davidaulloa/AmericanStories huggingface dataset:
The Washington herald., 1920-02-16

PUBLIC MENACE
Run Down Condition of
Roads Indirectly Adds to
Individual Expense.
QUICK ACTION NEEDED
Proposed Bill Not Substan-
tial Enough to Insure
Necessary Relief.
QUICK ACTION NEEDED

Railroad credit has been at such a
low ebb that the roads have been
unable to keep pace with the growth
of the country. In the Industrial
centers of New England. the New
Jersey environs of New York, the
Philadelphia district and Pittsburg.
the manufacturing capacity has in
creased all the way from 100 per
cent to 400 per cent since 1914. with
the Allegheny County district of
Pittsburg taking the lead with the
maximum figure. The railroad facii-
tiles of these districts have not
grown in mileage since 1910, while
in relative efficiency of equipment
there has been a falling off.
Pittsburg coke producers have
been willing to sell their output at
S6 per ton at a time when consum-
ers only a short distance away
could not buy coke at s12 per ton.
simply because of a transportation
tangle that never would have de-
veloped except for the injection of
politics into the railroad situation.
in their desperation
have paid ten, twenty and in some
cases as high as fifty times the cur
rent freight rate to get material de-
livered by auto truck. BY paying
the increased cost they could get
delivery in two days, while by the
railroad 1t might take a month or
more. Time was more precioss than
money.
All these costs are added to the
price of living. They are not neces-
sary additions. They represent waste.
They represent duplication of effort
and an unnatural competition. The
railroads should haul the freight of
the country. The burden should not be
shifted onto the comparatively new
automotive industry. The latter is
more efficient merely because II fhas
not felt the palsying hand of regula-
ton.
In the light OF these conditions 1t Is
felt that the new railroad bill is an
attempt to shuttle and evade. \
maximum return of per cent on the
property value Of the railroads is not
likely to furnish the resources or at
tract the credit necessary to rebuild
and re-equip TO them or provide the
extensions and new construction
made necessary blythe increased traf-
nc demands OF the country during
Inc last Tour or five years. The re-
turn might be sufficient IL the rail-
roads were all in serviceabIe condi-
tion and If the country had not OUT
grown its old transportation facilities.
Ihe question to be decided is whether
the rate allotment authorized by Con-
gress will be sufficient to attract
capital for the program of expansion
which is demanded by present needs.
Cnul some Congress with courage
enough TO meet the problem squareIy
lakes the matter in hand. the people
VIII nave to pay a higher bill tnaa
would be represented by net earnings
with needs.
The Washington herald., 1920-02-16
.MAKEINCOME
RETURNS EARLY
Internal Revenue Collector
Advises Against Last
Minute Payments. :
EXPERTS TO ASSIST
Temporary Office Opened
In Downtown Section
Until March IS.
EXPERTS TO ASSIST

File your income tax return early
and avoid the rush"
This is the advice offered by the
deputy collector Of internal revenue
from his once. 1fls II street north
west. which. beginning today, will
be open from a. m. until D. m.
until March Is. for the filing Of in
come tax returns by District resi-
dents. A corps Of income tax ex-
perts IL provided to assist in making
out the forms. This is not confined to
individuals, but includes corporations.
partnerships and fduciaries. Amy
questions arising In connection with
the filing Of such returns will be
answered by the tax experts.
ITO save themselves time and trou-
Bile taxpayers are urged carefully 10
study the instructions on the forms
before seeking the advice OF the bu-
reau officers" says a statement is
sued by the Bureau OF Internal
Revnue. "sually the information
souht is contained in these instruc-
tions- Familiarity with them will
enable the taxpayer quickly to point
out any question concerning which
there may still be a doubt"
District taxpayers may file their re-
turns either with the local deputy
collector. or with Joshua w. Miles,
collector OF internal revenue at Balti-
more. in whose collection district Is
included the District of Columbia
Every single person whose income
for 1913 was 1900 or more and every
married person whose income was
kzoO or more must file a return.
The period for fling ends at mid
night March Is, The penalty for
failure to file a return within the
time prescribed is a fine of not more
than 1900. and an additional assess
ment OF . per cent Of the amount
Of tax due.
The Washington herald., 1920-02-16
FAIR SUGAR
CROPS ABROAD
Excellent Progress Noted
In Most European
Centers.
PRODUCERS ACTIVE
Actual Showing Far in
Excess Of Earlier
Estimates.

