davidaulloa/AmericanStories huggingface dataset:
Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1921-12-05
CLEARING HOUSE STATEMENT.

NEW YORK, Dec. 5.-Exchanges,
$40l COOS coo; balances, Sj4, 100000; Fed
cral Reserve Bank credit balances, So,
100000.
Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1921-12-05
NelU York Bonds
(By Fletcher American Coz
Dec. g.
FOREIGN GOVERNMENT BONDS.

Arg. Unlisted 5s Sept. 1, As . &
Belgian IS Jan. 1, 20. ....... 95h 0G1S
Belgian Tvs June 1, '25..... .104 105
Belgian IS Feb. i, Ill.,. .105 1861
Berne SIS Nov. /, '45..........107H 1881
Chile SIS Feb. 4, Al ...... .102h 1913
Christiania IS Oct. /, 49,. .1O7H 1852
Copenhagen 51as July l, A.. S7A SS@
Danish Nun IS Feb. 1, '46.. .107M 100
Denmark IS Oct. 10, 10. .... 1882 1922
+Canadian 515s Dec /, '22..... 9012~ 91h
canadian 51as Nov. l, '23.... 30 91A
Canadian 514s Nov; l, Pr. 50 90A
sCanadian 5s Dec L. 20. $50. S7h SS19
canadian 51as Dec. l, PIC. 90A %
Canadian 51as Aug. /, '29..., 9712 975s
Canadian 5s Apr. /, 81. ...... 945h 9Jb
+Canadian 5s Oct. 1, 81. ...I 9712 9S
+Canadian 5hs Nov. /, '33. i. . 9112 92A
canadian SIS Nov. /, '34.n... S9i9 90&
Canadian 5s AIch. l, '37. 800. 93% 94$s
canadian 51as Dec. /, 81. 93H "a
*French (Vict) 5s Opt, 81. J34 54%
+French As. Opt, rs. ....... Az 45i@
French SIS Sept. 10, '45........ 99& 100I
italian (War) IS ...... 50 80
Jap dsO AIS Feb. 10, '25.. S8h 81
Jap !2dl 412ss July 10, '25.... SGh 81
Jap As Jan ], 81. ;;:......... 70$s II
Sac Paulo SIS Jan. !, '36; $50. 1929 1854
Swedish Gs June 10, 3d.. SO 81
Swiss s14s Aug. 1, 20........ 941a 95
Swiss SIS July /, 40. ia
U. X. 512s Nov. l, '22. ....... 00b 9a3t
U. X. 512s Aug. :, '29. .... 9G 9Oj%
y. K, 51as Feb. l, ''37......... 04A 045s
Zurich IS Oct. 10. '45......... .1O7H 1885,
Brazil IS june /, 'H......... .103M 1919
French 712s June !, Al. So. 941s 945Z
Uruguay SIS Aug. 1, '46. go. 1888 1887
Argentine Is Oct. %, '23. -. 99I 1O015
internal loans.
Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1921-12-05
Victory Bonds
Sell AbOUe Par

NEW YORK, Dec. 5.-For tko srst
time since they were issued, Victo-y
bonds today sold above par, both the
4Ms and 334s bonds touching 800 OF.
Liberty bonds were strong, the third
4As selling up to sos. 10.
Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1921-12-05
Money and Exchange
indianapolis bank clearings Monday

NEW YORK, Dec. 5.-Foreign ex-
change opened firm today with demand
rose s az centines to 7.53c for cables and
7.32c for checks. Lire unchanged at Ace
for cables and 4.2Jc for checks. Belgian
cables were 7.0Sc checks. roc. Marks
were .00i3la. Guilder cables were 3I.70c
checks. 3J.GSc; Sweden kroncn cables
were %. Sc; checks. 23S0c.
Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1921-12-05
TOLEDO MHEAr PRICES

TOLEDO. Dec. 5.--Wheat-Cash and
December, $123la; May. S131A. Corn
Cash, 56MJTc Oats-Cash. $50 i0c. Rye
Cash, Sic. Barley-Cash, Gle.
Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1921-12-05
Weather

The following table shows the state of
the weather at z a. m, Dec. 5, as OBJ
served by United States Weather Blu
Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1921-12-05
INDIANAPOLIS CASH GRAIN.
Dec. o..


