davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1922-12-10
Scieniisis Opiimisfic

A. one might sTpeet, The ,s.
a. optimistic a. the psld sf
the faTmerG organizatlons !,
mistic. In bulletin pFetsr.i
Extension Service Of Clemso,
tural College, South Cayoil,s - ~.
institutlon' the seifntifc farmer !
that institution declares,
"Other states have ksd al. .,.k,..
20 face and while they suesy,f s.s.,.
ly they have demonstatsd tlss 49,.
are ways Of dsalisR vith N. ~
Yeevil. Cotton IL being gfoan M ~,
Of the boil vesrL fhis Il net a.
time, therefore. 10 psFnlt surs.lv,, i
become depressed and pesainlsts 4
stead we must study the pFoklsn ,ls
oughly and learn the methods si
practices which enable other isrr,-
70 produce cotton probably untsf N
weeyil conditions. We eanns. NJ
upon information based upon =,
years experiences with the boil ven
The best information is that bassi
many years Of experience such a >
states west Of Alabama have N
These states have had time 70 Hla
themselves % new conditions al !
adopt new farm practices. whereas q
newly infested sections are stlil fc,
dering around from one thing q rl
other in an effort 70 find remetisi n
the weeyil."
This authority Likewise emphifis
the place Of cotton as the Sou.h'i rf
cash crop. as; There is no dit
new crop which promises 10 tan 4
place Of cotton as our money GH
There is no combination Of crops ~
can be recommended as a speciik 3
pertinent has shown that cotiz m
tlnues % be grown as the chief 81
crop in the cotton states alrsatl
tested BY the weeyil. Il vt1f
we'll, therefore, for Us 10 eoriIii
grow cotton, using boil weeyil e.
measures and 20 undertake tAs O.
ing Of new crops only on a eefss,
tive basis. Plunging on new, unnr
money erops brings on probes ti
AIN ~ NAIu " akAfN - - ~ w.
Of growing cotton under veeFa ~
tiOns."
On the other hand, the fuRf 81,
veevil infested lands Is nsiisfs
with the stern fact that ne.s,sf =
banker, nor the country meNsii, q
safely advance funds in he nri
amounts as could be secarsly l,aa
before the coming Of the pest
In sum; giving due weight . ttq
tomistie expressions of the trais'i y
server and discounting the er,fltr
Of the chronic pessimist, the p'tfsl ~
result up 10 the present is nli ~
average American cotton grovn n
mains on the door step of lhe ~
house, and this after more thar hi
a century Of labor during vhieh s ls
lived under deplorahle conditions o.
pared with which those enjoyed y ~
factory workers Of New and Oh n
land are luxurious. The Florics -
United States government, ard ~
methods OF boil weevil eoHirol ~ !
covered In subsequent alilele
New-York tribune., 1922-12-10
What Boil Weevl Means
To the Cotton Grove,
Annual Loss in Non.Production AIoo.
More Than sSOO,OOO,OOO; Scientists :
Are Hopeful of Remedy
By William Whittam

THE Mexican boil weey the oonqheror Of "Knr Co.
be by hands Of the Southern farmer and
n and chldren The "Florida method" developed by Dr me-
Smith, University Of Florida Experiment Station point
Th cont announcement Of the results obar.d from b ~
cation OF the plan short Piled cotton Florida ~
broadcast across both hempheres and lifted little Of st
Of depression which had settled the leaders Of The WOOL
pinnng and manufacturing industry concerning the sup
material In the years Confidence In that certain sr,
the demad for raw viii reach the pewar level h M
this new prospect Of eeeualy controlling the billion dollar bs
New-York tribune., 1922-12-10
Farmers Loan Paris Bra. Brae,S' 4,

