davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1919-06-21
BUSINESS NEWS BUREAU.
Tribune Building
I54 Nassau Street
Boston Hears Big
. Shoe Concerns Will
. Start Chain Stores
Three of Largest Manufact.
urers Reported Forming
Company to Retail Foot
wear Here and Abroad

BOSTON, Mass. June 20.-The re-
port is current in financial circles here
and in Lynn that Henry Endcott, of
the Endicott, Johnson Company, and
A. c. Brown, of the Hamilton, Brown
Company, are interested in new or
ganization for the sale of shoes in re-
tail stores.
It is further reported that the w
H. McElwain Company is interested
financially in a chain of retail shoe
stores, and that the company's capitali-
zation is being increased from S4,000,-
900 to S5,000OO00. Reports have been
heard inleading shoe and leather circles
that something big" was under way
in the retail shoe trade, but to-day for
the first time the names of the per-
sons said to be behind the action were
mentioned. There is no authoritative
sts tement forthcoming as yet, but
among those who appear to be in
fol med are banks that are known to
do business with leading concerns.
1t is declared unofficially that the
new organization will establish stores
throughout the United States and
Canada, taking in every large and
medium sized city, as we'll as spread
to countries abroad.
New-York tribune., 1919-06-21
Silks
Sh0au More Hest.
tati0n in Paying High
Silk Prices

Trade in dress silks yesterday was
not SO active as it had been earlier in
the week. Fewer buyers were in the
market, and some of the jobbers stated
that the representatives of out-of- town
retailers seemed more reluctant to pay
the high prices demanded by the SELL
ers. 1t also was admitted that certain
colors, those that do not appeal to the
current tastes of the. women of the
country, were slow sellers. Local cut
ters of women's garments were endeav-
oring to place supplemental orders for
sheer fabrics which, it was insisted,
could only be accepted in a limited
way. Announcement that the govern
ment is preparing to dispose of it's sur
plus supplies of cartridge cloth, the
quantity being estimated at 100000
yards, aroused interest in the trade.
According to the official report, the
fabric may. be converted into dress
goods, draperies and the like.
Importers reported that they were
receiving small consgnments Of silks
from Switzerland, but it was stated
that the imports Of Swiss products
would not exert much of an influence
on the domestic market for some time
to come. Shipping facilities are not
available for exporting these goods on
liberal scale, it is said.
New-York tribune., 1919-06-21
Silk at New High Prices
Northern Chinese and Canton
Lead Movement

Higher prices for Chinese raw silk
slightly lower quotations for old crop
Japanese silk and moderate orders for
the Nipponese product were yester-
days market movements, according to
local importers.
Old crop Japanese silks, supplies of
which are poorly assorted in respect
to quality, were reported to be OBJ
ttainable at moderate price recesslons,
but as the cables received from Yoko-
hama seemed to have been garbled in
transmission information regarding
the exact amount Of the decline in
price was not available.
1t was stated that prices for new
crop silk had ascended on the Yoko-
hama bourse, but these represented
speculative dealings rather than tran
sactions between actual sellers and
users of the product. The best grade
of Shanghai or northern Chinese sill;
was quoted at $40 a pound, an advance
of so cents over the previous quota
tion, and the top grade of Canton silk
was increased to ST, representing ar
increase pf 10 cents. Both levels cs..
tablished new record levels.
New-York tribune., 1919-06-21
Greatest Season for Tropical
Clothing Expected for 1920

Predictions and evidence of a short
age of regular lightweight woo!len fab
ribs for next springs use, it is said, is
turning the manufacturers of mems
lntrodution of extremely light cloths
such as Palm Beach fabrics, mohairs
and similar materials At least two
large concerns are showing such fab
RIGS now and initial orders are said to
exceed those of previous years. The
introduction of extremely light clohts
for mems summer wear is of compare
lively recent origin, and the use of
such materials is said to be increasing
normally. This, combined with the diff
ficulty which clothing manufacturers
will have in obtaining regular light
weight woollens and worsteds, presages
large production of tropical weight
clothing for next spring.
New-York tribune., 1919-06-21
Industrial Diamonds
Now Almost Luxury
Sharp Advance in Price Leads
to Some Substi.
tuition

