davidaulloa/AmericanStories huggingface dataset:
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1921-06-05
Subcommittee
|. PUTS TARIFF RATE
ON GREASE WOOL
House Ways and Means Body
Tussles With New Schedule
for Permanent Act.
ny UNIVERSAL SERVICE.

Republican members OF the House
Ways and Means committee yesterday
began to wrestIe with the wool sched-
ule of the new. permanent protective
tariff bill. known as Schedule X. IL
was this sch adule OF the Payne-Al-
drich tariff act OF 1909 on which the
party's political craft foundered in
the campaigns of 1910 and 1912.
No sooner did majority members OF
the committed, sitting as a committee
Of the whole to pass on the different
schedules a. reported out by the sub
comittees by which they were writ
ten, take the wool schedule, than a
fight was precipitated over whether
the basic rate should be fixed on wool
in the grease as has been the Gus
tom. or on the secured content, as
urged by growers during the open
tariff hearings in January and Feb
ruary. The change was urged be-
cause OF the different degrees OF
shrinkage in different classes of
wool
The subcommittee, headed by Rep
resentative Fordney, chairman OF the
Ways and Means committee, again
fixed the basic rate on grease wool
II Is UNDERSTOOD the rate was eleNen
cents, with rates of % and SO cents,
respectively, en- washed and secured
wool, precisely the Payne-Aldrich
rates. -
The cotton schedule has just been
approved by the committee of the
whole majority largely as written by
the subcommittee headed by Repre-
sentative Green, OF Iowa. 1t is re-
lisbly learned that on the cosrser
fabrics, the rates are from ten to
twenty per cent lower than in the
Psyne-Aldrich act, running up to the
latter acts level on the finer fabrics
and exceeding IL on only the super
fine weaves not extensively made in
American mills prior to the war.
In addition to the wool schedule,
the committee majority has yet to
pass upon the chemical, silk. lumber
and free list schedules, with hard
fights certain to be waged over the
chemical and wool lists. Until they
are settled, IL will not be possible to
accurately predict when the bill will
be reported 10 the House
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1921-06-05
CALL MONEY IS HIGHER
IN NEW YORK MARKET

NEW YORK, June 5.-Money on call
on the New York stock exchange
ranged between s and Z per cent dur
ing the past week, as compared with q
range in the previous week of ~ and
6A per cent.
The time nancy market was 6rmer
at the close of the past week. Rates
on time loans quoted at per cent for
sixty and ninety day msturities. with
scant offerings. Borrowers bid from
So to Z per cent Renewals were ar
ranged at Z per cent for all matur-
titles. y ~
Mercantile paper rates ruled at Z
per cent for the best names and ~
to ~ per cent for less highly rated
names. Some exceptionally high class
paper discounted at So per cent. COM
mercial paper demand was confined
largely to country banks.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1921-06-05
BANKER |NVADES
MEXICO TO GET
MONEY DUE j. S.
Elmer Dover Trying to Untangis
Financial SnarI Which Holds
Up Recognition of Oregon.
by UniversaI Service.

Elmer Dover OF Tacoma. Wash, for
nerly private secretary to the late
Mark Hanna, has gone to Mexico City
with a commission from President
Harding which may pave the way to
recognition of the Mexican republic.
He is endeavoring to strsighten out
financial matters standing in the way
of renewed relations.
Mr.. Dover, according to information
received at the State Department. has
not gone to the Mexican capital in
any way as an official representative
OF the American government. He is
not to receive any pay and all his me-
gotistions are in conjunction with
those OF George T. Summeylin, the
charge d'affaires at Mexico City.
He was designated by the President
TO make the necessary arrangements
whereby the banking houses of this
country can go to the aid of the re-
public below the Rio Grande. Mexico
Is seeking an additional loan OF $780,
600 900. which American bankers are
frowning upon until such time as in
terest payments are resumed on past
loans, amounting to 81 ,10o. 600. 900.
The American banking houses have
been willing and anxious to furnish
the additional 800 ,000, 900 il they can
get adequate assurances that il will
be used in such a way as to re-estab-
lish the country to meet present out
standing debts. II may develop that
the Mexican government will consent
to some sort of a supervision of the
expenditures.
Mr.. Dover, it appears, made an un-
official trip to Mexico City shortly
after the election of President Hard
ing. At that time he got into touch
with the Oregon government and
paved the way for the present nego-
tiations.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1921-06-05
COTTON.

