davidaulloa/AmericanStories huggingface dataset:
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1921-09-18
EASIER MONEY
SEND LIBERTY
BONDS UPWARD
Dealers Say Another Reduction
In Discount Rate Would
Further Help.

Liberty bonds of all issues have been
conspicuously strong since the first OF
the month, the more active issues ad.
vancing from eight points for the Vic
tory AS to sixty-eight points for the
AVS. per 500.
Dealers say that the movement will
probably continue, with occasional set.
backs. over a considerable period.
General easing of money rates Ii the
big influence, although there may be
other contributing causes at work.
However, the main movement In these
investments, as well as the upward
movement In all gilt-edged invest.
ments with fixed returns. Is merely
the expected response to cheaper
money.
Since May g., New York Federal Re-
serve Bank has reduced its discount
rate three times on commercial paper,
but there has been only one reduction
in the rate on loans secured by Lib.
erty bonds, and this reduction has
been one.half Of 1 per cent. Reduc-
ton was from per cent to 6h per
cent.
There are. however, seven Of the
twelve Reserve Banks that are main
tanning per cent rate on loans Sc
cured by Liberty bonds. which, Of
course. tends to check any real bull
movement In these issues.
There are still four Reserve Banks
that require assistance from other Re-
serve institutions to keep their reserve
ratio above the minimum legal require
ment, and some bankers believe that
these members are using their influ-
cnce to keep rates high at the stronger
banks. This policy of high rates has
been a depressing influence on Liberty
bond market, but the insistent upward
movement that has been manifest in
the past few weeks, especially for this
month, indicates that investors are
buying rather heavily Of Government
issues in anticipation of a further re-
duction in the discount rate.
Bond dealers say that II another re-
duction OF \ per cent on loans secured
by Liberties is made, substantial rise
may be looked for.
Following table shows quotation for
TIE more active issues for close Of bust
ness September and for IL noon Sep
TENDER Is:
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1921-09-18

Ships under construction for pri-
vate owners are classed as one coal
burner Of 1900 tons; twelve oil burn
ing ships of 1880 tons and four which
can burn either coal or oil, Of 1851
tons. all cargo carriers. In addition
there are forty tankers, oil burners of
$1,000 tons. All Of these vessels are
classed. The tankers Of 11,062 tons
are unclassed, making a total tonnage
for private owners Of 436.217 tons.
Geographically fourteen cargo ships
and twenty-six tankers are being
built on the Atlantic coast, the total
tonnage involved being 305,079 tons.
Ono cargo vessel and fourteen tank.
ers with a total tonnage Of l03, 538 are
under construction on the Pacific
coast; two cargo ships and two tank.
ers with a combined tonnage of 81.
800 are under way in Gulf Coast
yards.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1921-09-18
Much Activity Sho,un
II Shipbuilding

NEW YORK. Sept. 17.-Despite the
dullness recorded in shipbuilding
figures compiled by the American
Bureau Of Shipping D September l
show that more than a half million
tons Of new vessels are under con.
struction. Further than this, only
105,900 tons are for the account on
the United States Shipping Board
while 436,217 tons are for private
owners.
For the Shipping Board eleven yes.
sells are under construction. Three
cargo ships Of 1899 tons and eight
combined passenger and cargo car.
riers of $4,000 tons complete the list.
The cargo ships are being built on
the Pacific coast and the remainder
on the Atlantic coast. The cargo yes.
sells use either coal or oil for fuel.
while the combination ships use oil
only.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1921-09-18

