davidaulloa/AmericanStories huggingface dataset:
The Washington herald., 1921-06-23
TIMELY WALL STREET TOPICS

tempted raid this morning. In the
first hour 1t touched lis. a net gain
Of IL from the low of Monday. Now
that the clouds have been dispelled
for a time. the Street is listening
to bullish rumors with the same
attentive ear that 1t gave TO PES
simistic talk only two days ago
Pennsylvania Railroad stock. du-
plIcated its previous low record of
'32% eSly in the afternoon on the
announcement that the Pittsburgh.
Cincinnati. Chicago and st. Louis
railroad directors had deferred un-
til later in the year action on the
sepi-annual dividend of per cent.
due at this time. The Pennsylva-
mia owns approximately IS per cent
Of the Pan Handles ss4,S6O,lII cap
itsl stock. A dividend Of 4 per cent
annually is guaranteed by the Penn
sylvania under a sss-year lease
which became effective on January
/, 1921
The Washington herald., 1921-06-23

NE" YORK, June 22-Tradine 4,
coIee futures was in large volume
To-Day and was participated in h,,
some OF the most prominent people
In the trade. After opening at de-
clines of 7al4 points, prices ouicEIy
Jumped up from % to 35 points, be-
ing ioaZi points over Tuesdays clos
ing levels at one time.
July led the opening decline. 5000
bags being sold for tardy longs
wishing to liquidate, due to tbe
fact that Friday is notice day. The
bulk Of the early business was in
September, $4,000 bags selling AT
5.9Oc. "'
The chief selling pressure came
from leading local jobber and the
principal support from a large i'm
porter. who was said to have been
seller recently. After the call
support also came from a large
Front street house which is behaved
to be bullish. This class of buyinr
created the impression that strong
private cables had been rtceiyed.
and this was soon found to be cor
rect. -.
The early cable reported a fur
ther drop of Y d in Rio exchange on
London. the new rate, sgd, being
the lowest since March, 1899. Sub
sequently a rate of I'd was quoted.
The Santos. market closed $50 reis
higher to rs reis lower. A later
cable reported an advance of 75a
175 reis. The dollar rate in Rio
was 400 reis higher
The Washington herald., 1921-06-23
FIGURESLOWER
in LIGHT TRADE
Buying of July and Selling of
September Wheat Widens
Breach.

CHICAGO. June %. Buying of
July and selling of September wheat
which the pit attributed to clos
ing spreads-served to widen out
the difference to around cents to-
day. compared with about cents
at the extreme inside yesterday.
Heavy rains fell in parts of Kan
sas, which had some influence, as
did the forecast for a Gulf hurri-
cane entering Texas. Trade was
very light, and the market easily
Influenced. Prices averaged higher.
due to continued hot and dry
weather over the greater part of
the spring wheat territory, and LIE
Counts report from Bradley, S. D.,
was regarded as bullish. Sentiment
has become rather more friendly to
the buying side. While II is un-
derstood that American banks are
not disposed to finance German pur-
chases of wheat in this country,
British banks are said to be doing
so, and some business has been put
through. Country offerings increas-
ed as the result of the advance in
the July today. Spot premiums were
about unchanged. with No. 1 hard
lac over the July.
Local sentiment in corn and oats
was friendly to the buying side, and
prices averaged higher. Crop re-
ports on oats were unfavorable, and
the government weekly weather and
crop report showed a lack of mois-
ture over wide territory and there
is a general complaint of the oats
heading short. Cash corn eased off
&c. as compared with the July. and
sold at 1c under for the No. 2 yell
low and white.
The Washington herald., 1921-06-23
COTTON FIGURES
net SMALL GAINS
Buying of Back Contracts and
Short Coverings Mainly
Responsible.

