The Austin Statesman (Austin, Tex.), Vol. 50, No. 86, Ed. 1 Sunday, August 28, 1921 Page: 4 of 24
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n-
V
SUNDAY, AUGUST 28. 1921
THE AUSTIN STATESMAN
LEADERS OF ALLE
SWINDLERS TRUST
Is Your Account Appreciated or Tolerated?
HELD IN HEAVY BAIL
There Was a Time When Only
the Rich Could Obtain Credit
EARLY SHOWING OF
I
Fall Footwear
*
-
$5.00 $5,50
2
{
I
A
A
J
8
%
TO
GERMANY AGR!
A
Y
Associated Retail Credit Men of Austin
NEXT TO HANCOCK OPERA HOUSE
)
Membership of 65 Leading Merchants
REVIEW OF FINANCIAL MARKETS
BY STUART P. WEST.
NEW YORK STOCK "LIST.
Local Cotton Exchange ]
The loss
NEW YORK COTTON.
higher, attracted little trade at the
... 61%
NEW ORLEANS COTTON.
KANSAS CITY LIVESTOCK.
NEW YORK COTTON.
Complete Home Protection Requires
SHERWIN-WILLIAMS
PRODUCTS
WEEKLY BANK STATEMENT.
SHERWIN-WILLIAMS HOUSE PAINT
Prvdu<
Must Have Profits.
•=
Mar- Not
FLOOR-LAO
WALL PAPER
DR. L. W. COCK
Latent Pattereu
wAT-PROOV
Chronic Diseases
vLooR VARNISH
United States Retall Store.
50%
United Staten Ind Alcohol....... 46
GRAINS AND PROVISIONS.
105 West Eighth St
X
■
A
33
Today Your Credit Is Better Than That of the Old-Time Rich Man, If You
Pay Promptly and He Doesn’t
Look your home over and mee if the weather is getting in. B
ac, decay is getting in and that means estly repaira. Paint
to save, hot be sureyour Paint is th. kind that savea
Is a durable Paint, mads especially for the exterior of your
home. Also try our
Credit is a convenience based upon confidence. Credit confidence is
based upon facts. In the old days credit was granted only to those that
were known to be worth considerable in property and money.
15.78 15.33
15.87 15.37
Lad
ure id
prize
you w
Previous
Open. High. L.ow.inse. Close.
SUPPLY MATERIALS
TO REBUILD FRANCE
Today the credit manager belongs to an association of credit man-
agers. They have a bureau for the exchange of information. The grant-
ing of credit is almost an exact science.
.. 15.60
.. IMS
.. 1495
.. 15.00
.. 14.25
. 15.00
.15.17 15.75
.15.10
. Federal Officials Picking Up
Evidence Against Chas. W.
French and Associates.
SPOTS (MIDDLING).
New York ...................
New Orleans .............. ..
Galveston ..................
Houston....................
Dallas .......................
Austin .......................
turned to the buying side,
was recovered later.
Corn, opening unchanved
As modem merchandising methods were evolved the credit manager
came into being. First he was the bookkeeper—he had facts. By degrees
he began to exchange confidences with the bookkeeper across the street
—and his firm increased its credit business upon additional facts.
Just now the slow pay customer must speed up or else his credit stand-
ing will suffer. Austin merchants and professional men are going to
eliminate him just as surely as they have eliminated the dead beat
“Prompt pay,” unless special arrangements are made at time of pur-
chase, means payment in full for last month’s purchases between the first
and tenth of the month.
Oct .
Dec. .
Jan, .
Mar .
May .
C. M. MILLER
Dealer in Wan Paper, Patt, Gams ana Art Materlal.
. 38%
.106%
■ 0%
.
. MM
. 10%
. 71%
. 3«%
. 41%
.UI
. 14%
. 41%
..11%
Oet, .
Dec. .
Jan. .
Mar .
May .
wonab}
Puoes
Your honesty, your ability to pay and the promptness with which
you DO pay is the credit manager’s guide. No longer must you be rich
to be entitled to credit
$6.00
BILLIKEN
Black or Brown
Lace Oxford
One-Strap
Two-Strap
Baby Louis, or
Low Heel.
American Sugar .............
American Sumatra Tobacco ..
American T. A T............
American Woolen ............
Anaconda Copper............
Atchison .....................
Atlantia, Gulf A West Indies..
Baldwin Locomotive .........
Baltimore A Ohio............
