davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1922-03-19
BY Harry F. Baker

n TANY things have happened
~ to the travelling statesmen
within the last year and a
half, and most of these things arc
still happening. The storm of bust
ness depression caught the statesmen
as hard as it did the manufacturer,
the merchant and others engaged in
various processes of producing and
distributing goods, but with a diff
fercnt effect. Rctrenchment was
scarcely possible with the salesman
and little could be done to temper
the storm for him. Even now, al
though business is on the upswing in
many lines, the salesman is still suf-
fering acutely.
On the other hand, the real sales
man now has better opportunity than
he had last year The reduced volume
Of business, while it has forced reduc-
tions in sales forces at the same time
has made the salesman Of cxtraord-
nary ability much desired article.
The man who can go out and really
sell goods on to-day's market is u val
uablc member of any firms staff. This
explains the great number of advcr-
tisements for statesmen appearing in
the help wanted columns of the daily
newspapers.
The fact that retailers no longer
buy their goods far in advance of the
time the merchandise is needed has
New-York tribune., 1922-03-19
Pr, Roll Increases

second principal element Of cost Of
production that has advanced. apDar-
emily permanently, is the pay roll.
.Nost banks and banking institutions
haNc GU off the bonuses and extra
compensation paid during the war. and
tnerc has ocen 4 general wedding out
or stafS as the volume Of business has
dec.Ined banking official who has
mace some study OF the situation
cnrougnout the country states, how
ever, that banks By and large arc
showing little disposition so far to
reduce actual salaries paid The aver
age pay Of bsnk employees before the
war was lower than in many other
comparable businesses, he contends.
and the new levels arc only what is
justified b. living costs. He figures
that the increase in this item has ad-
v&nced the cost Of producing money
another one-half of per cent.
me resistance of interest rates to
dehation," this official maintains, lis
directly due to these increases. | am
convinced that The average cost Of pro
ductlon of money TO a bank to-day is !
per cent, whereas before the war it was
around ga per cont To provide
against losses, to pay dividends and to
add fair amount to surplus, a bank
must receive at least ! per cent more
than this. That means general aver
age charge for money of per cent.
temporarily, money may rule cheaper
than this, but the charge over the long
run must be based on what it costs
and a fair profit
Interest rates last week can hardly
be said to jibe with these estimate $
and data on the cost of money. Bor-
rowers, turning to the old axiom re-
garding supply and demand may dis
count the apparent disparity by claim
ing that as in the case Of commodities
the cost of production will have to be
ad justed downward until it reaches
level bearing proper relation to con-
sunera' moods
New-York tribune., 1922-03-19
Exports j oil Short

meet the reparatsoD Payments,
however. Germany would neea to sup
slant her Urc-war excess Of imports by
very .alge excess OF exports. Ac-
,rlHg To the reatr o. Versailles the
tuta. renaratior bill. Was to be 13S00o.-
'ne tNn gold mark =. VI. Keynes. the
Irr~h economist. in his recent book.
Revision OF the treaty" has ca.cu-
lated that al d por cent interest and
charge 20 dcfrav the tota. German Ia
Utilities under iae treaty would be
N.2>t.noo,9co gold marks TO pay this
a.. under the plan provided in the
London settlement. which called for
1000. COO oold marks year plus %
prr cent Of tho exports. German cX-
ports would have rad TO rise 20 $4,000
"an.Hne sold marks 4 YEAR. or about
fto and one-haf times The magnitude
GcrmanE's pre-war export trade.
I'M tao iast eight months OF 1921
telW2u exports actually amounted to
-.+S-.'eu.u .uoH gO'd marks, or at the rate
a. f.e5p.o0e.eoo gold marks year
With exports of this magnitude Ger
Haut actuai rcnaratlor bill, from May
Il December. 1921, amounted. under
-Ho London settlement plan, to l95.-
Nra.Neu cold mark. In other words,
. order 90 meet even the relatively
moderate terms Of the London settle
Hient. Germany's exports in these eight
QItH~ would have had to exceed her
nrosts ov almose 2.e0o 600 ,Q0U gold
: a,srks.
{. Bat. in act. the imports exceeded
fac exports by 557 100000 gold marks.
T. Vas foregone conclu there
lole That with German foreign trade
in tUis condition. it would be impos-
-ibic 20 m"ct tnc quarterly payments
demanded under the terms OF the Lon
dom settlement for more than d brief
period. In December the German gov
crumcot was compelled to give notice
taat 1t could not meet the alnuary and
February payments OF this year.
7 has, N'ihia rlne months Of its IL
tcption. thc London Settlement on
'cparation payments, which was an
Douncpd to the world last MAY as q
complete and final solution Of the
roparatiou problem, almost broke down
completely. At present small ten-day
payments OF 100000 gold marks are
being made. These payments represent
however. merely tho sums due under
the - per cent levy or exports. No
eAort Is apparently being made to col
iect any portion of the 100000 600
rold marks annual cash payment re-
quirod under the London Settlement
fIiIr
New-York tribune., 1922-03-19
Would Continue Farm Loans

