davidaulloa/AmericanStories huggingface dataset:
The Washington herald., 1921-06-02
WAGES and PRICE
CONFICT BLAMED
FOR DEPRESSION
Federal Reserve Report
shows IMPROVEMENT
During Month.
RECOVERY is SLOW
Foreign Trade Depressed, with
Wage Readjustment Show
ing Arrested Progress.
RECOVERY IS SLOW

The federal reserve board. In Its
monthly review of business condi-
tions, finds the outlook on the whole
more favorable. but sees little pros
pect of immediate sharp improve
ment.
A slow, but greatly retarded, re-
covery in distribution and produc-
tion Is recorded for the month of
May, and some branches Of domes-
tic industry are thought to be ex-
hibiting a definite turn for the bet
ter. Foreign trade. the board re-
ports. is still arrested or depressed.
wage Change Slow.
Readjustment of wages, the board
finds, is proceeding slowly. while the
adjustment between wages and
prices, especially retail prices, Is
said to be Exhibiting special diff
culties.-
"Irregularity and lack of uni
formity stifl exists in marked de-
gree over large sections OF the re-
tail price field" said the board. "and
qualified observers forecast serious
obstacles to the final adjustment OF
wages to permanent levels. unless
retail prices move much faster TO
their final basis"
More Out of Work.
The spring agricultural season,
the board reports, has not been able
to absorb surplus labor resulting
from Industrial conditions. The em-
ploymsnt situation in the east Is
found to have attained some degree
of stabilization but voluntary unem-
ployment has increased in connec-
ton with wage adjustments.
Financially" said the board,
May has been a month of -increas-
ing strength and of more prosperous
outlook. There has been in various
sections an easing of the demand for
funos which has resulted in part
from the acceptance of lower price
levels and IN part from the adjust
ment to new conditions"
The Washington herald., 1921-06-02
MELLON MAY FUND
SHORT.TERM DEBT
Treasury Due to Start Efforts
To Extend Maturity
Date.

Improving business conditions and
an easier money market lead to
the belief that the treasury before
long will begin its operations to
extend the time of maturity Of the
short-dated debt.
The debt maturing within two
wears amounts approximately to ST.
SOC, 200. 900. which II is the intention
Of the treasury to fund, since its
retirement from current revenues
will be impossible, except perhaps
to about the extent of $1,000, ,e0o. 900.
The debt consists Of victory notes.
treasury certificates and war saw
ing securities.
The treasury expects to offer. in
stead of its customary monthly Of
fering of treasury certificates. when
market conditions are regarded as
favorable, issues of short-term notes.
These notes would mature in from
three to fve years. and would en-
able the short rt-dated debt to be ex-
tended over the period ending in
1928, when the third liberty loan
comes due
The Washington herald., 1921-06-02
FEDERALPAYMENTS
SLICED 40 PER CENT
Decrease in Disbursements of
IS, ,406, 600, 900 Treasury
Report Shows.

Government disbursements have
been siashed ss.4os. 100000 or. 90 per
cent during the FIRST eleven months
of the present fiscal year which
ends this month. a treasury depart
ment statement. showed yesterday.
The grand total of all disburse-
ments for the fiscal year to May
% was s12.174,ooo,ooo. For the
same period last year the total
was s2o,sSo. 900. 900. These figures
government for any>paid out by the
government 70 rany purpose what
ever over the periods covered. Some
of the items covered represent cash
paid out by the treasury in taking
UP short term certificates The to-
tails, therefore. do not represent the
actual running expenses but are
much greater. For purposes of COM
parison, however. the totals indi-
cate roughly that the demand for
voiced by Presidnt Harding
on many DECISIONS is being recog-
pized and put into practice.
June probably will add another
81, ,o0o, 900, 900 to the grand total of
ing IL to $4,000. .o0o, 600. Grand to-
tai disbursements in May were ST.
125. .00e.00o.
The ordinary. or running expen-
ses of the government forthe IL
months of the fiscal year totaled
s4,615. 900. 900 as compard with S5,-
s02.oo0.0 900 for 1920. OF this ss5s.-
10000 was interest on the public
debt or per cent of the grand to-
tai. Under the item purchase of
obligtions of foreign governments"
was listed a disbursement of s73,-
$1,000 or 6 per cent Of the grand
total.
The Washington herald., 1921-06-02
Harding Says Ample
Credit Is Available

