davidaulloa/AmericanStories huggingface dataset:
The New York herald., 1921-02-20
COTTON GOODS REVIEW.

Cotton cloths in the unfinished goods
division have become weaker in price.
The demand is light and has been usual
~ for small lots for nearby delivery.
Sheetings have weakened rather more
than other lines in consequence of the
pressure to sell some of the accumulated
stocks of goods wanted in the bag trades
or for general manufacturing purposes
Jobbers continue to operate on branded
brown sheetings In a steady way, but are
not anticipating for any late delivery.
Print cloths are quiet. with weakening
most noticeable in narrow goods or in
the finer counts. Fine combed ytrli
goods have become very quiet in unfln-
moving steadily in small lots for prompt
shipment and all goods on order are
being accepted without question.
Sheets and pillow cases are execution
ally well conditioned, and ginghams are
also we'll under order. Dcnims and
working suit materials generally are not
being reordered moderately. There is a
steady jobbing distribution reported IN
white goods, wash fabrics, laces. hand
kerchlefs, remnants and some of the
more staple specalties in cotton suit
ings.
Cotton yarns are lower. Owing to the
closer margin OF pront ana the SLOW or
dering ahead many mills are again talk
ing Of curtailing production. their chief
difficulty being the one OF reducing costs
to meet the low prices at which goods
are selling.
Prices quoted are as follows: Print
cloths, inch 6ix64s. 5ac.: 64x60s.
3S1l inch 64x64s, SIG; brown
sheetings, Southern standards. 11hc. :;
tclxings, s o.. zoe. denims, 2.2Os. lie. :;
staple ginghams, 13 &c. dress ginghams,
15c. and lie staple print, lie.
The New York herald., 1921-02-20
BIG OIL FIELDS IN
MEXICO GIVING OUT
Geologist Says Present Produc.
tion Rate Will Exhaust
Pools by End of 1922.

At present rate OF production the lat
ter part of 1922 will see the end to
the proved big oil fields in Mexico. That
startling statement was made at the
annual meeting last Wednesday OF the
petroleum and gas section of the Ameri-
can Institute OF Mining and Metallurgc-
al Engineers by Ralph Arnold, chairman
OF that section. Estimates Of production,
Mr.. Arnold declared, reach a total of
S25, 000,0 900 barrels. Last year Mexico
produced 1S5. 900. 900 barrels. or an aver
age of about 10000 barrels day.
Mexico is producing, he continued, at the
rate OF approximately 10000 barrels a
day of which about two-thirds Is COM
ing from Los Naranjos, a pool which
probably will be extinct by early sum-
mer on account OF the encroachment OF
salt water
"If the present rate is maintained, /"
Mr.. Arnold continued, 1921 will see
about zoO,O00,000 barrels of oil brought
to the surface in Mexico, or about half
the probable production of the United
States for this year. But Mexico's
proved reserve is less than twice this
amount. hence at the present rate OF
production the latter part of 1922 will
see the end to the proved big fields in
Mexico
There is little wild eating going on
In Mexico now. probably not more than
twenty-five strictly wild cat wells now
being actively drilled outside the main
producing district Whether it is one
and one-half or two years or even a
little longer or little less before the
break comes, it Is certain to come. Last
year the United States consumed $751;
10000 barrels. or S7.724.000 barrels
more than IL produced. Even excluding
our exported crude and refined products.
amounting to above 7o.000.000 barrels.
our consumption exceeded our produc-
tion by more than 100000 barrels
Can we call this overproduction?
when the break In production in
Mexico does come. what will be the
reaction on the industry in the United
States? How are we to meet the in
satiable demands which then cannot be
met by the domestic fields? Where are
the foreign fields we can draw from to
compensate for Mexico? Where will the
price for domestic crude 20 to? VIII the
storage capacity of the country be empty
when this era of great demand comes?
VIII the so-called Independent producers
still be independent after a period of
bankrupting prices? In view of the
probabilities IS the present drastic cut
in prices justified?'
The New York herald., 1921-02-20
FEDERAL RESERVE
BANK STATEMENT
Discounted Paper Holdings
and Other Earning Assets
Are Reduced.
Special Despatch 10 THE NEw YORK HEssLp.
New York Herald Bureau,
Washington, ID. C., Feb. 10.

