davidaulloa/AmericanStories huggingface dataset:
The Washington herald., 1921-06-26

next ten years is not particularly
happy.
I'm the past, the commercial and
financial organizations of the vari-
Gus countries have given aid Of I'm
measurable value in dealing with
disturbed conditions. and there can
be no doubt of their ability to render
similar service now.
The meeting at London. there
fore, should be an occasion for
agreement among the representa-
tiVes of world. business on practical
steps which may be(taken to i'm
prove present commercial conditions.
The meeting in Paris. in June
of last year, when the foundation
of the International Chamber was
laid. was largely for purposes of
organization. That it resulted in an
agreement for the creation of a
permanent organization, which was
unanimously approved by all the
countries participating, was of it.
self a notable thing.
with the creation of a permanent
headquarters for the International
Chamber of Commerce. the organi-
zation of a stan of experts in con-
nection Herewith, as well as the
cooperation of commissioners, rep
resenting each of the countries
permanently attached to the head
quarters, the business and financial
interests Of the world now command
for the first time a piece of ma
chinery. capable OF rendering. prac-
tical assistance such as has never
before existed. With this organiza-
tion at work for months in advance
of the London sessions there is every
reason to believe that significant
steps may be taken toward the pro-
motion of better world commercial
conditions. and the establishment
of some order in the place of the
chaos which now exists.
Certainly no country in the
world can have a greater stake in
the International Chamber of Com
merce than the United States. Every
intelligent business man in the
now understands, II he fail
ed to understand before. that. with
its present enormous capacity for
production. the United States can
not hope for stability OF business
and a real foundation
for domestic prosperity, unless we
are able to dispose regularly of our
surplus products" 9s.r -
The Washington herald., 1921-06-26
TIMELYWAL STREET TOPICS

decision ordering the segregation
of the coal lands from the assets Of
the Reading Company. This deci-
sion was handed down on April &c,
1920. Only a week ago. however,
the whole question 4 stockholders
rights was submitted to the Su-
preme Court and another long pc
riod of litigations seems to be ib
prospec..
Attention was attracted to the
oversold condition of the market by
the unusually large number of
stocks that were borrowed fat
during the week, that is, that the
borrowers advanced the full mar
ket price Of the stocks without
charging any interest in order 70
obtain the stocks for delivery
against short sales. This situation
made many of those committed to
the short side uneasy and for two
days of the week urgent covering
of shorts was effective in causing
advances. ranging from to IL
points. the greatest gain being
made in Mexican Petroleum. which
after falling 10 lo3 moved up TO lis.
Many stop-loss orders were reached
on this upward movement and
while it was in progress a more
cheerful feeling prevailed. on
Thursday, however, the trading was
OF an entirely different character
il was stated by brokers active In
the trading on that day, that sales
of long stock were larger than on
any day since the acute unsettle.
mcnt last December. Yesterday trad.
ing conditions were essentially
changed and statements were made
in several sources that outside buy.
ing had come into the market on q
large enough scale to absorb all tn.
account.
The Washington herald., 1921-06-26

