davidaulloa/AmericanStories huggingface dataset:
The Washington herald., 1921-07-06
BOND MARKET
HAS STEADY TONE
Demand for High-Grade Rails
And Industrials Aid
Materially.

NEW YORK, July 5.-The de-
mand for high-grade railroad and
industrial bonds continued. and as
result the market was. given a
greater appearance of strength
than it has shown in several weeks.
At the same time war bonds did
not show any disposition to ad-
vance. The interest in this group
centered in the Victory 3As, which
accounted for nearly half the mar
ket's transactions. but moved within
an extremely narrow range. There
have been reports recently of
wealthy bondholders shifting from
Liberty 31ss to Victory 3%s. These
two issues are selling on practi-
cally the same yield basis. and both
come taxes. The tax exemption
value. however, will almost GER
tainly dwindle more in the life
time of the 3hs than in the AZ S.
Foreign governments issues fol-
lowed the trend of corporate bonds
more closely than did the Uniteo
States war bonds. United Kingdom
5hs of 1887 advanced y point TO
S5A. and Belgian 71as were a half
point higher at s91s.
Northern Pacific-Great Northern
joint SIS continued to hold aplace
of prominence in this market To-
day they were active and sold as
high as sS, compared with 87S at
the close on Friday. and with an
issue price of 96Iz. Most of the
Pennsylvania Railroad bonds were
in good demand at rising prices.
The rs went up a half point 20
1o2A. the 617s up 4 point to s7%
and the AIS up y point to n. ST.
Paul As advanced more than a hair
point to 74b: Cerro de Pasco Cop
per IS opened with a net gain
OF : points at 109. but later reacted
a half point. Two weak spots were
Cuba Cane Sugar rs, which dropped
1z points to 611z. and Kelly
Springfield IS, on which a price
as low as 93h was recorded. At
the close on Friday the last-named
bond sold at 96%.
The Washington herald., 1921-07-06

exceed in value those Of any year
prior to the war.
On the import side. fiEureh oy ar
ticles as presented by the monthly
reports Of the Department OF Com
merce arc extremely meaEcr. fa-
chief articles enumerated a. ii--
ported from Germany in the ten
months ending with April. 1921.
being dyes. sl.5Ss. 900: gloves. 81
10000: decorated china. sl.Ol5 .Oor.
and cotton lsces and embroideries.
sdSS.OoO. Figures Of the depart
ment covering the calendar year
1920. however. in which year our
total imports from Germany were
SsS,S3s.000. show for that ycsr Goa.
tar colors and dyes. 1880. 900: cot
ton laces and embroideries. 81. 70c.-
OOe; cotton knit goods. including
gloves. hosiery. etc, s3.lOO. 600:
beads and bead ornaments. sl.OkX.-
900: aluminium manufactures,
Sl.600.0O0; fertilizers. including
kainite, manure salts and potash.
s22.OOo,0o0; furs. SS.S5O.OOO: sugar
beet seeds. s2I5e.OOo: beet sugar.
$5.437.oOo; dyes. s4225. .OOe: wood
pulp. s1.75o.OOO: gloves OF LEATHER.
sl.7S5.OOo. and silk manufactuEes.
s1.75O.Ooo.
The Washington herald., 1921-07-06
WEATHER REPORTS
SEND GRAIN LOWER
General Selling on Rains
Forces Prices Down Be-
yond Recovery.