Aggregate reductions Of s4l.1oo.OoO in
holdings Of discounted paper and Of S1O'-
500 600 in other earning assets. accom-
panied by an increase Of s1o.7Oo.Ooo In
gold reserves and decreases of about
stS.Ooo.oOO in Federal reserve note cir
culation and Of s25,5Oo,Ooo in deposit
liabilities are indicated in the Federal
Reserve Boards consolidated bank state
REoU
The New York herald., 1921-02-20

LOW PRICES NO AID
TO STEEL MARKET
Buying Insufficient to EncOur-
age Further Cutting-Bet-
ter Demand Expected.
OPERATIONS DECREASING
Basic Pig Iron Situation Clear
er-Inactivity in Coke Is
Predicted.
OPERATIONS DECREASING

Special Despatch TO THE New YORK HERALD.
PITTsBURG,---Feb. 19.-The so-called
break in the steel market became al
most joke to the traders, there being
insufficient buying at cut prices to sup
port the market or encourage further
cutting: The concessions from the In
dustrial Board schedule of April, 1919,
made possible are approximately as fol-
lows: Bars. 81; shapes. SIS plates, IS
nails. So; hoops, So; blue annealed
sheets. 81. Pipe appears moderately
Arm and tin plate, when sold for pro-
duction. Is absolutely firm. It is said
that very small proportion of the in
dependent mills have been actively cam
vassing the trade with reduced prices,
but the majority of the others and per-
haps all would shade prices very con-
siderabiy if offered orders at all at
tractive.
One effect of the price cutting, how
ever. has been to diminish the volume
OF specifications going to the United
States Steel Corporation on old con-
tracts. although booking of new business
by the Steel Corporation continues at
not much under the rate in December
ana January, II appearing as IL some
buyers were anxious to participate in
tho corporations good will. Its opera
tions have continued to decrease. being
at about so per cent, and a 60 per cent.
rate will be reached within a few weeks
If the present trend continues.
It Is expected that there will be soon
some improvement in steel demand, but
full operations Of the steel industry,
with its 40,000.000 gross tons year of
capacity in finished rolled steel, is SO
far in the future that predictions on
that score are not being made. Opera
tions will be confined probably to mills
that permitted the least increase in their
operating costs during 1920.
The price situation as to basic pig
iron has been clarified to small degree
by the action of q somewhat prominent
producing interest, whcih has reduced its
official, or asking, price from $40 y
$3.50, valley. Previously there was
much uncertainty as to what really
could be done. The only openly made
quotation was $50. but the trade knew
that iron could be picked up for consid-
erably less money. The interest referred
to also reduced its asking price on Bes-
semer iron from SAG to s29. valley. AS
to foundry iron, that grade has been
altogether inactive and the old quota
ton OF $2S valley still stands. On
good sized order, however, this could be
shaded.
The New York herald., 1921-02-20
Chain Demand No Better.

The chain manufacturing concerns In
this district state that the recent reduc-
tions of $40 to $25 have not brought any
noticeable increase in demand. Railroad
companies and other large users are buy
ing only absolute necessities, and what
little business is coming through origi-
mates with Jobbers.
1t has been stated that no additional
reductions will be made until the prices
on raw material be reduced. The chain
makers depend largely on the Steel Cor
poration for drawn wire and rolled
chain rods and no encouragement Is
given regarding lower prices for those
products. The base price of S6.15 on
one inch proof coil is unchanged.
Iron and steel men say that never
before was the semi-nnished market so
dull. little business is being done
when a buyer and a seller negotiate In
a quiet way. but IL Is extremely limited.
Quotations are correspondingly difficult
to obtain. On large blllets prices have
been named as low as $3S.5O. although
on one carload of AKA rerolling billets
q quotation OF $40 was made. The usual
differential OF. $3.50 gives a S42 price
for small blllets, for which only limited
demand exists. There is a light demand
for wire rods and they aEe considered
quotable at $50 to $50. Because inde-
pendent companies nave offered conces-
sions OF So ton. Not much demand for
skelp is current and the grooved. uni
versal and sheared material Is consid-
cred quotable at 2.45. 2.J5 and 2.65
cents respectlvelS
The low levels established by the in
dependents did not bring much new
business on plates. One order was
placed by "A fabricator for 1000 tons Of
plates at 2.25 cents, or IS ton less
than the Carnegie steel Company's price
OF 1855 cents. Those plates are TO be
used in the construction of barges for
local rivers.
The New York herald., 1921-02-20
FEDERAL RESERVE STATEMENT

Statement of the Federal Reserve
Bank in New York for the week ended
February is. 1921. as compared with
the preceding week:
The New York herald., 1921-02-20
ELECTIONS AND MEETINGS.
NOTICE OF SHAREHOLDERS MEETING.
The LIBERTY NATIONAL BANK OF
NEW YORK.
700 broadway.

