and pastry. We make use of the best in gredients and a lot of expert knowledge of the subject. You Il make no secret of how pleased you are if you try out products.
The log cabin Democrat., 1920-03-26

given: Song; bible lesson; sentence prayers; vocal solo, Pauline Jones; play, "A Days Work at a Wesley House." by members; solo, Earnestine Thompson; business; song; benedic- ton.
The log cabin Democrat., 1920-03-26

Call pnone 468 when you have shoes to be repaired. We will give you good service. Anderson's Electric Shoe Shop, l23 North Railroad Avenue.-
The log cabin Democrat., 1920-03-26
Normal.
Score By Innings.
Summary

Normal ----0 00- Hendrix -OO 35O211x-12
The log cabin Democrat., 1920-03-26
OVERSEAS CLUB.

The Overseas Club will meet Sun day afternoon at the Methodist church at 2:30 o'clock. Irene Morgan will be leader, and the following program
The log cabin Democrat., 1920-03-26
ST. LOUIS LIVE STOCK.
1Rr rn,ted pressl

East St. Louis, March 26.-Cattle: receipts, 5000, market higher, top, ST. Hogs: receipts, 7,500, market 20 to 50 cents lower, top, s16.15. No sheep receipts.
The log cabin Democrat., 1920-03-26
GROOM IS SEVEN.

Marriage license was issued by County Clerk John Reeves this morn ing to T. H. Ward, TT, and Mrs. Jen- nie Newberry, 51. Both are residents of Greenbrier.
The log cabin Democrat., 1920-03-26

Runs-Montgomery 2, Paris 4, Lipe 3, Andrews 1, Williams l, Moore l. Home Run-Williams Two Base Hits-Montgomery l, Andrews 2, C. Henderson. Bases on Balls - Off Dunn 1, off Anderson 4. Struck Out By Dunn 10, by Anderson 5, by Lar ry 4 Umpire-Van Valkenberg.
The log cabin Democrat., 1920-03-26

\ c after whe fred sayth
 
 1o he in He of had and a s Copl Inc ne fromd do romd
The public ledger. [volume] (Maysville, Ky.) 1913-1968, 1920-11-23

As new doll rocks on a curved
base it opens an dcloses its eyes and
mouth.