davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1921-06-05
Sterilization Nearer
Slump in Prices Nearly Offset
by Advances

Judged by Bradstreet's weekly re-
port of prices, stabilization in most
commodities was measurably nearer
during the month of May, as increases
IN several weeks exceeded decreases.
In this weeks issue Bradstreet's will
say:
liquidation of many farm products
slowed down, wheat sharply advanced,
cotton steadied, and enough other quo
tations stood still to offset declines
which manifested themselves in some
few commodities, notably dairy prod
ucts, and some livestock.
"Bradstreet's approximate monthly
index number as of June 1, S10.6169,
it is true, was little lower than that
touched on May /, but the decline for
the month of May is found to have
been only 1.9 per cent. The June /
number marks decline of 16.1 per cent
from January 1 and of 491 per cent
from February /, 1920, the peak point
of prices. 1t is, in fact, the lowest
number recorded since November /,
1915. Compared with the number on
August l, 1914, the June j number is
21.9 per cent higher. Since February 1,
1920, however, "a per cent of the rise
from August l, 1914, to February /,
1920, has been cancelled"
New-York tribune., 1921-06-05

principal and a small interest rate. and
so when the shares mature receives full
value in cash.
-, "A third plan is somewhat similar tc
the second. In this instance, however
the employer does not deduct the
amount weekly, permitting the en-
ployee to make deposits, which are re-
CURED by the cooperative bank month.
~, A penalty of two cents on each
dollar in arrears of schedule is i'm.
posed, partly to reimburse the bank
Tor interest payments and partly to
insure prompt deposits. This plan
also encourages home building and
works out as follows:
MT. Homebuilder, we will assume
needs $1,000 to buy a piece of properly
tic goes to the cooperative bank for
counsel. They loan him $1,000 as .
SHAREHOLDER and he pays SIS a month
Tor five shares that will eventually
amount to $1,000. In addition he navs
interest at per cent, or another *
making total to pay of $40 month
At the end of about twelve years Mr.
Homebuilder has an undivided owner.
snip IN the property. He has paid S1O
month for 144 months on a. decreas.
ing debt, or in all $1,440.
New-York tribune., 1921-06-05
Appeal to Non-Sauers

The punch cards appeal to the nom
savers and by weekly visits to the bank
they become familiar with the system
and are soon educated in banking
methods. Experience in the field has
shown that the best results are OBJ
tanned by going to the people and ex-
planning this method of saving.
Another plan consists essentially in
having the men sign cards and author
izing the pay Office to deduct regu.
larly fixed amount per week from
the pay, the money to be used in pur-
chasing shares in the cooperative bank
On this card the employee designates
the amount he wishes deducted, also
the bank where he wishes to have his
account opened.
Employees who are particularly de-
sirous of owning their own homes are
shown the advantages gained by bor-
rowing the necessary money from the
bank. Loans made are never called if
the monthly payments are made.
If an employee wishes to save S. a
month, he takes out five shares in the
cooperative bank. No person can own
more than forty shares. When each
share is worth $500, which includes in
terest, 1T is termed "matured share
ana is paid in cash. For each matured
share of 5000 he receives a matured
share certificate, the maximum being
ten shares, or $4,000 Dividends on
these are paid quarterly and at rate
OF D per cent, or better
New-York tribune., 1921-06-05
Atlantic Gulf Arranges
For Mortgage ON Tankers

Arrangements have been made bv
the Atlantic, Gulf and West Indies
steamship Lines with builders of its
on tankers, on which about S12,40O 900
is owed, for extensions for various
periods of about $9,9OO,OOO of this in.
debtedness. Stockholders are asked to
convene in special session on Jure
"a at the. companys corporate Offices
hlttery, Me-, to approve the neces,
sary mortgages.
In a statement to stockholders
franklin D. Mooney, president, saws
tnat the extensions arranged will place
the companys finances in comfort
able position for the present, The
balance of the indebtedness is beine
cared for temporarily by bank loans.
The company originally contracted
Tor the construction of fourteen oil
carrying car Sdag ships, comprising total of
l74,o00 dead-weight tons. The total
cost cos involved aas slightly over s34.-
ooo,oO0: Arrangements have been
made for the cancellation of a CON
tract covering the construction Of two
OF these tank ships.
New-York tribune., 1921-06-05

