davidaulloa/AmericanStories huggingface dataset:
The Washington times., 1921-07-31
The Domestic Oils.

As the oil companies nave been I'M
dergoing REIMBURSEMENT their stocks
have naturally sold off
While some OF them that were
pushed down by fragrant raiding are
probably selling too low. there are
others which will undoubtedly go
lower.
Crude oil. It is true. has been marked
down, but there has been no real
change in the price OF refined prod
ucts. This must come. Other power
full interests thought they could evade
the deflationary cure, and learned to
their sorrow they were mistaken.
Some talk Is hoard of there being an
insufficient supply of domestic oil for
requirements over the next few years.
OIL men who have always enjoyed a
reputation OF integrity state otherwise,
one maintaining that the potential do
inestic supply for the next ten years
should leave "A substantial surplus.
This does not mean that foreign oils,
particularly Mexican crude, are not
essential and necessary. They are,
and will continue to be, greatly in de-
mand. due to their quality.
While 1t might be beneficial to
stocks of domestic companies for a
ton. In the long run it would prove
futile and materially harmful. Large
domestic companies are not spending
millions to build storage tanks If the
demand will use up the entire output
as quickly as II is brought from the
ground.
The Washington times., 1921-07-31
Big Commerce Meeting.

While in London. l had the great
pleasure of attending the first con-
gress OF the International Chamber
of Commerce. A large number of
other Rotarians attended the congress
at the invitation of the American del
egation to the congress.
Many leaders in the world of n.
nance, industry and commerce were
In attendance. Put fatty up to them
the question of how Tong 1t will take
for conditions to adjust themselves.
the answer invariably may be summed
up as follows: Several years at best
If we all pull together; a generation
at least IL we do not pull together.
1T seems to me that business, labor
ana agriculture in America must
realize that theirs is a world problem
and the least that each can do is to
work hard and save, economizinp
wherever possible.
1T was the hope of those interna-
uonal figures who attended the CON
gress that. with the various adjust
mems winch must come and with bill
lions of American dollars invested in
Europe. the different nationalities Of
the world will be go interlocked in
peace that future wars will be les,
possible"
The Washington times., 1921-07-31

Furnished by Thol
CHICAGO, July 30.-As threshing
returns from winter wheat become
more numerous and as the spring
wheat crop approaches maturity.
1t is becoming more evident that the
final yield will be materially smaller
than early indications. In addition
to which the quality is disappointing
Crop news from abroad is not
favorable and 1t is becoming gener-
ally believed that the heat and
drought which has prevailed for such
a length Of time has resulted In i'm
portant damage in foreign countries.
although the major damage has been
done to forage crops.
Just at the present time the mar
ket is more concerned with the actu-
al liberal movement of winter wheat
and the prospective movement of
spring wheat.
The movement of winter wheat
taxes facilities of elevators to the
extent that considerable congestion
prevails in the Chicago district.
Considerable of the present move.
ment OF winter wheat was contracted
before the damage to the spring
wheat crop became apparent, and
now that there Ia known to be heavy
shortage in spring wheat, the win
ter wheat producer is less willing
seller
The miller of winter wheat Is
alive to the situation and has been
buying freely through the week.
Finances enter into the situation
to the extent of necessitating selling
a
that foreign buying is somewhat
curtailed.
Australian wheat arriving in Eu-
rope has been found to be unaccepta-
BILE as to quality. Argentine wheat
is held considerably above United
States values; in fact, several car
goes Of domestic wheat have been
sold for shipment to South America.
United States wheat is practically
the cheapest in the world and there
will undoubtedly he a constant de-
mand from central Europe, possibly
also from Russia, which In time
gone by was a free exporter. 1t Is
believed that such surplus as North
America may have will all be alb
sorbed to meet foreign> requirements.
AS time passes values should re-
spond to the scarcity of wheat, and
to the expected acceptance OF all
our surplus by foreign buyers.
Timely rains at the end OF the
week relieved apprehension as to
the corn crop, but these rains have
not overspread the entire area,
neither have they been OF sufficient
volume
Private crop reporting authorities
and State reports combine In saying
that more or less damage has Al
The Washington times., 1921-07-31
IT, S. OUes Roads Great
Sum Claimants State

