davidaulloa/AmericanStories huggingface dataset:
The Washington herald., 1921-02-20
PESSIMlSM RULES
in COTTON MARKET
Bearish Reports Create In.
creased Pressure Against
Price.

NEW YORK, Feb. 1s.-Severe
weakness in foreign exchange, an
unsettled tone to securities, talk
about the probability of further
at domestic mills, q
bearish statement regarding South
ern conditions by the president OF
a South Carolina bank and another
recession in bar silver led TO in
creased pressure against cotton to-
day and new low levels for the sea-
son were established. A number
of stop loss orders were feached
During the last two days important
spot concerns. it was estimated,
covered $4,000 bales OF March,
selling May against 1t. These op-
erations suggested smaller deliver
les on March than previously talked
OF. Next Wednesday~wil be the first
March notice day.
Commission concerns declared d
that there was no material change
in the general situation.
Initial quotations were 13 points
lO"6T 10 pOluIS nlEneE. Near
months were bearishly affected by
long liquidation and selling against
purchases of the distant positions
Later selling increased and the un-
dertone was quite weak. A good
class of buying below 1880 for
May brought about rallies after II
o'clock. Offerings enlarged again
from speculative and Southern
sources and toward the close the
bottom prices for the session were
made. Last quotations were TO 20
points net lower.
Spot here was quiet with mid
ding. 20 points lower at 1920;
there were no sales.
Spot at New Orleans was quiet
with the revised quotation for
middling fixed at 12.75c; the sales
were 2S6 bales. Receipts in bales
at some of the leading points today
were:
Galveston, S,S21: New Orleans, A.
$50; Savannah, S43; Augusta, 1,21l;
Houston. 5.379.
The Washington herald., 1921-02-20
LARGE EXPORT VALUES
CAUSED BY HIGH PRICES
Based on 1913 Prices, Exports Were Only
- Per Cent Larger Than Prewar.


The calendar year 1920 marks a
new record in our foreign trade, so
far as values are concerned. I'm
ports amounted to the enormous
sum of $3.50. 100000, compared to
S3,sO4, 100000 in 1918, while exports
last year were valued at sS,299. 900, =
900, against 1890, 900, 600 in 1919.
When we contemplate these enor-
nous figures, which are three and
four times as large as our prewar
foreign trade, il is necessary to re-
mind ourselves that to very large
extent these increased aggregate
values are due to higher prices
rather than to greatly increased
quantities of goods
lnasmuCh as our Department of
Commerce reports value only for
a large number of commodities, it
is impossible to obtain any direct
statement of the actual quantity of
goods involved in our foreign trade
There are several indirect methods
of making an approximation to the
quantity involved. One of these is
to calculate the value of the more
important commodities at some pre-
war price.
The Federal Reserve Board pub
fishes monthly the value of exports
and imports OF selected commodities
at 1913 prices. The list OF commodi-
ties includes twcnty-nine, of the
most important exports. the value
of which in 1918 formed 56.3 per
cent of the total export value. On
the import side there are included
twenty-five commodities. the value
of which formed Az per cent Of
the total value of all imports in
1918. These commodities, therefore,
represent about half of our foreign
trade and include by far the most
important commodities. The value
Of the exports and imports of these
commodities for recent pOuths at
the average prices prevailing in
1913 give a good index OF the actual
quantities of commodities compared
with the prewar trade.
In the accompanying diagram the
solid dotted line represents for each
month since January, 1919. the per
cent increase or decrease of export
values at 1913 prices, compared with
the 1913 monthly average exports.
likewise the dashed line represents
the monthly percentage increase in
our import values, compared with
1919 when the former are computed
at 1918 prices.
This diagram shows clearly that
when price fluctuations are elimi-
rated our export trade has not been
very much greater than in 1918. In
other words. these figures Indicate
that the total tonnage of the COM
mOdities exported has not increased
very greatly over the prewar guam
tity In 1913. the monthly average
value of these twenty-nine export
commodities amounted to Sl27.7S7,-
600 In 1919, the average monthly
value OF these same commodities at
1918 prices was S15L4T2aQ0e,-o or an
increase Of 1876 per cent. For the
eleven months of 1920 the average
The Washington herald., 1921-02-20
INSECTS APPEAR
DURING PAST WEEK
Most Important Grain Devel-
opment, Says Thomson and
McKinnon's Review.

