davidaulloa/AmericanStories huggingface dataset:
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1921-08-21
Plans for Big A. B. A.
Meeting Progressing

of the annual meeting of the savings bank
division of the American Bankers Association in
ton with the annual convention of the organization
Los Angeles during the week of October g. shows
the following subjects will be discussed:
Savings bank advertising, real estate mortgage
ments savings fund legislation school savings banking pub
lie practical industrial savings systems the
proposed changes in the U. postal savings system.
The schedule for the savings bank division during
vention week is follows
Monday-Nationa conference of savings bankers with
discussion of advertising and business work. real
estate mortgage investments and appraisas During the
afternoon of this day there will be executive meetings
the divisions State vice presidents also group meeting
for the members of all committees.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1921-08-21

development of the postal savings sys.
tenn.
The subject Of Country Banks and
Farm Finance" will be a feature of the
program Of the State bank division at
the convention.
There is no disposition on the part
Of State bankers to criticize the Fed.
eral Farm Loan System, 1t is said, but
the idea has been suggested that the
scheme would have been more success.
full II it had utilized existing banks
authorized to take farm mortgages,
rather than create new local loan
associations.
The idea has also been expressed
that some central institution might he
created by private capital that would
rediscount farm mortgages foc local
banks and issue debentures on the
basis of such collateral. Such a plan
would be IN accordance with The
method under which Federal reserve
banks rediscount commercial paper
for members.
Plans for the program OF the ma
tional bank division are being whip
ped into shape and a preliminary an.
nouncement will be made probably
next week, according to Deputy Man.
ager Il. Il. Mountjoy.
Additional reports from secretaries
of the State banking associations
show that the attendance at Los An.
geles, October 3 TO Z, will probably
be from 1000 to 1000.
Delegates are urged to let II. r.
Stewart, chairman OF the Los Angeles
hotel committee, know what reserva.
tons they want as soon as possible.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1921-08-21
NEW YORK. Aug. 20. 1921.

NEW YORK, Aug. 20, 1921.
Announcement of the terms of tax
reform by the House Ways and
Means Committee continues the Be-
ries Of remedial business methods to
which President Harding and his
administration have devoted them
selves from the beginning.
The new bill redeems the promise
10 repeal the excess profits tax, re-
moves the transportation taxes and
provides better administration; and
while there will be disappointment
At the increasing of the corporation
Income tax instead of the develop
ment OF some new course of revenue
such as the sales tax. the changes
now proposed must be regarded as of
great value to business from the
psychological point of view.
The new bill will undoubtedly be
revised more or less extensively in
the Senate. Meantime the process of
getting away from war taxes has at
last begun, a fact which will prove
or utmost encouragement to many
enterprises. ....
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1921-08-21

and we found that we were met more
than halfway.
THE article, which we had up until
recently been handling only as sales
agents, came not long ago into our
actual ownership, and 1t soon became
apparent that to handle 1t properly
with the best results, we must also
manufacture 1t under our sole super.
vision.
Again we found the time propi.
tious to carry out our plans, and we
have been able to make arrange
ments and acquire a plant under
conditions vastly more satisfactory
than would have been possible a
year or more ago, or will be possible
a year hence.
1--WE now find ourselves all set for
what we know will be a period of
prosperity and growth.
"All OF this we have been able to
accomplish at an expense, including
overhead, so ridiculously low as TO
be almost unbelievable.
THE writer wants to express his
appreciation for the help and enthu-
siasm derived from your articles
Copyright. 1871 by v. C Forb.s)
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1921-08-21
Honest Pay And Work.

A fair days work for a fair days
pay or an honest delivery Of the goods
for an honest price 10 no part of the
proposition. Does II work? Are build
ing workers becoming well to do In
Chicago, where the Eystem has been
tried thoroughly
Are the employers getting rich?
The present deadlock In the building
industry Is the answer. The present
idleness Of workingmen and employers.
their appeal to Judge lands to un.
ravel their difficulties and save them
from themselves, tell the story. And
there is not a large city in the United
States where the same lesson, as In
Chicago. has not been taught in one
way or another.
This lesson has little, and often moth.
ing to do with the question of high
wages for labor or good profits for
enterprise.
II is a question of wages for labor
that is not performed. profits on goods
that are not delivered. In the long run
such wages cannot be paid; the public
hasn't the money. The profits cannot
he exacted. the buyers cannot afford
the price. Hence, home-builders
strikes" and tenants strikes"
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1921-08-21

y ldIhiii8
there have been
distinctly encour'
aging d ev Q 10 p
ments in, among
others, the follow
Ing directions;
Railro ad car
loadings have In
creased.
Build ng is
slightly more &C
tive.
r Q I all m e r
chants report an
| encouraging vol
|ume of business
and, as Marshall
Field & Co. ex-
press It. There
was an unusually
customers In the
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1921-08-21
Created Wealth.