WASHINGTON, March ~ 0HV''
uance of government loans to farmers
through the Wax Finance Corpofat,s9;mt IN
for another year was proposed IN o'a'
introduced to-day by Senator Ropli,so.,
Democrat, Arkansas. He said tne,N
was a demand for thc bill, particularly
from the South and West, where ns
said depression was greatly embarass'
ing industry, especially agricui.ulNsr'
Under the recent law reyiving the "~'
Finance Corporation its loaning iuns
tions would cease July / without en-
actment of the Robinson or s1n,S'ss
continuing measure. ...s.....--.
New-York tribune., 1922-03-19

the classitica.ions Of deposits Oh which
interest Vas allowed and increased the
rate OF interest so paid. To-day the
former situation has been reversed.
Ihe large banks pay interest on a
rate generally obtaining is in the
nelghborhood o. per cent.
Ihis change in practic, is estimated
reliably to have Increased b. / per
cent the cost Of production OF money.
and so far there has ocen litsle cvi
dence that the way time innovation is
not 70 be permanent. 70 decide to pay
interest OF deposits was easy. although
some bankers nov iecl thac it was a
lgh'ed e%pedient to meet spe-
clAl situation. To discontinue arb =
trar.lY 10 pay interest on deposits is
not such simple matter. Unless uni.
torm!y adopted s,lch procedure would
serve 10 drive competitors from the
banks involved to banks that were not
COnfOru1in inc,
New-York tribune., 1922-03-19

loans are being contracted bg g-..
at rate only slightly inferior f. 4,..s tss,
given to other countries 7hica a-o No ,..S'
tically on q gold basis aaelro g'a'- b..
spared Or enriched by she os-
which have always enjoyed An i,or.. aa
cable fnanciai reputation. The -.
OF Iuric0 3 por cent bonds eeffiro
t08. Sweden + per cents at rs I,s,..
Indies s per cents at 93.5. pAilr =.
City If Lyous arc at 3f, arc q Droot !.
almost equal confidence ehes we %. "
sider the high interest rates cerrss. rsa.
in France. '''
Admitting that external conad.,..
is intact, the question is paetsor 4.
colossal internal dcbts IS Frsaes +,
CURED during hostllities can be- le@
dated in principal and interest H..
brings us into Tho FEED of their ~.
- the taxable wealth 0f tl.o c9gntry -
q whole, which is estimated ~ s00 6oe
100000 francs. - which muse 5e sJd.s IJs,
tho interior Interest bearing debF -
two hundred-odd Billions. Ia tbeoy,
the payment D 12.G00000 000 franes
annua ly. 10 cover the fyed caargss :.
q mortgage o. 3 per cent ON Il ~ y
tioDal iacome. 7hich. w = 70 ~ b,o.
price, is close % f500Go06806o ram,
and should thus increase prices By sis
amount. d. e.. . por cor-- aonI;ed
cquallT 10 ail ca toy1r-oH ut .-ro-.o
New-York tribune., 1922-03-19
Helps the Retailer

