davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1922-11-05
~nsnaAERNnAsnzrpeur.au

yet the skeptic, no matter how un-
reasonable his position, can always get
a hearing, for rationalizing about mar
ket trends is most inexact art. From
five hours steady unwinding Of ticker
tape on which appears constantly
changing quotations for more than
four hundred stocks. the market COM
mentator is expected to get the raw
material for a readable story. His ex-
planation of what has happened must
be based largely on opinion, re-en-
forced by knowledge of the psychology
Of traders and the ordinary behavior
OF markets. A really scientific study
of one days market would involve re-
search over period of perhaps three
years by a conscientious graduate
student Of economics. 1t would In
volve an analysis of buying and selling
orders Of all brokerage houses, and
ultimately an itnerview with each in
dividual who had either purchased OF
sold shares. An inquiry into the mo-
tives for taking a position in the mar
ket Of each Of thousands of individuals
would be the next step, after which
the student would classify the reasons
for action and would grade them ac-
cording to the number Of persons each
motivated. After the candidate for the
degree of doctor of philosophy COM
pleted his researches he might get
his diploma, but mis- conclusions, how
ever sound, would be slightly obsolete.
Under existing conditions, golden
profits go to the few spectators who
can reach decisions boldly and act
quickly. Others stumble through the
arenas Of speculation, and pay the
overhead charges, for the elected mi
nority get fabulous rcturns for cor.
rsctiy forsseeing the future.
New-York tribune., 1922-11-05
Along the Highways Of Finance

TIVE passing Of Thomas De Witt Guy
Ter means more than the death of
an influential individual in the finan-
cial world. The Association Of Railway
Executives has been largely an express
sion OF the personality of its deceased
forces making for the disintegration of
the association, or possibly may lead to
its amalgamation with the American
Railway Association, which at present
represents the operating officials. in
contrast to the business executives.
Mr.. Cuyier was lawyer, but his
long association with railroad men on
the board Of the Pennsylvania and the
Atchison gave him an insight into the
intimate problei of railroading. Mr..
Cuyler was statesman of the railway
industry, and, whatever his adversaries
thought Of him, railway executives had
full confidence in his judgment, and his
leadership was cohesive force in the
association, which articulated the aspi-
rations of nearly 200 roads. He was a
great harynonizer Of differing opinions,
and without him the particularist ten
denotes mong the roads are likely to
grow. 1t is question whether the as
sociation will be able to continue in its
present form. During the war it's
powers were increased steadily as the
roads tended to act as unit. A desire
r IL.
individual executives in the matter of
establishing general policies is surg
ing up.
Already observers are speculating Is
to WHO the new chairman Of the associ-
alton will be. Mr.. Cuyler served with
out pay, and gave unstintedly of his
time. The name of Judge Robert S.
Lovettr chairman os the Unian Pacific,
3, been mensieneds but ii Is doubtful
New-York tribune., 1922-11-05
On q Mutual Basis

"A trade association Ia an organ
ization of producers or distributors
of commodity or service upon q
mutual basis for the purpose of pro-
noting the business Of their branch
Of industry and improving their serv-
ice to the public through the COM
rilation and distribution of informa-
tion, the establishment Of trade stand
ards and the cooperative handling of
problems common to the production or
distribution of the commodity or serv-
ice with which they are concerned.
Although the activities of trade as
soclations are necessarily many and
varied, the following are likely to be
found in any such associat on:
j. Scientific research of the mater
lals. products, processes and markets
of the industry to be used as a basis
for Improvement.
2. Educational work with members:
Dissemination of market reports and
information concerning business con-
ditions and probable future trends;
compilation and distribution of vital
statistics of the industry, such as num-
Der of plants, capital investment, ton
mage of shipments, stocks on hand,
wage scales and schedules; campaigns
for eliminating waste, introducing i'm
proved methods of production, estab-
lishment Of standards, accounting and
selling throughout the industry, vo-
cational education, and similar pur-
poses.
8. Market expansion: Promotion of
the use of the products of the in
dustry and development Of new uses.
a. Legislative: Presentation of the
needs of the industry at Washington
and in the several states with respect
to pending legislation.
5. Transportation: Presentation OF
the needs of the industry with respect
to railroad services and rates, handling
Of complaints of members with ths
railroads. and auditing freight bills.
g. Credit work: Gathering and dis
semination of credit information about
customers.
Z. Prevention of trade abuses, as
against both members Of the industry
and the public.
IS. Establishment and standardization
of trade terms, names and customs.
9. city--Dissemination to the
public Of information Of interest an6
value concerning the industry.
W'haf Is is Not
"The following types Of associations
are frequently mistaken for trade as
sociations:
/. Associations with membership
consisting Of business houses ensasea
New-York tribune., 1922-11-05
Behind the Ticker

