davidaulloa/AmericanStories huggingface dataset:
Norwich bulletin., 1921-12-21

of the challenge was announced tonight.
 Members of all recognized yacht clubs and associations are to be invited to this class and to participate in the American team elimination trials, which will be sailed in August.
 The regatta :n ,F< waters last summer was the first o1 the international trophy, purchased jointly by the yachts men of the two countries.
Norwich bulletin., 1921-12-21
RESULTS OF ScHAEFER-
 CONTl BILLIARD MATCH

Philadelphia. Dec. 2O-After losing the afternoon block to Roger Cont, 30 to 400, Jake Schaefer, worlds cham pion, 18.2 balk line billiard champion, won the fourth block of a 3.2O0 point exhibition match tonight, 400 to 174. Schaefer's total for the four blocks is 1907 to S21 for Cont.
Norwich bulletin., 1921-12-21

competition with entries from the United States and Canada would be staged here on Feb. 20 by the Saranac Lake Ski club.
 Officials of the local club said that new jump constructed on Mount Pisgah will make a leap of 150 feet possible
Norwich bulletin., 1921-12-21
COTTON.
MONET,

New York, Dec. 2o.-Cau money strong; high 6; low 1-2; ruling rate 1-2; closing bid 1-2; offered at 6 |; last loan 6; call loans against accept ances 5. Time loans: firm sixty days 5d5 1-4; 90 days 5@5 1-4; months 5 a5 l-4. Prime mercantile paper 5@5 1-4
Norwich bulletin., 1921-12-21

New Haven.-Cards have been sent out for an at home by Mrs. Charles Franklin Bliss, Miss Elinor Bliss and Miss Mar garet Bliss for Thursday. Dec 2s. from until o'clock, at their home on Pros pect street
Norwich bulletin., 1921-12-21
CALL FOR MEETING OF
 EASTERN IEAGTF OWNERS

Springfield. Marr., Dec, 2o.--Presi- dent Dan O'Neil tonight sent out call for a meeting of the Eastern League owners in Hotel Wendell, Pitts field, December 2s, at o'clock.
Norwich bulletin., 1921-12-21
SPORTING NOTES.

The Harvard hockey team will make its first appearance of the season at the Boston Arena Wednesday night The Crimson skaters will clash with
Norwich bulletin., 1921-12-21
To Try 15O Foot Ski Jump.

Saranac Lake, N. Y, Dec 20.-An- nouncement was made here today that the international amateur ski jumping
Norwich bulletin., 1921-12-21
B A SKE TB ALL
 TONIGHT, BALTIC GYM STAFFORD SPRINGS KACEYS
BALTIC WANDERERS

Fast Preliminary, 8 p. m. Admission
 Gents soc, Ladies 20. Tax included
Norwich bulletin., 1921-12-21
ALL-sTAR BOXING EXHIBITION

ALL-STAR BOXING EXHIBITION MYSTIC ATHLETIC CLUB AT WILLOW POINT CASINO MYSTIC
 FRIDAY, DECEMBER g, 1921, 8:15 P M. Referee L.
 
 Nick ty of Hartford. Telephone Mystic, 4o6-2 or 574. STAR BoUT-1o ROUNDS-126 SAMMY WALTZ 0 CURRlE, of New Haven Feather~eght champion of N. E. Pride of New Haven
 SEMI FINAL-s RoUNDs-13O POUNDS KID LEWIS of Hartford vs PlNKY BURNS of Londo The boy who has whipped them al A coming champion PRELIMINARY-S RoUNDS-11s BOBBY ELsIN of Bridgeport YOUNG SHERMAN of Noank 29c; Tax 1oo; Total s2s
Norwich bulletin., 1921-12-21
Who Is Running the Business?

WHO IS hunnlDg Ine DuSlleSS.
 you very equipped plant to invited the important question could ask? "Wh is going this business? directly the How their How they they their plant How of their How they maintain their plant competition modern 
 manage must
  they they must ATTEND to business
 Company of whom the public has confidence They the business world standing communities that keene business ability and maintain
 Much of their land Cotton Company stability Company easily meets competition difficult to follow
 These have your money the Norwich Savings point your investment in Ashland Preferred Stock is safe BARsToW, COMPANY 6S Devonshre Boston, Detail Information Coupon. sARsToW HILL co, Boston, Mass.
 FACTORS back of the Ashland Cotton Company ti that obligated
 Name. Address
The Washington times., 1921-09-04
Some Trade Branches
Are Frightening Up

