davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1921-11-27
The Ne,U Fashion

Starting with the Pere Marquette
reorganization, different attitude has
been assumed by reorganization man
ayers. 1t is the attitude of the rail-
road men, in that it recognizes that
the foundation for q successful reors
ganization is not the satisfaction
temporary of the various classes of
security holders, but the building of a
financial structure that will not put an
undue burden on wise operation of the
property and its adequate maintenance.
Instead Of basing the reorganization
on Hegel it is based on Schopen-
the dramatic critics, it bases the reor-
ganization on Different" rather than
"Pollyanna." In the Pere Marquette
case and in the Missouri, Kansas &
Texas case, and to some extent in the
Chicago & Eastern Illinois case, the
new company was given only such fixed
charges as it could meet under the
least favorable circumstances, and the
formula, which was remarkably we'll
adhered to in these congratulations
was to make the outstanding bond
interest requirements such as could be
earned ever under very adverse con-
ditions without scrimping on the main
tenance of the property. Under nor
iitdl vi even CIUlHdEliy uepIeSSeu COM
ditions the property would earn its
full dividend requirements on its first
preferred stock, and if the country de-
veloped at approximately the rate
which it has developed in the last
twenty years, ON an average, common
stock could pay dividends in normally
good times.
For instance, whereas the Southern
Railway reorganization (and it should
be pointed out again that the Southern
reorganization is taken not because it
was a poor one for it's time, but be-
>cause it was considered a more than
ordinarily conservative onel increased
the capitalization by AZ. per cent,
whereas the total capitalization of the
new Missouri, Kansas e. Texas Com
pany, including bonds and preferred
stock, is to be $118,220,0O0, compared
with $248,095,000 of the old company.
However, Pollyanna refuses to die en-
tirely, and 1875 shares without par
value" of the new stock are to be is-
sued. The outstanding fact, however,
about the Missouri, Kansas & Texas
reorganization, as it was in the Pere
Marquette reorganization, is the dras-
tic reduction of fixed charges. In the
Missouri, Kansas & Texas case the re-
duction is from 81 ,429 900 fixed charges
of the old company to $4,al8,000 fixed
charges for the new company.
New-York tribune., 1921-11-27
"WearabIe" Gifts Campaign

The campaign to popularize wear
able" gifts for Christmas, inaugurated
few weeks ago by the National Gar
ment Retailers Association is stimu
lating the sale Of women's apparel and
accessories according to reports from
various sections of the country, and
has been reflected to a slight exten.
in the wholesale markets in additiona
orders for quick delivery of dresses
waists, underwear, hosiery and other
small wares. The campaign has beer
taken up by several manufacturing or
ganzations. including the Assoeiated
Press Industries OF America and the
United Waist League OF America
Members of these organizations are
using small stickers and cards on tae
merchandise they send to retailers
thus aiding in spreading the propc-
gauda.
New-York tribune., 1921-11-27
Interborough Deficit
Smaller This Year
September Figures Show Loss
in Operation of $398,2O4,
Against $5lO.228 in. 1920

The PETERBOROUGH Rapid Transit Com
pany reported 81 corporate deficit for
September of $39s,2O4, compared with
$l0,22S in September year ago. For
the three months ended September 80,
the corporate deficit amounted to ST.
742,060, against S1,712,135 in the cor
responding period last. year.
Gross earnings in September totaled
$4,191,645, compared with $4,326,560 in
amounted to $12,247, ,S45, against s12.-
442,574 in the preceding year. Operat
ing ratio for September was 61.53 per
cent, compared with 67.15 in 1920.
New-York tribune., 1921-11-27

yellow pine districts. Manufacturers
OF shoes in the West are among the
very few who can report that they are
actually doing more business than last
year and not have it credited to sun
shine propaganda.
One of the most important and in
teresting phases Of modern industrial
life is the part played by concrete in
every form of construction, buildings
bridges, tiling pavements, foundations
and hard surface highways. In special
reference to the latter, and in these
days. of the automobile and motor
truck, it is difficult to see what we
would do for a comparatively cheap
and practically indestructible highway
were it not for concrete. 1t is q ma
teral of humble constituents - Sand
gravel, Stag from the iron furnace-all
bound together in indissoluable union
with Portland cement. The result is
an economical, tire-resstive, permanent
building material of wide application
that lends itself readily to all manner
of artistic, attractive and imposing eff
fects. In it's present form and use il
is less than century old, and in
about fifty years it's production in this
country has grown from 10000 tc
nearly 100,000,000 bags, with still sc
per cent slack in potential productlor
capacity that has never been taken up
This Is the first of a series of monthly
articles on the nation -,pidc business SIT
station to appear IN The Tribune, achicI
is able to publish them regularly here.
after through an arrangement vith "Tht
Nations Business" the official organ oJ
the Chamber Of Commerce of the Uniteo
States, auhose facilities arc being used Il
help gather the data 4sed il, the articles
aud accompanying maps. - Financia
Editor)
New-York tribune., 1921-11-27
French Weak at Trusts

