davidaulloa/AmericanStories huggingface dataset:
The Washington times., 1920-10-18
CAPITAL
DOUBLED IN G YRS.
Annual Reports of 139 Leading
Industrial Companies Show
21-2 Billion Gain.

One hundred and thirty-nine OF the
leading industrial companies, based
upon their last annual reports, show
a combined working capital of s4,-
3S7.347,45O compared with S1,921 49,
649, at the close of 1914.
This is an increase of s2,465. .922,-
4O1 in a five.year period, and shows
the great increased financial strength
of the countrys big corporations. Al
the same time 1t gives a good idea
of the immense liquid wealth piled
up by American industry during and
after the war period
There has been a great deal OF
talk about inflated inventories, which
has been used as basis for selling
industrial stocks
1t is evident, however, that too
much stress has been placed upon
inventories as market factor for
the very good reason that the COM
bined inventories of the 139 COM
panies from December 81, 1914, to De-
cember 81. 1919, increased h,7s1-
4ss1SO. a sum s674,424-215 less than
the increase in working capital in
the same period.
In other words, most Industrial
companies seem to be more able to
take care of their inventories and
enlarged business than they were
five years ago.
Generally. there was no great In
flation in inventories during 1919, and
1t is possible Inventories OF many
companies are smaller today than on
January / last. On January j. 1920.
Inventories of 139 companies totaled
S3O73. 0S5 $50, an increase of less than
S63. 900. 900 over January !, 1919.
The great increase In working
capital in the five-year period was ac-
complished largely through surplus
earnings, the net increase in capital
liabilities through new financing by
the 139 companies amounting to &1,-
800, COS, ,0S0.
The great addition to the intrinsic
value of the Industrial corporations in
question Is reflected in the fact that
for the fve-ycar period their com
bined surpluses after dividends ag-
gregate the tremendous total OF So
717s44,53s, accumulated by years as
The Washington times., 1920-10-18
AUTO SITUATION AT PONTIAC.

Automobile business In Pontiac.
with exception of General Motors
Truck Company, is greatly curtailed.
Prospects for General Motors Truck
Company are excellent and company
Is preparing 10 do the largest busi-
ness in It's history. Oakland Motor
Car Company is closed for inventory.
but expects to reopen next week.
Wilson Foundry and Machine Com.
pany. which has been operating at a
greatly reduced rate, will close next
week for two weeks inventory.
The Washington times., 1920-10-18

The extraordinary budget for 1919
had 10 he balanced by loans, etc,
aggregating 48.433 100000 marks.
The total actual result. after the
balance OF the account for the flscai
year 1919, is not yet TO hand A pro-
visional estimate has been presented
In the reply in the schedule TO the
League OF Nations. According TO this
estimate, which has to be accepted
with reserve, OF the actual revenue
and expenditure. the revenue. from di-
rect taxation amounts to 1,33o,OOOOoo
marks, that from indirect taxation
amounts TO 6,2S2, 900 900 marks, while
the expenditure is calculated TO be
1924 900 900 marks, OF which OI,o3i-
600 900 marks rank as "extraordl-
nary" The second budget which has
been made since the termination OF
the war, shows, in contradiction TO
the transitionary budget for the year
1919, a changed picture. Revenue or
the new budget is based on the esti-
mated proceeds from the great taxa
tion reform, which was brought
through in 1019-l920 BY this reform
the budget has been placed on a
firmer basis.
The preliminary estimate Tor 192o
Is as follows, in marks:
PRELIMINARY ESTIMATE.
Ordinary budget; Revenue; EIpenditpnrea, az noa
Recurring, 49,. 35,30OeOo.V00 f95ObVO,Voo
Non-recurring. $500, 100000 4.72O, ,o00, 900
Total .... 80, 500. 500, 900 $1,000. soc. 900
Revenue ...... 2,Osf. 500, 900 ss7.ssoo. 900
To be covered
by loans 37.sSl, 100000 ..'......'..'
------ ----
Total ..... ss.74s. 500. 500 ss,7ls, 500, 900
The budget for the army and navy
for 1920 requires an entire expendi-
ture Of 5.0s9 ,O00, 900 marks.
The peace treaty compels Germany
to abandon general military service
and to keep up an army of paid men,
with twelve years service for the
men and twenty-five years for the
officers.
Before the war, the entire cost of
maintaining a soldier was 700 marks
annually The paId soldier involves
an expenditure of 1910 marks, but it
is admitted that this is paid in a de-
preciated mark.
Expenditure on account of fulfill
ment Of the peace treaty and of pre-
vious treaties has been estimated at
47,S0Q, ,OO0, 900 marks; actually expend'
ed in the financial year 1919, 1O,S34,-
00O, 900 marks: 1920 to the end of
July, 100000, 900 marks-total 49,
6OO,000 marks. balance on estimate
loo, 900, 900 marks. This estimate is
now said to be short by about 6,OO,-
600. 900 marks.
Actual expenditure for the financial
year 1919, as well as for the first
third of the financial year 1920, and
estimated requirements for the time
between August 1, 1920. and March
81, 1921, inclusive, comprise the fol-
lowing general items:
Army Of occupation. Repara-
tion Commission ana other
interalied commissions. IA, 900. 900, 900
Disa rmaments ...........,. $500, 900, 600
Resolutions ................ SOS, 900, 900
Payments and deliveries go. 25,5to, 600, 900
Damages owing to liquidation
and compensation ........ 74S0. 900, 900
Total .............. 53.ss5. 900, 900
The Washington times., 1920-10-18
ANACONDA ISSUES
NEW BOND SERIES
John D. Ryan, President, Ex-
plains Resources of Montana
Copper Concern.