NEW YORK. June 25.-On one
day during the past week dividends
were suspended on two stocks with
out causing hardly 4 ripple of in
terest in the Wall Street district.
although 1t is to be assumed that
dividend prospects and returns are
among the most important factors
in creating a demand for securities
and that their discontlnuance would
have an immediate effect, in causing
a pressure to sell without much re-
gard to prices that could be OBJ
tained. Acute attention. however.
is devoted to these changes by ac-
tual security holders. What they
amount to in established estates
was indicated in statements made
by one handling investment ac-
counts An instance was brought
forward Of the situation Of the es-
tate of the widow OF one Of the
most important figures in the rail-
road world a score of years ago.
He left an estate OF high class in
yestments on which the income up
to a few years ago amounted to
ssoo, 900 per annum. Dividend re-
ductions and suspensions, losses on
interest account AMI other Items,
have steadily REDUCED the return
on-these holdings so that now the
yield is 100000 per annum. Many
other instances have been dis<
cussed, among them the invest
ments of a former official of the st.
Paul road, who made st. Paul pre-
ferred the chief basis OF his es-
tate, believing that it would pay
full dividends for ever.
Developments IN the money mar
ket continued Of a favorable char
acter during the past week. There
was a continued excessive supply
of call money. all through the week
the renewal rate on "Wednesday
dropping to per. cent. the lowest
renewal rate since October q,
1918, and a substantial amount OF
call money was placed outside OF
the exchange at per cent. Time
money. however. continued one o.
bids without offers: A small
amount of 3o-day money loaned
yesterday at per cent on mixed
collateral and loans were made on
all industrials for 60 days at 6sk
per cent. Some loans were made
on provisional call on Liberty bonds
at 5k per cent. the provision being
that the loan could only be called
on FIVE days notice, making IT prac-
ticaily a time loan.
United States Rubber directors
meet on July to declare the divi-
dend on the common stock for the
current quarter. The leading hold
er of the stock is now out of the
city but at the time the March div
.dend was declared he stated that
he was confident the per cent
dividend rate would be maintained
for the entire year. There is large
speculative element however that
holds to the view that the company
cannot maintain the 8. per cent divi-
dend rate with existing trade con-
ditions and this element has been
a steady seller of the stock for some
time past. The manner in which the
stock declined. in itself created un-
certainty over the dividend outlook
and some comment has been made
en- the fact that one brokerage frm
with which an important interest
Of the company is affiliated has sup
piled this stock in large volume at
frequent intervals. This firm. how
ever, has often been employed by
the operator often characterized as
the bear pluager and the possibility
exists that a good part of the SELL
ing may have been for short ac-
count. -,---. =. s--s.-. 49,. .-..
The Washington herald., 1921-06-26
70 ATTEND COMMERCE MEETNG-A F. OF T. ASKS FOR AID
STOCK KMARKETHYSTERIA
SEEMS TO BE SUBSIDINC
Anything in Shape of Substantial Report
Still Lacking.

below that for the corresponding
week In 1920. II was only 18.20S
cars below 1919. In other words,
II there had not been the outburst
of extravaganza in 1920 that fol-
lowed the earning of war profits
and war wages, and business had
continued as 1t was going In 1913.
we would scarcely have felt the de-
preston IN so far as volume Of
business is concerned. Nor would
the readjustment have been SO Sc
we're from the field standpoint, for
there would not have been the ex-
pansion in credit to overcome nor
the high interest rates. nor the era
of speculation generally.
Optimism In Steel.
Notwithstanding the fact that on
Thursday the price Of the common
stock of the United States Steel
Corporation touched 70A. the low
est price in five years. there Is a
more optimistic feeling in the steel
trade. The depression in the price
of the stock Is purely artificial. and
simply in line with the behavior OF
the stock market generally. 1t has
been a tradition in the steel busi-
ness that when production gets be-
low 80 Ia per cent the stock should
be bought, because history has
shown that such depression cannot
lat indefinitely and that, being re-
fiected in the price of the stock, II
is sure venture for an upturn..
Now. however, production is down
to IS per cent, but the stock is pay
ing its usual dividends and its
financial situation is sound.
European TnnsIe Unravenns.
Evidences are at hand that the
European tangle Is beginning to
unravel itself. The Silesian ques-
tion Is working toward a settle
ment. even II somewhat slowly. The
Graeco-Turkish imbroglio can and
will be settled in the course of ting
and is not likely to be as far reach
ing in its eects as at first appeared.
From the political standpoint.
therefore, conditions look little
better. and II must be so that IL
these disturbances are minimized 1t
will be possible for the great eco
nomic problems to be worked out.
It may be true that the action of
the exchanges does not offer much
encouragement at the moment, but
1t is undoubtedly true that specu-
lation has been a large factor in
recent movements. II is possible,
however. to look upon the European
situation with more hopefulness
than has been possible for many
months
The Washington herald., 1921-06-26
Especial Correspoudence Of The washingtor
Herald and the N. Y. Evening Post.)