Somehow people have to get It out
OF their heads that laws and union
rules and Illicit combinations and
monopolies create wealth, They dc
not.
And as profits and wages can be
paid only out of the wealth that lie
created, the sort of general extor'
ton that Judge lands condemned
the exaction of wages for services not
rendered, of profits on goods not de-
livered, Ia just a short cut to perman'
ent bad times and, IL persisted in. to
ruin.
This may sou, 4 like college pro-
fessor's talk. but II Is just as sure
and practical as the condition of the
building trades in Chicago today and
of a hundred other trades elsewhere.
1t seems to be a result of war
decentralization this wild effort to get
money out Of business without ade'
quate head work or hand work in re,
turn. 1t is not new.
General Sherman remarked similar
conditions after the civil war. II takes
long time. apparently. to convince
people after great conflict that II
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1921-08-21
Investors
Service

The Warrington Times will BE-
glad to answer for its readers
inquiries about investments In
stocks and bonds. II will give
the best available information
from the most authoritative
sources. This service 10 entirely
without charge. and all letters
will be held in strictsst conf
dsnce. Every inquiry must con-
tain name and address OF the
writer and q 2-cent stamp for
the reply. II the inquiry 10 OF
general interest II will be an
swsred In the Daily or Sunday
Times. Address
INVESTORS INFORMATION
SERVICE
Tho Warrington Times Finan-
ciai Department. Munsey Build
ing, Warrington. ID. G.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1921-08-21
By HENRY CLEWS,
Of Henry Clew; & Co., New York Bankers.

a decided undertone of confidence
that President Harding's Influence
with the legislative body would WIZ
the day.
Even though action. should be de
ferred for a few months, as pessi
mists predict, the railroads, II as
sured of ultimate success, can Wa'
with confidence.
Distinct and continued improve
ment in car loadings for many IN
dustries, and estimates OF net ran
road earnings for July, which now
run as high as $55,000,00O apd sop'
900 600. show that the greater con
fids,nce in the transportation outlooh
is proving to be well justified.
Termination of important strikes
and further adjustments OF rates,
particularly to exports, promise stiil
further progress in earnings.
The Business Outlook.
Steady movement of crops to mar
ket and to points OF export con
tinues a dominating feature IN ths
business situation.
A tendency toward oetter prices
for many products notwithstandina
temporary ups and downs, III tht
natural result Of strong export de
mands; while early marketing, In
duced by the necessity OF meeting
past bank loans. Is apparently tend
ing to reduce the need Tor credit II
the farming regions and to produce
an unexpectedly good supply Of
funds for current purchasing.
Indications continue to Improve
in the textile trades. practically nor
NAL conditions being predicted fol
the autumn and winter in these di
rections. Some pessimists In the
steel trades forecast q continuance
of depression extending into the au
tumn and winter in their own line
Of business, but improvement ir
building conditions as well as ir
railway demand seems likely to brinl
recovery sooner than is thus pre-
dicted.
Varying conditions in corporation
earnings are reflected In the. reports
of General Motors and some others
which show improvements over las
year. as contrasted with discouraginl
earnings returns In other cases.
A very hopeful element in the ex
listing outlook Is the remarkable
maintenance of the purchasing power
of the consumer in retail lines. Thu
is illustrated by the growth Of dry
goods business in the Chicago dis
trict in an amount estimated at 3!
per cent above last year.
Building operations in many part,
Of the country have shown n sub
stantial improvement which h&i
brought July transactions as re
ported by the Bridge Builders an(
Structural Society to about one-thiri
of shop capacity.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1921-08-21

Pending Railroad Measures.
me uncertainty of Congress as re-
cards the $500,000,0O0 railroad re.
funding bill has been an unques
tionable disappointment to the mar,
ket; yet through all there has been
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1921-08-21
v,un BUSINESS AND FINA nee
MONEY AND TRADE

en't possible to go on living off the
country or ones neighbors without
giving back value received. In the
wild confusion of war times IT can be
done--was done by both capital and
labor-why not in peace? Th-t is the
latitude.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1921-08-21

