davidaulloa/AmericanStories huggingface dataset:
The Washington herald., 1921-05-08
PRICE ADVANCE
CHECKS DEMAND
Foreign Orders Fall Off Due
To Rise Following Pessi-
mistic Reports.

CHICAGO. May IA fair volume
of foreign demand for wheat, espe-
cially for nearby shipment, was ex-
perienced during the fore part Of
the week, according to Thomson &
McKinnon in their grain market re-
view. This naturally strengthened
values, but the prime motive for
the action of prices was the receipt
of numerous complaints as to the
appearance of crop in the South
west. None of these complaints were
of a serious nature, in fact, they
were all more or less vague In
character. 1t is quite natural to
expect the appearance Of retrogres-
sion in the crop because the picture
presented to the eye since the COM
mepcement of growth has been so
extremely fattering. 1t Is not ac-
cepted as yet that any important
damage has been done, in fact,
prospects generally are still good.
and indicate a yield larger than
last year.
The advance in prices checked the
foreign demand and slightly in
creased the country offerings, re-
sulting in an easier tone in the mar
ket for daily receipts.
The Washington herald., 1921-05-08
BONDS SET RECORD )
in WEEKS TRADING
General Advance Eclipses
Anything Accomplished
Since Japuary's Upturn.

NEW YORK, May THE net re-
suit Of the weeks trading in bonds
was q general advance that eclipses
anything accomplished in the past
in any similar number of consecu-
tive sessions since the January up
turn was brought to a halt. The
early movement terminated because
II was due in no small measure to
repurchases by investors who had
sold bonds late In 1920 to establish
income tax losses, and for the more
important reason that the market
ran into active competition with a
large volume of new securities. It
is possible that the same kind of
competition may be met on this oc-
ton Of the recent Northern Pacific-
Great Northern issue and in the pri-
mary and final disposal of a number
Of small offerings already spoken Of.
But the fact must not be overlook
ed that the investment public not
only has more plentiful funds at its
disposal now than in January, but
also has a special urge to buy bonds
without hesitation.
In late December and in January
bond buyers were acting on only a
prospect of credit conditions Inn
proving and money rates declining.
In the present instance they have
positive assurance from the finar-
cial NEUTRALITY-SUSPICIOUS. the gov
ernor of the Federal Reserve Boarc
that the peak of the credit strain
has been passed. They. have also
visible evidence that money is more
plentiful and that rates are lower.
The action Of the Boston. New York,
Atlanta and Chicago rSserve banks
In lowering their rediAcount rates
was official recognition Of these
truths. A rise in bond prices under
these circumstances accumuIates
support as Il proceeds.
The rise In railroad bonds has
been more marked IN view OF the
depression they had suffered while
the public mind was disturbed by
the critical condition Of the carriers
during December, January and Feb
ruary. The revulsion from pessim.
ism on this score has been hastened
by the. expectation Amounting TO ~.
most conviction that the forth.
coming decision Of the Railway Ia.
Dor Board on wage applications wifi
be highly favorable TO the roads.
The Washington herald., 1921-05-08
QUIET TONE TO
COTTON MARKET
Scattered Liquidation Over
Weekend Creates Easier
Tendency.

NEW YORK, May There was
not much doing in the market today.
The tone was quiet and a little cas-
Ter. mainly from some scattered To-
cal liquidation over the weekend.
There was nothing new in the gen.
eral situation to have Influenced
sentiment against the market to
any extent outside OF the talk of a
probable strike. among the cotton
mill operatives of Manchester in the
near future against the decision Of
the mills to cut wages 30 per cent.
They have been at the war level
for some time and some read just
ment was naturally to have been
expected to lower the high costs of
production. In this connection Il Is
only a question OF time when some
reduction in wages of the mill op-
eratives at Fall River and other
New England points will have to be
made In the natural readjustment on
the new conditions.
There was not much selling pres
sure on the market. but in the alb
sence of much new demand prices
went of about IL to Is points from
yesterdays closing quotations se-
fore the liquidation above referred
to ran Its course. May slumped to
1855, July 1907. October 1852 and
December to 1895 in this movement
There was not much other selling
except a small amount by the South.
outside of some further moderate
selling by spot houses in May and
July, as against purchases in Octo-
ber. Liverpool houses did practi-
cally nothing. Foreign exchange
was strong with cables on sterling
up to 3.9SA. The weather map
showed clear weather all over the
cotton belt today with slightly high
er temperatures OF a more season.
able character.
The Washington herald., 1921-05-08
FOREIGN TRADE
COBNCIL FAVORS
VIDE FINANCING
Finds Depression Is Due
To Unbalanced Ex-
change.
EXPORTS WILL HELP
Platform Drafted at Cleveland
Urges Delay in Sale of
u. s. Ships.

