davidaulloa/AmericanStories huggingface dataset:
The Washington herald., 1921-01-18
COTTON HIGHER
AFTER DECLINE
Those Who Own Long Con-
tracts Now Willing to Ac-
cept Deliveries.

NEW YORK, Jan. 17.-COttOn was
higher today after prices had lost
ground in the morning. The short
interest in the position trading
which will come to an end at noon
on Tuesday of next week, has been
large and those who own the long
contracts appear to be quite wilt
ing to accept deliveries. Dealings
generally were not large, but they
were more active after p. m. than
at any. previous time during the ses-
sion. Initial quotations were un-
changed at : points higher
The list held fairly steady tight
after me call. but Wall street was
a seller, while there was consider
able local realizing. At first these
offerings were pretty well taken.
but the market turned easier toward
the end Of. the first hour. owing to
a closing decline at Liverpool and
selling by English interests. March
broke to 15.SSc. with active options
selling about so to 55 points below
Saturdays close.
Later offerings became very small
and the market moved upward,
showing strength in the last hour
Last quotations were TO l3 points
net higher.
Spot here was quiet at an advance
of Is points at 1860 for middling
there were no sales. Spot at New
Orleans was steady with middling
25 points higher at 15.25c; the sales
were 2,425 bales.
Following are tOdsy's quota tons:
The Washington herald., 1921-01-18
Furnished by L. :. Bureau Of
MarketE)

Based on January II quotations
I'm important markets, prices for
lay, feed and grain in markets de-
livered Washington. D. C., fol
prompt shipment are quoted as fol-
lows: No. l timothy nay, per ton.
$50: No. timothy hay, S29; No
/ clover mixed. S29; spring wheat
bran, $3.50; spring wheat middlings
Ego.5O: COttOnseCd meal C36 per
cent?. $3.50: old process linseed
meal. $1,000; gluten feed. $3.50: hon.
inv feed. $3.50: dried beet pulp,
si4. No. yellow corn. SIC bu;
10 yellow corn. SIC: No. white
-.,r-. IS. No. ; white Oats.5
The following prices are quoted
hv local dealers for carlots.. basis
ash payment: No. ! timothy West
srnI hay. $3.50 ton: No. timothy
Nv esternJ hay, S5l: No. clover
mixed. $1,000 spring wheat bran,
SO. winter wheat bran, S42: stand
ard middIings. $50: -four middIings
s39. CottoRseed meal (36 per cent.
s3S 50; gluten feed, $50; hominy
sced S42. FlOur-Soft winter
straight Gao Ibs. jute), $S.5Oas. so
Snrr Dbl: hard winter straight Gao
lbs jute). S1Oa1O.75; fancy spring
patent Cfamily brandt, SlOa1O.75;
10. ? sheIled corn, SIC per bu (bags
.sxtraD: No. 2 white oats, Gle per
5u (bags eXtra).
JObbers' prices in ton lots or
more, terms cash at dealers ware
1ouses, range mostly from 81 to
p per ton over local market prices
N hay and from 81 to s. per ton
IN feed.
The Washington herald., 1921-01-18
CANADIAN TRADE is
IMPORTANT TO us.
SO Per Cent of Dominior1's Trade Comes Here
Exports and Imports on Wheat
Nearly Balance.

The tariff Congress has
called foreign countries Press
Argentina threaten action
imports this country 1t worth while
detail what trade with of these
to the United States.
the Markets has recently pointed
that wheat trade with Canada frequently
that than from them The Bureau points
while arrivals of Canadian wheat during the first ten months Of
exceeded those the corresponding period by
bushels of wheat Canada during the period
exceeded those of I6o6So bushels The following table,
taken with additions for earlier from the Bureau of Mar
kets report shows the relation of wheat trade with Canada
During the and while the old
and imported than three and onha million
bushels Since September there been
the opposite direction bushels imported from
Canada only exported Our total wheat trade with
Canada large proportion OF foreign trade this
commodity Nevertheless clear that it has often been
advantage Canada embargo wheat imports
Canada might work hardship producers certain
During the months of the value OF
Canada amounted $S4o3ooo total trade
Our export with Canada little than
total from Canada during the period
amounted little than $Sooooooo out OF total import trade
Of &6o2oooOoo Canadian thus little than 10
cento total foreign purchases.
shown by the following table the Cansdsn trade with the
trade Next the United Kingdom the largest pn
OF Canadian We normally take from 80 to 40
the from Canada In Canada has
purchased approximately 80 her foreign supplies from the
United States
UNITED STATES TRADE WITH CANADA DURING THE
FIRST TEN MONTHS OF EACH YEAR
The Washington herald., 1921-01-18
STRENGTH SHOWN
in WHEAT MARKET
Covering by Shorts Makes
Prices Bulge; Locals
Press Selling.

