THE SUN AND NEW, YORK HERALD, WEDNESDAY, MAY 5, 1920.
! WTgV$Huuaj Rfrnirwi riWtwrWuly -Wjwmch diV' Md leWo.'W'WulM M
uee'i or runas. marunoueni means nrr tno ground. Neitper in cases or
aitiuri the castio wall." and is famii-
One II n?ro Iluslncss Centre De
velopment Serves ns Model
f rr.trrMet tv Tns Sex an New
nr cl.AHKVCK K. II08WOIITIT.
T0K, v-r.l lO.-Thc most spectacu
rcii development In the Knr
f tt ,', j.iwly booming Uie new com
vr,il r. nr- of Japan's capital city,
,',,,,!-., r il of dollars worth ot Amer
l,n t-i'J ral Meel. building material
,1 TuUo, for that is what wis
ii rt u
. 1 1 inilldlni:.".
num..-? ! . - "
M n.irw to begin. Tlie days or
with their mat-
r before mlnlaturo desks,
w.o' to the ra of modern
. ,, Mines, olectrlo elevators,
v .!, aks ntid velvet carpets, with
.ml lien a marine interior iu sio
r ' ' ' , ., hitiMtnira nroDor solidity
en- centre ui m,.,v..
Marunoueni, ana wan
hough,, eowclorlx years ago by the
Mitsubishi latertttli frjom the Wr Pei,
leases are,. In fact, almost Interminable,
except by default In payment of rental
lath' referred to as the "Mitsubishi Til
lage,"1 The head of the War Depart
ment had offered This mat drill ground
of reventy-flVe acre tor sale and had
invited bids from thexreat flnahclal In
terests of Japarv However, the tract
wus Well out of the. city at that time,
and only the Mitsubishi Company mado
an offer. v
Trie tract went to them for about
IJ.500,000; the value now la J80.000.000.
When the new railway was built the
central Toklo station was placed In the
exact centre on the far side. With re
markable foresight the company let the
land He dormant until twenty years ago,
when the first building was erected.
A Modern Clr Apart.
In sharp contrast to the usual wander
ing narrow streets of Toklo and other
cities of Japan, tho wide avenues and
broad plan of Marunouchl extend
IhrouRhout the district in well paved
straight highways running at right
ancles, and Instead of endlcssows of
low, rambling-, packed In wooden milld-lngs-wUU
the ubiquitous tile roots, mod
ern concrete or wooden buildings extend
alone each side ot these well graded,
Tho entire area Is restricted, Leases
are mado according to Japanese law for
a term ot twenty years, which Is the
maximum allowed, but when the tease Is
mado a supplementary contract goes
with It concerning renewals, so that the
American commercial attention is focussing upon
the Far East, and rightly so, because in the East are
found more millions of "possible purchasers of Ameri
can merchandise than in any other part of the world.
To American business ihen who are interested in
this possible trade expansion we offer the whole
hearted cooperation of our world wide organization.
Yokohama Specie Bank
Cioital Subscribed.... Yen 100,000,006 or $50,000,000
Capital Paid Up Yen
Reserve Fund Yen
61,000,000 or $30,500,000
28,000,000 or $14,000,000
Rio dc Janeiro
Los Angeles .
NEW YORK A.GENCY, .
Telephone Rector 2550
The Bank buys and receives for collection Bills of Exchange, Issues
Drafts and Telegraphic Transfersand Letters of Credit, etc.
The American MAGAZINE on the Orient
ih" only general magazine in America devoted exclusively to the
.:?IA cives, in beautiful form and with complete understanding, the
political relations, life and customs, commerce, industry, finance, resources,
labor racial characteristics and craftsmanship of the Orient.
Each month the demand for ASIA increases because it unfolds to
'ou a new and wonderful field of world interest. 35 cents at the news
stands and booksellers who have the better magazines.
i-cnd Sl.Ottfor a 4 months' trial subscription.
Asia Publishing Company 627 Lexington Ave. New York City
For Health and Happiness
Through the Far East
Beautiful Japan . '
Quaint did China
Palm Land in the Philippine
' Joyful Java
These are the countries which send out the Call of the East
irresistible when once you've heard it.
On no other part of the globe can you find so much quiet,
neither can you find anywhere else so many millions toiling in
their quaint ways. The Orient is the land of contrasts. It is
in a state of evolution from the medieval to the modern. Motor
trucks are replacing camels; taxicaba are crowding out the rick
lshas. Before many years, the pld'East will have paL
See it now before its charm fades,
RAILWAY OFFICES ,
quote rates and Bive'infonnatjon without obHgatlflg
you In any way
uelault nor at the expiration ot the
Iftise On the htilldlnas' on the ground
puss to the ownership ,of the lessor.
Furthor restrictions are that no build
ings shall exceed 100 feet In height, that
is seven stories, and all buildings must
be of fireproof construction. Sixty per
cent, of all Isaeed uround must bo built
upon and proposed buildings mut be
completed within four years after lease
Is negotiated. Bub-lfaslny Is not per
mitted. No factories or obnoxious In
dustries are allowed within the district.
At presont twenty-four large buildings
are under construJtlon'flnd many more
will shortly be commenced, among them
thoroughly .modem hotel of 1,000
rooms, and a new office building twice
as large as the Kaljo Building, which
covers U,a square feet of ground area.