Reports showing the results Of
the campaign in various European
countries have been received dur
ing the past week which are very
encouraging.
France, Hollard and Belgium to
January 1, 1890. show a total of
almost 100000 tons over their COM
bined previous estimates. German
production to December 1, 1919, was
$4,000 tons, as compared TO F. o.
Licht's latest estimate of TAI, 900
tons for the entire crop. Move n
Der production was 100000 n and
the weather in December was re-
ported as almost as favorable for
field and factory work as Move t.
ber. After December 1, 1918, al
most 100000 tons were produced.
Even Czecho-Slovakia reports
that the government is Offering spe-
cial inducements to growers to har-
vest all the beets they possibly
can and that there are fair pros
poets that the crop will surpass
the previous estimate of 525 900
tons.
These reports are from Bauwe rs
sn1 we'cherding. OF Antwerp, Bel
GUM.
For Belgium the production to
January was 1SS,409 tons ex-
pressed as raw sugar compared to
5f.609 tons last year and an earlier
estimate of 10000 tons. About
20. 900 tons were produced after
January 1 last year. but the pro-
duction this year after that date Is
expected to be less. The report
says that this outturn includes su-
gar made from both Holland and
French beets. which must be par
TALLY returned to those countries.
and that the final outturn for the
use of Belgium will probably be
about 10000 tons.
There was a stock on October !
of 10000 tons. About 5000 tons
has been imported, 1900 tons ex-
ported and 1900 tons consumed
since. The stock on January 1,
1920. is reported as 100000 tons.
The yield of beets was about
eleven tons per acre and Of sugar
Is per cent on the beets worked.
For Holland the report shows a
production from September 1 to De-
81. 1919. of 2S5,300 tons ex-
pressed as raw compared to 162.-
400 tons last year and earlier esti-
mates as low as 100000 tons. The
during the period was
1000 tons.
The Washington herald., 1920-02-16
one REASON s.
FOR HIGH COSTS
Huge Dividends Declssed.
ByFall River Mills Far
Explanation.
RETAILER Is TARGET
Gets Most Blame ,.s1d.
Receives Small
Stipend.
RETAILER Is TARGEl

The reason why shirts and other
cotton fabrics have been costing
from two to three times as much
as in pre-war times. suavely at
trIbuted to Increased labor and
other production costs.- may be 7ex-
plained in large measure by the
large quarterly dividends just de-
clared Sy New England cotton mill
corporations. Quarterly dividends
running as high as so per cent a
year have been voted by boards OF
directors to stockholders. and while
government Investigators and other
seekers for facts connected with the
high cost Of clothes have been
cunning after retailers. the fabric
producers have been quietly get
ting theirs" and the Y hole produe-
ton cost has been explained away
as above.
The King Phillip Mills. cf FAN
River. Mass. may be taken as an
example. In addition ID "a quar-
terly dividend Of 5 per csut--or 20
per cent yeariy-it declared an
extra dividend OF 50 per cent. bring
ing the rate upon its capital stock
to 20 per cent Tor the year. Thirty
nine OF the FaIl River cotton mill
corporations have recently declared
dividends Of S2.3S5.2sS. The quar-
terly dividends range from ia "a
20 per cent and average for thc
thirty concerns 7.73 per cent
OF over 80 per cent n year.
These dividends. which smashed
all records for high profits. start
ed retailers wondering when the
governments calcium lights would
be turned off their establishments
and directed toward the King Phil
lips Mills Corporation with its ;
per cent quarterly and so per cent
extra dividends: the Cornell Mills
Corporation with its 90 per cent
quarterly dividend. and others
whose earnings have broken rec
ords.
"If Il were not for greatly In.
creased volume of business. many
retailers would be bankrupt" faid
one Washington retailer. When
the government tackles the retailer
1t attacks prohteeriBE at the wrong
end This is a sellers market:
and today we approach Mr.. Manu-
facturer with our hats in our
hands"
The Washington herald., 1920-02-16
ONE CASE WHERE LOW RATE
STERLING is PROFITABLE

