davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1921-06-19

have been made for years. but have
made little impression in this country
because of the designs Characteristic
American designs are being developed
TO appeal TO the American customer.
Education q Stimulus
The company also developed new de-
signs tor embroidery work and issued
booklets and special advertising to re-
vive the interest in this old art. An
other campaign was naugurated to
educate the saiespeople in retail
stores in some of the technical proc
esses in the production of linen, and
this also has produced good results.
Going their competitors one better
lin reducing prices and then keying up
the efficiency of the factory to reduce
production costs so that a margin of
proht was Cnce more reestablished
have produced q volume of business
sufficient to keep the Boyden Shoe
Manutacturing Company, of Newark
N. j., makers of mems high grade shoes,
busy for the next few months, while
most mems shoe manufacturers are
complaining of poor business.
Along with this price readjustment
went some intensive salesmanship, in
which such methods as heping the re-
taller take his inventory and rendering
nm other special services played an
important part. The company also de-
vised a method of making fabricated
linked belts of discs of leather from
the waste in shoe making A belt bust
ness was organized, not with the idea
OF making profit, but to use up the
waste leather and thus reduce the cost
OF production applied to the shoes
New-York tribune., 1921-06-19
The Statesmen S Role
A Communication

To the Editor Of the Business Section.
Sir: Having read with interest the
article that appeared in your issue Of
June II on the subject of "Retailcrs
Open Buying Offices Here TO Overcome
high Travelling Costs" may l present
for the consideration of your readers
an answer to the article above re-
ferred to.
1t would seem that the retailers are
trying to overcome one evil and in do
ing SO they are creating a greater one
by adding another large item of ex-
pense in the cost of doing business.
thereby missing the large, strong CON
meeting link, which is so essential in
business between the producer and dis
tributor.
This also keeps the most vitally
Interested parties apart instead Of
bringing them together so that each
may have at first hand a view of the
conditions and a thorough personal
understanding.
This proposed innovation of increas-
ing the buying Offices brings the infor-
nation through second hands and in
yarlably results in the distorted idea
as to existing conditions. 1t further
and the one doing business for him and
prevents him from becoming CONVEX
SAINT with the market and style condi-
tions
If the retailer sincerely feels desire
and need of reducing the cost of travel
it will not only substantially reduce
the cost of merchandise, but be will
also find it possible to visit the selling
markets oftener and more frequently
will the offerings be brought to his
front door for consideration
protection of the retailers interest has
been paved and is under further CON
struction, in that the National Council
OF Travelling Salesmen's Associations
has been and is undertaking to SECURE
pronounced moderation of railroad
rates, Pullman service costs and hotel
charges. These are the items, in the
main, that the merchants are finding So
oppressive when contemplating send
ing their buyers to the market.
1t is gospel fact that cannot be
disputed that the retailer now paws in
directly as GOES his patrons, the pres
ent nigh cost of travel, which con-
fronts both alike, the travelling sales
man or the travelling buyer; hence the
lowering OF travelling costs will be two
told IN its advantage to the retailer.
With the cry of the country ringing
Tor a reduction in price,, with bet
ter and more economic system for dis
tribution, it would seem far better
policy for the retailer 10 invest his
money in campaign for the reduction
of such travelling overhead in order
to accomplish what the public seems
to want,
Very truly yours,
NATIONAL COUNCIL OF FNTRAvRy-
ING SALESMEN'S ASSOCIATION.
INC,
4 Herbert l.. Shambers.
4 Managing Director.
New-York tribune., 1921-06-19
DominicanRepublic
$50 Customs Bonds
Taken by Syndicate
Speyer & Co. and Equitable
Trust Buy U. S. Military
Government Securities to
Yield as High as I9 p. C..

