davidaulloa/AmericanStories huggingface dataset:
The Washington herald., 1921-07-02
BONDS RISE TO
HIGHER LEVELS
All Classes Embraced, with
High-Grade Issues Assum-
ing Leadership.

NEW YORK. July while the
stock market continued to be con-
spicuous principally on account Of
the sensational gyrations OF a few
special issues. bonds moved steadily
along toward higher levels. The
advance embraced all classes OF
bonds. industrial as well as rail-
roads but applied more especially 10
high grade issues in the latter
group The Northern Pacific-Great
Northern 6zs were again in active
demand. advancing to s7S for a
gain of more than a point over the
lowest price of yesterday. Reading
As went from 1914 to FAX. Southern
Railway As from 5eI4 to 56A. Chesa-
peake and Ohio convertible 5Lzs
from FAX to 76. Central Pacific As
from 7lIa to 72 and Southern Pacific
refunding Is from 74A to- 15t
Other active railroad issues ad-
vanced on an average of a half
point.
Liberty bonds did not move at all
times with corporate issues. The
3As opened at $3.50 and then de
cIined almost so cents. The third
4Iks opened at 1910, declined to
S0.5l and rallied to their initial
price. The Victory 4SIs, the most
active in the war group. started at
9S.42. dropped - cents but later re-
covered fully.
The tendency to follow the trend
of corporate bonds was more notice
able in the foreign group. French
SIS, Belgian 7iRs and SIS. Denmark SIS
and the United Kingdom issues were
fairly active and slightly higher.
The Washington herald., 1921-07-02

IMPROVE POSTAL
SAVINGS SYSTEM
Postmaster Hays Pre-
sides at Western Meet
ing Today.
REFUSES TO TALK
Expects to Recommend 'Im-
mediate and Fundamental
Changes"
REFUSES TO. TALK

Postmaster General Hays will pre-
side today at a conference Of bank
ers at Sullivan. Ind. which he called
to consider methods of improving
the postal saving system.
Beyond stating that he expected to
recommend Immediate and funda-
mental changes" Mr.. Hays would
not discuss the plan he had in mind.
May Increase Interest.
1t Is expected that one of the re-
forms sought by Mr.. Hays will be
an increase in interest allowed on
postal savings accounts. While the
leading fifteen savings banks in the
country pay per cent interest on
deposits, the postal savings pays
but per cent.
Omcials of the Postofice Depart
ment pointed out yesterday that
though there has never been any
real EFFORT to promote the postal saw
lngs business. there are approx.
mately twice as many depositors as
any other savings bank. Seventy
hve per cent of these depositors are
foreign born, or of foreign extfac-
ton. whose money would otherwise
be boarded in secret hiding places.
Total Deposits.
The total deposits in the United
States Postal Savings System on
May 81, 1921, were approximately
$l55.5oo.0oo. One hundred and
thirty-five postal savings deposit
tories now have 100000 on deposit
The Washington herald., 1921-07-02
CHICAGOLIvESTOCK.

UNION sToCKYARDS, CHICAGO
July 1.-Receipts 1000 cattle, $4,000
hogs, 1000 sheep and lambs and
1000 calves.
Cattle-Demand for steers good
and values strong to CSC higher.
One load. averagink 1905 pounds,
sold at $3.50. Plain lots also strong.
Cows and heifers showed similar
gain as that for steers. Gamers at
81 and cutters at s3a3.5o. Bulls
found good outlet. Calves strong to
25c better. Most good vealers ss.75a
$50. while shippers paid as much as
$40 for top lots.
Hogs-Prices strong to 1oc higher.
Top lots, $3.50; heavy butchers, 1885
as.1o. Few rough packing hogs as
low as s775. goods lots. ss.5eas. 50.
Sheep = Aged muttons steady;
lambs steady to 25c higher. No
choice Westerns in the pens. Best
native lambs. s1o;. so-pound year
iings. $50. Best ewes. ss.75a475. :
The Washington herald., 1921-07-02
SENATE COMMITTEE
SUSPENDS PROBE
OF RAIL SITUATION
Solution Shelyed Indefi-
nitely After Hearings
Begun in May.
HARDING MAY ACT
Unless Remedial Measures
Are Taken Chief Executives
Aid May Be Sought.
HARDING MAY ACT

