davidaulloa/AmericanStories huggingface dataset:
The New York herald., 1921-08-19
BANKERS WOULD END
ALL PROFITS TAXES
Tell Fordney and Pehrose 1t Is
Diversion of Working Capt.
tai Now Badly Needed.

John S. Drum, president of the Amer
lean Bankers Association, representing
$4,000 banks and more than 95 per cent.
Of the country's banking strength, sent
yesterday to Representative Fordney
and Senator Penrose a protest against
continuation of the excess profits tax
until 1922. In his letter Mr.. Drum
urges among others the following OBJ
jections:
The excess profits tax never could be
Justified except on the ground that 1t
was an emergency measure required un-
der the unusual conditions Of war
Restoration of peace has destroyed
both the reason and the excuse for the
tax.
Continuation Of the tax Is one of the
most important factors operating to
keep up the cost of production of manu-
factured goods, and the higher cost Of
finished products as against that of
farm products and raw materials pre-
vents the restoration of an equitable and
harmonious price level
The effect of these inequitable prices
10 to reduce and restrict the purchasing
power Of farmers. live stock men, cot
ton growers. lumber men, oil producers
and miners for the reason that they are
luTCeu 10 SCH dl PRICES IcldtlNtly toO ioW
and with the proceeds of their sales can
buy finished products only at prices
relatively too high.
Reduced buying by farmers and pro-
ducers of raw materials naturally means
reduced selling by producers of manu-
factured goods, and the buying power
OF manufacturers and their employees.
therefore, Is likewise reduced
The so-called excess profits tax is ac-
tually not a tax on profits but a diver
sion of working capital. and by inhibit-
ing the working capital OF the country
1t prevents that full development OF pro-
ductive enterprise without which there
cannot be full employment of labor.
The New York herald., 1921-08-19
WHEAT AND COTTON
EXPORTS INCREASE
Value Of Shipments From
u. S. Drops, HotDeUer.

WASHINGTON, Aug. 1S.--Exports of
cotton and wheat increased in volume
but declined In value during July. com
pared with those of last year. Commerce
Department figures disclosed to-day.
Cotton exports amounted to $4,000
bales, valued at S32.000.Oo0. in contrast
to 211.000 bales, worth $4,000 900, a
year ago. Wheat exports aggregated
25,000.000 bushels. valued at $s7, 900.
against 24,000.000 bushels. valued at
$4,000. 900, last year.
Flour exports totalled 100000 bar
rels, worth s9.o00.O00. against 100000.
worth s26.0O0.O0o, in July, 1920; corn,
100000 bushels, valued at 10000
600. against 100000. worth $4,000, 900 /;
rice, 63,000.000 pounds. worth $4,000
900. as against 100000 pounds. worth
100000: all breadstuffs. $63,000, 900,
in contrast to s122.000. 000 cottonseed
oil. 100000 pounds. worth 1862. 900.
against 100000. worth s775.O00; meat
and dairy products, s32, 900, against
$32. 1885, 900: mineral oils, $4,000. 900
gallons. worth s21, 100000. against 274,-
100000 gallons. worth so1.00o,000.
The New York herald., 1921-08-19
REAL BUSINESS GAIN
is REPORTED BY BANK
F Fundamental Conditions De-
cLared Better.

Genuine business Improvement based
ON improved fundamental conditions, is
under way, according to the National
Bank of Commerce, which adds that
credit is increasingly available. Deelar-
Ing that the money markets have been
definitely tested by the early and heavy
movement of wheat. the bank says that
business operations at this time should
be based on probable continuance OF
rates not far from prevailing ones. Sta
bllization of rates at those levels Is in
line with the reestablishment of business
activities on sound and permanent
basis. Discussing the money outlook,
the bank says in part:
Although there is plenty OF money,
the demand for II is heavy and any
judgment of the future course of money
rates must take account of the inter-
relation between bank credit for current
producing and merchandising operations
and the requirements for funds for more
or less permanent financing.
while recognizing the factors for
lower money rates, there are powerful
forces which tend to maintain them.
The violent declines In commodity and
security prices have automatically tend
ed to reduce bank deposits at the same
time that loan requirements have been
falling. In other words. while the de-
cline in the price level does to some ex-
tent release credit supplies 1t does not
necessarily work uniformly in this direc-
tion.
"a further influence for maintenance
of the rate levels lies In the large sums
tied up in carrying huge stocks of nom
salable raw materials in various parts of
the world. Additional money will also
be required from time to time as new
crops are produced. Wool, hides and
skins, sugar. coffee, cotton and rubber
represent the more serious credit prob
lens of this class"
The New York herald., 1921-08-19