CLEVELAND. Ohio. May. THE
PLATFORM of the Foreign Trade
Council for the coming year was
announced by the drafting commit
tee at the final meeting Of the coun-
ellis. convention here today.
The world is suffering today
from unbalanced exchange" 1t read.
The fundamental cause Of de-
preston in the United States Is the
unstable financial conditions abroad.
"A return to normal conditions
hinges upon the improvement OF
foreign trade"
Favors Trade Corporations
The platform puts the council on
record, as ,favoring:
Immediate creation of foreign
trade financing corporations under
the provisions of the Edge act
Increasing of imports OF raw ma
terials and merchandise not detri-'
mental to existing Industries OF the
United States.
Delaying of the disposal of gover-
ment owned ships to private owners
until more favorable prices can be
obtained.
Enactment of the maritime insur-
ance law.
Economy in the expenditures OF
both the government and private
individuals.
Adoption of a uniform letter OF
credit as urged by the American
Bankers Association.
For bargaining Tariff.
Enactment by Congress OF a bar
gaining tariff.
REORGANIZATION of the foreign
service Of, the United states to pro-
vide unified supervision.
Creation of a foreign service
trading training academy patterned
after West Point.
Iscare., hegan-l rughkwhent
Increased Congressional appro-
priations for the Bureau of Foreign
ana Domestic Commerce and Bu-
reau OF Standards of the Depart
ment of Commerce.
Enactment of the China trades
act to permit the formation OF
American, companies to trade in
China on. plane of tax equality
with foreign competitors.
Removal of income tax upon
American citizens living abroad and
deriving their income from ABROAD
Parcel Post Extension
Extension of foreign postal COM
The Washington herald., 1921-05-08
BUILDING TRADE
SHOWS ADVANCE
FOR PAST MONTH
Dodge Reports Activities
Greatest Since June
of Last Year.
TOTAL GAIN OF 34h%
During Past Five Years the
Months Advance Has
Averaged 14q6.

cnstructIon activity In April. ac-
cordIng TO figures published by the
y. w. Dodge Company. was greater
than for aAy other month since
June Of last year. Contracts award
ed In the twenty-five northeastern
States during April amounted TO
sz.o. .sss,oeo. This is the largest
figure recorded for April Of any pre-
vious year except 1920. April. Is3e.
was the peak Of last years boom
The April total was s4k per cent
greater than that for March. Dur
ing the past i've years the aver
age increase Of April over March
has been IL per cent
Residential building maintained
the lead over all other classes in
April. This class amounted 20 sTB,-
0l5.0oo. or % per cent of the total.
Public works and utilities took sec
ond place, amounting 70 s4S.ola, 600,
or Y per cent Of the total. Busi-
ness buildings accounted for IL per
cent or 3zs.17s,ooo; and educational
buildings. 10 per cent. or S22slO. 900.
considerable momentum in the past
four months. At the end of Janu-
ary. activity from the FIRST Of the
year 20 date was 6 per cent behind
the average for the preceding i've
years; at the end of February it was
IL Per cent behind: at the end or
March. 4 per cent behind, and at
the end Of April Il was per cent
ahead OF the average for the first
four months Of each OF the preced-
ing fifive years. The total invest
ment represented by building con
tracts let from January /, 1891. 20
May 1, 1921, has amounted to $751;
l7o. 900.
The demand for new construc-
tion still continues very strong.
Contemplated new work was re.
ported in April TO the amount of
s3s2.e72, 600. bringing the total OF
contemplated work reported from
the first OF the year up TO $780,
3SI 900, nearly three times the
amount Of contracts awarded in the
same period
The demand for new construction
is So insistent that Il seems IDeTs
that increased activity will prevail
during the coming months. At the
present time the one thing thar
threatens a setback is the attitude
OF labor. Wage disputes are re-
ported from numerous large centers.
However. in view of the fact that
other fields are 50 much less active
than construction. and that the
amount OF unemployment Is q mat
ter Of serious concern, IL seems
probable that. at the worst, labor
frouhIaS will retard rousfrurffou
activity only temporarily.
The Washington herald., 1921-05-08
CURB MOVEMENTS
ERRATIC IN WEEK
Vigorous Advances in Favored
Issues With Material
Losses in Others.

