davidaulloa/AmericanStories huggingface dataset:
The Bemidji daily pioneer. [volume] (Bemidji, Minn.) 1904-1971, 1920-05-26

The railroads. too, want their bonus-a trif1e
81 900, 900 900 or so year in higher freight rate
When is the taxpayer going to get his bonus.
CrOokston Times.
The Bemidji daily pioneer. [volume] (Bemidji, Minn.) 1904-1971, 1920-05-26

ittdCNcU t1Ic Oc"o' "1U 1t1o1o WI z
many casualties.
This is supposed to be the cause
of the trial and sentence of Jabotin-
sky. and the Zionists here are await
ing anxiously for some explanation
of the whole affair. Coming on top
OF the alleged Misunderstanding" of
the League Of Nations in connection
with Jewish affairs, it has caused
somewhat of sensation here, and
the situation can be easily described
as most tense.
The Bemidji daily pioneer. [volume] (Bemidji, Minn.) 1904-1971, 1920-05-26

Don't confuse propaganda with the news. One
is half the truth and the other is all the truth
Cass Lake Times.
The Bemidji daily pioneer. [volume] (Bemidji, Minn.) 1904-1971, 1920-05-26

If you can't boost-at least shut up and let others
boost.-Cass Lake Times.
The Bemidji daily pioneer. [volume] (Bemidji, Minn.) 1904-1971, 1920-05-26
PRESS COMMENTS THAT'S ALL
The Boy IL Right!
nv EXCXAN0E 8DIIO1)

The Boy Il Right!
George M. Cohan has another his race,
told as usual with great relish. Levi was talking
enthusiastically to his son, telling him to save,
pointing out examples. ivy, twenty years ago Isaac
Goldstein stood this corner selling shoe shtrings
Today he owns the corner" "Aint dat too bad?"
said his boy "Too bad, vot nonsense, Wy too bad?"
41Vy, dot poor man, eff he had had only walked up
and down he would have owned dot whole block"
Smiles.
The union labor organizations in several cities
are doing more effective work for the open shop
than are their enemies Some of these leaders are
too radical for the best interests of their followers,
and are furnishing plenty of ammunition to create
an adverse public sentiment.-Journal Press.
Congratulations to Judge Mike Holm, of Roseau
county, who landed the republican endorsement at
the elimination convention, for the nomination for
secretary of state, and thus assures, practically
Northern Minnesota place among the important
state offices. Mike is a comer.-Northern Light.
Fred Sherman proved himself real sport and
a good loser. AS soon Judge Holm received the
nomination he asked all his friends to do their
hest for Mike. That sort of spirit is appreciated
and Fred didn't lose anything by it.-Northern
News
The Bemidji daily pioneer. [volume] (Bemidji, Minn.) 1904-1971, 1920-05-26

The good roads movement is going ahead at
tremendous rate. Thirty seven states in this cour
try have authorized the expenditure of $635,641
729-Ex
The Bemidji daily pioneer. [volume] (Bemidji, Minn.) 1904-1971, 1920-05-26

Subscribe for the Pioneer.
The Bemidji daily pioneer. [volume] (Bemidji, Minn.) 1904-1971, 1920-05-26

When sugar hit IS, dad hit the ceiling. While it's
fashionable for everything to go up why not send
up few pro6teers-either up to Atlanta or Leav
enworth or better still lat the end of hemp rope?
-Wheelocks Weekly.
Probate Judge Harris was circulating among his
friends in and around Blackjack Saturday. The
judge, who made the American office call, has
announced himself candidate for reelection
Blackjack American
Potatoes are good bet Plant every spud you
can. With wheat prices jumping, and a reduced
acreage, potatoes bound to bring a good price.
Plant potatoes and take of your patch
Northern News.
We rather sorry to Julius Schmahl pull
out he did from the state convention especially
after all that the republican party has done for
him, is taken into NEUTRALITY-SUSPICIOUS. News
The railroads., too, want their bonus-a triae of
$1,000 900 year in higher freight rates.
When is the taxpayer going to get his bonus
Crookston Times. !,
The good roads movement is going ahead at
tremendous rate. Thirty states in this coun-
try have authorized the expenditure of $635,641-
729.-Ex.
Don't confuse propaganda with the news. One
is half the truth and the other is all the truth
Cass Lake Times.
If you can't boost-at least shut up and let others
The Washington herald., 1920-07-18
BANK CLEARINCS.