At present SO companies are housed
within Marunouchl and the Mitsubishi
Company foa applications for space for
400 more. Even the new bulldlne will not
bo adequate to meet the demands for
Will Seelt Ideas Here.
Every effort 1 llinril in tint' .t'nrv
building embody the verv latat lmnrove.
mcnta In design and equipment. All
plans for structures must bo submitted
or approval to the construction depart
ment Of Mitsubishi, which emnlnv. nhout
one hundred specialists, eeventy of whom
are architects and engineers. Dr. K.
Sakural. chief architect, wM visit Amer
ica -wunin me next few months to study
latest Ideas in building construction.
There are Home verv lnterestlnr side.
lights to this rebuilding programme. Until
recently It was the custom for clerks and
Die UKC to carry their little dinner
roxes to the office atjd eat at their desks
or In a special dining room. Now. res
taurants have to be provided In every
building or In some bulldlnr In the Im
mediate vicinity, for cold lunches are not
at all popular with young Japan. This
rebuilding of the business district ot
Toklo is but a forerunner of the re
building of the residential districts. So
many of the younger Japanese have
lived In Europe and America that they
are no longer comfortable in Japanese
style .houses. They want modern heat,
light and conveniences in their homes.
Tho greater part of the houses in To
klo, as in all Japan, are oue or two
storied buildings which spread out ovui
a vast area. Toklo is growing rapidly.
The city must be Intensified. Unques
tionably the modern apartment house
will soon make Its appearance in large
numbers. It will economise space and
give the younger generation the comfort
It demands. From the present outskirts
of the city It now takes an hour and a
half to reach the business centre.
The present surface lines are wholly
inadequate for urban transportation, and
even the great fleet of American motor
buses does not compensate for the de
ficiency. The proposed subway will un
doubtedly help some, but it will not effect
a solution of the yroblems 0f spare econ
omy, housing needs and comfort require
Great Opportniiltlm Still Open.
As wonderful an opportunity as' the
Mitsubishi Company seized In the plan
ning of Marunouchl awaits that com
pany which will proceed along similar
lines for -the construcUon or a modern
residential district. . It would not be at
all surprising to see some American firm
come Into Japan and "sell tokio a new
dty" to be developed In conjunction wltn
Japanese capitalists. For this great
work Toklo needs outside technical and
As tii e street congestion becomes
creater the authorities condemn whole
strips along narrow sireeu, remove uit
hulldlnen and widen the streets. Some
unfortunate mistakes are made. The
new water mains are nine men wooden
pipes. Many of the streets are gravel
surfaced. The sewerage system Is de
veloping altogether, too. slowly and the
capacity of the pipes now being laid is
so small that it will have to be enlarged
within a very few years.
Tho faulty Introduction or tnese munic
iDai Improvements Is not a matter to
call form blame or riaicui. japan i
developing so rapidly mat oom Drains
and finances are taxed almost to the
breaking point. Sympathetic construc
tive criticism and financial cooperation.
Tvirtienlarfy from America, Is fought and
welcomed. There are wonderful oppor
tunities here for large engineering cor
ponrtlons witn me aouuy io petjunw
through men who understand Japanese.
requirements ana psrcnoioj.
Vi,'.. t.ttnn 'mnrfet wrf 'generally
nuot yesterday, give and take by all
8tn-et omprllng the greater portion of
what business was trantacted. Alter
an early decline of about iS to 40 points
the market showed a rallying tendency,
nesttered coverlnc In the late afternoon
taking the list 12 to more than SO points
over Msnday'v flnsls. Jlear factors In
cluded lower Liverpool cables ana con
tinued unfavorable labor news irom
New England mill centres, mey were
partly offset by Improvement In foreign
exchange and further precipitation In
nnrt. nt llin Emlern bolt Showers In
Texas, however, were beneficial. Liver
pool spot business was again dun, oniy
:,000 bales of tho actual article cnum
At the outset here the market was S
to 20 polnta lower and soon dropped to
Its worst level of the day. heiiers were
mainly Wall Street Interests. Liverpool
brokers doing a little each way. Before
the end of the first hour thero was cover
ing by rtng and outside shorts, the mar
ket rising more than 15 points above its
starting level. The market was generally
a narrow affair and rew diocks oi n
size wero traded in during the day.
Sentiment continued mixed. The spot
situation in the South, as shown In trado
accounts. Is quiet, occasioned largely by
Indisposition of Jiolders to accept present
prices and by the fact thM spinners
have supplied themselves with enough
of the staple to last until tno new cp
shall be marketed.
Thero was little change in trend dur
ing the early afternoon, a fairly steady
tone prevailing. Late In the session the
rather hulllli detailed weather advices
caused unraslnees among local shorts,
tho resulting covering boosting tne usi
to a level ot a few points above Mon
Itante of prices: J;
Onvn. Well. Iw. Clpe. day.
May 4QZQ 40.C3 40,10 40,:.S j J '
ucut 3T.-J j
Japanese llecome Kxtrvfsnnt
The extravagance of the Japanese
people, resulting from the same causes
whleh stimulated the use of luxuries In
America, has become so general, that
business men ana omciais are urging
the people to b more moderate In their
expenditures. The Mayor of Yokohama
has Just sent a circular letter to all
school teachers instructing tbem to urge
their pupils to be. less extravagant in
dress ana equipment.
vsssr:. as so.t.3 stto Sis
Km ember ? !? ??t9
Itecemtxr.. 34.HO s.u "ii-'"
January .. 31.33 31.08 31.18
February- il't- ' i, IS
f.h ... sa.ni SI 00 SS.57 53.83 S.S
8pot: lorM, 4i.w; rw wnw.