Bids for car lots of grain and hay at
the call of the indianapolis Board of
Trade were:
Wheat-No sales.
Corn--Easier :. No. . white, 53053iac
No. white. 5O1A @51Xc; No. 4 white,
49A@501Ac; No. yellow, 5412m5Jc; No.
. yellow. 52@52lac; No. 4 yellow, 51@
SIZE; No. 3 mixed, 50h@51c No 4
mixed 49la6J0c.
Oats-Easier No white, 37G3Sc; No.
Hay@steady; No. timothy, S17G175O;
No. . timothy. 1G@17; No 3 light clio
yer mixed, $1G016.50; No. L clover, $l0@
20.
inspections
Wheat-No. . red, l car; No 3 red, 1
car; sample, L car; total, cars.
Corn-No. white, l car No. white,
) cars; No. white, IA cars; No. white,
cars; No. white, cars; sample white,
1 car; No. 1 yellow. Bears No. yellow,
. cars: No. 3 yellow, cars; No. 4 yell
low. Is cars; No. yellow. o cars; No.
yellow, cars; sample yellow. 1 car
No mixed, l car: No. mixed. . cars
ear, 1 car; total, 70 cars.
Oats-No. . white, 8 cars; No. white,
Oats-No. white, cars; sample white
car; total. % cars.
Rye-No. ., car; sample, car; total,
. cars.
Rye-No. ., car; sample, 1 car; total.
cars.
Hay-No. . timothy. car.
Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1921-12-05
MEATnER CONDITIONS.

WEATHER CONDITIONS.
Since Saturday morning rain or snow
has fallen in many sections from the Mis-
sissippi States eastward, except in New
England, while fair weather has been
general throughout the West. Tempera-
lures are somewhat higher in the north
central States, where they are near or
somewhat above the seasonal average,
but the readings are somewhat lower in
the south Atlantic district.
j. III. ARLINGTON,
Meteorological, Weather Bureau.
Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1921-12-05
JUDGE GARY
COMPARES WAGE SCALES.


The same conclusion, or a somewhat
similar one, IS to be drawn from the re-
marks of Judge Gary in his speech be-
fore the American Iron and Steel lnsti-
tJte. 1t will be recalled that he forcibly
emphasized the margin between the
wholesale and retail prices OF certain ne
eessities and compared the wage scales
in the building trades on the basis OF
1913 and 1921. Conclusions much along
the same line are drawn by one Of the
large francial Institutions in the follow
ing: deductions in wages, like III
creaSes, have not been uniform. As a
result we have maladjustment of pur-
chasing power; is seems evident thar I'M
til there is a better adjustment of pur-
CHASING power and production, sound
foundations will not exist for a perma-
nent revival of business"
These may be largely the cold text. LOOK
deductions of the scholarly revival econ
omists. Hope, at ledst, may be engen-
dered by the though that the unfavor-
able features in the situation are grow
ing encouragingly less, while the IA
vOrable ones are becoming more numer-
ous.-Copyright, 1921, by Public Ledger
Company.
Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1921-12-05
CONSERVATIVE
OPINIONS.

Thus far in the opinion Of the cOnser-
vative element. nothing has transpired to
afford material Improvement i'll our eco
nomic position as regards high prOduc-
ton costs and inaladjustment between
various Producing groups. The vieiv is
taken that the market may continue its
advance until the buying power resulting
from sound money and credit situation
exhaustS itself, and then it will run into
an impasse.
There is no doubt the economists and
similar experts connected with banks
ard some of the larger corporations view
with much skepticism the predictions of
recovery largely or solely through ths
impulse furnished by the improved
money situation in the United States. One
well known publicist puts the case a.
follows:
"The real solution of the problem of
business depression in the United States
Great Britain and other countries sim
Harry situated is in its terms very SIM
pie, though its practical working out is
cOnfessedly beset with the greatest diff
ficulties. The one and only sound and
permanent solution is that in every
country each and every class or group be
put in the position of obtaining in ex-
change for its products or services as
large 4 measure of products or services
from each and every other class or group
as it obtained in the days of properly
balanced economic activity and prosper
ity before the war"
Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1921-12-05
RISE OF
LIBERTY BONDS.