CHICAGO, Jan. 17.-The wheat
market was strong today. princi-
pally because of covering by shorts,
and at the finish showed gains of
2 2a3 cents. Locals pressed the
selling on every bulge. but buying
power developed on the breaks and
rallies found pit shorts trying to
cover and little wheat for sale. Very
little market news was presented
for the benefit of the trade, ana
nearly all the strength was due to
the short covering. Offerings were
not so free as many of the long
lines had been liquidated Saturday,
and there was a disposition shown
on the part of the shorts not to
press the selling too far.
The corn market finished 1aaIc
higher. gaining strength just be-
fore the close. Export sales were
big, and the effect Of these was
felt in the pit. Early there was a
lot of covering by shorts who be-
lieved the decline of Saturday had
been too fast and had carried prices
low enough for the time being. The
market worked up rapidly, then
sagged off, remaining dull until
just before the close.
Oats finished unchanged to &c
higher. The trade during the day
was active, and prices fiuctu1ted
briskly. turning stronger toward
the finish.
Rye was AaIBc higher, and bar
ley &c lower.
In the provisions market there
was little change in pork, lard clos
ing higher, however, and fairly good
gains were shown in ribs.
Following are today's quotations on grain
snd provisions
The Washington herald., 1921-01-18
FRENCH REVENUE
FROM SALES TAX
OVERESTIMATED
Yield Is 81 Per Cent Less
Than Had Been
Expected.
PUBLIC NOT BUYING
Proposals Being Made for
Heavier Tax on Inn 10
ported Goods.

In connection with the discussion
Of a sales or turnover tax In this
country IL is Of Interest 20 csH at
tention to the following extract
from the Paris correspondent OF the
London Economist, under date OF
December Il, 1920.
The growing difference between
the expected and the actual yield
for the tax on turnover CtaXe sur
lie chiffre d'affsires) is beginning TO
excite some alarm, as this form Of
taxation had been relied upon 10
afford the possibility for relief IN
der other headings in the future.
The deficit on the yield for Noveni-
ber (Which was derived from trans
actions during OctOberD was some
80, 0OO, 900 francs less than that for
the previous month. The total
yield for the four months since 81
came into force has been 7S2,7l7,5 500
francs, or 50 per cent less than eN-
pected by the Finance Minister for
that period. Much OF this differ
ence is to be accounted for, Of
course, by the fact that the public
has largely restricted its purchases
owing to the continued high prices
Of all commodities. There are rU-
mors, however, that methods for
getting round the new tax are be-
ing adopted in many transactions,
and already proposals are being put
forward for its modification in the
direction Of a heavier tax on trans
actions connected with imported
goods. with corresponding relief in
the case Of transactions in French
produced goods"
The Washington herald., 1921-01-18
WASHINGTON PRODUCE.

