davidaulloa/AmericanStories huggingface dataset:
The Washington herald., 1921-05-01
Lowering Of English Discount.

The reduction in the Bank of Eng
lands rate of discount from to sh
per cent. while oyershadowing other
financial movements of the week,
was not wholly unexpected. Dis
cussion OF q probable lowering Of
the rate began soma weeks ago. and
change was made fairly certain
this week by the marking down of
the rate on British Treasury bills.
The reduction IN the English banks
rate from the figure at which It had
remained stationary for more than
a year u added proof Of the lessen
ing Of monetary tension, and In re-
garded In some quarters As a fore
runner OF further easing In domestic
markets. The situation here. in
point of fact. reflected continued i'm
provement this week, with a de-
cline In commercial paper rates, and
II Is significant that the reserve
ratio of the Federal Reserve sys-
tenn Is now at the highest point
touched since the hrst week Of 1919
Another important development Of
the current week was the early rise
In sterling exchange to a basis not
previsssly attained since July .
ast
The Washington herald., 1921-05-01
DEVASTATED CoNEBACKZNC 81
TIMELY WALL STREET TOPICS

Entirely new conditions prevailed
in stock market trading during the
past week. chief among them being
the formatioh Of pools In many
closely held industriais and revival
Of other pools and combinations that
had been active up to the period or
money tension and hnce then have
been In . dormant stats.s The activi-
ties Of these pools constituted a
large part Of the operations on the
stock Exchange every day Of the
week and more than took the place
OF the bear combination. proving an
efrectuai check to the Aids and at
tac,xs that had caused an unsettle-
.msnt Of security values for 30 long
a period. The existence of these
pools was clearly Indicated by the
manner in which market movements
were preceded by the circulation Of
many bull tips and points. Yester-
day many of those In the Wall Street
district who are In circles ahat are
fully advised Of these market predic-
fions had q list ot over a dozen
stocks which they had been told to
buy before the opening. The list tn
cluded Kelly-Springheld Tire, Unit
ed States Rubber. Baldwin Locomo-
tive and American Locomotive, and
IL was commented on that the pre-
The Washington herald., 1921-05-01
Iron and Steel Sentiment.

The development of a somewhat
improved sentiment in iron and steel
circles, which the weeks reports
note, mainly reflects a further
Broadening of demand from automo-
bile manufacturers. Additional in
quiries from these interests suggest
that the recovery In activity at au-
tomobile plants Is something more
than a furry, and independent sheet
mills are now running at q 50 per
cent rate. The leading iron and
steel producer has also made some
gain in operation. but the average
for all works Is still below 40 per
cent Revisions In prices are fewer
In number as the markets become
more stabilized, though some pig
iron makers have abandoned their
policy Of adhering to quotations re-
Gently named. and competition in
certain lines may put prices to a
more severe test. As illustrating
the changed conditions within the
industry. the financial statement Of
the Steel Corporation for the nrst
quarter Of this year Is Significant,
showing the smallest net earnings
since the second quarter of 1915.
At $32, 2,2S7,0oo. the earnings for the
March quarter were about s1i,
600 less than those OF the final
quarter Of 1890.
The Washington herald., 1921-05-01
VARIATIONS HURT
WEEK,SCURBTRADE
Favored Issues Score Violent
Gains While Others Yield
To Selling Pressure.