Hotel Alexandria, the first session of
the annual melting of the division will
devote the afternoon to the legal con.
troll Of savings deposits under the
headings of organization, management,
supervision, reserves, interest rate,
service. security, flexibility.
Wednesday, school savings banking
will be discussed at a special luncheon
meeting.
Thursday, addresses will be deliv-
cred on public economy, practical
school and Industrial savings banking,
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1921-08-21
Money Banking and Exchange.

money banking ana EXcndnSe.
Federal reserve officials have given
every assurance that the general
banking position was never better.
Meantime, the continued inward
flow Of gold is raising the general
reserve position of the banking sys
tenn practically to pre-war levels
This influx, which during the past
week has again added several mil.
lions to our net gold. Is now involv.
ing movement from South America.
Combined with fresh German repa
ration payments and speculation in
exchange, the situation as regards
the purchasing power of foreign
currency has been growing so serious
as to give rise to the Administra-
tons tentative proposal for an ev.
change conference to be held stimuli
taneously with the disarmament COLI
ference.
The rapid depreciation of the mark
ana or the various currencies of
Southern and Eastern Europe adds
force to the suggestion. Such a con-
ference might result in improving
some contemporary conditions, al
though ultimate correction Of the ex-
changes must depend upon tax reduc-
ton and restoration of governmental
solvency throughout Europe.
Meantime the continued absence of
any definite system Of financing for
eign trade and the growth Of our one
sided favorable" balance almost un.
aVoidably tends to. make exchange
quotations less stable than they other
vice would be. The needs Of Europe
for our food stuffs will rather tend
during coming months to accentuate
this state Of things.
Midsummer dullness in the stock
market has continued to be character
istlc during much of the week. Re-
duction or passing of dividends con-
tlnued in some prominent instances,
and the fact that business is still I'M
certain regarding Federal tax and tar
III policies have been factors working
against much Improvement in prices
Special attacks upon industrials,
such as the oils and rubbers, by bear
ish traders who have felt that there
was profit in such tactics, have
caused temporary depressions.
Except in special issues which are
contending with conditions peculiar to
themselves, the sinking spells that are
frequently taking place are due more
to professional activities than to gen.
uine liquidation.
whenever the market becomes over
sold. as has been the case during the
past several days, rebounds can be
looked for due to short covering,
In the long run a higher range of
values Will no doubt be brought about.
as underlying conditions are in the
main improving and the general run
OF stocks are not dear, but there are
still sufficient uncertainties In the sit
uation that make for cautious at
titude pending their solution.
With this In mind. not much change
In the character of the market Is anti.
cipated.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1921-08-21
FINANCE
|BUs IN
BY d. G. FORBES.

Let's be brief.
While 1t must be admitted that IN
dustry and business and employment
are still slow. and that the security
markets are only marking time,
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1921-08-21
c. L., Hyattsville, Md.-pleass

c. L., fayetteville, Md.-Please an
swer in your financial column what
you think about Westinghouse Il. ana
Nj. stock as an investment, or what
sort of an investment would you suy
gest for $500.
Answer-If we were going to In
vest approximately $500 for you we
would put the money into five shares
of American Telephone and Telegraph
stock, and buy 1t through a member
of the New York Stock Exchange.
We regard It as safer than West
inghouse and yields just as much
$50 per cent.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1921-08-21
Wants to Switch.

In, Bethesda, Md have stocks
of the Pennsylvania railroad and
Chesapeake and Ohio, both bought
at higher prices. am thinking OF
switching from the above into Endf-
cott-JOhnsop common and Texas
Company common, as l would get
more In dividends and think that
these stocks might appreciate
quicker. Kindly give me your ad-
vice on the subject. .'
Answer-You state that you have
Pennsylvania railroad and Chesapeake
and Ohio stocks bought at higher
prices and are thinking Of switching
to Endic0tt- johnson common, in view
of the higher dividend yield. We
think we can approve Of your pro
posal.
Endicott- johnson yields $50 pei
cent from the per cent dividend. and
we believe that the dividend Is reason
ably secure.
Pennsylvania railroad, now paying
only per cent or 81 a share on $50
par value, Yields only 5.4l per cent.
Chesapeake and Ohio pays nothing
But, nevertheless, IL the writer
were going to shift these Investments
he would stick to rails, and II he were
going to choose a rail he would select
Atchison common, which yields ia
per cent. Atchison, In our opinion. Is
the most attractive OF all the rails
and, we believe, is safer than Enid
cott-JOhns0n.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1921-08-21
WEEKLY BANK STATEMENTS
Twelve Federal Reserve Banks Combined