Eggs-Nearby. zoe; Southern, 7Oc;
average receipts, roc.
Gutter-Print. Tic: creamery. ex-
"a. 6SaG9c.
CReese-June-heId, 3la52c: new
made. 2sa29c
Poultry - Alive: Roosters, zoe:
)urkeys, 5Oa55c: spring chickens,
D.: white Leghorns. 35C: hens.
-. keats. 4Oa45c; dressed fowls,
%Ta3Sr: sprinEers, 4Oc; turkeys,
60c; roosters. 23c.
Calves and Lambs-CaIves. l9c,
limbs. I2c: prime. 1Oc.
Ra5bits-TOps. 4Oc each; No. 9
and kits, zoe.
Green Fruits-Apples. per bas-
k-t. 75caS3.0O; apples, new. per bb:.
~aIifornia oranges, S5.OOa5.5O: Cali
fornia lemons, per box, $3.5Oa4.OO;
grapefruit, per crate, S4.5Oa5.OO;
Florida oranges. S4.5OaS5.OO; Brus-
sells sprouts. l5a25c-
etableS-POtatOes nearby, per
bbl.. s3a3.25; Northern. per sack
a5a2. 50. string beans. per basket
Florida. SGOOa45O: cabbage, pei
DBL, SI.T5aS2.OO: beets, per 100. $500
sG.Og: lettuce. rOmaine, per crate
Or. .OOal.25: Florida. S1.OOa2.OO: pep
ers. per crate, $4.0Oa5.OO; cymlings
hte. S3.5Oa4.5O; eggplant, per crate.
pOa5. 90: onions, per sack, Sl.75s
DO: spinach. per bbI.. s3.OOaS4OO:
tida tomatoes, per crate, SEA
sweet potatoes. No. l. per bbI,
Is. 5.5Oa45O; yams. S3.5Oa4.OO.
The Washington herald., 1921-01-18

BALTIMORE. Jan. 17.-Eggs-
Western Maryland, Pennsylvania
and nearby. firsts. 6Sc: Eastern
Shore, Maryland and Virginia, frsts,
6Sc; Western (Ohio). firsts, CSC;
West Virginia, firsts, SIC; Southern
IN. CarOlina). firsts, SEC.
Live POultry-Chickens, young, by
boat, per lii. 35c; by express. per lb.
35c: old rOOsters. per lb., 20c: old
hens, over pounds, lb., 34a35c;
do. small, lb., 32a33c; white Leg
horn hens, pound, 32a33c: young
white Leghorns. IL lbs, lb, 32a33c.
Dressed poultry-CScalded, un-
drawn, head and feet on.) Turkeys.
choice to fancy hens, per lb, 57a5Sc;
do. mixed, hens and gobblers, h., 81
abhc: do, poorly dressed, thin, Ib,
45a5Oc; chickens, straight. young,
ID. 3sa36; do, mixed, young and old,
Id, S5c; ducks. choice, fat, nearby,
h., 34a35c. Geese, choice, fat, near
by. lb., 32a35c: do. Southern and
Western, h., 2Sa3Oc.
Turkeys-Choiee, hens, lb. 55a5sc:
do. young gobblers, lb., 53a55c; thin.
crooked breast, ID, S5a40c; do, old
toms. lb, soc.
Butter-Creamery, Western, sep
arator. extras, 57a5S; do, frsts, So
ass: Western prints. 1E-lb, extras.
5Sa5Sc; do, frsts, 56a57c; Western
prints, lib, extras, 5Sa5se; do, firsts,
S6a57c: nearby creamery. extras, 4S
a50c: do. firsts, 4sa47c: dairy prints,
extras, 2Sa3oc; do, flrsts, 25a2sc;
Maryland, Pennsylvanis and Yir-
ginia, store-packed, firsts, lsc; rolls,
West Virginia, extras, Iea2oc: Mary
land and Pennsylvania, extras, 22
s,3c-
The Washington herald., 1921-01-18
WOOL GROWERS
RAP SOLONS AS
CHAIR WARMERS
Convention in Initial Ses.
sion Also Advocates Pro-
tective Tariff Measure.
FAVOR NEW POLICY
Would Have Congress Adopt
Constructive Livestock and
Agricultural Program.