NEW YORK, May There was
pronounced irresularity in the Broad
street curb during the past week
price movements including vigorous
advances in some issues while 9TH
ers were under pressure and sus-
tanned material loss. The most i'm
portant movements, however. were
to higher prices prominent among
them being Commonwealth Finance
preferred. which rose fromS IS to 81.
Acme Packing declined to q new
low record Of 2 and then advanced
to az. Amalgamated Leather, after
advancing from 1oh to II. reacted
to 12h. Sweets Company was
bought by Western interests on a
large scale moving up from sk to
az, a new high for the year. Aetna
Explosives certificates were traded
In on a fairly large scale at . to
1Oh. There were dealings in Stern
Brothers preferred when issued az
In Saguenay Power and Pulp, re-
CclNcQ c1ChahSc loi Inv III
American Paper and Pulp stock.
The common stock sold at 3% and
the preferred at AZ. Chicago and
East Illinois ranged from 12% to
IAN and the preferred from 2sh to
30k. The Petroleum stocks showed
stubborn strength in view of the
reductions' the price of crude oil
and petroleum products those issues
being in continued good demand and
some Of them making substantial
gains. Granada was . feature NOV
ing up to sk to 81. Gilliland rose
from 1s to 20. Midwest Refining
was not helped much by the an
nouncement OF the arrangement for
exchange into standard Oil of In
diana and declined from 1s2 to 14s.
Ryan OIL ranged from s to ~.
Maracaibo was strong In the early
part OF the week but became heavy,
reactinE from sik to 2sk. Guffey-
Gillespie. which, has been acquired
BY Tjdewater. was In supply selling
at t<h to fSx. Mining stocks were
irregular. Nipissing being weak as
q result OF the dividend reduction.
Nft,orai Tin. was q strong feature
and there was . good demand for
Magma, which advanced I point.
The Washington herald., 1921-05-08
GRAIN PRICES
SUFFER LOSSES
Commission Houses Active
Sellers of Deliveries With
Rather Poor Support.

CHICAGO, May Highly bene-
flcial rains fell overnight over the
West and Southwest and the fore
cast was for showers over the entire
grain belt for over Sunday. Crop
reports showed improvement as the
result of the rains and with an over
bought condition prices for futures
declined sharply with the May In
the lead. Farmers in the Southwest
sold cash grain freely yesterday as
the result of the advance, but over
night purchases were not large as
bids from terminal markets were
reduced England was reported to
have sold out some nearby shipment
wheat due to the fact that the do
mestic prices are above an English
parity and to have replaced this
grain by purchases for deferred
shipment at a loyer figure. There
were also reports that Omaha and
Minneapolis had sold some wheat 20
come to Chicago which had a de-
pressing effect on the May ana the
May-July spread narrowed. Local
houses reported that bids for wheat
for deferred shipment from abroad
were as much as cents out Of line.
AS a result of the advance here of
late Argentine wheat for May ship
ment has gone to discount OF
around 15a1S cents under American
hard winter via the Gulf. Commits
sion houses were active sellers of
Ill deliveries while the support was
rather poor.
May corn dropped cents at the
start due to- lack Of support and
sold at cents under the July at
one time which induced buying of
May and selling of July to transfer
hedges and the difference narrowed
quickly. The better weather con-
ditions and the break in wheat was
mainly responsible for the lower
range. Corn planting vii be fairly
general in the next week. with IA
vorable weather. The seaboard was
after cash corn again and charters
were made for 10000 bushels at 8
cents per to Montreal. 1t is expect
ed that local corn stocks will show
a decrease of over 100000 bushels
for the week. making around 5,o0o.-
900 bushels in two weeks. Oats
ranged lower with grains and on the
better crop reports.
The Washington herald., 1921-05-08
NEED OF REORGANIZATONN
COLLECTION OF TRADE DATA
Monthly Moving Average Shows Decline in
Exports and Imports.


