davidaulloa/AmericanStories huggingface dataset:
The Washington herald., 1920-07-17
THE DOLLAR In FOREIGN EXCHANGE.
(Eurnlshed ky Anerican Security and TEust Cempalxl
Committee Named for Havana to
Assist in ReLieUing Port Congestion

A committee OF seventeen will
leave for Havana about July 26 to
advise and cooperate with the Gu
ban government in making effective
suggested relief measures to relieve
port congestion there.
The personnel Of the committee is
as follows: Ernest L. L. Bogart, as
sistant foreign trade adviser OF the
State Department. chairman; Com
mander A. B. Clement. assistant to
the chairman of the United States
Shipping Board: B. 1. Cooper, as
sistant manager OF Atlantic steam
ship lines representing the Southern
Pacific Company; E. T. Ford, of w.
r. Grace & Co., San Francisco, rep
resenting rice associations of Cali
fornia: A. p. Clifford. president
Jacksonville Shipping Corporation;
Alan W. Graves, manager Havana
Line, Merchants and Miners Trans
portation Company. Baltimore; Mon
roe Green. representing rice asso-
Citations OF California: w. V. Harloe,
freight traffic manager. United
Fruit Company, New York: Joseph
Hodgson, vice president New York
and Cuba Mail Steamship Company;
c. B. Kellogg. freight trafic man.
The Washington herald., 1920-07-17
COTTON MARKET.

New York, July 16.-Trading in
cotton was only moderately active
today and the market was irregu-
lar. selling off from the top under
fairly active realizing. July again
made a new high record for the
life OF the contract. reaching s42.05.
but ended below the bast. Old crop
positions were not so well support
ed early end opened considerably
lower, while other months were ir-
regular, the entire initial range be-
ing 40 points net OF to IL points
higher. Later in the morning the
continued strength of July. despite
reports that some more cotton was
coming here for delivery from Nor
folk. served to cheek selling of
later months and the list turned
firmer. After selling about 80 to
81 points net higher on the fore
noon advance. the list reacted Is
or 90 points under realizing and a
renewal OF local selling. Follow
ing this the market developed fresh
strength in the afternoon and sold
into new high ground for the ses-
sion. with October up to s34.6S. At
the best offerings increased, but in
the final hour prices ruled steady.
with Wall Street purchaser. Last
quotations were 25 points net lower
to so points net higher.
Spot here was quiet, with mid
ding unchanged at Assoc: there
were no sales. Spot at New Orleans
was quiet, with the revised quo
tation for middling fixed at 80 1-2c;
the sales were 4s1 bales.
The Washington herald., 1920-07-17
GRAIN MARKET.

Chicago. July 16.-Corn trading
finished today unchanged to Mc
higher. 1t recovered from it's earlier
depression as the market showed a
frmer tone. September was strong
At the start, but the break In wheat
carried values of sharply for q
whiIe.a Later the market responded
more readily to the buying. Re-
ceipts are falling on. Liverpool spot
was 1hc higher, and futures closed
" to 1hc higher.
Wheat trading was effective, but
the volume far below normal. The
December break was over 10c a
bushel, but recovered moderately
later. Receipts were light. The big
factor Of the days trading was the
heavy offerings to arrive from the
country. and bids were reduced to
14c of yesterday. At the close most
of the bids were withdrawn.
Oats opened weak but rallied to
above the previous finish. Commits
sion houses afforded support. Local
receipts were larger. Oats were n
to 2ssc higher at the close.
The Washington herald., 1920-07-17
MONEY.