In the recent reaction Of speculative
secusity prices, which seemed largely
attributable to technical, internal mar
ket conditions, some wondered whether
the ticker was discounting any sub
stantial change in business or in gem
eral world conditions. The best opin-
ion was that prices were responding to
market forces from within rather than
20 external stimuli. In every broad
Of prices upward or down
s,terruptions, consist
~ rebounds. And
New-York tribune., 1922-11-05
BY Robert Everett
Secrct1ry-Manager, tho Association
OF Ice Cream, SuppIY Men

Secret1ry-MGnuger, the Association
Of Ice Cream Supply Me,
Just what are trade associations
and what are the relations of their
secretaries, directors or managers to
industry?
There is the somewhat astounding
number Of $500 organizations in the
United States classified as trade and
industrial or allied associations, ac-
cording to the Federal Department
of Commerce, and this represents
such diverse and intricately divided
groups, from select morticians to
manufacturers Of single hair nets
and manufacturers of double hair
nets, that industry has been wittily
compared to the medical profession
and to the labor unions-just as a
consulting specialist will examine a
patient as far down as the fourth
vertebra, but no further, and a pipe
filter will fit pipe but not perform
the next process, so even obscurely
small process or manufacturing
groups in industry are limiting
themselves in organizations for COM
bined self and public interest.
Most of these $500 organizations
originated during and since the war
To them persons Ill informed have
imputed q number Of activities un-
favorable to healthy industry or pub
lie welfare. However. at the request
of the Secretary Of Commerce, the
American Trade Association execu-
! tives, comprising secretaries Of more
than 100 Of the leading trade associa-
tions of the country, officially have de-
fined for the first tine with any In
ternal authority the strict constitu-
tion and limits of activities of
trade association. The definition was
adopted at m annual convent on ten
days ago in Buck Hills Falls, Pa, and
in. -
New-York tribune., 1922-11-05
Ne,c Factors

That rule worked out because under
the old banking system preva ling at
the time observations were taken the
revival of business after depression
became drain on banking resources
much sooner than would be the case
under the Federal Reserve System.
Under the old system the banks, in
order to keep up with the demands for
expanded credit and at the same time
leave q comfortable reserve over legal
requirements. liquidated their bond
holdings much sooner than they would
be compelled to do now One ef the
greatest benefits claimed for the Fed
eral Reserve System is the elasticity
it gives to credit, the term denotinR
q capa. sty for contraction and expss-
sion to sSit the needs OF the times.
The system permits individual banks
to rediscount then Sasar with ths
twelve central institutions, sad the
banks avail themselves of this privi-
lege as the credit demands Of business
tcsatiauss es asxs passa
New-York tribune., 1922-11-05
Secretary's Relation

- O~>Os SS< y ~ A~StsNDSObS
The representatives Of the most &C
tive American associations gave ear
and argument there to two conceptions
Of the theoretical relationship Of the
trade secretary to industry in general.
OF his practical and actual influence
for constructive activity the accounts
Of the work Of various typial organiza-
tions represented among the secre-
taries left no opportunity for question.
The two contrasting conceptions may
be summed UP with a question: Is the
trade association executive, cesltering
about him the organized efforts Of
powerful manufacturing and distribut-
ing groups as he does, "high priest"
Of industry, crystallizing and express
ing. the conscience of an industrial
man, guided and directed by purely
business considerations, student, ad-
visor and manager Of profit and loss
for his group7
II the trade association is rapidly
assuming and inherently has the right
to assume, less than governmental
yet moro than casual and unof1cial
character In the present ceaselessly
more complicated democracy of indus
try, there is doubtless justification for
the belief expressed by representatives
Of many Of the larger groups that the
trade associations, through their active
and permanent executives, should and
must become the guardians of the con-
science Of specific industries.
Resulting from the interplay Of the
two conceptions the executives, repre-
senting their respective organizations
officially in no way, yet representing
in themselves personal relationship to
industries totaling in the billions,
finally evolved and adopted a profess
sional code Of ethics Of which the fol-
lowing are significant excerpts:
"(A trade executiye) will
never wilfully misrepresent any case,
fact, principle or condition.
"He. should not limit his in-
dependence of action by accepting
favors or gratuities from individuals
or firms within the association or from
interested sources without
"He should never have any
Continued Page Nine)
New-York tribune., 1922-11-05
In Relation to Stocks

