davidaulloa/AmericanStories huggingface dataset:
The Birmingham age-herald., 1921-10-25
REFORM DISTRICT
 FAIR BIG SUCCESS

Reform, October 24.---(speciai.)--- The third annual district and com munity fair for Reform, which last ed two days, has just closed 3 very successful enterprise. Outside Of the Reform grammar school exhibit ana the exhibits of the academic, noms economies and vocational agriculture departments of the Pickins County High school. the following rural exhibits: Friendship, Palmetto stansel and Brooks Hill.
 The exhibits consisted of live stock, poultry. field crops. manual training, blacksmithing. canning preserving, cooking, dairy products sewing and handwork. There were many fine quilts, bedspreads. cen terpieces, scarfs, handkerchiefs. tow s.s.-napkins, garments and crochet ,atting and embroidery worked arr icles. There were also many articles
 historical interest, for instance, In, the original flint-and-steei
 file, now converted into q cap-ann-
 all rifle, was on exhibit oy MT
 err from the Friendship com
 unity. MT. Kerr stated that this un was brought over the Atiant.c sver 100 years ago. An old pea rread made by Mrs. Jennings of the ligooks Hill community was made py herself when she was only l4 years of age while living in North Caro- Iina. she having spun the thread, we've the cloth, then making the counterpart. ,
 The friendship community won first Aorize, Palmetto won second, while the third went to Stansel. There was large crowd presen. toth days. The mass meeting, helo in the auditorium the last day' voteu to hold the fair again next year, on October 20 and 21, and to oegin' nov to make the fair bigger and better another year. This year oniy rlpoo" nrizes were awarded. but 1t was de- cided to offer cass prizes next year.
 A big athletic programme VIII po arranged also. On the nrst oay .nis wear the football game between ene county high school and the team representing the Tuscaloosa county consolidated school at Buhl was the main feature. The game was mon bv the Reform team. 34 10 o. ine star players of the game were Henry Eaton. Fayette Burgin, ward Wiison and Gerald Bryan. .p.n
 On the second day a oaske.DaI, vame closed the events or the iaiis '. The game was played between sue hirh school boys and the town team The high school boys won py scois of 1s to 14. Robert Smutners oi Coal Fire proved the hero or ,ne game. while good plays were s.so made by Bruce Doughty ana MIG Arthur.
The Birmingham age-herald., 1921-10-25
FOREIGN NOTADLES
 ACCORDED HONORS
Escorted By Cavalry as They Pay Visits to Various
 Cabinet Heads
By Associated Press

Washington, October 24.-wash- inston got foretaste today of the ceremonies that are to come with the meeting of the armament con- ference.
 Presence in the capital of the army and naval representatives of the Chinese delegations and three distinguished military leaders-Gen- eral Dias of Italy, Admiral Beatty of England and General Jacques of Belgium-filled the state. war and navy departments with the glitter and color of uniforms.
 Each of the visiting military parties. as they paid formal calls on the President and on state, war and navy department heads, were escorted by a. platoon of cavalry and American army and navy officers in assisting in the receiving of the calls appeared in full uniform and with their decorations on their breasts Throughout the morning there was an almost continuous clat- ter of hoofs on the strets In the vi- Ckulhy OI LlC IS0 QGpdEtfuCuAA 4AA in the corridors of the Government buildings the scenes recalled the days when the French, British and other allied missions were in Wash lngton just after the United States entered the war in 1917.
 The Japanese, headed by Maj. Gen. K Tanaka and Vice Admiral Kate. were the first to begin their round of official calls. meeting Secretary Weeks in his office and then going to the office of Major General Hubbard, acting chief of staff, for 8 brief call lbefore visiting Secretary Denby.
 On their heels came General Diaz and the officers of his stan. who called first on Secretary Hughes and then on Secretary Weeks before go- ing to the navy department General Jacques and the Belgian party were next and Admiral Beatty and his of- fcers concluded the round of calls on cabinet officers.
 Then as 1t neared noon visitors, one by one, each party accompanied by it's respective ambassador. pro- ceeded to the White House to pay their respects. After making calls separately, each of the distinguished military leaders. accompanied by the chief members of his staff, returned to the White House at 1880 o'clock for luncheon with President and Mrs. Harding.
 More calls followed during the late afternoon, several of the visitors making formal visits upon the ann bassadors of their country and to- night there was a round of dinners at the various embassies.
 Admiral Kato, in . statement is- sued during the day. suggested that the motto of the forthcoming con ference should be: Give and take' live and let live"
The Birmingham age-herald., 1921-10-25
cAKROllTON SHIPS
 l15 CARS LUMBER
 so FAR IN OCTOBER

