davidaulloa/AmericanStories huggingface dataset:
The Washington herald., 1921-05-25

whereas in the March quarter II
was necessary to write OF Sz,l50,-
600 for inventory depreciation. The
directors, however, decided to pass
the dividend. The street was left
to wonder whether this action WINS
prompted by the fault of recent
earnings to overcome losses sus-
tanned during the early weeks of the
quarter or whether IL betokeried a
desire to rebuild a reserve against
contingencies. Central Leather pre-
ferred sold OF more than points
before receiving any substantial
support. In the same period the
common reacted more than 4 points.
Another stock that was driven
down for dividend reasons was
Remington Typewriter common.
Announcement was made before the
market opened that the directors
had passed the regular TX per cent
dividend and on the FIRST preferred
and the regular 2 per cent due on
the second preferred. The fact that
the common stock broke Z points to
Sc on few sales in the first hour
did not suggest in this case that the
dividend omissions were surprising.
The street did not entertain much
hope of the regular payments being
made. What the break really meant
was a sudden raid by shorts at a
time when the market was almost
bare of buying orders. Call money
renewed this morning at 81 er cent
despite the fact that this was the
day for the usual Withdrawal of
government funds from the New
York banks. The last 6k per cent
renewal rate was on May Is. A
few observers of money conditions
held that this easing of money was
not due to the natural working of
the supply and demand but t. a
desire upor the part OF the bankers
to give the market some support
pending completion OF the new
French loan. This theory was
promptly rejected when the rate on
new loans was raised to per cent
shortly after noon. Time loan copdi-
tions were unchanged Some small
amounts of money were loaned at
6i2 per cent on mixed collateral
and So per cent on all industrial
security.
The Washington herald., 1921-05-25
PRESSURE lessons
M)COTTON MARKET
Foreign Conditions Are Un-
changed; Short Covering
Cause for Advance.

NEW YORK. May 24.-There was
decidedly less selling pressure
against the cotton market today,
although no improvement was
shown in the cables from the re-
cent dull conditions on the Liver
pool and Manchester markets. Pri-
vate advices from Manchester, for
instance, reported little new busi-
ness being booked there in either
cloths or yarns owing to the un-
satisfactory general European con-
ditions and the continuation of the
British coal miners strike. At Liv-
erpool spot cotton was again in only
limited demand, with the price on
English points further from yes
terday's . decline to the present
basis of 7.2sd for middling. with the
days spot sales only 1000 bales,
while futures closed dull at points
decline on the general list, against
s, due to have met our closing
prices on yesterdays decline. For
eign houses here had few orders
either way.
The market here opened easy.
with prices going OF to points
from yesterdays decline, with July
selling down to 1890. against 1903
for the new crop, December 1910
and January 1884. This was fol-
lowed by covering movement
among the shorts on the absence
of any further selling pressure of
Importance from either local or out
side sources and better support from
some of the spot housas after .no-
tees had been sent out to the
extent of 1000 bales for deliveries
on June contracts. this being the
hrst day they could be issued. The
way they were promptly taken up,
The Washington herald., 1921-05-25

together with some good buying
in July by Japanese interests, caus-
ed enough covering of shorts
through the forenoon and early art
ernoon to advance prices 20 to %
points from the early low levels
by 2 o'clock. This brought July
up to 1852, October 1926, Decem-
Der 1870 and January to 13% cents,
maximum advance over yester-
days closing quotations of Il to
II points. Most of this improve
ment was held in the last hour.
largely in sympathy with the fur
ther sharp bulge in prices for wheat
on the Chicago board of trade. The
days export clearances were again
fairly large, approximating $4,000
bales. This makes the total ex-
ports from the close of business
last Friday nearly 100000 bales
The Washington herald., 1921-05-25

ported in net weight as well as in
the customary trade units. For ex-
ample, we now report raw cotton in
both bales and pounds. WHY Is II
not just as important to report
manufactured cotton goods in
pounds as we'll as in yards, dozen
pairs. ETC.?
Given sufficient time and patience
and a set of approximate CONVEX
sion units 1t is possible to convert
large number of these commodi-
ties into a common unit such as
pounds or tons and this has occa-
sionally been done by nongovern-
mental agencies. The Bureau of
Foreign and Domestic Commerce
might we'll do this, especially durinc
the present period of price fiuctua-
ton. One or two good clerks with
calculating machines could do this
every month in a few days time
for the more important commodi-
ties The expense involved would
not be very great and the advan-
tage would be very marked.
At the present time about the
only regularly established figures
which give a measure of our for
eign trade independent of price
fiuctuation Is the index of imports
and exports of selected commodities
at 1918 prices published by the Fed
eral Reserve Board. An index cal
culated in this way gives a similar
result to one based on the actual
physical volume of trade. The Re-
Reserve Board uses only 20 COM
moddities for their export and 2i
import commodities.
The following tables give these
index numbers divided according to
raw materials, producers goods, and
consumers goods. together with the
total. The index numbers are based
on the 1913 monthly average equal
o 100.
The Washington herald., 1921-05-25
Would Ne Inseperdest.
Reports 100 Drop
In Cost of LiUina

