davidaulloa/AmericanStories huggingface dataset:
The Washington herald., 1921-08-20
DAIRYINC RANKS
HIGH in CANADA
3,165 Factories Are Material
Aid to Agricultural
Prosperity.

OTTAWA. Ont, Aug. ls.-How
dairying has risen to be one Of the
great factors in the agricultural
prosperity of Canada is set forth
impressively in a recent government
report.
According to the statistics, the
dairy factories in operation in the
Dominion in 1920 numbered 3.165,
comprising 1853 creameries, 1874
cheese factories, 40 combined but
ter and cheese factories and % con-
densing plants.
The quantity of creamery butter
produced was 11O,03O.3ss pounds, an
increase over that of 1919 of $780,
6s2 pounds. This output was valued
at $62,306,794, an average of ssh
cents per pound compared with an
average of 81 cents in 1919. The
quantity Of cheese amounted to
14s. 1921, 00S pounds, valued at $780,
0S7.935 or an average of IS cents a
pound.
The production of condensed milk
was 53,sS0,9s3 pounds, valued at
slo.217,S03; evaporated milk. 30.4S9,-
642 pounds, valued at s3,S09,655;
milk powder, 7.574,66s pounds. val
ued at s2.17s.l76. The total value
Of all products OF dairy factories in
1920 was s144,4s3,1SS, an increase of
S9,00o,00o over the previous year.
The amount of capital invested in
dairy factories was s32,767,3l7. the
number of employees was 1l.21l and
the amount pair in wages was S.
776.676. The figures for 1919 were:
Capital, s2S,3SS,o26; employees, TO-
7l6, and wages s7,62s.9s7.
The Washington herald., 1921-08-20
BOND TRADING ON
SMALLER SCALE
Demand for High-Grade Is
sues Falls of When Level
Is Raised.

NEW YORK, Aug. l9.-Tradinr
in the bond market was conducted
on a much smaller scale today, ap-
parently because the demand for
high grade issues which seemed to
have sprung UP in the Wednesday
and Thursday sessions. fell off when
the price level was raised. This
DAYS fluctuations were disappoint
ing to many bond men who had eN-
pected the market TO advance slowly
even before this latest easing OF
call money rates was noted Bonds
did not decline as general rule.
They simply failed TO support expec-
tations Of a rise.
The action Of Liberty 5iss was
again the feature in the group. They
opened unchanged at $3.50 but weie
soon the center Of an energetic sell
ing movemest which carried the
price down to SS.22. Earlier this
week they sold as high as SS.Ss. The
only other important change in this
group was a loss Of IL cents in the
fourth Liber'y AXIS. II was not 70
be expected that the foreign bonds
which figured in the late rise on
Thursday would continue upward
lOOaN. FItSNh rs NtAt dIAiNt ouA
fractionally under yesterdays clos
ing price Of SEA-. Chile IS declined
a quarter point 10 1885,
American Telephone Collateral s.
declined a quarter 20 Sc. Baltimore
and Ohio IS were up x TO SIX
Rock Island refundinE Is opened y
lower at IS but advanced a full point
on moderate buying. St Louis and
San Francisco prior lien is advanced
full point TO 62a. -
The Washington herald., 1921-08-20
SPLLMAN TELLS NEED OF AGRCULT
A.B.A.NOTNFAVOR OF
EXCESS PROFITS TAX
President Drum Distributes Letter of Vigorous
Protest Against Measure.

A vigorous protest against. con-
tinuatien Of the excess profits tax
until 1893 IL contained In a message
from the American Bankers Asso-
citation which has been sent TO Rep
resentative Fordney and Senator
Penrose by President John s. Drum.
The tax IL characterized as one Of
the chief reasons for the continued
high cost of production and finishad
products as against farm products
and raw materials, and &c IL fur.
ther, considered In the message a.
retarding the Unemployment Of
labor. The message reads:
The American Bankers Assocta.
ton. representing $4,000 banks and
more than IS per cent Of the coun.
trys banking strength. without at
this time going into other features
OF the bill now before Congress,
most earnestly protests against the
continuation Of the excess profits
TAX TO January. !, 1922. and urges
these objections:
The excess profits tax never
could be justified except on the
ground that IL was an emergency
measure required under the unusual
conditions Of war.
T. The restoration of peace has
destroyed both the reason and the
excuse for the tax.
j. Continuation Of the tax Is one
OF the most important factore op-
The Washington herald., 1921-08-20
SPEClALTIES RULE
RCURB TRADING
Spurts Of Activity Followed
By Extreme Dizziness; Prices
In Narrow Range.

