davidaulloa/AmericanStories huggingface dataset:
The Washington times., 1921-09-11
Weekly Financial Reuiew
BY HENRY CLEWS,
OF Henry Clews & Co., New York R.nlker,.

NEW YORK, Sept 1o-President Hardng's review of
the work OF Congress and his statement of the plans of
Administration with respect to pending legislation once
more furnishes evidence of the effort that is being made
by the Government in power improve business con-
ditions by every feasible means.
Coincdent with this attitude the part of the Washing
ton authorities has been very distinct the better
Improved prospects in manybranches of industry and
more hopeful tone with respect to conditions general
laying the foundation for progress during the autumn
season.
One OF the best evidences of the turn toward more
stable condition of affairs is the fact that prices
have evidently been approaching fixed condition
The commercial indexes for the month of August now
show that slight advance has taken place during
that period
This advance is still less than point but is significant
for what it indicates There will still be adjustments to be
made in branches of bubsness where the level has
not accommodated itself to general conditions
ON the average however the price vel has evil
IDENTIFY touched bottom this movements fact which
should give muchg reaer in the making of for
ward purchases.
In some lines goods have already been distinctly adj
vaneed where the low level previously reached was
testify out OF harmony with costs.
Elsewhere accumulated stocks of various prodcts u+
probably be disposed of before there can bbe anv
nent change for the better;
The Washington times., 1921-09-11
GREAT CORN
CROP LOOKED
FORWARD To
United States Report Expects
Over Three Million Bushels.
Second Largest.

Preliminary estimates Of this
years production Of winter wheat
and hay and forecasts for other
crops. based on their condition on
September 1. were announced by the
Department of Agriculture yesterday
as follows: Winter wheat. $4,000, 900
bushels, against 677, 7s3, 900 harvested
last year; Spring wheat, 10000. 900
bushels. against 200 1856. 900: all
wheat, $4,000, 900. against 7S7.128,.
600; corn. 3.1S6.0O0,OO0 bushels,
against 1892 1867 900.
In a statement commenting on
September / crop conditions the De-
partment of Agriculture said:
Corn has been materially bene-
fitted by the favoring temperatures
months changes have increased the
already excellent prospects by 1884,
900, 900 bushels. more than offsetting
the July decline. The total Of g.
1S6, 000. 900, bushels now indicated is
only 100000 bushels less than the
record crop Of last year. 1t Isl $685.
000,0 900 bushels above the five-year
average.
THE propects are especially IA.
vorahle In the northern portions of
the corn belt from Vermont and New
York through to North Dakota, the
growth for silage being generally
excellent, While that intended for
grain is promising full maturity.
I'm Minnesota and North Dakota
the largest part of the crop seems
now to be out Of danger OF frost.
There Is some question where the
benefits Of the August grains which
are SO evident in the foliage Of the
plant are In all cases quite so great
In the case Of the grain.
I'm Indiana and Illinois particular
larly II Is noted that nubbins and
barren stalks are numerous. Hot
winds and dry weather during Au-
gust in portions Of the Plains States
have done some damage, but the
main crop section of these States
have good crops.
ION the other hand. the other
great seed crop, oats, is a short
crop. Oats are thrashing out less
100000 bushels from last months
forecast, thus partially neutralizing
the months gain in corn. The corn
indicated 436. 000,0 900 bushels less than
last year and $4,000, 900 bushels less
than the five-year average.
"Kafir corn also has declined g..
100000 bushels and the forecast Is
100000 bushels less than last
year though IL 100000 bushels above
the average.
The spring wheat prospect has
declined 100000 bushels and the re-
suits Of the earlier heat and drought
have become more apparent.
THE prospects for other small
grains remain unchanged or are
slightly decreased.
Late potatoes have benefited
from the rain with a resulting in
crease Of 7,000,0 bushels. The
present forecast Of 1922 ,000, 900 bushels
remains extremely small compared to
the five-year average Of 371 90, 900
bushels. Last year It was 42s 900.
600 bushels. The sweet potato crop
is 100000 bushels less than last
month. ..
The Washington times., 1921-09-11
Building Trades Decision.
The Reduction in Wages.
Building Costs.
"StrangIe Holds. :

