davidaulloa/AmericanStories huggingface dataset:
The Washington herald., 1921-03-02
UNlBAL LANCED FOREIGN NTRADE.
EMPHASIZES u. DILEMMA
January's Huge Shrinkage in Business Abroad
Reflects Country's True Condition.

NEW YORK. March depart
ment Of Commerce figures Of foreign
trade for January, which have just
been made public, forcibly empha-
size the dilemma the United States
is facing. The shrinkage Of exports
OF over s67.000.o0o. as compared
with January, 1920; the fall of ina
ports amounting to $265,000, 900, as
compared with January. 1920. and
the increase of gold imports OF
nearly s26.0o0.Oo0 illustrate what
bankers familiar with foreign trade
regard as axiomatic. As expressed
by John McHugh. chairman OF the
committee on organization of the
Foreign Trade Financing Corpora
tion, the explanation is this:
Present Balance Indehnite.
Unbalanced trade on the part of
any country cannot go on inden-
nitely unless credit extensions are
provided. Some such simple state
ment as this must be kept In mind:
Sooner or later this flow of unbal-
anced trade must come to an end.
because customers who steadily buy
more than they sell will not have
the means of payment.
obviously We are facing a prac-
teal demonstration of this funda-
mental economic truth. No close
analysis of comparative foreign
trade statistics Is required to show
that We are not keeping pace with
the demands for credit with which
to finance sales abroad.
NO relatively permanent one
sided balance Of trade can be financ-
ed by our commercial banks. BY
force of circumstances they have
been obliged to extend so called
The Washington herald., 1921-03-02
new FRENCH PORT
TO Be DEVELOPED
Lorient, Important Fishing
Center, Now in Process of
Completion.

Development of Lorient, on the
northwest coast of France, as an i'm
portant fishing port, Is under way.
As planned. the port will rank in
size with the British fishing ports
CT Hull and Aberdeen. The cost of
the enterprise, according to ad-
vices received by the Bankers Trust
Company, of New York, will be
about 25,000,000 francs. The cold
storage plant and annexes will cost
100000 francs.
NJ. verrier, chief engineer of the
state school of roads and bridges.
drew the plans and is in charge of
the work. Modern buildings for the
sale OF fish. and storage capacity for
1000 tons of fish, are Included. This
will tage care of the stocks arriv-
ing from the Canadian and New
foundland fisheries. The ice plant
will produce $50 tons of ice per day.
The Washington herald., 1921-03-02


The production Of flaxseed In the
United States for 1890 is estimated
at 1o.sso,0oo bushels. compared with
1851, 900 bushels in 1919 and q pre-
war average Of 2l.7ss,ooo bushels.
While larger than during the war.
last years crop was only half as
large as we formerly produced. The
reason for this decrease Is to be
found In the comparative price Of
linseed and wheat. These two crops
require about the same conditions
for their growth and are found COM
peting with each other for acreage.
The cost Of growing and harvest
ing the two crops is not far differ
ent. Last year the average yield
Of fiaxseed per acre was 81 bushels
and the farm price on December 1.
according to the Department Of Ag-
riculture. was s1.7s per bushel. max
Ing an average gross return per
acre of s10.91. The average yield
of spring wheat was 10.S bushels
per acre. with an average farm price
Of s1.31 on December /. This gave
a return of s14.25 per acre for
The Washington herald., 1921-03-02
Iron and Steel Operations Cut.

With a continued absence of sig
able demand, operations at iron and
steel plants have still further reced-
ed. The loss, moreover, is no long
er confined to the independent in
terests. the leading producer having
reduced its working schedules. and
the slow development of new busi-
ness suggests the probability of ad-
ditional curtailment. While the rate
OF output varies considerably in DIFF
ferent departments, the general
trend Is toward contraction. and the
blowing out of more blast furnaces
Is reported In both Pittsburgh and
Chicago territory. Expectations of
an extension of the price readjust-
ment apparently influence buyers.
and the concessions recently an
nounced have not served to uncover
other than pressing requirements,
The Washington herald., 1921-03-02
DECLARES PRESENT
'DISCONTENT A SIGN
OF BETTER Times
S. w. Stearns Sees Good
Omen in Social
Unrest.
GOOD WILL FOLLOW
Financier Says Problems Will
Never Be Solved Until Settled
BY Human Progress.

