davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1921-06-26

they we'll know that a corresponding
decline in the price of steel is ineYita
BILE. Thus orders are withheld, and
they will be withheld until the buyers
of steel know that prices have been
equitably and fairly adjusted"
Mr.. Topping differed with this point
Of view, both as to fact and judgment
First, he contends that steel prices are
not excessive, and, secondly, he argues
that further cut in steel quotations
would not heighten activity, which is
tagging because Of the general eco
nomic situation.
"a recent article in your paper" Mr..
Topping remarked, while conceding in
dustrial leadership to steel and compli-
nlenting the steel leaders for their GEN
eral progressiveness, warns these lead
ers of the danger of standpatism.'
while the article in question is
quite correct, with reverence To steelfs
New-York tribune., 1921-06-26
More Thar, q Trader

The steel magnate, whose features
are chiselled with sharp precision, has
little of the appearance of the artist,
but life training he has come to worship
the practical. And yet Mr.. Topping is
of the opinion that the leader of bust
ness to-day must be more than a
trader; he must be an economist, he
says-not political economist how
ever, but practical" economist. Mr.
Topping contends that his economics
are the same as they ever we're, despite
the fact that in 1908 he became dra-
matically known as an exponent of re-
lentless price cutting, whereas to day
he thinks cotton prices are relatively
cheap. He explains the apparent con-
New-York tribune., 1921-06-26


adian Pacific has the best of it almost
without exception. Furthermore, the
Canadian Pacific is far less dependent
proportionally on through haul than
are the Canadian government roads.
May Fi1 LoiU Rates
The danger to the Canadian Pacific
lies in the possibility of the govern
ment's fixing rates that will be so low
as to seriously impair the net earnings
of the Canadian Pacific and make up
tho operating deficit of the govern
ment-owned roads out of taxes. In
other words, Canadian Pacific stock
of the deficit of the Canadian govern
ment railroads. This DANGER is not an
imaginary one. Of the total 100000
shares of common stock of the Cam
adian Pacific outstanding 47.S0 per cent
is held in the United Kingdom and "a
per cent in the United States, and only
1913 per cent in Canada.
Taking into consideration the great
resources of the Canadian Pacific other
New-York tribune., 1921-06-26
Explaining q Disparity

Mr.. Topping was asked how he recon
ciled his statistics with those baeIr1 on
the announcement of price reductions
by the Steel Corporation earlier in the
spring. The average reduction was
20 per cent, and the new quotations
roughly were some ST per cent above
pre-war prices. Mr.. Topping explained
the disparity by saying that the aver
age was misleading, because it under
stated the case of the important prod
ucts, which ought to be weighted. The
average is thrown off, ne said, by in
cluding some of the less important
products, which have less influence on
New-York tribune., 1921-06-26

fact that values of iron and steel srs
down more than IS per cent and wars.
house stocks Of iron and steel are L..
pleted Fabricated products of iras
and steel, apparently, are rot entirels
liquidated, but the process is not IA
from completion. The farm machines
makes, one Of the largest group Of con
sumers of IRON and steel, are in tkis
list of partial liquidation; their fac
tories generally are idle and doubtles,
will remain so until their machiners
stocks are liquidated. The railways
on the other hand, are low in stocks
AS an evidence Of this, it is stated
that out OF 400, 600 idel cars, more thar
600. 900 Of these cars are out Of re3aif
not because Of high priced steel, BIZ,
waiting for cheap labor.
"Gencraliy speaking, stocks of iren
ard steel are below normal and prizes
for such principal products as bars
mates and structural steel are approx
,nately down TO the level Of January
1913. OF ali the trades, the steel n.
dustry leads the procession IN dess-.
ton and general readjustment of val
ues, both as to prices and wages. Tbs
is particularly true Of the producers
OF steel, known as the independents
that Is. steel makers oIhef tHdn the
United States Steel Corporation
And this from the man who, after
the Gary dinners of 1908, broke awsy
from the dominant opinion of the trsce
and slashed prices. Mr.. Topping ez-
plains that in the earlier period stee!
was the "laggard" and that high steel
prices were standing out like sore
thumb. To-day Mr.. Topping asserts
that steel is ahead Of the parade to-
ward q lower price level.
New-York tribune., 1921-06-26