CHICAGO, Sept. 10.-The decision
Of Judge Lands in the building trades
controversy in Chicago Is OF nation
wide Importance. 1t has to do with
the heart of the whole business situa-
ton.
The three sore spots today are the
railways, coal mines and building
trades.
The wages in railway and coal in.
dustries have been fixed in Washing
ton. But in the building trades prompt
adjustment is possible, and, IL made
satisfactorily, would bring untold
benefit to business by decreasing I'M
employment, creating new buying
power and reducing the cost of rent,
which hangs like milestone on labor
neck.
Three million men look to the build
ing trades for employment in the
United States; 5000, 900 men, women
and children are supposed to depend
on these trades for daily bread.
The construction industry claims to
it's credit the creation Of onc-fourth OF
the $3.50, 000, 600, 900 which Ia supposed
to be the wealth Of the United
States.
Does Judge Landiss decision loosen
this spring of business and employ;
ample, open the way for the revival
OF the great construction industry
Of the United States? To q certain
extent, yes. But even so, the business
situation Of the building trades Is not
redeemed, nothing like 1t.
What Reductions Mean.
What do the reductions in wages
mean in the cost of building? Some
of the labor leaders say per cent.
Some OF the employers say or
per cent.
That is. a bungalow that cost $1,000
before the war would cost $1,000 or
500 under the new wage scale, II
materials remain at their present
price. The change for the latter Is
acceptable. but not what 1t should be.
A master plumber illustrated the
situation in q different way. A
bungalow bathroom of ordinary style
was put in for less than $500 before
the war 1t costs some $3.50 to $675
to put in today.
II the whole cost Of labor were to
be taken out, under the present scale.
the bill for the bathroom would still
be 5000, or three times what II would
have been before the war. Two hun
bred dollars before the war, six hun
cred dollars now; difference, $500, re-
gardless Of the past or present build
ing trades scale Of wages In Chicago.
BY this plain little case of building
costs, we are brought suddenly to the
heart of the whole business situation
in the building trades-the materials,
the material men. the prices these men
extort and the means by which they
extort Them. Labor may be read
justed and may loyalty carry out the
reimbursement. but unless capital CO.
operates honestly and earnestly the
construction industry can not revive az
II should, can not thrive and disburse
wages as It should, can not invigo-
rate through It's paid employees whole.
sale and retail trade as 1t should.
The Washington times., 1921-09-11

provement Of railroad earnings
president Harding's assurance in
his statement of September that
the Railroad Funding bill will be
adopted at an early date after the
reassembling of Congress tends ma.
'IeriaiIy to help the credit situation
as aifecting the various lines.
Ihis has been reflected In better
values for ithe rails during the mast
week. The suggestion to sell some
$3.50, 100000 Of car trust Certificates
bearing per cent has not been Al.
together favorably received, there
being decided belief that the
securities are not entitled to the low
rate suggested. Difference of stand.
Ing between the certificates of the
several roads is likewise to be ex.
pected.
In traction securities generally
the situation is distinctly more en-.
couragtng, due to the reimbursement
OF costs which has been in progress
throughout the country, and which
gives assurance that the sound lines
viii be able to re-establish a hal.
ance in their budgets.
This better outlook is also indi.
Gated by the improved values of
bonds issued by public utilities IN
general. Better conditions in mig
iron production reflect a stronger
condition In the steel market. Buy.
ing OF steel on behalf of the rail.
roads Is apparently beginning.
Market Review and Outlook.
An increased demand for stocks
with stronger prices and a better
tone in all branches, has been the
conspicuous feature of the market
during the past week.
1t is evident that there IL now
reason to believe the market situa.
ton Is as a whole upon q more sub
stantial footing than at any time
for many months past.
The greater part of the daily trans.
actions are still between traders. but
even here II Is said that sentiment
has undergone a decided change for
the better. This is shown in the
absence OF pessimistic reports which
were being so freely circulated a
short time ago.
II can now be stated without fear
of contradiction that liquidation has
run Its course: that plenty Of money
Ia obtainable on fair terms, and that
the trade situation is undergoing i'm.
provement week by week.
Stocks picked up on moderate re.
actions from now On. therefore, ought
not to be attended with any consider.
able risk, IL should be borne IN
mind that October for many years
has favored the buils
The Washington times., 1921-09-11
SOUTHERN ND. CLUB
PLANS ALL-DAY OUTING

HYATTSvILLE. Md, Sept. 1e.-
Under the auspices OF the recently
formed Southern Maryland Country
Club a community program will be
given on the Surrattsville High
School grounds September Is.
At noon an oldtime Southern Mary.
land chicken dinner will be served
followed by a baseball game between
Clinton Bank team and another
Southern Maryland nine. A dance
will be held In the school gymnasium
In the evening.
The Washington times., 1921-09-11
Liquidation Of Credit,

