davidaulloa/AmericanStories huggingface dataset:
The independent-reporter. [volume] (Skowhegan, Me.) 1909-1955, 1921-02-10
First National Bank
Established 1895
Cut Price Shoe Store
Bargains In Footwear
Jas. LeWia Co.
Boot and Shoe Dealers

Geo. l.. II. Smith
Clothing and Furnishing Goods
The Washington times., 1921-03-24
BANKS ATTACK
ED.B0ARDORDER
Georgia institutions Say Federal
Body Seeks to Run Them
Out of Business.

Georgia State banks charge ir
briefs hled In the Supreme Court that
officials of the Federal reserve bank
at Atlanta are deliberately planning
a campaign to force out of business
any bank not complying with ths
par collection order" Of the Federal
Reserve Board.
The banks are appealing from lower
court DEGREES upholding the authority
OF the board to insist upon remittance
of depositors' checks at, par.
"One of the embarrassing, annoying
and expensive expedients to which the
defendant . intend to resort" the brief
charged, "is to accumulate checks
drawn on country banks in the Stat,
OF Georgia until the aggregate is 4
large amount and then. sendiI 9 a spe-
cial messenger to the bank on which
the checks are drawn, demand pay
ment In currency. hTN
THE appearance in q small town. OF
q strange person and his subsequent
Withdrawal under the eyes Of the
curious crowd of large sums OF sur
rency would in all probability resul.
in an immediate run on the said bank
that would promptly put it ous OF
business."
The Washington times., 1921-03-24
1O-DAYS' LOAF PER YEAR
ORDERED BY RAILROAD

CHICAGO, March 24--Declaring
that his road is not making operat-
ing expenses, President w. NJ. O..
Bierd. of the Chicago and Alton, to-
day announced a plan whereby many
classes of employees will be required
to give up ten days of their time
during 1921, effective Immediately.
According to President Bierd's an
noupcement, the ten day period was
agreed upon as the best means of
reducing the roads operating expense
after a conference with all classes of
employees.
The order at present will affect all
employees and officers below the rank
of superintendent.
The Washington times., 1921-03-24
Is Harris? IL It your opinion that
the stock is = good Investment?

Is Harris? IL It your opinion that
the stock ID = good 3nvestment?
Aasw<r-N4 understapas that this
company. recently Organized, - ofrer-
ing per cent preferred stock with Q
bonus OF common stock 1t has an
authorized capitalization ofsss1 .O00. 900.
half common and, haif preferred.
The company's advertising literz-
ture is as 1puch like sdtherttiro COM
pany stock selling literature as two
peas in q pod.
1t belittles the 4 per cent paid by
savings banks and shows how $500
investment in Gosdrieh, based upon.
offciai reports" grew to $346.Q0e.
We should like to know where thGGe
official reports" came from. ~
The reader of the document iA ~
to believe (and probably some VIII
that $500 put into MiAdletsvsI HHhe1k
stock will grow to $3ls.000. whl<&
impossible profits put Alacdin's faAnD
completely In the shadow. Not = line
regarding the financial affairs. 6f. th>
company is mentioned. fss
The stock IL not recommended.
We do not care to render . report
on Mark Harris.
The Washington times., 1921-03-24
CHURCH USES WANT ADS
TO PROCURE A MINISTER

BOSTON, March GA want ad"
sandwiched between ads for a book
keeper and an automobile repair man.
in the r'male help wanted" columns
of Boston paper. today called for a
minister between thirty and forty
years old. who is a good parish
worker"
The advertisement was inserted by
a "Universalist church established
over forty years, in excellent financial
condition.
In a news story on an interview
with members OF the church, It was
asserted a liberal and progressive
man" was wanted. not q theological
merely, but "a preacher of imagina-
tion and true religious spirit" The
name and locality OF the church were
not disclosed.
The Washington times., 1921-03-24
INVASION BY POLES
SECUTED AT LEGATION