Ample credit In now available
for the Anancing Of both agrf.
culture and Industry, according
to Gov. w. r. G. Harding, Of the
federal reserve board. who
has lust returned from q trip
through the agricultural and In
dustrial sections Of the middle
west and south.
Gov. Harding expressed the
belief that the most trying pe-
riod Of the worldwide rendjust-
ment Of trade and prices has
now been passed and that the
country is on the road to re-
eovery. He said that banker.
everywhere regard the credit
situation as NO longer q factor
Of uncertainty or concern I'm the
nnaneinE Of the new crops.
81 Travelled through Illinois,
Missouri, Kansas, Oklahonka-
Arkansas. Tennessee and Ala
bnma, stopping at one or more
cities in each state.n said Gov,
Harding. "Everwhere I saw
and heard Of great activity o.
the farms and abundance of
fnrm labor. Apparently every
ncre of land cultivated hereto
fore II being utilized this year
with better crop diversincation
than usual.
The more optimistic sent;-
ment which prevailed every
where was most gratifying.
The bankers and business men of
n trade revival in the autumn
and seemed To have no doubt
that there would he ample credit
for both agricultural and trade
requirenentS.7
The Washington herald., 1921-06-02

fore. was that rail stocks did not
fully register general disappoint-
ment this morning. The average
Issue was a slight fraction lower at
the opening. reacted slightly further
In the first hour and became steady
arsund midday.
There Is one aspect of the railroad
wage situation swhich traders fol-
lowing the long side of the market
were quick TO turn to their advan-
tage. Although the pay cut was
smaller than expected or desired. it's
size Will come nearer TO meeting
with the approval of labor chiefs
than a Is or 20 per cent cut would
have done. On the other hand the
bear party tried to detract from the
favorable aspects Of the wage re-
duction by stating that this develop
ment only paved the way for a cut
in freight rates. They pointed to
the conference between President
Harding and Chairman Clarke of the
interstate commerce commission to-
day as an indication that the rare
question was already being taken
up This attempt to throw a wet
productive of results as far as the
market for railroad stocks was con-
cerned- The chairman of the COM
merce commission is understood to
be opposed to any general freight
rate reduction at this time. although
the way has been left open for cuts
IN individual classes of freight
where II is proven that excessive
tariffs are actually stifing traffic.
Wall street does not like To hear
anyone speak of the present series
OF automobile price reductions as a
war in the Industry, for such talk
suggests disheartening dwindling
OF the margin of profit OF course
u is music to the ears of those
traders who have gone short OF the
motor stocks and who figure on en-
larging their profits still further IL
they can caus~ real liquidation Of
these stocks by little well-directed
propaganda. Today the market com
munity worked on the reductions In
the Lafayette. Jordan and Stude-
baker cars. but motor stocks were
comparatively steady. This is as Il
should be. The market has long
since discounted reductions by ali
the motor companies which intend
to stay in business and when indi-
vidual units of the industry perform
according to expectations traders
following the constructive side Of
the market see no reason for fresh
liquidation or short selling.
Although the street Is not as
prone to turn pessimistic over
night as IL was fortnight ago. the
shorts felt today that there were
prospects of another successfuI
drive on the industrial list of the
proper stock or group of stocks
were chosen for an entering wedge
They picked out the steels as the
most likely subject. making as much
caption as possible of the lower
rate Of producttou rtporfed IN YES
terday's dispatches
steel common. having sold ex-
dividend yesterday. was made 70
look particularly weak by compsri-
son with the high Of last week
Crucible and Republic yielded more
than the other independents.
The Washington herald., 1921-06-02
METAL MARKET.

NEW YORK. June 1.-The London
metal cable quoted spot tin EI lower
at tl73 and futures fl SIS lower at
tl1S pounds i5s. sales 20 tons and
2lo tons. Standard copper is los
higher at f73 for spot and fT3 SIS for
futures: sales so tons and $50 tons.
is unchanged at f7s.
Spot lead is los higher at gag I5s.
and spelter unchanged at f27. SIS.
The Washington herald., 1921-06-02
NaUaI Oil Control Goes
To Interior. Department

BY an executive order signed yes
erday by President Harding and
promulgated by Secretary OF the
Savy DENLY the administration of
al naval oil reserves, including the
California fields. was transferred to
secretary Of Interior Fall.
This is the first of the big changes
n the Harding administration's pol
cy of eo-ordinsting the work of the
tinerent governmental departments.
he transfer is effective at once.
The Washington herald., 1921-06-02

