davidaulloa/AmericanStories huggingface dataset:
The Washington herald., 1921-06-01
AUTOMOBILE E INDUSTRY
IMPROVES IN APRH.
Present Reports Indicate Marked Decline in
Recent Weeks Evidenced by Price Cuts.
fBy TIC Washington Herald Eeonomi.tl

AcEaA8 n<COnOmI8t.D as1Hs
Of spring demands. These factors
no doubt have had some effect but
Is the lull only temporary and will
there be a recovery?
That the trade conditions are
rather seriously. shaken is evident
from the present period of price re :
ductions. Manufacturers ordinarily
do not reduce prices from Is to 20
per cent when business Is booming
even though reduced cost might
warrant it. The reduction in car
and tire prices at this particular
period IL not without Significance.
These reductions, however, ought TO
stimulate business to some extent,
Many prospective purchasers have
no doubt delayed buying in antici-
patton Of such cut knowing that
with steel and other raw material
prices down such a change would
be justified. A considerable portion
of the spring buying must be cred
tied to normal replacement, most
of which usually comes at this time
of the year.
Some recent figures in the ship
ments by the leading producers for
the first quarter of 1921 compared
with year ago are of particular
significance. The following table
gives these official figures for the
leading passenger car shipments
in the first quarter Of 1920 and 1921.
AUTOMOBILE SHIPMENTS IN FIRST
QUARTER YEAR
The Washington herald., 1921-06-01
MAY WHEAT CLOSES
AT HIGH FIGURES
Crop Shows Congestion and Is
Aided by Good Buying
BY Shorts.

CHICAGO. May 31.-Receipts of
grain over the double holiday ag-
gregated around 100000 bushels,
but the immense arrivals failed to
affect the future market. May
wheat showed congestion and
opened from s1.71 to s1.s2. the lat
ter being 12h cents higher than
Saturdays finish. Shorts were rood
buyers and found offerings small
and had to bid the market up on
order to cover. On the bulge there
was selling credited to the sea-
board, which checked the advance.
Houses with seaboard connections
bought July early and locals, also
due to the strength in May. but at
s1.31lz there was free selling and
a reaction followed. Rains were
reported in Kansas and Nebraska,
which will be very beneficial. Crop
exports are now east of the Missis-
sippi river and are finding some
poor wheat in Ohio and southern
Illinois. Contract grades of cash
wheat sold at 2 cents under the
May on spot with elevator interests
the buyers for delivery purposes.
Export sales of around l,000, 900
bushels were reported via the Gulf
for June shipment. Coarse grains
averaged higher with wheat and on
fair commission house buying
May corn and oats gained slightly
on the July delivery due to evening
up. High temperatures continue
over the west and reports on the
termination of corn are generally
excellent. with cultivation progress
ing rapidly. Eastern shipping de-
mand rather slow, apparently
buyers holding off until after the
May Is out of the way. The large
receipts, estimated at I.7so cars
corn and $50 cars oats. were readily
taken with elevator interests and
shippers the buyers. Provisions
were dull but somewhat firmer on
scattered buying, induced by the
strength in wheat and hogs. The
latter were 25aS5 higher than Sat
urday's average, with bulk of sales
at 7.soaS.1o. Receipts 25.oc' with
$4,000 for tomorrow. We tern
$500. against 131,600 a week ago
and 100000 last year. Money
steady, cali Z. time 7a7h. Ex-
chanra mar
The Washington herald., 1921-06-01
COTTON TRADE HAS
QUIET UNDERTONE
LiverpoOls Unfavorable Ca
bles Offset by Further Bull
ish Crop Reports.