Yestfr- Lit I-t
rw. r-.1r.tl. il.TIS ll.-'I
Interior reriu. U.UJ !"?
1. .-.,. .hlnm'l. in.OM S.V28 1W
Y arrlvru.... i,ihu ...
. . n.Li.. Mitn. Inaetlve At 1
roint decline; middling. S3.8M. Sales WO,
mericn 1.1C0. Imports ! W
an. Futures oponca ,vvl . -
& l?r. 1S-J ESS
MV. 2J.13d,: July. Sl.Md.Jj October. SI.0U.
Decemoer, ii.uo... -rri.,, :
clitattr: yanu dun; ciouu imiu
Oppression of Snmll Institu
tions Is Charge JTnde nt
SHOE MANUFACTURER 'PUBLISHER DENIES OPPOSE RATE BOOST -
DENIES'filG PROFITS' f UNION CENSORSHIP
Xew Orleans Cotton Market.
vrr 'DnLeixB. May i- Selling pre-
pure was felt by cotton during the flrrt
half of tho session to-day, but later a
considerable demand maoe me ircnu uc-
cldedly higher. Tho close. However, was
colorless. 10 polnta up to 15 points down
net for the session, a private umc.u
report on acreage showing a decrease
of only 2.S per cent, stimulated a good
outside demand. Close May, .55c:
July, S8.22C. : October. 3j.!c: Decem
ber, 34.80c: January, 54.27c. Spot
quiet, JJc. off; middling. 40.7c.
Tlie Miffee. matket opened yesterday
quiet and unchanged to a 3 point decline.
tnvlng to tne nonaay m iru u
flclal cables were received early. During
the early morning prices worked lower
on Europe's selling September contracts
and local operators hammering July.
which recently ruled mucn nrmer man
September. July sold off to 14.55 and
Semember to 14.54. From that level
there was a sharp rally on private ad
vices reporting the Rio market much
a ?wrinl cable showing a
gain In Santos futures of 50 to li5 rels,
which started fresn Duymg u
Ing. July advancing to 15,05 and Sep
tember to 14.78. Final prices showed net
gains for the day of 7 to 11 points. There
was slightly Improved local spot de
mand and Wo 7s were held generally at
I5tfc to 15Vic
y"7. .... .s.-i .
;t1-:::1,:!: itSSS :r
Bptdal lo Tns Hex xo Ktw Yosk Ilisito.
Washington, May 4,-JTo-day repre
Kntatlvcs of Btato bankers In twenty
four States appeared before the Ilules
Committee and Danldng and Currency
Commltteo and demandod a Con
gressional Investigation of alleged op
pressive and coercive measure taken
against them by tho Federal reserve
banks. The basis ot the complaint was
the action of the Federal reserve sys
tem in seeking to eliminate tho ex
change on checks; which la an Important
source of revenue for small banks, it
was contended, "
Itopresentatlvo King (111.) also
charged that the Federal Ileserve Board
is encouraging Increases In the cost ot
living by financing speculators in food
commodities. Hie recommended that
Congress limit the amount of Federal
reserve notes that may bo Issued. Rais
ing tho rediscount rates lias not checked
(peculation, but only caused those ob
taining loans to pass tho increased rotes
on to the public.
The State bankers' delegation was
headed by II. Flood Madison of lUstrop,
La., as chairman of a special committee
of the National and State Bankers Pro
"The present policy of the Federal
Reserve Board Is Inimical to the inter
ests ot tho State lianks," he said. "It
is trying to force us to Join the Federal
rcservo system and give up exchange
rates by all sorts ot coercive measures.
Twice agents of the board came to my
little State bank and presented checks
demanding cash across tho counter
which amounted to more than twice
as much an the legal reserve required
by tho Btate. These checks were de
liberately collected by tho Federal Re
serve Bank at Dallas and held until
It was thought the amount was sufficient
to force us Into the system. Fortu
nately both times we anticipated such
action and had Uie cash on hand."
Representative Reavis (Seb.) bitterly
denounced the board, declaring that
similar action had been taken In Ne
braska. "The Federal Reserve Board, Is trying-
to oppress State banks who are
obeying State laws strictly," he said..
(viniiMrt of the reserve banksL
which Is virtually that of a highways
man, his brought reveral Institutions
to the verge of destruction. The Federal
system virtually stages a run on tho
small banks by collecting the checks
against it and then demanding cash
across Uie counter. Federal reserve
agents armed with revolvers have car
ried on this practice In Nebraska. Con
gress should take Immediate steps to
stop such actions."
MORSE'S SHIP DEALS
PROBED IN SECRET
Hints of Misuse of. Govern
ment Funds During War.
Kntrlat t Tns Scs IHD Nsw Toil ItoilD.
Washington, May 4. Startling reve
lations of the misuse of snipping isoaru
fimii ilnrlnir the war are expected as
Uie rtsimlt of the investigation now being
conducted oy the House relect commit
tee on Shipping Hoard expenditures. In
dicaUng Uie seriousness ot cliarges the
Department of Justice asked to-day that
ir.e further hear intra bo secret.
Represcntauve Walsh (Mass.), chair
man of'the, committee, had planned to
r-vnTtilnA in onen nekton to-day John T.
