davidaulloa/AmericanStories huggingface dataset:
The Washington herald., 1921-06-12
DISTRICT BANKERS
HOLD CONVENTION
IN WEST VIRGINIA
CONTINUED FROM PAGE ONE.

John Floyd Cissel, r. A Cissel.
Francis Coates. jr.; Charles J. CO.
1umbus. W. n. Conrad, Charles H.
Cragin.
Floyd Z. Davis. Mr.. and Mrs Vic
tor B. Deyber. Mr.. and Mrs. Clarence
Dodge and son. Mr.. and Mrs. Peter
NJ. Dorsch, Mr.. and Mrs. Michael
Dovd, Mr.. and Mrs. Peter A Drury.
child and nurse: Samuel G. Eberly.
Charles c. Eckloff, C L Eckloff.
James B. Edmunds. F. H. Ellis. Mr..
and Mrs Beverly p. Evans, Mr.. and
Mrs. Joshua Evans. jr.; Mr.. and Mrs
o. r Evans. Miss Elizabeth Ewing.
c. +. NJ. Fadeley, A. NJ. Fisher,
Mr.. and Mrs. II. W. Fisher, J. A
Fleming, Mrs. r. s. Fleming. Mr..
and Mrs. Robert V. Fleming, haU-
ice r. Flynn. Miss Flynn. Mr.. and
Mrs. G. w. Forsberg. John l. Fu-
gitt, Mr.. and Mrs Philip NJ Garnett.
Albert S. Galley. william H Gott-
lieb, Ezra Gould. Thomas Grant,
Miss Leonora A Greenleef.
Mr.. and Mrs. Robert y. Harper,
Mr.. and Mrs. W. J. Harrison, MI.
and Mrs. Harry V. Haynes. MISS
Betsy Haynes. J. B. Henderson. MIS-
B. Herman. Mr.. and Mrs Ernest e
Herrel, Mr.. and Mrs. Edward l.
Hnyer, b. e. Hinton. Hillary Hosk-
inson, John d. Howard. r. W.
Hynson, Hans w. Ireland, J. Burr
johnson, william c. Johnson. M.
and Mrs. Franklin V. Killisn, Mil
ton King, c. c. Lamborn. John B.
Larner. Edgar X Legg, jr- T. Hun
ton Leith. ]. d. Leonard, Mr.. and
Mrs. Charles p. Light.
Mr.. and Mrs. Leroy Mark. Mr.. and
Mrs. Theodore Michael. Miss Eliza
beth Michael. Mai. and Mrs. Lennsrd
II. Mitchell. James A. Messer, James
S. Montgomery. Mr.. and Mrs. How
ard Moran. DR.. and Mrs E. H. Nor
hart. Frank p. Morse, William
Muehleisen. Mr.. and Mrs. P. J. Nee,
l. Bert Nye. George II. O'Connor.
Henry w. OIutt. Roager O'Hanlon.
Edison B. Olds, Mr. and Mrs. Maurice
Otterback
G. Q. Peters, Fernand Petit. Capt.
and Mrs. Julius Peyser. Master
Philip Peyser. Miss Victoria Peyser
and governess. william NJ. Phelsn,
c. H. Pope. Mr.. and Mrs. Samuel J.
Prescott, Ben l. Prince. Russell G.
Helen NJ. Riordon. Mr.. and Mrs.
~
Mr.. and Mrs. Joseph Sanders, Miss
Sanders. B. F. Saul. Mr.. and Mrs.
Francis NJ. Savage. II. L. Selby, Mr..
and Mrs. Charles Selden. jr., Mr.. and
Mrs. Herbert T. shannon. William
E. Shannon. ]. E. Shoemaker. Leon
Shore, Patrick Shugrue, Mr.. and
Mrs. Morris Simon. Mr.. and Mrs.
John Lewis Smith. 7. B. Smith, Mr..
and Mrs. W. W. Spaid. Mr.. and Mrs.
George L. Starkey, r. Stead, jr-.
William l. Symons, william II. Tay-
lor. Corcoran Thorn. George @.
Thomas, Eliot H Thomson
S. J. Venable, H. S. walcott. Mr..
and Mrs. Allan E. Walker, George
E. Walker. John r. Waller. Mrs.
John r. Waller, Mr.. and Mrs. George
o. Watson, w NJ Ward. John c.
weedon. Z. p. Wilson. Mr. and Mrs.
r. J. Wise, S. X. Wylie and Joseph
d. Yerkes.
The Washington herald., 1921-06-12
HARDING READY TO
EXTEND BANK PLAN
Mellon Issues Invitations to
Attend Chicago Confer
ence on June Is,

