davidaulloa/AmericanStories huggingface dataset:
The Washington herald., 1921-02-13
BIan,es Grain Slump
On Alien Intrigue

(From the Chicago Tribune, Feb. -
Concentrated foreign buying OF
wheat on the one hand and com
petitive selling in the United States
on the other have resulted in Amer
ica contributing to the relief of
Europe by producing and selling
grain at less than the actual cost"
said the former wheat director
Tuesday
Foreign buying is largely in the
hands of governmental agencies.
which have been accentuating ev-
cry depressing feature. There are
reliable advices that Germany
bought 1000, ,OOe bushels of wheat
in Argentina at figures equal to )
cents under our American gulf
wheat prices. Some effort on the
part of the Argentine government
not to submit to this domination OF
foreign buyers and the consequent
depression of its wheat prices is
indicated by an attempt OF that
government to levy a fuCtuatjng
export tax should prices decline
further.
Indications are the British will
abandon control of the wheat trade
in the near future, That would
relieve in a measure the present in
tolerable situation in which gov
eminent agencies, either by delib-
crate combination or exchange Of
Information. are Influencing our
price levels. Unless this action is
taken nothing remains for us eX-
cept to set up protection for the
American farmer by creating all
agency strong enough to meet that
kind OF buying pressure
The Washington herald., 1921-02-13
/. C. C. Grants Huge
Loans to Railroads

The Interstate Commerce Com
mission has granted authority to
the Southern Railway to issue and
sell at not less than 80 per cent of
par $500 first consolidated mort
gage per cent bonds maturing
JHly l, 1894, for the purpose of re-
firing a like amount Of its Virginia
Midland serial mortgage 5 per cent
bonds which mature March l. 1921.
Pittsburgh and bake Erie Rail
road Company has been granted
authority to issue $3.50, 900 of six
months per cent promissory notes
to be dated February 4. 1921, and
S75O,0eO of six-months 6 per cent
promissory notes to be dated Feb
ruary &c, 1921, in renewal of notes
for like amount due on those dates.
Hooking Valley has been granted
authority to issue s2,037, 900 general
mortgage S per cent gold bonds and
to pledge them. together with
$4,000 of the same kind of bonds.
with the Secretary Of the Treasury
for loan of s1,665,0 ZOO.
Nashville, Chattanooga and ST.
Louis has been granted authority
to sell s4s5,O00 first consolidated
mortgage 5 per cent bonds for the
purpose Of reimbursing its treasury
for moneys expended in retirement
Of underlying bonds. -
The Washington herald., 1921-02-13
Foreign Demand For
Copper Continues Good

Foreign buying of copper con-
tinues good and compares well with
the average for last year of around
45,OOO,OOO pounds a month. Ger
many and England are principaI
buyers. Price on export sales nets
around 13 cents a pound in New
York. More money is made on Ger
man sales than English, however
as cost of shipping copper is 81 a
ton to Hamburg. compared with a
S13 a ton rate to England that has
prevailed for some time, and a new
rate of s11 just announced.
Domestic buying remains small
and gives little promise of improV-
ing before several months. Smelter
output in the United States is be-
lieveds to be around 10000, 600
pounds a month and imports at
around 25.0OO,OO0 pounds for blister
and refined. making current pro-
duction 115,000,0O0 pounds. Unless
domestic and foreign consumption
improves materially during the next
few months still further curtail-
ment will be necessary on the part
Of producers so as to make some
inroad upon stocks No great rise
in price of copper can be erpected
until inroads begin to be made upon
the surplus.
The Washington herald., 1921-02-13
Weekly Bank Clearings.

Bank clearings at fifty leading
cities of the United States for the
week ending Thursday, February
10, as reported, to Bradstreet's Jour
nal, aggregate S6.239,457 900. a loss
of 16.1 per cent from last week and
of 10 per cent from this week last
year, which was a holiday week.
Outside of New York the total is
S2,714,649,000. a decrease of 9 per
cent from LAST week and 9.S per cent
from this week last year. New York
shows a drop of 1912 per cent from
last year. Thirty-six cities report
smaller totals than last year, while
fourteen exhibit gains. Chicago re-
fleets a loss of AS per cent, Boston
21.7 per cent, Kansas City SO per
cent, st. Louis 3O.1 per cent, San
Francisco SO per cent, Detroit ia
per cent and Cincinnatk2.2 per cent.
Philadelphia reports q gain of 1917
per cent, Pittsburgh 12.2 per cent,
Cleveland 2.s per cent, Minneapolis
f5.5 per cent and Los Angeles 80 9
per cent.
The Washington herald., 1921-02-13