New York July Is. - No offerings
have appeared in the time money
market. Renewals are obtained from
time to time at Sk per cent on mixed
dustriaI. There is no anticipation of
improvement in this market with
call money again above s per cent,
and the crop moving strain being
under almost constant discussion by
local bankers.
The market for acceptances main
tains it's moderate activity at dis
counts of from 6aa to 6A per cent.
Commercial paper also continues to
reflect TO strained credit situation
and rates are firm at per cent mini
mum. with local institutions taking
little or no interest. Business in
the interior is only moderate.
Money on call opened Q. high ..
low 8: closed s; ruling rate s per
cent
The Washington herald., 1920-07-17
LABOR BOARD TO ANNOUNCE
AWARD NEXT TUESDAY

Chicago, July 16.-The United
States Railroad Labor Board will
announce it's award on demands of
100000 railroad workers for an
annual billion dollar wage increase
at 1880 a. N. u2:30 New York
time) next Tuesday. a board member
announced today.
The board. II was learned. had
practically agreed on the increases
to be awarded and believe they will
be accepted by the employees.
The announcement of the award
will be made in conformity with the
statement of the board several
weeks ago, that 1t would render its
decision on or before July 90. The
announcement then was to avert a
threatened general railroad strike.
Board members refused to dis
cuss the details of the award to be
made.
Railroad labor chiefs will gather
here Monday to be on hand when
the award is announced so they can
decide Immediately whether it is
satisfactory.
The Washington herald., 1920-07-17
BY SIR GEORGE PAIsHE.
CWashIngton HeraId-Public Ledger
Service, Special Gable Dispnfch.)

London. July 16.-There is no doubt
events in Europe have taken a turn
for the better and that a spirit
of reasonableness is at last being
shown. Whether the change has
come soon enough to prevent Sc
rious trouble has yet to be discov-
cred. Nevertheless, ii has come.
Proceedings at Spa have made a
much better impression upon the
public mind in England than did
the proceedings in Paris.
1t is claimed here that Germany
is completely defeated and Is aware
-Cf her complete defeat. Whether
defeat was accomplished by the ma
vies. by the armies. or by economic
pressure, or by all three combined.
is quite immaterial. In these days
the most powerful force of all is
economic pressure.
No one knows that better than
Germany. She knew II before the
wal and her most powerful weapon
against the entente was not found
in her army, but in her effort to
cut off food shipments by closing
the Dardanelles to supplies coming
from Russia and Rumania and by
trying to cut off supplies from
America by use of the submarine.
Her inability was mainly due to
Americas action In growing so
much food and in being economical
in food consumption in the war
years. That was the chief cause
of her defeat.
Germany now understands those
things better even than we do in
England. There they have expert
enced hunger for five years and they
envy the people of the entente and
America their efficiency.
Defeat of Germany was complete
and the German people need no fur
ther lesson in the wickedness and
folly of war. Having proper regard
for their experience. they are prob
ably least likely to disturb the
worlds peace in the future. know
ing the risk of economic boycott.
That view Of the situation among
large numbers of people in England
explains In some measure their
The Washington herald., 1920-07-17
European EOents Take Turn for Better
And Reasonable Spirit Appears at Last

Willingness to allow indeed to
asslst-the German people to re-
cover their productive power and
20 not maintain the hatred felt be-
Lore they realized how greatly the
herman people. as well as the Aus
trians. had suffered.
~ Is essential to appreciate the
growing sympathy OF liberal-mind- :
ed people in England for the suf-
Ierings OF Germany and Austr,.
more particularly German and Ans
iran women and children, in order
10 understand the cause for the
great change in atmosphere AT Sna
IN comparison with that of Paris
mat atmosphere is more impor-
tant even than the concrete nro-
posais, and the change should he
noted and understood.
The efforts being mad. h., AL
couhy 10 come to an arrangement
win russia indicate that the mad
ness OF war Is beginning to give
way 10 the sanity OF peace. I'm
uouoteuiy russia needs peace
needs IL probably more than any
other nation. Starvation has done
It's work not only in bringing abou,
VI tue russian armies huf
In causing original and subseousn
revolutions.
But the entente nations also n..o
peace. They are in greater daneer
or starvation now than during fhs
war; and they realize In eyer-In-
creasihg measure that their ovr
salvation depends in large measure
upon helping Russia resume pro.
duction and to supply her with food
In normal way.
The Bolshevist form of eovsrr.
ment has now very few advocate.
In England. The visit of labor dsi-
egates to Russia has DESTROYED ai,
illusions. Nevertheless, II is claim.
ed that every nation has a rirb,
to be governed in its own way. and
that the essential thing Is to over.
come the economic dangers. both
In Russia and in the entente N.
tions, by restoring trade relation
and production. Thus the situation
Is fundamentally improving. Al
present only the atmosphere 4,
changing. but sooner or later tina,
will enable effective measures te
be taken.
Copyright, 1890. by Public Ledger "a,
The Washington herald., 1920-07-17
STOCKS RALLY
AT THE CLOSE
Nervous Opening Followed
By Low Records for Move
ment in Many Issues.
MONEY PLENTIFUL, $50
Mexican Petroleum and
Baldwin Lead Last
Hour S Rally.

