davidaulloa/AmericanStories huggingface dataset:
The Washington herald., 1921-08-19

gage at the time IL IN paid. IL IL
then recorded, and the paper held
In the recorders once. 1
A deed Of trust provides Tor the
appointment of two trustees or a
trust company. who acts for both
the borrower and the lender. and
In case Of default in the payment
OF either principal or interest these
trustees are authorised. upon proper
notification. TO advertise the prop
erty for sale In accord with the
terms Of the deed and the lave -,
the State. and upon sale they ca
convey q good record title thereto.
In the opinion Of Mr.. Moran, the
deed of trust has a material adj
vantage over the mortgage In the
matter Of the investment feature.
For instance, a loan of $4,000 can
be made in ten notes OF $1,000 each.
all for the same period OF time
and then can be sold TO a number
OF individuals, and none Of them.
IL holding q larger amount than
another. would have any advantage,
for In the sale of the property for
default In the payment Of either
principal or interest, or both, tae
trustees would sell under the en-
tire deed OF trust and disbursement
would be made in accord with the
holdings of each individual. In
other words. II one person held ST.
900 Of such q loan and another
5000. the latter would have no
advantage over the former.
Safest Of All Instrsneats.
First mortgages. or deed of trust,
are considered the safest Of All In
vestmsnts, for their security 10 real
property, but of course such In
vestments depend entirely upon the
ability of the appraisers TO proper
ly estimate the value OF the prop
erty on which the loan is secured
Concluding his address, Mr.. Moran
said:
In the District Of Columbia We
have State banks, or. in other words
savings banks. chartered under the
laws Of the several States of the
Union and authorized to do bust
ness in the District OF Columbia;
national banks. all OF which are
members OF the Federal Reserve
system. and trust companies. or
ganized under a special act OF Con-
gresS, which are required TO nave
81. o0e.o 900 capital or more. All such
banks can make real estate loans
in this District.
The American Security and Trust
Company. the institution Of which
have the honor 10 he an officer
considers this class OF security. the
very safest and best, and there
fore has invested more of its funds
In this manner than in any other
class OF security. and ! am happy
TO say that the losses in the thirty
years they have been doing busi-
ness have been small indeed.
1T is surprising the few sales
under foreclosure in this class of
loans. particularly covering resi-
dence property. for as rule when
an individual decides to buy his
home he makes every effort and sac
rihce to pay for IT"
The Washington herald., 1921-08-19

fered. The first was the probability
that the least attempt to put prices
higher would lead to profit taking
on the part OF traders who bought
stocks at or near the low level yes
terday. The second hinged on the
reduction of the short interest In
yesterdays late covering movement
and the likelihood that the shorts
would again become active in the
event of any further rise. Some OF
each of these kinds OF selling came
into the market at the end OF the
first half hour. There are many
traders who would like TO continue
on the long side of the market but
will hesitate to allow profits to
remain unrealized for any long time
until the next tax date has passed.
eral Reserve Bank directors might
in a small measure to rumors 10
the erect that the New York Fed
Institute showing a decrease of H.
make a further cut in the redis-
count rate at their regular wednes-
day meeting. SO was the failure OF
the rally to continue today ascribed
in part to the directors lack of re-
sponsiveness to the hopes OF specu-
iators. This rediscount incident was
another case of the wish being fatn-
err to the thought. No one could
be found yesterday who could give
any good reason why the rate
should be reduced again at this
time, but many really believed that
favorable action would be taken, be-
cause they had heard from reliable
sources that a reduction was on
the calendar. The agitation for low
er rates at the central banks does
not disappear with each reduction,
nor does it become less intense as
relief is handed out in small doses
Following the late rally yester.
day. which brought prices up from
Z TO points over the previous
days close, the oil issues were gem
orally firm. Mexican Petroleum
was an exception to the general
trend and moved uncertainty, bu,
kept below its close of Yesterday.
The oils did not attract much inter.
est. but such news as came ont
was favorable. Another fayorabl.
bit of news was the publication OF
figures by the American Petroleum
Institute shown a decrease of n.
no barrels in the daily average
output of crude oil in this country
for the week ended August IS. The
market is at present more concerned
in immediate supply and demand
than it is the Mexican Oil situation
of the distant future,
The Washington herald., 1921-08-19
ACTIVE DEMAND
in BOND TRADE
Certain Issues React. But
Greater Number Net
Gains at Close.