began to show unsatisfactory earnings
statements: American roads south of
the Canadian border had been show
ing unsatisfactory earnings, steadily
growing worse, for eight to ten years.
A remark Of Lord Shaughnessy about
the time that the trend in the decline
Of American net railroad earnings had
become apparent to most everybody
but the Interstate Commerce Commis-
sion is of interest now that the Cana
dian Pacific stock is selling in New
York at price that indicates u doubt
of the. continuation Of the Canadian
Pacific's 10 per cent dividend. Lord
Shaughnessy was asked why the Cana
dian Pacific, so far from following the
trend. of roads in the states, was show
ing from year to year increased net
earning power. After some considera-
tion he said that he thought that one
important factor was the fact that the
Canadian Pacific had conserved to it.
self all of the resources which were
incidental to railroad development on
the American continent, such as the
New-York tribune., 1921-06-26
Mr. Topping, the Man

Mr. Topping has long been REGARDED
as an authority on the manufacturing
problems associated with the steel In.
dustry. He is sixty years old, two
years the senior of Charles NJ. SchvaD
and of James A. Farrell and fourteen
years younger than Ebert H. Gary
Mr.. Topping is one of the few cen
spicuous steel men who was never one
OF "Carnegie's boys" He never was
associated with Mr.. Carnegie. Hs
started in an independent mill on the
Ohio when he left high school. Dir
Topping's father was lawyer, but
special proclivity for handling figures
led Mr.. Topping's father to decide that
John A. was better adapted for busi-
ness than for the law. As boy Mr.
Topping was able to add up three
columns of figures simultaneously. He
is now able to add at least two at a
time and feels that this grasp of the
problems of arithmetic have stood him
in good stead in the world of give shd
take.
New-York tribune., 1921-06-26

has become known as the statistician
among the statesmen of steel, pro-
ceeded to sketch with detail the ex-
tent of the present depression in
steel, which has ben retlectde re-
Gently in the tumbling of steel se-
curity quotations on the New York
Stock Exchange to the lowest levels
attained since the war boom began
in 1916.
THE present active capacity Of iron
and steel to-day is not far from 25
per cent, but production is believed to
be az the irreducible minimum. Never
before in the history of the iron and
steel trade has production fallen SO
low or remained so .ong at the mini
mum. Never before in the history Of
the iron and steel trade has production
fallen so low or remained so long at
the minimum. In previous deprcssions
r-1ow mark for n period has ranged
around the so per cent mark. It is,
therefore, confidently believed that
gradual improvement is near at hand
and that reasonable expectations sug-
gest a substantial increase in volume
of business by early fall or late sum-
mer months, because cars must be re-
paired for the fall movement Of grain
and coal. The machinery makers will
require some building for the next
harvest and iron and steel merchants
must soon restock their stores to meet
the repair requirements. Then it must
not be forgotten that building is and
has been below the demand in many
directions, and necessity must be met,
so that demand is accumulating while
readjustments are under way. Labor,
however, holds the key to prosperity
to large extent and progress toward
normal will be rapid or slow, as labor
may determine.
New-York tribune., 1921-06-26
Wanted: More Defotion

"ln other words, general deflation is
clearly the cause of present ills, and
therefore the obvious remedy is more
general defation-defation in steel
alone will accomplish nothing-defla-
ton must be general, so as to bring
about normal equilibrium of values.
and until this is accomplished business
activity will be deferred. On the other
hand, with full cooperation by all in
terests, an early return to prosperity
New-York tribune., 1921-06-26
The Retorf Practical

s'The practical answer to the pres
ent lack of demand" began the
manufacturer who, though still
youthful in appearance, began his
service in the industry in 1878, els,
reduce the cost of general produc-
tion, liquidate labor, and thereby the
general cost of living. Unless this
is done, who will take the chance of
building or constructive enterprise
until assured against shrinkage in
cost, excess taxation and high rates
for money. Cheaper steel, only one
item of cost, will not stimulate build
ing; this can be brought about only
by the combined influence of reason
able prices for steel, labor, freight
rates and money"
Asked no wlong this readjustment,
painful and severe, will take, the
ironmaster replied:
Further time will be required to
complete our readjustments, but sub
stantial progress has been made, and
in some lines of business, particu-
larly textiles decided improvement
has taken place, with business close
to normal.
"The iron and steel business, how
ever, will not reach normal demand
or volume until constructive enter
prices can be safely inaugurated on
a sound basis for cost, for it must
not be forgotten that in both pro-
duction and construction labor is
the essential factor, because in an
ultimate sense it is IS per cent of
the total cost
Gifted at Figures
Mr.. Topping, who, because of his
lifelong adeptnesss at mathematics,
New-York tribune., 1921-06-26

than it's railway property, the fact
that it has no bonded or mortgage debt,
the fact that there is no such awkward
and complicated problem of working
capital as the United States roads have
because of the failure of the govern
ment that pay rentals and guarantees
due and the fact that majority of
the stock is held outside of Canada, it
is difficult to see now the directors
would feel willing or justified in cut
ting the dividends because of present
unfavorable railway earnings.
New-York tribune., 1921-06-26
Up From, a Clerk