ton, dragging with them all the prov
incial, private and foreign banks ex
cept the London q River Plate Bank
The paper money, which totaled 163
648 900 pesos at the end Of the 1889
was increased to 230, 1871 ,035 pesos or
October 7. 1890, of which 1911, 1882 IS;
pesos was emitted by nineteen banks
and a5,04s,463. pesos by the Treasury
The gold premium had risen to 2S7
On this date the Gaia de Conversion
was created, but for several years II
was a useless and futile institution, Q
mere instrument for the emission OF
limit was at first fixed at so ,000. 00C
pesos. but in 1891 II was authorized
to hand over 10000 900 pesos more to
the newly established Bank of the Ar
gentine nation, today perhaps the
most deservedly famous institution OF
credit in South America. This ex
traordinary undertaking in the orgy
OF a national crisis brought the pre-
MUM on gold to the peak Of 364 per
cent.
Pellegrini's government did It's best
In 1890 II was decreed that part OF
the customs duties should be paid in
gold. In 1894 the government took
over all the bank notes as treasury
obligations At the exchange Of the
day. Paper money IN circulation
was steadily reduced thereafter.
La Gaia dc Conversion.
On November 4. 1899, It was estab.
lished by law that the nation should
convert the whole of the then ex.
listing fiduciary issue Of 2s3,01s.:5s
pesos into national gold currency at
the rate Of one peso for a. cents
gold, and that the date of conversion
should be fixed in due course after
the formation by the government OF
q gold reserve to be deposited In
the Bank of the Nation. The same
law authorized the GAIA to issue and
deliver to whomsoever demanded II
legal tender notes for gold coin in
the same proportion, and to deliver
the gold thus received for paper OF
the same rate Of exchange.
This we'll conceived measure inaug.
urated a new era in Argentine finan.
cial history. but the public, made
wary by past unfortunate experience,
was very shy to take advantage OF
its benefits. During the first half.
year Of 1900 little gold came in,
but on July "a. the GAIA was empty
again, and remained 30 until October,
1902, after which there came q small
but steady stream OF gold slowly but
surely increasing in volume until
the end Of 1908. when the GAIA held
40,0o0,00o gold pesos in deposit. thus
proclaiming the achievement Of Its
objective. In December, 1906, there
were 1o0. 900 900 pesos in deposit: in
April, 1912. the reserve had amounted
to zoo, 100000 pesos, and in June.
1915. more than 900. 900 900 pesos
were held by the GAIA as guarantee
for the paper currency Of the Ar.
gentine republic.
On June 80, 1914. the paper money
and subsidiary coinage of the Ar
gentine amounted to I'll. 900, 900 paper
pesos. against which the GAIA held
at that date 213,tD0. 900 gold pesos,
which, being reduced to paper pesos
at a cents. shows a guarantee re.
serve of $4,000 900 pesos paper, or
1913 per cent. This percentage has
since been greatly increased, as will
be shown in q subsequent article.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1921-09-18
FINANCE
AND
|BUsf IN
By b. @. FORBES.

Andrew Carnegie laid the founda-
ton for his enormous fortune by buy
ing out his early partners who lost
heart when acute depression overlook
the steel industry.
Henry C. Prick did exactly the
same thing in coke. He bought out
his associates in the panic Of 1873,
when coke was selling for less than
what 1t cost-but within q few years
Frick was making q million dollars
a year from coke.
The business men Of America have
been undergoing just as severe tests
as Carnegie's or Tricks partners
were subjected to, and IL In interest.
ing to note how certain men and Ger.
tain concerns have come to the front
while others have dropped behind.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1921-09-18
Treasury Issue
OUersubscribed

Preliminary report indicate
subscriptions aggregating more
than s1.4o0. 900. 900 to the Trea-
sury's combined offer Of $780,.
100000 in short term notes and
certificates dated September Is,
Secretary Mellon announces.
Treasury officials declared that
the total Of subscriptions was the
largest ever received for these
securities. the total for the
August 1 issue Of $500. 900 900 in
certificates amounting to $1,000.
600, 600.
An easier money market was
indicated by the heavy over
subscription, officials declared.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1921-09-18
Hides andLeather
Picking Up Steadily

NEW YORK, Sept. 17.-while
many Of the other commodity mar.
kets resumed their listless way, quite
a little Improvement is noted from
day to day in the condition Of the
ride and leather trades. There has
been no really heavy trading re-
ported in either branch Of these
trades, but the aggregate turnover
has shown a gratifying improvement
since the beginning Of the current
week.
Cable advices from the Argentine
says that English buyers have pur-
chased 5000 las palmas frigorificus.
at $4S, which Is figured as the APP
proximate equivalent Of 17kc cost
and freight. In the local wet
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1921-09-18
Post 0ne Sale
Of Railroad
CHATTANOOGA. Sent. 1S.

CHATTANOOGA, Sept. 16.
Sale OF the Tennessee, Ala
hama 4 Georgia Railroad, which
was scheduled to be completed
yesterday. was postponed until
October Is.
This action was taken fol-
lowing the receipt Of a com.
munication to Special Commits
sioner d. L. Grayson from a
prominent New York financier,
who Is said to be a bidder for
the road. and who, is is under
stood. represents the Seaboard
Air Line Railroad interests.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1921-09-18

10 to stock Of record September 20.
The stock yields IL per cent. Allis-
Chalmers pays 4 per cent per annum
now. It began common dividends q
year ago, which shows IL 10 not sea-
son dividend payer. Last year II
earned better than 8 per cent. In first
half Of 1920 earnings equaled S3.28
per common share. Next dividend 10
payable November Is. 1t yields about
IL per cent. High yields are equiva-
lent to doubt. Ten shares each of
these stocks require an outlay OF
about $1.440, and we believe your plan
Is not without attractive speculative
possibilities.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1921-09-18
Money
Sholus Good Basis

Argentina has arrived at world power and the good
she has had since 1908 has been big factor in her
triumph .
The financial history of the Argentine Republic
organized national entity with the federal capital at Buenos
Aaire dates from 1881 Before that each province
of the confederation had its money consisting of god
silver and copper coins Of varied origin and paper
issued by national provincial and private banks and
business houses.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1921-09-18

The absolutely tax free 3h's are
quoted lower than any other active
issue. Apparently investors see less
advantage in this exemption than was
expected.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1921-09-18

In 1855 an attempt to valorize
the outstanding paper money was
made through the Bank of the Pro.
vince OF Buenos Aires. A bureau Of
exchange was established with auth
ority to convert the existing paper
at the rate Of twenty-five pesos for
one peso gold. A reserve of 3,481 900
pesos was accumulated in 1867, which
increased to 1862 900 pesos by
1873. but the existence OF so much
gold ut their disposal proved too
much q temptation to the Buenos
Aires government, and in 1875 the
bureau closed its doors for lack Of
funds. For twenty-seven years the
paper money remained inconvertible.
The Monetary System Law.
1t is important TO remember four
outstanding dates in connection with
Argentina's interesting currency rec
ord: 1881. the year in which the
monetary system law was enacted;
1891, the year Of the Barring crisis;
1903, the year in which the Gaia
conversion office) inaugurated it's
triumphant career as stabilizer Of
Argentine currency, and 1914. the
year in which the Gaia suspended
gold deliveries and the export of
gold was prohibited.
The monetary system law of
November s, 1881. adopted as the
equivalent to five francs, and until
1886 gold pieces. called "argen tinos"
and half argentinos." were coined to
the amount Of 1925 900 gold pesos.
None has been minted since then.
In 1880 Gen. Julio A. Roca estab-
lished q strong central government
at Buenos Aires, and the reform OF
the currency was one OF the first
measurers undertaken by him. In
1888 he endeavored to establish con-
version at par, but a slight financial
crisis in the following year sufficed
to Illustrate these good intentions,
ing exchange to par. This period
was one OF great prosperity and pro.
gress in Argentina. which lasted
until the end OF 1889 but Roca's
successor, Juarez Celman, was reck.
less and unprincipled. and during
his administration fearful abuses
crept into the management OF the
national banks.
For a time the tremendous boom in
land values covered the ravages OF
wildcat finance. but in April. 1890. the
scandalous conduct Of the Government
appointed directors Of the national
Ddnk DtCdITl0 hHO"H, aitA th MY SAS'
resignation was demanded by popular
clamor. Celman refused to yield. as
he was doubtless implicated himself,
and in the revolution that ensued he
was overthrown. Vice President Pei
legrini took over the reins Of power
on August 6, an d with his able
finance minister, Vincente Lopez.
bravely faced the storm to come, the
severity Of which be gagged from the
fact when Celman refused to replace
the bank directors exchange jumped
from 11S to 165 premium in a single
day, and land prices fell suddenly so
per cent.
The Barring Crisis.
The panic lasted a whole year.
from November, 1890, to October, 1891.
1t was precipitated on the first named
date nv the failure Of the great Lon
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1921-09-18
Increases Work Force.

CHICAGO. Sept. 1.-THE Chicago
and North Western Railway Company
has increased its car and locomotive
repair forces steadily for several
weeks, and they now aggregate a.
900, or practically normal.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1921-09-18
TO INVESTORS
II you have an investment problem,
The Times will be glad to aid you.
Write us fully. inclosing stamped
addressed envelope for reply, and
address the Financial Editor.
American Safety Razor.


H. K. Newark, N. jim Novem:
American Safety Razor stock at
the 900 shares. As the stock Is
quoted around $3& stand to lose
about two-thirds Of my money.
Kindly let me know II the company
is paying dividends and II the stock
is listed on any OF the exchanges.
I have never received the dividend
and guess / am in bad. II the facts
are available kindly relate briefly
the history Of the concern.
Answer.-American Safety Razor
was organized in Virgins
on July %. 1919, with an authorized
capital stock of $40 100000. par SIS
1t has paid no dividend. At the end
Of last year the net assets applicable
to the capital stock equalled q lit
tie over Sc a share, which shows
too much capitalization. Another
evidence Of It Is the fact that last year
It earned only 43 cents a share on the
800 900 shares outstanding, or total
Of S346,754. President Kaufman, In
1919, "conservatively" estimated that
be less than $4,000, 900, after ap.
propriatins from gross earnings $780,.
900 for an extraordinary advertising
This optimism probably
helped to sell the new stock and send
Il up to 322 a share. Our readers who
followed our advice put no money into
II. Add a quart Of water to a quart of
milk and you still have he same
Of butter fat, not q grain more
nor a grain less. Investors seldom
are able to cash in on estimated earn.
ings.
$500 for Speculative Bonds.
j. l.. s., Poughkeepsie, N. Y.
kindly advise regarding an invest.
ment of 81 500 in speculative stocks.
thought Of buying ten shares each
st. L0uis-San Francisco, Kansas
City Southern, American Steel Foun-
dries, Computing Tabulating Record
ing and Allis-C Chalmers. 1 should
buy outright and I am quite willing
to assume a fair degree Of risk.
What do you think fthe scheme7
What dividend would be receivedH
.Answer-St. Louis-San Francisco
has never paid a dividend. Last year.
best one since company was reorgan-
lied in 1915, brought $3.50 earnings
per common share. and 30 far this
year 1t Is doing about so per cent bet.
ter than last. The stock Is believed
to have good possibilities. Kansas
City Southern has never paid a COM
mon dividend, but has paid the full 1
per cent on the preferred without in
terruption since 1907. Last year the
company earned $3.41 per common
share, against &2.03 in 1919. In the
first half of the present year the net
operating income reported was almost
twice that of the correspondinR wear
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1921-09-18
The Barring Crisis.

The panic lasted a whole year.
from November, 1890, to October, 1891.
1t was precipitated on the first named
date by the failure Of the great Lon
don firm OF Barring Brothers, which
was overloaded with Argentine secur,
tiles. In April. 1891, both the Bank
of the Province Of Buenos Aires and
the national bank went into iquida.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1921-09-18
Tho Right Way"

Says . very able business com.
msntator: "The right way to meet .
depression 10 not to cancel orders, dis
charge workers. abolish advertising.
dismiss the laundryman and wash
your own shirts. That Ia not q busi.
ness plan. That IL q panic. and there
10 no place for panic In the business
world. First lose your head-then lose
your business. The right way to meet
q slump In to start Q little personal
boom Of your own. Now n your
chance. In the land Of the blind the
one-eyed man II king. Well. In the
land Of the discouraged the confident
man 10 king. II there are twenty-five
merchants In one town and twenty
four OF them are In the dumps and
quoting Jeremiah, what can they DO
to compete with one cheerful mer-
chant who fills his shop with new
customers? Many things can be done
best during . slump. There are doz-
ems Of opportunities near you At this
moment that you will regret II you
do not take advantage Of them now"
Remember. in this country the
normal thing 10 good business. We
can secure good business II, As Post
master General Hays urges, We win
only 70 after Il. 49,.
Copyright. 1871. By .. c. Forbes.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1921-09-18

No special credit is accorded the
captain who navigates his ship across
q smooth sea. The general who wins
q battle when the odds are all in his
favor neither expects nor receives
applause. The merchant or manu-.
facturer who makes fine profits when
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1921-09-18
Doing More Business.