NEW YORK, May 31.-A quiet
undertone of strength prevailed in
the cotton market on the resumption
of business this morning despite the
unfavorable Liverpool cables. There
spot cotton went OFF English points
to 7.54d for middling from Fridays
price. while futures declined about
10 points and closed quiet at a net
decline of 10 points on July to 4 and
6 on the later months, as against
the decline OF 4 to 6 points due to
have met our closing prices of last
Friday. Private cables attributed
the dullness and lower prices there
to the continued unsettled state of
the British coal miners strike and
the unfavorable outside conditions
for much new business in either
cloths or yarns.
These advices were offset by some
further bullish private crop reports.
the effscf Of which was to. restrict
selling and at the same time en-
courage a small amount of new To-
cal and Wall street buying. The
American Cotton association put out
a crop report showing a decrease of
30.75 per cent in the acreage for the
new crop and of 51.17 decrease in
the use OF fertilizer. together with
the statement there will be 4.95 per
cent of abandoned area. The New
York Commercials. crop report was
practically the same thing. The
crop report issued by Norden ana
Company made the average condi-
tion of the crop 81 per cent and the
decrease in acreage 29.5 per cent.
The governments crop report will
be out at l o'clock our time Oh
Thursday afternoon. The trade now
expects this report to make the
average condition no better than 65
per cent to the average date of May
25 against 62.4 year ago for that
date when the condition was the
lowest on record and 1871 sas the
average condition for May 25 the
past ten years. In further fulfill
ment of contract agreements to
clear cotton on shipments before
the end of May there were $4,000
bales of cotton shipped out altogeth-
er in the export movement of Satur-
day and yesterday. This makes
over 10000 bales shipped in the
past ten days in meeting such con-
tracts.
After today the export movement
will accordingly drop off consider
ably.
The weather throughout the cot
ton belt continues very favorable
for the rapid completion of picking
and also for replanting where such
operations have been necessary in
Louisiana, Mississippi and Alabama
from the recent unfavorable weather
conditions.
The Washington herald., 1921-06-01
TIMELY WALL STREET TOPICS

NEW YORK. May 31.-rhe first
stock market session following
the holidays was dull. uninter-
esting affair and so completely
speculative as to have a doubtful
relation to the future of business
The trading element following the
short side made much OF dividend
rumors and succeeded In lowering
the price level 1 to points as far
as the industrials were concerned
Rails Offered better resistance dar-
ing the first four hours, but even
this group gave way In the late
afternoon following an Increase in
the call money rate from 7 to ia
per cent. Pierce Arrow stocks first
discounted and then reflected omis-
sion of the preferred dividend.
Motor. oil and sugar stocks were
weak throughout and the steels
and coppers were fairly steady un-
til the late drive. Notable weak
spots were Crucible, Utah Copper.
International Paper. Sears, Roe
buck, American Tobacco. Punta
Allegro, South Porto Rico Sugar
and Anaconda Copper.
On the theory that there was
still room for profitable short SELL
ing of Individual groups. the bear
party turned to the sugar stocks
today and succeeded in driving
five stocks down to new levels for
the year. They were South Porto
Rico. Punta Allegro, Cuban Amer
lean and Cuba Cane common and
preferred. The first-named stock
declined I points within a compar-
atively short time. American beet
The Washington herald., 1921-06-01
YOUNG OPPOSES
LONGWORTH PLAN

Representative Young. republican.
of North Dakota, last night ad-
dressed a brief to the republican
members of the house. opposing the
Longworth tariff resolution. This
measure would put the tariff rates.
written into the permanent tariff
bill, into effect Immediately upon in
PRODUCTION of the measure In the
house. Mr.. Youngs protest comes
on the eve OF republican caucus
called to consider this SUBJECT.
The Washington herald., 1921-06-01

BILLION DOLLARS
BY COAL STRIKE
American Reckons Cost
On Analysis of New
Budget.
PROVIDES FOR LOR
England Reduces Its External
Debt 2o3, ,ooo,o 900 Pounds
In One Year.