diamonds used for mechanical and
sclentlhc purposes are almost as hard
to get al this time as the more en-
penslve brilliant stones, though i'm
porters declare that the demand from
the various industries is far below
normal. Prices for the various grades
OF industrial or mechanical stones have
aovanced IN some cases as much as
10 per cent because of the shortage
OF supplies in this country.
Automobile concerns, which usually
are large users of diamond instru-
ments, are now buying comparativelv
few stones. Normally one large com,
pany buys close to $4,000 worth of
mechanical diamonds a year. Now the
purchases are much below this average.
!he wire making industry, which uses
diamond dies, Incorporating fat stones,
running from one-half to twenty carets,
IN drawing wire, also is far behind in
its orders for diamonds.
Because of the high prices asked for
diamonds cutters of marble, and other
stone have substituted carborendum in
the teeth of their saws, but it is said
1hat the later material has not proved
as satisfactory as diamonds.
Crushed bortz, which is mechanical
diamonds in a powdered form, used for
polishing gems, watch jewels and en-
crusted work, has shown the most
marked increase in price, advancing
from 81 to S3.75 a caret.
One importer just returned from
Brazil, which is the chief source of
glazer's diamonds, declared that there
is little of this material available in
the South American market. Prices.
he said, have increased from $40 to
$35 caret. Black diamonds, or car
bon, used in drilling and prospecting
tools, were formerly quoted at prices
ranging up to $S5, while now they cost
from $35 to $125 a caret.
New-York tribune., 1919-06-21
Big Producing Costs KNOCK
Profits Out of High Prices
Average Manufacturer Forced to Borrow Twice
as Much Money Four Years Ago, Maker
of Infants and Children's Wear Asserts

to dress as we'll as means will allow
is not true when it comes to small
children. The tendency there ever will
be to. buy garments that are service
able, practical and, above all things,
cheap. These features are more i'm
portant than style, an essential element
in the manufacturing of women s
clothing.
"The only way the manufacturer can
keep his prices low enough now to
prevent his volume of sales from de-
creasing is to sacrifice a part of his
profits"
Mr. Leavy is optimistic regarding the
future of the infants wear business.
"Retailers are beginning to realize
more and more the value Of separate
infants wear departments, he said,
''and this alone is tending toward a
greater volume Of sales. Another thing
that is increasing my own business is
the use of trademark and the direct
to-the- consumer advertising of that
trademark. There is no reason why
brands of children's dresses should
not be as we'll known to the general
public as trade brands of mems cloth
ing. I believe the future of the in
dustry lies in that direction"
The wholesale manufacturing Of
infants and childrens clothing, accord
ing to Mr.. Leavy, is of comparatively
recent origin.
"Years ago." he said, "nearly every
bride received sewing machine as
wedding present. Before the birth of
child the mothers friends came in
and held sewing bee. Now they don't
bother with making a child's clothing
at home, but buy it ready made. After
all, the new method is no more expen-
sive than the old, for quantity produc-
tion has made for low prices and the
homemade garment to-day costs al
most as much in the long run as the
dress made in a factory and sold in
retail store -
New-York tribune., 1919-06-21
Metals
Export Prices for Wire
Nails and Wire Are
Advanced

Export prices of wire nails and plain
wire have been advanced by an indie
pendent producer not connected with
the Consolidated Steel Corporation. The
increases, it is reported, are to become
effective Immediately and are from
s3.25 to $3.50 hundred pounds for
nails and So to $50 for plain wire.
No change has yet been made in the
domestic quotations for these products.
Improvement in the demand from
foreign buyers was declared to be due
in part to recent substantial reduc-
tions in ocean freight rates, which per-
init American mills to deliver steel at
prices advantageously in competition
with English mills.
Domestic consumers are said to be
convinced that present prices will hold,
and therefore are more inclined to COW
err their requirements for the third
quarter Of the year. Some business is
said to have been done for shipment
over the entire second half Of 1919.
New-York tribune., 1919-06-21
TELEPHONES.
Beekman 8243
Beekman 5000
Cotton Prices at
New High Record
On German Report
Market Up SIS a Bale m
Rumor That Scheidemann
Cabinet Had Fallen-Re.
action Later