NEW YORK, June 1.-The up
ward movement recently prevailing
In the local coffee market was halt
ed today, as commission houses had
more contracts to sell on orders
from tired holders. discouraged by
the continued large crop movement
IN Brazil. Trade houses. which were
again the principal buyers, showed
less interest. and, sales were made
on the call at losses of to IA
points, with special easiness in the
distant deliveries. After the ca.s
nearby contracts fell into line witt
the distant. showing net losses of
IA to II points.
The Washington herald., 1921-06-02
GROWERS OF GRAIN
BEGIN new FIGHT
AGAINST EXCHANGE
Open Chicago Office to
Make Active Campaign
On Spectators.
HAVE MARKET, PLAN
Only Farmers Admitted, or
Allowed TO Sell Crop on
Cost System. {.

CHICAGO. June 1.-The war Of
the farmers against the Chicago
board Of trade was opened on a new
front today when the United States
Grain Growers. Inc. organized by
representatives of farmers assoc
Citations throughout the country for
the purpose of marketing the coun=
try's grain under a plan of theif
own. opened offices in a downtovn
office building and announced IL 10
ready for business.
Toe Incorporation is the result ct
a conference held in Chicago in 1920,
at which time a committee OF sew
enteen" was appointrd to devise a
new marketing plzH The. plsn
evolved includes a fzrmer's finance
corporation 20 finance the grain. a
warehouse corporation to, handle
storage OF the grain at elevators
and terminals and an export corp0-
ration to dispose OF surplus grain
abroad. The corporation announces
that its chief object is to stabiliss
the grain market and prices.
I'VE hope TO eliminate only spec.
ulstion and have no quarrel with
dealers in cash grain" said william
G. Eckhardt. treasurer Of the new
company. IF we are successful,
however. much Of the business Of
the board of trade will pass out Of
existence. We have set up a plan
for marketing our grain which we
believe will be superior to the pres
ent system"
The United States Grain Crow
ers. Inc. by its announcement, Is a
mon stock, non-proht association,
which will handle and sell grain at
cost for its farmer members. No
one but a farmer can be a mem-
ber. or sell grain through Il or be an
officer"
The Washington herald., 1921-06-02

Prices restizsd On sv1ft q Ce. ssks -
carcass b-ef TO wsshtnrtou for weet end-
ing Saturday Nay -. 1874. On .shfpn<nu u
sold cot RANGED from Il ceut to 1T e>no
rer rcund and sversEed $50 eenu p<r
rSund ADV.
The Washington herald., 1921-06-02
Critieise. Capper BIN.

Criticism Of the capper-Tincher
"snti-grsin speculating" bill was
voiced before the senate agriculture
committee yesterday by J. c. MUIR
ray Of Chicago representing several
middlewest cereal manufacturers.
Mr.. MurrsX Kss -paEticrlzrlY crit
zeal Of the pfovisions cf the bfi1 re-
stricting trading In grain futures
and limiting the activities OF boards
Of trade. These features. he said.
would only interfere with legitimate
business and result in hardships 20
the dealers.
E A Dun. of Nebraska City.
Nebr. also appeared before the COM
mittee in opposition 70 the bill. It's
purpose TO check the manipulation
of the grain market is prsiseworthy,
he declared. but he expressed the
opinion that as devised IL would not
accomplish its object
The Washington herald., 1921-06-02
COFFEE MARKET.

FURNISHED By W.. B. Hibbs & Co.. member
New York Cotton ExchanEe).
The Washington herald., 1921-06-02
SUGAR MARKET.

NEW YORK, June 1.-The sugar
market closed IL to Is points lower.
Highest Lowest Today's
The Washington herald., 1921-06-02

imports ana exports OF wO'
'actures of wood. 1905 1921
The Cordova daily times., 1921-08-13