12U broaNMnFs
To the Shareholders Of THE LIBERTY Ma
TfoNAL BANK or NEW YORK;
NOTICE Is HEREBY GIVEN that a special
meeting OF the shareholders OF THIS Bank VIII
be held al u O'Clock IN tho forenoon. at ths
offlcos OF the Bank, l20 Broadway. New York
city, ~. Y, on Friday, March fth, 1871 20
Bank as a National Bank, 20 take effect az
. future date, and 20 authori-e the Directors
10 execute a certificate Of organization as .
state Bank, as required by the New York
BANKING Law, and 70 take, and TO authorizs
the Directors TO take, such other action az
guidatinn as a National Bank 20 become effec-
nSe It's corporate existence as State Bank
10 begin and a merger with The New YORK
Trust Company 20 be accomplished, pursua NJ
10 the terms Of the Plan and Agreement ,oy
the merger OF The Liberty National Bank OF
New York into Tho New York Trust Cons
pany, dated February ]. 1921. heretofors
mailed 20 tho shareh oltars,
py order ~ the Board OF Directors
FREDERICK w. WALL. Cashier.
Dated. February !, iy2..
The New York herald., 1921-02-20
SEEK TO BOOST COTTON PRICE.

IoNDox. Feb. 1O.-The Prime Minister.
Mr.. Lloyd George, has been approached
bv representatives of the cooperative
syndicate formed in Egypt in January
10 hold great quantities OF cotton IN an
effort To- raise ts price. They urged
Mr.. Lloyd George TO recommend that
tho Government buy the 1900. 900 cam
tars tho syndicate holds. CA cantar
ranges from 100 to 100 pounds). The
syndlcates representatives assert that
such action by the Government would
force up the price OF cotton.
The New York herald., 1921-02-20
Coke Ovens Due for DuIness.

There are indications that the furnace
coke ovens are due for a season of in
activity resembling that prevailing at
tho merchant ovens. The blowing out
OF furnaces by the Steel Corporation and
the continued decrease in steel produc-
ton point to the possibility that the fur
mace ovens will have to undergo the
same process to which the merchant
ovens have been subjected. The demand
for furnace coke has almost completely
disappeared and foundry coke also has
suffered a falling off, although some
small tonnage contracts have been
made. Spot furnace, when quality is
right commands S4.500S5. Contract is
held at s59$5.75. spot foundry at $3.50
$3.50. contract foundry at $3.50. Pro-
duction fell off more than 10000 tons
last week.
There is some variation in prices
quoted on merchant steel bars, depend
Ing on the specifications accompanying
the inquiry. The Cambria Steel Com
paqy has quoted as low as 210 cents
base Pittsburg, and although 1t was ru-
mored that as low as 1.S5 cents had been
offered, that report could not be veri-
fled and is not believed in the trade.
Although some independent steel COM
panies are inclined to meet competition
and potect their customers, they do
ouent.y 2.35 cents remains their official
figure. Refined iron bars are unchanged
at prices recently quoted. which vary
from 3.25 cents to $50 cents base Pitts
burg. the latter price applying on
straight muck bar iron. Operations OF
plants vary. the higest being 40 per
cent. and the average is probably in
the neighborhood of 25 per cent.
On cold finished steel bars manufac-
turers still are quoting $50 cents base
Pittsburg for carloads and 3SJ cents
for less than carloads. An Independent
manufacturer said this week il was
problem as TO what a tonnage inquiry
would bring in the way of reduced
price, but ii is believed that the usual
differential of LES cents over hot bars
would prevail, and with cents and
2.10 cents applying on merchant steel
bars a tonnage OF cold finished bars
probably could be placed at 1926 cents
to 3.35 cents.
Nail makers say that the recent con-
cessions of 81 TO 81 for carloads and
s4.25 2. 100 poundrs for less than car
loads Z. o. b. mills, have not stimulated
demand to an appreciable extent. I'm
mediate demands only are being filled.
and although the oil product companies
usually specify good tonnage for use on
derricks their orders and inquiries are
limited
The New York herald., 1921-02-20

Closing prices of stocks In which there
were no transactions yesterday:
The New York herald., 1921-02-20
FIGURING OFFERING

Blyth. Witter & Co. have purchased
and viii offer shortly at 100 and acc
crucd interest S3.000.0 900 oe Portland
FIGURING Mills Company first mortgage
per cent fifteen year sinking fund
gold bonds. dated February !, 1921 The
sinking fund viii retire annually $780,
600 OF the bonds, which arc callable In
whole or In part on any interest date
upon thirty days notice az los.
The New York herald., 1921-02-20
AGwI RECEIVER SOUGHT.
Minority stockholders Charge
Mismana gemenI.