Mr.. Topping, who was born at St.
Clairsville, Ohio, went into the iron
business in 1878 as a payroll clerk at
the Aetna Iron and Nail Company and
became presidents OF the compSn3
twenty years later. After various
shifts he became chairman of the Re.
public Iron and Steel Company nearx
fifteen years ago. The Republic is az
integrated company, making the vsti-
Gus ingredients that go into ste
finished product. It manufactures &
broad line, but not complete one II
does not make wire, nails and steel
rails.
New-York tribune., 1921-06-26
Large Cotton Crop Predicted

This years cotton crop is reported to
De one of the best that Colombia has
ever had. Owing to the low price,
however, some growers have not CON
sidered it profitable to pick the CROP.
while others are bringing their cotton
to Barranquilla to store. Some are
selling it in the raw state at Barran-
quIlla for about So a hundred nonnds
New-York tribune., 1921-06-26
What's Canadian Pacific Worth ?
Stock Selling at Only Few Points Above Par
Puts Valuation Of Almost Nothing
Rail Property

items that go to make up
this total besides the land grants are
and townsites, $3.50 $4,000 imperial and
Dominion government securities AMI
SAB ,o56, 900 miscellaneous investm ents,
which include the Canadian Pacific
investment in Duluth, South Shore &
Atlantic and in the Minneapolis, St.
Paul e. Sault Ste. Marie.
1t was not until the war and, in fact,
not until our own McAdoo wage award
was made, and Canada of necessity had
to follow suit that the Canadian Pacific
New-York tribune., 1921-06-26

John A. Topping's presentation of
the steel mans side is, therefore, of
unusual interest. The chairman of
the Republic Iron and Steel COM
pany was seated in his Office in the
Whitehall Building, overlooking the
bay, when Tribune man ap-
preached him to seek the meaning
Of the present deadlock in the in
dustry, which is unprecedented in
its severity.
New-York tribune., 1921-06-26

vailed at the low Of last December.
Railroad stocks in the average have
fallen since the beginning of the year
below the 1920 low record, but the rail
group does not show the striking fall
experienced by the industrials, because
they rever enjoyed the fantastic ex-
perience of the industrials in rising
to unheard-of heights. 1t is notable
that the tendency of the industrial and
New-York tribune., 1921-06-26

rail averages has been to converge and
it is not conceivable that this is a
trend that may in course of time re-
store the rail to the pre-war position,
when they always held position above
the industrials in the average
The record of nine and half years
OF stock market history as shown
graphically in the accompanying chart
affords remarkable study of the play
New-York tribune., 1921-06-26

rently the average price Of the thirty
industrial stocks is full four points
under the bottom of the December
decline of last year, which had been
looked upon by many observers to
mark the low tide of stock prices in
the current bear cycle. The average
Of the twenty rails has just barely
gone below the average that pre-
New-York tribune., 1921-06-26
Special Dispatch to The Tribune

PITTSBURGH, June 25.-Steel max
ers expect that railroad orders for re-
pair material to be released after July
l Will involve considerable tonnage,
requiring such products as steel plates,
sheets, angles, channels, bolts, nuts,
spikes, small beams, bars, rods, pipe
and forging billets Tor car anu track
work.
Manufacturers say that certain roads
are prepared to place such business on
tairiy liberal scale. W. Il. Baldwin.
New-York tribune., 1921-06-26

ing Of the various financial, economic
and political forces upon Wall Streets
speculative mart.
1t shows what the effects of the war
time imitation were in forcing indus
trial stock prices to record high levels
and then presents a curve of the eff
fects of the current campaign for de-
flation.
The great bear campaign which the
New-York tribune., 1921-06-26
Confidence impaired

with public support absent cconfi-
dence was quickly destroyed and a gen
eral collapse resulted, followed by
drastic liquidation, and now, after a
period of nine months, we find the pub
lie outside. In other words, the public
is still on strike, Notwithstanding this
New-York tribune., 1921-06-26
@ANADIAN PACIFIC stock
q selling at only few points

