davidaulloa/AmericanStories huggingface dataset:
The Washington herald., 1920-02-13
FOREIGN TRADE
COOPERATION
New Publication Points Out
Advantage of Col
lective Selling.
COMPETITION IS KEEN
Powerful Concerns Abroad
Make 1t Imperative
To Avoid Mistakes.

COMBINING under the Webb law to
meet the intense and highly organized
competition of foreign organizations,
more than 100 American organizations
in the last year have filed their papers
with the Federal Trade Commission.
according to a summary just made by
the Guaranty Trust Company of New
York in its new booklet. "Combining
for Foreign Trade"
Hitherto" it says. 'fn various
manufacturing industries. higher
manufacturing costs and comparative
inexperience in export trade" have
made it extremely difficult at best
for Americans to compete with for
eigners for trade abroad. Therefore.
meeting severe competition from
powerful foreign combinations, and
through dependence on foreign cable
and telegraph companies. foreign
banks and ships. forced to risk ex-
posure of the secrets of their overseas
business to their foreign competitors
and to risk effective discrimination
AGAINST their trade. American manu-
facturers. and especially the smaller
producers, have been at a decisive dis
advantage in export trade"
. Not only the most powerful selling
combinations in the world, such as
the electrical and dye-stuffs combina-
tions in Germany. and the famous
Cambrian coal combine of Grear
Britain. have worked against them in
competitive markets. but large foreign
buying combinations have helped to
depress American export prices. by
making Individual American produ-
GERS bid against each other. 1T is
obvious says the Guaranty Trust
Company. that the only way
to meet collective buying effectively
is by collective selling" Yet. as it
points out. there is no rule of three
by which any selling organization for
export trade can be put together. The
domestic problems of each industry
| have to be analyzed first, and the
conditions of manufacture studied"
The three main forms of combina-
ton possible under the Webb law are
explained in considerable detail, with
examples drawn from various COM
bination agreements already in effect.
These agreements have varied as
greatly as the industries they repre-
sent. especially with reference to the
! retention of trademarks. methods OF
creating working capital voting
power. ALLEGATION of orders. and the
problem of meeting existing foreign
preferences for the lines of particu-
lar manufacturers without detriment
to other members of the combination.
The booklet closes with a brief de-
scription of some of the more removed
foreign selling combines giving cha rtS
which show the extent of their indi-
rect control and connections through
out the world. The booklet is pre-
sented. says the Guaranty Trust Com
pany. with the idea that specific
data and detailed Information, to-
gether with a discussion of plans of
organization, based on actual develop
ments. may be helpful to those who
are seeking a solution of some Of the
more difficult problems of collective
selling
The Washington herald., 1920-02-13
REVIEW OF GRAIN AND
PROVISION SITUATION

Chicago, Feb. 12.-The question
uppermost in the minds of grain
traders is whether farmers will sell
surplus holdings around present
prices. The price of corn. both
cash and in the pit, will swing up
ward and downward, according to
receipts from the country. The av-
erage farmer is in a position to
h9ld his grain for a long time. elf
necessary.
There are many possibilities sur
rounding the corn market. and any
change to take place will be for
the better, generally speaking. 1t
will be remembered that restric-
tions which have lowered over the
corn pit for many months are still
existing and continue to reduce the
volume of trade.
Business in hog products has been
quite free recently, but heavy
liquidations in lard and ribs ap-
pear to be pretty well finished, and
packers and others are of the opin-
ion hog products will show a ten
dency to rule steady.
The Washington herald., 1920-02-13
CONSPIRACY

