davidaulloa/AmericanStories huggingface dataset:
Auttaja. [volume] (Ironwood, Mich.) 1906-19??, 1921-02-03

ACKNOWLEDGEMENTS
No, 6
vi ms0unetG nuapantta
28asbnston, Yreiibentti g8il
ION belf6ii oifersoepartenlentin te.
hulGn eiitpfen ettd tinnetan 10.
iinlistiiobtaian eugene 8. 9ebiin
10 ooenponfelisrongaistts, iota
ban on olliit toista muotta iuorit-
tarnasia Iiittoballihflen manfilasa
Atlantosia, Ga, decentralization ipa-
foilnIain riffonliiesta, mliutettaiiiin
padttpmafii belmifuun 10 p:na,
Gincolnin ipntpmGpGipinG
x
Safiam fpruamsinmma
Safion tGptpp baiottao ia riilia
aIeista fniffi iotaiouffonin ia iilpii.
litoartina, iotfa eimGt iiidllp Ser.
failIeiin opimufiesia mGGri-
teItDibin. 2oripaus, iofa tefee 226,.
OOOOO0,OOO fliltnmorffao. on iuo-
ritettalpo AZ muotilii erGs1, moib,
oellen fabbesta titbunnesta n,ilioos
1sasta fn,teennili ioonaan mlarffnan.
Gen Iifdf on Satian iuoritettapa
Iiittortuneille 12 procntin nero
tpientitoparoiStdnn.
Sp6tt6mpps
Ueaoilon, belnif - 8sconiinin
Iainlantiiafl,nnan olabuoneesln eli.
tettin Iafiebbotus, iofa pofottaiii
tponantniat nafan,aan tpottompps.
atpustista ilman tpotG oletpille tpo
I1iiilleen 2ofiebooti,fen on laati,
nut Bsconiinin pIiopiston taIous.
tiebeoiaston profesiori Sobn &.
Commons, ttnnetti taoustieteilijd,
ia on @merican federation Of 2a-
Dor aiethrniit it6 fannattamaur.
San nnben trtfimnOm
Basbinston, gictor 8. Ser
geriIIe, nliIpouteeIniielle loiialisti-
felle ianonlalebtniebelle ia nelidl-
Ie nnnille tansafpastoaialle, iotfa
blsomattiin ipplliiifli ia tuonittiin
1O-2O ipiooefli ipanfilaan ioban-
dibaifcn ,pafeihaIaita. -riffomiiesto,
mbonnettiin ltiiset tittinnot plioi-
feu6en antanlnlla pdGtofielld.
III Sipat tpbtpiuGiiiG
Dagbinaton, = Botot tiilepot
tnipoIlilesti mpobG6n, mittto bisto.
ria merfitiee ne fuitenfin Ieboil-
Ieen Basbingtonisia ollnan pleen.
IA tpptpn1i& zen iobbosto, eta
Mmeritan aiatns tortorIeen n1Sri-
telIpn ferfpunsiuntntan aiettnniies.
to SoflaIle on nib6oinfin piGsipt
moitolle
y
Snnria immmia bniueibin
Berlin, Wtilioonn marffan
t1tbIattiin er1isi1 bienoisio tansii.
aiiisio, iotfu pioettiin iunonn ai-
taar, fun Sation ionomalebosid
tpaIitettiin, etta Safia Ell fpfene
ntafiamaon pariiisio oietettuia 10.
toforipaiifid Silaiiinis oil tpppilli.
men eiifnpa nptppdiipGn "nalfiin.
tspastG" Sanastd.
Snuern55ri fnollnt
augasta, tanunif. 81 p. - Sre.
6erief s. Yantburst Wsainen mall
tion fiiiperno6ri fuoli aifaiiin tdnd
oorltrna
Qosfa fiipibiilen binrot Suontes
ia otpat pime aifoina iitliresh los
feneet sootetoan balfoien bintojen
mpxs unrest lasfeuhipon. "a.
MGn icboostd OF tri 8. Nnnias
inifiinut artpelunid, ett1 eiint. Sel
fi,,niu eufi n,iio6efSi orfpntt1iia Lam
New-York tribune., 1921-01-23

