davidaulloa/AmericanStories huggingface dataset:
The Washington times., 1921-04-15
COTTON SITUATION
IS seen IMPROVED
Bankers Move.to Finance Ship
ments Will Accelerate Ex.
ports, Says Meyer.

Eugene Meyer, managing director
OF the War Finance Corporation, to-
day indicated that distinct improve
ment in the cotton situation will re-
suit from a decision by oSuthern
bankers to undertake export finan-
cling OF cotton shipments along more
vigorous lines.
Announcement last night OF ap-
proval by the corporation OF the ap-
plication OF a Southern export finance
corporation Tor a loan of $4,000, 900 to
ship cotton to England, France, Italy,
Portugal. Japan and Germany Is the
forerunner of other equally large
loans.
Mr.. Meyer said that present price
levels warrant return to more nor
NAL procedure with respect 10 stocks
of raw materials and finished goods
carried by merchants and manufac-
turers.
ut would apear that confidence was
great at the high price levels a year
Iago when the business risks were GER
tainly greater than they are now. II
may be well for business men to ask
themselves whether or not the pres
ent lower price levels do not warrant
somewhat greater confidence than
exists at the present time"
A return to normal purchasing
which seems justified now, Mr.. Meyer
said. would lift the load now being
carried by the producers of agricul-
tural products.
The Washington times., 1921-04-15
CENSUS BUREAU ISSUES
MARCH COTTON REPORT

The census report on cotton for
March. announced to-day by the
census bureau, shows the number of
bales for 1921 and 1920, respectively,
as follows:
Cotton exclusive OF linters. Con-
sumed during March, total 437,733
and SIS. .7S9: in cotton-growing States,
o63. .34S and 321 POS; held in consuming
establishments, March 81, $4,000 and
.s53, ,096: held in public storage and
at congresses, 5,235, $50 and 3. 40, 1877:
imported. 27.252 and 133I2I; exported,
including linters, 3I5,1S0 and 794, 400.
Linters: Consumed during March,
37.091 and 31.597; held in consuming
est Adjustments, 20S.647 and 30f,2S0:
held in public storage and at COM
presses, 294,25O and 401 ,955; exported,
6,S45 and 4,411.
Spindles: Number active during &
March. 32.t04, 4,946> and 3469ISl2.
The Washington times., 1921-04-15
AMERICAN COTTON IN FRANCE

The notable Increase of cotton i'm
ports at Marseilles, France, during the
last thirty years has led to a move
rncnt for the establishment of a cot
ton exchange in thet city. No def-
mite steps have yet been taken, how
ever, to that effect, but the movement
is supported by the local chamber
OF commerce, and the project may be
realized in the near future.
The cotton imported into Marseilles
during 1920, according to figures
compiled by the Msrseilles Chamber
of Commerce. amounted to 125,66f
tales. compared with 10S,SsO bales
Tor the preceding year.
The bulk of these imports came
from Egypt and British India. Asia
Minor also furnished normally fairly
Important quantities. There were on
~ occasional arrivals of American
cotton. which is attributed partly 40
the fact that freight rates from the
United States ports TO MaTseiiies wero
generally much higher than those
q@oted from the competing countries.
End even for shipments from the
United States to Hsvre. which fs the
Principal cotton market in FranoA
The Washington times., 1921-04-15
Maryland Bonds Are
Finding Ready Sale

ket with trustees and private invest
crs.
Largely instrumental in the dis
% sal OF this million and a half hms
been the syndicate composed of Bak-
er. Watts & Co., Nelson Cook e. Co.
and Townsend Scott & Son. all OF
Baltimore, which has handled more
than third OF the total.
Within the last ten days about
S150.00o of county bonds have been
taken by this syndicate. These were
$50. 900 OF Wicomico county. $4,000
OIL Caroline and SALTS OF s;ontgom-
cry county. and II augurs well for
the credit OF Maryland counties that
all OF these have been d'str buted 10
investors on a basis ranging from
IN to LILO per cent. The wicom-
ico and Montgomery bonds srs 5b
per cents and the Caroline bonds
we're s per cents.
The Washington times., 1921-04-15

JUDdE RoeERT S 10yETr.
ton would appear to be as salts
tory as might be expected under the
circumstances"
When asked for his opinion re-
garding the railroad wage and rail-
road rate situation. Judge Lovett re-
piled that he must refrain from
commenting on either, because both
are in the hands of Government Of
ncials, and therefore it would be in
appropriate for him to express an
opinion on the situation.
He added, however, that he did
rot believe the higher rates estab-
lished have had any influence what
ever over the volume of traffic car
ried by the railroads in the last
few months. The rate advance. ne
said. came at a time when IL was
inevitable that business throughout
the country was on the point of clos
ing down.
THE Union Pacific Railroad" said
the lines chairman, has effected
economies of a substantial character.
this having been made necessary by
the slowing up of business over its
lines" The board OF directors of
the road organized yesterday for the
year by re-electing the retiring Of
ncers. t
The Washington times., 1921-04-15
BROADER CREDIT
POLICY PLANNED
Reserve Board Continues Con.
ferences With Bank Govern
ors on Business C Conditions.