A decrease Of sbest 4 per
cent In the cost Of living surins
April 10 shown On the sestkIy re-
port Of the National IndusfrfaI
conference Board for May 4. Ip2l-
Betvees July. 1870. and May 1.
1871. the decrease was 10 per
cent. and the net increase .is~p
July, 1914. was 6s.7 per cent.
These figures are for the coun-
try ss . whole and are based on
retail prices Of the component
elements in the family budget,
weighted according to eonsump-
tton by average waee-esrners'
families before the war.
During the month the greatest
decrease reported In the cost Of
amy of the major items On fk<
family budget was for food. A---
eraEe rents and the cost Of ssn-
dries did not changer the He-
crease In the ~ost ef cIotkfsE ank
Of fuel and Hight was tnstEzta-
cant.
The Washington herald., 1921-05-25
VOLUME OF
EXPORTS BEL LOW PREWAR
Federal Reserve Board Index Indicates That
Import Prices Are Near 1913 Level.

Unfortunately the Department of
Commerce does not report exports
and imports in such a way that it
is possible to get information on
the actual volume of trade other
than by value. With such price
fluctuations as have occurred in re-
cent years and particularly the rise
and fall since the first of 1920. val
ues are Of very little use in judg-
ing the course of trade. Our ex-
ports have increased some 800 per
cent in value over the prewar hg-
ures, yet II Is doubtful IL our actual
volume of exports increased more
than 35 per cent for any year.
A great many countries report
their foreign trade in such a way
that II is possible to determine the
actual tonnage involved as well as
the total value. This is particular
ly true of those countries which
use the metric system. with weight
reported in metric units it is a sim
pie matter to convert the total into
tons. So long as this country per-
sists in using a nondecimal system
of weights and measures it will be
seriously handicapped in making
such comparisons. At present our
foreign commerce is reported IN
such units as pounds, tons. gallons,
square yards, linear yards, cubic
feet. board feet, cords, barrels,
bushels, boxes. bags. dozens. num-
bers. ETC., while a great many COM
modities are given in value only.
There Is really no excuse for such
a system and il the collection and
publication of our commerce sta
tistics were not divided between so
many government departments per-
haps this would not be the case.
There is no reason except for the
slight expense involved, why our
trade statistics should not be re-
The Washington herald., 1921-05-25

According to this index exports in
March of this year were per cent
below the average of 1913, although
the total actual value of all domes-
tic exports was s369.462,711 COM
pared to a monthly average of $207,-
0o1.524 in 1913. Thus in actual value
total exports in March, 1921. were
so per cent above 1913. while the
sample of twenty-nine commodities
at 1913 prices shows a decrease of
9 per cent. This decrease all oc-
CURED in raw materials.
Imports on the other hand as
measured by the twenty-five COM
modities. increased 73 per cent over
1913. The principal increase was in
manufactured goods ready for con-
sumption, although all classes in
Copyright, 1921. by {
The Washington herald., 1921-05-25
TIMELY WALL STREET TOPICS

NEW YORK. May 24.-The re-
sumption Of heavy selling for the
decline. in today's stock market took
many observers by surprise. While
they doubted that stocks would
continue the Monday recovering
movement and. in fact, counseied
against following prices upward
commission house people felt that
there was no reason for further
general reaction. But In spite OF
6h per cent call loan renewal rate
the whole industrial list sagged
around noon following the an
nouncement that the Central
Leather company directors had
omitted the regular IL per cent
preferred tdividend. The weakest
spots, of course. were the feathers,
but there were sharp reactions also
in Baldwin Locomotive, 1nterna-
tional Paper. Bethlehem Steel, CALI
fornia Petroleum. Pierce Arrow.
Chandler Motors and American Los
connective.
The severity Of the decline in the
Central Leather stocks was que 10
the fact that the street had been
led to believe that the preferred
dividend would be paid. month ago
there were few who entertained
hope that the company would De
able to make this disbursement
But more recently there has been
marked improvement in the
leather trade. The Central Leather
company. was understood to be en-
loving larger earnings and IT was
expected that in view OF the IN
creased prices of hides and feathers
inventories would be marked up at
the end of the current quarter
The Washington herald., 1921-05-25