Bank clearings continue at a new
high level for last period at some
points. but the aggregate this week
at twenty-one leading cities in the
United States is s7.s2s.145,12s, a de-
crease of so per cent from the total
Of this week last year. and an in
crease of 29.s per cent in compari-
son with that of the same week In
1918. New York City's clearings.
s4.656,074,362, show loss of 1871
per cent from last years figures,
while the centers outside the me-
tropolis report s3.272.Q7O.764 or SIS
per cent more than in 1919. with
most cities making substantial con-
tributions to this favorable exhibit.
Compared with the corresponding
week two years ago. the showing
at all points Is satisfactory. New
York City disclosing an Increase OF
27.7 per cent. and the remaining
centers one of 900 per cent.
Average daily bank clearings for
the year to date are given below
for three years:
1Qpn
The Washington herald., 1920-07-18
BANK PAYS BONUS.

New York, July 17.-Extra conn
pensation amounting to 3911 per
cent OF their salaries was paid by
the Irving National Bank to all its
employees Thursday to eQualize tho
high costs. of living during the
quarter which ended June so. This
payment makes the average extra
compensation of the Irving stan for
the last twelve months 37S per
cent.
The Irving extra compensation
plan Is designed to offset for the
banks employees the advanced cost
of necessities. 1t is determined by
the price levels of staple commodi-
ties, Bradstreet's monthly Index
Number supplying the basis of
computation. Today's payment in
dicates a slight recession in prices
from the first quarter of the year.
when the extra compensation was
40& per cent of the salaries. 1t Is
still above the figures for the latter
part of 1919, when the payments
were 34h per cent in the third
quarter and 36% per cent in the
fourth.
The Washington herald., 1920-07-18
MOTOR sATURATIoN POINT.

Colonel John w. Prentiss. Of
Hornblower & Weeks, writing in
the current issue of The Spur"
says that the saturation point In
the automobile industry probably
will not be reached until there are
at least 30,000,oO0 automobiles in
the world. ''In the United States
today" he adds. there are 10000
automobiles and trucks in use; in
England there are 625. 900, in France
2S0,0Q0 and in all Europe 1000, ,000.'
The rate of consumption in the
United States is going to require at
least a million cars and trucks .
year for the next ten years. What
the demand from the rest of the
world will be 1t will be hard to-
forecast. but IL is well-known,
fact that a medium-priced Ameri-
cap automobile can be sold iastan-
taneously in any part of the world
today, and in many foreign coun-
tries it brings a higher price IN
American dollars than IT brings in
this country"
The Washington herald., 1920-07-18

bonds and Victory notes. (2) That
each lodge endeavor to interest all
members of the lodge in the pur-
chase OF Liberty bonds and Victory
notes"
The Imperial Council. Mobiles of
the Mystic Shrine, in their conven-
ton at Portland. Oregon. June %.
1920. passed the following resolu-
tion:
Resolved, That the Imperial
treasurer be empowered to invest all
sums in excess of sl50.O00 in gov
ernment securities only. of the gov
ernments of the United States and
Canada"
The Benevolent and Protective
Order of Elks in their convention in
Chicago, July 4-l0. urged each local
lodge to endesvor to interest all
members in the purchase of Liberty
bonds and Victory notes and war
savings stamps and to encourage
the principles of saving and sane
economy.
The Supreme Council, Knights of
Columbus, has invested about S12.-
100000 in government securities.
1t is evident that the action Of
these great organizations will bear
fruit and that the wartime lessons
OF saving and sane investment will
not be lost, and the army of 10000
600 investors in government securl-
ties. who were the bulwark of the
nation in war, will remain the ma
tion's insurance for the future.
The Washington herald., 1920-07-18

