davidaulloa/AmericanStories huggingface dataset:
Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1921-03-14
Daniels Ii;,rk On The Lob

IoSEPHuS DANIELS lost no time, when
J HE crash came, in getting back to
maicy Al high noon on the fourth day OF
Narch his eight years OF service as Score
tary OF the Navy came to an end. When The
clock struck Il on the seventh day OF March
II" Was at his desk in The Office Of the RAJ
leigh Ncws and Observer, writing his new
Sa!uiatory and announcing his resumption
Of editorial labors on his North Carolina
daily. which were laid aside eight years ago
al the call of Woodrow Wilson If Sunday
had not INTERVIEWED he would have been on
the job twcnty-four hours sooner.
His salutatory. headed Home Again-On
the Job was handsomely pcnncd and
vigorous document. opening with the an
Eounccment that After an absence of eigh,
years, have returned home TO resume NV
Nfework, temporarily suspended by my
service in Washington" and closing as fol-
lows:
,r -, ne ,r world +, SIN "h@ii. shocked;
lndeetsUH and sclnshnoss q .,fter-thc-
ar" many prOhl"ms to hc solved many
issues 10 b" met. many reforms to be
Effected Ms whole az" ana ambition
- 10 do n mans part ia making a. bet
ter world Cor lhis generation and our
yh'Iren to i've m And my pulpit
speak IN" h"in and the kindly conaid-
Grafton of IA" people Of North caro-
ma IS ] rc-cnter not upon a task
hHt upon service which Will every
Gay ID" Joy and conservation"
The editorial page OF the News and Oh
server gives evidence that Daniels is indeed
on the job" He has even resumed. after
an eight years suspension the mediations
oil The sage OF Rhamkatte"
president Harding lends the support OF
nus ofhclai influence 10 the claim of those
VINO contend that good English is the way
'"t feop'" use IL. IL. used a spiii lunni-
iiy" III authorizing Chairman BENSON to
F""n IN" shipping board functioning until
ne can MI III" existing vacancies
Inc new administration is fitting The pro
h'o'ti"h ia Just "a trNc Sort O, trv.out
PERHAPS 10 see just how far /, can GO
W'h MIR i'stner .,nn NJ spry ADDED :, nj,
forces MIR Harding evidently int.nd. 60 r;v.
.iYo.. afH".1,,a,.on
ono or'aht sppt IN news Of the day l.. item
announcing reduction OF fare 10 Cuba
Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1921-03-14

Nj ntnna LEGISLATURE decides bachelors must
pay 81 a year for their freedom and well say
its dirt cheap at that.
Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1921-03-14

The Accomac News is pleased with the new
E"crriary % state and says: "Mr Harding is
I" be congratulated In having 80 strong an
ARA I" lean upon. and s he is gifted In IN,
spirit -! Cancellation and tho power OF
operation i, is more than likely that he and
Mr.. Hughes will work together effectively"
Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1921-03-14

ne new administration is fitting The pro.
"'"'''"n u" '"h' tftHc. Sort OF try-out
PCfhaiN' 10 see just how far /, ran 90
Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1921-03-14

ono or'sht spot N news OF the day 4. item
announcing reduction OF fare to Cuba.
Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1921-03-14

IIeadln" says "Trotsky saved from death
hy narrow margin Another rcgre,tabl,
illustration OF the evils OF doing business on
4 margin
Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1921-03-14

Now that beer is coming back even on re-
Stric'cd market there are any number OF
cities that arc willing to he made famous
Very inconsijerate for thieves 10 sell Lib
er'y bonds below market figures and thus de-
press III. nricc. Competing with the govern
men;, /, would Seem
Nj ntnua Legislature decides bachelors must
pay 50 year for their freedom and well say
its dirt cheap at that
Headline says "Trotsky saved from death
hy q narrow margin" Another rcgre,tah-
illustration OF the evils OF doing business on
4 margin.
Sicnihcnnt that as the allied troops marched
IN Germany announced the withdrawal OF Pill
scncr from n" market,
Evidently Farmer Evans does not know the
condition OF most Of the coal hins in Rich
'n"nG or he would refrain from these daily
much colder" predictions.
Dispatches don't say SO. hu, inference IL
that at their conference President Harding
"nd Ign"c" raderewski debated tho respective
merits Of the piano and the slide trombone
Washington dispatch says Hoover is taking
h"d of -vampinE work. why. Herb how
you?
Fritz SchcT. divorced again. says her hns
hand was a charming man when sober No
"" haven't his address. hut perhaps Frltzi
viii give it TO you
II the drys &c, through their law nro-
viding jan sentences for persons who buy a
drink. II win solve the Unemployment probien n,
by giving all work the jails
Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1921-03-14

