davidaulloa/AmericanStories huggingface dataset:
The Washington herald., 1921-04-05
HIGHER TONE Seen
IN WHEAT MARKET.
AIDS OTHER GRAINS
Selling Pressure Looser
With Substantial
Purchases.
HEAVY EXPORT SALE
1000, 900 Bushels Sold at Gulf
For July and August
Shipment.

CHICAGO, April IA better tone
prevailed in wheat. which also sf-
fected other grain and brought
loosened selling pressure and more
substantial buying Of nearby de-
liveries- The close was at interme-
diate figures. with net gains of lie
on May wheat. while July was on
lc. Corn finished kakc higher.
oats up Aahc. rye unchanged &c
lower. and barley lc lower.
Provisions had q weak tone, and
closed with pork Of e5c. lard zTLa
I7hc and short ribs 32hc lower for
the day.
Export buying of wheat was
heavy, with 2,00O.O0O bushels sold.
largely at the Gulf. and for July
and August shipment at premiums
the same as Saturday. Selling by
the Southwestern holders was OF
fair volume. but the buying OF May
against export sales helped to make
a stronger market. and although
prices were on 2kc from the early
high there was an advance TO
s1.3S%, or Sc from the low point
early, with the close izazc from
the top. July vas under pressure
on expectations of rains over the
showed only &c over Saturdays I'm
ish, the finish at sl-l5 was &c over
the inside Of the day. Buying OF
May and selling Of July depressed
the latter. especially at the last.
A decrease of 2.2se.ooe bushels in
the visible supply Of wheat was a
bullish factor. bringing IL down to
ls.464, 900 bushels. the lowest at this
time in thirty years. with the ex-
ception of 1918. There is more sold
to go out than there is in the Wis
ible. Chicago stocks Increased 81
900 bushels last week, and are L.
0os. 900 bushels.
Numerous good and a number ~
bad reports from the Southwest and
West. Montana complained Of dry
ness and OF light snow in the noun
tains. which forecasts a droughty
condition. but for the moment the
trade regards tho crop prospects as
good
Corn and oats did better. with an
advance of over lc on corn from
the carly break to soiGc. and nRish-
ed kaSc under that figure. while
oats moved up III to 37hc and
closed at SIX ks57Sc. Buying was
by the sellers Of last week. while
Nne carry eelllhE NhAt maoe MOD
crate break was by local interests
and was mostly taken back later.
Cash demand was slow on domestic
account. with $4,000 bushels corn
and I25.0O0 bushels oats sold at
prices unchanged to lc lower for
corn and kslLc OF on oats, with
arrivals 1876 cars corn and ios cars
oats. Chicago has l3.414.ooo bush
els corn and 1e.5ss.ooo bushels oats.
an increase Of $4,000 bushels corn
and a decrease OF s5S.oo0 bushels
oats. Damage reports are coming
on oats from Central Illinois. and
Of some plowing up in Oklahoma
owing to green bug, but IL only
affects the shorts.
Timothy seed in fair request at
sl.o0sS.5o. Glover slow at sl2alT
per 100 pounds. Flax slow at tl.so
hn~hAl
The Washington herald., 1921-04-05

A matter which is causing no lit
tie concern in financial circles at
present is the increasing stock OF
gold coming to this country. At the
beginning of the world war the
total amount OF gold bullion and
coin in this country was s1.ssl,-
900. 900 and the total stock of all
money amounted to s3.73S, 100000.
In the middle of 1919 our total stock
of gold was $685. ,ooo,000 and the
total of all money was s7.5ss. .00o, 900.
This represents an increase OF about
SIS per cent in the stocks of gold and
approximately 100 per cent in total
money.
During the latter half of 1919 and
the FIRST part of 1920 we exported
much more gold than we received.
As consequence our gold stock de-
creased to a low point Of s2.647,-
100000 on May 1. 1920. Since then
il has been increasing steadily and
on December 1, 1920, amounted to
s2,7s1, 100000. Since that time we
have imported more than 500. .000,-
900 worth of gold in excess Of our
exports.
The following table shows the
changes in the stock of gold and
total money in the United States on
The Washington herald., 1921-04-05
new ZEALAND IN
THROES OF CRISIS
Government Takes Extraordi-
nary Steps to Relieve
Money Situation. .

