davidaulloa/AmericanStories huggingface dataset:
The New York herald., 1921-09-05
FRENCH DUG
UP FOR BANK SHARES
Increased Confidence by Buy
ingIPublic Said to Help In
| flationists' Plans.
RESULT FEARED By SOME
Doubling of Capital Stock
Likely to BE Attempted by
More Institutions.

Special Gable to TIIr New YoRK HERALD.
Copyright, 1921 by Tnr NEW YORK HERALD
New York Herald Bureau,
Paris. Scot. 4.
No greater evid ence has yet beer
produced that the French Republic has
plenty of money for investment than
the fact that despite the political
squa bible over Frances share Of the
first billion marks gold paid by Ger
many and other unsatisfactory proyis-
ions in the Paris accord of August 13
sales of French bank shares this week
had unprecedented success. OF course,
the increase in the capital of the Banque
de Paris ct Pays Bas partly influenced
this. but it is really due to the fact
that there has not been any great finan-
cal transaction open to the public here
during the summer and the thrifty
peasants. as well as the urbanites. do
not want to see their money lie idle.
III carried to an extreme this new
movement of confidence may have the
effect of Strengthening the schemes of
the infiationists. who have been strangely
silent since last June. THE NEW YORK
HERALD correspondent has been Informed
that several other banks are consider
ing following the example of the Banque
lie Paris ct Pays Bas OF doubling their
capital. among them being the Credit
Lyonnais and the Union Parisienne.
wherein NJ. Marsal. one time Minister
Of Finance, is reported to have con-
trolling interest. The Credit Lyonnais
considered increasing its capital to 150.-
100000 francs last year. but the sudden
arrival of the industrial crisis. affecting
several districts where the bank deals
heavily. resulted in the idea being
abandoned. Financial circles to-day.
though. arc prophesying that October
will usher in a long series of capital
increases. which will give established
concerns money with which to carry on
the restoration of the devastated regions
without any Government interference.
For the first time in several months
The New York herald., 1921-09-05
DAVIS CALLS ON ALL
TO WORK FOR NATION
Everybody Must Help to Build
Up Old Spirit Of Confidence,
Says Secretary.

WASHINGTON. Sept. 4.--Secretary James
J. Davis OF the Department Of Labor has
called upon everybody to work for the
general good. In a Labor Day statement.
He said in part:
This nation has Become the greatest
AZ all producing nations. II has become
a. great because II works-because II
always has worked.
"Just now we are in the depths OF q
depression Everybody Is interested In
the way out. And we have made UP our
minds that the way to prosperity Is to
work. Just now work is more important
to us than anything else.
Labor Day this year calls everybody
ITO work And there never was day
when work--a new kind OF work-was
more plentiful than /. IL In the day Of
widespread unemployment as now.
"The work to be done Is to improve
the present situation. And anybody can
take a hama.
THE business leader must work to
start the wheels OF industry going again
and bid farewell to wartime profits.
"The toller must work among his kind
for the creation OF a spirit willing to
bid goodby to unreasonable demands.
"The banker must work 20 provide
credits for the reestablishment of bust
The New York herald., 1921-09-05

shares the Bank Of France were Of
fei,I ~, week. Whether this was IN
tend, financial feeler is not cer
tain. Al il so 1t proved a welcome onf
for Fridays Bourse saw a 80 point junI
in national Treasurys and the quotatiI
for Bank OF France shares al the cid
ing was $50 a share.
Conservative fnanciers. however,
NIT that there Is possibility that
Bank of France will take this expressid
of,confdence as warranting addition
Imitation. especially as the League
Nations Swiss financial expert is undo
stood to be preparing lengthy anaiysN
showing that the immediate prosperity
OF the Bank OF France depends on the
printing press.
Industrial shares were heavy general
~. but with good prospects OF early re-
covery. The reduction In output In the
last few months has brought down re-
serves TO the point at which manufac-
ture Is again imperative. and this is
sure to have a beneficial effect on Sep
tember quotations. In fact. several met
alIurgical listings are already showing
marked improvement. Oils remain doubt
full, daily contradictory reports from
Washington. New York and Mexico nat
urally not tending to bring back the
markets stability.
The New York herald., 1921-09-05
DISCIPLINE OF MILITIA
PRAISED AT PEEKSKfLL
Not a Single Arrest Made BY
Police in Summer.