.Meehnn. "deputy chief of detectives of
the Shipping Board, on wneiner unanea
who held several war umc
Under ffer Cent. Made on
' $23J)00,000 in Contracts.
Washington, May 4. Replying to
charges that he had mado excessive
profits on. war contracts, Richard 11,
Long, head of the R. It Jxing Company,
Framlngham, Mass.,, thoe manufac
turers, testified to-day before a House
war investigating committee that his
company received less than 2 per cent.
on contracts aggregating more than.
Mr. Long, who appeared at ills own
renueat to answer previous testimony
before the committee, further declared
that his company saved the Gpvern
sne'nt 14,071,000 through lower bids for
leather and. textile supplies.
Figure wero prcsentod by him to
show that the cotnpany'ti jio(U wura
J402.900, which, he oald. was Jl.aG5.700
less than a normal 10 per cent, profit.
-"Our Income in U16. the year before
tho war." Mr. Long asserted, "was
greater than our- annual Income from
war contracts In 1917 nnd 1$18. In
addition wo lost our regular business,
an4 we still aro handicapped by being
Ue4 up with a large amount of war
materials on hand."
Charge Made at Paper Hear-
ing Untrue, Says Butler. 1
HiiTAto. May 4. The charge that the !
Buffalo Kvrnlnp A'rirs, after, putting into
typo last October ceitain portions of
Elbert II. Gary's testimony before the
Senate steel Investigating committee,
was forced to change It under pressure
from the International Typographical
Union's shop chupel, was vigorously de
nied to-day by lidwtrd II. Butler, owner
of the nowspaper. Tno allegaUon'was
mado in Washington yesterday, by H. J.
McCone. general manager of the Buffalo
Coiiiwrreinl, before the Senate committee
Investigating the newsprint situation.
"Tills statement Is wholly nnd abso
lutely untrue," Mr. Butler declared. "No
such Incident ever occurred, nor have I
uver previously heard the rumor or
such an ln:ldcnt Tfca typographical
union has never In the h&tory ot the
.Veu Intimated or expressed a wish
that any news item be used or omitted,
nor has it eve r intimated or expressed a
wish as to the method of treating or
handling the same. These matters have
never been the, subject of discussion be
tween the owners of tho h'eim and the
members or icpresentatlves of the
BEADEN COPPEE HAS DEFICIT.
Report for 1010 Shows 81,500,41)3
The Braden Conner Company reports
for 1919 a deficit, after charges, of $1,590,-
4S3, In contrast to a surplus, oi. jj.wb,
880 In 1918. Operating revenue for 1919
amounted to only J4,240,17. against
J19.247.229 In 1918, and operating costs
$3,921,657, against sn.esj'.aus. uuicr
Incomo was J67L3IS, against J22C.241,
making total income J99421S, against
17,784,102. Charges for taxes, interest,
plant write o3, depleUon. discounts, &c,
totalled mbre than $2,500,000, making a
r-et deficit for the yearf $1,590,493.
The ore reserves atlhe end of the
year stood at 174.600,585 tons of posl-
Uve ore of an average graae or s.iu per
cent copper. The net Increase In total
reserves was J,04,3iT tons over me ei-
mate of the first ot the year, alter al
lowing for 1.175,650 tons of pre mined
during the year, and a corresponding In
crease In copper contents ot-S2,009 net
tons was shown, immediately after Uie
slmlnr of the armistice, the report said,
the demand for copper fell off sharply
In fact In some months ceasep almost en
tirely To meet that conaiuon a curtail
ment of oneratlons was necessary. As
the market for copper Improved, produc
tion was Increased. During the last quar
ter the operaUons wero seriously Inter
fered with by labor disturbances.
his own shipbuilding operations at Alex
andria, Va,, but Uie doors were ciosea.
Mr. Morse, whose counsel la William G.
McAdoo, Is under Indictment In New
York charged with selling aa American
registered vessel to foreigners contrary
to the Bhlpplng law. At previous hear
ings of the committee It was charged
that Mr. Morse had obtained $550,000
"'ii "n ii n U.U H.7J-7J U.U; f,m .h hnnrri desnlte the fact that the
iitn-7 ii.siLr . r . - .m
iim rl'OOKS snow no nax occii ucni-.-u .-.v....
limn J..VII U.VV17. - ( auu.-,wM
vug obtained on tho plea that he would
have to closo his plants and face a re
ceivership unless he obtained additional
February ,.,A., .
Ap BnAzi'ui 'coitee statistics.
".14.M li.R 14.69 li lO-U ll.
Tee ten r.
New Tork aeliTeries. U.t
New Orleans aellr. . .. 3,415
Tottl aellieriei H.KS
w Tork stock ITS.S44
w Orleans noes., .i
jitock at aii-perts..,.l.JU.MJ 3,17l.!n
.. rrr.aM M7.009
" ... .rM.II
viidble irrriT j.ii,jo .w..4u
lut yesr? Ti;ibie..i:a7.iM wto j.aww
250,000 Orphans Must Be
Fed, Clothed and Sheltered
1D0,000 Women, Released From
Turkish Harems, Must Be Provided For
"In the Near East is the most
desperate situation in the World."
NEAR EAST RELIEF
1 Madison A?., New York
Send Checks or Money Orders lo
CleCtland H. Dodge, Treasurer
WIRE LINE OPERATION
COST U. S. $t4MSJS65
Burleson Foresaw Surplus if
Hxftial lo Tnu Bus oro Xtw Yosk UesaU).