NEW YORK, Aug. 1S.-After sew
eraf days of irregular declines. bonds
came into more active damand to-
day. There were some issues which
continued to react fractionally, but
a far greater number finished the
day with net gains. This trend APP
piled to industrial and railroad
bonds. even while Libertys were MI
der selling pressure and headed
downward. The 81 s became active
on declining scale and sold down
"a cents from yesterdays closing
price of $50. In the foreign group.
Copenhagen 5las were extremely ac-
tive without any material change
in price. French 1i.s advanced
about y point to s6Is on large
volume of transactions. There were
Il point gains, in Belgian 6s and
Chilean government IS? United
Kingdom SIS OF 1897 reacted x
point to S6K. > .. ~.
Another new high record was
made by Northwestern Bell Tele-
phone Is, their advance of y point
to 1o3H reducing further the lead
which Bell Telephone of Pennsylva-
mia Is maintained. The difference
between the two was less that a
point today. Burlington Collateral
SIS, after making a new high rec
ord at 1o1 u Yesterday and after clos
ing at 101h were more quietly
traded in at slightly above 1o1 y
Great Northern Is also ran into
a quiet market. A feature among
rail bonds was a sharp rise in st.
Paul convertible AIS from IS to
s6h on q small turnover. Dupont
7hs were UP y point to 971s.
The day brought forth no inn
portant new financing, but Lon
don dispatch spoke on a subject in
which the investment community Is
likely to bscome much interested.
1t is reported that negotiations are
under way here for a loan of $780,
100000 to Rio Janeiro. London Is
also talking about another Amer
lean loan to Brazil. 30.
The Washington herald., 1921-08-19
MERCHANTS BANK
MAY BUY NEW HOME

Directors OF the Merchants Bank
accepted under advisement yester-
day the purchase of the big bank
ing Moons on the main floor of the
Southern Building, Fifteenth and H
stretts northwest. which will pDb-
ablyn be the future home of the
bank,
The deal will probably be closed
afterl the shareholders indorse the
proposition. When the Southern
Buflding was erected the United
states Trust Company obtained a
long lease on the premises. which
later passed to the Munsey Trust
Company. This lease has still a
considerable time to run. but IL Is
undsrstosd that all arrangements
have been made for its canceIla-
ton.
The Merchants Bank is now To-
Catedi IN its own building. 1913 G.
street northwest. and II also owns
the sdjojeing property at 1915 c.
The Washington herald., 1921-08-19
COFFEE MARKET.

NEW YORK, Aug. 1S.-An OPEN
ing decline OF 4 to points was
followed by rather a steadier tone
in the. coffee market here today.
It seems that the chief pressure
against the market here recently
has originated with the relatively
cheap offerings of low-grade Victoria
coffees. Late yesterday sales Of such
coffees were reported in the cost
and freight market, against which
futures were sold, but this morn
In 1t looked as though the Vic
torias pressing for sale had been
pretty we'll absorbed, and the. open
.ng decline N futures evidently
brought in some covering or trade
buying The latter may have been
partly to cover hedges against the
frmer tone of the spot market fol
Rio and Santos coffees, but no i'm
portant demand developed and there
were only slight rallies.
The initial decline reflected some
scattering liquidation which may
have reflected the failure of Rio ex-
change rates to fully maintain re-
ceI,t advances and easier milreis
quotations in both Rio and Santos.
The dollar buying rate was 100 refs
higher at $4,000, while Rio exchange
on London was hd lower, with the
Rio market unchanged to 25 reis
lower, and Santos 75 to 125 refs
lower. Most of the business here
after the early decline to 100 for
December or about 20 points from
yesterdays best level. reelected
switching from near TO late months
and trading otherwise seemed to
be restricted by a disposition to
await development in connection
with the loans which Brasil is said
20 be negotiating in this country.
Receipts at the two Brazilian ports
were 1900 bags, against $1,000 last
year. The weather was fine In Sac
Paulo. with temperature ranging
from As to % degrees.
The ioca. spot market was steaa,
at ~ to IA for Rio Is. and 1eL
to lie for. Santos 4s
The Washington herald., 1921-08-19
CURB EFAIRLY
STEADY AT CLOSE
Market Moderately Irregular,
With Fluctuations Cover
ing Narrow Range.