Conduct of the mllltiamen Of the New
York National Guard at the Peekskil
military camp. which closed fo- the
summer yesterday. was very fine this
season. said Chief Henry Burke Of the
Peekskill police. He praised the off
GERS for the discipline of the troops.
In othes years the Peekslsill police
station often was niled with disorderly
guardsmen. but this year. Chief I;urke
explained. there was not single ar
rest
The 102d Engineers, y. Y. N. g., ana
the 1O4th Engineers. n. j. y c.. num-
be.ing 1900 officers and enlisted men,
bI okc camp during the day.
Coils. william II. Wright. Elward
McIcer Walter Bell and Edward DIM
sted. who have been attached u the
Twenty-seventh Division staff AZ the
camp all summer. returned TO tho Ma
tional Guard headquarters In the
Municipal Building in Manhattan Col.
Paul Bond. United states Army in
atructor, also left camp.
The New York herald., 1921-09-05
i THE EQUITABLE
TRUST COMPANY
! OF NEW YORK.
SEES RAIL FUND BILL
MAKE MILLION BUSY
Eugene Meyer, Jr., Says Pas
sage Of Measure Would Have
Far Reaching Effect.

Eugene Meyer. Jr.. managing director
Of the War Finance Corporation, de-
clared yesterday that much Of the pres
ent industrial depression is due to the
condition OF the nations transportation
system. and urged the passage OF the
Townsend Wilson railroad funding bill
Labor Day, he said. finds the country
confronted by an unprecedented" prob
lem of unemployment.
Declaring that IA considerable part
OF unemployment is due to the fact that
the railroads are short Of funds and
unable to make normal purchases and
TO make their normal repair and equip
ment work, Mr.. Meyer predicted that
/. employment OF 100000 men would
follow the passage OF the Townsend
, Wilson BILL
BY the passage of this BILL" he said.
"the railroads would be put into the
position OF meeting their unpaid ac-
counts. already past due, and they would
be able to go ahead with their main
tenance of way and repair of equipment
! work. This would directly employ a
large number OF men.
''We may also count on the indirect
labor involved in producing and trans
porting lumber for ties, and the iron and
steel used for maintenance and repair
the mining Of ore and coal, and OF
coke"
Noting some Improvement in general
business conditions, Mr.. Meyer said that
ultimately" there will be prospects OF
greater employment and a better indus
trial condition. lie urged manufacture
ers. jobbers and retailers to resume car
rying normal stocks, saying that busi-
ness has gone to the extreme Of over
. stocked warehouses to an understockcd
condition at low prices. Housing con-
dltions viii improve. he said. when
money Is easier.
: The possibility Of meeting the unem-
ployment situation promptly and effec-
. lively" he said. 'Iics in the revival OF
those fundamental and essential activi-
ties which involve large quantities OF
Z raw and finished materials. transporta-
ton and labor In construction.
The New York herald., 1921-09-05
ONTARIO'S PRODUCTION
OF METALS is CUT DOWN
Only Lead and Gold Come
Near to Holding Their DUN.