CHICAGO, Ill, Feb. 19.-Impor-
tant developments were uneathed
in wheat during the week in the
appearance of insects in the eN-
treme Southwest and in a small sec
tion of the Ohio Valley. says Thorn
as and McKinnon in their weekly
grain review, issued at the close OF
yesterdays market This infesta-
ton is almost always existent in
the growing crop, but it is eNag
gerated this year because of N.
character of the winter. In some
localities damage Of Is to 20 per
cent is claimed, but il is commonly
accepted that it is still too early to
determine the final result. As yet
there is nothing alarming in this
condition. but the future outcome
tions.
There has been a modest export
business, but taken as a whole, the
foreign demand has deserted North
America. taking the southern hem
isphere wheat in erenCe, be-
cause of its relative cheapness.
Distribution OF moor, lOT comes
tic purposes, remains below a nor
NAL volume. but it is claimed that
there has been a cleaning up Of low
grade -four, heretofore a drag upon
the situation. by sales for shipment
abroad. In the face of cessation or
new foreign business, and a partic-
ularIy slow milling demand ac-
cumulations at Western terminals
are slowly decreasing, which re-
fleets the attitude of the producer.
and also the probable smallness Of
reserves. Foreign news has assum-
ed a new color to the extent that it
is believed that reserves at the end
of the corp year in the hands or
exporting countries, will be well
exhausted. because of this. depie-
ton Of the ordinary carry-over into
the new crop. the market is partic-
ularly sensitive to unfavorable
news from the growing crop. There
is no definite trend OF prices, the
entire trade being occupied in at
tempting to discover probable size
of the new crop of winter wheat.
The Washington herald., 1921-02-20

monthly value of the quantity ex-
ported was only S135,OS7,OOO, or an
increase of only 81 per cent above
1913.
Quite a different story is told If
we compare actual values. In 1918
our total exports were valued at
$2,429, 100000. In 1919 the total was
$500, 100000, an increase over 1918
or 226 per cent, compared to less
than 19 per cent when price fluctua-
tiOns are eliminated. In 1920 our
export total amounted to SS,229,OOO,-
900, or 239 per cent above 1918, but
as shown above less than per cent
was due to Increased quantities of
goods.
Imports, on the other hand, tell
a still different tale. AS shown in
the diagram the computations of
the Federal Reserve Board show a
real increase IN the quantity of inn
ports during the past two years.
Compared with 1918 the average in
crease for 1919 on actual reported
values was 1l5 per cent, while after
allowance is made for price changes
the increase is II per cent. For
1920 these two figures compared to
1918 arc l9l and as per cent, respec-
lively.
OF course, it must be remembered
that the Federal Reserve Board
computations involve only about
half our total exports and imports,
and that the changes in the other
half may not NeNactly parallel these,
but it is believed that the Conclu-
sions are not very far from the
actual conditions if we could study
all commodities in the same way.
The following table gives the
monthly and yearly percentage
changes from 1913, both for the
actual and the computed values.
The figures in columns l and are
plotted in the diagram:
FER CENT INCREASE OVER 1913
MONTHLY AVERAGE
The Washington herald., 1921-02-20
BALTIMORE GRAIN.