Speyer & Co. and the Equitable
Trust Company Of New York an
nounced yesterday the purchase from
the United States Military Government
of Santo Domingo of S2,500000 Domin-
lean Republic four-year per cent Gus
toms administration sinking fund gold
ponds, which are being offered for pub
TIC subscription beginning tomorrow
at par and interest yielding, according
10 date of redemption, from 1891 per
cent If drawn on December /. 1921. to
9.oI per cent if held to maturity on
June l, 1925. Principal, premium and
interest are to be payable in United
bonds are free of all present or future
Dominican taxes.
Arrangement is made for sinking
fund sufficient to retire each year at
least one-quarter of the total amount
OF the bonds at los and interest The
bonds are to be drawn by lot semi
annually at 105 and interest on each
interest date, beginning December l
next; All bonds not previously retired
py the sinking fund are to be paid at
maturity at 105 and interest.
The bond issue has been approved
by the United States government un
der the terms of the American Domini
can convention of 1907 and by the
United States military government of
Santo Domingo With the consent of
the United States to the issuethere is
secured the acceptance of a valuation
OF the bonds by any government of the
Dominican republic as legal and ire
Vocable obligation of the republic and
the duties of the general receiver of the
dominican customs are extended to this
issue. The bonds are to be secured
by charge upon the customs and
other revenues of the republic.
Proceeds of the loan will be used
mainly for the completion of essen
tlal public works, consisting of roads.
port improvements, schools, etc. and
III part for the retirement of certifi-
Gates of Indebtedness. The work is
to be done under the supervision of
American engineers and such portion
of the loan as is used for the purchase
OF supplies and equipment will be
spent in the United States
New-York tribune., 1921-06-19

ing force. The companys fall selling
campaign this year will be inaugurated
in July, instead Of September.
Out in the FEST
Up i'll ST. Paul Gordon &, FERGUSON
manufacturers of an extensive line
of fur garments, mackinaws, heavy
gloves, and similar articles Of an-
parel, are booked months ahead al
enough business in the clothing and
allied trades has been dull. A trade
association official who recently visited
the company's plant was struck with
the evidences of activity, in sharp
contrast to what he had seen in other
plants turning out similar products 81
inquired as to the reason for the un
usual condition." he said, "and was
told that there was no particular ey
PLANTATION for it, other than that the
company had stuck to a hard and fast
policy of dealing with it's customers
fairly all during the period of rising
prices and delays in manufacturing
occasoned by the war. we delivered
every order we took, at the price
named, and as near on time as possible !,
an official of the company told me. Our
customers seem to appreciate this now.
ana when we go out with our line of
Soo"o, ana Tell our customers what
they are priced on the lowest possible
basis and that in our opinion thew
Will go no lower, our customers an
pear to have confidence in u.s."
This experience has been repeated
by number Of firms. Retailers them
selves assert that in the past wear thev
nave had more time to think about
their sources of supply and have made
many changes, based upon the treat
ment accorded them by manufacturers
ana wholesalers in the past.
Launching new lines and using ex-
tenslye advertising to increase good will
Tor Tor the future are being practiced by
rev firms. Among these is the Derryvale
Linen Company, of Belfast, Ireland
and New York. Although the linen
trade has suffered severely in the de-
presslon this company, under the puid-
ance of Albert Adams, its president.
VINO has cast aside many of the old
traditions of the industry, has ad-
v,ertlsed extensively and has increased
ITS range of products. The company
recently completed factory in Brook
iyn' where hand-blocked cretonne linens
Tor drapery purposes are being pro
duced, English hand blocked fabrics
New-York tribune., 1921-06-19
Camp New Association Head
Group to Seek American Valua-
ton of Emnorta

=, Walter Camp, president of the New
Haven Clock Company, has been elect
ed president of the newly organized
American Valuation Association. com
posed of manufacturers whose obiect
is to push the adoption of the Ameri.
can market valuation of imports to
equalize the low rates of exchange OBJ
tanning in some foreign countries.
The new organization is an out
growth of a series of meetings held
by the Merchants Association of New
York.
Other officers are D. w. Jayne, of the
Barrett Company, vice-president; Stan
ley Williamson, of the Linde Air Prod
ucts Company, secretary, and F. D.
Dodge, president of the Toy Manufac
turers of the United States of Amer
lea, treasurer.
While formed in New York, the mem
bership of the association will be ex-
tended to include manufacturers in all
parts of the country.
New-York tribune., 1921-06-19
Campaign Against Bonus
Opened by Trade Body