The announcement from o., 81
the b.-oue de Paris q oe ,lsi,Iss 4
has take. ser The Ffeneh &c., ,cemesi
the Warmers Lean and Ifos' rsme =
Is inaccurate, according % 'sr~.,r,s
msnt of the ehiecs Of the ',s,ily
Loan and Trust Company p,rdil
"As q matter Of fact ~ 3
said, "the company dispo.s' ~
French bsnhing business 70 ss ir
tional City Bank more than - y
Since that time our relations cor
National City Hank, whefe az. ~
sentative has had an oiiiee, ns,' n
most agreeable and satiifaslg.s, K
only foundation for the 49, AZ
ferred 10 ls that negotis,lsn.s. =
been cempleted with The psns1 40
Paris des Pays Bss for ihs sessse.sl|
ment Of the ofiees Of the 100,
Loan and Trust Company ~ NJ
tive In Paris in the new pp,,o.., 4
being constructed hy the p~f
Paris ct des Pays nss."
New-York tribune., 1922-12-10
Must Earn 8 Per Cent

III a road is conservativelv financed
and managed with reasonable ability
and by experienced people, you ought
not 10 consider Il a strong road from
the standpoint Of transportation. un-
less 1t can earn at least per cent
on its money and do il pretty regu-
larly. From the viewpoint Of credit q
company that cannot make @ per cent
on It's property investment and have
surplus cannot produce adequate
transportation facilities
when we pay per cent on our
stock it is equivalent 20 per cent
on our property vaule.. Another S40.-
100000 out Of gross income Of some
S662,00O.00O would mean 6 per cent
on our property investment
"You hear much about waterod stock.
The law Of the State Of Pennsylvania
requires that stock be sold at par.
Some Of our shareholders paid a pre-
MUM FOR their securities IN the open
market, and never received more than
per cent dividend. Since 1877 the
road has paid a dividend on its stock.
It's policy has been and is to-day to
pay a fair return 20 investors and to
place the surplus back into the prop
erty % improve the facilities for pub
lie service.
AS for OvercaD. .talzation, the Penn
sylvana is undercapitalizcd. There is
an excess Of S3O0.000.000 Of property
value taken az original cost over cap
italization"
Although Mr. COUNTY has spent most
Of his life in Philadelphia, there il still
suggestion Of his Irish nativity i'm
his manner. he was born In Dublin
on August I. 1871 He received his
carly education overseas and later was
graduated from the Wharton school OF
hnanco Of the University o. Pennsyl.
vania with the degree Of Bachelor
of Economies. Mr. County Is tall
sturdily built man. An exceptionally bio
forehead, blond hair and a blond mus.
tache and a Roman nose are the eg.
acntial features OF this Lieutenant colo
hel OF railroad men. This man with
kindly blue eyes is rarely heard N
outside Of Philadelphia. vet he is !
primary force In the successful opors
tion Of the railroad which serve. Eo
per cent Of America population. ard
runs through thirteen states and tbe
District Of Columbia
some critics Of the Pennsylvania con.
tend that u has reached stare I'm IN,
development where, after certain
point, additional units of traffic he.
come Improbable. Economists c.il
this tendency the law Of diminishing
returns.
New-York tribune., 1922-12-10

Vicc-Presldenf Ndtionof Ifib NAM
Of Nclo York
TNHE agitation for the taxation
Of corporation surplus or stock
n dividends representing trans
fcrs from surplus account 70 capital
account has been revived and Is at
once the cause and result Of numer-
Gus stock dividends recently. The
announcements Of these dividends,
which under a decision Of the United
States Supreme Court'are non-tax-
able for the very good reason that
they do not transfer anything, has
excited a portion Of the public, which
understands them TO be a distribu-
tion Of profits, and prompted a de-
mand for more taxation. On the
other hand, the revival Of the de-
mand for the taxation Of such sur
plus or stock has naturally prompted
corporations to complete any action
Of the kind they may have been con-
templating.
II Is not strange that many people
should be unfamiliar with corporation
finance, in which the term surplus
Is used In a technical sense. In the
case Of corporation IL does not mean
cash on hand or an excess Of any kind
Of assets over its needs. bu. simply
an excess over the sum % obligations
and capital stock outstanding. The
"sufplusH shown In corporations
statement may be, and commonly
IL, all invested in buildings, ma
chinery and necessary working cap
ital. In the operation Of the business
it is indistinguishable from that part
of the capital represented by capital
stock.
An individual in an unincorporated
business does not have surplus in the
same technical sense. nor does part
ncrshiD, because they have 10 ont
standing stock. They do not ordinarily
make The distinction between cap
italD "surplus" and undivided
profts' that is done In corporation
bookkeeping.
When it comes 20 taxation indi-
viduai pfoprietofs and members OF
partnerships pay the regular personal
income taxes upon that portion Of the
profits OF the business which belongs
10 them, whether they withdraw any
part Of II from the business or not,
and thst il all the taxes paid upon
those profits. The profits are counted
as income 90 the pI0prietOrs once, ana
that is all
New-York tribune., 1922-12-10