Bonds, starting their recovery some
time before the liquidation of stocks
is completed, customarily reach the
end of their forward movement be-.
fore the bloom is off the stock market.
This is one of the rules of procedure
that arise from observation of pre-war
depressions and pan,cs.
After the so-called "rich man'an
panic of 1908 there was an immediate
recovery in bonds, and this movement
was under way for almost eight months
before stocks turred upward. Tho
same sequence was noted after the
panic of 1907.
Compare these precedents with tho
present case. Bonds turned upward in
May, 1920, and continued in that direc-
tion for six months, but in June OF
the following year they were down
again to level only slightly above the
1920 low. The real recovery. there
fore, may be dated from Jnne, 1921.
Two months from that date there wss
q definite turn in stock prices. and this
recovery continued practically without
interruption until the latter part OF
last September.
Apply the old rule of sequence
further to the case now under observa-
tion. The bond market should point
the way. Now we have seen stocks
and bonds stop spontaneously and turn
downward. Ii it is reasoned that this
signifies an end of the bond market
bull movement, then it might be as
sumed that the decline in stocks was
only temporary and that the advance,
just resumed, will be extended.
In searching out the real significance
of the markets there arc two other al
ternatives. First, it is always conven-
lent to figure both markets in tenn
porary reaction due to a passing money
strain. On the other hand il is pos
sibie to offer theory of cessation
Of the two movements at the same time,
but this can be done only after con-
ceding ths.t there are enough unusual
factors TO make the old rule Of se-
quence inapplicable to the present
case
New-York tribune., 1922-11-05
Cause of High Prices

Speculation in raw silk in Japan and
the artificial price pegging instituted
by the Japanese government through
the Imperial Silk Syndicate undoubted-
ly are responsible to great extent for
the present high prices Of raw silk.
Current prices are about twice pre-war
prices.
Despite this big disadvantage to
American manufacturers there Is 8
steady upward trend to the volume Of
business that is being transacted. The
biggest change thst has come ovey the
market in the last two months is %le
Willingness Of buyers to operate on
future deliveries. Within the last two
New-York tribune., 1922-11-05
Present. Production

!. ane present production of copper is
n i.i,o iae rate of approximately 10000
.ss 80 pounds month from the North
safh American mines marketing
r;ss, ;elgh New York. This compares
nss., high of about 10000, 600
H. bssAas monthly during the peak of
lia;.we wer demand. Exports from the
N. ssu states are about the same as
caa.IW c-War average. while domestic
ia sseJhlnpsion during the recent months
thar pssh about SO per cent greater
wss me pre-war figures. Before the
cent - sfope consumed about so per
10 ~. sne worlds copper, or about
iata sent more than the existing
o. consumption.
New-York tribune., 1922-11-05
Growth of Revenues

ESTIMATED.
Earnings for 1922 are estimated with
estimates based on the normal seasonal
variations Of both gross and net taken
IN conjunction with actual earnings to
date OF latest monthly report.
Dividend Record
The Chicago, ST. Paul, Minneapolis &
Omaha was Incorporated in 1850 as q
consolidation Of existing railroads, and
three years later the company passed
to the control Of the Chicago & North
Western.
The preferred stock is entitled to re-
New-York tribune., 1922-11-05