CHICAGO, July 5.-Weather con-
ditions over the triple holiday were
much better than the trade anticl-
mated, with scattered rains and
showers over the American and Ca
madam northwest and in parts of the
corn belt of the Mississippi River.
There was general selling of Wheat
on the rains. and at the low point
prices were of 4 to cents for the
active deliveries, with July and Sep
tember selling at about the same
price early. but later the July
strengthened to around one-half to
2 cents over the September. Trade
was not large, and while part of
North Dakota, South Dakota and
Minnesota remains very dry and the
crop is suffering, there has been no
Increased outside buying. Threshing
returns are irregular in the winter
wheat territory, with rather heavy
receipts, Kansas City having S55
cars for four days and reported a
good demand, especially for old
wheat. Heavy rains in parts of the
Southwest will delay threshing again.
Red wheat premiums here were 1a2
cents lower. with No. red 2a4 cents
over Jne July. Ne" ndru "lnteE SOlu
at 7 cents over July.
Corn and Oats prices were weaker
and lower. weather being regarded
as favorable for corn over part of
the belt, but in other sections, espe-
cially northern Illinois. the crop is
commencing to show the effect of
the cC ntinued dry and hot weather.
Buying against the bids checked the
decline in Corn. Owing to the ele-
vator strike the discounts on Corn
widened out around / cent on spot.
with No. yellow and white selling
at cents under the July, with, liby
eral receipts and a rather slow ship
ping demand. Cash Oats were AaA
cent lower as compared with the
July. Owing to continued hot wea-
ther oats are expected to be light
weight in many sections this sea-
son.
Provisions were dull and about
steady. trade being light. Hogs
were steady to 10 cents higher, with
bulk of sales at sS.75as. 40; receipts.
$4,000, with $1,000 for tomorrow.
Western run. 11o.900. against 100000
a week ago and 74,300 last year.
The Washington herald., 1921-07-06
FOREIGN STRENGTH
FAILSTO Aid CROP
Cotton Suffers Decline Due to
Profit Taking and South
ern Selling.

NEW YORK. July 5.-while our
market was closed yesterday the
Liverpool market remain opened
and scored good advance for both
spots and futures as the result of
the better trade demand which the
bullish government crop report an
nounced Friday afternoon caused to
prevail on that market from both
British and continental interests.
The statement that our indicated
crop was for a yield of only S.433,-
900 bales without linters against
l3,365.000 pronuced last year with
the crop the smallest since 1895
seemed to have considerable in
fiuence on foreign cotton trade and
market sentiment. Today the
Liverpool market was again strong
er and higher. Spots there closed
with a net advance of 81 English
points over their prices of Friday
to the present basis of 7.56d for
middling, while futures closed firm
at a net advance of 3S points for
July to 25 for October and % to 81
points for the later months. As
this advance compared with the rise
of but s to.12 points that had beer
due from the Liverpool market to
have met our closing net advance
of % to IS point of Friday from
Thursdays final quotations there
was a strong and higher opening
here.
First prices were made at ad-
vances ranging from Is to 20 points
This was followed by some set
ing sales after which there was
renewed advance to between 80 and
Al points maximum by before l
o'clock. July went up to 1908
October 1884. December 1928 and
January to 1885. The market then
fell back about Is points from those
quotations on considerable fresh
Southern selling and also some fur
ther local profit taking as the
weather4in the cotton belt remained
generally favorable over the hoIi-
days. This has caused many to ex-
pect tomorrow's weekly weather
and crop bulletin will make the
best reading on the situation and
outlook of the crop at present for
the reason particularly as regards
temperatures are high at present
over the greater part of the belt
they are no more than of a reason
able average for July conditions
while some further good rains have
fallen in scattering localities and
more definite showers were indi-
Gated for the Atlantic states.
Most of the buying causing the
advance here was entirely sympa-
thetic with Liverpool's rise, which
is not expected to be continued
with general trade conditions still
so unfavorable over the greater
part of Europe. Southern spot mar
kets were up today about 20 to 25
points in sympathy with the rise
in futures. Saturdays export clear
ances were $1,000 bales, while to-
days were about 10000.
The Washington herald., 1921-07-06
TMELYWAIL STREETTOPIcS