Special Despatch to THE NEW YORK HEsArA
CHICAGO, Feb. 1s.--Minority stock
holders are filing receivership papers
against the Atlantic, Gulf and West
Indies Corporation. alleging mismsn-
agement. n. Deerfield is chairman OK
the minority stockholders committee.
The New York herald., 1921-02-20
COFFEE.
The range OF prices In yesterdays
future market follows:
CABLES.

Elo, 70 20 e2H reis lower for futures. pol-
lar rate. 100 lower. at $500. EXchanse. i'd
higher. at i0fsd. Receipts, 1900 bags, ana
stock, 42t 900 bags. Santos futures PC lower
20 - higher Receipts, 10000 bags. and
stock, 3.246. 900 bags Receipts at ports, 80
900 bags, against IL 900 last year and $4,000
two years ago. Sac Paulo had 25 900. against
600 and IS 900, and Jundahy 1900 against
900 and 10 600 bags respectively. Fine
weather In all districts OF Sac Paulo. Cleared
from Santos, $4,000 bags for New orleans.
The New York herald., 1921-02-20
FINANCE and BUSINESS

a
self n n
gressve
ing
you advertisement and
ddressC Herald St
The New York herald., 1921-02-20
BRAZILIAN STATISTICS.
SUGAR.

Refined sugar was unchanged at 7Isc.
basis fine granulatod.
The range OF pricos In yesterdays
future market follows:
The New York herald., 1921-02-20
BID AND ASKED QUOTATION
FOREIGN BONDS.

To the following prices accrued interest IS
TO be added in every case.
The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1921-12-12
EUROPE RECOVERY
is MAKING PROGRESS
Situation Contains Great Dangers, But
II Is Not All as Gloomy as 1t
Might Appear.
tsy The Associated Press)

WASHINGTON. Dec. 1.-THE econ
omic recovery of Europe, while neces-
sarily slow and difficult is making
substantial progress. Secretary Hoover
declared in a review of international
trade conditions made public tonight.
The situation contains great dam
gers, he said. but it IS mot at all as
gloomy as some statements would
make it appear
A survey OF European conditions. he
said, will show that the danger OF
bolshevism is past" Partly through
improved standards OF life and partly
through the salutary lessons to
Russia
The zone field of continuous degen-
Grafton" he declared to he that of gov
ernment finance, citing as factors ..un-
balanced budgets and consequent cur
renew imitation" The commerce of the
whole world. the secretary said, suffers
from this failure in government
finance. and unless remedies are found
The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1921-12-12

that the vessel never could be restored
to war purposes except to the extent
that any other commercial ship might be
used as an auxiliary for war.
Outside of special hull construction to
afford protection against submarines and
mines warship hull is practically the
same as that of liner up to the water
line. In the battle cruisers, some of the
engines and at least eight knots in speed
would be sacrificed il the ship was
changed to a liner and these changes
would be permanent. No change back to
cruiser construction would be possible,
experts declare.
The same thing is said to apply to
battleships. There is a possibility that
these not too far advanced in construc-
ton could be changed into intermediate
freight and passenger carriers, but naval
experts have not gone far enough to
determine If this is practicable and
economical suggestion.
There are various non-combatant naval
uses to which new or old capital ships
might be put when stricken from the list
lean pre- dreadnaught, the Kearsage, has
been made over into a fleet crane ship.
She now has no lighting quality. Sim
iliarly, it might prove expedient to use
battleship or two as repair or supply
vessels. Stripping them beyond possible
restoration of fighting characteristics Of
fensive or defense. These all are tech
nical matters, however, which naval ex-
perts probably will thrash out after the
conference itself has adjourned.
The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1921-12-12

the great recuperation effected in So
cial, political, Industrial agricultural
and commercial life will be endangered.
The most dangerous of the unbal-
anced initiation situation, Mr. Hoover
said, is Germany, whose case depends
upon the method and volume of rep
aration payments"
"As the United States does not par
ticipate either in its control or its res
ceipts," he added, I'VE have no voice
or right to interfere 1t is earnestly
to be hoped that the present negotia-
tions upon PREPARATIONS may succeed
in finding a sound basis that win
secure permanent economic and polit-
ical stability to Germany, and GER
tainly of regular payment to the allies
With this effected the way is open
for constructive consideration of the
situations in other states. The Amer
lean people have never been and win
not be rernhss in participation in these
further measures, but our people cam
not successfully enter until those who
have control of the reparations have
ste4ea TINS major measure upon so
sound an economic basis that we can
look upon the future of Europe with
confidence"
The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1921-12-12
JAPANESE PRINTS
MAY BE SEEN TODAY
Pictures at Art School Rooms VIII Be
On Display Today for Last Time.

