davidaulloa/AmericanStories huggingface dataset:
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1921-07-17
RESERVE RATIO At
HIGHEST POINT
SINCE MAY, 1918
Statement OF Federal Bank
System Shows GIG Per Cent
A Figure Reached.

A statement of combined Federal
Reserve banks shows reserve ratio O.:
s1.e%. which Is the highest point
reached since May 81, 1918.
Bankers have recently insisted that
the Improvement that has taken place
In reserve position was due more to
influx of gold than to any actual de-
flation. 1t may be pointed out, how
ever. that In the past week, while cash
reserves increased $685. 900. liabili-
ties against which cash must be car
ried decreased S87.244,0o0.
II may also be pointed out that Fed
eral Reserve notes actual circulation
have been reduced sso1,oss.ooo since
December %, 1920. In the past year
deposit liabilities have been reduced
about S250,000.000.
During the past week total loans
and discounts were reduced sos, 1884.
600 and, compared with a year ago,
the decrease il $1.117 100000. As a
further point Of strength, Independent
of the gold influx, attention II called
to tho fact that loans on war paper
have been reduced from 31,256,25S. 900
a year ago. to S61s.784. 900 at present.
New York Federal Reserve Bank
made a good showing. the combined
reserve ratio advancing 1.9 points for
the week. Local bank holds $102.s0 In
gold against each 800 Of its Federal
Reserve notes in actual circulation.
after setting aside sb% against deposit
liabilities.
Total bills on hand now stand at
S<32, 1oS,198, while total cash reserves
amount to S904,699,5 500.
1t Is pointed out that with the pres
ent strength Of the Reserve system, a
so discount rate il relatively higher
than the 796 rate was year ago. A
year ago, II Is claimed. business could
much better afford to pay 10 than 1t
can at present afford So.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1921-07-17
GROUPS
FORMED BY GRAIN
AND COTTON men
Organizations Are Being Push
ed So War Finance Corpora
ton May Be Of Aid.

Organization of cotton and grain
interests Of the country Is being
pushed In order that the resources
OF the War Finance Corporation
may be utilized In financing foreign
trade In these commodities, accord
Ing to Information received by Off
cials here today.
Organizations meeting the require
1nents OF the corporation for loans
are expected to be formed in prac-
tically all lines Of agricultural prod
ucts as the best means Of disposing
of surplus stocks in foreign markets.
The War Finance Corporation.
Eugene Meyer. its managing direc-
tor declared yesterday. has received
a response to the telegram to the
Federal International Banking Com
pany OF New Orleans regarding the
financing of cotton for export.
The telegram received yesterday
from the cotton representatives de-
clared that they will endeavor to
work out a plan which we think
can be satisfactorily done, whereby
conditions you mention can be OBJ
served and considerable quantities
Of cotton dealt with s.,..
As a result of the announcement
of $4,000 900 loan by the War
Finance Corporation on Mississippi
delta cotton preliminary discussions
have begun with reference to financ-
ing SOC, 900 bales Of cotton~ In one
district, 2O0.0 900 bales In another and
5000. 900 bushels Of wheat in the
Northwest. and that while II Is too
soon to say whether any OF these
transactions will be contaminated
these inquiries indicate that the cot
ton and grain interests are endeavor-
ing to devise methods by which In
co-opera ton with the War Finance
Corporation adequate financing may
be provided to take care Of some OF
the so-calied surplus and OF these
commodities.
''It has been my opinion for some
time" said Mr.. Meyer, that many
of the so-called surpluses are more
apparent than real; that, In fact,
they are the result Of a shifting OF
the burden Of carrying stocks from
the manufacturers. wholesalers. Job
beers and retailers to the primary
producers and tho smaller banks that
finance them.
AS soon as our merchants get the
necessary assurance that the bottom
will not drop out Of prices from the
present levels and as soon as they
begin to feel that they are safe In
resuminR the carrying of normal
stocks a considerable part Of the
present apparent SURPRISES will dis
appear from the hands Of the. pri-
mary producers and their bankers
and will he more evenly distributed
In the various processes OF trade
that normally intervene between the
producer and the consumer"
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1921-07-17
RA|LROADLEADER
DEFENDS RATES.
ON LIVE STOCK
Says DefIation Loss Was About
1919, 900, 900, and Freight
Increase $7,488, 900.