New York, July 16.-Money did
not get above 9 per cent today in
Wall Street. and late in the day II
was plentifully supplied at 8 per
cent. In the morning the market
was nervous and new low records
for the movement were made In
numerous issues. The low prices
that worried the street most were
those in u. s. Steel. Mexican Petro-
leum. and Reading. The whole list
faded under the influence Of these
declines.
During most of the session the
market was quiet At one time
money was bid for rather sharply,
but it was always supplied at the
9 per cent rate publicly although
some borrowers were compelled to
pay q couple OF points above the
market.
IN the last hour there came a
sharp rally under leadership of
Mexican Petroleum and Baldwin
U. S. Steel gained nearly a point on
this movement, and the whole list
averaged about a point. In U. s.
Rubber. the gain was two points as
IL was also in Vanadium- In Cruel
BILE the rise was nearly Ave.
This advance, however, was not
sustained. 1t fiattened out so quick
ly as to demonstrate the absence OF
a short interest of importance
Whatever buying was done today
was for long account because the
professional traders were taken un-
awares by the decline that began
week ago and the most they were
able to do was to get out Of their
long stocks. They are afraid to go
short at this level. The most that
they seem willing to do now is TO
buy a few shares in the hope of
getting a stiff rally on announce
ment of the Labor Board decision
Tuesday and possibly of the Inter
state Commerce Commission deci-
sion next week.
Rumor was heard of more new
financing for the Pan American Pc
troleum Company.
Buying in the automobile stocks
may have been for short account.
for in Studebaker and Pierce Ar
row it, was rather insistent.
Invincible Oil had a sharp re-
action for the first time since 1t
began its recent remarkable advance.
It broke to about Ave points under
the high record price touched a
day or two ago.
Bankers in close touch with the
railroad situation expect that low
priced rails will make a remark
ably good showing as soon as there
is the least let-up in money or in
encouraging news from the Inter-
state Commerce Commission.
The trouble that was exposed in
the rubber industry through the en-
tarrasment of an old rubber house
On Thursday Is not over. Prices
are held so high in the trade that
the public refuses TO buy. and many
companies cannot dispose OF their
stocks of goods at current prices.
They refuse to cut prices lest that
cause a trade-war.
The Washington herald., 1920-07-17
SHIPPING BOARD LIKELY
TO REJECT ALL BIDS

