davidaulloa/AmericanStories huggingface dataset:
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1921-09-11
South Turns Corner
Says Fairfax Harrison

The South has turned the of industrial quieude
and with the advance in cotton prices the outlook for the
future is excellent in the opinion Of Fairfax Harrison
President of the Southern Railway Company who issued
statement after the Directors meeting yesterday ~
It announced that action taken by the drec-
tors the semi annual dividend Of 2 per cent on the
preferred stock ordinarily paid June 80 Action on this
dividend also deferred at the May meeting.
In discussing the situation, Mr.. Harrison said:
Gas to the situation in the South, there is every ndca
ton that the has been turned The advance in cotton
the breath of wind for which the Southern States have
been waiting 1t has been true in the past that good cotton
prices affect all industries and increase the buying power
which improved business Goods purchased by the
South will better earnings for the roads, Improve
ent WILL of course, be gradual but much is gained when
sentiment changes =. ~
"A Of roads showed better in August than
in any month since December, 1920 ~ = .-a
Our power is all in excellent condition. Of course
have not taken up yet to any extent repair Of freight
cars. b.. ...'.@. d g.. ,....t ~ -; g. Fl
Sour settlement with the Government has been concluded
and will be explained in detail in next annual report
Southern Railways July statement showed net operating
income amounting to $163OO8 against 81 S62 for
July of 1920 increase of $6446 The gross income,
however showed decrease of $2197 1892 the figures show
ing up for July this year. compared to $12
for 1920 Estimated gross earnings for August
$1445818 decrease Of $3629612 against the statement
year ago.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1921-09-11

August Bond Sales
Under Those of July
EDITED BY
VILLAIN M. CONRAD

Sales of all bonds on the New York Stock Exchange in
August 1921 totaled 1927 OOO compared with $2527
600 in July and August 1920 Daily average
sales were Miscellaneous, &c. Sl5 Liberty issues 49,
73o296, all bonds and all bonds August 1920
$7 SO4769 s.
Liberty loan transactions aggregated against
900 in July and $1S5 900 in August 1920 Chief
transactions were: Victory Ans $52639O0 fourth 4s,
500 OBI OO0; second AIS, $17,O80000 third AIS $l2-
$4,000; first $685. $s379Oo0; and Victory 3s, $5955Ooo
Foreign trading in French Belgian British and Canadian
loans amounted to $16350000 in August 1921 against ST.
900 in July and 600 in August 1920 French is
featured sales being $s800OO Of which $4,000
TVS Of 1941 British 5as Of 1929 accounted for ST.
os40oo and three Belgian issues aggregated $216400O
Other European loans Danish Swedish Norwegian Swiss
and various municipalities aggregated $385SOOo in August
against 600 in July Muncpals totaled $2185O00
Transactions in Japanese issues amounted to 81 33900
against 81 $4,000 in July and $2916000 in August 1920
Mexican issues spasmodic nAmerican bonds ag
regated $389000 in August against in the pre-
vous month Sales of 81 100000 Brazilian IS and $966OO0
Chilean IS the largest in this group Total of all for
and United States Government loans
or 672 per cent of the total. .."...,.. ...#
Eliminating all the foregoing foreign issues from isce
aneous bonds leaves $700o0 domestic corporation issues
traded in during August 1921 against during
July and $50 900 during August 1920 Five most active
issues Great Northern U.s. $459oO0; Interborough
Rapid Transit S. $3119OO0; Burlington joint 61s $685.
000 Pennsylvania 6ss $256O00 and St. LouisSan Fran
cisco income IS, So 214 000
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1921-09-11
COPPER MARKET
STILL QU|ET,BUT
= PR|CESSTAY Up
London Quotations Slightly
Lower Because OF Pessimism
Regarding Conditions.

