davidaulloa/AmericanStories huggingface dataset:
The Washington herald., 1921-05-14
BUYING SUPPORTS
COTTON MARKET
Crop Picks Up Materially Af-
ter Opening When Prices
Slump Further.

NEW YORK, May lathe cot
ton market received better buying
support today after an early further
slump In prices from yesterdays
break 1t came mostly from Wall
Street interests and local trade op-
orators and some of the spot houses.
1t proved sufficient to turn the mar
ket up for complete recovery by
. o'clock of all the further early
decline of IL to Is points from yes
terday's maximum decline of about
30 points from Wednesdays closing
quotations. The heavy liquidating
movement of yesterday appeared to
have run its course before the close
Of the market as there was no fur
ther pressure from such sources this
morning. The principal selling that
developed from the opening came
from the South and scattering COM
mission houses. This with Liver
POOLS further disappointing early
cables caused the decline here with
May selling as low as 12.45 in the
initial trading; July, 1891: Octo-
Der of the next crop. 13.47. and De-
cember. 1880.
Those prices, however. proved the
lowest Of the day as the good buy
Ing support above referred to de-
veloped before the end of the
first half hours business and
checked further pressure. Cover
ing of shorts helped along the rally
with the better tone the stock mar
ket developed and the rally in con-
tract prices on the Liverpool mar
ket at the close of business there.
In this rally May contracts went
back to 1257; July, 1903; October,
1885, and December. 1895. This was
held until about 2:30 o'clock, when
the news came in by cable from
Manchester the mill operatives there
had rejected the cut of 30 per cent
in the wages of weavers and spin
ners. On this the market reacted
In the last half. hour on some re-
selling by some of the early buyers.
Nothing new developed regarding
the British coal miners strike situ-
alton. This is continuing to drag
along with the railway workers and
dockmen still threatening to join
the movement. There are about
25o.000 to 100000 cotton mill work.
ers involved in the proposed 80 per
cent reduced wage scale.
The Washington herald., 1921-05-14
(By the washingteu


There are more and more insist
ent demands being made that the
Federal Reserve discount rate
should be lowered from per cent
to 6 or below. and that there should
be an increase In the amount OF the
Federal Reserve notes. This is the
old argument Of the cheap money
advocates The restoration Of cheap
money and loose credit looks like
an easy way Of creating prosperity
out Of the present depression. The
demand comes with especial force
from the farmers whose prices last
year fell below the cost Of produc-
tion. Easier credit and more money
would undoubtedly raise prices. but
the benefits would bk short-lived.
II our national memory is too
short to recall the disastrous green
back days of cheap money following
the civil war. we have only to turn
to any of the countries of Europe
at the present time. There the
printing presses have been busy
issuing currency, and certainly
prices are high enough. One needs
only to note that wholesale prices
In Italy are over 100 per cent above
prewar. In France the increase is
nearly 400 per cent, while in Ger
many and other Central European
countries the increase is measured
in thousands of per cent
OF course, the advocates of
cheaper money In this country do
not mean to go SO far as this. They
ask, for example, that only $1.750,-
000. 900 be added to our Federal Re-
serve notes. The total issue of
Federal Reserve notes on March Z.
1890. was s3.34s,123.S95, so that the
proposed issue would increase the
total about so per cent
Our total stock Of money Of all
kinds. according to the Federal Re-
serve Board, is a little over ss.000.-
000, 900, compared with $3.736.0 .000, 900
in July, 1914. This is an increase
Of over 140 per cent since the be-
ginning Of the war. Wholesale
prices at the present time are a
little over so per cent above the
prewar average. Thus allowing far
considerable margin OF business
Ee1pansion, 1t would seem that the
present supply is suficient to take
care Of the country's business
The fact that our gold supply Is
increasing so rapidly puts a power
ful argument in the hands of those
who are urging more abundant
money. The ratio of gold reserves
to Federal Reserve notes in circu-
lation has now increased to 67.2.
compared to 46.7 a year ago. In
March we imported over SOS. .o0o.- =
900 worth of gold, while exports
were less than 100000. In the
last nine months our gold supply
has Increased more than $3.50. .oo0. 900.
In spite of this. fact. the amount
Of Federal Reserve notes In circu-
latfon' has been actually decreasing
for the past four months. as shown
BY the following table. This in
dtcates that We are really making
The Washington herald., 1921-05-14
6.l% Cut In Wages;
Employment $50 OF

