davidaulloa/AmericanStories huggingface dataset:
The Washington herald., 1921-07-09
BOND MARKET
Dull AT CLOSE
Early Activity Lost Without
Interference to Price
Tendency.

NEW YORK, July Sin the early
trading today the bond market wa,
active, but later the pace became
slower without Interfering with
prices This description held true OF
corporate and foreign bonds but did
not exactly apply to Liberty issues.
which moved irregularly through
out the session. The fourth AVS
opened six cents higher at s7.34, but
quickly went into a reaction which
resulted in q net loss of more than
20 cents. Third AVS went below
81 French SIS touched ss, a net
gain Of a quarter point from the
Thursday closing Belgian III made
a slight improvement in their posi-
tion above par. Norwegian SIS gained
a half point to le2h while Salo
Paulo SIS declined a half point to IS.
Railroad bonds continued in good
demand. bit price appreciation did
not come UP to the expectations Of
those who had looked for a material
response to the announcement Of
the Treasury Departments plan for
aiding the roads pending a settle
ment of reciprocal claims Of the
government and the compan nies.
NorlncTn fSclnc-Great northern
shs and the great Northern rs con-
tinued active around the last price
Of yesterday. Pennsylvania 6ks re-
acted slightly. Weakness in the
sugar stocks was reflected in heavy
selling of Cuba cane sugar Is. They
went to S7h again today, a price
which compares with s2h on We'd
nesday with a high of SIS last week
and with 81 last January.
The Washington herald., 1921-07-09
BUSINESS FAILURES
DECREASE IN NUMBERS
Liabilities Still Heavy but Also Declining
From High Point.
(By The wsshi.gtsn Herald Eeeusuist., !,

H
The best business period. judged
by the number and size of failures.
was in 1918, when In May the COM
mercial failures. according to Dun.
were only ss1, with liabilities
amounting to s11,s5s.s51.
A considerable part or the IN
crease in liabilities this last month
was due to the larger number Of
failures of large firms with 100000
or more liabilities. This May there
were 81 such firms with liabilities
of $3s,4o4, 900, against IT firms with
liabilities of S5,s2s,0o0 last year.
A study of the branches Of busi-
ness shows that failures of manr-
its peak in December 1920. with
421 firms with s27,S34,000 liabilities,
while in May the number was 2s4
firms with 13,566,0o0 liabilities. OF
the branches Of manufacturing IN
volved. the failures were most nu-
merous in machinery. clothing. mill
ing and bakers, leather and cherni
cal firms. Leather firms appeared
to suffer greatly, since the number
of failures In this line alone was
three times the average of the same
month in previous years.
Among traders, where the peak
of failures came in March, the
losses were chiefly in the lines of
clothing, furnishing, drygoods,
shoes. and general stores. The
failures In large trading firms was
unusual, Is firms having liabilities
of $7,742.ooo in amounts over $780,
900 each, while the failures of firms
with liabilities below this total
Were sss, with liabilities Of s11..
sos, 900.
Altogether. a comparison of the
May business record with that Of
earlier years shows the effect Of
increased prices in the increasef
liabilities:
The Washington herald., 1921-07-09

vivaI Of hope whIch sent the stock
up from <sh on Tuesday 20 90 yes
terday was not based on anything
substantial. but was merely a psy-
chological result Of the change IN
sentiment which the general market
advance Of Wednesday produced.
The passing OF the Fisk Rubber
Company nrst preferred dividend
might have caused some shock n
the United States Rubber diviaenc
had been declared. As Il was, the
announcement of this omission was
received calmly. Fisk common was
slight fraction lower before the
news came out. and the sellins
which followed carried ~ down 4
point from yesterday's closinr be-
fore trading market was found
around Il.
United States Rubber ala no,
stand alone-or fall alone. Ths
fact that this was the biggest com.
pany that has thus far omitted a
common dividend naturally cause,
uneasiness over some other lare.
corporations. Rubber will 60 ou,
OF the speculative limeIight now
and others win take it's place. Tn,
American Sugar common dividend
Is being questioned; so are those
or international Harvester sno
Famous P1ayers-Lasky. These thres
STOCKS were u7der heavy pressur.
OF sales throughout the day. Sears
hoebuck, Chandler Hotor -
United Drug were also weak spots.
The Washington herald., 1921-07-09
BILL END DCRAIN
JUGGLING CALLED
AID TO PRODUCERS
Senator Cspper Says II
win Not Harm Any
Useful Interest.
cURBs sPECULAToRs
Prevents Few Large Traders
From Manipulating Market
For Profit, He Asserts.
CURBS SPECULATORS