Shipping Board officials yesterday
indicated that the board would not
accept any of the bids received for
122,553.0o0 barrels OF oil for fuel for
the American Merchant Marine dur
ing the next FIVE years.
Prices on fuel oil were very high
and crude oil which was offered at
a nominal sum would rise in price
by the time 1t was refined. it was
stated.
Most OF the bids were offered on
the condition that the board pay
import and tax duties and in most
Instances this would raise the price
III more on the barrel
In most instances transportation
for the oil would have to be fur
nished by the board and one COM
pany requested that financial aid be
siven them to develop a new field
thereby giving the Shipping Board
the full quantity of oil produced
In the new area.
The Washington herald., 1920-07-17

ager. Munson Steamship Line, New
York; F. w. Kirkland. assistant TO
vice president Florida to East Coast
Ferry Company, st. Augustine, Fla
j. J. Logan, American Steamship
Corporation. Jacksonville; r. S. Mac
Elwee. director OF Bureau of Foreign
and Domestic Commerce, Commerce
Department: r. l.. Mcclellan, foreign
trafnc manager Southern Railway
system, Louisville, KY; w. H. Ma
honey, manager foreign trade bu-
reau, Merchants Association of New
York; j. p. Stevens. assistant man.
ager South Atlantic Maritime Cor
poration, Savannah, and r. Taylor,
chief Latin-American division, Bu-
reau Of Foreign and Domestic Com
merce, Commerce Department.
1t is understood that each gov
eminent department and each pri-
vate enterprise will defray expenses
OF its representatives, Secretary of
Commerce Alexander stated.
The committee will probably eo
to Key West, Fla, by rail, and then
proceed to Havana by water. II
was stated the committee would be
able to complete it's work in a week
or ten days.
The Washington herald., 1920-07-17
RAILROAD OPERATIONS.

Passenger trafic in the United
tates during May increased s4,-
6S,s72 over the same month last
year. the Interstate Commerce Com
mission announced yesterday.
During May passenger tickets
were sold valued at s7s,0Is.351 as
against s71.354,s7s for May. 1919, 1t
was stated.
For the first Ave months in 1920
passages sold were valued at $685.
s2,s5S as compared with S33s,6ss.-
%o5 for the same period last year.
Freight revenues also increased
howing s22.5s4.f1o more freight was
handled during May than the same
month last year.
During the FIRST five months this
year 31,212.73s.s7l was the revenue
on freight handled by the railroads
as compared with s1,o57.ss+ft4 for
the same period last year, IL was
announced.
The Washington herald., 1920-07-17
]
Destruction Of Canning In
dustry Threatened Unless
Situation Is Relieved.
LAYTON CALLS ONI. &C.
Representative Is Assured,
And Relief Also Promised
Adjoining States.
LAYTON NcALLSONI.C

The shortage of cars is threatens
ing the destruction of the canning
industry of Delaware, according to
Representative Caleb r. Layton OF
that State. Unless cars can be OBJ
tained to transport coal to the vege-
table canneries in the eastern part
of Delaware by August /. he said.
tremendous loss of food supplies
would be suffered.
Mr.. Layton was In washington
yesterday to appeal to the Interstate
Commerce Commission for preferen-
tial consideration OF the canning in
dustry of Delaware. He was In
formed that the bureau of service
of the commission would immedi-
ately undertake an investigation OF
the matter.
The Gamers OF Delaware are un-
willing to undertake the initial costs
attendant to preparing their cam
neries for the coming crop unless
they can obtain some assurance OF
obtaining coal, according to Mr.
Layton. The tomato crop in the
heart Of the tomato canning district
OF the country, he said, would prob
ably be lost and an increase in the
cost of this food would probably re-
suit thereby, unless fuel could be
obtained to run the canneries.
There are at present seven car
loads of sugar in Philadelphia, con-
signed to the canneries of Delaware.
which cannot be transported to their
destination. according to Mr.. Lay
ton, because Of the shortage Of cars
At the same time, the major part of
the tomato crop, one OF the best in
several years, he said, is about ready
to be harvested.
Similar conditions are understood
to exist in the farming districts of
New Jersey and in parts of Mary
land. They are said to be threaten
ing a serious shortage of food un-
less relief is obtained in the very
near future.
Some members of Congress are
being flooded with kilograms from
farmers in the East who fear the
loss of their crops. In response the
Interstate Commerce Commission
yesterday issued the following
statement to Mr.. Layton:
The commission will immedi-
ately undertake an investigation
through its bureau of service Of
these coal needs of the canning in
terests of Delaware and Maryland
with a view to affording all relief
consistently possible. 1t has already
! under way an investigation of car
shortage for the George w. Busch
& Sons Co., of Wilmington, Del.
1T is its duty, and IL proposes to
carry out that duty to effect equal
distribution of available equippage
and will see to IL that the canning
| interests are not Disseminated
against. II it should develop that
the car shortage at some mines is
so acute that the available supply
is not sufficient TO meet the needs
! of particular canning concerns, a
request for special permits to the
! secretary will receive prompt at
tention."
Mr.. Layton said that the failure
of the canning season in Delaware
would not only cause a great loss
of money to the Gamers and farm
ers, but would throw many people
out of employment.
The Washington herald., 1920-07-17

Charters issued, Z. capital s475,-
900; Increases of capital. II banks.
amount s1,s25,ooo; applications for
charter, S. capital s455.ooo; consoli.
dations of national banks, none:
voluntary liquidations: For ab.
sorption by other national banks.
none; other liquidations. 2; reduce
tions of capital, none; charters ex-
tended. Z: charters re-extende6
none: applications for charter re-
fused, nome change Of title. none.
The Washington herald., 1920-07-17
Comptroller Issues Weekly Statement
Regarding Bank applications Granted

Applications to the Comptroller
Of the Currency during the week
ending Friday, July 16. 1920. for
authority to organize National
Banks and to convert State Banks
into National Banks: charters is
sued; charters extended and re-ex-
tended; increases and reductions Of
capital approved; changes Of title
approved; consultations of Nation-
al Banks approved; and National
Banks placed in voluntary liquida-
tion. were as follows:
The Washington herald., 1920-07-17
JAPAN'S TRADE WITH
NORTH AMERICA

Japan's trade with North Ameri-
ca for the first quarter Of this year
amounted to 201,S24,000 yen in ex-
ports and 27s.s34.oo0 yen in i'm
ports. the balance being 75,110,oo
yen. Compared with the corre-
spending period of last year, the
figures show an increase OF 1I4,-
34S,000 yen in exports and Of 102.-
744.000 yen in imports. The prin-
cipal article for export was raw
silk, while principal imports COM
prised raw cotton and iron. Partic-
ulars according to different states
are as follows:
The Washington herald., 1920-07-17
GERSTENBERG ELECTED
ASSISTANT CASHIER

At the meeting of the board of
directors of the Exchange Bank, of
Washington, held July II, Ernest
lGerstenberg was elected assistant
cashier to succeed Samuel L. Stead,
whose resignation takes effect Au-
gust /. Mr.. Stead resigns to accept
a position with the State Banking
Commission of Michigan.
The Washington herald., 1920-07-17
q. r.. T.. GETS WAGE INCREASE.

New York, July ia 10 per cent
wage increase representing an ad-
vance of S5 per cent since August 1
CT last year was announced today
Iby Receiver Garrison of the Brook
lyn Rapid Transit system.
The Washington herald., 1920-07-17
Local Securities.

Heshington ocoek u1ek6n0A
Turnishsd ~ Mooehsad . ufnssa
ssiss Yestssdsy.
capital Tnction-l0 at s4E, 10 at s4k,
~ at IN. 10 at e4k. 10 at s4&.
at M.
/, washinston Ry. H. PTS at az.
The Washington herald., 1920-07-17
BANK OF FRANCE STATEMENT.

Paris. July l6.-The weekly
statement of the Bank of France
shows the following changes in
The Washington herald., 1920-07-17
Active New York Stock Exchange
OURMsMRD ~ uoonHnAp nLnOnD
LIBERTY BoNDs. .
OTHER UNITED STATES BON
RAILROAD BONDS.