London reports that armed Polish
forces have entered Silesian territory
and proclaimed a Polish republic,
were discredited at the Polish lega-
tion here today, although definite ad-
vices were lacking.
The legation stated that dispatches
to the effect that the troops of
General Haller had entered Silesia
were apparently erroneous. because
it is the understanding of, the. lega-
tion that the majority of .Hailer's
troops have been returned to the
United States.
The Washington times., 1921-03-24
Wall Street Gossip
LEATHER PRErERRED.

s NEW YORK, March 24.-.How long
can Central Leather maintain its pre-
ferred dividendr" is being asked.
This issue In previous years has
been recommended by many brokers
as semi-fnvestment. But they have
stricken II from their lista.
The directors met on Tuesday and.
for the third consecutive quarter. no
action was taken on the common diyi-
dend. On the last Tuesday in April
they VIII meet again and give out the
quarterly earnings.
This statement. It is underst ood.
will show a further deficit to be added
to the large loss written off in 1920.
Leather men state that, despite the
slight betterment in the shoe indus
try. there has been practically no
change in their, business. They re-
fuse to comment on the outlook.
stating that until conditions abroad
show Improvement, and retailers in
this country encourage buying by
radical price reductions. then-and
not until then-wilI they begin to
look for Improvement.
: Preferred stockholders. therefore.
are wondering whether their pay
ments will be continued. = tt'e
The Washington times., 1921-03-24
BILL WOULD REGULATE TRADING
IN FUTUHES.

Senator Norris, Of Nebraska, who is
to be chairman of the Senate Asri-
culture Committee. said today he
planned to introduce at the special
session of Congress a bill to regulate
future trading on grain exchanges.
He is gathering information on the
subject and said that while he had
not definitely decided on the details
of the proposed measure, it probably
would provide for regulation through
taxation.
The Senator has conferred with the
Federal Trade Commission, which has
made q study of the question and also
will discuss his measure with experts
OF the Department of Agriculture.
The Washington times., 1921-03-24
Feature of Trade Is
Steel Auto Orders

Some improvement in the buying of steel for consruc
ton purposes and renewal of cancelled orders by automobile
manufacturers has been the leading development in the iron
and steel market during the last week. according to the
leading trade journals.
1t was reported that many buyers have placed small
orders without ncrease in the average of steel plant
activity Little said of the spring demand of which
there earlier predictions and there prospect of
continued drifting market y
Price Developments not uniform and cannot be
called significant says The Iron Age in its weekly review
and scrap lower, particularly the latter. In
finished lines the weak spots still wire products sheets
and bolts and nuts AS heretofore plates shapes and bars
have been available at &c. Pittsburgh but there also
some instances of the withdrawal of that price.
The Washington times., 1921-03-24
ALLAN A RYAN STRIKING AT
SOME ONE, BUT wHOf

Allan A. Ryan. when asked as to
his resignation as a director of the
Chicago Pneumatic Toll and Vana-
dium Corporation or America yester-
day, stated: 81 am pleased to say
that my resignations were acted upon
at once and not held in a vest pocket
for months and denied"
Mr.. Ryan declined to make an ex-
pianatioi of what he meant, but
many in Wall street said they could
guess. 1t Is understood that he re-
signed from both companies after he
had been reelected to both boards.
The Washington times., 1921-03-24
HARVESTER WAGE CUT.

Many traders believe that the reduc-
tion in wages announced by the Inter-
national Harvester Company fore
shadows similar action by the U. s.
Steel Corporation.
international Harvester recently an
nounced a lower price schedule, and
1t is felt that, as the company is a
large customer of the Steel Corpora
ton, such action would not have been
taken unless the management was as
sured of its ability to procure ma
terials at reduced prices.
The Washington times., 1921-03-24
sTUDEBAKER CORPORATION
MERCERP

The rumor still persists that cer-
tain interests are buying in Stude-
baker stock in order to consolidat @
the company with the new Durant
enterprise. Inquiry failed to con-
firm this report.
The next quarterly dividend on
the common stock is believed to be
safe.
Directors are expected to be gov
crned at each particular quarterly
meeting by the conditions of busi-
Eess. which now appears to be on a
satisfactory basis.
The Washington times., 1921-03-24
PUNTA ALLEGRE .DIvuDEND.

