davidaulloa/AmericanStories huggingface dataset:
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1922-02-26

SP0NSORSR RISE
IN STERLING
Better British Trade Prospects
Also Called Factor in
Sharp incline.
BY MAX KASE,
International News Service.

NEW YORK, Feb. 25.- Wall
street has had it's full share OF
mystery" stocks and mystery
movements in prices, but the latest
mystery" puzzling the street Is the
sensational rise in the value OF the
English pound to within less than
so cents Of parity. In February,
1920, demand sterling sold at $3.lS.
Since then II has steadily advanced
until during the early part OF this
month 1t sold at close to $40.
Manipulation by London bankers.
1t is believed. played "a large part In
the upturn. However, the advance
has attracted attention to the rapid
strides made by Great Britain In
getting ba ck to a peace footing. The
British trade figures for January
recently made public furnish a good
illustration of Britain's return to a
pre-war level. Imports for January
were announced as 6,48S 900 pounds
and exports 63,146,000 pounds. This
Is the smallest excess OF imports
over exports since August, 1918.
A recognition that the labor and
political situation in Britain has i'm
proved has also contributed to the
strength in the English pound. Greas
Britain has weathered practically all
of her labor storms. The long-trou'
blesome Irish situation has been sat
isfactorily settled. The government
is now turning its efforts toward
peaceful settlement of the Egyptian
controversy.
The Washington conference for
the reduction of ornaments. allow
ing for drastic cuts in Government
expenditures in the military branches
of the Government, has been q vital
factor in the improvement in ex'
change. Another helpful influence
has been the enactment into law OF
the foreign debt funding bill. The
question of funding Of the foreign
debt had long been a depressing in.
fluence on European currency be-
cause Of uncertainty as TO when
Congress would demand that foreign
nations repay the moneys due this
country. This uncertainty has now
been removed and the loans reduced
to a straight business transaction,
with a definite time set for payment
by the passage of the funding meas
ure.
The rise in sterling Is expected to
have a beneficial effect on British
purchases in America. since more
can now be bought per unit OF
British coin.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1922-02-26
% Per Cent Drop in r. r.
Traffic of u. S. in 1921

A decline was registered in rail-
road traffic during 1921 of 23.3 per
cent under that Of 1920, the great
est ever recorded in American his
tory, according to the Association
OF Railway Executives.
Compiling the estimates from re-
ports to the Interstate Commerce
Commission, the association, In a
statement issued, said that in 1921
the number of tons of freight car
Red one mile in the United States
were 844,167. 900, 900, or 1o4,390 ,000,-
900 less than the ten-miles Of 1920.
The decrease in the Eastern dis
trict was 24h per cent. In the
Western 22h and in the Southern
f0.6
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1922-02-26
j. s. SHIP BOARD
To HAVE NEW
L CLAIM system
Board Reserves Right to Hold
Up Payments Until Final
Approval.

A change In the system under
which claims against the Shipping
Board are to be adjusted was an.
nounced today by Elmer Schlesinger.
general counsel for the Shipping
Board. In order to expedite the set.
Element Of claims having a face
value Of $40. 900. 900 1t has been de-
cided to have all claims except those
Of unusual and controversial char
eated heard by the individual mem
bers of the claims commission.
The preparation Of claims has been
turned over to Nathan A. Smyth
general counsel for the Emergency
Fleet Corporation, who will serve as
the head Of the new department OF
claims.
The Shipping Board will reserve
the right to hold up the payment OF
any claims until the awards have
received its final approval. The
status Of the claims commission, or
which Judge Walter Meals Is chair
man, will not be changed, Mr..
Schlesinger said. Within the next
few days House and Senate conferees
are expected to reach a final agree
ment on the Independent office ap.
~oNs'N"'
900 Is appropriated for the purpose
Of the Shipping Board, to pay claims:
$50 ,o00. 900 being available immedi'
ately.
Mr.. Schlesinger said that with
the money available and the new
machinery established the Shipping
Board expected to make progress in
clearing up the whole claims
muddle. He expressed the belief
that $4,000, 900 would be found TO
be entirely adequate to pay all Of
the claims lodged, in spite OF the
fact that they have a face value
Of $40, 900.
Declaring that the decision Of the
court of claims recently handed
down to the effect that the Ship
ping Board could not be required to
settle for prospective profits which
contracts Cancelled by it might have
brought would eliminate a great
percentage. He guessed that as
much as 100000 or $40 1000, 900
might be reduced by this decision
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1922-02-26
BUSINESS A N D FINAN C. ~#H@aE