The government report that the new
cotton crop Is So per cent of normal
had no effect upon the market. There
was no forecast upon production or
acreage. The weeks export clear
ances were about 100000 bales,
against 151 900 bales last week. The
total exports since the FIRST OF last
August are approximately 4,502, 900
bales, against 5,s40.OO0 bales in the
same period of last year. The amount
OF the crop brought into sight this
week was 1872, 900 bales, against 5000
bales for the same week OF last year
This brings the total OF the old crop
brought into sight since August i,
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1921-06-05
BUSIN E,SS AND FIN ANCE
Weekly Financial Reuie,D
By HENRY CLEWS,
OF Henry Clews 4 Co., New York Bankers.

NEW YORK June 4--The first payment of the German
separations has at length been is taken as
demonstration of the ability of German financial industrial
organization to carry the strain imposed it by the program
of the Allies
Included element in this first instament of 900 ooo
600 gold marks in round numbers SIS
about $50 drafts New York part this trans
fer consists of American cuency and other local obligations
Further progress toward queter conditions in Sea and
the gradual approach coal strike settlement in Great Britain
elements in making for the adjustment foreign economic
relations TO a
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1921-06-05
HOG RECEIPTS UNDER
n PREVIOUS WEEKS MARK

CHICAGO, June 5.-The total sup
ply of hogs for the past week fell
far short OF last weeks run. with
light hogs reaohip. the best top for
two weeks, The best went at sS.15
TO $500. with few roughs even as low
as 81. The week was a good one for
the sellers. .-,
The cattle market was better than
last week, although today's trading
saw slight declines from higher prices
OF the weeks early trade. Prime
yearIings sold for $3.50 for the weeks
high spot Choice steers closed rs
and soc higher than this day last
week.
All grades Of sheep and lambs start
ed higher this week With best springs
at si3 and si3.eS. a gain Of 81 so over
LIST week
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1921-06-05

IndlCdt1Nt OIL n SWtuE toward ma
tion-wide prosperity and a termins-
ton of the general economic depres-
sion, a rush to gratify the craving
for small indulgences now is sweep
Ing the entire country. the reports
seem to show. %
Luxuries we're the nrst articles
eliminated from the spending budget
OF the average American family more
than year ago when the great ma
ton wide buyers strike commenced.
Sales of small nen-essertials sud
denly went fat throughout the coun-
try. Just the reverse now is taking
place. 1r
Real buying, crowds are beginning
again to swarm the big retail stores
OF the larger cities Thousands surge
along the sidewalks OF the shopping
districts of this and other cities.
Merchants are engaging additional
clerks to handle the increased bust
ness that is rapidly deveioplng.
| Elevators hum. delivery wagons
once again are counted in neets
rather than as solitary vehicles. The
cut-rate sale as bait to lure buyers
now is being abandoned by mer-
chants except in so far as IL always
Was normally employed by depart
ment stores. The great buyers
strike is practically over merchants
believe and hope. The American pub
lie. once known as the worlds best
spending population, has begun again
To stock up.
Whether the great buyers strike
really has been abandoned perma-
rently by the consumer, Government
officials are not yet prepared to as
sert But reports 10 the Treasury
Department, the Federal Reserve
Board, the Labo~ Department and
other branches of the Government
seem to Indicate that the conditions
are suspicious for return of the
buying movement.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1921-06-05
WHEAT MARKET LOSES
GAINS OVER WEEKEND

CHICAGO, June 5.--WhestN suffered
a severe setback at the. close of the
weeks trading, taking reductions Of
more than cents yesterday. The
pressure was mainly from Eastern
houses. Crop and weather news with
foreign cables had a depressing ef.
feet Record crop reports from Kan.
sas were the biggest factor
Corn was easier with selling in
spired by big receipts. The we~k',
receipts totsied 6,250,o0o bushels
compared to AM. 900 bushels shipped
Lower price levels were fixed ir
oats. The bulk of sales represented
big holdings. oats fell off cent
today.
There was a frm tone to provision.
throughout the week esp
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1921-06-05
The Week S Business
Reuieu
BY international News Service.