The coal strike has cost the BRIT
ish government $1,000, ,ooo.oeo. This
estimate is made In an analysis
OF the British budget received st
the department Of commerce yef-
terday from Alfred 7. Dennis. COM
mercial attache at London
The outstanding feature Of the
budget is the loss wrought by the
strike. according 10 Mr.. Dennis he
points out that during the past year
there was a revenue of fi.42s.ooo.-
600 sterling, with a realized sur
plus Of ease. .ooo. 900. For the cur
rent year the estimated revenueh has
shrunk to fI.2Is.oOO. 600 sterling. and
the estimated surplus Of fl7s.ooo.-
900 sterling is subject TO 30 many
contingencies that Il seems doubt
full whether it will sufice TO meet
external and internal debts matur-
ing during the year"
Revenae shr1nks Heavily.
The figures cited by Mr.. DENNIS
show there has been a total shrink
age in revenue during the year Of
f2os. $50. 900. and as most of IL IA
attributed to the coal strike. the
$1,000. .000. 900 is thus estimated.
The only novel and unexpected
feature of the budget. according
to Dennis. is a provision for a cen
version loan designed TO meet debts
maturing during the next four years.
Holders of this debt amounting 20
f6eo .0oo. 900. are offered in exchange
a yield of nearly s% per cent IN
an issue not redeemable before 1854.
Reduces Foreign Debt. -
Mr.. Dennis quoted Austin chsn-
berlsin. lord of the privy seal. ss
stating Great Britsin's worst debt
is the foreign debt. Mr.. Chamber-
lain said:
The Washington herald., 1921-06-01
DAUCHERTY PLANS
BROAD PROBE OF
TRADE COMBINES
Methods of Business As.
sociation Made Sub
ject Of Inquiry.
DIRECTORS WARNED
License Permitted During the
War to Be Restricted Un.
der Sherman Act.
DIRECTORS WARNED

Big business, which organized
itself Into trade associations in
many lines Of production during the
war. will be given a chance to dis
entangle itself now. and comply
with the law. or subject itself to
prosecution by the government
The department of justice. IL de-
velopes. has been conducting inves-
LEGATIONS into many of the 400 busi-
ness and trade associations through
out the country. The object is to
determine whether their aims and
modes of operation have the effect
of restraining trade in violation of
the antitrust laws.
80 0meers Are Warned.
In cases where the Investigations
have been completed, and the as
sociations were found to be operat-
ing In restraint of trade, their di-
rectors have been called before the
government authorities and given a
warning. In a great many instances
the organizations have discontinued
their Objectionable practices after
being warned
Attorney General Daugherty in
outlining the situation today, de-
clared one investigation had just
been completed and that the de-
partment of justice might decide in
a few days to take action against
the organization. The government.
he said, believed that this com
bine" was acting in violation of the
law.
These associations within diff
ferent lines of production were
organized during the war, Mr..
Daugherty explained, to collect in
formation on market conditions,
production costs, etc, and dissent
nate IT to the various members.
Overlooked I'm War.
During the war there was a ten
dency to overlook the trend of the
various associations.
But there is a danger now. ac-
cording to Mr.. Daugherty. of these
bodies attempting to fix prices and
dividing territorial trade districts
among the members. Although
originating for apparently innocent
purposes the associations may easily
agree on a uniformity of price
which stifies competition, Mr..
Daugherty said.
Developments along these lines
were discussed at the cabinet meet
ing today and have been the sub
ject of numerous conferences among
government officials.
One object of the Investigations,
which will be followed by prosecu-
ton il necessary, is to determine
just low far the lumber industry,
for instance. can go in organizing
its members
VIII Test Out the Law.
The government will use the civil
law and the criminal law if neces-
sary. according to Mr.. Daugherty.
and may ask that an Indictment be
found against companies which are
members of an association thought
to be violating the law.
This would be done, Mr.. Daugherty
explained, for the purpose of try
ing cut the law"
In many cases it is dIficult to de-
termine whether associations are
actually guilty of law violation.
The government wishes to pre-
vent operations in restraint of
trade, but desires, at the same time.
to permit the organization of
various Industries along helpful and
innocent lines.
The Washington herald., 1921-06-01
AIMS TOPROVIDE
MARKET ABROAD
FOR US. PRODUCTS
Norris Bill Proposes Gov
ernment Back Ex-
port Trade.
WOULD AID FARMERS
Senator Says the Corporation
Could Sell Debenture Bonds
To the Public.
WOULD AID FARMERS

