davidaulloa/AmericanStories huggingface dataset:
The Washington herald., 1921-01-09
NEW ORLEANS FEDERAL BANK
NAMES OFFICERS; OPENS SOON
international Company Expected to Stimulate
Export of Southern Products.

NEW ORLEANS, La, Jan. s.
With the election of permanent Of
ficers complete, an early opening
of the doors of the Federal Inter-
national Banking Company was as
sured today.
Belief was expressed that the in
stitution, which, according TO its
hackers. is destined to revolutionize
export trade of Southern products,
would be functioning within two
weeks.
Permanent headquarters of the
bank will be located here.
Temporary Offices have been
opened in the Canal Commercial
Bank Building. where representa-
tives of the approximately 1900
stockholders paid into the treasury
rs per cent Of their stock subscrip-
tions.
r. s. Hecht, president Of the, Hi
bernia Bank and Trust Company.
New Orleans. was named president
of the institution.
T. J. Caldwell, president of the
Fort, Worth National Bank, Fort
Worth, Tex, was named vice presi-
dent, and Haynes McFadden, for
merly of Atlanta, was elected sec
retary. The cashier will be named
later.
The Washington herald., 1921-01-09
MEN AND BUSINESS
By RICHARD SPILLANE.

That gathering to be held in
Washington January 27 and %, un-
der the auspices or the Chamber
of Commerce Of the United States,
to discuss the housing situgtion will
be Of very great good If the at
tendants find a way to bring about
sterilization of money, materials
and men so construction can be re-
sumed on a broad basis in this
country. Surely the need is great.
According to John Ihlder, who made
a survey for the chamber, there is
a shortage of 1,25O,000 dwellings.
That means more than 1000, 900
persons are improperly or made
quately housed today.
Sterilization can be obtained If
the three departments of finance,
materials and labor come to agree
ment on maximum prices over
certain period and live up to the
agreement. Heretofore efforts to-
ward stabilization have been made
in some places, New York particu-
larly, but union labor would not
consent unless various uncompIeted
structures upon which nonunion
labor had been employed, or into
which material made by nonunion
labor had gone, should be torn
down and then rebuilt by union
labor. Also the unions made de-
mands that were Impossible of ac-
ceptance, among them the right to
strike at any time, regardless of
previous understanding or pledge.
q conditions have changed greatly
since then. Unemployment is of Sc
rious dimensions and threatens to
increase. Besides, employers and
employees seem to be just a little
bit less suspicious of each other.
Costs of everything entering into
building have declined. Living costs
are coming down. 1t is natural
wages should come down a bit, too.
lt~is natural also that labor should
give a better measure of produc-
The Washington herald., 1921-01-09
GRAIN PRICE DROP
SEEN AT CHICAGO
Wheat Futures Lower, But
Cash Market Holds
Steadier.

CHICAGO, Jan. s.-Grain prices
were lower today. The market
opened weak and while there was
a rally from lowest levels traders
generally refused to follow ad-
yances. News from Washington
was not so encouraging. 1t was
said that even though a grain tariff
law is enacted 1t would be many
y, eks before it could be made ef-
fec;ive.
Wheat futures were lower but the
cash market held steady. Mime
apolis reported a fair demand. Re
ceipts at Minneapolis and Winnipeg
were greater than a year ago. Flu
lures closed 1% to ~ cents lower.
Corn was weak at the start but
steadied when Armour interests
started buying. Local sentiment
was bearish. Commission houses
sold freely. Shipping demand was
moderate but country offerings were
smaller. Mild weather has checked
delivery but this has been offset by
light feeding. The spot market was
relatively steady. Futures closed
= to L cent higher.
Moderate gains were scored in
the provision market. A report
that the British provision market
would soon pass out of government
control caused traders to believe
export demand would improve. Re
ceipts OF live hogs were liberal and
prices 10 cents higher. Commits
sion houses were fairly active on
the buying side.
Following are today's quotations on grain
and provisions:
The Washington herald., 1921-01-09
Food Products Financing
An Interesting Subject