ATLANTIC CITY, N. j., March L.
The present discomfort and social
unrest throughout the world is a
good omen and is In keeping with
mankind's rightful impulses for
better standards of living and indi-
vidual Advancement. declared s. w.
Straus, New York financier, and
president Of the American Society
for Thrift. in an address this even
ing before the National Council of
Education on the subject. "Con-
structive Thrift and Its Place in
Humanity's Problems"
Good VIII Come.
Eventual and permanent good
will come from the discomfort and
unrest that exist today around the
world" declared the speaker, for
these grave problems of humanity
will never be solved until they are
settled on the side of eternal right.
truth and justice to all. This has
ever been the rule of human prog
ress. Out of the great crises and
conflicts Of ideals, right always has
prevailed because right and all
things that are right endure while
all things that are evil must of their
very nature come to an end.
Discomfort Not q Vice.
Human discomfort within itself
Is not a vice." said the speaker, but
its impelling influences must be d.
rected along channels that are con-
structive. not destructive. Ambition
is the outgrowth of discomfort and
education is but the expression of
mans unwillingness to remain in
the bondage of ignorance and H.
literacy. Success is discontentment
expressed in terms of accomplish
ment"
Acquiring World Stability.
World stabilization can only be
brought about through the processes
OF thrift, Mr.. Straus said, and, in
view of the present widespread un-
employment and slackened business,
he deplored the general conception
Of thrift as a mere function of saw
ing money. Correct spending, he
declared, Is as essential to business
development and human progress as
correct saving.
He urged the educational forces
OF America to give greater attention
to thrift instruction in the public
schools as the means of stimulating
individual accomplishment and safe
guarding the orderly processes of
society against destructive indus
trial strife and popular misconcep-
tions OF economic fundamentals.
The Washington herald., 1921-03-02

short-term credits of S4.00O.0O0.Ooo.
They have come practically to the
limit of their ability in this direc-
tion, for in large part their short
term loans have, through the ne
cessity for repeated renewals, been
converted into long term credits.
This has logically led to the IA
miliar credit stringency In the
United States, which. in turn, has
been one large factor contributing
to the violent declines in commod-
ity prices.
January Trade a Lesson.
TT may seem elementary to en-
phasize here what has seemed more
or less obvious to our business men
for a long time. yet the lesson OF
the January trade figures cannot
be too often repeated in view Of
the necessity We face for meeting
foreign trade credit necessities in
an adequate manner. We must pro-
vide new credit machinery, design
ed to care for our permanent needs.
Bankers and business men have
felt. from the time the Edge bill
was proposed, as an amendment 10
the Federal Reserve act, that here
90 It6 ASldllOu "Oulo
possible this machinery. They
were called in as consultsnts. their
opinions were canvassed thorough
ly, and Congress acted upon their
general recommendation.
When the Edge TACT became a
law. the next step was to turn this
countrywide resolution into con-
crete machinery of relief: and the
Chicago meeting last December
marked the first practical step to-
ward the creation of a credit-ex-
tending corporation adequate to the
need.
Edge Act Important Step.
The Edge act. in its potential
effect on American business. Is
probably the most important legis-
lation that has been secured since
the Federal Reserve act itself II
can accomplish the unincation of
our foreign trade financing. as the
Federal Reserve act unified our
banking system Just as the
Federal Reserve system made a
great extension of banking credit
possible, the Edge act makes pos
sible a great extension of invest
ment credit
1T is essential TO keep in view
throughout all discussions Of
shrinking trade and credit machin-
cry the one outstanding fact which
is affecting American prosperity:
However keen the desire q the peo-
pie of Europe, OF South America.
OF Asia, of Australia to trade
with us, the present premium on
the American dollar is so great that
buyers abroad can not prudently
borrow and agree to pay on short
time.
"Cnder the circumstances, our
export trade is bound 70 lanruisb >,
The Washington herald., 1921-03-02
Dizziness PerUddes
~. Y. Money Market