Solution OF the railroad problem
was put up squareiy to the Admin
istration yesterday when the SEN
ate Interstate Commerce Commit.
tee indefinitely suspended its in-
vestigation of the transportation
situation which has been in prog
ress since May.
The suspension means that un-
less remedial measures are initiated
on the Senate floor, the carriers
will have to look to the President
the Interstate Commerce Commis-
sion and the Railway Labor Board
for relief in the meantime. as lead
ers believe It practically precludes
action by the committee at this ses-
sion.
Plans Renewal.
Senator cummins. of Iowa. chair
man. in announcing the suspension,
said he planned to renew the in
vestfgation late in August or early
in September. At that time, he
declared. representatives of the rail-
way labor organizations will be
called to testify.
Few of the members Of the COM
mittee had been attending the
hearings. and this resulted in the
decision to postpone the investiga-
tion indefinitely.
Walter L. Fisher, of Chicago.
former Secretary of the Interior.
declared before the committee at
its closing session that common
operating agencies must be estab-
lished to manage consolidated rail.
road terminals, such consultations
to be compelled by law.
Consolidation OF terminals could
be brought about by compelling the
railroads owning them to turn them
over 10 common operating agency
for management without the pay
ment of any money or the acquisi-
tion OF title to the properties, he
said.
The Washington herald., 1921-07-02
TON ACREAGE
UT2SPERCENT
st Crop Since 1895
forecast by u. s.
Experts.

e21 cotton crop will be the
since 1885. Department OF
fure officials announced yes
Is a decrease of 1o,524, 900
r 2s.4 per cent. in acreage
as compared with last year,
Htest decrease ever recorded
year. Owing to unfavorable
conditions the crop this
said to be only 69.2 per cent
al, as compared to 7O.7 per
normal for 1920, and 7s.s for
rage of the past ten years.
rea of cotton under cultiya-
year is 26.51s.0oO acres, as
d with 100000 acres last
The condition of the crop
3 a yield per acre of 152.2
and a total production OF
bales. Last year the pro-
was I3,365,75l bales. Two
go IL was 11.302,375 bales.
AOhVsooSs ana -FOUR
go 11.302.375 bales.
has the biggest acreage of
his year, with s.1ss.sss acres.
pnly rs per cent however, Of
age last year.
p unfavorable seasonal con-
pi April and May. shortage
tlzer and unsatisfactory
pandonment of planted acre
oeen greater than usual.
ranged from 5 per cent in
loiIna and Mississippi TO as
10 per cent in Georgia.
rlalify produced this year a,
De generally lower than in
years
The Washington herald., 1921-07-02
TREND OF BUSINESS NDI-
GATED BY BANK STATISTICS
Decreases in Reserve Notes and Bank Clear
ances Show Rate of Liquidation.
tBy rAs washi.sts. Herald Eeononi.t,


The Federal Reserve ratio Of total
reserves to deposits and note lia-
bilities combined Increased from -
per cent on June Is. 1920. to so.t
per cent on June 22. 1921. The total
bills on hand had decreased from
sass, 100000 a year ago to $l.7ss'-
Oo0, 900 on June %.
The gold reserve increased from
s7,l0s.e0o q year ago TO $2.6z0,-
900 900. At the same time the
amount of FEDERAL Reserve notes
declined from s3.11s.71s to s2.-
s3s, 600. 900 In round numbers, re-
duetion Of s4so.0oo. .oe0, during the
year. Deposits in the Federal Re-
serve banks decreased at the same
time from s1.s1s.oo 900 to s1.6s7,-
900 900.
This general change began late In
1890 and has been proceeding at an
increasing rate ever since. The re-
serve ratio began to rise in Decem-
ber and has made its greatest gain
recently. The decrease in the
amount of Federal Reserve note cir
culation has been steady since De-
cember and corresponds closely TO
the downward movement in total
discounts.
With the above may be compared
the decline in debts to Individual
deposit accounts as gathered by the
Federal Reserve Board which are as
follows: -
The Washington herald., 1921-07-02
WORLD WATCHING
U.S.BUDGET PLAN
HARDING ASSERTS
Promises Appreciation at
Meeting of Bureau
Officials.
SEES DIFFICULTIES
Much Heartburning Due from
Radical Changes in Methods,
President Predicts.