Senator Norris Of Nebraska. chair
man of the committee on agricul-
ture. believes that enactment of his
measure for creation of a hundred
million dollar export corporation
would enable farmers to find a mar
ket In Europe for products which he
says do not now pay for the cost of
their production.
The Norris bill. which was intro
duced yesterday. is the most preten-
tious scheme yet proposed for the
extension OF government assistance
to farmers. The corporation would
handle only, farm products. Its
capital would be advanced by the
government to be repaid later, and
it would be managed by a board OF
directors named by the President
and approved by the senate.
Provides for MiddIeman.
I'VE are confrohted with a condi.
tion here that makes II Impossible
for farmers to dispose of their
products for a price that will pay
the actual cost of production" said
Norris. in Europe there are
millions suffering for these products
who have no money with which to
buy.
The bill In effect provides for a
middleman between the producer in
America and the consumer In Eu-
rope"
Norris explained that the farm ex-
port corporation would be similar to
the war finance corporation. and
would extend aid to farmers. The
corporation would be empowered to
buy products from farmers and pro-
ducers' association. and transport
them on government owned vessels
vt cost. 1t Is expected buying asso-
Citations would be formed in Euro
pean countries.
Plans Debenture Bonds.
II have been assured by represent
atives of foreign nations that there
will be no difficulty or delay in or
ganizing cooperative institutions
the obligations of which will be
guaranteed by organizations Of
banks, and IN some instances the
guaranty will be further fndorsei
by the government" said Norris
The Washington herald., 1921-06-01

Copyright, 1871. BY wsshinstsn Herald }
The Washington herald., 1921-06-01
c., N. e st. p. Ry. Co.
Receives 81, 900 900

TIE treasury Department. sl-
nouneed last night that payment
Of $1,000, 900 was made yesterday
10 the Chicago, Milkaukee and
st. Paul Railway company un-
der the Winslew amendment to
the Eseh-Cumnins trnnsporta-
tisn act autheEizing partial pay
ments towards the guaranteed re-
turn foe the six months period
after the roads were returned
to their private owners.
Payments under this act now
total s141, $50, ,6so.05. with only
one line, The Norfolk southern,
having been paid In full, the
treasury announcement said.
The Washington herald., 1921-06-01
United States Department Of AEri-
~ culture, Bureau of Markets.

Based on May 81 quotations in
important markets, prices for hay,
feed and grain in carlots delivered
Washington, d. C.. for prompt ship
ment. are quoted as follows:
No. 1 timothy hay. $500 ton:
No. timothy hay. $3.50; No. elo-
yer mixed, s23.50; spring wheat
bran. s25; spring wheat middlings.
s25: cottonseed meal cas- per cent),
s3s.5o old process linseed meal,
1850: gluten feed. $500; hominy
feed (white). s31; dried beet pulp,
$3.50; No 2 white corn. Sic per
bushel: No. 2 yellow corn. soc: No.
. white corn. SEC; No. yellow
corn. 7ec: No. 9 white oats. 5OAc;
No white oats. 4s1zc.
The following commodities may
be obtained from local dealers in
earlots. basis cash payment, . at
prices quoted. ~
Jobbers prices IN ton lots or more.
terms cash at dealers warehouses.
range mostly from 81 to- 50 per ton
over local market prices ON hay and
from 81 70 50 per ton on feed
The Washington herald., 1921-06-01