The meeting OF directors Of the
Punta Allegro Sugar Company. sched-
uied for yesterday, was postponed un-
I'll Monday. due to inability to get a
quorum.
As stated several days ago. the
directors are expected to reduce the
quarterly dividend.
The capital stock. $50 par value, is
now on a 16 per cent annual dividend
basis. A cut to a "a or IS annual rate
Is looked for making an 8 or 10 per
cent yearly basis.
The Washington times., 1921-03-24
BLISS EXPANSION.

The 1920 report OF L. w. Bliss G.
Co. showed a decided Improvement in
net earnings over 1919. The outlook
appears good for the company. which
has orders for machinery amounting
to 81, 100000 on its books. and billings
are about $1,o0o.oO0 monthly ahead of
those OF last year.
Enough orders are at hand to keep
the company busy for months.
In view OF the general sentiment
in Washington regarding a bigger
navy. +. c. b. Page. president,
is confident that his company will get
a good share OF Government ord ders.
IL they are placed.
Officials base their confidence for
a larger business this year on the
Improvement In the automobile In
dustry. which uses a large percent
age OF the compan ny's output
The Washington times., 1921-03-24
BUYERS INCREASE
IN n. Y. MARKETS
Attendance of representatives
of Retailers in Various Parts
of Nation Is ENCOURAGING.

NEW YORK, March 23.-One Of the
most encouraging features In the
local wholesale markets IL the pres
ence OF a large number of buyers for
retail establishments in all parts of
the country.
According to the wholesaler and
the record Of buyers arrived. more
buyers are here this week than last
week.
The new invasion Of buyers, how
ever. does not indicate a marked
scramble for merchandise. The re-
tailers have not broken away from
their conservative buying policies,
and their orders individually are still
small.
nrmer than when the buyers were
here in large force couple of months
ago.
Some Of the buyers regret not hav-
ing placed larger orders on their
initial trips this year, but most of
them are content with the develop
ments that have taken place in the
markets.
The retailers are carrying extreme
ly light stocks, particularly in spring
and summer merchandise. say their
buying representatives. and I'm some
cases sales have been lost through
the inability to supply the customers
desires.
The firmest markets, say the buy
ers, are millinery, shoes and dresses.
and some difficulty in obtaining quick
deliveries OF needed merchandise in
these lines is being experienced.
The Washington times., 1921-03-24
REALTY ASSOCIATES UNDER
BANKING Law.

n. B.-I should like to have your
opinion of Prudence Beads, sold by
the Realty Associates InvestDent
CePDsratisn 81 New Yerk. DO you
think these bonds good invest
ment for a wofkingman who has
$1,000? What ! particularly desire
to know Is IL the Realty Associates
Investment CsrDoraties Is operating
uhder the banking laws of New
York and supervised by the State
banking department.
Answer-We are advised that thii
company Is under the direct super.
vision of the New York State banking
department.. We believe their Prs.
senee Bonds are an excellent invest
ment.
The Washington times., 1921-03-24
A PERTINENT OPINION.

In analyzing market conditions. n
prominent broker states: One can do
no better than repeat an opinion ex-
pressed by Secretary of War Weeks,
in commenting recently on the cx-
penses OF the Government.
The Secretary estimated that
something like $4,000, 100000 must
be provided to meet the running ex-
penses of the Federal Government
for the next thirty days.
This" he said. "is an infinitely
greater task than was ever under
taken by any nation OF the world in
time of peace, and there is no one.
skilled in financial operations though
he may be, who does not view the
prospect with more or less alarm"
The Washington times., 1921-03-24
American Hide and Leather and other
specialists will aiso make q rather
unfavorable showing.
GENERAL MOTORS DIvIDEND.

