davidaulloa/AmericanStories huggingface dataset:
The Washington herald., 1921-05-22
COTTON MARKET
SUFFERS DECLINE
Good Weather, Unfavorable
Trade Reports and Bearish
Statistics Disperse Bulls.

NEW YORK. May 21.-A continu-
ance of good weather throughout
the cotton belt today with the pros
pect IL wifi remain so the next sew
eral days, together with the less IA
vorable week -end trade reports and
the bearish weekend general cotton
statistics. proved too much for the
market to withstand in today's trad
ing. These who had been buying
Yesterday in sympathy with the
sharp bulge in wheat prices on the
Chicago Board of Trade on the bad
crop reports on the growing winter
wheat in Kansas. Nebraska and Ok
lahoma. thinking it would be fol-
lowed by a series of poor crop re-
ports on the start of the new cotton
crop, found no follow-up movement
from either local or outside sources
from the opening of today's market.
Therefore most of them turned SELL
ers directly after the initial trading
with the result all of yesterdays ad-
vance was lost. Prices declined to a
maximum of about Is to Is points
through out the list from yesterdays
final quotations from this pressure.
together with some fresh Southern
selling and less support from the
local and Wall Street bull element.
Although wheat prices made fur
ther sharp bulge in the Chicago pit
today the purely sentimental influ-
ence of this event was more than
by the consideration of
the above conditions within the cot
ton trade. The forecast is for gen.
, rally fair weather and higher tenn
peratures of a seasonable character
all over the cotton belt tonight and
tomorrow. There was nothing new
in the weekend cables from Liver
pool of a definite character on the
British coal miners strike situation.
The export clearances of cotton to-
day reached a fairly large total by
to 1S.645 bales, HISS of
which went to France, 4,51S to Great
Britain and 2,574 to the continent.
The worlds spinners' takings of
cotton for this week are
$4,000 bales against 16S.0O0 last
year. This makes the total from Au-
gust l to date, S,153,O00 bales
against 1O,726,00O the same time last
year. This is out of a total crop
the past season of about 100000
running bales without linters.
Out of respect for the late Chief
Justice White and as a further trib-
ute to his memory all trading on the
New York Cotton Exchange was
suspended for period of two
minutes at IL o'clock this morning
while the funeral services were held
IN w. sb otnp-
The Washington herald., 1921-05-22
WOULD PROTECT
NATION AGAINST
IMPORTS DELUCE
Interim Tariff Resolution
Is Reported to the
House.
is FASTENED
Longworth VIII Call Up Res
olution Early Next
Week.

Favorable report on the Long
worth interim tariff resolution was
voted by the House Ways and
Means Committee yesterday. Demo-
cratic members and one Repubsi-
n-Representative Young. North
Dakota-voted against the resolu-
tion-
Reintroduced in the House Fri-
day. Representative Longworth said
the committee would not act On the
resolution until next week. but 10
was decided yesterday morning 20
expedite the legislation, and Chair
man Fordney hurriedly called the
committee together. A report was
made To the House yesterday after
noon
See Need Of Protection.
The report shows that the resolu-
tion will put into immediate opera
ton the rates the new permanent
tariff bill will carry as soon a. that
bill is reported out by committee.
II will then be at least Eve months
before these rates can be put into
effect by the ordinary process OF
law. the report estimates. and the
proposed interim protection Is
needed to protect the country
against the great food Of impor-
tstions" that will come in during
the period the tariff bill is being
debated in the two houses
Favored by CommIssIon-
Similar legislation f. in force IN
several other countries. notably
Canada. Australia. Great Britain,
France. and Italy, the report points
out. and the proposed legislation is
strongly recommended by the tar
in commission"
Mr.. Longworth plans to call the
resolution UP in the House as early
this week as he can get the floor.
The Washington herald., 1921-05-22
1853

or only a little above the prewar
ratio.
1t was to be expected that Eng
land would regain some OF her
trade, especially within her colonial
countries. but the rapidity Of this
gain and the etXent to which We
apparently have lost trade cannot
be regarded without concern.
To certain extent this result Is
due to the liberal preference ac-
corded British goods in the new
tariff law. There Is also some nat
ural preference for British COM
modities in these colonial countries,
but no doubt portion of the result
is due to the negligence OF Ameri-
can exporters to cultivate those
fields to their full extent. Much of
our expanded war trade came so
easily that exporters have not real
lied that there will be a hard
struggle IL we keep any consider
able portion of our war time COM
merce.
Nopyrisht. 1921. by Washington Herald. }
The Washington herald., 1921-05-22
Stable Transactions in Hides,