heinous crime to issue bogus stock
certificates and sell them for 81, SO.
$50 or 800 each2
It is to be hoped that the au-
thorities will throw into jail every
broker proved guilty Of criminal dis
honesty. 1t Is high time that a
stop were put to brokerage houses
going ahead fast and furiously.
scooping In the public's money. and
then. when about ready to collapse.
allowing principal instigators Of the
fraud to Withdraw from the firm
with richly lined pockets. o.
A cheering word from J. q. An.
derson, automobile manufactures
Of South CAROLINA: IT am glad to
be able to say that things are q
great deal better. We are begin
ming to get some real orders. ]
think prices have struck bottom and
that the public is coming into the
market"
Isn't It a, pleasure to run across
q big, busy business man who finds
Zine to think OF others and dc
things for others? Take Mr.,
Hershey, Of chocolate fame. The
model Hershey community Is in LIE
banon Valley, Pa. The whole com
munity lives in an atmosphere and
an environment very different from
the ordinary factory town. As
much thought is given to the hap
piness, the health and the we'll
being of the workers as to the we'll
being OF the business. In addition
to everything else that IL done to
make life bright and pleasant in
Hershey, there Is one activity
worth bringing to the notice ,oi
other men of large means.
Briefly. Mr.. Hershey is giving
free education to almost $50 orphan
boys. Each boy Is instructed in some
occupation or mechanical trade, and
in agriculture and gardening. The
little fellows are admitted as young
as three-and-a-half and up to six
years Of age. The place is made as
home-like as care and affection and
money can make II. The boys are
given a thorough preparation under
the ablest OF instructors for high
school and college work.
am told that Mr.. Hershey de-
rives as much satisfaction from
what he has been able to DO for his
large family of adopted orphans as
he derives from any other interes,
in life.
Herein lies a tip for wealthy men
and women looking for q worth
while source of genuine happiness.
Copyright, 1874. by B. c. Forbes.)
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1922-02-26
Coal Movement Grows
on Cumberland Branch

CUMBERLAND. Nd. Feb. u.s.
Movement of coal from the mines Of
the Somerset region to points East
over the Cumberland division of the
Baltimore and Ohio railroad main
tanned a decided increase each day
last week. From 500 to 1000 loads
of coal alone were dispatched over
this division each day. Shipment Of
cher freight also showed an advance.
During the last two weeks several
mines in the Somerset field were re-
opened and those that had been work
ing part time were placed on f,il
time. 1t 10 said. The Cumberland
division has been dispatching the
largest number of empties to those
mines since the slump in the coal
business began more than year ago.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1922-02-26
haywood Improvement
League to Hear Weaver

MALWOOD WOODMONT, Va,
Feb. 25.-The monthly meeting Of
the Improvement League will be held
on Monday evening at 8 o'clock at
the church hall.
Supervisor Weaver IL expected to
give an informal talk on the county
finances and the proposed budget.
Much interest has been displayed
throughout the community in regard
to the proposed changes In the sani-
tary bill and Its effect on the county
at large.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1922-02-26
Weekly Financial RevietU
BY HENRY CLEWs.
Of Henry Clews g. Co., New York Bankers.

