davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1921-06-12
Garment Men, Moving to New Home,
Crystallize Fresh Code of Ethics
Retailers Open Buying Offices Here
70 Ouerconae High TraueIing Costs

The representation all sections
tie the
buyers markets extremely expensive and also affect similar fashion
the manufacturer operating through travelling alesmen
As high hotel bills and
other incidental travelling have become less
The
considerable merchandise
nation conditions has felt this The other
his
frequently than usual overhead
charges
Several offices
Several
schemes along the from
outside being watched with consd
cradle
special
buyers fairly expensive proposition but for the large effects
considerable
constant the wholesale the information
wholesale conditions
back 1T this period
fluctuations production, that development
New-York tribune., 1921-06-12
u. S. Foreign Trade
Continues to Fall;
Gold Exports Gain
Months Transactions Result
i'm Favorable Balance of
1922, 900, 900, Commerce
Department Figures Show

WASHINGTON, June 11-Both ex-
ports and imports continued to fall
off in May, but the months trading
resulted in a favorable balance of
$122000,000 for the United States,
figures made public to-day by the De-
partment Of Commerce showed.
Exports for May totaled $3.50, ,ooo,-
900, as against $34o, 100000 in April
and $746,000,000 in May, 1920, while
600, as compared with $256,000, 900 in
April and $431 100000 in May the year
before.
:, For the eleven months ended with
May exports totaled $6,180, 900 600, as
against $780, 100000 for the CORE
spending months of 1920, while i'm
ports aggregated 3,472000,0o0, as com
pared with $4,686,000, 900.
Gold exports for the month totaled
S1,O62,521, as compared with 1888, 1877
in April and $7,561.683 in May, 1920.
as against ss2,286,175 in April and
$15,687,S5 in May last year.
Gold exports for the eleven months
ended with May totaled $132, ,764 ,2e9.
compared with $481, ,1o0,731 during the
same months last year, while imports
amounted to $6o2,8l7925, against $l23,-
775,217.
Silver exports for May totaled So
3b2,609, compared with $6,s62. .130 in
May, 1920, and imports were S6,956, orr,
as against $8,oS2, 1895 in May year ago.
Silver exports for the eleven months
period aggregated 51,112, 16l, as com
spared with $174.621 .646 in the SAME
period last year, while imports were
So5,o05,359, as against $96,337 ,935 for
the eleven months ended May. 1920.
New-York tribune., 1921-06-12
April Rail Earnings
Increase of Nearly 8 Per Gent
Over Year Ago Shown

With reports tabulated for zoo Lass
1 railroads, the total operating rev
enues for April were s431 ,062, ,oOo, CEN.
pared with 1893, 1872 900 for the ssals
month year ago, an increase OF s.o
per cent. March revenues were s4os'-
262,570.
April net railway operating income
was $2S.749 000, against deficit yssA
ago of $22, ,579 900. In this connecuoni'
however, it was recalled that IN Apln'
1920, the railroads were operating w
der most unfavorable conditions,
caused by the outlaw switchmeh
strike, which undoubtedly accoanseu
for most of the poor earnings. -.
A decline of 5.8 per cent in operating
expenses in April this year wa,
brought about in large measure %
the lesser sums paid for maintenasnpsee'
The decrease was approximately 20
900, the April total being $s74'2iz,
900. The report issued yesterday eos,
ers all the reporting roads, wiLn Ias
exception of the Gulf, Colorado q sAhs~
Fe.
New-York tribune., 1921-06-12
Thrift Easier
To Preach I'm
Trade Slump
Workers More Inclined to
Save if Urged TO Do So
When Wages Are Coming
Down, Say Bond Statesmen
Banks Deposits Increase
Budget System Helps Fore
man to Accumulate Funds
He Said Was Impossible

TT~HE most notable effect c % of the the
business depression Of the last
six or eight months so far az
thrift is concerned is the increasing
ease with which large organizations
"sell' the idea of saving to workers
who have left the pinch Of reduced
pay envelopes. On the whole the
tendency to save has gained impetus
from hard times, those in close touch
with the situation testify.
There have been reactions, it is true,
and savings accounts opened January 1
have fallen away, but observers are in
clined to believe that the percentage Of
relapse along this line is smaller than
in recent years. For instance, the Saw
;ngs Banks Association of the State Of
New York has recently compiled figures
on deposits and Withdrawals in banks
in it's group for the first three months
of the year which show that deposits
exceeded Withdrawals by Sal ,357796.
Incomplete reports since March 81 indi-
cate that the surplus in the second
quarter will not be so large, but there
is always falling off as the year pro-
crosses.
Organizations which sell thrift ideas
to industrial organizations are perhaps
in closer touch with the thrift tendency
in it's infancy, and the general con-
sensus among these is that workers are
more inclined to set aside regular
amounts now than when they were
makinp higher wages
New-York tribune., 1921-06-12
Thrift Desire Remains

Of course, in industries where the
business depression has been keenly
felt and plants have gone on part time
or have entirely closed actual savings
have fallen away sharply, but it is be-
lieved that the desire and tendency to
save still remains, and these persons
will not have to be reeducated to the
advantage of having savings upon
which to depend.
One corporation which had instituted
savings plans in many such industrial
plants foresaw the trend and turned its
attention to public utilities and other
lines which show more stability. A
large percentage of the organizations
industrial accounts fell away when
plants closed, but the curve of busi-
ness has climbed steadily in the last
six months, despite the fact that the
number of statesmen has been reduced
more than so per cent.
Savings banks have felt the slacken-
ing, and in four out of ten Brooklyn
banks Withdrawals exceeded deposits
from May / to May 25. 1t is felt. how
ever, that much of the setback was of
seasonal character and that for the
second three months of the year the
showing will compare favorably with
the first quarter, although the excess
of deposits probably will fall behind
the mark set in the period from Janu-
ary to March. The ten banks in ques-
ton as whole showed net gain in
deposits over Withdrawals of $276, ,272,
nearly twice the loss in withdrawals.
New-York tribune., 1921-06-12
Effect Of Wage Cut

Along this line the story is told by q
salesman of one of these organizations
of the effect on employees Of wage
reduction. The salesman had canvagsed
the mill in question several times, and
mad pointed out in individual talks the
necessity of preparing for a wage re-
duction such as had been put into force
in surrounding mills. Many employees
signed an agreement to begin saving,
but others decided to wait. 1t so hap
pened that the salesman returned on
the morning that the wage cut was an
nounced. The foreman predicted that
the men would be in no humor that
day to listen to the salesman, but, as
a matter of fact, the bond man did al
most a days normal business in mill
that had previously been thoroughly
canvassed.
Another salesman prevailed upon a
foreman in a collar factory, who was
making $3.50 a week, to adopt budget
system and see what the saving would
be- The foreman had complained that
he could save nothing on his wages,
but after three months under the bud
get system he went ia the salesman
with $100, the result of three months
of systematic effort.
Most organizations selling savings
plans of one kind or anoth her-invest-
ments on partial payment plans, bank
accounts or insurance-fnd that it is
not difficult to convince person of the
necessity of saving. The thing to do is
to point out how he can save without
causing hardship. II worker can be
shown that he can save 81 or SIS a week
with little or no inconvenience, and
that the employer will take out this
sum and give him receipt for it, thus
doing away with bookkeeping arrange
ments, the rest is easy. Saving soon
becomes a habit.
In other cases the saving habit has
already been developed, but the pros
pect lacks confidence in banks and
banking houses. Cases of this kind
are not uncommon in eastern Pennsyl-
vania, where q salesman for a large
New York bond house recently dis
posed of $4,000 worth of bonds to a
man who went out into his back yard
and dug up the cash from cans buried
there.
New-York tribune., 1921-06-12
Plight Of Australians

Auction sales in Great Britain and
Australia are conducted under the aus
pices of the British-Australi4n Wool
Realization Association, whose regula-
tions are to remain in force until Sep
tember 80, 1922. The situation which
brought about the formation of
"Bawra," as the association is called,
is described by Trade Commissioner
A. w. Ferrin, Melbourne, in Commerce
Reports thus:
'In November, 1915, it will be re-
membered, owing to the crisis which
then threatened the wool industry, the
British government agreed to purchase
all the wool of the 1916-'17 clip, less
$4,000 bales already sold at a fat
price of 15Rd. (31 cents) a pound
greasy and to share equally with
Australian growers any net profits
from the resale of the wool above this
price. The price of 1512d. pound was
the average of the previous season
plus so per cent. Subsequently the
agreement was extended to cover the
produced in Australia above local re-
qurements. for the period of the war
and one year thereafter. These agree
ments terminated June 20, 1920. =
THE Central Wool Committee which
was formed under government auspices
and included representatives of the
various branches of the wool industry,
between November, 1916, and June so,
1920, appraised a total of 7,127,090
bales (averaging 319 pounds to the
bale), valued at 8159,896,396 (S778, 1885,
81 at normal exchange), and sheep
SKINS valued at G5,280,098 (S25, $685.
548). OF the wool 16S,816 bales were
taken by Australian wooden manufac-
turers and 1886 bales by Australian
wool-top makers at appraised prices
plus small delivery and appraisement
charges The balance, 6,876,288 bales,
went to the imperiaI government.
New-York tribune., 1921-06-12
Studying Problem

These men are not content with try
ing to get the lions share of business
away from their competitors and pass
ing the buck to the operating depart
ment to perform the transportation as
economically as possible; they are MAX
ing a study of the transportation de-
partment's problems and trying to fit
the traffic into the general scheme of
operation. When coal traffic is going to
be light, extraordinary efforts are
made to develop sources Of traffic
which, while they would not be as
profitable as coal traffic when coal
traffic is available, are decidedly
profitable in taking the place of coal
traffic when coal traffic does not offer.
To sum up, an increase in net op-
Grating revenues of the New York
Central, the Pennsylvania, the Atchi-
son, Topeka & Santa Fe or the North
ern Pacific in May is rot going to be
conclusive evidence, without analysis.
that any one of these roads is really
making permanently better profit.
Not alone compare May, 1921, with May.
1920; compare it also with April and
March, 1921, and weight it with such
evidence as is available of the general
trend of traffic conditions.
New-York tribune., 1921-06-12
Look for Lean Year

Steel manufacturers of the Shenango
Valley are not hopeful of any new
business of any great tonnage next
fall, and they assert that this will be
the leanest year for some time. There
is nothing to indicate the resumption
of any of the fourteen blast furnaces
and many of the mills are operating
from hand to mouth. This week the
Sharon Steel Hoop Company operated
three finishing mills here and tour
sheet and three open hearths in the
Youngstown district. The tinplate mill
at Farrell is running three days week
and the sheet mill is still on in fuil'
The American Steel and Wire plant
is running at about 25 per cent OF capac-
ity. Independents, with the exception
of the Sharon Press Steel plans, are
working at about 25 per cent Of out
put. The latter plant is on 40 per
cent basis.
The National Malleable Casting plant
is running three days a week, The Car,
negie Steel Company's mills IN Farrell
and Sharon are fiat, with no prospects
of an immediate resumption. There are
10000 men idle in the Shenango Valiey
or working only part time.
A big slump has struck the home
stead Steel Works and the Duquesne
plant this week and large NUMBER
of mills in the big plants are nov
operating on account of no orders. Inc
plants are operating at about 20 pc,
cent of capacity Open hearth NO. :. a
at the Homestead plant is working III
full Open hearth No. is closed down.,
also the 30-inch mill and number o.
individual mills in the Dusquesne plab''
New-York tribune., 1921-06-12
Monthly Earnings Not True
Guide TO Roll Conditions
Superficial Comparison of Gross and Net Reve-
nue. Inaccurate Indication of Trend Toward
Recovery From Recent Slump in Traffic

have generally shown
A April 1920 It railroad
@ month"; with the previous month but with
the because there seasonal fuua
which widely between different
although consider January and February
October
fat does hold
many
roads hass significance
New-York tribune., 1921-06-12
Stocks on Hand

"On June so, 1920, something over
100000 bales of the wool purchased
by the imperial government remained
unsoid, together with nearly the same
amount of New Zealand and other wool
owned by the government, and grave
fears were felt that if public auctions
OF wool were resumed the British
owned wool, coming into competition
with the new 192O-'21 clip, which was
estimated at 100000 bales, would
have disastrous effect on prices. An
attempt was made, therefore, to create
pool to handle the 1920-'21 clip in CO.
operation with the imperial govern
ment, but submission of the PROPOSAL
to a referendum of wool growers and
brokers resulted in it's defeat, and on
October l public sales of wool at auc-
tion were resumed in Australia, sub
Ject to the customary pre-war agree
ment among brokers to limit the offer
ings at each sale to what the market
could be expected to take.
The capacity of the market appears
to have been overestimated, for at the
sales in October, November and De-
cember Withdrawals were heavy and
prices weakened, in spite of the fact
the British government was selling
very little of it's wool in London in
olueI 10 give Ine AuStral1an growers
fair chance to dispose of the current
clip. 1t was believed that the great
accumulation of imperial wool was the
dominant factor in depressing the
market, and for that reason in January,
1921, the British Australian Wool Re-
alizatlon Association was formed to re-
lieve the British government of the
carry-over Australasian wool.
This wool is understood to be
velvet the imperial government hav-
ing already reimbursed itself from
wool previously sold for 151ad.a pound
advanced on the entire purchase of
war-grown wool, as well as having paid
to Australian growers s6,4S6,992 $751;
56S,947 at normal exchange) on ac-
count of their share of net profits.
That is, the 100000 bales of unsold
wool is owned Jointly and evenly,
under the profit-sharing clause of the
original imperial contract, by the I'M
perial government and the Australian
wool growers. Half of it is made an
asset of the British-Australan Wool
Realization Association at value of
e22,o00,000 (S107 ,06S, ,0oo); the other
half, belonging to the British govern
ment, is to be sold for the account of
the British government by the, British
Australian Wool Realization Associa-
tion.'
New-York tribune., 1921-06-12
Plag, Salary Cuts

A number of other Independent in
terests have either already cut salaries
or are about TO do so. The reductions
affect virtually everybody working on
a salary, from the presidents and chair
men of the boards down.
District steel manufacturers declare
it is the cumulative effect of excessive
ly high freight rates which is the chief
cause of trade strangulation and Of
bringing about the current stagnation
in buying. 1t is similarly contended
that high costs are putting the Ameri-
can steel industry out Of the running
for foreign business.
j. B. Kennedy, chairman of the board
of directors Of the Brier Hill company.
points out that the export trade is OF
tremendous Importance to the steel in
dustry and that German and Belgian
steel makers are selling far under
American producers at this time, de-
spite the fact that most, if not sll,
steel makers in this country are now
running at loss. In the face of this
situation, it is declared that lower
costs are not only desirable but impera-
tive if producers are not to dissipate
their properties and are to be in
position to handle business effectively
later on.
Severn P. Ker, PRECEDENT of the Sha-
ron Steel Hoop Company, stated re-
Gently that he looked for a further de-
cline in the price of steel and that an
other cut or two will be made in wages
before the end of the year. He says
that the price of steel must drop in
order to permit American manufactur-
ers to compete with the European steel
mills. With the steady decrease in the
cost of living a cut or two in wages
will surely foow
New-York tribune., 1921-06-12
Two Buildings ON Seventh Avenue Will
Form Center for Industry and Pro
vide Modern Methods for Trade:
Cooperation Stressed

ME garments
their establishments Madison
the side Fifth Broadway in the
wenes and early thrt the buildings
from Thrsxh to Thirty Street. designated the
Center Capitol believe that they taking
bringing their manufacturing and selling facilities high point of
modern efficiency, but setting code of ethics that will
standard for the psychological development
bodied this which
rent of last that industry
establishment of centralized manufacturing location
New-York tribune., 1921-06-12
Cosden Earnings Decline

For the first three months Of this
year Cosden G. Co. reported net earn
ings, before deducting for depreciation
and depletion, of $l,761 ,270, compared
to $2,409,915 for the corresponding pc
riod in 1920. Net, before depreciation
and depletion, for April amounted to
approximately $780, 900. In the first six
months of 1921 the company retired
through its sinking fund an additional
S955,ooo of first mortgage 6 per cent
bonds.
New-York tribune., 1921-06-12
Mobile & Ohio Repor.

The Mobile & Ohio Railroad reports
a gross income for the year 1920 of
$745,617, against $2,6S5,301 earned in
the preceding year. Interest, rentals
and miscellaneous charges absorbed
81 ,s72,744, leaving deficit of $1,127, ,126,
against surplus in 1919 of s1,al2, ,oo7.
New-York tribune., 1921-06-12
Phone Incomes IN

Operating income for March of the
sixty~eight telephone companies re-
porting to the Interstate Commerce
Commission at Washington. was So
290,502. an increase of S2,005,366 over
March q year ago, according to a
statement issued yesterday. For the
three months operating income
amounted to $24,876,468, an increase of
$2,245,574 over the corresponding
period of the preceding wear.
New-York tribune., 1921-06-12
WOODEN Goods Manufacturers
Note More Normal CO1staz1lptiOn C.
Industry Watching a Number of Factors With Creai
Interest, Particularly New Tariff Schedule;
Stocks ON Hand Are Large

TTH wooen goods making
wv lines with
49, the and industry
Testing little interest the wool situation
world
been interpreted interest centerng
clip, shearing having
New-York tribune., 1921-06-12

institution which, under present plans,
would take charge of all, or the greater
port Of, the unsold wool in Argentina
The association believes that in this
way wool could be sent to more favor
able markets and its sale effected to
better advantage than now, when the
market is subjected to the influence of
individual offers of the local producers
and Dealers"
New-York tribune., 1921-06-12
Glasses Of Traffic

1t is a bit dangerous to generalize
about the movement of particular
classes of traffic, because conditions
vary so widely in different parts of the
country. Conceding that whatever gen
eralties may be INDUCED in here will
call forth a mental protest from some
contraiwise situated railroad officer, it
can be said that the largest movement
of coal is in the fall and early winter
months and the largest movement OF
grain is in the fall and winter months,
excepting ex-Lake grain, which has va
carries of its own. Citrus fruits move
from California over the Northern
routes in the late spring, summer and
early fall and over the Southern routes
in the cold weather. Fertilizers and
farm implements move in the spring,
and so on indefinitely.
The old school OF railroad traffic Of
ficer was inclined to think that his duty
was done when he shouted with might
and main for more than his share of
the traffic regardless of what it was.
The younger men who have recently
been promoted to the position of vice
president in charge of traffic are
studying the question from a differ
ent angle. President Finley's theories
are being accepted not only by men
who came up under him in the traffic
department of the Southern, like 7. c..
Powell, ice-president of the Erie, but
by men of the caliber of C. E. Spens,
vice e-preSident of the Burlington
New-York tribune., 1921-06-12
Competition to Continue


Because of the great number of
individual producers in the industry
we'll defined set of standards l4therto
has been almost impossible. IN this
new project, however, we have close to
seventy manufacturers who will act
as single unit on many of the larger
problems of the industry. Their COM
bination in a single center and CO.
operative work in many directions will
not. however, lessen their individuality
or destroy honest competition"
Mr.. Rapport foresees the develop
ment of the cooperative buying of raw
materials among the tenants, the CO.
operative purchasing of models from
Paris at great individual saving and
other economies that can be effected by
joint work along lines common to all
manufacturers, all of which are ex-
pected to work to the advantage of the
retailer and consumer in the shape of
lower prices and better produced
garments.
The shifting of the center of the gar
ment industry from Broadway, Fifth
and Madison Avenues and the side
streets, to Seventh avenue, also is in
line with the "Save New York" move
ment, begun several years ago and de-
signed to keep the present district
around Thirty-fourth Street and Fifth
Avenue restricted as a retail shopping
center. Since the erection of the two
buildings of the Garment Center Capt.
tol, other buildings destined to be oc-
cupied by garment manufacturers have
been begun on Seventh Avenue and
streets adjoining. In time, it is believed
the entire industry will sweep to the
westward of its present location, which
has developed within the last ten years
Fifty years ago the industry was
started below Canal Street and gradu-
ally worked its way uptown, following
closely on the heels of the retail trade
1t followed the main arteries of travel
and the new shift to the west marks a
departure in its line of progress Ele-
ments making for permanence are
greater in number in the new section
than in any other in which the industry
has been located.
Officers in Control
The officers and directors of the
Garment Center Capitol consist of the
following well known manufacturers ::
Saul Singer, Singer Bros, president;
Mack Kanner, Mack Kanner & Minus,
vice presidents; julius Blauner.
Blauner Bros. & Co., treasurer; Jacob
Reich, Mensch- Reich Co., secretary and
chairman of service committee; j. S.
Becker, J.. S. Becker Co., chairman of
club; Max Rubin, Rubin Bros; Max
Cohen, Max Cohen, Inc; Jesse Woolf,
Jesse Woolf & Co.; Jesse Shulman,
Jesse Shulman, Inc; Max Rubel, Max
Rubel &, Co.; Otto B. Shulhoff, Otto B..
Shulhoff Co.; Armand Baer, G. B. G.
Co; M. Bandler, Maurice Bandler;
Jack Amsterdam, Amsterdam & Sachs,
and N. A. Cohn, Philip Mangone Co.
In addition, the following firms are
stockholders in the project: l. Boden-
stein, Inc; Carl Bonwit, H. H. Finder
Company. Ben Gershel & Co., Hyman
w. Ginsburg & Co., r. Koblar, Louis
Lustig, Henry Newman, G. NJ. Pier
mont Samuel Post, Rappaport & Gott-
lieb. M. & II. Rentner, Maurice Strass-
man, J. M. Silverman, E. j. Vile g. Co.,
George Wood, Zelenko & Moskowitz
and Jacob Rapport & Co.