their losses and adjust their operations to make profits on real values only.
 Although occasional failure to secure desired credit accommodations has served to keep alive the impression that there is a shortage of bank credits, the truth Is that there is now available a volume of credit larger than present business requires. The main requisite for a return toward normal conditions is the will to try for business on a level where it can he had. The period of general liquidation of the raw ma tera markets of the United States has passed. Recent declines are due to conditions of supply and demand in specific lines. This is normal condition. Wholesale prices of many classes of manufactures have been fully defated This is not true in all lines but recent cuts in the price of steel and widespread reductions in wages indicate that adjustment in wholesale prices will not be long delayed. Retail prices show wide irregularities, and high-cost stocks have been largely disposed of. Price stabiliza- tion is therefore, not far ahead.
 Steady Eettelment of the banking position which has been in progress during the current year gives full assurance against credit strn. gency when cIop-fnancing requirements be- come effective. The reserve ratio of the Fed eral Reserve banks now stands at 61.6 per cent against 43.9 per cent year ago. At this sea son last year, the bill holdings of the reserve banks exceeded $2,8460O0,0OO. They now total $l 729,OOO,O0O. During the same period, the reserves of the system against combined note and deposit liabilities have increased more than D per cent. Loans of reporting member banks are far below the level of year ago The banking system is in splendid position to meet autumn requirements for credit, which will be much smaller in volume than last year because of lower prices.
 Throughout the continent except Russia, conditions are steadily improving, although the disordered state of public finances continues to be a heavy handicap to industry.
The Cordova daily times., 1921-08-13
{ THINGS WE THINK
THINGS OTHERS THINK AND WHAT WE THINK
 OF THE THINGS OTHERS THINk

If the road of life is soft you may expect get muddy
 
 The silent is frequently both dangerous.
 It's the things that do not tell that show how much you know
 bad that cant hold office so that fewer would be left to
 The ancents knew the value of bathing. There ought to be ancents now.
 good many have tried but have failed to see through the bathing suit menace
 About the time thinks he has the world at his feet. the world gets up and steps him.
 There are many ways of killing a dog as you have been told but none is surer than by continued criticism You can't be absolutely certain that woman is broad, minded just because she hat three feet in diam. eter
 inspection will show that his many gray hairs.
 There two kinds of women-those who think they fool and can, those think they can men and can't.
 It takes good many years of experience for a to understand the difference between the advice Go on" and Come on"
 Seattle burglar stole kiss from sleeping member of the household and usual overlooked large package of the same kind of valuah,es
 Edison has invented a concrete sofa That ought to solve the problem of how to get young go home on time. No young man would put in much overtime sitting on that kind of sofa with a young lady on his lap -..n
The Cordova daily times., 1921-08-13
GOOD ONE FROM MARK TWAIN

In his early days, Mark Twain, the author of "Tom Sawyer" and |" Huckleberry Finn, y was editor of small town newspaper. One day he received letter from a superstitious subscriber, saying he had found spider in hls newspaper and asking whether it meant good or bad luck Mark Twain wrote as follows:
 Finding spider in your paper was neither good nor bad luck for you. The spider was werely looking over the paper to see winch merchant was not advertising, so that he can go to that store, spin his web across the door and live a life of mdisturbed peace ever after wards.'
 Are spiders commencing to weave their webs in your doorway? A sure cure for cobwebs IS customcrs-and advertising in your local news paper will bring them to you in increasing num- bers This isn't theory or gulf; it is as capable of as precise proof as that man named Hard ing is president of the United States.
 The Mark Twain story may be old, but it is always newt will be fresh as long as this continues to be wide awake world.
The Cordova daily times., 1921-08-13
ANNUAL ASSESSMENT WORK

The bill passed by the house and now before the senate changing the period for doing annual assessment work from the calendar year to the fiscal year will meet the approval of mining men in general. Under the new law, if claim is located in December the locator has until the following December to do his assessment work and according to the information at hand his annual period will date from the date of loca- tion and not from January l. This has been one of the banes of the mining fraternity, who have in some states, where the discovery work is called for within a stated period, been put to hardships to do it during the winter season when the claims were located near the end of the year
The Cordova daily times., 1921-08-13
DISTURBED PERIOD ABOUT OVER

The United States is practically through the period of violent business disturbance which began in May, 1920, according to summary just issued by the National Bank of Commerce of New York. We will from time to time have visible evidences of the distressing conditions through which the country has been passing, but these occurrences should be regarded not as indices to forward conditions but as relating to the past The changes which have taken place have not yet been recognized by the business public for two main reasons. The period of normal midsummer dullness now at hand has obscured the certain evidences of i'm provement and there has been lacking thor ough comprehension of credit conditions.
 Failure to recognize the passing of the period of insufficient credit has resulted from lack of recognition of the fact that for long time the credit shortage has been apparent rather than real and due in large part to the unsatisfactory character of some of the risks offered. There is now no bank credit available for operations designed to hold prices at fictitious levels. Orderly organized marketing, if fair, succeeds, but attempts to hold prices above the levels determined by international supply and de- demand are certain eventually to fail. Amer ican business and government alike have thus
  acter, but even so, American business cannot avoid their indirect effects. Valorization schemes providing for indefinite holding for arbitrary prices of such commodities as wool, silk, coffee sisal and sugar, if successful would involve the purchase by American consumers of raw materials at levels likely to involve ulti- mate loss, and as long as these plans contem- plate the maintenance of an artificial price they cannot be disregarded in consideration of credit risks.
 Some businesses have found difficulty in get ting what they have felt to be fair line of credit. This has been because of desire to operate on a basis of inventories of raw ma terials and goods not yet written down or be- cause in these instances heavy investments have been made in plant and equipment at in- f1ated prices In such cases they are not yet willing to admit that they will have to take
The Cordova daily times., 1921-08-13
THE SHOT. IN THE DARK

