davidaulloa/AmericanStories huggingface dataset:
The Washington herald., 1921-02-01
LONG TERM BILL
DEMAND GROWS
Most Interesting Development
In Discount Market, Says
Acceptance Council.

The American Acceptance Coun-
Gil states:
"One of the most interesting de
velopments in the discount market
Of the last few months has been
the growing demand for four to
six months bills. Until compare
lively recently there has been only
very limited market for accept
ances with a maturity OF longer
than ninety days, with a marked
preference being shown by many
largo buyers for bills having only
thirty to sixty days to run.
The demand which has recently
developed for four to six months
maturities is significant of two
things. First, a belief on the part
Of investors in bills that the period
Of extremely tight money has
passed, and as a result they are
willing to invest current funds for
A Icnger period than heretofore.
Second. a more widespread and
implicit confidence in the bank and
bankers acceptance as the most
satisfactory medium OF investment
for temporarily idle funds
This growing demand for long
bills opens UP a very interesting
situation and one which may result
in a much wider use of the four to
six months acceptance. Heretofore
the volume Of such bills drawn has
been relatively small. chiefly be
cause It was thought that there
existed for them only a very limited
market. There is a large volume
Of foreign trade, however, which
can be handled most advantageously
through six months credits. This
is because of the time required TO
complete the commercial transac-
ton involved and the custom OF
certain countries with which we are
dealing. especially South America
and the Far East. There is little
doubt that our banks and bankers
have had to foreEo the opportunity
Of financing a great deal of foreign
trade through acceptanCes. simply
because that trade did not readily
adapt itself to 90-day credit terms
The result has been that It has been
financed through European mar
kets.'
The Washington herald., 1921-02-01
HEADS URGED
TO GET TOGETHER
u. S. Labor Board Suggests
Sensible Settlement" of
Wage Controversy.

CHICAGO. Jan. 81. - Railroad
managers were advised by the
United States Railroad Labor Board
today to get together with their
employees and work out a sensible
settlement" of wage controversies.
The board suggested that the
employers get together with their
men when the managers presented
a petition asking immediate abro-
CATION of the national agreements
and reduction OF wages of 100000
unskilIed workers
As W. w. Atterbury, chairman Of
the labor board of the Railway
Executives Association, finished his
petition, Judge r. NJ. Barton, chair
man Of the Federal board, informed
him that the employers should be
able to settle the question by direct
negotiation with the men.
Atterbury declared that the rail-
road situation was so critical that
unless the board gives Immediate
relief by granting the petition the
railroads will be forced to ask for
general wage reduction.
He said reduction in the pay
Of other rail employees would not
be asked for ninety days if the
board abrogated the shop agree
ments.
Three hundred million dollars
will be saved the roads if the re-
quest is granted, Atterbury said.
Unless the board takes prompt
action on this appeal many of the
railroads of the country will be
forced into insolvency." he said.
The Washington herald., 1921-02-01
LIVE STOCK ONU S. FARMS
SHOWS MARKED DECREASE
Values Also Decline Number of Hogs Now
Smallest Since 1915

The report or the Bureau of Crop
Estimates, United States Depart
ment of Agriculture, on the num-
Der of live stock on farms and
ranges of the United States shows
a marked decrease in all classes Of
farm animals on January !, 1921
compared with last year. The most
marked decrease occurred in the
swine population. On January /.
1921. the total number of hogs is
estimated as 66,64e,0OO compared
to 71,727,OO0 on January /, 1920
and 74.5S4,OOO at the beginning of
1919 The decrease during the
past year amounts to approximately
100000 hogs. or 81 per cent. The
number OF hogs in the country is
now the smallest since 1915.
The number of sheep on January
The Washington herald., 1921-02-01
RELENTLESS In
ATTACK ON FORD
No Let-up in Sight in Streets
Determination to Break
Automobile King.