NEW YORK. June 22-There was
a maximum further advance Of be-
tween 80 and 80 points in contract
prices here today in following the
good recovery the cotton market
made yesterday when II closed with
a net advance of 90 to 25 points
over Mondays price. This brought
July contracts up to Tx cents;
October, 1916: December. 1854, and
January to about 12A cents, or a
maximum advance of about Is points
on July from the low level OF early
in the week and between so and 80
points on the latter months. As was
the case with yesterdays advance
most OF today's further rally in the
market was due to covering of shorts
and many local and Wall Street
traders buying back contracts which
had been liquidated in the heavy
break of Monday when July sold as
low as 1915 cents per pound: Octo-
her. 11.2e; December. ll.7s, and
January. 11.Ss.
The Liverpool markets improve
ment was entirely sympathetic with
our advance of yesterday and some
covering orders on short cotton
there sent from this side last night.
There was little better spot de-
mand. but with the price having
been marked up le English points
from yesterdays rally to the present
basis of 7.old for middIings, the
days spot sales dropped off again TO
1000 bales against 5000. yesterdays
due to have come English point.
hlgher. opened 3 to 10 points higher
and closed at a net advance of IA
TO 10 points on the day. There was
very little buying here for Liver
pool accounts.
After the rise had been established
as above stated renewed Southern
selling orders appeared in such good
volume, there was considerable
proht-taking by yesterdays BUYERS
with the result prices reacted in the
last hour 90 points from the ton
from this pressure. The weatbe,
Bureaus official predictions are fo,
strong northeast winds and gales
from the southeast for the eastern
part of Texas tonight becoming
hortherly to westerly and then sub
siding tomorrow with only local
rains. For west Texas. partly CLOUDY
weather conditions forecast for
Arkansas and Oklahoma. Too much
rain around the end of June does
not 40 the crop any serious injury.
IL promotes boil weavils, but this is
onset by the good growth the plant.
make from the hot weather and
ample supply of subsoil as well as
surface soil moisture. II all of the
atlantic States could get within the
next week the good rains the west
ern falf OF the belt has had. tn.
conditions for the rapid development
OF the crop could hardly be improved
upon. ''u
The Washington herald., 1921-06-23
PRESSURE EASED
ON BOND MARKET
Industrials, Rails, and Foreign
Securities Score Frac-
tional Advances.

NEW YORK, June 22.-Relieved
Of pressure which had been exerted
by sales to protect accounts in the
stock market. industrial railroad
and foreign bonds advanced frac-
tionally today. The same narrow
range of prices was noted again In
the United States war bonds, with
the exception of the Liberty %izs
which, after an early high of S1.s2.
declined abouc so cents to $40
This sharp decline does not tend to
bear out the opinion expressed In
some quarters that the speculative
account in the 3izs has beer
eliminated.
There was little change in the
foreign group. the Srend being
toward a slightly higher level
Chile SIS advanced 50 to 9j. City ol
Berne SIS sold AZ Sos, as compared
with 96 at the close on Tuesday
Trading in the railroad and indus
trial groups was moderate, but
there was a persistent demand for
nearly every class. Gains were linn
tied to small fractions as a genera
rule. but were larger in the case
of some of these issues. which
showed heaviness on the first two
days of the week. Cuba Cane Sugar
as. having closed at 6s on Tuesday
opened at 90 today. advancing &C
69lz and later reacted to 6siz. Mis-
souri, Pacific generals Is went uI
three-Quarters Of a point to 50
American Telephone collateral 5,
advanced a half point to Sea anc
eased off to SIN. Baltimore ant
Ohio refunding IS were up a halt
point to So.
The Washington herald., 1921-06-23
WOODSMAN TELLS
ROTARIANS VIEWS
ONLABOR STATUS
"Lumberjack" Orator At
tacks Business Agent as
Trouble Source.
BELIEVES IN UNIONS
Tells Clubmen Labor and Cap
ital Must Keep Good
Relations.

Abolition Of the business agent
in the labor movement which he
characterized as the ''mother-in-laW
in industry" was urged by sheE-
man Rogers, known as the lumber
Jack orator" before the weekly
luncheon Of the Washington Rotary
Club yesterday afternoon at the New
willard.
Il believe in organized labor.
Rogers declared. Il do not believe
in the business agent, and never
will. The business agent occupies
the same position in labor that
the Kaiser did in international sf-
fairs. He lies both ways and gets
away with it."
Need of Co-epersttos. -
Rogers pointed out that II is es-
sentiaI that the two greatest strsn-
gers in the world-cspitsl and labor
must make friends.
He urged that every employer. no
matter what the cost in time or
money. should make it a point 70
make and keep frinds with his em-
ployes. -
''Ninety-nine per cent Of working
men are honest" he declared. and
If they understand their employers
they will stand by them. union laws
pr no union laws"
To emphasize his point. Rogers
injected several stories Of personal
experiences in the lumberjack coun-
try.
Local Man HOnored.
Charles w. Semmes. president
who presided, announced that George
w. Harris. secretary Of the local
club. had been elected sergeant
alarms of the International body
at the Edinburgh convention.
He also announced that the club
members and their wives would be
entertained next week by Charles
l. Corby at his country home.
Repnese sentative Julius Kahn. of
California, was one Of a number
of notable guests at yesterdays
luncheon.
The Washington herald., 1921-06-23
Govt. May Be Forced
To Operate Railroads