Owing to the fact that there are a
large number Of Pensacola people Who
have not had an opportunity to visit
the Pensacola Art school rooms and
see the artistic japanese prints that
have been on display there for the
past week. the club has arranged to
hold the pictures over through today
and give those who have not seen them
a chance to do so.
These pictures are prints. from
wooden blocks and are very artistic
in their appearance There are about
sixty in ali and the subjects deal with
all phases Of animal and bird life.
landscapes, etc. These prints are in
great demand now in the larger cities
Of the NORTH as they make a unique
gift for every purpose. Today is the
last day they win be on exhibit, and
anyone that is interested in this kind
of work are invited to visit the school
rooms at IS IL Government street
and view them.
The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1921-12-12
COTTON CONFERENCE
AT MEMPHIS TODAY
Many Notables Will Address Southern
Delegates at Second Annual
Meeting Today.

MEMPHIS, Tenn, Dec. 11.--Acreage
and diversiication will be discussed at
the second annual cotton conference to
be held here tomorrow and Tuesday
according to the program announced
FOR the meeting. Delegates from a
number OF the cotton producing states
are already here and the committee in
charge expects a good attendance from
all parts of the south
Other speakers include DR.. Charles
H. Brough, former governor of Arkan-
sas, w. B. Mercier of the United states
department OF agriculture, Warren P
Andrews, president of the Texas Bank
ers' association; Frank o. Lowden. for
mer governor of Illinois; Colonel W.
B. Thompson. New Orleans. and others
The committee IN charge Of the
convention, announces that there viii
probably be no effort made to secure
pledges for a reduction of acreage be-
low that of 1921 and that growers wish
ing to increase their 1922 crop viii bs
urged TO use intensive methods Of cuI-
tivation, placing all surplus lands in
general farm crops.
The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1921-12-12
RATIO ACCEPTANCE
is FORESHADOWED
Remaining Work on Naval Matters
Divided Into Two Glasses.

WASHINGTON, Dec. 1-WhiIe the
foreshadowed acceptance by Japan of
the ''5-5-3" naval ration, cornerstone
OF the American naval limitation plan,
will leave much to be decided, it does
not follow, in opinion of American gov
eminent officials, that the conference
itself win have to pass on all that
must be done. The remaining work on
naval matters, 1t is said. naturally di-
vides itself into two classes. There are
decisions involving policy ana these
merely dealing with details under poll
icies already approved.
The conference must act on all
policy questions In this group lie the
Franco Italian naval ratio determine
ton; the British desire to reduce the
tonnage of each power in submarines,
and possibly to limit the size of future
suhmercibles; the suggested modifica-
ton of the ten-year naval holiday plan
TO permit some building as necessary
for protection of ship building knowl-
edge and skill. and final determination
of feet ratios in airplane carriers.
In the other group. it is expected, will
Zoe found such questions as agreements
6A W A4A1SA0Nto "a SELlEUlHk SHIPS
slated for destruction; ways and means
to control conversion of merchant craft
into war vessels in war time; rules of
warfare as applying TO new agencies,
such as submarine aircraft and poison
gas, specific agreement as to fleet ra-
tios in other auxiliary ships beside
submarine and airplane carriers. 1t is
held the conference could well leave
at least some of these points to ex-
pert discussion and final settlement
through ordinary diplomatic channels.
A particular point in the latter class
is the method to be followed in scrapping
capital ships. This necessarily Involves
such disposition Of the vessels as will
make them impossible OF ready recon-
version into war craft. Yet there viii
be strong tendency to salvage what
ever can be saved for ordinary CONNER
ciai or other purely non-combatant use.
Already IL has been suggested that
three Of the six American battle cruisers
could be made over into safe, fast pas
senger liners, type Of merchantmen
lacking in the present American COM
mercial fleet. The three ships under con-
alteration have been completed up to the
water line. At that point. naval experts
figure. it would be possible 10 continue
construction so as 10 produce a purely
passenger vessel instead OF a potential
cruiser. Changes would be necessary so