John d. Ryan, chairman of Ana
conda Copper Company, in state
ment accompanying the new issue OF
S25.000.000 Series "B" Z per cent
bonds, says that in addition to stocks
pledged under the mortgage. the COM
pany owns 25O,9O0 shares of Inspira-
tion Consolidated Copper Company. a
very profitable copper property to the
Globe district, Arizona. and $4,000,
shares of Greene-Cananea Copper
Company. Anaconda, directly or
through subsidiaries, owns about L.
100000 acres of timber lands in Mon
tana, and conducts a large numbering
business in that State and in Idaho.
In addition, large acres of coal lands
are owned in Montana and Wyoming.
From January 1, 1918, to December
81, -919, the company and its cor
stituent companies earned, after pay
ing interest and all taxes, but before
depreciation charges, the following
amounts: 1913. s12O50,S67; 1914. So
635.216: 1915. $1S,596.3s4: 1916, $57,-
1885; 1917, $39,721,1Ss; 1918. $685.
907005; 1919. $S,031 1878.
The annual average of the above
amounts was in excess of $245 900
Issue of these bonds. During the last
ten and one-half years the company
has paid dividends aggregating more
than $125 100000.
The following table shows the cur
rent position of Anaconda as of June
80. 1920, after giving effect to tho
present financing:
Cur. assets
Supplies on hand and expenses
paid in advance ............ $ll,2ss.ss7
Merchandise held for SALE. 2,152, oo1
Metals in process and on hand
at cost Observation-Disclosures. S1,o2o,77s
Accounts receivable and CASH. 35.365.53<
Total current assets .. $7e.ssS.0lI
Cur. liza bilities.
Accts and wages payable and
tax and int. accrued. ....... $15,692,GS
Dividend payable August, 1920. 2,231,25O
Total current liabilities sIs,o23,73s
Net current assets......... SCI. .S14,273
The Washington times., 1920-10-18