General Motors directors are sched-
uled to meet today and will probably
declare the regular quarterly cash
dividend Of rs cents a share.
Last quarter, the company stopped
the distribution of 1-40 share of stock
which had been made in addition to
the cash payment In previous quar-.
ters.
The slight improvement in the auto
mobile trade has helped operations Of
General Motors. so that the cash pay
ments are looked for.
The Washington times., 1921-03-24
DECLARES EXTRA DIVIDEND.

CLEVELAND. March 24.--Directors
Of the American Shipbuilding Com
pany have declared the regular quar-
terly dividend Of IL per cent cash
on the preferred and common stock
and an extra dividend of PA per cent
cash on the common shares. all pay
able on May 2 to stock of record at
the close OF business April 16.,
The Washington times., 1921-03-24
CRUCIBLE STEEL FOOL.

Encouraged by tho good showing
Of the Steel Corporation for 1920. the
Crucible pool engineered q new ad-
vance.
Traders have become wary of SELL
ing Crucible short. The. stock, there
fore. is in a technically weak posi-
tion, and insiders don't nnd 1t easy
to take their profts.
Brokers who realize that the Steel
Corporation report has no bearing on
curreat conditions point out tlAt IN
dependents are finding II almost Inn
possible to earn any profit on their
present operations. ...
The economy effected through
lower wages and in some cases by re-
ducing the working force, has been
more than Offset. they state. by the
Increase in costs due to lessened
production.
The Washington times., 1921-03-24
NO sEARs-ROERUCK FINANCING.

A dispatch from Chicago states that
an official denial had been made by
the Sears-Roebuck Company that any
new financing has been discussed or
thought OF.
However. the fear still exists that
the directors will deem II advisable
to omit the common dividend at their
meeting early next month.
Last quarter the payment OF y per
cent was made in scrip. II is estimated
that gross sales In March will be
about IS per cent under last years.
The Washington times., 1921-03-24
A BIG STEEL ORDER,

3 A ticker states the American
Woolen Company had placed an or
der for $5,OO0.0OO of structural steel
material with the United States Steel
Corporation.
This material, 1t was said, was for
additions to American woolen fac
tories in Massachusetts,.
Inquiry at the Steel Corporation.
however. brought forth an emphatic
denial that such an order had been
taken.
The Washington times., 1921-03-24
TO DOUsLE CAPACITY.

The Wilmington Bleachery Com
pany. OF Wilmington, Del, has an
nouDced that. due to inability to
handle properly orders that are FLOOD
Ing the concern. they will find 1t
necessary to double the capacity OF
their plant within the next month. u
The Washington times., 1921-03-24
IRON MAN OPTIMISTIC.

J. Il. Walker. manager OF the East
ern Malleable Iron Company. of Will
mington. Del, believes depression In
business has about ended.
His company. which manufactures
noelties employs 1000 men when run
ming to capacity.
The Washington times., 1921-03-24
STATE OF SAN PAULO Ss.

Mrs. r. o. C.-Will you please let
me know what you think Of the
State Of San Paule, Drasil, Afteen-
year Der cent sinking fsnA gslA
bonds 81 1891 dae 1887 Are per-
manent bonds available?
Answes-We believe these bonds
offer a very attractive investment op-
portunity. They may be obtained in
$500 and $1,000 denominations.
Only the temporary bankers re-
ceipts are obtainable now. These GER
tifcates carry the July 1 interest pay
ment. After that permanent bonds
will be ready.
The Washington times., 1921-03-24
Prosperity Returning
as.s PER CENT OF SAVINGS IN U. 8.