Professional spectators will be
curbed. abuses on grain exchanges
wiped out. and producers assured
better prices for grain through
stabilized markets by the Tincher
grain speculsting bin favor.bly. re-
ported to the Senate yesterdzy.
Senator Cspper. of Kansas. CO.
author Of the measure, oeclsred In
his accompanying report. -
The bill he stated. would n6t dis
turb the legitimate and useful
functions Of the exchanges, nor-put
curb on free and unlimited heoc-
ing by elevator companies, export
ers. millers and other mansfac-
turers Of grain products.
Ho declared grain exchange mem
bers had testified that a fe~. big
traders at times manipulated the
market, infue ncing prices -ky. the
volume of their operation TO make q
continually huctuAting market.
Such markets, he said, were against
the interests OF the producers.
"A market without wide and fire.
quent fluctuations would grfatly
benefit the producer" the report
said
Manipulation on the short Or
selling side Of the market by bis
speculstors. and bear raids By
their followers, such as happens
every year shortly before OF innfne-
diately following the harvest. play
directly into the hands Of. the
European importers, who are en-
sbled to buy millions Of bushels Of
wheat in the futures market at .
reduced price. which they later e1-
change for cash wheat.
The Washington herald., 1921-07-09
TAX ONLUxURIE
NETS GOVERNMENT
BILLION DOLLARS
Motion Pictures and Face
Powder Pay for Bat
tleships. .....
GUM ADDS $1,000,0 900
Smokers Contribute $751;
100000 Besides Cost of
Their Tobacco.
GUM ADDS $1,OOO,OOO

Approximately s13,0e0.ooo.eoo
year now is being spent on lux
uries. recreation, movies and othet
amusements and personal hnery'
Federal tax receipts show.
More than $1,000. 100000 a year IN
taxes now Is being received by the
government as a result Of purchases
of foibles. This is nearly one-duar-
ter of the total ordinary receipts OF
the government.
Pennies Help Puy Debt.
Sporting goods, autos and motor
cycles, amusement parks, FANCY
bathing suits, summer hats and
gowns for women and panamas TOT
father now are netting the govern
ment thousands daily. Cigarettes
cigars and candy bring In millions
eacN north. The pennies that are
paid with the purchase Of soft
Irinks and soda water are helping
to pay the annual interest charge
Of $500, ,ooo, 900 on the national debt
Battleshfps are being built with
the tax on motion picture films
sporting goods, face powder, cos
metics and other beautifers.
Million From Gum Chewers.
Chewers of gum in the past twelve
months have contributed more thar
sl.0oo.000 In taxes to the Federal
treasury. Tennis rackets and sport
ing goods paid nearly $4,ooo,ooo.
Summer furs netted the govern
ment the tidy little sum of $780,
900 in tax money, the reports show
Toilet soaps and powers brought
more than 100000 in taxes into
the governments Golfers in the fis.
cal year just ended. indicating total
purchases of these articles of about
$4,000. 900.
Smokers in the past year paid the
government in excess Of 32,ooo.oo(
in taxes over and above the actual
cost of tobacco and cigars to the
dealers.
More than s2a. 100000 poured into
the governments pocketbook from
taxes on engagement diamonds and
other jewelry. indicating total pur-
chases of taxable jewelry of some.
thing like ten times the tax col
lected
The Washington herald., 1921-07-09
STEEL PRICES CUT
81 TO $I2 PER TON