Carrollton, October 24.-tSpeciai.) According to statement made pup lie by John H. Proctor. agent or sne Alabama, Tennesse and Northern railroad at this place. 115 cars or lumber had been billed from this point up to Saturday night during the present month. against If dur- ing the che same month of 1920.
 The reason assigned for the ex- traordinary shipment of lumber dur ing the month Is the contemplated strike, the mill man preferring to clear his yards as much as possible before the strike takes place, if 1t does come, thereby relieving him of a chance of loss from fire. There is no doubt but the threatened strike has something to do with the heavy lumber movement, when the fact is taken into consideration that num- Der of mills have closed down during the year that were making ship ments year ago.
The Birmingham age-herald., 1921-10-25
COMPASSION RECEIVED

Gadsden, October 24--(Special.)- .)--T. B. Gwin has received his commission as paymaster of the Fourth brigade. United Confederate Veterans. with the rank of major. The comnri ssion was issued by John Wilson. brigadier gen. eral of the United Confederate veterans. MT. Gwin states that this Is the first and only title that he has ever had. John H. Adams, an other Etowah county veteran. received his commission as major on the official staff
The Birmingham age-herald., 1921-10-25
LEGAL NOTICES
Notice to Contractors

Notice to Contractors Sealed bids will be received by the Eoard of Revenue until 12 o'clock noon, November II, 1921. for the surfacing with cinders. shale or chert of the following roads: Mulsa to Port of Birmingham. approxi- mate distance II miles.
 Warrior Robbins road, approximate dis tance 10 miles.
 Trussvilie to Acmar road. approximate distance miles.
 Oak Grove Lock IT road. approximate distance miles,
 Plans and specifications on file in the office of the county highway engineer. where they may be examined. Certified check or bidders bond for q, 900 must accompany each bid The Board of Revenue reserves the right to reject any or all bids.
 c. J. ROGERS,
 County Highway Engineer.
 stockhoIders' Meeting A meeting of the stockholders of the Birmingham Paper company. q corpora tion. fs hereby called to be held at the offices of the company in the city of Birmingham. Ala, at noon. on Friday, Nov. 2b, 1921, for the purpose of votine on a proposition to execute q mortgage upon the real estate of the company to secure q loan of $s0.oo0.
 This October 24, 1921.
 T. M. MCCLELLAN. President
The Birmingham age-herald., 1921-10-25

THE ART CRAFT ROOFING co. has moved to TIPS list Ave. ~Phone Man
The Birmingham age-herald., 1921-10-25
MODILE ORANGES FOR CHICAGO

Mobile. October Especial. )--The first carload of Satsuma oranges from this part of the United States was shipped to Chicago by growers of the Mobile -Bayview Growers association today The shipment this year is said to be the earliest in the history of the Satsuma culture in this section. Tho Chicago market is one of the best In the United States, according to the growersv for this class of fruit.
New-York tribune., 1921-11-06
Authenficating Foreign
Securities Here Urged

A. II. Wiggin, chairman, submit
ted the report of the Foreign Secuga-
ties Committee, extracts from chich
folJoaos:
"The question of the authorization
of securities representing internal
loans of foreign governments is per-
haps the most important matter now
under consideration by your commit
tee.
"Most of these securities are written
in the language of the country of their
origin, and, as many of the investors
in this country are unfamiliar with the
different languages in which the GER
titicates are issued, it is the opinion
of your committee that it will be of
benefit to the investors in this coun-
try, and also of advantage to those is
suing such securities, If some official
governmental agency can be estab-
lished to authenticate such issues.
"Your committee has taken this sub
ject up with the French government.
If your committee receives any en-
couragement the same subject will be
pursued with other governments. Your
committee begs to report progress in
this matter"
New-York tribune., 1921-11-06
Progress Being Made
In Auerting Defaults
Committee on Municipal Securi-
ties Finds Prestige of Bank.
ers' Organization Increasing
TIE YeDort of the Cnaaaaa,ittee OF,