Wages have been cut 81 per
cent In the year ended April 1.
The number OF men employed in
industry has been reduced BY
one-fourth during the same Pc
riod-
These were the conclusions an
nounced night by the Federal
Reserve Board as q result of
!. nationwide inquiry into indus
trial employment
To ascertain how far the fall
in general prices has been ac-
complished by wage reductions.
the twelve Federal Reserve banks
addressed inquiries to repre-
sentative employers engaged in
typical Industries within the sew
eral districts. Data was asked
concerning changes in wages and
employment.
The reports show that on April
1, 1890, there were 1,737.7l7 en-
ployes on the payrolls of the in
dustries responding, while on
April l.. 1921. the number had
been decreased to 1.303.7s2.
Every district reported cuts in
the number Of employees. the de-
creases ranging from So per cent
in the San Francisco district to
SIS per cent in the Kansas City
territory.
The Washington herald., 1921-05-14

There il every reason to believe
that IL money and credit were made
more abundant, the advantages
would go to others than the farmers.
who are now SO strongly advocating
it, There Is no known method by
which our banking system can in
fate the prices of farm commodi-
ties and at the same time keep
down the prices of other commodi-
ties. In the general rise and spec
ulation and in the crash which
would ultimately have to follow.
the farmers would be the chief suf-
ferers.
to sound finance and stable condi-
tions. The process of coming down
to that level is painful to all classes,
and 1t has hit the farmers espe-
cially hard. But the worst is now
past. and 1t would be especially un-
fortunate to do anything which.
judging by all past experience.
would result in serious conse-
quences.
ultimately. of course, the dis
count rate must be reduced, and the
fact that the Bank of England has
reduced its rate one-half of 1 per
cent argues in favor of the sam.
thing here. But the English. reduc-
ton has been made largely because
OF the same kind Of propaganda
that Is going on in this country.
1t was not made because funda-
mental conditions warranted II. In
the past our Federal Reserve Board
has been able to Withstand severe
pressure along similar lines, and
there Is every reason to believe that
they will not yield to the present
demand until the underlying condi-
tions warrant such action.
Up to the time of writing the
Boston, New York and Chicago
Reserve Banks have reduced their
rates on commercial paper from 7
to and 6h per cent. The ratio
of reserves to liabilities in the
Eastern States Is especially high
but this Is not the case in the West.
There are still large quantities Of
foreign credit and much of Il such
as that based on cotton and wool
will have to remain frozen. In ad-
dition there is coming on a demand
for credit on the new crop. Our
better reserve position Is very
largely due to the increase in gold
supply rather than to liquidation Of
credit and therein lies the danger.
tcsp,risht. 1874. BY washinston Hsraid.)
The Washington herald., 1921-05-14
MERCHANTS LOSING
&0,OOO,0OO, CLAIMS
REDFIELDN TALK
Business Withheld by In
ability to Finance Trade,
Says Former Secretary.
CHARGE SURPRISES
Revelation Made at Analysis
OF Commerce Conditions
Before N. ]. Bankers.