It must be remembered that previous
70 the war the French were weak At
forming cartels or trusts. They we're
not accustomed to quantity production
methods, whereas the Germans were
Ihorougn masters of these tactics.
american observers who have come in
close contact with directors of the not
ash industry here report that these
methods are being mastered only too
slowly France, they say, Is still a
New-York tribune., 1921-11-27
Conditions Cire Confidence

The same week that the Missouri,
Kansas & Texas reorganization plan
was made public, under which an as
sessment of $40 a share was laid on
the company's old preferred stock and
$25 a share % the old company's COM
mon, Kuhn, Loeb & Co., reorganization
managers of the Chicago & Eastern
Illinois, have declared the Chicago &
Eastern Illinois plan operative, and
have called for the dercTit of the sec
ond installment Of the $50 assessment
New-York tribune., 1921-11-27
Former Reorganizations

In the Southern Railway reorganiza-
ton s65,618, 900 Of outstanding bonds
were disturbed and only 9,S07 900 Of
bonds were issued in exrhange, but
stoik was insreased from Sill $1,000
to $165, 900, making total inrrease
in the capitalization of the company
of Az per cent. This plan was m obi
fed somewhat and assessments were
made of $40 share on Richmond
Terminal common stock, S7.20 share
on East Tennessee common, and SO and
S6 on East Tennessee first and second
preferred.
The Southern Railway reorganiZa-
ton plan was considered particularly
sound one and Stuart Daggett, in his
book on Railroad Reorganizaztions,
comments fevorably on this Morgan
Drexel plan. But even the Southern
Railway reorganization was bankers
reorganization with the chief object in
view of satisfying all classes of Sc
curity holders.
To railroad executive the bankers
point OF view of railroads is often
amusing where it affects others and
tragic where it affects his own prop
erty. The bankers business is to sell
securities and to some extent to pro-
tect his customers after they have
bought securities on his recommends
ton. When, therefore, in the old days,
property had to be reorganized, the
limitations of earning power, as con-
sideration in deciding on the face value
of securities to be issued, was madc
just as elastic as it was possible to
make it. The great majority of the
reorganlzations of the early 1890s were
based on the most favorable possible
estimate of earnings and about as
large a volume of securities were is
sued against these prospective earn
ings as could be issued with the hope
of sustaining, temporarily at least, the
market quotations of the new securi-
ties. A remark made some years ago
in the course Of conversation in re-
gard to charging depreciation on Chi
cago, Rock Island & Pacific equipment,
throws particularly Illuminating
light o nthe older bankers conceptions
of railroad reorganizations. The
banker argued that it was impossible
to charge depreciation under the In
terstate Commerce Commissions rules.
"Why, in that case,' he said, "the
Rock Island would show deficit and
the Rock Island needs new capital.
You can't sell securities against a de-
Gcit'
New-York tribune., 1921-11-27
Loss of u. s. Market Blow to French Potash Ind'

period of depression the French could
work only the Amerling and Maria
Therese mines, producing 81 per cent
pure k2O, and shut down all the other
mines"
The great mineral resources A.e-
turned to France by the treaty have
scarcely been tapped. SHINES is re-
ported to have said that Sc per cent
of the German mines would be put out
of the running if the Alsatian deposits
we're worked to the full. Previous to
the war the German syndicate which
monopolized the worlds potash produc-
ton allotted only. 5 per cent of the
worlds needs to be filled by potash
from the province of Alsace, or scarce
ly Is per cent of the full capacity of
the Alsatian mines. 1t is of course to
the interests of the French to develop
their mines to the full. They are in a
position to supply 20 per cent of the
worlds production, and may increase
their quota to '25 per cent At any
rate, with an annual output of 100000
tons of pure potash, France is capable
of more than filling all of the con-
sumptive demand of the United States
New-York tribune., 1921-11-27
Best Bet Is to Keep Eyes ON Farm
Prices and What They Portend for
Progress, Asserts Douglas
BY Archer Wall Douglas