NEW YORK, April so.-There WAS
q good deal of variation on the
Broad Street Curb in the trading
during the last week, some issue,
making violent and extensive ad-
vances while others were under
pressure and some yielded to the
lowest level Of recent trading. Mex
lean investment was one of the
most active of the petroleum
groups, wingin over a wide range
with buying commissions from
strong sources on both advances
and declines The activity was based
on the announcement that arrange
ments had been completed for the
company to drill on its own prop-
erty in the Mexican field. So far
the company's income comes prin-
cipally from royalties. The annual
report Of the company will be is.
sued within a few days and is ex-
pected to show earnings of $40 a
share. The company has about
100000 cash on hand after pay
ing nearly S1So.oo0 for valuable oil
leases. in Oklahoma and Venezuela
Fensland Oil Company with Car
ter Oil Company and Continen ntal
Oil Company has recently acquired
$50 acres Of land in the heart OF
Salt Creek field in Wyoming. Nc
gotistions' are now in progress fol
the acquisition of additional
acreage. Arkansas Natural Ga,
started strong. selling at 1s&, from
which 1t had a quick decline to l3
International Petroleum was g
strong feature ranging from Is &c
I'm.
A feature of the industrial grouT
was Willys-overland FIRST preferred
which advanced from II to %, In
tercontinentaI Rubber advanced
from . to llE. Southern Coal anC
Iron ranged from to 5k with q
rally to 6. New Jersey Zinc sold Al
I2+ to 122h. Nipissing was unset
tied by dividend reduction anC
sold down from 5% to 5h.
The Washington herald., 1921-05-01
Ford Co. Defendant
In Damage Proceedings

FAYETTEVILLE, w. Va. April
30-AlleginE n breach of con-
tract, the Amherst Fuel Company
Of Landale, w. Va, has nled .
damage suit for S625, 900 against
the Ford Motor Company in Cir
cult Court here.
1t In alleged by the plaintiff
that the Amherst Fuel Company
entered q contract for delivery
of 7Soy000 tons of coal between
April 1. 1920, and April 1. 1891.
The price In said to have been
agreed upon as IS per ton. II II
alleged one Indebtedness of the
Ford company under the contract,
nmountainE to 5000, had not
been paid, and that the defendant
Company has failed to take ship
ments Of considerable amounts.
All coal on the Chesapeake and
Ohio, Baltimore and Ohio, Nor
folk and western, kanawha and
Michigan. In West Virginia,
shipped to the Ford company,
Will be attached under the terms
of the Fayette Circuit Court or
der. and held pending settlement
OF the suit.
The Washington herald., 1921-05-01
FAILURES LAST WEEK.

After recent weeks Of increase,
commercial failures in the United
States last week disclose a reduc-
tion. numbering $40. This marks
a decrease of Al from the 81 de-
faults reported to r. G. Dun and
Company the previous week, and of
20 from the $50 insolvencies of three
weeks ago. In the corresponding
week Of last year, however. the fail
ures numbered only 1872
Most Of the falling of in defaults
last week. as compared with the
previous week. was in the South.
where the number Is SO smaller. A
slight reduction also appears in the
East, but the West reports IL more
insolvencies. and the Pacific States
more. With the decreased total
OF failures. those for $4,000 or more
OF liabilities In each case can show
q decline of l73, as.against 202 IN.
previous week. The proportion of
the failures of $1,000 or over to tho
total number is also lower at 52.4
per cent. which compares with 54.4
per cent in the Immediately pre-
ceding week. A year ago, on the
other hand, the ratio of such de-
faults was43.2 per cent.
Numbering %. Insolvencies in the
Dominion OF Canada last week also
disclose reduction, the number the
previous week having been ~. Two
weeks ago, the number was 40, while
there were only 10 Canadian fall
ures In this week of 1920. OF the
aggregate number last week, Is In
voivd $4,000 or more of indebted
ness In each instance, which is 7
less than the previous week.
The Washington herald., 1921-05-01
Improvement in Leather.

While last weeks activity in do
mestic packer hides has not been
fully maintained, the situation gives
more encouragement. and the inn
provement in leather conditions hss
continued. The increase in leathei
business is mainly confined to upper
stock but a fair quantity of sole
leather is being taken by manufac-
turers Of women's shoes, and the
general outlook is considered somez
what better. One good feature of
the upper leather market Is the
fact that side leather in the lower
grades Is moving with greater free
dom, and some tanners who recently
advanced prices on calf are firmly
adhering to the new quotations.
Reports from the large shoe pro-
ducers are becoming more favorable,
with a larger output at some es-
Establishments. and advices from
travelling salesmen are more optim-
istic than for along time past. With
many wholesalers and retailers
stocks showing broken assortments,
after months Of restricted buying.
IL Is believed that demand will con-
Snue steadily from now on.
The Washington herald., 1921-05-01
ZINC INDUSTRY INDICATES
WORLDWIDE DEPRESSION
European Output Recovering, But World Pro-
duction Far Below Prewaf Average