Liquidation Of Credit.
Authorities now generally agree that
the liquidation Of credit is well toward
its last stages. Recession in the port:
folios Of Federal Reserve and ..,ember
banks is apparently slowing down.
In the Southern and Western dis
tricts, where there has been a large
body Of frozen loans, the process Of
settling obligations to the banks Is
now going forward with greater ra-
pidity, due to the steady marketing Of
the current crops and the disposal OF
old holdings at prices that are decided.
ly better than those which have pre-.
vailed for some time past. r.
This Is conspicuously true for the
cotton region, where the unexpected
ly low output has clearly established a
permanently better selling price for
the staple, even though the extreme
quotations consequent upon the an
nouncement Of the Governments es-
innate may not be sustained. as the
experience of the past week has
shown.
The influx Of gold continues to add
to the technical strength Of the bank
ing system; and, as long as 1t con.
tinues, seems likely to insure a main.
tenance OF rates no higher than those
now in force.
Bill holdings Of the reserve banks
increased to about 1853 900 900, OF
about $26,000.000 above last weeks
report.
With loans Of member banks greatly
reduced. conditions are favorable for
a decided loosening Of credit during
the autumn, and this Is clearly just
beginning. Secretary Mellon shows
his belief in the better credit outlook
by his offer Of 100000, 900 in new
certificates Of Indebtedness and notes
at rate Y Of per cent below that
fixed On the last corresponding issue.
The various foreign maturities fall
ing due here during the autumn and
the necessity Of providing dollars with
which to pay for goods shipped to
Continental countries, however. neces-
sarily work against any early improve.
ment of exchange Quotations pending
the re-establishment Of a better bal.
ance between imports and exports.
Worse financial conditions in Ger
many are against the quota ton OF the
mark, which Is under one cent.
All the evidence that comes to
hand Is In favor Of continuous i'm.
The Washington times., 1921-09-11
RATE
WAS EXPECTED
ON j. 5. BILLS
Wall Street Did Not Believe
Rates Would Be As High
~ As Announced.

Wall Street expected that the an!
nounced new financing of the Gov
ernment would carry lower interest
rates. Bankers were unanimous sew.
eral weeks ago that Secretary Mellon
would pare the rate on Treasury
notes and certificates of indebtedness.
That Secretary Mellon did so Is q
clear indication of the decidedly
easier credit situation and the ex.
pectation that money rates will work
lower In the future.
Three issues are now being of.
fered by the Government. They are
all dated September is, and are as
follows:
Treasury notes. bearing 5h per
cent. due September Is, 1924.
Treasury certificates. bearing 5k
per cent, due September Is, 1922.
Treasury certificates, bearing s per
cent, due March IS, 1929.
The rate on the new three.year
notes Is u per cent lower than the
previous issue. In fact the. rates on
all issues Is that much less than on
recent certificates Of similar life.
Secretary Mellon has asked for
combined subscriptions Of about $780,.
100000. It Is the largest single offer
ing by the Government since the
war.
The Washington times., 1921-09-11

volume of funds seeking temporary,
yet liquid, employment.
Bank loans throughout the country
have fallen remarkably during the
past year or more, and the result has
been that surplus funds are seeking
Judgment in high grade. short term Sc
curities.
1t is the general impression in the
financial district that the current Of.
fering of Government paper will meet
with a hearty response all over the
country, Notwithstanding that the
rates have been shaded tractionally.
The Washington times., 1921-09-11

Thomas w. La
mont. Of J. p. Nor
gan & Co., not SO
long ago returned
from a business
tour in the Orient.
Samuel M. Vau.
CLAIM, Of Baldwin
Locomotive, re-
Gently brought
back in his poe
ket orders from
Europe. Walter c
Teagle, presiden
Of the STANDARD
Oil, and Edward
l.. Doheny. OF
Mexican Petro-
comforting with
leum. have been
The Washington times., 1921-09-11

One Of the most notable men in
the automobile industry, the man
who designed the first Ford motor
car and every subsequent Ford car
for twenty years. very early adopted
the habit Of travelling hither and
thither to find out things for MIN.
self.
When c. Harold Willis (now of
Willis-St. Cladre) was an apprentice
craftsman at only a few dollars a
week he contrived to save a hundred
dollars or more every year to ''in-
vest" in travel during bis vacation.
His travels, however, did not take
him to Atlantic City or Broadway or
other famous haunts OF pleasure. He
utilized every hour OF his annual va.
cation In visiting and inspecting the
most notable engineering and indus.
Baldwin and Westinghouse. incl
dentally, when he and Ford first
Joined forces to try to evolve a
horseless vehicle, they were so poor
that their working quarters had no
heating, and In the winter months
Ford and Willis sometimes had to
stop work for an hour or so and en-
gage in a round of boxing.
Housekeeping youth have even
homely Wits" Shakespeare observ.
ed.
The topmost rung OF the ladder Of
success rarely r. scaled by those who
love their ease and comfort 80
much that they will not undergo the
hardships and sacrifices Of much
travel for the purpose Of gathering
facts helpful for FORMING sound
judgments
IL il my observation that most
The Washington times., 1921-09-11
Fire Destroys Home.