With a view 10 determining the i'm
portance of these statements, Dow.
Jones & Co.'s correspondents made
careful inquiry, especially concerning
those countries whose governmental
methods were subject TO criticism.
Even in these cases. information fur
nished Is worth consideration. But
the reader must discriminate between
those nations whose standards,
through inexperience or necessity, are
not as high as others.
IL should be understood that such
exchange or information regarding
public FINANCES among nations made
here is Unprecedented. The presenta-
tion OF such a survey OF world finance
Is. regarded as the most substantial
achievement of the international con-
ference,
GERMAN REPORT FIRST.
As the principal vanouished nation
and the one upon which the burden
OF the postwar financing will princi-
pally fall ii is of interest to take
for consideration first Germany's re-
port as submitted to the International
Financial Conference.
Notwithstanding the apologetfc
tone OF the German statement, ii is
looked upon as giving, on the whole,
reliable information. Germany has
had her population reduced from
81, 500 900 in 1914 to go, 100000 in 1910.
She has lost important cultivatable
lands, and through the loss Of Alsace-
Lorraine her production OF potash and
of iron ore has been reduced. She
has lost her colonies and the greater
part of her mercantile feet.
How greatly the financial position
- os-
outbreak OF the war in 1914 Is shown
by the increase in the debt from
5000, 900 900 marks before the war to
240. 200. .0OO, 900 marks August 81. 1920.
This does not include the debt of the
federal states.
The debt is apportioned as follows:
Marks
Funded debt ......... 91.0s4.OOO 900
Floating debt ........ 14S, ,722, 900 900
Total .......... 2S9, 800, 900 900
Debt Of the federal states amounted
to "a. 723, 100000 marks apportioned as
follows:
Funded debt .......... 1S,403, ,O0O, 900
Floating debt ......... 16.32O,OOO,OOO
March 81. 1920, the debt was 199-
b77.O00,O 900 marks. The increase since
then is included in the floating debt.
The big increase Is accounted for BY
the taking over of $4,000. 900 900
marks of floating debt of Prussia,
100000, 900 marks is explained by the
railway deficits and the balance is
due to the needs Of the government.
'a FIGURES INCORRECT.
It is not contendeed. even by Ger
mans. that figures submitted are abso-
lutely correct, but it Is explained that
such discrepancies as exist are due to
the fact that on account Of continued
new claims that are facing the gov
ernment and Of the unstable economic
position and the intangibility of the
sources of revenue, changes over and
over again occur. Every fluctuation
in the rate of exchange produces
alterations in the budget.
The Washington times., 1920-10-18
Surplus After Dlvs.

Interested In bookrf Authoritative
reviews OF the latest publications ns
well s- news Of the book world. ap-
pear on the magazine page Of rhe
washinRton Tim~A
The Washington times., 1920-10-18
virginia COMPANY
MAKESSTATEMENT
Shows Surplus for Last Eight
Months to Be
$2,117,376.

Virginia Iron. Coal & Coke Co.. in
statement for the eight months ended
August 81. 1920, as submitted to the
New York Stock Exchange. shows
surplus AMER charges and Federal
taxes of $2,117,376, equivalent to
s23.33 a share earned on the ss,073,soo
capital stock.
income account for tho eight
months follows:
Gross receipts .$4,674,535
Expresses, Federal taxes in
terest, etc. ..........---- 2,S57,1S
General balance sheet of Virginia
Iron. Coal & Coke Co., as Of August
II, 1920, shows as follows:
Assets: Real estate and plant
Ss.s4S.301: equipment &1.a11.31s; Sc
curities owned, $580.28s; sales ledger
balances, eetc., $1,59s,s75; bills and ac-
counts receivable, $124,920: advances
to cashiers and superintendents,
ss,2s6; cash balances at commissaries,
Ss37; cash, $1,3os,6ss; fund for fur
mace repairs, 3123,464; inventories,
S2,25I,533; total S17,254,s2S.
Liabilitics-Capital stock, 3s,073,-
600; first mortgage per cent gold
bonds, due 194s, &3,552,0oo; unpaid
vouchers, 3<s1.580: unpaid pAyrolls,
S2ob,71s; accounts payable. $341,sss;
reserve for workmen's compensation
liability. s3s,0s4; replacement OF
equipment, ss2,os2; fund for depreoia-
tion of improvements to properties,
etc. s2ls,22s; reserve for Federal
faxes, S47t,o14; taxes accrued, S93,7s4:
profit and loss, {2,333,60s; profit for
month, S377.034; total, s17,254,626.
The Washington times., 1920-10-18

The dciWas of "Boob McNutt," Gold
brrn's funniest cartoon character, nre
/. weekly feature Of the four PAGE
colorcd cews,c section OF the sssAr .
Ev~nlng TiWses-
The Washington times., 1920-10-18

Delegations to the A.. b. A. conven-
ton will be seated as follows:
New Iberia enterprise and independent observer. (New Iberia, La.) 1902-1944, 1920-10-16
ROUGH RICE AND RICE
STRAW.