Wherever one goes in financial
circles the outlook for business is
the all absorbing topic Confidence
in unbroken prosperity is not brim-
ming over as il was a few months
ago. A bank officer was asked his
view of the outlook yesterday. He
stated frankly that a readjustment
of conditions had become necessary
by reason of a number of factors in
the general business and financial
EQUATION, and predicted that COM
modify prices were coming down
soon. You have a gigantic con-
spiracy," he said, sin this country
today working for lower prices. The
government. from the top to the bot
tom is working to get prices down.
The people are talking 1t. Tom,
Dick and Harry. and everybody
want lower living casts, and when
you get 100000. 900 all oonspiring to
the same end something is going to
happen"
The Washington herald., 1920-02-13
IRON AND STEEL TRADE
DISPLAYS NO SHRINKAGE

The fall of the foreign exchanges
carrying the implication of lessened
purchases in this country by Euro
pean importers, has not disturbed
the complacency of the steel and
iron trade in regard to the business
outlook. Trade reviews of the week
note that export orders comprise
put a small part of current book
ings of the companies, and the do
nestle demand promises to keep the
mills working for many months at
as high a capacity level as trans
portation conditions and the supply
Of labor permit.
Financial disturbances of the
week" says the Iron Trade Review,
-haye cast no shadow upon the iron
fact, the week has been marked by
the sharpest pressure for tonnage
that the mills yet have experienced.
A large fraction of the foreign
trade in iron and steel has been
with the Far East and with neutral
countries where exchange .condi-
lions have been more stable. STAFF
cable advices from London pro-
nOunce the shortage of iron and
steel in Great Britain and Europe
as more acute than ever"
The independent steel makers.
following their practice of commit
ting themselves not much over
three months" says the Iron Age,
have been taking business at about
their current capacity. while the
United States Steel Corporations
statement Of untitled tonnage indi-
.ates a booking rate of fully so
per cent above capacity. with ord
srs now in sufficient volume to
larry December"
The Washington herald., 1920-02-13
SMALL INDUSTRIAL LOANS
INCREASED 500 in 1919

In the year ended December 81,
1919, small lendings by the COM
panies operating the Morris Plan
of industrial loans throughout the
United States showed an increase of
nearly SO per cent over the prece-
ding year. OF the total of about
s52,000.00o nearly one-half was lent
by twelve OF the 103 banks operated
by the system. The New York
branch headed the list, with loans
$7.252,63s. The Detroit
tCompanyllen over $4,000, 900. Cleve-
land almbst ss.o00,00o and Chicago
f$2,500,000. St Louis loans aggrega-
ted s2,o00.000 and Rhode Islands
exceeded s1.500,000. Buffalo. Rich
mond, Los Angeles and Boston re-
ported 100000 each, while San
Francisco and New Haven fell a
trifle short of that figure. The total
for the twelve companies was s25,-
s32o8. an average Of s2.l27,s7L
The Washington herald., 1920-02-13

aNATIoNAL MARKETS" DIGEST
AND INDUSTRIAL SUMMARY
Markets.


New York Stock Exchange:
Heavy offers after strength great
est selling at end.
London Stock EXCHANGES: Tone
better after Kings speech; some
unsettIement; trade not active.
Curb: Rallied sharply following
low levels; oil shares under pres
sure.
Domestic money: Time funds pn-
changed; limited activity In mer-
camille paper and acceptahces.
Foreign exchange: Sterling up
again; francs stronger; lire ad-
yanced; marks improved.
Products; Corn gained strength
after weakness; oats rallied In SYM
pathy; provisions improved.
Cotton: Covering helped late; in
uuiry came from local element; net
gain points to 81 decline.
Coffee: Rallied late on covering
and firmer tone at Santos; net gain
8 points to 4 loss.
Copper: Quiet; few demands came
in; some reported earlier in week
withdrawn.
Lead: On relatively small inquiry
1t held as strong as 1t has been Tor
years.
Spelter: Dealings light and quota
tions touched S.S5caS.sOc., New
York.
Sugar: Raws easy, expectations of
lower prices; refined situation un-
altered.
The Washington herald., 1920-02-13
HISTORY WILL BE MADE
ON STOCK EXCHANGE TODAY