Despite the of economic there is now an
increasing disposition to view the outlook hopefully with
recognition that the readjustment of the last year has
strengthened the fundamental situation says Duns REVIEW
money sngency agricultural sections and the sharp
rise in cotton while resulting from low production estimates
has stimulated renewed confidence in the South
regulary business and characterZes the steel
situation which has fully maintained the small improve
ment recent weeks While sentiment continues hopeful
orders being released slowly and mainly for
tive The movement for iron and steel
pig iron contrasting with further declines in other material
With the striking rise in material something OF the
fever time the review states has marked conditions
lin cotton goods rapid recovery in cotton has given
distributors in the South who are begin
ming to order more freely than for months past.
The hide and leather situation, Duns says is better.
Improvement all instances gradual and irregular, but
the trend is evidently in the right direction. ,
The large sole leather tanner has again been in the
market domestic packer hides and European interests
have operated freely in rgoco and other stock at
the River Plate In the main prices hold about steady
although transactions in cafskns have been effected at
declines both West and East While leather business is far
from active with footwear manufacturers deerrng pur
chase as long possible conditions reflect better
fment ;a .I -"
"That rather urgent need for leather exists in some
quarters indicated by the requests for prompt deliveries
and shipments by express have been stipulated in certain
AS the fall approaches more animation is
shown in wholesale shoe circles especially in the Middle
West and buyers whose stocks low have paid
slight premiums to obtain supplies quickly. .
Resistance further lowering of wholesale commodity
prices becoming pronounced and this week twenty
nine recessons and fifty advances appear similar COM
aron for week disclosed fifty reductions and thirty
eight increases while sxtywo of the nneytwo changes
in this week a year ago were downward. q. 49,: e. .
The Washington times., 1921-09-04
y. S. Must BorrolD Big
Sum to Pay Notes

The Government shortly will be forced to ask the Amer
people to subscribe huge loan of from 800 000
900 to $4,000 100000, members of the Senate Finance
Committee believe.
This will be required by 1923 pay back to Ameri-
citizens the they have already loaned Uncle Sam
and for which they hold Victory notes. savings stamps
and shorme certificates of indebtedness These oblga
tons must be paid in cash and to obtain this huge
new loan must be foated.
Appeals probably will be made these bondholders
exchange their holdings for the bonds In other words
according to Senator'S the Government finds itself unable
off of this debt and must renew it for further
term of years -. ...
There is absolutely way around this" said Senator
Smoot the first official to make this statement publicly,
though Treasury officials and members of Congress have
for long time faced the certainty that will be impossible
raise enough by taxation between and 1928
retire any considerable portion of the short term
Indebtedness.
We'll be lucky if get enough revenue to meet cur
rent and obligations" said Smoot 1--WE must
refund the 1928 debt There won't be enough taxes to
touch keep the heavy burden the American
people they bearing" -
When became apparent that domestic would
provide sinking fund to meet the 1928 debts officials
sought Of collecting from Europe enough of the
100000 owed the United States to help out The
Treasury still hopes that will be possible 1t is merely
hope, however ..<
The Washington times., 1921-09-04
ADVANCE Shown
DURING WEEK
IN EXCHANGE
Sterling Moved Forward More
Than S Cents, While Francs
Also Gain.

During past week. foreign ex
changes generally recorded good
gains. Sterling advanced about five
cents, francs about s.0o05. lire about
$.0020. Marks were the exception
selling off about $.00o3. a.
Bankers do not see any good rea
son for strength in exchanges al
this time. As a matter Of fact
many had expected declines owins
to grain and cotton bills which will
soon be coming on market in large
numbers.
That marks did not advance with
other exchanges Is viewed as highly
significant. Berlin dispatches said II
was necessary to ship $4,000. 900 gold
MARKS which were part of the re
serve Of Reichsbank. to. complete
final nayment on 1,000, ,00O, 900 marks
due August 81. II this Is true, II
marks first large withdrawal against
Reichsbank's reserves In more than
a year. ss.
Furthermore, bankers view this
withdrawal as more significant az
1t may mean the beginning of q
drive against Reichsbanks gold
which may ultimately result in II
being reduced to level of Austrian
and Polish banks.
Gold reserve OF country IL &C
linked up with the value of It's
currency that any further reduction
of the Reichsbank's gold holdings
will undoubtedly affect German ex.
change adversely.
The Washington times., 1921-09-04
Bonds for Higher Yield.