How often the boys, when they hear nose discover ht1u spark will shut both eyes an expect prize from almless shot Tn the dark Though hard it seems when the daylight geams to ht with perfect sight yet wonder "ha why the don't fall when fire birds in the night. The sportsman wise will studv the skies and maintain his seadies nervehe gger the range for the slightest change and allow for the bullets curve He nay aim his best the triggers pressed-the moment of hunters bssand learn at last when the chance passed LOW easy it is to missi
 In hfes sharp hunt when hear a grunt that promises ear or deer I'll hold shot, and enrich my pot by wan CT daylight clear. I'll toll greaseess oil or the tock-brds vanishn' sparkIl burn cash in whirwind dash, a foolish shot the dark
The West Virginian. [volume] (Fairmont, W. Va.) 1914-1974, 1921-08-03
HOMELAND
A movie q dap eeeps dun
monitnis dpdy
By JAMES ". DEAN

NEW YORK, Aug. 1-There
isn't a blush In u Do" Harold
Lloyd's most recent comedy. This
despite the fact that It Is woven
about two babies. Chaplin had q
blush In each Of the baby scenes
Of the uncensored version OF THE
Kid"
The fun begins when nswlywedt
push baby buggy down the stree,
year after their marriage. E1
efyone wants to see the baby. Tho
minister lifts the coverlet and dis
sclosss-a Jug Of liquor.
After hubby and wide arrive
home they are bequeathed bis
brothers. two babies for one night.
Lloyd splashes milk all over him
self trying 70 I'LL the bRby's bottle
Then he breaks the bottle. 10
soothe the baby he paints another
bottle with whlte~ paint, The de-
ception works, the baby going to
sleep.
The older child makes q swing
by mailing each leg Of a pair OF
trousers TO the door Jams. The
youngster also nails pair Of slip
p6rS toSthe floor and uses q saw
and Ratchet with telling effect on
the furniture.
There's burglar scare that
night. The burglar scare starts
when neighbours auto light
sweeps the room and shines in
Lloyd's eyes.
Lloyd bravely starts to search
for the burglar. A toy balloon at
itself TO his collar. Tbs
noYement OF his body jerks the
balloon against his head. He turns
around. There Is no one there. At
every turn he Is touched on the
shoulder or the head.
He comes to rest against stat
tetlee He thinks q revolver Is
against hts temple. He holds up
both his hands, Then the balloon
butstsl Lloyd falls to the floor. He
Is shot. He Just knows he Is. He
feels for the blood and Is surprised
when be finds none,
Then fireworks unpacked by the
yepngstsrs, whiE by his head. A
cpt that has become entangled in
white stocking approaches.
The night Waterman enters and
IS piistaken for the burglar.
II has been a long. tough night
Spr Lloyd, Then wife shows him
Alittle pair OF baby shoes. He Is
eFjoyed. He knows his children
sgill never be like his brothers. oh,
mol Eeyeri
lido Is one Of the most ingeni.
aus comedies In Q year and one Of
ne best Lloyd has ever made. II
makes You laugh at things that
might seem, serious In your own
experience when current but
would seem ridiculous In retro.
spect.
The West Virginian. [volume] (Fairmont, W. Va.) 1914-1974, 1921-08-03
sKETcHooRAFs

A unique series Of one-reel nov
elites will be released under the
title OF "sketehografS" by Educa'
donbl In August. Each tells story
Ia sketches and shows the actual
drawing OF the picture. Julian OF.
Iendorff, the artist, says he makes
them by drawing with one hand
and turning the camera with the
6ther,; Ambidextrous, we'll sayl
The West Virginian. [volume] (Fairmont, W. Va.) 1914-1974, 1921-08-03

The strike at Los Angeles stu.
Edios grows ,apace and production
consequently suffers. There is less
news Of new productions now than
there has been In several years.