The Guaranty Trust Company OF
New York. has been informed by
cable that the New Zealand govern
ment has taken extraordinary meas
ures to relieve the money situation
in that country. Following an in
crease of the overdraft rate to
per cent by the hanks on March I,
LEGISLATION was proposed which would
permit the offering Of public loans
at more than the So per cent rate
hitherto fixed by law. Provision
has now been made for the extern
sion of due dates to May 81 In the
case of money deposited. with local
individuals, companies and firms
othen than banks. and the depositary
before that date may notify de-
positors that a further extension to
December 81 is required. In the
event of such an extension being re-
auired, however. the rate of interest
is to be raised / per cent above the
rate agreed upon.
In Australia, where the credit sit
uation is also far from normal. no
such extraordinary measures have
been taken. The Guaranty was ad-
vised by the National Bank OF Aus
traiia, under date OF December %.
1890, that return to normal ex-
change conditions between the Aus
tralian commonwealth and London
was not expected until June of this
year. and that this expectation was
based on the hope Of a satisfactory
realization on stocks Of Australian
weoi aad wheat then on hand.
The Washington herald., 1921-04-05
MILK SITUATION
ON PREWAR BASIS
Surplus in United States De.
veloping for First Time
Since War. :.

For the first time since the be-
ginning of the world war there is
developing in this country a surplus
of milk. according to reports re-
Gently received by the United States
Department of Agriculture. Special
lists of the department state that
this condition probably will be only
temporary during the flush" of the
season and that 1t Is most apparent
in well developed dairy districts. 1t
may continue during the. SUMMER
months. but Is expected to adjust
itself by fall when demand will over
take the surplus of supply.
The situation'is is largely due to the
falling of in the demand for milk
in the manufacture OF condensed
products, milk powders. casein and
similar products, for which there
was a large export outlet To
utilize the surplus of milk the spe-
cialists urge its increased use both
as human food and. in producing dis
tricts. as feed for live stock. The
value Of skim milk for feeding pur-
poses on farms Is now Iapproxi-
mately equivalent to its value for
manufacturing purposes. they say.
q n
The Washington herald., 1921-04-05
us. TRADE ENDANGERED
NSOUTH AMERICANAREA
Brazil, Largest of Countries on Southern Con-
/. tinent, in Financial Crisis.

NEW YORK, April 4.-American
trade In Brazil. the largest OF the
countries Of South America. Is en-
dangered by our failure to adopt
the trading methods Of our Compel
itors in foreign trade. American
exporters are not forestalling Euro
mean competition, by the employ
ment of the trade methods the Bra
zilians have become accustomed to
expect" Such is the statement OF
]. De Sousa Leao. Secretary OF the
Brazilian Embassy.
aIn the pre-war competition for
brazilian trade" writes Senor Leao
in today's issue OF the Magazine OF
Wall street, Great Britain ano
Germany spontaneously adopted
lonC-term credits. Americans have
thus far been unwilling to grant
such credits.
Great Need For Credit.
Very happily. however, the
bankers of America have already
realized what the trouble Is and
have combined to relieve the for
eien markets with Q syndicate. the
Foreign Trade Financing CORPORA
ton. formed by the American
BANKERS Association with a capital
of 500, ,oeo. 900 for the purpose OF
financing credits that would allow
Furope and Latin America to settle
their commercial deficits and TO
buy new merchandise in the United
States"
A brief summary OF the Brazilian
secretary's survey follows:
Brazil, a country larger than the
United States, and equivalent In
nrea to one-half South America, is
country of great resources. The
present time. however. finds. her in
the midst of a financial crisis. The
imitation OF her paper currency and
decreasing trade balance has
brought about a distorted economic
situation.
For the exploitation Of her re-
sources, Brazil needs the help OF
foreign capital The government IT.
self has done much to remedy the
situation. The main difficulty is to
be found in the decreasing amounts
Of exports and the increasing I'm
ports. Yet Brazil is not discour-
aged. Any new country In bound 10
have its growth interrupted by oc-
casionaI periods Of depression.
Her internal and external Union
The Washington herald., 1921-04-05
PRESIDENT BENDS
TORAIP PROBLEMS
IN CONFERENCES
Has Long Talk with La
Dor Leaders; Congress
May Get Views.
ROAD HEADS MEET
Public Is Barred in N. Y. as
Plans to Meet Workers
Are Discussed.