There is little doubt that the wave of
buying that first made its appearance In
the security markets, originated in the
investment section and was largely in
stitutiOnaI in character. Liberty bonds
were bought in enormous quantity at ris-
ing prices. These issues advanced until
some Of them crossed par. Other gilt
edged bonds were taken up in the same
way. New flotations Of a desirable char
acter were speedily taken, and in several
cases oversubscribed. Solid preferred
stocks and seasoned dividend payers
among the specialties felt the influence of
the buying movement.
1t was but natural that the speculative
clement should become active in certain
stocks, with unfavorable elements dis
counted and prospects for an improved
future. Undoubtedly this has been the
occasion for the buying in the oils and
coppers as we'll as numerous specialties.
New-York tribune., 1921-05-29


the work-day has been determined, en-
ployment for the individual or the
group or the community as d whole is
measured by the amount of time actu-
ally occupied in productive work. The
unemployment factor then is the per
centage by which this falls short Of
the theoretical maximum.
To bring this problem of unemploy-
mnt within the range Of our individual
industrial hearth stones. so to speak.
[ have divided its treatrnt into two
paerts: (a) Unmployment within en-
ployme nt-belng the unempl loyrneut OF
men and women who, technically at
least, have Joos-and (b) unemploy-
ment without employment
Unemploymnt Within Employment
My own impression is that the total
OF unemployment without employment.
that is, the unemployment of what NAV
pc called JoDIess men, represents a rel
atlvely small percentage of the total
II this assumption proves even rcla-
lively near the truth, it will nav us TO
devote our most painstaking attention
TO the unemployment of men and
women who can, very broadly speaking
b SAID to have jobs This brings the
responsibility directly within the scoDe
OF the individual plant. The burden of
p]mroof IS on every employer who laws
claim to industrial leadership to show
that ne has availed himself Of every
posslbIe device for providing steady
employment. But self-interest will
more and more move manufacturers to
undertake the detailed study of the
unemployment problem as it becomes
recognized that general industrial ef
IectlVeness-and more espciallv low
unit costs of prOduction-are aIto-
gcther inconsistent with intcrmjtte
of employment.
ne moment we undertake scientific
analysis Of our own contribution to the
Votal distress we discover that we need
some formula or expression or device
by which we can measure the amount
OF unemployed time of those who have
JOBS. Such a mechanism would enable
US to rate the performance of jndi-
Wdual employers in this respect. to
eValuate the results achieved in diff
feFent industries in providing steady
work and even to contrast the experi-
ence of different communities.
In applying this test we should he
able TO determine the record made in
any given period of time-a dav.
week. month, season or wear.
The formula should be so exact as to
iclude lay-offs Of a few moments or of
a few hours as well as Of days and of
weeks. Such a measure as the one
should be so broadly con
ceived as to be applicable to a given
room or department of single indus
trial establishment, or to the plant as
a whole, to regional divisions of an
industry or the industry throughout
the nation, to geographical areas in
cluding all industries, and to the ma
ton at large. We seek meth cd which
is both reasonably exact and capable
Of being developed in the direction of
New-York tribune., 1921-05-29
Big Cotton Conclave
Opens Here Tomorrow

One of the largest gatherings of cot
ton men, including all factors in the
trade from growers to retailers of
finished goods, will be held at the Hotel
Pennsylvania tomorrow and Tuesday
under the auspices of the North At
lantic department Of the American Cot
ton Association. President Harding
Will open the national consultation. =
as it is called, by a telephone message
which will be transmitted by amplifiers
to the entire gathering.
Every phase of the cotton Industry
viii be discussed and plans considered
for aiding the industry to regain nor
NAL basis. Much of the discussion viii
center on plans for financing cotton ex-
ports.
John s. Wannamaker, president Of
the American. Cotton Association, will
call the consultation to order to NOR
row morning, and General L. d. Tyson
will preside over the morning session
and Senator Robert L. Owens over the
afternoon meeting.
New-York tribune., 1921-05-29
Coal Trade Irregular


The demand for bituminous coal has
increased slightly during the week nd
ing to-day, and the demand for anthra-
cite has slackened, says the weekly re-
port Of the Wholesale Coal Trade As
sociation. Prices in both branches
have remained practically stationary
bituminous selling at, near and below
the cost of production.
Bunker coal is somewhat less in de-
mand, due to the seamen's strike, and
little business in export bituminous
has been accomplished during the week,
although Inquiries continue,
A 10-cent q ton increase will be
added to anthracite company" coal
beginning June /, and a similar in
crease in independent" coal is as
sured The supply of anthracite is
now approximateing the demand.
New-York tribune., 1921-05-29
Employees Trained in
The Business