ATLANTIC CITY. May Is.-That
business amounting TO more than
$50 1000. 900 is being withheld from
American merchants and manufae-
turers today through the insufb-
cheney Of our trsde-nnancins ma
chinery was the statement made by
William c. Redheld. former secre-
tary Of Commerce. before New Jer-
sey bankers at their convention
here. 1t came as q startling revela-
tion to the convention in the midst
OF Mr.. Redheid's analysis OF ex-
port and import trade conditions.
which. he said. made the establish
ment Of the Foreign Trade Finan-
cling Corporation of vital Importance
at this time
speaks I'm OmciaI Capacity.
of the American Manufacturers As
sociation. and his estimate Of the
amount OF business that lis on
Americas doorstep waiting TO be
adopted was advanced as an amend
" Aht ne maOt 1l
Cleveland last week. that orders
aggregating s20.0Oo.Oo0 waiting 10
be placed in America" and which
cheated a deep impression on the
press all over the country.
81 spoke Of knowing personally
Of orders TO the amount OF $4,000
0OO." he told the New Jersey bank
ers today. and explained that the
orders were waiting TO be placed in
America until we should have the
requisite facilities 20 handle them.
This was a very modest statement.
II was an error by excessive mod
Grafton.
Since my return home have
learned Of orders for that amount
from a single country Of which z
did not know when in Cleveland. II
would be well within the facts 70 say
that one can place his hand upon
good business 70 a value IN excess
OF $50 900. 900. which Is now with
held from our merchants and mann
facturers because we have not yet
provided the tools with which 90 DO
the job
The Washington herald., 1921-05-14
DOLLAR WHEAT HAS
BECOME A REALITY
Farmers Get About a Dollar
For May Wheat and so to
IS Cents for July.

CHICAGO. May Farmers are
asking how low are grain prices to
go before the bottom Is reached
Prices for old wheat are down close
to the dollar level in the country,
and sales of July wheat at around
II in Chicago represent so to IS
cents to the farmer in the country.
Corn and oats are at prewar levels.
Export sales of many millions of
bushels of new wheat for July load
ing at the Gulf ports have been
made at Is to 20 cents over Chicago
July. which would be about $1.20 to
$1.22 for the cash grain and would
mean around 81 to the farmer.
Wheat prices have dropped s2.2o per
bushel from the high point in jan
uary OF last year. Corn has de-
clined s1.s1 from the high level Of
August. 1917. and s1.s2 from the ton
mark made in May. 1920, while oats.
which sold at S1.2s in June last
year. are of 80 cents.
These declines exceed the price
which the grain ordinarily brings
In the open market under normal
conditions. and with present prices
below cost of production for corn
and oats. 1t would seem reasonable
to consider that there has been
enough liquidation. and that prices
are close to the bottom.
There Is no bullish, speculation
In the markets. despite the low
prices, as there is nothing to invite
extensive buying of cash or future
grains. Until something develops
that will create speculative buying
1t is not expected that there will be
a big rise in values.
The Washington herald., 1921-05-14
TIMELY WALL STREET TOPICS

NEW YORK, May IL. - Wall
Street revolted today from the atti-
tude Of extfeme bearishness that
had been responsible for q six-day
decline. The tide Of speculation had
turned late in the Thursday session.
and Il continued in this session to
ficw In the direction Of higher
prices. Gains Of 1 to 8 points were
spread over a broad list of stocks,
special attention being paid to the
feather shares. United Retail Stores.
Sfudebaker, International Paper, the
gas stocks, and numerous other spe-
cialties. A 6h per cent renewal
rate gave some assistance to traders
on the constructive side. and caused
no little worry in the ranks Of pro-
fessional sellers who had = d!
stocks during the first four dSys
on the expectation that they would
be able to carry out their drives
right up to the end Of the week
without interference. The market
was not without its weak spots.
however, for attacks were launched
on American Srmatra, Chandler.
Bosch Magnetic, and Atlantic Gulf
during the afternoon. with good ef-
feet.
The outstanding feature in to-
days market was the steady demand
for leather company stocks at
higher prices. This group had been
the sport of professional sellers for
a long time, and not all of them
had abandoned the idea Of making
further profits on the short side.
m t. rA,fhnrG a ~
was materially aided by hurried
short covering. Central Leather
common was a leader. and. mas
much as the shorts realized that
others in this group would go
ahead Of Central became unmanage-
able. the first stage of its advance
was accomplished against stubborn
resistance. Much difficulty was ex-
perienfed in crossing 40. but once
that point was passed. Il was an
easy goal. American Hide anc
Leather preferred went up more
than two points at the same time.
Endicott johnson Joined in the
movement. The general manager Of
Morris & Co.'s by-products interests
was quoted as saying that nearly
all grades OF leather are now SELL
ing at less than replacement values.
Last winter the tanners did not fol-
low their usual custom OF working
at capacity, allowing stocks Of
leather to dwindle. On the other
hand, the spring demand is apt to
develop earlier than usual.
The advance in gas stocks agains;
receding tide yesterday turned out
to be more than a furry. for there
was steady derand again today.
Consolidated Gas. Brooklyn Union
Gas and Peoples Gas were the fea-
lures. 1t was easy to flntta reason
for the rise IN the frs, two. The
Street was loox;ng for a iAcision by
IdSe Mayer that was expected TO
The Washington herald., 1921-05-14
EARLY SELLING
FAILS TO HOLD
Wheat Offerings Light After
First Demands Are Met.
Net Slight Gains.