Bethlehem Steel B ...........
‘Canadian Pacific ...........
Central Leather .............
Chandler Motors .............
::: S
... 41'
a
... 85
... 33%
One and Two-Strap also Oxfords—Patent, Black Kid and Brown.
Semi-French, Low and Military Heels.
Will not be much doubt of the war-
rant behind the high prices.
3 Place to Buy Shoes
==-===================
716.10 15,66 16.13 16.40 16.10 start and generlly moved in a narrow
.16.60 16.00 15.50 15 OS 15.66 zone under th. influence of fluctua-
.15.58 16.06 15.50 16.00 15.71 tions in wheat. Initial prices were
.15.70 16.16 16.46 16.11 16,85.64% @54%e for September. 54%««54%o
.16 78 16.25 15.78 16.20 16.01 tor ecember, 54%054%c for May.
WEISBADEN, Germany, Ana. 27-
An agreement by which Germany is to
furnish materiais for reconstruction of
the devastated tegions of France. was
renchea today la negottations between
Louts Loucheur, French minister for
ilberated regions, and Dr Walter Rath-
enau, German mintster of reconst run-
tion.
The plan will be submitted to the
respective governments for approval
An official note says the agreement is
divided into two parts. The first in-
dicates the general condition of the
agreement and provides for the forma-
tion of two private societies, one of
them French and one German, to serve
as intermediaries between the German
industrials and the French sufferers-
The second part specifies the con-
ditions of delivery of material te the
French.
go str
is all J
you ai
Morl
gent lei
ure ini
to a J
ered t
can rrl
sist, t
less al
Not V
Albe
Waxa
if you!
cause I
get is
of A III
captail
B. A , I
but hl
Thri
when I
the E
IBs fa
ly and
Emily
Waxal
She 1
state I
live w
and til
er well
tn W:
were fl
the pi
day, a
ftshin
Inci
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it tha
clothe
marry
dread fl
cient I
page |
at hin
"Con
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"Wh
enoug
ngains
"Tel
durin #
"I l
fessed
This
it clet
I f , • E
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he h.-nl
lng. 11
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one thE
oth, r l
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publicE
grac I
prom
T« xa I
the fi
rowe d
fered I
war. B
ing ca
six ir.B
he nir
when B
has to
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want. B
1917. :
Of <•. c
samne B
to the B
S
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genera
(
-d-i
)
early buyine was in evidence, but was
overcome by selling by cash houses
I One of the latter sold freely until
wheat reached a point ic off, then
Oats showed some independent firm-
ness, but generally followed corn. At
the start, which was %c lower to 1%e
higher, but generally, unchanged, Sep-
tember oats were 34*034%c, Decem-
ber 37*038, May 42 c.
Provisions opened moderately higher
and moved upward on a firmer market
with lard in the van.
to He
ByAssoctatea Press.
cncAGO Aug, 27 — Charles W.
French and eight of those named with
him in the allegea 150,000,000 “swtndle
ring- were arralgned today before Unit-
M States Commtssioner Gtass, charged
with oonepiracy ana using the malls to i
defraud. They waived examination ,
and were bound over to the grand jury.
Dreneh • bonds were set at 115,000 and
‘ the others nt $6,000 each.
Evidence disputing the elalms of Z
W. Deris, Cievelan and Canton mil-
ionatre that 1600,000 of Davis notes
beimed by tederal agents in the invea-
tigation of Charles W. French, and hla
allaged “swindle ring" are eather 20
yeaa old or else forgeries was made
public tonight by Colonel John V. un-
nln, anststant United States dietrict at-
torney. Davis was arrestea at Canton
today and released under $26,000 bond.
The evidence produced hr Colonel
ciinnin is a letter on the stationoxy of
'the Diamond Portland Cement Com-
pany of whioh Daria was prestdent
and sikned with his name. It la dated
Mareh 29, 1921, at Cleveland and ad-
dressed to K. J. Coach, of that city
Ths letter after recgmmening French
to Coach and endorsing the securities ।
development company being organised
by French at Kansas City, Mo., says
in part:
-ther men have given Mr. French
$400,000 in personal notes and I have
given him $600,000 in my personal PA:
per and 850.090 in cash with which to
capitalize his organisation at Kansas
CKwritten memorandum attached to
the letter itsts the 3600.000 notes as
one of 8100,000 dated October 1 1930
and five for 8100.600 each dated No-
vember 18, UM Th. list corresponds
with the six notes surrendered at Mil-
waukee Wednesday by Aira Harshman.