visions for the maintenance Of the
gold stsndsfd. the restoration q
credit. and The issuance of net
paper money which would convefI
the present debssed currency into 4
stable issue are also included ~ ths
scheme.
As guarantees the bank vouie
hold the customs receipts, the ri
ceipts from the tobacco and fonaft
monopolies, and a per cent-ore-
ferred mortgage on all private real
estate. The government would guar
antee realization on its internal re-
sources by a second mortgsfe on
private property Of 2 per cent =.
Would Ne Insepe.dest.
Under this scheme. she bank would
lie entirely independent Of the gov
ernment. working in conjunction
and under the control Of a commits
sion consisting of three Austria ns
and three members of the financial
committee Of the league of nations
This commission will hold the hnal
decision In all matters.
The Investigators also advocate
the granting Of foreign loan COW
ering Austria's needs for six months
The Washington herald., 1921-05-25
SHIPPING BOARD
TO SELL TANKERS

Approximately a third of the gov
tnment's tank steamer fleet will be
bid by the shipping board, it was
nnounced last night.
As a result of the number of ships
tiled up by the strike and the ship
ping depression. there is a surplus
OF tankers. shipping board officials
stated. and 2S of the IS comprising
the leet will be offered for sale.
These include 20 steel vessels
ranging from 1000 to 10000 dead
weight tons. and concrete tank ers
averaging 1900 tons. Sealed bids
will be received by the board up
to June 10,
The shipping board will also con-
slider proposals to charter. II was
stated.
The Washington herald., 1921-05-25
WHEAT ENJOYS
SLIGHT GAINS
May Crop Drops 8 Points in
Early Sinking Spell, While
May Holds Firm.

CHICAGO, May 24.-while wheat
prices had a sinking spell early
when May dropped cents from the
early ton on scattered selling, the
July acted strong the greater part
of the morning. and with crop re-
mort. buIlish and no rain OF conse-
ouence over the west or southwest,
an advance was easily attained.
There was some local pressure
early, but it quickly ran its course,
and the July advanced TO Sl.3l by
noon, Or AZ cents, or above the IN
side figure early. Local sentiment
was inclined to the bearish side
early on a belief that rains would
occur in the southwest, but, with
the exception of one-tenth. of an
Corn was somewhat easier carly,
but more than recovered the loss
later in sympathy with wheat and
| oats. Trade was not large, with
considerable hedging in the July.
The country offerings have fallen
off. but consignments are holding
up well. Rains would be very bene-
fcial in some parts OF Illinois, as
corn planted a while ago has not
terminated as yet Oats were in
demand. and averaged higher. with
| Lecount's report showing some dam
age in Missouri. General run OF re-
ports on this grain are not as favor
able as of late, there being numer-
Gus complaints of a thin sand
| Provisions were dull and easier
early. but advanced later on scat
tered buying. Strength in grains
was a factor. Hogs were 1oa15c
lower, with receipts $4,000, and IT,
900 are expected tomorrow. Bulk OF
sales were at s.3oas65. Western
run. 12s.500, against 10000 a week
ago. with 122,So0 last year. Ex-
change, par. Money steady; call, Z;
time, 7a7k.
The Washington herald., 1921-05-25
PRICES OF FOOD
AT RETAIL DROP
ONLY q PER CENT
Wholesale Figures Less
Than Year Ago by
AZ Per Cent.
FARMERS LOSE MORE
Consumer in April Paid sl.52
For Goods That Cost
S1.00 in 1914.