Inc company has approximately IA
600 employees in its various shops and
factories. These employees are prscti-
caIiy all British born and in most
cases have never worked for any con
Germ other than the Boots Company
Most Of the heads Of the business. de-
partmentaI and shop managers have
been associated with the company for
from fifteen to thirty years and gen
orally began as apprentices and be-
came qualified chemists while connect
ed with the various branches
The founder, and former owner, Sir
Jesse Boot, is man Of striking per
sonahty dominating and forceful char
acter, and undoubted imagination, with
vision. He had built up this great
business from modest beginning by
wonderful display Of vitality and
energy, and although stricken in health
during the last several years. he had
nevertheless exercised a keen and vigi-
liant oversight Of the progress Of the
business, and had personally dictated
its policies and methods. During the
gruelling period of the war, with his
organization crippled and depleted and
with the trying and burdensome re
strjctions imposed upon business. he
showed rare resourcefulness in over
coming the obstacles and holding the
business together.
New-York tribune., 1921-05-29
Look for Further Adjustments
Trade Hears Steel Corporation Will Reduce Prices
Again in July; Wage
Cut Also

orders was for 1000 tons Of lG-gage
one-pass black sheets, placed in the
Valley, at $50 cents base. the maker
agreeing to cut the material in 34Xq0
inches. 1t is to be used for running
board stock
The Sharon Steel Hoop Company an
pounces that it will operate next week
all OF IT'S nine sheet mills at its Hazel
ton works in Toungs town. The New
son Steel Company is likewise operat-
n full at it's ten-ml sheet plant at
Newton Falls, producing full-fnished
sheets n part.
The sheet department Of the Brer
Hill Steel Company, Youngstown Sheet
and Tube Company, Falcon Steel Com
pany and Mahoning Valley Steel Com
pany are virtually suspended tenn
porarily. Very little tinplate business
rs coming into the Valley and the
operations of the chief district maker
are at a low ebb in this departme Mt.
Bar mills are curtailed owing to the
limited volume of new tonnage being
placed. Reports are current that bust
ness IS being accepted in other quar-
ters at two cents, though makers in
TINS territory continue to quote 2.I0
cents.
The Sharon Steel Hoop Company is
eported TO have purchased another
'000-ton lot Of standard basic pig iron
from a Valley steel works maker at
~. Aside from the purchase by the
sharon company there is little activ-
lty IN the iron market The buvinp
interest is purchasing its requirements
on the market rather than start its
blast furnace at LowelIviile, maintain.
ing 1t can be bought cheaper than If
can be produced.
Reduction Of 30 cents a ton in the
axe shipping from the head of the
lakes to the lower lake ports will ef
feet a saving of about so cents ton
en- the charges Of pig iron making ma
terIaiS In this district
Some interests believe that the
steel industry is now passing through
What will prove to be the final stages
Of readjustment. The export market
has shown more strength recently. Oil
continue to take line pipe
and casing, while a moderate busines.
is being done in buttweld sizes. None
Of the seventeen pipe furnaces in the
youngstown territory are active.
Present indications are that Trum-
bull Steel Company, Warren, O., will
earn its second quarter dividend on the
preferred stock, with some excess.
Earnings Of the company during the
current quarter are reported to have
been somewhat better than the first
quarter, though business has recently
slumped.
New-York tribune., 1921-05-29
Other Figures

10 these figures have been added the
dollars earned per share in the calen-
dar year 1920 and the percentage of
earnings on assessed value and percent
age OF earnings on market valuation.
The Standard on of New JERSEY in
amounts of assets and in volume of
business ranks far ahead of the other
four companies. OF its total assets
over half are quick assets and its cur
rent liabilities are protected by more
IMAM w for each dollar of quick as
sets, Its cash is equal to sixth of
It's total current liabilities and it has
over five dollars of cash for each hum
dred dollars of gross sales.
Sinclair, a third as large g companv
measured in gross assets, has betwee n
tour and five times as great total as
sets as quick assets. Its relation of
current liabilities to current assets.
however, is about the same. and its
cash relation TO gross sales is better
than the Standard of New Jersey. but
not so good as the Texas Company or
as the Tidewater Company.
The Standard Of New Jersey, 1t
should be remembered, recently split
up, its $l00 shares into four $25 par
value shares. The assets value per
snare after subtracting creditors and
S~ 9UOcAiioluerS equlbleS IS Slfb
and its market value $145. That is,
there IS margin here of about $50
Sinclair, on the other hand has an
assets value of $40 share, but the
market value is only $25 per share, a
spread of s45. The spread on Standard
OF New York is only SO, on the Texas
Company $12 and on the Tidewater =.
Equally interesting is the relation
between earnings and market value.
Earnings on the Standard of New Jer,
sey are about 80 per cent on market
value; earnings on Sinclair market
value are about 25 per cent; earnings
on Standard of New York are about is
per cent.
New-York tribune., 1921-05-29
Oil Companies, Wildcats of
Industry, Seeking New Rating
Policy of Secrecy in Financial Reports Crauallv
Disappearing Investment
Demand Grows