Wabhixotok. May 4. Secretary of
the Treasury Houston transmitted to
Congress to-day a reruest for a de
ficiency appropriation of J14.003.B63 to
cover the deflator uie lejegrapn ana
telephone companies of tho country in
meir operauon vy wj uoi. wmiw.
nartment during Uie war.
Of Uie total asked $700,000, It la said.
represents Interest tne Post omco De
railment contracted to pay to the com:
panles on all rentals not paid August
The deficit, It was explained by Post.
master-General Burleson,- Is due to the
increase In cost of materials and neces
sary Increases in laDor costs annus
Government control Mr. Burleson
stated that If the Government control had
lasted longer there would have been no
in sFMNn nr. ass mail
House Committeemen Defer
Action on Substitute Measure.
WAsniXQTOX, May 4. The House
Toht, Office Commltteo to-day went on
rocord ns opposed t( tho automatic in
creases In second class mail rates to be
came effective this and In the next two
years. Final notion on a substitute
measure was deferred, however, by ths
As a, substitute for Uie bill Introduced
by Representative Fess. Republican
(Ohio), at the request of the American
Newspaper Publishers' Association, the
committee adopted a motion, offered by
Representative Madden. Hepuniiean
(lib), to fix a flat charge of one and n
half cents a pound on reading matter.
and from one and a halt culls to five and
a half cents on advertising. Conimutre
men explained that this action, taken by
a voto of nine to six, killed the 'es
Later the committee decided, eight to
seven, that the Madden substitute would
remain on Uie tabla as unfinished busi
ness nnd subject to futuro action. Mr.
Madden said he expected to have a final
committee vote soon.
COnirncuvuKu rniy ui mto " """" r-Jzr-t.'i V.ll3i Zir hiSrever.
anced to him for Government vessels in i. rT . if,V
Ohta and rre sold yesterday for their
highest prices on record when they
touched J1.07U and J2.164 respective
ly. These prices were made in tne aiay
dellverles and advances In oats and rye
were reflected In other grains. Jiay
corn sold at a new high for the crop and
cash wheat was quoted at $2.12. De
livery congesUon fa responsible for that
extended advance In grains. The con
gestion is In tho May opUons, In which
shorts who have not covereu are nna
Ing It hard to get grains. Transporta
tion conditions are working against Im
mediate Increase In receipts. The short
ago of box cars continues, a situation
which was made even more serious by
Uie strike of the switchmen. I'armers are
too busy to dispose of. their grains even
should they be' able to ship Uiem. They
are triinc to catch up wlUi their spring
work, which has been l$lsyei '' un
favorable weather and so are unanie io
give Uie time to selling.
Buying In corn was inspired by
strength In oats and small prospects of
increase In receipts. There wero several
Inquiries for wheat by foreign Inter
ests. Heavy profit tnklng checked the
advance; prices- reactlny: about a cent.
later months being. Influenced by May.
nh corn was auoted 3 lo C cents
higher. There may be temporary de
clines, but the majority of the trade fa
vors Uie bull side for a long pun in spius
Qf the fact Uiat the grain has had an
COKN-Inthe local eaah market No. .
rellow corn. .10SVi: No. 3 mixed, $2.07V.
mwA Vw VrV.
OATS-ln the local cash market prices
were nominal, at I1.4S for a!l leading grade,
nnvvn H n'eitern. SU.49W. f. o. D.
" BAItLKV-Feedlnff. I1.S0; maltlnr. $1-92.
f. o. b. Nqw York.
llAY-No. 1. $3.V33 IS: No. 2. tMi
SJM: Not 3, 3.(KS3.10;'hlppUir. 2.0033.
BTIUW-No. 1 ry, 3iff35 a ton.
rtvi? nu. TTt.h T5w Close, day.
MaV Z7. X.SllVi 2HH 21?i 'fW a
PAPER BROKERS DENY
MAKING BIG PROFITS
Earnings Less Than Before
the War, Senators Told.
Wasihnoto.v. Slay 4. Profitirmade by
brokers in the sale of print paper, espe
dally to small newspapers, were In-
nulred Into to-dav bv tho Senate commit
tee InvestlgaUng the paper shortage. It
was bald the brokers denied tney liau
made excessive profits, contending that
they had received profits ot .only from
i to 1 cent a pound sn the paper, com
pared to 3 cents In normal times. Tes
timony also showed, according to one
member of the committee, that Uio brok
ers usually obtained paper from small
manufacturers wno naa torraeriy pro
dueed paper specialties, but were at
tracted to the manufacture of print
paper because of high prices.
Members of the committee said later
that while the testimony hadhown cares
of nroflteerlmr In naper by some nroKerr,
in their opinion, brokers' acUvItles had
not affected the market nrices seriously,
but that tho situation was due largely to
tho failure ot pfoducUon to meet In
While the executive session was In
progress a number of publishers of small
papers at a separate hearing conducted
by Senator McNary, Republican, Oregon,
recommended acquisition by the Govern
ment of Uie Eurplus paper'supply and Its
allocation to the newspapers ot tne coun
W am J. Paner of the wuteroury
fConn.) JreoulHcatt. told the committee
that about 100 publishers are lo meet
In, Washington on May 17 ror ine pur
pose ot formlnc a league to cope with
the paper situation,
WHITE MOTOR EEP0ETS GAINS.