CHICAGO. May 13.-Rather gen.
eral selling was in evidence in
wheat at the start due to the fail
ure of frost to materialize over
night but the decline was quickly
recovered on unfavorable reports
from crop experts who are now in
Kansas and Oklahoma and on the
forecast for freezing Temperatures
tonight in North Dakota and Mime
cast for freezing Temperatures to-
night in North Dakota and Mime
sofa with temperatures as low as 3s
in Nebraska last night Offerings
were light after the first rush OF
selling and July jumped cents
from the early low to $1.1s by noon
selling against offers checking tn,
advance. Sentiment which was de-
cidedly bearish at the close last
night underwent considerable
change due to the unfavorable crop
reports and the pit element were in
clined to the buying side. Cash
wheat premiums were 1 cent higher
On hard winter with No. sold at II
cents over the May. Minneapolis
was also stronger. Country offer
'ngs in the Southwest were reported
as light.
Corn and oats were affected by
he strength In wheat and II took
but little buying by the pit elemen,
to make a sharp advance from the
low point. There was some buyinp
Of oats by strong commission houses
that were on the selling side yes.
terday. Reports on the oats cror
are generally favorable. Nc
change in the basis as compared
with the May was shown In the sam
1le market with shippers and the in
dustries fair buyers of corn.
Provisions showed a firm under
tone In sympathy with grains. and
on scattered commission houses
buying. Trade was not large Hogs
were steady with bulk of sales at
SS.40as.90. Receipts $4,000 with
1000 for tomorrow. Western run
71,700 against $4,000 a week ago,
and 1o2.300 last year. Money easy
call Z. time 7a7k. Exchange par
The Washington herald., 1921-05-14

be highly favorable to the New York
and Brooklyn, companies. Peoples
Gss is not directly interested in any
de.:fion affecting this civ. but the
stock went alcng symps heticaliy.
CIR olidated g. ock was as low as
TN early this year. II touched 90
before noon today. Brooklyn Unions
high price In the same period was
more than Is points over the years
low.
The motive for the reduction In
the Alabama Great Southern divi-
dends from az to 3 per cent semi
annually was suggested In the 1890
earnings statement. published this
morning. This Is one of the few
roads which had the courage. or the
ability. TO turn down the offer of
continued government compensation
during the six months ended August
ii, 1920. Net earnings, after taxes
and charges, were equal to s7.4s a
share on the s11.28o.35o combined
common and preferred stock. COM
pared with $500 a share in 1918.
On the basis of, the recovery shown
in the general list late yesterday.
the speculative community came to
the conclusion that a further rally
today was within the bounds Of pos
sibility. Under present market con-
ditions, IL is just as logical to as
cribe a rally to such a change in
sentiment as IL is to say that the
rally justified expectations. When
traders feel that a reaction is going
further they sell, and IL is not nec-
essarily all short selling. Those who
see paper profits fading away sell to
save what gain they still have.
Much of this selling disappears
when sentiment changes. That is
exactly what HAPPENED today. Buy
ing on the declines means as near
as possible to the bottom of a de-
cline. Traders figured today that six
Gays of reaction had brought the
market to a buying position, and
acted accordingly.
The Washington herald., 1921-05-14
international Fur
Exchanges Deficit

ST. LOUIS. Mo-. May 13.-The
International Fur Exchange. the
largest Wholesale fur house In
the United States. has issued a
statement to its stockholders
Informing them that q deficit Of
ss,2o2.43I15 exists in the A.
nances Of the company.
The statement indicates that
reorganization plans are being
considered by large stockholders.
The sudden and violent COL
lapse in the spring of 1890 Of the
wholesale markete In furs.r was
given as the reason for the con-
dition Of the company's business.
The Washington herald., 1921-05-14
METAL MARKET.