Present freight rates have no rela-
ton to the condition Of the live stock
industry In the West, Kenneth r,
Burgess, representing the railroads,
declared yesterday before the Inter
state Commerce Commission. in oral
argument on the shippers' plea for
relief in which State utilities commits
sions have interviewed. ~
Previously Representatives OF the
live stock interests had declared that
the rates were destroying the West
and would result in the railroads
being the worst sufferers In the end,
The railroads should not be allowed
to sacrifice the future Of the West on
the altar Of present revenues" 8. II.
Cowan of the American Live Stock
Association said.
Rate reductions asked by the ship.
pers amount to $S4.000.000 a year.
which would be but half Of l per cent
Of the total value at the market of
the live stock shipped on Western
roads. Mr.. Burgess declared. While
the value Of live stock ON the farm In
1920. he added, had suffered a defla-
ton of $4,000, 900. the freight rate
increase in that year on the Western
roads was only s7.4sS,000.
Discussing yesterdays report Of Ex-
aminer Disquey. which held that the
rates on live stock were low from a
transportation standpoint. but because
Of the conditions prevailing In the
industry they are high from an eco
nomic standpoint, Mr.. Burgess said.
THE economic standpoint repre-
sents new test OF reasonableness.
unknown to the law, without giving
any measure to tell what would be
reasonable. and IL you find, AZ the
examiner does, that these rates are
reasonable from transportation
standpoint ] challenge your jurisdic.
ton to reduce them"
Under the law. he argued, rates on
one class Of traffic could, not be de.
creased no as to throw a burden on
the other classes of traffic.
During the argument Chairman
Clark asked whether there was any.
thing. in the record Of the case to
show that the benefits Of a reduction
of rates would go TO the producer.
Clifford Thorne, representing the
American Farm Bureau Federation.
said II was possible the retailers
might endeavor to seize all the bene-
fit, but added that there was pre-.
cedent to show that reductions in
freight rates have been of direct bene-
fit to the producer,
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1921-07-17
WEST VIRGINIA YOUTH
BROWNS IN ELK RIVER

SUTTON, w. Va, July 16.-Paul
Floyd, seventeen years old. son Of Mr..
and Mrs. VIII Floyd, Of this city, was
drowned while bathing in Elk river.
The boy had gone to the river in the
evening with a number of companions.
among them a brother, but they left
the river and did not miss him. The
next morning a search was instituted
when he failed to return home, and his
clothing was found on the bank of the
river. A search of the river nearby
was made and his body was recovered.
The boy is survived by his parents.
three brothers, and other relatives IN
Sutton.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1921-07-17
STEEL SITUATION
At YOUNGSTOWN
& WILL IMPROVE
Better Than 40 Per Cent Is
Hoped for in Near Future.
Steel Makers Protest.

YOUNGSTOWN, July 1s.-Thers
will be some Improvement in steel
production here next week owing. to
the accumulation Of untitled orders
during the recent period Of low opera
lions and also to some better buying
recently. Sentiment with producers is
somewhat brighter. and hope is ex-
pressed that 40 per cent operations or
better will be reported within the next
sixty days.
A manufacturer recalls that Il was
the automobile revival earlier In the
year that gave the industry a substan-
tial impetus. He believes that bust.
ness coming from the railroads In sure
TO be Of much larger proportions, and
In view Of this substantial upturn
IL believed impending.
Inquiry for plates In showing
more life, but comparatively little firm
business has yet resulted. Car
repair interests win not sccspt the Q
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1921-07-17
SCOTLAND BEACH GROWS
IN FAVOR AS RESORT

Scotland Beach. Scotland, Nd,
promises to develop into a new sum-
mer resort where the Washing
population may flock for vacation.
Scotland Beach Is on the Chesa-
peake bay, three miles from the fur
thest point south on the western
shore, near Point Lookout, The place
has a prominent part in the history
Of the country, having next to II an
old earthworks. The fort Ia sup
posed to have been constructed dur.
ing the civil war. tH +.
A number of private cottages, sew
eral boarding houses and one hotel
form the beach colony, which lives
like large family during the sum-
mer months. The bathing 10 the
best to be had along the bay, re-
minding one Of the ocean surf. Fish
ing and Grabbing also make the Scot
land Beach popular and attractive.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1921-07-17
CREDIT EXTENSION TO
AID COTTON SELLING