Violent fluctuations marked ~.
course of cotton prices yesterday. ana
on receipt of news that the Sche;a.
mann Cabinet had resigned the mat.
rose to new high records for tho ro..
July going to 32.75 cents a pouna saa; ar
October to 32.46 cents. At this lsrS1
these two months were SIS a bale aho,s
the low prices for the iav is.as
when it was found impossible 70 cn.
firm the report of the German Csh;
nets resignation. the market sacnas
back. The close was at net gains -
to % points. '.
Although dominated by the intern.
tional political news, the market wa.
Influenced also by reports of continual
large movement in cotton goods !,
was said that buyers are seeking tls
goods they can get. Merchandise pr;cas
were suffer as result of the advances
in raw cotton. There was good buv;rs
of cotton futures by Liverpool ans
Japanese interests Advices from Frs'
land were that the demand from Ian.
cashlre seemed Unsuitable and thar
Manchester continued to speak of
heavy demand and large turnover
Some fear was expressed of an ac,nei
AeiiitiiS ~ NOtNoi EOOQS III NHnCncStQr
Reports from Memphis stated that
foreign buyers were seeking to estah.
lish credits there with cotton factors
and bankers. Other advices were to
the effect that plans have been matured
for raising an initial working fund Of
about $25,000,000 for the American Cot.
ton Export and Finance Corporation.
With the recent improvement in the
ocean tonnage situation many traders
believe that the only obstacle TO ran.
idly increasing export movement is the
difficulty of establishing credits, and
they believe further that this difficulty
is now in the process of being solved.
Sales in the Southern spot markets
yesterday were in larger volume. New
Orleans sold 1925 bales. Mobile 900
bales, Savannah S72. Norfolk 1894 and
Augusta 1920. In the local spot mar
ket middling uplands was quoted at
1915. Exports from all ports were
1880 bales.
Prices for future contracts follow:
New-York tribune., 1919-06-21
New Zealand Woods
Freely Bought at Sale
Only Seven of l44 Lots With
drawn at Boston Because
of Low Offers
Business NcaUs Bureau

Special Correspondence
BOSTON, June 20.-New Zealand
woods were in good demand at the
government auction here to-day. and
only seven of the 144 lots were with
drawn because of low bids. The Amos
keag Manufacturing Company and
Francis Wiley G. Co. were the heav>
lest buyers of these wools, the former +
taking Sand the latter 81 lots.
Australian wSols dragged when they
were first offered. The buyers ne
elected the bury, faulty and stained
wools, but bidding was keen on the
better qualities. c. j. Webb e. Co.
took SIS lots of the 172 Australians Of
fcred. The remainder of the offering
was scattered among twenty buy
erS
Fred M. Blanchard, local dealer,
will sell 400 bales of Punta Arenas
wool (South Argentine wool particular
auction next Monday.
"While there has been no marked
change so far as prices at the sea-
board wool markets are concerned" )"
The Commercial Bulletin" will saw
tomorrow, "the tendency of values is
still upward, more especially on finer
wools.
The markets abroad are all firm,
especially in England, except on the
medium wools grading below SOS.
1.-The mill situation is very strong
and some prices are being named for
the lightweight season on standard
goods.
Buying in the West has continued
steadily with prices firm for the best
wools and in the fleece wool sections
little higher for delaines."
New-York tribune., 1919-06-21
Expect New High Mark
In Grain Shipments
Wheat Exports Through Calves.
ton Exceedingly Large, Grain
Inspectors Figures Show
business Neacs Bureau
Special COrreSpondence

GALVESTON, Tex, June 2o.-It is
expected that the wheat exports
through Galveston for the month of
June will exceed those of any single
month during the last two years. This
record breaking movement is indicated
by the shipments that are coming into
Galveston and the large number of
ships that are coming to this port for
wheat cargoes.
Grain exported through the port of
Galveston during the month of May,
1919, amounted to 02.93316 bushels,
$4,000 bushels of which was wheat
and 383,333.16 bushels barley There
was no wheat exported from the port
in May, 1918, but there was 9o5, 5,55s. .46
bushels of barley exported in that
month, and 410,247.3O bushels of corn.
The report of II. A. Wickstrom. chief
grain inspector for the port of Calves
ton, shows that there remained on
board ship, not cleared, on June !,
l77,500 bushels of wheat and 149,o99. As
bushels of barley.
New-York tribune., 1919-06-21
MORE money, smaller profits in