NEW YORK, Jan. 3l.-Further eV-
idcncc Of the determination of Ger
tain Wall street interests to force
Henry Ford to surrender control OF
his business continued to multiply
here today when the DOw-Jones FL
nancial Service. which is the Oldest
news agency in Wall Street and
which publishes the Wall Street
Journal, the leading publication OF
the Street. put out the following:
"Detroit-Henry Ford has reached
his limit. 1t is bevond the powers
of any one man to raise money and
carrv forward single handed the
manifold enterprises in which he
has started. John d Rockefeller
at 55, with more than Twenty-Five
multimillionairc workers around
him had to divest himself of the
organization and get out to save
his skin. He saved his skin. but
lost every hair on il. His hair had
then not even turned gray. Doctors
said nervous dyspepsia and only
a new stomach gotten from exercise
and open air could save his life.
Henry Ford is not Millionaire
although the Ford Motor Company
has earned more than $lOO,OOo.oOO
in a single year. which is more than
Rockefeller's Standard Oil Company
of New Jersey earned before the
court dissolution. Rockefeller kent
his organization. Henry Ford has
destroyed his organization in way
to give rise to very serious in
Quiries.
Day after day designations are
announced from the Ford OrEaniza-
ton and various explanations have
been given to indicate that officials
disagreed with Mr.. Ford and re-
signed.
Now the truth is, though il has
never before been told, that Henry
Ford has fired them one after an
other.
He fred his $4,000 a year gen
eral manager and told him he never
wanted to see his face again.
Ford fred his chief auditor and
cannot now find the items or col
lateral he wants"
The Washington herald., 1921-02-01
BUYING POWER
in COTTON POOR
Declines Before Markets
Close Range From Is to
% Points.

NEW YORK. Jan. 81 Buying
power in cotton continued poor to-
day, and the market remained de-
pressed. Business showed no i'm
provement.
Initial quotations were about un-
changed to points higher, except
December, which was 2 points lowe.
Late the decline extended to about
is to % points.
Liverpool held fairly steady, not
withstanding the weakness here
and the break in bar silver. There
was some scattered Southern sell
ing locally, but offerings from that
source were not much in evidence
after the first ten minutes, and it
looked as though the switching Of
late last week had pretty we'll ad-
justed outstanding accounts TO the
Increased local stock. Later the list
here improved and showed rallies OF
some 10 or Is points on covering
after IL o'clock. There was mod
crate buying of December. against
sales of May, resulting in widen
ing OF the difference to S5 points
at one time.
In the afternoon the market be-
gan to sag again under liquidation
and late in the day prices broke to
a maximum of more than l2C. Wall
Street and local selling was at
times heavy. March broke to 14c
compared with 14.13C, the low point
on January IS, and 16.6Oc, the high
mark of January 13. May fell to
14.2OC, or 60 points below the pre-
vious close. Last quotations showed
net losses of As to GO points.
Spot here was quiet, with mid
ding 45 points lower. at 14.3Oc
there were no sales. Spot at New
Orleans was quiet. with middling
4 c lower, at 14c; the sales were
bales.
Receipts of cotton in bales at
some of the leading points today
were: Galveston, IL .O41; Mobile, 1853;
Savannah, 1,112; Norfolk, Lis; Au-
gusta. 935: Memphis. 5,316; st. Louis,
1884; Houston, 1850.
The Washington herald., 1921-02-01

Philadelphia, reported unanimously
against a general sales tax. point
ing out many specific objections to
this source Of revenue" he said.
"Other leading members of the as
sociation have declared it an un-
wise and dangerous tax to adopt
both from a business and individual
standpoint. Men like Seligman. an
international authority on taxation,
have aualyzed the subject and
shown it's entire unfitness for use
in this country.
Any party that passes a sales
tax law will be held strictly ac-
countable to the people for such
action" he declared, particularly
so when the purpose in view is to
relieve corporations from large
profits known as excess profits and
the burden of over s1,0OO,OOO. 900 is
to be placed upon the 100000, 900
people through the increased cost
of sugar, salt, shoes and everything
they eat, drink and wear"
The Washington herald., 1921-02-01
NeIU Security Issues
Are Rapidly Absorbed