EMMITSBURG. Nd. Sept. 10.-The
home Of Samuel Baumgardner, located
between Emmitsburgh and Keysville,
was destroyed by fire. causing a loss
OF between 1900 and $1,000. The fire
The neighbors hurried to the scene
and managed to save some Of the fur
niture.
The Washington times., 1921-09-11
Thieves Raid Meathouse.

FREDERICK. Nd, Sept. 10. -
Thieves raided the meat house of Will
liam Harris. a farmer near Doubs Sta.
ton, and stole ten hams and shoulders
and a can OF lard. The, robbery was
not discovered until Mr.. Harris had
occasion to go to his meathouse. He
found 1t unlocked and upon entering
discovered his loss ..
The Washington times., 1921-09-11
FINANCE
- AND
BUSINESS IN
BY b. @. FORBES.

Judge Gary Is on his way to Mex
leo. President Mitchell. of the Ma
tional City Bank, Is nearing Europe:
Robert Dollar, the business giant OF
San Francisco, has been visiting China.
The Washington times., 1921-09-11

self-made men have had to practice
self-denial and self-sacrifice very
rigidly at least In the first half Of
their careers.
Routing ruts may be very comfor.
table but they don't lead anywhere
worth reaching. Big men resist tho
temptation TO sink lazily into them.
Copyright, 1891. by y. c. Forbes.)
The Washington times., 1921-09-11
Capital Must Do Part.

The employers have got to do their
part. The employers have 60: TO CO.
operate. "a,
A dispatch from New York an.
nounces the indictment Of many men
The Washington times., 1921-09-11
Result Of Previous Note Sale.

Early in June this year Secretary
Mellon offered an issue of 6A per cent
three-year notes. together with one
year 81 per cent certificates. dated
June Is. He asked for about $780,.
900. 900. Subscriptions to both notes
and certificates amounted to $685.
007 900. of which he allotted s625. 375-.
600. as follows: $31l ,191, 800 three
year notes and $314,184.000 one-year
certificates.
New York's allotments were $751;
225.000 notes and $137 500 certifi'
Gates.
The results attained In the previous
issue Of certificates of Indebtedness,
dated August 1. were more striking.
The Secretary Of the Treasury asked
for total subscriptions of $500. 600. 900.
The country, however. rolled up sub
scrtptions Of 81 ,030, 0o6 500. OF that
amount. Secretary Mellon allotted but
S376,362,500.
The Washington times., 1921-09-11
Charles e. Mitchell.

For example, Charles E. Mitchell
some time ago told me that he hoped
to be able to arrange his duties 10
that he could run across to Europe
because. as he said. There are sew.
eral things I want to find out for
myself on the spot"
II you were to inquire at Judge
Gary's office. you would be assured
that his trip to Mexico Is purely one
Of pleasure. Of recreation, Of rest.
But you can depend upon II that
Corporation will keep his eyes and
his ears wide open everywhere ne
goes in Mexico, and that when he
returns he will be able to lay be.
fore his directors and associates q
lot of valuable information concern.
ing the prospects Of resuming bust.
ness with Mexico on q large scale.
Few vast organizations can be run
successful from a swivel chair in an
office in New York. Chicago, Detroit,
Boston, San Francisco. st. Louis,
Pittsburgh or Philadelphia.
The late J. p. Morgan moved about
a great deal. e. II. Hartman and
James J. Hill were constantly hur.
rying from one point to another to
find out for themselves how things
were going throughout their vast
railroad systems.
Charles B. Seger frequently tours
the two-score plants comprising the
United States Rubber Company, Of
which he is chairman and president.
Robert Dollars business Journey
ings have equalled once around the
earth every year for the last thirty
years: not only 50. but when any
questions arise as to the quality Of
huge pile Of lumber. he finds out
the facts for himself by nimbly
climbing to the top. Notwithstanding
that he is approaching eighty years
Of age.
The Washington times., 1921-09-11

WEEKLY BANK STATEMENTS
: Twelve Federal Reserve Banks Combined.