BALTIMORE, Feb. Wheat
Receipts. 2O.OS1 bushels. viz: 100
bushels afioat and 1881 bushels by
car. Shipments from elevators, 12,-
400 bushels. Stock in elevators, l.
627,229 bushels.
Opening prices on wheat today
were: No. 2 red winter spot. s1.93;
No. red garlicky, spot, $1.S112
February. $1.S1k; March. s1.S2.
Corn-Receipts $500 bushels
viz: 1900 bushels afloat and S7,026
bushels by car. Shipments from
elevators, 26.233 bushels. Stock in
elevators, 1,652,S94 bushels.
Opening prices on corn today
were: Contract, spot. S2Ac; Febru-
ary, S21Ac; March, SIC.
Oats - Receipts, 6,939 bushels,
Shipments from elevators. 3,77O
bushels. Stock in elevators, $685.
94S bushels.
Domestic Basis No. ? white,
4S14c; No. 3 white, 471ac.
Rye - Receipts, 56,150 bushels.
Stock in elevators, S7S,127 bushels.
Opening prices today were: No.
2 Western export, $167; bag lots
of nearby rye. as to quality, $50
and $3.50 per bushel.
Hay-Receipts, 23 tons. Hay,
standard timothy, ,$25a25.5e: No. 2
timothy, s24a24.50; No. 3 timothy,
S17a22; No. I light clover mixed,
s23a23.50; No. 2 light clover mixed,
s19a22; No. 1 clover mixed. $21a22;
No. clover mixed, $16.50a2O; No.
clover mixed. $1Sa16: No. l clover,
s2S.50a24.50; No. 2 clover. s16.50a
20: No. 8 clover, s13a16; sample hay,
$1ea15. ...
The Washington herald., 1921-02-20
Says Labor Depends
On Foreign Trade

NEW YORK, Feb. 19-Labor's
chance for steady work depends on
this country's foreign trade, ac-
cording to o. X. Davis, secretary or
the National Foreign Trade CoUn-
ell, who issued a statement today
concerning the relation of labor
and foreign trade.
For fifty years or more" said
Mr.. Davis. the nation has alter
mated from periods OF hectic activ-
fly to those of hard times. 4 con-
tinCcus foreign trade will operate
as a stabilizer. The opportunity OF
labor for steady employment is de-
pendent upon foreign trade, as the
prosperity or depression OF this
trade has an influence in raising or
depressing wages"
The Washington herald., 1921-02-20
Excess Production
Problem for Banks

SAN FRANCISCO, Feb. l9.-Ex-
cess production is a problem to ne
solved by foreign banking, accord
ing to John S. Drum. president Of
the American Bankers Association.
who issued a statemeR today con-
cerninE the purposes of the For
eiGn Corporation, the 500, 200. 600
organization formed to maintain
and extend Americas foreign busi-
ness.
The biggest service the assocIa-
tion can render" said Mr.. Drum. -
to provide means for taking care
of our excess production. This
problem, one of foreign trade, in
wolves necessarily the restoration
of the normal balance of exports
and imports and payments for i'm
ports throughout the world. When
we restore that balance we serve
the necessities Of this country at
the same time by providing foreign
markets for our excess production"
The Washington herald., 1921-02-20
Japan's Trade Revfves.

The foreign trade of Japan for
January records the first increase,
in monthly figures, for imports
since the steady decline from the
high mark of S29,92sOoo yen in
March, 1920, and except for the
single month of July, the first in
crease in the monthly exports since
the high figures of 217,457,ooo yen
recorded in April, 1920, according
to a cable from Tokyo.
The imports of Japan for January
were valued at 10S,41S,0o0 yen,
compared with 1SS,667,00o yen for
the corresponding month last year,
and with 81,6s3,000 yen for Decern-
ber. The exports for January to-
tailed 75,21S,O00 yen in, values. COM
pared with 117,S62,oo0 yen for jan
uary of the preceding year. and
with 67,S73,000 yen for December.
The excess of imports over exports
for January amounted to 2s,Is5, 900
yen.
The Washington herald., 1921-02-20
COAL SHORTAGE
REPORTED EASED
Frances Reduced Consump.
tiOn in Measure Relieves
Fuel Crisis.

