davidaulloa/AmericanStories huggingface dataset:
The Washington times., 1921-05-02

so heavy and the outlook is less dark
owing to the fact that unskilled labor
Of number OF the transportation
companies has informed the railway
executives that il Is willing to accept
wage reductions running from so
cents to 81 day. Some have already
made agreements, Notwithstanding
that the United States Labor Board
has not made its ruling on a general
cut in wages. There are from 400. 600
to 45O,000 unskiIled laborers employed
en- the nations arteries of commerce.
When the wage situation ID settled
the railroads will then devote their
attention to a campaigDfor the reduc-
ton Of freight rates which are a
source of complaint from shippers in
all parts Of the country.
sALvAGING WRECKS.
Quite a number of Industrial wrecks
are expected to be washed up on the
financial shores as soon as the frozen
credit situation becomes such that the
banks can safely force the paymentsof
loans without undermining the gen.
eral indust rial situation.
As it is now, many trust companies
and banks are being forced to extend
loans as they mature owing to tie
inability of the borrowers to pay them
ou. INV SoihpuhicS "puiu
be placed in the hands OF receivers.
but there are so many companies in
unsound financial position that 1T
would be highly expensive for the
banks to force the companies to the
wall.
The Goodyear Tire and Rubber
Company financing is an illustration
of what constructive work can be
done IL patience and cooperation are
used. One fair-sized company finds
itself in a position where, owing to
falling off in business and a sub
stantial inventory. it cannot take up
it's commercial paper. A committee
of bankers has been formed and is
now directing the company's business
and inducing holders Of maturing pa
per to extend 1t pending Improvement
in business which is expected to re-
suit from a proposed reduction OF so
per cent in the retail price Of its
product.
number of prominent bankers
are making preparations for the pur-
chase Of wrecked companies. They
believe that there will be consider
able money made during the next two
years in salvaging wrecks. They may
form companies which will make
speciality of buying the assets or
bankrupt concerns.
The Washington times., 1921-05-02
Federal Reserve Board
Sees Business Improve

Complete business recovery is prov
ing to be slower than was generally
expected. according to a review OF
conditions for April, issued by the
Federal Reserve Board today.
The month of April has. however,
given evidence OF the development
OF an improved feeling in many sec
tions OF the country" the report adds.
While there is still much uncertainty
as to when the readjustment now in
process may be expected to reach its
end, and while the business situation
in some sections OF the country and
in some fields OF industry Is still beset
with difficulties, some of the recent
factors of uncertainty are either
being eliminated or are Of diminish
ing Importance.
The Washington times., 1921-05-02
HARVARD ANEMlC, SAY
FROSH;;' BAN ON FIGHT

BOSTON May Harvard has
pretty well gone to pot" say stud
ents. The latest ban is placed on the
senior picnic down the harbor and
the annual "free-for-all' between the
seniors and the freshmen on the steps
OF Widener Memorial Library.
The annual free-for-all, theoretical
ly, 10 no Tight at all, but simply the
photographing OF the senior and
freshmen classes on the library steps
But theory and actually differ ThS
last-year men use the occasion to
make their appeal" toath freshmen
for contributions to pay the expenses
of the senior picnic. Last year the
appeal looked like an sirplane view
of Chateau Thierry.
The Washington times., 1921-05-02
The Cotton Market
Furnished by Thomson q McKinnon.

Notwithstanding the many conflict
ing influences that have recently sur
rounded the cotton market, the nuc-
suations have been comparatively mar
row. During the entire month of
April. the October option has only
moved within a range of 1 per cent
and during the week ending Friday
night, the range has been twenty
points.
The business on the Exchange has
reached the stagnation stage, the
daily volume being exceedingly small:
neither the public nor the professional
element see any incentive for trading.
Such dullness under existing world
conditions, is unnatural, and it is
more than likely that in the very
near future a revival of activity may
be expected. as market factors are
now developing, which Of necessity.
will compel attention.
To begin with. in Europe, affairs
have reached that stage where def
Unite settlement of the reparation
problem Is very close at hand The
German government will accept the
The Washington times., 1921-05-02
PRESERVE RAILROAD CREDIT.

