davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1921-09-25

Stone learned Of this he asked the man
TO withdraw his deposits from the bank.
he SAID that he wanted every one to
feel free to come directly to the Off
GERS of the bank if in quest Of funds.
In running over the records, Mr.
stone declared that the bank has grown
tar beyond his expectations. The bank
started with ten employees and now has
thirty-hve.
Mr.. Stone is passionate believer in
the future of the cooperative move
ment and in the power of labor.
eff labor would conserve its re-
sources and put them in banks" the
leader said. do YOU know that in ten
years it could dictate financial policy -
Lobor's Stake
In developing this theme. Mr.. Stone
estimated that labor's income was S25,-
600, 100000 q year and that Of the farm
ers $50 900 00o, 900.
The salvation Of labor and of the
country" he added. depends on CO.
perative undertakings The whole
question is a matter of education. l
am no prophet, mind you, merely a
plodder and that is my opinion"
UNFORTUNATELY" he continued. many
co operative ventures. particularly
stores. have failed. But that is be-
cause they were not run by the proper
men. We are asking many of the
Western states to provide training for
this work. and the University of Ne
braska will begin a special course of
training for managers of cooperative
enterprises. The farmers have agreed
to provide places for the first 200
graduates"
Regarding the future of cooperative
banking, Mr.. Stone asserted 1.-THE
grestest godsend on earth would be the
esta blishment in this country of 25,-
600 to 80 900 small cooperative banks,
with perhaps q parent bank in each
state. 1t ought to be possible for every
nan and woman of good character 70
get credit. In our bank we make some
small loans. but we are restricted to
those which the national bank ex-
aminers will mass IN
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1921-09-25

sponsiblc, however mistaken he might
be in his general convictions or in his
specific decisions
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1921-09-25
The ''Wnldorf Croscd''

When the professionals are active
they are held responsible for many
marketwise developments. One reads
in the gossip of the Street, for ex-
ample, about the Waldorf crowd bear
ing this stock or "bul!ing" that. The
Waldorf crowd is small coterie Of
professional specul ators who conduct
their market operations uptown at the
Waldorf and seldom go below Fulton
Street Among their membership are
sucn well-known operators as Bert
Castles. who has been heavy trader
IN both stocks and cotton at times:
L. Z. Smathers and John Drake. AL
though perhaps not ranking with Bet
YOU MilIion" Gates of other DAYS.
these are all men who will swing a
100000 share line of speculative stocks
on occasion without batting an eye.
Down IN the Street itself J. ]. Manning
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1921-09-25
Bank With a Soul

ours is bank with a SOUL Mr..
Stone said, epitomizing his reasons for
considering his institution unique.
You are welcome in the bank" he
continued, whether you want anything
or not. When you go into an ordinary
bank-at least when I do-you feel
chill. One Of the first orders | issued
in our bank was that our employees
should have smile and say 'Hello!' to
every one who comes into the build
ing"
Mr.. Stone explained that fourteen
foreign languages are spoken at the
bank, which has become a place where
aliens come to seek advice about the
whole range of their problems.
The leader of the nations locomo-
tive engineers was asked what strictly
banking things the bank was dong
which national banks generally do not
do.
He replied that the banks activities
were restricted by the provisions of
the national banking law, and that
loans had to be approved periodically
by national bank examiners. 1t might
become necessary, he added, to form
trust company, too, under a state
charter TO increase the scope of activ-
tiles.
answering your question more d.
rectly," Mr.. Stone remarked, I'VE are
buying school warrants, prime invest
ments fom many small country banks
rants and thus unable to extend credit
to the farmers
Moreover, we are lending on Lib
erty bonds, whereas the other banks
here are advising customers to sell
them when they need cash.
Trusting the Farmer
Then, too, we are lending on wheat
IN the milling districts of the North
west We feel that if Wheat is good
collateral for the banks TO lend on
after II gets into warehouses in the
hands Of middlemen and spectators it
IS good while still in the hands of
farmers.
OF course, we are making general
BUSINESS loans, some of them to the
best firms in Cleveland. However, in
stead Of lending $4,000 to one man or
concern. would rather make twenty
loans of $4,000 each to enable men to
ouy homes. We want to be helpful
primarily rather than to make money.
Where we are going to do our best
work Is in creating savings clubs. In
our brotherhood we have e75 local di-
VISIONS or lodges. and we are going to
ASK tnem to become agents Of the banks
20 accept deposits tor savings. Our
nam object will be TO inculcate habits
% tnrlft- When men accumulate saw
bonds
our brotherhood pays out $4,000 600
year to widows and orphans Of de-
y U,ed members of the organ lzation.
"e are trying to get them to keep the
moneys paid out in trust with US. In
sne past IS per cent of the money has
osen dissipated in a year, as the mex
ss.shced folk got into the clutches OF
sEA.Ss and swindlers. Our trust de-
ttsa1'ment Is prepared to take care of
saeir funds for them"
Grating Middiemen
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1921-09-25