NEW YORK, June 5.-There number OF depres-
sve influences in the business world during the week
number of industrial firms omitted dividend payments and
1T was estimated today that since the first OF the current
year about forty leading corporations have passed or cut
dividends Among the companies emitting dividends this
week were the Cuba Cane Sugar Corporation South Porto
Rico Sugar Company, Columbia Graphophone Company,
American Cbicle Company, Pierce Arrow Motor Car Com
pany Oklahoma Producing and Refining Company and the
Armour Leather Company. The dividend of the lntema
tional Harvester Company was reduced. :
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1921-06-05
MAINE RAILROAD CUTS
PAYROll-7OO ARE IDLE

BANGOR, Me-. June 5.-To meet a
slump in passenger and freight traf-
&c the Bangor and Aroostook rail-
road today notified it's men that large
reductions would be made immedi-
ately in its forces. A total of 700
men will be suspended for period
of thirty days.
Locomotive and car repair shops
will be closed, and in the Tnsintc-
nance of way and construction de-
partment emloyes will be relieved
for a month
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1921-06-05
.lITHUANIANS SEEK
U. S. CONSUL AT kOVNO

KoVNo, Eithuania, June 5.--Dr.
Rasmir Grinius, president of Lithu-
mia wants an American consulate at
Kovno, regardless OF whether the
American Government recognizes the
Republic OF Lithuania. He said:
Tn Lithuania there are hundreds
Of persons desiring TO emigrste to
America. At present, because there
Y no consul here, II IL necessary for
them to go to Riga 10 apply for
Nssr-
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1921-06-05
GRAIN.

May wheat souId up to s1.s7 a
bushel in Chicago this week. This
represented a gain of 20 cents. the
widest nuctuation since trading was
resumed in futures nearly year ago.
There were heavy deliveries OF wheat
in Chicago during the week to meet
commitments. On Tuesday $3.50 cars
of grain were handled--2,l44 cars of
corn, 564 cars of wheat and sos cars
of oats. as well as cars OF rye and
barley. A private report estimated
the winter wheat crop at 500, 900 900
bushels. The Government report in
May had estimated IL at 629. ZOO, 900
bushels. The area planted in spring
wheat was privately estimated at H.
652, 900 acres. indicating a crop of
about 245.oO0.0O0 bushels. The corn
market was strong.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1921-06-05
So, 500, 900 SUBSCRIBED
FOR BROWN UNIVERSITY

PROVIDENCE r. l., June S.
Brown alumni and friends OF The vol
versity called upon to raise $4,000 cO
to add to the institutions endowment
fund, have subscribed more than
SO, 500 600, according to announce
ment by Henry ID. Sharpe, chairman
OF the committee in charge Of the
fund.
Appropriately 23o persons con-
tributed to the fund, the exact total
OF which to date Is 1850. 62S 81
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1921-06-05

Trade Is dragging. q condition that
may be expected for some weeks to
come. Collections are slow Money
is difficult to raise and was scarcer
In Wall street this week than for
some time. Bank ciearings were low
err than those of last week. indicating
reduced business activity. CONNER
cial failures were lower, but there
was one less business day this week
than last, owing to the Memorial Day
holiday. Liberty bonds were sunder
pressure this week and the 3h per
cent issue established a new low rec
ord.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1921-06-05
MONEY.