NEW YORK, Aug. 1.-THE curb
market today was little else but a
speciality affair in which spurts OF
activity were followed by extreme
dizziness. Prices did not move very
far in either direction and changed
from an irregular to firm under
tone quite frequently. General news
was lacking in feature and most
trades. as has been the case this
week. were made by professional
interests. In view of the apathetic
tenor Of the market. many traders
evened up their accounts with the
idea Of leaving for an extended
weekend.
Commonwealth Finance common
and preferred stocks stood out con-
spicuously strong again what with
new high levels to about 81 and 20
respectively, being recorded. Glen
Alden Coal improved fractionally
above 81 and there was a little bet
ter undertone in the tobacco and
candy shares. although neither
group exhibited much life. Farrell
Coal ruled heavy during the fore
noon and sold down to 9, but later
assumed an upward price course.
Motor and tire shares ruled DOR
mant and the same was true of
most issues in the miscellaneous
section.
Not much change was noted in
values for Standard Oils or the In
dependents. Standard OF Indiana
lowered around 69k most of the
session, and no sales were recorded
in Chesebrough Manufacturing Nd
to a late hour and on which stock
the dividend was passed at yester-
days meeting. Simms Petroleum
ruled slightly above s, and Skelly
Oil showed little change from yes
terday's closing. South American
Oils were dull. but a little better
in the undertone and there was
some improvement In Arkansas
Natural Gas. Imperial Oil held
steady around IN on the announce
ment that cotton belt petroleum. a
subsidiary of the company, had
brought in two new wells flowing
315 barrels and 400 barrels respec-
lively daily.
Mining stocks were rather quiet
but firmer. but no wide changes oc-
CURED in bonds.
The Washington herald., 1921-08-20

Grating 70 keep up the cost OF pro-
duction Of manufactured goods, and
the higher cost Of finished products
as against that Of farm products
and raw materials prevents the
restoration OF an equitable and
harmonious price level
20. The effect Of these inequit.
able prices IL to reduce ana restrIcr
the purchasing power Of farmers.
livestock men. cotton growers, lum-
Der men, oil producers. and min.rs
for the reason that they are forced
TO sell ut prices relatively too low
and with the proceeds OF their sales
can buy finished products only at
prices relatively too high.
"5. Reduced buying by farmers
and producers of raw materials
naturally means reduced selling by
producers OF manufactured goods.
and the buying power OF msnufac-
turers and their employees. there.
fore. Is likewise reduced.
g. The so-cslled excess profits tax
10 actually not a tax on profits, but
q diversion Of working capital, and
by inhering the working capital of
the country Il prevents that full
development OF productive enter.
prise without which there cannot be
tuil employment Of labor.
considering all the foregoing
facts II is apparent that the exees,
profts tax. while Il viii produce
relatively small revenue. 10 a de-
structive influence that works
against the farmer. the cattIeman.
the miner, the lumber man. the oil
producer. the cotton grower. and
the workman. II is a tax that i'm
pairs the prosperity Of all classes.
Its economical fallacy has been
recognized by other nations that
Imposed the tax, and England and
Canada have already repealed and
substituted other and sounder meth
DDS Of raising revenues required.
The American Bankers Associa-
ton. therefore. L. convinced that
IL should place these facts before
Congress, before Congress assumes
the responsibility for continuing
this tax until le?2 and thereby
can Bankers Association firmly be-
lieves, interferes with the natural
rovement toward restoration Of a
price level at which agricultural
products and raw materials can be
exchanged SO as TO receive FUN
value in finished goods; that re
~t-tcts the purchs sing power of the
farmer. the cattle man. and the
miner: that keeps workmen out Of
employment; that delays. in short.
with disastrous effect. the operation
of natural forces which. il unwiss
legislation does not interfere. will
restore normal conditions"
The Washington herald., 1921-08-20
Says Congress SaUes
More Than Dalces