The copper market n quiet. Prices
are firm at 12h cents delivered for
domestic London market 10 weaker.
others to increasfng pessifnism regard
ing European conditions. Conditions
in Germany are failing TO improve.
while in mono Of the Allied countries
Is the prospect for the Winter sspeci-
ally encouraging. .@ ,-..-s
Domestic inquiry n small. English
metal dealers having offices in New
York are temporarily out OF the mar
ket. T. II.
Most producers are out Of the mar
ket at present prices. However. there
12h cent? to satisfy all inquiry that
is in sight. None of the normally
largest producers 10 willing TO sell
under 12k cents delivered. and several
are holding ut IAN cents or better.
There IL ~ yet little indication that
consumers intend to be stampeded
into buying simply because the larger
producers decide to try to force prices
up on the strength Of q stronger stock
market. On the other hand. al sales
for two months have been averaging
month with production around 90
00o, 900, most Of the mining companies
are beginning to be pressed for money.
and for another month at least can
be expected to be less avid to sell.
In the meantime the smaller CON-
paniss will probably book well ahead
Just as soon a. prices set Q little
higher, with the result that the large
producers VIII begin to come Off their
high horse. Copper 10 chesp under
1914 cents. but the way to set the
A - -
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1921-09-11
BRITISH COAST
TRADE HARDH|T
BYDEPRESS|ON
Half OF Vessels Usually En-.
ployed Laid Up for Lack
Of Business.

The ooasting trade Of Great Britain
at the present time n in very dire
straits. according to Q report received
by the Department Of Commerce from
Paul 8. Quinn at London. Grave anx.
iety II expressed. the report stated.
lest the trade should be wholly de-
troyed. a. over half the vessels en-.
gagged are laid up.
Six months figures, January to
June, 1891. show net tonnage Of Brit.
ish vessels that arrived with cargoes
1877 tons, compared with 1i,s42,54s
tons In 1920 and 17.o1o.S94 tons In
1913. III.
Net tonnage o. departures for first
six months OF 1921 was s,2s5,621 tons
compared with l1,e4s, 0s7 tons In 1920
and 16,728,7i0 tons In 1918.
Port, dock and harbor officials have
made applications for authority to in
crease their charges. II Ia claimed
that in addition to higher operating
expenses, tonnage Of vessels using
harbors and goods passing through
them have declined to such an extent
that II Is necessary to increase
charge on traffic. that remains,
Rates at present on sugar shipped
from London to a number of British
ports show that the increases In ship
ping charges vary from 100 to 800
per cent over pre-war charges, whilo
the railway increases vary from 100 TO
1873 per cent. geo. "a
Shipowners urge as q remedy for
the slump In coastwise trade that rail.
way companies be prohibited by
statute from granting any exceptional
rates, more than 20 per cent below
class rates and that all existing ex-
ceptional rates more than 20 per cent
below class rates should be brought
UP to that standard. Little considera-
ton, however. Is being given to this
proposal.
cit seems" the report stated, ''that
TO enable ship owners TO compete with
railways Ia to bring about reduction
In cost Of carriage by sea. and par.
ucularly the terminal charges"
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1921-09-11

on the Stock Market today was ST.
against 67.75 yesterday and 64.45 Sep
TENDER 2. The average price Of fit.
teen representative railroad issues on
last sale was 5S.07 against 55.67 yes,
terday and 54.3s on September Q. The
feature Of the trading today was Mex
lean Petroleum which sold up to 11sx
an advance OF IS points over the low
level Of q fortnight ago.
Money Plentiful.
Money for call loans was offered In
Wall Street this week at from to
1h per cent. Sixty day loans were
made at from 5x to 8 per cent. Mer'
camille paper in New York ruled at
from 8 to az per cent.
q Wheat II Buoyant. .,. s..
The wheat market was buoyan'
this week with an advance In price
The sensational upturn in cotton ex
erted an optimistic, influence upon
grain. The advance was checked
temporarily by the government cror
report which placed the spring total
at 100000 900 bushels or about 10.
00o, 900 more than had previously
been forecast The official govern
ment report put the corn crop al
3.1ss.ooo. 900 bushels against 3,os2.
900 900 bushels. estimated last month
Nebraska reports that formers will
burn corn as being cheaper than
GOAL. -a-r,
Price Changes. -.....
Most OF the price changes In the
wholesale food markets In the last
week were upward. In many In
stances restaurant prices are 300 PEI
cent higher than In 1914.
IT,. Coal Shortage.
Z Eastern dealers deny that there
win be q shortage Of anthracite this
winter, although they admit a scar.
city OF soft coal. Bitumlncus coal
production In the United States will
be under 400, 900. 900 tons this year
the smallest in over ten years D..
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1921-09-11
GREAT CORN
CROP LOOKED
FORWARD To
United States Report Expects
Over Three Million Bushels.
Second Largest.