The world 10 watching this
weIl-resolved experiment" Presi-.
dent Harding told members OF the
Budget Bureau yesterday at
meeting at which the new depart
ure in the country's appropriation
system was formally inaugurated-
Expressing "unbounded faith" in
Charles O. Dawes. who stood back
Of him as he spoke, the President
told OF the dificulties to be over
come.
Sees sHearfburninEa1 gH
There will be many Heartburn
ings" he asserted in emphasizing
the radical changes In government
routine which will result. 1T isn't
an easy thing to bring about fle
severance OF connections with the
government. II isn't an easy thing
to change the habits OF a century,
II isn't an easy thing TO stand up
against those who want to spend.
"Our own country is calling for
a change. and n IL will add interest
to your work. let me tell you some
thing else. This may seem like an
extravagant statement The world
is watching this well-resolved ex-
pertinent
1T is no violation Of confidence
to tell you that one Of the distin-
guished diplomats in Washington at
this time told me that his own
country had already cabled him to-
keep close watch on every step OF
our budget enterprise and report TO
his country.
"I take IL that nerhans habits
and practices OF extravagance in
governmental expenditures are not
peculiar to the United States of
America. and the whole world
would like to profit by our example,
Promises Appreciation
Il assure you that the Executive
is intensely interested in this ena
terprise under the command of Gen
Dawes. ] want you to give IL your
earnest support. aud know that As
far as the Executive can return IL.
! promise you the assurance OF sp-
probation"
In orders issued yesterday, Mr.
Dawes pointed out that the nnai
amount agreed upon for running
bureau or department will bs
subjected to further review as thu
year progresses.
The estimates once approved.
he said. will be subject TO further
study and revision during the year.
and all possible additional savina
therefrom will be effected"
The Washington herald., 1921-07-02
GRAIN FAILSTO
HOLD ADVANCE
Offerings Absorbed on Early
Break-Market Lacks Sus-
tanned Support.

CHICAGO, July 1.-Temperatures
of as high as 1os were reported IN
North Dakota yesterday. with sew
eral points in South Dakota and
Minnesota showing 100 and over.
This. with unfavorable crop reports
from the Northwest. led to buying
by local traders and commission
houses which absorbed the offerings
on an early break, and an advance
of around cents from the early
low followed, but the upturn was
lost later as pressure increased.
and there was a lack of sustained
support. The July went toha frac-
tion under the September at one
time on selling by cash houses, ac-
ceptances on overnight bids to the
country having been heavy. Trad
ing in December started at about
September price. and then went TO
small premium over the nearby
delivery. Outside interest remains
weather reports and forecast for
IHc neat wave 10 COHtlnue over
Sunday. Private reports issued to-
day indicated total wheat crop
of 04,000,000 to S3S. 100000 bushels.
the former by Goodman. Com
pared with the government June
estimate of S30,000.000 bushe.s
shows the report does not include
any deterioration during the last
week of the month il spring wheat.
Export demand was reported as
rather slow. with Belgium buying
Argentine grain.
Corn and oats were somewhat un-
settled, but averaged higher. The
Snow and Goodman reports both
indicated an unusually high con-
dition for corn around 80. and sue-
gested a crop of somewhat over
5000, 100000 bushels. conipareo
with 3.232.0oo. 900 bushels harvested
last year, but. owing to the low
par used the report was construed
as rather bearish, and the local
element sold on weather talk, with
corn reported as curling In
Nebraska. The reports on oats suz-.
gested yields of 1,3O9, 900. 900 TO
1875, 100000 bushels, against the
June estimate OF 1.4os..
900, 900 bushels. Hot weather is re-
garded as steadily reducing the
Yield. Deliveries were 4,0o3, 600 in
corn and SS1, 900 in oats
The Washington herald., 1921-07-02
Plans to Extend Radio
Market Report SerUice