Maybe" ,ays the Newport Srws Times
Herald. Mr. Harding knew what lie vac do
nag wh"E he selected his cabinet \; any rate
"" are inclined to think that he knew better
than soir. 81 his criii"a."
Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1921-03-14

Evidently Farmer Evans does not know the
condition OF most Of the coal bins in Rich
m"nG or he would refrain from these daily
much colder" predictions.
Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1921-03-14

Significant that az the allied troops marched
IN. Germany announced the withdrawal OF Pill
srncr from the market
Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1921-03-14

Dispatches don't say SO. hut inference il
that At their conference President Harding
and Ign"c. raderewski debated tho respective
merits OF the piano and the slide trombone
Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1921-03-14

MONDAY. MARCH -. 1921.
Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1921-03-14

WASHINGTON dispatch says Hoover IS taking
h"'d of rc-vamping work. Why. Herb. how
YOU?
Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1921-03-14

me editorial page Of the News and OBJ
server gives evidence that Daniels is indeed
on me JOB He has even resumed after
an "ight years suspension. the mcditations
OF The Sage OF Rhamkatte"
Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1921-03-14

THO farnvIIlr Herald. discussing The com
tnR "":rrargi'P ~ congregational uiqtrcts
SAYS: ~ Is tcirrab!y sure that the Democrats
who "ill, ~ course, have the usual majority
IN the acxi Legislature VIII no, draw the lines
90 as 10 give the Republicans another dis
Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1921-03-14
Heroes of Peace

Killed in the line of duty:
Grover c. Richardson.
G. II. Guthrie.
Rcn GALLON.
Il. K. Johnson.
Adolph Heinccke.
New-York tribune., 1921-03-20
The Dollar in Foreign Exchange

Much irregularity marked the course
of the foreign exchanges last week,
although generally the undertone was
steady. Sterling exhibited surprising
strength at times, and London sight
drafts climbed above 1891 toward the
end Of the week. Gold arrivals from
London were heavy, continuing the
movement that began more than year
ago. Two or three American banking
houses are not bidding for the London
open market gold in the keen compe-
tition.
French exchange fuctuated in er-
ratio manner. Paris cables have a
bearish tenor, and statement made in
the French Senate in the course Of q
discussion on the 1921 budget empha-
sized the fact that unless Germany
makes the reparation payments de-
manded French government finances
will be in an extremely bad way.
Italian exchange rates mounted above
A cents for the first time in more than
year. The tendency is attributed to
somewhat improved state of affairs
in Italy. The Italian government is
reported to be undertaking plan for
stabilizing the lira around celitss
If you calculate the cost of the dol
lar in terms of foreign money or cur
rent exchange values--that is, if you
were buying dollar with pounds,
marks or francs--its value at the close
of last week, compared with year ago,
follows:
New-York tribune., 1921-03-20
Recovery Goes
urther In i
Quiet Market
B. n = n IA
Pool Operations and Short
Covering Push Some III
sues 70 New Highs; Mo
tors Are among Leaders