While full settlement of the claims of the railroads against
the Government cannot be expected short of many months and
perhaps year two clear leading railroad say,
that something like $500 100000 could be paid within few
days after Congress authorizes the War Finance Corporation
assist the Treasury Department dschagg what President
Harding calls the Governments "undenable obligations"
Listing the gross claims OF the railroads under three principal
heads they may be approximately follows:
Unpaid compensation, accrued during Federal con-
troll, depreciation retirement, and destruction
OF property ACKNOWLEDGEMENTS. s4oo,oooooo
Undermantenance during Federal control, (esti-
mate based upon claims filed for S7S8,OooOOo
by roads operating 1919 of the total mieage) i,ooO,
Balance due six months guaranty 100000 900
$1,000 100000
1t has aeay been tentatively agreed that the roads shall
give up the major portion of the claims for undemainenance
probably than of them. That would still
leave round numbers of the above balance
According to statement of Director General Davis
the Railroad Administration has unexpended balance from
vious appropriations of upward of 5000 part Of
which must be reserved to meet miscellaneous claims by Others
than carriers estimated that $50, 100000 could be
promptly supplied from this while the War Finance
Corporation could contribute equal amount from available
resources and before resong to the sale of its securities
The Washington times., 1921-07-31
Hoover Begins Sessions
With Manufacturers
To Talk Census

Sessions have been opened by Sec
rotary OF Commerce Hoover and other
officials Of the Department Of Com
tional Association Of Manufacturers TO
make plans for the Governments
Forthcoming manufacturing census.
Secretary Hoover in calling the con.
ference declared II was his aim to
simplify and put the enumeration
upon a business basis.
Representatives of each manu-
featuring group were asked by the
Secretary to present their views to
the meeting as to the best method of
conducting the census to insure its
success and completeness.
The meeting was opened yesterday
by J. p. Bird, general manager Of the
Manufacturers Association, W h o
views of the association as to the
scope and purpose Of the new census.
Secretary Hoover addressed the con-
ference, assuring the manufacturers
of the Governments desire to aid in
manufacturing development and ex-
planned the departments plans in con-
Quoting the forthcoming census.
II. NJ. Feiker, assistant to the sec
rotary, explained to the meeting thu
work of the Department Of Com
merce In organizing to serve the in
dustry.
DR.. Julius Klein, director Of the
Bureau OF Foreign and Domestic Com
merce, spoke to the meeting on com
modify information OF the department,
while w. NJ. Steuart, director of the
Bureau of the Census. spoke on the
relation OF general census information
to monthly production statistics.
The Washington times., 1921-07-31
REPEAL OF ALL R. R.
TAXES IS FORECAST
MADE BY FORDNEY
Chairman Outlines Revision
to G. o. p. Members of
Ways and Means.

The general scope of tax revision
legislation was outlined broadly yes
terday by Chairman Fordney, follow
ing a conference OF Republican MEM
bcrs of the Ways and Means Com.
mittee. -.
There will be repeal of the excess
profits tax, and a cutting IN half OF
rates, IL not a full repeal of the
transportation taxes, both freight
and passenger.
1t is desired by the COMMITTEES to
repeal in full the transportation
taxes. If this is found 10 Ue too
heavy cut in treasury revenue,
these taxes will be reduced for the
present and eliminated totally next
year.
There will be a repeal of most of
the nuisance" taxes, and of MANY
excise taxes for the relief of bust
heHs
The corporation income tax will
be increased to 10 or 16 per cent.
The heavier surfaces on large IN
come VIII be reduced to a maximum
or between 40 and so per cent.
The committee hopes to be able IN
avoid laying any new taxes, and to
prevent a heavier cut in total reye-
nues than $500 100000 from internal
taxes by readjustments and shifting
OF the existing taxes.
Members of the committee fIoun.
dcred at their preliminary meeting
today and failed to reach any OBJ
1ectivc. The various tx problems
presented will be considered and
some conclusions may be announced
at a meeting of the Republican mem.
bers to be held Monday morning. A
Sc ssion of the full committee, Re-
publicans and Democrats, will be he Id
Monday afternoon with Secretary
Mellon and other Treasury officials.
at which the latter will present their
protests against diminishing the re-
sources Of the Treasury.
The Washington times., 1921-07-31
NEW CORPORATIONS FILE
ARTICLES IN MARYLAND