about 81, 900. 900. Only nominal changes
in the several classes or investpents
are shown for the member banks In New
York city In consequence of those
changes. total loans and investments of
the reporting institutions show further
decline for the week OF s102. 900, the
August 10 total OF S14.949. 100000 being
about Id per cent. below the figure re-
ported for that item about year ago
For the New York city banks the cor
responding decrease since August 49,
1920 was about 16.2 per cent
Accommodation of reporting banks al
reserve banks shows during the week a
further decrease from s1,079. 100000 y
ss97, 900. 900, or from 7.2 per cent. TO OF
per cent. OF the banks total loans ana
investments. For the New York city
banks a decrease from s299,0oo,oo0 70
S273, 600, 900 In their total borrowings
from the local reserve bank and from
SO per cent. TO 58 per cent. In the ratio
OF accommodation is shown.
Government deposits show a reduction
for the week OF $9,000.000, other de-
mand deposits (net) declined 100000
900, while time deposits increased s2.-
600, 900. For member banks In New
York city decreases of S5,000.0oo IN
Government deposits, CT s3B,oOo,oou IN
other demand deposits. against an In
crease OF 100000 in time deposits. are
noted.
Reserve balances with reserve banks
were $4,000, 900 less than they were In
the preceding week, but cash In vault
shows an increase OF $6,0o0.o0O. For
the New York city banks decrease or
$4,000, 900 in reserve balances and
gain Of about s2,oo0.0oo in cash are
noted
The following table shows the condi-
| ton of the twelve banks In the Reserve
system at the close of Wednesdays busi-
ness at the close of business on August
| 10. and at the close Of business on Au-
gust 20, 1920:
The New York herald., 1921-08-19
ANOTHER DIVIDEND CUT.
United States Industrial Alcohol
Company Halves Quarterly.

The United States Industrial Alcohol
Company cut its dividend in half yes
terday, its directors declaring a quar-
terly dividend of 81 a share payable on
September Is to stock of record on Au-
gust 81. instead OF the usual dividend
of So share. At the close of the meet
ing this statement was issued:
THE main product of this company,
Industrial alcohol, is employed by so
many industries that the general ard
continued business depression has af-
fected its demand. Other products and
specialties are doing well. II has been
decided by the board Of directors to re-
duce to 81 per share the quarterly divi-
dend on the common stock OF the COM
pany"
The New York herald., 1921-08-19
LABOR HEADS TO CONFER.
Disarmament Up Before Atlantic
City Meeting.

ATLANTIC Cry, Aug. 1s.-Important
issues confronting organized labor will
be taken up by the executive council Of
the American Federation OF Labor,
which confers here next Monday. Dis
armament, unemployment. legislation,
the railroad situation and a new mem-
bershlp organization campaign will be
considered.
AS this Is the first meeting since the
Denver convention. the council will also
act to put into effect the labor pro-
sramme adopted at that time. Samuel
Gompers will preside.
The New York herald., 1921-08-19
PENN0K OIL REPORTS.
Net Earnings for First Half of
1921 Total S23G,727.

The Pennok Oil Company for six
months ended on June 80 reports net
earnings. before depreciation and deple-
ton. Of s2S6.T27, of which $159,506 was
earned in the first quarter and S77,-
221 in the second quarter of this year.
The company's production during the six
months amounted to 2O9,ssS barrels of
OIL
The company's balance sheet as of
June 80 shows current assets of S747,-
029. OF which s541.6s1 was cash and
s55.T63 current liabilities. It's total re-
serves were $1,290,451, and its total as
sets and liabilities. s5,5s2.57s.
The New York herald., 1921-08-19
URGE QUICK TAX REPEAL.