influences making for recovery Il
speculative security prices wsre II III.
ascendsncy again yesterday, when the
movement toward higher levels con-
tinued. The market was Quiet. hou-
ever, and the fact that professional
buying orders outweighed sales was
probably accounted for by q desire Of
the trading element to cover more a.
their short commitments for over SIM
dsy. Without doubt, the action az
the market on Thursday and FRIDAY
when prices Of many issues rali;ed
with real display Of vsgor. tended tn
make the remaining short interest
nervous, and 30 stimulated further
covering as the week drew to close.
AS was the case the day before. II
was not easy to find any explanation i,
tne news tor the improved market
tone. Although the foreign exchanges
were firm and sterling rose above 1891,
the trend Of events on the other s;dr
still left much to be desired. Trench
exchange was steady, in the face Of
Paris advices emphasizing the depend
ence OF French financial stability upon
q satisfactory settlement of the Ger
man separations prolem. The French
have been building their financial
structure upon expectations of German
payments on the scale laid down at the
Paris conference. Obviously. If the
program does not carry through the
French situation will become acute.
Exchange on Italy continued it's dis
play OF strength, holding we'll above
4 cents to the Ira.
Special movements in the stock mar
ket included a further display of
strength in a number of the motor
shares, notably Chandler and Stude-
baker, which rose to new highs for the
year. Talk of a consolidation of
WHY'S Overland and the Willys Cor
poration to solve financial problems Of
both companies brought no response
IN WHY'S Overland shares. General
Asphalt, whose market at the moment
is supposed to be pool controlled, con-
tinued its flight, touching 627s. Allan
tic, Gulf and West Indies was still un-
der pressure. Rail shares reflected q
more confident feeling. but an excep-
tioh was Pennsylvania Railroad stock
which again fell back. Much liquids
tion has come into the market in Penn
sylvania shares this week, indicating
doubt as to the ability Of the company
to maintain present dividends.
Revival of pool operations in the
market is not surprising, in view OF
the betttr money supply.s 1t is plainly
an effort by the professional cliques
to churn the market and get O public
following.
Liquidation appeared in the grain
markets. where prices were forced
lower, wheat. dropping pa 20. 3 "a cents
Cotton was quiet, without important
changes in quotations.
New-York tribune., 1921-03-20
]. C. C. ais Bulwark
Against Bad Finance
Confined from preceding paxe.

additional stock to be put out, upon
which charges are only contingent, but
it finds no justification in the public
interest for the issuance Of bond divi-s
dends which do not assist the Buriing-
ton in its future financing, the charges
upon which are contractual and COM
pulsory. The minority goes with the
majority in the argument for the stock
issue and finds an equally strong justi-
fication for the bonds because it in
sists that the Great Northern, Northern
Pacific and Burlington roads should be
considered as system.
Here the matter rests fer the tiyne
being. Doubtless modified plan viii
soon be forthcoming, But whatever it
may be, there is no warrant for the
conclusion IN the opinion of either ma
;lority or. minority of the commission
that bond dividends are likely to 80
generally acceptable or generally apr
proved. An increase in fixed charges
without corresponding benefit to The
corporation concerned would ordinarily
be sufficient ground for denying 4 bond
increase. Only the peculiar circum-
stances of this situation brought the
Burlington plan SO near to an actual
realization.
New-York tribune., 1921-03-20
Vanadium's Ore Deposits

In his remarks to vanadiun stock
holders J. Leonard Replogle, president.
states that the ore prope4 ties at Nina
Ragra, in the Peruvian Andes, at the
time Of their purchase hy the company
contained $4,000, 900 pouYlls Of recover
able vanadium. according to the report
OF the consulting engineer, w. Spencer
Hutchinson. It will be OF interest to
note, says Mr., Replogls, tthxt as the
result OF an examination from which
Mr.. Hutchinson recently returned. and
by reason OF further. extensions Of the
working and exploration tunnels since
his previous reports he ia now assured
that the previous estimate was low. and
while his revised calculations are not
available at this time, it IS cerkain that
the ore reserves will be uiaasurabIy In
creased. 1t may, therefore, be stated
conseEvatively that the deposit now
under development insures an ade-
qnate supply for many years ct the ev-
srage rate of consumption. or even
greater interest is the belief chat the
resumption Of diamond lrilling. WHICH
had TO be discontinued because az iu-
sufhcient powax. will confirm the cor-
victi0n that thern are one Oh more ad-
dstional deposits within the limiEs of
our properties similar III character 10
that xhich II rev being dsvslopsd &
New-York tribune., 1921-03-20
W estern Road Asks
Permission for Merger