2s.s PER CENT OF SAVINGS IN U. Q.
Accordias TO H. III. Wheaton. execu-
tive manager OF the New York Saw
ings Bank Association. depositors In
this country own 2S.9 per cent of the
worlds savings.
Despite this fact which credits the
average deposition In the United States
with larger sum than citizens of
other countries In proportion to the
population. Mr.. Wheaton says most
foreign countries exceed US in saw
ings.
One out OF every five inhabitants of
France has a savings account.
The Washington times., 1921-03-24
MR. sCHARF MADE A. VICE PREsI.
DENT OF I'd NAT. BANK.

Jacob Scharf, auditor Of the Sec
ond National Bank. who has been with
the institution for the past twenty
seven years. was yesterday afternoon
elected a vice president Of the insti-
tuition, to fill the vacancy caused by
The Washington times., 1921-03-24

the promotion of Victor B. Deyber to-
the presidency of the institution.
native of Bucks county, Pcnnsyl-
vania, Mr.. Scharf began his business
career in a real estate Office, shortly
thereafter turning to the Second Ma
tional Bank, where he has held a
number Of positions
The Washington times., 1921-03-24
NEW GOAL ENTERPRIsrs.

The organization OF nineteen coal
mining companies In West. Virginia.
Virginia, Tennessee. Oklahoma and
Kentucky were announced last week.
The total capitalization Is $4.s75,-
600. the largest being $2,000,00O and
one $1,000. 900.
The Washington times., 1921-03-24
Killed as Train Hits Auto.
GRANTsVILLE. Nd. Ma

GRANTSVILLE. Nd, March 24.--
Or. II. w. Smith. aged thirtythrec, a
physician. OF California, Pa, was
killed Monday near Brownsville.
when Pittsburgh and Lake Erie
train struck the roadster In which Dr.
and Mrs. Smith were riding.
The Washington times., 1921-03-24

reports. covering raw silks, sewing
silks and twist. fancy silks, thrown
silk. board silk. spun silk. Innings.
ribbons and velvets. expressed con-
fednce that better business II coming.
The Washington times., 1921-03-24
UNITED EAsrERN MINING.

w. F-Kindly let me know II
United Eastern Mining CsnDany
has paid dividend so far this
year.
Answer-The company paid q regu.
lar quarterly dividend Of IS cents q
share on January IS. 1921.
The Washington times., 1921-03-24
/, QUARTERLY STATEMENTS.

: Une dIsaEreeabIe factor that the
stock market will be obliged to con-
tend with next month is the state
ments OF earnings to be issued by
many companies for the current quar-
ter. -
The Steel Corporations statement.
due at the end of the month, will
doubtless reflect the quietness in the
industry and compare unfavorably
with income Of the previous quarters.
The Washington times., 1921-03-24
POLITICAL ECONOMY.

DR.. r. ]. Donohus. Of the Catholic
University faculty Is to deliver an
other Of his series of lectures on po-
litical economy before the advanced
class of Washington Chapter, Amer
ican Institute of Banking this even
ing.
The Washington times., 1921-03-24
SILK INDUSTRY rORECAs en-

A better outlook In the silk indus
try for the coming year was forecast
In reports submitted at the annual
meeting of the SILK Association OF
America by representatives of the va
rious branches of the business yes
terday.
In practically every instance tn.
The Washington times., 1921-03-24

Her husband made her compete
with doG for. hcr meals. Read OF
this child-brtde's matrimonial Misery
In Sundays Tlmes.
The Washington times., 1921-03-24
FORD SALES INCREASE.