! NEW YORK, July s.-The United
States Steel Corporation today an
nounced reductions of 50 to S1z a
ton In pipe and tube prices and IS
ton In wire and wire nail prices.
Referring to our statement of
July s concerning selling prices and
In accordance Herewith" Judge FL
bert II. Gary, president. said in a
statement. I'VE have decided to rec
ommend to subsidiary companies
that present prices of tubes be re-
duced as follows:
standard steel pipe. quarter and
.-inch. ~ ton: Il to s-inch in
elusive. - ton; to 12-inch in
s-usiye, ss ton; sizes above I2-
Inch. "a q ton
soiler tubes. 1z Inch, 81 a ton /:
to 3-inch inclusive. si2 a ton;
~ inch and larger. SO a ton
we further recommended that
wire nails be reduced s275 a kee
and other wire products relatively.
Reductions in wire products are
equivalent to IS ton"
The Washington herald., 1921-07-09
FksHINGTON PRODUCE.

Eggs-SOuthern, 30c; nearby, 32c.
Butter-Print. 3ea4sc; creamery,
ntfa. 4oa42c; store packed. 20a22c.
foufry-Alive: Roosters. 1ea1sc:
fukey, soa35c; spring chickens.
-Essc: white Leghorns. 3oassc;
heps. ssa3oc; keets. 75c; dressed
lotls. s3as5c: turkeys. 4sa45c;
roosters, 20a23c.
Green fruits-Apples, western, per
sox, s3.50a4.5o; pineappfes, ssas.So;
California oranges. ss.5oa7.oo. lem
sns-per box, s1oa1200; Florida
Gsnges, Ss.ooa6.5o; Georgia peaches
t2-eess5o; eurrants, Isa20c OF
Eipesap apples. boxes, s3.0oa4.s0.
vsgetables-New potatoes. s3.ooa
Loel nearby per bbl.. s45oa5. 90;
saHtaloupes. tops, Cal. standard.
H-eoa4.5o per crate; ponies. s3.eoa
E5ea per crate: fats. 1.40a1.75 per
rste: now cabbage, home grown,
9.eea3.35 per bbl; beets. per bunch,
he peppers. per Ct. ss.0O0a5. 90;
syraings. per CT, s2.0oa2.5o.
florida celery, per ct, s1.5oa
L0e, bunch celery, s1.ooa1. rs; peas,
bu. basket, s2ooa25o; watermelons
n carlots. zoa22 lbs. average,
t2ooooa2so.oo: 74azs lbs. average,
k35o.ooa3so-oo; 2sa3o lbs. average,
S40u. .o6s4so.oe.
63iyss. choice. per Ib,. Sc: lambs.
shstceS 1oa11.
o. .. Department Of Agriculture.
Bpreau OF Markets. July 0, 1871.
Based on July quotations in
important markets, prices for hay,
leed and grain In carlots delivered
Warrington, ID. c., for prompt ship
nen5 are quoted as follows:
Ns-Itimothy hay, ton. $1,000; No.
timothy hay, s21.oo; No. 1 clover
nfxsd.. $3.50; spring wheat bran,
i2g.zs; spring wheat middlings.
I2t.oo; eottonseed meal (36 per
sef), $500; old process Iinseed
neal $500; gluten feed, s3o.5o;
ioniny feed (white), $3.50; dried
,est pulp. $3.50; No. white corn,
bul soc; No. 2 yellow corn, 77Hc;
No. white corn. 7sc: No . yellow
soTn. 7s1c; No. . white oats, f7Hc;
Soi , white oats, '45kc.
The following commodities NAV
BEL obtained from local dealers In
,asiots. basis cash payment, at
Drtces quoted.
70. timothy (western) hay, ton.
;et: No. . timothy (western) hay.
izf.50; No. 1 clover mixed, s2z.5e:
Ipring wheat bran. s21.00; winter
wheat bran. s22.00% standard mid
uings. s22.oo; flour middlings. $3.50;
;ottonseed meal cas- per cent?,
$500: gluton feed, s31.5o: hominy
leed (white). s2s.25: -four. soft win
,er straight (140 lbs jute). per bbl.
6.e5a7.00: hard winter straight 4 40
bs jute). s7.5eas.25: fancy spring
,afent (famfly brandt. ss.25as: No,
I. white corn, per bu (bags extra),
.2t: No. 2 yellow corn (baks ex-
rp, 7s11c; No. yellow corn bags
xra). sic: No. 3 yellow corn (bags
ztra). 7Sisc; No. white oats fbags
xtra). 4s1se; No. white oats (bags
sx1ra). 4skc.
The Washington herald., 1921-07-09
TMELYWALLS STREETTOPICs