Although under the old standards
the exchange situation has been
what was termed favorable" to the
United States, yet there is probably
no single factor which has been so
unfavorable to our foreign business.
The high cost of dollar exchange
has acted as an import barrier
against American goods in foreign
markets. 1t is one of the reasons
why We have a surplus OF cotton,
wool and wheat.
The question Of stabilizing the
exchange has brought out much dis
cussiOn and many suggestions. 1t
has been proposed to establish an
international currency and an inter
national banking system, but it
seems doubtful whether these or any
OF the other proposals can be ap-
piled practically.
Sound financial systems in the re-
speCtiye countries together with a
return to normal production and
commerce will stabilize the money
value. However. it is quite possible
The Washington herald., 1921-02-13

A redivision of France into TWEEN
ty or twenty-five districts to sup
plant government administration by
the present system OF small depart
ments has been approved by the
council Of ministers. According TO
advices received by the Bankers
Trust Company, of New York, the
aim of the redivision is to eliminate
the existing congestion of central
Offices, excessive number of admin
istrative regions and the Limitation
of local initiative.
Present system Of Long Standing.
The present division of France by
departments. was instituted under
Napoleon /, when lack Of communi-
cation facilities and also political
reasons necessitated centralized ad-
ministration of government. Under
the new plan the number of admin
istrative districts Is 10 be reduced to
less than one-third OF the existing
departments. The chief city in each
region. will be determined by decree
after consultation with the general
councils.
At the head OF each region will be
placed ''prefeet regional" who will
The Washington herald., 1921-02-13

that a new basis of parity will be
established for some currencies or
at least that it may be a long time
before some OF these monies will
purchase the same amount of dollars
as before the war.
The remarkable strength of the
exchanges since the beginning of the
year has caused a much more hope
full sentiment regarding the outlook
for foreign affairs. Powerful Euro
pean banking interests have been
heavy purchasers of the various eX-
changes for several weeks.
The settlement of the German in
demnity which now for the first
time appears possible, will have a
very material effect upon exchange
values. This, together with the or
ganization of more adequate facili-
ties for long-term foreign credits in
this country through the Foreign
Trade Financing Corporation. are
the cause of an optimistic feeling in
international banking circles.
Copyright, 1871, BY Washington Herald.)
The Washington herald., 1921-02-13
SINCLAIR DEAL
Is REGARDED AS
MATERIAL MOVE
Most Significant Devel-
opment in Oil Industry"
Says Banker.
CONFIDENCE SHOWN
Convincing Evidence of Fore
sight and Sound Judgment Of
Sinclair Heads Indicated.

The Wall Street Journal reports
an interview with a banker interest
ed in Sinclair Oil who says. Sin
clair Consolidated Oil Corporations
sale TO the Standard Oil Company OF
Indiana Of one-half interest in the
Sinclair Pipe Line Company. is re-
garded by oil men as one Of the
most significant developments In the
petroleum industry since the close Of
the war.
DIstInct Benefit TO BOth-
In the first palce II will result IN
distinct beneft both 70 the Sinclair
and to the Standard OF Indiana the
immediate economic gain 70 thess
two companies amounting TO mil
lions Of dollars, aside from the cur
rent advantages OF lower operating
costs.
In the second place fl indicates
the confidence on the part Of thes-
large interests in the future Of the
id-Continent fields. while giving r,
the producers a broader outlet for
their oil.
In the third place it gives CON
winding evidence Of the foresight
and sound judgment Of the SincIs.~
management in building a trunk
pipe line system TO Chicago st d
time when the great majority of OIL
oen said openly that II could not BE-
done.
col. r. w. Stewart. chairman n
the board Of directors and chic
executive officer Of the STANDARD Oi.
Company OF Indiana. reveals the fac
that his company has not been able
TO obtain through the older pipe l.n-
systems enough oil TO operate The
Indiana Companys refneries at fu'.
capacity. Had ii not been for our
ability to obtain deliveries OF crude
oil through the Sinclair pipe line
Col. Stewart said. 1T would have
been necessary for US 20 greatly in
crease our use OF rail transpOrta-
ton And he frankly admits ths,
/ the Standard Of Indiana had decid-
ed that il should have direct pipe
line connections from the oil fields
in the Northwest to our refneries-'
Facilities Constitute Strength.
The fact that the Sinclair Com
panv has had such connections, en-
/ abIing it to produce and handle the
/ oil from the well TO the ultimate
[ consumer. has constituted the in
herent strength Of the Sinclair or
ganization and now that the Sin
clair and the Standard Of Indiana
have joined forces in the transports-
tion Of crude, the strength OF each
- further increased without either
company relinquishing the slightest
advantages in the competitive
branches Of their business"
The Washington herald., 1921-02-13
Council of Ministers Approves Plan
To Redivide France Into Districts
To Supplant System Now in Vogue

have authority over the "prefets-
Of the departments. He will be
given a certain number of duties
which are at present attributed 70
the central administration.
Each Region Separate.
Each region will possess its own
financial Organization, and will be
administered by a regional council.
The duties attributed to this re-
gional council will consist Of part OF
those at present fulfilled by the gem
eral council and part Of those Of the
central administrations
= The resources of each region will
also consist Of part Of the ta1es
which are now collected by the state,
and part Of those turned over to the
departments. Each region may also
make loans on its own account
The departments will be main
tained in each new district as they
exist at present. and in order to
safeguard their interests the project
provides for the execution Of pub
lie works by the departments. and
paid for from their own resources
IL these have been set aside by the
general council.
The Washington herald., 1921-02-13
SILVER DEMANDS
ARE ON DECLINE
Taxation on Luxuries Charge
able to Lessened Requests for
Plate and Jewelry.

The inquiry for silver cannot be
expected to be so keen, says
Samuel Montagu & Co. of London.
The continent is a seller OF coin.
not a buyer for coinage. Economy
is the cry OF the day. and taxation
is cutting at the root Of luxury eX-
penditures Hence. plate and jewel
ry will be less in request.
The requirements OF India are
doubtful A good monsoon would
stimulate demand. especially after
the poor imports Of 1920: but the
country is well stocked with pre-
cious metal. and coinage IS out Of
the question. The prospect of Chi
nese demand is also uncertain. So
much depends upon the power of
China to export goods. and the abil-
ity of Europe to pay for them. 1t
can be taken for granted. however,
that the interior of China is un-
usually well stocked with silver.
and that confidence is being re-
stored in official issues of notes.
Pre-war Level Desired.
The world as a whole would have
good reason to welcome the return
Of the prices of silver to a pre-wR r
level. The persistent advance in
the price of this metal has much to
do with the increase in the prices
of commodities. the reason being
that the allies had to depend so
largely upon the products of the
East. chiefly from India, with whom
the world balance of trade has all
ways been-unless the monsoon
proved a failure-heavily in her IA
vOr. Wheat, rice and beans. jute,
cotton, hides and skins figure large
ly in the useful goods which come
from India and China. 1t was the
Tise in the cost of such items as
these which stimulated that of other
commodities in the markets of the
world.
Total Output Practically Unchanged
The total output for 1920 is not
expected to show much change, but
the apportionment among the con-
tributing countries will be different.
The United States will record con-
siderably less. and Canada will show
a further shrinkage These re-
duced contributions will be offset by
an increase from Mexico and from
Burma. The last named mines.
worked under British auspices, used
to be exploited by Chinese. In a
similar fashion, Professor SayCe de-
duces from recent discoveries that
Babylonian firms worked the silver
mines of Asia Minor centuries be-
fore the days of Abraham.
"A good deal of misconceptiOn out
side In'lia as to the rupee probe m
arises from overlooking the fact
, that the natives of India regard the
question as one of bullion rather
than OF currency, and chose to set
their own ratio between currency
composed of gold and Of silver. In
other words. the two precious met
ais are looked upon as commodities,
the imprints Of die being but an
official certificate as to the con-
tents. The Indian government dur
ing the year clearly indorsed the
native point of view by removing
the prohibition against using gold
and silver coin otherwise than as
currency. THUS confering a privilege
not enjoyed in the United Kingdom.
Gold and silver coins do not change
hands in India to anything like the
extent that they do In Western
countries. They are obviously more
treasured than current,
The Washington herald., 1921-02-13
EXCHANGE RATE SITUATION
BETTER DURING JANUARY
German Indemnity and Foreign Credits May
Make Permanent Improvement.

Herald's Economist.
July there was a marked recovery,
followed by a long downward swing
terminating in November. The rise
in December. and in January has not
been so marked as in the English
pound.
The Italian Iirs followed much the
same general course as the French
franc, except that its depreciation
was greater. In November the low
point of the year was reached when
the lira was quoted as low as 2s.72
per dollar, compared to a par value
Ct SIS per dollar. At the same time
the franc was at 1854 per dollar.
The accompanying diagram shows
the course of the exchange market
for these three currencies during
the past thirteen months, The hg-
ures plotted in each case are the
monthly averages reduced to the
per cent below par:
The Washington herald., 1921-02-13
WHEAT SURPLUS
APPEARS ENDED
Prices Daring Past Week
Confirm Disposition of Re-
serve Cereal Stock.