shorts figured correctly. The re-
bound from s2h was ascribed to the
taking Of quick profits on the short
side. Pan-American declined 2
points. while Mexican was going
down points.
While the steells were declining
Copper stocks were well supplied
with buying orders and made frac-
tional gains. Inspiration. Utah.
American Smelling and Cerro de
Pasco were the leader. One explana-
tion offered for their nrmness in a
market that was none too stable
was President Harding's approval
Of the resolution of peace with Ger
many. Ever since the end of the
war the copper companies have been
figuring on a large demand for cop
per for German consumption. Real
peace has been recognized as neces-
sary to the realization of this hope.
As pointed out in one quarter this
morning, however, the real reason
why Germany has not been buying
copper In recent months has been
the heavy depreciation of mark
exchange and the lack of long-term
credits to finance purchases in this
country. While there has not been
any remarkable demand for copper
for domestic consumption, the metal
has been moving slowly. The ia
vorable feature OF this movement
has been the supplying Of copper
out Of surplus rather than current
production. for the big mines are
closed down. and stocks refined a
iong time ago are being used to meet
current demand.
The Washington herald., 1921-07-06
RAILROADLAWYERS:
CLAIM WAR LABOR
WAS INEFFICIENT
Suit Against Government
Depends on Ability
Of Workers.
UNIONS WITH U. S.
Say Money Spent on Roads
Under Federal Control Was
insufficient.

Upon the question OF the efdci-
incy or non efficiency Of wartime
railroad labor yesterday depended
settlement of s1.25o.ooo,ooo worth
of claims filed by the railroads
against the government.
Attornies for the railroads, now
appearing before Rail Director
Davis contend that the Railroad
Administration should have spent
SI,250, zoo, ,0e0 more than il did dur
ing Federal control on maintainance
of property and rights of way The
money actually spent by the govern
ment was insufficient to keep the
roads in a reasonable condition be-
cause of the ineficiency Of workers
the rail lawyers contend.
Defends War Time Labor
Attornies for the Railroad Admin
istration are fighting the claims
on the ground that wartime labor
was more efficient that peace-time
labor. Officials of the unions con-
cerned are cooperating with the
government in trying to prove It's
case.
Director Davis believes the claims
can be settled for from 40 TO 90 per
cent of the amount demanded. This
would make the government liable
for from s5OO.OO0,0O0 to s75O,0oO,ooo.
Paid Roads ssoo.oOO. 900.
Settlement of the rail claims on
the so per cent basis would provide
the roads with 65 per cent of the
total they must pay this year in
interest on the l. c. C.'s book valua-
tion of their properties at $4,000
100000. This return. sl,l4O,OOO,OOO
a year. is fixed by the Transporta-
tion Law.
The government. during the hscal
year ended July l. paid the roads
nearly $500. .OOo. 900 under the Trans
portation Law. This payment was
in addition to payments that may
be made under the claims now be-
fore Director General Davis.
The Washington herald., 1921-07-06
TRADE INCREASES
With GERMANY
Exports Show Healthy
Gain as Congress
Passes Peace Act.