WASHINGTON, March 19.-Ihe
Minneapolis, st. Paul & Sault Ste.
Marie Railway Company asked au-
thority of the Interstate Commerce
Commission to-day to purchase for
s3,SS9,5oO the Wisconsin 4 Northern
Railroad, 1885 miles in length and de-
scribed as short line serving dis
trict having heavy traffic, but is un-
able to provide market on its own
line for The product it originates.
ssTaatic must, therefore, move out
over connecting lines, and is general
" subject to the sum of two local
rates." the application said. sThis is a
serious handicap and capital will not
tions.''
New-York tribune., 1921-03-20
Receiver Appointed
For Hampden Railroad

SPRINGFIELD. Mass. March 10
BY an interlocutory decree in the su-
perior Court to-day William E. Gilbert
OF this city, was appointed receiver for
the Hampden Railroad Corporation.
wNTn instructions to make a complete
return Of the roads assets within
thirty days. Mr.. Gilbert is president
OF the Union Trust Company here. His
bonds were placed at $4,000,
The court action was taken on a suit
brought by the Hsmpden National Rank
OF Westfield to recover on = note . .
SUIT that Attorney II. W. Elv. counseI
Tor the road, declared is a fridenIv onsl
ME. SLY said that the receivership was
Ior the purpose of winding up the az
fairs of the corporation s-1 -
New-York tribune., 1921-03-20
Iii w all Street
New Haxenss Dfleunusa

The question has been raised whether
an increase of 10 per cent in freight
rates would pull che New York. New
Haven 4 Hartford Railroad rat Of its
financial dsficuaties. Any one farailiar
with ths New England railroad sitna-
tion would be likely to reply in the
negative. New England industries are
dependent on low freight rates for
ability to successfully meet conpeti-
ton Of other manufacturing sections
Of the country. That is one of the
most bafhing phases Of the whole New
England railroad situation. New Eng
land has been for years axtifcialiy, to
some extent at least, kept in the run
ming BY receiving lower freight rates
than IT was entitled to, An increase in
freight rates might more effectively
cuc down the New Haven's revenue
than would decrease ii rates. IN anv
event, the New Haven has hard prob
lem to solve.
New-York tribune., 1921-03-20
Dress Output Fits Demand
nufacturers Learned Isessoa
IN 1920. Saws M0seas0t,rs

t)yefpredpction Of dresses hss bee9
reduced to minimum this pear accord
dustriee Of America.
Two causes have contributed largely
to- this condition., he said yesterday
The hrzt MAS the demand 0f the cons
sumer foT dresses during January and
FebruAry sending the retailer into fhe:
market efken With osaIers 70 meet it.
and the fact that dresses apparently
have \! ssaps rssdsd suits fox spring wear.
learned lssson last year and ii the
fall of 1919, when surplus stocks were
= drug On the naaxket. Cutting up dur
ing the past year Was on scale IL
with demand er fhe
kuoHn xeaaixeuAtnta cf xet&iIers.p
New-York tribune., 1921-03-20
Toynakers Want Tariff

American toy manufacturers are
strenuously opposed TO the reported
reparation plan Of the French govern
ment to permit the export of goods
not occupied by the Allies under low
tax. Virtually all of the Germap toys
now being dumped into this country,
say tho American producers, originate
oast Of the Rhine in the section favored
~ the proposed low export tax. The
toymakers are advocating so per cent
ad va1orem duty on toys imported into
the country for their protection.
New-York tribune., 1921-03-20
Garment Men to Welt u. S..

A delegation of British garment and
textile men have signified their desire
to attend the twenty fourth annual con-
vention of the international Association
of Garment Manufacturers to be held
In Cleveland May 10 to Is, according "a
A. r.. Allison, secretary. It is also ex-
pected that delegation from the Cana
dian Association Of Garment Mnnufac-
turers will attend with proposal to
amalgamatc with the international
New-York tribune., 1921-03-20
No Export Tax on Wheat