at the time Of the large purchases
Of foodstuffs made for Russian re-
lief, It has continued largely inde-
pendent Of that operation, and now
apparently represents q better ad-
justment OF farm conditions to the
general world situation.
Not tho least significant Of the
hopeful symptoms in the financial
situation at the present time Is the
fact that foreign exchange quota
tons have In many branches
reached q record high level on the
present movement. With sterling
near $40. and francs working well
up toward 1Oc on their own merits,
the situation Is the best that has
been developed for many months.
This 10 partly due to improved IL
nancial conditions abroad. money
being distinctly easy in the London
market and in decidedly more
favorable position than heretofore
in France. The readJustment OF
our balance Of trade also tends to
give the foreign currencies q bet
ter rating as compared with the
dollar. while the increasing pros
poets of some definite agreement
among the nations with regard to
the safeguarding Of international
investments and possibly the stabil-
ization Of exchange should also be
helpful Altogether the foreign
outlook il from the financial stand
point more encouraging than Of
late. q fact which Is naturally tend
ing to stimulate the proposals to
In this market.
Market Review and Outlook.
An advance in prices Is always
moro or less productive OF profit
taking. and there is no exception to
this at the present time. The pass
ing Of the Republic Iron 4 Steel
preferred dividend Is calculated to
put industrial stocks somewhat in
disfavor, but the fact that the mar
ket acts so well under such provo
cation shows that It's underpinning
Is good and that news from day
to day will have to be bad indeed to
scare owners Of stocks into parting
with them.
The truth Is, OF course. nearly
everyone IL convinced that trade de-
yelopments from now on will be
favorable, therefore there 10 little
disposition to pay more than pass.
ing attention to the has beens."
For the moment the shares OF the
railroad companies are more In
favor than those Of the industrials
for the reason that they are not
called upon to charge off inventory
losses, and they demonstrated
pretty fully last year. under very
trying conditions, that fixed charges
were not only safe but that divi.
dends could be maintained. espe.
cially now that the working condi.
lions Of employees are in process OF
being changed to a common sense
basis which will permit of useless
charges being eliminated, which in
the past have been such a handicap
to their roads in their operations.
Sentiment is decidedly in favor OF
higher prices, and this. coupled with
the fact that the floating supply is
small. that the trade outlook is grow
ing moro hopeful every day, and
that there are plentiful supplies of
money, lead to the conclusion that
the long side of the market is still
the right side. although, of course.
after such a smart advance some
price reaction must occasionally be
looked for as a result of profit-tak.
ing sales, IL for no other reason.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1922-02-26
Studebaler Extra Dividends.

The whisperers now have It that
Studebaker is not only going to de-
clare an extra dividend, when direc-
tors meet In April. but that similar
payments will be authorized at ,the
other quarterly meetings. However,
this can be taken with salt. There
IL still some doubt whether any ex.
ira payment will be made this quar-.
ter. AS to subsequent quarters, II
depends on business. There is no
doubt but what the business would
warrant an extra disbursement, but
Il depends on other matters that
have not yet been made clear.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1922-02-26
Rancher Refuses to Sell
S. BanknOte for 1000

MARYSVILLE. Cal, Feb. 20
A. Bailey, rancher near here,
refused to sell a IS bill for 81
900. The note bears the date Of
loom OF the Bailey family.
II is printed on one side only.
II was signed on the back by the
president and cashier OF the City
Trust and Banking Company Of
New York City.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1922-02-26
WALL STREET GOSSIP
Disturbing Factor.

In all the hubbub concerning the
cleaning out of bucketshops, etc.
there is a practice INDUCED In by
certain Wall Street interests that
has been passing practically un.
noticed and resulting in consider.
able profit to the insiders and q
corresponding loss to buyers OF
stock. This is the habit OF certain
brokers and promoters to sell stock
prior to its listing on the exchange.
1t has happened quite recently and
explained a mixup between certain
brokers' and prominent trader.
Although a matter of common
knowledge, no action has been
taken by the powers that be. Trad
ers accept the listing statements
Of the Stock Exchange as true In
every case. These statements show
a certain amount of stock outstand-
ing and listed. Nevertheless. under
existing conditions. 1t would appear
that promoters have the power to
issue and sell more stock. through
Stock Exchange channels, without
having 1t listed. This gives insiders
opportunity to make profit both
ways-on the original. selling of
the new stock and by being short
and covering on public announce
ments Of the issuance OF additional
securities. This has happened sew.
eral times, so that traders are not
backward in their expressions re-
garding the failure to correct the
practice.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1922-02-26
Retail Stores Dividend.