President Harding buckled down
yesterday to a comprehensive study
Of the railroad problem. and It is
hinted that he may have special
message on the subject for Con-
gress early in the special session.
The President yesterday conferred
separately with Bert M. Jewell. pres
ident of the railroad department OF
the American Federation Of Labor
and member of the Railroad Labor
Board, and A B. Garretson. former
president of the Brotherhood of
Railway Conductors. In these dis
cussions the President sought to
learn all that he could Of the en-
pioyes side of the railroad situa-
tion.
Harding Anxious to Aid.
The President, said that he want
ed to do all that he could to be OF
help in this grave matter" said
Jewell. II am sureShe Is thoroughly
awake to the fact that there are
grave problems confronting US In
the railroad issue"
Mr.. Garretson. for years an advo-
cate of government control and op-
Grafton of railroads, said he dis
cussed the poblems of the roads
from every phase. but denied there
was any government ownership hint
in%his talk.
NEW YORK, April 4.-The public
was barred today from q meeting Of
representatives of the National As
sociation of Owners OF Railway Sc
curities and representatives of rail-
road workers, called here to discuss
the rail situation. The object of the
meeting was to see If the rail union
Executives could not find q common
ground for meeting railroad man
ayers on the wage question.
warAeld Bars Press.
This is a private conference" s.
Davies warfield. president of the
Securities Owners Organization
said in refusing to admit newspaper
men. Some things might come up
not want to make public"
was thet thC Aohi
unions would be represented by
Warren S. Stone. president Of the
Brotherhood of Locomotive Engi-
neers: w. S. Carter, of the Firenen
and Enginemen; d. l.. Cease, Of the
Trainmen; E. ]. Manion, of the
Railway Tclegraphers. and William
Johnson. of the Machinists and Shop
Crafts Workers Representatives
of the Securities Holders included
Haley Fiske. president of the Met
ropolitan Life Insurance Company;
Darwin p. Kingsley, president of the
New York Life Insurance Company:
John J. Pulleyn, president of the
Emigrant Industrial Savings Banks;
Forrest F. Dryden, president OF the
Prudential Life, and George E
Brock, chairman of the National
Conference of Mutual Savings
Banks. They represented them
selves, not the. organization on
|cially, II was stated.
The Washington herald., 1921-04-05

A year ago we were exporting
vast quantities Of gold to the Far
East. particularly Japan. China,
Hongkong and British India. Argen-
tina, Spain and Mexico were also
receiving relatively large quanti-
ties Today none Of these countries,
except Mexico, are taking appreci-
able quantities. In January more
than so per cent of the s2.725, 900
exported went to Mexico.
By far the largest portion OF our
gold imports come from Great Brit
ain. Out of the s342,500, 900 import
ed in the seven months ending with
January, s237.000. 900 came from the
United Kingdom and $4,000. 900
from France. To a large extent
these are connected with the settle
ment of the Anglo-French loan of
$500. 100000 due last October.
1t is estimated that this country
has advanced credit to Europe to
the extent of $4,000. .O0O. 900 or more,
of which some 1000. .00O,0 is
short term private credit. The in
terest and principal of this huge
sum can only be paid with goods,
services or gold. The record of our
increased imports of merchandise
during the past year shows the at
The Washington herald., 1921-04-05
Pennsy Sh0pnsen Hear
OF Order to Cut Wages

