davidaulloa/AmericanStories huggingface dataset:
The Washington herald., 1920-10-24
Acquisition of Mesopotamia
Will Aid Greatly in Solution
Of British Cotton Situation
By DIR. FRANK M. SURFACE.

we'll known that Britain which to the United
hafed under the ct that she almost ay dependent the
many acquisition Of the control
Asiatc Turkey known Mesopotamia will eventually change this
Mesopotama of Armenia Immediately north
present m popuaon IS estmad @ an at fs about % This Country sit
uaed along the Tges and Euphrstes ticklv ee
by
aon is chiefly nomadc and produces barely enough for their own
eptonay hot hot that the inhabitants reported spend the
A beginning the development Mesopoama made in
when the British Joint Trade Commission for Mesopotamia
recommended that should be appointed out expert
Service appointed this undertaking and he has
interim the cotton experimental work Mesopotamia in
been published recently From these certain that
the cotton possibilities in Mesopoa great but the dhcu
IN bringing great portion OF the country under cultivation
also Among the things which must be done First
roaming population established transportation
improved agricultural machinery introduced the natives taught
water requirements OF the will be high much higher than
It is estimated banks Tgres and Euphraes
there about which be irrigated from the
Daa River It further estimated that about 10000 acres can be
acres which the British believe be brought into cultivation
other this irrigated land the under would be
] U GGO @ o or o 3f5es M per annu m AS;u%Gg & that M this
total production would not be 10000 bales has been estimated
all improvements approximately
This comparatively small compared the 100000
Even Great Britain should be abe to overcome the many
ties in the OF firmly establishing large Mesopo-
@ she will have to depend large extent the United
cotton this would the outside
only bales or only onetsnh Of the British imports
India and something bales from the United States
ma competitor for market The world capable
consuming much cotton than is available providing
be produced at reasonable
Copyright 1920 by the Washington HeraldD
The Washington herald., 1920-10-24
WEEKLY GRAIN REVIEW.

Grain prices declined materially
during the week until yesterday
when Chicago, Minneapolis and Kan
sas City December wheat advanced
about four cents, due partly to i'm
proved export demand. according to
the L S. Bureau OF Markets in their
weekly marketEram just released
The principal factors producing
the declines during the week" says
the report, were the British coal
strike, a decline in sterling exchange
and reports that Kansas bankers
were urging Kansas farmers to sell
wheat Reports from Kansas on the
22nd that wheat offerings at country
points heaviest for two months. De-
mand for cash wheat, corn and -four
reported generally poor. Confidence
of -four buyers and cash grain deal
ers undermined and buying for i'm
mediate needs only. Large export
business in wheat and some in corn
with good export demand for wheat
at close of week regarded by trade
to offset many of the bearish condi-
tions. For the week at Chicago De-
cember wheat lost 16 cents, closing
at 81 3-S cents. Minneapolis Decem-
Der wheat lost 15A cents, closing at
s2O3; Kansas City 1Sk cents, clos
ing at s1.94k, Winnipeg Sh cents.
closing at s2.10k. On the 22nd Win
nipeg December wheat advanced
cents, due to strong export demand
and report that Canadian crop had
been overestimated"
The Washington herald., 1920-10-24
FRANCES FOREIGN TRADE.

According to the latest figures
from the French Ministry Of Com
merce, the total value OF all mer-
Chandise imported into France dur
ing the first eight months Of this
year was 24.65l 600. 600 francs. an in
crease Of 2.SlS.OOO.OOO francs over
the same period last year. This in
crease in imports was due almost
entirely to the increase in raw mate
rial. The imports OF food products
decreased $4,000. 600 francs and
manufactured articles increased 37l,-
600. 900 francs. Exports for the eight
months of this year amounted 10 a.
400. 600 600 francs compared to 5.743,-
600. 900 in the eight months Of last
year. This is an increase OF S.663,-
100000 francs. The largest Increase
in exports is in manufactured ar
ticles which amounted to 5,644. 600 :
900 francs and in raw materials
where the increase this year was
2.22S. S.OOO,O francs.
The Washington herald., 1920-10-24
WEEKLY REVIEW.