Selling OF railroad securities for
European account in recent days has
netted foreign investors a nice profit
as a result OF the deprecated ex-
change, despite the fact that the price
at which a particular stock is sold
may be considerably less than orig
inaily paid. An example of how Il
works in the case OF an English in
vestor is cited. A London man sells
lOo shares of Northern Pacific here
at, say, 7ok, netting s7.OOe. With ster-
ling at, say. $3.50. this means he will
get about f2.12o. On the other hand
II sterling was at normal, where IL
was when he bought his Northern
racine. he would be able to buy only
tI.4ds for his S-os. In other words
ne makes about f642 more because OF
the extremely low rate for sterling.
The Washington herald., 1920-02-16
SPECULATORS
ENCOURAGED
Look Forward to Better
Things the Coming
Week. r.
IMPORTANT MEETINGS
Too Much Faith, However,
Should Not Be Placed in
Immediate Future.
IMPORTANT MEETINGS

Wall Street will resume business to-
day with more optimism than for
many weeks. Improvement in senti-
nent Is due to announcement that the
Soo.Oo members OF the Brotherhood of
maintenance Of Way Employees and
hallway Shop Laborers have post
poned indefinitely their strike for
higher wages. Improvement in the
credit system, and a statement by Sec
Ietary Houston, OF the United States
treasury. indicating that the govern
ment has provided or withdrawn from
the banks all the money necessary
Tor the successful carrying out of its
financial plans. In addition to this,
the technical position of stocks is be-
leVed to be stronger than IL has been
Ior year. as a result of the severe
depreciation in quoted market prizes
OF the hast few weeks.
Announcement that the railroad
workers have decided to postpone
their threatened walkout is gratify-
ing TO the financial district, in that IL
would have injected an element OF
much uncertainty in the return Of the
railroads on March l to private own
ership. Irrespective of whether the
employees of the railroads believe pub
their action is considered favorable.
In that 1t would Indicate a willingness
TO have their demands adjusted with
out serious interruption to the trans
portation business of the nation.
This Weeks Program.
A number of interesting develop
ments. routine and otherwise, are
down on the books for the new week
Tomorrow the Crucible Steel stock
holders are scheduled to vote on the
capital Increase. the quarterly earn
ing statements Of the Chino and the
Utah copper companies are to be is
sued. and the annual meetings of
the Mackay Companies, the Caddo
Central Oil Company and Superior
Steel are scheduled. On Tuesday the
annual meeting of stockholders of the
National EnamelinG and Stamping
Company will be held. On Wednesday
are scheduled the annual meetings of
the Pressed Steel Car Company and
the American Sumatra Tobacco Com
pany, also directors meetings of the
American Writing Paper. Reading
and Pacific Mail. The annual meeting
of the General Chemical Company
will be held Thursday.
Look for Sterilization.
The feeling around the commission
houses Saturday WIS that if the mar
ket is able to hold its own in the
course of the next week a stabiliza-
ton OF values around present levels
lasting for some time to come may
be expected Many observers insisted
that bear drives from now on will
not prove nearly so successful as
they have during the last fnrtniRht
The Washington herald., 1920-02-16
CENTRAL AMERICAN PET.

Lincoln ]. Valentine. of New
York, will head the Central Amer
lean Petroleum Corporation. with
offices in the Southern Building, it
was announced last night. The CO.
poration Is said here to have se-
cured 100000 acres of oil land in
Mexico. Central and South America.
The Washington herald., 1920-02-16