Experiments have been made
showing that rough re : a won
derful milk stimulat as COW
food. G. A. Thompson of Baton
Rouge reports that the same guam
tity of ground rice, at a cost of
$3.50 per 100 ponds, produces
One-quarter more milk in one
week s time than a mixed food at
a cost Of 1886 per 100 pounds. To
other words, Mr.. Thompson says
a COW giving three gallons of milk
on mixed feed is now giving four
gallons on feed consisting mostly
of rough rice. Experiments al
ready had been made some years
ago, during a period of low rice
prices, with rice as a horse and
mule diet, but its value as a dairy
farm adjunct is new and. it seems
to us, one of particular signif-
icance at this time. Our deduc-
tons are of course made on the
assumption that the experiments
made by the gentleman named
shall be borne out by a wider use
Of the food.
In the first place an important
addition to the market for low
grade rice will be of material as
sistance to the rice farmer and it
has Oeen suggested that mills be
erected in the rice belt to handle
this grain without the expense of
a double transportation and
thence shipped direct to the dairy
men.
On the other hand our dairy in.
terests have been complaining bit
terly Of the high cost of feed and
have been holding their product
at war prices with that as one Of
the most cOgent arguments. Of
course the fall in the price of corn
and practically of all farm prod
ucts, in recent weeks, eventually
will reach the dairymen and lower
the production price of milk, but
if to that will be added the use of
close-to-home food of such value
as Mr.. Thompson shows surely
the advantage will be great to
that industry and will be, in well
come measure. passed on to the
consuming public. The latter, we
may add, is growing FESTIVE under
the long continuance of high pri-
ces for dairy products as well as
for bread, meat, clothing, hats,
shoes and all the other immediate
necessities of life.
To this probability of new
profits for the rice men may be
New Iberia enterprise and independent observer. (New Iberia, La.) 1902-1944, 1920-10-16

added also new outlet for a
great quantity G! their by-prod
uct, rice straw At New Iberia
there is now under construction
d pant to cost half million dol
lar>. for h manufacture Of ca,G
board from rice straw fiber. The
company entering this fertile and
yet previously unploughed field
Of industrial endeavor is rated at
several million dollars. so that it
may be assumed that success is
well assured and that new in
dustry Of great Importance to
Southern Louisiana is about to
begin operations. Indeed so I'M
pressed with the possibility of rice
straw as paper fibre has that sec.
ton become that Lake Charles,
La, is a tiny bit jealous of New
Iberia for her landing the big in
dustrial fish. SO, on her side our
progressive South Louisiana
neighbor is endeavoring to secure
a rice paper plant or two for loca-
ton at Lake Charles, within 100
miles of which city two-fifths of
all the rice grown in America is
produced. -Times-P icayune.
New Iberia enterprise and independent observer. (New Iberia, La.) 1902-1944, 1920-10-16
AUTOS NOT NoN-EssENTIAL