NEW YORK Aug, 1s.-Following
up the recovery in the closing deal
inss of yesterday. prices in the
curb market at the opening today
registered fractional gains. with
trading on a fairly active scale. De-
fore the end Of the first hour. now
eev,r operations dwindled. and the
forward movemf mt in values halted.
There was considerable backing
and flling of quotations during the
MONDAY period, and in the early
afternoon a moderate reaction sat
in. The ratio of fluctuations, how
ever. was not wide. and IN the
closing hour prices maintained a
fairly steady undertone, although
there was little feature to bust
ness.
One OF the first stocks to al
vance during the morning was
Standard Oil OF Indiana. which sold
UP to 69A. or ., gain OF u points
over the low of Wednesday. Sub
sequently there was a reaction. but
the shares were not offered freely.
AS a matter of fact. stock OF this
company is not floating abou,
freely. due to the fact that investors
have been picking up the shares on
all setbacks and professional shorts
have been experiencing considerable
difficulty in influencing the trend
The company is doing the largest
business in gasoline in its history
and, Notwithstanding the reduction
in the price, earnings are running
higher than last year, when they
were record breaking. There were
irregular movements in other
Standard Oil issues.
Oils braced during the first hour,
but later became quiet, with no
leading issue standing out more
prominently in the trade than an
other. Only a few stocks showed
life in the industrial list. Common
wealth Finance common and pre-
ferred, which have been featuring
trading in this section recently,
were again strong in the undertone.
Action of directors in increasing
the dividend to 81 per annum on
the common. and the vastly in
creased earnings of the past sew
eral months. has helped the pre-
ferred. Net earnings are now rum
ming at the rate of $4,000 per
month, compared with $4,000 per
month around the first OF the year.
In the metal section such issues
as Boston and Montana. Florence
Goldfeld, Eureka Croesus and Har-
mill Divide were the most active.
Small changes ruled in bonds.
The Washington herald., 1921-08-19

Cut in Freight Rates
On Grain Authorized

sweeping redaetisns I'm. freish
rates On grain for export 20
Atlantic ports were R>thorined
yestsrdsy By, he Interstate Com-
uaerce Comnaission. The reduc-
tfeh ef,l714- cents n ice peunds
Will 60 inte eject ON ten days
notice ON grain and grain prod
ucts from Chicago, Mississippi
River cressings and peints In
Illinois. Indiana and other West
ern states to Atlantic ports.
Thirty days - the yerio9
which usually msst elnpse before
reductions t<n be made effective
by railroads. The present reduc-
lions were autho >sed by the
Copameree Commission under spe-
cial rule and mt the request Of
the railroads.. -
The eommission also approved.
effective upon ten days notice a
reduction OF ) cents per 100
pounds In export rates ON Hour
from Buffalo 10 Atlantic, ports.
provided such flos,r be maanfae-
tpred from grain brouEhty iats
Buffalo by way Of the Great
The Washington herald., 1921-08-19
CHICAGO LIVESTOCK.

UNION STOCK YARDS. CHICAGO,
Aug. 1S.-Receipts today, 10000 cat
tie, $4,000 hogs, 1900 sheep and
lambs. and 5000 calves.
Cattle-Best light cattle, s10.50a
1890; medium and palmer sorts
weak: some Western cattle, S6.5oa
40; cows and heifers stronger; can
ners. $2a2.75; good bologna bulls.
S4.6oa4.75; outsiders paid ss.25as.75
for small lots of prime calves.
Hogs-Light hogs steady to 15c
lower; other grades up 25c in spots;
choice lots. ss.75ae.s5; rough pack
ing hogs. $7.4oa7.75: heavy butchers,
IS. 65a9.5O. 49,.
sheep-Best range stock, .s10.50a
1915; shippers paid s1025 for top
natives; aged mutton steady; no
choice ewes for sale.
The Washington herald., 1921-08-19
COTTON REACHES
HIGHER AVERAGE
Early Indications of Substan.
tial Advances Interrupted
BY Heavy Selling.