Per Cent Per Cent Per Cent
SEQ ss.s AS
The Washington times., 1921-09-11
Slaves to Business.

Inc PUBIC nave u HOuOn tndt
wealthy financial and business mag
mates have a delightfully."- easy life.
that they can go when they please,
when they please, and stay as
long as their fancy suggests.
men who have attained conspicuous
business far more than q workman
Is slave to his Job.
Again, the attainment Of leader
ship in almost every field has In.
yolved a great deal Of travel, often
by sea as well as by land.
Few heads of gigantic enterprises
can count upon being able to spend
all of their time in comfort at home
with their families.
Most of them never know the
moment. that telephone OF q
teleghaphic message Will force them
to pack their grip hurriedly and
hasten to catch train or steamship
to carry them far from home.
One characteristic Of most men
who have accomplished big things
in the world Is that they make a
point Of gathering information at
first hand whenever II Is possible TO
do SO, no matter how great or un.
pleasant the trouble involved.
They want to see things with their
own eyes. They want to size UP
situations and propositions for them.
seles. r. .a
They are never satisfied with Sec
ond.hand knowledge II they can pro-
cure first-hand knowledge. Physical
discomfort Is not allowed to influ.
ence their search for facts.
The Washington times., 1921-09-11

Mexico City.
Minor c. Keith, of United Fruit.
frequently visits Central America.
Frank A. Vanderlip is at present In
vestigating conditions in Europe. John
H. Patterson, of the National Cash
Register Company. recently spent
many busy weeks on the other side
of the Atlantic.
President Prosser. of the Bankers
Trust Company, Of New York, per-
sonally looked over the ground In
Paris before the recent opening Of q
branch there.
What does all this mean?
The Washington times., 1921-09-11

Demand for Liquid Investments.
The gigantic response to the pre-.
vious Government certificate offering
clearly emphasized the enormous
The Washington times., 1921-09-11

Ratio Of total reserves TO deposit
and r. r. note liabilities combined
Ratio OF gold reserves to r. r.
notes In circulation after setting
aside IS per cent against de-
post liabilities .................
The Bridgeport times and evening farmer., 1921-09-29
SEVENTEEN DAIRY ORGANIZATIONS TO
 MEET AT ST, PAUL

St. Paul. Minn-, Sept 29.-Approx- imate1y half a million visitors ere ex- pected in St. Paul to attend the Ma tiona1 Dairy Show and the IT big conventions allied with the dairy in- dustry which will be held during the show at the Minnesota Fair grounds October to Is.
 Conventions to be held during the Dairy Exposition are as follows:
 National Creamery Buttermakers' Association.
 International Milk Dealers Asso- citation.
 National Association of Ice Cream Manufacturers.
 National Conference of Co-opera- tive Creamery Men.
 National Dairy Council.
 National Dairy Association.
 American Jersey Cattle Club.
 American Guernsey Cattle Club.
 Holstein-Friesian Association of America
 Ayrshire Breeders Association.
 Allied States Creamery Association. North Central States Association of Dairy and Food Officials.
 Wisconsin State Cheese Association.
 Wisconsin Dairy Protective Asso- citation.
 Brown Swiss Cattle Breeders As Sociation.
 County Agents State Extension Ser vice and Railway Agricultural De- partment men.
The Bridgeport times and evening farmer., 1921-09-29
COMPETITIVE EXAMINATION

The United States Civil Sedvice Commission announces that an open for stenographer and typist on Octo- Der II, 1921, at Bridgeport and other examination points This examina- tion is being held to fill local vacan- cies as they may occur and is prob ably the last one which will be held for some time.
 Full information may be secured from the local secretary at the Bridgeport post office or the district secretary, Customhouse Tower, Bos- ton, with whom the application should be filed in time for him to arrange for the examination.
The Bridgeport times and evening farmer., 1921-09-29
LIVING COSTS RISE
 IN ITALIAN CITIES

Rome, Sept. 29.-Rome is still the most expensive large city in Italy. Ac- cording to the latest figures published on the cost of living, the Eternal City is 19 per cent. dearer than it was in 1920 This, however. is a diminua- ton of the cost of living during the past months when during March, the cost of living scared as much as 30 per cent higher than last year.
 The other expensive cities are Mil an, Florence and Turin, which are to- day about IS per cent. over the 1920 figures Venice and Friest are but eight per cent. over the figures of last year.