Government operation and own
ership of the railroads will
result unless such economies
can be effected in railroad
operation as will make pos
sible a fair return from rates
and fares charged for transpor-
tation service. s. Davies War
field, president of the National
Association of Owners of Rail-
road Securities. said yesterday
before the Senate Interstate
Commerce Committee in opening
the presentation Of testimony on
behalf of the security owners in
the railroad inquiry.
The economies to be institut-
ed he classed under two heads:
'One, by effecting an organi-
zation of the oficials OF the rail-
roads as grouped in each of the
four territories now, established
by the /. c.. c.; and two, through
a central agency Of corporation
to supply equipment to the rail-
roads without profit to the cor
poration anc' to perform other
service under the supervision of
the commission"
The Washington herald., 1921-06-23
WASHINGTON PRODUCE:

Eggs-Southern. 26c: nearby, 2Sc
Butter-Print, 35a3Sc; creamery
extra, 30a32c: store packed, 15a1Sc;
on nearbys, 12a21c; southern but
ter. tubs. 3Oa35c.
Poultry-Alive: BOOSTERS, 1Sa2oc,
turkeys, 30a35c; spring chicken.
5Oa55c; white Leghonrs, 4Oa43c; hens
2Sa2Sc; Keats, 75c: dressed fowls. 3Oa
CSC; turkeys, 43a45c; roosters, ga
23c.
Green. Fruits - Apples, Western
per box! s3.50a4.50; apples, per bbl.
S3.0oa12.00; pineapples, s4.5oa5, 90
California oranges, S650a7. 90: lem
ons, per box, s10a12.O0; grapefruit,
per crate, S6.00a6.5O; Florida
oranges, s6.O0a6.50: Georgia peaches
s2.00aS.50; currents, 25a3Oc.
Vegetables-New potatoes, s3.o0a
$3.50; nearby per bbl.. s1.5Oa1.75;
northern, per sack, S15oa2. 90: .trtne
beans, per basket, s1.0oaz. .o0: :~South
Carolina, $1.50a2.50: new cabbage
home grown, s2.25a2.75 per bhl
beets. per bunch, 6a7c; peppers ner
Ct, $2.50a3.50; cymlings, per ct,
s2.0Oa2.50: eggplant per ct. g.. GOA
$50; onions, Texas. s1.5oa2 90 ner
ct; Florida tomatoes. per crate
s2.o0s4.o0: Florida celery, per ct,
sl.50a4.00; bunch celery, s1,a5a1.5 90.
peas. bu. basket, s3.50a4. 90.
Veal. calves. sa11c; lambs. la
The Washington herald., 1921-06-23

The decreased movement shown in
the last crop year August 1, 1920. to
date is in line with the further fact
that the worlds visible supply of
American cotton is reported as A.
51l,700 for May 81, 1921, against A.
OOl.s34 "A year ago.
Whether this years decrease in
cotton production will need to be
repeated during the next few years
in order to meet shifting conditions
in this industry depends upon the
success of the effects of the various
countries to increase their produc-
tion of cotton. Great Britain. our
best customer, is pushing a vigorous
campaign to increase cotton grow
ing. The British Cotton Growers
Association campaign which collect
ed a voluntary levy on all imported
cotton also secured a grant from the
British government to promote the
work. Large areas in Africa and in
Mesopotamia offer promise of de-
velOpment.
The British government subsidy
has been $4,000 for five years and
it is now proposed to increase it to
f1.000,000. The results of this move
ment will not be felt within the
next year since considerable time
will be required to get results. but
it must be considered in the near
future.
To offset this increase in produc-
ton the American grower may ex-
pect gradual return to the normal
rate of growth of cotton consump-
tion. Any and all economies in cost
of production that may be brought
about by the low prices of this wear
will place American growers in a
better position to meet this expan-
sion of cotton production.
The Washington herald., 1921-06-23
SHORTCOTTONCROP
RELIEF TO INDUSTRY
Surplus May Be Utilized AS Normal Consump.
ton Returns.
y The Washington Herald Economi.tJ

The prospect Of a crop of cotton
much below the average would or
dinarily excite much comment and
fear for the welfare of farmers OF
the South. The acreage estimates
are as yet only general on the basis
of about 80 per cent reduction. The
condition as reported the first of the
month is Sc per Gent or only two
thirds of normal, Consequently prom
ising only two-thirds of the two
thirds of a crop taking into consid-
Grafton these estimates. These very
early estimates must be compared
with the record OF previous crops
with a view to present supplies,
movements and consumption.
The government estimates of acre
age. yield and condition for May for
recent years is as follows:
COTTON CROP IN ACREAGE PLANTED,
MAY, 1sl1-192O.
The Washington herald., 1921-06-23

