davidaulloa/AmericanStories huggingface dataset:
The evening herald. [volume] (Albuquerque, New Mexico) 1914-1922, 1921-12-06
GUT IN WAGES
OF MINERS TO
BRING CHEAPER
c D AL HERE
80 Per Cent Reduction in
Colfax County in
Effect

RATON. y. NJ. Dee. G--'rhe Rocky
Mountain and Phelps Dodge COM
pnules have reduced the wuEes OF
coal miners ln the ColfaX county dis
trict so per cent. IL becam. known
here today The wage cut becun'H
effective Dec. !. About 1000 miners
are affected.
The companies also announced
reduction In the price Of coal which
has reduced the retail price on the
highest grade OF fancy lump 30
per ton. The other grades have been
reduced IN proportion.
Leonard T. Miller. manager OF the
Aztec f'uel company, said today ne
had heard the wages of miners In
ColfaN county the county from
whence the company receives It's coal
have been reduced.
Tho reduction OF wages are now In
effect ana according To- Mr. Miller q
revised list OF reductions In coal
should be received by the company
hero In a few days The reduction In
retail price here probably will be
around 81 a ton. Mr.. Miller said.
II was said today that II was the
intention OF the coal companies here
90 reduce prices on the winter fuel
lust as soon ns it is possible.
night until 2.aO this morning the
meeting Of the government ministers
and Irish representatives separated
and a member Of thr cabinet, replying
10 a question as to how things stood
said:
The news isn't bad; an agreement
in fact has been reached. the terms
~ which will be communicated 10 IN"
press"
The delegates looked tired ana
grave as they left tho premicrS rcsi-
uencc. Asked whether hc had any
thing to say. Michnel Collins. the Sim
Foiu finance minister, answered
sharply.
"Nut u word "
Evening star., 1921-07-10
MARKET FOR STEEL
STILL UNSETTLED
Prices Cut to Conform With
Business Conditions-0th-
er Metals Reviewed.

NEW YORK. July s.-The price of
steel experienced a sharp downward
readjustment during the week. and
the market as whole was in an un-
settled condition. Both the United
States Steel Corporation and leading
Independent companies cut their.
prices to conform with business con-
ditions, and quotations are more near
ly on a uniform basis than for some
time. Anticipated for weeks. which
discouraged buying and reduced pro-
duction to minimum, the lower
prices have stimulated the trade to
look for an improvement in demand.
The inquiry for pig iron continued
very poor. and more furnaces were
blown out on the lack Of business.
Prices were weak, but as there is
little accumulation the trade is rath-
er more optimistic over the future.
Copper Reported Quiet.
Copper was quiet all the week.
There was little export business, in
Guiding sales of probably 1000 tons
to Germany. On the whole, however,
the increased foreign inquiry fol-
lowing the settlement of the British
coal strike has not materialized in
any transactions of Importance, while
buyers for domestic consumption are
still operating very conservatiyely.
and most of the larger users are said
to be we'll covered for July and partly
for August requirements. 1t Is. how
ever, estimated that exports and de-
liveries into domestic consumption
during June exceeded imports and
home production by about 25,000.000
pounds, and the slowly Strengthening
statistical position has helped to sus-
tain confidence in the ultimate mar
ket Small lots Of electrolytic are
still reported available for spot and
nearby shipment at 1915, but pro-
ducers' prices for the third quarter
ranged from 13 to 1874 delivered.
Quotations ON Other Metals.
Tin was marked up a cent during
the week, but subsequently lost the
advance. In absence of consuming
Interest the market. as usual. has
been responsive to fluctuations
abroad.
Lead exhibited frmness with out
siders asking above the principal pro-
ducers' quotation. Production keeps
light and consuming demand fairly
satisfactory. Zinc has ruled steady
in absence of selling pressure. but
continues dull. buyers refusing to
meet slightly higher asking prices.
Investors are reported buying ore at
SCI, Influenced by the radical curtali-
ment of production.
Antimony continues dull and easy.
A few sellers have withdrawn oners,
hoping for a better market through
the operation of the proposed tarln
increase.
Evening star., 1921-07-10
COTTON MARKET REVIEW,