While the great problem OF the mo-
rent is a more efficient dirtrfbatio.
OF the total gold supply. in order 10
meet commercial and INDUSTRIAL needs,
New York remains the one important
treG gold market. Instead Of permi,-
ung their gold to be shipped out m
settlement OF unfavorable trade bar
ances those countries which are carry
ing unprecedented issues of paper
currency believe it more advisable to
maintain their reserves and accord
lngly are continuing their embargoes
The result of such governmental re-
strictions is to increase the credit
burden Of New York. and to force the
American dollar to a premium BY cal :
ing upon IT to do more work than IL
ought to be doing.
National Foreign Trade Council
Convention.
Trade advisers from about thirty
Foreign nations Of the Americas and
the Orient will represent those coun-
tries at the annual convention of the
National Trade Council in San Fran
CISCO between May IL and Is. The Sec
retary OF the council. Mr.. o. X. Davis.
states that these advisers will be in a
position to supply first hand infor-
rnation concerning the markets in
their respective countries. Delegates
from all parts of the United States
viii also be present. making the con-
vention an important clearing house
OF foreign trade information"
The Washington herald., 1920-02-16

Powder Company and subsidiaries
Tor the year ended December 81,
1919, compares as follows:
Gr. sales sls. 1os $40 sss. Tss srs se7 tS7 M "a,
Expenses. l5,420,O42 33.5Ss.G2l - i49. 26i
Net or. prs1,s7s2 s2.ls2.s sa5 ss.oss. $40
other Inc. 'ls,209 T0,29s 12.112
Total inc 81. 1.eeO.OSs s.. 2e2. 2as 50. .OJo, 4s1
Pr. divs.. JtO,0O0 $40 100 4S6 5I9
Com. divs 6oo,2ss 1.O5O.5o4 1900. .0i6
Surplus. s519.soI se71. $50 81 2e3 sss
Prey. sur. 4.769 100 4097. COL 2,S34.2ls
P. & L sps5,2ss, ,soi s4.7so.1sO s4,o97, col
Loss.
J. G. Brill Company
Shows surplus after depreciation
charges. but before estimated Fed
eral taxes, of ss16.s69, or s2O.01 a
share (s1o0 par value) earned on the
si,5So.000 preferred stock, as COM
pared with s1,34G,510. or s2O.s2 a
share in the preceding year.
The income account for the year
ended December 81, 1919. compares
as follows:
Total. s14. 2IO. .s2g SIS 7Sf.l55 81. zoo. .oas
Net inc. sle,seo 1,s4I,51o ss4. 1ss
Balance. ss1o. $50 s1.s4I.s1o 1904, lse
Divs., etc. tse0,6io 428,524 sos, ass
Deficit. s7s.77I .sal4.sss .ssss, s54
Prev. surp 2,659.553 1.T44.547 I.f4s, Ias
+. & L surp. .s2.oS5,76e S2,65e.55S s1,744, SAY
tIncludes deprec!a ton charges. sIncome.
tIncludes adjustment of SECS. 2so on 1918 Fed
eral taxes.
Buffalo General Electric
shows surplus after charges OF
$726.239. equivalent to $3.50 a share
C$lOO par valued earned on the out
standing S7,642,3 300 capital stock, as
compared with s5S9,421, or s1o.S2 a
share. earned on the s5,545,700 capi-
tai stock on the preceding year.
The income accounting for the
year ended December 81, 1919, COM
pares as follows
Total revs SIS, ,sse,oos s5,s7s, roe 81, 100. .i1s
and taxes 1.425.so1 1,2s4.ssr 1896. .o.s
Gross inc. 1.513.36s 1.415.554 I.I79,757
Bal: aft chg 726,@39 5se.42I 7ss,5is
Surplus.... 229.1sO I5o,esO 424,Is3
Chandler Motor Car
Shows net profits. after deprecia-
tion, charges, expenses, etc, but be-
fore Federal taxes, of s5,652,255.
equivalent to 1851 share earned
on the 100000 shares of common
stock of no par value. This COM
pares with net profits of $2,1s4,e1s,
,or s31.35>a share earned on the 70. 900
shares of stock in the preceding
year. Current assets at the close
of 1919 were $7,464,053. against cur
rent liabilities Of s1.1ss.6ss. leaving
working capital item of $6.277,3s5,
as compared with working capital
of s4,372,443 in 1918.
The income account for the year
ended December 81, 1919, compares
as follows:
1919 I01s. 1911.
Total inc. SO, $50. .139 $3,052. 100 s3,277, ,7i5
Depreu etc. 1,2oo.ss4 s5S151 ss5,s12
The Washington herald., 1920-02-16
THE AMERICAN DOLLAR.