Investment bankers are optimistic
over the future ability Of the mar
ket to absorb new security issues.
During the past week approximate
ly S15O,OOO,OOO of the new issues were
successfully floated. The largest
items during the past week included
the $3O,OO0,OOO Belgian issue, the
S3O,0O0,OOO of the American Agri-
cultural Chemical Company, which
is the first important industrial
financing for some time, and $780,
100000 worth of bonds by the Penn
sylvania Railroad.
During the coming week the At
lantic Refining Company will issue
Sl5,00O,O0O of ten-year ga gold de-
bentures. 1t is also known that a
number Of important foreign and
industrial issues are under nego-
tiation.
The Washington herald., 1921-02-01
MiuiHg-Lunber Interests
Urge Use American Ships

The United States shipping BOARD
has made public resolutions pa~seT
by the Millors' Emergency DCTcu~r
committee and by tho southern
Hardwood Traffic Association urE-
ing these industries to use to the
utmost OF their ability American
bottoms in the ocean transport o.
their products. consistent with TO
qUirements OF section 2S of thu
merchant marine act. II iS stated
that the milling interests who
adopted this resolution reprcson,
approximately One-Jhird or the ca
mort carEn from the Tnitad Stafcs
The Washington herald., 1921-02-01
BUSINESS SHOWS
TREND TO BETTER
SAYS U.S.. REVIEW
Federal Reserve Board
Reports Resumption of
Work in Idle Plants.
BUYING INCREASES
American Goods in Demand
While Transportation Sys-
tenn Improves.

Business developments have shown
slight but unmistsksble turn
toward a better state Of snsirH
says the Federal Reserve Board
review OF general business and
financial conditions during Jsnnsry.
made public yesterday.
At some plants, where consider
able numbers Of men have been un-
employed. industrial operations have
been resumed in whole or in part
The Bureau OF Labor. however. re-
ports a total Of 3.473.466 unem-
ployed for the country as a whole.
Prices in many lines have gone no
lower than the level which had been
established at the close Of 1890.
Banking conditions have mate
rally improved, partly through the
steadier and more rapid movement
Of agricultural products to market
and partly through the more rapid
liquiuation Of paper already held by
member banks.
Buying l. Resumed.
As a result the reserve ratio OF
the Federal Reserve System has
risen to 49 per cent at the last re
porting date IN the month (January
2S). Member bank conditions also
show Improvement in liquidity and
increasing strength. Failures have
been relatively fewer.
There are signs Of a distinct i'm
prOyement in certain branches OF
the textile trades. while retailers
are now beginning TO buy much
more freely and actively than here
tofore. due TO the depletion Of the
stocks on their shelves.
TIA wgr.Trf-sF-r
fairly equaIized with demand and
there is now little or on delay Of
goods going from producers to con
sumer- Farm products. aIthouEn
fiuCtuatinC more or less widely.
have maintained themselves a.
prices substantially equivalent TO-
those established during D~ccm Der.
There has been little or no gain
in export trade conditions but prep
drations '0r IN. placing Of export
financing upon more Satisfactory bs
sis was believed TO lay the foUnds
tion for a distinct in,prov, ment OF
the outlook.
Retail prices have shown during
January much ETCatcr tendency 10
reflect IN. changes that had already
occurred in wholesale price,
while. therefore. IL cannot be-
said that very material alteration
Of fundamental conditions has oC-
CURED enough. progress has been
made TO give assurance OF d stead,
movement toward soUndrr cUndI-
tiOns in business
L. :. Goods in Demand.
There l. wide demand for
American goods, the difficulties con
nected with marketing being found
in the question of prices and or
terms To be required Of purchasers
There has been no revival OF in
dustrial operations on a scale to re-
duce materially widespread unCm-
ployment prevalent month ago
Wage reductions have spread To
sections where waEC rates have
hitherto been maintained at high
levels. In the New England drs-
trict probably 100000 operatives On
the textile mills have been affected
by waEc reductions. which avera-e
about 22iz per cent
The Washington herald., 1921-02-01
Italian Income Tax Postponed

The operation Of the consolidated
and unified Italian income tax has
been postponed until January l.,
1922. a year later than that date on
which it was originally intended TO
so into effect. This tax. enacted by
royal decree on November "a. 1919,
provided for an elaborate system
Of progressive rates according to
the varying magnitudes Of individ-
Ual incomes and the sources from
which they were derived-invesr
ments. personal effort, services in
government employ. etc. As a result
Of the postponement, the present
measures under which incomes are
taxed will remain in force until the
end Of the calendar year 1921.
The Washington herald., 1921-02-01
Indian Cotton Exports
To the y. S. and japan

In view of the effect of the cotton
demands Of Japan upon the world
cotton prices, figures showing the
exports of Indian cotton from April
l to November 80. forwarded by
Trade Commissioner Batchelder, are
of interest.
Exports to Japan in the seven
months of 1919 amounted to l4S,642
tons, equal to about 5000 bales.
In the same period of 1920 Japan
received from India 99,74O tons or
some 100000 bales. Exports from
India to the United States were
2.210 tons in 1919 and 1870 tons in
1920.
The Washington herald., 1921-02-01
new Low LEVELS
REACHED in GRAIN
Market Turns Turtle After
Early Bulge, Due to Strong
Bearish Feeling.

CHICAGO. Jan. 31-After an
early bulge from a weak opening,
all the grain markets turned turtle
today and closed with further de-
clines, corn. oats and barley max
ing new lows on the respective
crops.
May wheat hit the low on the
did not break
through although it closed at the
bottom. The finish in wheat was
'2A to 2% cents lower. After the
session the feeling was exertmely
bearish. The first break came on
selling by locals, then prices firmed
up under short covering. Bearish
activities. however, soon sent prices
down again.
Corn followed in the same path
as wheat and at the close was Is
to l cent lower. AS in wheat, locals
sold corn early and the commission
houses picked it up on the break,
forcing shorts to cover. The in
crease Of 4,5n0.0O0 bushels in the
visible supply was the cause OF the
late selling which resulted in the
break.
Oats were 4 cent lower This
market followed in the footsteps of
the wheat and corn markets. 1t was
the same story. local selling, com
mission house buying and shorts
forced to cover. Then a reversal
of conditions in sympathy with tho
two leading grains and a drop,
which made the finish lower.
Rye was Il cents lower and bar
Low declined 81, cents
The provisions market also fin-
ished lower. Commission houses
sold in a fair way, their commit
ments being prompted by the heavy
hog run. with a resultant drop in
prices.
Following are today's quotations on grain
md IhrnNisinns
The Washington herald., 1921-02-01
Fuel Situation in Sweden.

Consul General n. ]. Murphy at
Stock holm reports that during the
first nine months Of 1920 over l.
OOO, 900 tons Of American coal were
imported into Sweden as against
1OO. 900 tons for the entire year of
1919. The bulk Of the 1920 import
went to the Swedish railway serv-
ice. gas plants. and large industrial
concerns. In weII-informed circles
il is believed that there is coal
enough in Sweden to carry all these
plants through the winter.
The Washington herald., 1921-02-01
German Potash Industry
And ALSdtidn Production

In a recent communication Com
mercial Attache Johnston, OF The
Hague. states that the German pot
ash industry seems seriously threat
ened by that of Alsace. He states
that the deposits north of Muhl-
hansen are estimated at 1900. .OOo,-
900 tons of sylvanite, containing
35O.0OO,O00 to $4,000, 900 tons Of
pure potash, as compared with s to
8 per cent in Stassfurt salts. In
1913 the production in Alsace was
25 per cent of the entire German
output
The Washington herald., 1921-02-01
Furnished by American Security
md Trust Coz
Iron and Steel Production.