New York, Oct. 22-Bradstreet's s
says in its Weekly Review: Dull
ness in trade and further curtail-
ment in industry are the outstand-
ing features of the week, which
has seen the warmest spell of
weather of this season in many
years. Continued uncertainty and
easing in prices, marked weakness
in all foreign exchange rates, and
a slight accentuation of bearish-
ness in the stock markets, which
have been affected by the latter
cause and by the start of a serious
labor struggle - the coal miners
strike in Great Britain-were po-
tent factors.
The reverse side to the above
rather bearish collection of advices
is had in the feeling that prices in
great many wholesale lines are
now down to point where some
buying is possible, a surprisingly
large number of commodities, foods.
raw materials and manufactured
goods being off so per cent or more
The fact that some varieties of
cottons that have been uhsparingly
cut have shown a renewal of buy
ing interest and that the securities
markets have shown a tendency to
dullness and to contract rather than
liquidate further is evidenced.
In the leading industries, the
textiles especially, the tendency has
been to slow down production"
The Washington herald., 1920-10-24
GRAIN MARKET.

Chicago, Oct. 23.-EXporters fail
ed to follow the advance in wheat
futures scored Friday, and, deprived
of this support, the wheat market
settled back to a low level on the
Chicago Board of Trade today. Ex-
port business in all positions was
exceedingly small, and from indi-
cations the foreign buyers will con-
tinue to select their own buying
spots for wheat. Nebraska is In
Creasing sales of wheat from the
country to some extent but SOUTH
west offerings are smaller.
The reaction in wheat affected
corn, which closed lower for all de-
liveries. New corn is expected in
Chicago the first of the coming
week, some having been shipped
from Central Illinois. Weather con-
tinued mild and this is a big factor.
as it tends to reduce feeding re-
quire ments.
A steady tone was in evidence in
oats. There was little selling pres
sure with no special demand. Com
mission houses buying a little on
the dips. The cash trade also was
indifferent, prices tending slightly
pp Siar
The Washington herald., 1920-10-24
BANK CLEARINGS.

Another weeks statement of
bank clearings discloses reduction
from last years figures, an aggre-
gate of sS,603.545,50S at twenty
leading centers in the United States
as reported to Duns Review, rep
resenting a decrease of IL per cent
from the sS,697. $50. $50 of the cor
responding period of 1919. The eX-
hibit at New York City is again
against this year, the weeks total
of s5,240,794,14S being AZ per cent
below that of year ago, while at
points outside the metropolis the
clearings of s3,362,751,36O are 81
same week of 1919. Among the
included Buffalo, Philadelphia,
Pittsburgh, Louisville. Cincinnati,
Minneapolis. Los Angeles and San
Francisco, but falling off is noted
at Boston, Atlanta, Chicago, st.
LOUIS. Kansas City, Omaha and
Seattle. Contrasting this years
clearings with those of this period
of. 1918. the grand total shows a
gain of 2S.7 per cent with an in
crease of 31.9 per cent at New York
City and one of 24.0 per cent at
outside centers.
Average daily bank clearings for
the year to date are compared be-
low for three years:
1920 1919 .19ls
October
81. 400, 272 900 s1 42S, lie. 900 s1,os4 COS 900
1,2io. SIS 900 1870. %. 600 1,oe2 us .ocC
August
The Washington herald., 1920-10-24
INDUSTRIAL WORKING
CAPITAL INCREASES

An elaborate Compilation by the
Wall Street Journal shows that the
combined working capital of 139 of
the leading, Industrial companies
amounted to s4.3S7,347,45O at the
end of 1919, which is an increase
of s2,465,s22,401 since the close of
1914. The inventories of these same
companies at the end of 1919 was
approximately s3.073,0OO,00O, COM
pared with 5000, 100000 the year
before and s1,2S2, 100000 in 1914. In
the five-year period inventories in
creased approximately sl,7s2, 90. 900,
or s674.0O0,000 less than the in
crease in working capital in the
same period. The total combined
surpluses after all dividends during
the five-year period amounted to
the tremendous total of S2,71S,O0O,-
600. In many instances common
stocks of these Industrial concerns
are selling at prices considerably
below the actua ladded value per
common share since the end of 1914
The Washington herald., 1920-10-24
GRAIN YIELDS
WILLBE AMPLE
Supply Of Wheat and Rye Sufficient
For European Needs Also, Says
Dept. of Agriculture.