WASHINGTON, June 1S.-The Cham
Der of Commerce of the United States
to-day opened g. campaign, country
wide in scope, against the proposed
cash bonus for ex-service men. While
the organization favors other forms of
aid, particularly rehabilitation of the
wounded and disabled, it doubts the
value of cash bonus, questions its
cost and doubts it's lasting benefit.
In the brief which the chamber sent
to day to the President, members of the
Cabinet, members of Congress and
l,400 trade and commercial organiza-
tions, the declarations adopted at the
last melting, with supporting evidence,
are given in detail. Among other things
the brief shows that war has laid a
mortgage approximating $55 100000 on
every Congressional district of the
country, or an amount approximating
81, 1876 on every family in the United
States
At the same time the chamber makes
it clear that it is actively in favor of
national legislation to meet adequately
the needs of disqualification and re-
Mobilization for disabled veterans, and
for constructive measures to enable
eX-service men to cultivate the soil, to
build homes or to obtain vocational
training.
The attitude of the Chamber is
founded on action taken by its mem
bership at the last two annual meetings
of the organization.
1t is pointed out in the breif that
the government has already authorized
expenditures for soldier relief to the
amount of about 100000. To this
is added $900,000,O00 war risk insur-
ance liability as estimated by the Di-
rector of the Bureau of War Risk In
surance on basis of liability on in
surance in excess of premiums re-
ceived.
New-York tribune., 1921-06-19

with the fact that the cost of labor
and material is still comparatively
high, drilling operations in the older
districts, where the wells are small,
are now greatly restricted. The same
conditions have discouraged wildcat
ting to large extent.
THE underlying difficulty with the
oil industry to-day" the company adds.
sis due 70 the lack o. normal demand
for oil and its products. The industry
is passing through the readjustment
period, which virtually every other in
dustry had previously or is now pass
ing through. As refncrs have accumu-
lated large stocks, the burden of over
supply is spread over the entire
industry"
The falling off in the demand for
oil products is principally from those
sources where fuel and lubricating oils
are used. Recent figures show that the
demand for gasoline is still Is per
cent greater than year ago, although
the consumption is not up to ex-
pectations
New-York tribune., 1921-06-19
Wool Market Hopeful
Buying by Important Factor
Believed Good Sign
Special Dispatch to The Tribun

BOSTON, June 1s.-One of the most
hopeful signs of the week in the Bos-
ton wool market is the fact that one
OF the big WOODEN companies has been
making heavy purchases not only of
wool but also of large quantities of
soap, oil and other "consumable stores"
used in the manufacture of their prod
net. This company has been cut of
the market for such supplies for many
months and it looks like considerable
business in view.
1t has become the custom, too, of
late, to make up samples according to
the probable ideas of the cloth buyers
and then buy the wool for making the
goods, at the price asked, because there
is plenty of raw material at reason
able prices at present. 1t was former
ly customary to look over the market
for desirable lots of wool, which were
ourctaseh and the samples made up
.het..
New-York tribune., 1921-06-19

will yet find way to insure US peace
IN this great productive industry
To be confronted with the necessity
for radical cut in prices is always a
difficult situation for every producer
In April last Judge Gary and the in
dependent steel manufacturers agreed
upon partial concession in prices,
but that is not enough to produce re-
suits. We cannot spare the dog pain
by cutting his tail off an inch at a
time. The thing needed is radical
reduction of prices, in keeping with
other staple commodities--in short,
concessions in price which will actually
book orders and start the mills going.
The first and most necessary thing
to be done is to secure the repeal of
the excess profits tax, and to eliminate
it entirely from all estimates of the
cost and price of steel. That was a
war measure pure and simple; it has
proved itself to be q direct and oner-
Gus burden upon all consumers of
steel; and since it will now cease to
be a revenue producer it should be
instantly repealed Happily. President
Harding's administration is definitely
committed to this measure of essen
tally constructive legislation and
hence every effort should now be
made to have Congress enact the re
peal just as promptly as possible.
New-York tribune., 1921-06-19