BUENOS AYRES, March 19.--Wheat
exported during the present year will
not be subjected to an additional ex-,
port tax, President Yrigoy en- declared
yesterday: An agreement has hepn
reached, he said, between local ex-
porters for the government to fix week
" minimum prices in Argentine. The
uncertainty regarding the levy Of a.,
additional tax, such as. was suddenly
imposed last year, is said to have been
one OF the causes for the recent weak
ness OF the wheat market here.
New-York tribune., 1921-03-20
Pre- War Prices for Phonogranhs

establishment Of pre-war prices by
the Columbia Phonograph Company, by
SO 1-3 per cent reduction on it's ma
chimes, has resulted in renewed buying
on the part of the public, according to
officials OF the company. Prices ON
most of the company's records have
been reduced Is per cent, it is an
New-York tribune., 1921-03-20
Celebrates Tenth Anniverxarv

The Hartman National Bank cele-
brated the tenth anniyery of its char
ter by q dinner of the officers and di-
rectors at the Biltmoro last night.
The dinner WAS followed by an enter
tainrnent Of motion pictures, of which
q feature was the display on the
screen Of special statement Of the
financial condition Of the bank show
ing comparative deposits on the char
ter day TO reach Of the ten years.
These ranged from 81 600 900 on March
20, 1911, to $4,000, 900 At the close of
business yesterday.
New-York tribune., 1921-03-20
Paris Market Quiet
PARIS. MARCH 1gTrnd;re

PARIS, March 1s. Trading was quiet
on the Bourse to-day. Three per cent
rentes, 6S francs Is confines; exchange
on London, 65 francs AZ centimes; Ave
per cent loan, 90 francs So centimes.
The dollar was quoted at IL francs a. u
centimes.
New-York tribune., 1921-03-20
Copper Metal and Stocks

One Stock Exchange firm points out
to its clients thGt experience has
shown that after business depression
copper stocks do not wait for re-
covery in the metal. "On the con-
trary," the firms adds, 4they. some
times anticipate it by many months.
For example. there was practically no
recovery in the metal during 1908, and
even in November, 1909. when the gem
eral bull movement reached top.
electrolytic copper was still selling be-
low the panic prices of 1907. Never
theless the average price of 20 copper
shares had made an extreme recovery
from 5s1s to 81N. In the bull move
ment of 1915 it happened that the
metal and stocks went up together;
but in that Of 1904 the stocks as in
1908 went up without the metal. This
trait is due in part to the ability of
the better copper companies to make
immense cuts in costs Of production,
and to scrape out profits where it
seems to be impossible, and in part to
the tendency Of the copper shares to
follow the general market.n
New-York tribune., 1921-03-20
london Money Market

LONDON, March 10. Bar silver,
3a13kd per ounce; bar gold, 1O6s; money,
Isl Il per cent. Discount rates Short
bills, 2 per cent; three months bills,
eA per cent. Gold premiums at Lis
New-York tribune., 1921-03-20
PERU (par $3.50 . pound

PERU (par $3.50 pound)
Checks ......... 3.S2 3.82 $40
ECUADOR tpar 1880 cents q sucre)
Checks ........ $50 $50
CHILE (par SS.5 cents a peso)
Checks HATS 1876 2400
URUGUAY (par loS.43 cents a peso)
Checks ......... 3.2b 1926
VENEZUELA (par 1913 cents bolivar)
Checks .......... 600 600
Canadian Exchanxe-New York funds in
Montreal, Is IS per cent premium; Montreal
1undss in New York, 12M per cent dis
count.
New-York tribune., 1921-03-20