WW r HAT is the outlook for the
M hundreds of millions OF
V v dollars worth of bonds
bought on the movement
which reduced the yield Of giit-edged
issues from 81 to IA per cent and
second~grade descriptions from 7A
to ia per cent? No one can make
positive statement on the subject, al
though many who are in the busi-
ness of bringing buyer and seller to-
gether IN the security market are
making confident predictions. Is the
reaction which was checked last
week another example Of how an adj
vancing market pauses temporarily
to assimilate its gains, or is it the
first stage of a major movement in
the other direction? Is this the time
for investors to stop buying long
term bonds in favor Of issues which.
| by virtue Of nearby maturity dates,
cannot decline far below their par
value! These and other queries are
collateral questions that hold world
cf interest for the thousands who
have bought bonds on the rise or
have funds awaiting permanent in
vestment.
Before discussing the subject let us
set down in comprehensive terms Just
what the present position of the bond
market is. At the time the reaction
started, toward the end of September.
! representative bonds had recovered ali
but about 5 per cent OF the ground
| lost on the decline starting January,
1917, and ending May, 1920. The funda.
mental causes Of that reaction and the
subsequent recovery have been set
down too often to necesstate auy
lengthy explanation at this juneture.
| On the long decline outstanding bonds
were simply adjusting themselves 10
the diminishing value of the coupon
dollar and to the increasing rate Of
interest commanded By new capital.
The recovery beginning in the early
summer of 1920, on the other hand,
reflected correction of these two con.
ditions-a correction that was disas-
trously rapid for so many corporations
as far as the commodity price factor
was concerned.
In recent weeks bond prices have
declined to the point where the aver
ages are about 10 per cent under the
level of January, 1917. Now we know
where bonds stand in relation to the
prices Of three and one-half and six
years ago, but the relation to future
values is, Of course, an open question
on which investors are likely to hear
many divergent opinions.
The leading exponents Of the theory
that business and securities move In
cycles contend that the exact status
! of trade and bond pricss In relation to
the future as we'll as the past can be
established IL the proper allowance
could be made for all variable factors.
The qualifying clause In this sentence
/! is the big stumbling block, for the same
set OF conditions has never been known
to apply to two distinct business
cycles. Conditions in the opeI ing
decade Of this century were so vastly
different-as far as their bearing on
the security market Is concerned-from
those that arose out Of the European
war that the record of fluctuations
from 1900 up to the time the Stock
Exchange closed it's doors in August,
1914, lacks the significance that could
be claimed for it If trade and Gnance
had been free of the abnormal Influence
| of tho Into NOV
New-York tribune., 1922-11-05

.Years ended June 80. +Estimated.
The pronounced recovery in earnings
during 1922 merits especial attention.
New-York tribune., 1922-11-05
Producing Companies Com
plain T hat There Is
Little Margin of Profit
at the Prevailing Price
supplyC ContinuesPl Plentiful
.,ie Imports From South
America by Guggenheiras
Blamed i'm Some Quarters
BY John Fulton I.owther

by Jonn ulton 1s0Wther
gTSHE continued refusal Of copper
metal to go above Ii cents a
? pound in the fact Of one of the
reatest building boons the country
Ass ever experienced, has been
source Of great disappointment to
solders Of securities of the important
producing companies and matter
Of growing concern to the trade.
Since January l last 1t is esti-
mated that the amount of new cor
struction undertaken in the United
States has involved an expenditure
Of s5,o00,000,o0o. In addition to
snel, cement, lumber and other
building materials, this has required
shs use Of an enormous amount of
copper, yet the supply of the red
meta! continues SO plentiful that
buyers are able to obtain all they
need at quotation which yields
few Of the refners a profit.
Why is it that the price has not ad-
ysneed proportionately with the in
crease in demand during the last year 2
4 canvass of the trade reveals an in,
teEssting variety of answers. In some
quarters it is explained that the chief
reason for the present low price of
copper lies in the policy Of the Guggen-
helm interests in importing large guam
titles from South America, where cop
per can be produced at an average cost
Of around z cents pound, brought to
this country duty free and sola for
good profit at Ia cents.
New-York tribune., 1922-11-05
The True Trade Association
And Its Relation to Industry
Represents Cooperative Handling of Members
Problems as an Aid to Better Service; Sec
retaries Adopt Code of Ethics