The Merchants Association yesterday
sent kilograms to Chairman Fordney OF
the House Ways and Means Committee,
Chairman pcnrose OF the Senate FL
nance Committee and To Senators
Wadsworth and Calder urging that the
repeal Of the excess profits tax be made
effective az OF January / Of this year
instead Of next year.
The New York herald., 1921-08-19

total OF It's dividends paid was sSs9.s4s,
tho balance Of $i6L292 being carried
10 surplus.
At tho end Of the half year current
the company's assets aggregated s20.-
79S.719 and It's current liabilities
sG,o2o,50s, tho excess or its current as
sets being S13.sTs,216 against sts.S5s.-
$40 on January 1. The coinpany's in
ventories were SIS. .099 against y15,-
1s6,AS0 at tho opening Of the year.
The New York herald., 1921-08-19
MAILED IN 1898, NOW ON WAY.
Postal Found in Old Mail Chute
VIII BE Delivered.

Workmen installing a new mail chute
In the Garfield Building at 20 Court
street Brooklyn, came upon a faded
postal card which had become wedged
in the old chute. Examination disclosed
that II had been mailed In 1898.
1t was taken at the direction of Harry
Newport, superintendent of the building,
to Postmaster Walter @. Burton, at the
Federal Building. Mr.. Burton said It
would go through the mails In a routine
way. Post office regulations, he said,
prohibited the disclosing OF the name
on II.
The New York herald., 1921-08-19
MOSES t. PYNE's WILL FILED.

a copy of the will OF Moses Taylor
Pyne. lawyer and fnancier. was filed
yesterday with the Surrosates' Court 10
comply with the regulations, In view of
the large property interest he had In
New York. The will itself was made
public recently at Princeton, N. j., where
he died April 22. His widow, Mrs. Mar
garetha Pyne OF 26s Madison avenue.
was the principal beneficiary.
The New York herald., 1921-08-19
s3.s7 A SHARE EARNED.
General Cigar Company Reports
for First Half of 1921.

Tho General Cigar Company reports
net earnings Of s1.Oa6.s $40 in six months
ended on June 80. or sss7 a share OF rs
outstanding common stock after provil-
ing for the semi-annual dividends on It's
praferxed and debsnture shareA The
The New York herald., 1921-08-19
FEDERAL RESERVE
BANK STATEMENT
Net Liquidation of $8O,0O0,O00
in Loans and Discounts
Features Reports.
Special Despatch to TIE New YoaK HERALD

Special Despatch to THE New YoaK HERALD
New York Herald Bureau,
Washington, ID. C., Aug. IL.
Net liquidation Of about ss0,000.000
Of loans and discounts, accompanied by
commensurate reduction in borrowings
from reserve banks. is indicated in the
Reserve Boards consolidated weekly
statement of condition on August 10 of
S13 member banks in leading cities.
No change is shown in loans secured
by Government obligations, but loans
secured by corporate obligations de-
clined s16.000,000 and other loans and
discounts. largely of commercial and in
dustrial character, decreased $4,000, 600.
Corresponding changes for member
banks in New York city include nomi-
nal increase In loans secured by Govern
ment obligations, a reduction OF Sl5,-
000,o0 In loans secured by corporate
obligations and reduction of 100000
600 in commercial loans and discounts.
Investments of reporting member
banks in United States bonds and Vic
tory Notes show an increase OF about
$4,000. 900; holdings of Treasury notes
fell off s4.000.O00; those OF United
States certificates Of Indebtedness s22,
100000 and those of other securities
The New York herald., 1921-08-19
U. S. CERTIFICATES AND NOTES.

Closing prices bid In yesterdays omen
market for United States certificates OF
and notes were as follows |:
woa Apr-.w
The New York herald., 1921-08-19

ents ............ si5,2eT n8p si5, $3.50, $40
Reserve percentages OF n year ago caicu-
lated on basis Of ret deposits and reserve
notes Ia circulation.
The New York herald., 1921-08-19
SUBSCRIPTION RIGHTS.