The president Of well known mems
shoe manufacturing firm said recently
that he wanted each one OF his sales
men to know more about the retail
business than any of the customers on
whom they call. He has cchoolcd his
statesmen in some OF the principles Of
retail selling, and has put into practice
several little schemes that have re-
suited in augmented business. One Of
these schemes consista Of Tho salesman
New-York tribune., 1922-03-19

great part of the agitation in the
United States for increased protective
duties and the adoption of the Ameri
ficuiarlv against the expected food of
cncap imports from Germany. The
German trade statistics, however, show
hat instead Of the expected increase of
exports the fall in the mark last year
was accompanied by an increasing cX-
cess OF German imports over exports.
To appreciate the full significance Of
what happened to German foreign
radc in 1921 one must recall the status
uf Gcrmany's international balance be
-ore the war. In 1918 German exports
amounted TO about 10000 100000 gold
marks. or $500 100000. and the i'm
ports to about li,125 5,000,0 600 gold
marks. or about S2.7S0, 100000. In the
svc years. l909'13, imports exceeded
exports by about $350,000 900 year.
About S200,000000 of this represented
.srnings on German capital invested
abroad and about s50,0000,000 repre-
scnted shipping earnings. the remain
der being divided among such other
credit items As earnings OF German
banks and commercial houses abroad.
tourists expenditures in Germany and
fao Ike. The war removed the chief Of
thees German credits. The greater part
of Germany's foreign Investments has
,appcared, and her shipping. though
Il -ulayine remarkable recUg geratiye
powers since the armist!cc. is sti!l
small compared with her pre-war mcr-
chan, feet. Aside from reparation pay
ment therefore. The exports and I'M
ports of Germany since the WAY might
have been eNpccted 10 come more
nearly to an even balance than tney did
L .L.--.-lL NAa-a.
New-York tribune., 1922-03-19
German Foreign Trade
An Economic Paradox
DIR. Williams Explains Why Exports
Failed to Expand During Period of
Exchange Depreciation
BY John II. Williams, Ph. D.

;arrcd Economist the Economic Policy
American Bdnkers Association
NERMAN foreign this last striking
paradox 1t commonplace that the
which Germany
her foreign Gemanys the
the London
continued Of nconvertb resulted
fall of the mark According
m the deprecatg exchange should have exercised
and influence imports
New-York tribune., 1922-03-19
Cost of Credit Production Is
Higher Than i'm Pre-War Davs
Recent Decline in Money Rates Draws Complaint
From Lenders That the New Levels
Are ltuinously Low

(NPECCLAIORS hopes money during
ultimate expected when
readily obtainabe cleap3 per
periods from SO to 1S0 days could
cent TINS easement accntuate by
charges required buying rate
being dealers the
commercial passing AZ per cent and in
The Of The choicest ~ per cent.
New-York tribune., 1922-03-19
Tax Returns Gaming