Congress II n greater money
saver than Director OF the
Budget Dawes, Senator Pat Har-
rison. Of Mlssissippi. declared In
the senate yesterday, while dis
GUSHING the deficiency, btl car
ryfhg s4s,so0.OO0 for the q. s.
shipping Board.
Harrison sharply attacked
Dawes for transmitting an est,-
mate of Chairman Lasixer Of
s12S.o00.O00 for the Shippiue
Board to the House.
"rhc estimate Of this great
money saver was cut down hy
the House TO s4S,5cs. o00,- sa,a
Harrison. .sDawes cannot fool .he
people into the belief that he A.
saving. the government miliions
OF dollars, when. n y matter Of
fact, the new administration "A
not saving n cent,
Senator Berah said that the
proposed appropriated was .a
Temporary, exp~dieat." and seua-
tor Glass. nj yirGisia. as.erted
that Chairmaa Lasker would
,oea BE- buck 10 Congress astIng
for more money.
~
The Washington herald., 1921-08-20
EDWARD VOIGT, R;,,.
NAMED PRESIDENT
OF SAVINGS BANK
Jeweler to Head Ameri-
&. can Commercial and
Savings Bank.
SHAW THE CASHIER
To Begin Functioning About
September Is in Tempo -.
rary Quarters.

Edward Noigt. Jr., local jeweler
and former vice president Of the
Central Savings Bank. has been
chosen 20 head the American Com
mercial and Savings Bank, accord e
ing TO announcement made yestsr-.
day, and will be actively engage
in the institutions operations. Rob-
ert C. Shaw. cashier Of the Govern
ment Hotels. and formerly connect
ed with the First National Bank
Of Durham, n. C., was named
cashier.
The vice presidents OF the new
bank are as follows: Richard B.
Owen, patent attorney; Edward $
Brashears. insurance. and Ulysses
C. Cunningham, president OF the
Cunningham Plumbing Supply Com
pany. while Hon. NJ. NJ. Doyle. for
mer Judge OF the Circuit Court, has
been secured as general counsel
In addition TO the above, the fol-
lowing comprise the directorate: .
Registry Company; c. A. Brice-
wedde, furniture; Robert Z. Me-
Namara, attorney at law; julius
Johnson. merchant tailor; Bernard
B. Garvey. patent attorney: william
II. Benjamin. president Benjamin
Richard Advertising Company
George z. Hebbard, merchant tailor
James B. Flynn. attorney at law:
H. d. Ormsby, manager OF Kresge
stores; Grant S. Barnhart. physi-
clan: v. Clark. plumbing con-
tractor n A Bogley. secretary
Topham's trunk fac .cry: Thomas
CantwelI, wholesale paper contrsc-
tor: Robert Marshall. president
Washington Suburban Realty Com
pany: Charles II. Clarke, ST.. mer-
chant
Simultaneous with the above
came the announcement that all
necessary arrangements for the 70.
NAL opening Of the bank on or
about September Is are nearing
completion. The Institution will be.
temporarily located at 655 + street
northwest, where extensive i'm
provements are being made for the
purpose OF putting Il in shape as q
modern banking house. The bank
ing room proper will be ftted with
handsome mahogany fixtures. in
Guiding a directors room in the
rear. in addition TO several otices
for the real estate department.
The capitalization OF the Ameri-
can Commercial and Savings Bank
will he $4,000, with a surplus Of
$4,000. II Is understood that the :.
sale OF stock has progressed rap
idly.
The Washington herald., 1921-08-20
PHILADELPHIA PRODUCE.