I President Harding is now ready
to extend his banking program into
western financial circles at a con-
ference to be held June is in Chi
cago.
Bankers of all western states yes
terday were invited to attend the
conference in a series Of Invitations
sent out by Secretary of the Treas
ury Mellon.
Financial assistance for producers
OF livestock and food-bearing ami
mails will be the main topic of the
Chicago conference which follows
one here at the White House this
week when big international bank
ers discussed financial problems
with the President They agreed
to make no foreign loans with pri-
vate capital except under the gen.
eral supervision of the government.
This policy, developed by the Pres
ident. Is intended not to shut on
foreign loans but rather to regulate
the flow of American dollars in such
a way that they will build up for
eign markets for American goods.
Livestock producers, hard hit by
falling prices, now are keenly in
need. they say. of loans not only TO
make possible greater production
for domestic purposes but also to
enable them to increase their ex-
port business.
The President will be. represented
at the Chicago conference through
officials of the treasury department,
the federal reserve system and the
war finance corporation. These, rep
resentatives, according to Secretary
Melons announcement, will be
Eugene Meyers, jr., managing di-
rector of the war finance corpora
ton, and John r. Mitchell, of the
federal reserve board.
The Washington herald., 1921-06-12

Our exports of leather and shoes
hold up surprisingly in the face of
the general decline of foreign de-
mand. The proportion of exports
of shoes is small. probably about 6
per cent Of the total production as
compared with about Al per cent
before the war.
For several years before the war
shoes had been a growing line of
exports. increasing from around
5000 900 pairs a year of all kinds
in 1906 to about 100000 in 1914.
The totals Increased In 1918 to over
100000 for the fiscal year ended
in June, and to 16.60o,000 by June,
1919, and to 100000 for the next
year. The decline began in 1920,
however, and for the first nine
months of 1921 the total exports of
all boots and shoes was only TO-
34o.s .s31 pairs.
In sole leather the change has
been more striking. In 1918 the ex-
ports were 22.76s,ooo pounds for the
twelEe months ended in June, while
the corresponding amount for 1919
was S2,s61.oo0 pounds, the decline
beginning in 1890, when the exports
dropped to 71,530,ooO pounds. The
first ten months of the fiscal year
1921 show only 12.s3s.o00 pounds as
the total exports, and the month of
April this year only $4,000 pounds,
as against 2.21Too0, pounds for
April of last year.
The war increase was confined to
the European countries, but ordi-
nsrily our shoe surplus goes to
many countries and the future mar
ket will depend upon these scat
tered countries rather than on Eu-
rope. In 1920 increasing amounts
OF our shoe production have gone
to Cuba, and a long list of small
countries which are not listed in
detail in the reports on foreign
trade. The Philippines. Panama
and Mexico figure In this increase,
while Canada and Mexico are regu-
lar customers for some sorts Of
leather goods.
Back of the leather and shoe
trade lies the hide trade. The United
States has been the worlds great
est market for hides and skins for
some years. with Germany, England
and France following in Importance.
We received our imports of hides
from Argentina, India, Canada and
Brazil or from England. which are
re-exported after receipt from her
trading countries The war threw
the world surplus our way, and the
result was a great increase in i'm
The Washington herald., 1921-06-12