Despite falling prices. which IN tae
case of France have fog some time
been stabilized at q co-cfliciort of
3 40. after q high point of 6 6-lQ
the tax returns re constantly growing
and. though per cent below Naiua-
tions. are 20 per cent above the figures
for 1920. The truth is unQues .iona6lo
that declining currency only stimu-
lates exports and speculative activity
IN a transient manner until the iulerIor
prices catch Up with those outside.
when, business failing. further inha-
tionary assistance is worse of than
before. The decline in confidence is
the most perMicious factor in even the
maintenance of imitation. as the stop
page of economies deprives industries
Of the funds needed for their develop
mcnt. and even for their maintenance.
A conclusive example Of restored
finances is the cas-. of Greece since
1909. when she WAS put under tute-
l&ge by the powers. Exchange at that
date was only so ner cent of nor
NAL, and the question was to decide
whether to scale the drachma down to
the level it held at that time, or to
gradually bring back the old parity
Under French pressure, the latter
method was attempted. The ten bill
hons in surplus bank-notes were re-
deemed in annual installments, so that
IN 1913 the exchange had returned to
gold basis. During all this time,
internal funds were invested in the
country III order to profit by the ex-
pected enhancement of government
bonds and fixed returns generally.
while foreigners made use of the OPP
portunity to obtain safe income com
blned with the hope of an enormous
premium.
The exterior Improvement in the ex-
change value Of the franc has caused
surprise to experts who try to settle
by academic theory matters which are
largely psychological in their essence.
The first factor in the maintenance
OF money Vslue is confidence, and this
is only remotely affected bv initiation
under the strain OF extraordinary ne
cessities.
New-York tribune., 1922-03-19
Denies French Salvation
Lies i'm a Cheap Currency
\!
4 . d.: n IL
American in Paris Questions Prof. Fish.
er's Conclusion That Gold Parity
Would Increase Burden
By Arthur Rutscn Suckley

LOOKING the interesting somewhat pe artc .
Professor Fisher which recently appeared in The Tribune On ~
reesabshment Of CLEANED from fgny trim
Europe, little surprising the definite conclusions he H
reached looking solution Of Frances
On the theory that gold parity would ~
OF the debt, Professor Fisher thinks
This shared b. the a41
New-York tribune., 1922-03-19
Indirect Tuxafi0n

Inls problem - solved b. -te svs.en
Of indirect tsIatlor wri len ievie- ~ ,ss
Door man - @el. - oa to5 rich. bu. ~.
Fortunately tho solution comnlj.
cited b. tle necessity o. storing the
devastated regions and Qsvine uensiors
H3tn sums borrowed. which viii -
crease toe debt 600000990o1 franz,
more pending Gernaa re,ai olrsene--
II is the scarcitr ~ norev for an
operation 81 tris kind liz fore.
'ng t7e goTe-1nien- To- ore large -
turns o. q and $40 pr cent. drains
capital from productive erls.vsrs and
para yes indlvi1la ,rt.a.re. in ms
ioAg rur- 81 course. erer r.-no.e bein7
- uncsd by Germany. t5e COS. OF reu
aTa t.5ua you'd ba profitable. as the
taEes IRON >ke ror.aera districts equsl
% PER cen q the budgetarg returns
o. an additional 0gg.9aJO0J francs.
he pain of reAa5i -ari0a is thus 70
De autona % possible ! the morale
docs not weaken. rs TIE rrese-. -.
sources in France are rot ezcessvsr
fEPcth1c ca.ec. raile assistance rom
confident eigabors 3elrg inc.sss-
iagly oDsalne4 ou reasonable tagns
The Depar-T7a o. the reine. rhica T.
e--Aee J arr. ID ISSUING Ter ceE. ez-
ternal bonds. a. the Par -Lyon-Medi-
teTraneaE Rs'lrsad -e- cen- bonds
has ser an eEasaoe - be greatly ex-
tended ln tae near l-lre.
II IS. Of course. p fgrm.da5is opsrs-
ton 10 restore alton Sc COM
prom sed, DIT owing % tae fact rha.
property in is oroal1St sense IS more
deeply rooted i1 The popular mind n
France than in other countries ser-
era steps keve already beer -ai.er
toward tne ultimate relurr to tie geld
standard. Jaq1.s B-l-'n. president Q.
me Bank - France. Senator Rarhael
Georges lev. Desehsmps and other
great economi SIS ma ntaln lnFa7la0E
taat the onIs policy 10 be considered
IS trc prCrre re a-sp sp-1.Ioa G.. AKA
ton 70 The sat stsction g state obligs-
tons. as we IS thc amortization OF
the lat.cr. ia this connection Il s
iclpoIta.t - remember chat practics.iy
tie uhoie debt IS held irtcrnsliF and
bE s holders. SO that tae nronos.-
tion s 10 take trom all the peopie
lffit.ert u re4rT nGIec r2Cc- OF t1r.l.
New-York tribune., 1922-03-19
Argentine Wheat
Shipments Gaining
Over 1921 Exports
Government Seeking New
Methods Of Raising Reve-
nues: 'iaN OH Foreign In
vestments Is Proposed