soundness of the nation, these condi-
tions brought about an acute cessation
Of industrial operation. But in view
OF the recent substantial declines in
retail and wholesale prices, neither the
retailer nor the consumer, can afford
to carry the don't buy policy too far.
In the long run, closed mills and stag
nant demand cannot make constantly
decreasing prices without causing ccm-
mercial bankruptcy all along the line.
MANY of the important markets for
raw materials have now reached practi-
cal and normal levels, and show firm
tendencies. Therefore, it is now the
psych illogical time for every farsighted
manufacturer to resume his purchasing
operations on discriminating scale, in
order to sustain industry and return
our national business TO q more
healthy, normal and prosperous con-
dition.
mo other single commercial element
has q greater interest at stake or .
more direct obligation to perform than
the manufacturer in the present situa-
tion. No other factor can accomplish
more in q practical way than the manu-
facturer who appreciates the timeli-
ness for the application of the adage
that buying begets buying This
automatically will dispel the cobwebs
about our business vision. Our indus
trial condition unquestionably will take
decided turn for the better if the
manufacturer now applies the oil Of
activity and optimism by buying"
New-York tribune., 1921-01-23
No Danger in Shortage
Of Textiles is Foreseen

Most of the talk of an acute short
age of textiles in the near future Is
taken with a grain of salt by buyers
and conservative manufacturers. 1t is
admitted that temporary shortage OF
any particular fabric can develop
easily in the present situation. In
which consumption appears to be out
distancing production. The fact that
mills are running on part time and
can easily swing into the production
of any wanted fabrics is expected to
prevent q shortage Of farreaching con-
sequence.
If the mills were busy on uncom-
pleted orders, finding machinery to
produce special fabrics that might be
in strong demand might be difficult,
but not at present. This is illustrated
in both the silk and woolen goods
market. Canton crepes and tricotines
are in good demand now and avsilable
supplies are being rapidly absorbed.
However. more mills are rushing into
the making of these fabrics and 1t IL
only q question Of time until the sup
ply will catch up with the demand. in
the opinion of far-seeing trade leaders.
New-York tribune., 1921-01-23
Estimated.
Need of Readjustment

The necessity of drastic readjust-
ment TO meet the causes of the pres
snt depression is thus discussed in
aas Engineering and Mining Journal:
ine extremely low prices of cop
per are having their inevitable con-
sequences Operations are being cur
Iailed oy some Of the country's large
ss' producers, and there is a grow
.lg determination in the trade dras-
s'eally TO readjust the industry in
~ y effort TO meet the causes Of
me present depression in the mar
As, Inls was to be expected, in view
ol sae great forces that have been bear
.ss Gown upon the price OF copper and
.ne impossibility Of meeting to-days
pracss oy INN mediately lowering costs
Ten years ago it vas conservatively
imated that no copper can be pro-
saeeeo IN North America at profit for
.sss t4an 10 cents pound. Copper
se'0ay can be had at less than Ia cents
pound delivered, 80 that it is not
a,mcuit 70 realize the situation in
1hicn practically every copper COM
wnJ IN the country finds itself. 1t was
ssimaIed ten years ago that 11-cent
upper meant only half the production
-. tas period; l2-cent copper an in
efesange Of "new dollar for an old
yhs and at rs cents "the business is
r's'a0ie and prosperous only to an
..an.s.fsiy legitimate degree" Although
~. s,.ss eS'maie possibly should have been
,"~Hry modified in 1913 and 1914 by
New-York tribune., 1921-01-23
Continued Sales
OF March Cotton
Unsettle Prices
January Contracts Decline
as Market Reacts 25 to
48 Points on Increased
Shipments 10 Warehouses