total loans and investments show a
decrease for the week of 41.s mil
lions for all reporting banks and
of 1912 millions for the New York
City members.
Government deposits show a re-
duction of 1851 millions, while other
demand deposits (netl increased by
142.1 millions and time deposits by
SIS millions. Hand finland with
the withdrawal of governmen mt
funds, the total accommodation of
reporting banks at the Federal re-
serve banks, as shown on the books
of the latter banks, increased from
1,s45.9 millions on June rs to 2.o57.7
millions on July 2, of which some
what less than one-half was paper
secured by government war obliga-
tions. For the New York City banks
the corresponding item shows an
increase for the week from 611.S
to 6SS.6 millions. The ratio of ac-
commodation at the Federal reserve
banks to total loans and invest
ments shows a further rise from Ills
to 12.2 per cent for all reporting
banks and from 1917 to 12.1 per cent
for the New York City banks.
In harmony with the increase In
demand deposits and their increas-
ed borrowings the banks balances
with the Federal reserve banks in
creased by about So millions. Cash
in vault shows a nominal gain of
2 million for all reporting banks
and a decline Of Al millions for the
New York City members.
The Washington herald., 1920-07-18
WEEKLY BOND
MARKET FIRM.
Investment Circles Free
From Uneasiness Enter
tanned by. Spectators.

Z In investment circles particular
attention was directed to the fact
that throughout the week the bond
market did not reflect the unoasi-
ness and apprehension entertained
by spectators In stocks because
of the s per cent money market az
this center and the continued dis
turbed political and industrial con-
ditions in Europe and In the United
States. On Wednesday, when the
foreign exchange market broke
sharply on the announcement that
the Germans had failed to accept
the terms set up by the allies with
respect to monthly deliveries of
coal, the bond market continued
firm and even strong. although the
transactions fell off materially.
Leading authorities in the finan-
cial district say that unquestiona-
bly, Investors, although they NAV
not be particularly enthusiastic and
demonstrative over the political
and business outlook in this coun-
try, nevertheless have not lost their
courage and believe that the lead
ing investment securities are still
selling on an attractive basis, al
though most of them are well above
the low levels recorded some weeks
since. 1t is pointed out that not
only are investors buying bonds.
but stocks as well. In this con-
nection attention is being directed
to the material increase In the
common and preferred holders OF
United States Steel. Recently, also,
official figures were made public
showing a big increase in Pennsyl-
vania Railroad stockholders during
the past twelve months.
Private and discriminating inves-
tors who have been discussing the
situation recently with local bank >
ers say that they are confident that
the railroads of this country have
been through their most trying ex-
periences, and that from now ON
not only the outlook but the actual
results will be steadily better,
These same investors say also that
this being true prices for railroad
bonds should improve in proportion.
The quotation for them from day
to day reflect steady buying. The.
price fluctuations are not wide, but
the sharp advances that were made
two weeks or more ago have not
! only been well maintained. but in
| creased moderately since
There has been nothing particu.
larly striking in the market for
government issues. Well-informed
| interests realize that there are still
large amounts of the various Lib
erty issues held by banks and other
financial institutions. which sooner
or later must be absorbed by pri-
vate investors and Institutions. IN
view of this fact. the high rates
for money and the expectation of a
continued disturbance politically
| and industrially in this country,
! perhaps throughout the balance of
the year. the opinion is expressed
every day that Liberty issues arc
doing surprisingly well.
The market for industrial stocks
! has been pretty much upset this
week, but the bonds of industrial
corporations have given a very GOOD
account of themselves. Investors
realize that they are much safer
than the stock in the case Of busi-
ness depression.
New offerings OF bonds have been
on a light scale, but il Is reported
that previous offerings are being
very we'll absorbed.
The Washington herald., 1920-07-18
THE DOLLAR In FOREIGN EXCHANGE.
Organizations Purchasing
Government Securities With Their Funds