NEW YORK. July s.-Rsnewsd
short selling during the forenoon
Of about a half doxen Industrial
stocks. the dividends Of which were
brought into question foilowine
the decision of the United States
Rubber Company directors 70 omit
the usual July payment. gave the
market an appearance OF weakness
which became real and general In
the late trading. The net result
was a return Of many issues to the
level from which they started for
ward on Wednesday and the estao-
iishment Of several new low records
for the year. Oils, railroads ana
coppers held well until the after
noon, and then declined with the
rest. ending the day with pet losses
Of to . points. In Mexican Pc
troleum and Atlantic Gulf the late
losses were even heavier.
Next TO the seasoned traders
weakness for quick profits, the
factors which upset the calculations
of market diagnosticians most
Of the public, making participation
Impossible. No recovering move
ment engineered thus far this year
has brought the public into the
market. Some began to betray an
interest during the spring move
ment, but the turn came before
their buying grew large enough
to count. The big upturn on
Wednesday was Ineffective as n
decoy for any but the hardened
traders. 1t is learned that a few
Of the big commission houses I'M
ished that day with more than a
fair balance of stock bought. One
house which under ordinary cir
cumstances-and not necessarily in
the middle Of a bull movement
would have shown a balance of 15,-
geo 10 10000 shares bought, re-
ported that on wednesday IL bought
only so shares more than IL sold.
This does not spell public participa-
ton. II means quick sallies fnso
the market and out of It again IN
the space of few hours
Complete omission OF a divideno
on United States Rubber common,
announced late yesterday afternoon.
was reflected in the stock immedi-
ately after the opening today. The
nrst sale price of 4s represented a
net loss of ~ points from the
previous closing and points from
the high of yesterday. The dis
counting OF this dividend develop
ment followed along the lines o,
the action in Central Leather BE-
fore and after the preferred divi-
dend was omitted. Long before the
directors of the latter company
voted to pass the dividend, on MAY
"a. all hope of regular disburse-
ment being made had been given
up. But in. the fortnight preceding
the meeting hope was revived ON
reports Of Improvement in ;he COM
pany's business, Part of the dis
counting was undone, SO that a
sharp reaction followed the diSi-
dend action. Exactly che same
thing was done in the case of United
states Rubber. except that the re-
The Washington herald., 1921-07-09
A. p. Of L. Worms Shop
Men Against Strike

CHICAGO. July s-waru,nr
was today sent ~ the RAILWAY
employer departmest Of the
Anerscsn Federation of Labor
shepcrsfts Uniens on all rail-
roads to 20 conduct Themselves
that they win not become In
velved In . steppaEe Of work.
In palmer words, II IL n warning
that there must be no "runsway,,
strikes or any sulkinE in the
tent or sabotage on the part Of
disgruntled employees.
Thee circular letter points ont
that the shop crafts compose
snly = per cent Of the 1000 600
railroad employees In the country
and that no action on the wage
cut recently ordered by the
Unitee States Labor BOARD.
which went fnte effect July 4,
should he taken without au-
thsrity Of the railway employees,
department.. All employees are
asked to refrain from any ac-
tien which might lead to an un-
authorized strike.
The Washington herald., 1921-07-09
CURB TRADING IS
SMALL IN VOLUME
Heavy Tone Prevails in Nearly
All Leading Issues-In-
dustrials Lax.