the office Of the commercial attache
in Paris, the production of cast iron
in France during the first half of
1920 reached 1,35S,S56 tons. of which
1,325,s37 tons were obtained from
blast furnaces and the balance from
electric furnaces. It is stated that
this is an increase of 323. 900 ton.
over the production for the CORE
spending period of 1919, and corre-
spends closely to the figures of the
second half Of 1915.
The Washington herald., 1921-02-01
COTTONSEED OIL.

NEW YORK Jan 81 1-Cottonserd
oil was easy. Spot. SS.25-S.0O: crude.
S615a6.25. FuJures-Fehruary. IS 90
az 90: March. SS.5UaS55: April, IS 50
ASS: May, IS Soas-OO. June. SsOs
$40: July. S9.2Oa9 .26; August. IS 80
ASS; September. S9.2Os9.4O.
The Washington herald., 1921-02-01
Conditions in the Far East.

A business traveller in the Far
East is reported as stating that
business conditions in the Orient
are very bad from a sales point of
view. 1t appears that all commodi-
ties have been overstocked in Japan,
docks and warehouses being piled
high with steel, cotton, chemicals
and trade goods of all sorts.
The Washington herald., 1921-02-01

1. 1921 was 45.067, 900 a decrease Of
over 100000 compared to a year
ago. Milk cows decreased about 300
000 during the year while all
other cattle declined approx
mately 1000. 600 The number Of
horses and mules on farms also
showed a loss for the year.
In total value swine decreased
$497. $780, 900: milk cows decreased
$5lS,22S,OOO: other cattle decreased
s587 $50, 900: sheep decreased S2O6,-
923. 900: horses decreased &2SS,337,-
900 and mules Sl62.927,OOO. The to-
tai value on January l, 1921 Of all
animals enumerated above was Sc
235, ,569, 900 as compared with {S,-
5O7.145. 900 on January /, 1920, a
decrease of &2,27lJ67, 900, or 26.7
per cent.
The Washington herald., 1921-02-01
To Buy Railroad Equipment.

4 telegram received from Com
mercial Attahce Jacksin; Mexico
city, dated January IS, 1921, re-
ports that the minister of finance
in Mexico has signed a contract
with American firms for a credit of
$4,000, 900 with which to purchase
railroad equipment. Purchase will
be made from the seller Offering the
hest terms
The Washington herald., 1921-02-01
Moderate Call Demand.

NEW YORK, Jan. 31.-only a
moderate demand for call money
was reported at the per cent re-
newal figure today.
There were no offerings of time
money. The quotation was nominal
at 6 u and per cent
The Washington herald., 1921-02-01
Excess Profits Tax Repeal Move
Backed by Extensive Propaganda,
Frear Claims in Speech on Floor

OPPOSITION OF the so-called pro-
gressive group in the House to the
repeal of the excess profits tax and
surtaXes unless some law that
fairly reaches corporation profits
can be substituted and the proposal
for a sales tax found expression on
the floor of the House yesterday
in a speech by James A. Frear of
Wisconsin, a member of the Ways
and Means Committee. He alleged
that Congress now is facing a
well organized propaganda, based
on assumed economic arguments for
repeal of the excess profits tax and
for a reduction on income surtaxes."
Another extensive well organized
propaganda exists which demands
the passage of a consumption sales
tax with complete sweeping tax
on all necessaries of life, which
bill is pressed for passage by Otto
Kahn, Julius Bache, and Myer
Rothschild, and others who have
appeared before the Ways and Means
Committee with extended arguments
for turnover sales tax"
Problem of Debt.
In view of the large floating debt
to be met by the government dur
ing the next two years, Frear de-
clared that before repeating the
excess profits tax law or adopting
any new plan we must face the
problem intelligently"
ut is variously estimated a re-
duction of the high surtaX urged by
witnesses before the committee, and
proposed remitting of receipts from
excess profits will reach consider
ably over $1,000. 100000" F'rear de-
clared.
Study of Question.
He pointed out that the National
Industrial Conference Board, con-
sisting of twenty-five national as
sociations of cotton, wooden, iron,
SILK, hardware, boot and shoe. and
other concerns of national scope,
employing presumably 100000 or
3,oOO,000 workmen in the various
industries, has been studying this
tax question for over a year and
has employed some of the best
financial experts of the country in
its labors.
The committee of nine members,
headed by Chairman Plumb, of
The Washington herald., 1921-02-01