The continued interest OF the
American people in additional pur-
chases Of government securities in
dicates that the patriotic spirit
which made possible the financing
of the world war is stn' alive.
The governing bodies of many ma
tional organizations at recent meet
ings have done much to awaken the
public to the patriotic duty owed
the government in absorbing Liberty
bonds and Victory notes, and at the
same time have shown sound busi-
ness judgment in authorizing the
purchase with their funds of these
securities at the present low market
price.
Some of the largest fraternaI or
ganizations of the country in ma
tional convention within the past
few days have voluntarily passed
resolutions urging their membership
throughout the country to hold their
Liberty bonds and buy more at pres
ent market prices and to use their
influence toward making the appli-
cation of thrift and economy a COM
mon practice of the people.
The Loyal Order of Moose in con-
vention at Mooseheart, Ind. June
Is. 1920, passed the following 1850
luton:
Resolved. That the subordinate
bodies of the loyal Order OF Moose
be urged to invest as much of their
lodge funds as possible in Liberty
The Washington herald., 1920-07-18
Worlds Gold Production in 1919
Shows Decrease OUer Precious Year

The United States Geological
Survey has given out some prelim-
mary. figures showing the produc-
tion Of gold throughout the world
In 1919. The production in the
United States was s5S.2S5.1e6; Can
ada is reported to have produced
$14.6s7,o 900: India $10,02s,00o; Aus
traha (not including New Zealand
or the Islandsl s2s.26S,o0o; the
Transvaal, s171,640.f23; Rhodesia
and West Africa, s1S,631,070. There
was a probably large decrease In
the production Of gold in Russia and
Siberia in 1919. Some increase was
probably made in the output Of
Central America and South Ameri-
ca, which, however, was doubtless
Offset by decreases in the output of
other countries. The incomplete re-
turns now available indicate that
the worlds production Of gold IN
1919 was between S345,000,00 and
$3.50, 900, 900. The worlds produc-
ton in 1918 amounted to s3s0,sz4.-
500.
The Washington herald., 1920-07-18
CANADIAN TRADE.

Dispatches to Dun's Review from
branch Offices of r. G. Dun & Co. in
leading cities OF the Dominion of
Canada indicate that while trade
Is generally quiet. as usual at this
period, the favorable crop outlook
in almost all sections has greatly
stimulated confidence in the future.
Many travelling statesmen are now
on vacation, and orders received by
wholesalers are moderate in vol
ume. but the opinion Is expressed
in many quarters that, should the
coming harvests approximate pres
ent expectations, a sharp revival IN
activity will be witnessed early in
! the fall.
Montreal reports that. with many
people away on vacations, retail
trade is quiet, and wholesale busi-
ness. though well up to the average
for this period. shows the slowing
/ down customary during midsum-
mcr. Numerous small replenishine
orders. however. are being received
collections are fairly prompt. While
the usual summer quiet prevails in
most lines at Quebec. sales, as n
| whole, compare favorably with
those Of former seasons. There is
sonable merchandise at Toronto
and fair numbers of orders for the
/ leading staples are being received
by wholesalers. Confidence in the
future has been stimulated by the
excellent crop prospects and the i'm
proved labor situation, and many
merchants are predicting an active
fall and winter trade. Collection.
are generally satisfactory. Senti-
! ment among merchants in the Far
West and Northwest has been
greatly improved by the favora BILE
crop outlook, and an active fall
trade Is anticipated. Retail disttri-
button is good at Winnipeg, and
shows Improvement at Saskatoon,
Calgary, Regina and Moose Jaw.
At most centers, business in some
departments, notably textiles, is
quiet. owing mainly to price uncer-
tainties, but in most wholesale lines
sales are normal for this period
Collections are fair.
The Washington herald., 1920-07-18
Federal Reserue, Boards Weekly Bank
Statement Shows Decrease in DEPOSITS