Production. Says President. In-
crrae at End ot Year.
Windsor T. White, president of the
White Motor Company, told stockhold
ers In Its annual report. Issued yes'er.
day, hoV production was handicapped
during Uie first six months of 1SI19.
but he declared that' the plant near
the close of Uie year was operating un
der fair conditions, th production In
December being more than nine trucks
day more than tho average dally
production for Uie first sit months.
Mr. White pointed out that tno com
pany had maintained Its prices wiw
only a slight Increase In one or two
models despite the increased cost ot
labor and materials. He. asserted tnat
the principle that prices' should not be
increased so long aa the stockholders are
assured an adequate return on their In-
vestmentf was being followed, and tnar
the- company should be free from ki,
suspicion or profiteering.
The company earned In 1S13 a sur
plus, after charges and Federal taxes,
of I2.8C9.S7E. equivalent to $5.83 a share
on Its stock of $60 par value, according
to Its annual report, against $2,6$0,oSS,
or $S.S7 a share In 1918. Its profit and
loss surplus was Increased from 36,621,-
476 at the beginning of the year to
$7.S79.0D3 at its close. The total op
erating profit was $1,983,371. against
$5,947,494 in 191S.
.act 30i SM
..ISO 1 lit
ITSii lit 171W li ITMi
Its 170 VS iraii WW
ItWi lOH 1BH JK
ari iwu is: iM
1H M .l!i ? S
.7114 71t 77!t 1 7T
Jtdy .'.'.'.'.'".'.'.'.'".'.'lO.'iJ 20.'"fl Jll'iO ST9 20-C
M?rID.S.:. H. 17.4
3nl 11.33 11.45 lt.M 15.41 11.40
v. S4.S0 U.0
Julr ., H.N M.M M.3S-- St.M 3S.M
vct. Com. Oats.
TesterdST 771,000 J14.000 SO0.0O0
Lait week 6i3.00 M1.0W 450,000
Last year Houaay
rionr. Wheat. Com
Yesterday I,0d0 llXr S.000
Ijut week, 1,0M 33.000 ...
FAVORED BY BOARD
Jersey Commission Cut Divi
dends of Smaller Ones.
Tasjfrojr, May 4. When Uie trial of
the Publlo Tftlltty Commission was re
sumed to-day before -Gov. Edwards;
George I Record, attorney for Jersey
City, stated that subsidiaries of the Pub
llo Service CorpoxaUon, such as the Pub
lie Service Railway Company, the Publlo
Service Electric Company and the Public
Service Gas Company, were permitted to
earn an S per cent, dividend while
smaller uUlltles were restricted to 6 per
cent He submitted a list of sixteen
smaller concerns, which he cited as ex
amples. Vigorous objection to entering this
statement upon the record was mads by
' L. Edward Herrmann, counsel for the
' ... n . M
ruollc Utility t-omnusion. uov. x.u
wards overruled Uie objection.
Untnoi Aire Grain- Starket
BUENOS Air.ES. ilay 4.-Closlng grata
unrnAT Tone wf ale. Clone. Cbce.
Juna. 22 "O up 10
July 270 3.10 dowa 33
July ....T. 1K.H -10.60 up
July UBS 10.00 until,
FliAXEEED Quiet, .
June "14 28.HJ down
July 3l4)i up
Jum , 00 Jv.lO
Hercules Powder Net Gains.
The report of the Hercules Powder
Company lor the first quarter ot 19JQ
shows net earning "after Federal taxes
and charges, ot $632,023, or $7.63
share earned on Its common stock after
deduction of preferred dividends, against
$1.92 a share earned in Uie first quarter
of 1919. Its gross receipts, uie report
shows, were $4,780,630. against $6,6 1 4,
7S5 and net earnings, $632,023, against
$202,881. Preferred dividends for tho
quarter amounted to $93,623, leaving a
balance available for improvements or
for dividends on Its common stock of
$53S,lf S, which contrasts witn szoy.rsc
In the Kims 1H? quarter.
Xarr Control! John H. ITall A Sobs
The Williams Tool Corporation has
acquired control of John H. Hall & Sons,
Ltd., of Brantford, Ont Uie only conj
nanv In Canada engaged exclusively In
the manufacture of. plpe-tbrcadlng ma
chines. The net assets or the Williams
Tool Corooratlon on March 31 stood at
$529,679, against $486,160 on October
31. 199. the date- control parses io me
OSer FaUoa County. Mont., Bonds.
The bond department ot the Bankers
Trust and Savings Bank, affiliated with
the Bankers NaUonal Bank of Minneapo
lis, is offering an $85,000,000 Issue of
Fallon county. Montana, 6 per cent
man bonds. They are due on January 1.
1940. but are optional on January 1. "f',..'- sts. Production has been
1S30. me 1BU0 ,s oawa janwry ... : - - .ft - , .d 0Tie fot
It Is Bfelng qtlerea to yleia6 ih- .-Wes on the com-
panya books are at a new high record!
and more man zoo per cent, oi wnai
they were on January 1, iszo.
per cent, and la free from all Federal
Income taxes, lnciaamg sonaxea.
J 1, 000 for short time, abundant collateral
security with large bonnj; or an associate,
until dock la underwritten er placed, wiien
loan will be repaid: company producing; po
eelnc true Jntrlnsio larg values, with
enormous poMlbllltles: blgbest referwoM
an! strtetest lnretlrtlo. I- W., HI Shla
U;rald. llyrald square.