NEW YORK, July 9.-Early ir..
regularity was followed by a sharp
advance In the cotton market TODAY.
with October selling up to 1895 or ~
points net higher and into new hieh
ground for the movement. That de-
livery closed at 1898 with the general
market closing firm at a net advance
of l to % points. :.
An opening advance of 8 to, Is
points on Wall street and foreign
buying met good deal Of realtsing
for over the week end. There also
was scattered selling on favorable e
early weather reports and renewed
rurnors that . private mid-month
condition report expected early next
week would show an. Improvement
as compared with end-June figures.
Prices eased back to about last
nights closing figures In consequence,
with October selling at 1858 and De.
cember at 1910:
NEW ORLEANS. La, July 's.-The
general trend Of prices in the cotton
market today was higher, although
the market had its soft spots. Great
est strength was shown in the last
few minutes Of the day, when ad-
vances> over yesterdays close Of 10
to 81 potAts. were reached, October
trading UP to 1851. Last prices were
net gains. Of fS to "a points. with Oc-
Texas and prospects that the rain
would continue over Sunday were the
main buying factor Of the session.
although more or less buying was
done on the better outlook In Ireland
In the. early trading buying was
scattered and came mainly from trade
interests. y -
Evening star., 1921-07-10
FURTHER BANK PROTECTION
) IS PROVIDED IN SENATE BILL
Makes Sweeping Provision
Against INTANGIBLE Property ENJOYING
More Favorable Tax Rating.

cents and for city purposes at $1+40s
a total of $l.I5 upon 500 of valua-
ton. while upon intangible property
in general. including bonds. notes and
other evidences OF indebtedness, the
state rate was 65 cents and. the city.
rate 80 censa>-an aggregate of So
cents upon eacht f1QG Valuation" =.
Through this decision handed down
by the Supreme Court the rate of
taxation. was made the same upon in
tangible property in generar.as 1t was
upon bank stocks. state and national.
Mr.. Patton. however. stated that he
was opposed to the amendment on the
ground that it would practically do
away with the Supreme Court deci-
sion and might put things in the
same condition as they were before
the decision was handed down.
PurhaslnE Power Parity.
The question has frequently been
asked. why does sterling sell at $S.72
and not S3.s2 or $4,32. for example?
There are many theories on this
subject. but the most generally ac-
cepted is what is known as Prof. Cas-
sells purchasing power. parity"
Briefly. this theory. as applied be-
tween England and the United States.
is as follows %.
Assume that prices in England since
the beginning of the war. when ster-
ling was at the parity of $4.SS. had
risen 300 per cent. and in the United
States only 200 per cent. Then prices
in England have risen one and half
times - much as in the United States.
or in the ratio OF 3Se. The Cassel
theory Is that the dollar should there
fore be worth SO of the parity of
sterling. Thus it follows that the
rate Of exchange should be- s-2 OF
s4.s6. or $32i.
1t is an economic law that gold
flows to that part of the world where
it is most valuable. 1t is generally
accepted that. all things being equal,
commodities also movo in that di-
rection; For II at the above price
level the rate of exchange was $3.75
1t would clearly be cheaper for resi-
dents of England to purchase goods
in America. The result would be an
excessive purchase in America. and
the accompanying demand for Amer
lean funds would force the rate back
to S3.24. or course. there are fac
tors which enter. such as restriction
on the Importation of certain COM
modities and high ,tariff on others.
But the, general consensus among
rect.
A. Robert Gilmore to Sail.
A. Robert Efmore, who is asso-
ciated with the Washington Office
of A. A. Houseman & Co.. members Of
the New York Stock Exchange, sailed
yesterday on the u. s. S. Arizona from
New York for Peru. Mr.. Elmore has
been designated by President Hard
ing to act as secretary of the spe-
cial diplomatic mission which will
represent the United States at the
centennial Of Peruvian independence:
This mission will be composed OF
Albert Douglas. Admiral Hugh Rod
man. Gen. Hunter I.iggett, DR.. w. c.
Frabee, William Heimke and VIII
liam ROyce THOMPSON,
Mr., ElmOre expects to return TO
this country about August Is.
Evening star., 1921-07-10
WESTERN UNION DROPS
SUIT AGAINST DANIELS

The Western Union telegraph Com
pany yesterday. dismissed the suit
flIed some months ago against Jo-
sephus Daniels, then Secretary Of the
Navy. for an Injunction to prevent
interference with the repair Of the
company's cables in Biscayne bay
The suit brought by the company
against the Secretaries Of State, War
and Navy to prevent interference
with the landing at Miami beach Of
the Barbadoes cable has not been
dropped. The question was argued
before Justice Stafford some time aEo,
and he still has the matter under
advisement.
NEW YORK. July 9-0ficials of the
Western Union today denied that fed
eral permission had been granted for
the company to land its Barbados
cable at Miami. Fla. as reported in
dispatches from Miami. They said
the company would lay cable from
Miami to Miami Beach. across the
harbor, a purely domestic PROPOSE
tion, and that the matter Of the Bar
tados cable was still in abeyance
The recently enacted Kellogg bill
gave the President control over the
landing of cables from foreign shores.
1t was explained, but specifically ex-
empted inland waters. The laying of
the cable from Miami to Miami Beach,
as well as the landing of the Barba- :
dos cable, had hitherto been prevent.
ed by onacial action, it was said
Evening star., 1921-07-10
GRAIN AND PROVISIONS.

CHICAGO. July 9.-Wheat prices fell
sharply in the closing minutes OF touay
short session on the Chicago Board OF
Trade and all other grain prices turned
with net losses Of to 3a4 in wheat. y
to IL in corn and as to y in oats. Pro
visions, dominated by foreign and DO
mestic demand, finished 171s to 40 net
higher.
mates of the government crop reports.
but commission house support. encou.-
aging Seaboard conditions and reports
of Canadian black rust led to consider
able buying. Hot weather reports from
North Dakota and the Canadian north
west formed a contributing factor. In
the last half hour. however. the local
buyers quit bidding. There was no
outside buying, and the whole price
structure came down in a heap. Final
prices were at about the low point Of
and engineers at local elevators had ac-
cepted the employers terms for reduced
wages had no appreciable effect on the
market.
Corn was generally unsettled. July
led this market because heavy sales
to Montreal resulted in removing
hedges on several hundred thousand
bushels When this option was around
2 cents over September there was
some speculative trade on the differ
ence Crop reports continued favor
able and the cash situation was
steady.
Oats were dull and followed corn.
Both grains were affected to some ex
tent toward the close by the drop in
wheat Provisions attracted some
buyers early on reports from the
yards of higher hogs and decreased
receipts in prospect. A leading pack
er, reviewing the past week. said it
had been satisfactory from a trade
viewpoint and that export demand
was Frightening. Just before. the
close it was announced that one mil
lion pounds of cash lard had been
sold for export at IL cents.
Cash wheat premiums were un-
changed to a cent lower in Chicago
today, but corn and oats basis was
unchanged and the business gener-
Sales included 100000 bushels of
corn, OF which $4,000 were for ex-
port: $4,000 bushels Of oats. 5000
bushels of wheat and $500 bushels Of
barley.
The car lot receipts were: Wheat.
1s9; corn. 142: oats, SO; rye. 4: barley. 6.
NEW YORK. July 9.-Flour-Firm:
spring patents, S.50a9.00.
Wheat-Spot. irregular: No. red.
13s; No. Manitoba, 1.76: No. 2 mix
ed durum. 1.34 c. i. +. track New York
to arrive: No. hard LA C. i. f. track
New York late July shipment.
Corn-Spot. firm; No. yellow and
s2% C. i. f. New York. ten-day ship
ment.
Oats-Spot. firm; No white, 4s.
Lard-Strong; middle west, 11.70a
118O
Other articles unchanged.
Evening star., 1921-07-10
Three PRINTING TRADES
END CLEVELAND STRIKE
Compositors Do Not Join in Agree
ment for 48-Hour Week and
Wage Reductions.

CLEVELAND. July s.-The first
break in the local ranks Of the
printers strike declared May I for a
forty -four-hour work week came to-
day when a joint committee represent
ing the pressmen. press feeders and
binders met the executive committee
of the Master Printers Association
and. agreed to the signing Of a three
year contract on the basis of a forty
eight-hour week.
The strike was called to force q
forty-four- hour week. The members
of the three unions will return to
work Monday morning. it Is said.
leaving only the union compositors
still on strike.
The terms Of the contracts to be
signed by the closed shop division Of
the Master Printers Association and
the three unions also calls for wage
adjustments to be made every SIX
months, using for the basis the cost
OF living figures Of June 80, 1870. and
Sii per Week wages: all trades to
receive the same reduction in dollars
effective on the first day of April and
october of each year.
The unions agree to a reduction of
Sc a week beginning October l, 1921.
The rate of pay for overtime is to
be time and one-half, with double time
on Sundays and holidays. About 500
men are affected.
Evening star., 1921-07-10
NEW YORK BANK STATEMENT.

NEW YORK, July 9-The actual
condition Of clearing house banks and
trust companies for the week shows
that they hold $34.057.6s0 reserve in
an increase Of $2a,S45.s3o from last
week.
The statement follows: Actual con-
dition-
Loans, discounts, etc, s4,5o1.ssb.ooo;
decrease, $74,947,000.
Cash in own vaults, members fed
eral reserve banks, $81 $4,000; in
crease, $12.041,000.
Reserve in federal reserve bank of
member banks. $4ss.sss.ooo; increase.
$s,977,000.
Reserve in own vaults. state banks
and trust companies, $9,349.000; in
crease, $sS1.O0O.
Reserve in depositaries. state banks
and trust companies. Ss,al5.0oo; de-
Net demand deposits. ss,s46:74o.ooo:
decrease, ;1os. $3.50. 900; United States
deposits deducted, :isa.o2s.ooo.
Time deposits. $21s.7ss.ooo; de-
'tshsa; ciroulstion. ysSss.sss.ooo; increase.
Aggregate reserve. s51s.sss:ooo.
Excess reserve, $s4,o57.6so; in
crease. $23.S45,93o.
Summary Of state banks and trust
companies in Greater New York not
included in clearing house statement:
Loans. discounts. ETC., 500; de-
crease, $4.Ss4 500.
Cold. se.9ls, 900: decrease. $1.400.
Currency and bank notes, $1S,144,-
000: increase. $1.133.700-
Deposits with federal reserve bank,
New York, S50,S75.400; decrease, ST.
Total deposits, ss42.22s,s0o; de-
crease, $3.149.200.
Do, eliminating amounts due from
reserve depositAries and other banks
and trust companies in New York city
ard United States deposits, $5S8.320.-
500; decrease, $3.50, 100.
Banks-Cash in vault. $26.571.900:
Trust companies-Cash In venAG
1886, 800.
Evening star., 1921-07-10
LIVE STOCK MARKETS.

BALTIMORE. July SpeciaD.-There
is no snap to the demand for any kind
of live cattle and present receipts are
therefore ample for all trade wants.
Market quiet and easy at the follow
ing quotations:
Cattle-Beef, first quality, per
pound. sha7h; medium 5as; bulls as
to quality. 3ha5h: cows. choice to
fancy, SAT; common to fair. TAI; thin
steers 3ha4h; oxen, as to quality.
aha5; milk cows, choice to fancy. per
head. 5oa75; common to fair. 3oa4o.
Calves-veal. choice per pound.
sash; heavy. fat yeals. Sash: fair to
good, 7as: heavy. smooth, fat. per
head, 12a15; common. thin, 5a1o.
Sheep-No. 1,fwool on, per pound,
3a4; clipped. Gas; old bucks, 2aS;
common, l1sa2; lambs. spring. choice.
per ,,s pound; ss;o llall@; fair to so00' per
Hogs - Straight: per pound. sas:
sows. as to quality. 5aS; stays and
boars, 3a4; live pigs, as to size ana
quality, 1oa12; shoats. as to size and
q1asifS qcHicAGo, July . Omitted States
bureau Of msrkets}-cattle-Re-
ceipts 500 head; compared with q
week ago. good and choice steers
steady: others and yeariings. 15a25
higher; spots up more; butcher she
stock. mostly so to IS higher; better
grades up most; Gamers and cutters.
S5a50 higher: bulls. 75a1.o0 higher:
veal calves, 1.00a1.25 higher: stockers,
25 higher; feeders unchanged.
HoEs-Receipts, 1000 head; active
mostly 10a15 higher than yesterdays
average; good clearances: TOP sT $50; $50:
packing sows. S25aS.65: pigs steady.
sheepm,Receipts, 5000 head; prae, rae
with q week ago, lambs and yearlings.
75a1. Is. higher; matured sheep mostly
so higher: feeders unchanged.
NEW YORK. July 9.-Cae kle-Re-
ceipts, $50 head; no trading.
Calves--Receipts $50 head: steady;
Tennessee and Virginia veah. s.o0a
14.00.-
Sheep and lambs-Receipts. $3.50
thead; active and steady; sheep (ewes),
!, ,O0a5 90; lambs, 12.00a14.50.
Hogs-Receipts, 1880 head; firm: /:
light to medium weights, 1850; heavy
hogs, 90; roughs, Oscar 90.
Evening star., 1921-07-10

Additional protection for national
bank stocks against discrimination
in the way of state taxation is pro-
vided IL bill introduced by Senator
Nelson Of Minnesota. chairman OF the
Senate committee on the judiciary.
amending section 5al9 of the Revised
Etatutes relating to national banks.
IN tk. amendment sweeping pro-
vision is made SO that no evidence of
intangible property in any state shall
enjoy a more favorable tax rate than
stocks of national banks. Senator
Nelson's amendment OF section 5.13
reads as follows:
Text of Ame mendMent.
Nothing herein shall prevent all
the shares In any association from be-
ing included in the valuation Of the
personal property OF the owner or
holder of such shares: in assessing
taxes imposed by the authority OF the
state within which the association In
located: but the legislature of each.
state may determine apd, direct the
manner and place Of t.iN.nB all the
shares OF national banking assocta-
tions. located within Inc state subject
only to two res.ric- ions, that the tax
alton shall rot he Il :; greater rate
than is assessed upon other moneyed
capital used in ba .i.IAst .t;Id that tne
shares OF any natIo ii banking aSSo-
citation owned by non-resldents OF
any state shall be taxed in the city
or town where the bank is located
and not elsewhere. Nothing herein
shall be construed to exempt the real
property of associations from either
state. county or municipal taxes, to
he same extent. according to its
Liue. as other real property is taxed
supreme Court Decision.
In the above paragraph the words
tuted in the amendment for the
words in the original statute, I'm the
hands of individuaf. citizens, of such
state" 49,
The Supreme Coirt OF the United
states handed down decision June
tional Bank of Richmond versus the
City of Richmond in favor of the
bank. which. according to Thomas
Patton. general counsel of the Amer
lean Bankers Association. is of con-
siderable Importance to national
banks. says the Wall Street Journal
in commenting on the proposed legis-
lation. Mr.. Patton, when interviewed.
said: The court makes clear that
the Nanti-discrimination provision Is
not confined to money invested in
competing banks. but includes bonds.
notes. and other evidences in the
hands of individuals or others. which
come into competition with national
banks in the loan market. If ma
tional banks are taxed at Il greater
rate than these. discrimination is
shown and the tax is invalid. &.
Richmond Case Cited.
THE evidence showed that. under
o. state statute and an ordinance of
the city of Richmond bank stocks,
state and national. were taxed for the
year 19l5 for state purposes at 35
Evening star., 1921-07-10
COMMISSION OFF TO PERU.
Seven Americans Sail to Take Part
g. in Celebration.

NEW YORK. July s.-The dread
naughts Oklahoma and Nevada. in
command of Rear Admiral Hugh
Rodman. will leave here late today
Tor Callao, Peru. carrying an Amer
lean commission to the centenary
celebration of Peru's Independence.
The vessels are due at Callao July
"a. the date the celebration begins,
and Will remain there about q week.
The commission consists OF Alfred
ID. Douglas. R@s. .In1iral Rodman,
Mai: Gen. Hunter LIggett, W.. B.
Thompson. DR.. William c. Farabee.
atephen G. Porter and a. Robert Ell
"a re. secretary. t..'
:iom Peru the Oklahoma and Me-
vsda VIII go tO-.the Panama canal
and there the members of the COM
mission will be transferred Ito a
passenger liner for New York, the
two warships proceeding to San
Erancisco to join the. Pacific feet.
Evening star., 1921-07-10
GERMANY TO SEEK
LOAN IN AMERICA
Wants Raw Materials Here in
Struggle to PayWar.
Debts.
By A. r.. DECKER.

Cy Gable TO The Star and Chicago Daily News
Copyright. 1921
BERLIN. July 9.-In Germany there
Is no question as to who lost the war.
II doubt existed, the chancellor's
speech before the reichstag this week
dispe,!ed the illusion He said. that
42.000.O00.00 paper marks tnormally
S9.996,O00,00O) We're needed. to cover
the ultimatum demands without count
ing the maintenance of the armies of
0ccupa tion which must be reckoned
with some day. The chancellor's re-
marks were received with resignation.
However. Germany's position as
compared with that of the rest of the
world is not SO bad. Germany has
paid the allied demands to date, and
the writer learns from an authorita-
tive source that she has on hand the
1.000.00Q.o00 marks (s23s. .00e,000) due
on July 81.
Few Unemployed.
Germany has fewer unemployed
than have France, England or the
United States. True. wages are not
deprecated marks an hour, but the
German workmen have benefited by
the government food appropriation Of
1.000.OOO,O0O HDrks (nominally 1885,
0e0.0OO while the manufacturers bene-
mt by transport advantages.
Germany is rapidly regaining her place
In the world of production, but is not in
position to offer real competition outside
OF few lines in which she is favored by
years OF experience
Germany Is exchanging her goods at
q. loss and cannot continue to increase
wages. She must import large amount
offfood and raw materials. She has lit
tie besides coal and labor, Under the
excuse We must do SO in order to pay"
Germany excludes all foreign manufac-
turs9 goods. Agents Of American manu-
fac5arers tell the writer that they cannot
seA& toothpick in Berlin because the i'm
por4tion Of that article is forbidden.
american firms with branch factories in
Germany cannot import parts and can
not export their products.
VIII Borrow In U. s..
Germany wants to buy American raw
materials and resell the manufactured
articles to the United States. American
cotton has been the principal item i'm
ported. To facilitate the raw material
deals representatives Of the German
chamber Of commerce will negotiate a
loan in the United States The peace
resolution having been passed. the deal
:. being rushed. Agents in Berlin are
wiring frequently to New Yo-7s.
Germany has progressed most in coal
production, agricultural machinery. loco
motives and chemicals. but has not yet
recovered sufficiently to have a great
surplus for exportation.,,.- - -.
Germany has lost the war and Is pay
ing for 1t in a disadvantagcous.e exchange
OF goods, one of the results being low
standard of living
Evening star., 1921-07-10
STEEL MILL WoRk SHORT.

YOUNGSTOWN. Ohio. July 9-Steel
mill operations in Youngstown dis
tirct will continue considerably cur
down of sheet mills which work
under agreements with the Amalga-
mated Association Of Iron, Steel and
Tin Workers. The scale expired July
/. and word from Columbus. where a
conference is being held, says that
nothing has been accomplished" to-
ward q new scale.
Plate mill operation here will be
slightly increased next week, due to
orders received this week.
Evening star., 1921-07-10
pEMAND STERLING sLUMPs.

NEW YORK. July 9.-Demand
sterling today dropped to $3.6ek. the
lowest quotation since last January
and a loss Of nearly four cents since
yesterday. {. Other foreign exchange
rates also were lower.
Evening star., 1921-07-10
RANGE OF MARKET AVERAGES.

graphically action OF forty
Stock Exchange period
q o