sugar and American sugar refining
stocks were steadier than the
stocks Of foreign companies. There
was nothing new 10 explain this
weakness apart from the advant-
age which shorts sought to take
OF the tariff situation. The coffee
ana sugar exchange announced
this morning that .637I cents a
pound would be added to all ru-
ture contracts. This is the allow
ance made for addition OF the new
sugar tariff.
A sharp bresk In Oklahoma Pro-
ducing and Refining common fol-
lowed the announcement that the
regular quarterly dividend Of 10
cents share on the common and
the per cent due on the preferred
had been omitted The common
stock Is OF IS par value. 1t sold
as high as 50 early this year and
closed at 50 on Saturday. Before
noon today IL was selling at s.75
a share The statement accom-
panying the dividend announce
ment laid much stress on the effect
OF the decline In the Mid Continent
Oh price. The company had a def
icit of s2ss.0oo after payment or
dividends in the first quarter and,
In common with other oil compa-
nies, will have to write off a large
sum from its inventory account at
the end of the current quarter, al
though probably not as much as
for the first quarter.
The action in the railroad stocks
today indicated that the market
had gone about far enough in dis
counting the wage decision TO be
announced by the railway labor
board tomorrow. During the great
er part of the session the rails were
steady and nothing more, but even
this was worthy of note in view
Of the weakness in the industriais.
The first estimate of a 25 per cent
reduction in railroad wages has
been forgotten and Wall Street
viii be very well pleased tomorrow
IL a reduction of as much as Is
per cent is allowed.
Pierce Arrow preferred stock
acted as IL stockholders did not
expect the July dividend to be de-
clared. In anticipation Of the
meeting scheduled for today, spec
ulative quarters wrote down the
preferred dividend prospects to a
very low mark. They thus put
themselves in a position wherein
any surprise would be an agreea-
Bile one except to those who had
sold the stock short. The pre-
ferred sold off to a new low price
OF 81. net loss of AZ points from
the Friday closing. and the COM
mon reacted in proportion. getting
down to 2Ih before noon.
The Washington herald., 1921-06-01
WASHINGTON PRODUCE.

Eegs-Nearby. Csc; southern, 23c;
average receipts, 23a24c-
Butter-Print. 35a3Sc; creamery.
extra, 30a32c; store packed, 15a1Sc.
Calves, 10a11c: lambs, 12a13c.
Poultry-Alive: BOOSTERS, 1sa20c:
turkeys, 30a33c; spring chickens.
45a5Oc; White Leghonrs, 3Sa43c;
hens, 2sa3Oc; keats, 75c; dressed
fowls. 35a3Sc: turkeys. 40a42c; roost-
ers. 22a23c.
Green fruits - Apples, western,
per box. s3.50a4.5o: apples, per bbl..
s3afo; pineapples. s4.50a5; Califor-
mia oranges. S6a6.50; California
lemons. per box. s450a5.50; grapes
fruit, per crate, ssa6.50:: Florida
Oranges ssas.5o; strawberries. 12ha
soc OF = = s-.-s-2 81
. vegetables-Potato nearoy. per
bbi. 81. 5ea1.75: Northern, per sack,
s2.0ea2.25; string beans. per basket.
Florida. s2.o0a2.50: South Carolina,
S250a3.50: new cabbage, s1.50a2.25;
per ct; beets, per bunch, Base:
lettuce, romaine, per crate, S1.25
az; peppers. per crate. s3a4; GYM
Tngs, per crate. s3.50a4: eggplant.
per crate. s2.5oa3.0o: onions. Texas,
s9a2.25 per ct: spinach, per bbl..
s3.50a3: Florida tomatoes. per- ct.
s1.o0a4.0o: sweet potatoes. per bbI.,
y45ea5: sweet potatoes. per bbi.,
ssa7; yams, s5as: Florida celery,
per crate, s4.50a5; bunch. celery.
s1.25a1.50; peas. Ia bus basket,
s2-5oa3.oo: new potatoes, s3.75a4.25.
The Washington herald., 1921-06-01
COFFEE MARKET.