PennaylranU Crnde Oil Slarket
Oil. Cnr, May 4.--Credlt balances.
$6.10. Rons.- May M and 2. 54,512
average. 27.20. Kilpraents, May 1, 2
and J, 132.301 average, 41,101.
DISCUSS INDUSTRIAL PLANKS.
Manufacturers' Committee Passes
Day tn Secret Session.
The platform committee of the Na
tional Aisoclatlon of Manufacturers
passed yesterday behind closed doors at
tho Waldorf-Astoria discussing the re
ports of tho sub-commlttecs named to
draw up tentative planks for a platform
to be submitted to the Republican and
Democratic national conventions aa giv
ing the views of American industry on
Several hours were spent In considering
the report of the committee on Industrial
rehuions before any conditions were
arrived at. The various planks will be
placed In the hands of a drafting com-
jnlttee of seven and the completed plat
form will be reported to Uie convention
of the association at the Waldorf-As
toria on tne evening of May is.
VETOES HUDSON TUNNEL BILL.
Gov. Edwards Objects to S28,000,-
OOO Dlreot Tax.
Tkeston, If. J..May 4. Gov, Edward's
to-night sent to the House his veto of Uie
Hudson River vehicular tunnel and the
Delaware River Camden-Phlladelphla
bridge bill, which provides for a refer
endum on a bond l&sue of $28,000,000 for
New Jersey's share ot these projects, the
bond Issue to bo voted upon by the State
The Governor said he could not ap
prove the bill because It is contrary to
Uie position taken, by .both parties tn Uie
recent Gubernatorial campaign against
a direct tax for these projects, and he
asserted that he was opposed In prin
ciple to Uie Imposition of a direct tax for
1'stltloos In Bankruptcy.
retillorj! in bankruptcy flitd Tuenlar In
tbe United Stain District Court wrre a'
Involuntary petition agalntt CclU Mah
ler and William Mahler, trading a the
Mahler Klectflo Company. tKli' I'roipict
avenue, Th Bronx, liabilities aro in
cxetss ot 1 1,000. Assets not stated,
Involuntary petition against Felix Schtlt
ttr, dealer In furs and nMnr. :i." Weit
Twenty-eif hth street. Liabilities exceed
tl.OOO: asuets not given. Filrcr & Moil;i.
wltx. HKt Broadway, attorneys for the re'l
Involuntary peiltkm against Jacob
Frachnia. 120 Pulllvan street, retail crorer
Liabilities, 13,000; assets, 31,000. Msrciis
llellaad, S20 Druadway, attorney for tli
Voluntary petition by diaries M. Mor
dand, papsr and cardboard, 200 Fifth ave
nue, liabilities. $41,tOO: assets. (10.103
Holm, TVhltlock & Bcurff. 35 Katsau street,
attorneys for the bankrupt.
SCirEDlXKS IX llANKHflTCV.
The following schedules In bankrupt, y
wero tiled Tuesday In the fnlied States
chedu!r of the United Pnifltlns and
nelnlng Works, Inc., 259 Front street
smelters of m-tals, clve liabilities as 4
SH... with assets approximating ;n,!72
Phalne k tVelnrib. 2U0 Broadway, st'or-
nera jor me uanKrupt.
The foliotvlne- Judcmcnls were fllid tt
terdas1. the nrst name beine that of thr
American Cotton ; Clraln Ex
change, Ir.c J. W. Coorrr. .
Abato, Charles, anl New Amster
dam Casualty Co. l'eopl. Ac
Biggs, Herman, and Frances I!.
Biggs S-.elnvay & Pons: e.wls
Barren, Edwin F. A. JI. l.iest
Sint et al '.
Dunham, O. K Vacuum Clesnfr
Specialty Co., Inc
Bore Incinerator Corp. NaT.
Fire Proofing Co..' Ine
BriCSS. Stephen Atlantic ('oprl
City of N. V. Balfour; WlllUm
son & Co..,
Commodore Lunch Co.. Ine. En
terprise Flower A Foatber Co
Cr'spln. Mary C. and John Essie
Sarlr.rs & Ivonn Co
Carroll. P. Brennan, Inc. and
London 6 Lancashire Inilnxnnlty
Co. of America Wm, L. Crjw
ConstnicUan Co'..., .. .......;.
Dowe Laboratories. Inc. C. Tano
Clkaorn Valley Coal Land Co,
Empire Coal & Coke Co."; -eit..
Fieser, Georse, and Gorgo Fin!
ling Maxoba Construction &..
Inc.... , -
Tradus. Jacob John C False A
Panis Fame ,
flame Sejne ,
Sra game -
Fame Same , ..
Graves. Qrorgstte Union & Xew
Haven Trust Co
Gulllermety, Luis Eno'cloprdia
ttrant, E. M Jr. A Abrash.,.,
Hooven service, inc. uuyacoga
Blrer Tower Co ,. 5.SS7M
Haberman M. B. Kncyciopeaia
Hayes, Thomas G. J. H. Fanraels..
Iiitematlonil Rcad7-lo-Vf ar Corp.
Gotham Waist Co ,
Jacobs, Jerorr A. J. Y. Gray
KaplJin, Samuel, and Alvln G. Davis
S. BpoUnslcy et al...:
ICornftld, Pamuel-I. A. Both i t al
Kauffmann. Frederick n. U. Bcfts
Kramererr.ard (X-Itay Pale t-o.1
Leerburgcr. Mallida, exrx., and
rnedlct H. S. Strasbourger
Levi. Charles P. W. Bjsftii (ocstsl.