N
4 selling at only few points
above par puts valuation
on the railway property of the G. P.
r. Of almost nothing. At this price
it is about equal to the company's
other assets. The Canadian Pacific,
like the Union Pacific, is great
financial institution with extensive
outside investments, besides being
railway operating company. The
balance sheet of the Canadian Pa
cific, for December 81, 1920, carries
the 1859 miles of railroad with
equipment and with the lake and
river steamers at S567,2S3 900, and
total assets are shown at 81 ,1O5, ,000,-
600. The total par value of common
stock is $260,00o,00o, a per cent
preference $80,6S2,00O and per
cent consolidated debenture stock
s216,000,0oo. A total Of roughly
$567 100000.
cifie balance sheet held back consid-
cradle part OF the company's assets
For instance, the land grants owned by
the Canadian Pacific were referred to
only IN foot note stating the acreage
owned without being assigned definite
value among assets. The policy of the
company has changed in this respect,
however, and the December 81, 1920,
balance sheet shows clearly the assets
other than investment in railroad prop
critics.
Besides its railroads, the Canadian
Pacific owns thirty-three ocean steam
snlps with gross tonnage of 301,219.
II carries Its steamships at valuation
OF $43,696,000. 1t has also an invest-
ment OF $124,470,0O0 in securities Of
subsidiaries and other companies. This
is q cost valuation and represents
largely hrst mortgage bonds of branch
nne inc companies, and possibly should be
discounted to some extent. The land
grants are carried at $91,e78 900 This
represents total of $4,000 acres.
inc valuation is apparently quite con-
servatlve. For instance, agricultural
iands In Manitoba are carried MT sic
an acre and in Saskatchewan at sIs
an acre; irrigated lands in the eastern
sect,on OF Alberta at $40 an acre, and
more tnan half million acres of tim
per ana ne reserve land in British CO.
iumoia ass D aS S3 an acre. S1 $780, q total Of
aoS,oso acres of agricultural land was
!. so, sold at an average of $2O.4S an acrs
lnas included about $4,000 acres Of ir-
,n.gatea land, and the average for this
land WAS S5043 an acre. maxim. ths
average price for the other land s17o7
IN selling land the Canadian Pacific ha :
reserved to itself coal, natural gas and
petroleum rights, and carries these
rights, except for about AZ GOO acres 81
coal lands, at 81 each. =
Large Investments
Incl1dinn sol are nnn
New-York tribune., 1921-06-26
Chairman Of Republic Iron and
Steel Company Urges Prompt
Labor Liquidation
BY Merryle Stanley Rukeyscr

TH the glded
wv prosperity there tendency special
criticism In the goats blame existing dene
observers the of steel asserted that
country
has n
New-York tribune., 1921-06-26

should result because of our stored-up
wealth and potential strength"
New-York tribune., 1921-06-26
Large Investments

Including ss1.a7e,ooo of land grants
there is total as of December 81.
is2u, OF $272,s08,000 investments other
than in railway. and steamship prop
erty and other than securities of sub
sidiary railway companies. The more
New-York tribune., 1921-06-26
Gifted at Figures

Mr.. Topping, who, because of his
lifelong adeptnesss at mathematics,
The Dolores star., 1921-06-24
Federal Law on Automobile Stealing

INCLE SAM evidently wants to
~ tighten up on the automobile
thieves. The senate has passed an
amendment to the act of 1919. Sena-
tor Nelson of Minnesota said of the
amendment:
The only amendment proposed to
he made in the law is to put in the
word 'embezzleInent,' so as to include
not only cases where the automobile
is stolen. but ns well cases of embez-
Element. The distinction is very well
put by the Supreme court of the
United States in the case of Moore VS..
The United States Q6O U. s., 2G9).
where the court says:
'EmhczZlement Is the fraudulent
appropriation Of property by person
to whom such property has been en-
trusted or into whose hands 1t has
lawfully come. 1t differs from larceny
III the fact that the original taking of
the property was lawful or with the
consent of the owner, while in the case
of larceny the felonious intent must
have existed at the time of the taking.
This bill simply proposes to amend
tie law so rs to cover those cases
where man may have hired an auto
mobile or may have come into posses
sion of nm automobile and afterward
concluded to embeZZle it,"
The Dolores star., 1921-06-24
''Who's Who" in the Washington Lobb,