from the five cent nominal price, which
has enabled one nonintegrated interest
to maintain production when other
sheet mills have been idle. Virtually
all of such production is going to the
automobile trade.
Most Of the tinplate business ema-
mating from the condensed milk trade {;
little business coming from fruit or
vegetable packers. Makers believe there
is large overhanging demand which
will engulf their capacity the latter
half of the year.
wire and wire products buying has
shown some Improvement during the
past, week, the ruling base price CON
tlnuing at $3 Production is less than
40 per cent.
The fuel market is listless, in view
of the extremely light blast furnace
operations. Three-quarter inch gas
coal is available at $275, f. o. b. mine,
while steam coal is 25 cents cheaper.
Steam coal slack has been offered at
$3.50 in the Mahoning Valley
The Midvale Steel and Ordnance g
Company, at Johnstown, is operating
between % and 80 per cent of capac-
lty,,' In the, Cambria departm ent the
eight open-hearth furnaces and six
blast furnaces are idle; also the Bes-
semer department.
There is no indication of any i'm
provement in operations at any of the
mills in this district for the coming
week.
TRI-STATE NEWS BUREAU.
New-York tribune., 1921-06-05
See Trend Away From U.S..
Regulation of Railroads

either charge twelfth part Of tho
appropriations for the year to each
month regardless Of whether the ma
terials are actually used or not, or it
can charge each month the actual cost
of labor and materials that are put
into the property.
Some roads are using one system:
some another Although prior to gov
ernment control most of the we'll man
aged ones had been charging their
maintenance expenses pro rated over
the sharp falling off in business, the
Director General discontinued this
practice. for all roads, and ordered
that expenses should be charged only
with the actual work done, and then
ordered that regardless Of the amount
OF work that was done no more should
be charged than was charged in the
test period. This later practice is
being continued by many railroads.
This is of great Importance in esti-
mating what the chances for the rail-
roads are under the Labor Board deci-
sion and the abrogation of the ma
tioral grievance on July ].
Labor forms about 60 per cent of the
total cost Of maintenance of way, about
81 per cent of the cost of maintenance
of equipment, about so per cent of
transportation expenses and 80 per
cent of traffic and general expenses.
The years maintenance program as
far as rail and tie renewal is con-
cerned would in normal times have
been begun in April or May, but it
can be delayed until the middle of the
summer or even the fall. If the rail-
roads are making it a general practice
to pro-rate their years maintenance
expenses more or less equally over
each of the twelve months, the show
ing that has been made in the first
four months of 1921 may be taken as
guide to expenses in the remainder
Of the year. If, as is likely, the roads
that are having hard time are charg-
ing for maintenance only the expense
of the work actually done during the
month and delayed the work itself
until after the Labor Board decision
was handed down, which would be only
natural, an estimate of the final results
of the year based on the percentage of
savings to be made under the new
wage schedule and the actual showing
of the three months will be wide of
the final results.
New-York tribune., 1921-06-05

prices brought in sufficient funds TO
cover running expenses and leave a
margin of profit the retailers felt rea-
sonably safe.
However, the point was reached
gradually where too few goods were
being sold, even at the augmented
prices, to make retailing really profit
able. Then the retailer Struck" He
struck against the wholesale markets,
and il was not until May or June that
talk of a buyers strike began to be
bruited about the country.
Some Stiff Jolts
The retailer is still being handed
some stiff jolts, most of them uniusti-
fed in his opinion, concerning his ret
icence to follow the downward trend
of prices SO marked in wholesale cir
cles. just what effect the attacks
from governmental, banking and whole
sale sources have had on the general
public is hard to determine. Some re-
tailers believe that its effect has been
negligible.
"What has happened recently to that
much discussed person known as Aver
age Consumer" was asked of the
secretary and merchandise manager Of
one Of the leading department store
concerns.
"She," he replied, "for the average
consumer is a woman, since fully 90
per cent of the purchases in a depar rt-
ment store are made by women, has
returned again to her usual round OF
New-York tribune., 1921-06-05
Copper Producers Studying Plans
TO Increase World Use of Metal