This estimate is somewhat smaller
than that of 1O,64S,55O bales report
ed. in February last. OF this the
carryover in the United States is
likely to be near 100000 bales
against $500. 900 bales on August 1.
1920. This surplus added to the
short crop expected would total
about $4,000. 900 which would be only
a little above the 13.36J.O0O bales
produced last year.
The Washington herald., 1921-06-23
COTTONSEED OIL

NEW YORK, June 22.-Cotton.
seed oil was steady. Spot, IT'S bid
crude, 5.75a6.00. Futures-June,
1.5O; July. 7.45a7.50; August. 765a
7.So: September, 7.90a7.92; October,
I.s5as.00; November. 7.75a7.s0; De-
cember, 7.Soa7.go; January, 7.Soa
7.9o.
The Washington herald., 1921-06-23

Exports OF cotton during April
amounted to 319,933 bales as COM
pared with 546,125 bales in April,
1920. The total for the ten months
ending in April were 4,436,000 bales
compared with 6,3o9,0OO bales in the
same period in 1920 and 4,219,OOO
bales in 1919.
Taking the cotton crop year as a
basis the exports of cotton from
August l. 1890, to June. 1921, were
as follows:
The Washington herald., 1921-06-23

Observations among growers in
the South tend to confirm the gen.
eral indications of the estimate that
the crop will be somewhere near
two-thirds of an average crop.
The worlds stocks and carryover
of cotton as reported by the United
States Bureau of Markets for May l..
was as follows:
The Washington herald., 1921-06-23
Wage Earners' Living Cost Drops 2.3 Per
Cent in May.

National
United
l.
1920,
between
a. 3
retail prices for the principal
consumption by average wage earners before the war
The Washington herald., 1921-06-23
Need Research Men

Failure of industries to use the
research knowledge gathered from
time to time is a big factor. tn"
speaker asserted. IN one of the
industries investigated" he SAID.
I'VE found there was not one full
time research man at work. Yet
the opportunities discovered to cut
down production costs were enor-
nous. Each industry should have
central bureau for the collection
and dissemination of such informa-
tion to the various plants in the
industry"
The social losses caused by such
are IaIc conditions also were
stressed by the speaker. Much O.
The labor unrest" he said. comes
from the failure of management to
run its business properly. The
clothing and building industries are
two of the most conspicuous ex-
amples of loose productive proc
esses, both operating as seasonal
cmployments and with many causes
for waste. The result, we find, is
that in New York State, as an ex-
ample. 3S per cent of all the strikes
in 1919 were in these two indus
tries"
The Washington herald., 1921-06-23
COFFEE MARKET

furhlshed BY W. B. Hibbs q Co.. m.nh,
New York Cotton Exchanr.
The Washington herald., 1921-06-23
Mills Fail to Cooperate.

"Manufa cturers in interrelated
industries do business with little
knowledge Of each others require
ments. The paper manufacturer
knows little of the needs of paper
users; there is no cooperation be-
tween the wooden mills and the
clothing manufacturers who use
their product"
Overcapacity OF productive equip
ment to meet the needs of the mar
ket was found to be another great
cause of waste. Mr.. wallace said.
The printing industry. he asserted,
had a productive capacity OF twice
its annual output; other industries
could increase their production by
half il their entire productive ca
pacity were used.
Another great waste, he said
came from the speculation of manu-
facturers in raw materials. we
do not say the manufacturer must
not speculate" he said. but we do
know that great wastes are caused
when he unloads his losses on the
public"
The Washington herald., 1921-06-23
Jones Brothers Tea.

The Jones Brothers Tea Company. Inc,
reports sto-e sales as follows:
1921 1920 Pet. Decrease
May ...s1.4e7,103 $I.12l.517 1712
To date 7.164.243 s.ose,56e 11.4o
The Washington herald., 1921-06-23
industrial Education Urged.