amount OF duty and the statistics
are Of secondary Importance. Handi-
capped by lack Of sufhcient persop-
mel the customs once has been In
the habit Of tabulating the data as
far as possible up to q certain time
limit and then making q cut OF for
the month. Amy commodities left
over. would be included in the NEXT
months figures and 80 on. II Is re-
ported that by the end Of February
the customs once had caught up
with its back figures and that the
data for March and suefeeding
months will include only cSmmodi-
ties exported or imported during
that respective month.
There are no means of telling how
serious the discrepsncits for earlier
months. were. but when II is report
ed that exports of pork products In
one month amounted TO 10000. .ooo
pounds and for the succeeding
month to $4,000. 600 pounds ~ hap
pened In 1918. II IL clear that the
practice has been going on for long
time.
The Department Of c6mmerce
does not propose to attempt to cor
rect these figures for back months
and there are no statistical means
by which corrections can be applied
A method sometimes employed by
statisticians to show general trends
and avoid the wide hunctuation in
the raw data Is to plot q moving
average. In the following table we
give then moving monthly average
per year Of exports and imports
since the beginning Of 1919. The fg-
ure for each month represents the
average for the preceding IL months
Thus the export figures given for
January. 1918. represent the monthly
average exports for the period from
February I. 1918. to January 81,
1918. For the next month the hg-
ure is the monthly average for the
period March I, 1913. to February
rs, 1918, and SO on. BY this method
II the exports for the last month
were the same as for the precedins
month q year ago the average will
remain the same and the graph Will
be a straight Tine. Any difference
between the two months will change
the direction Of the line in the pro-
portion Of one-twelfth Of the actual
difYerenee
The Washington herald., 1921-05-08

Some weeks ago the Department
of Commerce announced what every
student OF foreign, trade statistics
already knew, viz: that owing to
lack of sufilcient personnel ana
proper methods our export and Inn
port figures did not always apply
to the month to which they were
assigned. According to the present
organization Of the government the
collection of our foreign trade sta
tistics 10 In the hands Of the DE-
vision. of Customs Of the Treasury
Department. After the original hg-
ures are obtained by the customs Of
hcials they are passed TO the sta
tistical section Of the customs Of
fce where they are tabulated for
the district and finally these tabu-
lations are sent to the Bureau Of
Foreign and Domestic Commerce
where -they are brought together
and published. first In the usual pre-
liminary announcement. later In the
detailed monthly statement
The preliminary igures on our
foreign trade are rarely announced
before the 18th Of the following
month and II Is usually another
Is available. This means that II fs
usually six weeks after the close
of given month. before a manufac-
turer or an exporter of leather for
example knows anything about the
trade statistics Of his products.
II the figures are worth anything
at all as q guide for bugsiness men
they ought to be available before
that time. The Bureau does give ad-
vance Information to certain trade
associations, and others. but even
this Is later than II should be.
England, whose total volume OF
foreign trade Is not far from that
of our own, issues It's reports at
least two weeks earlier than the
United States. II Is not unusual to
receive the British printed report by
mail from London for a given month
before our own figures for the month
preceding that are available.
To a very large extent the dim
Guilty lies in the lack of centralized
control. The Bureau Of Foreign and
Domestic Commerce has no direct
means of speeding UP the customs
ONCE. The latter is primarily In
terested In collecting the proper
MONTHLY MOVING AvERAGl
The Washington herald., 1921-05-08

munication and international parcel
post.
Creation of Congressional stand
ing committees on foreign COM
merce.
Development of national water
ways.
Expansion of international tele-
graphic communication under Amer
lean control and operation.
Approval of the policy of the
State Department regarding man.
dates.
The Washington herald., 1921-05-08

Investment houses generally agree
in statements that since the Federal
Reserve Bank reduced its discount
rate that there has been a steady
broadening Of the demand for all
classes Of bonds and sharp advances
in these issues. Dealings in purely
investment bonds both on the Stock
Exchange and over the counter in
creased largely in volume but the
most important feature Of the
change in the bond situation was
the general swelling of demand. bids
coming from all classes including
individuals and institutions. Short
term notes were in special demand
In the past few days the improve
ment In those issued being indicated
by q change in the rate OF obtain
able yield OF fully 4 per cent. Buy
ing Of dividend paying railroad
stocks was OF about the same char
acter. Indicating the bringing into
the situation Of a desire to fnd en-
ployment for idle funds in un-
usually large volume. This situa-
The Washington herald., 1921-05-08
Mississippi Bank Looted.