The bank in discussing the railroad
situation emphasizes the need of pre-
serving railroad credit II the trans
portation lines are to meet the grow
ing needs of the country.
The talk to the effect that the
Esch- Cummins act Is a failure Is un-
warranted. 1t has laid down q sound
general principle of rate making for
the guidance of the Interstate Com
merce Commission. viz, that charges
should be so adjusted as to produce
a fair return upon the actual value
OF the aggregate property employed
in the transportation service. and
named 51a per cent for the first two
years.
1t is true that owing to the high
cost OF operations together with the
general reaction in business, the new
rates have not produced the return
contemplated: and IL is also true that
some of the rates adopted have had
the effect of diminishing traffic. But
that does not prove that the principle
laid down in the act is unsound.
There is no getting away from the
principle that the railroads must earn
and pay the cost of operating them.
The present situation merely empha-
sizes the necessity of reducing operat-
ing costs
The Washington times., 1921-05-02

terms offered, as there is no alterna-
tive. ..-
Then we have a very bullish foun-
dation in the prospect for the next
crop. Private reports that are :,ow
being published confirm the views
which we have frequently expressed.
that the acreage will be materially
reduced and the preliminary estimates
show a reduction of approximately 80
per cent, and an equally large reduc-
ton in the use of fertilizer.
While the weather through the belt
has been unfavorabIe, the crop is
getting a poor start. and therefore,
Notwithstanding the besrish statisti-
cal position Of cotton, the trade of
the world must soon recognize the
fact that with a short crop next year,
they will be in a poor position, the
advantage will be with the owner
and it 10 just possible that we may
witness competitive buying for The
choice grades of the remnant OF this
crop.
Reports Of trade conditions are de-
cidedly better, and there has been an
improved demand for cotton in thu
South
The Washington times., 1921-05-02
INJURED
AS TRAIN JUMPS TRACK

ROCKFORD. Mimi. May "A
dozen passengers were injured and
nearly 100 more were badly shaken
when a 500 Line train. which left
Minneapolis last might: was deraiIed
two miles west Of here.
Witnesses declared that the acct
dent was caused by broken rail-
which snapped as the rear coaches
OF the train passed over IL, Three
cars, two pullnans and~an observa-
ton car. were thrown from the
track in the derailment and rolled
over three times, hurling the pas
sengers from their berths. .HE
The Washington times., 1921-05-02

stating that the Mexican Railroad
Administrator has completed the
purchase of ninsty-one locomotives
in the United States for immediate
delivery.
1t expects to purchase twenty more
within few days. ss.ss sssa
-r.e -------- NV .r1 be
TOBACCO EXECUTIVE RETURNS.
George j. Whelan, president United
Retail Stores Corporation. returned
to New York Saturday after a months
trip to England and France.
Mr.. Whelan said the most of his
time was spent in England. in cons
nection with a proposed plan to
change the Tobacco Products Export
Corporation from an American to a
British corporation. He said. how
ever. that considera BILE details re-
manned to be worked out. and that
the plan was by no means complete.
Mr.. Whelan spent but q short time
in Paris. and said that nothing had
been done by him during his visit
there with respect TO any acquisi-
ton of the French tobacco monopoly.
The Washington times., 1921-05-02
PRICES PIVOT POINT.

The point upon which the business
situation has pivoted since the recess
sion movement begun last autumn
has been prices. The fall OF whole
sale prices. which has been continu-
Gus and at times precipitate in recent
months Especially for the agricul-
tural raw materials group, appears
to be in process of arrest. At any
rate, many wholesale prices have
shown a greater degree OF stability
during April"
Among the factors regarding re-
adjustment are retail prices. high
transportation charges, wages, and
the relatively high prices Of such
important requisites Of production as
coal and steel, the report continues.
While labor is participating in the
process of readjustment, the partici-
The Washington times., 1921-05-02

preferred and swift 4 &c. per cent
stocks are good investnsests. Do
you think these companies will al
ways pay their dividends? Which
of the two Is the better?
Answer.-Armour 4 Co. per cent
preferred. at S9&. will yield 100 per
cent. We believe 1t to be reasonably
secure as to dividends and attractive
speculatively as TO price, as II is sell
ing now "a points under the high OF
last year.
Swift is selling slightly under par
and therefore yields a biz more than
per cent. Its present level is 81
points under the high Of last year
There has been nos wee r tsince 1885
in which Swift q Co., missed i1iyi-
dend. In no year has. less than 6,per
cent been paid, and since 1915 the rate
has been s per cent. plus extras as fol
lows: 80 1-3 per cent, 1916; per cent.
1917; IS per cent in stock, 1918.
There is very little chance, we. be-
lieve, that dividends on either issue
are in danger for the time being and
think that either stock will give you
good Investment ! b n. -
The Washington times., 1921-05-02
Gun Shoots Around Corner