Municipal Securities says, IN part:
"The annual report of the chairman
of the municipal securities committee
consists for the most part of COM
pilation of the municipal bond laws
passed by legislatures this wear.
"Our municipal bond laws are con-
stantly changing; existing laws are
being amended and new laws are adopt
ed every time Legislature meets, and
it would be impossible to keep the
work revised to date. The constitu-
tional provisions for issuing munich
pal bonds vary so I'm differest states
that no uniform law can be framed
that would meet these constitutional
requirements.
"The committees services in work
ing out defaults, both temporary and
demand, and it is surprisingly graft
flying to find how often we are able
to be of real assistance in these matters
after the efforts of the interested mem
ber have been futile. There seems to
be throughout the entire country a
most wholesome respect for the In
vestment Bankers Association, and in
many cases where the officials of the
issuing community have shown dis
position to ignore requests for pay
ments we have been able, by enlisting
the aid of local bankers, commercial
clubs, merchants or others who have
pride in the credit of their community
to enforce prompt payment This is
one of the most valuable services that
the municipal committee can render
and we hope all members of the asso-
citation will avail themselves of it
whenever the occasion requires"
New-York tribune., 1921-11-06
Eliminate Tax
Exempt Bonds
To Aid Reuezlzte
Floao Of Capital
TO Municipal Securities
illustrates Euil OF Sys-
tenn, Says the Committee

The Fraudulent advertising Com
mittee II, ats report to the coMuea,-
ton, said IN part:
During the year there has been a
much greater realization on the part of
both investors and investment bankers
of the sums of money lost through
fraudulent promotion. Various efforts,
from those of individuals to those of
national legislation, have been made to
cope with this increasingly difficult
problem.
Your committee has been in receipt
Of complaints of members located in
various parts of the country that GER
tain promotions spread broadcast were
fraudulent in their nature and misrep-
resented the facts. Efforts have been
made to check these back to their
source and the results have demon
strated to your committee that the best
results can be obtained by local
groups.
AS an effort to coordinate all of
the various agencies now working for
the betterment Of financial ADVERTISING
Richard H. Lee, special counsel of the
vigilance committee Of the Associate d
Advertising Clubs of the World, has
been doing splendid work, such as Sc
curing number of convictions OF
fraudulent promoters, and has been the
means OF stopping newspaper adver-
tising of many others who have been
about to engage in such fraudulent ad-
vertising,
CAS- already indicated, the large
amounts obtained from innocent in
yestors by fraudulent promotions have
brought the attention of Congress to
the subject, and national legislation j.
now pending in the House of Repre-
sentatives. While this subject will be
treated by the Legislative committee
who have spent much time and effort
in the matter, it seems only propes
TO record the opinion Of your commit
tee that national legislation should he
along the lines of fraud act rather
than along the lines of the so-cailed
Denison bill as introduced in CONGRESS-
WHICH simply perpetuates and puts the
national government behind the blue
sky laws of various states. Manv Of
these laws and regulations do NOT 70.
ordinate, and the passage of this bill
would bring about an almost impossible
situation in handling legitimate in.
vestment business"
New-York tribune., 1921-11-06
Financial Structure Important Feature
In Bankers Consolidation OF Railroads
Hoav a Banker Would Consolidate Roads

by John Oldham for the
follows
Central Central of New
falo Rochester & Pittsburgh.
Pennsylvania System
Baltimore & Ohio Reading and Lehigh Valley.
New England including principal
England roads (the subsidiary system)
Norfolk & Western, Chesapeake Ohio virgnan
Atlantic Line md Louisville
Air Easl Coast
Great Northern, Chicago, Milwaukee
Northern Pacific Burlington
- - -
Union Pacific Chicago Northwestern
Atchison Topeka
Pacf
Southern Pacific, Rock Southwestern
Illinois Central Minneapolis
apois & st. -
New-York tribune., 1921-11-06
Railroads Securities
Still Reflect Ansiety
amendments to Transportation
Act Needed to Improve Credit
and RenaOUe Uncertainties