A uniform policy for the extension
OF credits for the marketing Of the
meeting OF Federal Reserve Bank
cotton crop Will be discussed at a
meeting of Federal Reserve Bank
governors to be held here Tuesday
Governor Harding, of the Federal
Reserve Board. announced yesterday
The Federal Reserve Banks Of At
lants, Richmond, st. Louis, Dallas
and Kansas City have been asked
TO send their heads here to discuss
the cotton marketing situation and
agree upon a policy which will in
sure adequate cre0it for the market
ing of the crop of this year Gov
ernor Harding stated.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1921-07-17

that a big. IL not record. Yield ID pos-
sible, with it's inevitable effect on
production and fattening Of meat
yielding animals.
According to the report made by
Dun's. the following features were OF
outstanding Importance during the
week:
Inactivity Expected.
AN inactive summer having been
expected and discounted. the continued
quietness OF most markets occasions
no special comment. Oppressive heat
and humidity over a wide area have
added to the various restraints pres
ent. while crop damage through
drought In reported both here and
abroad. Awaiting the results of the
harvest makes for some further con.
traction Of business. and any early de-
cided change for the better 10 highly
improbable. II is possible. however. to
discern progress in some lines, and
current adjustments of one kind or
another are regarded as shaping the
way for the anticipated revival.
with prices and wages still under
going revision, more natural condi-
tons are being steadily restored. and
benefits will ultimately accrue from
the transition. Supporting this con-
clusion 10 the experience OF the textile
trade, which was one of the first to
react from the wartime initiation, and
which 10 now improving gradually
after protracted LIQUIDATION. The re-
cent broadening of foreign demand for
cotton goods il a hopeful aug,iry, and
the June statement OF foreign com.
merce, with a $4,000. 900 increase In
general merchandise exports, 10 also
domestic and overseas business occur
more frequently than In settled Pc
RODS, giving the situation very ir-
regular appearance. evidence accumu-
lates of moderate gains in certain
quarters. After the passing OF sum-
mer, when operations are always more
or less restricted, II IL conceivable that
the trend toward economic recovery
may become more clearly defined"
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1921-07-17

with the possible exception Of
the Paris market. which could be in
bit better financial shape. /, found
the leading European fur centres in
a satisfactory condition. Stocks are
generally small. and prices are well
stabilized. Even in Paris q good
business has been done In furs. a
feature Of which has been the call
for monkey pelts for trimming ap-
parel.
Although the London market was
hit to some extent by the strike Of
the English coal miners. which had
deterrent effect on British trade
generally, the fur dealers there are
satisfied with the business they have
done this year.
THE prices Of some American furs
are regarded high, however, and the
present cost OF muskrat prevents it's
ready sale in London at present.
The depleted condition OF stocks In
London is shown by the fact that
the Hudson Bay Company Is said to
have smaller quantities Of skins in
It's warehouses than has been the
case at this time in previous years.
There, as in the other European
markets, considerable interest Is
shown In what Russia holds In the
way Of furs."
Mr.. Bacon concludes by saying
that a careful study OF conditions
abroad. particularly In view Of their
relation to London as an auction
centre, led him to conclude that
there was nothing to threaten the
future Of this city as one Of the
chief raw fur distributing points Of
the world.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1921-07-17
B SIN ESS AND FIN A N G E
HooUer BLanles Boon1s
For Business Quiet

Herbert Hoover, Secretary of Commerce places most of the
blame for business depression upon forces set in motion
by the postwar boom. ~.
The Government is using sanity and cauon' to aid bust
ness said and sure Of success in correcting
economic handcaps evident address before the Ma
ona Association of Real Estate Boards in Chicago Friday
This the fourteenth industrial depression that have
suffered since the Civil war the secretary said 1--WE have
through the thirteen others all right We have today greater
sources and less courage skill and intelligence than when
met these diasers before. }tt 'F. #t
"We also have two forces working in the country of
quality experienced before First have proved
financial system that has saved from the terrible destruction
of monetary panic that would otherwise have accompanied
tremendous fall in values Second have higher sense
of service widespread willingness to give aid to the injured
in business.
Thousands of firms whose seemed hopeless months
ago the road to safety From the have to re-
cover many losses and change productive
ance with the economic shifts in the world.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1921-07-17

business and professional men.
In its announcement the company
states that the issue constitutes a
direct, closed first mortgage on the
land, buildings and equipment, pos
sessing valuation that leaves large
margin of safety and first line on
earnings of the property, which the
company estimates at several times
the annual interest charges.
These bonds are offered in sums of
500, $500 and $1,000, extending
over terms ranging from two to ten
years. u
Amortization of the mortgages is
provided for by monthly payments,
equal to one.twelfth the amount of
principal and interest falling due in
that year. II is stated that at the
price offered the net interest yield on
these securities will approximate $50
per cent.
Serial maturities enable the in
vestors to select bonds maturing in
any year desired.
the mortgage is located at the north
SfrAet and E1ov;do ouapua
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1921-07-17

square feet. The building, which
will embrace q fine modern thester
seating about LAO seats and eight
modern storerooms on Fourteenth
street, will be of fireproof construc-
ton throughout and modern in
every way.
This building enterprise marks the
occupancy Of the only vacant prop
erty In that section on Fourteenth
street, IL 10 the center OF an area
containing many large apartment
buildings and an unusual density of
population. Since initial announce
ment of this development the real
estate activity throughout this en-
tire section has been very marked.
Principal and interest on the bonds
are payable at the Munsey Trust
Company, which is designated as
trustee. The bonds are registered as
TO principal and callable at 1o2 and
interest
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1921-07-17
ADVANCING
WASHINCTONS INTERESTS
Germans Are Buying
Our Furs at Leipsic