The amount Of coal available.
from all sources. in France in the
hrst eleven months Of 1920 was
42.67S,3S5 tons, compared to a pre-
war consumption Of about $4,000. o
600 tons in the same period. Tie
coal situation. according to advip,ps
received by the Bankers Trust Com
pany. from its French Information
Service, has improved to such an
extent that shortage no longer
exists.
While reduced consumption i'm
measure eased the coal crisis. in
creased output Of French mines has
been an important factor i'm the
general Improvement Detailed fig
ures indicate an increase in Droduc-
tion Of 100000 tons in October
compared to March The figures
are as follows:
The Washington herald., 1921-02-20
COntradicts Theory of
EmOpe'S Finances

NEW YORK. Feb. 19.-That Eu-
rope is in a position to finance eX-
tensive imports from the United
States was contained in a state
ment issued today by John McHugh,
vice president of the Mechanics and
Metals National Bank, and chair
man of the organization committee
of the Foreign Trade Financing
Corporation, which is expected to
take a large part in maintaining
and extending American commerce
in the foreign field.
For PRACTICAL purposes" said
Mr.. McHugh, there remains in Eu-
rope more than sufficient strength
to supply the necessary collateral
for the credits that might be ad-
vanced for the purpose of financing
American exports"
The Washington herald., 1921-02-20
PRICES OF GRAIN
SHOW BIG ADVANCE
Part of Strength Due TO In
dfcations of Export
Revival.

CHICAGO. Feb. 19.-Grain prices
closed with substantial advances
today. Part of the strength was due
to indications of a revival Of ex-
port business.
The wheat market was erratic
but the general trend was toward
higher levels. The market opened
show under pressure from commits
sion houses. Profit taking by early
buyers on every bulge was en-
countered late in the day. Consid-
cradle wheat was bought in antiCi-
Monday. The market closed with
gains OF IA to > 1-2C.
Corn opened weak but the mar
ket rallied. Increased receipts were
responsible for considerable early
pressure. Exports interests bought
Srcely on the breaks. Toward the
close selling was mainly local in
character I,ut throughout the day
exporters showed an inclination to
take corn if they could get it at
inside figures. Country offerings
were liberal. Liverpool and Ant
werp closed higher. Futures closed
rs to l Sc higher.
Oats kept pace with wheat and
corn, opening weak and finishing
with a good tone. Increased re-
ceipts were responsible for some
selling by commission houses. The
market closed at an advance of SIS
to 7-SC.
Rye closed at an advance Of > 1-2
tu . 3-5c and barley was l cent
higher.
Provision trade was quiet and
prices averaged slightly lower on
selling pressure from outside in
terests. i've stock receipts were
heavy. At the close ribs had lost
10 cents: pork was 20 cents lower
and lard l. cents lower.
Following are today's quotations on grain
The Washington herald., 1921-02-20
Weeks Bond Transactions Devoid
Of Interesting Facts Aside from
New Offerings of Securities