The feature in the cotton market yes
terday was the continued liquidation of
March contracts. Owing to the fact
that January has been held at a pre-
MUM over Southern spot markets
good deal of cotton has been shipped
here for delivery, and it is anticipated
that by the end of this month there
will be fully $4,000 bales in the local
warehouses.
nary supply, but the prospect seems
to have caused a considerable change
in the attitude Of the March long in
terest, and the continuation of it's
liquidation yesterday had an unsettling
effect on the general market. There
was also selling on reports that the
break in raw material was checking the
aemand for cotton goods, and in the
late trading January itself broke rather
sharply on a few transactions.
There were large arrivals of cotton
reported at New York again yesterday,
and the trade is locking for large no.
tices on Tuesday morning. The few
sales reported on the late break conse-
quently suggested the liquidation of a
trailing long interest rather than any
cHdlSe III IHe poSllioli vi tHVSe WIZ
have been receiving the cotton. March
sold oF tn 14.25, or 40 points net lower
and 235 points above the recent high
level, with the general market closing
barely steady at net declines of 25 to
48 points.
Traders found nothing in the general
news to cause any change Of opinion
with reference to the immediate out
look for export business. Considering
the quotations prevailing in the Liver
pool market and the depression re-
ported in Manchester, there would seem
to be little prospect for revival of
British demand.
Sales of print cloths in the Fall River
market for the week showed some fall
ing off, as compared with the previous
week, which tended to emphasize re-
ports that demand had been less active
for the last two or three days, but all
advices indicated a continued increase
in domestic mill activity.
The local market for spot cotton was
quiet and SO points lower, at 16.15c for
mddling; no sales were reported.
The range OF prices follows:
New-York tribune., 1921-01-23
Finds Demand for u. S.
Textiles in Paraguay

In advising American exporters of a
widespread demand in Paraguay for
cotton textiles and hardware, Trade
Commissioner W. L. Schurz, in a COM
mercial handbook on Paraguay just
made public by the Bureau of Foreign
and Domestic Commerce Of the Depart
ment of Commerce, sounds a warning
against careless or dishonest practices
in business.
"Paraguayan importers are slow in
giving their confidence to a new firm,
but, once given. they are slow in with
Schurz writes. "Psraguayans are very
punctilious in insisting on exact com
pllance with the terms of an order. A
deviation IN this respect not only ends
the exporting firms chances of obtain
ing further business, but is so widely
advertised that it is made to reflect on
the business ethics of the whole nation
to which the shipper belongs.
Most of the stronger Paraguayar
houses are owned either by foreigners
or by the second generation of families
settled in the country since the war of
Paraguay (lS66-'70). Spanish and Ital-
lans predominate. There are also
French and German houses, but only
one American mercantile house in
Asuncion. While these merchants will
naturally patronize exporters in their
home countries. it would be easy to
exaggerate the Importance of national
istic sentiments in this respect, Schurz
says. There are from 100000 to 900, 900
people in Paraguay. While their buy
ing capacity is not great in considering
the general international market for
exported goods, the potential develop
ment OF the country makes it field
we'll worth cultlvatng
New-York tribune., 1921-01-23
Copper Production Still
High Despite Price Drop
Necessity of Drastic Readjustment in the Industry
Is Emphasized to Improve the Returns and So
Make the Operations Profitable

Despite the low price to which cop
per has slumped-to a point only
slightly above the lowest in ten wears.
and virtually half of the highest figure
Of the war period-productio con-
tinues above pre-war figures and ex-
port demand shows no sign of improve
ment. Moreover, the domestic outlook
is so uncertain that producers face in
creased curtailment as a measure of
self-protec.ion.
After more than two years of de-
creased consumption it might have
been supposed that production would
have more nearly approached pre-war
figures, but producers have evidently
considered 1t more economical to keep
Up production and reduce their margin
Of proft-or sell at an actual loss
rather than suspend operations entire
~. Recent ,rdications point to further
curtailment, however and it is proba BILE
that production will be reduced until
large surplus stocks are worked off or
until foreign demand reasserts itself
On the pre-war scale. ss-'~'-'---- ~ .~
Production Shows Gain
Figures compiled by The Engineer
ing and Mining Journal show that pro-
duction Of copper in 1920 will proba-
bly, exceed that of 1919. further
increasing the surplus in the face Of
shrinking demand. The average
monthly production for 1920 is est-
mated at 114.300oO0 tons, against an
average last year OF 100 100000 tons,
more in line with pre-war figures. The
monthly production in pounds this
year and the monthly average for ten
years. with tho hing New Y >rk price.
are shown in the following table:
New-York tribune., 1921-01-23