Chairman Committee Statistics, Chamber
HAT of all distribution the usual
wv activity tempered modified by changed crcum
still of better cheer till the holiday
dsconent quietude
constructive things the and of slow
will barometrics tell
wishes the
commodities
New-York tribune., 1921-11-27
Price Competition

The situation would seem to fore
shadow either price-cutting competi-
tlon between the two producing coun-
tries or peaceful and mutually help
full combination. Keen observers of
the industry here are prone to believe
that an agreement between the two
syndicates will probably be entered
upon by the early months of 1922.
This belief has been strengthened by
semi-official confirmations. An ar
rangement whereby the French would
be allotted quota Of possibly 20 per
cetn of the foreign demand and the
Germans the balance would be some
what to the advantage of the French
producers; and there can be no doubt
as to their willingness to accept such
proposal. The Germans have huge
quantities of potash and an icredibly
cheap mark. Furthermore, they are
said to have an extremely capable
organization both in Germany and
abroad
Consumptive demand for potash by
the large manufacturers of mixed fer
tilizers has dwindled to very small pro-
portions. During the summer and fall
OF 1921, when most of them usually
anticipate their needs for the coming
spring, they ordered very little, having
large carry-overs from the previous
disastrous season. Values dropped
from $3.50 per unit Of $50 pounds, New
York, to level of 80 cents to 80 cents,
with the demand very feeble at that.
In September the Societe des Potasses
d'Alsace advanced its price for future
delivery of muriate of potash to ST per
unit, and to 85 cents for kainit, New
York. This in the face of the con-
siderable discount offered by the Ger
man Kali Syndicate for several months
past.
In the planting season of 1921 propa-
ganda for crop curtailment resulted in
an enormously diminished use of pot
ash, especially on the part of the
United States cotton growers. Indica-
tions for the. coming year point to a
better consumption of fertilizers. Farm
ers and distributors no longer have
their surplus material to rely on and
the demand is generally expected to
be something close to that of normal
years. This being the case, it will be
profitable for neither the French nor
German syndicate to market their prod
uct on a severely competitive basis
New-York tribune., 1921-11-27
New Cycle in Progress
I'm Rail Receiveships
Several Important Lines Still Under
Courts Control, as Others Shake
Off Financial Troubles

beginning 1868 miles of railroad
IN hands Of receivers Since that time the
"A 1anc Atlantic has reapsed of
ruptcy plans completed taking three
handthe Chicago Eastern Illinois
Denver Riogrande Texas
ton plan of technically operative
New-York tribune., 1921-11-27
PARIS.
Special Foreign Financial Correspondence

Special Financial Correspondence
PARIS.
E potash industry marking time and has been only
with the ambitious production
II planned still affair Of the future Recent
the industry out OF
the the American market
New-York tribune., 1921-11-27

On the two Classes of Chicago {, East
ern Illinois stock
The Chicago & Eastern Illinois ia
the first nine months Of 1927 earned
$20,124,000 gross, its operating cx-
penses amounted to SiS347 900 ana
for interest charges of $I0740O0 This
would not have paid the fixed interest
charges on the new comDaRys fixed in
! tereSt bearing securities which amount
to $2,327 600; but in the month Of Sep
tember alone the company earned
S620,000 net, available for interest
charges, or at the rate, roughly, takine
seasonal variations into account, of be-
tween $4,000, 900 and S5,00O.O00 for the
year, which would have left ample
margin for interest charges and pre-
ferred dividends
In the first nine months OF 1921 the
Missouri, Kansas & Texas earned s24.-
999 600 gross and operating expenses
amounted TO $1,000, 900. The companv
had S4,49l,000 available for interest
charges after rentals. Thus in the
nine months alone it earned consider
ably more than It's entire years fixed
charges, since these figures are taken
from the Interstate Commerce Com
missions reports and do not include
the Missouri Kansas & Texas Rail
way, of Texas. This is part of the
whole system, in 50 far as the finan-
cial structure and operation is con
cerned, the division being an artificial
one, necessitated by Texas laws. Tho
Katy, of Texas, earned S1,677,000 ret
after rentals in the first nine months
of 1921.
1t might be well, or it might be
ultra conservative, TO discount these
earnings figures ust little. However.
let's be ultra conservative, if neccs-
sary. The NJ, X. & T., north Of Texas.
spent about $2a00,000 less in the nine
months of 1921 than in the CORE
spending nine months of 1920 on main
tenance of way, and about S1,S00,00o
less on maintenance of equipment, AMI
the Katy, of Texas, cut its maintenance
of way in halves, spending little over
$3,000,000 as compared with nearly siX
and half Millions, and cut its main
tenance of equipment expenses by
nearly million dollars. The reorgani-
zation plan had been hanging fire for
long time and no one could blame
the operating officers if they did their
best to make a good showing in recent
months even if they had to temporarily
hold down on maintenance charges. II
should be added thaI whereas q Ger
tain mental allowance for maintenance
an injustice to Katy officers through
over conservatism, the figures for
transportation expenses are an irrefut-
able statement of the facts.
Transportation expenses are the out
of-pocket costs of handling freight
and passenger business and a reduc~
tion in them reflects either reduced
business or operating economies, and
the reduction in the Katy's business
was not large enough to account for
a sewing of $4,000 in the first nine
months of 1921 in transportation ex-
penses, and therefore it must be
credited to economies of operation. II
September, transportation expenses
were cut, as compared with September
1920, by $50o,oo0--a remarkable show
ing, even when compared with roads
that are making as good a showing a
are the Kansas City Southern, Burling-
ton, and Norfolk G. Western. and New
York Central.
New-York tribune., 1921-11-27
Steel Industry
Awaits Cut i'm
Freight Rates
Buyers Hold Off i'm Expecta-
lion of Lower Costs; Sew
eral Structural Mills
Close, Others Work Less
Steet Orders Show Decline
Number of Unemployed in
Shenango Valley Has
Been Reduced, However
PITTSBURGH. November 26