Mexico has been q handy source
of hides and skins, but the supply
from this country has dropped on
during the past two years 80 az to
become of minor Importance. The
Imports of their cattle hides IN 1918
were Is,633,o0o pounds. The amount
was 13.3s7,ooo in 1920 and only L.
$4,000 for 1921 for the first nine
months of each year. These periods
are taken since they offer the best
comparison of the movements In
the three years.
The reasons given for the loss of
the Mexican imports are the devel-
opment of a greater demand in
Mexico itself and the low prices
here. There have been inquiries for
hides here to be shipped to Mexico,
which indicates that there Is an in
creasing need there. -.
The decrease in the imports of
hides from South America 10 gem
eral in practically all lines, and par
ticularly cattle hides. The move
ment from Canada has dropped
sharply, as is shown by q compari-
son of the imports for March, 1921.
when only s31. 900 pounds were i'm
ported as against 2,5lo,ooo in March
a year ago.
The stocks of hides on hand. ac-
cording to a survey by the United
States bureau of markets, shows a
marked increase since 1920 in all
lines Decreasing exports are on
setting the decrease in imports Of
raw skins
The Washington herald., 1921-06-12
SCATTERED SALES
IN COTTON MARKET
Trading Follows in, Stocks
Wake - British Cable
Brings Late Rally.

NEW YORK, June'11-There was
considerable scattered local and
commission house selling Of cotton
contracts from the opening of. the
market this morning, following the
further weakness and sharp. de-
clines which the stock market dis
played This seemed to cause some
selling by Wall street longs who
had not liauidated In yesterdays
decline of about 20 to. IS points. in
the general contract list. from
Thursdays closing Before this
pressure had run it's course July had
declined II points more from yes
terday's closing. October 10 and De-
cember 9 points. This brought July
down to 12.23c. October 1870, and
December to 1850. Renewed good
buying support from trade interests
then developed, and Considerable
covering of shorts ensued during
the last hour. This was SUFFICIENT
to rally prices for the new crop
months back to about yesterdays
closing quotations. July was still
relatively weak, however. as loca'
Wall street and trade bulls long
on that option the past month or
two are inclined to either .lfauidate
such holdings entirely or transfer
them to the later deliveries. This
is because on June -, the 'first-:day
notices" can be rendered for de-
liveries on July contracts. a large
number is expected to be sent out
owing to the fact that the contract
stock here is now up to 10000
bales, with the total warehouse
stock nearly $4,000. or about six
times as large as a year .aap. .-
The late rally in the. market was
helped by London cables predicting
Fan early end to the British coal
miners strike on the referendum
vote now being taken among the
miners. A better Liverpool market
Monday is expected on this develop
ment. Liverpool houses here today,
however. did very little in the, local
market either way, The weather
reports from the cotton belt were
again regarded as favorable.s owing
to some further beneficial rains In
Texas, Arkansas, Louisiana and
Mississippi with: the probability
there will be good showers In scat
tered localities throughout the
eastern half of the belt. over the
weekend. The worlds spinners'
takings Of American cotton for this
week are 17s,37s bales, against ILL.,
77s last year. This makers their
total takings from August i to date
s,s53,0o0 bales. against .11.2s3.0o0 the
same time last year. This includes
the exports, southern mill consump-
ton, and the amount Of cotton
shipped to northern spinners and
Canada - .r.
The Washington herald., 1921-06-12
LIBERTY BONDS
FEATURE WEEK
Spectators Interest in ,3ia9e
Issues-May Profit by Con.
gressional Action.