Special Despatch TO THE Nrw York HERALD.
TORONTO Ont. Sept. 4.-Returns re-
ceived by the Ontario Department OF
Mines from the metalliferous mines,
smelters and refining works OF the
province for the six months ended June
80 show marked decline except for
lead and gold. The mining Industry
is experiencing poor market ana
a general lowering of commodity
prices In common with many other in
dustries Considering the shortage OF
hydro o-eiectric power during the first
quarter of the year, together with the
slump in the price Of silver. the output
of this metal Is creditable. Gold min
ing. which was carried on during the
war period under adverse conditions. Is
now on a solid basis. and gives promise
of showing n yield for the full year In
excess Of any record heretofore at
tanned.
A summary OF metalllferous produc-
ton in Ontario for the first half OF
1901 Qhowp.
The New York herald., 1921-09-05
RAZING OF POST OFFICE
BACKED BY MERCHANTS
NeD Features of Associations
Policies Announced.

The Merchants Association has Joined
numerous agencies urging the removal
OF the old rost Office building and MAX
ing city Hall Park place in keeping
with the beauties of the City Hall.
The current issue or the associations
weekly approves an American valuation
plan In the collection of tariff duties. 1t
protests against beggars at the en-
frances Of the Hudson tubes and
against coercion In the sale OF tickets
to the police games.
The association urges further pro-
vision for Americanlzation courses In the
public schools and gives its approval
of the plans Of the alliances that bring
together various art societies to elevate
art standards in America
The New York herald., 1921-09-05
URGE SPEEDY ACTION
ON REVENUE PLANS
Credit Men Want Senate to
Give Bill Precedence in Post
Recess Session.

Endorsement OF the Administration
programme to make the elimination OF
the excess profits tax retroactive to jan
uarv /. 1921. was contained yesterday in
n statement by J. II. Tregoe. executive
secretary OF the National Association OF
Credit Men. He asked also for more
speedy treatment OF the new revenue
bill.
This measure" he said. Should have
had precedence over tariff legislation n
its framing. and we earnestly ask the
Senate to give Il precedence in the post
RECESS session. and to strive earnestly for
the framing of n measure with the best
expedition possible consistent with proper
deliberation. The country really has
been hindered by the slowness In franz
ing the revenue BILL
Interests should not clash with one
another I'm this particular matter. Busi-
ness requires announcement, and In
business ALI interests are concerned. for
In it's revival the people as a whole will
prosper. and In It's depression there will
be unemployment and reduced incomes
throughout the land The excess profits
tax Is so very burdensome in its require
ments that business has been exceed
inelv patient In submitting to its pro-
visions for so very long. and now. though
II has become non-product'vn the costs
OF administering and preparing returns
under it's provisions have not abated
ut IL unwlse and hindrance to busi-
ness for this form Of taxation to apply
IN the present year. We very earnestly
plead with and urge the Senate and
House Of Representatives In our present
Congress to take heed to the earnest call
for the elimination % the excess profits
tax as OF January 1, 1921. nnd this COM
raittee sincerely hopes that the appea Y
may be properly regarded and granted
no ma tier what interests may oppose"
The New York herald., 1921-09-05
Fire Record

a. NJ. lsOsS.
IL .55--31s u. Fordham road. the
Bronx, Louis Schmltner... Unknown.
3.20-500 r. Eleventh st. Unown. Tsflng
5:Oo-3.i w. Fisty-nnth. vacant lot.
Unknown
7:Oo--i5Tth -. and River av. auto:
George Bacon .........4... Unknown.
9:i5-2a w. i.oth st.. julius Seller.
n .oo-i2I Y i2oth st.. j NJ Terry.
Unknown.
II i5--ss Columbus av. Martin Man
PM
~ :O0-lal5 Second av.. Unknown. Unknown.
.35-iT3 =, Ninety sixth st.. Tn
known. ....t+4... ....t..... Unknown.
2.ta--2a5 Henry ST.. Elias Smith. Unknown.
3.4O-Broome and Allen sts., elevated
track. Observation-Disclosures. None
3.l0-3T w. 13sth st.. H. lnni TrifiiuR.
S.a0-25T2 Amsterdam Az. .. kule-
e:4o-soo w. rhIrty-siSth st.. George
Trainer. .................... .Trifllng
T:i0-Second av. and First ~. auto.
>. HeShon. .......s........ Unknown.
7:c0Is Barrow st.. Louis westring.
Unknown.
T:t0-22l W. Tcnth at. woodshed Unknown.
.50-6O9 r.. Eighty-second st.. The
Iorkviilc Independent Ice Co. None.
The New York herald., 1921-09-05