Stock Exchange history will be
made today. For the first time on
record a Standard Oil stock will be
traded in on the big board, Listing
Of the new $1S,445,800 of per cent
cumulative non-voting preferred
stock and $2.02s.200 of common of
the Atlantic Refining Company, a
former Standard Oil subsidiary, was
formally approved by the exchange
authorities yesterday. That marks a
milestone in Standard Oil history.
The Standard of New Jersey new
preferred is expected to be listed In
due course of time.> In the past
Standard Oil issues have never been
admitted to list because the COM
panies would not comply with the
regulations and furnish the data re-
quired by the exchahge. ~
The Washington herald., 1920-02-13

During the period of the war the
United Kingdom built 4.21s,0O0
gross tons. In 1918 the construc-
tion in the British yards was 1884,
900 tons and in 1919 is was l, ,6O9, 900.
This construction by the United
Kingdom, together with the pro-
duction of the United States more
than makes good the total world
losses Of tonnage during the war.
The further construction of ships
continues with but little evidence
of decrease, although the total ton
mage building at the end of the
year is some 100000 tons less than
six months previous. as shown by
the following figures:
Total Gross
Tons'Under
Construction.
June 30. 1919 .S.0l7.767
September 30. 1919. .S,o4S,5S2
December 81. 1913. 1861. 1868
The Washington herald., 1920-02-13
STOCK DEPRECIATION

From the high prices of the year
the aggregate market value of the
common stocks OF twenty leading
Industrial corporations has slumped
approximately $3.50. 100000. A Wall
Street compilation puts the COM
bined MARKET value of these stocks
at thefrecent highs at s2.662. ,346.
That figure as now around s2,100,-
100000. That figure gives an idea
of the extent, OF the decline in Wall
Street security values. This does
not take into consideration the fall
in railroad stocks, in liberty bonds,
in railroad bonds-in fact, in all
Issues. General Motors common
stock has slumped close TO $780,
100000 In market value from the
high price of 1919. This stock is
not included in the twenty used in
the compilation.
The Washington herald., 1920-02-13
NIcKELS

Gross sales Of the F. w. woolworth
Company reached the equivalent last
year of Ass. .s22.14o nickels. That was
an increase of 24s.Sss.s $40 nickels over
1913. The company, when organized
a number Of years ago. capitalized its
good will at s5O.0c0-o0o, issuing COM
mon stock Of that amount against
that item. Last year the woolworth
stores earned approximately-~sH a
share on that common stock
The Washington herald., 1920-02-13
LOCAL REAL ESTATE
MEN TO ATTEND DINNER

A delegation from the Washington
Real Estate Brokers' Association will
attend the annual dinner of the Bal
timore Real Estate Exchange tomor-
row night. Among local real estate
men who will attend are John M.
Weaver, president of the, National
Real Estate Exchange. Lee p, Lati7
mer, president OF the local associa-
tion, and c. Z. Fairfax, a member of
the executive committee of the ma
tional organization.
The Washington herald., 1920-02-13
FRENCH TREASURY RECEIPTS

Paris, Feb. 12-The receipts OF the
French Treasury for the month Of
January. 1927. totalled SIS, ,449. 800 francs,
as compared with 533. 800 francs in
January. 1919. and the budget esti-
mate of 62s.0SS.ooO francs. showing an
increase oyer January OF last year
of 3jl, ,6ll 100 francs and over the bud
get estimate of 2S7. .36S, 900 francs. These
official figures were made public by
the Ministry OF Finance today.
The Washington herald., 1920-02-13
Miscellaneous.

Food relief action has been de-
ferred for at least three weeks.
Weather aided agriculture in most
parts of America in week February
10 government bureau stated.
Sales by various bureaus of War
Department week ended January 80
totaled $6,S44,743.
Sale at auction of thirty former
German passenger liners set for next
Monday.
The Washington herald., 1920-02-13
Oils.