The Federal Reserve Board today
continued it's study OF business con.
ditions and the credit needs OF indus-
try. In conferences with governors of
the various Federal reserve banks
throughout the United States.
Large users of credit in different
lines OF industry. who are serving ~
Class b directors Of reserve banks.
concluded their meeting Jointly with
the board and the bank governors.
A dominant theme for discussion
thus far, from the viewpoint of laege
business interests represented. hos
been the part which II is possible Ter
banking interests generally to take
In the present economic stringency to
support export shipments by long
term credits. A broader national pol
Icy along this line Is contemplated.
Leading hnanciers now here have
advanced as a partial solution OF pres
ent trade handicaps the formation of
investment trusts. with strong back
ing by bankers, to buy foreign Sc
curities as q means OF creating needed
credits for raw materials abroad.
The Washington times., 1921-04-15
AN ALLIED OIL VICTIM.

A. q. MA little over two years
ago / bought 100 shares Allied OH
for $125. For a while the company
paid dividends, but this practice
soon ceased. Do you think you
could give me any information as
TO the present status of the busi-
ness and whether there is a Dos
sible chance for the stock selling
higher? l seem to have been a
victim of poor judgment in select
ing an investment.
Answer-This is quite true. Hun
dreds of others who bought Allied
Oil were victims of poor Judgment
too. Some, unfortunately, paid much
more for their stock than you did
The present management is tryins
it's best to make the properties yield
and curb brokers have
endeavored to inject life into the
stock, but without much success. Per.
haps II may be well to take chances
with IL while longer. You couldn't
lose much more IL you lost all.
The Washington times., 1921-04-15
FARMLOAN BOND
ISSUE SCHEDULED
Secretary Mellon, of Treasury,
Is Expected to Make Announce
ment Tomorrow.

Secretary Mellon, OF the Treasury,
will announce tomorrow, It is ex-
pected, the forthcoming issue of farm
loan bonds. The amount of the issue
will be between $40,OOO,O00 and $6O,-
600. 900, with interest at 5 per cent.
Details have not been completely
worked out, IL is understood, and the
exact amount to be offered may not be
determined until the last moment.
The forthcoming issue will be tho
irst bond offering by the board since
the legality Of farm loan securities
was attacked more than a year ago
later sustained by the Supreme Court.
Investment houses here have been
figuring on the return from the pro-
posed new issue. Former issues,
deomable five years after their date.
and some of these may be redeemed
within the next three years.
The bonds to be offered will not
be redeemable until the eleventh year
after date. This is an especially at
tractive feature to investors, who are
now demanding long-term securities.
Federal land bank bonds have been
decided by the Supreme Court to be
exempt from all Government taxes,
ircluding income taxes, and also from
sll State and municipal taxes.
The old pre-war issues of the Gov
ernment bonds carry the same ,xemp-
ton, but because of circulation priyi-
leges they sell at too high a price to
attract Individual investors. The 3h
per cent Liberty loan bonds have an
equal exemption, but at present prices
yield a little over per cent. SINH
larly the 3% Victory notes yield Az
per cent at present market prices, but
the latter have also an early maturity.
Other Liberty loan bonds have only
limited and restricted exemption
from Federal taxation.
The Washington times., 1921-04-15
APPLIES TO CLEARING HOUSE.

Application for membership in the
" ashington Clearing House Associa-
ton by the Northwest Savings Bank,
on account of the institutions rapid
growth, according to announcement
made today.
Under the direction OF Preside mt
Savage, the Northwest Bank. 1t is
pointed out, has been particularly
successful and the deposit list large
- increased since the new building
at Eighteenth and Columbia road
has been occupied.
The Washington times., 1921-04-15

Although industries. young and old.
are finding some difficulty to do any
financing on IA satisfactory basis, 1t
speaks well for Maryland and Mary
land municipalities that they have
found a public market for their bonds
to the extent of something like So
5OO. 900 since January I.
These bonds have been disposed of
or basis ranging something above
D per cent, but they have been dis
posed of and are not, like many cor
rorate issues. hanging fre In the
rands of syndicates.
Exclusive OF the $1,000. 900 state is
sue, municipal bonds aggregsting
about si,500.O00 have been sold In
the last three months, as against
$50, 900 sold In the same period last
year. They have boon for country
schools. road and general improve
racnts and have found q ready mar
The Washington times., 1921-04-15
FREIGHT haze PROTEST.