lis Week Last Week Year Ago
S5.ss s5.0s 43.5%
ss.ss s4.ss 4s.1.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1921-08-21

large number OF CUSTOMERS III
market" last week.
Conditions In grain growing States
are improving gratifyingly.. A iea,
ture has been heavy purchases Vi
wheat by European countries.
Cotton prices have stimulated tne
marketing Of surplus stocks on quite
a scale. A number Of staple cotton
fabrics are In extremely keen de-
mand. -.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1921-08-21

Ratio Of total reserves to deposit and #. II.
note liabilities combined. $3.50. $500.
Ratio of gold reserves to #. II. notes In chr
culation after setting aside S5% against
deposit liabilities ..,................
The Miller press. [volume] (Miller, S.D.) 190?-current, 1921-03-24

when a gasoline lamp exploded i'm the
rear of Mrs. VESSELS store, DESTROYED
lour business houses, and several va
cant structures, and for a time threat
ened the business section with ruin,
before the flames were finally brought
in under control.
Following the explosion of the lamp
the flame spread rapidly, and the local
lire fighters were handicapped by the
high wind which prevailed. They
were unable to subdue the fire before
it had completely destroyed the meat
market of M. j. O'Donnell, which is
mex door to the VESSEL building, the
Merch Piano company, the Brown
Machinery company. and several va
ant buildings in the block.
The fire which for several hours
threatened the whole business district
with destruction was finally brought
under control early this morning. 1t
was reported at a late hour this after
noon that several of the buildings
were still burning.
Mrs. VESSEL was unable to account
for the explosion, stating that she
happened to look back to the rear of
the store about the time that the lamp
burst into flames.
No one vas reported as having been
injured.
The Miller press. [volume] (Miller, S.D.) 190?-current, 1921-03-24
Beadle Co. Sheriff Gets
Big Still AT WoIsey

Huronite-Sheriff V. c. Miller con-
fiscated 15G gallons of mash, so gallons
OF finished product and a so gallon o.
pacity still last night at a farm located
tour miles south and two miles west
of Wolsey.
Men giving the names of James
Doolittle and Paul Kazebeer were ar
rested, the former charged with run
ming the still and the latter having
liquor in his possession.
Sheriff Miller said he brought two
gallons OF home brew" and n gal
lon of mash with him as evidence.
In describing the place where the
still was found Sheriff Miller said
1T was located under a hay stack.
There was a place under it about 10
feet wide and 10 feet deep. A cot was
neatly placed on one side. II was
SO located under the hay stack that
II was difficult to get a clue to it,"
Sheriff Miller said the sheriff de-
partment has been working on the
proposed raid" for m time. but Il
did not actually materialize until last
night.
The Miller press. [volume] (Miller, S.D.) 190?-current, 1921-03-24
Methodist Episcopal Church
A. C.. MacLean. Pastor.

Next Sunday is Easter. There will
be a reception of members. The SEN
ior choir will furnish the music and
the pastor will preach. The evening
service will be the last OF the series Of
evangelistic meetings. The pastor will
sneak on the very important subject:
eThe Sin Against the Holy Ghost
What Is IT." The chorus and orches-
ira will lead in the song service.
Special music by the orchestra. "The
Hope Sublime" Miss Virginia Bohen
will give a violin solo. Service at 1880
Sunday School at IL noon. Epworth
League at 6:45 p. m.
There will be a children's service
Friday Mt 1880 p. m. Sterepticon views
Of the life Of Jesus will be shown as
The Miller press. [volume] (Miller, S.D.) 190?-current, 1921-03-24
EASTER SERVICES
Presbyterian Church