TT HE Federal income tax and profit requiring sc
uh distinction between expenditures
have performed the investor in
industrial securities One of the factors railroad
favote investment for Americans fact
Interstate had jurisdiction over the
the railroad
1906 mas enabled prospective investor
financial position earning property which he is asked to
The Interstate as careful TO
charging as it TO GUARD
against charging capital expenditures.
New-York tribune., 1921-05-29
Smashing British Prejudice
Against Yankee Hustle
American Tells of his Experiences in Drug Business
in England; Scores Success
By George NJ. Gales

President, LggettS International, Limited
been Of
American ownership English That
not been of
into all England
great Of diversified
developing Of the widely English
ea enterprises that
opportunity
character to get the viewpoint of the English business his
attitude toward America Americans experience,
W he mental attitude because human all world
over IN that people do not like sudden
ey resent shocks and Disturbances
"heh those strangers be necessary
TO overcome their preudees before Lh confidence
New-York tribune., 1921-05-29
Cleveland Clothing Week

CLEVELAND, May 28.-Conditions in
the women's clothing industry, trade
tendencies and style trends for fall
will be eXpounded here June s to 9 at
series of meetings arranged bv the
Cleveland Garment Manufacturers As
sociation. The Cleveland manufactur-
ers viii inaugurate the fall wholesale
selling season at that time.
Speakers of national prominence will
discuss the general business situation
and talks on conditions in the textile
industry, from which the manufactur-
obtain their raw materials, will be
gwen by representatives of silk, WOODEN
and cotton goods trades. Thousands of
retailers are~expected to attend the
meetings and the opening of ths fall
msgeRan SIslng seasanu
New-York tribune., 1921-05-29

even greater eXactjtude But to be
broadly useful the method must be
one that is readily simpliied to meet
the conditions found in most Esmall
concerns or expanded to meet the ne
nessities of our more hihly organized
industrial establishments
An Unemployment Score
For the lack OF more descriptive
title ! suggest we call this factor this
measuring stick for unempoyment-
the Unemployment Score"
The "Unemp mp}oyment Score is the
percentage by which the actual employ
ment given an individual or group
compares to the theoretical possible
maximum.
But the usefulness Of such score
Will be limited unless it is arrived at
as the summary of factors measuring
contributorY causes, each in turn
built up in like manner. The process
should be capable Of being carried to
any useful degree of sub -divis on.
There is space here for only a broad
illustration. Assume that the posi-
bic theoretical total Of working hours
FOR those engaged in given building
last week was 1000 units of productive
time. Things ran unusually smoothly,
material was delivered on schedule
there were no labor troubles, and the
workers were actually engaged during
920 units of production time. The un-
employment is, of course. the differ
ence between the theoretical and the
actual, or 80 units of production time
Under the proposal the "Uncmploy-
ment Score" will be the percentage, or
per cent.
Take figures on that same building
al of la l.
would not be as favorable because it
would have to include much lost time.
t. we assume $4,000 units as the theo-
rotical maximum for the entire year,
and it happened that not more than
10000 were actually accomplished, then
the Unemployment Score" would be
40 per cent Under the proposed plan
i must be possible to sub-dividc this
percentage indefinitely. Thus the ma
jor causes may be rated as follows:
Absenteeism 5 per cent; lack of ma
terials 10 per cent bad weather per
cent; strikes, 10 per cent: scattering,
IL per cent; total, 40 per cent.
If these unemployment scores are
to have social significance and be fully
effective as a guide TO operating poll
cies, loss of time of every character
and description must be included in
the percentages For instance, under
"absenteeism" would appear percent
ages of unemployment for such sepa-
rate items as sickness, accidents, home
conditions, liquor, hardness and bad
weather.
An Incentive to Industry
We approach nearer the time when
for unemployment insurance
must be seriously entertained in this
country. This affords a strong incen-
tive for learning how to provide steady
before the law goes into
effect. Of course, the most important
service which unemployment insurance
can render will grow out of the
pressure it win exert on management
to reduce unemployment to a minimum
Through this kind of study it VIII be
demonstrated that steady vol
ume, both for the plants as a whole
and by departments, is equally de-
sirable from the standpoint of profits
and of steady employment.
The fOIlotoing article is reprinted
from the June issue of the American
Labor Legislation Financial
Editor.