SPECIAL Correspoadence Of The washinston
Herald and the N. Y. Evening Post.)
PITTSBURGH, June 25.-When
the steel market is stagnant there
is usually the question, who wants
prices reduced and who does not,
even though that question may
seem a strange one to men not
versed in the steel trade. A can
vass at the present time would
probably show that prominent ofi-
cials of steel-makinE companies
would prefer to see steel prices
stay up for a time. that the average
steel salesman would like to see
prices reduced and to be given the
authority to meet competition at
whatever price is necessary, that
the political economists would like
to see prices reduced. to help com
plete the readjustment" and to set
good example, and that the great
majority of large manufacturing
maintained for some time to come.
Each party's opinion or desire would
be in keeping with his particular
opinion. -,
Manufacturing consumers OF steel.
those who buy steel mill products
and work them up into machinery.
agricultural implements tools,
hardware, cutlery, etc. are in many
cases loaded with stocks of their
finished wares. They do not wish
to buy steel. at least in any guam
tity. and do wish to liquidate their
stocks. with profit or with a
minimum of loss. Reductions in
steel prices would be advantageous
to them in a small way. in buying
steel. and disadvantageous in a
large way in liquidating their
stocks.
Prices Affect Intermediates.
This is the practical side of the
steel market. one that is not under
stood by the economists who want
to see steel prices reduced as a mat
ter of "readjustment." The strike
of buyers is a strike against the in
termediaries. For the intermedi-
aries to reduce prices and take
losses would help the distribution
of steel products and in the end
would help the steel producers, but
the steel producers do not wish to
take action that would tend to force
their customers to take losses.
From another angle also steel
producers consider 1t desirable to
maintain prices for a time. They
feel certain that price reductions at
this time would not stimulate buy
ing in any quarter. while at some
time in the future reductions would
stimulate buying. Hence it would
be better to save the reductions for
The Washington herald., 1921-06-26
COTTONSEED OIL.

NEW YORK. June 25.-Cottonseed
Oil was steady. Spot. 7.35 bid:
crude 500 sales. Futures. June.
1856. C; July. 7i5a7ts: August. 7.7t
a7.so: September. 7.S5a7.so; October.
7s2a7.ss: November, T.7oa7s0; De-
cember, 7.ssa7.so: January. 7.Sss7.ss.
The Washington herald., 1921-06-26
. .Industrials Average 2 Point Los. in Week

fbusine
@rday @ there was loss of points in the IS
- ~o " 10000
The Washington herald., 1921-06-26

a VALUE increase Of over 1ss
"a per cent and an increase in
4 = the number of Embellishments
Of IS per cent is shown by the
preliminary statement Of the can
sus Of manufacturers. At frst
sight this appears to. be big
increase in values, but when the
higher prices Of 1919 as compared
with 1914, the date Of the last pre-
vious census. the increase Is not SO
striking. The relatively small In
crease In the number of plants also
goes to bear out the conclusion that
the increase Of the last five years
has been mainly in price increase.
Some allowance must be made. how
ever. for the shift toward larger
and fewer plants in several lines.
The movement toward. bigger busi-
ness continues. ...
The total number Of establish
ments, in 1919 was 2ss.37s as COM
pared with 275,7eI in 1914. while
the corresponding numbers were
26S,fs1 in 1909. and 2is.ls0 In 1901
The rate of, growth In the period
1904 to 1909 was much more rapid
than during the next five years.
During that period the number %
plants Increased over $4,000, while
In the next five years just before
the war the increase was only about
1000. and in the last five years II
has been only 12.5S5. The value of
products increased at the. rate Of
about 40 per cent during the pc
riod 1so4-os and 17.2 per cent in the
0-1
cent in the last five years. ..
TABLE 1. GROWTH OF MANUFACTURES
SINCE 1904.
No. Esab- Value Of
|. iishments Products Gain q
1906. ....... 2Is.iso sI4. Tos. so2. SIS
1909. 1900. css. 4sf oo.s7c,o ,o5I, $40 se.7
1914. ....... IT'S, ,7el a4.e+6. ga, Ts4 17,2
1919. ..... css. .s75 e2. SIS. sos 600 1851
The preliminary ststement Of the
census gives the figures on some
$50 industries without any general
grouping. In the Table III below
those having a total value Of out
rut exceeding s1.ooo.oo are ar
ranged in the order of their size.
The. iron and steel industry leads
in this list with meat packing in
second place. which is a change
from five years ago when meat
packing was our biggest industry.
IL several related industries like
fertilizers, leather and some other
side lines of the packing Industry
were added il would still lead. The
separation of these lines by recent
government action would suggest
that they be grouped apart at this
time
. The ~ outstanding growth has
been in the automobile industry.
From a relatively minor place IL
has come to near the top Of tbs
list, gaining from some s63o.o0o, ,000
IN 1914 to over $4,000. 100000 in 1913,
ShipbuildiRg has also gained high
place due to the war impetus and
stands out as the most striking
gain, though not equal to the gain
in the automobile industry in
amount. This will doubtless be
but a. temporary position for ship
The Washington herald., 1921-06-26