CHICAGO, Feb. 12.-The idea that
we have already disposed of our
surplus of wheat seems to have been
confirmed by the action of prices
during the week, according to
Thomson and McKinnon, grain bro
kers. There has been an advance OF
from 16 to 20 points in deferred de-
liVsries and a still further advance
in the cash wheat itself, although
there has been a complete cessation
of new foreign business and only a
moderate improvement in the nouI
trade. In the face of a generally
slow demand for cash wheat the
premiums over the deferred delivery
now ruling are significant. likewise
the fact that accumulations at West
ern markets are slowly decreasing.
If there was any excess of wheat re-
naming in first hands il would
seem that there should be sufficient
movement to commercial centers to
slightly increase the accumulations
or to make 1t unnecessary to pay
pSemiums OF from 5 to so cents over
the more deferred deliveries, in or
der to meet immediate requirements.
Six months and more of stagna-
tion in -four circles quite naturally
suggests that accumulations on re-
tailers' shelves and all along the
line are at a minimum This being
so. slowly improving demand from
this source is not improbable. AL
though Southern hemisphere wheat
has taken foreign demand away
from US for wheat itself, there is in
quiry from abroad for -four We
understood inquiries are for large
amounts.
Some apprehension over the win
ter wheat corp is expressed because
an unusually large area is infested
with insects; the outcome will be
dependent entirely upon the charac-
ter of the MeatheE
The Washington herald., 1921-02-13
Gasoline Consumption
4,018,OO0,0 900 Gallons

Gasoline consumption in the
United States for 1920 is estimated
at 4O1S, 900, 600 gallons Actual re-
turns from twelve States placed
consumption at SSS,524.s44 gallons
and the remaining States are estI-
mated partly from automobile reg
istratiOns. Indicated consumption
for each passenger car during the
year-Tas 1908 gallons. and for mo-
tor trucks 1000 gallons each. ar-
cording TO the American Petroleum
Institute.
Gasoline production for 1920 is
placed at about 4,S7O, 100000 gallons
Exports actually amounted to 642,-
$4,000 gallons, indicating total do
mestic and foreign consumption OF
gasoline refined in this country
amounted to 1850 SS7. 900 gallons.
The Washington herald., 1921-02-13
new FINANCE FIRM
MAKES ITS DEBUT
Columbia Credit Association
Organized Here With
S750,O00 Capital.

The Columbia Credit Association.
incorporated under the State laws
of Delaware with an authorized
capitalization OF *75o,O0O, has open
ed offices in the Machinists' Building
and will soon be in a position to
serve the public.
The association. it is reported,
was organized by Horst and Com
pany, dealers in investment securl-
ties, which firm will also have full
charge of the mark citing Of the com
pany's stock.
The functions OF the Columbia
Credit Association, as far as can be
learned. will be similar to those OF
the International Finance Corpora =
tion, which has been operating In
this city for the past seven months
except for the fact that the newly
organized association will specialize
in the discounting of automotiVe
paper.
One fnancier of information nal
fame, who, it is reported. is inter
ested in the new project, is John S.
Hord. who, for eight years, was
president Of the Bank OF the Philip
pines. and later president Of the
Manila Merchants Association.
The Columbia Credit Association
will hold a meeting on Tuesday in
their Offices for the purpose of elect
ing officers.
Washington, Loan and Trust Dance
Officials of the Washington Loan
and Trust Company last night ten
dered their annual card party and
dance to employees of the firm in the
John Dixon" home. This gathering
has become a yearly feature Of the
institution, and, il is reported, does
much in the promotion OF good fell
Iowship, serving, as it does, to close
the gap between employer and en-
plOYe.
Cards and dancing held sway un-
til late hour when substantial re-
freshments were served.
The Washington herald., 1921-02-13
Wheat And Corn Exports.