NEW YORK. March I. - The
money market was very dull today.
operations in time funds being
limited to renewals OF small amounts.
The rates were Z per cent. At the
figure mentioned a moderate amount
Of call money was offered.
In prime bank acceptances, the
supply is reported good. and in ex-
cess of the demand. Rates were un-
changed.
Nothing in mercantile paper is
beipg done. Choice names are Of
fered at 7lz per cent. At the lower
rate, business is being transacted
with the country banks. So far as
may be learned, no paper is being
discounted as high as per cent for
choice material.
The Washington herald., 1921-03-02
METAL MARKET.

NEW YORK. March 1.-FolIowine
prices were quoted at the New York
Metal Exchange today:
Copper, spot, March. offered l2Sc;
April, May, offered 12Ac; market
dull.
Tin (Straits shipments). Feb
ruary-March, 29a31c; March-April
SOa3lc; April-May. 01za3lkc; mar
ket dull.
Lead, spot. March-April, offered
4.05: market dull.
Spelter east st. Louis), SPOT,
March-April, offered ass; market
dull.
Handy e. Hartman quote bar silver
domestic, sSi:c. unchanged; foreign
S5Sc, Off &c.
The Washington herald., 1921-03-02
Pct.,nre

The average spent each year dur
ing the last ten years was $s14.376,-
so0 Tor the construction of new
ouiidings- The average fire loss
was $242,2ol,eoo. showing that ap-
proximateiy one-fourth of the sum
actually spent for new buildings
Stree 1910 has gone up in smoke.
In other words. for every four stems
taken In advance In progressive re-
construction we have slipped back
one-either through criminal heeii-
gence or willful folly.
The Washington herald., 1921-03-02
REPORT ON WHEAT
CAUSES OVERSALE
Fears of War in Europe Make
Shorts Cover at
Closing.

CHICAGO, Mar. l.-Overselling on
grains on a bearish construction
placed on farm reserves, issued by
p. S. Goodman. combined with the
crop uncertainties, labor troubles
and political complications, made. a
nervous feeling. The declines made
early were more than recovered in
the late trading. The close was at
around the best prices with net
gains of kc on May and unchanged
for March wheat, sc to &c higher
for corn, nc to sc on oats, IL C
higher on May and &c lower on
July rye and unchanged for barley.
Farm reserves of wheat March /.
as estimated by p. S. Goodman for
Clement-Curtis, were 192, 100000
bushels, or the same as announced
by the government for January l.
They are 27,000.000 bushels over last
year. Whether the Goodman or the
government figures are correct re-
mains to be seen. To keep in line
the government figures due March
should show 100000 bushels
less. Shows estimate on reserves
is due and is expected to show good
stocks on farms.
.-- Fears of War.
After selling prices OF ] lzc on the
reserve reports there came a cover
ing movement due to fears of trou-
BILE between France and Germany
and a revival of the export demand.
March was taken by exporters and
sold by longs with a drop of 1c in
the premium over May. Germany
took two cargoes of Pacific coast
wheat. Italy took two cargoes at
the Gulf. Greece bought 5000 bar
rels of flour and England bought
a cargo of Manchurian wheat at
$1.77.
An advance of 2kc followed the
break with March up to s1.67h and
May to sI5S and the feeling at the
last was firm and crop killers were
practically silent. Kansas City Of
fered hard winter to come here 2hc
lower than Monday. Minneapolis Of
fered No. dark Northern at Sc
under March, a delivery basis.
Milling Sales.
Milling sales were $4,000 bushels.
buying was largely by local opera
tors. with selling scattered by a few.
What made the report on farm
reserves of 1,456, ,000, 900 bushels, or
IS per cent of the crop. and 3S5,0o0,-
900 bushels more than last year,
have little effect, was the statement
by Goodman that consumption of
corn and oats on the farms were
the largest on record despit the de-
pieted supply OF livestock.
1t brought buying orders after
the break and made a recovery. A
good business was on with the top,
on May $3.50. Cash lots were ! Nc
higher at the last. Country offer
ings were fair and purchases to ar
rive were at &c under May for No, 4
grades and SIC under for No. 3
white to arrive in sixty days. Re-
ceipts were 3S3 cars and are ex-
pected to keep up around 300 cars
for some days.
Oat seeding is under way in the
Southwest, South and in Southern
Illinois which is earlier than the
average. Despite this news, sellers
became uneasy and with buying by
cash houses and lighter offerings
prices made a small gain. Ship
ping business revived with 15S,000
bushels sold and 81 cars received.
New Workers bought July rye and
there we're orders to buy May wheat
and sell rye. Offerings were light
which restricted trading. July show
ed the most weakness while May
gained 1kc.
ro,iorvinv ara todav,s opota fions for orain
The Washington herald., 1921-03-02