ness. The skilled engineer must work
TO cut down costs.
There Is that kind of work for every
man. woman and child in the country.
We all must labor to build up the old
spirit OF confidence In our people.
Labor Day used to be thought OF only
as labor's day. This year. and from no y
on, II Is everybody's day.
I'm these stern times we have learned
a new conception of work. Work means
something more to us than working for
ourselves. We see that in order to pros
per ourselves we must work for the gem
eral good for the other fellow, for the
millions OF other fellows-which means
our country.
NC man prospers unless his nation
prospers with him. That Is why Labor
Day this year takes on this new signifi-
cance. This year It is no idle holiday.
1t should be a day of dedication for
everybody, for the good of the nation"
The New York herald., 1921-09-05
IDLENEss DECREASES l PER CT.
situation iu philadelphia Un-
changed since July.

PHILApFLPHIA. Sept. i.-Decreaae in
unemployment here since July amounts
only 10 ! per cent. according to a
monthly survey OF business conditions.
made public tonight bv thc Industrial
relations. committee Of the PHILADELPHIA
Chamber Of Commerce. The change has
been 40 sl'rht. according to the commit
tec that there has been. broadly .penk-
ine. no aprrecinble improvement In CON
ditions here.
a minute count and study Of unem-
poyment. listing the actual number Of
persons unemployed and the possbili-
iag Of future employment, will be COM
.od In few days.
The New York herald., 1921-09-05
COAL OUTPUT OFF AGAIN.
Export Demand Is DormRnt--Do
nestle Consumers Indifferent.

nestle Consumers Indifferent.
"Coal production. which had taken an
upward turn, slumped again n few thou
sand tons last week toward previous low
levels as the result OF continued lack OF
interest int both steam and domestic
sizes" says the Black diamond AL
though In spots the call for domestic
coal was a little better. on the whole
the domestic consumer Is still indif-
erent.
THE export situation continues to be
deterrent to increased production. Such
coal as was moved to tidewater fire.
quently sold below the cost of produc-
tion and even demand for bunkering
coal was extremely light 1t Is out of
the question for American coal to COM
pete with prices being offered by Brit
lsh producers, SO that foreign markets
are practically shut off for the time
being.
Further price reccssions were the
logical result of the continued stagna-
ton"
The New York herald., 1921-09-05
BIG AID. DISPLAY ron BANKERS,

Los ANGELES. Sept. bankers who
attend the annual convention Of the
American Bankers Association here Oc-
tober to will get an opportunity to
inspect n complete exhibit Of financial
advertising literature and layouts. More
than 1000 square feet OF floor space will
be given over to an exhibit of carefully
selected booklets, folders. statements,
letters and. in fact complete advertis-
ing campaigns.
The New York herald., 1921-09-05
DIVIDENDS AND INTEREST.
American WooIen Company
(Massachusetts Corporation)
QUARTERLY DIVIDENDS.

Notice Is hereby given that tho regular
quarterly dividends of Aone Dollar and Sew
enty-Five Cents ($i1J) per share on the Pre-
ferred Stock and One Dollar and Seventy
Five Cents (sf.15) per share on the Common
stock. OF this Company will be paid on Oct.
15, 1921. 20 stockholders OF record Sept. 10,
1921.
Transfer books will be closed at the close
OF business Sept. Is. 1921, and viii be re-
opened at tho opening of business Sept. ~.
1921.
WILLIAM II. DwELLY. Treasurer.
Boston, Mass, Sept. 2. 1921.
The New York herald., 1921-09-05

NOTICE is HEREBY GIVEN that the under
aligned, CONSOLIDATED TEXTILE COR
PORATION, has elected TO redeem all or It's
Three Year 10 Sinking Fund Convertible
Debenture Notes, dated April I. 1920, and
Will on October ], 1921, at the office of Mer-
camille Trust Company. No. 115 Broadway,
Borough of Manhattan City and State Of
New York, pay and redeem all of SUCH notes
then outstanding at 102iaeo OF the face value
thereof and the accrued interest then due,
upon the surrender of such notes with all in
tercst coupons thereto appertaning matur-
ing on and after said date. All such notes
are hereby required to be then and there
presented for payment and redemption
From and after sxch redemption date. to-
wit, October 1, 1921. interest on all Of such
notes shall cease to accrue.
The right to convert said notes into the
common stock OF the Company VIII continue
up to September II, 1921. but thereafter
shall cease and determine. as provided In
the Trust Indenture under which tho notes
issued.
New York, August 20, 1921.
CONSOLIDATED TEXTILE CORPORATION.
BY f. X. RUPPRECHT, President.
HENRY II. STIMSON, Secretary.
The New York herald., 1921-09-05
PROPOSALS.

BIDS win he received for the construction
OF three jctties at Rchoboth Beach. Della
ware. Plans VIII be mailed upon applica-
ton 10 the Chairman at Milton, Delaware.
and dcpositng Ten Dollars $4,000. which
viii be returned when the plans are re-
turned. All bids 20 be sealed and delivered
TO tho Chairman of the Committee at Rehc-
both Beach. Delaware, by two O'Clock r. NJ
JAMES CAREY PALMER. Chairman.
The New York herald., 1921-09-05

Special Gable to THE NEW YORK HEsALD.
Copyright, 1921. by THE NEW yoRK HERALD.
New York Herald Bureau.
London, Sept. 4.
With the holiday season nearing its
end and members OF the Stock Exchange
and the public returning TO business,
things are looking up at Capel Court,
slowly, perhaps. but still erceptibly.
OF the movements which started last
week South African mines exhibited the
best staying powers and there has been
quite migration of jobbers to that
section from the oil market British
rails had a healthy reaction" that left
them little worse. Not many stocks
are coming out at present prices. the
majority of holders preferring u await
the developments Of the decont-oi era.
The appetite of investors for good
git edges is as keen as ever AM the
second Of New Zealand's guaranteed
electric loans was eagerly snapped up.
Argentine rails have been cheered ly
better traffic and the prospect Of re-
duced expenses. Here and there indus
trials are responding to signs Of trade
recovery.
The New York herald., 1921-09-05
THE DELAWARE q HUDSON COMPANY

New York, Aug. 81, 1871.
A quarterly dividend OF TWO AND ONE
QUARTER (ohec) PER CENT. on tho cap
itai stock OF this Company will be paid At
the office OF the Company, 20 Nassau Street,
in this city. on and after Tuesday. Sept. 20.
1921, 90 stockholders Of record at close Of
business to-day.
BY order OF tho Board of Managers.
w. ". DAVIES, Treasurer.
The New York herald., 1921-09-05


consequence Is that there is IN
fusion and crowding A consic
amount of the trading is in Amerr
securities. :
Fluctuation In quotations on many OF
the securities listed Is so rapid that fire.
quently the markers are unable to write
them on the boards. Most of the busi-
ness Is purely speculative. Porcelain and
textile securities, for example. had a
rapid rise while the depression in these
lines was most marked. due to lack OF
new orders.
Many securities show 100 per cent.
advohce. Several have advanced as
much as 400 to 500 per cent. Mining
stocks showed large gains. among them
being Phoenix, which advanced 440 per
cent. and the Bismarckhutte 250 per
cent
Potash securities showed gain OF
13o per cent. and technical
shares 120 per cent. Shipping shares
showed an advance of 20 per cent. while
chemical bonds gained 270 per cent. An
average advance of 100 per cent. was
reported in motor works shares.
Recent orders sent textile securities
sky high. many of them showing gain
of between 900 and 400 per cent
American rails, notably Baltimore q
Ohio and Pennsylvania. Increased 81
and 9Os per cent, respectively, TINS
month.
The American, demand for German mu-
fx,t,n
spite the slump in quotations on the
mark brokers here say. This decline IN
the price OF the mark has resulted in
fewer purchases. but the demand, they
declare, is still active
There is a striking absence or Ameri-
can capital invested in German Industry
as compared with French or British.
Americans are holding aloof from the
Upper Silesian coal mines. while citizens
of other Powers are investing heavily In
them. Only shipping bonds, chieny
those Of the Hamburg American line, at
tract American investors. prominent
American stock broker here said these
were easier to sell tharmany other Ger
man securities. In this connection 1t was
said that other German shipping stocks
and bonds will be placed on the market
soon. However, these bonds cannot le-
gally be taken out of Germany, owing
to fear Of foreign control over the policy
OF the company issuing them.
1t Is regarded here as probable tnat
Karl Zeiss will enter into manufactur-
iNg and selling arrangement with Bosch
and Slamm with a view to assuring
American control of certain high power
electrical instruments manufactured
only in. Germany and making certain
their distribution in the markets OF the
world. 1t is believed that American ofii-
cial circles are not averse to such an
arrangement.
German manufacturers of optical
goods are making renewed efforts to win
back their old place in the world mar
kets. and with the assistance OF the
Government. are opening large optical
and Photographic school in Berlin. which
will confer degrees on state examined
opticians
The New York herald., 1921-09-05
steel works opened Again.

The reopening of the Ebbvale Works
afraid of German competition. OF whicn
so much has been heard recently. a
similar confident view is held by the
leading British shipbuilders. Confidence
In cheaper coal and immunity from labor
troubles are the chief things to he de-
sired.
The change that has taken place in
monetary conditions In recent weeks Is
interesting and striking. A few weeks
ago the market appeared to be over
supplied with treasury bills. Monetary
conditions were comparatively stringent
and there was even some borrowing at
the Bank of England. Floating credits
last week end were almost a drug on
the market at 2ia to per cent, and
full three months, treasury bills
changed hands as low as Az.
A fall in rates more striking is COM
Ing, as ii always does. at the end OF the
summer. in fact. just before fall, and
inasmuch as the Stock Exchange Is
talking Of the possibility of even lower
rates IL may be well to see whether the
talk of further important decline is
likely to be justified by events.
Solid Foundation Lacking.
In the first place. II should be recog
nized that good deal of the ease Is OF
artificial and infiationary character.
That is to say. making all allowances
for the varying effects of reparation
payments. there is little doubt that just
as the comparative stringency in July
and early August was due i'm part TO the
gathering in of the second instalment
of the income tax, so the present ease
Is due to Government payments in ex-
cess of receipts from the public, thus
necessitating fresh borrowings on ways
and means advances.
About f23.000.000 was involved In
Victory bond dividends last Thursday
and the cancellation of Victory bonds
recently drawn for repayment and. In
addition. 1t is believed the Government
has just disbursed a large amount of
money due the railroads Moreover,
looking ahead. the money market Is
remembering that apart from the pos
sibility of the revenue falling short of
requirements for the ordinary expendi-
ture during the next few months. line
OF excheauer bonds generally estimated
at f15, 600. 900 natures early in October.
Consequently there Is a disposition in
n good many quarters to anticipate an
increase rather than a diminution in
the present conditions Of ease In the
next few weeks.
The New York herald., 1921-09-05
NEW ENGLAND MrG. STOCKS.

rreciai Despatch 70 TINS NEW YoaR Ilruup
BosToH. Sept 4--Sales or nanufac
turing stocks In Boston last week In.
rlflhnd