n oNC money, smaller prohtS IN
AVA proportion to capital invested,
and a smaller volume of merchandise
produced, is the way w. L. Leavy, man
ufacturer of dresses for infants and
children, summed up the present situa-
tion in the industry which turns out
the garments for one-fifth of the coun-
try's population.
"In dollars and cents" said Mr..
Leavy yesterday, 1--WE manufacturers
are selling more than ever before. In
the number Of pieces, most of US are
selling less than we did few years
ago. In addition to this we are forced
to use more money to carry on our
business. At a rough estimate, I
should say that the average manufact-
urer is now borrowing twice as much
from his bank as he did four years
ago. On top of this, in our particular
line, the percentage of profit upon the
capital invested is smaller, even though
prices have jumped enormously.
"The reason for this lies in the
fact that our overhead now makes a
bigger hole in the gross income than
ever before. There isn't one single
feature connected with the manufact-
uring of children's and infants dresses
that hasn't increased enormously and
that isn't still on the advancing scale.
1t is impossible to advance the price
of our merchandise to keep pace with
our advancing costs. We would reach
the point where further advances in
our prices would cut down sales.
Glow price is one of the essential
elements in the manufacture and SELL
ing of infants garments. The young
child has no personal responsibility for
its clothes. 1t soils it's dresses, tears
them and years them out rapidly.
Then, too, it outgrows its clothing
quickly Even in wealthy families it
isn't worth while to buy expensive
frocks for little children. The ten
dency of the general adult population
New-York tribune., 1919-06-21
Machinery Statesmen Optimistic

A sales director for large MA
at present most of the users Of ma.
chinery equipment are buying only
for immediate needs, but he asserted
that after the farmers have harvested
their crops, after the treaty of peace
is finally adjusted and when Slight
downward revisons in prices have been
made about July l, business will loom
up in large way.
At present, he said, the farmers are
buying fair quantities of kerosene pro-
PEELED engines, and he also asserted
that industrial concerns were buy.
ing such electrical equipment as gen
orators and motors.
Sales managers for other large
houses are equally optimistic over
prospects for fall trade.
New-York tribune., 1919-06-21

this, $1,ooo,ooo invested in War Finance
Corporation bonds at par yields s5o,OoO
without deduction, leaving an advan-
tage of $500. The slight discount on
the bonds makes the advantage some
what greater.
The bank acceptance market has
been quiet for the last few days. Some
brokers, it is said, have been selling
bills to corporations instead of to
banks. These corporations had accumu-
lated money for tax payments and are
said to have been putting it in ac-
ceptances rather than in tax certific-
ates.
A news bureau announced yesterday
that Belgian acceptances amounting to
$40,000,000 will be offered for sale in
the market within few days This is
the balance of the 100000 ac-
ceptances credit granted Belgium by
American bankers for the purchase Of
commodities in this country" The
managers of the syndicate originally
handling these bills announce that the
bills are on the way, and may be re-
ceived any day. They will not be put
out all in one block, however.
New-York tribune., 1919-06-21
Business M0ney

There has been no particular change
in the commercial paper market. Five
and one-half per cent covers almost
the entire market. Some dealers say
there is little paper at 5A, but not
enough to count as a market
An increased demand seems to have
sprung UP in the last few days for
the War Finance Corporation bonds.
This $200,o00,oOo issue was put out
at tax payment time and just before
the issue of the Victory Liberty loan
Under these unfavorable circumstances
the bonds went knocking about the
market for time and fell below par.
Their present quotation is 99%. At
this figure they should prove attractive
to banks: They are due April /, 1920,
making them nine months note. They
are an indirect, but no less certain OBJ
legation of the government. They are
exempt from all state and local taxes
and from all Federal taxes, except
estate and inheritance. One million
dollars of commercial paper at 51A per
cent yields $4,000, from which there
is 10 per cent tax deduction of $500,
leaving net yield Of $49,5OO Against
New-York tribune., 1919-06-21
Warm Weather Helps Trade

Optimism is the keynote Of the trade
surveys published by the two LEADING
mercantile agencies, in their weekly
reviews. Dun's summary says that no
one section of the country has a mo-
nopoly on improving business, and that
complaints Of backward collections are
unusual, and June promises to set an
other new low monthly record in the
number of commercial failures
Bradstret's reports that warm
weather has helped trade as we'll as
crops and that the entire situation re-
veals but few blemishes.
New-York tribune., 1919-06-21
Furs
Uncertainty as to Taees
Retards the LeIivery of
Goods already Sold

Thousands of dollars worth of fur
garments for next fall have been sold
by local manufacturing furriers to re-
tailers, it is said, but are being held
in the cold storage rooms here pend
ing a definite decision of the fate of
the fur tax. Manufacturers declare
they have been forced to this method
of selling fall merchandise by the un-
certainty connected with the resolution
in Congress to repeal the tax.
"1f the tax is allowed to stand" said
one prominent manufacturer yesterday
"a goodly portion of the merchandise
represented in these orders may not
be taken by the retailers. We may as
we'll expect large cancellations"
New-York tribune., 1919-06-21
Local Aircraft Bureau Sells
Surplus Property at Los