The need of better technical edu-
cation for employees also was found
so important, the speaker said. that
the councils findings had been
turned over to the National Re-
search Council with a request that
1t develop a comprehensive plan for
industrial education.
That improvements can bee made
has already been proved" Mr.. wal
lace said. Formerly 80 types of car
couplers were made. The railroads
got together on the problem and
now one type of coupler takes the
place of the 3s. Production of mo-
tors for electric fans was once con-
sidered a seasonal business, with
the result Of forced production one
part of the year and layoffs, ma
chinery lyingS idle and men out Of
work the rest Of the time. Now
these motors are produced on an
even schedule through the year.
The calendar business likewise mas
been systematized, all at a grea-
saving. e.
The Washington herald., 1921-06-23
Must out Out Waste.

American industry must pull it
self together and cut out these
great wastes il we are not to have
recurring and increasing social un-
rest, and If we are to meet Euro
pean competition with low-cost Ia
Dor without lowering the purchas-
ing power of the American peo-
pie"
following Mr.. wallace's talk, that
it was one of the most important
addresses given at the clubs forum
in more than a year. Mr.. Wallace
was given a vote of thanks.
The Washington herald., 1921-06-23
MUST cut WASTE.
TO MEET EUROPE'S
Low LABOR COST
L. w. Wallace Tells City
Club of Faults in US.
Industry.
MORE DATA NEEDED
Overcapacity Of Productive
Equipment Adds to Cost
OF Output.

Enormous wastes in American in
dustry have been discovered by the
study recently completed by the
American Engineering Council
formed last year under the leader
ship of Secretary Hoover, l.. w
wallace. executive secretary of the
organization, told the City clubs
luncheon forum yesterday.
IF America is to meet European
low labor cost production and still
keep up the purchasing power of its
workers, these wastes must be
eliminated" Mr. Wallace said. TN
dustrial management must apply
itself to the task and take advan-
tage OF the technical Information
available That it can be done al
ready has been proved in some in
stances.
shows Startling Facts.
Under the leadership of Secre-
tary Hoover, the engineering So
cieties of the country were brought
together last year TO form this
council for just such a purpose" Mr.
Wallace said. We have already
completed quick survey of a
group OF industries and the report
will be ready for publication soon
It shows some startling facts.
In selecting a ready made suit
from one typical clothing plant, for
instance. the buyer has a chance Of
1884, possible combinations. This
plant manufactures 8? models OF
mems and young mems suits
6 per cent of the plants annual
output, however, is devoted to seven
models of young mems suits
Twenty-seven models are there
fore produced at a great waste and
with little reasonable benent to the
buyer
The Washington herald., 1921-06-23

Inasmuch as Mexican Petroleum
had contributed SO much to the
drastice decline running up to Mon
day of this week. the consensus
in Wall Street was that the gen.
eral recovery could not continue un-
less that stock either took a lead
ing position or at least remained
firm. Mexican Petroleum was really
the first stock to ignore the at
The Washington herald., 1921-06-23

Relative Percentages Of increase
importance In the cost Of living
in family above average prices In
budget. July, 1914, to
The Liberal democrat. [volume] (Liberal, Kan.) 1911-1924, 1921-03-03
SHOULD GET GAS

The reorganization Of the Liberal
Chamber Of Commerce is well under
way. Prospects are that the funds
necessary will be raised and that the
Chamber Of Commerce will function.
Among the many questions the
Chamber Of Commerce should work
on is the gas question. Liberal should
be burning natural gas Just as soon
as it can piped to town from the
Boles' well.
The distributing company and the
council have not as yet been able to
get together and the Chamber of
Commerce might be able to accom-
plish this. AS we understand the
proposition there Is not a great deal
Of difference to be ironed out and It
is very probable that the influence of
the organization might have the ef-
feet of inducing the parties to the
contract to settle the matter in a sat
isfactory manner.
Liberal folks want the gas. We
have talked to many on the subject
and find that there is great de-
mand. TIL ematter Of price does not
seem to stand seriously in the way,
and we believe that the majority of
the people Of the city would be will
ing to pay the dollar rate arther than
fool with coal.
In conversation with a prominent
business man Of the town few days
ago he stated that should gas be
twice as expensive as coal he would
use it in preference to coal for the
convenience alone.
We note in an article in the Hutch
inson News that the use of gas, al
though supposed to be more expen-
sive than coal, is on the increase,
people preferring to pay the extra
price rather than carry in coal and
carry out ashes.
The piping of gas to Liberal would
be big thing for the town and
would be a big drawing card. The
words natural gas" have an attrac-
ton for people who have become
tired of the trouble and inconvience
of burning coal in their homes and
business houses.
The Democrat is Of the opinion
that just little work on the part Of
the Chamber of Commerce would re
suit in the gas proposition being
settled favorably, and believes tina
this should be the first work under
taken.