davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1922-10-27
/. M. f.. A. Convention
Discusses Flexible Clause
i'm New Bill; Calder and
Mills Praise Measure

I
Sentiment favored the steps already
taken toward removing some Of the po.
Hsieal control of tariff making, and the
ultimate complete divorcins Of the
tariff question from partisan politics
was expressed by eesa of tho Ave
Speakers at the tariff session of tho
American Manufacturers Export AS
sociation's convention yesterday after
noon at the Waldorf Astoria Hotel,
Mods OF approval at the speakers' re-
marks and vociferous applause A.
many pointa In their addresses appar.
entity left no doubs concerning the
sentiment of the exporting manufac-
turers present.
Attention was called to the flexible
or elastic provisions In the new tarig
Dill by w. W. Nichols, Of the Aliis-
Chalmers Manufacturing Company,
who presided as chairman Of the meet
ing, and by Senator William Nj. Calder,
Congressman Ogden L. Mills, Vice.
Ihairman w. s. Cusbertson Of the
TariR Commission, and Andrew C..
Pearson, treasurer of the United pub
iishsrs' Corporation, tho other speak
ars.
Mr.. CulbeYtson went into sorte detail
to explain the reorganization of, the
Iarifr Commission and the gaethod Of
procedure in making Investigations
congressman Mills asserted that the
taking OF the tariff out of politics
would be boon to inoividual rnem-
hers of the Hoase, "Tn view of the
difficulty of nr&.rg out all the facts
in connection ssf4a oil the commodities
covered in .nriH bill," he said, "the
Congressma. finally becomes par
tisan representative of his own home
industries, which does not give sci
entific tariff, but merely compromise
on rates. The legislative body should
determine the general policy and leave
the rate making TO experts"
He justified the vote in favor OF
the Fordney- bill on the
ground that the need for protection
Of many of our basic industries was
clearly shown.
Senator Calder supported Mr.. Milis
IN his views on the tariff and said
that within few years the tariff will
be taken ont Of politics completely.
He algo intimated that change in our
internal revenue laws will be tackled
at the next meeting Of Congress.
Personally" he added, 81 believe that
INCOMES of $4,000 and under should
be exempt from tax, that the maxi
mum tax should not be above 80 per
cent, and that the income tax should
he supplemented by small sales tax
say, one-haif of ] per cent"
Mr.. Pearson made a ples for' the CO.
operation of business men with the
Tariff Commission in the new work
thrust upon it.
After the close of the afternoon ses-
sion the associations resolutions
committee drafted resolutions rec
commended to the board Of directors
as the sense of the convention. these
resolutions approved President Hard
ing's policy on the merchan. marine
and pledged action along the lines, ad-
vocatsd by the President, extepAed ap-
probation to the Bureau ofaIore,gn
and Domestic Commerce, and recon
mended that the Chamber Of Com
mercc of the United States call an
international conference Of business
men se determine upon policy " th
regard to the International war debts.
New-York tribune., 1922-10-27
Trade Buying Sustained

i. A general nlainserance OF purchas-
ing by retail and jobbing distributors
is shown in the weekly merchandising
report compiled by the Credit Cleasing
House. a continued upward trend In
buying at this time of the year is In
marked contrast to conditions four or
five years ago, when the fall buying
was completed by the end of August
For the week ended October %
buying was Il per cent ahead of the
week previous for the country as a
whole, g per cent ahead of last year.
but IL per cent under two years ago.
indebtedness gained r per cent over
the week before, 80 per cent over last
year and 8.d per cent over two years
ago. Payment activity was 80 per
cent less than the week previous, 3.y
per cent under last year and 1873 per
cent below 1920.
New-York tribune., 1922-10-27
Oppose Open Bids
For Rail Issues.
AT /. G.. C. Hearing
Bankers and Representatives
OF Carriers Say Private
System Is Best Method
of Floating New Issues