The value q the American dola-.
ba sed upon r e en- eu 60
cha sc, d gi,ven in tsc following
table:
Cost Of one dollar
The Washington herald., 1920-02-16
The Worlds Gold.

THE mobilization of gold in the
central banks and national treasures
throughout the world, In combination
with the steadily increasing fow
Of this metal into India, is having its
effect upon the American dollar
The Washington herald., 1920-02-16
ANNUAL EARNINGS STATEMENTS.

Foio"ins issued by yor.u.
~ - '"'s1'
The Washington herald., 1920-02-16
CORPORATION BONDS.

Following s selected list corporate bonds,
FURNISHED by Morehead & EmoreD
The Washington herald., 1920-02-16

sp. for VI s22 a55 sl,s54. els 81, ,472 400
The Washington herald., 1920-02-16
Coaserving Credit.

america, too, faces the necessity
of conserving her credit resources.
A definite effort is being made to
reduce borrowings at the Federal
Reserve banks and the opinion is
gaining ground that at this juncture
in the worlds affairs the extension
of credit should be limited to legit-
innate industrial and commercial
undertakings. Gold is being shipped
in fair quantity to our creditors in
South America and the Orient. At
the same time the government is
reducing it's deposits in many of
the national banks, a circumstance
tending to decrease their lending
power, since the banks were re-
Quired to hold no reserves against
these Federal deposits. - Ability to
lend would, therefore, still be re-
stricted even IL every dollar so
withdrawn by the government were
Immediately redeposited to the
credit of private individuals
Shortage Of fuel, labor. and rail-
road cars. making dificult prompt
deliveries of raw materials and
manufactured goods. have also
helped to tie up a large amount Nof
domestic credit The demand for
goods at present prices is still ex-
ltraordinarily large. and there is no
immediate danger of overproduc-
tfor1
The Washington herald., 1920-02-16

Ajax Rubber Company.
The annual report of the Ajax
Rubber Company shows net income
after Federal taxes of S2,20l,267.
equivalent to S1l share $3.50 par
valuerearned on the $4,000, 900 cap
ital stock. This compares with ST.
2l5,36S, or 1856 a share earned on
the $7.10O,000 capital stock in 1918.
The income account for the year
ended December 81, 1919, compares
as follows:
1919. 1918 1o1-
Profits. -. s2,9J1, 267 sa9l5, 36s q. o55 a93
Fed. taxes. 10000 100, 900 4e5, 900
Net inc. So. POI .2s7 s1,2l5. .36s 81. 400 os3
Dividends. 1.OS2,d27 $500 $50. 700
-
Surplus. 81. 18S,640 S3s3. .3sS ssa9 5e3.
REV. surp.. 'soo,2Os 7GS,S40 l3a.247
L. L. sp.s2,12s,s4s s1.1ss.a0 $7es. $40
'F'rom surplus Of 81. 1872, 20s on January 1
l9ls. sli2,Oo0 was paid in commission on
capital stock sold; leaving previous surplus
OF $500. Dos.
American Can
Shows surplus after charges and
Federal taxes of 5,1SO,225, equivalent
after deduction of per cent pre-
ferred dividends to 1856 a share
CS10o par value) earned on the SAL
233,30O common stock. This COM
pares with surplus of s6.OOO,S27, or
400 a share earned in the preced-
ing year.
The income account for the year
ended December. 13, 1919, compares
as follows:
Net earn. .sII 7as 7as s17. .o7s. .ss5 s21 sss' 'o4a
Bond int. 54S.533 575,5Os 600 1s3
Fed tax. 4.OOG,O OO0 7.000' 900 s.OOO, ,000
Deprec'n.. 100000 $500, 900 $500, 900
BAL. ss.1so,2a5 $4,000, se7 si1. sae. $50
fr' divs'. 2'ss63s4 2.sse,s31 e,5ss, 1s5
surp.... 81. 2o3. ssi s3,114. 4ss s5.3oe. s74
PreV. surp. 1885, 4o1 16,42l,so5 l1,112, 231
P. L sp.s21, $50. 2o5 $40. $50 4o1 s1e, 421 .oo5
Armour Leather Co.
The balance sheet of the Armour
Leather Company and its sumsidiar-
les as OF November l, 1919, follows:
Assets
Land, bldgs., mach. etc. accord
Ing to appraisals by the Ameri-
can can Appraisal Company. ....... s7,474.e72
invest; In coma stock of Eastern
Leather Company 90. 90 .... 1,73o. 900
current assets, inventories IA AS. 2Ij
Finished product less allowance for
selling expenses. ses............ s4g6. DOG
Tanning materials and supplies,.. 2,S91, s75
s2J.624. o57
accounts and bills receivable. 3,o91 9I4
miscellaneous securities . 14O7S
Cash subsidiaries working balances 5S7, gas
Armour. Leather Company ...... 5oO,O0O
Deterreu charges... 251, ,762
-
ioai. ..'...s... S39, 4I4, Ii
Liabilities
Pr stock 10 cumula tive. author
lied. .$25, 600 900
Uusuinoihg. Xl0. 900. 600
Com. stock, 1,000. 900 shares, s15. IL, ,ooO, 900
Founder stock. 100000 hares no
par value. sold for. or........... 500, 600
Notes and DRIFTS payable. ..... 1s, $50, ,528
Accts. payable and accrued lab. } s2s, SOS
Total. .....................$3 $50, 474, ,124
Atlas Power
Shows surplus after charges of
$1,660,0S9, equivalent after preferred
dividends to $1S.39 a share earned
on the s5,002.4 400 common stock, as
compared with surplus of $2,262,29s,
or $34.42 share, in 1918. =
4
The Washington herald., 1920-02-16
Chicago Buying Heavily.