The Ford Motor Company OF New
York reports that Its sales are better
than at any time in Its history. APP
proximately 270 cars are being turned
out daily from the assembling plant
at Kearney, N. j.. and this output n
not sufficient to fills Mt orders.
The Washington times., 1921-03-24
Incurred Investments Z

No ship owner would send his
marine insurance. Ships at sea
face many disasters--collision,
fire, Jnutiny, accidents to machin-
cry, *etc.4 If a man thus guards
Against loss at sea. will he rot be
tustiffNd In Investing in securities
we'll protected by land?
In our fifty-two years Of busi-
ness not "a single investor in our
First Mortgage Notes has lost
anything on notes purchased
through us. Their ''ships cafne
home" safely. -
The Washington times., 1921-03-24
5 ,~usss amssss ss-un BUSINESS AND FINANCE E. #5
EDITED BY
WILLIAM N. CONRAD
Investors Service

Timsw
all
0s % r.s n reply
@ ssS T sunssy SsS Huidns % " " ~
The Washington times., 1921-03-24
CAR LoADINGs SHOW DECLINE.

The number OF cars loaded with
revenue freight during the week of
March u totaled 702. .O6s, a decrease of
117,261, compared with the correspond
ing week of 1920, according to fig
ures announced by the. car service
division of the American Railway As
sociation today. This is also de-
crease of 1854 from the record of
the preceding week.
The number of cars loaded with
coal fell to 136.097, which is a new
low mark. There were decreases also
in loadings of grain products, how
ever, showing a gain of 1,SS3 cars
over the preceding week.
The Southern and Allegheny dis
tricts were the only ones in which
total loadings exceeded those of the
week before.
The Washington times., 1921-03-24
STEEL PLANT RESUMES.

The United Alloy Steel Corpora
tion's plant at Canton, Ohio, which
has been closed since last November,
Is resuming operations and lighting
open-heartff--f furnaces. An electric
furnace and the nine-inch mill Will
be operated, with the eight Inch mill
scheduled to start April1.
The Washington times., 1921-03-24
ESTIMATE OF GOVERNMENT.

An estimate OF 1881. 900 equivalent
6Oo-pound bales for the 1920 crop was
forecast by the Department OF Agri-
culture last December.
Included in the 1920 product ton are
211 1913 bales, which ginners estimat-
ed would be turned out after the
March canvass. Round bales includ-
ed are 2oS, 1884. compared with 114.3e5
for 1913. American-Egyptian includ-
ed was s1.SS5 bales. compared with
40,437 for 1919. Sea Island included
was 1,725 bales, compared with 6,s1s
for 1919.
The average gross weight per bale
for the crop, counting round as half
bales and excluding liners was sos 4
pounds. compared with 50i.2 for 1913
and 505.6 for 1918.
Ginneries operated for the 1920
crop numbered 1895. compared with
17,S15 for 1919.
Total ginnings. in equivalent SOC
pound bales. by States, fellow: Ala
bama, 67o.721; Arizona. 104,s53; Ar
kansas. 1,177,os5; California. 77.443:
Florida, 1s,1s4; Georgia, 1,44s,577;
Louisiana, sss.s55: Mississippi, Ss7,-
1881 Missouri. 1882; North Carolina.
9SS.582: Oklahoma, 1,2S7.6s9: South
Carolina. 1,S39.470: Tennessee, 3l3.-
747; Texas, 4.130.1e7; Virginia, 2O,844;
all other States. 1858.
The Washington times., 1921-03-24
AIR BRAKE AND CorrEns.

J. ~. G-I should like TO have
your opinion Of New Ysgk Air Drake.
Do you think the stock 10 q sound
investment? Also. what IL your
opinion OF Kennecett. nay Censsli-
dated. and Miami CeDDerss
Answer-New York Air Brake
should not be classed as a sound in
vestment, nor should any other stock
that yields Is per cent.
We do not care to undertake a
prophecy as to the future position
marketwise of AiApprake, nor are we
in any position to know whether the
10 per cent dividend is even reason
ably secure.
The copper stocks referred to are
speculations that are even harder to
size up than AIR Brake.
Doubtless the future holds in store
good things for the copper companies,
but IL anyone attempts to say how
long the present staSnAtion in the
metallic copper market Is to last, he
quickly Is getting into hot water. and
we cannot attempt to advise you when
to purchase copper stocks or which
ones to buy.
They are all pretty much in the
same boat