S0cc.at liloacfal Horetge Corres.7o .dcac 9
BUENOS AYRES. Feb. 20.-The GOV
ernmen. staristician has just issued
his estimates OF tho present harvest OF
Theat, aa.:seed and oats, the figures
showing that the Yields are expected
10 De we'll Up TO the average of the
several past years As the corn will not
be harvested Cor some weeks, and the
ci. ects OF Iocusts ard rains arc vet to be
seen. the official estimate tor this crop
VIII not be announced till la ser on Fol
loving arc the expected outputs Of the
three staples mcntioncd Wheat, 154.-
100000 bushels; faxseed, 31,T24.4o0
bushels; oats, 80 100000 bushels.
Activity IN the grain export trade IS
increasing, and gives rise to a most
optimistic feeling throughout the
country Since the beginning Of the
year the shipments of wheat have to-
tailed over % 600, 600 bushels. or six
umes the quantity exported in the
same period Of 1921. To show tho in
proTement as compared With last year
the Following figures are Of interest,
revealing, IS they do. the exports for
the week ended February II:
Bushels
" heat ....--.. 100000 $500. 600
10. '....'..,... ls5e,ooo l,96,,S0o
Oa'S ''t......,..... 640,10o 6l6,S00
The national budget, as framed bv
the special committee Of the Chamber
OF Deputies. provides for an eXDcnd-
lCurc this year of 6O0,C00,0GN paper
pesos Ordinary sources of revenue
VIII not yield this sum On public
works account there Will be deficit Of
approximately $30,00O,0O0, which the
committee proposes to make good hv
foating an internal or external loan at
q. per cent With per cent amortiza-
ton. Apart from this the expected
shortage ~ to be met by new taxation.
some of which will not be welcome to
the foreign community. 1t is proposed
TO levy 10 per cent tax on all first
outside the republic and tax Of 3 per
cent on the net income derived by any
resident in Argentina from stocks.
ponds, securities, etc, held abroad or
from any foreign business or profit
yielding investment. This means that
If an American citizen hee~ holds his
goVernment's bonds, or is interested in
any American enterprise from which
he earns anything. he must pay per
cent net to the Argentine govcrnmcnt.
Just how it is proposed to find out
itN'h't it'utllS lnNCS lHleNtS are
held by local residents III foreign lands
has not yet been announced.
The ong-threatcned income tax is
also proposed to be levied on all in
comes above 5000 paper pesos per en-
mum. Argentinos and foreigners alike
will come under this law, and the Amer
lean citizen, who is now taxed By his
government on his income earned out
side bis own country, will be hit the
hardest. A valiant effort was made
last year to get Congress to exempt
from income and profits taxation those
americans resident outside the United
States when their incomes were de-
rived from abroad, but it failed. The
Argentine income tax is TO be grad
uatcd from l per cent on incomes be-
tween S5,001 and $4,000 up 10 10 per
cent on $1,000 OOC
New-York tribune., 1922-03-19
Prosperity Fictitious