CUMBERLAND, Md. July 20.--The
following concerns have filed applct-
tons with the State tax commission
for articles of Incorporation or per-
mission to amend charter:
National Grocery Company, with
Luther Hutter, Edward A. Fisher,
Harvey Garlitz and Martin A. Grnyson
as incorporators, with $4,000 capital
stock.
The Typewriter Supplies Company
of Cumberland. with a capital stock Of
SIS 900, and Joseph l. Carney, Patrick
]. Fahey and Norman Il. Sell as in
corporators.
Authority is granted the Anderson
Coal Company to change its name to
the Braddock Coal Company.
The Merchants Finance Corporation
was granted authority to incrs ase its
capital stock from 100000 to 5000, 900:
the Cumberland Hydraulic Cement
Manufacturing Company from $780,.
600 to S450,000; he Standard Office
Equipment Company from $4,000 to
5000; the Georges Creek and Phoe.
nix Mining Company was granted per.
mission to chance its capital from 500
to $40 a share.
The Washington times., 1921-07-31
America Is Creditor Nation.

America Is Creditor Nation.
"On every hand in Europe Mr..
Stock said, lone is most forcibly i'm.
pressed with the fact that we of Amer.
lea have become the creditor nation
of all the world. This is not an alto,
gether pleasant situation when thor.
oughly realized and involves respon.
sibilities and difficulties which are n
direct challenge to American vitality,
industry and, In fact, to patriotism.
II talked with some of Europe
leading bankers and business men, and
II seemed to be their unanimous opin.
Ion that confidence and prosperity
cannot be restored in the world until
nations stop initiating their paper cur
rency. They were agreed that della.
ton should take place in a progressive
ashton, rather than in an abrupt
manner, which would be liable to
bring about even more unsettled con.
ditions. .....
I'VE here in the United States have
just gone through our greatest period
of selling overseas. Now we find that
our money is the only currency in the
world not deprecated. We hold al.
most 80 per cent Of the worlds supply
of gold, and, in addition, almost ten
billion dollars of governmental prom
Uses to pay with the signature of for.
eign nations attached.
The Washington times., 1921-07-31

home. the purchaser, 1t viii be seen,
are badly in need of credit.
They need credit with which to buy
food stuffs and raw materials. And
America certainly has plenty of each
to sell. And we cannot be sellers with
out being buyers. We must buy from
them the things which we cannot pro-
duce or manufacture in this country.
with this situation existing. II
readily can be understood that the Con-
gross Is willing TO pass interest pay.
ments on the obligations which the
United States Government holds
against foreign nations.
For our debtors even to attempt
to pay any of the SIC, 900 600. 900 owing
to us, or to attempt right now to pay
the interest accruing on these obliga-
tons, would in practically every in
stance mean a further variance OF
exchange. when what is desired Is
Sterilization Of exchange to restore
the worlds commerce. This unpldAs-
ant situation weakens the position of
the debtor nations, and at the same
time weakens our own for the reason
that those countries are financially
unable to purchase the raw materials
and foods they so badly need from the
United States at the present high rate
of exchange.
THE result is a slackening OF pur-
chases in the United States and a re-
sultant lack of production in this
country. This means unemployment
and poor wages. That is why Spain
made her last purchases of locomo-
tives in Germany. The rate of ex-
change prevented American competi-
ton.
The Washington times., 1921-07-31
Pressed Steel Car Dividend,

'"S poSo'hs VI TIC TTcsscu otccl 1dF
dividend came as one of the greatest
surprises Wall street has received.
The interests that control the com.
pany are among the most powerful in
the financial world. and some of them
occupy high places in the existing
scheme of things.
They have been the leaders In tn.
optimistic talk and the greatest ex.
ponents of constructive action by
financial and industrial leaders. Then
they pass the common dividend.
Taken by itself alone, 1t is sufficient
to ruin all confidence. All hope of re.
newed buying and revival OF business
has been pinned in the railroads. III
the Pressed Steel Car people have such
little faith in a resumption from this
source soon there is little reason why
others should hope.
If the railroads were to buy, then
one might ask will not Pressed Steel
Car gets its share? IL was announced
that the dividend was deferred due
to the uncertainty as TO the future
Due to the use of the word defer,
some say that payment is only post,
poned.
When a dividend of a non-cumulative
issue like Pressed Steel Car common is
not paid II is passed" and can only
be made good by an extra payment
later. There are very few companies
that will make extra dividend pay
ments for long time to come.
Caused by the Heat.
For the first time in history one
The Washington times., 1921-07-31
BOYS SKULL FRACTURED
WHEN AUTO STRIKES HIM

Suffering from a fractured skull
and Internal injuries, nine.year-old
Francis Wells, OF 625 II street south.
est, is in critical condition today
the Emergency Hospital.
The boy was playing in the street
near his home Friiay wlen 90
was knocked down by an automobile
driven by Mrs May r. Springm1n,
thirty SID VI ~ AID
venue southwest, at Sixth and C.
treets southwest. The child was
oken to the hospital by A. Miller. of
3o7 l. street southeast.
The Washington times., 1921-07-31
LOGAN MINES DIG
80 MILLION TONS
COAL IN Il YEARS
Operations in One West Virginia
County Normally Employ
5000 Miners.

HUNTINGTON, w. Va, July 30
Logan county mines have produced
approximately S0,OOO.0OO tons of coal
in the past seventeen years, accord
ing to a statement compiled by j. w.
Colley, assistant secretary of the
Logan Operators Association.
The report gives detailed tonnage
figures for each year. from each OPP
GRAFTON in the field. In 1905, the re-
port shows there were seven prop.
critics producing a total of 272,OSO
tons. The highest annual tonnage for
the district wars for 1918, with TO-
22S,690 tons. Last year the total
tonnage was 9,490,245.
There are 1874 operations in the
Logan field, the report points out,
with mines working on Rum, Buffalo,
Island. Main Island, st. Georges creeks,
and along the Guyan river. The larg-
est mine served by the entire Chesa.
peake and Ohio railroad system, Main
Island Creek No. and 6. This mine,
opened I'm 1914, produced 2,1S2,290 up
until the end of 1920 The biggest
producer in the district is one of the
Oldest operations. the Island Creek No.
] at Holden, with total tonnage from
1905 to 1920, inclusive, of 4.747,665
The Logan county field has been
described by writer's and travellers as
the most modern mining section in the
United States. It recently was All.
nounced that operators were to spend
100000 this year In furthering wei.
fare work in the field. The district.
operated under the American, or open-
shop plan, has never known the loss of
a days work because of strike or dis.
pute In the seventeen years of its min
ing existence. Normally about 5000
miners work In Logan county. MANY
of the opera lions have been worked at
loss this year, since the slump In the
coal market.
The Washington times., 1921-07-31
Chicago Grain and Provision.

CHICAGO. July 30.--Wheat closed
unchanged to y cent higher; corn
2h cents lower to az cents higher
oats unchanged to "a up; provisions
generally higher.
Close:
Wheat - July, 1.22h@1.23; Sep,
TENDER, l.23h a l.23,h; December
l.26h @126h. W.
Corn-July, 62h962%: September
609s q "; December. SON.
Oats-July, 35h; September. 3Sh a
q: December, AXIOM.
Pork-July, 1880; September. 1870
Lard--July. 12.12: September, 1922
October. 1892.
Ribs-July, 1915: September, 1882
October. 1910.
The Washington times., 1921-07-31
Weekly Grair, Review
Furnished by Thomson a AcKinnonA

son AcKinnon."
ready been done and decidedly more
will follow unless the drought is COM
pletely broken.
1t develops that the oat crop In
OF the poorest condition on record.
being not only heavily reduced from
early estimates. but such as is avail
able being light Of weight and chaffy.
The supply of mill feeds will be
small for the reason that wheat is
being exported in the shape of wheat
not flour.
Manufactured feeds will rule rela-
lively high. as molasses Is being
withheld for other purposes.
Damage to pastures by heat and
drought necessitate an earlier com
mencement than usual Of feeding on
the farms; in fact, 1t has already
started.
The Washington times., 1921-07-31
Studebaker Corp. Dividend.

SOUTH BEND, Ind, July 30.-The
S,uuepaker corporation today declar-
ed the regular dividends of la ner
cent each on preferred and common
stock; payable September 1, to stock
holders of record at the close of bust
ness August 10.
Rumors of an extra dividend were
denied by A. r. Erskine, president of
the COrpOration.
The Washington times., 1921-07-31

907,648. How the number Of income
taxpayers has multiplied In shown by
these figures: 1914, 1851 ,515; 1915
437.036; 1917. S.472,ss0.
The total net income returned for
1919 fell just short Of $40. zoo, 900 900
$19,S59, 491 ,44S. In one year the In
crease was practically $4,000 .000. 900.
The average net income shown by
the 1919 returns was $3.724.05. and the
average amount of tax paid being 6.Ss
per cent.
The total income tax collected for
1919 was s1.269, 630.104. an increase
of about s142 .000,0 900.
Corresponding figures for earlier
years were: 1915, Sal ,O46, 162.0s; 1915,
$67,943, 594.63; 1917, $3.50, 08,340.lo.
The Washington times., 1921-07-31
Multi-Millionaire Incomes.

Because the number of multi
millionaire incomes shows a decrease
from 20s in 1916 to IS in 1919, do not
jump to the conclusion that fewer
persons had seven-figure incomes In
the latter year.
1t is not so much that there were
fewer colossal incomes; the explana,
ton is that those with the colossal
incomes became more expert at dodg'
ing the paying of enormous income
tax bills.
They learned how to invest a much
larger part of their wealth in tax.
exempt securities, of which the out.
put during recent years has been enor-
nous.
You and i would have done exactly
the same thing had we been called
upon to pay over to the income tax
collector no less than s64.87 of every
500 we received-that was the aver
age tax paid by the richest So.
Let US not, therefore, become
alarmed or shed any tears over the
mortality among the multi-millionaire
class.
The most encouraging feature OF
the latest available returns-the Gov
eminent is always woefully behind
in supplying statistics-is the very
large increase in the number of per.
sons enjoying incomes which inter.
est the income tax collector.
The increase OF 907,S46 in 1919 over
the previous year is equal to 20 per
cent.
OF course, II was inevitable that
there should be an enormous addition
To the number Of persons having net
incomes of upward of 1000 during
1919, for that was the year when the
high cost Of living got into its stride
and mounted sensationally.
Nevertheless, the number Of Amer
lean families who have been able to
enjoy a greater share OF the COM
forts and luxuries Of life has increased
gratifying.
Because of the extraordinary heavy
tax burdens imposed upon the very
rich, tho latter have not done so very
well financially during recent years
as have many of those lower down the
dollar scale,
The Washington times., 1921-07-31
Asks About Two Stocks.


A. M.-Please give me informa-
ton as to Middle States OIL and MIL
Ter Train Control-both Of which we
hear much in Washington. Are
these companies in good financial
condition. and what dividends do
they pay?
understand they are both specu-
lative, but would like a bit of infor-
nation.
Answer-You ask about Middle
States Oil and Miller Train Control
stating that you realize these stocks
are speculative, but would like some
inside information.
We have no "inside" information.
Presumably you are considering the
purchase Of these issues with view
to obtaining a speculative profit and
a high investment yield, but we cannot
lines.
They are not investments In any
sense Of the word, in our opinion, and
we cannot assume the responsibility of
advising you either one way or the
other concerning purchasing them.
1t Is a case where you must assume
the responsibility for your own action.
Middle States Oil pays 80 cents share
quarterly, July /, etc, and 10 cents a
share quarterly In extra payments.
The latest dual dividend payments
were made July I.
Miller Train Control dividends are
not noted by our Corporation Service.
n. w. & w. Cons. Oil 60.
s. p. NJ am a daily reader of
The Times and watch your Inves-
tors Service closely. hold some
stock in the New York and Western
Consolidated Oil Co. and want to ask
you as to the rating and outlook.
Answer-We regret the necessity OF
advising you that our reports give no
information concerning the New York
and Western Consolidated Oil Com.
pany.
There has been such a vast outpour-
ing of oil promotions that 1t has been
practically impossible to keep track
of more than q very small portion of
them. We did attempt sometime ago
to maintain In our statistical depart
ment more or less accurate line of
information concerning them. but the
deluge became too strong and we had
to give It up dis bad job.
We suppose that no fewer than
40, 900 oil schemes have been launched
in the last four years. Fewer than
fifty companies are noticed by the
regular reporting agencies. So you
will see what an impossible task II Is
to attempt to get data on the rank and
file of these concerns.
The Washington times., 1921-07-31

have during the strike absorbed large proportion of the
featured goods which had accumulated Great Britain during
the preceding months of depression.
ln addition to the coal strike Great Britain has felt the
effect of the business queude which has affected the United
States for the past eighteen MONTHS and indeed the whole
Western Europe and the world for that matter finds itself in
about the situation the chief of which the whole
sale destruction of the worlds wealth by the Great War Lack of
employment and heavy taxation outstanding things whn
one hears much about in Great Britain these days.
The Washington times., 1921-07-31
Ability for Production.

1--WE have known ability for produc.
ton. but a market in which the pur-
chaser Is too impoverished and too
burdened with debt to buy as he needs
With business and commerce at a
standstill and with the relative value
of the foreign purchasers money so
depleted that purchases Of American
goods cost him anywhere from rs to
100 per cent more than our price at