French’s private secretary and treas-
urer of the Pacific Trust Company of
Missour, parent organisation of devel-
opment scurities and some twenty
other compapies . „
The Davis letter was selzed nt Cleve-
land by John W. Sawken. .agent of the
department of justice, wnlch brought
It and $10,000,000 in unsigned notes of
the Ideal Tire and Rubber Company of
Cleveland to Chicago today. The notes
were turned over to Sawken at Cleve-
tand yesterday by R W. Swan, a
broker’an a brother-in-law of Charles
Hawkins who was arrested here with
French a week ago today.
United tSates Rubber ...
United States Steel_____
Utah Copper ............
Westinghouse Eledtrie ..
Willys-Overland ........
Pure oil ...............
•Atlangle Coast Uns ....
Coca-Cola ...............
the view of most critics, there can
io return to prosperity until the
trv'1 basic commodities gst back
-Ices where producers will have a
Dark Brown
One-Strap
Brogue Oxford
Lace Oxford
Low Heel.
As a result the “dead beat” has beat it “Slow Pay” can not always
buy what and where he pleases. “Prompt Pay” is king—rich or poor, his
credit is good. The credit man recommends him to his friends, the other
credit men.
ner of the business depression and are
on the up grade.
Prices Withstand Bad News.
Also there has been a demonstration
again that prices can reach a level low
enough to measure the worst of news.
Nothing could have been more dis-
couraging for ths steel Stocks than the
statement made before the Senate
committee by the president of the Re-
public Iron and Steel Company, and
concurred in by the representatives of
the other steel companies present, that
his company was losing money on
every pound produced, and that it
would be better to shut down alto-
gether. This came almost at the same
time that Judge Gary was quoted as
saying that the steel corporation would
meet all the most drastic new cuts of
the independents, although realising
that business on such a basis would
be conducted at a loss. Yet the steel
shares more than held their own dur-
ing the greater part of the time in the
week’s market.
Previous
Open. High. Low. Close. Close
..14.80 15.40 14.74 15.35 14.93
..15,00 15.61 14,98 15,59 15.15
..15.12 15.75 15.13 15 53 15.35
NOT NECESSARY TO TRAVEL.
The season is here when many hay
fever and asthma sufferers seek rello
at health resorts. Those who remain
at home can find relief in Foley’s Honey
and Tar. Mrs. Alice Holts, 817 York
St, Cincinnati, O., writes: "Foley’s
Horey and Tar broke up a bad cough
and also my hoarseness, and gave me
great relief. It is certainly a good
remedy." It spreads a healing, sooth-
ing coating over tickling, irritating
membranes, eases choking and gasp-
ing. Sold everywhere.—Adv.
weak; canners steady; bulls weak;
calves, 50c to 31.50 higher; stockers
and feeders wsag to 75c lower; stoev
cows and heifers steady; stock calves
25c to 50c higher.
Hogs: Receipts, 100 head; market
active, about steady; best lights to
packers, $9.25; to packers to loads
heavies, 88.50; bulk, $8.0009.20; stock
pigs steady.
Sheep: Receipts, , 400 head. For
week: Sheep mostly 50c lower: fat
lambs 81 to 81-25 lower; feeding lambs
75c to 81 lower.
Disappointed Youth Takes Poison
DALLAS, Texas, Aug* 27.— Relatives
of C. H. Patton, Jr., who became 21
years of age today, declare the man's
father promised him 8500 when he
reached his majority if he refrained
from smoking cigarettes. The man
died at a hospital tonight from poison.
His brother said their father told Pat-
ton that he would be unable to give
him the money until later. It is said
Patton was engaged to be married and
looked forward to the money.
(Q FA Refined Style and Quality. Brown co rn
d>.3U Kid, Strap Brogue and Lace Ox d3.3U
ford. Military Heel.
0Q PA Beautiful One-Strap, Semi-French 9 PA
•0.3U In Satin, Patent and Kid Glazed •0.U
Kid Oxford and Two-Strap.