Estimates that from zoo. 900 to
25o'0oO domestic packer hides have
been moved in the last fortnight in
dicates the extent of the improve
ment in that quarter. While some
lessening of demand occurred this
week. the market is in a closely
sold-up condition and nrmness in
prices is maintained. Tanners are
holding back at the advances asked
for country hides, but foreign wet
salted stock has continued active,
with liberal sales of frigorifco
steers at a further rise. Contrary
to the trend elsewhere, cslfskins
have experienced setback, al
though there is no general weak
ness and the opinion prevails that
the recent recovery in prices was
too rapid. Gradually betterment in
the leather trade has continued. and
shoe production Is reported to have
reached larger volume than at
any previous time this year. More
buying for fall delivery is noted.
with plants in the Middle West re-
ceiving more future orders than
factories in other sections.
The Washington herald., 1921-05-22
STEELMAKERS Are
CUTTING EXPENSES
Welcome Wage Adjustments
In Other Lines AS Further
Aid TO General Revival.
Especial Correspondence Of The Washington
Herald and New York Evening Post.)


Herald and New York Evening Post.)
PITTSBURGH. Pa, May 21.-SteeI
makers were much gratified by the
announcement OF the Railroad La
Dor Board that a downward revision
in railroad wages was justified by
existing conditions. The steel pro-
ducers are not so much interested
in the possibility of the railroads
buying steel in the near future, in
connection with the payroll saving
promised, as in the influence the
railroad wage reduction is likely to
have upon the general situation.
The steel industry has felt very
strongly for several months that the
chief obstacle to a resumption in ac-
tfvity. with heavier buying of steel.
has been the labor cost involved in
consuming steel The steel industry
wants 1T to cost less to consume
steel. feeling that under conditions
lately prevailing the average buyer
could not afford to consume steel no
matter how cheaply the mill sold
the steel II is hoped that wage
readjustments in the building trades
will be favorably affected by the
development in railroad wages.
Reductions in labor costs continue
to be made in the steel trade. Prac-
tically' all the independent produc-
ers reduced wages before the Steel
Corporation made its reduction, ef-
fsctive last Monday. while now a
few independents are eliminating
the overtime payments. The Steel
Corporation retained the basic eight
hour day. which means paying a
twelve-hour man for fourteen hours
time. while some independents have
been distributing work by having
three eight-hour shifts. eliminating
overtime payments by that means.
The Republic Iron and Steel Com
pany is stated to have abolished the
overtime for men actually on duty
for twelve hours. The Steel Cor
poratfon's rate for common labor is
81 cents an hour, against the 1920
rate of 46 cents. Some of the inde-
pendents- are paying 81 cents. while
others are paying SO cents. Many
In the steel trade feel that equilib-
rum win eventually be found on a
30-ce1t rate, which would compare
with 10 cents in 1918 and 13 cents
in 1898
The Washington herald., 1921-05-22
Australia Trade,

Our own trade with Australia in
creased very greatly during the
war. In lel3-14 our exports to that
country amounted to s45.775.000. BY
1919 they had increased over 100
per cent. reaching Ss5,0s5.000 and
IN the calendar year 1920 they were
still greater, totaling s1ls.si2. 900.
As shown by the following ug-
ures taken from Australian statis-
tics our relative proportion of the
total import trade of Australia more
than doubled during the war while
the proportion from England de-
creased very much. The latest
available figures. those for the
three months ending September.
1920. indicate that Great Britain is
regaining her former place in Aus
tralian trade and that we are rap
idly losing the advantage we had
gained.
The Washington herald., 1921-05-22
CASH WHEAT NOW
RULEAT PREMIUM
Exporters Are Offering From
3 to Is Cents a Bushel
Over May Futures.
Especial Correspondence Of The Washington
Herald and New York Evening Post

