davidaulloa/AmericanStories huggingface dataset:
The Richmond palladium and sun-telegram., 1922-12-07
STATE BUSINESS men
FAVOR OF REGULATING
BUS LINE OPERATIONS
CBy Associated Press)


INDIANAPOLIS, Dec. THE pro
posal to regulate busses and trucks as
common carriers is meeting with Ia
vor with Indiana business organiza,
tons. according to George H. Mosser,
secretary of the state chamber of
commerce. At the request of the Gary
chamber, the state chamber recently
sent out resolutions to local chambers
asking them to adopt resolutions
which call on the next session of the
legislature to regulate commercial mo-
tor traffic on public highways.
Half a dozen business organizations
already have adopted the resolutions,
Mr.. Mosser said The Gary chamber,
which is tdying to prevent the suspen-
sion of an interurban line between
Gary and Crown Point because of al
legged uregulated business competition,
was the first to adopt the resolutions.
The Frankfort chamber was second,
while Franklin, Shelbyville, Green's
burg and Princeton also were prompt
in taking action.
Local chambers at Fort Wayne, Ev-
Ansville, Connersville, South Bend and
Indianapolis have advised the state
chamber that they have referred the
resolutions to proper committees and
will hold an open forum meeting on
Dec. to discuss the question of regu-
lation, according TO Mr.. Mosser.
The Richmond palladium and sun-telegram., 1922-12-07
Christmas Plum Pudding

As made by the Washburn-Cro
Co.'s Demonstrator, Miss White
2 cups chopped raisins. cups cur
rants
l cup finely chopped citron
l cup finely chopped figs, 2 cups
brown sugar
2 cups GOLD MEDAL FLOUR
2 cups bread crumbs, cups ground
suet
1 tablespoon finely cut orange pee
1 tablespoon finely cut lemon peel
tablespoon mixed spices, / table
spoon salt
3 eggs, 1 cup water, 1 cup fruit
juice.
Mix dry ingredi nts and add
fruit. Add water, eggs well beaten
and fruit juice; mix thoroughly. If
too dry, add more water to make
stiff mixture. Grease molds and
fill only 2-S full. Steam about six
hours. Pudding is best when made
about week before serving, then
steam about one hour and serve
with sauce.
Hard Sauce
Ia cup butter, cup powdered sugar
1-3 teaspoon lemon extract, 2-3 tea
spoon vanilla
Cream butter, add sugar gradually
and flavoring.
The Richmond palladium and sun-telegram., 1922-12-07

Mrs. Clarence Cramer. :. Walter Met.
teri Is confined to his home suffering
from injuries received from falling
timbers when he was tearing down q
building. On Thanksgiving day the
dwelling house of Clem Oler caught
fire but slight damage resulted. !. The
play Saturday night was we'll attend
ed. The house was crowded and all
parts were well rendered. :. Mr.. and
Mrs. L. L. Harris of Richmond attend.
ed church here Sunday.
The Richmond palladium and sun-telegram., 1922-12-07
Sauer Kraut Stolen From
Connersuille Police Chief

CONNERSvILLE, Ind, Dec. r.
Thieves who entered the basement Of
the home OF Chief Of Police Koch Mon
day night and took canned jelhes,
The Richmond palladium and sun-telegram., 1922-12-07

Pueblo, Colo, has real municipal
theatre, the productions being booked
in the civic auditorium through the
A5ayor Commissioner.
The Richmond palladium and sun-telegram., 1922-12-07
More Reasons for a Good
Dairy Herd

A dairy cow will return in her
manure from 40 to so percent of the
nitrogen carried in the feed which
she consumes. She will give back
from so to 80 percent of the phos-
phorus and from 20 to IS percent of
the potash. This is one reason
that dairy farming conserves soil
fertility to SO much greater an ex-
tent than grain farming. Dairy
soils, when understandings han
died, usually grow richer with time.
Soils devoted to grain raising pros
per one or two generations of ten
ants. Those who follow in later de-
cades begin to talk of soil robbers
and the like. 1t is impossible when
dealing with Nature, both to "eat
ones cake and have it too"
Late selected seed corn Is a good
second best. Pick from the crib if
you failed to pick from the field,
and store it away from rats, mice,
mould, and weather.
Lime which gives new life to land
Is equally necessary In the human
ration. 1t builds bone. Sour-land
crops are deficient in it.
New-York tribune., 1922-07-30
What Retailers Are Buyiing
By Alfred F'antl

HS coming week marks openings in lines cloths with
indications that mann worsed
beginning August 2s we'll advanced excellent Reports
from Paris to the effect that
autumn with cashmere hawls
Paisley next year bear ,
on the metallic fabrics we'll buying with
calls immediate shipment
with an expanding demand
prices asked for fur trimmed of the
IN ldrens and fapper The
showihgs skirts
require from three weeks
Of house dresses has stirred wide and
cations that plain designs will
for the jacquette
Trimmed undeks embroidery or ce ara
the fall favtes flesh color predomnsg
good fall Millinery
The buying has been fsback being the
popular coor The past has been
town buyers have arrived than
Actual placed excess those a
normally during the last o
(Ihs IS the second Of
New York wholesale markets r5,
bHyer-FinanciaI and Edtor.)
New-York tribune., 1922-07-30

to tradition, the power of these unof-
fetal brokers was tested in 1869, when
the Prefect of Police drove them away
from the Bourse. As result of dis
turbing this natural market, the
French government found difficulty in
getting good market for its rentes
1t therefore was obliged to invite the
coulissie to come back to the govern
ment- owned bourse building, and trade
on the verge Of the official market
where the agents de change bought and
sold securities. Thus the government
tacitly lent approval to the superstruc-
ture built on the basic, recognized
group of seventy agents, which mu-
tually guaranteed one anothers con-
tracts, with the government standing
behind all seventy. At the outset of
the last war the government. through
the Bank Of France, advanced credit to
prevent embarrassment to the agents
The members of the curb, or coulisse,
in practice are the retailers in the
French brokerage scheme, who even
tually clear through the agents, who
make the primary market.
New-York tribune., 1922-07-30

Of his fathers second marriage.
incidentally, further study of the
sons voluntary petition in bankruptcy
reveals that the creditors are better
secured than at first appeared
Grating and commercial bribery
waned during the period of shortage of
merchandise accompanying the post
armistice boom.
With the return to normalcy, or it's
environs, entertainment for the buyer
on a quasi pre-war basis is reported to
be recurring. Any relationship be-
tween buyer and seller which inter
feres with a just regard for it's own in
terests by either side, or which adds
materially to the cost of the merchan-
disc, is to be condemned with unabated
vigor. The Federal Trade Commission
is to be commended for it's efforts to
heighten business morality in this par
ticular.
In urging reform. however we
should not lose sense of propor-
tion. Friendships and human kindli-
ness among business associates are ex
cellent lubricants, which heighten the
JOY of work. If it is sin to give q
buyer theater tickets it ought at least
be permissible to make out list of the
plays worth seeing
New-York tribune., 1922-07-30
Aside From, Buying

A few years ago trade body in st.
Louis got up circular to encourage
middle Westerners to buy at the Mis-
sissippi port instead of in New York.
The arguments included figures on
savings in railroad fares and also the
economy from avoiding the temptation
Of the theaters and cabarets at the
Eastern metropolis. So long as New
York continues to supply amusements
and pleasures which appeal to out-of-
town folk the local Merchants Asso-
citation will not have to set out upon
a deliberate campaign to offset this
character of propaganda from the
provinces.
Incidentally, in the last two years Of
more or less difficult times, the onrush
of buyers to this city has been un-
precedently heavy. With competition
heightened they recognize the worth
of making occasional pilgrimages to
the commercial and financial center
rot simply to buy goods but also for
guidance az to future conditions and
for ideas and inspiration.
New-York tribune., 1922-07-30
Oppose Conditional Sales Plan
American Traders in Argentina Doubt Practicability
of General Application of Time Pay
ment Scheme i'm Latin America
srecinl roreion rsnanctal correspondonco

Special Foreign Financial Correspondence
BUENOS AYRES, July GA cable
gram received in Buenos Ayres this
week states that the Ame rican section
Of the Inter American High Commits
sion is studying the application of the
"hire purchase" or time payment sys-
tenn to trade between the United States
and Latin America, with view to
closer commercial relations and the
stimulation of trade.
1t is proposed that the merchants
of North and South America should
trade between themselves under sys-
tenn, said to be success in the United
States, whereby sales of merchandise
are Conditional" that is to say, the
buyer undertakes to pay in quotas and
the ownership Of the goods remains
with the seller until the last payment
is made. Mr.. Mcclure. secretary of
the commission, is reported to have de-
clared that under this plan larger
volume Of trade can be done, particu-
larly in articles which are in daily use
in the States, than is at present possi-
BILE while the exchange of goods is re-
stricted to those products which are
handled exclusively on q Wholesale
scale, 1t is claimed that the new
scheme will be reciprocally advantag-
eous because, apart from hides, wool,
coffee, nitrates and other primary
products which South American coun-
tries export, these republics will be
|. able to ship lesser products which can
be sold through the retailers in the
United States.
However sound the scheme may be in
theory those associated with American
trade in Argentina do not appear to be
highly impressed with its efficacy as
New-York tribune., 1922-07-30

change will be recommended. Mem
bers OF the membership commit
tee vote on the admission of an
pllcants by secret ballot.
(Comment--This system in the past
has not been fool-proof events of re-
cent months have shown, in making il
possible to eliminate men with unde.
sirable records.)
s. What specific steps does the Con.
solidated Stock Exchan~e take in pass.
ing upon the desirabiIity Of giving
Consolidated ticker service privileges
to given applicant?
Virtually the same methods
which the exchange EMPLOYS in
passing upon applicants for mem
bership are used in considering ap-
plicants for Consolidated Stock
Exchange ticker service. In the
case of ticker applicants, however,
the committee of ticker service
considers the applications.
7 Aside from the brokerage con-
Germs that have failed. what and how
mnny disciplinary actions were taken
to protect the public by the Consoli-
dated Exchange in the year ended
June 80, 1929?
In addition to the number of
hrms which failed during the first
six months of 1922, the EXCHANGE
took disciplinary actions in the
case of at least seven of the mem
bers. In addition TO this, numer-
Gus other Investigations were CON
Quoted by the exchange in cases
whore there was some reason to
believe that discipline might be
necessary, although investigation
proved otherwise
New-York tribune., 1922-07-30

practical means Of developing more
trade. The time-paymert system. un-
der which ownership of goods rests In
the seller until his bill is finally lioui-
dated, is quite we'll known here and is
adopted by such concerns as the Singer
Sewing Machine Company and dealers
in agricultural and other machinery
as we'll as automobiles. In such lines
the plan is practicable, because the
article can be kept track Of, but it
IS difficult to see where security of
ownership pending final payment OBJ
tains for the foreign merchant in the
case of a shipment of cloth or pocket
knives. An Argentine trader buys
line Of goods for retail sale, distrib-
utes them in turn to number Of ped
lers, gets his money and does not pay
the merchant who sold them to him.
In such case 1t is useless talking
OF ownership as security, and the only
recourse the merchant has is what he
has under the old system--a lengthy
and wholly unsatisfactory appeal to
law. II would be useless for him to
plead that he had been defrauded by
the retailer disposing OF the goods. be-
cause they were not bought to be
looked at but to be handed out for
sale, and if the buyer goes bankrupt
there is no redress.
Possibly the theory Of the new idea
has not been properly explained to US
down here. There may be some excel
lent means Of putting into practical
and profitable effect, but just at the
moment the suggestion that it is a
means for extending trade between
North and South is being loudly
scoffed at by those who do know this
field and the peculiarities thereof.
New-York tribune., 1922-07-30
Declarations of Purpose Viewed
in the Light of Past His
tory of Exchange

as of July II, 1922, compared with a
year ago, same time In 1918. and at
the year of its establishment?
The total membership on the
Consolidated stock Exchange as of
July 20, 1922, was ass. July 20,
1921, 460; July 20, 1913. 65B. At
the time of its establishment in
1875 (then known an the New York
Mining Exchange the exchange
had 100 members.
l3. How many member firms? Give
comparisons as in foregoing question? !?
The total number Of member
firms as of July 20, 1922, was n;
as of July 20, 1921, 101. Mote
The records Of the number of
member firms ak Of the time OF the
establishment of the Consolidated
Stock Exchange are not readily
available, owing TO the fact that
they are stored, along with other
books, papers and records of tho
exchange, in a warehousc)
New-York tribune., 1922-07-30
4 Duplication?
B.. Is it unique or in the nature OF y
Itr, ~

8. Is 1t unique or in the nature OF
duplication?
The service which the Consoli~
dated Stock Exchange gives is
distinctly unique in regard to all
transactions in odd lots. The
Consolidated Stock Exchange, it is
interesting to note, was the first
exchange in the United States to
start trading in odd or broken lots
or hlgh~class securities. This de-
parture was made as concession
to, and in fairness and justice to,
the investors and traders whose
llmited means prohibited them
from. dealing in as many shares as
inc unit OF trading on the New
York Stock Exchange.
The market in large lots on the
Consolidated Stock Exchange 600.
Ioo and so on up to 1000 shares),
is not necessarily duplication Of
the methods used by the New York
Stock Exchange, as it must be an
parent to any one that it would be
impossible to successfully carry on
this business if prices were quoted
on the Consolidated Stock Ex-
change which differed in more than
the smallest fraction from the
price Of the New York Stock Ex-
change. The abuse which such a
condition would lead to must be
apparent. For example, if the Con-
solidated Stock Exchange market
III large lots was higher than the
price for the same securities on
the New York Stock Exchange. we
would be flooded with selling or
ders for such securities; similarly,
II the prices on the Consolidated
Stock Exchange were lower than
the prices of corresponding securi-
ties on the New York Stock E,x-
change, there would be an avalanche
Of buying orders through Con-
solidated Stock Exchange brokers.
The position Of the Consolidated
Stock Exchange in regard to this
is comparable to that OF smell
manufacturer whose price for his
product must be in line with those
OF the large manufacturer.
(Comment-It is by no means a,
established fact that more odd-lot 5usi
ness is done on the Consolidated thar
on the New York Stock Exchange
Spokesman for the latter have declare,
that several of the odd-lot firms be
longing to the big board do large
business than the entire Consolidate,
Exchangel
a. What would be the effect of tn
aooiition of the Consolidated Stoc
Exchange?
The elimination of the Consol-
ldated Stock Exchange would leave
the small investors and traders
without an open market founded
and maintained for the express
purpose of catering to their needs.
By forcing those who desire/ to
continue trading in high class Sc
curities to seek another market in
New-York tribune., 1922-07-30
Getting Securities

9. Could the Consolidated Exchange
continue if the laws Of the state made
1t impossible for members to GET
actual possession of securities through
purchases through members of che
New York Stock Exchange:
Yes. No stock exchange or COM
modify exchange ever keeps stock
on hand of the securities or COM
modites in which it deals. (The
Produce Exchange keeps on hand
samples of the ommodties in
which it deals.) The Consolidated
Stock Exchange provides means
where members can meet and sell
securities for their own account
and act as agents for the public
Securities are continually being
bought and sold, and received from
and delivered to the public by
Exchange. The New York Stock
Exchange being a free and open
market, it is not conceivable that
any class legislation would be en-
acted to prevent members of the
Consolidated Stock Exchange from
purchasing and selling securities
through members of the New York
Stock Exchange. Such d measure
would be discriminatory, and, in
my opinion. would again be held
unconstitutional.
10. Does the Consolidated Stock Ex-
change require members to take trial
balances monthly?
Yes. Section 7 of the constitu-
ton and bylaws of the exchange
contains the following provisions:
"The books of account of all
members accepting business from
the public, and or firms of such
members ESQ accepting business
from the public, whether such
firms consist of one person or
more persons than one, shall be
kept posted and shall be regularly
and periodically balanced, and a
balance and statement thereof
shall be taken off not less fre-
quently than once a month"
II. What checks are made period
cally to assure the financial stability
OF member firms?
The exchange requires financial
statements from its members quar-
terly, or oftener when it may be
necessary. The exchange employs
its own accountants, as well as
outside accounting firms, to go over
the books of any member at any
time.
H. How many individual members
has the Consolidated Stock Exchange
New-York tribune., 1922-07-30

it is it will be impossible for any
institution. such az an exchange.
10 guarantee the integrity Of its
entire membership. Although you
cannot legislate morals, do be-
lievo that stems should be taken
through legislation TO furnish
greater safeguard for the invest
ing and trading public. Person
ally, ] would like TO sec the day
come when all instsIlment bust
ness, such as 'the partial payment
plan," would be taken cut of the
hands Of brokerage houses. The
banks, believe, are the only in
stitutions which are in a position
to handle business Of this kind
under the proper safeguard. The
partial payment plan,' IN my
opinion, is susceptible 10 the grav-
est of abuses. Speaking az an in
dividual, and not as an official of
the Consolidated Stock Exchange,
am also in hearty accord with the
suggestion of District Attorney
Bsnton that brokerage houses
should be placed under the super
vision Of the State Banking De-
partment.
New-York tribune., 1922-07-30
Fighting Btsckesshops

8, Specifically. what has been the
service of the Consolidated Exchange
in combating bucketshops?
The Consolidated Stock Exchange
has been the only exchange which
ever initiated and sponsored laws
designed to check the spread of
the bucketshop evil Ihe laws
under which District Attorney Ban
ton to-day is prosecuting and Sc
curing convictions against buck
eteers were sponsored by the Con-
solidated Stock Exchange. In 1919
the exchange drafted an anti
bucketshop bill, and after long
and bitter fight succeeded in hav-
ing the measure enacted. This
New-York tribune., 1922-07-30
Along the Highways Of Finance

'HE passionate interest of chamber
maids, rubbers at Turkish baths.
BARRIERS and peddlers in the daily re-
ports of bank clearings announced by
the New York Clearing House is a
curious phenomenon. Some time early
in his career every newspaper scrib-
bier about finance is approached ty an
individual in quest of advance informa-
tion regarding the figures. Only the
other day we heard Of an instance of
negro waitress paying an uptown
agency $40 for the alleged privilege of
ascertaining the totals before they are
revealed in the usual channels. This
quest for bank clearance statistics
by persons of limited concern with
the mechanism Of the city's banking
results from wholesale, surrepticious
gambling as to what the figures will
be. Those who participate in the TAX
ing Of these highly unnecessary risks
submit to the uncertainties of pure
chance. The Clearing House, aware of
the abuse, makes public the figures in
round numbers only. 1t gives the fig
ures to the press around 1880 O'Clock
in the morning, soon after they are
compiled. Outside agencies which as
sert they are in possession of advance
Information are simply deceiving those
who nibble at the fringe of high
finance.
Always august, the New York Stock
| Exchange is particularly dignified
when going through the ceremonial of
announcing suspesion from the ros-
ter. And yet on Thursday the board
followed the precedent Of the vaude-
vile actor who remarked recently that
word had just been received that Phil
adelphia had passed it's quota in the
third Liberty Loan, when it announced
on July 27, 1922, the expulsion of E.
". Wagner E. Co, which failed on De-
cember 80, 1921
incidentally, in the future suspen-
sions will be made known only through
the printed word on the New York
Stock Exchange ticker. The bang of
the nallet and the vocal heralding
from the platform have become obso-
lete accompaniments of brokerage
dirges.
New-York tribune., 1922-07-30
". S. Silkworth, President, SAYS
1t Is Best Trading Place
for Little Fellow

CCoRDNG to the American credo (aough ers Meneen and
N Nathan have yet ehroncled
York Stock Exchange are invariably honest members of
the oVoeN Nehange are generally inquiry
Understanding the little
task Opinions regarding inertwined with pre;na
propaganda or
guaranty of virtue, aation with tho
Indication Of low ethics reading of tho record If
exchanges forces the painstakng and impartial readily 10
that the reputation and
higher dealing than the
1
New-York tribune., 1922-07-30

law, Chapter 45S Of the Laws of
1909. has been used as model for
similar legislation in number Of
other states.
Following the report. of the
committee appointed by Governor
Hughes to Investigate trading and
investing conditions, our counsel
drew bills to accomplish reforms
recommended by this committee
and submitted them to the Gov
ernor of the State Of New York to
secure his aid for their passage.
The greater part of these bills be-
came laws, as follows:
"Chapter 593, Laws OF 1913, pro-
viding for the compulsory delivery
to customers Of detailed memo
randa OF transactions and adding
Section 957 10 the penal law.
"Chapter 47b, Laws Of 1918, pro-
hlbiting the making or publication
of any false statement or false
advertising as to the value or as to
facts affecting the value Of securi-
ties, and providing that such con
duet shall constitute a felony, and
adding Section 953 to tho penal
law.
Chaptcr 476, Laws Of 1913, max
ing the reporting or publishing Of
fictitious transactions in securi-
ties felony and adding Section
95l to the penal law.
"Chapter 253, Laws of 1918, max
ing the manipulation Of prices Il
felony and adding Section 953 to
the penal law.
Chapter 592, Laws of 1918, max
ing trading against customers
orders felony and adding Section
95d TO the penal law"
The Consolidated Stock Exchange
has co-operated to the fullest ex-
tent with the District Attorney in
the prosecution of bucketshops,
In several cases the exchange.
through its officials, has supplied
evidence on which indictments
were obtained.