PlTTsBURGH, Pa. April l-
Ferty-fsur Thousand Pennsylvs-
MIA Railrsaa shspnen through
their union delegates tsAay heard
the proposition Of their employ
ers to reduce wages apprsxi-
nstely = Der cent. Instead Of
the prevailing rates Of s. cents
an heur. the management pre-
Peses . new base scale Of e.
eents an holr, with dfHerentials
based on training and skin re-
auired and in rates paid In In
dustries in various territorial
senea
The men affected By the con-
ference. Includes maehiaists, boiler
makers, biaeksmiths, sheet metal
workers, electrical workers. car
men, mealders, cupola tenders,
core makers and car cleaners.
Employers, In asking the men
to accept reductions, peiatd out
that living costs now are 12-3
per cent below the peak Of 1920
and that On the present basis of
decline, the reduction by June,
1921 will be 1s.e Per cent.
The Washington herald., 1921-04-05

tempt which foreign countries are
making to pay this debt in goods.
Already our manufacturers and pro-
ducers ere complaining OF the influx
of foreign goods to the detriment Of
our own products. These concerns
are demanding high tariff which will
shut out these imports and thus
shut off one means OF payment of
the debt owed us.
Also the greater development of
our merchant marine, the increase
in our foreign banking service and
in our insurance business, tend to
reduce the amount which foreign
countries can collect from US for
services rendered.
Under these conditions we must
expect that large quantities of gold
will flow to this country. Already
we have more than 40 per cent of
the worlds available supply. Euro
pean countries are being forced to
send US the gold which they need
SO badly as basis for better cur
rency systems. We now have more
gold than we need and a greater
supply is bound to react to the de-
triment of our own currency system,
causing imitation and all the at
tendant evils.
Copyright, 1871. By Washington Hsrsld.)
The Washington herald., 1921-04-05

and States debt total is not greater
than is Justified by the necessity oi
organizing the economic machinery
OF new country with resources tc
assure the future. In 1919 the total
of that debt. including nnunicipali'
ties. was 27s.575,I7s pounds.
Imports From U. q. Gain.
A further interesting aspect OF
Brszifs economic situation is the
increasing proportion of her i'm
ports from the United States. In
1913 American products constituted
1871 per cent of Brazilian imports,
as against 24.5 per cent for the
English. BY 1919 the United States
had jumped from third to first place
In that year the United States stood
4s per cent against % per cent for
the English.
In the latter year the foreign trade
Of Brazil totaled $1,000, 900 900. one
third of which represents imports,
100 per cent Increase since 1915,
Over the same period the buying
capacity of the Brazilian people has
jumped from IS to sl2 per capita
Immigration Favorable.
immigration to Brazil has always
been favorable. The much spoken
Of Germsnisztion is far from be-
coming troublesome. In the last
100 years more than one-third of
the 3,50o.o00 of immigrants have
been Italians. Portugal, Spain. Ger
many and Russia come next on the
list Of countries of immigration
This immigration has been OF
especial value to a country whose
agricultural possibilities are almost
unlimited. Farming is Brszil's
foremost industry, though the war
had an invigorating effect upon in
dustry, and especially upon the
packing industry. In 1913 that
country did not export refrigerated
meat: in 1917 she was the third
largest exporter OF this commod-
ity. all of tho capital invested in
Brazil packing houses came from
the United States.
Brazil will soon become a self
sustaining nation.
She has at the present time over
4,oeo big Industrial establishments,
with an aggregate capital of more
than $3.50. 100000
Brazil exports 50 per cent of the
worlds coffee production. She ex-
ports 10000 tons of rubber yearly,
Cotton, sugar, leather, cocoa, to-
bacco. lumber. coal and iron ore
have been some of the major in
terests Of the Brazilian in the past
and in the future great expansion
Is promised.
But IL the Am9rican is TO be q
successful participant of the trade
OF this country he should be at
tentive to the commercial methods
OF the Brazilia. The Brazilian i'm.
porter expects to make payment In
30 or 12o days sight. as was the
time allowed by the English and
Germans during the war. and h,
expects immediate and direct re-
mittance of invoices. instead oi
having them accompany drafts.
Help should be given to the
United States Brazil trade situa.
ton. The banks cannot do il alone
A nation as rich as the United
States must make concessions Il
her dollar is still to command world
markets. She cannot refuse credits
IL she would lessen the amount OF
unemployment. Through credits OF
long term may she gain a firm hold
on the markets of Brazil.
The Washington herald., 1921-04-05
EXTENT OF WORLDS
DECLINEN PRICES
Scope of the Readjustment
From 1920 Compared with
Other Readjustments.