Especial Correspondence Of The Washington
Herald and New York Evening Post.)
CHICAGO, May 21.-The wheat
market is in a peculiar condition.
Cash wheat is bringing premiums
in nearly all markets and they are
holding fairly as compared with
May. In Chicago cash wheat is 3 to
1S cents over the May for contract
grades. Hard winter in Kansas
City is being picked up by export
ers and there are no accumula-
tions. Winnipeg was recently 81
cents over May for No. Norther
all of which disappeared. Canadian
farmers have evidently overstaid
their market by holding their wheat
at terminal markets and in the in
terror when their cash and May was
relatively the highest.
Many of the grain men have ad-
vised selling for a long time, ap
parently without much result. Now
that prices have declined Canadian
farmers are more disposed to sell
and are having much the same eX-
perience as those in the United
States have undergone in the last
six months. High prices of the last
few years created an impression
among many producers as well as
grain men that they were to last
forever, and they have not accepted
the changed conditions.
some MiIlers Sell wheat.
In the Central West soft winter
wheat millers are in some instances
shut down, owing to a scarcity of
wheat. The milling capacity of the
country Is running at about 40 per
cent, and is sufficient for all re-
quirements. as the large bakers
and consumers generally are only
buying -four in a hand-to- mouth
way. and have pursued this policy
for six months with no indication
of changing it. In most instances
they have saved money by 1t. A
Chicago miller has been selling part
of his wheat as he says there is
more money in selling the wheat in
the open market than in grinding 1t
into -four. There is little profit in
the feed trade, which cuts into the
cost of making flour. Improvement
in transportation has made 1t easy,
not only for flour buyers, but mer-
chants and manufacturers in gen.
eral to secure supplies on short no.
tice, and there is no disposition to
anticipate requirements beyond
week or two, while up to eight
months ago uncertainty as to when
supplies would arrive owing to poor
traffic conditions, it was necessary
to anticipate requirements months
ahead to be sure of having sup
plies when wanted.
These conditions show that busi-
ness is slowly getting back to nor
NAL. There is no disposition to
speculate in the way of anticipating
future requirements, although prices
in many lines appear attractive. 1t
is not easy to secure money from
the banks with which to buy raw
materials or manufactured goods in
large volume. although bankers are
having a constant call for funds
from the merchandise and manu-
featuring Interests.
The Washington herald., 1921-05-22
MERCHANTS URGE
SALES TAX AS FAIR
SRHENUE SYSTEM
Senate Committee Hears
Agents of Business
Concerns.
Will AID INDUSTRY
@
Farmer Labor Party S Jays
Public Will Not Stand
Turnover Plan.
Wilt AID INDUSTRY

Advocates of a sales tax predomi-
mated among those appearing be-
fore the Senate Finance Committee
yesterday. Only one witness
western Starr. Washington repre-
sentattve of the Farmer-Laoor
party-opposed such tax He de-
eiared that. estimating 1t would
faise y1.5oO. 900. 900. to transfer that
amount from incomes from profit TO
incomes from labor would produce
a very serious situation; in fact
..vould be a catastrophe second
only TO the war" he said.
Appearing as sales tax advocates
were John W. Hahn, executive sec
retary OF the National Garment Re-
tailers' Association, who Med a
brief for the fur dealers division
of that association. and Robert B.
Reed, representing the New York
Board of Trade and Transportation.
Favors Turnover.
. Mr.. Hahn's brief for the fur 1eai-
ers asked the repeal of the tax on
furs and all other so-called luxury
taxes: repeal of the excess profits
tax; reduction of the higher rates
on personal incomes. and substitu-
ton of 1 per cent turnover tax.
For the sales tax, the brief argued
that "it would not in any way be a
burden on the public. but would IN
the long run mean the lowering Of
prices to the consumer"
Mr.. Reed said the tax platform OF
the New York Board of Trade and
Transportation, declaring for repeal
of the excess profits tax and imposi-
ton OF a sales tax. had been sp-
proved by business organizations
in twenty-five or more States. He
denied that the drive for such a tax
was a move OF rich men to saddle
their taxes on the consumer" but
was an effort ''to obtain an honest.
dependable and productive revenue
system that will not hamper and
In the end destroy the freedom of
enterprise and of competitive pro-
duction-" He said he believed
farmers and laboring men who were
opposing such a tax had been
honestly misIed into opposing the
least burdensome form of a con-
sumptive tax,
Favored by Babson.
A letter from Roger W. Babson,
OF Boston, statistician formerly
with the Department of Labor, was
filed with the committee. recon-
mending a sales tax as much more
equitable as well as more feasible
method OF taxation" than the pres
ent system He estimated that the
present irritating taxes" have re-
duced construction and production
in the country $4,000, ,0OO. 900 annu-
ally, which loss would be greatly
reduced by adoption of a sales tax.
he thought. Repeal OF excess prof
Its tax and reduction of the sur
tax rates were particularly recon-
mended-
For the American Express Com
pany, H. S. Marx, New York, asked
repeal of the existing tax of ap-
proximately 5 per cent on express
charges.
1.-The committee plans to conclude
the tax hearings next Friday.
The Washington herald., 1921-05-22
Five postwar years. 1ss. 400. 900

1t is interesting to note. however,
that an annual production for 1929
of 3S.0G0.000 tons of pig iron is far
above the pre-war level, is higher
even than the figure for 1920. and
Is only little short of the highest
record set during the war. The
chance of return to something like
normal production in 1922 should
be considered in connection with
the TACT that no previous depres-
sion has been marked by two sue
cessive years of output falling be-
low the level of the ten-year aver
age. Even in the protracted de-
preston of 1s93-1S94 this rule held
true.
The Washington herald., 1921-05-22
WINTER WHEAT
LOSES STRENGTH
Healthy Appearance of Crop
Fast Fading, Says Au-
horitative Report.