ment governs best which governs
least" Yet he does net advocate q
complete return 20 the hands-0n pol
icy, which preceded the passage OF the
interstate commerce act of 1897
The vice-prcsident would prefer 70
see the roads left frccr as 70 earning
power. 50 that they could keep IN tune
with the business cycle. The purpose
Of the present rate provision OF M tne
TRANSPORTATION act, which Is under IRE
from Agricultural economists, is 10 give
the roads an earning power OF pH per
cent Mr.. County thinks that logically
the roads ought TO earn more IN pres
nerous years so that in lean periods
rev would be In a position 70 cut rates
even at a loss in net revenue IN oIoe'
20 help out the general business SN'
uGtion.
As for regulation, Mr.. County would
limit Il 10 these three essential eahohsi
Compensatory rates;
on-discriminatory service, and
Uniform accounting.
Lets get away from the cramplng
eject OF forty-eight state masters ana
the Federal government into broad
Gauge pian Of reasonable regulation,
such Is the Federal Reserve system
and tic national banks are subjected
to- he said. "The railroads are Just
"a important sincws as the nations
economic life as the banks.
"The essential thing is 70 let the
roads have sufficient earning power 10
get adequate credit which is necessary
Tor the roads to grow 20 keep up with
the nations expanding wants. We
cannot have adequate transportation
service until such time as you can sell
stocks Of the cOnseryatiyoly financed
roads at par"
Mr.. County was asked whether the
Pennsylvania would DO any Important
financing in the near future.
New-York tribune., 1922-12-10

harnesses his conclusions 70 facts.
Having started 70 work for the
Pennsylvania thirty-two years ago az
clerk in the seeretary's ofi'e, Mr..
County regards the system not merely
az a corporation that employs him but
~ great national institution. he
tales pride in being a Pennsylvania
man he remembers how the road
buib up communities along its tracks,
ne knows the debt Of industrial and
farming communities TO the railroads.
And he Is keenly conscious Of the Fela-
tive poverty Of the railroads as com
pared 10 industrial corporations par
tieularly during the last decade He
remarked eandidly that railroad
executive was frequently tempted 70
20 into other more quickly remunera-
tive forms Of business enterprise.
We went TO see him 4 few days ago
at his Office in the Broad Street
Station, Philadelphia, having heard
that he had On interesting story TO
tell Of how the Pennsylvania in a
year had come baek from its great
depression 70 a position which enabled
81 10 restore the traditional per cent
dividend rate, which had been tenn
porarily cut 70 4. Mr.. County was not
immersed in enthusiasm AZ what had
been accomplished, but felt that the
rosd was still restrained from full
measure Of public usefulness by forces
designed to check is earning power.
Even during this year Of great pros
perity, compared to recent postwar
years the company, he said, will earn
only 41O per cent on is property
value.
what is a strong road and is Penn
sylvania under present conditions a
strong road - was asked.
New-York tribune., 1922-12-10
Improbable Traffic