Plans for the American Commercial and Savings Bank which
be located the southeast of Seventh north
have been completed and construction begin
cording made last week Edward
of the organization committee the
unctionng in temporary quarters in the early fall '
The edfe be four stories high
distance
expected institution
will be named during the present week .-..- - ..
The Washington herald., 1921-06-26
GRAIN ACREAGE
in FRANCE GROWS
Gain of ~ Million Acres
Shown in Official Sta
tistics.

An increase of approximately 1%
million acres in the area sown to
principal grain crops in France
since September. 1920. is indicated
by official figures which have just
been received by the Bankers Trust
Company, of New York from its
French information service.
In wheaN alone. the increased
acreage has been over one million
acres. The detailed figures present
the situation Professionally up to
May. and are as follows:
May 1921 Sept. 1920
Hectares Hectares
Wheat 5.327,790 I,S54. $40
Maslint ........ 106.930 $3.50
Rye .......... S7s,400 1850
Barley ...... 666.S40 sos. .03G
Oats 3,2S3,S20
equals 2.47 acres.
mixture, wheat and rye.
The Washington herald., 1921-06-26

IT Is now over a year ago since
the Sunrama Court handed down its
The Washington herald., 1921-06-26
INDUSTRIAL. GROWTH
SHOWN MANUFACTURES
Census Reveals Lines of Greatest Expansion
During the War Period.
> tBy THE WASHINGTON HERALD EcoNoMIsT)

building, however. as IL must be
charged as a war gain more than
that in steel or automobiles.
While in 1914 there were but
three industries that had passed the
billion mark, in 1919 there were
seventeen Of this size and a half
dozen more that were very close to
that amount. A detailed study Of
tine later reports of the census Civ
ing data on the quantity output of
the Industries will be necessary be-
fore the true gains can be judged
The price adjustments, compsr-
ing 1903 with 1919 will doubtless
disclose that the gains have been
greater in value than in quantity
and has covered actual declines in
some cases.
The few industries in which there
have been declines worthy Of note
are liquors, carriages. and one form
of musical Instrument. the organ.
The loss in distilled liquors was ip
the decline of the establishments
from 434 to thirty-five and from
s2oe, ,ooo. 900 tc s33.ooo.ooo in the
value Of the product. The loss IN
the malt and cereal beverages was
1,25o to 72S in the plants and sf42,-
ooe 900 to s37s.ooo.ooo IN the value
of the products.
The passing OF the carriage Is
shown in the decrease Of the plants
from 1901 to 2.28s and the product
from. s1oS. 900 to ss1.0oo.ooo. II
is interesting that the whip is pass
ing with the horse. the loss in these
establishments being from forty tn
twenty-six and the value of the
product s3.ls2.0oo to s2,sSs,ooo.
1t is evident that the movement
toward consolidation is reaching 10
almost all the lines Of what may be
called the manufactures of necessi-
ties Fewer establishments are re-
porttl in flour, cotton, bakeries.
lumber, leather. furniture, and sey-
eraI other. industries Of a like ma
tuHe. This does not amount to a
serious decline. however
The grand total increase indicates
healthy growth of manufactures
during the war period as a whole
TABLE II. BILLION DOLLAR MANU-,
TACTUREs
Values in millions Of dollsu).
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1921-07-15
Pools Marking Time

A well known market observer, who
is known to have considerable fol-
lowing, volunteered the informati ton
yesterday that pools are not trying {"
do anything just now. There are n
number of them in existence, he stated,
but the managers are biding their time.
They will take stocks on reccssionS,
but do not feel the time has arrived
when bidding up of stocks will attract
public following.
To great extent that is true, but
he failed to add that quite few Of the
members of these speculative comb =
nations only recently had paid dearly
for their former recklcssness and in =
ability to read the renl signs Of the
times. While not generally known.
very considerable bulk of the recent
enforced liquidation wns for the nc-
count Of members Of various pools who
had been guilty. of n serious mis-
judgment of their ability to unload
their holdings on the poor unsuspecting
public.
Only few days ago q member Of
one Of the most conspicuous pools dur
ing the last few years. while walking
down the street. stated he was out of
the game for good and must hereafter
do some real hard work in order to get
II living. H. recently accepted pO-
sition of representative of a we'll
known coal firm in the New England
district. There are few more like him
If there are pools on side lines. their
forces must hr fortified by fresh re-
placements before there Il any poSsi.
bility Of successful coup on these
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1921-07-15
GOSSIP OF
THE STREET