The rate on call money loan in
Wall street this week rose to per
cent More than s25. 200 900 worth Of
new bonds were put on the market
this week, paying interest ranging
from six TO 0 per cent. IL is esti-
mated that stockholders of various
firms have already received $1,000
900 less In dividends this year than
in the same period of last year owing
to dividend emissions and cuts.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1921-06-05
UNFAIR METHODS
WHOLLY DENIED
BY STEEL TRUST
Admits Control of Majority Out
put in Reply to Federal Trade
Commission Citation.
by international News Service.

The United states Steel Corporation
late yesterday answered the citation
OF the Federal Trade Commission
with a categorical denial Of alleged
unfair practices charged by indep~n1-
ent steel producers. Tho Corporation
admits in it's answer, however. that IL
controls 125 steel plants, As per cent
Of the output of semi-finished rolled
steel and A per cent OF crude steel.
The Steel Corporation, itself, tao
answer AYERS, does not produce or
sell any of the products. These are
produced and sold tnroUgh subsid-
iaries. The corporation merely acts
as a holding company, holding the
stock of the subsidhries, although Il
does make recommendations" as to
the businesses.
1t denied that 1t controls the iron
ore supply of the country, or the
transportation systems in the lake ore
districts.
The brief admitted that prices were
usually quoted on the so-cailed Pitts
burgh basis, but defended this prac-
tice as "stabilizing" 10 the industry,
and denied that prices were ever 1rbi-
trarily fixed.
Pittsburgh fabricators Of steel prod
ucts have no unfair advantage -over
other competitors, the brief contin-
ued, but on the contrary there is a
vigorous" competition.
EXCUSE PRACTICES.
The brief admitted that in the case
of the Tennessee Coal and Railroad
Company, this subsidiary had made
certain favorable price concessions to
Birmin & ham interests, but stated that
this was done to build UP Southern
industries and to furnish new mar
kets.
William W. Cortlett filed the
answer to the complaint, and the fol-
lowing organizations were listed with
the steel corporation.
The brief stated that the total out
standing stock has a par value Of
| S86S. SIS, 900: and book value Of
more than a billion and a half dol
lars. Its gross assets. corporation and
subsidiary, are $4,000, OOO. 900.
The United States Steel Corpora
ton, the brief states, does not central
coal mines with suf'cient output for
its purposes but has to buy outside
| in normal times. In the Lake Su-
perior region, and In Alabama, II con-
| trolls not over 20 per cent Of the total
iron ore deposits. II admits control
OF two out of nine ore carriers In the
Lake district, and one OF seven rail-
roads operating between lower lake
ports and manufacturing centers.
These carriers, II was said. serve all
interests alike.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1921-06-05

business has fallen off so seriously
and that new orders are few.
The trading contingent are still ar
rayed on the bear side but their opera :
lions show less aggrcssiyeness, which
may be accepted as an indication that
even these astute gentlemen are dis-
posed to feel their way carefully I'M
der present conditions.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1921-06-05

drinks, Ice cream and the like nov is
enormous.
Chewing gum brings the Govern
ment the comparatively small total
OF x130.000 monthly. This, however,
Is interesting as indicative OF the
fact that tho United States now 10
chewing monthly approximately 20
100000 packages or l'3oo'ooo'ooo
sticks.
The country now is spending some
thing like, 500 ,0e0. 900 a month for
candy A few months ago candy
merchants were discouraged. They
complained that the Department or
Justice with It's campaign to lower
living costs Rad reduced their sales
and was training the United States
to do without sweets. They offered
to sell at very small prices thousands
OF tons OF sugar which they had on
hand II the department would oniy
give them permits as dealers under
the Wood Administration law then
still in effect. Candy merchants were
going into the hands Of receivers In
all parts of the country every day
pessimistic candy manufacturers
warned. Just now, though, the candy
dealers are saying little. But they
are making much candy.
THE MONTE OF BRIDES.
June, month of brides, marriage
engagements and solitaire diamond
rings, in 1920 discouraged jewelers..
Trade was bad, they complained.
This June, however. the Governmen
will collect approximately Sl.5OO,oo0
as it's one-tenth of the jewelers. sales.
This, of course, Indicates not com :
pletely the value OF all tewelry sold
because not all articles sold in
Jewelry stores are compelled to pay a
tax. But, on the whole, II may be
taken to indicate that trade Is begin
ming to pick up again for vendors OF
precious stones.
Smokers are contributing aoproxi-
mately S24. 900 a month to The
Government in taxes on cigars, ciga-
rettes. tobacco and snuff. tho taking
of which has not gone out 81 FASH
ion by any means. During the hottest
summer months the smokers con-
tribution will fall off a few furT
dreds OF thousands. This harpeps
every summer and is probably due.
officials say, to the fact that NOR
land now women) do not crave the
weed when In the open air. whare
thousands spend a great part Of the
hot period.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1921-06-05
STOCK MARKET.