Large Withdrawals Of governme n I
deposits in connection with the re-
demption on July l of about 200
millions of Treasury certificates, as
against a substantial increase in
demand deposits are indicated in the
Federal Reserve Boards weekly
statement of condition on July 2 of
S14 member banks in leading cities.
Apparently as a consequence of the
large Withdrawals of government
funds from depository institutions,
member bank borrowings from the
reserve banks and members re-
serve balances show considerable
increases for the week.
Treasury certificate holdings show
a further decline for the week of
63.1 millions. while the amount of
other government securities held
remains practically unchanged.
Loans secured by government war
obligations show a decline of 30
millions for all reporting banks and
of 7.3 millions for the New York
City banks. Loans secured by cor
porate stocks and bonds show an
Increase of 1875 millions, of which
10.6 millions represents the share
of the member banks in New York
City. All other loans and invest
ments. including ordinary CONNER
cial paper. are shown 11.s millions
larger than the week before. As a
consequences of these changes in the
different classes Of earning assets,
The Washington herald., 1920-07-18
Authoritative Financier's Point of
VieW on Capital and Labor

Tho principle on which all con-
cerned should deal with the labor
question appears to me plain. 1t
is the principle of the Golden Rule"
declares Otto II. Kahn in his new
book, Our Economic and other
Problems" With the keen analysis
of the trained financier and the
skilled economist, he pitilessly ex-
poses the great existing evils of our
economic system. But he does
more than this-he suggests their
remedy in a constructive and clear
ly defined program.
An expert of international repute
AN economist called into confer
ence by the leading personages of
Europe and America in times of
financial crises-Mr. Kahn speaks
with the authority that is based on
broad, practical experience. Not
only is he specially equipped, both
by training and experience, to give
Illuminating inside facts on the
status of capital and labor and their
relation to each other. but also to
lanalyze the fundamental causes of
poverty which lie at the root of our
economic system and to propose
constructive program.
Mr.. Kahn speaks in no equivocal
terms. of the relation between capi-
tai and labor. Il think" he says
frankly. 1.-The formula should be
ing wage; after that capital is en-
titled to a living wage; what is left
over belongs to both capital and Ia
Dor, in such proportions as fairness
and equity and reason shall deter
mine in all cases"
An interesting angle on the inti-
mate connection between capital
and labor is the statement thar
there are so many different kinds
of labor; there are so many differ
ent kinds of capital. Not infre-
.quently the laborer and capitalist
overlap and merge into one. You
have skilled labor and unskilled
labor; you have the small employer,
the large individual employer, the
corporate employer. the farmer, the
inventor, the prospector, etc. And
then circumstances and conditions
vary greatly, of course. in different
parts of the country and In differ
ent industries"
TT is impossible to measure by
the same yard-stick everywhere.
but the principle of fairness can be
stated; the desire can be stated TO
do everything possible to bring
about good feeling and good un-
derstanding between labor and cap
ital. and willingly and freely to
cooperate so that labor shall re-
ceive it's fair share in the fruits of
industry, not only by way of a
wage return, but of an adequate
return also in those less tangible
things which make for content
ment and happiness"
Mr.. Kahn then outlines what he
believes are the essential points on
The Washington herald., 1920-07-18

pig iron in 1920 equal to that Of
the best war year and a rate of
export somewhat higher than that
of the pre-war years. the exportable
surplus of the United States is not
likely to equal Germany's annual
exports in the years Immediately
preceding 1914. The United King
dom Is unable at present to re-
cover from former volume of ex-
ports except at sacrifice of do
nestle needs.
There can be no question, there
fore, as to sufficient foreign outlets
for all the United States can spare
and more. The American iron and
steel industry has the resources, the
capacity and the industrial organi-
zation to produce largely beyond
domestic needs. A responsibility
rests upon this country to maintain
production at point where the
industry can do its share toward
satisfying the worldwide need OF
steel"
The Washington herald., 1920-07-18
WORLD LOOKING TO AMERICA
FOR STEEL SUPPLY

Vice President Howell. of National
Bank of Commerce, New York City.
emphasizes the inadequacy of for
eign output of steel by saying:
The arrears caused by four
years destruction of steel and by
reduced output after the armistice
cannot be made up in the near
future by any country except the
United States. Yet in the first cal
endar year after the war American
pig iron output dropped to 31,o1s,-
900 tons. which was 100000 tons
below that of 1913, and practically
the level of 1913. The fact that
this reduction occurred without
financial or Industrial disturbances
is a matter for congratulaton. but
in view of the five years accumu-
lated need of steel throughout the
world IL Is a calamity.
Even assuming production of