IL OD ~ hdf1, november 70.
THE steel market is stagnant,
due to the anticipated reduc-
tion in freight rates, which
will undoubtedly go into effect early
next year. The users of steel are
holding back their orders, knowing
the reduction will come, and are re-
fusing to pay the present high rates.
Several of the structural mills in
the Homestead Steel works are closed
this week and the plate mills and open
hearth furnaces are operating on a
slow schedule.
TIE big Duquesne plant is also hit
hard and operating about 80 per cent.
1t is said that the armament confer
ence at Washington has been, to some
extent, the cause of the depressing in
f1uence on the market in spite of re-
ports to the contrary.
The demand for plates is good, with
sufficient orders on hand to keep the
mills in operation for some time and
the workmen are elated over the
schedule of five days week. Officials
of the two big plants of the Carnegie
Steel Company look for little increase
demands for steel until the first of
the year. Some of the steel worke RS
have fears of another reduction in
New-York tribune., 1921-11-27

made from mathematical formulas by
those remote from the scene of action,
and the possibility of damage such as
/ have referred to being even approxi-
mately expressed in condition figures
refined to decimal fractions.
New-York tribune., 1921-11-27
Weakness in Reports

Another weakness in these reports
is the great number of people who
make them. Condition reports of grow
ing crops are nothing but estimates
from observations by human beings,
and there is definite limit to the
number of such observations that can
be intelligently edited and expressed
in the form of digest. The belief
that such reports can be truly and
accurately set forth in q mathematical
New-York tribune., 1921-11-27
Claim Of Ownership

Before the war q few Of the mines
were worked by Franco-Alsatian inter-
The Seattle star. [volume] (Seattle, Wash.) 1899-1947, 1921-03-01
N. G.. Wyeth's Pictures

Mr.. Wyeth has just completed for the
State Capitol of Missouri two wonderful mural
paintings of Civil War battles that were fought
in that State. Theyare reproduced in full color
in the March HOME JOURNAL Also there is
full-color painting of II Fixing Mother, by Frank
Sick; and Fl. ]. Soulen's illustrations for Her
Excellent Excellency are worthy Of framing
Journal pictures, properly framed, will add much
to the beauty of your home.
And for the youngsters there is Harrison
Cady's page Of colored cut-outs or Mnfer
Turtle and The Mi5chievou5 Minno4p-to together
with Mr. Cays delightful story of the adventure
of Johnny Funny Bunny and his family on the
funny ferry.
The Seattle star. [volume] (Seattle, Wash.) 1899-1947, 1921-03-01
Around the House

There are dozens of housekeeping ideas in the
March Journal. For instance:
Make-Be Sunahine and Sp0ee-showing in fun
color how to brighten up the dark rooms.
Easter Eggs IN Franer-a French cooks recipes
that will vary the monotony of fried or
boiled eggs.
Saucer Thai Your Family vii Lixe-theywill add
to the tastiness of old dishes.
Pine-Needlk Work-Prctty baskets that you can
make now for the Summer porch.
7His Karj Ga,dtnr-One article about flowers,
and another with plans for the home vege-
table patch.
Initia6 to Marx Your observation-disclosures let
tiers. in full size, with diamond and an oval
to put them in.
The Seattle star. [volume] (Seattle, Wash.) 1899-1947, 1921-03-01
Six Splendid Stories

-Afmoipheyr, by Margaret Belle Houston love
story of old New Orleans.
-dny Other Girl Gan TeN by Fannie Kilbourne-
the story of personally conducted cores
pondence courtship.
Her Excellent Exeelztncy, by Harriet Wclles-a
delightful story of woman missionary in
China.
HaBa Hill, by Eleanor Hallowell Abbott-the
mystery Of violinist who played only in the
dark.
The Tragedy Of Greymar5he5, by E. Phillips OPP
penheim-one of the thrilling adventures
of the Seven Conundrums.
Out the Fog, by Grace SartweIl Mason-Mary
Maynard's own story of the tragedy that
happened in Central Park.
The Seattle star. [volume] (Seattle, Wash.) 1899-1947, 1921-03-01
The Easter Fashion Number

March is the big Fashion number of THE
HOME JOURNAL with the very newest and smart
est style news and patterns.
Margaret Anglin, one Of the best-dressed
women on the stage, shows you some Of the gar
ments she has elcctcd for her own Spring ward
robe Ina Claire poses a bride and sponsors
some new frocks for Spring.
There is page of new Milan hats; there is
latest cable news from the fashion makers of
Paris; there are models, with patterns, for the
matron, the college girl and the little folks; there
is page of knitted frocks for children, with full
directions; and there are five features of fasci-
mating needework, including the SezOng Secreh
efa Smart Dye5fmakng EftabiifhmenL
The Seattle star. [volume] (Seattle, Wash.) 1899-1947, 1921-03-01
You Worry Yourself Sick, Laugh and Get Well


nagdy.Ye there
U@0y
The Seattle star. [volume] (Seattle, Wash.) 1899-1947, 1921-03-01
Are You the Real Mother of Your Own Chi

Futnaed end ltd hd hg
ehedMde ndramo hs-m hh 10 dd g
saHq inemd
The Seattle star. [volume] (Seattle, Wash.) 1899-1947, 1921-03-01
We Nav Inaugurate aW0man President Some Day

accomplished fact So hhwomnm
mtoph Official Awoman Presidents the States t
dAmendm d in
rwomenvd htegh
in the March n DOORS
bFremT nd
Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1921-06-09
Ponzi Registers
Kick and Gets Fare
Clans Wanted

Boston, June S.-Charles Ponzi, pos
tai coupon financier, who is now serv-
ing a five-year sentence in the Ply
mouth Jail for using the mails to de-
fraud. won a case for his own stomach
in federal court today. Appearing as
witness in an action brought by his
receivers to set aside sale of his Lex
ington home, Ponzi demanded little
neck CLANS and cream of tomato SOUP
for his lunch. He asserted that he
had digestive troubles and that the
usual prisoners fare was no diet for
him.
You'll have to get a court order
for little necks," officials told him
We'll. I'll get the order or I'll not
come up here any more. L can't eat
heavy foods returned Ponzi as he
entered the courtroom for the after
noon session. Not long after. howev-
err, Deputy Master Tower of the Ply
mouth Jail told Chief Deputy Mar
shall Tighe that the prisoner was on
hospital diet.
Then in custody of another deputy,
Ponzi marched out of the court to A
nearby restaurant where he got the
dinner he wanted.
Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1921-06-09
German and British
Capitalists to Exploit
Soviet Russia

Berlin. June Shy fhe Associated
s).-Early collaboration between
a group of German and British capi-
talists for the purpose of economic
exploitation of Soviet Russia is beIiev-
ed hec to be certain. 1t is under
stood that an agreement has been
reached in the past few days between
men of both countries as the direct
outcome of the recent visit to Berlin
of Leonid Krassin, Russian Soviet
minister of trade and commerce.
One of the conditions named bv the
western European financiers and in
dustrialists is that Lenine recon-
struct the Moscow government on the
basis of coalition including all par
ties except the former inonarchist,.
Lenine, it is stated, will shortly leave
for Berlin and London for conferences
with the interests identified in the
new Anglo-German commercial and in
dustrial agreement.
Krassin is known to have been ne
gotiating with the SHINES interests
here recently.