davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1921-03-28
Financial Items

has just. been appointed chairman OF the
committee on public service securities Of
the Investment Bankers Association Of
America. Mr.. Addinsell has been q mem
ber OF this committee for the last hve
New-York tribune., 1921-03-28
Why Railroad Executives Chose
10 Form National Association
Frank Trumbull One of Originators of Group
Which in Later Years Has Served to Co.
ordinate the Interests of Road Officials

When the Hepburn law was passed, In
1905. the railroads Of the country were
divided into groups with sharply OPP
posed interests. The principal groups
were the Hartman lines, forming a
great quadrilateral, Of which the Illi-
nois Central formed the Eastern base
line, tho Hill lines, the Gould lines,
the Southern Railway lines, the Wal
ters lines, the Pennsylvania lines, the
New York Central lines and the New
Haven lines. There were subdivisions
of these groups and there were In addi-
tion important lines which belonged to
no group, as, for instance, the Atchison,
Topeka 4 Sante Fe. There was some
over tapping ,of interests between the
different groups, In part due to the
same banking house financing the needs
Of more than ,one group.
Three principal banking houses
financed the railroads.. p. Morgan &
Co, Kuhn, Loeb & Co. and Speyer & Co.
Morgan & Co. financed the Hill lines,
the Southern Railway lines, the New
York Central and the New Haven.
Kuhn, Loeb & Co. financed the Harri-
man Zines and the Pennsylvania lines.
Speyer & Co., financed some of the
Gould lines and independent South
western roads, but not the Atchison,
Topeka & Santa Fe.
This glimpse into the past is in
tended only. to emphasize two. facts.
there wSs bitter competition and such
unity as there was within a group was
the result of the exercise of some
strong guiding personality; secondly,
that It was difficult, if not impossible,
to define what was meant by the term
"the railroads" The railroads were a
fictitious person, little understood
Some called them the enemy of the
general public, opponent of the ship
per, autocrat Of all they surveyed and,
incidentally. although almost never
mentioned, they were creators Of con-
siderable part of the total wealth of
the United States.
With the passage of the Hepburn law
the Interstate Commerce Commission
became superimposed director of the
whole railroad system of the country.
Railroad executives began to perceive
that they had certain interests in COM
mon when, in 1910, the commission
suspended q general rate advance.
Whatever differences of interest rail
road groups might have had, they found
a common ground in their demand for
higher rates. The executive branch of
the government, working with the
legislative branch, threatened to bring
suit under the Sherman anti-t trust law
to prevent the railroads from increas-
ing their rates on the ground that their
joint action would be conspiracy in re-
straint Of trade, thus holding up the
| rate advance until law could be
passed giving the Interstate Commerce
Commission power to suspend rate .ad-
| vances. This invocation Of the law to
New-York tribune., 1921-03-28

prevent joint action having been suc-
cessfui, and the commission having re
celved the necessary power, it called
upon the roads jointly md as a whole
to present their case in justification
OF 1.-The proposed rate increase.
From 1910 until government opera
tlon, in 1918, the roads were continu-
ousiy engaged in presenting their case
TO the Interstate Commerce Commits
sion or to the public or to both II
1T is difficult to find where the seat
of actual final power rests in one large
railroad organization Theoretically Il
rests with the stockholders, but that is
an obvious fictionl. how much more
dlfhcult is 1t to get a guiding leader
ship for all the railroads of the country
with authority enough to present their
case as "a whole without making ind;-
vidual interests feel oppressed
To meet this need railroad execu-
tives have organized. The late Frank
Irpmbuli, If not originator of the idea
OF forming committee of railway
executives, who should perform this
Iuncuon, was at any rate one of the
active organizers and was the first
chairman of the railway committee
advisory committee, which committee e
later developed into the Association of
Hallway Executives. The name of the
committee is significant. The idea
was to have few railroad presidents
devote enough time and study to the
broadest aspect of the railroad situa-
tlon so that they might be able to lay
before other executives the facts in re-
gard to the common interests of all.
The ideal was founded on the principle
that # you could. get men around a
council table differences could be com
posed and common stand, at least on
general principles, could be taken by
all railroad executives.
From the start, however, the ideal
proved more difficult of accomplish
ment than had appeared. The execu-
tlves' advisory committee appointed as
their counsel A. P. Thorn, who had been
general counsel for the Southern Rail-
way. When it was proposed to change
the advisory committee into an asso-
clatlon with certain fairly well-defned
powers the Southern Railway refused
to come in on the plan. Even prior to
this s. Davies Warfeld, president of
the Commercial Trust Company of
Baltimore, owner of a controlling in
terest in the stock of the Seaboard
Air Line and chairman of it's board of
directors, formed an association of his
own, with the long and somewhat i'm
posing title of Association of Owner RS
of Railroad Securities. At the organi-
zation meeting Mr.. Warficld and
others, referred to eve, the owners
of the railroads." etc. When, thci.-
fore, it became obvious that new rail-
road Legislation would be necessary
before the property could be returned
to the corporations which owned them,
there was not even the superficial ap-
pearance of unity among "the rail-
roads" in presenting their case to
Congress.
The Warfield association was largely
composed of representatives of tYus st
companies and insurance companies
which we're holders of the underlying
New-York tribune., 1921-03-28
Bank Investments
Heavily Increased
By Treasury Notes
Additional 1877 Millions of
Certificates Are Reported;
Sharp Reduction Shown
in All Glasses of Loans
From The Trsbune's Washington Bureau