wholesale food prices during the
past year have declined much more
rapidly than retail. This Is shown
by figures compiled by the bureau
of labor statistics of the depart
ment of labor.
Wholesale food prices dropped a.
per cent in IL months. Prices paid
to farmers dropped So per cent dur
ing the same period. But the prices
Mrs. Housewife paid at the grocery
store declined but % per cent.
Food which at the outbreak of the
European war would have cost her
81, during April would have cost
her s1.52. A year ago it would have
cost her Sail.
Near Prewar Levels.
In the wholesale markets, how
ever. food products which in 1918
would have cost 81, In April would
have cost but s1.41, and a year ago
s279. Farm products show even
more striking decline, and more
nearly approach prewar levels than
any other group of commodities.
Products for which the farmer re-
ceived 81 in 1918, during Aprii
brought him S1.15; a year ago they
would have sold for s2.4s.
In computing it's statistics on re-
tail food prices, the bureau of labor
statistics obtains prices on 43 prin-
cipal articles in 81 cities. The
average price of each article is
figured. These average prices are
then weighted" according to the
quantity Of each article consumed
in the average workingman's
family.
Based on Quotations.
The prices of food and farm
products at wholesale are based on
quotations in representative mar
kets of the country. They also are
weighted in making computations,
due allowance being made for the
relative Importance of the different
commodities
Individual commodities illustrate
the discrepancy between wholesale
and retail prices.
Cattle which in 1913 would have
brought 81 on the market. during
March would have brought s1.1212.
But sirloin steak, at retail, which
in 1918 would have cost 81. in March
would have cost s1.54: the March
figure for round steak, on the same
basis. was s1.57.
Pork Chops on s1.6s Basis.
Hogs, still figuring the value in
1918 as 81. in March would have
sold for s1.25h on the market.
Pork chops. also on a 1918 basis.
would have cost the housewife
s1sS.
The relative price of bacon az
wholesale and retail, figuring on
the 1918 basis. was s1.21 and S1.55.
the latter figure being retail. Hams
on the same basis sold at wholesale
for s1.61, and at retail for sIS1
lard at wholesale s1.11 and at re-
tail 1924.
Butter and eggs in their retail
prices more nearly have reflected
the wholesale decline. Eggs which
in 1913 would have sold for 81 at
wholesale. in March would have
sold for S1.20 at wholesale. and at
s1.21 retail. Butter, on the same
basis. was s1.4s1z wholesale and
$50 retail.
Bread Drops Per Cent.
The difference in milk is much
greater. Its retail figure on the
A1913 dollar basis was s1.71, while
the wholesale figure had declined to
1.4s. Corn meal was at retail
1.s0. and at wholesale s1.o4.
The Washington herald., 1921-05-25

creased. In 1913 the monthly aver
age total imports were valued at
s14s,3s3.ooo. compared with s251,-
$4,000 in March, 1921. This is an
increase of only 10 per cent. II the
sample of twenty-five commodities
accurately represents our import
trade in March, 1t shows that import
prices are down to the prewar level,
The trouble with the Federal re-
serve board index is that it takes
into account too few commodities.
so one does not know how accurate
ly conditions are represented. 1t is
unfortunate that the Reserve Board
does not publish the present value
of the same commodities which
would enable a better comparison
on price changes.
a IL
The Washington herald., 1921-05-25

There were about $4,000 bales ship
ped yesterday and $4,000 SATURDAY.!
These heavy shipments are due to
exporters moving out the cotton
under contract to be cleared be-
fore the end of May There was
some buying in of hedges here in
July contracts today against these
shipments
The Washington herald., 1921-05-25
LEAGUE Gets PLAN
TO RE-ETABLISH
BANK OF AUSTRIA
Committee Favors Quick
Action to Stabilize
Finances.
WOULD LpUIDATE
Propose Capital of 100 Million
Under Joint Allied
Control.
WOULD LIQUIDATE

LONDON, May 24.-Liquidation of
the Bank of Austria Hungary and
Ms reorganization into a powerful
bank of issues. over which the
league of nations shall hold dicta-
torial powers, are the basic recon-
mendations of a special committee
which has been investigating Aus
tria's economies and which reported
today to the leagues financial COM
mittee.
The report declares that Austria
can be stabilized IL prompt and
drastic financial reorganization is
sanctioned by the league. 1t urges
outside relief while the nations cur
rency is being readiusted and ex-
plains that the establishment of the
proposed bank which would be the
depository for Austria's guarantees
of loans would facilitate the grant
ing Of credits and release Austrian
capital.
Allies On BoardD
1t is proposed that the commission
governing the banks affairs shall be
composed half OF Austrians and half
of allie deNperts.
The capital would be 100. 900. 600
francs. and the institution would
have entire charge of the country's
currency for twenty-five years. Pro-
The Washington herald., 1921-05-25

Copyright. 1921. by the Washington Herald)
The Washington herald., 1921-05-25

Furnished By W, B. Hibbs Q Co., mcmbe,
New York Cotton Exchanee.)
The Washington herald., 1921-05-25

furnished By ". B. Hibbs q Co., member,
Chicago oBard Of Tnde.)
The Washington herald., 1921-05-25