The absence of George J. Whelan
was a matter Of some discussion in
Stores. 1t Is one of the Streets fav-
orite sayings that when Whelan Is
away, the bears may play. This time
their frolic has been aided somewhat
by the income statement for last year
which showed deficit after the COM
mon dividend. This revived the old
fears Of the maintenance Of the ex-
isting Sc payment. Insiders have
given assurance time and again that
this payment would be maintained
when the directors next meet. How
ever, this payment would fall due on
April l. What will happen after that
is a matter Of conjecture and prob
ably depends on how demand con-
tinues.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1922-02-26
Elephant Goes on Strike
Against Hungarian Bills

BUDAPEST. Feb. 25.-Hassan, the
pet elephant of the local zoo, has
gone on strike against Hungarian
paper money.
Collecting the fares Of Juvenile
passengers, Hsssan rejects kronen
notes, dislil<ing the taste OF the
chemicals used therein. He readily
accepted United States dollar
note from a visitor.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1922-02-26
MONEY IN GRAIN

s12.bo buys Guarantee option on 10000
bushels OF wheat or corn. No further
risk. A movement OF &c from guarantee
price gives you an opportunity to take
1900; &c, 5000 Sc, 5000, etc. Write for
particulars and free market letter
INVESTORS DAILY GUIDE, Southwest
Branch, Desk nc, 1904 baltimore Ave,
Kansas City. Mo.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1922-02-26
Tax Burdens of j. S.
Borne by Middle Class
More Than Half the Income Taxpayers Are
Business Men Of Medium
Means.
By GEORGE w. HINMAN.

CHICAGO, Feb. 25.-The National Federation of Pro
fessional, Technical Administrative and Supervisor.
Workers! That is the of a sort Of organiza
ton to regulate salaries and fees-not wages-n Eng
land. What does it mean?
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1922-02-26
Corn Products Pool.

As Corn Products continues to
climb, the short interest grows. There
is much talk Of the pool in the issue
and investigation would tend to show
it is a rather closely managed affair
that has pretty good control of the
market. The only adverse factor is
that the company's management is
considerably more conservative in its
views than those interested in the
stock. With the advance in corn.
some Of the bullish material of the
pool has faded out. Those who pur-
chased when the pool first took hold
have had a nice profit and many are
inclined to take 1t. Present business
would warrant a per cent dividend
next year, but at present prices this
would mean a return Of slightly less
than Sc q share.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1922-02-26
Tho Move In Steel

Some traders became rather wor-
ried as Steel common broke. How
ever, investigation would tend to
show that 1t will not pay to take
any move In Steel too seriously,
either up or down. 1t is pure and
simple manipulation-as the ten
share trader says, much more sim
pie than strictly on the level. Those
who have been buying Steel COM
mon recently knew they were push
ing 1t out OF line. However, there
was quite a big short interest to
work on, and recognizing the en-
thusiasm that could be built up by
making It the leader, they COM
menced work. That they should
let 1t slide off every once in awhile
II is to be expected.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1922-02-26
Book Value.

The more DESTROYS some folks are
OF disposing Of stocks. the more
they talk Of book value. Book
value may be important in many
respects, but for the small stock
dabbler 1t should be regarded with
the fear Of T N T. Book value Is
all right in its proper place, but
when used in error 1t is dangerous.
For instance: A year ago United
States Food Products balance sheet
showed a nice book value. But
what does It mean in receivership?
Likewise with other companies that
have gone overheard. Take the
balance sheet Of any one a year or
so before they went into receiver
ship and any novice statistician
could have showed satisfactory
book value" behind the stock.
Book value, assets, ETC.. should be
considered in investing, but It does
not mean much to those who are
buying stocks for speculation.
That's why all bucketshops, in ad-
vising purchases Of securities, men,
ton book value" in big letters.
New-York tribune., 1922-04-06
Indictment of Cement
Men Attacked at Trial
O'Ryan and Copeland Address
Mass Meeting Of Workers
al (arucoic Hall