therefore. the chief source Of the
supply for the rest Of the world. A
large portion Of this went to Great
Britain. which in 1913 consumed
some 215.oo0 tons of which she pro-
duced less than $4,000 tons.
During the war the world was
cut on from the German and Bel
gium supply. and the demand fell
largely to the United States. BY
1917 our production had nearly
doubled. reaching $4,000 tons. Since
then It has dropped some. although
even in 1890 the total output was
nearly $4,000 tons. or considerably
more than In the prewar years.
Since the close OF the war Belgian
and German smelters have made
considerable progress in recon-
structing their business. The Bel
gian production in 1890 Is estimated
at about $4,000 tons, compared to
1874 tons In 1918. The smelters in
Upper Silesia produced sl,596 tons
in 1919, and estimating from the
figures for the first half-year, the
1920 output was about 100000 tons.
The following table gives the pro-
duction OF zinc In the principal coun-
tries for the year 1913 to 1918.
ppnnurrTnu
The Washington herald., 1921-05-01
BALTIMORE PRODUCE.

BALTIMORE, April 3o.-Butter-
We quote. per lb: Creamery, fancy.
.3saf0c; choice. 3sa3sc; good, 3sa
SIC; prints, 41a42hc: blocks. asa
4oc; ladle, 2sa2Sc; Western and
Pennsylvania rolls, 20a23c: Ohio
rolls, 1sa20c; West Virginia rolls,
1Sa20c; store packed. tic; Maryland.
Virginia and Pennsylvania dairy
prints, 2oa24c; process butter. 2Sa
28c.
Eggs-Western Maryland, Penn
sylvania and nearby firsts,. 24c dog:
Eastern Shore Maryland and Vir-
ginia frsts, 24c; West Virginia
firsts, 24c; Southern firsts, 23c.
Live Poultry-We quote as fol-
lows: Chickens, old hens, Z lbs
and over, 32c; small to medium,
soc; white Leghorns, soc; old roost-
ers, 16a1Sc; young, large, 40a45c:
young chickens, 2h lbs and under.
5oa55c; spring chickens 1a1A lbs
and up. 60a70c; springers, white
Leghorns. 55c; rough, poor, thin to
shaggy, 32c.
The Washington herald., 1921-05-01
EASY UNDERTONE
PREVAILS In WHEAT.
Breaks Cause Fair Class of
Buying, With Slight Net ,
Declines.

CHICAGO, April 3O.-An easier
undertone prevailed in the wheat
market but net declines were not
large, there being a fair class of
buying on the breaks. The an
nouncement that a Eeamen's strike
would be declared May 1 which
would restrict exports of gain
from the United States and the un-
favorable political news from Eu-
rope were the main depressing in
fiuences, but there was more or less
evening up on the part Of shorts
in the May delivery on account of
the scarcity of cash grain here
available for delivery on contracts.
A private crop report made the
Of winter, wheat Ss.S COM
pared with 81 on April / and sug-
acreage indicating a crop of around
624,00o,0o0 bushels compared with
577,o00.000 bushels harvested last
year. This was about in line with
the expectations of the trade.
Inglis' report from southwestern
Missouri and southeastern Kansas
showed wheat was uneven with
fields losing color on account of
c1CoSSlNe moisture. country Oner-
ings are not large in the aggregate
and the bad condition of roads pre-
vents. hauling. General sentiment
in the grain trade is rather pessi-
mistic on account Of economic con-
ditions. Germany was referred to
as out of the market as a buyer of
grain due to the latest political
developments.
Coarse grains were weaker and
lower with May corn in the lead.
Cash houses were fafr sellers while
the support came mainly from those
who were covering short May and
replaced with sales of July and
September. II Is expected that
there will be fairly heavy deliv-
cries on May contracts Monday,
probably around 100000 bushels,
while Kansas City expects deliv-
cries Of 100000 BUSHELS. Export
demand is not brisk and receipts
are increasing. Local stocks will
probably show a decrease of around
100000 bushels for the week, ar
rivals having been 1,232!o00 bushels
and shipments s,1ss,0oo bushels.
Crop reports on oats are rather
suotted '.
The Washington herald., 1921-05-01
AVIATORSCARRY
OIL WELL DRILL
Fliers Rush to New Fields in
Canada with Full Equip
ment.