NEW YORK, July 8.-Business on
the curb market was small in vol
ume. but a heavy tone prevailed
in. nearly all the leading issues
about the only exceptions to a de-
clining tendency being in the in
dependent oil stocks. Glen Alden
Coal was the most prominent fea-
tore that stock being directly in
fiuenced by the announcement that
contracts must be settled today and
many Of those expecting deliveries
were sellers in anticipation OF the
closing Of the contracts forcing the
stock down from 35 to 3319. Deal
ings in other industrials were about
the smallest noted since the begin
ming of the year. A trifiing amount
of business was transacted in Brit
ish American Tobacco at 12M, un-
changed in its recent trading posi-
tion. and a small amount of Acme
Coal changed hands at N. Car
light showed a better tone in the
early trading. rallying from its re-
cent low level, but was in supply
again in the afternoon. Goodyear
Tire was steady with a moderate
famount of business at 8. Sweets
Company Of America again sold at
8 and 3h and United Retail Candy
was traded in at 81. Todd Ship
building on small transactions
ranged from 81 to 60h.
Independent oil stocks generally
showed a firm tone. some of these
issues being bought by interests
affiliated, with their control. Among
these was Fensland Oil, which
moved up to 81. Simms Petroleum
was steady, selling at 6% and 6N
and Skelly Oil was again traded in
at 4%. Maracaibo was weak. SELL
ing down from 22% to 20A. Creole
Syndicate was in supply, yielding to
IN. International Petroleum sold
at 1eE. There was active trading
in many of the mining stocks. Sill
vel Hills Of Nevada being among
the most prominent features in this
group and continuing the upward
movement which has been steadily
maintained for over week.
The Washington herald., 1921-07-09
WHEAT YIELD OFF
zEMILu0N, SAYS
rGRAN FORECAST
sQaA AO0, 900 Bushels Esti-
mAted for Total Crop
Of This Year.
DROPS COME QUICK
Carno Production at 3,123,-
900, 900 Bushels, with Gain
In Acreage.
DROPS COME QUICK

The, total wheat production for
Is9fs was forecast at s0s,o00ooO
bushels by the Department of Agri-
.ultura yesterday.
rheE forecast a month ago was
,or5osss. 900. 900 bushels. For 1920
ne. .fotal production was 7s7.ooo.ooo
susheas
rhe winter wheat production was
estimated at 574.Ooo,Ooo bushels as
.onpsred with an estimate Of $751;
poeoeer bushels a month ago and
PRODUCTION Of 57s.ooo.ooo last
year.
Conditioa Takes slump.
The, spring wheat production was
estimated at 35.ooo.oo0 bushels as
compared with an estimate of 251,-
poo. 900. bushels a month ago and a
production of zos.oo,ooo bushels
Iast year, -
The condition Of wheat was given
rs. 49, per cent compared with S2.5
per. cent at this time last year.
rhe- condition of winter wheat was
given at ,773 per cent compared
With sz5 per cent at this time last
Tesr.a The condition of winter
rheats was given as 77.2 per cent
sow-and 1871 per cent at this time
hst year and spring wheat sos per
cent now and IS per cent last year.
A month ago-the condition of all
wheat was estimated at SO per
cent, winter wheat at IT'S per cent
md spring wheat at s3.4 per cent
--,.sEx Per cent on Farm.
Six and nine-tenths per cent Of
ast years wheat crop or about
H.435,soo bushels was held on
sarns July as compared with A.
$4,000 held on July 1 last year.
The total corn production was
given as s.173.ooo, 900 bushels COM
Jared with 3.z32.o 100000 last year.
The condition of corn was esti-
mated at 91.1 per cent and the
acreage at 1oS,so1.ooo acres, or Al
,er cent greater than 1920.
F3gures for other crops were: -
Eaffr,afad COn-
The Washington herald., 1921-07-09
UNSETTLED GRAIN
AVERAGES HIGHER
Black Rust Report from Can
ada Has Effect on
Sentiment.