A protest against prevailing freight
rates between Georgia and Northern
points was voiced by -Senatot Harris
and the Congressional delegation from
that state to Chairman Clark, of the
Interstate Commerce Commission to-
day.
Senator Harris told Chairman Clark.
Georgia watermelon producers arc
complaining OF unfair discrim nation
in freight rates they are compelled
to pay on shipments OF their c. ops.
They are being forced to pay 5000
on carload OF melons shipped from
Southern Georgia points t. Phila-
delphia. for instance. he said. They
also object TO paying freight charges
in advance instead of their being +.
O. Il. as formerly.
The Washington times., 1921-04-15

from an inspection trip over the
company's lines which took him
as far west as the Pacific Coast.
He says that although industrial
activity at the moment is not
what it should be, there should
be a definite turn for the bet
'ter by July L..
Il base my prediction that
business will be good after July
1, and, continue SO through the
balance of the year, on the
prospects of good crops through
out the West" declared the
railroad head in New York to-
day.
Conditions in the farming
district are better now, so far as
the crops are concerned, than
for many seasons past. The
acreage is large and well up to
expectations. The farmers have
lost great deal of money on
last years crop and many still
are holding their grain in the
expectation of realizing better
prices between now and the
next harvest"
Judge Lovett said that stocks of
6oods all over the West are ex-
trcmely low. the retailers being
cleaned down to a lower point than
In many years. collections through
cut the West" said Judge Lovett,
are much better than 1 expected to
find them. The banks are taking
care of all necessary loans. and from
a financial point of view the situa-
The Washington times., 1921-04-15
FEDERAL RESERVE OPERATIONS

The Federal Reserve Board Bulletin
reviewing the operations for March,
states that the striking features dur .
ing the month in connection with the
Federal Reserve Bank position have
been the continued tendency to mod
crate reduction in note circulation and
the cotinued reduction OF discounts.
The bills secured by Government obli-
cations have continued at practically
the same level during the month, al
though showing very slight in
crease during the second and third
weeks of the period.
Reduction In the total amount of
inter-Federal Reserve Bank discount,
which have reached the lowest level
for q good many months past, with a
figure of S12, ,4OO, 900 on March 4. indi-
Gates the continuous liquidation OF
the advances which had been made
for seasonal accommodation and for
the carrying of operations growing
out of the crop movement of last
autumn.
Federal Reserve agents report an
improving condition of liquidity and
Of reserve position, which had con-
tinued slowly throughout the month
and which has been reflected in tn,
Increasing strength of the combined
reserve ratio for the entire system"
The Washington times., 1921-04-15
Lower Rediscount Rate
Interesting to Bankers

Washington bankers deeply interested IN the cutting OF
the redscount rate from the to cent by the Federal ke
serve Bank of Boston, which announces its action today
The latter rate has been n effect since last June.
AT the time increase in the rate OF Treasury GER
hicaes from ~ to per cent was announced.
This is the first step taken by any of the twelve Federal Re-
hanks toward making possible for member banks to bor
row at the central institutions rdiscouns more favorable
basis and considered highly significant rejecting improve
nen the general credit situation and possibly oreShadowing
similar action by reserve banks in other districts.
The Washington times., 1921-04-15

cent. and as a speculation Is not un-
attractive. Chandler Motor Car earn
e1 last year $15.40 on 2s0.000 shares
OF no par value. This compares with
S16.4S In 1910. Dividends at the rate
OF $3.50 per share are paid quarterly.
April ]. etc. The stock yields better
than ~ per cent assuming that the
$40 rate Is to be continued, which
cannot be guaranteed. OF course. But
those close to the company believe
that II will be maintained. as there
SEEMS to be no real reason why II
sf ould be reduced.
The Washington times., 1921-04-15
WIDOW DESIRES TO INVEST.