The recent action of Congress
with reference to peace with Ger
many lends interest to a statement
by the National City Bank Of New
York on the growth of our trade
with that country in the fiscal year
1921 which ends with the current
month, as compared with earlier
years. The total trade with Ger
many, says the banks statement
in the fiscal year 1921 will aggre-
gate about s45o.ooo. 900. against
Sef7 100000 in the fiscal year 1920
and Si0.oOo.o 200 in the fiscal year
1913. The total exports to Ger
many in the fiscal year 1921
will aggregate about $50, ,oo0. 900,
against s2o2. Qoe.ooo in 1920. 5000
900 in 1919 and nothing in 1918
The imports from Germany in the
current fiscal year will stand at APP
proximately 100000 against
45.ooo.oo0 in 1920 and less than
S1.ooo.o00 in 1918. This total of our
trade with Germany in 1920. $780,
100000, will be but little below the
high record pre-war year, 1914.
when the imports from and exports
to Germany aggregated s555.ooo,-
900. though il should be remembered
that the 1921 figures are those of
present values OF the articles in
question, and presumably at ma
terially higher prices per unit of
quantity than in 1914.
Food Supplies Bulk.
The principal forming our rapid-
ly growing exports to Germany are
chiefly food and manufacturing ma
terial. Wheat and flour exports to
that country in the full fiscal year
'Ooe'oooeeS luoqB alvssISSB HIN
wheat alone amounting to about
$50, 100000 and flour approximately
15,ooo.oo0. Bacon will show a total
Of s15.oe0.ooo and lard about s4o.-
100000; condensed milk exported
to Germany amounts to about se.-
100000 in value: oelo oil slightly
less than $4,000. 900, and cotton-seed
oil about 81 ,0o0,o In manufactur-
ing materials, cotton. copper and
paraffin hold highest rank in the
exports to that country. cotton
alone amounting for the full year
to about 800. 900 200. copper ap-
proximately s2o.oe0.o0o mad paraf-
fin slightly less than 81 200. 900. In
petroleum products. lubricating oil
to Germany will amount in the full
hscal year TO about $4,000. 900. H.
Illuminating oil about $500. 900 and
gasoline. naphtha. etc, about s4.-
500, 900.
Also Need Cotton.
The value of cotton sent to Ger
many in the ten months ending
with April. 1921. was ssl.54e.0Oo,
and exceeded that to any other
country except Great Britain. Cop
per. ingots and bars exported TO
Germany totaled sl6.275, 900. and
exceeded that to any other country
except France. Exports to Ger
many in the fiscal year 1921 will
The Washington herald., 1921-07-06
GLEN ALDEN COAL
FEATURES CURB
Dealings in Other Issues Are
On Small Scale, with
Minor Changes.

NEW YORK, July 5.-Glen Alden
Coal was a feature of the dealings
of the curb market during the
greater part of the day. that stock
moving up from 81 to above 80, but
dealings in other issues were on an
extremely small scale and they
showed little net change in the trad
ing position at the end of the day.
Tropical Oil stocks were in supply
because of the agreement to place
duty of IS cents a barrel on i'm
ports of crude oil into this country.
International Petroleum sold down
to I'M and Maracaibo during the
forenoon was down to 1875, and
other stocks in this group were Of
fered at concessions without finding
buyers.
Comment was made on the fact
that while the proposed tariff
changes in the shape of both export
duty from Mexico and import duty
in this country on crude oil de-
pressed the market for foreign oil
stocks it had no corresponding ef-
feet on the stocks of domestic COM
panies and those issues were also
heavy and in supply throughout the
day. Changes in prices. however.
were so small as to hardly be worth
nothing. Elk Basin again selling at
sk, and Simms Petroleum during the
forenoon sold at = and 81. Cities
Service common was traded in at
lis to y14 and the bankers shares
sold at 12h. Car light was again
traded in at 1 and British American
Tobacco coupon stock sold at l2h.
There was a moderate amount of
business in a number of motor stocks
including Continental Motors and
Elgin Motors. Sweets Company was
unchanged at 81 and United Retail
Candy was unchanged at 6&.
The Washington herald., 1921-07-06
INDUSTRY
ENJOYSE EXPORT REVIVAL
Certain Cuts Selling Cheaper Than Prevailing
General Prices.