As TO this, Mr. County indicated that
mere was truth in the assertion tbat
tne mere pilng up OF additional bust
ness did not necessarily involve in-
creased net profits Tor the railroaf
DIT. County described the recent ex-
peHenee Of the roads which were called
upon 20 haul almost record breaking
frame after the coal ard railway shop
mems strikes. he spoke of the situa.
uon as the BURSTING of dam" Tbe
abnormal conditions made II nccos.ory
20 ship empty freight cars woftvard
TOY the products OF iho Farms. he said
whereas profitable railroading comes
from shipping loaded ears In both di.
feelons. The normal scheme is 10
shiP coal up 20 the Northwest and to
prih- ore down. During the period Of
uninterrupted supply of coal. one eame
oown put the coal DID not 20 up
Under such circumstances said
an County, no plant can be- caual TO
the situation. Not an the trafsr ob
tained is profitable. especially al rcr.
tain points. In spite o. exceedingly
large gross earnings at ihis time our
recent business has not been propor-
iionately profitable
- NAfH'NA AAAARNW "NNHINNs MNfEM m
had been Impaired by the bursting Of
the dam, has greatly improved. as the
roads have cot q better grip on the
situation. What ON road can do ia
Influenced 20 a large extent b. the
condition Of the other systems, for tho
Pennsylvanla, for example, IS fed az
100 points BY other roads
The next inquiry related TO the out
look.
II general business is active de-
clared Mr County the railroads ought
20 be reasonably prosperous. unless you
Interfere with them b. legislation.
The Pennsylvania, which does the
biggest freight and passenger business,
Il one Of the best Thermometer of the
business Of the whole country n rot
fleets business which is currently going
%. but does not foheei future trade
New-York tribune., 1922-12-10

Two things accounted Tor thi'
charge: First. a marked decline IN the
Importation N cotton into japan, and
second, and b. FAR the more important
and decisive of the two, the ever in
creasinF shipment Of raw elk 10 th'
United states and on a steadily mount
inr price scale.
America the business recovery m
America and her demand for SIN D..
came 20 financial Japan, IN the slough
OF desmond. as she had done 20 often
I'M days gone by. and lifted her ou'
n u. The pleasing prospect continued
all through October. Japanf total ex.
ports FOR the month were valued ai
iGl,fsf 900 yen and Imports aUs unied
10 lO5.606 900 ven, showing the favor
able balance Of 55675.000 yen-the
highest record since October. 1918
yhen the excess Of exports over I'M
ports passed the 6o,000,00O yen marx
This is a picture which passed All
the prophetic visions Of the bears. u
shocked them as no orthodox Toxic
earthouake had ever done. The result
was an active and very bullish market
toward the close Of October In the
Stock Exchange. Traders gave six rea'
sons for u;
/. The prospect Of the Bank Of lapar
lowering its interest rate In yerJ
near future. But a scant month or two
before the very existence OF any sneh
institution as the Central Bank oil
japan was forgot BY the bears.
3. Revival Of American business
Traders talked glbly Of q sudden turn
In the labor market IN the United
states; in 1921, they declared. America
vas threatened with lack OF Jobs foi
5000 900 workers, but now the whole
situation had been reversed. Instead
OF 5000, 900 out Of work there was a
shortage Of labor there. This talk was
.he chief bull ammunition.
3. The cotton yarn market turned
out not quite AZ badly as had been
expected.
4. The bullish sentiment rode on the
rumor that n certain CLIQUE Of capt.
lalsts were buying up all tie shares
Of the Yokohama Stock Exchange; that
a corner in them WAS impending and
the rest Of the usual hubdub 20 dean
to the patron saints Of Wall Street,
3. The persistence Of the excess OF
exports over imports in 'he foreign
trade Of the empire. laying the fonn-
dation Of a permanent recovery OF
financial and business conditions OF
the country.
6. And then. they all said, IL was
about time FOR things 20 take a turn
for the better any way.
New-York tribune., 1922-12-10
Japan Continues to ShOiU
Foreign Trade improvement
Favorable Balance 27,447,OOO Yen for First Ten
Days OF October Best in Two Years; que Large1y
10 Steadily Increasing Shipments Of Silk to U. s.
By Adachi Kinnosuke
American Correspondent Of ne Toxic y