In variety of businesses as, Cor in
stance, an association consisting of
manufacturers Of miscellaneous com.
modities not connected with a specific
industry.
2. Professional and technical socie-
ties consisting Of individuals In their
professional or technical capacity
ratner than business units, such as
societies Of credit men, accountants.
sales and advertising managers.
.. Nonmutual associations, in which
any surplus of income over expense Is
neither returned to the members nor
used directly or Indirectly to increase
the service to members.
a. Associations organized for a sin
gle purpose, or limited number of
purposes, such as associations of
manufacturers which are traffic service
bureaus.
Associations which are organized an
trade associations, but which actually
undertake activities within a limited
HELD only, are not trade associations
In the full sense of the term. 1t is
impossible to distinguish between a
real trade association and limited
one of this type by definition; the dis
tinction is. matter of fact. If it is
the. general policy of an association to
undertake, within its means and power,
any type of activity which the develop
ment and protection of the industry or
it's members may require, it is real
trade association; if it generally gives
serious consideration to activities Of
certain type only, it is not real trade
ass seciation. However, such limited as
function from the standpoint of both
their members and the public.
"The few alleged trade associations
whose activities have recently received
the attention of prosecuting officials
are trade associations in name only,
and if Judged by the activities which
they undertake and their attitude
toward the broad field Of trade associ-
alton work generally their srue charac-
ter is easily determined. No legitimate
trade association has anything to do
with dividing territory of distribution,
fixing prices or limiting production"
~ "a RVg
New-York tribune., 1922-11-05

Between 1912 and 1922 the operated
mileage increased by only miles from
l'fA4 miles to 1,749 miles.
Estimated Property Value
Inc estimated property value Of the
company Is $e6,o00,000, or "a per cent
mors than total capitalization. If
ponds and preferred stock were theor-
etically paid off at par, there would re-
main an equity Of $4,000, 900 for the
common stock in estimated property
value or the equivalent of $500 share.
Inc very large equity which the
common stock holds in estimated pro-
pserpy value shows the conservatism of
the company's capital structure.
Growth ~ p.rnrr
New-York tribune., 1922-11-05

dustry difficult TO chart, according to
the tenor Of discussion at the Buck
Hill Falls convention,
New-York tribune., 1922-11-05
By Merryle Stanley Rukeyser=

whether he would accept the appoint
ment if offered. Others have suggested
that Alfred P. Thorn, general counsel
and vice-chairman of the association,
be promoted. Informal unofficial nom
ination of the name of Walker D.
Hines, former Director General of
Railroads, has been made. Mr.. Hines
was at one time chairman Of the board
of Atchison, Topeka g. Santa Fe. The
former Director General knows rail-
roading, and has large measure of
public confidence as an impartial stu
dent. His appointment would add i'm
measurably to the prestige of the asso-
citation with the general public.
New-York tribune., 1922-11-05
Do Not Fir Prices

This definition was phrased by COM
mastee NIT comprising M+ 3, 4. pu bru' gen,
Builders Association; I. G. Hoagland.
secretary-treasurer National Automatic
Sprinkler Association; r. S. Kellogg,
secretary-treasurer News Print Serv-
New-York tribune., 1922-11-05
Ribbons Actipe

Another branch of the trade that is
new coming forward as big factor is
the ribbon branch. From all reports,
ribbons, which have occupied a place
Of minor Importance for the last two
years, are showing considerable ac-
tivity. This is due in no small meas
ure to the style change again. The
more formal types Of dresses now
being worn by women call for a more
lavish use Of ribbons. AS matter of
fact. advance styles from Paris seem
to indicate that ribbons are in for one
of the biggest periods of use in the
history of the trade.
As yet the new demand for ribbons
has not been reflected in rnanufactur-
ing circles to any great extent. Com
siderable stocks Of ribbons were on TIA
shelves Of retailers and jobbers, aii
manufacturers themselves have accu-
muiated fair sized surplus stocks In
their own plants. These stocks, how
ever, are being rapidly passed into the
hands OF consumers. Demand for new
types Of ribbons, principally in soft
effects TO match the soft drapy ma
tsriais used in dresses, has given the
ribbon mills some additional " orb, as
existing stocks include few Of sese
types.