Due the establishment of dola: credits in Germany by
American bankers the Lepsc fur market found to be
Of the most active in Europe by Norman Bacon president of the
New York Fur Auction Sales Corporations who has just returned
months business trip abroad While the other
side Mr. Bacon visited the fur markets of London Paris and
Leipsic.
Profitable sales have been regular thing the Lepsic
fur market" Mr.. Bacon says.
The result that active business is being there
and supplies of domestic furs practically depleted This
makes necessary for the German fur dealers to import
stocks from other countries and because of the existence
dollar credits in Germany the American trade is getting its share
of this business
Further than this will make possible buying of urs
at the auction held in this city three times year and the ndi.
cations that beginning with the winter sales there will be
good attendance of German buyers the York auctions
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1921-07-17
LIGHTNING SETS FIRE
TO BAYONNE TANK

BAYONNE, N. j., July 1s.-Lisht-
ming hit an oil tank OF the Tidewater
Oil Company yesterday and set II on
fire. 1t was feared the blaze would
spread TO other tanks.
The fire was later reported under
control. The tank struck was Of
$4,000 barrels capacity. The flames
and smoke rolled In great clouda and
could be seen for miiea-
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1921-07-17

spreading over all this. however,
Hes the fact that this depression 10 to
a great degree born Of the malevolent
forces we set In motion by initiation
by all booms.
I'VE must suffer a period Of duress
from war, and punishment for the
boom. until we rebuild our virtues OF
hard work. frugal living. more saving.
cober conduct. and higher honesty
There are a few people who will not
accept these hard facts. who will per-
sist In the notion that they can. by
various devices, avoid reaping what
they have sowed
The resistance of a few groups Of
manufacturers or dealers to lowering
prices to the general level. The re-
sistance OF a few groups Of workers to
accommodation Of their wage to the
decreasing cost of living, and the ne
cessity for a better days work. The
refusal OF some people to curtail their
extravaganza all contribute to our un,
doing. They delay recovery and con-
tribute to unemployment among the
rest Of US"
Secretary Hoover said he had rec
ords showing that in most manufac-
turing establishments efficiency has
Increased from twenty to thirty per
cent during the last twelve months.
He said the farmers are making extra
ordinary efforts this year. and will
produce this years crops At much less
cost than last year.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1921-07-17
Armenian Soviet Head.

ERIVAN, July 16.--Mesnikisn. an
anarchist before the war. Is the new
president OF the Armenian soviet, re-
placing Gessian, a menshevik. The
change was made under pressure Of
the bolshevist authorities.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1921-07-17
Big Gold Bond Issue
Offered By Walker Co.

Offering of an issue of 100000 first mortgage per
cent serial coupon gold bonds secured by the Belmont
Building including theater and Fourteenth and Florida
avenue was made today by the Allan E. Walker Investment
Company WF4.tt
The borrowing corporation is the Belmont Building Com
pany of which former United States Senator Hoke Smith IS
PRESIDENT and officers directors we'll known Washington
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1921-07-17

Property covered by the mortgage is located at the north
east of Fourteenth street and Florida northwest
fronting 2tz feet Fourteenth street contains
The Seattle star. [volume] (Seattle, Wash.) 1899-1947, 1921-10-10
Vessels in Port at Seattle