The American people have come to
their senses and are again thinking in
terms Of normal prices" says William
A. Law, president of the First Ma
tional Bank. in an illuminating review
of the business and financial outlook
business Ia being stabilized at a SEN
sible price level. Even labor, not from
choice, but IN q state of bread and
butter seriousness, Is thinking in terms
OF lowered wages and better service Tor
the pay received. The strike hazard -
much less OF menace. patriotic Ameri ,
cans are working narGvr than ever ana
the Administration officials are dong
what they can TO build up business.
Great Britain has offered to anticipate
payment OF it's 5h per cent loan due
next November, and the second INSTALL
ment of the German indemnity has been
paid without causing undue disturbance
in the foreign exchange market. These
are signs Of progressive recovery from
the chaos Of war. and, while there IL
long way yet to 60, we have the cour-
ageous leadership and enthusiasm to
carry us through. This IL the time,
therefore, to look up and not down and
to view the future in the light Of our
growing service to the rest OF the
world.
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1921-07-15
Record Wheat Exports

The United States made its highest
record in supplying breadstufS 10 the
world in the fiscal year just ended.
Of wheat. which the world must have
and will find some way Of buying ire
spective of other conditions, the ex-
ports were the biggest ever totaling
in round terms 365 900 600 bushels, an
average OF 900 900 bushels a day for
the full year, ns against former high
record Of 332 ZOO. 900 in the fiscal year
1915. OF corn the export record Of
the year was far above the average Of
the last decade. and in rye. which we
no longer use for distillation purposes
and of which the worlds chief produc-
ing areas in Russia. Poland and Ger
many have been cut off from world
markets. our exports in 1921 far ex-
ceeded that Of any earlier year.
The United States has surprised itself
and certain Of its economists, says q
statement bv the National City Bank,
of New York. by supplying to the out
side world more breadstuffs than in any
earlier year. despite the current belief
that with the growth of our own con-
suming population the quantity we
should be able 70 snare for other purts
of the world would decline. Wheat
exports for the fiscal year 1921. inrmd-
ing flour in terms OF wheat. total ap.
proximately 305. 900. 200 bushels; corn
more than 6O.000,000 rye nearly 80
600 900. and of rice. Of which we were
until recent years very small producers
and large importers. the exports of the
year total more than 400. 900 900
pounds. and are larger than those Of
any earlier year except 1920 OF
course, this large distribution of wheat
by the United States has been due in
some degree to the fact that the wheat
imports of the year have been larger
than ever. aggregating nearly 10000
600 bushels. az against the former high
record of about 80, 1000. 600 bushels In
1918. but nevertheless the quantity Of
genuine United States wheat passing
to the outside world is far in excess OF
any earlier year, and the proportion Of
the 1920 crop which we have sent
abroad in the fiscal year 1921 is prob
ably larger than in any earlier year.
despite the considerable carry over"
from the 1919 crop.
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1921-07-15
Trend of business Via Charts

John II. Mason, president of the
Commercial Trust Co., has adopted an
unique scheme Of keeping the clients
Of that institution fully posted on bust
ness conditions and the general situa d.
tion. by showing the general trend OF
affairs by charts.
The company issues a monthly letter
containing about ten charts In nut
shell giving the general trend Of busi-
ness. This tells in n glance more than
columns Of reading matter could pos :
sibly do. The current Issue contained
a chart showing the estimated actual
volume of private building as compared
to the customary requirements of the
people Of the United States. Others
show the number of tons of paid freight
carried one mile by the railroads
Transvaal gold monthly output immi-
grafton laws for 1921 and 1922 as fixed
by the Dillingham; Percentage Law: our
national wealth for 1920; the cotton
crops; Dun's index of commodity
prices; wheat crop; fluctuations Of the
Liberty and Victory Bonds. and weekly
corn exports for this year.
So the whole story Is told on four
pages of comprehensive and intelligent
chart drawings.