INDEX NUMBERS OF EXPORTS AT 1918 PRICES
Raw Producers Consumer
Material Goods Goods
The Corpus Christi caller. [volume] (Corpus Christi, Tex.) 1918-1987, 1921-09-16

u fl HIt
The Ordway new era., 1921-10-07

10 fight me fair mans fight. II you'll
only pocket that thing you've got in
your hand, I'll NOW down half an acre
of meadow bush with your body"
The other turned red. then white,
then red again. Bill Dale's words had
lashed him keenly. His eyes became
like hard black beads, and he began
to raise the wicked-looking pistol as
though he meant to fire
Then there was the sound of Il
breaking twig behind him, and voice
drawled out:
'Drap 1t, Mlster-drap the funny
little gun, or the middle o Tarment
is yore potion right now,"
1t was the moonshiner, BY Heck.
and his rifle was leveled. Goff dropped
the pistol Heck grinned, advanced
slowly. took up the weapon that the
hillfolk call a towards gun" and
tossed ii into the river.
Now git-cut the mustard-light a
rag away from here" he ordered,
''afore / let Bill Dale loose on ye."
Goff went away rapidly.
II wonder if you heard him say
anything that would make you valu-
able as Witness" muttered Dale,
''in the event We want to have him ar
rested?"
Il heerd you tell him at he was
afeard TO fight ye a fair mans fight,
and 'at eff he'd pocket that thing he
held in his hand ye'd NOW down TWEEN
ty acres o meadow bush with his low
down body-that'd be vallyable in cote
wouldn't it?"
Dale smiled. Then he frowned.
The Ordway new era., 1921-10-07
MOTHER, QuIcKl GIVE
CALIFORNIA FIG SYRUP
FOR cHILD's BOWELS

Even sick child loves the "fruity"
taste Of california Fig Syrup" If the
little tongue is coated. or II your child
Is listless, cross. feverish, full of cold,
or has collie. n teaspoonful will never
fail to open the bowels. In u few
hours you can see for yourself how
thoroughly 1t works all the constipa-
ton poison, sour bile and waste from
the tender. little bowels and gives you
well, playful child again.
Millions Of mothers keep california
Fig Syrup handy. They know tea
spoonful today saves sick child to-
morrow. Ask your druggist for genuine
california Fig Syrup" which has di-
rections FOR babies and children of all
ages printed on bottle. Mother! You
must say california" or you may get
an imitation fig observation-disclosures
The Ordway new era., 1921-10-07
LETS BE FRiENDs!"

Synopsis.-Young Carlyle Wilbur
ton Dale. or Bill Dale" son OF
a wealthy coal operator, John h.
Dale, arrives at the Halfway
switch. In eastern Tennessee,
abandoning a life OF Idle ease-and
incidentally a bride. Patricia CLAY
ering at the altar-determiued to
make his own way in life. He
meets Babe" Ilttleford, typical
tnountaineer girl. BY Heck,
character of the hills. takes him to
John MoreIand's home. Moreland
is chief of his clan" which has
an old feud with the Iittlefords.
He tells Dale OF the killing of his
brother. David Moreland. years
ago, owner OF rich coal deposits,
by a man named Carlyle. Dale
believes the man was his father.
Dale makes his home with the
MoreIands. Talking with Babe.
Dale is ordered by Black Adam
BaR to leave his girl" alone.
Dale whips the bully. He srranges
with John Moreland to develop the
coal deposits. Ben Littleford sends
a challenge to John Moreland 10
meet him with his followers In bat
tie Moreland agrees. The two
clans line up for battle. A Lit
tIeford fires the first shot BABE.
In an effort to stop the hGhtins..
crosses to the Morelaud side OF the
river. and Is accidentally shot by
her father and seriously wounded
The hght stops and Babe s taken
TO the city. Doctors announce size
Is not seriously hurt Dale meets
an old friend Bobby Afets--Iu,
who has married Patricia Ciaver-
ing. psle's father admits he KILLED
David Morelaud and oTe-s him
funds TO develop the coal Dale
declines and gets funds elsewhere
He realizes lie loves Babe who
goes to live with Patricia to be ed
ucated Henderson Con. a coal
man, appears az the scene
The Ordway new era., 1921-10-07
CHAPTER TX.
A Signal Victory.

The mining man Hayes, the ma jor
and John Moreland were waiting at
the gate when Dale, accompanied by
the moonshiner, returned to the cabin
Dale was the first to speak. He told
briefly of that which had taken place
at the blown-down sycamore, and at
the last Of 1t By Heck Strengthened
proudly.
Il be dadJimmed ef / hadn't ha'
pumped him SO full o. lead at the
couldn't enough O. men got around
him to tote off his corpst, eff he hadn't
ha' drapped the towards gum" BY
Heck declared as fiercely as he could.
"Cause nav she seed in the cup at
Bill Dale was a-goin' to be a right
pa'tickler friend o mine, igod, and /
has habit O. takin. keer o. my
friends. Now thar was my Uncle Bill,
him what could jump sixteen-raiI
fence"