Within the last week I have run
across at least half a dozen concerns
that have been doing more business
during the slump than they ever did
before.
Here, for example. Is one instance
OF how 1t was done:
A company. making ball-bearinrs
was hit just as badly as other com.
panies when the collapse came. Can.
cellations poured in and few or no
new orders were Forthcoming. For
time the managers admittedly were
at loss to know how to tackle their
problem. Instead, however, Of sitting
down and giving way to pessimism
and inaction, they got together day
after day and cudgeled their brains to
find way out. And they did.
Every salesman was given a thor
ough drilling on how to handle pros-
poets. The selling talk evolved ran
something like this:
You were too busy during the war
boom to keep all your machinery up
to the highest standard OF efficiency.
You couldn't afford to stop any part
OF your operations to make improve
ments. You let things slide. Now IN
the time to bring your whole plant I'M
to top-notch condition. As you are
running only at part capacity, you can
make improvements bit by bit with.
out further cutting down your opera
lions. Get 1t into your head that com
petition Ia going to be nightly keen
hereafter, and that you can't hope TO
hold your own unless you put your
whole plant in first-class shape to do
the best work at the least possible
cost. Don't you see that II Is good
business for you to get busy Turkish.
ing UP your plant right away"
The company Ia now doing more
business In ball-bearings than Il ever
did hafara ~ wv
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1921-09-18
Sitting to Bottom.

When you sift clear down to the
bottom o. things you usually find that
the difference between success and
failure Is chiefly a matter of courage
as contrasted with cowardice.
Unfortunately, since the ill-starred
war boom burst, there have been far
more exhibitions Of cowardice than of
courage among the financial and bust.
ness men Of this country.
1t will turn out to be true this time.
just as II turned out during previous
periods Of depression and disaster.
that men divided into two main classes
the cutters and the stickers, the
stout-hearted and the white-livered.
And, also as on previous occasions.
the winners will be those who didn I
lose heart, who didn't weakly surren-
der to pessimism, who didn't conclude
that things would never 60 well
again.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1921-09-18

prices are going up and business Is
booming 10 not rated as q genius.
The victories worth. winning are
those achieved against long odds.
Crises winnow the weak from the
strong. the incapable from the capa-
ble.. This country needed such a
wfnnowing. The business field has
been cleared Of the many weeds which
sprans up and infested It during the
war boom.
The New York herald., 1921-11-27

mass action on the peoples part against
some of the other interests.
1.-THE people are TO be protected from
exploitation in the necessities of life
If l can protect them." ne said. I'VE
have got TO wage a constant warfare
against the exploiter There is nothing
they will not attempt Just look a. the
milk situation, These people raise the
price of milk and starve babies to sat
isfy their own greed. I'll tell you they
can carry things too far.
Suppose the people should pour out in
anger as they poured out in gladness on
Armistice Day? Any one can foresee
how terrible would be that kind or action.
The only way such a resort TO force can
ne presented is for the peopse's represen-
tatiye to stand firmly between them and
the avaricious appetite of those who
would profit by human necessity
What do you think of Mr. Hedley' S
testimony before the Transit Commits
sion?" he was asked
"TIedley knew that was right all the
time, and he knew he could not increase
the fare while the citys rights were be-
ing protected" Mayor Hylan declared
Their scheme now. however, is just as
bold as the original attempt. They plan
to unload all the wornout surface lines
on the city and grab off for themselves
The New York herald., 1921-11-27
COLLEGE LIBRARIES
PROTEST BOOK TARIFF
Levy on Imported Volumes
Injurious to Education.

A protest from Libraries because -
the provision in the Fordney tariff
imposing duties on importations OF
books was expressed yesterday in the
conference OF Eastern college Librarians
in Columbia University.
NJ. L. Raney. librarian of Johns Hop
kins University. raised the question of
the Legality OF protecting the printing
industry of this country to the detri-
ment of educational institutions. and
said a high tariff on foreign books
would be injurious to rra- y public
Libraries and educational IN htutions.
Other speakers were Asa d. Dickin-
son of the University OF Pennsylvania,
Edwin S. Stevens of Pratt Institute.
Brooklyn; James i. Wyer. director of
the New York State library in Albany.
and James T. Gerould. librarian OF
Princeton University The inclusion of
Librarians in college and university
faculties was urged.