davidaulloa/AmericanStories huggingface dataset:
The Washington herald., 1921-07-29
FEDERAL RESERVE
! SHOWS GOLD GAINS
NEARLY s23,OOO,OOO
Reserve Note Circulation
Is Reduced By
$26,9OO,0 900.
RESERVE RATIO UP
Shows Further Rise in Week
From 62.5 to 63.4
Per Cent.
RESERVE RATIO UP

Aggregate gains OF s22,9oo.ooo In
gold and 'S3.Oo0.000 in other cash
reserves. accompanied by reduc-
tion of s2s.so0,ooo in Federal Re-
serve note circulation and an in
crease of S2,300.000 In deposit la
bilities, are indicated in the Fed
eral Reserve Boards weekly bank
statement issued as at close OF busi-
ness on July "a, 1921. The banks
reserve ratio shows a further rise
for the week from 62.5 to es.4 per
cent.
Reserve bank holdings of bills Sc
cured by government obligations
show a decrease Of 3ls,3oo.ooo. other
discounted paper on hand declined
by $17,400, 900. while holdings OF
acceptances purchased in open mar
ket fell of s4.50o,ooo. reaching the
low level of s19,400,ooo. There Is
also shown a reduction of $l,5oo.Ooo
in the amount of "Pittman" GER
tificates held, and of s2,0oo.ooo in
the amount OF other Treasury GER
tificates. The combined result OF
these changes is seen in a reduc-
tion of s44,so0, 900 in total earning
assets, which totaled s1.sl9.4oo.o0o
On uNSiSotS VI
per cent since the close Of last
year.
OF the total holdings of s5s1.5oo.-
900 of paper secured by United states
government obligations, $4oe,loo.ooo
or 6s.7 per cent. were secured by
Liberty and other United States
bonds, s15t,s00.000, or 26.2 per cent.
by Victory notes: $s.200.ooo, or .S
per cent by Treasury notes. and
s27.300, 900. or 4.6 per cent. by Treas
ury certificates, compared with $685.
500. 600. s161.4o0,oo s3.ooo.ooo. and
$4S,so0.000 shown the week before.
Discounted bills held by the Bos-
ton. New York and Cleveland banks
include s61. 400 900 of bills discount
ed by the Richmond. Atlanta, Min
neapolis and Dallas banks. The
Richmond bank reports an increase
of its accommodation at the New
York bank from $ls5oo.ooo to s24.-
10000 The Minneapolis bank in
creased its rediscounts with the New
York bank from $12,ooo,ooo to S13.-
$780, 900. The Dallas bank increased
it's rediscount from s1s3oo.oo0 70
$l9. 100, 900, and the Atlanta bank OBJ
tanned during the week a total OF
100000 of accommodation from
the Boston and Cleveland banks.
As against a decrease OF sS,300.0oo
in government deposits, members
reserve deposits show an increase
OF $S,50o,o00 for the week, and all
other deposits, including nonmem-
bers' clearing accounts and cashiers
checks-a decrease of s2,s00.ooo. In
addition to the decrease OF S26.9oo.-
900 in Federal Reserve notes. there
is also shown a reduction Of s2.-
10000 in Federal Reserve bank
note circulation.
The Washington herald., 1921-07-29
COFFEE MARKET.

NEW YORK, July 2S.-Matters
were virtually at a standstill in the
coffee market today. A few thous-
and bags sold on the call and the
ring was practically deserted for
long periods thereafter. The small
business accomplished was at losses
of to points. the easiness being
attributed to disappointing cables
in the face of our recent firmness.
Rio was unchanged to 25 reis low
er and Santos rs to 125 reis lower.
quotations in both markets being
down to the minimums fixed by the
government. Rio exchange on Lon
don was lie lower at z 9-16 d
and the dollar tare SO reis higher.
Although today is a holiday in
Brazil, few firm offers were re-
ceived. One was 4 lower, viz;
Santos 3s, genuine bourbon. at
10.75c. Other offers were: 3s As
part bourbon, at 9.95c, and As. SIS,
part bourbon at sac.
Spot markets are dull and nomi-
naliy unchanged at 6k to CSC for
Rio Is; 6k to 6Sc for victorias;
and 9L to 81. q for Santos As
The Washington herald., 1921-07-29
COTTON HAS WEAK
START BUT RALLIES
Trade Buying and Profit TAX.
ing Forces Prices Back
After Slump.