Aside from the new offerings of
securities during the past week
there was little of interest to be
recorded in the bond market. 1t
was regarded as surprising to many
Of the leading bankers that the bond
market as whole should have
stood up so well under the burden
of new. offerings which have been
In exceptionally large volume for
the past three weeks. The S24,-
600, 900 Of twenty-year Chilean gov
ernment SIS did not go with the
same snap as the numerous other
issues recently offered, but IL was
said that the character-of distribu-
tion of these bonds has been eN-
ceIlent. Bankers feel that a little
time should be given for proper dis
tribution of the issues which have
been recently offered, as IL is well
known that while the initial sub
scription has considerably exceeded
the offerings for most issues, this
has not by any means represented
what might be termed as final dis
tribution, this being clearly demon
strsted by the recessions which
have taken place in bonds Of this
class almost Immediately after the
ClOslH6 VI Allt cuboNllPNAO DOOhSs
Admittedly there have been a great
many unusually attractive issues
put out and this to a considerable
extent has brought about their un-
qualified success, but some harm
has been done elsewhere through
the high interest return rates car
ried by the new offerings.
Liberty Bonds.
Liberty loan bonds for more than
fortnight have been weak, with a
sagging tendency. from which there
have been moderate recoveries from
time to time. 1t was stated in bond
market circles that much of the SELL
ing had been due to holders desir-
ing to obtain a larger income re-
turn on their money and had there
fore liquidated their holdings Of
Liberty bonds and reinvested the
funds in the issues carrying an s
per cent coupon rateA The per
cent return on bonds has been such
as to attract numerous investors to
them. particularly the so-called
small investor not being compelled
to pay A heavy income tax. Inves
tors OF this class can well afford 10
hold a bond carrying an s per cent
or better return, whereas the indi-
vidual of big means. paying a large
income tax, feels impelled to invest
in taX-exempt issues to a cons1dera-
Bile extent. The fact that the RepUb-
lican administration is committed TO
a revision of taxes downward. how
ever, has been instrumental in caus-
ing many wealthy individuals to
nibble at the higher income return
securities OF late which unquestiOn-
ably has assisted TO a considerable
extent in popularizing the new offer
ings Of recent weeks.
Traction Securities.
There was 4 considerable amount
OF interest shown in the traction
securities during the week. which
resulted in moderate improvement
in quotations for Interborough Rap.
id Transit tiTsts and refunding IS
InterbOrough Metropolitan AIS
Hudson & Manhattan adjustment
income IS and the Third Avenue is
sues. All Of these securities dis
played a better tone with 4 larger
turnover in them than has previ-
The Washington herald., 1921-02-20

ously taken place. The transit pro-
gram OF readjust1nent proposed by
GOV. Miller is gradually gaining
support not only I'm this city but
throughout the upstate oection and
this no doubt had much TO do with
the renewed interest shown in the
local traction issues. Il Is conf
IDENTIFY believed that the Miller leg
islation will be successfully carried
through. So far as the Hudson g.
Manhattan issues are concerned.
however, there is ga special reason
for the betteTment which has bee n
shown in the Adjustment IS re-
Gently. II will be recalled that In
terest payments on these bonds
were recently resumed which acted
as a stimulating influence for this
issue.
Foreign Financing Likely.
Reports were current near the
close of the week that there will
be a considerable amount OF for
eign government financing during
the next few weeks, some Of the
other South American countries be-
ing mentioned as well as one or
two European obligations Of this
sort. The arrangements which are
progressing smoothly calling for
financing OF the Cuban sugar crop
also are expected to prove Of con-
siderable Importance as il will clear
up situation which has given
considerable apprehension TO bank
ers generally over a period OF sew
eral weeks past. knowledge Of this
new financing arrangement unQues-
tionably has been responsible 10
some extent for the Improvement
which has recently been shown in
the sugar market, prices having
moved up moderately during the
past few days. 1t was pointed out
that the Cuban financing which is
to be done by a group Of American
bankers will permit the gradual
elimination Of the eNcessiveIy
| heavy obligations which are now
held by numerous Cuban institu-
| ions which are somewhat similar
t" the frozen credits lodged in a
| large number Of American banking
/ institutions at the moment.
The Washington herald., 1921-02-20
Sees SLOlO Reaction
For Business

NEW YORK, Feb. ls.-"Barring
the unforeseen! the present less
stringent conditions in the. money
markets should remain for the next
few months. Liquidation will
probably be slow" This was the
opinion given here today in a
statement by Gates W. McGarrah,
president of the Mechanics and
Metals National Bank, relative to
the present critical condition of
Americas foreign trade.
IAN uncertain influence win be
the financing of our. foreign trade" :"
said Mr.. McGarrah. 'The new in
fluX of longtime foreign loans now
under negotiation. however, and the
greatly increased volume of these
that is likely to come when the
500, ,000. 600 Foreign Trade Financ-
ing Corporation begins to operate,
should put our foreign trade upon
a sounder footing"
The Washington herald., 1921-02-20
NEW YORK PRODUCE.