The supply of wheat and rye pro-
vided by the 1920 crops will be
ample to meet all the requirements
of Europe, as well as the United
States, unless the purchasing power
of the former Central Powers be-
comes much stronger than 1t Is now
according to an analysis of the
world situation made public by the
Department of Agriculture here yes
terday. The demand for other cere-
ais will be met on a pre-war basis.
With the exception of certain Eu-
ropean countries which are now
practically out of trade-neither re-
,ceiving nor exporting in quantity
the world wheat and rye production
gained slightly for the years 1913
and 1919 as compared with the pre-
war period, 1909-1923. All other
cereals decreased.
The figures show that the con-
sumption of wheat and rye for IL
European countries for 1919 was a.
100000 tons, or 26 per cent below the
prewar average of 5S,800.000 tons.
The prewar average production of
these countries was 43,SO0.00 tons
Nlit " lorUON,-
900 tons. For 1919. the production
fell to 3O.4OO0OO tons and the i'm
ports dropped to $4,000, 900 tons. The
decrease in production amounted to
81 per cent and the decrease in i'm
ports 1873 per cent.
For the present year, 13 countries
have produced 45,600,000 tons.
World Cereal Production.
The total world cereal production
for 191S-19 was 254,000,0O0 tons, a
decrease of IA per cent as COM
pared with production before the
war. Twelve European countries
show a decrease for that period of
20,193,00O tons. North America,
however, yielded an increase of 49,
all;0CO tons and South America of
Western Europe. it is stated in
the report. absorbs practically all
the exports from North and South
America, Asia and Australia. Be-
fore the war its import require
ments were 100000 tons of
cereals. 1t now requires approx
mately 100000 tons by imports.
The decrease in wheat and rye
supplies in Europe has been met in
part, the report states, by increas-
ing the milling extraction, by sub
stituting other cereals, and by in
creasing the vegetable diet. No
doubt Europe would return to pre-
war bread consumption were it not
that her financial resources and ad-
verse exchange rates limit her
imports. Nations on that conti-
nent. it is stated, must depend
largely on increased production to
restore normal consumption.
The Washington herald., 1920-10-24
LIBERTY BONDS.

According to the latest Treasury
report. the amount OF outstandInE
Liberty and Victory notes on Sep
tember so was SlS53l.OlSS3S. com
pared with the original issu..
which aggregated S21.4S2.913.62 .625-,
This is a reduction OF nearly ST.
800 900. 600. or close to per cent.
The bulk Of the bonds have ben
retired through the sinking fund.-
and bond purchase fund. but 10 a
certain extent these bonds have
been accepted by tho government
in the payment OF State and in
heritance taxes. On the basis OF an
average interest rate Of AZ per
cent the bonds retired will mean an
Interesting saving to the gov, rn-
ment of approximately SSO.OOu.ouO
Dpr wear
The Washington herald., 1920-10-24
THE DOLLAR In FOREIGN EXCHANGE -.
FAILURES LAST WEEK,

Commercial failures last week in
the United States, as reported by r.
G. Dun & Company, are 212 against
2O5 the previous week, 200 in the
preceding week, and 100 the corre-
spending week last year. Failures
in Canada numbered nineteen
against nineteen the previous week,
twenty-one the preceding week and
nineteen last year. OF failures last
week in the United States seventy
nine were in the East. fifty-eight
South. forty West, and thirty-five
in the Pacific States, and lO1 re-
ported liabilities of $4,000 or more,
against lis the previous week.
The Washington herald., 1920-10-24
REPLY MADE TO
BOARD CRITICS
Governor Harding Throws Aside
judicial Reserve in Meeting
0pponent' Thrusts.
OWENS CHARGES ARE DENIED
Reserve Board Head Asserts Loans
Throughout Year Have
Greatly Increased.

Critics of the policies and meas
ures OF the Federal Reserve Board,
pursued to bring about the re-estab-
lishment of the country's financies
upon a sound basis, are not to be
permitted to go unanswered as be-
fore. Since the Federal Reserve
Board became the more active and
prominent factor in expediting the
return of more normal conditions,
the Board has thrown aside its
judicial reserve and mas met the
most vigorous criticisms leveled at
it's actions
officials of the Federal Reserve
Board yesterday emphatically de-
MED the assertions of Senator Owen,
of Oklahoma, chairman of the Sem
ate Finance Committee. that the de-
flatiOn of credit, effected under the
direction of the board, was respOn-
sikIe for the predicament of the
farmers and other industrial repre-
sentatives who are unable to obtain
sufficient credit to meet their re-
quirements.
Gov. Harding. in an emphatic re-
ply to the charges of Senator Owen,
declared.
As you refer to the distressing
effect of the so-called policy of de-
fiation" adopted by the board in its
relation to the farmers, the manu-
factUrers and the business men of
the United States think the board
would be interested, before it re-
plies to your letter, in knowing just
where the dehation you refer to has
taken plHce.
All reports which have been
made to the board by member
banks, as well as the reports made
daily by Federal Reserve banks,
show that there has been a very
considerable and constant increase
in the volume of loans and Federal
Reserve notes outstanding through
out the entire year"
The Washington herald., 1920-10-24
Huge Reduction in Treasury Certificates
Indicated in Reserve Boards Statement