NEW YORK. May 13.-A partial
recession Ii reported in London tin
prices spot being IS lower at ff7s
lbs. and futures 1 pound at 1s0
pounds. sales so tons and $50 tons.
Spot standard copper is los higher
at f73 2s Sd. and futures Is Cd
higher at f71 - Sd. sales 500 tons
and 1900 tons. Electroiytic is los
higher at ETA. spot lead is IS Sd
lower at f24 SIS and spelter % Sd
higher at f2s 1os
The Washington herald., 1921-05-14
Lee Highl0ay to Be Built
Through Historic Section

wARRENToN. Va, May IA
News that the Lee Highway Conn
has decided on the road
through. Warrenton causes great
satisfaction here. The road will
lea dfrom Fairfax, through the Bull
Run battlefields to Haymarket, War
renton. Amissville. Washington,
and Luray, connecting
with the Valley Pike At Newmarket.
The Washington herald., 1921-05-14
Strike NoIO Holds 20
u. S. Slips at Norfolk

NORFOLK. Va. May 13s-Twenty
American ships are held in Hamp-
ton Roads on account Of the strike
of marine workers. No vessels got
away yesterday except two engaged
In coastwise trade. Owners and
union men today declared they were
prepared to fight the controversy to
. dnish.
The Washington herald., 1921-05-14
Ii'aberlale Heads School
Board OF fredericksburg

FREDERICKSBURG. Va. May 10.
-. z. Timberlake has been elected
president Of the school board to All
tne vacancy caused by the resigna.
tion OF Joseph n. Goldsmith. Joseph
z. McCaiiey and John @. Heffin have
oeen elected members Of the board
The Washington herald., 1921-05-14
IFurndshed by Anerte.p Security
and Trust Ce.l

Prices realized On Swift q Co. sales q
carcass beef TO washinrtou for week end
ing Saturday. May Z. 1921. On shipments
sold out ranged from Is cents 10 Is cenu
per pound and averaged le.es cents per
prund -Aay
The Washington herald., 1921-05-14

The market closed weak.
Furnished by w. b. Hibbs a Co.,
members Of the New York Cotton
Exehanee.)
The Washington herald., 1921-05-14
DANGER IN TIE DEMAND FOR
CHEAP MONEY AND CREDIT
Increased Gold Supply and Bank of England
Example Exert Increased Pressure Here.

Herald's Economist.)
progress in liquidation and reAdjust-
ment:
Federal Iaserva Hoxa. a, os,.~,.tx.r
The Washington herald., 1921-05-14
SUGAR MARKET.

NEW YORK. May 'l3.-The sugar
market closed 10 to Is points lower
High Low Close
The Washington herald., 1921-05-14
PHILADELPHIA PRODUCE.

Chicago Board Of Trade.
America. [volume] (Cleveland, Ohio) 1905-current, 1921-03-09

fALSIFIcATE
La MIGRANT

NEW YORK, 8 Martie. SUITE
de migrant sosesc aici ca pasa-
poarte falsificate in Danzig, carl
sunt vizate Gu sigilele falsificate
ale statului liber Danzig.
Acesti inligranti sunt deportati
irnediat la sosirea lor, cfci comi-
sic de EXPERT, in frunte >cu comi-
sarul de imigrare Harry n.
Schlacht, examineaza Gu cea mai
mare rigoare sfiecsre passport.
81 din alte tari, mai ales din
Italia 81 Germania, sosesc multi i
Migrant cu spasapoarte falsificate,
carl se pun III vinzsre il diferiteld
porturi enropene cu sumo fabu-
l0ase.
America. [volume] (Cleveland, Ohio) 1905-current, 1921-03-09
AMERICANA
NJ VA Fl UTILIzATA
IN OCUPAREA RINULUI