Exchanged Bonds for Higher Yield.
L. HI owned 81 900 Great North
1885; $1,000 K. /. du Pont Dc Ne.
mOurs AZ, 1891. and $1,000 Amcri-
1924.
have exchanged these bonds for
the following: Portland Railway
Light and Power 71zs, 1916: French
Republic 71zs, 194l, and Humble OIL
Is, 1923.
should like TO ask your opinion
IL made a wise move.
The man from whom obtained
the first investment, on June 30,
told me I would gain In the trans
action between $40 and $40 and Sc
cure a higher rate of income yield. d.
Answer-The bonds you held and
the bonds you have secured In ex
change are good investments.
In making the exchange you get S1t
more interest and an average Of long
er maturity. But these advantages
are very small.
We don't advise you to exchangs
your Humble Oh bond for STANDARD
OIL stock.
But owing to the short maturity Of
these notes It might be advisable to
swap. for a Canadian Northern Rail.
way Company twenty-five 6h per
cent sinking fund gold debenture
bond.
These bonds do not mature until
1946, and are issued under q provisc
that they will not be called until that
date.
They are guaranteed principal and
by the Dominion Of Canada.
AS you already have one French
bond that Il enough,
The Washington times., 1921-09-04
Treasury Certificates.

The market for Treasury certificates
continues strong. all issues being
quoted ut q premium. The three.year
notes, which were sold Juno Of this
year to yield 5N per cent, are now
selling to yield 5:s4 per cent Other
issues show equal Improvement
The day to day fluctuations In these
issues are 20 small and the tendency
upward has been 30 constant. that
when call money rates drop to ~ per
cent, as Il has done this week, quota
tons for Treasury certificates tmmedi-
ately become firm.
Following are bid ana asked prices,
together with approximate yields on
o,,f sfa ndtn9 iasue1:
The Washington times., 1921-09-04
B. ( 0. IS ACTIVE TO
RESTORE FINANCES
Using Pruning Knife on Ex-
penses in Move for Clean
ing House.

Unless all the factors are given con.
sideration current railroad net re.
suits are apt to prove misleading. For
instance. last year In July some roads
had begun to absorb large amounts of
back pay into their transportation &c.
counts under the retroactive wage
award; others did not begin to take
up the slack until August.
Baltimore and ohio's operating ex.
penses In July. 1920, included back
pay Of s6.500.O 900 under the Labor
Board award. With the IL per cent
wage cut effective July 1, 1921. operat,
ing expenses Of the road this year nat.
urally showed large reduction, both
in the transportation account and in
maintenance, amounting to SIC, ,750.
The result was net operating income
Of $2,026,781 In July this year in con-
trast with an operating deficit Of s5,'
799, 300 in July, 1920. Baltimore and
Ohio has, however, steadily built UP
its net earnings this year, in the
face of the slump in gross. through
pairing down Of expenses wherever
possible and a sharp reduction In
maintenance.
In the seven months ended July 81,
Baltimore and Ohio's gross earnings
were s6,090.42 less than for the cor
responding period last year. This rep.
resented a decrease of 81 per cent. II
should be noted in this connection that
January, 1920, gross was swelled by
the inclusion of $1.642,724 Of back rail
way mail pay. applicable to the calen'
dar wears 1918 and 1913
Operating expenses for the period
show the remarkable reduction Of $22,,
700, ,6s4. or 1879 per cent. OF this re.
duction SIT 1885, ,5S5 was in maintenance
and $5,916,673 was in transportation
expenses. The net result was q net
operating income of s9.657 ,246 for the
seven months in contrast with q def
icit of s5,414,563 for the corresponding
period last year.
The Washington times., 1921-09-04
NEW CAPITAL ISSUES
|. HAVE BIG AUG. TOTAL
Reach Sum Of 1$3s,o2e,8 800,
While Corporate Financing
Declines During Month.

New corporate financing, including
bond, note and capital stock issues
by railroad, Industrial, public utility
and other American companies,
reached a totA value during August
Of $13s, 1926, 800, which Is the smallest
aggregate reported for any month
since last March. The total in Au.
gust a. year ago was s16s s,135, 700,
while in July Of the current year
new capital issues amounted to
S170,474, 800.
Railroad issues figure in the re.
turns for August to the extent of
only s20,095, 300, representing a de.
cline of $32,618,900 as compared
with the s53.714,200 reported in Au.
gust a year ago. The loss Is directly
traceable to q falling off in bonds
issued as stock and note issues in
creased somewhat. Industrial bond
flotations increased $685. 900 as
compared with August, 1920, but
offerings of stock and notes fell off,
so that the gain over a year ago in
financing by Industrial corporations
gained only s4,412,500.
Since January 1. the records main.
tained by The Journal Of Commerce
show that new investment offerings
have aggregated s1,751,s55,7oo, COM
pared with s2,2os, ,20s,5o0 during the
first eight months Of 1920. a de-
crease OF s451 .550,s00. Comparison
n financing by the railroads re-
veals an increase of s206, ,3S7 300 in
bond issues and decline of s73,095,.
100 In note issues. partly compen.
sating this gain. Industrial cor
porate financing registered a decline
OF s591 1885, 500 Notwithstanding q
gain OF S324.465.600 In bond offer
The Washington times., 1921-09-04
Inventory Of Billions.


For several years before the war
we grew richer at the rate Of 81. .000,-
O00, 900 a year. = = ~ ~ g.
Those are the census figures. We
then were doing better than ever be-
fore; previously our gain in wealth had
been at the rate Of but $1,000, 900, 900
a year.
So 1t came that when war broke in
Europe we counted our wealth as
about 5000, 900, ,000, 900, and when we
entered the war we stretched the
figures, with Mr.. McAdoo's help, and
advertised ourselves as worth $780,
000. 900, 900.
All one has to do is to look over
the inventory Of these billions to see
that It includes a lot Of things that
should not be there.
For the commonplace purposes of
national business many Of the items
were but wind and water, but let
that pass.
In the four years after We went
into the war we spent more than
$40, ,000, 900 900 a. year-spent It as un-
productivity, dissipated It as complete
ly as II we had blown It to the four
winds Of heaven!
And these $40 200. 200, 900 just offset
our yearly increase or wealth, as
figured in the statistical abstract of
the United States" for 1920.
What happened to business and
capital In the last two years does
not have to be figured very closely
to bring one to the conclusion that
the New York economist Is not far
from right.
The Washington times., 1921-09-04

144.4oo three-year per cent notes
maturing today and upon It's ability
successfully to make this arrange
ment, the outcome of the present
bankruptcy proceedings Is expected
to depend. Considerably more than
half Of the notes have already come
In under the agreement. Stern
Bros. will pay today a 33 d.3 per
cent stock dividend, following the
'ote by stockholders last month In.
creasing It's capital by t4,000.o00.
The Washington times., 1921-09-04

CHICAGO, Sept. 3.-How rich are
we? ..s ....... ..s..s.
On the answer to this question
depends the burdens American bust.
ness can bear the load that credit
at American banks can carry, the
taxation that the American Govern
ment can collect, the value OF the
securities that American enterprise
can issue, the employment that can
be given to American labor; In
reshort, the whole structure and fabric
of American necessity, comfort and
welfare.
How rich, then, are we?
Two lines of literature are going
through the country on the subject.
One is to the effect that we are
80 rich that nothing can prevent our
growing richer; like a SNOWFALL in
April. our wealth gains size whether
rolling up hill or down.
The other is to the effect that
we are rich but not growing richer,
that to grow richer we must get
down to business.
Worth OF United States.
e. r. Ackerman, Of New Jersey, has
reckoned that the United States Is
worth at least 100000, ,000, 900. He
quotes another's figures that are
much higher-$500, 900 ,000. 900, or half
a trillion. But to be conservative, he
,lops off hundred billion.
The worlds wealth has been eSti-
mated at $3.50, ,000, 900 900; so. II Mr..
Ackerman Is exact, the United States
has more than 40 per cent Of 'he
worlds wealth.
That would be colossal!
But are the estimates correct?
A In the last number of ths Nation g
Business, the economist of a large
New York bank virtually answers:
, "No". &c.,
He speaks of the common opinion"
that%th wealth of the United States
was increased enormously by the war,
and adds flatly: THAT is a fallacy."
Why a fallacy? Before we entered the
WIZ, our wealth grew rapidly; after
we entered 1t, our wealth was "check-
ed rather than stimulated" in it's
growth.
That. in brief. is the argument.
The Washington times., 1921-09-04

ings. The records indicate q marked
preference for long-term issues In
1921 as compared with a predom-
nance OF notes and stocks, notably
in the case Of industrial financing,
a year ago.
Two items in the list Of authorize
tions last month are OF special cur
rent interest. The Interborough Rap.
Id Transit Company obtained per-
mission to arrange the extension for
one year at 8 per cent Of the $685..
The Washington times., 1921-09-04
Economic Conditions.

A traveller In western Europe
writes he Is shocked by the inability
of foreigners to realize the economic
conditions in the United States.
Tell q Frenchman that America
has trusted Europe for 60, 0,000, 900 900
paper francs in trade. and he ex-
claims, How wonderfulI''
Explain to him that America ID
loaded down with $1,000 900. 900 paper
francs in annual taxes and he re.
plies. What marvellous wealth.
Set forth to him that the losses of
the Shipping Board alone amount to
10000, 900. 900 paper francs, to be paid
by the people, and his only comment
Is: What inexhaustible resourcesw
What bearing such delusions have
on international trade. business. loans.
credits, on every sort Of national and
personal expenditure, is something
; that goes without saying.
Economy and thrift make poor
hcadway against the towering H.
lusion that we have twice as many
billions as we had five years ago. II
IL natural that they should.
. Every citizen is stookholder in
the United States. The United States
is worth s4oo, 900 ,ooo. 900 to $500, ,Uoo,.
, 100000! that Is the joint possession
of us all, and the net debt, after sub
| tracing what the allies owe US, ID
only 3% per cent!
| Why worry7
The writer actually has that argu-
ment before his eyes as he writes In
type and between covers.
When such things are afloats' In
printed form. It certainly is worth
while to pause moment to consider,
not only how rich we are, but how
rich we are not.
The Washington times., 1921-09-04
Investors
Service

The Washington Times win bs
glad to answer for its readers
Inquiries about investments In
stocks and bonds. II viii give
the best available information
from the most authoritative
sources. This service 10 entirely
without charge. and all letters
VIII be held In strictest conn
dence. Every inquiry must con-
tain name and address OF the
writer and q 2-cent stamp for
the reply. II the inquiry 10 OF
general interest II will be an
swered In the Daily or Sunday
Times. Address
INVESTORS INFORMATION
SERVICE q 80.
Tho Washington Times Finan-
cial Department. Munssy Build
ing. Washington. d. c.
The Washington times., 1921-09-04
MONEY AND TRADE
BY GEORGE w. HINMAN.

Somehow, a cursory glance over busi.
ness in the United States today. a
touching Of elbows with financial men,
a few interviews with manufacturers
and investors would lead a person to
say Of the economists argument: "It
sounds SO and feels So"
The Washington times., 1921-09-04

In December, 1919, sales Of Pennsylvania very
heavy and indications that the bulk of the sales
establish losses In that month the number of stock
holders increased by 2,946. -" ~
Pennsylvania shares ranged that month shows 40 that
holders who sold at that time have been able to replace
their stock recently to advantage the price this
as low $685. and for long time ranged around 35.
The greatest gain in stockholders in month this
year March, when 2,927 names added to
the books. .E
In that month the stock broke sharply touching W.
and there heavy buying in odd lots by small investors
Since then the number Of stockholders has shown
decrease each succeeding month until July when buying
large exceeded number Of sellers and resulted
in net decrease in the number of holders.
The Washington times., 1921-09-04
vuusSS4SSsoss S4Sos ossnrn B SINESS AND FINANCE Wi
Big Investors Again
Coming Into 1Pennsy'

For the first time since November 1916 the list Of stock
holders of the Pennsylvania railroad showed August
compared with the preceding month. Number
The Washington times., 1921-09-04

Of holders on August ! was
140,778, as compared with
141,075 on July 1, a decrease
of 297. The list, however,
shows an increase Of 7,710
stockholders since the first Of
the year and an increase Of
1888, as compared with
August /, 1920.
After nearly five straight
years Of monthly increases in
number Of stockholders, un-
der the presidency Of Samuel
Rea, the decrease registered
during the month of July in
dicates that. big holders who
had previously sold out or re-
duced their holdings, prob
ably with the view Of estab-
fishing losses for tax pur-
poses, are buying back into
the property and re-estab blish-
ing their position.
The Washington times., 1921-09-04
lack from Vacation.

acceptable In payment OF Federai
taxes ON the dates Of maturity.
Rack from Vacation.
w. r. Nagel. cashier OF the Elk"
change Bank Of Washington, Is
again at his desk after q vacation
Of several weeks.
The Washington times., 1921-09-04
I.nerty Bonds Outstanding.

Liberty bonds and Victory notes
outstanding August 81 aggregated
sIS. o36. .sse $50, and compare with
amounts outstanding July 81 and
El Mundo. [volume] (San Juan, P.R.) 1919-1990, 1921-09-29
J.. r. ".

quirid del maestro la marcha de vuestros
hijos. Examined sus trabajos. We'd sus
informes mensuales donde consta en- nu
nero: 10 que vienen realizando en- cla
Sc. Marchad en- verdadera ammonia con
Ell maestro. Visitadlo. Que os visite el
maestro. cambiad impresiones respecto
a vuestros hijos v respecto la parte
que os pertenece en- la educaci6n de los
-l1ismos. Abrid vuestro coraz6n al macs,
t1o que este os abra el de 81; amplia.
mente, gallardamente.
IA LA oBRA SIN vACILACIONEs!
Ell Inspector de Escuelas. FL comisio
nado de instruction. Ell cperpo dc Macs
tros.