WASHINGTON, March 81. - Aggre-
CRATE increases of ISL millions in in
vestments, of which 1871 millions rep
resents an increase in the holdings of
Treasury certificates, as against fur
ther liquidation of ffty-four millions
of loans and discounts, are indicated
in the Federal Reserve Boards weekly
statement of condition on March 1s
of S24 member banks in leading cities.
All classes of loans show reductions
for the week-lonas secured by United
States government obligations, by nine
millions: loans secured by corporate
obligations, by seventeen millions. and
all other loans and discounts, largely
Of commercial character, by twenty
nine millions. Corresponding reduc-
tons of fifteen, fourteen and twenty
millions are. shown for member banks
in New York City.
Reporting banks show an increase of
l37 millions in the holdings of Treas
ury certificates, while holdings Of other
government securities show no appre-
clabe change, Holdings of other bonds,
stocks and securities show an increase
of fourteen millions For the New
York City banks increases of eighty
one millions in certificates and of eight
millions in other stocks and bonds, as
against a decrease of three millions
IN other United States securities, are
shown. AS consequence Of the above
changes total loans and investments of
all reporting banks show an increase
OF ninety-eight millions, and those of
New York member banks an increase
OF thlrtyAseven millions.
Accommodation of reporting banks
at the Federal Reserve banks decreased
during the week from 1854 to 1,719
millions and constituted 107 per cent
of the banks total loans and invest.
ments, compared with 116 per cent the
week before. For the New York banks
decreases from 7S9 to 651 millions in
accommodation and from 151 to 12.4
per cent in the ratio Of accomm odation
are noted.
In consequence of the large govern
nrent operations, particularly allotment
of new tax certificates, government de-
posits of the reporting banks show an
increase of 307 millions. Net demand
deposits, on the other hand, declined
by 15o millions, while time deposits
snow an increase of sixteen millions
For the New York City banks increases
of l57 millions in government deposits
and Of twenty-five millions in time de-
posits, as against decrease of thirty
one millions in net demand deposits
are shown.
In keeping with the substantial re-
ductions. in demand deposits and in
borrowings from the reserve banks, all
reporting banks show a decrease of
fifty millions, and those of New York
City decrease of thirty y-six millions
in their reserve balances with the Fed
eral Reserve banks. Cash in vault
largely Federal Reserve notes, shows
decline of nine millions for all report
New-York tribune., 1921-03-28