diagram plotted figures furnished by the u
S. Shipping Board shows the rise and fall and then the
of the American Merchant Marine Up 1880 American bottoms
carried of the foreign trade OF the United States In
American shipping carried less than onetenth OF
ports and imports In 1920 cent carried in
American owned bottoms
Between and 1916 the yearly dead weight
constructed in the United States only In
American Yards turned out 65soooo tons.
Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1921-06-18
RICHMOND GIRLS DROP
THRILLING TENNIS MATCH
Miss Warren and Miss Anderson
Are Beaten i'm Final
Encounter.
PLAYING FAST AND FURIOUS
Country Club Champions Fi:y,t
Desperately, but Are Beaten, S.
and I-5-Critics Praise Their
Work.

BALTIMORE MD. June l7.--,s
Mics Penelope Anderson. of the vlr-
GINA Country club doubles team.
stepped behind the backiine of the
court at tho Baltimore Country Clut,
here today, preparatory to the first
serve in the doubles finals of the wo-
mems State championship tennis
tournament thrill of nervous OK
pcctaucy ran through tho large gal
lcry present and as the first bali OF
the initial serve rose In tho air each
spectator automatically stifrcncd and
Lush fell upon the gathering.
Nor was the crowd to be disap-
pointed for thera then ensued one OF
the closest and most interesting
matches seen in n women's event in
Baltimore for long time. Bcauti-
fully executed strokes. base limo
Ecl'prinE drives. OVERHEAD smashes
ana hreath-t taking vollcyins rallies
followed one another In such success
sion that the spe .tators were kent in
a l'fL pitch Of excitement until Miss
h'fcn ncted the snut which ended
tic match, and gave Mrs. d. C. Whar-
ton Smith. Of Baltimore. and Mrs.
Edward Whi.eman. of Wilmington.
the doubles ;itlc
The score. SO and rs. does not
show how evenly matched these
teams We're and how doubtful the
issue was until the last ball had
gone into Ire not. Nervc-tes,ing rail-
lies o. beth sizes were tho order Of
tn" day i'cr instance. in :hc last
set VILE the score standing , to l
against them tho two young women
from ttlcn:1cnd staged comeback
that was sensational. and brought the
score 10 five all. But they had out
done themselves for Mrs Smith and
Mrs. Whitcman easily took the next
two games ana the match
Mrs. Smith and Mrs. Whitcman dis
Played IN almost faultlcss brand of
tennis and ii was fortunate for them
that they were in top form. The
individual play Of both Mrs. Smith
and Mrs Whitcman was of high or
der ana their teamwork left little
t" ~ desired.
Nhile playing their usual individual
good game. tho team work OF Miss
Anderson and Miss Warrior was not
UT To the standard OF that shown i'm
the sc:ni-finals, whore they defeated
Mrs. Harvey and Miss Jelenko. and
this is what lost the match for them
enc 'hore summers experience ir
tournament play seems TO be abou,
all Miss Anderson and Miss Warren
need t" fit them for the champion
ship class. Miss Anderson is cspeci-
ally brilliant; she uses nearly every
stroke known TO the game and uses
them well. 1t Is the unanimous opin-
i"n Of these who saw her play in this
t"urn" mcnt that she has Merry
hr'Si future in the net game before
her