Mrs. l.. C.-The writer. a widow.
must necessarily be fully protected
in all investments, and therefore
comes to you for advice. / am
thinking about placing $1,000 in
per cent mortgage bonds issued by
the Realty Associates Investnent
Company. Do you consider the com
pany's Prudence bonds the right
thing for me to put my money into:
Answer-Yes. to the amount OF
$1,000. The bonds are regarded as
sound. But don't invest all of your
money in any one kind of security.
Buy four different corporation bonds
in the denomination OF $500 each with
the balance of your money. We sug-
sest United States Rubber Tias. due
1880; Chicago and Northwestern Rail-
way 6hs. due 1886: American Agricul-
tural Chemical Company 7Ias, due
1871; and French Republic SIS, due
l945. This will give you a better bal
anced investment than if YOU place
all your money in Prudence EoRds.
LOOKING TO THE FUTURE.
T Il. +. CAS- ] have previously
obtained advice from you and also
kept a lot of clippings from your
columns. ! should like TO have your
opinion of Cuban Sugar,
Famous P1yers-Lssky and Chandler
Motor. ] should like to put some
money to work with these COM
panies il you consider the stocks In
the investment class. i am looking
TO the future and de not especially
care whether the immediate present
holds speculative chances %" not.
Answer. Cuban-American Sugar
pays 4 per cent and yields nearly 16
per cent, assuming that the 81 quar-
terly dividend on stock of SO par
value shall be continued. The latest
payment was made April I. The COM
pany now has sl0.0O0.00O recently is-
sued s per cent bonds, upon which 1t
VIII have to pay interest, perhaps
jeopardizing the common divide nd.
The stock is selling for nearly two
rnd half times the par value but
for less than half the high OF 1920.
Il is not acting well, and we should
ict buy now. Famous Players pays
$" a share quarterly on 20S. .4O3 shares
OF no par value. Figured on last
years earnings of SPLIT share on
present amount of stock outstanding
The company will have no difficulty
In maintaining the present rate OF
dividend. and there is no present in
Gication that earnings are declining.
: he stock yields better than II per
The Washington times., 1921-04-15
NEW YORK COTTON MARKET,

NEW YORK, April 15.-Following
strong cables and more hopeful labor
news from Great Britain, the cotton
market opened firm today at an nd-
vance of 81 to IS points.
Wall Street wire houses and Liver
pool all were good buyers and tho
undertone remained hard after the
start with prices at about the best
points around 1915 o'clock. Offerings
were light and scattered.
The Washington times., 1921-04-15
SUBSCRIPTION RIGHTS.
|. C. C. Certifies Rail Debts.

The Interstate Commerce Commits
sion today certified TO the Secretary
of the Treasury that the Government
Is indebted to various railroads under
section 200 OF the transportation act
of 1920 az follows: Louisville and
Nashville. St.T5O.00O; Atlantic Coast
Line and Louisville and Nashville.
joint lessees Of the Georgia railroad.
100000: Kinscon Carolina Railroad
Company, $1,000.
The Washington times., 1921-04-15
u. S. Money for Virqin Isles.

The Danish West Indian money in
use on the Virgin Islands is 10 be
supplanted by American currency un-
der a bill introduced In the House
yesterday by Congressman Butler OF
Pcnnsylvania. The gold standard is
to be maintained. and the Danish
franc IL to be retired at q valuation
of fp.3 cents.
The Washington times., 1921-04-15
RICHMOND CALLS FoR FUNDS.

All financial institutions in Wash
iDgton have received a call from the
Federal Reserve Bank OF Richmond
for remittanccs covering so per cent
OF the amount of Government depos-
It's. arising from the recent sale of
Treasury certificates.
Checks must be in Richmond by to-
day.
The Washington times., 1921-04-15
LIVERPOOL COTTON MARKET.

LIVERPOOL, April 15.-Spot cotton
opened quiet today with prices firm.
Sales were 5000 bales
Ann. mids. fair, 1854: gooA mids..
S.T9; fully mids.. S.2f: mids., T.. :: low.
6.5i; good ord, $40: ord. Asa.
Futures steady.
The Washington times., 1921-04-15
LIBERTY BONDS.

NEW YORK. April Opening
Liberty bonds: avs. $1,000: first
ANS. sS7.5i; second 4h's. ssT.40; third
AIS, soo.6i; fourth AVS. $3.50: vic
tory ANS. x97.6o.
The Washington times., 1921-04-15
BUSINESS AND FIN AN G. e
Investors Service

The shingto Times be
in
a
will be made by
err d.
The Washington times., 1921-04-15
Judge LoUeft Looks for
Trade ReuiUaL by July /

Prospects for revival Of general business excellent
the opinion of Judge Robert S. Loye chairman of the Union
Pacific Railroad board of directors who has returned the East
The Washington times., 1921-04-15
Insured Investments