The fact that wheat declined last
week to the lowest since 1915. that
corn and oats fell to prewar prices.
that cotton is selling below many
prewsr years and copper at the
lowest since 1914. is adding interest
to the scope of the general fall In
The New York Federal Reserve
Bank last week made its own aver
age as of March 10 show decrease
of So 1-3 per cent from the high
point of 1890. The latest estimate
OF the London Economist marked .
50 per cent decline in English
prices. but the decline on April /
was certainly larger.
Taking the latest authoritative
estimates for other countries. the
bulletin of the Federal Reserve
Bank this past week figured out a
decline of S6 per cent in France, OF
80 rs in Sweden, of rs SIS in Nor
way. of 30 1-2 in Denmark. OF
Al 1-2 in Holland. and of 81 L. in
Japan. How extraordinarily rapid
and violent these readjustments
have been may be judged by the
fact that American prices. after
having reached in 1865 their high
point of the civil war period
showed an average decline from
that maximum of only 20 IL pei
cent in 1867, two yeare later; oi
"a Ia in 1870. and of 3s rs even
in 1874 Eight years after the wal
was over prices were down hardly
as much as they have declined In
the leading countries during a one
year interval from the high level
of the recent war period.
| Retail prices have not declined
with the same rapidity as whole
sale prices. and comparisons are
more dificult to draw because oi
varying conditions in different To-
calities. The National indus'ria
Conference Board estimates a de-
cline of Is per cent from the hlgh
est by the beginning Of March; the
February decline alone having been
l4A per cent. and the March declin.
probably larger.
No uniform comparisons have
been compiled for wages, which
have been reduced 22z per CEN
for textile workers. and very con,
siderably in the metal trades ano
in farming, but not at all for rail
way. labor or in numerous Other
industries. The general average
would hardly be 10 per cent below
the 1920 maximum; but general
average hardly measures the actuaI
| situation. Tables OF average
wages after 1855 show continuous
| increase until the panic of 1873
Taking 1850 as 100. they have been
figured by government statisticians
as 1881 in 1855. as 1924 In 1856
as 1875 in 1867. and as 1871 In
1873. But the two reasons for that
continuous rise were. first. the fact
that wages in 1855 had Increased
over 1860 only so per cent as much
as prices, and second. the great in
dustrial expansion Of the United
States aftef the Civil War. which
caused charging requirements for
labor,
The Washington herald., 1921-04-05
RURAL CREDITS
TO AID ONTARIO
Province Sets Aside S5OO,0OO
To Aid Agricultural De-
velopment.