WASHINGTON, Oct. as.--The Inter.
state Commerce Commission to-day
threw its methods Of supervising issue
OF railroad securities open fer discus.
s'on before representative railroad Of
iiciats and investment bankers VIII ON II
summoned to Washington, seeking ad-
vice particularly as 30 whether il
should hereafter require sale Of such
issues to che highest bidder after open
competitive bidding. The latter pro-
posai was met with emphatic objec-
tions by. both railroad men and bank
ers,. while Judge Robert s, Lovett,
chairman Of special committee OF
railroad executives appointed to formu-
late views, challenged the legal power
OF the commission to institute such
practice
Otto Kahn, of Kuhn, Loeb & Co.,
expressed the opinion that such sys-
tenn might prove ruinous to railroads,
while Jackson E. Reynolds, president
Of the First National Bank of New
YORK, said that the commission In the
matter "ccnld do its worst and not hurt
us (the bankers5, but can hurt the
railroads" Dwight w. Morrow, Of
J p. Morgan & Co.; A. II. Harris, vice.
president Of the New YORK. Central, and
Forney Johnston, counsel for the Asso-
citation of Railroad Security Holders,
were among those called.
Mr.. Kahn said that the relationship
OF great banking houses to the rail-
road corporations had brought into
existence the practice Of private un-
derwriting Of larger loans. 1t had
assisted the carriers, he contended, In
getting leans successfully feated, in
making up securities OF form and
type to fit markets, and above all had
maintained q stable, broad investment
market OF which railroad securities
could always be bought and sold.
-: or many years to come railroads
viii annually need large amounts of
now capital" Mr.. Kahn declared, "and
It Will be primary confederation with
the Interstate Commerce Commission
TO maintain the stable, broad securi.
ties market from, which this capita!
can be drawn."
Judge Lovett spoke OF the ''gcnius
which bankers have sor protecting the
securities market" as an important
necessity in tho fotation Of large se-
curity issues. These issues, he said,
constitute nm invitation for
speculators to try "bear raids" that
would make it impossible TO maintain
prices.
Mr.. Morrow supplemented Mr.. Kahn's
argument as to the necessity of keep
ing the banking machinery up to the
task Of distributing railroad securi-
ties.
Does the banking house which
makes loans regularly to q rSart Gu. -
railsss,d seek in any way to influence
the management OF the railroad in its
transportation policy?" Commissioner
Esch asked
Il have never known bankers TO do
so,' Mr.. Morrow replied, "s;nce in the
matter of operation and policy banx-
er''s advice would not be Of value. They
Perhaps in the matter of paying divi-
dends and direct financial matters such
advice might be offered" ~
The hearing was concluded in the
single day assigned for IL.
New-York tribune., 1922-10-27
Sd Ave. Railway
Earnings Show
Big Improvement
y 'Sl2O7, ,474 Net Income Com.
pares Will, s876,6II Def.
cit for Year Before, Op-
Grating Expenses Lower

i tne Third Avenue Railway Company
earning something en- its eapital
stock Tor the first time since 1a1e Tne,
ssatement covering operations for the
fiscal year ended June 80. 1890 show
net income of $20T,47l, after All,
charges. including S per cent nm M
auJustniert mortgage bonds. cou,wss
tent to Sl.25 a-share on the $fe.bs0 o1r,
STOCK outstanding Thia compares with
2 aeficit OF s876,611 in the previous
nscai year after allowing for full
. per cent on the adjustment bonds,
.he allowance being made purely for
sne purpose OF comparison in as much
as hotning was paid on the adjustme nt
ooras Nc IN the year ended June 80, 1921.
a. no ane Improvement OF more than
ings was due not only TO an Inc raasa
IN receipts of nearly $500 900. but aIso
10 a decrease In operating exnensas as
approximately 100000. In 9th ~
words, the large deficit of the previous
year was absorbed by an improvcne At
an ooth sides Of the account, q substan.
Iiat increase in receipts having hes,
enected with substantial reduction l.,
operating expenses. Transportat;an
revenue increased $625,0O and rent -.
nulldings and other property VIVA ns.r-
~ $Ss,ooo larger. The eurtailment il
Total operating expenses was aeeon.
pushed in the face Of an increasc ~
S1so.oo0 in depreciation accruaIa. -
as result of the years operation,
sne balance sheet rs Of June 80. 1920
nlaces the corporate deficit at s2 aaa
osl' as compared with s24sa 600 ~
q the END OF tho previous year. Currant
liabilities amounted to $i,909, 600. Cure
rent re IT, Assets totaling $5,aII 600 includad
20 o,ass,o0o cash and United States cov.
eminent en securities, as compared Wis
IS1,iszsooo year ago. Among the lin.
plllt'es there is an item of s5,56s .o0, F.,
representing interest due on the al.
Jusen1ent mortgage bonds. tha nrras "a
asll' uniting to FIX per cent
New-York tribune., 1922-10-27