proportion to this increase in fixed as
sets, we may be pretty sure that there is
something wrong in either the book
keeping or the actual business condi-
ton of the company.
The next item is investments. 1t is
particularly difficult to judge the value
of investments if they are not securi-
ties, which are dealt in in the open
market. Frequently company appends
list of its investments and shows
either par value or the cost of the Sc
cNritics owned. Quite often company
will carry its investments in its bal
arce sheets at less than cost or it may
carry a special reserve for deprecia-
ton of it's investments as a liability.
This is of Importance, however, only
in balance sheets of companies which
have large investments in securities.
such as Union Pacific and American
Locomotive
Current assets are of the creates t
Importance, and are easily understood.
They consist in a manufacturing bust
ness of ordinary cash bills receiv-
able, accounts receivable, Inventories
and markctahle investments
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1921-09-25
Other Helps

knowledge of the nature Of the
business will help some in judging
whether there is sufficient cash for
proper working margin, but with Il
series of balance sheets for a number
of years before one it is possible to
tell pretty we'll whether The cash is
adequate or not. The average amount
of cash on hand in previous years is q
good criterion of the needs of the bust
ness Even if the cash looks relatively
small in amount but is as much as the
average over period Of years, it is
safe to assume that it is sufficient,
since the business has gone on With
this amount for a long time.
The difference between bills receiva-
bic and accounts receivable is that the
company has tangible evidence OF
somebody else's Indebtedness 10 it for
its bills receivable, whereas it simply
has an entry on its own books showing
that its customers or others owe 1t
money for its accounts receivable.
The value as an asset OF either bills
receivable or accounts receivable de
pends on how nearly the full amount
can be collected ard on how quickly it
can be collected. Here. agar knowl-
edge of the nature OF the business
would be OF help. but successive bal
ance sheet statements give good basis
OF judgment, and the current years
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1921-09-25

The Street came to life with a rush I
Here vas niece of news that immed
ately took first place among the events
of the dav The network of wires radi-
ating from the Street 70 the four cor
ners Of TIE country flashed the an
nouncement Commission house eossip
5uzzed with the news Even the cables
to Europe conveyed the information.
1t wa. d piece Of news that for the
moment overshadowed. in the eyes OF
the financial community, the fact that
Germany had just completed her first
billion mark indemnity payment. the
fact that Ireland and England were
approaching a settlement of their age
long differences, and other events OF
world Importance.
The Importance attached to the an
nouncement that the Streets most
specta cular and picturesque speculative
operator, Jesse LivermoTe, for more
than two years a confirmed bear. had
turned hullish emphasizes in striking
manner the psychology OF the market
place and the role the professio nal
operator plays in shaping the course
of speculative security prices
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1921-09-25
Can't Dominate Market