Preliminary estimates OF this
years production of winter wheat
and hay and forecasts for other
crops, based on their condition on
September 1, were announced by the
Department Of Agriculture yesterday
as follows: Winter wheat. $4,000. 900
bushels, against 5T7,7e3.ooo harvested
last year; Spring wheat. 10000, 900
bushels, against 2o9.365 900: all
wheat. 764.ooo,ooo. against 7s7.12s..
ooo; corn. s.1ss,o0o.ooo bushels,
against 1892 1857 900.
In q statement commenting on
september crop conditions the De.
partment Of Agriculture said:
Corn has been materially bene.
fitted by the favoring temperatures
and rains Of August. All told. the
months changes have increased the
already excellent prospects by 1884,
600, 900 bushels. more than offsetting
the July decline. The total Of g..
1ss, o00. 900 bushels now Indicated Ia
only 100000 bushels less than the
record crop OF last year. It is $685..
100000 bushels above the five!year
average.
THE propects' are especially IA.
vorable In the northern portions of
the corn belt from Vermont ana New
York through to North Dakota, the
growth for silage being generally
excellent, while that intended for
grain Is promising full maturity.
"1n Minnesota and North Dakota
the largest part of the crop seems
now to be out Of danger Of frost.
There Is some question where the
benefits Of the August grains which
are so evident In the foliage Of the
plant are In all cases quite 40 great
in the case Of the grain.
I'm Indiana and Illinois particular
larry II 10 noted that nubbins and
barren stalks are numerous. Hot
gust IN portions Of the Plains States
have done some damage. but the
main crop section Of these States
have good crops.
''on the other hand. the other
great seed crop. oats. 10 q short
crop. Oats are thrashing out less
than expected. showing . loss OF
q. 000. 900 bushels from last months
forecast. thus partially neutralixing
the months gain In corn. The corn
indicated .436, 00o. 900 bushels less than
last year and $4,000 900 bushels Lees
than the five-year average.
"Kafir corn also has declined g.
100000 bushels and the forecast is
1900, 900 bushels less than last
year though 41.ooo.o bushels above
the average.
"The spring wheat prospect has
declined 4 600 600 h,,shals and the "a
suits Of the earlier heat and drought
have become more apparent.
The prospects for other small
grains renain unchanged or are
slightly decreased. 800
Late potatoes have benefited
from the rain with a resulting In.
crease OF 1000. 900 bushels. The
present forecast Of s22 900 900 bushels
remains extremely small compared to
the nve-year average OF 81 OF, 900
bushels. Last year Il was t2s ,000.-
900 bushels. The sweet potato crop
10 100000 bushels less than last
month.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1921-09-11

There mas Deem some slight Inn
provement in tho general business
situation. The Middle West reports
particularly good business in the dry
Money was comparatively plentiful.
Gold Ia still pouring into the United
states. On Friday $2.5o0.000 gold ar
rived. ..ras =. : ~.
The American tobacco crop will fan
ABOUT 6lo'ooo.o0o pounds below the
Cotton Soaring. .-.....
with cotton prices soaring ana some
Southern planters predicting that the
commodity will reach 30 cents a
pound, the effect OF this boom is max.
ing itself felt throughout the whole
business realm. New York bankers
We're tubilant. because most Of the
banks here have made advances to
Southern bankers, who, in turn.
financed the crop. It Ii estimated that
cotton. at present prices. has enriched
the South nearly $s00.000,000. The
Texas cotton, which was damaged by
the weekend storms, was OF the best
quality. 4 ."'
The total cotton available when the
present crop comes in dnciuding the
carry>over from 1920 will be about 49,.
81. 900 bales. Every possible clement
TO increase the value Of cotton has
entered into the market-damaee from
insects and storms, drouth. decreased
acreage. and increased demand for
cotton. both at home and abroad. The
cotton growers are now in q stronger
financial position than the growers of
corn or wheat. .....
Commercial Failures.
Two hundred and ninety business
failures were reported this week.
against $50 last week.
- Bank Clearings.
The bank clearings Of the whole
country during the past week, up to
Saturday and exclusive Of Monday.
were 5000 .084,65s against $s,006 .212..
sos last week and $s,6S5.442,s63 this
week last year.
- Stock Market.
The average price Of fifteen repre-
sentative industrial issues OF, last sale
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1921-09-11
HOME BREW LEAvlNoS -s
cloGoINo UP SEWERS

DEPEw. N. Y. Sept. 1i.--viliase
workmen who have been looking for
the cause Of several flooded cellars
recently found a -Volstead rea.
son for the trouble.
The workmen discovered the sew.
ers were ciogged by two, sections OF
sewer pipe that were packed full of
grain wastage from homo brsweries
and distiIieries. N
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1921-09-11
No Coddling I'm Ola Days.
win MFR. Mellon Stayf