Concerning reports Of an expe-
dition by airplane from Edmonton.
Alberta, to Fort Norman. Macken-
zie district, said to have been un-
dertaken by the Imperial Oil Com
pany. the following has been re-
ceived by the chief Of Air Service.
U. s. A., from the air board of
Canada: .
AS far as this department is
aware. the report that two ma
chimes operated by the Imperial Oil
Company, Of, Edmonton, Alberta.
have successfully iown to Fort
Norman, Is erroneous. although II
Is understood that they have re-
Gently left Edmonton for the North
country.
The information which we have
at present Is that these two ma
chimes. after being outfitted at Ed
monitor, new to Peace River, a dis
tance of approximately $50 miles.
in a little over three hours. After
some delay at Peace River, 1. is
understood that they have now set
out on their next stage, the OBJ
jective Of which we understand was
to be in the neighborhood of Hay
River and Windy Poins, on the
western shores of the Great Slave
Lake. a distance from Peace River
Of approximately 375 miles. Be-
yond Peace River there is no COM
munication available either by WIRE
less or telegraph line. hence infor-
nation regarding the progress OF
these machines is likely to be slow
and Interrupted in transmission. II
is understood. however. that the ex-
pedition has made arrangements to
send back reports OF their prog
ress by relays Of pigeons.
The Washington herald., 1921-05-01
BALTIMORE GRAIN.

BALTIMORE. April 80. - wheat-
Receipts. 2s.75s bus. by car and
Cs40 bus. by boat: shipments from
elevators. 1898 bus; stock in ele-
-ators. 57S.235 bus.
Quotations at the IL a. m. calls
we're: No. red winter spot. f1.5e:
No. red garlicky spot. $1.41i: May,
n.41h.
Sales included a cargo OF No.
ed winter garlicky at sl.sSk per
bu. and carlots No. red winter
spot at sl.4lk and slI2: May. B. &
%. elevator. s142
Closing prices were: No. red spot.
t1.Ss: No. red gsrlicky spot. *1.42;
May, s1.42.
Corn-Receipts. lsIss bus. by car
md 2.765 bus by boat: shipments
from elevators. 216.63o bus: stock
in elevators. eo1.371 bus. Cob corn
is quoted at s37oa3.75 bbl for car
lots OF prime yellow on spot. Track
yellow corn. No. 5 or better. for do
mestic delivery. is quoted nominally
1t 76c per bu. for carlots.
Contract spot was quoted at zoe at
'he IL a. m. call, and No. 4 corn at
SIC.
Rye-Receipts. 13s,a57 bus: stock
in elevators. S5s.sse bus: shipments
from elevtors. $3.50 bus: No.
Western spot was quoted at sl.47H
At the IL a. m. call No. Western
spot was quoted at s1.4siE. and No.
: at sl.45E.
Sales included No. . Western de-
liverabIe next week at sl.52: No. 3
SPOT at $3.50 and No. spot AT
s1.4s%.
No. 2 Western spot closed al
s1.4s% bid.
The Washington herald., 1921-05-01
Market Opinion.
Large Sum May Be Had
For Cotton Financing

ATLANTA April so.-Upwards Of
s5o.OO0.OO0 will be available for the
purchase of cotton in the South. II
the War Financing-B Board approves
recommendation which Eugena
Myer. jr., managing director OF the
War Finance Corporation. said to-
day he will make 20 Ihe board.
namely. that Il finance the purchase
of cotton at interior points when IL
can be shown that sales hsVe act
ually been made.
The Washington herald., 1921-05-01