reserves show an increase of 5000
OC0. As a consequence the banks
reserve ratio shows a gain for the
week from 42.7 to 43.3 per cent.
Holdings OF paper secured by gov
ernment war obligations including
Treasury certificates, increased by
S6.S00.000 while those of other dis
counted paper declined by $50, 800, 900
and those of accepeances by $lS,9OO,- -
900.
\ reduction of s2O,7OO. 600 in Treas
ury certificates on hand represents
largely the amounts OF special GER
tificates taken by the government
during the week and to a smaller
extent net liquidation of certificates
temporarily purchased from non
member banks.
Total earnings assets. S3,357.7OO.- =
coo, show a reduction of $64. 300, 900
since the report of last week.
The Washington herald., 1920-10-24
WORLDS COPPER PRODUCTION

An article. in the London Times
Trade Supplement, reported in Com
merce Reports, states that the total
production of copper IN the world
for the Nineteenth century has been
estimated at 1920, 900 tons. Dur
ing the first decade of the Tentieth
century the worlds production was
100000 tons. The production in
the present decade will exceed TO-
10000 tons, or will be more than
the whole production for the, last
century. The chief factor in the
increased consumption during the
last twenty years has been the wide
spread use of electrical appliances.
The Washington herald., 1920-10-24
ERRATIC CLOSE
TOC0TTON MART
Pessimistic Adyices Cause Increased
Offerings, But Market Shows
Net Gains at Close.

New York. Oct. 23.-New high
levels on the present upward move
ment. were established in cotton to-
day after the market had dipped be-
low the previous close following a
firm start. Best quotations were
made late in the day and at the TOP
the list scored net gains OF 100 to
107 points.
A telegram from New Orleans said
that Gov Parker of Louisiana. had
called for the closing down Of all
gins in Louisiana Immediately. A
message from President Wanamaker
of the American Cotton Association.
said that gins in every State in the
South were being canvassed under
a plan to close until December !.
and that the adoption of the scheme
was meeting with full support
The market opened II to so points
higher on further active buying
for Liverpool account, which sug-
gested that English brokers were
looking for favorable developments
in the labor dispute over Sunday.
Later, offerings increased and the
market weakened. January falling
to 1915 or 3 points net lower. The
decline was helped by conflicting
opinions from Liverpool regarding
the labor question in England. To-
ward the close more optimistic ca
bles from London led to active gen
eral buying and a rapid advance. but
best quotations were not held The
close was irregular at net rise Of
90 to 20 points.
Spot here was quiet with mid
ding so points higher at 2l5Oc;
there were no sales. Spot at New
Orleans was steady with the re-
vised quotation of middling fixed
at 1915. The sales were 1851 bales.
Receipts at the principal points
were: Galveston. l7.4S2: New Or
leans, lO.2TS; Savannah, 1850; st.
Louis. 5O2
The Washington herald., 1920-10-24
U. S. SHIPBUILDING,

Lloyd's Register of Shipping re-
ports that the total gross tons under
construction in American yards on
September 80, 1920, was 1,772,OoO. or
approximately half that building in
September a year ago. The peak of
the American output was reached in
the quarter ended March 81, 1919,
when the total amounted to 4.1S6, 900
tons. However, American shipyards
are now building 1,624,000 gross tons
more than before the war, while the
British yards are constructing g.
100000 tons in excess of their pre-
war figure
The Washington herald., 1920-10-24
NOVEMBER MATURING BONDS
SHOW HUGE INCREASE

According to the compilations in
the Wall Street Journal. the
amount Of corporation bonds ma
turing in November. 1920. aEEr"-
gate S63.O55.5TO, against only So
74O.6lO in October Of this year and
S45.l92.SOO in November last year.
OF the amount maturing next
month S27.245.OOO are railroad bonds
and Sl5.74l. .OOO are public utilities
and S2O.O69. 600 are Industrial bonds.
The largest single item is a utility
issued by the NahoninE and She
mango Railway and Light Company.
amounting to Sll.75O.O 600.
The Washington herald., 1920-10-24
WASHINGTON CHAPTER A. |. B.