NEW YORK. June 11.-Recent
events have shown how II Is pos
sible for the credit fabric to undergo
severe strain even when improve
ment is being noted in the position
OF the federal reserve banks As the
week closed the situation was much
more satisfactory and the security
markets were beginning to reflect
the change. The big financial op-
erations of June Is have been cared
for and preparations were well un-
der way for meeting the July L in
terest and dividend requireme nts
The bond market may look ahead
again to recovery from the con-
ditions which have given 1t an un-
stable appearance prior to each tax
installmcnt date. From" the view
point of investment experts a study
OF the relation between tax opera
tions and the bond market leads to
some optimistic conclusions for It is
noted that the disturbance which tax
collections created each quarter is
steadily becoming less important.
The outstanding feature Of trad
ing In the bond market during the
90 az lnc Wlut
tfons in prices of Liberty bonds.
IL has been known for some time
that spectators were interesting
themselves in Liberty 3hs, .prin-
cipally because they saw the pros
pect Of profits by anticipating what
congress may do toward revising
the tax schedules Inasmuch as
these operators proceeded first on
the theory that income taxes rates
would be lowered, making less at
tractive the long-term and fully
tax-exempt Liberty AIS, their opsr-
ations in this issuewere on the short
side More recently speculation has
been playing a prominent part In
the market for Liberty third and
fourth AIS and Victory 4%s. Owing
to this element of speculation no
conclusion can be drawn from the
day-to-day fluctuations in war
bonds. With the exception of Unit
ed Kingdom bonds the European is
sues have been steady during the
week. Changes have been,.-u -unim-
portant. Mexicans were naturally
affected by the uncertainty of an
agreement between Washington
and the obrogon government on the
question of recognition. -
Our Industrial and railroads
bonds have been under the double
influence Of selling for tax purposes
and competition with recently is
sued bonds which are now in proc
css of secondary distribution. They
could scarcely be expected to hold
aloof from the uncertainties sur
rounding the stock market where
severe declines took place during
the week As
The Washington herald., 1921-06-12
Hides and Leather.

The improvement OF recent weeks
has. rot been fully maintained in
hide and leather markets, June open-
ing with quieter conditions. All de-
scriptions of hides are less active.
with an easier undertone in most
quarters. and sellers show more dis
position to make offerings at prices
in line with tanners views. The
latter interests, however. are largely
holding Of, as business in leather
has abated. While the situation gives
no indication Of relapsing into the
extreme dullness OF a few months
ago. buyers have appeared disin-
clined to operate at the higher prices
named OF late. The increase in foot
wear production, on the other hand.
has continued. and wholesalers in
the west and middle west are re-
ported to be doing well in season.
able goods. As previously, the bulk
Of demands is for staples, and there
Is expectation of heavier trans
actions after inventory-taking is
completed early next month.
The Washington herald., 1921-06-12
BALTIMORE GRAIN.

BALTIMORE. June ll.-wheat-
Receipts. $500 bushels by car and
3.022 bushels by boat: shipments
from elevators. 1888 bushels: stock
in elevators. s3s.sOl bushels. A
sample lot of nearby wheat sold at
sl-40 per bushel. Closing prices: No.
. red winter, spot. sl.72L: No. 2
red garlicky, spot. sl.5s. net gain Of
.2&c for garlicky wheat.
Corn-Receipts. 21.133 bushels by
car. and 735 bushels by boat: ship
ments from elevators, I5s.sSl busn-
els: stock in elevators, L435.OS2
bushels. Contract spot corn. 73c.
Cob corn, s3soa3.Ss per bbl. Do
nestle track corn. No. or better,
7sc.
Oats - Receipts. 1885 bushels:
shipments from elevators. 4.04s
bus.els; stock in elevators. iso,s57
bushels Market closed at 47lzc for
No. and I6hc for No. white oats.
Rye - Receipts. 2E.s7s bushels;
stock in elevators, 324.540 bushels;
shipments from elevators. 5s,If2
bushels. No. 2 western rye closed at
SISSY.
Hay-Reeeipts. 81 tons. Standard
timothy, s22a22.5o: No. timothy,
s21a2l.5o; No. , timothy. sI4a1s: No.
1 light clover mixed. s2Os2o.5o; No.
2 light clover mixed, slSaiS: No 1
clover mixed. siSais; No. clover
mixed. sltal7: No. . clover mixed.
slIal3; No. l clover. sl5ais; No. .
clover. sl2a13; No. clover. siea
li.5o: sample hAy. 3loalt
The Washington herald., 1921-06-12
COMMERCE REPORT
SHOWSFAVORABLE
BALANCE OF TRADE
May Figures Less Than
Half of Corresponding
Period Last Year.
IMPORTS, s2os,OOO,ooo
Excess of Exports Total s122,-
100000, Compared with
S314,51S,729 Last Year.