SALT LAKE CITY. Utah. Jan.
l7,-Extension Of credits through
the Federal reserve and LIS
member banks during the past
YEAR saved the United States
from the - most. disastrous panic
IN t. history. according to a
statement of President Frank j.
Hagenbarth, of the National Wool
Growers Association, in his annual
address at the national convention
Of the association. which opened in
the Hotel Utah today.
Financial aid extended by bank
ers. Mr.. Hagenbarth said, was re-
sDOnsible for the existence of the
sheep industry today. He expressed
optimism for the future prosperity
of the flockmasters, but declared It
would be at-least two years before
any profits are shown.
Favor Tariff Bill.
Passage of a Federal tariff bill to
protect the industry in its present
|F,rPss was declared imperative. He
paid that on March l the friends of
american industry in Washington
Ould set about the task of writing
new tariff under the most complex
conditions that have ever faced
|hem.
1t is to be hoped" said Mr..
HaEenbarth, that the present Con-
gress, after a century of neglect.
will see fit to inaugurate and lay
foundations for carrying out an
agricultural policy that is befttinG
the United States. To date our en-
tire agricultural and livestock pro-
gram has been a haphazaTd aftair
and that il MAS not resulted dis
astroUsIy to our economic life is
due only to our apparently unlim-
tied natural resources"
President HagenbartFI severely
criticized certain Congressman now
in Washington as chair warmers -
who had beer be herding sheep
than posing as statesmen. 1T Is
dIsCOuraging that the destinies of
the nation are in the hands of men
uf SuCh Caliber.' declared Mr..
H4EeDhar-h
The Washington herald., 1921-01-18
BALTIMORE GRAIN.

BALTIMORE. Jan. l7.-whest-
Receipts. 32,Oll bU.. viz: - bu. shost
and 3z.Oll bU. by car; shipments
from elevators, 1900 bu.; stock in
elevators. 3,OS7,4l6 bu.
Corn-Receipts. 1901 bU., viz: -
bu. afoat and 1901 bu- by car
shipments from elevators, l2S,555 bu5
stock in elevators, l9S.6S3 bU.
Cob corn is in moderate supply
only and the market firm on a basis
or S4.3Oa4-35 per Dbl. for prime near
by yellow. on spot, with inquiry
fair on this basis.
Oats-Receipts, - bU.: shipments
from eIevs tors. 4.145 bu-; stock in
elevators. 4Ss,27 bU.
Domestic basis-No. white,
5SIzc: No. white. sc.
Rye-Receipts, SO.37l bus ship
ments from elevators. 42.S57 6u,.
stock in elevators, SS5.O73 bu.
Closing prices Saturday: No. :
Western export. S1.S3% per bu.: bag
lots Of nearby rye, as to quality.
gl5Osl65
The Washington herald., 1921-01-18
DURANT, "AUTO WIZARD"
T STARTS TO "COME BACK"
Career of Man Who From a $1,000 Start Be-
cameOne of Biggest Figures in
& Transportation Industry.

In the >automotive industry there
are two towering figures, Henry
Ford and william c. Durant. To
Ford Wall Street has been ansth-
ema. He. has rallied at the Money
Gods, scoffed at them. dehcd them.
played lone hand alI-through the
years and, marvel of maryels, pros
Pered amazingly.
Durant has played the game ac-
cording to the rules Of the mon
archs OF money and, although he
mas built up one of the giant bust
ness concerns. he has come a finan-
cial cropper twice.
Automobile people call Ford a
genius and Durant a wizard Ford
has been picturesque and spectac-
ular. Durant has lodged notoriety.
These two men are great public as
sets. Ford's genius has been in
mass production and. to some ex-
tent, in turning his idiosyncrscies to
business account Durant is a
wizard in organization and in Wis
ualizing the future OF the industry.
A few weeks ago the country was
startled by the news that DuTant's
interest in General Motors had been
taken over by a financial group. In
capitalization tle &c neral Motors ts
monster-a 81 0O,OOO,o 600 affair.
Ordinarily that would mean the end
of the chapter for a man. But not
Durant. He's coming back" The
other day Durant Motors, Inc. took
out a charter at Albany. Its au-
thorized capital is Of 100000
shares Of no par value.
1t is said Mr.. Durant was flooded
with subscriptions, in fact that the
issue was oversubscribed before the
subscription blanks were printed.
Who is this man Durant? For a
person so big in Industrial achieve
ment comparatively little has been
written about him. He's a blue
blooded Yank of Pilgrim stock.
The &C" in his name stands for
Crapo. AS with Ford. he looks
The Washington herald., 1921-01-18