Expire. Md. AK ria.
p. y. & w. ~ r.. Aug. 70 2TN ~ 2TA
Reading s...s...,.s.. .. i5a 10 lon
The New York herald., 1921-08-19

e,,oaing prices OF stocks In which there
80 ~ ira nsactions yesterday:
The New York herald., 1921-08-19
N. Y. RESERVE STATEMENT.
RESOURCES.

RESOURCES.
August IT. August TO-
Gold and gold GER
tificates ........ $318. .092,776 1894, ,4D3, 900
G OIL d settlement
fund.-. r. Bird. S0.77f.186 23,S5s, 900
The New York herald., 1921-08-19

PARIS, Aug 1S.--The weekly statement
( the Bank Of France shows changes
The New York herald., 1921-08-19
FOREIGN BANK STATEMENTS.

Proportion OF reserve TO liability, 14.75 per
ont; last week, 14.54 per cent.
Rate OF discount. bh per cent.
The New York herald., 1921-08-19
Total resources 81 4so. .523 b52 81, ,47o, ,s4i 900
LIABILITIES


Ratio OF total re-
serves 10 deposit
and r.. II. note
liabilities COM
bined .....,..,..
Ratio OF gold res.
10 II. X. notes In
circulation after
setting aside 35e5
against deposit
liabilities ..t....
Contingent liabll-
ity on bills pur-
chased for for
oign correspond
cuts ............
a,Aw.en um@nMsnf :. -
The New York herald., 1921-08-19
Bills bought ir
open market 80,

Total bills on
hand ..,.......
". s. bonds and
notes ......f....
". s. certi2. OF
Indebtedness
One year certifs.
fPlttman act)...
All other .........
Total earn. assts
Bank premises. -.
$50 redemp. fund
against n. X.
bank notes......
Uncollected items.
All other resources
The New York herald., 1921-08-19

The State repaid tho bank loo.ooo.ooo
The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1921-02-20

son for the falling through of the
st. Patrick'se day date.
II want to say emphatically,"
Kearns continued. that the cham
pion is ready at any time To sign to
meet Willard or anybody else, We
do not fear willard. We believe
Dempsey will win again as quickly
as he did at Toledo"
Considering European Offer.
Regarding Dempsey's contem-
plated trip to Europe. Kearns said
he Is considering several offers, one
received yesterday from ii. II. Mar
inelli, Ltd, a theatrical exchange,
for a tour of Europe. A represen-
tative OF the company made Kearns
proposition that looks attractive
and II he accepts II Dempsey will
sail from New York within short
time to start his tour on the other
side about March 7.
The status of tho 'Dcrpsey-Car- r
pcntier match. kearns said IL un-
changed today.
Although Rickard G0d attorneys
for Brady and Cochran are waiting
for CoChran's signed power of at
torney TO arrive from England be-
fore making n transfer OF all inter-
ests to Rickard," Kearns said, II
really believe Cochran will remain in
the match. II Rickard wants to go
ahead alone, he can do so legally,
however"
The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1921-02-20
CHARTER MILL GRINDING
Tulsa Country club Doubles Its
Capital Stock

OKLAHOMA CITY, Feb. 10
Charters issued February 10, IL and
l2 by Joe s. Morris secretary OF
state. include:
Gushing Benevolent association.
Gushing. No capital.
Tulsa Country club. Increased
capital from $4,000 To 100000.
Noel Manufacturing company.
Gushing. j, G. Noel, w, T. Walker.
c. r. Droege, Cushing. Capital,
S2b, 900.
Triangle Distributing company,
AlVa. II. l. Peters, u, NJ. Peters,
Alva, q. n, King, White Deer,
Texas, Capital, $4,000.
Lilly Gasoline company, Sapulpa.
NJ, Il, Downs, l. +, MCGee, X. V.
Rule. Sapuipa. Capital, $4,000.
Majestic Clothing company.
Healdton. c. l. Diddens, .. q. Nc
Carol, J. a Mcknight, Healdton,
Capital, $4,000.
Coalgate coal company, McAlcster
(brapch). Capital, $4,000 in Okla
homa.
The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1921-02-20
Dempsey viii Box Willard
Within 6ODays Says Kearns

NEW YORK. Feb. 19.--''If Jess
willard wants a chance at Jack
Dempseys title he can have a match
within the next 60 or 10 days"
Jack kearns, manager of the
champion, made this announcement
today In answer to Wizards recent
statement regarding the postponing
of their St. Patrick's day bout at
Madison Square Garden.
II will post "a forfeit of $4,000
for n match between willard and
Dempsey" Kcarns scontinued, and
will guarantee willard $4,000 for
his end, providing he Will post
s25,000 to go through with the
match.
Denies Jack Ran Out
Dempsey was not the one who
took runout powder and there is
still plenty OF time for the staging
of this match. Under our contract
with the promoter OF the Carpenter
bout. we still have 60 or 10 days In
which 10 meet willard.
III Jess doesn't want the match
within that length Of time. ne Will
have To wait until after Dempsey
meets Carpenter"
Kearns added he will sign with
Jess for n bout at any place and
with any promoter that wants the
match. He reiterated n previous
statement TO the effect that the
failure of willard TO return TO New
York for "a conference was the rea-
The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1921-02-20

portunity for the advancement OF
players. Many players will bo
drafted but few sold and the minors
owe II to the players TO give them
all the chance to advance In their
profession LnaguVs opposed to the
draft prefer to soll-but they Will
also find that they Will have to buy.
Clubs around the Tcarncy wheel
arc making preparations for the
start OF spring training, which Will
got undor way about the middle OF
March, although those In the south
may start "A few days earlier. With
tho exception OF Joplin, which is to
quarter with Harry Womack's West
orn association club at Okmulgec.
ull Western league clubs will prob
ably train at home.
New Life la Two Cities,
Changes OF ownership In the
Western league this season have in
fused new life Ia baseball affairs at
two cities, George *, Belden and
Mike Finn and- FHgen Burch were
formally taken into the circle OF
Western league magnatcs at the Des
Moines conference. Beldcn pur-
chased tho st. Joseph club from ED
Omaha club from Bil Rourkc.
James X. Crawford, who recently
bought Spencer Abbotts interest In
the Tulsa club, Is the third now club
owner. Crawford, however, Is not
a newcomer. lie has owned half
interest In The Oilors since Western
league baseball was brought here
two years ago and In fact was re-
sponslble Tor Spencer Abbott plac-
Ing tho wandering franchise In this
city.
Passing Of the "Old Guard "
ST. Joseph and Omaha fans
wanted a new deal since mid season
OF last year and both Hanlon and
RuuusNc acted wisely in selling. In
! the passing Of llNnlon, Rourkc and
| Abbott, three veteran magnates OF
tho Western league depart, leaving
| only Jack Holland OF Oklahoma
city and Frank lsbcil ot Wichita OF
! the "old guard, which for years
practically controlled Western
| league baseball,
The three mentioned above. who
/ disposed Of their holdings In Wost-
/ crn league clubs, are Csttmahle gem
/ tlemon and shrewd and successful
baseball men, hut FOR the good of
| the game ana of the Western league
II is probably best that they are
seeking newer fields, leaving affairs
| from whence they depart IA more
/ popular hands,
The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1921-02-20

NEW YORK, Feb. 9.--Man o
War ranks fourth among the
greatest money winners in the
history OF racing on the turf. The
big money winners follow;
Isinglass, English, }2So,675.
Donovan. English, $275,Sl2.
Rock sand. English, t25O.sA8.
Man o. War, American, s244,-
465.
Baynrdo. English. s222,96o.
Iemberg, English, s204,795.
Sceptre. English, s203,o0S.
Flying Fox. English, tls6, 400.
Domino, American, s193,355.
Pretty Polly, English, slS9.s65.
The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1921-02-20

O'Farrell. who took up the catching
Job when Killifer was injured las,
season, is going TO try to become a
regular. Tom DAILY. another vet.
eran catcher, win also try for the
catching job or first base. Everett
+. Comes, purchased from the
Springfield. Mo-, club is the fourth
member OF the catching corps.
The pitching staff is composed
of 10 right-handed pitchers. James
Kenny, semi-pro who was recon-
mended TO the club by Grover Alex.
ander, who pitched against him In
France. Alexander had a hard time
defeating Kenny, TO 0, in u
l2-inning pitching duel.
Coble. a right handler, established
reputation as an amateur In
Charleston, III. 5cager, another
right handler. was at Fort Sheridan
last year.
The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1921-02-20

Wonderful Bursts of Speed
Were Man O'War Triun,pbs

For instance. Jockey ku1,r,o- A..
not ask nor urge Man o. War ~. uia
lop a mile and furlobo iu So
Preakness at Plmlico i'm l..Iq' she
same was true in the Bclu.., i-s
when the great Riddle hore. ~, 'Ne'
same wildly ambitious sor, 80 ' 'ne
flashing vnder the wire I'm 81 'Se,
for a mile and three furI,rcs 80
bringing to the United sfs,,, GIl
record for that distance by sh,s ,us
the English record OF Dcar sing Su1as
made at Liverpool in 1908. by ,w.
and two-fitths seconds This mas
Incidentally, was better than the IA
American mark established bv s-
Barton by three and oue-nfb ss. M
onds. W.
Man o. Wars great burst Of sno,,
In the Belmont was his own 49,
and amazing as 1t was. even ~ ~.
Riddle stable. It was more e. u"
cause he flashed over tho tor,,av.
belmont course, which In spote ,.s.
deep In sand. Racing men elid d.
this exhibition that had Man o. w..
ran over the springy, soddod 1.-Two,
pool course that day he would nrob.
ably have done his mile and tbro.
furlongs In as good as 2.l0, or sorr.
such time. The great spasm OF snesN
shown In the Belmont came an.s
the last turn had been rounded A,
he squared away, headed toward ,bo
wire, the great galloper took the br
In his tceth. took Jockey Kumms,
completely by surprise and lauachs5
into an orgy of speed that brouph,
. Hn e..
ishment. Had there been compotl.
ton 10 this race or In the Wthen
there IL no telling how fast Man a
war might have run. There was na
set limit to his speed II seemed.
Surely "a Supcr-Horsc.
BY defeating Damask In the Joct.
ey Club stakes in September Man o.
war lowered the American mark 10,
a mile and n half TO 2:3S As, win.
ming his race by more than /,
lengths He did IL so easily tina,
none OF the spectators realized tina,
n record had been approached uni
the time was posted.
In the Lawrence Realization, with
Hoodwink trailing an eighth OF
mile behind him, he covered mile
and five furlongs in the record time
OF 2;40 As, beating F'itz Herbeua
American mark by four and one.
fifth seconds and shading the best
foreign time by n wide margin.
His victory over Sir Barton at Ken.
ilworth in October. when he gal.
loped home ten lengths ahead OF the
Ross horse in 2:03 for n mile and
n quarter, was the Crowning achieve.
the race Commander j. X. l.. RoS
said he was a super-horse, the great.
est in the world, and stated that he
believed his time was equal to two
minutes on either the Belmont or
Saratoga courses.
The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1921-02-20
LEONARD
BOXES WELLING
Second Meeting Between
Pair Thursday at
st. Louis
Important Boxing
Bouts This Week

Fob 2t.---Evcr Hammer w. Tony
Mcndelsohn, 10 rou .ds, at MIL
waukcc.
Feb ~ Marcel Thomas vs..
Louis Bogash. 10 rounds, alta
bridgeport, Conn.
Feb 22. Fred Fulton W. Rough
House Ware, rounds, at Al
lcntown. Pa.
Feb. % Johnny Griffiths W.
Jimmy Jones. 10 rounds, at
Akron. q
Feb - -. Benny Leonard w. Joe
Wclllng. 4 rounds, NJ ~ Louis.
Feb 2i.-F Frank McGowun Va.
Jimmy Kramer, 10 rounds, at
Junction city. Kag.
Feb CO. Willie Jackson w.
Johnny Dundee, 10 rounds. AT
New York
Feb. 26.-Iiarry Wills W.. Jack
Thompson, 10 rounds, at De
truit
Feb. 25.-.tack Malone Va. Soldier
Bnrtflcld. 10 rounds, at Mime
apolis .