A'en.' Top. 4 Santa y, gen. n, 1895.
Baltimore 4 Ohio gen. Is. is4s. -.
baltimore 4 Ohio conv. 4hs, 1855. !.
Chesapeaks 4 Ohio COW. AVS. 1880.
Eas Ensesapeafe d Ohio conv. 5s, 1915. {.
ns, nrie cow. IN, series d. 1868.
Missoori Msoori Pacific gen. a. 1875. ......
nortnern Pacific a, 1907.
ehh'yiVania r. R. gen. 4hs, 1865.
MI
amer. r. 4 T. conv. es. 1925.
Setn' steel purchasing money Sc, Ioa
'hiie copper COW. 70, 1923.
Fo
(Purn,shs,
The Washington herald., 1920-07-17
MISCELLANEOUS.

IS. ....... s3K q. g. Rubber and ref. b. 1871 Q
y 30, 1888 e1h U. 9. Steel 6s 1e63
.......... seH Belgium 2S-yr ext. gold TVS. ls46 10
The Washington herald., 1920-07-17
CURB STOCKS.

FURNISHED by W. B. Hibbs 4 Co.,
The news scimitar. (Memphis, Tenn.) 1907-1926, 1920-02-06
Davis Cup Matches,

The American challenge for the na-
Wis cup matches has already been for
warded, but the action will not be
officially ratified until tonight's meet
ing of the national association, De-
cision to take such action, however,
was agreed upon more than year
ago.
Foreign invasions by American ten
mis- players will greatly depend on the
decision of the national association re-
garding the Olympic and Wimbledon
matches. II is probable that the
American Davis cup team will have TO
visit some other country 10 play its
preliminary matches, but this will be
decided by the draw after all entries
are received, Entries for the Davis
cup competition will be closed March /.
Though the awarding of tournament
dates and the consideration Of foreign
events are the outstanding items Of
interest, the action OF the association
reEarding the proposed playing rule
change Will be watched closely by
tennis devotees throughout the coun-
try.
In Recommending changes in the rules
the committee argues that America
should DO the first 10 take such a step,
which is considered beneficial in
asmuch az the changes proposed would
simplify the scoring and handicap sys-
TENS. The officers OF the association,
however, are of the opinion that Amer
lea should take no action without first
consulting other countries, for the rules
OF tennis are now universal and If
changes are made by this country 1t
will stand alone.
Discussing the proposed changes
President Adeei outlines his opinion
as follows:
The news scimitar. (Memphis, Tenn.) 1907-1926, 1920-02-06
TENNIS BODY TO
FIGHT PROPOSED
CHANGES IN RULES
U. S. N. L. T. A. Meets in New
York Friday Night and Mo-
mentOuS Session Is Prom
iSed-T0 Elect Officers.

NEW YORK. Feb. 6.--Stroug opposi-
ton Is expected 10 develop To changes
In the tennis playing rules proposed for
action at the annual meeting OF the
United States National Lawn Tennis
association which conveues here to-
night.
George T. Adee, retiring president OF
the u. s n. l.. r. A.. has taken a
firm stand against any changes In the
rules. and he Is strongly supported by
Robert u, Wrenn. a former president Of
the national body
In addition 10 a lengthy and perhaps
heated discussion Of the proposals Of
the rules committee the association
has much important business TO
transact.
The national championship tourna-
ments for 1920 are TO be awarded at
this meeting and plans will be discussed
for American representation at VIM
hleton, whore the English champion
ships win be played, probably In June,
The association will also consider plans
for sending an American tennis team
10 the olympic games at Antwerp,
As the Olympic schedule now stands
the tennis matches at Antwerp VIII be
played In August, which would conflict
with the annual national singles tour
nament on this side Of the water Field
Secretary Paul Williams has written
10 England for Information regarding
the date of the tournament at Wimble-
don, and 1t Is hoped that in case the
English matches are staged In June
the Belgian committee will consent TO
schedule olympic tennis for July rath-
er than August. which would, give
America the opportunity to comhete.