Chicago, Rock Island a Pacitic.. 3o»
Chino Coppo ..................."30%
•Colorado Fuel and Iron........12%
Corn Product* .................. 65%
Crucible Steel .......... N 63%
Cuba Cane Sugar ............... 7%
Erl......\..........,........... 11
General Electric ................117%
General Motors ................. 2%
Goodrich Company .............. 10
Grant Northern pM ............. 11%
Great Northern Ore Ctt«.........17%
ingis Central..... --- 2/
Inspiration Copper ------3
Int. Mer. Marine pfd ............ 381
International Paper ............. 411
Kennecott Copper ............... 17’
“Loutsville & N ash villa .........108
Mexican Petroleum ............. 24
Miami Copper...................11
Middle States OU ............... 11
Midvale Steel ................... n%
Missouri Pacific .......... 18%
New York Central .............. 70%
N. Y.N.HE Hartford........14%
•Norfolk a Western ............ 04
Northern Pacifle .................71%
General Asphalt ................ 43%
Oklahoma Prod, a Ref.......... 1%
Pan-American Petroleum '.......41%
Pennsylvania .................... 17%
•People's Gas ................... 63%
•Pittsburgh A West Virginia.....14%
Ray Consolidated Copper .......11%
Reading ......................... 68%
Republic Iron and Steel.......... 44%
Royal Duteh, N. Y...............44%
•Shell Trans. A Trad............ 14%
Sinclair Con. Oil ................ W
Southern Pacific ................ 74%
Southern Railway .............. 11
Standard Oil of N. J. pfd........100%
Studebaker Corporation ......... 6%
Tennessee Copper.............- Hi
Texas Company ............... Ml,
Tens A Facuke ................ 118.
Tobacco Products ...............00
Transcontinentai OU .......... 4%
•Union Pacific ..................110%
•United States Food Produeta. .. 11%
Chesapeake A Ohio .....
Chicago, MIiwaukee A St Paul
NEW YORK, Ang. 17.—Ths con-
dition of clearing house banks and
trust companies for the week shows
that they hold 85,809,580 reserve in
excess of legal requirements. This is
a decrease of 11,166.090 from last week.
The statement ollowa:
Actual condition:
Loans, alscounta, etc. $4,35 1,257,000;
decrease, $21,946,000.
Cash in own vaults, members fed-
eral reserve banks. 870.717,000; in-
crense, $090,000.
Rewerve in federal reserve bank of
member banks. 1467,114.000; decrease,
88,748,000.
Reserve In own vaults, State banks
and trust companies, $8,252,000; de-
crease, $247,060.
Remerve In depositaries, Stets banks
and trust companies, 88.806.000; in-
crease, 161,000.
Net demand deposits. $3,615,672,000:
increase, 156,212,000..
Time deposits, 8211,711.000; increase.
$2,615,000.
Circulation, 811.3U.OOO; increase,
8114,000.
I United States deposits deducted,
sf 2403.000,
Aggregate reserve. 1414,171.000.
Excess reserve $5,800,580; decrease,
$11,166,050, '
NEW YORK. Aug. 17.—The cotton
market showed more or less nervous-
ness And irregularity during the day's
early trading. There was continued
realising and probably some selling in
expectation of reactions after the ac-
tivity and advances of the past few
days. TKders found littie change in
the general character of crop and trade
news, however, and there wag good
buying on ths dips, which gave the
early market a steady undertone.
First prices were 11 to 15 points lower.
With December selling at 15.40. or 48
points below yesterday's high record,
after which the pries rallied to 15.56c
on the bullish week-end reviews of ths
goods trade and reiterated predictions
of very low crop figures from the gov-
ernment nevt week. Sales of print
cloths in ths Fall River market were
estimated at 200,000 pleces for the
week, or the heaviest week's business
sines last March. Showers an dlower
temperatures were reported in the
Southwest
Offerings were readily absorbed on
the early reaction and the market
showed renewed strength later with
all months making new high ecords
fo rthe movement on covering by early
selling and a turther broadening of
trade and commission house demand.
December sold at 16c and closed al
15.980 with the general market cloning
strong at a net advance of 27 to 38
points. The South was an active buyer
tn late tradings
CHICAGO, Aug 27—There was a
light but fairly hivaly market at the
opening of the Board of Trade today.
Wheat started Ke to %e lower with
September 81.18% 01.19%. December
$20*0in. and May 41,24, The
reasonable profit, be able to pay off
debts and begin to buy again. Cotton
is one of these essential commodities
which has certainly taken a most
promising forward step, and the cot-
ton grower represents one class at
least of the agricultural population
which once more can do business at
a profit. Unfortunately the same can
not be said for the general run of grain
farmers. The latest government report
of prices on the farm—which was un-
der date of August 1—showed that
wheat was bringing only 81.05 a bush-
et, against 82.82 a year ago; corn, 62
cents, against 81.64; and oats, 34 cents,
against 82 rent*.