Appointment of a commission q
study methods OF brosdcssting te
farming communities by radio serx<
ice quotations on livestock. grain
fruit and vegetable markets and
other information was announced
yesterday by Postmaster General
Hays. The commission consists of
r. B. Howell, of Omaha. chairman: I:
William A. Wheeler. Bureau Of Mar
kets. specialist OF the Department
of Agriculture. and J. c. Edgerton.
radio expert OF the Postoffice De-
partment-
Market reports are now sent out
three or four times a day by the
air mail service in the Postoffice De.
psrtment through the stations at
Washington. Cincinnati, st. Louis
Omaha. North Platte. Nebr.: Rock
Springs Wyo.. and Elko. New. Fact
Of these stations covers a radius OF
600 TO 500 miles.
The Washington herald., 1921-07-02
CANADIAN TRADE
WITH U. 5. GAINS
Increase of S31,S07,349 Shown
For Twelve Months,
%. Ending May.

Canada's total trade with the
United States for the twelve months
ending May was s1,337.6s6.226, an
increase of s31.so7.349 over the to-
tai trade between the two countries
for the twelve months ended Nav.
1890, and representing more than
one-half of Canada's total trade
with the world.
Canada's imports from the United
states for the twelve months ending
May were $s12.531,s21, a decrease of
$21 100000 compared with the i'm
ports for the corresponding period
OF the previous year. Canada bought
more from the United States than
from any other country in the world
and more than four times as much
as from Great Britain, Canada's to-
tai imports from all countries be-
ing s1.162.160.362.
Canada's exports to the United
States were s525,1s4.405, an Increase
of $53,0o0,0o0. Canada sold more to
the United States than to any other
country in the world.
The increase in Canadian exports
to the United States marks a fur
ther step in the gradual return to
normal of the balance of trade be-
tween the two countries. Canada's s
adverse balance in trade with the
United States for the twelve monts
ending May, 1920, was $360,es9,771.
while for the corresponding period
ending May of this year it was
s2S7,3s7,416. a favorable variation
of s78,6e2,355.
The principal commodities i'm
ported into Canada from the United
States were: Vegetable products,
s41.076,610; animal products, s4.224,-
141; fibers and textiles. ss2.222.232:
wood and paper. .s3,1ss.146: iron,
S16.297,SS2; nonferrous metals, s6,-
055.775; nonmetallic minerals, s9,-
123.ss1, and chemical products, S.
390,Ss4. -...
The Washington herald., 1921-07-02
FOREIGN oils
WEAK ON CURB
Extension of Stock Exchanges
Weakness Features Out
side Market. '

NEW YORK. July Ia feature
Of the trading in the curb exchange
today was the extension in the
weakness on the Stock Exchange to
the foreign oils traded in the out
side market. An Instance of this dis
turbance in the market position was
shown in Maracaibo Oil, which, after
being supported yesterday, gave
way today, falling during the fore
noon from 21h to is. Cities Service
was also in increased supply and
ranged from III to lis during the
first half of the day, and the bank
ers shares sold at l2K. Simms Pc
troleum was steady, with a mod
crate amount of business, at 6H.
o(eole Syndicate was in special de-
mand, the buying being based chief
ly >on statements that new official
interests have become identified
with the syndicate and that impor-
tant Developments in its affairs are.
close at hard. Many of the domes-
tic producers were in supply at
sharp declines, some stocks that had
been In demand at moderate prices,
falling, after steady declines, to
below e a share. Gienrock was an
instance of this changed market
position resulting from the con-
tinueds increase in the price of cruaa
oil and petroleum products.
Industrial issues were Irregular
Southern Coal and Iron being steady
at .. Sweets Company again sold
ar SH, and United Retail Candy at
81 A. feature of tfs market was
the suddenly developed heavincss in
Toad Shipbuiiding. which sold at
61h to 5s%. Glen Alden Coal was
traded in at ssh to 3s. Acme Pack
ers sold at the aew low of IL.
There was good amount of trading
In East Illinois common at 1fH to,
II. The preferred stock sold at soh.
The Washington herald., 1921-07-02
CROP REPORT AIDS
COTTON MARKET
Governments Forecast Proves
Less Favorable ThaQ
Expected.