NEW YORK, Aug. 1s.-when the
cotton market opened this morning
4 to points higher il looked as
though prices would advance ma
terially, but some cotton houses
seemed to have a habit OF selling
on the generally poor financial con-
ditions. and the best the market
could do late in the afternoon was
to come back TO a level slightly
higher than the previous close.
Possibly the crop has improved
in some portions Of the belt. but
the weather reports TO private cot
ton houses show climatic conditions
rather unfavorable in the South
west. In the Amarillo district IL
rained hard: in Western Arkansas.
Central Alabama and Northern Geor-
gia the rainfall was rather light.
and in Texas. where the govern
ment weekly weather was more IA
vorable than many had looked for,
the temperatures were again excess
sively warm.
A most important interest spec
ulatively took particular pains In
scanning the news from Texas,
where the boil weevil has perhaps
been more active than in any year.
It is even pointed out that cotton
raising in Mexico has been prac-
tically abandoned. due to activity
of the weevil. Will the Texas crop
only be so per cent Of normal: In
all probability there will be an early
movement OF new cotton. whatever
the crop. and even IL the farmers
in the Southwest are reported to
he holding 80 per cent OF their cot
ton, tho farmer cannot look back
with favor on previous holding
movements.
Those mills in England usine
American cotton are now working
35 hours weekly. instead OF "a hours.
as previously, and the Egyptian sec
tons. too, will Immediately resume
full-time operations, II Is said. Spin
ners in Manchester were calling for
cotton, but reported sales from that
point were very small II this buy
ing is for sentimental reasons, some
think We may see a setback in
Liverpool. but the trade is inclined
to believe that there are good eX-
port orders on the Manchester mar
ket, which may be put through II
exchange shows any signs OF stead
lUesS.
reported selling in Liverpool to-
day, but on the whole trading there
was professional. Exchange was
slightly higher.
In the American cotton marker
two Mediterranean countries were
making inquiries for sheetings fot
deliveries as far ahead as Novem-
Der. but the demand from the Far
East Is not So active Those cotton
mills which were not forced out
Of business by the recent depression
are opening. but they are employ
ing people who are willing TO WORK
at reduced wages. The mills claim
they cannot sell their output at
higher prices. so they must either
buy the raw cotton cheaper or en-
ploy cheaper labor. or boto' In Or
der to make reasonable proht
Some rather bullish private re-
ports arc anticipated the latter part
OF this week or early next week.
Last year the decline in condtion
from July 90 to August 20 was
sc per cent and the ten-year aver
age decline was a. per cent. III
the decline in condition is equal
to last years, it would bring the
condition of the growing crop down
to 5s.1 per ceat. or the lowest ever
recorded.
The Washington herald., 1921-08-19
OALPRODUcTOREI
PERMANDENOIFs. !
DECLINE OYER lsls
Average Daily Output
Now L. Tons; and "a =
Tons in 1913.
MINERS PAY GAINS.
Mine Workers Earning Aver
age 1873 Per Cent Above :
Pre-War Level. :

While the mine workers earnings
are on the average .l3S per cent
above Level of 1918. the amount OF
coal produced by each man has de-.
clined.
One Of the Large coal producing
companies in the Schuykin field put
cost accountants at the task OF ana
lying the volume OF coal produced
per man, in order % establish with
precision any variations that might
be found in the individual produc-
tive capacity, This. was the result;
Average daily Production fsl3.
"a tons; 1921, Is tons.
company in the Wyoming field
now employs 5000 men. and obtains
the same number OF tons Of coal a.
1t produced three years ago with
1000 men
The STRIFE OF approximately g.
00e mine workers Of the Lehigh
Coal and Navigation Company m
the Panther Creek Valley began BY
a walk out az Lansford Coilferr on
July q, On the zsth four coIlierfes
were idle, on the 2Sth five. and Oh
the 30th the entire six were down.
The strike ended on August :.
when the executive board OF The
United Mine Workers in the valley
decided to send the men back 70
work with the understanding that
they would present the grievance
which caused the suspension 20 the
Anthracite Board OF Cancellation.
The latter course is provided. for
in the agreement under which the
miners are working. bat ignoring
this agreement. they went on wa
cation" for a week. at the end OF
which they decided TO take precisely
the course Of action which their
agreement required them 70 tsIEe'1n
the first instance
strike To Costly. -
In the meanwhile this anthracite
strike. which is typical OF many
that constantly take place In ohe
anthracite regions. has resulted N
the loss OF about 6Sse00 days wages
in the loss Of 10000 tons OF pro
oucton- and In q heavy. out.of-.
pocket expenditure by the coal CON :
pany to keep the properly IN c6ndS
ton 10 resume operations. i. -
The original dispute concerned
the claim Of two men as 70 pay .thes-
should receive for certain work Il
noring the legal method'for the. set.-
Element OF the dispute the strike
spread until the entire. working
force of the company ,wasr OUT -
On the day that the Gehieh, roaf
and Navigation men were ordered
back 20 work by their officials
after a weeks Idbeness, ~vacaS'
ton, OF 5000 mem began ina the
Wyoming valley ohbs5ro iBrops0sjes y
Of the Leiiig h vailey. Coal eenpsNS-,
The Washington herald., 1921-08-19

The total of lime produced in 1920
vas 3.350,00O tons worth s33.5s1, 900.
To this was added 22,6SS tons by
imports. worth s3S2.000 less 5,9s1
tons exported worth S12s.O00 leaving
net amount for consumption Of
3,766,761 tons.
Lime has such a wide variety OF
uses that the amount going into
various Industries cannot be ac-
curately measured. The amount re-
CURED for building was heavy in
the early part of 1920 but began to
The Washington herald., 1921-08-19
COTTONSEED OIL.