VIII Andrew w. Mellon be able to
stay long at Washington as Secre.
teary OF the Treasury?
The political environment there 10
not in harmony with his temperament
or his lifelong experience. Mr.. Mellon
has been q giant In the banking world
for many years.
He has long been accustomed to
having things largely his own way.
Like his bosom friend. H. c. Frick.
he became more accustomed to dc
tating than to dickering. 49,. a.
At Washington he finds that dicta-
ton Is impossible and that dickerins
and compromise are the rule.
Decisions cannot always DO based
strictly on sound business judgment.
This, that and the next political con-
slderation must be taken into &C.
count. A certain step might be good
business. but bad politics. -, -
And. as q member of the Republican
administration, Mr.. Mellon must needs
take cognizance Of political considera.
tons and become a team.player.
You cannot teach an old dog new
tricks. It will be greatly to Mr.. Mel
Ions credit II he can adapt hinrself
to the new atmosphere he finds him.
self In. $3.50. -, s
Perhaps he Will submit TO much
that Is uncongenial and distasteful to
him for the sake Of accomplishing
vitality important work for the benefit
of the nation.
At a time like this. II II infinitely
valuable to have o financial genius
like Mr.. Mellon at the financial helm
In Washington. y Later on. perhaps.
he will feel that he can retire with
good grace.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1921-09-11
The Week $ Business
ReUie,U
BY international News Service.

4 NEW YORK, Sept 1.-THE violent upturn in the price
of cotton which carried the price Of that commodity above
% cents pound the feature of the business situation
last week The price reacted but of crop damage
by storms brought about another advance yesterday, the
increase aggregating about SIS on the bale. r. =
Commercial failures were lower than during the pre-
cedng week. but there less business day-Labor
Day. sea ~. .'-s~'s@ .--
The bank clearngs Of the country were ST ooo0oo0oo
under those Of the previous week. Here again. the short
business week must be taken into account. -.-
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1921-09-11
FIvE-FooT GOLD VEIN
Barred BY EBBINc TIDE

ANCHORAGE. Alaska, Sept. IL
Receding tides in the Gulf Of Alaska.
on Turnagain Arm. have revealed a
five-foot vein OF gold quartz assaying
about 500 to the ton. . :
Rocks projecting over the sea were
said TO have disclosed several other
rich veins.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1921-09-11
NEW GERMAN TYPEWRITER
OPERATED BY ELECTRICITY

BERLIN, Sept. 11.--A German
manufacturing company IL Offering
an electrically operated typewriter as
q labor-saving, device.
The touch" Is easier, the speed
greater, and there is virtually no
wear or tear" on the operators
nerves. Il claims. 7u'"...
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1921-09-11

b. r. FORBES. neighbors. Til
outlook is thought very bright, anc
encouraging developments should
shortly come to the surface.
Who knows but what the resump'
titon of active business dealings with
Mexico will prove effective In hasten
ing the revival of industry here?
l., No Coddling I'm Old Days.
They didn't believe in coddling Ia
the old days. A Toledo reader re-
calls the following incident:
When al" Smith, now president
OF the New York Central. was =
youngish man. his superior officer on
the Lske Shore road asked his super.
Tor that O Pullman pass be issued
Smith for use on his long night trips.
Back came this reply: Hes q
young man. Let him sleep on the
woodbox. That Is where I used to
sleep when was young. It will make
him strong and tough"
1t did. To this day A. II. Smith
wouldn't be afraid to put on the
gloves and meet any man on the
whole system. -''
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1921-09-11
Take Themselves Seriously.

A prominent man from the South
dropped in to see me yesterday. He
made remark which unfortunately.
a great many men visiting New York
are prompted. by their experience, to
make.
Here. in effect. was what he said:
My. but your bankers here do take
themselves seriously! The dignity
they throw, around themselves IL
really laughable. Maybe It I'm.
presses some people with q sense
Of their tremendous importance. but
to those of us who are accustomed
to meeting quite as important men
in all parts OF the country their airs
give us q pain. was also amused
at the Sir Oracle tone they adopted
when they began to talk about bust
ness conditions and the outlook. At
first 1t sounded very fine. but when
you begas to ask them some down.
battle-ground questions. you discov.
cred that they knew mighty little
that you cannot read In the news.
papers.
Another thing, a lot Of them try
to impress you with q sense OF their
extraordinary busy.ness. Elthor
that, or they have very poor man.
ners. Somehow, q lot Of them give
you the feeling that they are anxious
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1921-09-11
Cotton Mills to Resume.