Sse Mhlse =, Ssc ordinary clipped white, 54@
New York! hxss5ssaays s;ass Prsv!ou. s Year
NO white .so.54 1854 ,oesh n no
Chicago: -' ~ - 1'o'
5H1y %ay ::.: ::::::: TX -: :.ss :.ss sss g
Rye-Steady.
N.r Yesterdays Previous Year
NO: western.sLs4h sIs4 ;1.ss
1'our and Meal-Quotations were:
Yesterdays Previous Year
Spring s,p pat..ss.:5 $1,000 ss.5o@looo ,1sss 1s2;
re Rye: e:...... 5000 $50 s.oo@s5o s.so0s.lo
0fah ''...- $500 $500 1900
Butter, Cheese, Eggs
hutter-Receipts were $685. packages.
Sreamery. sie higher than extras, H., 5Ois a
score see extsas ts a. score Soc frsts. 80 to 81
80 V 40 1sc; seconds S5 to 81 score 35040c:
lower lower grades, 32@S4c; unsalted. higher
arsts man exxsTas 5sis q 54c: extras, 52h 53c;
storage. high scoring. 4s@4sisc: extras %
4sQ 4S'ac;. irsts, Al 47c; seconds s2G4oc.'
leweT 40 W 5o grades 2saaoc; Danish casks, fresh.
good TO- SrS,,f $40 GARY tubs, finest. 4s9 $50;
soW W 4oc; ladies' current make. frsts. 2sG
sg g Soc; seconds, 24Q25c; lower grades. 22e0
rsni rsni paeklng als stock storage 24425c; cur
lover grades 17@22c. -'0'
Nneese-Recei were 446 boxes. State.
whole milk, held, early made mats sneoiaIs
rn rnn y = g 2sc; fall made 2e &c; avera ge
aysrsge as5l run. 22@ 24c; lower grades, 200
80 aT C; twins held specials. 2sla q % y c;
nats Ii.; 2Sq 2sc; held twins, ESQ 27c single
haId nais'ess n held 2512 &c; double Daisies,
nniid, naid, 2oa n &c; Young Americas, held.
specis,, sSaG; fresh !, ,oA 2sA 2sac: sklms held
grades. 10c.
EsEs-Receipts were 1915 cases. Fresh
sssathered, extras, dozen. CSC; extra frsts,
ssses sso q rssi,n. &C.; frsts. 65 ssc; seconds s2@
psnnsylvania ard nearby Western. hennery
sI sWnites extras, 72@ 73c; extra hrsts, nc:
nrsts os q zoe; gathered whites firsts to
sxera sxd n,i1s' iirs.s' ss@71c under grades. 65 q
extra frsts. 2c frsts SO a 0c; under
ssqpaoes. 90 Ge67c; pullets. usual sizes, SO %
oSc other Western and Southern gathered
Mn'sss a.ss. ss q zoe; state. Pennsylvania and
nearby western hennery browns, extra. 50
g 7oc; gathered brown and mixed collars
graded extras, Csc; hrsts to extra iirsts'
New-York tribune., 1921-01-23