Probably the most interesting
talk of the convention held in
Gulfport on October 9Th and 7th
by the La.-Miss. Automotiye
Trade Association was made by
Mr.. AR. Kroh of the Goodyear
Tire and Rubber Co., of Akron,
Ohio.
Mr.. Kroh launched into his talk
by saying that he was an optimist,
in fact that he founded a little
town in thriving community to
day and called it Optimo-and
that he preached the gospel of
optimism.
Mr.. Kroh related his converse
ton with a certain member of the
Cabinet Of President Wilson,
whom he questioned regarding
the necessity of the automotive
vehicle. Mr.. Kroh spoke to him
Of the recent ruling Of the Fed
eral Reserve Bank calling the au-
tomobile a non-esseDtial. Sup
pose then" Mr.. Kroh asked 'that
the people who own automobiles
said if, the government considers
them noh-essential and luXuries,
we put every automobile in a ga.
rarge for thirty days, and during
that thirty days not one wheel
will turn" The cabinet official
replied that if such thing were
to come about that the nation s
business would be paralyzed and
that within three days the gov
eminent would have to call mar
tial law and order and compel the
people to take their automobiles
cut of the garage and run them.
] believe great responsibility
rests upon the men in the automo-
tive industry | do not believe it
IS the third largest industry in the
United Crates ]! is the second.
Second to agriculture. ] put
Agriculture first because if the
farmers were to sell the crops
they have grown this year. they
could buy with that money ali Of
the railroads. rolling stock and
equipment that the railroads have.
Tn the agriculturist were to sell
in addition to their crops. their
land at the market value hey
could buy out the railroads, roll
ing stock, and complete, equip
ment of every manufacturing in
terests in this country and con-
troll this nation. That power rests
in the hands of 1890, 900 actually
tilling the soil in this country as
against approximately 100000.
600 living in the cities.
New Iberia enterprise and independent observer. (New Iberia, La.) 1902-1944, 1920-10-16

l maintain that it is a power
that we are going to be forced
very soon to reckon with. / main
tain that you men in meeting here
this morning should be about their
business upon the principles adj
vocated this morning with the
whole and total elimination Of
self, with the subject of profit to
your secondary. / believe there
are bigger things nee essary for us
to consider in this country other
than our own selfish business.
When we are able to contem-
plate the need of the automobile
in the adjustment of conditions
from the standpoint of education,
from the standpoint of prosperity
of the nation. we are face to face
then with a realization of the re-
sponsibility that rests upon the
shoulders Of you men. This re-
sponsibility rests upon.your shout
ders, now as it has probably never
rested on the shoulders Of any
other business. You can no more
eliminate the automobile than
you can the electric light, the tele-
phone. the railroads, and continue
the nations business. You are a
part of that institution. You are
part of an institution that has
played a greater part in this ma
tiers activities ard achievements
than most Of us realize.
New Iberia enterprise and independent observer. (New Iberia, La.) 1902-1944, 1920-10-16

st. Mary Cane Growers Asso-
citation held its regular meeting
on Saturday and large number
Of planters and cane growers
throughout the parish were pres
ent. The Centreville section, was
especially well represented, az II
usu@lly is at these meetings which
are held for the purpose of dis
cussing farming problems. Among
the problems discussed at this
meeting was the question of
wages. On to-day s market cane
is worth about 5000 ton. In
fact. there is absolutely no sale
for sugar, and very distressing
conditions are confronting the
sugar people of Louisiana. I'm
less the price of sugar goes up,
wages must come down, or else,
there will be condition of gen.
eral bankruptcy. 1t was consid-
cred at the meeting impossible to
raise wages for grinding. The
wages paid at present is $1.75 for
women, and $500 for men. If
this scale goes into effect, the only
change would be made in the case
of transfers who get 1925 per
day as it is generally considered
that transfers and leaders have a
little harder road to travel than
cane cutters. ~
A doubt was expressed at the
meeting whether the crop is any
better this year than last year.
Franklin Waterman.
New Iberia enterprise and independent observer. (New Iberia, La.) 1902-1944, 1920-10-16

Candidate Cox says that tho
prohibition amendment will be en-
forced, in the event he is elected
president. All of us know what
will happen if Harding is elected.
Those who hope for an occasional
nip. may get one in about forty
eight years, provided some old
stuff is found that may have been
buried for many years.-Watch-
man.
New Iberia enterprise and independent observer. (New Iberia, La.) 1902-1944, 1920-10-16
Deafness Cannot Be Cured