NEW YORK, July 2s.-There was
continuance of rather general iiqui-
dalton Of long speculative holdings
OF contracts from the opening OF the
market today. L. came mostly from
a continuation OF the movement
started earlier in the week among
tired local holders and disappointed
recent bulls in closing out their
commitments over next Monday
monthly government crop report.
This coming report is expected TO
make the condition Of the crop for
July 25 as good at eS per cent
against 69.2 the June 25th condition
as contrasted with TAI last year and
75.4 the l0-year average condition
for July IS.
There is usually a very heavy
deterioration in the average condi-
ton of the plants for the month OF
July, but this year the crop started
with such a low condition and the
weather conditions during most OF
July were so much better than the
average, there has been no such loss
this month. It is figured out that
a condition as good as 6S per cent
for July 25 on the reduced acreage
would indicate a crop in prospect
ranging up to $780, 900 bales without
linters as against last months in
dicated crop for as small yield as
100000 bales. Still anything under
5000. 900 bales would be the short
est crop raised in this country since
1895.
Liverpools failure to respond to
our sharp rally of late yesterday and
a considerable accumulation of sell
ing orders here overnight from the
South, coupled with the further
liquidation by local and Wall Street
bulls as above referred to caused
very weak market directly from the
opening.
1t lasted throughout the first hour
with declines ranging from 2s to %
point from yesterdays closing
pric4. October went down to ll.s6;
December. 1880; January. 1880, and
March to about 12S cents. These
are the lowest prices reached for
some time past. They are within
30 to 60 points of the new records
established on June 20. Then Octo-
Der contracts sold at ll.22; Decem-
Der. HIS; January. ll.Ss, and next
March deliveries at 1856. These
were. the lowest prices reached since
early in 1915.
During the late afternoon there
was a fairly good rally In the market
with prices working back to within
ten points of yesterdays closing
quotation on renewed good trade
buying and some profit-taking by
some of the big local and outside
shorts. The rally was helped by eN-
port clearances for the day going
up to $4,000 bales before l o'clock,
including shipments of 9.674 bales
for Great Britain from Charleston.
At Liverpool cotton futures closed
quiet at s to 10 points net decline
from their final bids OF yesterday
against the early maximum of s to
IS points whereas that market had
been expected to sustain an advance
Of 6 to s points to have equaled
our closing prices on yesterdays
late sharp rally. Spot cotton there
was of only / point to 7.SSd for
middling, but the spot sales, how
ever. for the day went down to only
The Washington herald., 1921-07-29
HEAVY TONESHOWS
in CURB TRADING
Nearly All Active Issues
Show Some Amount
OF Loss.

NEW YORK, July 2S.-The New
York curb market showed a heavy
tone again in nearly all the issues
which had more than trifling fiuctu
ations. showing some amount of
loss, and there was the same con-
traction of business on in what had
been leading issues which robbed
the trading of any significance.
Locomobile attracted attention SELL
ing down from 65 to 60 cents a
share. a new low record, and in
the petroleum stocks Gilllland Oil
sold at the new low of lE. Some
issues were supported by inside in
terests among them, Sweets Com
pany. which was traded in at 2S
and 2lk and United Retail Candy,
which sold at 6%. There was a
small amount of business in Du-
rant Motors at 2Sls and 2sK. Car
light was practically unchanged.
selling at 3-16.
Maracaibo was the chief feature
of the petroleum group, that stock
being in increased demand and
moved up to 32% shortly after
midday. other oil stocks, however
showed little change in their trad
ing position. Cities Service ranging
from III to 116 and Simms Petro-
leum selling at 6% to 6ts. Stand
ard Oil Of Indiana was in fairly
good demand, ranging from 66lk to
S7%. Anglo-American sold down
to Is.
A sale of Glen Alden Coal was
made at 34S. Mining stocks con-
tinued active and strong, Boston
az Montana again being the chief
feature in that group.
The Washington herald., 1921-07-29
VIVAL SEEN in POLISH NDUSTRYCOTTON
TIMELYWALLs sTREETTOPICS