NEW YORK, Jan. S.-There is an
interesting bit of gossip going
around relating to the financial ne
cessities of the U. S. Fogd Products
Company. Last week announce
ment was made that the comDany
had placed a mortgag, for $1,000. y
600 on its recently acquired of'iCe
building here. Finan, al -eQuire-
ments, according to this report were
approximately 100000. Prcsi-
dent Julius Kessler, il IS said. re-
fused to consider banE.nE suggcs-
tions for an issue of I, ,n-ytar notes
at a high rate of intcr, I to pro-
vide the necessary money. obtain
ing the $1,000, 900 mort-dEc instead
and declaring that ths, amount Of
money would be mad, ID 10 the
work required. According to ru-
mors now, kessler l-~ won his
point but will present lcsign his
office
The Washington herald., 1921-01-09
Drop in Reserve Ratio
Features Bank. Statement

NEW YORK, Jan. S.-This weeks
statement of the total Federal Re
serve Bank is of unusual interest
in that operations are indicated of
which there has been no hint in
tn day day reports. First in
inheritance is the drop in reserve
ra'lo Of a full point from last week.
tn, figure standing at SO as against
A. The loss of gold which totals
some $26,00O.O00 for the week has
not been indicated by any reported
movement at this point. Gold re-
serves have decreased since the
frs of the year from S466, 26S,O 600
to $40. .495,570.72 this week. A year
ago the figure was $522,757 900
Discounts secured by war paper de-
CT, dSed $l2,O0O,OOO; other dis
counts meaning commercial loans.
decreased $19.0OO.OOO, while bills
bought in the open market are 81
OOu 900 less than last week. There
is no great increase in deposit items
to Dffset these figures. Government
deposits are SS.OOO,OOO larger Sur
pl@s is S5,0OO,OOO larger. All other
liabilities show a decrease of $45.-
OOo.o0O. Further contraction in cir
CuIatiOn of $25,O0O,OO0 is the mos
favorable item of the statement.
This statement may account for
tn. ruling rate of per cent for
call moneys on the stock exchange
during the week, although it is
known that certain brokerage
houses had large amounts of funds
which theH would have placed at
considerably lower figures had they
been able.
The Washington herald., 1921-01-09
IMPENDING TARIFF
STIRS WOOL PLANS
Imports Must Be Made Before
Feb. l If Expected New Law
Goes Into Effect.
Special to Business Section Of The Wash
ington Herald.)

Special to Business Section Of The Wash
ington Herald.)
BOSTON, Jan S.-POssibilities of
prompt tariff action have caused a
sudden change of front in regard
to purchases abroad, unless there is
chance of getting the wool in be-
fore the new law can go into effect.
For this reason much interest is
being shown in the January series
of the London wool sales which
open January II. An unusual num-
ber of buyers from this side are cX-
pected to attend, even though it
hardly would be possible to get any
wool bought there through the Gus
toms here before the first of Feb
ruary. There is a decided slump
in the arrival of foreign wool. with
only S26.1O6 pounds this week, as
against 2,O33,OOO during the corre-
spending week a year ago. Com
pairing the receipts of December,
only 7,901,4O0 pounds arrived here
from foreign ports, against 36.69S,-
500 during the same month in 1919.
The imports for 1920 were 16S,366,-
$50 pounds, and for 1919 the amount
was 265, ,112,31S pounds. Even the
receipts of domestic woods for 1919
SiAO" "a AiONS"Ol my SHl lIhdStt bG-
ing only 1O5,541,O ,O63, as against 213,-
9O4,035 pounds during 1919. APP
proximately 95 per cent of the clip
for 1920 remains unsold. The West
ern growers held out too long for
higher prices. Manufacturers are
still holding back awaiting orders
for goods, but are buying more lib
orally than they did month ago,
thus giving a little firmness to
prices. Some houses have marked
up prices, confident that the time
is near when the mills must have
wool.
Fine and fine medium and half
blood territory woods continue to
sell around 10 to rs cents clean,
and twelve months Texas at IS
cents and better. The business of
the month appears to have been
well distributed as to both grades
and users. Quarter blood territory
has sold at 35 cents clean.
The Washington herald., 1921-01-09

Members OF the executive commit.
tee elected were:
r. S. Hecht. John Z. Bouden, 81.
J. p. Butler. OF New Orleans; r.
Brinkley, Snowden, Memphis, and
Robert F. Maddox. of Atlanta
Fifteen prominent bankers and
leaders in the movement to establish
the bank, nominated tentatively at
a meeting here in December TO be
directors OF the Institution, were
elected without opposition. with the
addition Of L. N. Pool. of New Or
leans,
The bank starts functionIng with
an assured capitalization Of $1,000
600, which would give the bank an
initial lending power of, SIC. 600, 600,
since under provisions Of the Edge
act II is empowered to lend ten
times the amount of its capital
stock.
This lending power is expected
to be increased to 100000. .0OO
through the sale Of $4,000. 900 add
tional capital stock, which was re-
Gently authorized.
Hecht accepted the presidency Of
the institution temporarily, he. an
nounced today. He expects to re-
sign when organization Of the insti
tuition is completed.
The Washington herald., 1921-01-09
COTTON MARKET
HAS BULL TREND
Favorable Influences Work to
Keep Prices on Steady
Advance.

NEW YORK. Jan. S-There was
material Improvement in the under
tone of the market today, and COM
mission houses reported a steadily
broadening interest by the public,
stability in securities, with Wall
Street a good buyer Of the staple.
together with Gov. HardinE's deCla-
ration before a group Of business
men that the worst in the country
is over and that there is no longer
danger OF collapse" and more favor
able advices from spot and cotton
goods circles were among the bull
ish influences. The markets at
New Orleans and Liverpool were
not in session
The market opened steady at an
advance Of 4 to 10 points. but owing
to the observance Of the anniver-
sary OF the Battle OF New Orleans
by the Crescent City exchange. con-
siderable hedge selling against
Fridays liberal spot transactions
developed and the list worked Of
after the start. Offerings were alb
sorbed readily and before the end
OF the frst hour most OF the active
months advanced to new high
ground for the movement
The demand continued active
throughout the last hour and not
withstanding a good deal Of real
izing. the undertone OF the market
remained steady to firm. The close
showed net gains OF q to 20 points.
Spot here was steady with mid
ding IS points higher at l7lO;
there were no sales.
Receipts of cotton at leading
points in bales today were: Calves
ton. S.4Ol: Mobile, q; savannah
1925; Charleston. 50; Wilmington,
80.
The Washington herald., 1921-01-09
PHILADELPHIA PRODUCE.

PHILADELPHIA, Jan S.-ButteT
Dull and nominal. The quotations
Solid packed creamery, fancy. high
scoring goods, 59a61c; extras. 5Sc.
extra firsts. 56a57c; firsts, 43a5Oc;
seconds. 35a4lc; sweet creamery,
choice 70 fancy. 6Os62c; fair to good,
l9a59cs prints jobbing at 67a6Sc for
fancy, and 54a66c for fair to choice.
EgGs - Firm. The quotations:
Nearby firSts. 6Sa6Sc per doz.; near
hy current receipts. SIC; Western
extra firsts, 6Sa6Sc; do, frsts. SEA
sc; inferior lots lower; Southern,
f4u65c; fancy candled eggs jobbing
at S1aS2C: fair TO good 73aSCc.
Cheese - Fine stock firm New
York whoIe-m milk flats, fancy, held,
27ka2SlzC; do. fair to good, held,
25a27C; do, fancy, fresh. 2+R24 4 c
DO, common to fair. fresh. 21a23C:
Leghorns, held, 27c; do, fresh 26ha
27zc; single, Daisies. held, 26s27c;
do, fresh, 25a26c; jobbing sales OF
fancy held goods, 3Oa3lc.
Live Poultry - Fowls. fancy,
weighing 5 lbs and over apiece, y36a
$50: medium, 33a35c; small and in
ferior, 3Oa32c; white Leghorn fowls
2Sa3Oc; spring chickens. fancy roast
ing stock, weighing lbs and over
apiece, 33a35C; ordinary, 3Oa32c
White Leghorns. 27a29c; old roost
ers, 23a25c; turkeys, fancy. 45s5Oc;
do. ordinary. 35a40c; ducks, choice,
34aS6c; do, MusCovy, 24a26c; geese,
2Sa32C; pigeons, per pair. 45s5Oc;
guineas, young, per pair. weighing
IL lbs and over apiece. 75aSOc
smaller sizes. 65a7Oc; guineas, old,
per pair, 65R75c.
Dressed pOultry-Turkeys, fancy.
Delaware and Maryland. 5sa6Oc;
VirginisS and West Virginia, 56R5sc;
western, dry packed, 56a5sc: old
toms, Soc; poor to good. 35a45c:
fowls in boxes. fresh-kiIled, 4La5
lbs and over apiece, 37c; weighing 4
lbs, 36c' weighing 81 lbs, 32a33c;
weighing lbs, 26a2Sc; fowls, fresh
killed, in bbls, dry picked, weigh
ing 4a5 lbs apiece, SEC: weighing
81 lbs, 2sa31c; Weighing , lbs and
under, 25a27c; roasting chickens
western, dry packed. in boxes
weighing 4L4a5 lbs and over apiece.
37a3Sc; do. weighing 4 lbs. s5asSc;
do. weighing 81 lbs, 3laSzc; do,
in bbls, weighing 4a5 lbs and over
apiece. 34s3sc; weighing az lbs
apiece, 2saSlc; fryers, western,
weighing lbs apiece, 26a27c; broiI-
ers, western, dry packed. weigh
ing 11za2 lbs apiece. 43A45c; broiI-,
ers, western. smaller ~sizes, lal2c;
broilers, nearby, weighing 1ha2 lbs
apiece, 45a47c; broilers, nearby,
smaller sizes, 42a44c: roasting
chickens, nearby. weighing Ia5 lbs
apiece, 37aSscS frying chickens,
nearby. weighing 8 lbs apiece, sSa
32c; old roosters, western. 26c;
ducks, western, fancy. 37a4Oc; geese,
western, 3oas2c; guineas. per pair,
spring. Sla1.2S; old, 75aS5c.
The Washington herald., 1921-01-09
BANK CLEARINGS.

A difference in the number of
days included in the returns dis
torts the comparison of bank clear
ingS last week. Clearings for five
days, as reported to Dun's Review,
aggregate $S,OO6, ,052.337 at twenty
leading Centers in the United
States, which represents a decrease
of 2O.6 per cent from the $1O,oS6,-
449.4S1 of the full week last year.
OF last weeks five-day total New
York City contributes $5.11O,eO1,9S7
or PIG per cent less than for the
six day week of 1920, while the
clearings of $2,S95,150.3 at points
outside the metropolis are 1873 per
cent smaller than those for the full
week last year. Ever with fewer
days, however, the figures at some
cities, Pittsburgh. Minneapolis and
Los Angeles among them, exceed
those of the six-day period in 1920
Average daily bank clearings for
the year to date are compared be-
low for three years:
The Washington herald., 1921-01-09
RdiLlOdy Executives Act
Has Many Meanings

NEW YORK, Jan. S.-The decl-
sion OF the railway executives 10
urge the abolition Of the L. S. Rail
way Labor Board and to deveIon
plans for dealing with their en-
ployes along the lines worked by
The Pennsylvania System as an
nounced this week, was varIousIy
interpreted in the street il was
believed to foreshsdow closer rCIa-
lions between the executive heads
and the workers, and in the Ior-
run 10 dispose OF many OF the labor
problems which heretofore have
proved troublesome.
The Washington herald., 1921-01-09
Decline in Strikes ShOIUn,
Only TlU0 in Past Week

A marked falling of in the num-
Der of strikes Throughout the coun-
try was indicated in the weekly
labor disputes report o. the Depart
ment of Labor, issued here yester-
day.
There are now but five strikes
before the department for cOncilia-
tion action. it was stated. and, in
addition, thirty controversies which
had not reached the strike stage.
Only two new cases were reported
for the week ending yesterday, as
compared with fifteen during the
two weeks previous. or the two
new cases, one invoices packing
house employees and the other metal
polishers.
The Washington herald., 1921-01-09
WOOL IMPORTS EQUAL.4Oqo
OF ANNUAL REQUIREMENTS
Embargo Tariff Places Our Manufacturers at
Disadvantage in Foreign Markets. =
CByT Washington HeraId,s Economic Expert,

OF the various items the Emergency Tariff bill recently passed
by the House OF Representatives and before the Senate
usually assumed that wool especially
In this connection is worth while
regarding wool situation both the the
Prior to the war our annual consumption of wool
Poxate pounds nearly pounds month
During the consumption of wool increased very greatly
reaching much 8ooooo pounds in 1916 and for the fiscal
ending June approximately
pounds Production OF country remained
almost stationary for the last twenty-five be taken
roughly pounds Our production therefore
OF
about 20 per cent OF the amount consumed in recent 1t is
which, embargo
imported WOOL will hardship manufacturing
industry because sef-supporting far
material is concerned
The following table gives the production
sumption Of wool in the United States 1911
PRODUCTION, FOREIGN TRADE AND CONSUMPTION OF
WOOL IN THE UNITED STATES.
The Washington herald., 1921-01-09
Price Readjustn1ent
Economics Club Topic

Methods for a readjus;ment of
prices will be the keynote OF the
first dinner Of the Economic CLUB
Of Washington, for the year lSZl'
to be held next SATURDAY in the ball
room of the HadIeigh Hotel. SEN
ator Gore, of Oklahoma, Edwin W.
kemmerer, professor Of economies
and finance at Princeton University;
Glenn Z. Plumb. counsel for the
railroad brotherhood labor organl-
and author of the Plum
Plan for the reorganization OF the
railroads, and Benjamin c. Marsh
director of legation Trainers Ma
tional Council, will be among the
speakers.
The Washington herald., 1921-01-09

tion than it did within the last FIVE
years.
The Chamber of Commerce of the
United States will do something of
national worth if it puts forth a
workable program on which.al+-ean n
agree and to which all will give
faithful adherence. Present de-
preston will disappear in no time
If this comes to pass.
Have you any idea what Amer
ica's needs in building and rebuild
ing amount to in money? Ernest
T. Trigg estimates the total at IS
billion dollars. That is nearly as
much as the present national
wealth of Germany.
There is not a city or town in all
the country that is not short of
factory, office or dwelling struc-
lures. In addition, there is not a
railroad that does not need more
engines, more cars or new rails or
new bridges or culverts or yards.
There hardly is a highway but re-
quires repairing.
Uncle Sam has a whale of a Job
ahead of him. It's about time he
and his gang got busy on it. There
has been too much grumbling and
growing. That gets you nowhere.
The way to do a thing that has to
be done is to get to work and do it.
And a very good time to get
started on this big job is now.
Adolph has his shoes.
Mrs. Adolph' will have hers in a
few days.
The kindly gentleman who read
in this column how mild, hardwork-
ing Adolph had been imposed upon
by retailer, who sold a pair of
paper shoes to Mrs. Adolph, fur
nished the leather-excellent leath-
er-for shoes for Adolph and Mrs.
Adolph and gave an order to one
of the finest shoenakers in this
great city to do his best for them.
The shoemakerewas busy and the
makingSef the two pairs was a bit
delayed.r 1t may be a few days be-
The Washington herald., 1921-01-09
Kentucky Tobacco
Crop Reported Poor

NEW YORK, Jan. S.-Some Of the
tobacco Buyers have returned from
Kentucky where violent agitation
has been in progress over the
prices offered for the crop. They
say that this years crop is of the
lowest grade ever grown, great
quantities being practically paper"
As one man expressed it today.
The decision of the association not
to grow any tobacco this coming
year will be mutually beneficial IL
they cannot raise any better to-
bacco than this years crop. II was
an economic liability and not an
assntH
The Washington herald., 1921-01-09

fore Mrs. Adolph gets her footwear,
but she and her husband are very
thankful. They know. that. while
there may be some persons in this
country OF ours who take advan-
tage of the immigrants, there are
many many others who are as kind
and generous as there are anywhere
on earth.
To the kindly man who has been
SO good to them Adolph and Mrs.
Adolph. in their hating, broken
English, express their gratitude and
wish to him and his happy New
Year and many of them.
The Washington herald., 1921-01-09
Downward Trend of Wholesale
Commodity Prices Strikes Strong
Resistance During Past Week