The past month. and even the past
week, have wrought epoch-making
changes in the situation. At recent
meeting attended by one of the most
important oil groups of the country
the present condition of the industry
was described as being the worst in
their memory. Henry l.. Doherty, pres
ident of the Cities Service Company in
statement issued last week in con-
nectlon with the discontinuance of cash
dividend payments, referred feefingly
to the present demoralization," which
he declared might have been prevented
II steps, had been taken at the proper
time to curtail production
AS the result of the current excess of
supply over demand producers in the
mid-continent field reduced the price of
crude oil to 81 barrel, the lowest
price since 1916. 1t was only in Janu-
ary that this same product, which COM
prises the bulk of the oil consumed in
the United States, was selling for S3.5
a barrel. Pennsylvania crude, which
contains considerably higher content
of gasoline is now selling at $3.50 a
barrel, contrasted with $610 a barrel
ia 'aAudi " WHICn Also WIS Cne peak
price reached on the crest of the wave
of insistent demand.
A peculiar situation has arisen in
the Mexican petroleum industry as the
result of new decree by the Obregon
government imposing further heavy
taxes on the expectation of Mexican
crude oil. Herbert C. Wylie, vice
president and general manager of the
Mexican Petroleum Company, states
that the levies, IS at present drawn up,
would have the effect of closing down
Mexican oil production, as they repre-
sent an increase of more than 100 per
cent over the existing taxes. That the
financial district views as serious the
latest attempt of the Obregon govern
ment to increase its revenues through
oil taxation was reflected on the Stock
Exchange last week in a drastic decline
of the so-called Doheny issues, which
include Mexican Petoleum and Pan
American Petroleum and Transport
The stock of the former broke to the
lowest price since 1918, while PAN
"a" and "B" stocks dropped
several points under the price at which
the issues were originally underwritten.
New-York tribune., 1921-06-19
Eject Of Ruling

Oil men whose interests lie entirely
III the American producing areas, have
made little attempt to conceal their
satisfaction over the latest turn in the
affairs Of the Mexican oil companies.
For it is fact that the large ilnporta-
tlons of Mexican crude oil into the
United States have been one Of the I'M
portant contributing causes for the
present excess of supplies. 1t is con-
tended that through the cracking proc
esses, which most of the Eastern re-
tineries have, a considerable percentage
Of this Mexican crude is reduced to
gasoline, although, of course, the
greater percentage is used for fuel oil.
The outstanding fact Of the current
petroleum statistics, according TO the
United States Geological Survey. is
that stocks continue 20 pile UP. Since
May, 1920, pipeline and tankfarm
stocks OF domestic petroleum plus
stocks of domestic petroleum held in
the United States by importers have
increased more than $1,000 900 barrels
and the quantity of crude oil now in
storage is the greatest on record. The
total is in excess of 147 7,000,0 000 barrels
This accumulation of stocks. Of
course, is due primarily to the general
readjustment of business throughout
the world. At the moment. world
consumption of petroleum products is
far below what it would be were busi-
ness normal, while production is run
ming ahead of the fondest hopes of
drillers who set to work few months
ago to remedy the then supposedly
existing shortage of oil.
One of the principal reasons for the
present condition of overproduction is
the lack of cooperation between pro
ducers. In other industries, when out
put began running ahead of demand
drastic steps were taken to meet the
situation Witness the closing Of prac-
tically every important copper mine
O. the country and the reduction in
operation at steel mills to below % per
cent of their normal CAPACITY
New-York tribune., 1921-06-19
Demand Still There