tive Industrial issues on last sale on
the New York stock exchange today
was 1888, against 69.o7 yesterday and
1898 last week, The average price
OF is representative railroad Issues
was 55.1c against 54.93 yesterday and
5S.os last week. The announcement
at the railroad labor board OF a reduc-
ton of IL per cent in railroad wages
was a disappointment to Wall street
and prices of railroad stocks declined
instead of advanced. The saving Of
the roads under the railroad labor
board decision is about $500, 900 900
which is 500. 900. 900 less than the
5000, 600 900 return expected under the
Eseh -Cummips transportation act.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1921-06-05
WILL RECALL PoIlUS
IF GERMANY BEHAVES

PARIS. June ST Germany con-
tinues to show good faith in the ex-
scution Of her pledges. France will
recall the class Of 1919 before the end
of the present month" War Minister
rsrfhou srNouHc~d this afterro,-
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1921-06-05

1920. approximately 10.000.o0o bales.
The American Cotton Association in
session here this week asked the U. ;.
Government 10 grant more liberal
credits to cotton growers. The New
England textile trade reports i'm
proyement.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1921-06-05
Jailed, Not Kidnapped.

DETROIT, June 5.--Joseph Istrate
had been kidnapped, his wife informed
police. They combed the city for
twenty-four hours. then discovered he
was under arrest.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1921-06-05
Rank CLEARINGs-

Total bank clearings for the coun-
try this week were s6,193, 7Ts, T26,
against ss.5t4.3T1, oil last week and
sI,SlA, i2l 1862 this week last year.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1921-06-05
COMMERCIAL FAnUREs.

Only 264 commercial failures were
reported this week against 336 last
week; III failing firms reported liza
bilities of 5000 or more.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1921-06-05
ADVANCING
WASHINGTON'S INTERESTS
Minor Luxuriies Cost
Nation Seuen Billion

Candy, movie seats tobacco soft drinks jewelry and
minor Injuries being purchased at the rate of 5000
100000 year in Washington Baltimore New York. and other
big cities of the United States it indicated in reports of tax
collections made to the Treasury Department.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1921-06-05
TAX COLLECTORS AT WORK.

From those who wish to go by train,
the tax collectors are getting nearly
$40 DOC, 900 each month via the ticket
seller in the railroad station. Travel
taxes usually increase during the va
cation months, June, July and August.
but last summer there was very little
change over the winter period. The
big buyers strike was then in full
blast.
Now, however, the rush TO resorts
Is beginning to get back to pre-war
proportions. Hotels are booked full
weeks in advance. Ticket sellers in
railroad stations present the spectacle
Of a stock ticker encircled with tape
as they unroll the yards of passage
paid receipts.
War lax pennies that go into the
little glass jar kept by the soda dis
penser at the corner drug store now
bring the Government a small for
tune Of nearly sT.oo0.ooo each month.
'rSicstirr that the fcwsnf FOR -oft
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1921-06-05
Ron rs,

The turnover in Liberty bonds
Thursday aggregated s17,142, 900, the
biggest this year. The az per cent
issue broke to SsS for a 500 bond or
$500 for $1,000 bond, a new low
mark.