Pierpomt Y. Davis, chairman, sab
nitted the report of the Committee
on Railroad Securities, extracts from
achich folloao:
"The railroad problem Is still with
us, but not because the transportation
act Is a failure. The first years test
however, demonstrates the need of
amendment.
THE railways troubles in the last
twelve months were brought to a head
by shrinkage of earnings caused bv
decline in traffic so rapid that ex-
penses could not be reduced propor-
tionately. The result has been that
instead of earning 6 per cent return
on the value of their property the car
flers OF the country earned only 2ih
per cent since the termination Of the
guaranty period. And this scanty re-
turn was obtained only by a curtail-
the physical condition of roadbed and
equipment, generally speaking, has de-
Perforated.
"ln 1914 and 1915, when the percent
age of return on the investment
dropped to about 4.20 per cent. approx
lmately $4,000 miles of railway were
forced into receivership. That no such
calamity occurred in the last twelve
months is due, in considerable meas
ure, to the fact that the Interstate
Commerce Commission has made wise
and effective use of the $500 ,00O,o 900
revolving fund which the transporta-
tion act created.
Recent railway earnings have
shown considerable improvement. But
II the carriers are TO hold their place
in the investment markets the better
ment in. earnings must run considera-
bly, further. and there must be definite
defation in the costs of operation.
These 0sts are comprised chiefly
Of fuel, which absorbed ii cents out
Of each dollar Of gross in 1920; mate
rials and supplies, which took fur
ther II cents, aud labor, which received
90 cents, total ef 88 cents. Contra II
these figures with the ratios in 1916
when fuel took cents, materials ana
supplies 1914 cents and labor 41 cents.
total Of 601s cents.
The next step toward return to
normal operating conditions should be
the abolition of the iinprovident ma
New-York tribune., 1921-11-06
Consolidation Necessary

Mr.. Oldham considers the various
methods of equalizing the income Of
weak and strong roads and comes to
the conclusion that consolidation is
the only method. He does not, how
ever, discuss the obvious alternative
of permitting or forcing receivership
of the weak roads and recapitaliza-
ton of these companies on basis
which according to his theories would
make them strong roads. Instead he
proposes consolidation of all roads
into thirteen systems, and a New
England railroad system which is to
be Jointly controlled by four of the
trunk line systems.
This handling of the New England
situation is distinctly different from
any thing suggested by the Interstate
Commerce Commission by the report
of w. z. Ripley, professor OF eco
Monies at Harvard University, on
which the commissions plan is based,
or of any other comprehensive pro
nosal for railroad consolidation that
we know Of.
Under Mr.. Oldham's plan System No.
1 is to consist OF the New York Cen
trail System as it did under the Inter
state Commerce Commissions plan, but
~
the New York Central system as now
constituted Mr.. Oldham adds the Cen
trail of New Jersey. Under the Inter
state Commerce Commissions plan the
Central of New Jersey was given to
the Baltimore & Ohio-Reading- New
Haven system. There can be lit
tie doubt that the New York Cen
trail would be much better salts
fed with the Oldham layout than with
the Interstate Commerce Commissions;
The New York Central officers would
probably agree heartily with Mr.. Old,
ham that giving the New York Central
the Central of New Jersey would give
the New York Central "a share OF the
anthracite business of the country
and make better distribution of such
business among the Eastern systems" "
system No. in the Oldham plan con-
sists of the Erie, Wabash. Pere Mar
quette; New York, Chicago & St. Louis;
New-York tribune., 1921-11-06
Propose Anglo-Chinese Bank

Inc conclusion of an agreement be-
tween the Acting Minister of Finance
OF China and a group of British mer-
cnants Tor the establishment of an
Anglo- An, Ghlnese bank is announced in
The London and China Telerranh ,,
The capital is reported to havs Ipm haan
hxed at s3,000,000, and 1t has been pro-
vlded that the British merchants shall
advance loans to the Chinese at an an
nual interest rate of per cent. The
bank is to have the right to issue bank
notes and to act as an agent for goy-
ernment bonds and loans, for which
'he Chinese group shall be responsible,
New-York tribune., 1921-11-06
Security
Holder Being Stressed
Progress in Development of
Protective Measures Dmitng
Year, Industrial Group Finds