CHICAGO. May ,l.-Reference has
been made previously to the fact
that the growing crop of winter
wheat was showing a tendency to
lose its early. strong. healthy ap-
pearsnce. says Thompson & Mckin-
non, In their weekly review. This
condition has become more appar-
ent during, the week. all advices
from crop authorities. now in the
Southwest. showing q steady though
not alarming retrogression- This is
believed to be due TO the three pc
believed to be due TO the three
periods of freezing temperatures
carly epring growth.
Reports of this condition have
heretofore been confined to Texas.
Oklahoma and Kansas. hut are now
being received from Missouri. South
ern Illinois and parts of Nebraska.
The deterioration is confined to the
territory west of the Mississippi
River. the outlook IN Illinois. Indi-
ana and Ohio being generally good
with prospects OF n larger yield than
last year. Spring wheat apparently
has not been damaged by cold
weather. The plant IL stooling well
and showing good growth.
The condition Of the growing crop
is of the utmost Importance. as re-
serves of wheat and rye the world
over provide a very small surplus
The international Institute Of Agri-
culture at Rome estimates a surplus
on August LIST of about $4,000. 900
bushels, both wheat and rye. Or
dinarily the worlds crop-end re-
serves have been around 10000. 900
to 0o,00o,0oO. There is no impor-
tant revival in the demand for -four
or the milling trade: nonetheless.
the amount of wheat available for
immediate use is so small that mill
ers are compelled to overbid the
exporters in the interior. and strong
premiums are maintained in the ter
rninal narkefs
The Washington herald., 1921-05-22
PROBABLE HAPPENINGS IN
STEEL INDUSTRY NEXT YEAR
Past Performance Indicates That the Output
May Go Back to War Time Average.

above the level of the line of NOV
ing averages. Taking into account
all the good years between 1901 and
1904. actual annual production was
20 per cent above the line of mov-
ing averages. The widest margin was
in 1902. with SO per cent and the
smallest margin was in 1913, with
22 per cent. In 1920 actual output
was only IL per cent above the av-
erage of the preceding ten years,
but there were two factors which
helped to narrow the margin in
that year: ~ the tendency OF the
abnormally large production during
three war years to raise the ten
year average and (2) the tendency
of labor, fuel. and transportation
troubles to restrict output.
Estimate for 1922.
II past performance is sate
guide. there is a possibility, tnere-
fore. that in any year OF Norman
prosperity, in the Immediate fu-
ture. the output of pig iron may De
from IL per cent to " per cent
above the figure which represents
the average for the preceding ten
years. The straight line fitted to
the curve Of tsn-year moving aver
ages. when projected beyond 1890.
indicates a level OF about S4,OOo.ooo
tons for the average OF the ten
years ending with 1922. Allowing
a minimum margin of only IL per
cent above this level would inos-
cate a nactual output close to 3S,-
900. 900 tons next year, II 1929 is To
be marked by only normal pros
perity for the iron and steel IN
dustry.
Following the same line of cali
culation. the output In 1879. win
continued normal prosperity, should
be at least 40.50o,000 tons of pig
iron. II these estimates are cor
rect the production of pig iron dur
ing the ten years 1914 to 1923 in
elusive would show the following
figures for the two five-year pc
riods covering the war:
The Washington herald., 1921-05-22
COTTONSEED OIL.