which follows total suspension OF
possible sales?
Through all this collapse the
grain markets have performed their
daily and hourly service of pro-
viding such protection. Their quo
tations OF values have been real
trading points. accepted for col
lateral values. and effective in linn
iting the losses Of liquidation. More
than that, measured by the record
in wheat. with its open exchange
trading. the fall has been greatly
cushioned and retarded by the trad
ing on these great exchanges.
Worth National study.
"If. in wheat. not only the fall has
been lcssened. but credit retained,
trade solvency preserved, and tho
public benefit of low trade tolls pre-
served through such price disloCa
tion and its resulting hazards, is il
not worth a great national stud!
by men equipped for such service
to see how far this distinctly Amcri-
can hedging marketing system could
he intensively developed. and per
haps extended to other basic com
mOdities susceptible to the stand,
ardization that permits Of trading
in contracts for future delivery?
rs il not worth while to see
whether the same methods could be
extended to dairy products. to pack
ing house products, to wool as well
as to cotton, and to semi-perishsblc
products such as beans, or rice. OF
potatoes? The very security against
large price loss, because OF the in
surance of a national price level
hedging. enables the merchants tc
distribute along the lines OF great
est economy to the most necessitous
markets at the time OF their exact
consumption needs"
The Washington herald., 1921-01-18
Goodyear Financing.

NEW YORK, Jan. l7.-Withs the
.rntry into Goodyear Rubber and
Tire Company of a financial house
not hitherto associated with it. there
vas speculation as to what means
Of financing the corporation will
be adopted. 1t may be said on high
authority that a receivership will
ba averted, not only to save the
Company proper. but to
We several small firms that would
ruined through their outstand-
accounts with that company.
The Washington herald., 1921-01-18

more like a student than a great in
dUstrialist. He isn't tall and he is
slender. Vets he's a gluttOn ror
work. He used to be at his desk
by a. m. and clean up most Of his
days work before his regular office
force came on duty. He has been
that way for thirty years or more.
II wasn't money or chance ths:
made opportunity for him. He al
ways was a wonder. When he was
little more than 2l he was put in
charge of a Michigan city that was
bankrupt. In a few years he had
1t as sound financially as II could
be. Before he was 80 he was the
head Of the DVrant-Dort Company,
the largest maker OF buggies and
The largest user OF lumber In the
world. He was one OF the first men
in the buggy or carriage line TO ap-
preciste the possibilities Of the aU-
tomobile. He started on his auto
mobile career with the Buick
Through expansion or purchase he
became the builder Of the Cadillac
Chevrolet Oldsmobile. Oakland
Scripps- G. NJ. c. trucks. Sam
son tractors. Delco light and no enc
of automobile and tractor acces-
sories.
When he began business he had
$4,000. That was less than thirty.
FIVE years ago Six months ago h,
had $1,000 persons on his payroll
and was conducting manufacturing
operations in forty eight cities. He
is said to have made more million.
aires than Carnegie.
It's odd but true that the two
great reverses Mr.. DUrant sustain
ed came out OF wholly contrary
causes. His first developed from
too much prosperity; his second
came in a period OF depression. The
first affair was less than ten years
ago. He had not the plant capacity
! to care for the ever = increasing
I growth Of his business. He had e
get millions OF dollars with which
| to build more structures, purchase
more machinery. more material. etc
The automobile business is not
! a quick asset proposition. YoJ
must have plant, machinery. labor
material. etc, to get out your prod
uct. You must advertise. You mus
/ have agencies. You must. at times
| sell on installments. Not infre
quently the money is a long tim,
coming in. A concern may seen
to be and really be doing remark
ably well and yet be desperstel,
in need Of ready funds. when, t,
such a condition, you must expand
| heavy borrowing is imperative.
II is not a pleasant story to tel
what happened to Mr. Duran
| through the bond issue his com
pany put out for the money il re
quired at that time. 1t is suficien
to say that those who advanced tn
money made a stupendous profit
incidentally the company was pu
into the control of a voting trus
! for five years Mr.. Durant was on
Of the voting trust members, bu
never in those five years did h
participate in its deliberations, AM
when the five years expired h
startled those who had taken con
troll from him by coming in at tn
! annual election and voting a ma
jority Of the stock.
The Washington herald., 1921-01-18
Time Money Close
To 6 Per Cent Rate

NEW YORK, Jan. 1.-THE time
money market is reported getting
close TO G per cent. Money loaned
today close to G per cent for sixty
days on half and half. At 6 per
cent fiat, there would be a good de-
mand. The amount of money at
present coming out at the reported
rates is only. moderate. The supply
of call money on the Stock Exhange
is plentiful at per cent. and money
is reported lending outside" at 5
per cent.
Improvement in mercantile dis
counts is working very slowly. Bus
mess is on a very moderate scale,
still locally. The best information
is that the u per cent rate has not
yet been broken.
The market is quoted at 71zas per
cent, At the same time this is y
per cent minimum than has pre-
vailed for over a year,
The Washington herald., 1921-01-18
Julius H. Barnes Says Grain Exchanges
Not To Blame for Price Depression
Harris & Ewing

Julius II. Barnes, former Fed
eraI Grain Director, opposed re-
striction of grain exchanges and
urges extension of the principle
to apply to other basic comm odi-
ties, Including dairy and packing
house products, wool, beans, rice
and potatoes.
Declares hedging system has
cushioned fall of wheat during
defintion, whereas idle teNtiIe and
manufacturing establish me nts
Indicate contrary In true I'm re-
gard TO other commodities
Urges, as relief TO producers,
creation of National Marketing
Commission to investigate con-
ditions. and the making of stor-
age facilities available for every
farmer, with transferable, ne
gOtiabIe certificates on grain in
storage to be used as collateral.
Denies IL il possible TO fore
east accurately price movements.
Declares the Impression that
INSCRIPTIONS traders can calcu-
late supply and demand in ad-
vance is n myth.
The Washington herald., 1921-01-18
Proft-Sharing Plan.

ST. PAUL, Mimi, Jan. 1.-THE
Metropolitan Bank Of st. Paul has
instituted a profit sharing system
for employees that is attracting much
attention. 1t provides that any en-
ploye may pay into fund semi
monthly any amount up to 10 per
cent of his salary. and the bank
proposes to add to the fund each
December an amount equal to 10
per cent OF the net earnings OF the
bank for the year.
The Washington herald., 1921-01-18
Cash Grain.

Minneapolis cash wheat un-
changed.
Chicago cash corn steady 20 one
half lower.
oats unchanged wheat, l 70 lac
lower. st. Louis cash wheat e.
lower: corn steady TO lower; oats
steady to one-hslf lower.
Omaha cash corn unchanged.
The Washington herald., 1921-01-18
COTTONSEED OIL.

NEW YORK. Jan. 1.-THE cotton
seed oil market was steady. Spot
s. S.5OaESO; crude tSouthessO, 6.25
Csales FutUres-JanUary, S 0oa
800: February. S.5OsE.S5; March.
S.7OaS.75: April. S.SOaS.sO; May, SIS
ae.2l: June. 9l5s9.35; July. 9.+5as.55;
August. e55a9.65.
The Washington herald., 1921-01-18
Reserve Bank Earnings.

| CHICAGO, Jan. 1.-THE Federal
ESrye Bank Of Chicago in 1920
Famed 1SS per cent on its capital
Etocly of S13,s12, 500. The financial
as of December 80 showed
!. total surplus of S23.9lT.127 com
6ared with s14,2s1.S42 on December
IN 1919. an Increase of S9.s25,4S5,
Rnd undivided profits of sl5,sSO, 1sS,
m accumulated during the year.
he net earnings for 1920 are ap-
groximately S26g71.sUg, or lSS per
Eent on the stock.
The Washington herald., 1921-01-18
BALTIMORE PRODUCE.

tw. b. Hibbs 4 Co. Hibbs Bldg.
Members y. Y. Cotton ExchanEe.)