Senate adopted conference report
on oil land leasing bill without de-
bate.
Standard Oil Company, of Indiana,
advanced quotations for some grades
of petroleum.
White Oil contracted with Texas
Company whereby latter's pipe lines
will run to Houston.
The Washington herald., 1920-02-13
Railroads.

Gross earnings Canadian Pacific
first week February S3,2SS.0O0, in
crease 100000.
Buffalo. Rochester & Pittsburg's
1919 deficit sSs3.3s6, against ST.
.O57,Sl9 net in 1918.
Union Pacific Railroad Company
declared regular semiannual divi-
dend of "a per cent on common
stock.
Cincinnati Northern Railroad Com
pany declared an annual dividend
of ; per cent on the stock.
The Washington herald., 1920-02-13

HELD IN THE TREASURY AS ASSETS
or THE GOVERNMENT.
Includes the gold reserve fund held against
issues Of United States notes and Treasury
notes Of Is90 Csl52. 97e. O25 63 on Feb. /,
l9:ol. and the gold or lawful money re-
demption funds held against issues Of ma
tional bank notes. Federal reserve notes,
and Federal reSaSye bank notes S237. .Sa5.
s6l,W9 on Feb. ,. l92Ol. Does not include
deposits Of public money in Federal re
serve banks. national hanks. and special
depositaries $3.50. 2i9. .SS9.32 on Feb. 1.
l9:Dl, nor does IL include funds held in
trust in the Treasury for the redemption
Of outstanding gold and silver certificates
and Treasury notes of IsoN ISee column
|. ante.l For a full statement Of Treas,
ury assets and liabilities see daily state.
ment Of the United States Treasury aud
monthly financial statement.
The Washington herald., 1920-02-13
When Wall Street Is Gloomy.

1T looks pretty sick" SAID a
prominent broker in discussing tho
market outlook. - think I'll bring
out another pr"moJi0n-the 'Ameri-
can Crepe Corporation Everybody
would buy that"
The Washington herald., 1920-02-13
Utilities.

Appraisal and statement of New
York Telephone Companys holdings
show total of s1s6,415,e24.
Chicago Telephone Company's net
income for 1919 S3,033,179; deficit
after dividends S166.S20.
January net earnings of Key
stone Telephone Company s54.062.
contrasted with s46,312 in 1918.
Capital Traction Company shows
surplus for 1919 S393,493. compared
with s16S,OS9 in 1918.
The Washington herald., 1920-02-13
MONEY IN CIRCULATION

Amounts Of arod kinds o money in circulation determined hv
deduCnE appropriate
ICoumn l. n
Of
Federal
Of Federal coluun ILL., Gold iii
Treasury Of
the stock Of
bullion I'd silver dollars
I Of
national Of
Of the Government.
The Washington herald., 1920-02-13
Mining.

Kerr Lake Mining Company turn
ed out l0S,255 ounces silver in Jam
nIary, against December's 106, 6,S65.
Ore shipments of Mckinley Dar-
ragh last week totaled 17O,412
pounds.
Last week ore deliveries by La
Rose amounted to 6.322 pounds.
The Washington herald., 1920-02-13
IndustriaIs.


F. w. woolworth Co.'S 1919 sales
$119, 1885, 107, contrasted with $lO7,-
1z9.411 in 1918.
Total net income of United Fruit
Co. for months ended Dec. 81
;3S.3s6.3OS.
Surplus of Chandler Motor Car
Co. for 1919 $4.322,255. compared
with $1.354.61S for 1918.
Net earnings of ]. G. Brill for
1919 $916,S69, as contrasted with
$1.S41,50 in 1918.
Allis Chalmers reports net prof.
it's for quarter Dec. 81, $760.435' as
against 1915, 800 previously.
Net income of Buffalo General
Electric Co. for 1919 $726,240. as
against $59S,421 in 1918.
American Locomotive Co. received
orders for 81 locomotives OF various
kinds.
Nyanza Mills filed certificate OF
capital advance from $1,000.O0o to
$500. 900.
Leverhulme interests will con-
struct factory and wharves in Bur-
rard Inlet.
Many persons forced to stop work
at Weymouth and Holyoke owing to
soft coal scarcity.
The Washington herald., 1920-02-13
FOREIGN MONEY VALUES
SHOW SOME IMPROVEMENT