NEW YORK. May 31.-Strong
cables from Brazil stimulated ad-
ditional covering by the shorts at
the opening today. and first sales
showed gains of S to points.
After the call a special cable re-
ported further advances In Brazil.
This brought out still larger buying
orders from trade houses. and
prices at one time were 1oa12
points above fridays closing
levels.
Compared with the last quotations
received on Friday. the second
cable posted this morning showed
gains of 100 reis in Rio. and of 375a
SIS reis in Santos. Rio exchange
on London was I'd lower at
6 7-16d. and the dollar rate 200 reis
lower.
Firm offers were rather more nu-
merous. but still very high. viz;
Highly described Is IS, at le.7ec:
well-described IS IS. at 18.1sc; new
crop bourbon As, June-July. st
$500, and bourbon style IS IS
prompt at s.50c.
In spot markets a much better
inquiry is reported, with a slight
improvement in buying. Rio rs are
quoted at s%ae&c, Victoria Is IS
at 6%asikc, and Santos Is at slx
The central record. (Lancaster, Ky.) 18??-current, 1921-10-20
A PHOTOGRAPHER One Of
The Needs OF
Lancaster.

The Chamber Of Commerce has
received a communication from one
Of the beat professional photograph
err in the State expressing a will
insness to open an up-to-dste photo
studio in Lancaster.
This man now opsrates = profitable
STUDIO In one Of our Kentucky towus
and would no doubt make q success
in Lancaster wsrs he 70 receive the
patronage Of thess in and about Lam
caster who now look to photograph
ere in other towns for Photographic
work. whether portraits or amateur.
II you have one or two light rooms
fer rSat On OF near the square and
- The To- Deer please notify the See
Pstasy wAat tsrms you win o6ss 70
this photographer. and the secretary
Win take the matter up with him In
detail.
The central record. (Lancaster, Ky.) 18??-current, 1921-10-20

Hon. Alben w. Barley
At Stanford.

Hon. Alben W. Barley. Congress.
man from the LIST. District Of Ken.
lucky, will speak in Stanford on Fri.
day evening. October 2sth.. at 1850
o'clock, at the Court House. on be.
half Of the democratic party. Hun.
dreds Of democrats in Gsrrard eoun-
~. who 50 greatly admire this dis
tinguished Kentucky leader will 70
from this county to Stanford on the
18th. to renew their acquaintance
and friendship with him and enjoy
the great speech that he will make
for democracy.
II Is generally recognized that
Alben w. Barkley is one Of the most
attractive and brilliant political speak
ers in Kentucky At this time and al
ways draws a large crowd wherever
his services are secured to make n
political speech.
We regret that his engagements
are such at this time that he cannot
come to Gsrrard county. hut many
Garrard county people will hear him
at Stanford and Dsnville. where he
speaks on Saturday night. Oct. goth
The central record. (Lancaster, Ky.) 18??-current, 1921-10-20
PRISON EXPERT
Praises Basin AS Head
OF RefOrmatOry.

The right type Of a man Is in
charge Of the State Reformatory. in
the opinion Of the Rev. DIR. John
Steele Of the Presbyterian Board Of
Morals and Welfare Work. whose
duties embrace visits to prisons thru
out the United States and Canada.
and the care Of dependents left des-
titute by convicts.
DIR. Steele inspected the reforma-
tory and had talked over the stu
alton and his plans with Supcrintend-
ent u. V. Basin. DR.. Steele at
tended a parole meeting Of the State
Board Of Charities and Correction.
He had little favorable to say for
the prison plant. which he described
as u an absolcte type as well as old.
The central record. (Lancaster, Ky.) 18??-current, 1921-10-20
Final Meeting Of Coun.
~ Chairman In
Lexington.

Judge Robert Worth Bingham
Chairman Of the Cooperative Bur
ley Tobacco Marketing system will
meet in Lexington tomorrow. Fri,
day, with the County Chairman 70
discuss plans for the final drive that
will be made within the next three
weeks.
Judge Lewis l.. Walker. County
Chairman. will attend this meeting
and we sincerely hope that Garrard
county farmers will help in this move.
ment and put this plan over in thi.
county. Remember we have only
three more weeks in which 20 pu,
same over-Let's get busy and 70
over the top.