Production last year in these
eight countries amounted to s3,s1s,-
4ss bushels, compared to nearly ss.-
100000 bushels before the war. In
1919. these countries produced only
100000 bushels, due very largely
to the small crop in India
The United States normally con-
sumes between 25.o0o.ooo and so.-
900, 200 bushels of flaxseed per year.
In the crop year, 1880, our con-
sumption was over $4,000. 900 bush
els, of which nearly 24.000.000 were
imported. In spite of the fact that
there Is a marked depression in the
trade, we continue to import seed
at the rate of nearly 100000 BUSH
els per month. The following table
gives the production imports and
The Washington herald., 1921-03-02
TRADE
BALANCE NOTED IN
BRITAIN'S FIGURES.
Kingdom Closes the Year
With Favorable Balance
-
OF 165, 5,OOO,O 900 Pounds.
COIN SAVINGS TIDE
Excess Shipments, Including
Bullion and Invisible Exports
Total 543,5O0, 900 Pounds.

NEW YORK. March The Brit
ish Board OF Trade estimates that
with the aid OF invisible export-S-
Great Britain closed the year 1899
with a favorable trade balance OF
approximately fI65 200. 900. The in-r
visible exports" through which this
result was attained. included for
eign income from shipping, banking
and other services, and from invest
ments abroad.
Merchandise Balnnce Unfsvsrnblc.
Iniactual merchandise trade Crest
Britain's balance in 1920 was un-
favorable to the amount OF fS7s.-
100000. this sum representing the
excess Of imports over exports. on
setting this balance were excess
shipments Of coin and bullion and
invisible exports" totsling fS43.-
500. 600.
Complete figures. according to the
Banke@ Trust Company, Of New
York. indicate in detail. as follows:
how the Board of Trade arrived at
its estimate OF a favorable balance
The Washington herald., 1921-03-02
ASSAY Shows Paw Ore.

Samples of ore taken from the
Pan Extension Mine submitted to
Thornes. Heyes and Sons. Toronto.
assayed gold content as Sssi.s4 per
short ton and gold recovery Of
S65l.sO. a shrinkage under treat.
ment that is negligible. Miners
have already started to work, and
it is proposed to go down 500 feet
and to drift $50 feet on the vein
at the l2O and 25o-foot levels, re-
spectively. after putting in work
stations at these levels.
The Washington herald., 1921-03-02
Taft to UpbuiId Taft,
Tex, And Nearby Land
Especial to Business Section Of The Wash.
ington Herald.)

TAFT, Tex, Feb. 10.-Charles p.
Taft. of Cincinnati, owner of the
leo, ,000-acre ranch upon which the
town of Taft is situated, is prepar-
ing for extensive agricultural de-
velopment of the property. More
than. S4,00o.oo0 worth of cotton was
produced and sold last year by the
tenants.
Arrangements are being made to
convert an additional $4,000 acres
into farms and to colonize the land
with men who are experienced in
growing various kind of staple
crops. More than se50,oO0 is to be
expended in improvements to the
town of Taft. Natural gas is being
piped here from the White Point
field and will be used for fuel by
the various industrial plants already
established, and others which are, to
be located here.
The Washington herald., 1921-03-02
Oil Claims Filled.

twenty-five oil claims, represent.
ing 400 acres of land in the field
between Lake Ste. Anne and Lake
Wabamun. were filed on at the Do
minion Land Office at Edmonton.
Alberta. In addition. 10000 acres
were applied for on coal leases in
thA gas>s tA~riAary
The Washington herald., 1921-03-02
BUILDING VS.. BURNING.