DETROIT. Mich. May "A drvice
that permits gun to be shot Gin a
circle" has been Invented by Alexander
r Fisher. OF Detroit. The United
States War Department has Just sent
him two Springfield rifles. which Re
will equip with his device. and he
hopes to obtain the Endorsement OF
the Government.
Friends OF Fisher substantiate- his
claim that a gun so equipped will on
able a policeman to shoot around q
corner and MAIN robber without be-
ing exposed to q return IRE
The Washington times., 1921-05-02
POPE APPROVES ORDER
! TO TEACH IMMIGRANTS

ROME, May 2.-Twenty-nve,% nuns
who sailed from Naples on April "A
for Trenton. N. J., to establish a new
religious house are bearing an auto
graphed letter from Pope Benedict
ordering that the new institution
shall be the Mother House" to simi-
lar institutions.
The chief aim of the new religious
house will be to educate the daug n
ters of immigrants. The vicar gem
eral OF the institution will reside in
Trenton as the representative OF the
superior general, who resides in
Rome
The Washington times., 1921-05-02
Spent Loot on Woman Barber

PORTLAND. Oregr May John c.
Johnson. bookkeeper for contract
ing company here. was arrested
charged with embezzlement from his
employer of more than $4,000.
Officers said Johnson confessed
having taken the money and in a
detailed statement said he had Law
ished 1t all on a woman barber for
merly of Portland. but now Of Aber-
deem, Wash.
The Washington times., 1921-05-02

EDITED BY aE1 9. =.
WILLIAM N. CONRAD
Banks in,Good Shape,
Reports ShouU Today

With the call OF Comptroller of the Currency d. R.
Cssnger today for the condition Of the national banks
of the country April 49, Washington found that its
banking institutions steadily progressing and in few
instances any losses shown in deposits .-,aat
Where any losses shown, it is pointed out this
be directly attributed to the special date which the
roler picked out and of the breaks for that time of the
month -, ,ss
The Riggs National Bank reports deposits of approx
mately $23,0OO,OO0, which is gain Of approximately
81, 500 600 over the last call
The Washington times., 1921-05-02
AFTER CHILEAN RAIL ORDER.

Commercial Attache Mcqueen, at
Santiago. Chile, has reported 10 the
Department of Commerce that tenders
for steel rails joint rails, spikes,
bolts, switches. and crossings of a
total value of about 81, SOC. 900 " h ciI
were received and opened AZ SAINT fsg 0
On March II by officials of the State
Railways included bids from German
french, and Belgian manufacturers
N addition to American.
Two German proposals were sub
n.itted, one by the Metalgecselschatt
Frankfurt and the other by the LEGAL
representative of krupp * Co, OF
Essen. One French and one Belgian
bid were received.
The German bids were considerably
lower than the others. the report
stated. but their failure to comply
strictly with specifications. including
terms OF payment, may, prevens their
receiving the award, and At Is p-ob-
able that all bids will be rej,cted
pending possible reductions in other
markets.
The Washington times., 1921-05-02
Acid Test for Stock
Market This Week
BY BROADAN WALL.

1nasmuch some of the most conservative bankers
have been declaring that the recent upward movement In
the stock market to concentrated banking support
to aid the fotaton of the $23O0OOO0 Northern Pacific
Great Northern 62 per cent bond ISSUE the
that the loan has been placed with investors puts the
securities markets in position where they will have to
undergo an acid test this week.
If stock quotations continue to manifest strength the
higher figures will be accepted evidence of bull
market If they don't continue upward the statements
OF those who have said that the rise manipulated will
become fact and concentrated drive is expected by the
large bear element.
Big stockholders of prominent motor companies who
have voice in the management of the in which
they have large amounts of money invested that while
general reduction of prices not expected until the end
OF the summer they look forward to general cutting be-
cause of competition &
The Washington times., 1921-05-02

AMERICAN sECURITy 4 TRUsr co.
\ The American Security and Trust
Company. with deposits OF S22,0lS,-
s32.44. shows a fractional loss Of a
bit over $1,000. - g-
With deposits of approximately
$500. 900. the National Savings and
Trust Company shows gain of $780,
4l545. while the, Liberty. National
Bank also shows a gain of $s3,574.7S.
Other deposits and gains are AZ
follows: Franklin National Bank,
33.13O.777.5O. 3103,4s5;, American Ma
tional Bank, S4.38415S.24, 1891 ,o04.s4;
Merchants Bank. $1,s47,3743s. $l70.-
576.s5; Mount Vernon Savings Bank,
fS1,S10,74S.72. S140.1sz.o7; Security
Savings and. Commercial Bank. $3.-
10.29S.s5. S6S.4s1.51.
The institutions showing a /. do
crease in deposits, follow: .
Federal National Bank, with de-
posits of S4,1lS.s20.5i, shows the
fracti0nal loss of s3s.511.5s,
The Continental Trust Company
with deposits approximating 81, s02.-
600, shows a decrease OF about $3.50.
900: while the Second National Bank
with deposits. Of $s.s2s547.ss.' shows
decrease from the last call of So
258.86. =. -.
The Washington times., 1921-05-02
HAD HARD TIME TO GET
S. ON $4,000 JEWEL