american Correspondent Of the Toxic "Jvf
NHE foreign Japan put gold star on he showing "
first ten days months Of October 921 Inc ~ue 0 n
ro was 600 ven more Of her imports IN that
pe That stands the story told in the two years past In" -
poan TO country which by foreign TRADE largely The record
remarkable in another way July the first month which showed
favorable balance Of year Up To that time the excess OF
over apan exports had remendouqte enough TO make
hears the peope most in fashion the markets Of the empire
New-York tribune., 1922-12-10

the consumers Of raw cotton A..
from sources having a ve,y ,-..u ,..u
interest IN seeing dear eoftss 49,
constantly pushed up 70 49,, ~
hese Interests are uhminlfoi =
fact that the higher me 9r,es 80. = .
gfeeter incentive there is fsr 49,
eulturalitts o. other land, ~
into competition ard pefhas,
supply the foreign spinner y. 4
raw material. " !
New-York tribune., 1922-12-10
Low Railroad Earnings
Mean Inadequate Service
Roads Must Have Fair Profit to Provide
Full Facilities, Says A. ]. County,
p. r. II. Yice-President
By Merryle Stanley Rukeyser

THESE days bloc heeodozy concerning railroad eco
sees we went 10 hear other dthe orthodox vew-om
~ John County vcepresdent charge Of accounting Of the
Railroad Aside personal opinions who onver
Vim NJ COUNTY knows he is speaking manand who
New-York tribune., 1922-12-10
Large Silk Exports

But after all Is said and done the
biggest scare the ftr-s had was the
showing OF the g. % Of raw silk
out Of Yokohama : going TO the
United states. In September, 1872,
the Port Of Yokohama saw the largest
shipment Of raw silk In all its history.
2g.Sg8 bales we're shipped In that
month. In July the number ~ bales
of raw silk shipped out OF Yokohama
&c the United States stood at 25,4sj.
In August 70 was 26.S2i bales There
fore the September shipment exceeded
the records OF the two preceding
months By more than 10000 bales. al
torcther n remarkable record. Less
than hve months before tha;. In Mprcn,
1922 the only thing which k1pt the
six market from going through the
bntl0mleAa bottom was tho iuu0r Of
ths Lassage o. the sils bill. |ht- gils
bin provided Tor q loan of 10000, 900
yen 90 the silk pool called thr fcispku
sanEhi Kaisha, q femi-cOyerAMfntal ~.
fair. iacc II was under 'tc Hi'cstlon
O.. the Minister of Agriculture ~
Japan. 10 upport the six n.Il
the tine Shinghu NO. i Was trembling
along the ragged edge % about 3hu
yen rcr 100 kin. The story Of th' new
record 10 the exports Of siik in sep.
'euttr hould be- read IN the ligi- o.
ihc earlier month Of this ycir. :'-Gs
,n.o something like romance.
Money was pretty tlCht ali through
The FIRST half o. tho year. With the
barrier Of the semi annual settlement
over. lt became pereeptibly easier. But
thon came along the noiati0n OF de1en-
tures and capital issues and absorbed
ihc Idle funds rapidly. IN July D. d.
and debentures valued az 55,55O.001
New-York tribune., 1922-12-10
Wants Roads Le[f Freer

Mr. County u Of the laissez faire
school, and believes apparently With
ihemss Jsfsfsop that Nthat govern.
New-York tribune., 1922-12-10