Wheat, including -four, exports
from the United States and Canada
for the week ending February 10,
reported to Bradstfeet's aggregate
7,545. .O53. bushels, against S,542.1I6
bushels last week and 1,793,465
bushels in the like week a year ago
For the thirty-two weeks ending
February 10 exports are 2s2.3Ss.S67
bushels. against 1S5,77s,625 bushels
in the corresponding period a year
ago. Corn exports for the week are
l,53O,520 bushels. against 1,4sO.2S4
bushels last week and 160.1o6 bush
els in the same week a year ago
For the thirty-two weeks ending
February 10 corn exports are II.
6is,46s bushels, against l,e57.9s2
bushels a year ago.
The Washington herald., 1921-02-13
Weeks Car Loddings
Decline I2.8 Per Cent

Cars loaded with revenue freight
during the week ended January %
totaIed 69s,s36 cars, according to
reports Of the car service division
Of the American Railway Associa-
ton This represents a 1878 per
cent decrease from the same week
in 1920. The loss from the pre-
vioUs week amounted to 3,179 cars.
Following table compares the num-
Der OF cars loaded in the first FIVE
weeks of 1921 and the correspond
~
The Washington herald., 1921-02-13
BY. The Washington

During the year 1920 the foreign
exchange market saw new low rec
ords for practically all European
countries. The English pound ster-
ling. which has par value in Amer
lean money of s4.S7, fell in Febru-
airy, 1890. to a low point Of s31s, or
a depreciation of about % per cent.
English exchange recovered rather
quickly and in April reached Its
high point for the year of S4.06.
After July there was another de-
cline. extending to November, with
a slight recovery in December and
a, much greater one in January, 1921.
The French franc, which at par
is worth 1913 cents, or SIS francs to
the dollar. started the year 1920 at
a high point of 1914 francs per dol
lar and reached a low point in April
Of 17.15 francs. During June and
The Washington herald., 1921-02-13
ECONOMICS, TRADE REVIEW AND FINANCIAL, OUTLOOK
LOUer Crude Oil Price
VIII Cause Suspension

OIL CITY, Pa, Feb. 12.-The
latest decrease In Pennsylvania
Crude OH prices will cause n
general suspension Of drilling in
thfs neid. No new work is being
planned and producers feel that
eurtafiment In production will
follow that will, because of the
scarcity, force the price of the
Pennsyiyania grade back up
again. E..
The Washington herald., 1921-02-13
Dividends and Interest.

Dividend and interest payments
during the present month will reacn
total of s1e5.22o,00 according to
the New York Journal of Commerce.
This compares with s1s4,730,979 IN
February a year ago. Stock
holders will receive in the aggre-
gate SIS, ,220, 900. as against s7s,230.- :
s7s in 1890. This decrease is due
to numerous reductions and omls-
sions.
The Washington herald., 1921-02-13
Executive Chairman
Elected for A. B. A

At a meeting OF the executive
committee of the State bank divI-
sion Of the American Bankers As
sociation, held in New Orleans Feb
ruary and :, H. A McCauley, pres
ident Of the Sapulpa State Bank OF
Sapulpa, Oklahoma, was elected
chairman Of the executive commit
tee, to succeed the late Fred Cot
lins, vice president OF the Bank OF
Commerce and Trust Company OF
Memphis. Tenn, who died on Thurs
day. January 13.
The committee adopted a resolu-
tiOn recommending legislation in
all States where necessary, enab-
ling State banks to invest in capt.
tai stock OF Edge bill corporations,
The Washington herald., 1921-02-13
Steel & Tube Co. Notes

Holders of Steel and Tube Com
psny three-year I per cent notes
maturing July 1 have been notified
payment at par and accrued inter-
est Will be made any time in sd-
vance Of that date upon presenta-
tion at the Continental and COM
mereial Trust and Savings Bank OF
Chicago.
The Washington herald., 1921-02-13
Continental Can Co.
Distinct Benefit TO BotA-

The Continental Can Companv -.
ports for the year ended Deceubo'
81 last net earnings before PRIV ID
ing for Federal taxes and dep-ecIs
tion OF S2lS6.3tl. compared W.th
S4.12S,77S in 1919. and a surplus
after preferred and common divi.
dends Of S2S5.5S3. against 3IsceO5t
in the preceding year
The Washington herald., 1921-02-13
Lackawanna Earnings.

Net earnings OF the LHrkawAnna
Steel Company for 1890 were 49,
674,S45, compared with $4,000 ,sB5 IN
1919. After depreciation there was
pans made an adjustment of Its In.
ventory values amounting to a.
sSo.s22. bringing the balance down
A,2s4,375.
The Washington herald., 1921-02-13
Wool Machinery in Operation.

On January 1 less wool machin-
cry was in operation than at any
! time since 1914. The percentags
Idle was 81 in wide looms, 49, in
narrow looms, 59.4 in wooden spin
dies and sos per cent in worsted
splndles- The percentage of idle
hours is placed at 1874 for looms
and ss.s for spindles. against 55,4
and s5.3 on December 1.