Rev. Thomas j.. Simons, Minister.
Morning Preaching Service
Voluntary -. ......... Miss Simons
Invocation.
The Lords Prayer. .
The Gloria.
Anthem "Jescs Lives ......,.. Wilson
Adult Choir
Scripture Lesson.
Hymn Lancashire The Congregation
Prayer.
Easter Hymn ...... The Congregation
Offering.
Anthem "The Captive Freed McPhail
Adult Choir
Sermon.
Hymn "Waltham".. The Congregation
Benediction.
The School at Twelve M.
Easter lesson and music.
Evening 1880
Voluntary ...... $500. The Orchestra.
Professional Lancashire"
The Junior Choir
Hymn, "All Saints Now Congregation
Responsive Reading, 1.-THE Power of an
Endless Life" Minister and Congre-
cation.
Song. "Palestrina" -. Junior Choir
Orchestra, Barcarole in Tales of Hoff-
man.
Duet. Easter Song. Marion Z. Smith
Misses Alma Spain and verda
Dempster
Song, Christ Arose -. Junior Choir
Orchestra. Scenes that are Brighter.
From the Opera Americana.
Carol, Beautiful Lilies. wv A. Post
The Primaries
Hymn, Pass Me Not. Congregation
Benediction.
fPostlude.
The orchestra will be enlarged and
especially featuring trombones, trum-
pets clarinet and bells.
The knights Templar will attend the
morning service in regalia.
All are cordially invited to hear
these programs.
There will be a stereopticon lecture
at the church mex Tuesday evening
entitled Southern Mountaineers.
We will establish again our prayer
injecting on Wednesday evening, next
week.
The annual Congregational meeting
will be held in the church next Thurs
day evening.
The Chapter of the Guild will have
its annual meeting next Monday even
ing entertained at the home of Miss
Margaret Waite.
An April Fools entertainment will
be given by the Circle of the Guild on
next Friday evening at Costain Hall.
See the advertisements in this issue.
The Miller press. [volume] (Miller, S.D.) 190?-current, 1921-03-24

All Knights Templars residing at
Miller. st Lawrence, Vayland. Wes-
sington, Rec Heights, and Highmore
are cordially invited to attend Easter
Services at the Presbyterian Church in
Miller, Sunday. March q, 1921 at elev-
en- o'clock a. m. Sir Knights will re-
port at the Masonic Temple in Miller
at ten o'clock a. m. in full uniform.
G. C. Briggs,
Sec'y st. Lawrence Chapter No.
"a II. A. nj. of Miller.
The Miller press. [volume] (Miller, S.D.) 190?-current, 1921-03-24

Bert Lester Taylor, universally
known as "B. L. T." died Saturday at
his home in Chicago. He was a we'll
known newspaperman and for the
past several years he conducted a col
umn "A Line O'Type or Two" il the
Chicago Tribune and Minneapolis Jour
nal. through which column he became
so well-known to readers all over the
United States.
The Miller press. [volume] (Miller, S.D.) 190?-current, 1921-03-24

The Masonic bodies of Miller have
issued invitations for an entertainment
and banquet on the evening of April
s All Masons and Eastern Star men,
bers in the locality, whether members
of the local bodies or not, are invited.
The Miller press. [volume] (Miller, S.D.) 190?-current, 1921-03-24
APRON SOCIAL

in Costain Hall April / at 500 p. M.
under the auspices of the Cheer-Up
Circle of the Presbyterian church.
Wear an apron-you may come in for
Csc; otherwise Csc the price of adj
mission.
The Miller press. [volume] (Miller, S.D.) 190?-current, 1921-03-24

Wanted-Daily, 200 gallons ane No.
l Cream. We a pay well for good
Cream. Takes good cream to make
good butter and good butter commands
high prices.
IA Phone 1872 Miller Creamery.
The Miller press. [volume] (Miller, S.D.) 190?-current, 1921-03-24

Rec Heights Review-Mrs. l.. Shon-
burn and Il. Hough went to Miller
Monday evening. where they were I'M
tied In marriage. Mr.. and Mrs. Hough
moved out to the Paine ranch this
week.
The Miller press. [volume] (Miller, S.D.) 190?-current, 1921-03-24

ELKAY'S RED CEDAR COMPOUND
Is one of the best means known for
guarding against the ravages of moths.
Will not injure furs or fabrics
Collins e. Shaw.
The Miller press. [volume] (Miller, S.D.) 190?-current, 1921-03-24

ELKAY'S STRAW HAT DYE is
guaranteed to be Wear-Proof and
Light-Proof. Dries instantly and is
readily applied. Satisfaction guaran-
teed. Collins & Shaw.
The Miller press. [volume] (Miller, S.D.) 190?-current, 1921-03-24
NOTICE

Notice is hereby given, outstanding
Road and Bridge warrants from 2S6
to 376 inclusive are called for payment
interest to cease March 1, 1921 on
{ bove registered warrants
d. A. Lewis,
County Treasurer.