America still maintains q favor
able trade balance. the figures for
May announced yesterday by the
department Of commerce showing
that IL is considerably less than
half what Il was for the same
month last year.
With the value Of total imports
placed at s2os.ooo. 900 and exports
at ss3e.Ooo. 900. the excess OF eI-
ports is ,I22.ooo.oco for May of the
current year while last years ng-
ures for the month were s3lt.sIS.
72s
Reason for Decrease.
That this decrease Is due to re-
cent conditions in international
commerce is shown by the fact
that the excess Of exports for the
IL months ending in May is s2,7o7.-
727,ss0 for 1921 and s2.Ts3.ssS. .Sas
for the preceding year which is not
an appreciable difference.
Excess Of Gold Imporfs-
There was an excess of gold i'm
ports over exports during the month
of s57.1f7.3s7. IL is shown and COM
pared with ss,l2s.176 for 1920. For
the IL months ending in May SsO2.-
Sl7.s2S in gold have been sent into
the United States by debtor coun-
tries and only s132.7s4.2ss exported.
The Washington herald., 1921-06-12
u LEADERS TO ATTEND BIC COMMERCE MEETNG-TRADE B
TIMELY WALL STREET TOPICS

I. NEW YORK June lf.-After. the
severe idecaines which occurred In
many issues In yesterday'ss late
trading there was q. good deal OF
discussiop shout the underlying fae-
tors which caused such acute unset
tiement n security values Many
Of those who take only superficial
view Of trading conditions noted
the character OF the selling of many
Off the active stocks and; assumed
that bscausei brokers often acting
for banking accommodation sp-
declines that the losses were due to
frequent Intervals ION special issues
and were disposed to- attribute most
Of the weakness to /. the persistent
selling by the element that has been
30, long committed to the short
side OF the market. Brokers acting
for the .recoSnized bear leaders,
however. told q different story.
They asserted that most Of their
work on, the decline had been the
covering Of shorts and that their
principals. had become extremely
cautious about putting oyt any
large amounts Of short stocks at
the present time and that the stand
ing short interest had been ma
terially' reduced on, covering opera
tions that have occurred at IRE
.quent intervals during the week
These statements were practically
CONFIRMED by 5 Interests Identified
with some of the leading commis-
sion houses who In speaking about
the trading In. the past few days
said that they had sold Thousands
Of shares Of stocks because Of the
impaired margins and crippled 3ae-
counts and that At the same time
many Of them said that q great part
Of the selling of the Liberty is
sues came from these sources for
the purpose of providing funds to
meet losses sustained in the various
stocks which had suffered violent
declines in the past few weeks. Ac-
cording to a statement made In
these quaI1efs a large part of the
selling REPRESENTED Individual neces-
sity and had no connection either
with the money market or the. con-
dition of the various corporations
whose stocks had been thrown on
the market at sacrifice prices: Stop
orders were reached every day OF
the past week in large amounts re-
leasing heavy holdings which were
thrown on the market at once as
soon as the stop-limits had been
reached and many of the heaviest
losses were due to execution oil
these orders
In all such times as these Wal
street is Hooded with rumors oi
The Washington herald., 1921-06-12
RISE
FOLLOWS DECLINE
Grain Market Lacks Support,
And Is Disturbed by Ger
man Dispatches.