Sterling. francs and lire moved
upward Wednesday, as the reaction
against the drastic decline of last
week continued. At the close of
trading demand sterling was quoted
at $3.S750, compared with s23550.
Wednesdays rates, compared with
those of week ago. follow:
The Washington herald., 1920-02-13
RECORD OF STOCK AND BOND AVERAGES
(Copyrisht, lo2O, Kew Ysrk Tribune Incl
THE WORLDS SHIPBUILDING.

aon6 that Of
compiled
The Washington herald., 1920-02-13
GENERAL STOCK or MONEY IN THE
UNITED STATES.

Includes gold held in the Treasury for the re-
demption Of outstanding gold certificates
$3.50, 35S. O3o. and Federal Reserve Gold
Settlement fund 81, IA. s45, 1868. 10 on Feb.
!. l93OD and standard silver dollars held in
the Treasury for the redemption of out
standing silver certificates and Treasury
notes of 1890 tsl39. .037. 80 on Feb. /.
i9a0I. Amounts Of Federal reserve bank
notes and national bank notes are amounts
issued by Treasury to banks.
The Washington herald., 1920-02-13

Don't sell your liberty bonds.
If you need funds. 60 to any
bank and secure a loan.
The Washington herald., 1920-02-13

HELD RY FEDERAL RESERVE
BANKS AND FEDERAL. RE
SERVE AGENTS AGAINST is
SUES or FEDERAL RESERVE
NOTES.
Includes the gold reserve held by
banks against issues and gold
or other funds deposited by
banks with agents to retire
Federal reserve notes in circula-
tion and own Federal reserve
notes held by Federal reserve
banks.
The Washington herald., 1920-02-13
UNITED STATES MONEY IN CIRCULATION

Issued statement giving our various money standards ee0a
Great Falls daily tribune., 1920-06-25
Southern State Has J
Sets Delegates Which
Involves Seat Veteran
Committee Member.
Reed Matter Has Not
Been Brought Before
Credentials Body for
First Consideration.

San Francisco, June 24-The nation
noon to make up the temporary roll
of the Democratic national convention
and dispose of other preliminaries has
only one contest officially before it.
that from Georgia, where two sets of
delegates were elected. The national
committeemanship is also involved in
the Georgia contest.
According to Executive Secretary Hol-
lister of the national committee, no con-
test has been filed by Senator James A.
Reed of Missouri for a seat on the floor.
Reed was rejected by the Missouri
state convention and the Fifth district
re elected him. 1t is claimed by leaders
here that Reeds reelection was illegal,
and that James f. Bradshaw, an alter
nate, would be recommended for Mr..
Reeds place.
Whether Senator Reed would appear
before the committee tomorrow was not
known.
In Oregon, where a large
died after his election, the temporary
roll as made up by the secretary of the
national committee shows the name of
r. r. Hunter, chosen by the Oregon
state committee to succeed the late G.
T. Baldwin.
In the matter of states where more
than the lawful number of delegates
we're chosen it was said the national
committee probably would seat all those
sent to San Francisco and give them
fractional votes. These states include
Arizona, Idaho, North Carolina and
Texas.
For the first time in the history of
political conventions the canal zone is
expected to be represented by delegates.
TIL Democrats of the canal zone have
elected two delegates and two alternates
and their names have been placed on
the temporary roll. The convention is
expected to confirm this action.
Great Falls daily tribune., 1920-06-25
Charges ofaUsing Mails
to Defraud Investors
Out of Millions Are
Held Basis Counts.
Alleging That Dividends
Were Paid From Funds
Obtained Through Sale
of Stock, Also Stated.