PETERSBURG. Va, Sept. lit is
understood that efforts probably will
be made soon to resume operations at
the Motorea and Pocahontas cotton
mills, which have been closed for the
last six months or more. These two
mills when running on fun time give
employment to between $50 and 200
persons.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1921-09-11

returned delighted
with the outcome
Of their visit. "
Mexico appar-
emily at last feels
II Is time she got
on friendly terms
with the United
States and resum'
cd old-ttne rela'
tons.
Not a few heads
Of American en-
lterprises are busy
gathering infor'
concerning
the prospects for
selling goods to
our Southern
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1921-09-11
Quixxing Lamont.

The financial reporters were quiz
ling Tom Lamont about rumors that
]. p. Morgan Is busy in Berlin.
Hi energetic partner replied that
he had just had q cable from J. p.
from Scotland. where the bird shoot
ing was never better.
One reporter remarked: "The
shooting here ought to be good: there
are lot Of lame ducks in the Wall
Street district"
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1921-09-11

somehow II doesn't appeal to me like
this old place here. In New York one
can't feel o sense Of possession; here I
look upon every tree as an old and in.
innate friend. ! have tended them and
nursed them during their illness, 30 to
speak, for many years. A house in
the city In only house. But this old
place Is a real home"
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1921-09-11

to have you 30 out a. quickly "a
possible. That II not the way really
important business men act in other
parts OF the country. It 10 time New
Workers took o tumble to them
selves"
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1921-09-11
FINANCE
in
BY b. O. FORBES.

Edward L. Doheny., Walter c.
Teagle, and other oil leaders who. con-
.ferred with President obregon have
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1921-09-11
Hubbub in Wall Street.

Quite a hubbub was raised in Wall
Street by the giving out Of q pre-
pared bullish interview by Jesse
Livermore. often spoken of as the
most daring bear operator Of the
present day.
The "Boy PIusser." as he used to
be called, has had q meteoric career,
having, according to report. made and
lost millions.
Wall Street has been full Of stories
for many months of Livermore's sen.
sational killings on the bear side.
and the voluntary statisticians have
figured out his profits At dazzling
sums.
whats the gamer" 10 the question
now on the tip Of many Wall Street
tongues.
The Street wonders whether this
speculator 10 sincere In predicting q
rising market. Many are suspicious.
Eager efforts are made to get line
on what he is now doing, whether he
is buying or selling. and which stocks
he IL operating IN.
Wall Street says that Livermore
places his daring orders through q
whole string of brokerage houses.
Wall Street also says that on one
occasion certain we'll known Stock
Exchange house came 70 Livermore's
assistance In q time Of need. and that
he has never forgotten this kindness,
with the result that the lions share Of
bis trading now passes through this
firm.
Livermors 10 regarded By waii
Street as the most picturesque specu-
lator that has appeared on tho stage
since James r. Keene was at the
height Ut his spectacular career.
James Speyer.
James Speyer Is one Of the most
popular Of our financial leaders. His
heart IL as large as his purse. Prob
ably no big man in the banking world
has fewer enemies.
Although the Speyer family have
been enormously rich for generations,
Jimmie" Is the personification Of
democracy. His democracy does not
take the form Of living out Of line with
his standing in the financial world, but
is rather q matter Of innate person
atty.
Many. read with keen regret that
fire had destroyed some Of the fine old
irreplaceable paintings in his Fifth
avenue home.
This is one Of the most artistic
homes IN New York City. Yet II has
an atmosphere Of LONELINESS lacking
In 30 many of the homes Of the newly
rich.
The following incident, however. will
give a sidelight on Mr.. Speyer's demo.
cratic makeup.
was visiting his old.fashioned
country home. near Scarborough on
tho Hudson. not so long after he had
built his wonderful Fifth avenue man
sion.
As we were stroIling through the
grounds I noticed that Quite few Of
the giant old trees were carefully
patched.
I made q remark on this subject.
Mr.. speyer replied: do you know.
although like my city house all right,
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1921-09-11
WEEKLY BANK STATEMENTS
- Twelve Federal Reserve Banks Combined.

Ratio Of total reserves to deposit
and r. r. note liabilities combined
Ratio OF gold reserves to II. r
notes IN circulation after setting
aside 35 per cent against de-
post liabilities ...............