NEW YORK, Feb. 19.-Butter - -
Market firmer<Creamery extras 4S
asoIL creamery firsts, t2a4s; cream
~ high scoring. 4S1Ea5tl2; State
dairy tubs. 2sa47.
Cbeese-Market irregular. state
vbols milk specials, 2314a2s; whole
mix fancy 22a254: whole milk
lower grades, 12a2l 4; Wisconsin
whole milk. fancy Young Americas
97La2e: state skim specials, II y a
1gL. skins. choice. 13a16; SKINS
C,jr TO good, 1la12; skins, lower
grades, sa1o.
Market strong. Nearby
White fancy, as; nearby brown
fa,cv az. extra, As; firsts, 41a43.
The Washington herald., 1921-02-20
URGES DIVERSION
OF IMMIGRATION
Ross, of the National Marine
League, Points Out Advan-
tages of Such a Move.

NEW YORK, Feb. l9-Diversion
of European immigration to Pacific
Coast ports was urged today by
7. II. W. Ross. president of the
National Marine League, in an in
tervicw with the United Press.
Ross declared that such a move
would result in the following ad-
vantagcs.
Better distribution Of foreign
labor.
Relief of congestion in eastern
cities.
Furnishing the western States
with higher class labor than the
present Oriental and Mexican ele-
ments.
Greater opportunities to the bet
ter type Of immigrants.
Ross suggested that if privately
owned shipping companies were not
irclined to cooperate in such a
plan, EOvernment-Owned vessels
operated by the United States Ship
carry immigrants from Europe to
the PACIFIC Coast. through the Pan
anna Canal.
\ Use for LCNiathian.
In this connection, he said the
best way in which the Leviathan
could be employed would be to place
her in commission as strictly a
stceraGe passenger carrier. He
pointed out that the huge vessel,
rapidly disintegrating at her berth
in HobOken. is costing the govern
ment thousands of dollars a week.
To refit her as first class passen-
ger liner would cost millions of
dollars. She could be used for trans
porting immigrants practically
without alteration.
aside from the economic advan-
tages to be gained from diverting
cur immigration to the Pacific Coast
for a while" Ross said, there is
the question of aCcIimatizatiOn. I'm
migrants from the Mediterranean
countries would feel perfectly at
home on the coast while those from
central and northern Europe would
fit into the life of the northwest.
Immigration has piled up along
our Atlantic coast for several rea-
sons. One of the big factors has
been the prohibitive railway yates,
which would have prevented them
from moving westward even had
they desired to-"
The Washington herald., 1921-02-20
- Z 5 Z Z 8 :

The above diagram the monthly
Of the United States for the last with the
the 1913 when fluctuations due increases prices
eliminated The line marked indicates the monthly
value OF imports for The solid plotted line
the increase decrease Of the value of
when calculated 1913 prices The broken line gives
information for As explained in the accompanying article
by The Herads Economist have shown little
the when eliminate changes due
higher prices There has been real increase the physical
quantity Of imports.
The Washington herald., 1921-02-20

roasting chickens. nearby, weighing
4a5 lbs and over apiece, 39a40c: fry
ers. nearby. weighing 3a3k lbs
apiece, 34a36c. Turkeys, spring,
fancy, Virginia and West Virginia,
61a62c: Western, dry packed, 60c;
old toms, 55a56c;; fair to good, Asa
soc. Old roosters, dry picked, 2sc.
Ducks, Western, fancy, s7a4oc.
Geese. western, 80a3zc. Guineas,
spring, pair, s1al.25; old, 75as5c.
The Washington herald., 1921-02-20

'Inrmdes coke. December also includes
Ignite.
The Spa agreement with Germany
ended on January 81. A provisional
program for February and March
formulated by the Reparations Com
mission will require a delivery Of
1900, 900 tons monthly from Ger
many instead Of 100000 tons.