Many of the metal Industries.
which expanded greatly under the
stimulus Of war demand, have been
particularly hard hit by the de-
preston of the last few months.
One has only to mention the iron
and steel industry which Is now op-
Grating at about IS per cent of its
capacity. The copper industry tenn
porarily has almost ceased to exist
Likewise the zinc industry. about
which one hears less, has been es-
peciaily stagnant recently. 1t 10
estimated that about 10 per cent of
the zinc capacity Of the country Is
now closed down.
Before the war the United States,
Germany. and Belgium were the
principal zinc smelling countries.
Together they produced In 1913
nearly SS5.000 tons out of a total
world production of 1,11s,000 tons.
The United States produced $4,000
tons, Germany $4,000, and Belgium
approximately 225,000 tons. The
United States consumed nearly 300,-
900 tons, while Germany consumed
e55,0oe. and Belgium only $1,000
tons. The two latter countries were.
WORLDS ZINC
The Washington herald., 1921-05-01
COFFEE MARKET.

NEW YORK. April So.-Staena-
tion was the only feature Of the
coffee market today; at the outset
the undertone was slightly firmcT,
but orders were evidently lackin-
and trading was confined to SOC
bags of July at 2 points advance
For more than an hour thereafter
no effort was made to do business
The public cable offered no incen-
tive for activity on either side. Al
though the arrivals continued large
the Rio term market was unchanged
to IS refs higher. while Santos was
IS reis lower to 50 reis higher. On
the other hand, exchange on London
was Nd lower at IS 5-sd and the
dollar rate 20 reis higher.
Spot markets are dull and nomi-
nally unchanged at 5Hasc for Rio
Is, ska5kc for Victoria Is, IS. and
Q n O..
The Washington herald., 1921-05-01

II their was anything like normal
consumption. According to the
Geological Survey the zinc industry
throughout Europe and Japan is re-
ported At a low ebb. European
stocks at the first of the year were
thought to be about 1000 tons.
The following table gives the
total monthly exports of zinc dross.
pigs, slabs. sheets, etc, from the
United States since January, 1919.
Exports in recent months have been
only zoo to 400 tons, compared with
$4,000 to $4,000 tons per month a
year ago. The increased Belgian
and Silesian production is no doubt
partly responsible for this, but
underconsumption seems to be the
principal cause.
Exports Of Zine from United States.
(Short tons.)
The Washington herald., 1921-05-01
CShort tonsD


80 Russian.
OF the industries which consume
zinc. the galvanizing OF iron Is by
far the most important. For this
purpose the lowest grade of zinc Is
used. This is known as Grade d or
prime western" and constitutes
about IS per cent of all zinc manu-
factured. Other important uses are
the rolling of sheets, production of
castings, and the manufacture of
brass. Brass contains about 33 per
cent of zinc. and for the best quality
requires the highest grade. of which
there is a relatively small produc-
tion. The following table shows the
zinc production of the United States
for the last four years by the prin-
cipal grades.
o. s. zins Production BY Grades.
The Washington herald., 1921-05-01