The two tables which follow, TAX
en- from different pages of Brad
streets reports, when placed in
parallel columns, furnish food for
serious consideration. The first col
umn shows the sums invested in the
United States annually during the
last ten years for the construction
or new buildings. The second COL
umn shows the fire loss during the
same years:
The Washington herald., 1921-03-02
he'd by American Security
and Trust Col
lal in West Canada.

five mines In the provinc,
ztchewan produced 33o.I52
focal during the year 1890.
Igfto the Bureau of Labor
Hstries. The largest amount
Produced from one'mine was
IONS. and the smallest 81
The Washington herald., 1921-03-02
Net invisible eIports"....... 500 600 90

Net favorable trade balance. fls4 zoo. .ocb
Allowing for invisible exports"
Great Britain's net trade balance
was estimated TO be fl49. .0oo. 900 un-
favorable in 1919. so that the esti-
mated net favorable balance in 1890
represents an Improvement Of E3lt.-
600 900.
The Washington herald., 1921-03-02

The present cash price for flax
seed at Minneapolis Is approximate
ly s2.0o per bushel. compared with
$3.50 a year ago. The increase in
the world crop this year. compared
to last and the diminished consump-
tion In Europe, are all adverse to
any immediate recovery. Linseed
oil Is selling at around 70 cents per
gallon wholesale, or about half the
price of a year ago, but with very
little demand.
The Washington herald., 1921-03-02

District Of Columbia. City Of Washington. IS:
/, X. Fl. BAGBY. Treasurer of the above.
named bank. do solemnly swear that the
above statement Is true to the best Of my
knowledge and belief.
X. II. BAGBY. Treasurer
Subscribed and sworn 60 before me this
26th day Of February, 1921.
tseal9 HUBERT n. ROBERTS.
Notary Public.
CcfIt ct-A.test:
Ezra Gould, George Hayes,
Joseph GoIdenberg, J. @. Ryan,
Mahlon Groo. Directors.
The Washington herald., 1921-03-02

(0uotatlons iurnisneo oy W. -. Hibos Il
Co.. Members chioagosBoard' Of Trade.)
The Corpus Christi caller. [volume] (Corpus Christi, Tex.) 1918-1987, 1921-04-21

riiu fhHfmnn Hiss Mafeuffiif lenr
MfH lirnfS lindfnuHd Sites Efnuf
MnfnmHh. MlHH Robbie NstthNWf HiaH
NHfir Nhlfhnt NNs AuNir ii'ufuNiI
MieF Dorothy barnes Nna julio fald
NeH
Rooms committee hiff HDIf
0halfmAn Mfs Sam ltHntIN NlHf Nti.
na Hlufhrf MfH ~ 81 Whalf
Out ~ town dflNanffa who have ffNt
DO fhfir fNNlaifHi GARD io date aIc.
Prom Nurfo I.eaiif finfF j0U fhaU
LeF. Leslie slkmunh uH4isF nonnsfi.
MifhHif Ailsn. fliudolNh EFefs y ~
white MTA NAn NNNNttf fiil iINHu.
NaHrie Edhafs iFuilt haafi fhsfiinf
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kfls Eltanpl hahoI Atoms iaffhiemn
and rfIfr MHNHhar
From kiurhsliia Nef George Wll.
f'ania q. a FRITZ ~ ii ffiff. Geo.
81 collins uuNv nfaaaflff1 10 81
Eny Mrs o. g. Key Mfa % 81 lmH
f1fu Mi|iffH aud lHiiH ifunff
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tnm titf'1 lA.a lnzlso
The Corpus Christi caller. [volume] (Corpus Christi, Tex.) 1918-1987, 1921-04-21
Farm Delegates
To Meet Harding
And Ask Rates