Is your house insured against
fire? II you are home-oWner
YOU have probably looked after
that, but are you sure that you
have not been less provtdent n
the matter of your investments?
Your Investment in our First
Mortgage Notes is literally insur-
ed against fire. to begin with,
and II is safeguarded at every
point by the most thorough and
far-reaching financial precautions.
The Washington times., 1921-04-15

Mes got them worried-this Revolving
Neck Man"-who n puszlinR srlcutists
kead about him In The sunday Times.
The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1921-10-04
Chamberlain. Cough Rsmsdy

This Is not only one ot the best and
most effic!etn medicines for coughs
colds. Group and whonptng cough. but Is
also pleasant 10 take. which Is Import
ant when n medicine must be given O.
young children. Chamberlain's II
Remedy has been In use for many years
and has met with much favor where-
ever its good qualities have become
known. Many mothers have given II
their unqualified endorsement. "m,
Scruhy, Ch!ll!cothe. No. writes, Il nave
raised three children. have always aseu
ChamberlaIn'8 Cough Remedy and FOUND
It 70 be the best for coughs. colds a1d
Group. l, is pleasant 10 take, hoIh
adults and children like II. My w'te
and | have always felt safe from crour
with 1t in the house" Chamberlains
Cough Remedy contains no opium OF
other narcotic. For sale by all dealers
The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1921-10-04
WHEELING POSTAL"
WINNER IN CONTEST
Frank II. Eaktn and Associates Got
sanner for Getting New Business.

Frank II. Eahin. manager. and the
Wheeling :Hc" Of the rstai Telegraph
Iahl" mpl has "cnpr"d the pen
nant.' az tie baSchoil writer's would
say. In The Tanner contest which the
Postal has been conducting. In this
cas". The ~r'nnln:' ia the banner emf
birnatic nc th" success of Mr.. Eakin
an! his WEcS,i1E Postal associates III
making the greatest increase In earn
ingS Of any Postal office in the sixth
district. Eastern division. and in addi-
ton TO receiving tho banner. which
shortly will /" on display at the COM
yany's Office. Mr.. Eakin Is to go 10 New
York Citv. as guest OF his company, 10
attend the Banquet Of tho Magnetic
cub. which vii be he'd At the Hotel
AStor, tctnhe:- 30.
Tho banner contest was instituted ut
The beginning Of July and extended
through that month and August. IT WAS
based primarily on gross earnings. the
returns for July and August, 1920, be-
Ing taken as n nominal par, and the
percentage OF Improvement fCr the cor
responding months Of 1921 being the
ba sic figure In determining tho standing
of tho rival managers. To this figure
could be added. or from II deducted. one
10 three points for office efficiency. col
lection Of accounts and the handing OF
CORRESPONDENCE. After an unusually
spirited contest. Mr.. Eakin and his or
fec were declared the winners.
Mr. F:akin was born in Emlcnton. N"-
mango county. Pennsylvania. and entered
the telegraph field as a messenger. at
his home town. 10 served In this ca.
pacity four years, meanwhile learning
To he an operator. when he entered the
brokerage business. holding positions
as operator at Warren. Kane. Sharon
and Latrohe. all in Pennsylvania. and
Mt Youngstown. Akron n Cleveland. q.
In October. 1915. he became a Postal
operator, at Warren, Pa. and was ap-
pointed a manager at Washington. In
the same state. on May |. 1916. In the
latter part Of tina, year he vas trans
fcrred to Bradford. Ia, and reached
the Wheeling office on July ;, 1919.
where he has remained. He has taken
an active part in severa! commercial
ORGANIZATIONS and Is we'll known among
the business interests of this city.
Help. we're running out OF Blue Devil
ads. IS for every one We use.-Adr.
The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1921-10-04
PARENT-TEACHERS
MEET At WARWO0D

On Tuesday evening, October H. a
meeting Of the Pnrent Teachers assoc
Iation will be held in the Warwood hish
school auditorium. The main purpose OF
this meeting is to enlist as t~horoushly
as POSSIBLE the aid Of the ASSOCIATION
In carrying out a health campaign IN
the schools.
Miss Cass, physical training super
visor, will be present to outline and dls-
cuss any plans which s:e desires 10 use
this year. 1t Is also desired that at TINS
meeting a system OF dues may De
worked out, whereby the association
shall have some available money. Ihis
organization has shown itself In the
pa 81 10 be a live wire" and a large
attendance on October II will be ire
m~endously appreciated and lastingiy
helpful.
The meeting will be called TO ordef
promptly at $40 by Chairmon J. Bart
Evans. 4 meeting of the Lyceum com-
mit,ce has been called for the same
evening to convene at ZOO and adjourn
at 1:40.