SAVANNAH. Ca, May The
81 900 reward for the recovery of the
S25,O diamond and sapphire brace
let lost in Savannah by Mrs. Horace
DeLisser, OF New York. and found by
negro boy, has been paid and the
bracelet returned to its owner.
The boy found 1t on street He
had considerable trouble in getting
any one to advance him as much as
x5 on 1T
The Washington times., 1921-05-02
Office Of the
lAAsI0N M0M0IYPE MACHINE COMPANY

PHILADELPHIA, April 18th. 1921. q
The annual meeting of the stockholders
Of the LANSTON MONOTYPE MACHINE
COMPANY will be held at the Elks Home.
Corner Prince and Royal styeets. sAiexan-
dria, Va ct, Aweive o'clock noon. on
Thursday. the 6th day OF May, 1871 for the
purpose of transscting such business "
may properly come before II. 80.
Transfer books will be closed. on April
3bth at four O'clock p. NJ, and viii be
reopened on May 10th at ten o'clock A. M.
BY order of the Board of Directors -
w.tARTHuR SELLMAN,
Hs - Secretary.
The Washington times., 1921-05-02
CAN PLEDGE MORTGAGE
BONDS AS COLLATERAL

The hibernate Commerce Commits
sion today granted authority TO the
Virginia } Blue Ridge Railway to
pledge and re-pledge from time ITO
time $4,000 of first mortgage per
sent bonds now held in the carriers
treasury as collateral security for any
note orS;notes which may be issued
under fhe Interstate commerce act.
The Washington times., 1921-05-02
Plumbers Cut Own Waves.

CUMBERLAND. Nd, May 2TThe
local -pIpHA<fs have, voluntarily cut
theiv own " A9eF from b&l-12A TO 81
an hour. This action was taken at a
meeting OF Plumbers. Steamftters
and Helpers Local. No. $50, Friday
night. Ralph Clark. president, saws
the reduction was made at "the solicit
tation of the chamber OF commerce
to forward building needed in this
city"
The Washington times., 1921-05-02
Fix County Tax Rate.

BROOKNEAL, Va, May 2.--The
supervisors of Campbell county have
fixed the county tax. rate at fifty-five
cents, the same as last year, an in
crease being unnecessary because OF a
heavy real estate assessment gain
over last year
The Washington times., 1921-05-02

3 Mrs. r. r. L.-Plesse give me Your
opinion OF Atchison. Topeka 4 Santa
Fe Railway convertible a.. due
1890. Is IL a better bond at 1914
than the general mortgage IS Of
1895 at 16N? Would you prefef 1t
to the adjustment As. due 1882
Answer-Any OF these bonds is a
high grade investment We should
say that II was a toss up between
them
The convertible as of 1860 are con-
sertible at par into the common stock
PRIOR 10 june 4. 1928. and on account
OF this provision sell higher than the
Gen4skl As and about ten points higher
than the adjustment IS
:, Originally outstanding in the
amount OF s43.8S6. 900 they have been
retired through convertible until only
$40. 90, 900 are outstandin They are
a direct Obligation, but not. mort
gage.
The general As of 1895. are secured
by first lien or 5.241 miles and by
collateral lien. on; 1.S9I miles and sec
ond lien on zoos miles! The adjust
ment As are secured by a second lien
on the property covered by the" gen
eral As.
The Washington times., 1921-05-02
Boston Tech Dean Quits.

BOSTON. May 2.-Alfred e. Burton,
dean Of students at Tech since 1902,
has announced his resignation. His
action was necessitated by the Illness
Of his wife. who is IN California. where
Dean Burton will 60 upon completion
of his duties
The Washington times., 1921-05-02
UNITED STATES SHIPPING BOARD
EMERGENCY FLEET CORPORATION
Proposal to Erect Fuel Oil Storage Bunkering
Station on Craney Island,
Norfolk Harbor, Va.

Sealed will received United States
Shipping Board Emergency Fleet Corporation by
Room 5O7 As Broadway New York City
May g. 1921 to 10 A. M. at which they will publicly
opened
installation Of 20
II. in diameter and IT, thick resting wooden
erection Of two frame and twelve pile dophns
erection 5000
material supplied by the United Shipping
dredging 100000 cubic of
dockheads and Norfolk channel.
Plans and Specifications of the above work
the District Purchasing Agent u S. Shipping Board
b07, 45 Broadway New York City deposit Of $500.
The Board the right reject any all bds
Sealed bids addressed Engineer
York City, endorsed
Sealed Bids for Erecting Fuel Oil Storage Bunkering Station
Island Norfolk Harbor Virginia, DO Open
The Washington times., 1921-05-02
LOST PURCHASING POWER.