and the railroads. find themselves is
unnecessary and 1t is within the power
of congress to give Immediate relief"
The problem Of the wave Of cancella-
ton of orders and attempts not to
honor confirmed credits granted bv
banks was fully discussed The COM
MISSION was unreserved in its con.
demnation of the vicious practices that
have recently been indulged in by bust
ness men, both here and abroad. and by
banks, and there was common accord
that all possible steps should be taken
to arrest development which, il per.
m!ttcd to continue, would be bound to
undermine the confidence upon which
business and banking must be based.
A special committee was. appointed.
consisting Of Messrs. Traylor and
Hecht. to cooperate with the Bankers
Commercial Credit Committee. which.
III cooperation with the American Ac-
ceptance Council. is at present at work
on clarifying and codifving the mean
ing Of terms used in letters Of credit
for the purpose o. establishing, as far
as possible, common accord concern
ing the usage and meaning of these
terms when used in contracts between
banks and their customers
The commission examined the Me-
FadGcn amendment to the Federal Re-
serve act. now before Congress, and de-
cidcd to indorse it's general principles.
with some minor notifications, which
at the proper time it will recommend
to the executive council of the Ameri-
car. Bankers Association. The cou-
mission unqualihedly. indorsed the
main features Of the amendment,
which arc the abolishmcnt Of the Office
of the Comptroller Of the Currency and
the taking over by the Federal Reserve
Board OF the main functions exercised
by that bureau OF the Treasury De-
partment, the power to be given to the
board itself to elect the governor OF
the board, who shall also act as chair
man of the board. thus changing the
present system. which empowers the
President to appoint or denote the
governor and vice-governor Of the Fed
eral Reserve Board, and which pro-
vides that the craftsmanship of the
board be held by the Secretary Of the
Treasury.
The bankers also were in accord
concerning the desirability Of return
ing at the earliest possible moment the
conhscated alien property. .
New-York tribune., 1921-01-23
Rankcrs Declare
Against Reduction
In Discount Rates
Commission Headed by Paul
NJ. Warburg Thinks Time
Not Ripe for Such Action;
Other Recommendations

The economic policy commission O.
~. American Bankers Association.
s..asd b. Paul NJ Wsrburg, former
s;.c-roycrnor Of the Federal Reserve
Hard. announced yesterday that thee
i. unanimity Of opinion on the part
=, IT'S members. representing leading
banking institutions all over the cCun-
nv. that the time has not yet come
for the Federal Reserve Board TO ,on-
sl;cr the reduction of discoun. rates.
TIRE bankers met in conference here
las, week 70 discuss pressing financial
ava. economic problems Of the day. but
rs;c nuhlic until yesterday. The
nembels p-escn. were Walter w
Hea,. president OF the Omaha :lattonal
Dsrk, Omaha; E"ans Woollen. presi-
,lers Fletcher Savings and Trust Com
sany, Indianapolis; NJ A rravior.
resident First Trust and Savings
hsnk. Cnicago; John W. Staiey. presi-
dsn. Peoples State Bank. Detroit: A
!. Adams, president Dollar Savings
and Trust Company, Youngstown; ;
George E. Roberts. president Ma
tjonal City Bank. New York; z. S.
Hecht. president Hibernia Bank and
Trust Company New Orleans; Waldo
Newcomer, president National Ex-
change Bank, Baltimore, and Paul M.
Wsrburg, New York City.
Opinion was expressed by the bank
ers ''thae the present tangle by which
The sums due the railroads are tied
nm in the Treasury Is grave i.npedi-
ment in the banking situation. which
indirectly affects seriously the entire
BUSINESS situation. While at present
We are suffering from many difficulties
which are beyond our power TO repair,
the deadlock in which the Treasury
New-York tribune., 1921-01-23
Wheat Receivers
On Improved Tone;
Changes Feverish
Evening of Accounts Over
Week End ON Belief of
Stronger Technical Posi-.
tion Is Favorable Factor