REATlNG the law OF supply aod de-
- mand IN 50 far az il affects interest
rates is apparently the purpose ~ loan
associations known AZ "three esr cent"
loan societies. They sell their l-s
by Offering TO lend funds 10 rca5crs
when 10 becomes available at ce il-
erably below current interest la..f.
Those members who 90 not desi-c .o
borrow are allowed TO sell their pliw-
lego and this speculative opportunity
whots the buying appetite. The real
drawback to the plan is that ordinarily
the members put in all the money and
IN eftct borrow their own funds on
which they have received no interest
for many months. The seeming saving
in interest rates IS not therefore "a
large as IT appears, and the main talk
ing point Of the stock salesman that
the loan ought to be available at
given time is supposition and il not
guaranteed in the contract In some
states courts have held the system OF
waiting in line FOR loan involves the
lottery principle.
In analyzing the 3 per cent loan
situation the Better Business Bureau
Of indianapolis. in special circular,
makes public a letter on the subject
by d. r. crissirgsr, Comptroller Of
Currency Of the United States
IL Is true says tie Comptroller.
shat the Solicitor Of the Treasury De-
partment rendered an opinion holding
that these home builders unions and
associations Of various names md
there are quite few here IN the
dist7iet--were ia eject building and
loan associations and that they should
be required 70 take cat charters Under
the district law. They have refused
10 do this and the matter is now Up
for legislation before Congress Il Is
M purpose 10 have such legislation.
II possible. prohibit these associations,
or trusts, or whatever they are called
In the District Of Columbia and at the
New-York tribune., 1922-12-10
Says Taxes on
Surplus Would
Be Disastrous
National City Vice-Presideni
Points Out They Might
Force Cash Distributions
TO Compsny's Sacrifice
Explains Stock Dividends
Earnings Retained by Cor
poraiions Are Source of
More Future Revenue
By George E. Roberts

Vicc-Presideni Natioral CIV Bank
Of NcD York
Perth Amboy evening news., 1922-01-21

eff you want % be a success in life, save
money and start a savings account. If
you do not, you will lose out-the seed
of success is not in you.
The ''have-nots" have no savings bank
account. The "haves'' are on the the
front line at !
The Bennington evening banner. (Bennington, Vt.) 19??-1961, 1922-12-02
In the DAYS News

Admirers OF Rudyard Kipling have
been pleased to learn that the "soi.
diers' poet apparently is on the road
TO recovery after a most critical i'll.
ness. Mr.. Kipling's literary career
extends over 40 years, beginning in
India in 1882. His experience widen.
ed by travel in China, Japan, Amer.
ca, Africa and Australasia, he EN-.
bodied the habits and customs or
these countries in his writings, and
gave TO the world wealth of prose
and poetry in The Jungle Book .
Captains Courageous Soldiers
Three" and other well.known works.
Though he now writes at inlrequent
intervals, his sales are said to be ten
times as great as they were a few
years ago In 1920, for instance, two
million copies OF his works were sold
throughout the world bringing to the
author an income OF half million
dollars. Mr.. Kipling has announced
that the profits OF his latest work,
"A History OF the Irish Guards viii
be given TO charity
The Bennington evening banner. (Bennington, Vt.) 19??-1961, 1922-12-02
HOUSEWORK IS A BURDEN

WomNs lot is weary one at
best. But with buckache and othec
distressing dney Ills life indeed be.
comes burden. Doan's, Kidney
III Is have made life brighter for
many Bennington women. Ask your
neiehbor Mrs. John Enright. 15l
Mills St. Bennington. says: Il was
troubled with my kidneys, due to
heavy homework. Ny back was 50
gore that when | stopped, could
hardly straishten and it was torture
for me to bend to sweep. Colored
specks .loated before my eyes, blur.
ring my sight and dizzy spells caused
me d lot OF trouble The action OF
my dneys was irregular and ! Ger
tainly was suffering when | began
using Doan's Kidney Pills. Relief
followed quickly and couple boxes
Of Doan's cured me OF the attack
Since that time. have used Doan's
occasionally as kidney tonic and
they keep me feeling fine"
Price Coo at all dealers. Don ,
simply ask for kidney remedy-set
Doau's Kidney Pills--the same that
Mrs. Enright had. Foster-Mllburn
Co.. Mfrs, Buffalo, n. Y.-Advcrtise
ment.