Harold Stanley, chairman Of the
Industrial Securities Committee,
submitted report, extracts from
which folloac:
Judging from available figures. the
year 1920 broke even the 1919 record
for volume of industrial financing, and
the comparison is still more impress.
sive if confined to fixed obligations
bonds and notes. According to esti-
mates, industrial companies furnished
less than 90 per cent of the amount
OF new bond and note issues sold dur.
ing 1915. The percentages in succeed
ing years nave been roughly 30, 80, 81
40 and 55 in 1920.
Gwen though commodity prices
should retrace their course to NOR
NAL" meaning vaguely the pre-wa1
level, it does not necessarily follow
that the volume Of industrial financing
will correspondingly decline. In this
connection it is noteworthy that more
than one-half of the 1920 financing
came in the second six months, after
the change in price trend. This ap-
parent paradox is explained by the fact
that the decline in sales and conse
quent backing up of inventory more
than Offset the effect of falling prices
and outside assistance was therefore
needed.
The report Of this committee for
1920 referred to the covenants which
have been evolved for the protection
OF the security holder. From this
standpoint the current period of re-
action has very special interest as
affordlng the first real test these COW
enants have received. 1t should be
remembered that industrial financing
as we know it is the result of evolu-
ton, and the note issues and protected
stocks with their technical provisions
are comparatively late development.
However, certain difficulties and in
adequacles have come to light AS men
toned in our report of 1920, the lack
of satisfactory enforcement clauses
especially in preferred stock issues
has tended to nullify the protective
provisions. In some cases the respon-
slbl!lty OF the trustee sits much too
hghSly. In certain issues the actual
ratio was at fault-either so high as
to hamper the company unduly in its
normal seasonal swings, or so low as to
ahord no real factor of safety. There
nave also been errors in definition Of
current assets, for example, the inclu-
sion cf advances to subsidiaries or
stocks Of subsidiary or affiliated com
panies when such items are not really
liquid. In many cases there has been
no proper safeguard against contingent
Liabilities. Too frequently the cove
nants have been so complicated and
ambiguous as to tax the patience CT
the borrowing company and the trustee.
AN outstanding weakness has ap-
peared in the inventory account, and it
is now more generally realized that
this vital part cf an industrial balance
sheet requires more careful study. Foy
example. it has been customary to pro-
vide that inventory be valued "at cost
or market, whichever is lower" and
prices have been carefully scrutinized
but the same consideration has not al
ways been given to the fact that in
ventory should be fairly balanced and
bear proper relation to the volume
OF SaIes'
New-York tribune., 1921-11-06
South to Benefit
By Bankers Visit

As result of the visit Of the,
investment bankers to New Or
leans the South will at least senti-
mentally play more important
part in the counting calcu-
lations esi Northern bankers.
Actual iirst-hand observation
gave the delegates an interest and
confidence in the district which
tho reading Of cold balance sheets
could never stimulate.
New-York tribune., 1921-11-06

In the absence of sales tax. which
seems to your committee very remote
possibility at this time, the next reve-
nue. law will be merely revision os
the revenue act of 1918, and viii leave
the country committed to tax ON
profits and incomes for approxim atelv
81 per cent of its revenue. The ex,
penditures for the fiscal year ending
June 50, 1922, are estimated by the
treasury at 's4,o34, 100000. Customs
yield, 1T is estimated, S7e2 600 600. leav-
ing ss,272 100000 to be raised by in
ternal taxes" 49,
New-York tribune., 1921-11-06
Turn in Business
Here, Bankers Think

The investment bankers, though
predicting no immediate leaps
into easy prosperity, were OF the
opinion that nationally the turn
upward in business had come, and
that the curve would be steadily
upward. Since July the selling
of bonds has been in a rising,
active market and investment
brokers are complaining only of
an inadequacy Of supplies.
New-York tribune., 1921-11-06

Delaware & Hudson; Delaware, Lack
awanna & Western; Buffalo, Rochester
& Pittsburgh; Bcssemer e. Lake Erie,
Pittsburgh & West Virginia.; E,lgin,
Joliet & Eastern and Buffaip & Sus-
quchanna. Mr.. Oldham's ob. ct is to
form a. system which shalt compete on
even terms with the New York Cen
trail system and the Pennsylvania sys-
TEN. Purely from a bankers point Of
view the merging of the treasury and
credit Of the Delaware & Hudson; Della
ware, Lackawanna & Western and Erie
goes far to accomplish this purpose.
From an operating point of view the
Buffalo System, as Mr.. Oldham calls
by no means as strong as the New York
Central.
System No. 3 consists OF the Pennsyl-
vania system as constituted to-day,
practically.
at q Disadvantage
System No. A consists of the Balti-
more & Ohio, Philadelphia & Reading,
Ann Arbor Lehigh Valley, Western
Maryland and two or three smaller
roads The addition of the Western
Maryland to the Baltimore & Ohio
would give it certain operating advan-
tages; under unified government oper-
alton the Baltimore e. Ohio used GER
tain parts Of the Western Maryland
advantageously. Mr.. Oldham himself,
however, recognizes that this system
would be in a position to compete for
Western business "less advantageously
than the other three systems because
of its less direct lines, and also be-
cause of the topography of the coun-