Lanier. Solomon yi. HcLarncy
Lanjer. Josepli, by guar; M. Me
Uatlier, Walter 1!.. and Mary
Crown Market. Inc..
Michatl, Samuel, by guar.-J, Lax
N. Y. IMlso No. 1, IX. P. O. Blk -Assets
and LUUItltles Atso., Inr
N. London. Inc. Henry K. Fort
Qhrman. Lucella, C.-Musical Amer
ica Co ,.
I'rire, Wallace C. Jr. Bennett
Day t Co IS,:
Prlckltt, Howard P. James Ic
Creery & Co 2.M
Plosecka, Liny (iioiyi mu. io.'
Mason L Moore, Ine
Topo. Chas. M. Best I Co
Parks, WUUara-Meehanies Bank ..
Ilobsrtson. Walter I. Merritt-
naft. DeraostlieneaJ. Arlsno
Relslrr, Morris, and Halpli B.
niteireb Mfg. Co.. Inc. N. Snantr.
Bchwarz, Hanns N. 1". Btorh
Soloway. Abraham J. V. Jewell
Swan. II. Tlden W. Forman
Sobel, Joseph-A. Hellutto ifil.M
frame P. Clceone 1G1.6B
Bame-S. A. Maltllo 1C1 )
Thorouffhfars Garsga Co, Inc. A
Van Korwln, Ceclle Ht. ltesls
Hotel Co - 1.1 "
Vltler. Edw. A., and Louisa Iv.
Albany Hospital. ,. .
Washburn. Winslaw-H. Kennfll.
Walker. James-J, II. Gordon...
Wilkes, Michael, or Harnett, or
Meyer L. Hochmap
Walton. Mary II, 41. V. I'aelman. .
OIL SCAECE; MEN LAID OFF.
Standard's Bsyvray 8(111 Idle for
Icicle of Crnde Oil.
Owing to the shortage of crude oil
TOO of Uie 1,800 employees of the Bay
tray. N. J., plant of the Standard Oil
Company were laid oft yesterday. More
will be dropped to-day It Is expected.
It Is raid that the acjjte shortage o!
oil forced the company to shut down
Its stllls.lndeflnltely. The housing proj.
ect contemplated by te company for
the benefit of Its employees has been
abandoned It is said. This project would
have cost more than 31,000,000.
Declares 200 Vms Cent. Dividend.
Wixstox-Salem, N. C May 4. H. J
Iternolds Tobacco Company declared to
day a dividend of S00 per cent, and an
nounced that its charter would be
amended at once to provide for increas
ing its capital, but the proposed Increase
was not announced.
1 CT! II
1 so J"
Bag: Company Adds Capital.
Tsemto.v, May 4. The Union Bag and
Paper Corporation filed to-day a cer.
tlfloate In the office of thn Secretary of
State Increasing Its capital etrck from
310,000.000 to 330.000.000, The new
capitalization consl.-its of J00.090 shans
at J100 eaclu
The first name Is tba$. of the dhtor
Atks, Joasph-J. Bchwartx 3II0 4I
Hudson Autp Lamp Works, Inc.,
and Jacob Truchlnsky M. Adel-
Klelnert, Abraham-C. O. Wubben-
Morganella, Ollie taa guaroiani
Northern Onion Gas Co
Mahler. Max 11. Snskind
Noratt, rhlllp-H. SicV
relctni. Kalph J. Flnelli
Smith, CharleeL. It. Smith.......
WlnW, Charles, and Harry Ruben-steln-Clty
of New York . . . . . . . .
The first name U that ot the dtbtor lbs
second that of the creditor and date wh.n
Judgment as tiled:
Ulmsn. 31IU a. l-eaox. inc., uri.
La Spina. Peter Tenty-;hlrd
Ward BanV of City of .V Y .
Oct, SO. 1013 i
Same Same: Oct. SO. JU...
Voxel. Charles, and New Aoi
atsrdam Casualty Co. Psople,
4c; Oct. 2, 1M9 (vacated)... .
Anderson, John, and 2w Am
sterdam Casually Co. Same.
March 24. 3030 (vacated)....
DU. Anna ?. Mt"Cu"
lough: Juna SO. 1119.... .-
Sams A. JtcCullougb: June SO.
ii9 z' it
Fifth Avsaue Coach to. 11 T.
Stein: Jan. 9. 1920 ..
Llberman. Samuel M. Mraner e-.
al.: March 4. 1913
Ll.bermsn, Ss;n J. Slesb'rt.
June 34, 1913
N. V. Hf-raid Co V. Ulilberil.
April 19. 1920
JlsstUti, Mercy, and idelltj- A
CiraHy Co. IVople. li.i Oct.
llsrsba'!. Trank. sad Fidtl-y
Casualty Co. vt N. T Sm:
Seel. 9. 1919
Btelrback. Ojstsve B 11.
Mai-i i'-. Ov- .. isiy...
f.wlT", Nil nN J It Ite-lii
,-i.,t 14. 11'IK .am--ljn. .
Trn. rtf"ir J. 5ll FH'itr A
I'asus' r Co ot Y People.
Msr b 9, 192V oaeated) 2oiii(i
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