ponds of railroads. It's attitude
toward possible government ownership
was quite different from that of the
failroad executives, who in large part
nelo their positions as representative 9
OF banking interests that sold junior
as we'll AZ underlying railroad securi-
ucs' or OF capitalists who controlled the
corporations through stock ownership.
government ownership for the under
lying bond holders might mean realiz-
ing at par on 3h per cent bond then
quoted at rs. Government ownership
TO the executives would mean relin-
qulshment of management.
Within the executives association it.
sell, however, there were many shades
OF opinion and not few irrecsncil-
able differences. Mr.. TrumbuIl was in
poor health, and felt the need of there
neing some one at the head of the ex-
ecutives' association who could give to
its work a concentration Of attention
and long hours that he was physically
unaple to give. He resigned as chair
man. but remained member of the
association, and T, De Witt Cuyler, one
OF the directors of the Pennsylvania
Railroad, lawyer by profession, was
elected chairman.
The standing committee as the guild
ing body of the association undertook
to adopt final definite plan to be ad.
hered to by all members of the asso-
c1ation for putting before Congress
what the association considered the
vital principles tKat must be embodied
in new railroad legislation. This plan
was to be settled upon at meeting
held at the Bellevue -Stratford Hotel. in
Philadelphia, in the latter part of 1919
There number of widely differing
plans were presented by the twenty.
elght different members Of the commit
tee. Alter two days session a plar
was finally brought forth, and many OF
the essential features of it were EN-.
bodied IN the Cummings bill. which
passed the Senate but was considerably
modifled in conference when the Senate
Dill and the House bill were combined.
Probably the Railway Executives AS.
sociation has had more power and has
been more nearly a unit in the last
year than ever before in it's history
Nevertheless the consensus of opinion
ii the members ot the association was
yhat the labor question could not be
handled by the association as such, and
the labor committee was therefore abol-
lshed. Each executive is free, so far as
the Association Of Railway Executives
is concerned, to deal as an individual
and as a representative Of his own
stockholders alone, with his roads
labor problems.
The association is still actively at
tempting to help solve other railroad
problems, and in doing so, naturally
differences of opinion have arisen.
New-York tribune., 1921-03-28
Lumber Prices Steady
Continuance of Demand Is Re.
ported in Trade

Continuance of demand for struc-
tural woods sufficient to hold prices
steady is reported in this weeks re-
view of the lumber market by Lumber,
st. Louis.
"Yellow pine prices" says the re-
view, "have shown a greater degree of
stability during the last two weeks
than in any recent similar period. Some
manufacturers have, in effect, advanced
their prices by withdrawing conces-
sions from their price lists and in
structing their salesmen to adhere
strictly to the lists.
Changes in the hardwood situation
are not considerable, but there is a
slight betterment in demand"
New-York tribune., 1921-03-28

RUMSEY & MORGAN,
Counsel.
New-York tribune., 1921-03-28
To the Preferred and Common Stockholders Of
American Smelling & Refining Company

sss' srss nas
Cmmiee is active m.nsgsmsnt Of
the Company yowith
impartial
formerly a director VicePr
outfereet the adves Of
Investigation:
composed Of
this profession
Of
largely htsstsd
her pata selling
and Il
() The showing Of Company unsatisfactory
which hsye been
should their behalf
a
oders by onn a
Of
extent BE- protection Of their Interests Ih
Of gvn
aasnfes % M ] 4 ~
III
New
oursv
aESsE ashaNeE ExAks = KELSEY
EH5d3z zHaR7 3 RaESSs fHSR
secre Lane York
TITLE GUARANTEE Trust COMPANY
New-York tribune., 1921-03-28

ing banks and decline of two millions
for the member banks in New York
The Birmingham age-herald., 1921-12-01
 MERCY HOME CHILDREN GUESTS AT LOEW'S BIJOU

twenty-five little children, many of them orphaned, who call the Mercy Home their" house. had the pleas ure yesterday of being invited to Loews Bijou theatre. The manager, Thomas H. James, invited them to witness the exciting antics of com pany of trained seals.
 The children, and there were little boys as we'll as girls, danced for very Joy when the huge animals famed themselves with their funny little flappers and went waddling hither ana thither about the stage, and par ticularly when they wlggled their whiskers.
 Feeling that distance did not all ways lend the greatest enchantment to a scene, Manager James let the Httle~folks go back behind the scenes to get closeup view of the queer but interesting pets.
 The children were accompanied by two women from the home, and vo- ciferous were the thanks the little folks uttered as they left the the- atre.
The Birmingham age-herald., 1921-12-01
HILL STORE VICTIM WILL BE LAID TO
 REST AT KENNEDY

G. T. Ary, who was assaluted by a robber at the Hill store No. 24 Mon day night, died as result of his in- juries Wesdnesday morning at 3 o'clock at South Highlands infirm- ary.
 The body will be sent to Kennedy this morning by Ridout Undertaking company Mir. Ary suffered from a fractured skull and a concussion of the brain. These injuries were in- flicted by robber whom. police be- heve, pretended to be customer and struck him as he was bending ovef a barrel.
 The cash register at the Hill store was footed and from $25 to SS0 taken from it. Immediately upon the death of MT. Ary the Hill Grocery company offered a reward of S25o for the cap. ture of the person responsible for tn . attack.
 The police are working upon the theory that robbery was the motive and that the deed was committed by some straggler or negro thief.
The Birmingham age-herald., 1921-12-01
HODGES IS ELECTED
 TO THE PRESIDENCY
 OF COSBY CONCERN