CHICAGO, June 11.-Lack of sup
port and reports that Germany had
completed its purchases of old wheat
Fand would not buy new except on
credit led to selling and decline
of around cents in the early trad
ing. but the pressure was not severe
and a substantial rally followed re-
ports of black rust being found In
Nebraska having some effect on the
market with the September inclined
to show a little more strength than
the July.
Black rust In winter wheat is not
unusual, but 1t seldom does damage
as the wheat natures ahead of the
rust. The abnormal conditions which
have prevailed this spring. however.
have given the rust a chance to de-
velop rapidly and leaf rust has been
reported for some time in many of
rust is present in Nebraska the ex-
tent of the damage is problematical
and will depend on weather condi-
tions as harvest is still several weeks
OF. While seaboard messages report
a very slow export demand for wheat
sales in small lots continue to bs
made via the gulf with some worked
yesterday for October shipment on
private terms. Country offerings in
the southwest are reported as grad
ually increasing with favorable
weather for harvest. although floods
prevail in some sections of Kansas.
Sentiment is decidedly mixed and
rapid price changes are expected to
continue.
July and September corn sold at
the same price today coming to-
gether for the first time. whereas
recently July was around 2 cents
under the September. Cash houses
were heavy buyers of July and SELL
ers of September. recently to change
over and with lack Of pressure
the advance in the July was not
surprising as fresh sales from the
country are. small. Crop reports
continue very favorable, but there
Is a strong belief in some quarters
that there will be a dry weather
scare later in the season. Liquida-
tion in corn and oats is regarded as
about completed.
Provisions were dulland slightly
easier, early with hogs. but the de-
cline was recovered later on scat
tered local buying. Hogs were
ste ady to 10 cents lower with re-
ceirts 1000. and $4,000 are expected
Monday with 100000 for ali next
week. Latter will compare with
$4,000 last year. Western run for
the week was $4,000 against H.
600 the previous week. and $4,000
last year. Money steady: call Z;
time 7a7h. Exchanre mar
The Washington herald., 1921-06-12
FINANCIAL PROBLEMS
ARE HARASSING BRAZIL
War Upset. Coffee and Rubber Trade and
: Demoralizes Exchange System.

, whole situation and brought out
again the question of depreciating
national income, which cannot now
be answered as IL was during the
war by further ISSUES of inconver-
tible paper money.
A convenient gauge of the credit of
the republic is found in its trade bal
ance. which in a new country should
normally be heavily in its favor. In
1890. however. for the first time in
many years, the imports into Brazil
exceeded her exports; and the 'un-
favorable" balance exceeded $4,000
900. which meant that her exports
did not begin to pay for her over
seas purchases nor for the equally
heavy invisible obligations of in
terest. on foreign capitals. freights.
insurance eIc. The calamity to
milreis exchange was inevitable and
was compensated only in a small
measure by the increased revenues
derived from customs duties upon
the very heavy imports of the year.
New Ferns Of Taxation.
As a remedy for this situation the
budget for 1921 endeavors to enlarge
creasing income tax rates. by ap-
plying graduated taxes of 3 to
per cent on net profits from COM
merce. and especially by stimulating
the new industries with tariff reduc-
tions and free freights on state
railways and coastal steamship lines,
The prompt and deserved success
of the recent Sac Paulo loan of S25,-
ooo, 600 will also help the country
in general. since that keystone
state" supplies SO large a part OF
the coffee, frozen meat, and textiles
produced in the republic.
The most significant issue of the
whole crisis. however. is revealed in
what one European expert has de-
scribed as the haphazard banking
system of the republic, which has nc
power or facilities to support com.
mercial credit or to finance ade.
Qustely the values represented by
its products" Had such a system
of centralized credit control beer
in existence in past crises the need
for precarious devices such as the
valorization of coffee would have
been largely eliminated. A solution
is, now looked for in the newly or.
ganized national rediscount bu.
reau, whose functions are outlined
in the budget for 1921. Its remedial
effects are confidently anticipated
especially in stabilizing currency
circulation and exchange rates, in
control of speculation. and in fnanc.
ing crops and disceunting stock
warrants.
The Washington herald., 1921-06-12
French Revenue in April.
(Foreisn conespondence Of The washinetor
Head and the NeE York Eysning sIest.l

Qoreisn Correspondence Of The washinetsn
Hs-sld and the New Ysrk Evening srsst.)
Paris, May 2s.-French tax re-
turns in April again fell short of
the estimates. Revenues amounted
only to 1.24s.432.ooo francs, as COM
pared with the budget estimate Of
1,32s.526.000 francs. AS was the case
in March. the unsatisfactory. result
was due chiefly to deficiencies In the
yield of the turnover sales tax. and
to decreased customs receipts. Rev
enue for the first four months Of
1921. although well above the figure
for the corresponding period last
year, fell 235.344.ooo francs below