NEW YORK, Aug. 1s.-The cot
tonseed oil market closed steady
today. Spot. S.35aS.75c; crude
(southeast), 6.25c bid. Futures
January. S.11as.1s: February. S10a
$50; March. s.25aS.32; August. s.25a
$50: September s.S5aS.i7: October.
s.4oas.sS: November; ,s10as.2o; De-
210aS1S -
The Washington herald., 1921-08-19
COARSE GRAINS
AFFECT MARKET
Wheat Reaches New Low,
Prompted by Break in
Corn and Oats.

CHICAGO. Aug. 1S.-Corn and
oats and December rye sold at a
new low on the crop today as the
result of scattered selling and a
light trade. there being little in
the news to encourage buying and
some stop loss orders were uncov-
cred on the way down. The liqui-
dation and break in coarse grains
affected wheat and prices declined
readily to a new low on the pres
emit down turn at the inside figure
up to noon showing around 17a1S
cents under the high OF July Is,
and 7aS cents under the outside
figures of last Monday.
There was fair buying of Sep
TENDER on the break by houses with
seaboard connections and the Sep
tember-December spread narrowed
somewhat. but the general senti-
ment amongst traders was bearish
and each dip carried prices lower
than of late. Statistics and reports
of exports sales have no effect on
values, although il is estimated
that around $1,000, 600 bushels have
been cleared or sold abroad so far
this season. Export demand was
reported as rather slow today and
spot premiums here about I'M
changed, but at Minneapolis were
of, 5a10 cents.
Buying Of December corn by
traders who sold at higher figures
caused a narrowing of the Septem-
ber-December difference to around
y cent at one time against IL
GERS at the finish yesterday. Long
corn came out persistently and
prices gradually worked lower.
Sentiment is bearish due to the
lack of support and the low prices
so far have failed to attract in
vestment buying although crop ex-
perts continue to report that there
are an unusual number of barren
stalks in Indiana and Illinois this
year. Shipping demand was only
fair. Bulk of the trade in oats
was in changing between September
and December.
Provisions were somewhat frmer
with practically all of the trade in
lard. Hogs were steady to rs cents
higher with bulk of sales at ss.O0a
$50. Receipts $1,000 with $4,000 for
tomorrow. Western run was 50, 600
against $500 a week ago and &C.
4ec last year. Money steady, call 6.
time 6a6k. Exchange par.
Wheat-0ren. High. Low. Close. Close
Sept. .19ia 10 l161k .IeiL IaX
Arizona republican. [volume] (Phoenix, Ariz.) 1890-1930, 1921-06-29
Market News

NEW YORK. June 2s.-The stock
market today followed It's uncertain
and languid course. Early gains OF
one to three points later were sub
jected TO considerable revision. Over
night developments received favor
able Interpretation in speculative
circles. Interpretations hardened on
the administrators proposal to fund
the country's railway debt. Oils rail-
lied sharply on reports that the
Mexican government would postpone
enforcement OF foreign tax DEGREES
and foreign exchange responded to
settlement OF the British miners
strike.
Alternate reactions and recoveries
attended the sluggish mid-session.
oils and several investment rails. in
Guiding Canadian Pacific. showing
increased pressure with several other
specialties.
Prices attained highest levels I'm
1 the final hour on demand for steeis
and equipment. which extended to
oils. motors and rails. Crucibie and
United States steels finished at sub
stantial gains. as did Baldwin loco
motive. Mexican petroleum. Chand-
Ter. Reading ard Southern Pacific
Sales amounted TO 5000 shares.
| Announcement was made after the
/ markets close that the dividend on
American Ice common had been In
creased to per cent from 4.
CAN money was less plentiful. the
rate rising from to 5is per cent
toward the close because of with
drawal of s33.00o.0o0 to meet govern
ment demands and In anticipation Of
july interest and dividend payments
Speculative railway bonds wer'
aided by the governments proposed
refunding program. but Industrial,
eased. with irregular I'm Liberty Is.
sues Mexicans were strongest OF IN,
! FOREIGN group Total sales. par value
s10,sT5.000.