yers Mcrtgage Company has called 4
spssiai neefing Of stockholders Co be
sssu ss.a On Nnyember IL. 1922. for the pur-
Increase the capital stock Of the ecr,. y.
pany from $4,000 900 par value nj nres-
snt authorized and outstanding. tn sT.-
$4,000 par value, by transferring fror,
surplus TO cauital the sum Of ali 5sn0o0
ana ny issuing $4,000 additional shares
OF stock OF che par value of 500 q
snare and distributing such additional
SHARES pro rata to the stockholders Of
the company.
New-York tribune., 1922-10-27
Days Ne,c Issues

= W
Haligartan & Co. have bought and
are Offering new issue of $4,000, 900
United Cigar Stores Realty Corpora
tion twenty-year q per cent sinking
fund bonds, guaranteed by written un-
conditional Endorsement by the united
Cigar Stores Company OF America, The
bonds are priced at 400.
Harris. Forbes & Co. are Offering
to yield .A.25 to 4.20 per cent, q new
issue of 100000 City Of Portland, Ne.
high school az per cent bonds, due
i927-1ea6.
A syndicate headed by Blair & Co.
INC, is expected to offer shortly at
esh and interest S5,o00,010 Republic
of Colombia five-year ea per cent
Harris. Forbes Il Co. and Laird &
Co., OF Wilmington, were awarded yes
terday, at premium of $25 600, an is
sue of 100000 City OF Wilmington.
Del, AZ per cent serial bonds.
y. J. Lisman g. Co, are offer,nr Mt
par and interest a, new issue of $500
oeo Williams Steamship COMPANY ma
r,ns Inlse equipment 7m per cent bonds, due
AV&SslScZ.
Lee. Hagginson 4 Co. are Offering, to
yield from 6.l0 to $40 per cent new
ssus OF 5l.s75.0e0 Union Refrigerator
transit Company series A equipment
trust 8 per cent certificates, due isea-
1929. 400
Sherwood q Mefrifield are Offering.
70 yield A.15 per cent, $4,000 Town
OF North Hampstead. N. Y, az per
cent bonds. due 1943-1s77.
Lags & Go. and Hemphill, Moves g.
So. onered at par and sold Yesterday
2 new issue Of 100000 Douglas Pack.
ing company ten-year per cent sink
ing fund debentures.
New-York tribune., 1922-10-27
Unexpected Overcoat Demand

Consumer buying OF overcoats has
reached larger proportions than manu-
facturers and retailers expected earlier
In the season. Recorders for over
coats, are being paced with manu-
facturers now. and the latter, In turn,
are going to the mills and jobbers for
additional fabrics. One explanation OF
the unexpected strong demand, ac-
cording to garment manufacturer, is
the poor fabrics put aput last year co
sell at the low prics range then in
sisted upon by the general public, have
worn out Many men it is thought,
New-York tribune., 1922-10-27
Cotton Exports Lower

WASHINGTON, Oct. es.--Coston ex-
por.a in September totaisd 3ss,seT
balcs. valued ut s42. .Tss,7&s. This
comnared With 521,ssI bales, valued az
43,252.G34, during the ssnae month the
wear before. For the nine months
ended with September exports amount
ed 60 S,s49, ,se6 bales, valued at $780,
H5,7As, as against 4.31i,o76 bsies Of O.
value OF s517,Is4,5s0 in the correspond.
ing period of 1924.
Exports of cotton cloth In Septem-
Der amounted TO T,74f.7a6 square
Yards. valued at s52,Iss,S4s. In Sep
terber, 1921, exports of such cloth Co.
tailed s,a84,os9 squsre yards, OF value
of $62,2S0,S9s.
New-York tribune., 1922-10-27
Air Reduction Report

The income account Of Air Reduction
Company for the eight months ended
August 81. 1922, showed net profit Of
S514,36S, after charges and deprecia-
tion but before Federal taxes; gross
income Of $4,244,441; operating ex-
penses, s2.s76,112; operating income,
st,268,s29: reserve for depreciation and
amortization, 1851 254; interest. $685.
s22; other charges, s6.7s5, and net In
come of s514 ass. Surplus after divi-
dends of Sao6.224 amounted to $20s,144.
Profit and loss surplus Was $s47,556.
New-York tribune., 1922-10-27
Gulf States Steel Net Cains

The report Of the Gulf States Stssl
Company for three months ended Sen
tember 80, 1922, showed net operating
income OF S340.2S7. After dcductions
for taxes, depreciations, etc, net IN
come was $252,2S4. equivalent after
preferred dividends to shout $50 a
share on the s1I, I,l52,i5o common STOCK
compared with s225,66S, or s1.7o 8
share, in the preceding quarter, and
Sso.SI6. or about 10 cents o share, IN
the first quarter
New-York tribune., 1922-10-27
Establish Fur Exchange
Manufacturers A nge for
Trading SuruIus Stocks

Establishment Of q raw fur exchange
whore members Of the Associated Fur
Manufacturers, Inc. may dispose OF
their surplus stocks or acquire the
dertaken by the association, David G.
Mills, manager Of the organization. an.
nounced yesterday. The exchange, 1t
lis expected, will be in operation next
Monday.
II the exchange functions TO any
great degree ii will cut into the busi-
ness Of the smaller skin dealers who
make habit OF buying snrplns stocks
from manufacturers, who often hays
New-York tribune., 1922-10-27
Conference 20 Discuss Waste

!. ALBANY, Oct. 2s.---Elins,natson es
waste IN industry wifi be the principal
topic OF discussion a. the sixth anuus,
New York State Industrial Conference,
which will meet a. the Hotel Lafayette,
Buffalo. November q. 22 and 2s
Henry D. Sayer, State Industrial Com.
missioner, will opsc the conference @.
Tuesday night, November 81. Oshe,
Governor Miller and W., d. BaIdwir.
chairman OF the Otis Elevator Com
pany.
New-York tribune., 1922-10-27
September Railroad
Earnings Irregular
Southern Pacific Shows Gain Of
S6O4,977 in Net. r. & o. Re.
ports S2.665.9SI Dron

Septemher railroad reports mase
public yesterday showed considerable
irreguiarity in the showing Of net
operating income and gross revenues
me Southern Pacific reported a rain
OF ssn,s7o in gross and an increase Of
ahQa's77 in net, while the Raltimore &
Ohio, which is still feeling the effects
or the coal strike, reported decrease
OF SO s3.s49.232 in cross and net onerat-
ing deficit of s2.6ss,s52. N1''N y
Cleveland. Cincinnati. Cb,ca,n a.
New-York tribune., 1922-10-27
Commercial Credit

The commercial paper market here
was fairly active yesterday, with die.
eoun. rates firm at az TO AZ per cent.
Tho selling rates on bankers accept,
2nces were advanced.
Tho American Acceptance Council
1uotad the following discount rates or
,rimc bankers' acceptances eligible for
purchase by Federal Reserve banks:
New-York tribune., 1922-10-27
Independence Lead Venture


lesstion--I wr!to for information, owA
l.v9o shares Independence Lead, a curb
a.oeM which ] purchased fcur years age
a ams esrtihcate was made to another party
anu signed In blank. I never notified tho
.haependenoe Lead Company of my owners
snip. simply held the stock Recently II
hhs advanced In value. | wrote to the
tspSaapany sps, for transfer aud they notsfy' me
thst my ntocls Ia OF no value; that about
year ago they lowed an assessnent II
- = zen cent nharc on ali etoclt An the Usseas-
mont was not paid on my certificate Ii Was
soia ,,,, tor non-payment and did not bring
y.hing over tho coata OF Gale. In other
words they wiped me out. t,f course 1 re-.
SSeivod no notice oe Aasoesn,ens, they not
naving my name. I should iihs TO know
!, they legally havo the right to Wipe me
out IN this manner and II hava no re-
dress.--W. F. Is.
Answer---You are not the only stock
holder whose holdings were sold by
the company for failure to pay an as
sessment. The Independence Lead Com
pany could not have potiHed you ex-
cept by advertisement and II is not
surprising that you were unaware OF
the assessment. You have no redress
so far a2 we know.
New-York tribune., 1922-10-27

to purchase large quantities TO get a
few choice furs. These stocks are then
sold by the skin dealers to other
manufacturers at profit. The rcten-
tion OF this profit in the hands of the
manufacturers is one of the aims Of
the new exchange.
New-York tribune., 1922-10-27
waveolian Radio Speculation

ouest,en-would you kindly let me
know what TO do about investing money
in this Waveolisn Radio Corporation?
have only small amount Of money. have
earned IT at very hard work and am
afraid to venture without asking for ado
VICE through your paper,--Misa N. II. K.
Answer--The Waveolian Radio Cor
poration is new company In highly
competitive field, and its stock repre-
sents simply speculative interest in
a venture which may or may not prove
successful Much probably depends on
whether the management is successful
in raising funds for expansion from
the sale of capital stock. The shares
should be considered only by those who
would not be inconvenienced by the
loss Of their money, and the prospec-
tive purchaser should not be influenced
by statements in the company's circu-
lar matter regarding the profits for
original investors in Eastman Kodak,
Bell Telephone. Mergenthaler linotype.
Gillette Safety Razor and the like.
New-York tribune., 1922-10-27
General Electric especial.

teuestion--As have $500 20 inveae would
seek your advice on the following invest
nents. Ono share Chase National Bank,
one share American Telephone and Tele-
graph, one share Bethlehem Steel and one
snare standard Oil Of Indiana Also ha yc
aoout sCo every month TO invest, so would
90 thankful -fo- good plan to invest this
with safety. kindly give me your opinion
on ,he systemasic Investment account Of
buying stocks by Hamey. stuart q Co,
New YORK; !. Wall Street, and as to their
safety.-~C. L.
Answer-We do not So, the logic in
dividing fund OF $500 among four
different issues. We suggest that you
start with the American Telephone
stock and with future savings buy
small amounts of some good preferred
stock until you have round amount Of
8 or 10 shares. The new General Elec-
tric special" stock, having rar value
OF $40 and paying 6 per cent dividend,
would be q good medium for building
up an investment. You win do as we'll
following this plan as you would by
committing yourself to the purchase
OF large amount Of stocks on the
installment plan.
New-York tribune., 1922-10-27

Qaessfona of eenerul sntersst to In.
vessof,s ws!I Do anspered In eAss cod.
nnsn, 80 whioA cnss only initials wiu
os ased, Ofheys will be nnspersd Or
ma't. Adaycss al inquiries, sneles.
Mg stempsd, addressed envelope, "a
rnsHesal Editor, The Tri6une, Iak
Nassun Street, Nsto York CITY.
New-York tribune., 1922-10-27
Investment Information,

business and large earnings tho capa-
nilities of its management. Although
its profits may be subject to consid.
erahie fluctuation, VIC cons der It's
common and preferred stocks suitable
for business man.
New-York tribune., 1922-10-27
National Biscuit Common

2nsst,on--My wife OWNS ak share,
Sar Snuenal e Biscuit common which came 10
,,s ner from her mothers estate. II was ap.
Praised ,9sd at about lad. Yesterdays quota
uom snr, was aS7&. closing. Moodys ahows
a9,.,,nsa ,9a,,,,,sa Ter 1921 are nearly enough 10
uounie Z per cant dividend The nav
Pan wili give seven sss shares for each
osg ,,sd tieo snare. II seems 70 me present
sell unless preaent earnings are greatly
ia,JS a. sssess OF 1sa.. am guessing. the new
dlS,dend rate will DO 50 a share which
will equal sls share ON old stock. IL
shat the general belief7 II the ratio ts to
oe more could bettar understand tho
present pr!ce.-H. L. w.
Answer-Wo are not prepared to
guess what will be the dividend rate
on the new National Biscuit stock. A
dividend Of $2 share would be equiv
aient TO ID per cent on the old stock
and a price of 237ls ia not incompa Il.
Die with such dividend rate.
New-York tribune., 1922-10-27
Bid and Asked

Following are the closing bid and
.sked quotations Of stocks listed on the
stock Exchange in which there were
40 transactions yesterday:
New-York tribune., 1922-10-27

who purchased an cvereost last year
ere buying another this year. The
usual life Of an overcost 10 tvo sea.
New-York tribune., 1922-10-27
High Grade Investments

Question: have al the present time
about $4,000 lying In bank bringing mo
2h per cent interest monthly. Ana y
business man and may not need this for
years to come. A friend has suggested the
following as good sound investment.
SNOW nothing OF the market and have no
Ime to watch or study same. Niagara
Falls Power first mortgage IS, issa; Amer
ia ieap Telephone 4 Telegraph collateral &C.,
is4s; Detroit Edison collateral SIS, 1888
Atchison Topeka & Santa Fe r. q. l.. 40,
lses; Now Yoris Central rcfunding and I'M
provernent So, 20i3; Diamond Match 7nu
1895; Wilson q Co. IS. 1871. what do
you think OF there bends and how much
c. II. ..
Answer-Thc bonds suggested by
YOUR friend are all high grade invest
ments. The Diamond Match TVS will
become callablo w thin short time,
but you can attend to the reinveat-
rncnt OF this sum If g call 10 actually
made. You would get an average re-
turn Of about bA per cent by purchas-
ing these bonds In equal amounts.
New-York tribune., 1922-10-27
Ohio Pover Bond Suitable

Question---r have Just boush. an Ohio
Power Company first and refundtng
mortgage per cent gold bond Berles 81
due July !, 1859. on. the advice OF my
broker Having bought IT I now have q
tesiing that Il Is not as high a srade
hord as / should have bought. bought
this bond for my mother. who Ia G. widow
and dependent on her Income, 30 safety
Is first consideration. Her other hold
inEs are sieoo IN each Of the following: :
psninarx DEM Us. Great Northern Ts. Queens
Gsntral t,sa.nn Egu'pment Is, 1887; chicago. aur-
Terminal 5hs, and several thousand OF
guaranteed Uaited States title GUARANTEES
Company of Brooklyn mortgages. II YOU
think OF say other changes that I should
make advise mo what you would augg eat
always como TO you for advice because /
know know YOU are doing pubic service and
nave no az to grtnd.--u. r. w.
Answer--The Ohio Power Company
5s, although not exactly gilt-edge
issue, arc n reasonably good invest
ment and fit in we'll with your mothers
other holdings. The company's tinan-
cial position is strong. We see no roa-
son why you should be alarmed.