Washington Chapter, American In
stitute OF Banking. will open its
192O-21 season on Tuesday. October
IS. according to an announcement
just made by Charles D. Boyer, its
president. The chapter has been
fortunate in securing the services
of men fully qualified to handle the
various subjects outlined for its edu-
Cational work this year. George o.
Watson. president of the Liberty
National Bank, will open the season.
and will 20 into detail regarding his
subject, Bank Organization and Ad-
ministratinn."
The present administration antici-
pates a large attendance at each
meeting, the board of governors hav-
ing recently approved 151 new mem
bers
The Washington herald., 1920-10-24
TREASURY ADVANCES
TO THE RAILROADS

4 statement from the Treasury
Department shows that to date there
has been advanced to all railroads
an aggregate of s233,719.974 on ac-
count of the guaranty of net earn
ings for the six months ended Au-
gust 31st. These payments were
made prior to the ruling that only
final payment to each road could
be made under the guaranty. Loans
from the 5000. 900, 900 revolving fund
have so far been made to Is roads.
the total aEgregating S56,19O.325.
The Washington herald., 1920-10-24
AUGUST'S LEATHER EXPORTS,

Statistics compiled by the Tan
ners' Council give the total value of
leather exported in August as $6,-
05S,S96, compared with S7,219,35z
for July and sS,199.Ss6 for June
The only classes of leatherSshowing
gains in the August exports were
sole leather, which increased about
so per- cent, and commanded a
slightly higher average price.
The Washington herald., 1920-10-24

Liquidation of discounted and pur-
chased bills and of Treasury Certifi-
Gates in some volume, and COM
mensurate reduction of deposit liza
bilities are indicated in the Federal
Reserve Boards weekly statement
issued today.
Fedora! Reserve note circulation
increased by s2,90O,00O, while cash
The Washington herald., 1920-10-24
EXPORTS OF IRON AND STEEL

Figures made available by the
Department Of Commerce show that
the total exports Of all iron and
steel in August, 1920, were l3l.4St
tons. which is a decrease Of s7.3S2
tons below the July figure. How
ever, the exports for July and Au-
gust are the highest for any months
during the past year.
The Washington herald., 1920-10-24
STOCKS ENJOY
STEADY CLOSE
Wall Street Regards British Miners
Invitation to American Fedora
hon as Compromise Offer.
PROFESSIONAL SHORTS COVER
Profit Taking Eniarses Gain, Sbowa
By Initial Priees-Msrket
Close, STEADY.

New York, Oct. 23.-Stocks re-
sponded today with gains 70 the
more favorable news from London
concerning the coal strike situation.
The extension OF an invitation to the
executives OF the Federation OF Coal
Miners to confer with the British
Cabinet to consider a peace plan was
accepted in the financial district as
a compromise offer.
The professionals who had been
selling the market short because Of
favorable news from London the last
week Immediately began covering
and their urgent purchase resulted
in the distribution OF gains through
out the list. business was on a light
scale, however, with the public con-
spicuoUs for its absence
Initial prices showed fractional
gains, but as the session progressed
the gains were enlarged. Some
profit taking developed towards the
end Of business but the close was
steady.
standard Issues.
Standard rails and industrials pre-
scented a strong front but the largest
advances we're made in specialties.
this being particularly true Of United
Fruit and the pvJlic utility shares.
The steadIness OF the list indicated
that there is no disposition on the
part OF owners OF stocks TO dispose
Of them at this time
Demand sterling reflected the i'm
provement in the outlook for the
British situation with an advance OF
one cent. Foreign exchange dealers
reported that all offerings Of sterling
were Withdrawn following the re-
ceipt Of the London cables.
Copper.
Copper shares were strong. with
Seneca Copper, a recent debutante
on the stock exchange, the leader.
This issue rose nearly two points on
buying for the account Of insiders
who state that the company will be
taken over by one Of the large lake
copper companies. Calumet and
Hecla was mentioned as the prob
able purchaser Of control but in
vestiEation revealed that there are
two lake companies purchasing In
siders Of the Seneca promise 10 d.
vulEe the name Of the purchasers Of
control early next week a private
wire from Boston to one Of the large
commission houses stated that con-
trol would probably IND lodgmeut
. " an NAAN AalAlltA anu Al ALhAlu
Public utilities.
Public utility shares came in for
more attention. Purchases being
made at substantial price appreria-
tions, with the promise Of lower
costs for materials and increased
efficiency on the part Of employees.
the public utility shares are show
ing signs Of Improvement There is
also a revival OF confidence on the
part Of investors who look for lower
operating costs for those properties.
Western Union was a favorite and
closed with net gain Of more than
f two points. Gas stocks were also in
better inquiry This was particu-
larry true of Consolidated Gas and,
Peoples Gas, Light and Coke. Mon
tana Power rose nearly five points.
The strength Of the public utility.
shares is compared veTy much to the
movement in the railroad issues \
that they are bencftinE from tho
processes Of rcadjustment and de-
fation which reduce operating costs.