NEW YORK, July 1.-The cotton
market recovered in the late after
noon from. the early decline owing
to the governments crop re-
port proving to be less favorable
than had been expected. Although
il showed an improvement of over
3 points in the condition from a
month ago. the decrease in acreage
was somewhat above the trades
expectations presenting the small
est area planted since 1900. with
the Indicated crop of but s.43s.0oo
bales. the smallest yield since 1895.
Moreover a supplementary state-
ment of over 500 words was issued
in connection with the report show
ing the decrease in the use of fer
tilizers to Re 66 per cent fSom the
average amount used the previous
four years. The condition of 6S.2
per cent compares with 66 month
ago, 70.7 last year and 1873 the
ten-year average for June 25. The
acreage planted of 26,51s,o00 COM
pares with 37.043.0O0 last years
acreage, While the indicated crop of
s.433.Oo0 bales compares with IS.
365,754 bales of the gross weight
Of 500 pounds each without linters
produced last year.
Under ordinary circumstances
such a bullish crop report as this
would have advanced the market
very sharply by causing a great
deal of new trade and, outside
speculation buying but the fact
that there will be a surplus of
about 100000 bales of cotton in
all positions in this country to
carry over into the new crop statis-
teal year beginning August l nulIi-
nes such effect.
In the decline July sold at 11.30.
october 1908. December 12.4S, and
January 1857. On the rally July
went back to liz cents while Oc-
tooer advanced to about 1880, De-
cemfer to near the. basis of 12%
cents and January to 12.S5.
The Liverpool market, which had
suspended business at 4 d. m. their
time as usual with a net advance
in prices ranging from 12 to Ia
Ensllsh points over yesterdays
closing. reconvened at 6 D. m. their
time to trade on this report with
the market there advancing to
about maximum of is to 20 points
on 1t for the day against the rise
OF but to points it should have
sustained to have met our closing
prices of yesterdav
The Washington herald., 1921-07-02
NEW YORK PRODUCE.

NEW YORK. July 1.-Butter-
Market quieter. Creamery extras,
35Is ASH creamery frsts. S1a36c:
creamery. higher scoring. 36a3skc c:
State dairy tubs. 27a35c; ladies,
fresh firsts 2Ta2Sc.
Cheese-Market firmer. State
whole milk specials. l7c; whole
milk fancy. l6l4 AIS c: whole milk,
lower grades. 15c: Wisconsin whole
milk. fancy Young Americas. l7k a
17kc.
Eggs-Nearby white fancy. ala
42c; nearby brown fancy. 36aS7c:
extra. 34a35c; firsts. s9aSlc.
The Washington herald., 1921-07-02
! DUTY ON OIL
ks MONOPOLY
| STANDARD co.
ley Defends Elev-
lh-Hour Action of
Committee.
| MUCH BENEFIT
rice of Gasoline Should
Be Lowered Under
| Protection.
MUCH BENEFIT