COMO. Miss. May Bank robbers
today looted the Planters Bank OF
Como Of more than $500 Two
automobiles were speeding In the
direction Of Memphis.
The Washington herald., 1921-05-08

Indu.trials Average LA Gain In Week

T.-F
was gain Of points in the aysrsge price OF wsnty
stocks with week Comparisons Of the
The Washington herald., 1921-05-08

After the announcement by the
United States Steel Corporation OF
a reduction OF 20 per cent in waees
in the great army of the company's
employees there was a disposition in
the Wall Street district to look on
this action as a step that should in
crease the consumption OF finished
steel product generally that Is ex-
pected to become more pronounced
with a reduction In railroad rates
that has been anticipated for some
time. Those discussing the matter
looked on the experience OF Gulf
States Steel as an Indication of what
may be expected from lower costs
In the steel trade generally.
The Washington herald., 1921-05-08
TIMELY WALL STREET TOPICS

NEW YORK. May lit was be-
Iieved by those in position TO
study the trading in the stock mar
ket for some time past that there
has been another change in specu-
lative conditions and that instead of
the market being dependent on pool
activities for display of strength
and for an Incentive for upward
movements that an outside buying
has appeared which is Of suficient
volume to cause a substantial i'm
provement In values. In the past
few days selling Of many stocks in
large blocks was looked on as real
izing Of profits by some of those
combinations that have entered the
market during its period Of distress
and are now taking advantage of
this outside buying to close out the
holdings that were then acquired.
In some cases, however, sales of
stocks have been based on dIsap-
pointment in carrying out plans for
consolidation and for joint opera
tion which had been the basis for
concentrated buying a short time
ago.
There was no special change in
money conditions In the Wall Street
district during the past week in
spite of the fact that the speculative
community generally was taken by
surprise by the reduction in the
rate of discount to sh per cent by
the Federal Reserve Bank. Time
money was offered both before and
after this action at 6% per cent for
all periods on all classes Of collat-
eral, but there was no special de-
mand from those who need banking
accommodation in connection with
Wall Street dealing, being satisfied
to depend on call money for their
necessities. 1t was said by one who
claimed to haze full information
about the money situation that q
prominent Wall Street bank had Of
fered S5.eo0.eoo on call after being
out of the call money market for an
extremely long period. Those who
should have knowledge OF the
matter said that the bank did come
into the market and offer large
amounts but the offerings repre-
seuted out OF town funds that had
accumulated with the banks and
which principals desired to ind en-
ployment for. The offerings OF call
money yesterday were just about
suficient to meet Stock Exchange
requirements but the belief prevail
ed that call money will be in larger
supply during the coming week and
that there will be a material easing
of in the rate
The Washington herald., 1921-05-08
loving AVERAGE OF EXPORTS AND IMPORTS
1000 omitted)

The esuts are sho"n IN the accompanying dAsram WHICH
" ~ MOVING AVERAGE OF EXPORTS IMPORTS.
The Washington herald., 1921-05-08
FINANCIAL STATEMENTS
REPORT OF THE CONDITION
OF THE
Unioe Trust Company Of
the District Of Columbia

At washington, In the District OF
CsIambia, Mt the close Of business
April =, 1921.
The Washington herald., 1921-05-08

tion is expected to facilitate financ-
Ing on the part OF many corpora
tions that have for q long time
been In the market seeking 70
adjust maturing loans and 70 ar
range for meeting floating debts.
Next week will be an interestins
period for those who have long been
included among the holders Of stocks
Of the old Hartman system. south
ern Pacific directors are scheduled
to meet on Thursday 20 act on the
dividend declaration, which will be
the irst dividend meeting held since
the company divested itself Of It's
holdings of Associated OIL by the
distribution Of shares Of Pacific OIL
It was generally assumed that with
the distribution Of this stock that
the company would miss the income
from its oil producing properties
and that . sequence Of the distribu-
ton would be q reduction in the
dividend rate. After the stock was
ex rights to subscribe 20 the Pacinc
Oil stock Il sold as low as 20 but In
the past few days was in urgent
demand and the assumption has
been that its dividend rate will be
maintained at 6 per cent The COM
pany has paid per cent steadily
since 1905. Union Pacific directors
are to meet the same day. The
matter Of dividend maintenance on
that stock has never been discussed
and II has generally been taken for
granted that the regular dividends
at the rate of 10 per cent win be
declared.
The Washington herald., 1921-05-08

(W. B. Hibbs and Co., Members N. Y.
Cotton EKchange.)
The Washington herald., 1921-05-08
FINANCIAL STATEMENTS.
REPORT OF THE CONDITION
OF
The Liberty National Bank

at Washington, In the District OF
bia, mt the Close Of Busi-
ness April -, 1921.