Bid. Asked.
Penny J @ pr. 81 S6
Fere Mar ps. 81 40
do prior pr. 80 So
Petti Multi. =. 34N G25s
90 pr .....r- liz
Fhil Jones :. 30 s01z
do pr 49,. is az
Pierce Ar pr. 10 so
PCC& s l. ctfs 81 84N
+ a. r w...lls 1870
rt.ts Coal pr. SO s65a
Fits Steel pr 80 50
aond Creek c l3N isss
pr T st Car pr 92 95
hy st Spring S7A so%
:, DO pr -. .l0l 106
nay Con Cop ll7s II
hys Sec -. 6l Ia
nand Mines. -. 22z 2S1S
Reading lst pr Al AZ
DO I'd pr. A. AZ
heis & Co. 8 9
do lst pr. 4ess e8
Rem T LIST pr - s6
do ID pr. So
Rep / & S.. SO 95
Rens & Sar. 100 10
heploEle ST.. e45k o5I5
San Gee Sug. sat 4i1
9 L & S p pr 2S SO
Savage Arms. 18 IL
,eab 4 l. pr 9ix 10
Sears Roe pr. s5 105
: Siiesi I & T 40Ss 4ISl
So s & -. l21a Az
do pr $50. ssh Ss
; r Il Sua pr s6 100
Standard Miil.los ieo
DO pr ...,. ~ so
81 Jos lead. Tx 10
:, sup Steel pr 97N
MIldewator II on. lsJ l75
1inles So Au. So o
Twin City r T IS IS
do pr ,.... a5
un Bax & r 10 .a
Tn Cigar ST.. 1856 200
DO pr ..... 100 l07
y Drug LIST pr 42?s 4s
Y Ry Inv pr 25 25A
underwood T.l4s3s l57
go pr .....1ai ioQ
LsCIP& II pr 47s. 50
Z 8 Express, 55s
Y s / Al pr 81 f0i
2 s Rub pr. leIA I02
Y 3 II M pr 4c 42ss
Utah Sec Corp 1I3s IL
Va Car Ch pr S5 s7ta
Va I G & C SIS 50
viyaudoe -. 6 81
Vulcan Detin. II IS
Wabash pr u l21s Is
West Nd pr. 10 IL
Wcss Fac pr G4 81
Vest Tn Tsi. S7L rs
West'se NJ pr SO G5
West'se. 4 d. s5 a6
Wiciwfre Sp.. Is II
WiIs0u CO Or. SO rs
Wil1<a n r,r sA o.
Wis Central 50 ai
w r 4 M. 59iS 5u7s
GO pr A-..- 80 81
do pr Il. css4 6VN
New-York tribune., 1921-03-20
Silver. Market

Silver London, S314d; New York.
domestic. 99akc; foreign, 57lc; Maxi
can dollars, 43 3a1c.
New-York tribune., 1921-03-20
Bid and Asked

Following are the closing bid and
asked quotations Of stocks listed on the
Stock Exchange in which there were 60
transactions yesterday:
New-York tribune., 1921-03-20
THE AMERICAS


Der 49.74 ceHtR paf0r pe3Q3
= Nc re,z,ar,Sa $500 S4.60 49s316
f:anies :. ss<.12S 81. .12S 43.ca6
HR AzIL. {par 81 a5 cemss Q S'aper ntsre,s, ~
csbiss 3 /. {. 14,6p ss.s2S s1ses
New-York tribune., 1921-03-20
National Conduit and Cable

A meeting Of the stockholders' pro-
tectiye committee Of the National Con-
to take place on Tuesday, when the
report prepared by w. M. Coverdale,
following an investigation Of the prop
erty will be taken up for considera-
tion. Harold d. Bentley, secretary of
the committee, said yesterday that Mr..
Coverdale's report would probably be
sent to stockholders after it had been
acted upon by the interests represent
ing the shareholders. 1t was learned
yesterday that representatives of the
bondholders are getting ready to or
ganize q committee, but it was said
that it WAS still too early to announce
the personnel.
New-York tribune., 1921-03-20
Teas company,s Balance Sheet

The December 81 balance sheet of
the Texas Company. made public in
the annual report issued last week,
showed cash, receivables and oil in
ventory of $l33,83O, 900. compared with
current liabilities of $28,362,000. This
left net uick assets of $104 1868. 900,
contrasted with $62,S11 900 q year ago.
At ttes close of 1920 the ratio of total
capitalization to gross was 1.23 to /,
compared with 1.02 to / n 1919 and 1:84
in 1914. Working capital last year
amounted to 1916 per cent of gross,
against 81 per cent in 1919 and 1873 per
cent in 1914. The company's gross
earnings have increased more rapidly
than capitalization, but working cap
ital, which formerly averaged more
than gross, has failed to keep pace
with expanding business. The pro-
posed 16 pc rcent increase in capital
stock to be oered to shareholders at
par will add $2i .45o,000 to working
capital.