NEW YORK. May 21.-Cottonseed
oil was easy: spot. 7.1O; crude.
5.s5 idd. futures. May. 7.soa7.45;
June. 'T.o5a7.4o: July, 7.3537.3f; Au-
gust. 7.4oaI60; September. 7.sss
30: October. 7.7Sa7.s2; November,
..7oa7.so; December, 7.Toa7.s5.
The Washington herald., 1921-05-22

on the comparatively small volume
OF exports. Last year exports ex-
ceeded imports by nearly f5o, zoe, 900
or over $2o0, 900. 900. due 10 tne -
portation OF the surplus of wheat
and other commodities accumulated
during the war years. The follow
ing hgures give the value of Aus
traiian trade since Is14-15 In pounds
sterling equal at par to s4s7.
The Washington herald., 1921-05-22

Industriais Average .s2 Los. During Week

NEW YORK. May 21For week the
Friday there in OF
railroad o ~
o
The Bourbon news. [volume] (Paris, Ky.) 1895-19??, 1921-12-27
THE WOODROW WILSON FOUN
DATION CAMPAIGN

With the date for the formal open
ing of the Woodrow Wilson Funda-
ton Campaign only three weeks off
leaders in the movement are busy
putting the finishing touches to the
State, county and local organiza-
lions. The naming of precinct COM
mitteemen is now in progress, and
by February 16, next, it is expect
ed that 10000 Kentucky men, mo-
men and children will have been en-
listed in the cause.
Kentucky has been asked by those
directing the national campaign to
contribute $4,000 toward the foun-
dalton, and it is the hope of Judge
Robert w. Bingham, State Chair
man, and Mrs. S. NJ Wilson, Vice.
Chairman, that this goal may be
reached on the opening day, January
16. They are basing this hope ON
the knowledge that Kentuckians
generally, irrespective of politics,
are for the principles the foundation
is to promote, and that they will
welcome an opportunity to contrib
ute to fund that will do much to
stimulate efforts in behalf of peace
through justice, the improvement of
public service, and the promotion of
intellectual achievement
The Bourbon news. [volume] (Paris, Ky.) 1895-19??, 1921-12-27
HANCOCK EURCHASES THREE
ENGLISH III ono GHB4ED6

Three exceptionally well bred
thoroughbred horses were purchased
at the horse sales held recentlv IN
England by A. B. Hancock, OF Bour-
bon county and Virginia, according
to information received Saturday.
All three Of the horses have already
been shipped from England and are
due to arrive in New York some time
this week. They VIII either be NOV
ed to Mr.. Hancock'ss form 7sin- this
county or to his establishment in vir-
ginia. a. y - :
I Chaunterie, Chorus and Harbour
Light were the three horses pur-
chased by Hancock.
Chaunterie is by Chaucer, sire OF
Stedfats, out of st. Cecilia, and is a
half sister Of Gallise, the dam OF
Cleopatra. Chorus is a two-year-old
FLY by Corcyra, sire OF Cleopatrs
and out of Chaunterie. Harbour
Light is by Sundridge out Of Lima
sol. Limosal, the dam Of Harbour
Light, is a full sister to the dam o.
Ethelbert, sire Of Fritz Herbert
Harbour Lights granddam, Queen o.
Cyprus, produced Cypria, winner O
the Ceasrewitch.
The Bourbon news. [volume] (Paris, Ky.) 1895-19??, 1921-12-27
THE NEWS REMEMBERED

During the busy hours of Friday
following strenuous publication
day and night, THE NEWS force
was surprised by the appearance of
District Manager J. ]. Veatch, of the
Central Home Telephone Co., who
bore in his hands a Christmas pack
age, comprising a fine assortment Of
box candies. Needless to say the
handsome gift was gratefully receiv-
ed and appreciated by the force Mr..
Veatch and the Home Telephone Co.
have our sincere thanks for the
Xmas reminder, with the assurance
that only the box is left to remind
us of what happened
During Christmas the Louisville
office of the Home Telephone Co.
sent out over one hundred of these
boxes for distribution to employees
in the district composed OF the coun-,
ties of Bourbon, Harrison, Nicholas
and Mason.
The Bourbon news. [volume] (Paris, Ky.) 1895-19??, 1921-12-27
THE TARIFF

Winfield S. Hancock, a democratic
candidate for President forty years
ago, said the tariff is a local issue
This caused his defeat, although
many people have always thought
he was right.
But the tariff is not local issue
A tariff duty on one industry may
affect other industries, and another
in the most unexpected way.
The tariff law recently enacted
imposes a duty on sugar. This was
done for the benefit of American
sugar growers.
But the imposition of the duty on
sugar has angered the Cuban sugar
growers, and they are talking of re-
taliation. They talk of boycotting
American goods wherever it is pos
sible to do SO, and already they are
figuring on British coal to supplant
American coal. which is almost at
their doors. They are Offering to
swap sugar for coal.
The feeling may subside, and the
threatened boycott may never
amount to anything, but American
coal miners will not relish having
their business ruined through an
EFFORT to benefit American sugar
growers.
All Of which leads to the remark
that making tariff law is an in
tricate undertaking, and that it is
no wonder the attempts at it so
often end in failure.