Faced with trade adversely resulting consumption
Of leading industry turning
plans for increasing the the basic After
ting the essential facts relating the present through
they
the business of which will be stability industry
make demand and render the
the fuctuaing tendencies of supply and demand.
Out of the
pagn under the supervision of
winch some OF the trade leaders hope producers
comparatively the
Walter Douglas president the Phelps the third
largest producer of in the United States inter-
view this to-day
New-York tribune., 1921-06-05
Missing Cuban Boy Thought
Victim of Witch Docfors

HAVANA, Cuba, May 19 (By MaiN,
Provincial authorities are conductine
searching investigation into the mys-
ferrous disappearance from his home
on ranch near Guantanamo of Can
dido Martinez, aged FIVE, who, it is re-
ported, may have been a victim of
witch doctors.
Three men and woman are being
held without bail for examination, one
OF them being known locally as a
healer and seller of patent medi
clnes. The aunt of the missing lad
his sole relative, says that his sister
disappeared year ago under similar
circumstances.
New-York tribune., 1921-06-05
Fear Heavy Wool Tariff
Believe Trade Will Suffer by
Prohibitive Duty
SpscioI Dispatch 10 The T,ibun

BOSTON, June 4.-Now that the
emergency tariff is in effect there is q
feeling in the Boston wool trade (al-
though protective tariff is certainly
favored) that unless it is provided that
the duty on Australian, South Ameri-
can and Cape or South African woods
will not be prohibitive the general
public, the wool trade and manufac-
turers will be the losers rather than
otherwise.
During the last seven years. under
no tariff, the trade have learned so
much to their advantage in regard to
the use of these wools, it would be
unfortunate if they were not able to
continue to compete in the world s
markets for these wools. With pro-
hibitive tariff, England, France, Ger
many and every foreign market will
buy them more freely and compete at
a great advantage over. this country in
the goods manufactured, it is con-
tended.
Furthermore, the trade feels it will
be unfortunate and obviously unfair
unless the duty is made ad valorem,
"clean basis"
New-York tribune., 1921-06-05

Worry over the Wholesale markets
ken. With the exception of what may
be cassed as few minor lines the
retailers admit that wholesale prices,
in their opinion, have about reached
bottom. Textiles and all that goes
with them are down to level
that will admit of only minor reduc-
tions within the next six months unless
the wages of workers in the textile
and clothing plants are radically cut.
Unlike last year, the retailer is not
confronted with a huge loss or inven-
tory stocks due to imminent price
breaks in the great wholesale markets.
This has lifted great load from his
mind. Also large amount of i'm
provement has taken place in the buy
ing temper of the public. The So
called buyers strike" which some
merchants declare was a myth and not
reality, is broken. Those retailers
who maintain that a buyers strike
never existed say that the condition
that really obtained in the first half
OF last year was not one of open re-
bellion at the high prices. AS prices
continued their upward climb retailers
noticed that the number of sales were
growing smaller and smaller. Finally
point was reached-several retailers
place it in February, 1920-when the
cash volume secured from the higher
prices began to decline because of the
smaller amount of merchandise dis
trlbuted. AS long as few sales at high
New-York tribune., 1921-06-05
Petition in Bankruptcy

A petition in involuntary bankruptcv
was filed in the Federal Bankruptcy
Court in Brooklyn yesterday against
the Garden City Development CORPORA
ton, real estate operators at Garden
City, l.: |. The corporation has erected
more than twenty houses there. The
petitioners alleged that the corporation
has debts of over 100000 and is in
solvent. They declared that more than
$4,000 is due them from the corpora
tion on notes.
New-York tribune., 1921-06-05

One Oh the simplest of these is the
use of punch cards and calls for the
handling of the entire transaction by
the bank. 1t is essentially for non
savers to bring them in contact with
the banks and banking methods and to
provide means of saving in small
denominations. When the card is
filled the employees receives bank
book, but continues to save by the
same method.
On pay day the employee goes to the
bank with the blue card and deposits
the amount which he designated at the
time of the canvass. The bank pro-
duces the master card and by placing
this over the duplicate, both are
punched at the same time. In this way
the depositor is assured that an in
disputable record has been made. The
weekly deposits are made until the $50
IS punched out A handbook is then
jscnpd
New-York tribune., 1921-06-05
Small Stores Hit

Although the large department
stores apparently are sailing along ID
breeze of fair business keepers o.
smaller stores, particularly in the out.
lying districts, are still beset Dy
squalls. An explanation of this, &C
cording to one large department store
executive, is that the big stores are
working on an extremely close per
centage of profit, which the smaller
storekeeper finds himself unable 70
compete with and still continue in busl'
ness. Another advantage when tns
large stores have regained is that OF
lower prices from the wholesalers 1of
large quantities of goods. Some ao'
vantageous purchases have been maas
by several of the leading department
stores in this city in the last teW
months from wholesalers or manutsc-
turers who were willing to sacrifice Dig
surplus stocks for the sake OF reaay
cash. The small shopkeeper cannO..
swing big deals of this kind. because o.
his lack of working capital. :,
With the seasonal let-dOwn IN April
following the early Easter in March,
New York department stores report
ing to the local Federal Reserve BARK
showed sales only 2.S per cent below
those of April last year in money value
May business was better than IN April
according to store executives.
Conditions in other retailing centers
approximate those in New York. In
report issued last week by the va
tional Retail Dry Goods Association
April sales in 282 department stores
throughout the country were but q
per cent less in money value than la
April, 1920, and for the first four
months this year sales were but Z.z pcs
cent below those of the Corresponding
period last year and stocks, reckonea
in dollar value, were 20 per cent loWef
than year ago. :.
Large volume and quick turnover slo
the objectives of the department stores
at present. The stores are still stag.
gering under heavy burden OF niga
operating costs. Store salaries nav0
not been reduced to any great extern,
although in most cases smaller forccS
are used than last year. Keylng ug
the efficiency of the sales people sns
the non-selling help. mainly engaged ~
service departments, is the chis1
method of cutting into overhead. Ae,
vertislng has not been cat, but on wv
contrary has tended to expand, ss'
some merchants, in the keen COMP
tition for business. One retailer nss
an idea that advertising is not as tras ,..
full as it was, due largely to its faiiuie
to reach has many people as It did ios-
merly. In explanation of this he a.
serts that the higher prices charged ios
newspapers has cut down the reading !,
the dailies by a large portion OF sas WV
public. "Ma.y people who former. -.
took two or three papers now. AXE ~;
one," he said. with the result that y
our advertising is not placed in esels
newspaper it fails to reach as MAJ.
people as it did in the old days, wasss
several papers entered the same hons
New-York tribune., 1921-06-05

lao oeeIl marked increase
in buying from Germany Mr.. Douglas
said. "This has been going on for
some time and was undoubtedly en-
couraged by the prospects of a settle
ment OF the reparations problem. Now
that TINS has been accomplished this
buying should show substantial in
crease as Germany continues to make
progress toward economic recovery.
One OF the most important uses to
which copper is being put in Germany
at the present time lies in the replace
ment of fire boxes used extensively in
locomotives prior to the war and which
were confiscated during the war for
use IN the manufacture of munitions.
During the war iron was substituted
IN this connection it may be stated
that. copper has not yet been used for
TINS purpose in this country. The Ger
mans nave found copper more durable,
Principally because of the greater
purity of their coal and water.
Fobricating Copper
German facilities for fabricatine
copper were greatly enlarged during
the war and despite the great depreca-
ton OF the mark she is now in posi-
tlon to undersell the rest of the world
in those products in which copper is
one of the main ingredients, because
lator and fuel are paid for in marks
and are consequently much cheaper
than in the United States and other
European countries"
Referring to the demand which is
emanating from the Far East, Mr..
Douglas explained that Japan before
the war exported a large amount of
copper, but since then her own costs
OIL production have mounted so high
that home output has been substantial
ly curtailed, with the result that new
supplies have been sought in the
United States.
10 meet the great demand that ex-
listed during the war Japan bought an
enormous amount of copper coins from
China and melted them up with the
understanding that their equivalent in
copper metal would be returned after
the war. Mr.. Douglas said that large
part OF Japanese purchases in the
American market in recent months
have been for this purpose. Although
Japan is reported to have a large sur
plus on hand, this copper was bought
at high prices and the holders have
found it advantageous to acquire new
supplies at the prevailing low Ameri!
can prices. In other words, the Japa-
nese are placed in a position where
they can even up on their earlier pur-
New-York tribune., 1921-06-05
Ne,v Lou Reached

The Youngstown Sheet and Tube
Company reached a new low operating
rate this week, being practically sus
pended except for operation of two
blast furnaces, corresponding by
product coke ovens and operation on
a small scale of wire, rod and conduit
mills.
At the moment interest in the trade
is centered on the wage conference,
between the Western Bar Iron Asso-
citation and the Amalgamated Associa-
| tion of Iron, Steel and Tin Workers to
agree upon new contract for the en-
suing year. The old scale expires
June 80 The conferences have been
in session this week. On June 7 the
conference to determine the wage
scale in the sheet and tin plate divi-
sions will commence, the session to be
held at Atlantic City. The manufac-
turers are insisting upon economies
that will reduce the cost of operation.
While the men have asked for the
! six-hour day in sheet and tin mills,
there is no unanimity of sentiment on
this subject and there are probably
more against the shorter day than
there are for it. 1T is not expected to be
seriously considered
The tonnage at the Homestead Steel
Works and the Duquesne plant has
been reduced this week owing to the
number of mills not operating Most
of the mills in operation in the big
plants are running on a slow schedule
on account of small orders for steel.
Waiting Came
Iron and steel manufacturers of the
Shenango Valley are playing waiting
game and feel confident that the time
is not far distant when orders will be-
gin to come in. They base their belief
on the gradual readjustment of prices,
reductions in wages and living costs.
The leading steel men do not look for
return to normal conditions before
| late next fall, but they are confident
that there will be considerable in
crease in output. There has been no
increase in the percentage of output
during the week, but no decrease
The building strike throughout the
country has seriously impaired the
production of nails. On the other
hand, the demand for field fence is bet
ter than last year. The tin plate mill
at Farrell is running so per cent of
capacity and the sheet mill of the
United States Steel Corporation full
time. Some of the independents are
pacity.
There is little demand for billets or
bars, which is the cause of the Car
Inegie mill being idle at the present
The pig iron market is exceedingly
dull With the yards of the furnaces
| h!ied there seems little hope of any
Of the independent stacks being re-
hghted for some time to come.
Sheet metal output approximates 25
per cent of normal this week, and while
makers maintain that they are holding
to normal quotations it is known that
lower prices have been quoted.
Tinpiate Is Dill
Makers of full-fnished material are
understood to have taken concession
New-York tribune., 1921-06-05
Plan Retail Exposition
Wide Range o. Products To Be
Shown Here

Under the name of the National Re.
tai Merchants Exposition, a wide
range of products sold in department
ana general stores throughout 5he
country, will be shown at the Hotel
imperial July IS to August 13. The
exposition is expected to take the
form OF fall opening for many Of the
manufacturers represented.
1t Will include four fashion shows
the first forl knit wear on July 90
the second for evening wear on july
~ the third for millinery on Augu st
s. and the last for wearing apparel on
AuGuSt 10 -
New-York tribune., 1921-06-05
Holidays This Week

Sunday, June 5-Denmark, Iceland.
Monday, June 6-New South Wales,
Queensland. South Australia, Victoria.
Thursday, June EGYPT, Hejaz,
Friday, June 70-Brazii (State of
Amazonas), China, Egypt, Hejaz, Meso-
potamia, Portuguese East Africa, Por-
tuguese West Africa, Turkey.
Saturday, June 11-Brazi Estates of
Alagoas and Santa Catherina), Egypt,
Hawaii, Hejaz, Mesopotamia, Turkey.
New-York tribune., 1921-06-05

President James A. Campbell of the
Youngstown Sheet and Tube Company
reiterates his belief that the railroads
must reduce freight rates before busi-
Miss will return to normal, and de-
clares that all trades must share in the
wage revision before the adjustment is
complete.
At Youngstown it is announced that
foreign tonnages of sheet bars, chiefly
from Germany, have been laid down in
New York at $34 and that consider
able tonnage has been absorbed at this
price. Valley mills are universally
quoting $50 on the open hearth grade,
though this price has undoubtedly been
shaded.
The steel industry in the Mahoning
Valley is drifting, as evidenced by the
low state of operations. Schedules will
be still further reduced next week.
The Republic Iron and Steel Company
had planned to suspend it's tube steel
department this week, but last minute
order enabled maintenance of produc-
tion on small scale. Pipe output in
the valley is at the rate of IL per cent
of normal. 1t is expected that the Re-
public company will shortly suspend it's
MI f,1r