A.alUltifd l'rose
NAEilfN aTON Auu 10 THE dell
rriivs fu ihr Natiunal FARMERS union.
u secession here Today. accompanied ht
meuNrfH Uf .nuNftfH. NNi ran uuuu
resident lilf iinN Tomorrow fn uUnt
nu Immrdiafr reelection i4 nalnuf
rHfcH nlHdnfs fnninhf Indicated fhlE
thr president woulU he aHHed tu rnn o.
conference ~ luhor capital rargpstn.
fatitus N the iasIe ndHaiflra thu rill-
read Htur buuid Hni fhr Interstate
commerce commission io fhis eHd
The conference WIN fhf president
Was arranged tudHf Huet fnr hfmtr4
bad held au informal conference with
ueuhoff 81 thr Interstate commerce
commission. IhlH conference uH. dU.
arrlhNd hf delegates nH nnn1fieftcfnrt
tirlnhsr. OF fhD commission BIZ WHa
HHld Indicated that several Nreka
Nnuld hc necessary Go put into effect
ANS reduction. huf suggested fhut tho
farmers meet with representative 90
labor steel and the basic Industries Sea
Hn 0NDr io nffnnEc "a proram for re-
0utluH tlH operating CNuenaas of ~
lIIilult tH nnUresHff t0 the rsag ,iun
uf Hlfrf
Toe farmcrH declared thry would ton
fhe president thar o. reduction iu rates
would start revival not ualy m aFr
couture. hut iu m1uufuctur.nE and orb
Ur Industries
The Corpus Christi caller. [volume] (Corpus Christi, Tex.) 1918-1987, 1921-04-21

.. Nainh0il nas fflftfi from a
ffiD 10 fllfin Russ lioi SPRINGS. Al
idfIrNlA aNH fAt Arkansas miafH
Ifn re- 1sDaIt fui I'd III fhf wunfiu'a
fiuh ml MnNdAt afff nrln with ME-
West hilfn ard Third ffftetf Me-
ihf lesson wi italian aft Mff WOOD
gave ieeeru % Titan au1 Mfs.
W ~ hefh ttad unpcf 90 iieiiini"
De tlfeNnn "a aff.N ~ me depart
msnt resulted Do Mfs = q Noian ~
uHiI lnHn. tlfF Marcus Philut fifFs
chairman Had iifs Waiter iiquHe le
srrfffHfl treasurer The presldins ~
uaeI artuilfed ihe following ah pgo-
TfHn committee ~ thlH leinrWfni
Nle Marcus Phillips enalfmaF Mr.
~ 81 hfari ard Mrs ~ 81 DolEhty
Mf ard Ms a. 81 Fafnhafn - ftfle
irInuis ufrf gufsis ~ SIR and Nrn.
q J iieehWan 81 me reoa fGo ~
fHeH IHme fnw tHe Yates arrfe
fhf HffNf zoe winter
NIs Ntffrf .fa4fNn .tiHfinu Nlff
Do ffH EHm nHfd et4a1i aHd eisttsd
f.a f.HaEir 0fffNa ~ ftt cunning
asaf President Mfs !. q fiiet VIE
ufsaifeHf ufs. Many collins Her-
fefHfF Nff HIff ffuesft fre8aurrr
AifH o. eifa hlfa y W Afafs
rssf fn NAWNFn reaflnHs aNd on
AfhiH Nn Tbs Hcilnf itUH. ffrm
fHe $4,000 500 read hH HH ~ 81
finrt Tlr hnsf.efs f.I fnn afternoon
tffa Hra noes HNiif FffaH Poor
lFHaaH N.f0 aNH NEi ahU spft.
nd lrt Hfau orc cake
The Corpus Christi caller. [volume] (Corpus Christi, Tex.) 1918-1987, 1921-04-21
Gold Plume Toasted Coffee

later this franchise brings Gold Plume merchant the leadership the
of
once
change
ON
The Corpus Christi caller. [volume] (Corpus Christi, Tex.) 1918-1987, 1921-04-21
OF Portland as the
Representative OF the

upon only
n i % s rank o
Ia merchant $ the o
The Corpus Christi caller. [volume] (Corpus Christi, Tex.) 1918-1987, 1921-04-21

Try calloF clasalfled Ada for Rosults