likelihood Of the regular disburse-
ment being made. However sur
prising the dividend action at this
time may have been, the failure OF
tne stock to make a recovery COM
mensurate with the early decline
was mystifying and also a source
ot disappointment TO traders who
hurried into the market and bought
stock whea the news came out. Just
before the dividend announcement
the stock was sellIng at g.. IL ad-
vanced to 70 on the next sale, then
TO 1eh and stopped at 7oz.
Fierce Arrow common and pre-
terred suffered today from a back
hre'. resulting from Wall Streets
belated reaction to the poor earn
ings statement released on Tues
day afternoon. The preferred
dropped 4 points TO 30 and the COM
mon III points to 15% before mid
day. Yesterday both these issues
maintained a firm tone, but there
were few in the market community
who believed that the loss of 1K
points in each of them on Tuesday
had been a complete response 10 the
loss of s1.40o.00O in the second quar-
ter. The Street Is full Of pessimistic
talk whenever the subject OF Pierce
Arrow is brought up.
The fact that Pressed Steel Car
common had recovered almost 2
points before closing yesterday. ana
the additional fact that news of the
dividend omission did not cSme un-
I'll after the end of trading led
everyone TO believe that the stock
would react at the opening today
RMS was one case where a stock
DID the obvious thing. It openea
with a net loss Of "a, points at IS
and declined 2 points further before
nnding support Early this year the
directors proposed that stockhold-
ers authorize a conversion of the
preferred stock into common. share
for share, and the declaration Of a
20 ner cent stock dividend after the
conversion had been effected. Afte-
several unsuccessful meetings. both
propositions were formally passed
The directors announced on April
"a, however, that they had decided
to defer action which would carry
this plan into effect. and preferred
stockholders must feel gratifed
that their interests were thus pro-
tected- The inference is that as far
back as April the directors felt that
future earnings would not justify
a continuance OF the regular COM
mon dividend. II the preferred
stock had been retired. the common
dividend might not have been omit
ted entirely for the funds from
which the regular preferred diyi-
dend will be paid on August 20
would have been available for the
large common stock. At present
the capital stock OF $4,000 600 Is
evenly divided between preferred
and common.
The Washington herald., 1921-07-29
BONDS RISE WITH
Low MONEY RATE
Better Demand for Rails,
Liberties and Foreign"
Issues.

NEW YORK, July 2s.-Further
evidence of easier money conditions
was reflected in a broad upward
movement in bonds today. Call
money was available at a rate as
low as az per cent on the stock
exchange, which is the lowest rate
at which 1t has loaned since Au-
gust IS, 1919. Time money was Of
fered again at 6 per cent for periods
up to ninety days. while the call
rate might by itself indicate MOTH
ing more than a temporary abund-
ance of FUNDS awaiting employment
in the crop regions, the fact that
time money Is comparatively cheap
and that acceptance rates are easier
betokens relief of a more perma-
nent nature.
The better demand for bonds to-
day was not confined to the better
railroad issues. Liberties were re-
markably strong all along the list.
The upward movement in Victory
notes was commensurate with thei-
nearby maturity. Foreign issues
most of them advancing a half point
and in some cases a full point. Den
mark IS were up a point to 1903.
Railroad and Industrial bonds ad-
vanced on an average of about a
half point in the more active issues.
Great Northern Is made a new high
record at 1001z, a net advance OF
more than a half point. Reading
general As, Rock Island As, New
York Telephone AIS, Goodyear Tire
IS, and many others were active ana
exceptionally strong. INTERIOR
ough and Brooklyn Rapid Transit
bonds were again in good demand at
higher prices.
The Washington herald., 1921-07-29
RAILROAD SETTLES
$4,000, 900 CLAIM

The Missouri Pacific Railroad has
settled its account with the Rail-
road Administration. receiving ST.
100000 in final settlement Of all its
claims. This covers the twenty-six
months Of Federal control. but does
not include what company might
receive for the six months guar
anty period following Federal con-
troll. II was not announced what
the road originally claimed nor whaI
the Railroad Administration offered
although the ss.o0o.ooo was a com
promise and was paid in a lump
sum.
The Washington herald., 1921-07-29

The imports of coconut oil Is de-
creasing this year compared with
last year. For the past three years
about 10 per cent of this oil has
come from the Philippine. Soya
bean, peanut, and Chinese nut oils
come from China and Japan and 10
produced relatively cheaply. The de-
pressed prices have checked the i'm
ports of these products. however, so
that the amounts received in the
first ten months of 1921 were very
much below the last two years.
The competition of these cheap
oils when prices recover Is feared
by American producers and appeals
were made for a tariff which was
placed at cents per pound on COCO
nut and soybean oil and 2h cents
on peanut oil in the first draft of
the new tariff bill This was not
regarded as sufficiently high by the
producers and further appeals have
been made for more protection on
the grounds that the free impor-
tation of these oils would depress
the American farm prices on SINH
lar products or others for which
these form suitable substitutes.
With growing sources of produc-
tlCn OF All ol tHese Oils III tHt rhli-
fppines and in the States the ar
gument is advanced that a relative
ly high protective tariff would oper-
ate to encourage domestic produc-
ton and provide an ample supply
with the minimum of imports. The
vegetable oil exports in the form
of cottonseed oil range from 150,-
000. 900 to 350.000.000 pounds an
nually. The re-exports of other oils
was large during the war period but
have decreased since. Corn oil ex-
ports were very heavy in 1919 and
1914 but smaller since. Important
changes in uses due to changing
prices will continue to keep our oil
trade somewhat unsettled.
The Washington herald., 1921-07-29
WHEAT TRADING
FEELSuQUDATION
Soap Lacking in Market
Though News Is
Bullish.

CHICAGO, July 2s.-Wheat news
was mostly bullish. but there was
not the snap to the trading that
characterized it for several days.
A bulge of / cent in July early
with a small gain in the distant fu-
lures met increased selling pressure
and a break of over cents was
made. The foreigners are not SELL
ing following the advance, and
there were offers to resell by one
house who had profits. New busi-
nes was $4,000 bushels reported
early, with indications of a large
quantity.
1t is believed that more wheat is
being sold than reported. The sea-
board sold 100000 bushels. Offer
ings from the country are lighter.
yet receipts keep up, with $40 cars
estimated for tomorrow. The 'e'd-
ing interest was September, which
rose to s1.2Sas, but which then came
under pressure and broke 3b cents.
At S1.26 it showed a net loss Of
IL cents.
Corn traders were Influenced into
buying early on the unfavorable
crop news from Iowa and Indiana
and Illinois. The Iowa report says
with temperatures of 100 and no
rain for a few days more the crop
will be reduced to a calamitous
condition. On bulge of over l cent
there was selling and a reaction
due to reports of rains in Missouri
and scattered sections throughout
the West. Export sales were $780,
900 bushels. Arrivals were 200 cars.
Deliveries were 125,000 bushels.
oats were bought by local inter-
ests early and sold by longs. The
early advance was lost. Cash trade
is fair. with arrivals $50 cars. and
indications are for good move
ment for some time. Deliveries
$1,000 bushels, and elevators situa-
tion is better. Rye shorts were ac-
tive in bidding up prices, while
Northwestern and Eastern houses
furnished the selling. Deliveries
l0S,00O bushels.
Provisions advanced with hogs
and on fair scattered buying. The
ham trade is good and prices arc
well held with offerings light. Hos
supplies are not heavy and higher
prizes are looked for. Money easy
call 6iH. time 6k to Z.
The Washington herald., 1921-07-29
ESTIMATE SHOWS
LESS PRODUCTION
Decrease of 1850 Barrels
Per Day for Week of
July %.

The daily average gross crude oil
production in the United States for
the week ending July % Is esti-
mated by the American Petroleum
Institute att t1,3o7.360 barrels, COM
pared with 1.s0s.71o barrels for the
previous week, a decrease of 1850
barrels per day.
The estimated daily average gross
production Of the Mid-Continent
Qight oily field. including Okla
homa. Kansas. North Texas. Cen
trail Texas, North Louisiana and
Arkansas, for the week ended July
2S. was 7o6.4s0 barrels, as COM
pared with 7o7,S1o barrels for the
preceding week. a decrease Of $50
barrels.
The estimated daily average gross
production of the Gulf Coast (heavy
oiD field was 5000 barrels. as
compared with $4,000 barrels for
the preceding week, an increase Of
4,l10 barrels.
The combined daily average gross
production of the Southwest field
was S04.440 barrels, as compared
with S01,2l0 barrels for the pre-
ceding week, an increase of $3.50
barrels.
Oklahoma Kansas shows a daily
average gross production of 4o3, 200
barrels, decrease of 1.7s0 barrels:
North Texas shows a decrease OF
270 barrels; Central Texas. an in
crease OF $50 barrels: North Louisi-
ana, a decrease of 1910 barrels, and
Arkansas an increase of 1,7oo bar
reis.
The estimated daily average gross
production OF the Wyoming and
Montana field was 45,2o0 barrels,
as compared with 46.5O0 barrels for
the preceding week. decrease of
1850 barrels.
The Washington herald., 1921-07-29

NEW YORK. July 2s-roday's
stock market differed from the pre-
vious three sessions this week TO
the extent that greater number OF
|epecial issues moved apart from the
main body of stocks. While the un-
dertone could still be determined as
firm, declines In specialties, In ad-
dition to being more numerous.
were carried to greater lengths.
Railroad stocks were in good de-
mand at slightly higher prices. and
the forward movement In fractions
continued. This was a market which
paid practically no attention to
cheap call money. Loans renewed
at AZ per cent. and the rate dropped
to 81 early in the afternoon. With
the exception OF an odd loan at :
per cent on Noversber .. 1919, this
was the lowest call rate since Aug
ust Is, 1919.
Some one acted hastily In selling
National Lead common this morn
ing. whether the offerings repre-
scented liquidation of real stock or
an attack by shorts, the result must
have been disconcerting. The stock
closed at 76H yesterday and opened
at 75 today. Then IL was offered
apparently for whatever price IL
would bring. and. the market being
thin. the price did not stop declin-
ing until e7A had been reached.
That the selling was Ill advised was
made clear shortly after IL o'clock.
when the. news tickers announced
that the directors had declared the
regular dividend.
Even the fact that dividend
meeting had been held at-ail was
surprise. for traders had not ex-
pected that action would be taken
for fully three weeks. They had
scarcely begun to talk about the
The Washington herald., 1921-07-29
Steady Improvement
In Brazilian EXCHANGE

RIO DE JANEIRo. suIy 2s.-
Presumably owing to the In
creasea movement Of BrasIIinn
coffee and the continued success
Of the governments coffee yaIor-
ization scheme. there has been
decided Improvement In ex-
chanse rates during the last
week. The movement is slow,
but apparently steady.
Cabled dollars have been seII-
Ing ms low ms o. miIreIs, and
for short time mt sao PauIo
81 milreis.
The apparent determination Of
the chamber of deputies to begin
a rigorous STRENGTHENING out of
the country's financial conditions
through legislation Is also hnv-
ing healthy effect on the eco
nomic situation.
The Washington herald., 1921-07-29
ion of Vegetable

Total. 1.92s Oo4 900 2,230, ,0S9, 600
The production of cottonseed and
linseed oils has been fairly uniform
during a period of years and has
made up from 10 to 30 per cent of
the total. The cottonseed oil pro-
duction varies with the cotton crop
and consequently the small crop in
prospect this year Indicates a
marked decrease in the production
of this oil.
The decreased demand for oils in
1920 compared with previous years
resulted in a decrease in production
in peanut oil from S7.00O,00o pounds
in 1919 to 100000 pounds in 1920.
The total production of all oils de-
clined from 2.2S7,000.000 pounds in
1919 to 1.92s, 900. 900 in 1920.
The growing imports of cheap oils
from the Orient has been an impor-
tant feature Of the trade. Some
idea of the growth of this trade dur
ing the war is shown by the follow
ing tables. The kinds of oils Inn
ported in the order of their import
ance are as follows:
Proportions OF Various Imported Oils.
Percent. Percent. Percent.
The Washington herald., 1921-07-29
METAL MARKET.

NEW YORK, July 2S.-A recovery
OF e. is reported in London tin prices
with spot quoted at f15s SIS, and
futures at f161 SIS: sales so tons
and 120 tons. Standard copper re-
mains unchanged at E70 for spot
and f70 Is Sd for futuresS sales
100 tons and IS tons. Electrolytic
Is uDehanged at els. Spot lead is
los higher at f23 12s Cd and spelter
unchanged at f25~ 12s Cd.
The Washington herald., 1921-07-29
COTTON ACREAGE
ECUT 8PER CENT
UNDER LAST YEAR
Estimates Show a Total
of 4,423, 900 Acres
Are Idle.
CORN GAINS 1870
Cereal Crops and Potatoes
All Show Strong
Gains.

The ten leading cotton States Of
North Carolina, South Carolina.
Georgia, Alabama, Tennessee. Mis-
sissippL Louisiana, Texas. Okla
homa, and Arkansas have cut their
cotton 1o.1s4.00o acres. or 2s per
cent, from last year, according 10
figures compiled by the Bureau Of
Markets and Crop Estimates OF the
Department OF Agriculture. In ad-
dition, they reduced rice $4,000
acres, or 80 per cent, and tobacco
262. 900 acres. or 50 per cent, a total
reduction for these three crops OF
10. 100000 acres. These reductions.
which were due TO the unsatisfac-
tory prices for last years crops re-
sulting from financial defiation,
coupled with heavy stocks and les
sened buying. are partly Offset by
increases in the acreages Of staple
food and feed crops in these States.
Corn Gains 10 Per Cent.
Corn shows a gain Of 4.52I.occ
acres, or l3 per cent: wheat. sO7 900
acres or 10 per cent: oats, 100000
acres, orl3 per cent; hay, $4,000
acres. or 5 per cent; sorghum and
cane, 5000 acres. OF 10 per cent.
and potatoes, I23.0OO acres. or -
per cent-a total Increase in these
six crops ofs.4sS,oO0 acres. Further
offsets to the remaining difference
of 4.423.O00 acres exist in increased
paintings Of COW peas. soy beans.
velvet beans and other less lmpor-
tant crops. Alabama alone reported
increased paintings Of S34.O acres
Of the three crops named, but these
are largely planted in with corn.
and are. therefore. included in the
acreage OF that crop.
Land in Pasture.
The larger part Of the 4.42s.ooU
acres unaccounted for has gone
back into pasture or is left idle.
The land in cultivation during the
past few years has been consider
ably in excess OF the paintings in
the prsvsr period, the area under
cultivation in the United States in
1890 having been about 10 per cent
greater than the average acreage
titled for the years 1sIo-IslI. The
net reduction in the cotton States
still leaves in cultivation a larger
acreage than before the war.
The Washington herald., 1921-07-29
American Livestock ..
80 Worth &,996, ,362, ,496

Livestock on American farms was
valued at s7.es6.s62.4s6 in 1920. ac-
cording to the CenrSs Bureau, an
increase of 62.5 per cent in ten
years.
Iowa reported the largest values.
s614,326,26S; Texas came next with
s5S932l953