"A great portion of the population
has suddenly lost a large part of it's
purchasing power" says the bank.
and no longer is able to buy the
products of the other Industries as II
has been accustomed to do. The
people in the other industries. en-
pioyers and employees alike. seem to
have no definite idea about what has
happened to them, but are sitting
around. trying to cheer each other
up, and watching the skies for better
weather. There has been on such dis
location OF exchange relations, either
between countries or between indus
tries within this country, in all the
past. That dislocation must be cor
rected before trade can be restored
to normal proportions.
THE next thing is to stop talking in
terms of money only, when compen-
sation Is concerned. The labor lead
ers knew better than that when the
cost OF living was rising; why not
recognize that the purchasing power
OF money is OF as much Importance
when II Is rising as when 1t is fall
ing? And why not recognize that
the wages paid in every industry are
factor in the cost of living Of all
the wage-earners?"
The Washington times., 1921-05-02
STEEL CUTS MONTHS EVENT.

The outstanding event during the
month in the iron and steel industry
says the report, was the reduclio
by the United States Steel Corpora
ton on April II of it's schedule of
prices on various standard products
TO figures 8 to Is per cent below the
prices OF the Industrial Board. Pig
iron production during March was
1,595,522 tons, as compared with L.
957.257 tons during February.
Building operations showed in
creased activity during March. which
is a normal condition for this season
of the year. Contracts awarded in
the New England States amounted to
$13,262. 900 during March. an increase
of ~ per cent over February. The
New York district reports contracts
amounting to 500 $40, 900. an increase
of 40 per cent over the February fig
ures. or this total SO per cent were
for residential buildings.
The report finds extreme uneven
ness" in price reductions, some com
modities having receded practically to
pre-war basis. while other indus
tries make no reductions at all.
The Washington times., 1921-05-02
DURANT ORGANIZATION.

William c. Durant Is gradually, but
steadily, rounding OUT his organiza-
ton for the Durant Motor Company.
He will have the assistance of many
automobile men who helped him build
mp the General Motors and Chevrolet
companies.
Directors of automobile companies
state that 1t takes from one and one
half to two years for a new company
to turn out a perfect car. Engineer
ing problems consume most of the
time. They figure that the Durant
car will appear in the market just at
q time when the war in the auto
mobile business is about to end. His
lcompany is also expected to start at
q time when the costs of materials
will be lower than now.
Rumor has it that Mr.. DuraLt is
flirting with the Continental Motor
Company, which is a large mapufac-
turer of motors. and supplies many
companies with engines for passenger
cars and trucks. Bankers who are
usually familiar with the AFFAIRS of
the Continental say they have no
knowledge OF the deal, but IL would
not be logical for Mr.. Durant to let IT
be known that he was after a com
pany before the deal was actually
closed.
RAILROAD WAGES.
Tho gloom in railroad Offices is not
The Washington times., 1921-05-02
Investors Service.


In Il
the service
and
servic. Hunsey ".NS
The Washington times., 1921-05-02

pants has been uneven as between
different sections OF the country. as
between different lines of indu3.y,
and as between different groups of
labor, IL was stated.
Wage readjustments has been
greater among unskilled workers in
sections of the Country whose indus
tries have felt in peculiarly higA
degree the effects Of reimbursement"
the review sets out
The Washington times., 1921-05-02

MEXICO BUYING LOCOMOTIVES.
The Department of Commerce is in
receipt of a telegram from CONNER
cial Attache Jackson at Mexico City
The Washington times., 1921-05-02

PACKING STOCKS.
l.. J. A.-Kindly advise me IL you
think that Armour 4 Co. z per cent
The Washington times., 1921-05-02
WORKERS WAGES
SITUATION KEY
Decreased Purchasing Power
Also Held to Be important
Factor, Big Bank Says.

The quietuds existing today Is due
to the unbalanced state Of Industry as
regards the compensation received by
important bodies of people. the Ma
tional City Bank of New York points
out in it's May bulletin on economic
conditions in the United States, and
either farm products and raw mate
rails must rise to the level OF manu-
features and the common basix of
wages. or the latter must come down
to the level of the farmer. or they
must meet on some intermediate level.
The fundamental requisite, 1t is
held. Is that they get together.