On crude pstroieum and
inserted In the Fordney
h lust before It's introduce
be House were defended by
ltative Chandler, Of Okla
Republican member Of the
nd Means Committee, yes
In q statement declaring
purpose is to prevent the
on Company from becom-
pnopoly.
sentative Chandler, who Is
with being chiefly respon-
causing the Ways ana
Committee to reverse its
action placing petroleum
free list, asserted that IL
ependent reffners are able
Sc of their fuel oil. a sub
product in the refining Of
they should be able to
Iasoline prices to is cents =
A tariff wall against Mexi-
oil, he said, would furnish
ct for the product of the
tents.
sht On Measure Sure.
pntroversy over the duty on
m and fuel oil will be car
the floor Of the House. and
to be one of the closely
sections of the bill. Oppo-
the duties contend thar
unnecessary and will tend
prices rather than to de-
hem II was learned that
hrsal Of the action OF the
nd Means Committee oc-
Fhen two members changed
Ititude, a vote of 10 to Z
the duties being changed
bote of . to s in favor Of
nan Fordney OF the Ways
BANS Committee issued a
pt during the day predicting
: effect OF the new tariff
acted into law will be bene-
BON American Industry ano
nerican labor.
'ordney strongly urged ap-
Of the American valuation
which, he said. has made
q reduction in duties.
f.vors Free Lumber.
Fordney insisted that m
a reciprocal provision reia-
duties on lumber, the COM
lways has actually favored
tber. He insisted that there
a misunderstanding Of the
of the Ways and Means
lee towards a duty on Ium-
Jew Of the newspaper COM
ID certain statements being
at the committee was con-
q duty on lumber, or had
? duty on lumber. the bill
free lumber provisions has
some people to assume or
that the committee haa
its attitude" said Mr..
/. This. however, is not
2. The clause in the bill
Ping the President to neso-
th countries imposing a
American-finished lumber
e the removal of sueh duties
fdly be misunderstood. 1t
4 the effort of the committee
american trade by including
ing provisions IN the bill
fal alternative ways, and 1
these provisions will meet
neral approval"
The Washington herald., 1921-07-02
TIMELYWALE STREET TOPICS

ton in salaries will become eftec-
tive.
While interest today again CEN
tered chiefly In the Mexican oil sit
uation. the action Of General Motors
furnished another illustration of the
manner in which the market dis
counts Its news In advance. Day
before yesterday the stock solo up
! II points to IL %. Today. following
the announcement OF the declaration
Of regular quarterly dividends by
the company, IL sold down TO IL
| from the opening at 1lA. Con-
versely, selling United States Rub
Der common continued to be for the
account of those who believe that
when the directors meet for action
on July the dividend will be
passed. Today the stock declined
~ points from yesterdays close TO
a low Of 4s&.
Ever since the Mexican OIL stocks
started their series of sensational
keep a line on the relation between
the two. Pan American Petroleum
common stocks have been among
the busiest individuals in Wall
Street At times they have been
three points apart and at others as
much as, six points. Today the dis
parity was about five points. Why
these stocks should sell SO far apart
has been a mystery for a long time.
The only difference between Pan
American common and the Class B
common stock. lies in the fact that
the latter has no voting power.
They are on even terms as far as
dividends and assets are concerned
The question is whether the voting
power is worth IS a share. Most
brokers agree that IL is not when
the purchaser is only a trader or
small stockholder.
The Washington herald., 1921-07-02

The slight upturn in March was
not continued and resembles the
changes in October and December
which were only temporary devia-
tions from the general tendency A
decline of about 10 per cent or ST.
500.000,00o in the total deposit ac-
counts OF all national banks was re-
ported by the Comptroller of the
Currency for the year covered by his
last report.
Another indication OF the trend In
the volume Of business is found In
the bank clearings. A decline of
2o.7 per Cent for the year 1891 TO
the FIRST Of June was reported by the
Annalist for cities representing
about 80 per cent OF the total. The
amounts for the last two years to
date were s157.421,0 100000 for 1921
against s1s8. 8.6s7. 900, 900 or 1920.
BANK CLEARINGs IN RECENT WEEKS.
Tin millions Of dollarsl
The Washington herald., 1921-07-02
Authorizes Bond Issue.

The Interstafe Commerce COM
, mission yesterday granted au-
therity to the Minneapolis. st. Paul
and Sault ste. Marie Railroad
Company to Issue $2,671 900 wsrth
Of fits mortgage bonds to buy the
wisconsin and Northern Railroad
Company, operating 133 niles Of
line into forest territory.
The Ann Arbor Railroad Conn
pany was given permission to
issue s2yo00,00O worth of o, per
cent mortgage bonds to Ret money
for reAnancing.
The Washington herald., 1921-07-02

A decline in the volume of clear
ances is to be expected in the spring,
but on the yearly basis there has
been a steady increase in the total
of clearances.
A general review of the position
of the United States with relation
to other years is shown in the fol-
lowing table: