davidaulloa/AmericanStories huggingface dataset:
The labor world., 1922-06-24
DEFEAT THE SHIP SUBSIDY

Apparently President Harding is
determined to drive the ship subsidy
bill through congress before the fall
election. The newspapers are full Of
propaganda in favor Of this greatest
Of ell gratis, and senators and con-.
gressmen who are known as champions
Of special privilege are issuing state
ments and making speeches in sup
port Of the proposition.
Stripped Of all camouflage, the
Harding plan provides that the gov
ernment-owned merchant marine,
which cost the people Of this country
more than three billion dollars, and
which is undoubtedly the finest mer-
chant fleet ever constructed by the
hand Of man, shall be turned over to
the Shipping Trust for less than one
tenth its cost.
In addition to that, the government
is to pay the Shipping Trust yearly
subsidy variously estimated at from
forty to sixty million dollars. There
is not a word in the law to protect the
peoples interests. The trust may
charge such rates as it sees fit and
may indulge in any discrimination its
interests may dictate.
No honest member Of congress "a
miliar with the facts will support this
bill. Every member who votes for it
should be marked for defeat in the
November elections.
The labor world., 1922-06-24
NOTHING TO; BOAST OF.

If Senator Kellogg, Governor Preus
and the other Republican machine
candidates can get any consolation out
Of the primary election returns they
are welcome to 1t. Hare in st. Louis
county where the organization was all
one sided a surprisingly large vote was
east Tor the anti-machine candidates.
szkat -xate ~ I ena.l eadi
The labor world., 1922-06-24

without any effort having been put
forth by the candidates opposed to
the machine.
The newspapers scarcely mentioned
the fact that the candidates endorsed
by the Republican convention had any
opposition at all. Even Congressman
Oscar J. Larson had hard fight. He
carried Duluth by but 1000 votes. His
majority outside Of the city is moth.
ing to boast of. That is not a very
flattering endorsement Of the con-
gressman by the Republican voters.
It is believed that if his opponent, w.
A. Pittenger, stood for something
more than beer and light wines, he
would have defeated Mr.. Larson. Pit.
tenger was but "one-plank" can
didate.
The results of the primary election,
if we can read them correctly, indi-
cate that the old guard in the Repub-
lican party is due for a trimming at
the general election. The opposition
is there. With proper organization 1t
can be assembled. It should be done.
The labor world., 1922-06-24
HOW INSIDERS MAKE MONEY.

HOW INSIDERS MAKE MONEY.
Here is an example of the way the
insiders on Wall Street make money:
1t was recently announced that
three Of the so-called independent
steel companies-the Republic, the
Midvale, and tho 1nland-had agreed
to consolidate. Some suggested that
this combination was probably a vic.
lation Of the antitrust law, and Sam.
uel -unteEmyer, acting 3er . commit
The labor world., 1922-06-24

the committee also favors the govern
ment ownership Of railroads.
The press of Iowa construes Col.
Brookhart's primary victory as no.
tice that "the rank and file Of the
party is not in favor Of the proposed
tariff, the ship subsidy, the juggling
Of of.adjusted compensation for ex-serv-
ice men and the general policy of wig
gle and wobble. " Does the support of
Col. Brookhart by the Republican SEN
atorial campaign committee mean that
the committee also is not in favor Of
these thingss
The things for which Col. Brook
hart stands, as we understand them,
constitute treason to the Republican
party as now organized and controlled.
Does the Republican senatorial cam
paign committee in supporting Col.
Brookhart wish it to be understood
that it. endorses Col. Brookhart's
"treason' and becomes an accomplice
after the fact?
If the support Of the Republican
senatorial campaign committee does
not carry with it the endorsement Of
the things for which Col. Brookhart
stands and opposition to the things
to which he is opposed, what does it
mean and why is the Republican SEN
atorial campaign committee support
ing hint
Let us have bill Of particulars.
The labor world., 1922-06-24
WIN DONG FIGHT.

After an effort that has extended
over several years. the Cincinnati
Teamsters' union secured an agree
ment with the Weinberg bakery
company.
The labor world., 1922-06-24

The University Of Pennsylvania is
willing that General Woods shall re-
main in the Philippines until Jan. l
next, but nobody has taken the trou-
BILE to learn what the Filipinos think
about it.
The labor world., 1922-06-24
GARY FOE TIE SALES TAX

President Gary, Of tho Steel Trust,
is out in an interview urging congress
to wipe out the income tax and sub
stitute 8 sales tax. That 5 the way to-
: 8 9Eeen basiae4. aseezdiaa e ";
The labor world., 1922-06-24
COOP. INSURANCE.

+. New York state has 166 cooper
ative fire insurance companies with
$3.50. 900, 900 Of fire insurance, de-
clares the cooperative league. In
some of the eQmp panies the fire in
angsnss cost fiins o low @ 1910
New-York tribune., 1922-09-24
Great Expansion Of Export Trade Loon !
As L. 5. Foreigr, Investments Increase
What Retailers Are Buyi11e
By Alfred F7antl

Retailers have energetcay reorden during thu last o
OF brisk fall
subsequent the tariff.
prominent feature
ption OF buying the newly
permannce of its hold the large volume
radio promise
nent history OF ats mercantile exploitation Radical
receiving ' ~ ~ ~ " ' '"o popularity OIL
wmens apparel ay add
ape constituting
eheh over until the cold
ort GOATS by of price
All
ir Tor fur duncts with the demand giving
really dangerous development because
N"s peen the sequel to universal fad.
wearabe previously remarked
are featuring fashion The
NAN now on New York racks Future deliveries
advance The call
$19.75 to e N NN"' "''"'" :" 4""se iu'"'hg ITO"
asts are being urgently reordcred with
Scarf hat
ers IN novelty stripes are becoming popular Recorders
Reordering
supply plentiful
'ne better scarcity goods although
he cheaper varieties at attractive be had
he Bertha collar
collar and cuff sets in embroidery
become exceptionally good holiday Items
silks
lahetas sold largely during the price
imported glngham
d gloves especially long black sixteen button
rates Hand
obalnabc
large earrings attaching themselves the
fes for other dornment be wenigh indispensable
(ih the tenth Of series Of ocekly
sails markets bv Mr. Fcn, buyer-Fnonca
and Business EdtorJ
New-York tribune., 1922-09-24

tions are now bringing out evidence to
prove their contention that the reac-
tion has set in. Some retailers saw
that the reaction became apparent first
in the spring, gradually becoming
stronger through the summer, and is
now manifesting itself in no unmis-
taxable manner
One of the clearest evidences of the
development Is contained in state
ments from executives of Fifth Avenue
stores to the effect that the fall trade
in their establishments is running
larger than last year, and also set in
earlier. Fifth Avenue, in general, rep
resents a high quality of merchandise.
Many of the shops along that thor
oughfare lost many steady customers
in 1920 and 1921. These customers
are now reappearing.
The manager Of the mems hat de-
partment in leading department store
that caters to the middle rather than
the exclusive wealthy classes admitted
last week that he had guessed wrong
on the price trend this fall. 81 ordered
sparingly of the hats to retail above
$5," he said, "and now find that the
bulk of our sales have been above that
figure. Last year about 75 per cent of
our sales were in hats below SIS, with
the popular price ranging around SO.
But this year the So hat is not moving.
We can sell $5 hat more readily than
we can SO hat"
New-York tribune., 1922-09-24
BY Merryle Stanley Rukeyser:

keep the breath of life in concerns
whose assets were frozen. The ability
of the banks to draw upon the Federal
Reserve system made it possible for
them to show forbearance at a time
when incapacitated borrowers were
compelled indefinitely to renew loans.
In the old days of individualized bank
ing, under such conditions the lending
institution would have been inclined
to have insisted on technical rights
and brought about bankruptcy, which
would have involved all the traditional
legal formalisms. Instead bankers
committees, whose hands were united,
were placed in control. The necessity
of forced sale at time when the
realizable price of assets was low was
in such cases obviated. In many in
stances merchandise creditors formed
committees, which either acted inde-
pendently or cooperating with the
bankers with similar objectives in
view. AS general business continues
to improve, the wisdom of such ar
rangements is being increasingly
demonstrated. The procedure is abused,
however, when it is employed to save
actually insolvent and inefficient units
which serve no purpose in the busi-
ness community.
The spirit of the nursing policy of
the banks is illustrated by a story
which was widely circulated at the
peak of depression. A clothing man
asked his banker for renewal of a
loan, but the inancier, pointing out to
the customer how he ought to run his
New-York tribune., 1922-09-24
Crucible TO Open Plant
For Rail Repair York

it was reported in the financial
district yesterday that the Crucibls
Steel Company has under way plans
for converting its plant OF HaRri-
son. n. j., into huge shop for re-
pairing locomotives. This plant ha9
been idle for large part Of the
time since the war. when IL was
used for the manufacture Of ordn-
ance.
It is understood that the COM
pany has been offered large vol
ume Of business by tue railroads "a
the equipment companies are at
present taking on little new busi-
ness.
Many in the financial district
thought the company's recent offer
Of 10000 shares Of new common
stock. whereby $4,000. 900 was raised
was in preparation for this ncw
business Horace wilkinson, chair
man Of the company, explained
when the offer was made carly in
September that the funds would not
be used for expansion purposes, but
were needed for increased business
in sight. II was believed. therefore,
that n part of the sum would De
used to put the Harrison plant in
shape to handle railroad repair
work
New-York tribune., 1922-09-24
Better Goods Now Demanded

= me public demanding better ner-
.seiais ,.ssesiadise? Has the ionesexpected - re re-
ssOJs = against the apparel and other
stso,t,u turned i out during the depression
ilnpls ! regard to quality, but with the
sst iuea OF low price in mind, at
slipsdp dppe@red! Some retailers are in
ssS 70 think that the turn in the
lonoa Has come-that low price no
ssena Is the chief aetuatine motive
ssorss consumers who enter their
need Z the depression, it is remem-
;esers ene chief concern of manufac-
s,o,sS ana wholesale and recall distrib-
s,s was TO get mercbandise nnt as
Hlbirn1 a as possible in order to bring it
ssasurs.ae ae preconceived price range of
pseecaneefis. What brought about this
sa,st;os price range is another
les yn' ~ Not all of it was caused by
sss.,Vi purchasing power among the
seeonn. puohc. Tire fact that savings
ssft aS increased during a greater
tais 4. ehe period was a refutation of
ssatae. Ondoubtedly a certain per
ase oI the public actually found
/ titles ~ tnpeiied to purchase its neces-
10 ai.as the lowest possible price. with
saess u naive, But still others, inffu-
i ve,s vss the gloomy aspect of business
sysssrai, lnaugurated a policy of re-
1 psaHasnt IN personal expenditures.
i L yo,S ySss'ohs ! were made that the pub
tassSis react against the poor mer-
stien ~ raurned out to meet this con-
& = apose who made these predic
New-York tribune., 1922-09-24

DRESIDENT HARDING, in the role
of economist, was tested during
the week by the laying of two impor-
tant bills on his desk for signature.
In vetoing the bonus bill, the Chief
Executive acted on the basis of purely
economic considerations. In terms of
the financial factors involved, there are
few to dispute that Mr.. Harding made
an astute decision. His signing Of a
high tariff bill, however, at time in
history when beyond all others Amer
lea needs to encourage, pot shut off,
imports, met divided response from
those who consider the business sig
nificance of the act which became effec-
tive early Friday morning.
With many lifelong Republicans
especially bankers, traders and mer-
chants converted to the idea of a
relatively low tariff, in view of the new
role of the United States as the worlds
great creditor nation, it has become
all the more difficult for academicians
to find essential points of cleavage be-
tween the two major parties.
#
With the bonus bill throttled some
observers expect Standard Oil com
panies to proceed with their reported
plans for recapitalization. The connec-
tion between the two questions may
seem remote, but financial gossips
freely expressed the view that the oil
companies hesitated to call attention
to their riches at a time when Con-
gressmen were seeking new sources Of
New-York tribune., 1922-09-24
Fees Not Oppressive

Surely this proves that the fees re-
ceived by the state departments arc
not oppressive and are merely nom
inal compared with the expenses of a
Federal bureau that would cover the
entire country, such as the Interstate
Commerce Commission does for rail
roads. Such bureau could never su-
persede the state laws entirely because
it could only regulate interstate trans
actions in securities. That requisites
for qualification of securities coming
under the provisions Of the various
acts are burdensome cannot be denied
Every law for the protection of the
people imposes a burden. That this
burden is not out of proportion to the
benefit rendered to honest securi+v
dealers themselves is shown by the
fact that with few exceptions the blue
sky administrations are given the cor
dial support of these dealers.
New-York tribune., 1922-09-24
Along the Highways Of Finance


business, refused the application.
"Were you ever in the clothing bust
ness" asked the disappointed bor-
rover" NO. the banker replied.
well, if you won't renew my loan
you will be-"
REIMBURSEMENT, which is euphoni-
Gus term for many phases of the
sweeping away of the excesses of in
fation, and normal fux have brought
wholesale changes in the occupants of
the presidents chairs of many of the
great banks and trust companies of
Wall Street. There is a whole new
generation of holders of the $4,000
(and up) jobs.
Reference to reconstruction inevit-
ably recalls war. The great war
changed our perspective regarding in
ternational strife. According to ordin-
ary yardsticks, the present Greco
Turkish imbroglio would seem sizable,
but to the outside world the primary
interest in the present quarrel is the
prospect OF its developing into gen
eral European war. Wall Street, through
falling speculative security and cotton
prices and rising wheat quotations, last
week had superficial war markets, yet
the Turkish situation was used more
as pretexe for speculative maneuver-
ing than as a real reason for making
commitments. America has not yet
got genuinely excited over the bicke2-
iEgs Of the Terrible Turk with John
Bull.
New-York tribune., 1922-09-24

impossible to prevent superior seed
stocks from becoming thoroughly mon
grelized.
The process Of ginning, together with
bagging and ties for covering, comes
third in point of Importance in the list
of cotton farm expenses, and, like the
main item of labor, it varies so widely
as to furnish one more illustration Of
the futility of the growers slogan
cost, plus a reasonable profit" TO al
alike, as the price which cotton should
fetch in the primary market. In the
cross section of S42 farms taken by the
Department OF Agriculture this item
varied between and II per cent Of
the total farm expenses This vari-
alton IS shown from another angle BY
the records Of $50 farms in the Texas
area, where the cost of ginning on the
ten highest farms averaged s3.I6 an
acre, while the average an acre on the
ten lowest farms was Sl.0t.
There is also another aspect of the
ginning complex which merits notice.
While the decreasing number Of active
ginneries will have q tendency TO re
duce the cost of operation by allowing
the remaining outfits larger share of
the crop to handle, il will undoubtedly
tend TO throw an added expense on the
farmer by lengthening his haul to the
gin. In the record just quoted the
shortest haul to the gin WAS 1.97 miles.
while the longest was 5.31 miles. The
normal man labor requirement for
hauling to gin ranged from i.s hours
an acre in Rusk County, Texas, to ~
hours an acre in Barnwell County,
South EarolinG
New-York tribune., 1922-09-24

att, ArkWflRht, UarRrcavCS anG
Cartwright had multiplied the produc-
tive capacity of machinery for turning
Gotten into cloth while the Yankee
schoolmastor had solved the problem
of supplying the new factories which
were rapidly springing up in Lancashire
and the United States, with raw mate
rial. And, incidentally, his invention,
which remains in principle the same
barbarous contrivancc he left 1t, has
cost the worlds cottor trade in dam
aged fiber enough 20 pay the national
debt of the United States as u stands
to-day.
1t will lead to better comprehen-
sion of the deadly nature Of this de
vice if the delicate structure Of the
material it tears from the seed, 10
which it adheres very tcnaciously, IS
Understood.
DR. Bowman, who was one Of the first
microscopists to subject the cotton
fiber to chemical and microscopic in
vestigation, says that we may have
some idea Of the tenuity Of the cotton
fibcrs when we remember that from
$4,000 to 10000 individual filaments OF
American cotton weigh only one grain,
so that there are about l40, 100000 in
every pound, and that each hair weighs
only on the average about l17000th
part of a grain, and # the separate
fibers were placed end to end in a
straight lire one pound would reach
2200 miles. Or. put in another way
if we were to magnify a single fiber Of
American cotton until it was one inch
in diameter. it would be a little more
thar 1OO fapt long
New-York tribune., 1922-09-24
FetU Fibers Perfect

During his research work under the
lens our Investigator also found that
very few fbers are perfect as they
get broken in the process of ginning,
which separates the cotton fiber from
the seed, and they usually, therefore
terminate in a ragged edge"
Cotton producers to-day are no less
alive to the destructlveness Of the
American saw gin. Their leader, J. S.
Warnamaker, president Of the Ameri-
can Cotton Association, expressed this
conviction as: 1--WE feel that nothing
would contribute more 10 the value Of
the American cotton crop than the en-
ploymGnt of a new system Of ginning
that would obliterate the waste of the
average saw gin and enable the lint
fiber to be taken from the seed in it's
natural length and perfection. Spinners
have for years insisted on more care in
the ginning OF the staple so that there
would be less waste in the spinning
mills"
1t is one of the many weaknesses OF
our American system Of handling raw
cotton from field to factory that there
is little incentive for the owner of a
gin outfit TO keep his equipment at
the tor notch of efficiency. The usual
aim is to get the stuff through as
quickly as possible, there being gen
erally the pressure of q waiting wagon
to take the place of the one being
emptied to force the pace of the oper-
alton.
New-York tribune., 1922-09-24

taxation to provide the extra funds
needed for q cash distribution. What
ever the actual relation of Standard
Oil plans to the bonus may have been,
it seems fair to assume that some Of
the Rockefeller companies will before
long give special concessions to share
holders in the way of stock dividends
Or some other devices for capitalizing
surplus. The current quotations at the
market place of most Of the Standard
Oil companies, giving ridiculously low
return to the investor on the basis Of
the present dividends, indicate an ex-
pectation of a change in policy which
VIII involve more generous treatment
of shareholders. The financial district
expects the Standard Oil companies Of
Kansas, New York and New Jersey and
Vacuum Oil to take the initiative. The
anticipated process would in essence
involve bookkeeping changes primarily
and would add no real tangible worth
to the properties, but that sober fact
often fails to check the zeal of specu-
lators.
And, speaking of readjustments, one
of the novel elements in the swing
from boom conditions into q period Of
intense depression, which has been
followed by the present gradual re-
vival, has been the tenderness with
which bankers and trade creditors have
sought to nurse along industrial and
commercial invalids. Republication
is the work which industrial depart
merts of banks did in striving to
New-York tribune., 1922-09-24
Gear 1921 Was First Since
Wars Outbreak i'm Which
Government Credit Oper-
tions Did NotAffectTrade
Loans to Other Nations
Imports Must Pay for Ad-
vances Abroad; French,
British Policies of Past

| return of American securities and the
hoatlng OF foreign loans in our market.
Friedman states that about two billion
dollars worth of American securities
were returned from August, 1914, to
April, 1917, and Williams gives the
same figure for the period from July,
1914, to the end of December 1918,
adding $350,000000 for the next two
years. A total of $2,360,000, 900 for the
value of American securities bought
back during the entire war period is
pretty clearly not excessive.
According to n tabulation made by
j. P. Morgan e. Co. for the Harvard
committee on economic research, the
total of foreign government, state,
municipal and private issues here from
the outbreak of the war up to the end
Of 1919 and outstanding Of the latter
date was not less than $2,150,000 600
The issues of 1919 and 1920 did not
equal the maturities of those years,
falling short in 1920 by $65 200 900.
Even SO the issues outstanding on
January l, 1921, had served to finance
exports to n value just under twenty
one hundred millions.
The American investor during the
war period, however, was not simply
buying back American securities and
absorbing foreign bond issues. His
capital was also going directly into
American companies working Canadian
mines and factories and buying Cana
dian land and timber, operating Mexi-
can and Colombian and Venezuelan oil
wells, Cuban sugar mills and planta-
tions, Caribbean fruit farms and the
thousand and one other undertakings
that are now being so vigorously
pushed all over this continent, to say
nothing of American enterprises in
China and the Orient, and now even in
Europe. Such investment does not ap-
pear in figures of foreig nbond flota-
ton, but it covers exports Of American
machinery and equipment and supplies.
Willamss estimate of half billion
for such investment during the war
period is certainly conservative.
The same may be said for his figure
of $175,000,000 covering American
speculation dufing 1919 and 1920 in the
internal bonds and deprecated curren-
cies of European countries. Other
guesses have raised this figure to fan
tastc amounts.