dens. French public opinion has
seemed to be solid in public express
sion IL not in private conversation
for holding Germany by the throat,
shaking out her pockets, seizing all
she can get now and then kicking
her further into the mire of ruin.
This was evidenced by their de-
sire to hold the Ruhr Valley to ran
som by armed occupation and take
the German gold reserves. 1t is an
open secret that Premier Lloyd
George was averse to further occu-
patton unless Germany was utterly
unrepentant, though 1t was known
that he would be ruthless II her
leaders were dishonest and sinister
In their proposal.
Moderate opinion in England as
far as i can gauge. apart from
newspaper sentiments which adopt
the old irreconcilability to many
German propositions. is inclined TO
believe that the occupation of in
dustrial towns cannot produce good
results and can lead to grave trou-
BILE. They cannot see German work
men serving in factories with en-
thusiasm under the stimulus of for
eign control enforced by foreign
bayonets. and the economic recoxr
cry Of Europe depends quite a lot
on whether the German workers
continue to work.
American Advice Needed.
The American refusal to act As
arbitrator at Germany's first re-
quest was received with satisfsc-
tion as proof Of the never-doubted
France. Germany, of course, made
the plea, knowing that American
acceptance would be bitterly re-
sented by the French people.
The economic ruin of Germany
would not help the British or Amer
lean export trade. nor in the long
run that of any Of the allies, though
Justice must be done without senti-
ment or softening. It is essential
that the final agreement must be
lived up to. that Germany shall be
Dealt with sternly and in a way
satisfactory to the interests of
France, which is desperately in
need, though never to be wholly
satisfied. The German people must,
in the interests of all, have a fair
chance to attain the industrial pros
perity upon which the surrounding
countries depend in the long run
for their own health and well being.
1t Is such a formula that Premier
Lloyd George has been seeking.
1t is an indisputable fact, and
France must learn 1t. that plowmen
in French fields are more valuable
and less costly than soldiers in oc-
cupied towns.
These words of mine run counter
to popular passion, for which. God
knows, We have cause enough. But
the world is not going to be put
right by passion, nor by vengeance,
however Justified. but by reason and
scientific truth, which are more diff
ficult to the mind Of man.
tceryrisht, 1871. By the Ball syndiesss. Ise.)
The Washington herald., 1921-05-01
Industrials Average 1874 Gain In Week

NEW YORK, reel ended edatth
Friday of
industrial $780,
road stocks showed 6SS
PARSONS Of classes
The Washington herald., 1921-05-01
Railroads.

More than 1900 miles of main and
branch railroads were destroyed and
up to April 1920. 2.l4O miles had
been repaired and rebuilt. All are
now fully restored. The canals,
1000 miles of which were demolished.
were about half rebuilt by April.
1920. Practically all were in serv-
fee January l, last, according to the
ministry. Over $4,000 miles of high
ways were destroyed. BY April.
1920, 1l,122 miles had been repaired.
and THE latest figures show repair
and restoration of 21.156 miles.
Industrial reconstruction includes
the reopening of 3,531 out of 4,4s4
factories damaged or destroyed. In
1873 of the reopened factories fully
rs per cent of the prewar numbers
of workers are stated to be en-
ployed. The total number of per-
sons engaged in these factories and
In reconstruction work is 442.s0J
compared to 100000 in April, 1920
The number employed on January
1 was almost three-hfths Of the
number employed industrially in
these districts in 1914.
Dwelling Houses
During the war 590,235 dwelling
houses were totally or partially de-
stroyed. The official figures show
the following reconstruction:
Apr. 1, Jan. 1,
1890 1921
Dwellings repaired. 17S.5OO 2s0.S25
Barracks built. mot given) 41,I25
Temporary buildings $3.50 90,4s5
There are 1,6s5,sS3 persons lodged
In repaired or provisional structures.
The number in April, 1920, was
$4,000.
The French senate has taken
action for the utmost economy in
Administration of reconstruction
work. The senate has cut the re-
construction budget to s.032,412,747
francs a reduction of about 1.0O0,-
100000 francs from the original es-
Innate, the saving to be effected en-
tfrely in expenses of administration.
The Washington herald., 1921-05-01

Since pecber
with snSspSn q The
o and th nDnS ST s FOR % aps o o
this - 142s. - - s' =
The Washington herald., 1921-05-01
GERMAN PRICE REcESSloNS

Prices
sprinE when the peak was resched In
index Of Frsnkfuer
basis OF January 1920 following
The Washington herald., 1921-05-01

TotaI ..bS5, 4Us 52I,S43 5,4gI IS, I7y
So far as available figures go, 1t
appears that the slump in the do
mestic zinc trade is only another
phase of the worldwide depression
and under-consumption. Foreign
smelters, while regaining part of
their former production, do not ap-
pear to have progressed far enough
to be a serious menace to our trade