PHILADELPHIA, Aug. 1s.-Live
Poultry - Fowls, not Leghorns,
fancy, fat, 3oa32c: medium. 26a27c.
White ,Leghorn fowls. 22a24c: spring
chickens. brothers. fancy, yellow
skinned, Weighing az to pounds
apiece, s3a34c per pound: weighing
to pounds apiece, per pound,
2sas0c: spring chickens, Leghorns,
weighing 1 to pounds apiece. 25a
26c; smaller sizes, 20a24c; old roost-
ers. 16a18c. Ducks. white Pekins.
21a23e; mixed coiors, 1Sa20c. 2Piee-
ons. per pair, old, 40a45c; young,
30a35c.
Butter-Fresh, solid packed cream
cry. fancy. high-scoring goods, 44a
sc. the latter for jobbing sales:
extra, 43c; extra firsts. fla42c: firsts.
a7asec; seconds. 3sa3sc; thirds. esa
SIC; sweet creamery. choice to
fancy. 4sat7c: fair to good. 3saffc:
.adle-pscked, as IT, qualify. 2ea34c;
packing stock. 2sa2sc. Fancy brands
OF prints mere jobbing at Stable;
choice. 46sfsc.
The Washington herald., 1921-08-20

NEW YORK, Aug. IA decline
in the Industrial section OF the
stock market was carried out in
irregular fashion today by the con-
centration of bear pressure on one
vulnerable spot after another. The
result was that several issues
dropped to new low levels. In the
main body OF the market less SELL
ing pressure was found but stan
dard issues themselves were poorly
supported and finished the day a
point or so lower. Losses were
heaviest in United States Rubber,
United Retail Stores. American
Sugar, Central Leather, westing-
house, Baldwin. American Wooden.
American Linseed common and pre-
ferred and Royal Dutch. The lower
call money rate failed to exert
any favorable influence. Rails were
firm during the greater part OF
the day but yielded In the last
hour.
United States Rubber was head
ing for a new low price when some
support came into the market. The
heavy selling which caused a loss
of 2 points was without adequate
explanation. The most plausible
being offered in anticipation of
L.
with a settlement OF the Colt es-
tate.
The Immediate result OF the an
nouncement that the Chesebrough
Manufacturing Company directors
had voted to omit the regular ;
per cent dividend was a lowering
OF the bid price to 125, compared
with IFS at the close yesterday.
The stock is outstanding to the
amount OF only sl.5oo.ooo and is
closely held. Actual transactions
are rarely recorded The highes.
price recorded sine the declaration
of 200 per cent stock dividend in
1916 was $50. In 1909 a cash dIvi-
dnd Of 50 per cent was paid.
Several of the stocks which were
made to bear the brunt Of short
selling today not only went to low
depths of depreciation for the year.
but also carried the trader back
several ytars. American Ship and
Commerce sold below 5. its lowest
price since the corporation was or
anized in 1918. Last year II sold
as hih as 20k and in 1919 as high
as AN. The stock has never re-
ceived a dividend. International
Nickel at 12h showed a loss of a
full point and with the exception
Of a price of liz last year was
lower than at any time since the
present class Of stock was issued
in 1915. United Retail stores lost
. points. establishing a new low
for the year at AK.
II the action of United States In
dustrial Alcohol in today's market
indicated anything with respect TO
yesterdays effort to discount the
dividend action announced after the
close, IT was that the stock had
been influenced too much by those
who believed or hoped that the
dividend would be passed. and too
little by the majority faction which
held out for a 4 per cent annual
rate. The directors cut tint 8 per
cent dividend in half. Industrial Al
cohoi opened with net gain Of half
point at i5ls. held closely TO that
figure for more than an hour. Then
u started forward and showed a net
gain OF almost two points before
running into profit-taking sales
around midday. The action of this
stock was somewhat similar to that
In New York Air Brake yesterday
The Washington herald., 1921-08-20
DEPRESSION NENCLAND
APPROACHES TFIEMINIMUM
Settlement of Coal Dispute Most Encouraging
Factor in Reviving Industry and Trade.
,By TIE washington Herald Beonesi.tl