The following review of the meat
and livestock situation in the United
States during the past month has
been issued by the Institute Of
American Meat Packers, through
its Washington Office:
From the standpoint of the gen.
eral public, two features of the
meat situation at the present time
are of especial interest.
"One Is the fact that the pack
ing industry-the largest industry
in the United States, according to
recent census fgures-is now en-
joying a revival of its export trade
with the United Kingdom and an
increase in its export trade with
Continental Europe.
The other is the fact that, al
though all meats are selling at low
wholesale prices. some cuts are SELL
ing even cheaper than might be
expected relative to the general
values now prevailing. Some cuts
offer unusual advantages to the
judicious buyer.
Domestic Features
STANDARD BREAKFAST bacon of
medium weight is selling at whole
bdAC dOoub per cent IhCdpCA PoA
pound than hams of the same grade,
despite the fact that bacon is all
meat, with no bone. This price re-
lation does not apply. however. to
fancy bacon and fancy hams.
Fresh pork cuts decreased In
price during June. Toward the end
of the month, the price of pork
loins. from which pork chops are
cut showed a decrease of more than
35 per cent from the wholesale price
at the same time last
year. Skinned shoulders showed a
decrease during the same period of
about 40 per cent and Boston butts,
about 40 per cent.
'Forequarter beef cuts,-chuck,
plate. brisket. ct cetera--are whole
sailing at extremely low levels. 1t
has been a very long time since
forequarter meats could be bought
so cheaply Chuck-fine nutritious
The Washington herald., 1921-07-06
FILES WRIT AGAINST
DECISION OF l. &C..

The Donner Steel Company, with
blast furnaces at Buffalo and North
Ponawanda, N. Y, applied to the
District Supreme Court yesterday
for a writ of certiorari to transfer
the proceedings involving its COM
plant with the Interstate Com
merce Commission against certain
railroad companies from the juris-
dtction OF the commission to that
of the court.
The company brought suit before
the commission to recover s4ss,ooo
from the Pennsylvania. the Michi-
gan Central, the Lehigh Valley.
Wabash, Pere Marquette, Grand
Trunk and other railroads for al
legged discrimination in "spotting"
or shifting cars in the company's
plants. The Interstate Commerce
Commission heard the case and de-
cided in favor Of the railroad COM
panies.
The Washington herald., 1921-07-06

meat suitable for pot roasts and
other dishes-is a conspicuous ex-
ample. At Wholesale prices, q dol
lars worth of chuck would pro-
vide meat for one meal for fifteen or
evenly men doing hard physical
labor.
Export Features.
Prior to June. foreign purchases
for some time had been made large
ly from spot stocks; that Is, stocks
already abroad. During June, how
ever. there were considerable pur-
chases for shipment from this
country.
"On account of the labor situation
in the United Kingdom, traders
there had previously been buying
sparingly; and American represen-
tatives in England had cabled pack
ing houses here to stop or reduce
shipments in accordance with the
decreased demand. Therefore. when
the English trade was ready to re-
sumo buying. it was found that
British pork stocks, with the excep-
tion of certain quantities not adpt-
able to filling the Briton's demand
for fresh-cured meats, were very
low.
was DTlSK
revival of the export trade with
the United Kingdom. The British
bought considerable quantities of
sweet picked and dry salt pork.
The demand for hams was especial
ly good. Trade in lard with the
United Kingdom did not improve as
much as did the trade in meats.
During June, American packers
also enjoyed a better export de-
mand from Continental Europe.
occurred in the case
of Belgium and Holland. The lard
trade with Germany was about on
the scale as in the previous month,
while the trade in meats was bet
ter.
"A number of provisions experts
conversant with export conditions
say they anticipate a normal ex-
port trade in provisions and lard
during the summer and fall"
The Washington herald., 1921-07-06
EASIER MONEY AIDS
GRAIN HANDLING
Low Prices Also Make Possible
Big Turnover With Small
Amount of Money.
Especial cerrespondence Of Tho washinrton
Herald and New York Evening Post.)