The trial of the nineteen corpora
tions and forty four individuals under
indictment for violation of the Shcr-
man antitrust law in the manufac
ture and distribution of Portland
cement was resumed before Judge John
4. Knox in Federal court yesterday.
After several hours the examination
of talesmen was concluded and twelve
men whose qualifications for Jury duty
were unchallengcd were found. The
rest of the day was devoted to the
argument of motions made by the de-
tense, one for the dismissal of both
counts of the indictment and the other
to prevent the introduction Of evil
dence as to conditions in the industry
prior to 1916.
In support of the first motion Gold
thwaite Dorr. representing tho manu-
facturers. urged that neither the in
dlctment nor the bill Of particulars
furnished the defendants showed any
specific violation Of the statute. He
further contended that Congress has
IN large measure nulliicd the Sherman
law by the immunity granted to farm
ers. labor organizations and certain
classes ot business. and argued that
his clients were entitled to the dis
cretion of the court in applying his
Interpretation of the law, rather than
to the vote of the jury. Judge Knox
reserved decision.
New-York tribune., 1922-04-06
General Weather Conditions

WAsRINGTON. April 5.-An extensive
area OF low barometer covered the main
states and the Rocky Mountain and
southern plateau regions Wednesday night
ana mad Its center over Colorado where
the barometer was as low 2a40 inches
general rains in the Gulf states Georgia
the plain states and raina and SHOWS over
the Rocky Mountain and plateau regions.
thunder storms occurred at n number of
points in the Gulf and south Atlantic
states and Tennessee, and there were heavy
SHOWS in Wyoming.
The temperature has risen considerably
over the southern plain states and it has
fallen decidedly over the northern Rocky
Mountain and plateau regione. The tenn
perature changes in other parts Of the
. country were uninportant.
The weather disturbance will advance
east northeastward and be attended by
general rains within the next forty Ell ght
hours over the states east of the Mis-
sissippi River. The temperature will rise
somewhat in the New England and middle
Atlantic states and North Carolina during
Ihursday ana Friday, and 1t will fall
Friday in ths Ohio and lower Mississinni
valleys.
Forecast by Districts-southern New
ngland--Cloudy Thursday; Friday, nhow.
~
Eastern New York-Cloudy Thursday
showers by Thursday night; Friday, show.
ers and warmer.
Eastern Pennsylvania Now 1ersay r,,
ware and Maryla nd--Cloudy and ,yarn,a-
with showers Thursday; FRIDAY showers
with mild temperate ture
western Pennsylvania and Western Nav
TOrii-Showers Thursday ana rHsid,w
somewhat warmer Friday
New-York tribune., 1922-04-06

horns. He knew then that Lightfoot
had shed those wonderful antlers, as
he does every year. "Another spring
sign!" cried Peter.
Then as he wandered about through
the Green Forest he found many other
signs. He discovered Bobby Coon
fishing in the Laughing Brook. He
ran across the big footprints of Bus
ter Bear. He saw that the buds on
many trees were swollen. He dis
covered Happy Jack Squirrel biting
off the ends o. twigs on the maple
trees and saws the sap dripping from
them. He discovered that the catkins
on the willows had grown large and
that the same thing was true of the
tassels on the alders and the poplar
trees. Sammy Jay told him that
Hooty the Owl had three babies in
his nest. All these things were sure
signs chat sweet Mistress Spring had
really arrived.
sit is high time that Johnny Chucl;
should awake thought Peter. "The
lazy fellow ought to be out by this
time. | think I'll 60 over and pay
him a call"
So Peter headed for Johnny Chuck's
home IN ciump of bushes that grew
along the fence halfway across the
Green Meadows. He was eager to be
the first to greet Johnny Chuck after
his long winter sleep.
Copyright, 1922 b. r. W. Burgess)
The next story: "Old Friends With
Sho,.t r or
New-York tribune., 1922-04-06
Mother of Nine Dying
From Daughters Shot

Mrs. Manice Pctrosino. mother Of
nine children, wife of laborcr, Frank
Petrosino, employed by the Brooklyn
Borough Gas Company. was shot and
probably mortaly wounded last night
by her fourteen-ycar- daughter,
Marie.
The girl had just arrived home from
school. Passing her fathers chicken
coop, some distance from the house,
she found rusty revolver. Running
home she was exhibiting her find to
her mother when the weapon was ac-
cidentally discharged. bullet enter
ing Mrs. Potrosino's left breast
An ambulance was summoned from
Coney Island Hospital. When it ar
rived at the Pctrosino home, 1852 West
Sixteenth Street, more than a score of
ne,ghbors were endeavoring to aid the
wounded woman. DR.. Goldstein ordered
Mrs. Petrosino removed to the hos
pltal. where it was said last night she
would die