Smith Cove TerminaI-PIer B-str We
natchee. Pier A--Btr Edmore. str
Keystone State str West Himrod.
Bell street Terminai--U. .. II. q. Bear, ".
e. @. Algonquin, U. 3 l. IL r.
Heather.
Pier 1f--Str wahkcena, str Fulton.
Pier Str Thos- craUley
Pier s--hotorship culburra, str West
Ivan.
Pier Str Jefferson. str Latouche.
Grand Trunk Dock--str Spokane.
Seattle shlpbuiiding Drydock co... g.
L. b. t. Snohonish. u. q. L. IL. T.
Fern
Pacific Coast Coal Bvnker.-str Waibora.
U. = chipping Board MoorinRs--str Cross
Keys, str Deirosa. str Iconlum. str
Anna II. Morse. str Delight str West
Hartland. str silverado, str Woat Iaon.
str Western Knight
Connecticut Street Terminal-sstr Atlanta
City.
Miiwaukes Ocean Dock--str Noorder-
dix.
spokane Street TerninaI--Motorsbip I'm.
by Maine.
East Waterway Dock a. Warehouss re-
Str Admiral Hodman.
Todd's Dry Dock-Bhip ChiIIIcothe. bk,n
Forest Friend. bktn Forest Pride. str
Iubrico.
Puget Sound Bridge q Dredging ca
Fishers FIGURING Mil Dock-str North.
land.
Ames Yard-str Roosevelt
West Seattle Elevator--Btr HerSisan
The Seattle star. [volume] (Seattle, Wash.) 1899-1947, 1921-10-10
1921 Record of
Pedestrians Hit
by Automobiles

EQ1 Murray May. II. alighted
Dol from a street car on Third
ave. Thursday, and. being deaf.
walked from the safety xono into
passing car driven by Thomas Olsen.
Bellevue. wash. He was knocked
down and sustained minor bruises.
zoo Mrs. A. w. Shackieton.
OOZ 5525 18th ". H., was
knocked down and dragged n short
distance Thursday afternoon when
hit by a ear driven by @. w. Skinner.
Ass w. Laurclhurst drive. She was
slightly bruised
EoI J. o. Ringstark. 81. Kirk.
OO7 land. was struck and
knocked down at Pike st and Third
ave. Friday afternoon by the Seattle
Toit stage. He was slightly bruised.
He was taken 20 his home by Mike
Lukes. driver OF tho stage.
ZOE s. l.. Patrick. 557 eth ave.
OOO s.. was crossing Western
ave. at Virginia H. Friday when he
was struck by a car. The driver
alighted and assisted the injured
man 10 the running board OF n ma.
chine parked near by. Patrick IL Mt
the home OF his daughter suffering
from a wrenchcd shoulder and body
bruises.
The Seattle star. [volume] (Seattle, Wash.) 1899-1947, 1921-10-10

shanrhai-Oct. s--Arrtved. str Arizona
Maru from Seattle: str Eidridga from Be-
attic.
Tientsin--oct 4. Arrived. str Wanda
san Msru from Seattle
Kobe--Cct. 5-Sailed. str Alabama
Maru for Scatter str West Jester for Sc
attic. Arrived. str sura Maru from Be-
attic.
New York--oct. s--saiisd. str X l..
Luckenbach for Seattle.
Mohiie-oct. 7--satIed. str Fieaidss for
Seattle.
BaIboa--oct 7--saned. str ohioan for
Seattle.
San pedro--Ocs. ARRIVED. str Forest
Klng from Seattle. Sailed. str Botarisn
for Seattle.
san Franeisco--oet fo--Arrived. str
Daisy Freeman from Sesttie..1 a. m Oct.
s--Arrived. str Admiral Farragut from
Seattle. at 5 a m. Oct. Arrived. str
Lehixh from Seattle. Oct s--ssiied. str
Rainier for Seattle. II .. m. Oct Str
Hattie Lsckenbach for Seattle. at mid
night: str Pacific for Seattle. y. m
str Astyanax for Seattle. .. m. str
Fred J. Luekenbach for Seattle. 8 y. m
Point Reyes-Oct- s-Passed out. ssr
QuinauIt. Tacoma for San Francisco. at
noon
Astoria--oct- s--Arrived, str Romuius
from Seattle via Tacoma. 7 y. m.
The Seattle star. [volume] (Seattle, Wash.) 1899-1947, 1921-10-10
PRODUCE FROM
CALIFORNIA IN
Shortage of Commodities
Slightly Relieved

A small consignment Of California
fruit and vegetables arrived on the
market Monday. which helped TO re-.
iieve tho shortage OF some oommod.
tiles.
oregon Concord grapes were
quoted nt ti.7b per lug and from
30 10 30 cents for n basket OF from
two and one.half 10 three pounds.
Eastern Washington citron was on
the market az ~ cents pound.
No changes were reported In the
vegetable division OF the market.
with many varieties OF the perish.
ahlea offered. Sale OF California
tomatoes has slightly Increased since
the close OF last weeks market.
Marble Head squash was meeting a
fair demand al 20 2H cents
pound.
Several johbers reported slow
sales on eggs at bs cents a dozen for
the fresh ranch and 3s cents on
pullets. Butter was stcady AT q
cents pound for city creamery
Brlcka