Lieutenant Eichelberger, in charge
of the New York Office of the Bureau
of Aircraft Production, War DEPART
ment. stated yesterday that the local
branch since last March has sold sur
plus property amounting in value to
$l,0Oo,O00. Among the Products were
lumber, machinery, chemicals. hnrd-
ware and steel drums, which we're used
for holding castor oil. 1t was said that
the government obtained prices that
represented but slight decreases from
tho original cost Of the materials.
New-York tribune., 1919-06-21
Charges Tariff Would
Create Potash Trust
Would Place Tax of $4,000
a Year on Farmers,
Is Claim
Business Nesps Bureau
Special Coyrespondence

Business NeDs Bureau
Special Correspondence
WASHINGTON, June 2o.-Claims OF
the potash industry for tariff protec-
tion are designed, Benjamin c. Marsh
legislative director of the Farmers Ma
tional Council, charged before the
House Ways and Means Committee to.
day, to permit the establishment of a
potash trust in the United States.
If loss to the potash industry was
incurred during the war, he said, the
government should meet this loss by
direct payment to the investors. The
tariff increases proposed would put a
tax Of from $5,ooo,o0o to $4,000, 900 on
the farmers of the country the first
year they were in force, he asserted
"This bill," Mr.. March added, "will
enable potash producers to build up a
monopoly, which is, of courseu, what
they are after, and what the farmers
will not stand for. The government
could acquire the potash produced dur
ing the war, we understood about 10O,-
600 tons, and sell it through some
agency to the farmers at cost"
New-York tribune., 1919-06-21
Silk Gloves Cost More

Retailers who short time ago were
selling silk gloves for as cents a pair
are now paying the wholesalers rs cents
a pair for similar makes. According to
the manufacturers, the retailers became
panicky over the lull in sales caused by
the inclement weather at the openir 2
of the summer selling season, and un-
loaded their stocks with little thought
of profit Gloves sold at these special
sales were made from silk bought at Sc
a pound, while present offerings are by
manufacturers on the basis of raw silk
costing about SO pound.
New-York tribune., 1919-06-21
Boleo Copper Company
Curtails Production
Mexican Concern Owning Rich
Mines Lay Off Many
Men
Business News Bureau
.SDpci0l Corresnondcnr.

SpeclGI Correspondence
MONTEREY, Mexico, June 2O-The
Boleo Copper Company, which is
owned by French interests, has cur
tailed its mining and smelling opera
tions at Santa Rosalia, Lower Califor-
MIA, on account of the falling off in the
price Of metal. 1t recently laid off sew
eral hundred of its $500 employees and
closed some departments of it's smelter
This company has carried on extern
sive mining and smelling at Santa Ro-
salia for many years. Its copper mines
there are said to be the largest and
richest on this continent
The output of the smelter is shipped
in the company's own vessels direct to
France. Santa Rosalia has no railroad
outlet. The town is practically owned
by the Boleo Copper Company and is
said to be modern and we'll kept. This
company is noted for the high wages
which it pays. The wage scale ranges
from $3.50 to 50 day, American money
equivalent.
New-York tribune., 1919-06-21
Demand for Copper Slackcns

Demand for copper metal has slack
cped. and, while prices are being main
tanned by the large selling agencies,
the volume OF business is much less
than week ago. In the opinion Of
the trade, the market will continue dull
until we'll into July, but broader DE-.
mand Is looked for as soon as inter
national trade is allowed to return to
more normal channels, following the
signing OF the peace treaty.
New-York tribune., 1919-06-21
$22.23 Average Weekly
Wage in This State
Workers in May Paid 38 Per
Cent More Than Year

ALBANY, June 2o.-The average
weekly earnings of the factory workers
in this state in May of this year were
$615 Cor 3S per cent? higher than in
May, 1918; So Cor Sc per cent? higher
than in Nav, 1917, and $3.50 Cor 75 per
cent? higher than in May, 1915, ac-
cording to statistics compiled by the
New York State Industrial Commission.
Reports from 1,648 manufacturers, who
employ $4,000 workers, indicate that
the average wage last month was S22.23
week.
The level of earnings for the last
four months. however, is lower than the
New-York tribune., 1919-06-21

Great Britain Restricts
Imports Of Hosiery

WASHINGTON, June Tenn
porary restrictions on the importa-
ton into Great Britain of silk ho-
slery and cotton hosiery containing
rs per cent or more silk by weight
We're. announced to-day by the
British embassy. The licensing au-
thorlties in London, however, will
authorize importations up to SO per
cent of the quantities imported in
1916.