New York, June 24.-Four oil COM
panies, ten brokerage companies and
about fifty individuals have been in
dicted by the feedral grand jury on
q charge of using the mails to defraud
investors out of millions of dollars, it
was learned Thursday when seals on
the indictments were ordered broken.
Federal agents in cities throughout
the country are now engaged in round
Ing up the men indicted.
They are charged with having made
gross misrepresentation regarding oil
properties and with paying dividends out
of money obtained from the sale OF
stock.
The companies involved are the
Ranger Oil company, w. 2. Williams Oil
company, Great Western Petroleum cor
poration and Crown oil company.
Brokerage concerns indicted were:
Stickney, Rawlinson & Colclough, of
Boston; Curtis Packer & Company
United Securities company; III. Kent
Holmes & company; Morgan Pollock &
company; Thompson James IL company
Crossman, Sherman & company: George
A. Lamb & company; f. NJ. Fuller &
company, and Greenbaum, Bigelow &
(ireenbaum. Nearly all of them have
headquarters in this city.
Some of the brokerage houses had
connections in other cities. The round
up now being conducted is said to be
the beginning of a nation wide campaign
against alleged oil stock swindlers, who
are credited with having cleaned up mil
lions of dollars in the few months
Great Falls daily tribune., 1920-06-25
What a June Husband
Should KnOU

The next few weeks will be the most import
ant weeks in your life. What you do now,
what you say now, will shape the course of
your future welded life.
One of the first things that should be done
is to call "her" attention to the FOLEY cof-
fee ads Tell her that you like good coffee
and that she'll please you nightly if she
morning" drink
FOLEY'S can be used very nicely in that
new, shiny percolator No special grinding
or re-pulverizing is necessary.
Tell her to look for the round carton with
the yellow and black label.
Great Falls daily tribune., 1920-06-25

constitutions that ratification be refer.
red to vote of the people confhcted
with the federal constitution.
Mr. Frierson ruled that the supreme
court decision made invalid that sec
ton of the Tennessee constitution which
provides that any action on a federal
amendment must be taken by leglsia-
ture. the members Of which have been
elected after the amendment was sub
mitted to the state.
Miss Alice Paul, chairman of the wom-
ans party. said that Governor Roberts
decision to call a special session of the
Tennessee legislature to act on the suf-
tory.' A recent canvass of both Ten
nessee houses, indicated safe majority
in favor of ratification.
'This of course, will be triumph for
the Democratic party" Miss Paul declar-
ed, "and already has had the effect of
pushing Republican efforts to secure ac-
tion in Vermont,
Great Falls daily tribune., 1920-06-25
Perkins Bequeathed
Substantial Amounts
to All His Employees

New Yirk, June 24-George W.
Perkins, philanthropist and financier,
who died last Friday at Stamford, Conn.
left the bulk of his estate to his widow
and two children, according to his will
filed here Wednesday. The exact amount
was not given, but the value was placed
''in excess Of $1,0OO,O0 No public
bequests were made.
Miss Mary Kihm, his secretary for
more than q years, received a bequest
of $4,000, together with $4,000 an
nuity for the remainder of her life.
Every other person who was in his en-
ploy for year or more was bequeathed
S1OO for each year of service.
Great Falls daily tribune., 1920-06-25
Man Loses Hope

from stomach trouble. The doctors said
l had cancer of the stomach and no.
thing would do but an operation. took
my last round of Mayr's Wonderful Rem
edy 212 years ago. Since then I sleep
well, eat what i want and feel fine" It
is simple, harmless preparation that
removes the catarrhal mucus from the
intestinal tract and allays the inflam-
nation which causes practically all
stomach, liver and intestinal ailments.
including appendicitis. One dose will
convince or money refunded.
Model Pharmacy and druggists every
where.-Adv.