CHICAGO, July s.-The wheat
market was unsettled. and while
the July averaged higher the
September was easier with a lack
of buying responsible for the de-
cline. Black rust reports from the
Canadian northwest which were
fully confirmed had some effect on
sentiment and was responsible for
numerous rallies but there was a
general disposition to go slow on
either side pending the publication
of the government report which
was due after the close today.
Forecast indicated generally fair
and continued warm weather with
showers and warmer in the Cana
dian Northwest. County offerings
were only fair and mainly from H.
linois and Iowa points, recent rains
delaying threshing in Kansas and
Nebraska New wheat received
from the latter State today graded
No. 1 hard and tested, sly to s3h
pounds per busheL Export demand
was slow, with spot premiums un-
changed. A scarcity of cars of the
Atchison and Rock Island roads Is
reported in the Wichita, Kansas,
territory.
July corn went to a premium of
around 1 cent over the September
at one time today as the result Of
the removal of hedges against
sales of 100000 bushels to export
ers via Montreal late yesterday
and further demand was reported.
Cash corn gained 1a1z cents as
compares with the July with con-
tract grades selling at Il cent un-
der, the leading industry being a
buyer for the first time in some
weeks. Country offerings were not
large and receipts light. Septem-
Der gained slightly on the Decem-
ber going to a fractional premium
against a small discount at the
close yesterday. Oats were dull
and effected mainly by the action
of corn.
Provisions were active and higher
early with light offerings and short
covering, but on the bulge there
was selling by packers. Hogs were
10 cents higher to Is cents lower
with bulk of sales at 8.75as.75
Receipts, $1,000 with 1000 for to-
morrow. Western run 92,40o against
S7.40o a week ago and S3,7e0 last
year
The Washington herald., 1921-07-09
BALTIMORE PRODUCE.

Baltimore, July s.-Butter-Fancy
creamery, 3sa4oc: choice, 37a3S
good, 35a3sc; prints, 4oa42c; blocks
3Sa4oc: ladies, 24a2sc; Maryland and
Pennsylvania rolls. 22a25c: Ohio
rolls. 22a25c; West Virginia rolls.
22a24c: store-packed, 23c; Maryland
West Virginia and Pennsylvania
dairy prints. 2sa2sc; process butter,
2sa2sc.
Eggs-Maryland. Pennsylvania
and nearby firsts. loss of. per dozen.
soc: Western hrsts, zsa3oc; West
Virginia frsts. 2sc; Southern firsts
sc.
Live Poultry-Chickens, old hens,
I pounds and over, per pound. 2sa
SOC; small and medium. 27a2sc; white
Leghorns. erase: springers, IN
pounds and over, 4oa42c; IL to 1 u
pounds. 3sa3Sc; l to IL pounds. 33a
35c: white Leghorns. u pounds and
over. 34a35c; smaller, 30a32c. Ducks
old Pekins. csc: Puddle. Csc: Mus
covy. 25c: smaller and poor, 21a23c
spring. az pounds and over. 3oa3.c;
smaller, CSC. sPigeons. young. per
pair, 35a40c; old. per pair. 35a4oc.
The Washington herald., 1921-07-09

The number of failures in bust
ness shows q decline from the high
point in March this year, but still
far above the record Of of the same
period last year. according tv
Dun's reports. During May there
was a reduction in the number of
all commercial failures. but an in
crease in liabilities over April. The
situation was much better in man
ufacturing than in trading. since
in the former the total of liabili-
ties continued the decrease which
has been constant since December,
1920. In trading firms the hign
point was reached in March. and
the Improvement during April was
partly lost in May, but more than
regained in June.
The record of the past seventeen
months shows the course Of busi-
ness mortality in numbers OF firms
and amount of liabilities: