davidaulloa/AmericanStories huggingface dataset:
The Washington herald., 1921-02-05
CONTINUANCE OF
HIGH YIELDS SEEN
Worldwide Scarcity of Cap
ital Responsible For Be-
lief, Expert Says.

In an interview with a represen-
tative of the Magazine of Wall
Street, Sir Edward Mackay Edgar,
senior partner of Sperling & Com
pany, London, said: The present
high level of yields on securities
of high grade will in all probable
ity not be substantially reduced for
another generation. There is a
world wide scarcity of capital,
which cannot be made up as
quickly as in previous times, and
there is a huge potential demand
for capital which is being COM
PEELED to wait until the investment
market improves, but will then
come on in a torrent of new
issues.
Because of the free market
which London provides for secur-
tiles of all nations, We are receiv-
ing inquiries from all sorts of gov
ernments, foreign and colonial, for
prospects for new loans, some of
them of staggering, dimensions. No
less insistent is the demand from
industrial sources for new capital.
Some of this is for expansion.
but 1 may say generally that as
a result of war and postwar con-
ditions the plants of this country
are considerably under maintained,
and as soon as investment condi-
tions get better, there will be a
tremendous demand for new money
to improve the plants. Under the
strain of competition as fierce as
that which we expect for years to
come, the saving in operating costs
caused by plant improvements Will
be enough to make it worth while
to get new capital for the purpose
even IL 9 or 10 per cent has to be
paid on good securities to obtain
il.
"Of course. it is of little use
trying to float any great volume of
new issues at the present time,
when underwriters are regularly
being left with 80 or 30 per cent
of their hotations on their hands,
and find their issues quoted few
days after subscriptions close ut
to 10 per cent discount. In view
The Washington herald., 1921-02-05

NEW YORK. Feb. 4.-Arnerica
does not need a boom period to be
prosperous, and the substantial fac
tors of our pational wealth viii
eventually bring about adequate re-
vival Of industry and commerce, IT
was declared last night by James S.
Alexander, president of the National
Bank of Commerce in New York,
speaking at a dinner Of the Associ-
alton of Stock Exchange Firms at
the Hotel Astor, New York.
There are at present number
of great business forces clearly at
work building a sound business
structure for 1921" said Mr.. Alex
ander. Supply and prices are be-
coming broadly co-ordinated to de-
mand. The Improvement in the
liquidity of credit, which is now in
progress, must develop further, but
there are signs that Improvement
there will continue. AS these move
ments are fulfilled, as wages and
labor are realigned to new condi-
tions and as business finally alb
serbs the losses incident to defla-
tion stabilization on the new level
will become an accomplished fact.
The beginning Of the year 1921
has auspicious aspects in the rapid,
yet orderly, way in which these
great corrections are progressing.
The year must be judged then, not
so much by the volume of business
that will be accomplished in IL. but
rather by the sounder conditions
which will prevail, marking the
definite return to a new era of bust
ness fundamentals.
Normal activity must come from
within business rather than from
without. Business cannot idly wait
for the public to resume active buy
| ing. 1t must stimulate buying by
establishing a wide prevalence OF
substantially reduced prices for
goods which must be based on in.
creased efficiency in production and
distribution and the acceptance OF
reasonable margins OF profits.
Labor Gaining Efficiency.
I'm this connection the growing
tendency of labor to become more
efficient and it's willingness to sc-
cept some liquidation of inflated
wages is a most encouraging cir
Cumstance. From more than one
point OF view the readjustment now
| going on in respect to labor supply
and demand is beneficial to the in
dividual worker. The excess OF jobs
over workers. inflated wages and
| lax supervision from employers
The Washington herald., 1921-02-05
FEVERISH COTTON
SELLING STEADIES
Wall Street and Local Demand
Gives Firmer Tone Af-
ter Decline.

NEW YORK, Feb. IA demand
from local shorts and Wall Street
interests brought about a much
frmer undertone in cotton today
after the market had dipped below
the previous close early in the ses-
sion, March selling of to 1910.
making a new low record for the
season.
The market opened active and
feverish at a net advance of 4 to
II points. After the start net
losses Of to points were reg
istered, March falling to 1910.
Wall Street, and New Orleans were
among the best purchasers early.
The South and spot houses sold.
Liverpool sold May and bought
July. There was better buying at
1850 for May and later in the
FIRST hour there were rallies. The
market continued to gain ground
later. with spurts Of activity. The
rally extended to 1857 for March.
1895 for May and 1893 for July.
or net gains OF approximately 40
points. Near the close realizing
sales eased prices slightly, but the
list as a whole displayed a firm
tone. Final prices showed a net
gain of % to 30 points.
Spot here was IS points higher
at 1850 for middling; there were
no sales. Spot at New Orleans was
steady, with middling at 13.25c;
the sales were 97s bales.
Receipts of cotton in bales at
some of the leading points today
were: Galveston, 9,6S7: New Or
leans, Ass: Savannah, 1.072; Mem
phis, 4,66S; St Louis, 11,424; Hous-
ton, 1898.
The Washington herald., 1921-02-05
NEW YORK PRODUCE.

NEW YORK, Feb. 4.-Butter-
Market easier Creamery extras, 46
a4shc;. creamery firsts, 41a47c;
Creamery, higher scoring, 46ha
491s: State dairy tubs, 3oa45c.
Cheese-Market easy, irregular.
State. whole-milk specials, 23h a2sc;
whole-milk fancy, 22a25 1zc; whole
milk, lower grades. 15a21hc. Wis
consin, whole-milk, fancy, Young
Americas, 2SA Aa29Ac. State, skins,
specials, 17ka20c; skins, choice, 15
a17hc; Skins, fair to good, 12a
I4hc; skins. lower grades, 10c.
Eggs - Market easy, irregular.
Nearby, white, fancy, 60a61c; near
by. brown. fancy, soc; extras, 59c;
firsts. 56a57c-
The Washington herald., 1921-02-05
CEHcudIng COuntries-
" Estimated.

The world demand in 1919 was
only about As per cent of the pre-
war or 1913 exports, while last
year, with no data as to Germany.
it was about 63 per cent. Before
the war Germany was the largest
steel exporter, with the United
Kingdom a close second and ex-
ports from the United Safes about
one-half those of Germany. In
the last two years the United
States may be said to have taken
the place of Germany.
To assume that within a reason
able time the total steel exports
of these countries will be again
equal to or in excess of those for
1918 involves an increase of 400
900 to 100000 tons per month over
the total movement of 1920. 1t is
of interest to speculate as to the
country which will contribute most
to this increase. Germany's eN-
perience as an exporter of iron and
steel machinery should enable her
to build up to so per cent of her
The Washington herald., 1921-02-05
: Eleven Months.

old trade. particularly with the
advantage she will have with East
ern Europe. 1t is not improba BILE
that Great Britain will regain her
prewar status; her labor situation
will be a great drawback. France,
with a capacity nearly double that
before the war, must find new eX-
port outlets on large scale If
her industrial advance at all meas
ures up to the responsibilities of
continental leadership. In the case
of Belgium scarcely a doubt exists
on the score of ability to regain all
that the war cost of her position
as a lively competitor in structural
steel, bars and some Oher rolling
mill products. Even handicapped
a. they all are today, it must be
said that these European countries
stand a better chance of making
important increases upon their
present share of world trade in
steel than the United States has of
maintaining the advantage con-
ferred by conditions during and
following the war.
The Washington herald., 1921-02-05
CASH GRAIN MARKET.

CHICAGO. Feb. L-wheat-No. 2
red, s1.7Sa1.so; No. Northern
spring, s1.37.
Corn-No. 1 white. 61%c: No. 2
white, Sic: No. white, 5Sa5sc; No.
4 white, sax a55Ac; No. yellow,
Sic: No. yellow. Aa60c; No.
yellow, 541zs56kc.
oats-No. 2 white, s9ha40c; No. 3
white, 3sass &c; No. 4 white. 37e.
The Washington herald., 1921-02-05
Cancels Wage Agreement.

Announcement mas Deen made by
Admiral Benson that the Shipping
BOARD has notified the seamen's
union on the Pacific coast that
present agreements on wages and
working conditions will be termi-
mated in 80 days. This applies to
deck officers, engineers. seamen,
Hremen and stewards. A con-
ference will be held within that
date to negotiate a new contract
The Washington herald., 1921-02-05

Exports of dates from Egypt for
the first eight months Of 1920
amounted to $4,000 pounds, valued
at 91,SO0, compared to 644,lOo
pounds, worth S4e,sOO, in same pc
riod of 1919. The principal portion
Of the crop went to Palestine.
The Washington herald., 1921-02-05

of the great requirements for new
capital which are Just waiting for
easier money, l do not think that
any serious fall in investment
yields can be expected in London,
for a generation perhaps, and be-
cause of the ihterconnection of the
worlds finances, throughout the
whole world"
The Washington herald., 1921-02-05

steel exports of the five chief pro-
ducing countries in 1913 and in
1919 and 1920 is highly suggestive
as shown in the figures in the fol-
lowing table of monthly averages,
using gross and metric tons:
The Washington herald., 1921-02-05
Pennsy Applies
To /. &C for Loan

The Pennsylvania Railroad to-
day asked the Interstate Com
merce Commission for permission
10 sell e0,OOO,0Oo worth of nf-
teen-year securities mt 6k per
cent interest to buy new equip
ment and pay for betterment.
The Washington herald., 1921-02-05
Worlds Steel Demands Far Below
Prewar Average Despite Record
Breaking Exports, Says Editorial

exports from the United States in
the last two years, the world de-
mand has been far less than it was
before the war, says an editorial in
the Iron Age. An analysis of the
Steel Ennnrts IEncInhInE Irnn Or.
The Washington herald., 1921-02-05

GOVERNOR WILLIAM {. SPROUL,
OF who yesterday wired the United Press that the
industrial outlook his territory optimistic The OF the
depression is past he said
Gust there is much unemployment Pennsyl
vania due the slowing down OF industry but there has been
improvement the trade and lighter manufacturing
do the depression continue, and feel that within
the next few months will be going along sound and
progressive way"
The Washington herald., 1921-02-05
Exports of Dates From Egypt

lQuotat tons furuiEhed By ". B. Hibbt q
Co., Members New York Cotton Exchange.) }
The Washington herald., 1921-02-05
British May Aid UnderdoE.

1871, Public Ledger Co.,
The Washington herald., 1921-04-20
Disposal of South
African Wool Supply

Trade Commissioner P. ]. Steven
son reports from johannesburg,
South Africa, that the Union gov
ernment has announced that the
British government is willing to
purchase up to 100000 bales OF last
seasons wool clip, the schedule Of
prices for the various grades to be
the schedule of the 1913-14 prices
used for the 1917 scheme during
the war. However. the Sc per cent
addition given in 1917 is not In
cluded. 1t is agreed that SO per
cent of any profit realized on the
resale of the wool by the British
government will be credited to the
Union government for the account
Of the sellers. The arrangements
for valuation and payment and the
other general features will be the
same as those adopted in 1917. The
imperial government will not make
cash payments. but the cash ex-
penditures of the Union will be de-
Quoted from their indebtedness to
the British government.
The Washington herald., 1921-04-20
Canddd's Hor nd Steel
Production at LoLU Ebb

statement just issued by the
Canadian government on the pro-
duction OF iron and steel in Can
ada shows that shipments OF iron
ore from Canadian mines in 1919
were the lowest recorded during
the last nineteen years and amount
ed to 1910 tons. valued at $685.
SS6. as compared with 2l6.6Os tons,
valued at 3sS5.sS3 in 1918. Mine
operators reported the quantity Of
iron ore sold to the United States
during the year as 7.OSs tons. and
the quantity shipped TO Canadian
furnaces as 1SO.Os7 tons In 1918
the quantity sold for export was
l1S.472 tons. and that shipped to
Canadian destinations Ss.l5s tons.
Returns received from blast fur
mace operators give the quantity OF
imported ores charged to blast fur
naces as 1.e74leI tons. against
s,l46.ssS tons in 1918. The 1919 fg-
ure included 51s.722 tons from New
foundland and 1.l5I472 tons from
the United states lake district
The Washington herald., 1921-04-20
Iron Ore in Vizcaya.

The prediction of iron ore in the
Province of Vizcaya in 1920 amounted
to 2.6TS,000 metric tons (metric ton
-s.2O4 pounds) and the expectation
2.359.295 tons. of which 2,033.295 tons
were shipped through Bilbao and
$4,000 tons through Castro Urdiales.
The following were the countries OF
destination for the ore shipped
through Bilboa. the quantity being
in metric tons: United Kingdom, L.
S56.055; Holland. 6s.71S; Belgium.
42.452; France. 1856; Germany, TO-
s65: United States, 1,019; Asturias,
1889 tons. The quantity of ore
smelted in Spain during the same
period was 409.154 tons.
According to a cablegram from
Commercial Attache Carlton Jack
son. Mexico City. April "a. 1921, the
Mexican export duty on raw and
refined sugar has been abolished.
effective at once.
The duty on refined sugar has
been 10 cents (U. S. currency per
gross kilo Of 20 pounds, and on raw
and brown sugar. ~ cents per
gross ki1o.
The Washington herald., 1921-04-20
JULY WHEAT DROPS
TO new Low LEVEL
Good Weather, Limited Buy
ing and Lower Prices Con-
spicuous in Grain.

CHICAGO, April 1s.-Good weather
liberal receipts, limited buying
power and lower prices featured the
grain markets. July wheat dropped
to s1.O2. a new low with a moderate
rally; May was of to s1.2ol4. break
of nearly 4 cents from yesterdays
close. Sentiment is mostly bearish
and the same character of eastern
selling that was on yesterday was
renewed today. In the late trading
the big local cash houses sold May
and July freely. 1t is intimated
that there has been liberal selling
of late by the royal commission TO
hedge it's holdings of 6o.o0O,oOO
bushels cash wheat in all positions.
This has created a good load and
made it difficult for those who are
friendly to the buying side to on
set. Reports of export sale Of
100000 bushels to Germany, Italy.
Spain and Belgium for July ship
ment at is to 20 cents over May
received at noon started little buy
ing and a small rally. Contract
stocks are down to $4,000 bushels;
export sales here were 10000 bush
els.
Exporters are after corn and have
taken 100000 bushels. Charters have
been made the past two days for
500. 900 bushels to Montreal and
Buffalo at 2 cents for corn to Buff
falo and SA cents to Montreal.
This is under the rail rate. Weak
ness in wheat led to selling by local
operators and checked fresh buying
prices dropped sc to &c. Contract
stocks decreased 100000 bushels last
week and are 5,337.o0O bushels last
week.
Crop reports Of oats are spotted
from many sections, yet 10 local
traders are bearish and sold early
only to cover later and bulge prices
slightly. Contract stocks are 4,557,-
900 bushels, an increase of 1000
bushels last week. Seaboard export
ers and shorts bought rye without
helping gPrices as they dropped near
ly 20. Liquidation was on in pro-
visions and prices declined with
hogs and grain. Hogs were rallied
at the last but failed to help the
market for products Export busi-
ness is on in lard but does not help
the market Hog receipts were
1880 with $4,000 for tomorrow. Top
prices were 1886. cattle 10 cents
lower and sheep 25 cents higher
The Washington herald., 1921-04-20
DULL TONE OBTAINS
In COTTON MARKET
Liverpoors Downward Turn
Tends to Lower Quota
tions; Rallies Fail.

NEW YORK. April 19.-There
was another dull market in cotton
contracts today. with prices going
off. again from the effects OF the
Liverpool market turning downward
once more on .larger offerings of
spot cotton from this side, and also
from the effects of clear and
warmer weather all over the cotton
belt, further Southern selling, and
lack OF any fresh. stimulating news
from the dry goods districts or
milling centers. This combined to
tire out some Of the local and Wall
street bulls into liquidating some
OF their holdings. With Liverpool
also a seller here, there was little
inducement for trade in this or
other bulls OF late to support the
market A dragging situation was
thus created in the general CONTRACT
list from the opening. Prices then
started about to s points below
yesterdays closing quotations. and
gradually went off to between Is
and IS points maximum decline by
2:3O o'clock under the lead OF May
and July contracts. The new crop
months were not under as much
pressure, and held up better as a
consequence In this decline May
sold at s11S5. July s12.A. October
Of the new crop Sass, and Decem-
ber s1343. The rallies were slight
and only temporary, as the principal
buying support the market received
came from profit taking by shorts,
with only a moderate demand of a
scaIe-down character from trade in
terests and local commission houses.
owing to the absence OF any devel-
opments to stimulate new outside
buying.
The export clearances posted up
to 2 o'clock were 500 bales. in
cluding 493 bales to Great Britain
and 5,213 TO the continent. Yester-
days predictions for heavy frosts
in the eastern cotton States did not
materiaIize. Temperatures were
above the frost stage today all over
the belt with clear skies prevailing
everywhere. with the forecast for
generally fair and warmer weather
in all the cotton States for tonight
The Washington herald., 1921-04-20
TIMELY WALL STREET TOPICS

NEW YORK, April 19.-The West
was held responsible for the stock
markets relapse today into a spell
of weakness affecting every class Of
stocks but the oils and coppers. All
reports coming from Chicago and
interior points are couched in the
most pessimistic terms that the
street has listened to in many a day.
The West is blue because grain
values have been depressed further:
because their steel mills are not
doing much business. and for num-
her of other reasons which observ-
ers in Wall Street appreciate, but
claim to have discounted some
weeks ago The stock market com
munity always bet'sNes that IL Is
ahead of the West in taking stock
OF economic conditions, the rule ap-
Dlyiug as much in periods of de-
pression as in periods OF revival.
Although toiay's market and that
Of Yesterday were admittedly pro-
fessionaI in the extreme. trading
orders coming from the industrial
and agricultural sections of the
West nearly all on the selling side
The pressure OF real sales from that
source was not great, but IL was
nevertheless sufficient to give bear
operators another inning in the
stock market.
Professional selling for the de-
cline again centered in the steel
stocks. but success in this field was
not as pronounced as II was yester-
day. Crucible, Lackawanna and
Republic were heavy. In the case
of CrucibIe the statement by Horace
wilkinson, denying that the com
pany needed any new working cap
ital and contemplated no new financ
ing. served it's purpose for awhile.
but soon were of as an element OF
support. Maintenance of Republic
and Lackawanna dividends is still
questioned. The steel corporations
quarterly statement, scheduled for
publication next Tuesday, is expect
ed to show the effects OF reduced
operations. while this latter fac
tor has been freely admitted by the
constructive element for weeks and
has been discounted to some extent.
the shorts continued TO use il as
selling argument today. As a mat
ter OF fact. they needed little argu-
ment in view of the part which steei
stocks took in last Fridays general
advance. In that advance the steels
were deprived Of some of the tech
nical support that a large short in
terest gives a group OF stocks.
on the other side of the market
today the oil stocks presented a far
different picture. Behind the ad-
vance in this group IS an almost
universal feeling in Wall Street
that. oil prices have touched the bot
tom. An advance in still another
grade of crude oil today strength
ened this feeling. In this market
the forward movement was accel-
Grated by advances in the Standard
Oil group on the outside market.
Indiana Standard was feature
there. reaching a new high on the
movement. The presence OF E. L.
The Washington herald., 1921-04-20
HUGE sum NEEDED
To COVER LOSSES
$400, 100000 Is Necessary to
Meet Federal Road 0per-
alton Losses.

An additional appropriation OF
$500. 100000 is needed TO meet the
governments losses from operating
the railroads, Director General Of
Railroads Davis has informed Rep
Good, chairman OF the
House Ways and Means Committee.
Good estimated this amount will
bring the total OF the governments
losses to $4,000. .ooo.o 900.
The new appropriation, Good Un-
derstood. is largely to pay damage
claims for which the railroads ordi-
narily would have been responsible.
In addition, the Railroad Aminis-
tration is engaged in settling
claims OF the railroads for depreci-
alton during government operation.
The amount OF these. in the ma
jority of instances, is yet to be de-
termined.
Direct appropriations for govern
ment railroad operation now total
sl,25O, O,0O0, 900. il was pointed out
The Esch-Cummins act, in addition,
carries an indefinite sum to reim-
burse railroads for their losses dur
ing the first six months of private
operation. which il is estimated will
amount to 0o.0oo.0oo.
The Senate Interstate Commerce
Committee within a few days ex-
poets TO begin hearings on the bill
of Senator Lenroot providing for
OF the roads into
fewer systems. Senator Cummins.
chairman of the committee, expects
to get under way his railroad in
vestigstion before the FIRST OF next
month.
The Washington herald., 1921-04-20
PROPOSED SALES
TAX IS SCORED
William H. Johnston Labels
Issue as Worst Kind of
Grand Larceny"

William H. Johnston, vice presi-
dent of the Peoples Reconstruction
League, yesterday denounced the
proposed sales tax as the worst kind
of grand larceny"
The turnover sales tax. now pend
ing in a bill before Congress. will
levy 1880. 100000 on the people
with moderate and small incomes. in
addition to the 4 per cent income
tax they are now paying, Johnston
said. OF the total of S2.ooo.o .o0O. 900
sought by the sales tax. the wealthy
will pay about s2oo,oOO,ooo he de-
clared.
The tax would be a daily robbery
on a cruel scale of those who haven't
sufficient income to maintain an
American standard Of living" Johns
ton said.