The wheat market showed a better
tone yesterday. and. although price
changes were feverish, the close
showed net gains of to 2Ac. There
was disposition on the part of shorts
TO cover Tor over Sunday, as the tech
nicai position OF the market was be-
lieved to haye been materially
strengthet1ed by the heavy selling
which had occurred during the week.
There was also buying against exnort
sales, which were estimated at about
100000 bushels for the day. Leadin
commission houses continued to sell on
the bulges, however, and these opera
tIons resulted in numerous breaks and
rallies: The cash position showed a
somewhat tirmer tone, and premiums at
the Gulf were about a cent a bushel
higher.
Cash houses which do a business
with the interior said that they found
less wheat offered for shipment to the
Gulf. and declared that msllers were
outbidding exporters, and that this de-
mand had diverted the movement to
the terminal markets. The -four de-
mand here was quiet, but there has
business of late, and if similar gains
are being experienced throughout the
country this might easily bring about
better domestic demand for wheat, as
the sales in the aggregate would be of
substantial proportions.
There were complaints of the ap-
pearance of Hessian fly and green bugs
in the wheat fields of Oklahoma as a
result of the abnormally mild weather
There was no fresh news from the Ar
gentine regarding the supertax there,
but prices in the Buenos Ayres mar
ket declined 4 cents bushel.
In the local cash market No. 2 hard
was $1.90, and No. 2 mixed durum $1.88
c. /. +. New York, January shipment.
The range of prices:
fridays
Open. High. Low. Close. close.
March,. 1.66 1.67N l.S4A 1.67 l.65
New-York tribune., 1921-01-23
Asia Banking Corp. Branch

According to press announcements,
a branch Of the Asia Banking Corpora
tion is soon to be opened at Singapore.
This corporation opened in China in
1918. establishing branches at Shanghai,
Tientsn, Peking. Hankow. Changsha,
Hong Kong, Canton and Manila The
Singapore branch will be opened to all
banking business
New-York tribune., 1921-01-23
Still Seek Substitutes

The drop in hide and leather prices
has not killed the search for leather
substitutes for shoemaking. A report
from Boston says that a consignment
Of ostrich skins has been received
shere and shortly will make its appear
ance in shoes to be offered the public
as an Easter novelty
New-York tribune., 1921-01-23

Southern Spot MarlSets-Galveston quiet,
Unchanged at l4c; sales. 7l5 bales. New
Orleans quiet rs points lower a. 14.5oc; ;
sales. 337 bales. Mobile nominal. un-
changed al l4c; sales, nil. Savannah
nominal. so points lower at 15.50c sales
nil. Norfolk quiet % points lower at
1425c; sales. 1877 bales. Memphis steady.
unchanged at lA.50c. sales, 1880 bales
Houston steady. 25 points lower at 13. 25c ;
sales 2.7,1 bales Little Rock quiet. un-
changed at 14.50c; sales. $50 bales. Dallas
steady. 20 points lower at t2.S0c; sales
nil Fort Worth quiet 25 points lower at
1es5c; sales 1850 bales
Cottonseed Oil
The market was easy throughout the
day and final quotations showed net losses
New-York tribune., 1921-01-23
Japanese Salt Production

IT IS reported that the production Of
salt in Japan has been short of the
country's requirements, which have
been met by importatons from Dairen,
Tslngtau, Tawan and elsewhere. Gov
ernment help in the nature of i'm
proved refining facilities is being So
licited for the protection Of the in
dustry
New-York tribune., 1921-01-23
Artificial Silk Plant at Prague

According to recent report Of As
sistant Trade Commissioner Breed. of
Prague, a group of German textile
manufacturers has established q new
company in Prague for tho manufac-
tare Of artificial silk. Other important
concerns are also reported to be estab-
ished in this industry.
New-York tribune., 1921-01-23
OF to points. Total sales were $500
barrels.
The range of prices follows.
Omen HiRh Low clnse cin..
Heavy Sugar Purchases
Check Market Interest
Yesterday. Year /;

Sugar. Eranulated. ib. ..7.75 .I5@eiS
Coffee. No. Z Rio .0sS IL
Coffee. Santos No. 4... o9s. "a
Heavy purchases of raw sugar dar-
ing the week, transactions totalina
about 10000 tons, checked interest in
the market yesterday, and prices were
unchanged at AS cents cost and freight
Tor Cubas. The dullness was reflected
III futures, which sagged to 9 points
at the close on scattered selling.
The range of prices: