davidaulloa/AmericanStories huggingface dataset:
The Washington herald., 1921-05-21
ERRATIC TONE TO
COTTON MARKET
Southern Selling and Scattered
Liquidation from Opening
Hamper Trading.

NEW YORK, May 20.-There was
considerable scattered further local
liquidation and Southern selling
from the opening of the market to-
day due to. the lack of incentives
at present for any bullish activity
from the trade or technical specu-
Iative market conditions and the de-
velopment of fine weather through
out the cotton belt for the rapid
completion of planting the new crop.
The Liverpool markets were closed
today for an extra .Whitsuntide
holiday with business there being
resumed Monday as usual. Tenn
peratures were higher all over the
cotton belt with no precipitation
of any consequence the last two
days. Fall River reports were less
favorable than recently denoting an
easier tendency to prices for both
cloths and yarns from less new bust
ness in both being booked than re-
Gently. The weeks sales of print
cloths at Fall River were only $780,
900 pieces with the bulk of these
transactions for future deliveries.
Southern spot markets were quiet
with middling cotton quoted at 10B
cents on the Fort Worth market
agains IL cents at Dallas, Mobile
and Montgomery, as contrasted with
1la at New Orleans to IL u at Nor
folk and about 12h cents on the
New York market There was moth
ing definitely new in today's re-
ports from London regarding the
British coal miners strike situation.
The cotton mill operatives through
out the Manchester and Lancaster
districts have rejected the recent
proposition of the master spfnners
association cutting wages 80 per
cent and the action threaten to
strike if it is not enforced. In the
early decline in contract prices here
May went down to 12.0S, July 12.52,
October 1926 and December to 1851,
about 3 to 12 points below yester-
days closing. Enough new buying
from some of the spot houses and
local bulls then developed to cause
some fresh covering of shorts.
In the subsequent rally prices
were carried up to IL points net
advance on May contracts from yes
terday's closing to and 6 for the
latter months with May selling at
1880, July 1910, October 1888 and
December 1874. Then the market
relspsed into comparative dullness
and continued in that state the ball
AnPa nf h. .a..fa-
The Washington herald., 1921-05-21
COFFEE MARKET.

NEW YORK. May 20.-There was
nothing in the situation to stimulate
fresh business in coffee futures to-
day and practically ala of the small
business passing represented liqui-
dation for both accounts. As orders
CT this kind were fairly well bal
anced prices generally remained
close to yesterdays closing levels
There was a little more of the be-
lated outside short coverings in May
which caused the sudden bulge in
that delivery late yesterday, result
ing in an exchange for December at
1e3 points. There were further
switches today at Is points on May
July. l03 points on May-December
and 133 points on May-March. These
differences are 30 to IS points small
er than those ruling late in April.
Cotton trade and other outside longs
supplied the May contracts on these
deals. and also liquidated more dis
tant holdings. Trade houses were
buyers against sales OF actual On
the other hand. fairly large selling
orders from leading import firms
were said to be hanging over the
market for September
The official cable quoted Rio un-
changed to 125 reis lower and Santos
75 reis higher to 25 lower; exchange
on London was unchanged at Sis d
and the dollar rate 25 reis higher.
+ Cost and freight offers remain
scarce and high. Genuine bourbon
Is sold at les with bourbon style
Is, offered at s.45c.
The Washington herald., 1921-05-21
SAYS RAIL RATE
ADJUSTMENT MUST
RELIEVE CARRIERS
President Smith of N. Y.
Central Before SEN
ate Committee.
ADVISES CAUTI0 N
Witness Complains of Excess
sive Government Inter.
ference With Roads.
ADVISES CAUTION

A general readjustment of railroad
rates on a scientific basis must be
effected in relieving the economic
distress of the carriers, Albert RI.
Smith, president Of the New York
Central, declared yesterday In re-
suming his testimony before the
Senate Interstate Commerce Com
railway situation.
Mr.. Smiths assertion was the FIRST
admission on the part Of the rail-
way executives who have been ex-
amined by the committee that in re-
storing normal conditions there
must be a proportionate reduction
in rates as well as wages. The tenor
of the testimony OF those who have
preceded him has been that. while
wages must come down, rates must
stay up if the roads are to operate
successfully.
In effecting the rate adjustments
which. he said, must come. Mr.. Smith
>,arned against arbitrary reductions.
This. he asserted. might prove dis
sstrous. The best plan. he declared.
would be to determine. through ex-
periments. what charges would in
crease traffic and add to the
revenues of the roads and then fix
them accordingly.
Criticises Regulations.
Government interference with the
railroads, which he termed "exces-
sive" in many cases. was complained
Of by the witness They should be
allowed more freedom OF activity
he asserted.
Responding to questions OF Sem
ator Cummins. chairman of the
Mr.. Smith said that he
was not advocating the abolition Of
the Interstate Commerce Commits
sion or the Railway Labor Board.
His criticism, he said. was directed
at the regulations imposed on the
carriers by the railroad adminis-
tration during the war and which
they have since been compelled to
bear. These regulations. he as
serted. should be abrogated.
Abiding to the heavy declines In
railroad traffic. Mr.. Smith attributed
Ii partially to the slump in export
business in the last few months. An
other cause, he said. has been the
propaganda against purchasing at
high prices which has spread
throughout the country. This, he
declared, has led to a marked busi-
ness depression which has reflected
itself in a decreased volume Of
shipping.
The Washington herald., 1921-05-21
SAYS SMOOT SALES
TAX PLAN WOULD
INJURE BUSINESS
VIII Ten d to Decrease
Buying, Declares Rep
resentative.
CONSUMERS SUFFER
Says Practice Goes Back 10
Days of Ancient !.
Rome.

The turnover sales tar proposed
in the smoot bill now before the
Senate is zone Of the most iniquitous
impost measures ever devised :
Walter w. Lggett, Of Chicago. told
the Senate Finance Committee at lie
revenue hearing yesterday. Mr..
Liggett was spokesman for the
Committee OF Manufacturers sand
Merchants Of Chicago, and > the
Farmers Federal Tax League
1T harks back TO the days Of
Rome when the tax gathering priv
Iege was sold by the government.
he further said. we believe IL will
raise between $1,000. .ooo. 900 and ss.-
600 900 900 Of revenue. but will cost
the consumer $4,000. .0Oo. 900 to ss.-
ooo. 900 900. adding from Is TO 30 per
cent 10 the cost of goods 10 the con-
sumers. Instead Of aiding business.
no better way could be devised TO
injure IL, because IL will tend TO de-
crease buying" Mr.. Liggett argued-
Imposition of a sales tax was
urged by Meyer d. Rothschild. Of
New York. speaking for the jewelry
interests of the entire country he
told the committee.
Julian b. Harris. OF Detroit. rep
resenting the Investment Bankers
Association. also appeared. He rec
commended repeal Of the excess prof
its tax. reduction of the surtsx max
imum to 30 per cent for 1921 and 80
per cent thereafter, but made no
Nd 70
He suggested a nat rate for the
taxation of corporations, but eK-
pressed the hope that this rate
need not be as high az is per cent.
and will be reduced as rapidly as
possible" This rate would equal
the present excess profits tax Cd an
income approximately IL per cent Of
the invested capital. he estimated.
Urges Substitution Of q Sale Tan.
Mr.. Rothschild urged substitution
Of sales tax for all forms of prof
its taxation. On the basis OF the
volume of business done in 1917, as
indicated by reports 20 the Treasury
Department. Mr.. Rothschild esti-
mated that a turnover sales tan Of
per cent would net the govern
ment S2.233.O0o.OO annually. ex-
elusive Of those smaller firms which
did business greater than the ss.-
0e0 exemption proposed in the
Smoot bill. but which did not re-
port to the income tax bureau for
1917. He urged the sales tax as the
most widespread and easiest OF
collection"
Mr.. Rothschild is one Of the per-
sons mentioned in a resolution in
troduced in the House for an in
quiry into methods pursued by pro-
pagandists for the sales tax idea
The Washington herald., 1921-05-21
Button Manufacture.

Button, button. who's got the but
ton. was answered yesterday by
che Census Bureau, which made
public a statement showing that
s41,S40. 900 worth of the things holes
are filled with were made in 1917 by
SIT different manufacturers. This
Is almost double the value of the
buttons made in 1914, the figures
show
Twelve different kinds of buttons
are in the classified list. Bone, cell
luloid. glass. horn, metal, pearl
both salt and fresh water shells
being used. and vegetable ivory are
the principal raw materials.
OF bone there were 2,171,0o0 gross
made and about the same number
Of cel:uloid. Horn buttons are more
used. 2,575.00o gross being cut ou,
Of raw horn stock. But pearl but
tons are ahead of all the rest, with
2s.0eo.oo0 gross being made, valued
at sl4.7s4.ooo.
The Washington herald., 1921-05-21
WASHINGTON PRODUCE.

Eggs-Nearby, 22c: Southern, 21c:
average receipts, eia22c.
Butter-Print, 35a40c: creamery.
extra, 30a32c: store packed, 15a1Sc.
on nearbys. 22a21c; Southern butter.
tubs, 30a35c.
Poultry-Alive: BOOSTERS. 1Sa20c:
turkeys, 2SaS2c; spring chickens,
5oa6oe: White LeGhorns. 40a50c:
hens, 30a32c: keats. 75c: dressed
fowls, 35a3Sc; turkeys, 40c; roosters,
22a23c.
Green Fruits-Apples, Western.
per box, $3.50a4 so: apples, per bbl.,
s3a10; pineapples. s4.50a5: Califor-
mia oranges, s6a6.50; California
lemons, per box, s3.50a4.50; grape
fruit, per crate. $6a6.50; Florida
oranges. s6a6.5o; strawberries. goa
35c qt.
vegetables-Potato nearby. per
bbl. sI.50al.75: Northern. per sack.
s2.O0a2.25: string beans. per basket.
Florida, s2.o0a2.50; South Carolina,
$3a4; new cabbage, s2.50a2.75
per ct; beets. per bunch, Ga7c:
lettuce, romaine, per crate, fl.25
az: peppers, per crate, s3a4.50: Gym
lings, per crate, s350a4; eggplant,
per crate. s3a4.5o; onions. Texas,
s2a2.25 per ct; spinach. per bbl,
s2.50a3: Florida tomatoes, per ct,
81 .50a5: sweet potatoes, per bbl.,
S6a7; yams. $5a6: Florida celery,
per crate, s450a5: bunch, celery,
s1.25a1.50: peas. 1-2 bus. basket.
s2.50a3.oo.
United states Department. of Agri-
culture, Bareau of Markets.
Based on May 20 quotations in
important markets, prices for hay,
feed and grain in carlots delivered
Washington, d. c., for prompt
shipment are quoted as follows:
No. 1 timothy hay. s25 ton; No.
timothy hay, $3.50: No. / clover
mixed. $3.50; spring wheat bran.
$25; spring wheat middlings, s24.25;
cottonseed meal t36 per cent?,
s3650; old process linseed meal,
s3550; gluten feed, $3.50; hominy
feed (white), s2s:, dried beet pulp.
$2S50; No. 2 white corn. S0tsc bus,
No. 3 yellow corn. S0Isc bus; No. 3
white corn, 7shsc: No. yellow corn,
7s1sc; No. 2 white oats, 4sho; No. .
white oats, 4Sl3c.
The following commodities may be
obtained from local dealers in car
lots. basis cash payment at prices
quoted.
No. 1 timothy twestern) hay,
s27; No. timothy twestern) hay,
s25: No. 1 clover mixed. se5: spring
wheat bran, $26; winter wheat bran,
s29; standard middlings. s25.25;
Flour middlings. $780, cottonseed
meal (36 per cent?, $3.50; gluten
feed. s32.50; hominy feed (white)
$50.
Flour-Soft winter straight n4o
lbs. jute), s7.00aS.0o; hard winter
straight (140 lbs. Jute), :ss.75 to ss.5t
per bbl.; fancy spring patent (fam.
lily brandy. 1915 to 1915 per bbl. No
white corn. 80 c per bushel (bags
extra); No. 2 yellow corn. s31sc pei
bushel fbags extrat; No. 8 white
corn. s2lac per bnshe! (bags extrali
No. Q yellow corn. S2ikc per bushel
(baf,s extra); No. 2 white oats. 52ist
per bushel tbags extra); No. 3 white
cats. 51kc ner bushel (bags extra)
Jobbers' prices in ton lots or more
terms cash. at dealers warehouses
range mostly from 81 to 81 per tor
over local market prices on hay ant
from 81 to 81 Der ton on feed.
The Washington herald., 1921-05-21

Raw material on this calculation
represents about As per cent of the
manufacturers price The labor
cost cannot be over $500 per tire
and at present is no doubt consid-
erably less. Labor cost Is there
fore between rs and 30 per cent of
the total value, while overhead costs
and profits to the manufacturer
amount to about an equal perccLt-
age.
Raw material costs are below
what they were in 1914. At that
time crude rubber was selling at so
to 65 cents a pound against 10 cents
now, a reduction of 20 per cent. Cot
ton is also lower except for the last
few months of 1914.
The facts indicate that the price
of tires has been maintained at a
high level by an agreement among
the big manufacturers. The present
cut shows some sign of sharper
competition in the tire industry than
has prevailed for some time. 1t has
been Predicted that competitors may
announce still greater reductions
before many weeks.
One of the large Akron rubber
companies has estimated that the
Ot LOE llEcS VI al
kinds in 1921 will total about
30, 100000 compared with an actual
consumption of 29,6S9,O 900 in 1920.
However a survey of the situation
shows that on January l there were
about 100000 tires on hand il eN-
cess of normal distribution require
ments. On this basis production for
the current year would run about
so per cent of 1920. Whether this
estimate Is fulfilled or not depends
upon the production of new cars.
The automotive industry has shown
a marked revival recently but there
are some signs that this Is now be-
ginning to wane. 1t is considered
doubtful II production this year will
reach 100000 cars of all kinds.
compared to 100000 in 1920.
Copyright, 1891, by Washington Herald.)
The Washington herald., 1921-05-21
COAL AND RAIL
ESUESRULECURB
Transactions Resulting from
Segregating Plans Supply
Interesting Features.

NEW YORK. May 20-The most
interesting features of the Broad
Street curbffn today's trading were
the transactions in the stock and
trading tokens resulting from the
arrangements that are progressing
for the Segregation of coal properties
from railway systems. Dealings in
Lackawanna issues were watched
with a good deal of Importance. but
these issues after their strength
early in the week and the later re-
action have become steady. Glen
Alden Coal today selling at 40h
and Lackawana at 34&. The Read
ing rights started at 1sss. but yielded
to 15Bin the last half of the day.
and the coal land stock was quoted
at 3Sa42. Industrial Issues gener-
ally were without important change.
Sweets Company being traded in at
q and 3S. and United Retail Candy
sold at ia. Amalgamated Leather
was steady at 15k. Acme Coal sold
at y, unchanged in it's market posi-
tion, and British American Togacco
was quiet. selling at 13h. inter-
continental Rubber sold at IL to
11H.
Petroleum stocks were fairly we'll
held, but Elk Basin continued in
fluenced by the offer of new stock
at and declined to Sh. Simms
Petroleum was again ins supply
ranging from SIS to Sh, and SkelIy
sold at AZ to 4S. Arkansas Natural
Gas was in fair demand with a
small amount of business at 1874
Carib Syndicate sold at rs and ~
Mining stocks continued active
but without important change in
quotations. Further advices of
Hecla Divide developments were re-
garded as satisfactory in connec-
ton with the vein uncovered We'd
nesday. National Pin continued
firm. Nipissing was steady around
its recently established low level
The Washington herald., 1921-05-21
C.&O.BONDDECLINE
IS NOTABLE EVENT
Deferred Action on Regular
Dividend Responsible for
Abrupt Drop.

NEW YORK, May 20.-Of the few
features appearing in today's bond
market, the most notable was the
sharp decline in Chesapeake and
Ohio convertible SIS. This issue re-
acted from S3A to SO in the same
period during which the stock into
which they are convertible was
selling off several points. The rea-
son for the decline in both stock
and bonds was the announcement
that the directors of this road had
deferred action on the semi-annual
dividend. At the same time the
so-called Convertible" 4ks of the
same road advanced a fraction TO
76k. The latter bonds. however,
lost their convertible feature about
a year ago. This development In
the affairs of the Chesapeake and
Ohio were foreshadowed by similar
action on the part of Hooking VAL
ley Railroad yesterday. The Chesa-
peake owns control of the Hooking
Valley,
The market in general was quiet
and irregular. American Telephone
and Telegraph convertible IS went
from 9SA to sS. Grand Trunk
Railway Is sold up almost poin'
to 1011s. Prices followed no uni.
form trend. the number OF issues
which advanced being ABOUT equaI
to those which declined. In both
cases. however. changes were lin.
tied to slight fractions. The mosi
important news OF the day was a
forecast of Swift and Company's
plans for refunding the $25,000.0oC
note issue maturing on August Is
1t was reported unofficially that a
new issue of ten-year per cent
bonds will be issued and that the
amount would be sufficient to meet
the coming maturity and to fund
bank loans as well.
Liberty 31ss moved within an eN-
tremely narrow range again, but
the Third and Fourth AXIS were
we'll falxen at bigher prices SIS
The Washington herald., 1921-05-21
GERMANY CUTS
ITS CURRENCY

Defation in the German currency
Is now in progress, H. w. Adams,
representative of the Department
of Commerce in Berlin. has report
ed. it was announced here yester-
day. - -
The third week of March, Mr..
Adams states, shows a decrease of
IS. 100000 marks as compared with
an increase of 1,115.00o. 900 marks
5uring the corresponding week of
The previous year.
During the first quarter of the
present year II was reported there
has been a total decrease of 1,973,-
100000 marks as compared with
total increase of 1928. 900, 900 marks
during the corresponding period of
the previous year.
The Washington herald., 1921-05-21
METAL MARKET.

NEW YORK, May 2o.-A sub
stantial advance has carried London
tin prices to the weeks best levels.
spot being fl 15s higher at f1s3
and futures fl IS higher at flss
los: sales, 30 tons and 100 tons
Spot Standard copper is rs Sd
higher at f7S SIS, and futures los
higher at ETA lis Sd; sales. 500 tons
and 1900 tons. Electrolytic is FL
higher at f76. Spot lead Is Is Sd
lower at f24 los, and spelter IS
higher at f2s IS. S
The Washington herald., 1921-05-21
Brazil Cancels Moratorium.

Brazil has called of the proposed
moratorium. Commercial Attache
schurz informed the Department Of
Commerce by cable yesterday. The
order for the moratorium has been
withdrawn. Mr.. Schurz stated. be
cause OF strong protest entered by
Brazilian commercial interests.
The Washington herald., 1921-05-21
ANNOUNCES SALE
OF SHELL STEEL

Approximately 29.ooo gross tons of
shell steel in the form of shell forg-
ings. now held by the Ordnance De-
partment. will be sold at auction.
the War Department director of
sales announced yesterday. Sealed
bids. accompanied by 10 per cent of
the total amount of the bid. must
be presented before June 6, at the
Ordnance Salvage Board.
The Washington herald., 1921-05-21
Seeks to Modify
Grading of Wheat

A bill ia. change and modify
the present Federal. standards
and grades Of spring wheat was
introduced In the House yester-
day by Representative Steener.
son, Republican. of Minnesota,
The measure seeks to restore NJ
nearly as possible the old Mime.
sofa grades and eliminate fea-
lures of the Federal grades that
farmers Of Minnesota, North and
South Dakota have been OBJ
jecting to.
sThe Secretary Of Agriculture
has refused to grant the modin-
cation in the spring wheat grades
demanded by the State inspee-
tion authorities of Minnesota,
North and south Dakota, and by
Representative farmers and urged
By menbers Of Congress and a
eommittee Of the Legislature Of
Minneseta,1 said Representative
steenson. ssrhe changes were on
posed now N previously, By miII-
ers and grain dealers and han
dlers.1
The Washington herald., 1921-05-21

Prices realized On Swift q Co. sales Of
carcass beef to Washington for week end
ing SATURDAY, May Il. 1921. on shipnents
sold out ranged from Is cents to us cents
per pound and averaged 1873 cents PER
pound.-Adv.
The Washington herald., 1921-05-21

Announcement has recently Heen
made by certain big automobile.
tire manufacturers of q horizontal
cut in prices of 20 per cent This is
the first cut by any big tire manu-
facturer since the advances made in
March 1920. Notwithstanding this
fact the tire industry has , been
through a most severe period of de-
preston with factories closed and
msny concerns on the verge Of
bankruptcy. The raw materials
which enter In tires have expert
enced a most phenomenal decline in
price during the past year as shown
by the following quotations.
-Priee-
March. April. Pet
1870 1870 dec.
Long staple cotton. h.. s1.0o .25 Is
Domestic cotton, d.. al IL %
Crude rubber. Plantation,
N. Y. .............--.. - ~ ol
This is an average decrease of
about 70 per cent in the cost of all
materials. Yet this is the first time
that any of this decrease has been
reflected to the purchaser. The rea-
son, no doubt. is that the manufac-
turers were loaded with materials
which they purchased at high prices
and which they ave been trying to
work off before reducing their own
prices. Tire manufacturers are not
the only ones who have refused to
reduce prices to a replacement basis.
They some times forget this point
In their complaint that the retailers
do not Immediately reflect lower
wholesale prices.
Tire manufacturers have made the
excuse that labor cost represented
such a large portion of the cost of a
tire that reductions in the price of
raw material were of little conse-
quence. On the other hand a pub
lished statement of one of the large
tire manufacturers recently showed
that an output of 10000 tires per
day was accomplished with an av-
erage of $4,000 employees. This looks
very much as if the labor cost per
tire was not very much more than
the wages of 1-3 men. The aver
age wages paid to men in this and
related industries has not run above
$500 per day and at the end OF 1920
was around $500 for eight hours
work with marked decreases since
then.
The distribution of the cost of ma
terial for 30x3h inch cord tire was
illustrated recently by some figures
The Washington herald., 1921-05-21

FURNISHED BY W. B. Hibbs & Co., members
New York Cotton Exchange.)
The Washington herald., 1921-05-21
SUGAR MARKET.

NEW YORK. May t2o.-The sugar
market closed to points lower.
High Low. Close.
The Washington herald., 1921-05-21
CUTN TIRE PRICES FORCED
NBY SHARPER COMPETITION
High Prices Maintained For Over a Year in
Spite of 20 Per Cent Drop in Material Costs.

published by a big manufacturer.
Taking into account only the pro-
ducts ready for the tire manufac-
turer these were as follows:
Cost Of 3oxsh Cord Tire.
The Washington herald., 1921-05-21

Within the past few days there
has been a noticeable Increase in
the amount Of time money available
at the price which brokers bid for
1t. namely. eh per cent The bulk
of funds being loaned are for three
and four months