The general world trade depres-
sion was going on In the United
Kingdom about az elsewhere In
trade centers when the coal strike
came on to add to- the distress.
The extent to which the coal DIM
Guilty added to the general indus
trial decline Is not easy TO meas
ure. This effect would certainly
have been much more apparent In
normal times. The Board Of Trade
Journal presents an interesting
summary Of the FIRST half Of the
year. The usual quarterly SUM
mary was omitted at the end OF
the first quarter owing to the very
prospect At the outbreak
of the coal dispute.
Wholesale prices were IS per cent
lower IN June than In December
last, according to the Bureau of
Trade Index. Most OF this decline
came early In the year. since the
reduction in the second quarter has
been only 8 per cent. The record
for the past year Is as follows:
nr1ffsk pva~~f rh.u~~~ ...,-
The Washington herald., 1921-08-20

A part of this decline in England
Is attributed to the price cutting by
Belgian and German competitors
rather than to lack OF demand
alone.
Other British industries declined
similar to iron and steel. Cotton
was cheap as a raw material, but
lack OF demand has kept most OF
the industry on short time since
last fall. The prospect in June.
however, was that full time would
soon be resumed. as there was a
more favorable outlook for orders.
Other industries that required con-
siderable coal practically collapsed
with the coal strike. One exception
that is mentioned is the manufac-
ture of textile machinery. which Is
very active, almost up. to the 1913
level.
The most significant measure OF
British conditions is the overseas
trade. The summary states. TO
The Washington herald., 1921-08-20

As q whole prices are about 40
per cent below the level of May,
1890. The greatest decline this year
has been IN iron and steel and tex
tiles with the smallest change in
foods. Compared to the United
States the fall OF prices a. been
40 against IS points.
Production as measured by the
production Of iron and steel de-
clined extremely IN the second
quarter when the coal strike began.
While these industries were run
ming behind 1920 at the FIRST OF the
year the loss was not SO serious
until April
British Iron and Steel Production.
First Half 1O2O-1e21.
The Washington herald., 1921-08-20
British CAPITAL Issues.

The conclusion from this survey
more rapid as the bank rate falls
and trade with Europe Is facilitated
by improved political conditions.
Having passed the period Of steady
depression combined with the coal
strike certainly gives opportunity
for gradual Improvement unless &
new Industrial calamity occurs.
The Washington herald., 1921-08-20
TIMELYWALL STREETTOPICS

following the declaration Of a divi-
dend in scrip instead Of cash on the
previous day. The only difference
was that the gain in the latter was
all accomplished on the initial
transaction.
Short covering was mainly re-
sponsiole for an early squirt by Fa-
nous Players-Lasky stock immedi-
ateiy Following the opening of trad
ing this morning. The shorts hur-
RED TO cover following a statement
given out this morning by the
president of the company 10 the Eff
feet that in his opinion the motion
picture industry of the United
states has definitely turned the cor
ner. and shows unmistakable signs
OF Improvement, with the outlook
FOR complete and early recovery
from the effects of prolonged hot
weather. This opinion was based
on reports on the business received
from theater operators in twenty
five key" cities of the country.
With cooler weather attendance at
the movies has picked up consId
erably, but slashing cuts in expen-
ditures by the producing companies
mas had great deal to do with the
Improvement Of sentiment toward
the industry. A meeting of the d.
rectors OF Famous Players is sched-
uled for next Monday, at which
time action will be taken on the
quarterly dividend. 1t is ReneraIIv
expected that the regular 2 per cent
rate VIII be declared. From a high
point of s21s. made on April 90, the
stock dropped to a low for the year
OF 44S, made July 81. Steady inn
provement since that time brought
the price to sly by August Q. Tho
early high Of this morning was
52k.
The decline in the call monev
rate to s - per cent in the last hour
yesterday did not necessarily ,ndi-
cafe that the new rate would apply
10 renewals this morning. II is a
usual thing for the rate on new
loans to break late in the day q
few times before the renewal rate IL
changed. The speculative commu-
nifty, therefore did not look for n
lower renewal ratio this morning
until II was learned early in the
first hour that money was being Of
fered unofficially, Eat the renewal
rate" This suggested a plentiful
supply Of idle funds and foreshad-
owed the 5h per cent rate. Pre-
vious to yesterday call money had
loaned at per cent for two weeks.
The easing of demand rates had 70
effect today upon time money.
which was still quoted at 6 per cent
for ordinary collateral and slightly
lower on Liberty bonds. 1t was re-
ported that the bulk of the funds
offered for fixed periods came from
banks.
The Washington herald., 1921-08-20
British UlenTsyed.

The new capital security issues
are interesting as showing the ex-
tent to which business 10 prepar-
ing for future development. The
record Is As follows:
Rrfttsh Canftnl Issues
The Washington herald., 1921-08-20
WHEAT IRREGULAR
In NARROW RANGE
Crop Fluctuates Rapidly, But
Receivers From Early
Low Figures.

CHICAGO. Aug. 1e-Wheat prices
fiuctuated rapidly within 4 range OF
over cents, and while down TO
sl.I6 for September and $l.6li= for
December early, rallied quickly on
short covering and some buying by
houses with seaboard connections.
The September-December difference
showed a tendency TO narrow. while
cash grain in the sample market
was very firm as compared with
the future. Exporters paid 5tz
cents over September G. !. (. Buffalo.
for No. hard or u cent better
than of late. with l25.O00 bushels
reported as sold. Sentiment gem
orally was decidedly mixed. Coun-
try offerings remain light and re-
ceipts of winters are falling off.
although this is offset to a great
extent by the increased run in the
Northwest Demand for -four con-
tinues fairly active and mills
bought 10000 bushels wheat at st.
Louis. Export clearances are heavy
and for the month OF July are Of
ficially reported at So,577.Ooo bushels
against S4.G4S.OOa bushels last
year.
LIQUIDATION was on in September
corn early and - broke sharply.
going to I cent under the Decem.
her against IL cent over at the
close Wednesday. There was active
buying of both September and De-
cember on the break. cash houses
taking both months. and IL was un-
derstood that a liberal business had
been done with the seaboard
shippers and industries we're good
buyers of cash corn in the sample
market. paying 1is cents over Sep
TENDER for contract grades of yell
low and white. Country offerings
liberal. one house buying e00.O0J
bushels to arrive up to noon. Sales
to the seaboard aggregated 10000
bushels. Oats showed Independent
strength and averaged higher. with
September about "a cent better as
compared with the December. Ex-
porters bought 100 600 bushels cash
oats here.
Provisions were dull. hut some
what firmer, with hogs, with pack
ers' brokers on the buying side OF
lard. Hogs were 2sa5Oc higher
with bulk Of sales at sS.5oalO.s5.
Receipts $4,000 with 1000 for to-
morrow. Western run 49.lo0 against
$500 the previous week and $500
last year. Money steady: call c.
time Sa6is. exchange par.
Vests
wheat-open High. low. CloSc. Clos.
Sept. 1.lG% LIS. Ia liz l.IGis
Dec. 1.lTis l.l9is l.leis l.lIss i.I6,s
Corn
sept..... - .52S. .5I% .aeIs .ssT.
Dec. .53E .53S .seIs ..3 .5sI
Oats
Sept. 10 .33 30 -seSs .SeL
Dec. .SJis .36A .SSS 80 .SJN
Pork
Sept. 800. 100 1900
Lard
sept...... 1910 1890 lO.sT 1890 1880
0ct...... 500. 1910 10.S5 1910 log
RIbs-
Sept. S.a2 s.S s.S2 9.0s
Oct. ..... 49,. 500 s.S S.S1 Dos
Furnished by ". D. Hibbs q Co.. members
Chicago Beard Of Trade.)
The Washington herald., 1921-08-20

p In shipbuilding the British yards
are building more than half Of the
new shipping now under way, but
a. new ships are launched others
are not being started By new or
ders. During January 70 June.
1891. there were 7S6 vessels
launched and only go commenced.
During the last half OF 1880 there
were 1.os3 launched and 1899 COM
menced.
The extent of the coal strike d.
preston may be measured to some
degree by the number OF employees
thrown out of work. The follow
ing record from the employment
exchanges do not include coal
miners: