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The New York herald., 1921-01-03
BY CHARLES II. sABIN.

President OF the Guaranty Trust Com
pafu OF NetU York
That we face serious and complex
economic problems at the beginning of
1921 is obvious to every one of course,
but there is so much in the present sit
uation to inspire confidence and hope
for the future that there seems to be
ample justification for sane optimism.
The paramount need of the new year
is stabilization-stabil in prices, pro-
duction, consumption: briefly. in sup
ply and demand as far as practicable.
When retail prices fully reflect declines
in wholesale prices general buying
movement surely Will develop, because
there Is a very large unsatisfied domes-
tic demand for goods. The revival of
buying. not on an extravagant scale
such as characterized the period follow
ing the armistice, but common sense
buying, will move the stocks of the re-
tailers. increase the productivity of the
manufacturers and stimulate business
generally on Il new and sounder basis.
The readjustments that We are expe-
riencing began later than was expected.
Many farsighted banking and busines.
interests began to prepare Cor them a
year and n half ago, and consequently
have to-day strong reserves on whicn
they can draw in any emergency.
Such anticipation of the inevitable, al
though salutary, postwar readjustmenta
has ended very materially to cushion
the reaction, and 1t is a matter of ma
tional ratulation that the readjust-
ments have been gradual. The indus
trial situation, ON the whole, is sound
And it appears that only in limited
number of Industrial lines is there any
fundamental or pronounced overexten-
sion.
A period of drastic decline in COM
modify prices and accompanying busi-
ness liquidation is always marked by un-
certainty and slowing down of business.
Once general liquidation is under way
the process must be completed before
there can be a general revival Of busi-
ness activity. The severity and exten.
of the necessary readjustments in n
liquidation period of course depend
largely on the scope Of the changes ef-
fected in the preceding period of rising
prices and quickened business activity.
Wholesale prices in this country rose 140
per cent from 1914 to the peak in 1920.
They are now more than SO per cent.
more than the 1914 level. Although
there is no inherent necessity for a re-
The New York herald., 1921-01-03

In that instance the banks as a whole,
largely due to elasticity of credit pro-
vided by the reserve system and TO their
foresight in accommodating ample re-
serves, have maintained their essential
soundness and strength.
Since the most critical stage In the
process of readjustment apparently has
been passed without impairment OF the
country's financial machinery there is
adequate justification for confidence in
the future and for believing that our
banking system will do its full share
In the movement to hasten the restora-
ton of normal business activity and
prosperity. vast amount OF work
still is to be done in this country. Our
railway lines need an unusual amount
of repairs and additional equipment
Public utilities, which have not Jared
very well in the period of high prices.
will require extraordinary amounts Of
material for their rehabilitation and i'm
provement We are still much behind
in our building programme and probably
several years will pass before the sup
ply of structures is adequate to meet the
demand
Sooner or later those factors will re-
lease an enormous demand for primary
m .terials. Deferred buying of con-
sumerS' goods generally in anticipation
of still lower prices. moreover. is itself
accommodating a latent demand which
also will react powerfully on commodity
prices.
| Confidence Awaits Lower Prices.
The chief prerequisites of an active
| business revival, as / have indicated
are the prompt completion of the read.
justment under way and the establish
ment OF such a measure of stabilization
in commodity prices as will bring about
Iull utilization of our enormous produc-
tive capacity. The problem in it's es-
sentials is largely psychological. The
latent demand of consumers will not be-
come active until there be confidence
that the downward movement of prices
has been consummated The uneven
ness of recessions in prices and wages
disturbs the relative buying power OF
| individuals and groups. Those whose
buying power is reduced step in the
revision of prices gain by succeeding
steps. With a renewal OF confidence
| that the bases of relative stability and
| equilibrium OF prices have been pro-
vided, business activity will be quick.
ened.
And, finally. we should bear in mind
thes@ few significant facts: This coun-
try harvested in 1920 one OF the largest
crops IN It's history; its transportation
congestion has been relieved and its rail.
road system is in a sounder financial
and operating position we have passed
through national election and are as
sured of four years of sane administra-
ton of public affairs; our banking sys-
tenn has withstood the greatest credit
strain in its history. and is on sound
and workable basis; the accumulated
surplus of five years of splendid pros
perity is stored in many ways for our
continued use; the markets of the world
demand our products and a great mer-
The New York herald., 1921-01-03
PARTNERsHIP CHANGES.

Grafton II. Pyne and Harold Fitz
Gerald have become general partners OF
Potter Brothers G Co, and their limited
partnership has been reconstructed to
continue under the same firm name. Mr.
Pyne is a member of the New York
Stock Exchange and was formerly a
partner of Post e Flagg. Mr.. Fitz
Gerald returns to Wall Street after sew
eral years absence. Stacy & Braun
have opened an Office in los South La
Sale street, Chicago. The resident part
ner in charge Of the office will be Charles
l.. Stacy
The New York herald., 1921-01-03
u. S. 1920 CERTIFICATES
TOTAL $3,939,832,5 500

During 1920 the United States Treas
ury Department issued s3,93s,S32, 500 of
certificates of Indebtedness. with interest
rates of a " to per cent. OF the total.
s1.716. 6.6S0.500 was allotted to the local
reserve district. At the close of the
year there were outstanding, allotted to
the entire country. s2,373. 500. and
allotted to the New York district Sl,o15,-
671.000
The earliest maturity in 1921 occurs
on January and amounts to $176,-
604.00 for the country and SS1,370,500
for the local district. The next maturity
falls due on January 10 and amounts to
s126.7S3,500 for the country and 355.
sos, 500 for New York. Succeeding ma
TURTLES are as follows:
The New York herald., 1921-01-03
SANE OPTIMISM FOR FUTURE
is JUSTIFIED; SAYS BANKER
Nation, However, Faces Serious and Complex Eco
nomic Problems New Year Begins-Sta-
bilization Greatest Need.

turn to pre-war prices-even II that
were possible-it must be recognized that
the enormous increase in prices during
and following the war indicate in some
measure the scope of the downward re-
action, unavoidable as eventually II will
be beneficial
Our export trade continued at a high
level throughout last year, due largely
to the fact that IS the European coun-
tries progressed in the restoration
their normal industrial capacity they re-
quired increasing quantities OF Ameri-
can raw materials and became better
able to purchase American finished
products as well. The value of Ameri-
can exports in October (statistics OF
which are the latest available at this
writing) was the largest recorded for
any month except March OF last year
and was the third largest monthly total
in our history, despite the influence OF
receding values of exports in that month
The nations industrial capacity is adj
justed to large export trade, and IL Is
urgently necessary that that trade bt
fostered and stimulated in the most ef-
lective manner if we are TO enjoy the
full prosperity which our present ad-
vantageous position makes possible.
Banking system Gratifying.
The manner in which our banking
system has responded to the needs OF
American business in the trying year
just ended is cause for qualification
Banking credit was expanded to meet
the needs as they developed. That the
banks have cooperated willingly with
producers and traders and have beer
liberal in granting credit accommoda.
ton is evidenced by the extent to which
their loans have increased But indis-
criminate and inordinate demands fol-
credit made restricting credit accommo-
dations, necessary to serve properly the
requirements of essential industry. In
terest rates were raised and the effort
to restrict credit to those borrowers
whose collateral promised to retain safe
margins Of value under conditions OF
receding prices was made.
The wisdom of the policy followed by
banks generally has been demonstrated
The conditions resulting from the slow
ing down of business and the marked
decline in commodity prices have been
successfully met by banks. Formerly
such sweeping industrial changes in this
country as occurred in 1920 eliminated
in the acute financial disturbances fol-
lowed by prolonged business depression.
Bisbee daily review., 1921-01-13
Evening Classes In Spanish And Domestic Studies Added To Hi-Y Night School List

Evening classes in Sp0piSh. sewinss and rcmodelins of clothes, have been added to the lily classes as follows;
 Spanish class at the Central school conversational method. Tuesday and Thursday evenings from 6;Se until Q o'clock.
 Spanish sewing dnd remodeliny classes at the James Douglas junior high school. Monday and "Wednesday evenmg, from 6:90 until 9 o'clock, special attention heinz paid to begin. nerS.
 Remodeling class at the Horace Mann junior high school making nj boys suits out oI old coats, refining old clothes, making girls dresses out of old coat suits 6; S0 until o'clock. Tuesday and Thursday evenings.
 In addition to the above Spanish classes at the Y. M. C. X. have been resumed, from 6;S0 until 9 o'clock. on Monday and Wednesday evenings. the first part Of the period beng devoted to beginners. and ths second part % advanced students.
Bisbee daily review., 1921-01-13

pulling here and pulling there, he was able for the year 1920 to declare a dividend of twelve million dollars net eight per cent on about Sl5O, ,0O0. .OO0 ! Where did the s15O. O.O0O. 900 come from? Who made the $l50. .O00. 900 up- on which. during a panic. during . period of world distress they can de- clare a sl2.OOO.0o0 dividend and what will they be able t0 do if somebody doesn't look after their business?
 And while they were making this big dividend they save you nothing for the hide; they allowed you noth- ing for the other byproducts worth , mentioning because they said they were nOn-saiabTe. Ii hides come back. or partially come back. they have them now stored by the mil . lions. If fat comes back and the price doubles. you never hear of it, though you lost II when you sod your ani- nal
 These same men are grouped with the great leather companies doing business in New England. These great leather companies, when hides are so low down at my shipping station, of fer me a dollar for a grown hide and fifty cents for a calf hide. Notwith- standing this depreciation Of hides, leather manufactured into harnesses and everything that you use is just about where it was before Urges Better Cattle
 Concluding Turney declared the stockmen could get out of their pres ent unfavorabie situation by reducing the number of their cattle, selling the undesirables.
 Let's have fewer and better cattle until we see what this situation is he declared.
 The meeting this afternoon heard addresses by Professor w. 4. Cochel Oi Kansas City, Mo; Honorable s. +. Tolmie, minister of agriculture of the Dominion of Canada; l. T. Pryor, of San Antonio. Texas. and E. D. New man of Fl Paso.
 Professor Cochel urged the stock men to "endeavor in every way to reduce the cost of msrketing. elimin- ating superfluous middleman costs, and developing home and foreign mar kets''
 Minister Tolmie told the delegates of the livestock situation in Canada.
 'I am not alarmed by the present business conditions existing in the United States and in Canada" said he. "Of all the countries engaged in the war. the United States and Canada are in better, condition than any oth- CT countries in the world"
 In response to questions, Minister Tolmie explained to the delegates the manner of supervising the industry in Canada.
 A boom for Marion Sansom of Fort Worth, Texas. for next president of the association was launched today Friends of John B. Kendrick, United States senator from Wyoming, now president of the association. tonight were urging him to be a candidate for reelection as president The cleo tion will be held Friday
Bisbee daily review., 1921-01-13
MIXTURE.
 FOR GAS ON STOMACH

Simple giycerine. buekthorn bark. etc. as mixed in Adler-i-ka relieves ANY CASE gas on stomach or sour stomach. It acts on both upper and lower bowel and removes all foul mat ter which pOinsoned stomach. Often CURES constipation. Prevents appen- dicitis. The INSTANT pleasant action of Adler-i-ka surprises both doctors and patients. One man who suffered five years from indigestion and con stipation was helped by ONE dose.
 T. NJ Ball. druggist Bisbee ana n Lowell by Lowell Drug Go.
Bisbee daily review., 1921-01-13
Livestock Association, Meeting In El Paso, Launches Vigorous
 Attacks On Packing Companies
Delegates Lead By President Of Texas Association Refuse To Join Hands" With Big Packers; Henry C. Wallace
 Is Endorsed For Secretary Of Agriculture

FL PASO. Jan. 12-The anti-admin- istration element of the American Ma tional Livestock Association lost it's first skirmish here today when it's opposition 70 a resolution endorsing Henry c. Wallace of Des Moines. Iowa. for secretary of agriculture was oyerridden by a vote of the conven- ton The vote endorsing Wallace came after charges had been made on the convention floor that oppoSi- tiOn to Wallace came from the big meat packers.
 Taken as a whole. tOday's session Of the convention was a bad one for the big packing companies During the discussion of the Wallace resoiu- ton several broadsides were fired 3n the direction of tie big packers. while earlier W. W. TuFney of Ei Paso,. president of the Cattle Raisers' As sOcia1-on. had arraigned the big five and amid cheers Of the delegates had declared that the stOckmel could not '.jcin hands with the packers
 They tel us,' declared TuTney, that in the business of the packer there is absolutely the sharpest kind of competitioR-that they actually fight each other. The American Meat Packers Association reports come to me, but have never discovered in them any divergence of opinion. Now you men have divergence of opinion, you have differences, you have hot arguments. but ] have never heaI d ol a dNagreement between the big five ones. or the PA little ones.
 They tell us not only there is the strongest kind Of competition amongst them. but that the big fellow and the litt.e fellow individually and collec- lively have no more to do with the sale price of the product than you have. In other words. that Swift, Morris. Wilson and Cudahy have no more to do with naming the sale price of their wholesale product than an outsider.
 Statement Is Assailed
 Lets see how that statement works out The packers have gwen us the information that this has been the most disastrous year almost in their history It has been said that the great credit due the packers was that they absorbed your product when It came, fat or lean. when it came by thousands or by millions, that they always had the money and always paid you something for it whether they needed it or not. During this past fall animals of every kind and price remained in the Kansas City stockyards and in the Chicago stock yards eating forty dollar hay that cost fifteen dollars cut year before last until they grew so thin that they al- most blew away, and no packer, no speculator and no country buyer ap- peared to take them off your hands So that great pronounclament that they never left one unbought has been exploded
 .The packers tell us that it was a bad year. and yet, Mir. Louis Swift says that by figuring around a little.
Bisbee daily review., 1921-01-13
Shaw Hearing Postponed To This Afternoon; Old Charge Dropped; New One Prepared

The case against c. l. Shaw, pro- prietor Of the Lowell Motor company. charged with arson in connection with the finding O a fire and an alleged internal machine to start same. in his place of business at Lowell. came up for trial yesterday afternoon in the justice court al Lowell, but was con tinued until o'clock this afternoon on motion of the attorneys for the defense when the first complaint was dismissed and Q new one filed by Walter Roche. deputy county attor- ney. This action was taken on account of defects in the first complaint. All the witnesses in the case were ln- strueted to be present in court at 2 o'clock this afternoon.
Bisbee daily review., 1921-01-13
New Officers For
 Year Are Chosen
 By Country Club

Directors of the Warren District Country Club were elected at the an.- rual meeting held Tuesday night and at the directors meeting held later. Arthur Notman was elected president. r. (. Bledsoe. vice president and [. F. Burgess, Secret8ry.treasurer
 The followmg were elected direc- tors: r. C. BledSoe. ?. NJ. Buck walter |. F. Burgess Arthur Houlc. V. NJ. Johnson. l. B. Joralemon. Ar. thur NOtman. R. IT. Pelton and eco. B. Winnev,
 Supper was served at 7;30 o'clock. after which reports were heard by chairman 0f committees, and the cleo ton was proceeded with X. c. Ale Gregor president during the past year. presided,
Bisbee daily review., 1921-01-13
Luncheon Club To
 Elect Officers At
 Noon Meet Today

The Warren District Luncheon Club will meet this afternoon at the Cop per Queen hotel for the annual meet ing and election of officers. There win be no entertainment program. but a full attendance, is expected, The Luncheon club has come to be one of the strongest civic organizations in the city. and has attracted into it's membership many prominent business men and residents. Numerous inter- esting talks have been heard at the meetings during the past year. and the club has taken an active part in many affairs Of interest to the com, munity.
Bisbee daily review., 1921-01-13
BAD BREATH
Dr. Edwards Olive Tablets Ger
 at the Cause and Removelt It

Dr. Edwards Olive Tablets. the substitute for calouiel. act gently on tho bowels and positively do the work. People alhcted with bad breath find quick relief through taking them.
 Dr Edwards Olive Tablets are q vegetable compound mixeu with olive cal. They act gently but firmly on the bowels and liver. stimulating them to natural action, clearing the blood, and purifying the entire syStenJ They do that which calonel does, witl.Jut'any Of the had after effects. Take oue or two every night for . week and note the uleaSinv effect l5c and soc a box.
Bisbee daily review., 1921-01-13
MorhsRs cLus MEETS

The Mothers" Club met last night at the Y NJ C. A. with about 40 pres ent L.sW. CSandalI spoke on the ed ucation of children, and Miss Low on the value of school parties. Earl V. ThompSon' spoke on the relationship of children to their parents, The club voted to join the state federation of mothers and parent teachers associa- tions. Refreshments were served.
Bisbee daily review., 1921-01-13
MOVES OFFICE

J. E. Curry in charSe of the Ari- zona chapter of the American Mining Congress. moved his offices yesterday from the Lyric theater building to the Bank of Bisbee building. into the rooms formerly occupied by W. H. Brophy.
Bisbee daily review., 1921-01-13
STARTS TRUCK LINE

Lee J. Oliver. an employe at the Copper Queen concentrator. has re- signed his position and gone into the trucking business between here and Douglas He has obtained a permit from the state corporation commits sion to operate two trucks, and makes his headquarters at the Chevrolet gar>~a at lowell
Bisbee daily review., 1921-01-13
MRS. HANLEY1iMpRovEs

Mrs. Dan Hanley, an old time resi- dent of the district who has been seriously i'll. is reported to be getting better.
Bisbee daily review., 1921-01-13
WOMEN N EFT.

The Women's Auxiliary of the Am erican Legion will meet this evening at the American Legion home, for the installation of officers. The officers to be installed are: Mrs. R. H. Dick son. president; Mrs. Georgia Kohl berg. viee-president; Mrs. Harry Crockett, secretary and Mrs. James Kinney. treasurer.
Bisbee daily review., 1921-01-13
RGtyBua1z < {
FROM OLD MEXICO

Maurice Whalen. janitor of the court house at Tombstone, and John Igo. court interpreter, were in Bisbee yesterday on their way to Tombstone from a trip into Mexico on mining business.
Bisbee daily review., 1921-01-13
LEGION WOMEN TO MEET

The, Women's Auxiliary os the L. A, Engle post will meet at the Le, zion club house tonight at 7;30 o'clock.
Bisbee daily review., 1921-01-13
WALTER FIFE HERE

Walter Fife, former assessor of Cochise county and an old time resi- dent here, is visiting in Bisbee from his home in Los AngeIe-.
Bisbee daily review., 1921-01-13
RuYs HOME hERE

l. R Jackson has purchased the J. .. E:oy hone, ': School Hili, an1 win moy ja Wnen Hoy moves Io nis new home at Warren.
Bisbee daily review., 1921-01-13
FROM DOUGLAS

Among the visitors in BiSbee yes terday freT nOIslas x,re P. c. Beck ett. W. H. Webster and H. NJ. Gal lagher. officials of the Phelps Dodge Corporation and D. c. O'Neil, preSi- Gent of the Motor Transport Company.
Bisbee daily review., 1921-01-13
1921 Income Tax Forms To Be Received Here Soon Is Report Of Deputy Collector

Income tax forms for 1921 will be out soon, according tosDeputy Collec- tor Nihill, who said that they are be ing mailed as rapidly as possible from the Phoenix office, and win probably be received in the Warren district within the next three weeks. The forms do not have to be filed before March 15. Nihin will be here to assist tax payers in making out their re turns Taxes may be paid, direct to Nihill
Bisbee daily review., 1921-01-13
ASSESSOR HERE

George Henshaw. county assessor passed through Bisbee yesterday on his way to Tombstone from Douglas
Bisbee daily review., 1921-01-13
E wILMoTH RETURNS

J. Wilmoth, U. s. deputy marshal. returned yesterday from Tucson where he went with some federal prisoners in his custody.
Bisbee daily review., 1921-01-13
ElkS DANCE

The Bisbee Lodge of E,lks will give a dance Thursday night at the club
Bisbee daily review., 1921-01-13
PAST PATRONS MEET.

The Past Patrons Association of Pearl Chapter No. 6. Order of the Eastern Star, will meet in regular session at the Masonic Hall. in the ladies club room, this evening.
Bisbee daily review., 1921-01-13
MRS. FANNIE IMPROVING.

Mrs. William Haynie is improving at her home on ClawSon Hill after a severe attack of acute rheumatism.
Bisbee daily review., 1921-01-13

The naval reserve force of the United States navy consists of eS,- 900 officers and SS5, ,00O enrolled men.
Bisbee daily review., 1921-01-13
LADIES' AID MEETS

The Ladies' Aid of Warren will meet this afternoon at the residence of Mrs. Jesse Yoakum-
Bisbee daily review., 1921-01-13
HERE FROM NAco

Captain Rider, in command of the troops stationed at Naeo. was visit or in Bisbee yesterday.
Bisbee daily review., 1921-01-13
TO WASHINGTON. Q. c.

|. J. Stocher left yesterday for Washington, D. C., on a business trip.
Bisbee daily review., 1921-01-13

Jan goha sckurds Tt
 m artists any h American city Bu nhasn rha colony or
 its it h produced twnuNt n without uwar
 An p% % the h knows "E H HReeJ rhuean a hem u show Americans real beauties o Amer
 the d ruy a aA hs ic O 1T leave an hearing silver shears. h danced ~ g permitting u lea from h~ ~ heookher erkavew nenank werl
Bisbee daily review., 1921-01-13
PURCHASING AGENTS TO Meer

\ convention of purchasing agents from all over the state will be held here next Friday The visitors win be entertained by the local agents and by the commercial club. They will have dinner Friday evening at the Copper Queen hotel. Purchasing agents for practically all of the mining com, panies in the state. as wen as for ota- er industries will be present.
Bisbee daily review., 1921-01-13

ENTERTAIN GUILD
 Mrs. A. Nj. Ross and Mrs Austin McWhorter were hosteSses yesterday afternoon at a meeting of the Epis- copal Guild at the '. ". c. 4.
Bisbee daily review., 1921-01-13

Smith Premier typewriter good as new SS5.00. New Art Store.