asia presents another interesting
situation in foreign trade. Meas
ured in American dollars, Chinese
currency is At a premium and the
Chinese importer can buy advan-
tageously in our markets The
only present limit is the fact that
China is not an industrial coun-
try. She offers a comparatively re-
stricted market for complicated
machinery. for foodstufrs, and for
luxuries. burt her natural resources
are being steadily explored. and
all indications point to an improve
ment in economic conditions that
bids fair for those who develop her
markets in its preliminary stages.
The Washington herald., 1920-02-16

Powder Company and subsidiaries
for the year ended December 81
1919, compares as follows:
1913. lplS. 1917
Gr sales. .Sl9. 10S3i0 Sa5. 1875 sre s27. 4S7. e3i
Expenses. l1,42D, ,042 335S3 G24 - 449 o6i
The Washington herald., 1920-02-16

Shows surplus after charges of
S1,660,0S9. equivalent after preferred
dividends to $1S.39 a share earned
on the s5,002.400 common stock, as
compared with surplus of $2,262.29S.
or $34.42 a share, in 1918. =
The income account Of the Atlas
The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1920-12-29
INSTRUCTIONS FROM
MOSCOW"

For some time. the United States gov
ernment has been considering the uc-
por,at.on Of Ludwig c. A. x. Martens
the Rolshevtst Ambassador TO 'hiS
country. In this connection. there APP
reared In Tuesdays papers ra'"e'
peculiar paragraph. as follows;
New York, Dec 2T.-Ludwig {. A. n:
Martens Russian Soviet "ambasSaoor
10 the United States. today notileu IVY
department Of labor that upon lhs'Tuc
lions from the Moscow government JUST
RECEIVED hy cable he will surrender h'nf-
self for deportation January s.
Just what connection the MOSCOW
government has with the case OF Mt
Martens is not clear. Since when has
our department Of labor been taking in
structions from Lenine and TrotzHS as
10 the deportation OF undesirable chl-
zense The impression conveyed BY the
message Of Martens II that his d"norta-
lion Of undesirable citizens: The tm-
pression conveyed By the message OK
Martens Is that his deportation de-
pended upon his Instructions from Mos
COW and he even goes 80 far as TO fix
the date on which he will consent TO let
Uncle Sam get rid OF him. II should
he made plain 20 Martens and 10 Mos
cow that the United States will depors
cor not as II sees A., without any in
struc,iors" or advice from abroad and
'particularly from the Soviet govern
rnent