J. Chapline Hodges. president; S. s. Godbee, vice president and treas urer; R. ". Powell. secretary; Lee Allen Brooks sales manager. and w M. Cosby. chairman of the board Of directors, are to be 1922 officers of the W. M. Cosby Flour and Grain company, following rne annual elee- tion.
 The business was established by W. M. Cosby in 1887 and he has been an active member ever since that date, but recently decided to relin- quish the active management to MT. Hodges. who was elected president. The warehouses and offices of the company are located at Fifteenth street and First avenue. south
 Mir. Hodges is well known locally, being president of the local Rotary club, president of the Birmingham Grain exchange, superintendent of the Fifth Avenue Presbyterian church Sunday school and director of the Y. NJ. c. A.
The Birmingham age-herald., 1921-12-01
CLARKE CASE MAY
 GO ID JURY TODAY
AIieniSt Declares PoStmiStreSS Was Sane At Time of
 MiIIionaire'S Death
By Associated Press

Orlando, Fla, November 30-Con- clusion of the case of the defense at 2:15 this afternoon, the testimony of Dr. H. Mason Smith. alienist for the state. that Lena M. T. Clarke. was not insane and knew the difference between right and wrong at the time F. A. Miltimore was killed, and an- nouncement of the state that but one more witness would be called tomor- 3row. marked the eighth day of the (trial of the Clarke girl and Baxter H. [ Patterson, on trial for the alleged murder of Miltimore.
 It is expected arguments of the state and defense will consume the entire day tomorrow and the case will go to the jury late in the afternoon or early Friday morning.
 That Miss Clarke is a constitutional psycopath, one born with an inferior mind and that she is suffering from parancidal tendencies, which might not make her normal in all respects, was the way pr. Smith diagnoses the case of the former West Palm Beach postmistress as the result of a series of visits and observations of her in her cell in the Orange county jail.
 On cross examination by the de- fense the former superintendent of the state hospital for the insane at Chattanooga gave 1t as his opinion that the woman was sane, conscious of anything she might have done on August 1 last when Miltimore was shot to death. He stated that paranoa was common to many types of people.
 When the defense asked him if it were not true that the only differ ence on which he based his opinion as to the sanity of Miss Clarke and the alienists for the defense was in the fact that he termed her trans migratory flights to beliefs and they to delusions and that if there might not be reasonable doubt as to the infallibility of his opinion as opposed to theirs, should the case rest on it, he replied: q don't know whether or not the case hinges on it, but If so 1t would not alter my opinion that Lena Clarke was sane when the crime of which she is charged was committed.'
The Birmingham age-herald., 1921-12-01
ASK CLEMENCY

Richmond. Va. November 30- Clemency for Dr. W. A. Hadley. re- gently convicted of the murder of his wife, and sentenced to die in the cleo tric chair one week from Friday, will be sought tomorrow. Justice J. Hoge Kicks, Hadley's spiritual adviser, is making efforts to have the death sentence changed to life imprison- ment Hadleys parents and Judge Kicks are of the same faith, Quaker, who oppose the taking of human life. pr. Hadley now Is in the detention cell on the death corridor of the pen itentiary Efforts 70 have the su- preme court grant Hadley new trial have been abandoned.
The Birmingham age-herald., 1921-12-01
REALTORS TO DISCUSS
 AUDITORIUM SITE

Discussion of the auditorium site will occupy the time of the Birming- ham Real Estate board at the week ly luncheon today at the Tutwiler hotel.
 Resolutions pro and con will be of- fered following a discussion of the auditorium question.
 One resolution, it Is understood, will ask for the boards approval of the present site, another in disap- proval of the present site, and still another for the utilization of the present site for a municipal market place, and the selection of another for the auditorium. while another resolu- tion will recommend that the board take no vote on the matter at all.
The Birmingham age-herald., 1921-12-01
FARMERS FLEE FROM
 OVERFLOW OF OHIO
By Assoclated Press

Evansville, Ind. November 30.-- Many farmers in the lowlands along the Ohio river in this district began moving their effects to higher ground today. when the river stage passed 35 feet. which Is considered the dan ger line. Local weather bureau of ficials predict the river will reach a stage of 41 feet by Sunday. Flood stages have been reached at Hen derson, ky, and at Mount Vernon, Ind, according to reports received here.
 Farmers in the bottom lands of the Evansville district have saved most of their corn and will get practi- cally all their live stock out before Sunday, it is said
The Birmingham age-herald., 1921-12-01
POSTPONE TRIAL Ky Associated preas