WASHINGTON, Z Martie, @
ficialitatea della Departmental
Statulni 4 declinat sd comenteze
decisiunea puterilor aliate "a fsca
miscarea militafs in Germania ca
pedeap1a pentru nefmplinirea ce-
rerilor de despagubire . aliatilor
sau . indica intrucat aceasta mis-
care atinge politica Statelor Unite
Gu privire Il fortele anericape din
teritorul ocupat.
S'a explicat Cd departmental
ma fost ipstiintat official despre'
decisipnea -puterilor aliate, aseme-
nea ca trupele americana din Ger
mania al fost trimise sub condi-
tiunile 4rmistitiului din 1918 yi ca
pcllpatiunes nu . ii relatiupe GU
trstatll az Versailles.
Cu toate sceste n exprimat ca
s,trunele an,eriicaine 4 hi pct Il fntrs-
bninl IN psntrp executa taxe1 coadi-
ua | n n I { 4 n latst n! 4 d B 4, Il
America. [volume] (Cleveland, Ohio) 1905-current, 1921-03-09
CAPITALuL 81 MuNcA

:
NEW YORK, 9 Martie.-Dele-
gait, carl au Representa- cam 600
uniuni din totalul de 800 uniuni
muncitoresti, raspunzand la pro-
punerile de a lucra impreuna GU
capitalul. pentru a pune capat lip
sci de lueru, an decis urmatoarele /:
Sd Sc faca un control al indus
triei in afara de contrOlul eel fa-
ce Federatia, dar in conlucrare Gu
aceasta.
Stabilirea unei organisatii natio.-
male care sd alba filiale in toate
orasele ca sd examineze cauzele
Upset de lucru.
De q tinea meetinguril pentru q
gitarea pc langa unirea muncii 81
q capitalului.
Inaugurarea unei campanii de
educatie care sd informeze pubhcul
de pacatele muncii 81 ale capita
lnlui ca 81 se previna 0 astfel de
situate penibila pentru muncito-
rime.
America. [volume] (Cleveland, Ohio) 1905-current, 1921-03-09
A6ITATIILE +.
UNeuRESTI

Oficiosul ministerului de exter-
ne "La ROumanie vorbind des-
pre- agitatiunile maghiare pentru
obtinerea unei revizniri tratatu-
lui della Trianon, scrie urmatoa-
rele:
"Agitatiunea maghiarilor conti-
nua. Contele Apponyi in fruntea
unei delegatiuni, pleaca in Statele
Unite pentru a face propaganda in
acest scop. Sc duce sa mobilizeze
setimentele religioase pretinzand
ca barbarii cehi, sirbi 81 valahi per-
secuta pc protestant 81 pc catolici
maghiari.
In urma s'a formal un comitet
compus din cativa deputati radi-
cali din grupul Asquith. 81 trei
lorzi: Bryce, Mention 81 Crewe,
spre a sustine sfortarile lui Ap-
ponyi.
Tema lor este Cd nu va ii pace
in Europa cat timp ungurii vor ii
nedreptatiti..
America. [volume] (Cleveland, Ohio) 1905-current, 1921-03-09
GU ARMATA AI.IATIL0R IN
GERMANIA, 8 Martie. - In ur-

~AASASs4A@SA<1, y AN0A VAC. LII uI-
ma oclparii oraselor Duisburg,
Dusseldorf 81 Rohrat, generalul
comandant Gaucher, cerut as
taxi predarea tutulor armelor
germane din teritoriul ocupat.
Daca nu sc va respecta ordi-
nul va urma 0 perchizitie stricta
in toate localitatile.
Poliyiei germane lisa permis
sd poarte baionete 81 revolvere.
S'a luat nasuri militare impo-
trivia unei possible resvratiri, Gu
.toate ca populatia pare foarte Ii
niStita. Tunurile aliatilor sunt
concentrate in. parcuri si posi-
tiuni domillante aslpra oraselor,
Trupele franceze, belgiene 81 en-.
gleze sunt sub arme.
S'a rinduit sentinele Ia cape.
tele podurilor 81 in garlic cailol
ferate ca sd previna sori &c infrac,
tie Ia regulele vamaae si Sc diri'
jeze traficul.
Mai multe aelOplane sbor asu
pras teritorului ocapat pindipd q