Herald and New York Evening Posts
+ CHICAGO. July 5.-There are in
dications for an easier money mar
ket, with a little shading of rates.
The speculative demand for loans
has fallen off and with the price of
grains and stocks of commodities
generally lowered, 1t takes less
money to do the same amount of
business as formerly. In the grain
trade dollar goes further than any
time in the past four years or more.
Corn a year ago was selling around
s1.75 and is now close to so cents.
Oats were above s1.00 and are now
close to 81 cents. Wheat Ia more
than a dollar lower than a year
ago. In the aggregate these Diff
ferences count materially in carry
ing the big stocks of corn and oats,
which amount to 5S.000.000 bushels
in the visible supply, the largest
on record at this time of the year.
There are 24.S30.0 900 bushels of corn
and 33,4S7.000 bushels of oats, while
last year there were only -3.373,000
bushels of corn and 5. sol, 900 bushels
of oats. With the prices of corn
more than dollar lower than a
year ago 1t has been a long time
since so much business was possible
with so small an amount of money.
Money has been loaned in Chi
cago as low at 61s per cent on stock
exchange collateral for sixty days.
The bulk of the loans, however. is
made around per cent
The Washington herald., 1921-07-06
ATTACKS FORDNEY
TARIFF DUTIES AS
Aid To MONOPOLY
Congressman Says
Measure Is Pocketpick-
ing Scheme.
TO FILE PROTEST
Frear, of Wisconsin, Member
OF Committee Which Drew
Bill, to Join Dem. Assault.

Describing various provisions OF
the Fordney tariff bill as for the
benefit Of trusts and monopolies at
the expense of the consumers, Rep
resentstive Frear, OF Wisconsin,
Republican member of the House
ways and Means Committee, msde
public yesterday a minority report
which he will present to the House.
Frear declared the proposed lin
tied embargo on imports OF dyes is
fundamentally Objectionable and a
hIgh-handed proposal to grant prsc-
ticaIIy exclusive dye rights to a 2 &C.
ognized monopoly" He asserfed
that under this feature of the bill
many. millions of dollars will be
hlched from the pockets of the
American consumer"
Adds GO Accusation.
He also asserted that excessive
duties have been imposed on cement.
lime, glass, aluminium and tungsten,
all Of which commodities, he said
are under the control of monopolies
and trusts and are well able TO
walk. alone under lower rates.
A duty on hides is urged by Hr.
Frear as a substitute for the sec
tion of the bill which leaves them
on the free list
Discussing the effect of the bill
on agriculture. Mr.. Freer said IL
gives reasonable protection to many
farm products. No justification .ex-
lists. however. he says. for cutting
1919 tariff rates on hemp straw
grown by the farmers In from to
5 cents. nor for increasing hemp
yarn rates from cents per pound.
as in the Payne-Aldrich law. to
cents per pound. OF a 80 per cent i'm
crease to the manufacturers Of hemp
yarn. For the first time in history.
Mr.. Fresr said. farmers will payfor
dutiable jute for bags in which to
ship grain
Violate Platform.
The majority report was put Into
shape yesterday by Representative
Fordney. minority report from
the Democratic members was in
process OF preparation by Repre-
sentative Garner, of Texas. and other
Democrats. All three reports viii
be presented to the House TODAY.
following formal action on the tariff
bill by the Ways and Means Com
mittee.
Mr.. Frear dissents from portions
Of the bill for two reasons. In the
hrst place. he says that they are in
violation OF the Republican Party
platform pledge that tariff ratcs
SHOULD be reasonable in amount and
so adjusted as TO prevent undue eN-
actions by monopolies and trusts"
In the second place. he objects to
some provisions on the ground that
they are fundamentally indefensibl..
The Washington herald., 1921-07-06

NEW YORK. July 5.-compared
with last Fridays quotations, Lon
aon metal prices showed the fol-
lowing changes:
spot tin, fa IS higher at f172 IS;
futures fs IS higher at f174 So:
sales. 80 tons and $40 tons. snot
stsndard copper is Is Sd higher.
and futures Is Sd higher. both
quoted at f72 SIS: sales, 400 tons -,
futures. Electrolytic is UNCHANGED
az t7S los. Spot lead is unchanged
at f23 IS, and spelter IS lover a.
26 Is Sd