Charleston, W. Va. November 3O- Trial of, Charles F. Kenney, Fred Mooney. William Petry and William Blizzard, officers of District No. IT, United Mine workers, on indictments In connection with the march ot armed men from kaaawha county into Logan county last summer, was postponed by Judge Henry Black here today until the January term of in- termediate court. The motion for the continuance was made by counsel for the defendants on the ground that his clients were not ready to go to trial. Frank Burdette, prosecuting attor- ney of the county. entered no objec- tion.
The Birmingham age-herald., 1921-12-01
RETAIL MERCHANTS INDORSE JUNIOR
 CHAMBER PLANS

Committee of retail merchants named to consider invitation of the Chamber of Commerce to organize an association lined up with the cham per has voted unanimously in favor or the plan and will so report to a meeting of the retail merchants at large to be held next Tuesday after noon at o'clock In the chamber au- ditorium.
 Circulars being sent out to retail merchants by o. L. Bum, manager or the chamber, call attention to the tuesday meeting and announce that
 one or more of our representative bankers will make short talks on the financial situation now confronting us' and will also give reasons why they believe it is to the advantage of the retail merchants to form a com. pact organization with the Cha mhar of Commerce"
The Birmingham age-herald., 1921-12-01
INJURED BY FREIGHT
 TRAIN NEAR ENSLEY

W. D. Baron, age 42, of Palos, Ala, is a patient at the Birmingham in : firmary suffering from injuries re- ceived yesterday afternoon at 8 o'clock after Jumping from a Frisco freight train near Ensley,
 According to reports from the in firmary, Baron claims he was injured after alighting from the train by be- ing brushed against the side of a moving freight car, the impact of which threw him forcibly to the ground.
 He suffered bad bruises about the head and chest.
The Birmingham age-herald., 1921-12-01
ASK IMPROVEMENT OF
 HIGHWAY IN COUNTY

The board of revenue of Jefferson county will be asked to improve a highway from St. Clair county line through Leeds and Birmingham to the Walker county line by the Jeff ferson county branch of the Bank head National Highway association.
 Resolutions to that effect were passed at a meeting held yesterday, at which Maj. J. B. Elliott presided.
 The request will include reduction or elimination of curves and building of an asphalt brick or cement high way.
 It Is reported that citizens of St. Clair county between Brompton and Leeds had offered to build four miles of the road in question.
The Birmingham age-herald., 1921-12-01
THIRD ATTEMPT MADE
 TO SELL RAILROAD
By Associated Press

Nashville, Tenn, November 30.- The third attempt since July 1, 1921, to sell the Tennessee Central rail road at public outcry will be made tomorrow at noon under order of the federal court.
 Under the original decree, the road was to have been sold in July, but when the day arrived a motion by the trustee of the Mississippi Valley Trust company to postpone the auc- tion until October was allowed. A similar motion on that date put the sale off until tomorrow.
 The minimum bid must be $1,500,- 900. according to the amended de- cree, the original amount asked be- ing s2,000,000. A cash payment oi $250,000 is required under the latest order, the balance being payable in demand notes,
The Birmingham age-herald., 1921-12-01
DR. MANSFIELD TO
 SPEAK AT STRAND

Dr. W. H. Mansfield. who has suc- ceeded Rev. MT. Pursinger as pastor of the Ensley Methodist church, will be the speaker at the Y. NJ. c. A. meeting for men Sunday afternoon.
 The subject of pr. Mansfield will be "The Man Who Can Fill Gap" This meeting will afford an opportu- nifty for the men of the city to hear for the first time a newcomer who will play an important part in the religious life of Birmingham during the next four years.
 Everyone is invited to this meet ing. There Is no admission fee.
The Birmingham age-herald., 1921-12-01
APPOINTMENTS ANNOUNCED
 Rv Associafed Presa

Washington, November 30.-Ap- pointment of Capt. E. T. Pollock to be governor of Samoa and Capt. All derbet Althause to be governor of Guam was announced today by Secre- tary Denby. Captain Pollock sue eeds Capt. Waldo Evans and Captain Althause takes the place of Capt. 1. ;, wettengel. Both the former gov ernors have been detailed to duty in Washington.