TORONTO. Ont, April 4.--Actior
by the provincial government has
been taken for creation of a system
Of rural credits to aid agricultural
development in Ontario. On recon-
mendation of Hon. Manning Do
herty, minister of agriculture, the
province has set aside an initial
fund of s5oo.ooo. It will be used for
purchase of bonds issued by the ag-
ricultural development board for
long terms loans on first mortgages
Shore term farm loans also will be
made.
Sixty-seven thousand acres OF
virgin soil have been brought under
cultivation in Manitoba through op-
GRAFTON of a similar rural credits
Sstem in that province, where
loans have been made to farmers
and settlers aggregating s2,03s, 900
Under the new Ontario system
farm loan associations will be Or
ganized. Capital stock of an asso-
citation will be mde up of one share
Of par value for each of the thirty
members. Ten per cent of the total
will be paid at the time of subscrip-
tion. Loans will be passed upon by
a board of directors comprising
members Of the farmers organiza-
ton. the province and. the township.
Interest will not exceed z per cent
Loans will be available for pur-
chase of seed. feed. implements,
livestock and building material
Thousands of farmers will be able
to extend more rapidly their acre
age and enlarge their herds. and
new settlers will be greatly aided in
establishing homes.
The Washington herald., 1921-04-05
Baltimore Livestock
Weekly Summary

UNION STOCK YARDS, CLARE.
MONT. BALTIMORE. April 4.-cat.
ue-Receipts for the week ended
noon today were 2.oss head. against
2.so1 last week. Receipts. 81 car.
loads for MARKET for the week; .:
carloads for market today. with
light receipts. the market was ac-
tive and from 10 to 15c higher on
steers; bulls and cows about steady
steers, choice. ss.25a9.75; good
butcher, ssas; medium, ss.75a7.a5i
common. s$Sa6; heifert. choice, $s.5os
500; fair to good. s1.5oas. as; COM
mon to medium. s5Iboas,5o; bulls
choice stable fed. $T.25a7.4o; fair to
good. IS. .50as.5o: common to medium
vas; cows, choice, 35.5vas.z5; fair to
good. st.25ss.oo; common to medium,
%Sss, 80 -
The Washington herald., 1921-04-05
METAL MARKET.

NEW YORK. April 4.-Handy q
Hartman quote bar silver. domestic
ssisc. unchanged; foreign &c. up
S ct.
Copper. spot. April ofd. 1cz
May ofd. IL. Jun-Jul ofd. 4s.; mar
Set dull.
Tin (Straits shipments). Mar-Apl,
?Ska2sk: Apl-May. 2siza2st; May
June. 2sEa2sL: June-July 2ska
2sk; market quiet.
Lead. spot. Apl-May-June. ofd,
ASS. market quiet.
Spelter EAST st. Louis). spot.
Apl, ofd. 40: May-June ofd. AIS;
market dull.
The Washington herald., 1921-04-05
Cost of Food in Sweden.

Published comparisons OF cost OF
food in Sweden. referring mainly to
products Of Sweden itself. give the
average price in Swedish crowns
during February this year. last year,
and 1914. as'follows: In 1914. butter
2.43. eggs 2.es. mutton 1.ss. fsh I.5s;
IN 1920, butter s.2s. eggs 7.oi. mutton
5.i2. fish 5.4a; in 1921. butter 5.1s,
eggs s.54. mutton 4.24. and fish ass.
This indicates loss of from one
quarter to one-third of the advances
in prices which. occurred between
1914 am 1890.
The Washington herald., 1921-04-05
Honey. y
1000 omitted.l

The changes in the relation Of our
monthly imports and exports of gold
since January, 1920, are shown in
the accompanying diagram. A year
ago exports of gold were averaging
between s40,oo0.00o and $4,000, 900
per month while imports for the
first three months averaged less
than $4,000, 900 At present the sit
uation is exactly reversed. Imports
are running between $4,000, 900 and
$50, ,00o. 900 per month while exports
have practically ceased. amounting
to only $1,o00,0o0 in the preliminary
figures for February, 1921.
The Washington herald., 1921-04-05
Germany's Railway Rates

The increase lately made in rail-
way freight rates on the German
government railways is estimated 60
run from 55 per cent to so per cent
on ordinary merchandise trans
ported by carload. II is stated in
connection with the increases that
since the last raising on freight
rates and passenger fares. the pas
sencer traffic on German railways
has increased LIS per cent. and
freight trafic l45 per cent.