THE senate may get at the facts
l. concerning the lobbying situation
in Washington. Anyway, Senator King
of Utah has introduced u resolution
with many a whereas which reads In
part:
'Resolved, That a special committee.
to consist Of five members of the SEN
ate, be appointed by the vice presi.
dent, which committee is hereby au-
thoriZed and instructed to investigate
the charge that various corporations
and associations, organizations and
combinations of corporations engaged
in various lines of trade, commerce
and industry are and have been carry
ing on an extensive propaganda
throughout the country, and are and
have been maintaining offices and lob
byists in the city of Washington for
the purpose of influencing tariff, reve-
nue. and other legislation pending in
congress; the charge that the dye in
dustry Is controlled by a combination
of corporations which Is in fact mo.
nopoly md have employed agents. at
torneys and lobbyists to influence CON
The Dolores star., 1921-06-24
Congress Worried Over Our Agriculture

In 30 days after the passage of this
resolution upon the following sub
jects: QD The cnuses of the present
condition of agriculture (2) The
cause of the difference between Inc
prices Of agricultural products paid to
the producer and the ultimate cost to
the consumer. (3) The comparative
condition of Industries other than agri.
culture. (4) The relation of prices of
commodities other than agricultural
products to such products. (5) The
banking and financial resources and
credits Of the country. especially as af-
fecting agricultural credits. (G) The
marketing and transportation fncili.
ties of the country.
"The commission shall include In It's
report recommendations for legislation
which in Its opinion will tend to
remedy existing conditions, and shall
specifically report upon the limitations
of the powers of congress in enacting
relief legislation. The commission
shall elect its chairman, and vacancies
occurring in the membership of the
commission shall be filed in the same
manner as the original appointments.
The Dolores star., 1921-06-24

XIIASHINGTON.- new constitu-
w tional amendment which would
make 1t compulsory for the President
TO appoint Il woman to the United
States Supreme court bench Is under
contemplation. A measure drafted for
he reorganiZed National Woman's
party has been submitted to legal au-
thorities. to ascertain whether 1t can
oe made part Of the Constitution
as woman's bill Of rights.
As II now stands. one of its sections
provides that women shall sit on ev-
cry board. commission and court whose
membership is appointed by the Pres
ldent or other federal official.
One section deals with the rights OF
The Dolores star., 1921-06-24
TO DESTROY CURRANT WORMS
Insects Are Readily Eradieated by
Use Of Arsenic In Liquid or
Dust Form.

The imported currant worm when
full grown Is about three-fourths of
an Inch long. green throughout, but
yellowish at the ends. Young larvae
are covered with black spots, and
the head is black. These worms at
tack both currants and gooseberries,
appearing on the plants shortly after
the leaves are out In the spring and
feeding at first In colonies, but later
scattering over the plants. Currant
worms are voracious feeders, and
quickly strip the plants of foliage :
hence, treatment should be given
promptly upon their discovery. An
other brood Of larvae appears in the
early summer, and some seasons
there may be partial third brood.
These insects are destroyed readily
with an arspical (such as arsenate
OF lead paste at the rate of two
pounds, or In powder form ut one
pound to fifty gallons of water)
sprayed or busted over the plants.
Effort should be made to DESTROY the
first brood and prevent later injury
In treating the second brood when
the fruit is ripenlng. powdered helIe.
pore should be used, diluted five To
ten times with flour or air slokad
lime, or as spray, one ounce to one
gallon of water.
The Dolores star., 1921-06-24
BUSTING IS MOST EFFECTIVE
saves Much Time and Permits Much
sreater Rapidly Of Operation
Also Is Cheaper.

Is busting more effective thon
spraying In controlling fruit diseases
ana pests? This Is a much moo,od
point among orchardists everywhere
put according to figures presented nv
n. n. Whetzel of Cornell UNIVERSITY
dusting appears to have a slight edge
over the liquid method.
NOT only Is busting little cheaner
but 1t also saves much time and nor
mits much greater rapidlty Of o-ara
tioh. The results obtained from tho
use OF dust appear to at least equal
those following the use of spray md
IN many cases to excel them.
one of the most promising dpst,nc
mixtures was finely ground debvdrated
copper-sulphate mixed with bydratsd
lime. Another successful mixture was
eight pounds dehydrated copper snl.
phate, four pounds arsenate of lime
ana W pounds hydrated lime
In figuring cost Of materials ,,o..
is very little difference between dn.,
ing and spraying. but when the timo
saved In dustlng Is figured, the lattar
method must be counted as much
cheaper. "uco