Hope in Agricultural Credit BilL
The wheat crop is below the recent
average, but there is no shortagt at
all comparable to that In cotton. The
corn crop promises another huge ad-
dition to the overhanging surplus The
principal trouble does not lie with the
export demand, because breadstuff
shipments, although smaller in value,
are larger in volume than they were
a year ago. But buying, whether for
foreign or homa account, would have
to be greatly stimulated before the
world excess of supplies could be
worked off and allow prices materially
to advance. Much is hoped from the
billion dollar agricultural credit bill.
This win allow, in a really large way,
exporters of grain to secure Chrough
the war finance corporation long term
loans and they in turn will be able
to extend credit for long periods to
foreign customers.
Industrials Regain Loss.
in five hours of Friday's session «
large number of the active industrial
stocks regained not only all they had
lost previously on the week, but alt
their losses of the week before. This
is the most effective summing up that
there could be of ths stock market
situation. It gives some idea of the
extent, to which "bear operations" have
been responsible for the recent weak-
ness and have made it appear much
grater than it actually was The mar-
ket as a unit ceased going down to-
ward the end of Juno. The declines
since them. to be sure, have been very
numerous among individual stocks, but
they have been movements based upon
speidie and upon general conditions
Quite as many stocks, while they have
seemed to go down when other parts
of the list have had their sinking
spells, have not stayed down and have
been gaining quietly but unmistakably
al Ithrouz the fluctuations of ths last
two months. These are the stocks of
companies which have turned the cor-
KANSAS CITY. Mo. Aug. 27.—Cat-
tle: Receipts 800 head. For week:
Beef steers steady to 25 lower for best-
others mostly 50c to 75c lovr; heif-
ers steady to strong: cows stendy to
Alita-Chalmers .................. 29%
American Best Sugar ........... 27%
American Can .................. 25
•American Car and Foundry.... 122
•American Hide and Leather pfd 47
American International Corp..... 26%
American Locomotive ........... 65
American Smelting and Refining 31%
NEW YORK, Aug. 37.—Further ac-
sumulation of surplus bank reserves,
bringing the ratio for the federal re-
serve system to a new high for the
year and the highest since ths early
spring of 1818, an accompanying re-
duction in money rates, a sensational
advance in cotton prices, and a stock
market which for the most part has
given a very good account of itself
under trying circumstances make up
the outstanding financial feature of
the week. It is quite possible that
tederal reserve institutions in the East
will wait a bit longer into the crop
moving season before coming down
any further in their discount rates.
But the reserve ratio of 74.6 in the
New York district is 36 per cent above
what it whs two yenrs ago. and for
the twelve regional banks together the
presar* ratio of 66.5 contrasts with
gratio of 51 per cent at the close
of September, 1811, when 4 per cent
was the prevailing rediscount quota-
tion for the coutnry generally. This
simple comparison of banking strength
■sakes the present 6% per cent redis-
count rate seem altogether too high.
Anereased Value of Cotton.
As between the low of June and this
week's high, cotton has risen nearly
4 cents in the pound. From last year's
low the recovery is about 6 cents. This
means, figuring upon tbs probable
yield of cotton this year plus the carry-
over from last year's harvest, an ad-
dition of something like 8390.600.000 to
the value of the season's holdings.
What effect this will have upon •co-
nomie oonaitions throughout the South
la perhaps the most interesting ques-
tion which has come up in the course
of the week. It would seem reason-
able to conclude that it will put own-
era of the staple in a much more
ebeerfu frame of mind, accelerate the
liquidation of bank loans in which
cotton forms ths colalteral, and ulti-
mately revive for the benefit of gen-
eral business buying power of the
Southern States which seems reason-
able. providing the present improve-
ment holds As to the permanence of
the upward movement. If the August
report of the government shows any-
thing like the startling shorthge pre-
dicted by private investigators there
Anti-Phymin System of Treatment
Office: 722 Congress Ave.
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The Austin Statesman (Austin, Tex.), Vol. 50, No. 86, Ed. 1 Sunday, August 28, 1921, newspaper, August 28, 1921; Austin, Texas. (https://texashistory.unt.edu/ark:/67531/metapth1534528/m1/4/: accessed July 10, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu.; .