Mr.. Livermore himself modestly in
sists that the stock market is too big
an affair for one man to dominate. But
Wall Street is inclined to think other
wise, and the recovery in stocks dating
back TO around the beginning of the
servers to have had its inception in
the psycholog cal effect of the an
rouncement that one of the biggest
single speculative forces in stocks had
definitely turned bullish.
The professional Spectator is part
CT the legitimate machinery OF the
marketplace. There are many varie-
ties. He may be a member of the
Stock Exchange and trade on the floor,
scalping profits by his agility in catch
ing the price swings, with the advan-
tage of not having to pay brokers' COM
missions. Then again, as in the case
OF Mr.. Livcrmore. he may be rank
outsider" so far as the exchange itself
is concerned. In that case he operates
through Stock Exchange houses, play
ing the speculative game in the same
manner as the small outside trader.
only, Of course. on a large scale. The
markets biggest operator, when it is
playing stocks heavily, is sometime 8
operating through a dozen or more
| houses. it is, of course, not always to
MS advantage TO snow MS hand, and
by trading through different firms he
finds it possible to. cover up his op-
erations.
There are times when the profe.-
sional traders and operators mplete-
~ dominate the market. This is usual
~ when the public, having its fill of
the speculative game for the time be-
ing, steps sometime voluntarily
and more times involuntarily-and be-
comes merely spectator. Then the
/ professionals create the bulk of the
business, swapping stocks among them
selves, churninr prices and manipu
lating stocks. Professional pools are
frequently formed for the avowed pur
pose of boosting the price of certain
stocks to levels at which distribution
NAV be accomplished at profit to the
pool operators. The great rising spec
ulative markets were full of such pools
Although manipulation is one of the
m arket evils that may be laid at the
door of the profess ionals, as "a matter
OF fact these traders serve an economi .
/ purpose at times in keeping the market
I X,
Evening star., 1921-05-02
THIRTY.ONE CLUBS HOLD
CONVENTION THIS week
Districs 81 Columbia Federation to
Have Reports, Addresses
.arE TUuchAo Aona

fAe District of Columbia Federation
c. Woc-eEE Clubs will hold its an
Eual meeting Thursday and Friday in
the ballroom of the Hadleigh. The
all-dAy meeting will open promptly
1t 1850 o'clock each morning. Re-
ports o: She presidents of the thirty
one effliateG clubs will be read and
addresses will be given by the de-
partraent chairmen. Arrangements
nave tSS- made for luncheon each
day.
The presidents of the state fedora
tons e. virginia and Maryland. Mrs.
Henry E. Parker and Mrs. Francis
SandcrSon, ana rse state delegates.
Miss Alice P. Tiffany and Miss Helen
Norris Cummings. will De guests OF
Mrs: Hodgkins; president of the Dis
trtct of Columbia Federation. at the
1uncheons. Mrs. thomas G. Winter,
president of the General Federation.
viii come to Washington Friday aft
ernoon for the dinner. which tiS Sed-
Grafton gives in her honor thae night
for the next two years will be elected
during the annual meeting.
The present officers are: presiEen4-
Mrs. Hodgkins; first vice president
Mrs. Sydney r. Jacobs: second vice
president, Miss Mary 3'Toole; .soard-
corresponding seeretA-v, Yrs. =. +.
Cranmer: treasurer. Mrs. Gran; S.
Barnhardt. and auaitof, Mrs. jason
Waterman. :.
Members OF the aAnerieaniza to-,
committee of the. feaefsyion are Isak-
ing a house-to house canvass Of for
eiGn-born citizens to extend. invita-
tions and Information in regard to
the AmericaniZation schools OF the
District, il was announced today.
Among the items of information be-
ing gathered. are the number of men,
bers of the families, nationality. oc-
cupation. date of arrival in the United
States, number of adults who read.
write or speak English. and the num-
Der of adults who attend or need to
attend schools.
Evening star., 1921-05-02
PLAN UNION CELEBRATION.
All-University Program Proposed
by Wisconsin Alumni.

Plans for joining with other alumni
associations in Washington TO ar
range for an all-university celebra-
tion in the fall will he discussed at
an informal reception of the Wiscon-
sin Alumni Association at tn" keo
Cross Woman's Clubhouse. 1sol
street. Friday night at $50 O'Clock
Dancing will follow the reception and
brief business session.
Amonr the sneakers will he Com
missioner John. J. ESch of the Inter
state Commerce Commission. Theo-
dore NJ. Hammond. regent of the Uni
versity Of Wisconsin, and Adolphus r
Nelson, assistant commissioner OF
labor. The committee in charge OF
the affair is composed of Mr.. and Mrs
Fred Esch Ed Sievers, ME- ana Mrs
I, NJ Hammond. Louise Evans and
Mr. and Mrs A. l.. Luedke.
Evening star., 1921-05-02
TREATY IS CONCLUDED.

PRAGUE. Czechoslovakia, May l.
Rumania has concluded q definite po-
lftical and military agreement with
Czechoslovakia. it is announced here.
The two, countries mutually agree to
defend their territorial integrity and
to act together against restoration
of the Hapsburgs in Hungary.
Evening star., 1921-05-02
MEXICAN IS ACCUSED.
Held as One of Slayers of Two

ArEErCALI Lever California. May
e.-che second .: tae two Gexicans
accused of staying two American
Army aviators. Lieuts. Connolly and
Waterhouse. waen they lost tse.r way
and reached 4 point on tie gulf coast
of Lower California moro than . year
ago, has been arrested at Loreto in
the southern district Of Lower Cali
fornia, acctrd.ng to information re-
ceive3 here by American Consul
Evening star., 1921-05-02
"Clean Up" Sale

Read This Carefully-Wc have in stocks in s.
stores considerable quantity Of the following goods which
have been discontinued from regular selling lists Some
have fair quantity hand, others practically
of all. So these offerings made with the distinct
understanding that goods hand in the at which
you may call for them.
To enable you judge the values, quoting the
prices originally placed the goods based cost not
the price which have been offered recently.
Good buyers who look for the for their will
be we'll repaid out this list and go the goods
carefully when next in of stores
East Oregonian : E.O. (Pendleton, OR) 1888-current, 1921-08-20
Portland Wants Lower Rates

That Portland men who control
wool warehouses at Portland are in
favor of granting the petition of the
railroads to lower their rates on wool
shipments is a statement made by Mac
Hoke who has returned from Spokane
where a hearing before Commissioner
Eddy of the Interstate commerce
commission was held. Wool growers
oppose the petition on the grounds
that the new rate will enable the
Steam carriers to compete with water
rates without giving wool growers the
relief to which they think they are en-
titled. Figures brought out at the
hearing show that this year 100000
pounds of wool have been shipped
from the Pacific Coast states to Bos-
ton, and of this amount 100000
pounds have been shipped by water. A
decision by the commission is not ex-
pected before OctoSer
East Oregonian : E.O. (Pendleton, OR) 1888-current, 1921-08-20
Clubs to Compete

Clubs to Compete
The Girls Canning Club at Una
pine, under the direction of Mrs. d.
10. Saunders, and the Girls Canning
Club of Milton, under the direction of
Mrs. 7, V. Sevy, will compete in the
canning contests to held here during
the Northwest Grain and Hay Show.
The prize is trip to the Salem State
Fair for the members of the winning
team. To be eligible for the contest,
the contestants must have appeared
previously in local contest, and each
girl must have canned 90 jars of fruit
and 20 of vegetables. Much interest
is shown in the contests. says Mrs.
Edith G. Van Deusen. home demon
stration agent. A Hermiston girl is
ready for the bread making contest
and has already made her cap and
apron. A Umatilla girl has also sig
nified her intention to compete Miss
Helen Cowgirl of O. A. c, will be here
September l and to assist Mrs. Van
Deusen in making the arrangements.
East Oregonian : E.O. (Pendleton, OR) 1888-current, 1921-08-20
Leaves On TriD.

NJ r. Yates, local livestock buyer,
left today for a months trip to points
in Montana, Oklahoma and Missouri.
Mr.. Yates will go first to the Flat Head
Reservation, then to Poison and
thence to Hayer, Montana, where he
will be Joined by his father-in-law,
Isaac Light, who has been visiting
there for some time and the two men
will then proceed to Oklahoma, where
Mr.. Light resides. After a visit there
Mr.. Yates will go to Butler, Missouri,
where he will spend sometime visiting
with his father and brother. Mr.. Yates
expects to return to Pendleton about
the latter part of September.
East Oregonian : E.O. (Pendleton, OR) 1888-current, 1921-08-20

White Lawn with copenhagen coin dots, size Is,
Od1e 1ICe Ss.JO
Pink Organdy Suplice Bodice of White, size Sc,
Dale ffIce .....'............... Sl.JS
Grey Lawn with pink rose buds, velvet trimed
Size 16, Sale Price ...................... $l.9S
Tan, Blue and Green Plaid Gingham, size 40,
Sale Price .......................... S19S
Tan and Blue Plaid French Gingham, size 16,
Sale Price ....:......... .e...........'. si.as
Blue and White Checked French Gingham,
Organdy trimmed, size 38, Sale Price. .... Sl.98
Black Velvet Jacket, size Sc ........... $695
Black Velvet Jacket, size 38 .............. $685.
Pekin Sivertone Jacket size Is ............ $695
Kelley Jersey Jacket size AZ ............... $685.
Light Grey Jersey Jacket, size AZ ........ S695
Tan Genuine Leather Coat, size 36 . $3.50
East Oregonian : E.O. (Pendleton, OR) 1888-current, 1921-08-20
Grocers Given Warming.

Grocers of Pendleton who have been
using the streets for displaying fruits,
melons have been warned by Jinks
Taylor OF the city police force to dis
continue the practice on pelanty of be-
ing prosecuted. The use Of the streets
for fruit and vegetable display is con-
trary to law and the ordinance will
be enforced the police declare.
East Oregonian : E.O. (Pendleton, OR) 1888-current, 1921-08-20

Mrs. r. A. Brownson, of Hermiston,
was in Pendleton yesterday to confer
with Miss Sabra Mason, county IL
brarian, regarding library work. Mrs.
Brownson is soon to take charge of the
library at Hermiston and will succeed
Mrs. Ella Persy who is going into 9TH
er lines of work. Mrs Brownson for
merly taught in the Umatilla county
schools.
East Oregonian : E.O. (Pendleton, OR) 1888-current, 1921-08-20

Secretary of War Weeks has au-
thorized the discharge by corps area
and division commanders of all enlist
ed men who may apply for discharge
during July without prejudice to their
rights to travel pay. This is the first
step toward reduction of the regular
army to the $50, 900 maximum provid-
ed in the appropriation bill.
East Oregonian : E.O. (Pendleton, OR) 1888-current, 1921-08-20
NezQs Notes of Pemdletom

building will serve as warehouse, Of
flee. pumphouse and wagon shed.
Steel oil tanks with a capacity of 1850
gallons, to rest on concrete founda-
tions will also be constructed. The
estimated cost of the building was not
stated in the application.
East Oregonian : E.O. (Pendleton, OR) 1888-current, 1921-08-20
Receivers From Injury.

d. O'Connell, employed in the
freight house of the O-W. r. & N, is
able to get around again after being
confined to his home for two weeks
on account of an injury to his foot,
sustained when wheel dropped on
the members. He expects to be able
to resume work within few days.
East Oregonian : E.O. (Pendleton, OR) 1888-current, 1921-08-20
Wnter SnnnIY Good

Pendleton has an abundance of wa
ter this summer, says Frank Hayes,
city engineer. The approximate flow
of water is 3,5O0,OOO gallons a day the
supply having been much augmented
since the completion of the extension
of Chapllsh Springs.
East Oregonian : E.O. (Pendleton, OR) 1888-current, 1921-08-20
Unions To Meet

Local labor unions will meet tomor-
row at 10 a. m. in Union Hall to dis
cuss plans for Labor Day celebration
to be held by Pendleton, La Grande
and Baker unions. All plans are ten
tative at present but it is probable
that the celebration will be held in La
Grande.
East Oregonian : E.O. (Pendleton, OR) 1888-current, 1921-08-20
Survey Is Made

George Merriman, of the United
States Coast Geodetic Survey left yes
terday after making survey in this
region. The surveys were made near
the city reservoir where the survey
has station. The Investigations are
conducted to determine the magnetic
depth and magnetic declination of the
compass needle. The work is car
ried on by the United States at various
intervals.
East Oregonian : E.O. (Pendleton, OR) 1888-current, 1921-08-20
Makes AirDIanc Model

A small airplane model. the exact
replica Of large machine, is shown
today at the Rigby Second Hand store.
The plane was made by Wayne Rigby
aged 16, son of Mr. and Mrs. w. T.
Rigby.
East Oregonian : E.O. (Pendleton, OR) 1888-current, 1921-08-20
AnnIy Eor Permit.

The Union Oh Co, of California has
made an application at the office Of
the city recorder for permission to
construct n combination building on
West Alta street. The proposed
East Oregonian : E.O. (Pendleton, OR) 1888-current, 1921-08-20
Spralpa His AnkIc

SpralDs His Ankle
Ore T. Hanavan Of Hanavan's
Transfer Co. sprained his right ankle
yesterday while unloading some stoves.
He will be unable to work for several
DAYS,
East Oregonian : E.O. (Pendleton, OR) 1888-current, 1921-08-20

Pink Dewkist Silk size 3O-37, regular $500,
Tan and Copen Striped Satin Taffeta, size 1886,
regular $500, Sale Price ................. S49S
Apricot Dewkist Silk, Size 29-38, regular $500,
Purple and Tan Plaid Satin Taffeta, size $685.
regular $780, Sale Price ................. S4.9S
Old Gold Rajah Embroidered Navy size 29-38,
regular $780, Sale Price ................. S.90
Green and Brown Woolen Plaid, size $685.
regular $780, Sale Price ................. $4.9S
White Dimity Wash Skirts, regular $3.50,
Pink Box Pleated Broadcloth, size 25-38,
regular $780, Sale Price ................. &9S
White Cotton Gabardine Skirt, size 29-38,
regular 1895, Sale Price ,................. S49S
Rose and Grey Dewkist Satin, size $685.
regular $500, Sale Price ................. S49S
Rose Baronette Satin size 1888, regular $500
Sale Price ......:::........... S4.9S
Tan Jersey, size 3040 regular $500,
Sale Pflce ............... 94.1C
Navy and Gray Accordion Pleated, size 32-38,
regular S25.00, Sale Price ................. S49S
White with Rose, Tan and Green Plaid, size 1888,
regular $500, Sale Price ................. S49S
East Oregonian : E.O. (Pendleton, OR) 1888-current, 1921-08-20
To Build House.

/. c. Snyder has secured a permit
to erect frame house on Oak street.
The cost of the work is estimated at
$500.
East Oregonian : E.O. (Pendleton, OR) 1888-current, 1921-08-20
. . 80 = go = = 80 . 4
CALENDAR OF EVENTS

; August 26-SO-Water First =
! Aid course at City Natatorium. 4
= Direction Of Joseph c. Hedges. Z
: September 10--Hermiston Ex- Z
= pertinent Station Field Day. 4
September 19-24-Northwest 4
; Grain and Hay Show.
B September "a, 23, 24-Annuxl 4
b Pendleton Roundup. =
4 October 7-S-Seventh Annual 4
= Dairy and Hog Show, at Her. 4
+ miston. Z