Oddly enough, too, the period of in
tense industrial activity in Germany
occasioned by the violent imitation Of
domestic prices which attended the de-
probation of the mark in foreign ex-
change, appears also to have been large
ly halted. There could be no more
striking evidence of the fictitious
character of the temporary prosperity
produced in Germany by the deprec;at-
ing value'of its currency. AS the mark
improves in value VIC shall continue to
witness within Germany the same slow
ing down of industry, with its attendant
unemployment. which has been expert
enced by the United States, Great
Britain, and the other high exchange
countries.
Although the German export trade
has shown signs OF Improvement in
recent months, it is not likely that
there will be an expansion sufficient to
MAKE possible substantial rcraration
payments, ul:il Germany's pre-vsg,
markets IN Eastern Europe have again
been opened up. Before the war Rus
sla, Austria and the Balkans took about
onefourth of the total of Germanv,s
exports; the European neutrals. Hol-
land, Switzerland, Spain and Scandi-
ravia took about one-ffth, and France
Italy, Great Britain and Belgium about
three tenths. The United Statee and
all other non n-European countries re-
New-York tribune., 1922-03-19
Sentiment a Factor

IN the latter connection we must re-
member that the fiduciary circulation
began in 1914 from minimum of
5000, 100000 francs, increasing steadily
until the summer of 1919. when it
reached total of nearly $4,000 900, 900.
During all this period exchange kept
within 10 per cent of par, owing to be-
lief in the continued solidarity of the
Allies. loans from the United States and
expectations of German repayment A
steady increase in the cost of living
was going on. which in the July fol-
loving the armstice attained three and
half times those of 1913. The infer
ence is clear that the external value
OF currency is based on reasons sepa
rate from its domestic buying power,
and that sentiment, often uninformed
Is Tor long time determining factor
In order to Judge the intrinsic worth
OF national deyice we must first con
slder its credit in the world at large
ana then its power to grapple with
circumstances often temporarily be
yond its control. In the first case it is
interesting to note that external gold
New-York tribune., 1922-03-19

will be seen. too, that while imports
increased about one-fourth in quantity
last year over 1920, the quantity ex-
ported actually declined
New-York tribune., 1922-03-19

buying craze came to an end. Since
that time there has been extreme diff
Guilty in selling home in Germany.
and considera BILE stocks OF German
goods manufactured during the boom
period have now no other market than
the foreign one. The rise of the mark
in recent months is thus having the
paradoxical effect of increasing the
n
New-York tribune., 1922-03-19

complicated the work Of the salesman
Where, in the old ays, he could make
two TO four trips year through his
territory he now is compelled in many
Gas to cover his ground more frc-
quently. On each trip tho retailer
huys, If he buys at all, just enough TO
cover his needs for the next few weeks
or month If the salesman Is TO get
more business he must be on hand
when the retailer is ready to buy
again. This, then, has brought about a
tendency toward more travelling.
Expenses Large
Comforting The salesman who would
visit his customers more often, how
ever, is the expense involved. and this
is no mean item. Although some con-
cessions in hotel rates have been made
and some of the taxes incidental to
railroad fares have been removed, the
fact rcmains that it still costs the
travelling salesman from two to three
times what it did in the days before
the war to make a circuit Of his terri
tory. This has led some statesmen to
travel less frequently. We have. then,
the situation in which some traveller
are covering their territories oftener
than they did. while others see their
customers at more remote intervals.
Many schemes have been devised to
render the work of the salesman more
intensive. In some cases manufacture
crs who distribute their products all
over The country have shifted their
statesmen about, concentrating more
statesmen in the territories where the
The Washington times., 1922-08-09
HAGEN AND sARAzEN
TO PLAY FOR BENEFIT

Walter Hagen. British open golf
champion, and Gene sarazen,, win
ner Of the national open at skokie
a few weeks ago. have donated
their services for a benefit for Jack
first great American 1,
home-bred star, who captured the
national title on two successful oc-
casions, at Wheaton, H.. In 1911,
And at Buffalo the following year.
They will play a four.ball mitch
against two OF the best profession
ais. In the Philadelphia section in
the feature match of a monster
benefit which is being planned at
the Whitemarsh Valley Country
Club some time next month.
During his hey-dey, when he was
head and shoulders over any other
golf professional in America, Nc
Dermott had an antipathy to a
foreign-born professional that was
almost an obsession and In addition
his confidence so far as his own
ability was concerned, was such
that he was by no means overly
popular with the other home-breds.