With that burdensome tax upon con-
Sumers out of the way we may be sure
that our resourceful steel manufacture
ers will very soon find the way to book
orders, for there is no lack of demand
for steel.
is mediate, widely distributed and
insistent demand, witness the housing
situation. Steel has become the prime
essential in every branch of the build
ing trades, and all over the nation
there is pressing demand for homes
at reasonable cost-for tenements and
apartment houses in all our great
cities, for wage earners' homes in all
our industrial centers, and for
suburban homes everywhere
Gentlemen of the steel industry: We
are the richest people on the face of
the earth. We have firmly established
the gold standard of values, and we
have in our national treasury and bank
vaults more than half of all the gold
above ground. With this we have a
banking system which has already
proved itself to be absolutely panic
proof, and hence the greatest construc-
tive achievement in the history of
finance. Since the first shock of the
World War, in 1914, our whole people
have enjoyed an era of ahounding pros
PSAACS, tie ike Oh WnlcH no OCner pe0-
pie has ever enjoyed. Our merchants,
our manufacturers, our bankers, our
farmers and our foresighted wage
earners, never before had so much ac
cumulated capital as they now hold.
The confident ambition of our whole
people is still here, and the demand
for steel can have no limit SO long as
men desire to build, desire to buy and
desire to possess. Yours is the kew in
dustry of the nation. You have always
led US in prosperity before, and yours
is the opportunity to now lead us
dauntlessly once more.
Finally, let us repeat here for empha-
sis the stubborn facts which we pre-
sented on the first page of this issue
namely, the buyers Of steel are out of
the market.
They know definitely that the price of
steel SIMPLY must come down.
Within few months they have seen
wheat, corn, cotton, copper and all other
staple commodities suffer heavy fall
in price, which brings them close to
pre-war levels, and in the nature of
things they we'll know that CORE
spending decline in the price of steel
is inevitable. Thus orders are with
held, and they will be withheld until
the buyers of steel know that prices
have been equitably and fairly adjusted
New-York tribune., 1921-06-19
Lower Steel Prices
Urged to End Slump
Editor of Industrial Management, Be-
lieves Breaking Buyers Strike Would
Help All Industries Immediately
By John r. Dunlap
Editor, Industrial Mananemen

Edttof Industrial Management
NORTUNAIElI,
oned of the most phenomenal prosperity known
tuaatey a the ar-sghted policy
United States Steel Corporation making
operations supplies with needed to clearly
steel manufacturers
Led capital III ample cash spend
eake US as the steel producing of
Es key industry the natonth industry
all
Industry which sets the and prosperity
american peoples now positively rich splendid
shanical
leadership and that
progress And to prove all this need only the
New-York tribune., 1921-06-19
Linen Improvement Is Retarded
increase in Piece Goods Export From Ireland
Shown in April; Manufacturers
Are Still Cautious
By Alfred S. Moore
Ie'cttte Erpert and Author of Linen


COUPLt of months those
" were hopeful that the abyss regard buying had
oeen prdged and that
ceptpe eckonngs 1t
verify OF the poets line how "hope smiles As matter
OF act he present position of the linen may summed m in
Ch TWO WORDS retarded Improvement
IN can be reported there that the trade
mas heo s own Even
maj ehnfey unprecedented
comforting Possibly there has been slight falling sales of some
OF goods but as the have
really amounted
than material
New-York tribune., 1921-06-19
10000 Producers

When the fact is taken into consider
alton that there are more than $4,000
oil producers in the United States this
lack of business cooperation is not SO
surprising. Whatever control there is
in the industry rests in the refining and
the selling end. and this undoubtedly
accounts for the failure of gasoline
prices to recede as rapidly as the prices
for crude since the first Of the year.
In considering the reasons for the
present state Of overproduction the fact
must not be lost sight of that efforts
to stop new drilling operations have
been unsuccessful, because of the very
nature of the leases, which provide for
offset wells. These leases often pro-
vide a severe penalty where offset wells
are not drilled. Also it takes several
months to drill we'll, which may ac-
count for the record daily production
during April. Already new drilling op-
erations are being curtailed, and this
will Be reflected later on in the year
by reduction in output
During the period of high prices
Texas supplied some of the most pro-
ductive fields, but, now that prices are
less than half what they were earlier
in the yeac, production from this area
will be greatly restricted because If
the higher costs of drilling.
The Standard Oil Company, in the
June issue of The Lamp, states there
is little profit in producing petroleum
in any field at the prices now prevail
ing for crude, and perhaps in a ma
jority of cases there is an actual loss
on every barrel Of oil lifted to the sur
face.
at is one of the peculiarities of the
business" says this publication, "that
in periods of business depression and
scarce money, such as we had in the
United States in 1907, 1914 and 1921,
the production of crude reached new
high records. The explanation lies in
the fact that the better times preced-
ing it led to unusually expansive drill
ing campaigns, induced by high prices
for petroleum and reduction in stocks.
Good times and high crude prices slim
ulate wildcatting and search for bet
ter producing formations at greater
depths, but, owing to the time required
to realize on these campaigns, the added
production is often obtained after the.
situation that gave rise to it has been
completely reversed. In this respect
the oil producer is in the same diff
Guilty as the farmer who plans his crops
on the basis of previous shortages"