81 LEGAL appllsaNsaa ~ tAsy sasAes FsasA ~ d.
sassl porssa Of ths ear Thsrs b ezly ens wsy -
care esAfssa sAe hat ~ ssastsusaoAal rszasAis4
Dsafaess b easssA ~ N hnAAsA seaeflen Il -
mucous lhhs Of ~ BmztsshAaa Tuba. Whsa aAAs
tube b n al ned yeu have q ruAeshg segse o. im-
psrfsss hsarag. and whsa n b sastrdy aess<. Deal
ness 3 sAs rssAA and nalsuu shs hhARmatiaa -
tAksa out And tAis tabs restoreA 70 ~ nsgA easa-
toa. hsarsmg Wal BE asssxoyeA fsxsvvr; aha sasas
out of ssn are caused By CstaxTA. whish n nsehaaG
but hAAneA sseaiHoa ot the mwsems @Mfssss-
We win sivs Oue Hundred Deaiass Ter any eass Of
Dsafns@ tAussA BY catArrA that cannot be esre4
BY Halls CAAAnh Cure. aemd teg elxeuAarA free.
FL. CHENEY 90. Tose6A. O.
Sod BY DrwapasaA re.
Taxa Kails raaAy Psis for constipation.
New Iberia enterprise and independent observer. (New Iberia, La.) 1902-1944, 1920-10-16
NEWSPAPER DEATHS IN
PENNSYLVANIA.

Soaring costs in every line Of
production-paper. ink, type,
typesetting, taxes, postage and
overhead expenses have caused
serious loses to publishers and
over 800 newspapers in Pennsyl-
vania have had to discontinue
publication, and there are more to
follow them to the newspaper
graveyard Carnegie Signal Item.
Rub-ky-Tism ia q great pain
killer. Il relieves pain and sore
nses caused by Rheumatism, Neu-
ral9ia. Sprains, etc.
New Iberia enterprise and independent observer. (New Iberia, La.) 1902-1944, 1920-10-16
For sale by all dealers.

He discussed the need for
trucks in railroad terminals, rural
express routes, and showed the
need for creative craftsmanship
along these lines.-.States.
New Iberia enterprise and independent observer. (New Iberia, La.) 1902-1944, 1920-10-16

We are proud of the confidence
doctors, druggists and public have
in 666 Chill and Fever Tonic.
Clearwater Republican. [volume] (Orofino, Idaho) 1912-1922, 1920-12-24
CHAPTER ~.
The Shadow on the Waters.

nc SHADOW OF IV6 VaSCTS.
1t was not very long before Cousin
Edie was queen of West Inch, and we
all her devoted subjects from my ia
Their down. The south room. which
was the sunniest and had the honey
suckle round the window, was for her:
and it was a marvel to see the things
that she brought from Berwick to put
into 1t. Twice a week she would drive
over. And the cart would not do for
her; for she hired gig from Angus
Whitehead. whose farm lay over the
hill And it was seldom she went
without bringing something back for
one or other Of US. 1t was wooden
for my mother, or book for me, or a
brass collar for Rob, the collie. There
was never woman more free-handed
But the best thing that she gave us
was just her own presence. To me it
changed the whole countryside; and
the sun was brighter and the braes
greener, and the air sweeter from the
day she came. Our lives We're COM
mon no longer, now that we spent
them with such one as she; and the
old. dull gray house was another place
in my eyes since she had set her foot
across the doormat. 1t was not her
face though that was winsome
saw the lass that could match her.
But it was her spirit; her queer,
. hooking ways; her fresh, new fashion
OF talk her proud whisk Of the dress
and toss of the head. which made one
feel like the ground beneath her feet !;
and then the quick challenge in her
eye and the kindly word that brought
one up to her level again.
The more / loved her the more
frightened was at her and she could
see the fright long before she knew
the love. ! was uneasy to be away
from her; and yet. when | was with
her, was in a SILVER all the time for
her or give her offense. Had known
more of the ways of women might
haze taken less pains.
We found our level after time
when she saw that she had just to do
what she liked and how she liked, and
that ! was as much at her beck and
call as old Rob was at mine. Yon'll
think that ! was fool to have had
my head so turned and maybe was
but then, you must think how little
! was used to women, and how much
we were thrown together Besides.
she was woman in a million and
can tell You that it was a strong head
that would not be turned by her