While the downward trend of
wholesale commodity prices con-
tinues very strongly defined, 60 re-
cessions this week in Dun's list of
quotations. comparing with 81 ad-
vances, several important articles
displayed much more resistance to
further decline. The grain markets
moved irregularly, wheat, oats, rye
and barley being strengthened by
the passage Of the War Finance
bill. although the effect
of this measure was Offset in corn
by largely increased marketing by
the farmers.
Lower prices and the certainty of
abundant supplies of corn weakened
hogs, but beef and sheep improved
under the influence of a better de-
The Washington herald., 1921-01-09

mand. while provisions reflected the
situation in the raw material Sup
plies of butter and cheese were not
much in excess of requirements, and
these commodities were held with a
fair degree OF strength, but restrict
ed consumption. due to high prices,
and heavy offerings of Indifferent
quality. resulted in a sharp fall in
eggs.
Additional concessions have been
made in iron and steel. but gains
predominated in the miscellaneous
metal group. Price readjustments
continue in cotton goods, but a more
confident feeling is perceptible in
the primary markets, and condi-
lions are also better in hides and
leather.
The Washington herald., 1921-01-09
Street Gets Cheerful
Messages From Boston

NEW YORK, Jan. S.-More cheer
full adviCes were received today
from i.ostOn as to leather condi-
tions there. Calf skins which sold
recently as low as IA cents a poI=d
and were a drug on the market havr
gradually advanced, and with tho
cent increase announced today ar,
selling at l9 cents. All grades Of
leather are reported in better dc
mand. and sentiment is much more
optimistic. This is being reelected in
purchases of leather stocks here by
houses with Boston connections.
The Washington herald., 1921-01-09

CHICAGO Jan s-Joseph
the Chicago Board
peen drafted
Friends OF Mr. Griffin a of
day of
American Glucose Company
Starch Company
He AZ years old the president by
the
He
achievement
the rail blockade
managing of j. Bache
marketing problems said Mr.
Griffin Through them
the exchange
marketing
will be embraced a careful
through which
ignorant
The Washington herald., 1921-01-09
HUding's Statement
GiUes Bulls Confidence

NEW YORK. Jan. S.-The very
hopeful statement OF Governor
Harding of the Federal Reserve
Board last night gave the wall
Street bulls considerable confidence
The extensive rise of the last two
weeks induced some Of the mole
cautious element to turn paper prof
Its into cash. This does not now
ever. mean that they are any the
less bullish.
The Washington herald., 1921-01-09
Grease basis. Pound.


duty ~ and grades WOOL
this duty amounted pound depending
the character and condition of the wool will be notd that Imports
these woos placed the free list and Immediately there
reaching pounds
1916 slightly better than pounds for the last
On the other hand there significant effect
of the removal OF this tariff domestic production.
The Emergency Tariff bill purposes duty of Is cents
the
that contained the early tariff undoubtedly
suit decrease
1t would be impossible for compete
markets with manufacturers
countries Our domestic manufacture would therefore, be practically
limited to the requirements in this country.
During months
wool
The following table
months of 1919 and 1920 " N '"'
MONTHLY IMPORTS AND CONSUMPTION OF WOOL
The Washington herald., 1921-01-09
Chandler Features Motors,

NEW YORK, Jan. 8-Of the mo-
tor stocks, Chandler probably has
stood up better than any other is
sue. It's output of 23,S32 cars last
year established a new high produc-
tion record for the company, the
best previous mark of 1916 cars
was made in 1919.
The Washington herald., 1921-01-09
Gold for II. g.

NEW YORK, Jan. S.-The I'm
perator has sailed from London
with sSS0.00O of gold consigned to
Kuhn, Loeb and Company. This
makes the total movement to this
firm SSS,550,O00. \
The Washington herald., 1921-01-09

Following are todsy's quota tiOns: