South Bend News-Times, Volume 38, Number 58, South Bend, St. Joseph County, 27 February 1921 — Page 13

THE SOUTH BEND NEWS-TIMES SUNDAY. IXJmrAIlY 2T. 1321 13

WATSOM BECOMES LOW TARIFF MAN IN 0. S. SENATE

High Protectionists Swing Over to Enable Europe to Pav Ikbt. HY LOUIS LUDLOW. "WASHINGTON. r h. 2 4. On" of the notlccaMc tendencies of the times is V.a advocacy of a. low t-iriff by conrcf Mrr..il lex'ler who In foriiicr days wrrn reardl aa "hlh tariff mi-n. Hp. Nicholas Iyinswurth. who i--a r.iemJT r.f tho nay ami means committee, the tiriJT framing committee. I.h Uttlr; It he known that lr. fr.'trr.inc the Prw tariff law he v.-ill tike his in the ranks of the low tariff men. "I voted for the hUh tariff in the emergency tariff liil with thj tlis-tln-'t rr.?rv.it!m that I fjj'J,rrte'l them only as urnry rates to brMe over until a eomplet- tariff hill can be frnmetl. when I will jjr-ort lower rat'-.," he saltl. fc n. Jame.s j;. Wat .-on, a member of ihr ?enate finance committee, whi'h hantlles the tariff after it comes ovrr frm the houco, was reKanle. in tlie -Mm lays us a very hlnii tariff man. He said to'lay that Ji" is ntrv dj)pfiH"l to a hky hih tariff hill and that, while h" is a rrotertionlt to the core, lie will lii?ht Mealfait!y In th'j next tHt-rin upairift proposals that may If niatlo to erect a tarl wall o hii;ti that foreign nations ';i!inot pay th ir deht to th I'nlie.l States ' The only way these nations can pay u," naitl the senator, "is In jroods, for the money 1 not available. If we erect a tariff wall fo Mfch that they cannot und their goet! to offer healthy competition with oTir pods, they cannot i;iy what they owe us. I .mj still strongly in favor of protection for American Industries and will continue to he until thu end of my day, hut I think thero Is always danger nf a tariff hein? too hlffh and we face that danger now." Watson If the artim,' chairman of the senate finance committee during the physical disability of Sen. Tenrose. BUSINESS INDEXES Business conditions are slowly Improving, most reliable evidence shows, and the mercantile agencies report trade consid raldy more- active than two or three months uko. The traditional stimulus of aprinj; will noon begin to manifest itself, although less emphatically than in normal times. The revival of huildlnK Jr usually an important factor In the general increase of activity coincident with spring. This year prices of material and labor trade depression will restrict volume of new building. Commentator incline to the and the view that business depression will be more prolonged than at first supposed. It could not be otherwise than prolonged with the whole world awry after the worst ory of killing and pending; in history. Just now It Is especially citficult to judge, the trend of events r.nd to forecast the conditions that will prevail 12 months hence. Transient Influences are apt to assume exaggerated importance. Observers! find it easy to confuse incidents which are the result of past condition nith incidents that sug gest th future trend. Tho change of administration is always u constructive influent. "vhen business conditions are especially bad. The nation's leaders arc held responsible In some measure for existing difficulties, even when these are world phenomena beyond any man's control, and a chance of leadership suggests improvement. Dullness has rrtially discounted the induction into office of Presidentelect I farcing and his cabinet and the immediate effect of the inauguration wll! be transient. In some reaped, the performance of the present congress has been disappo!nIi.g. The public is fcrpeful that during th( next session congress will fhow a larger measure of achievement. The ftel industry hs lrst something of its traditional pr-tige as l barometer of LuV.ness, inasmuch r.m Its prosperity dx month? aco a.:d row its depression belle the actual conditions in inJustry at large. AGRICULTURE After the war, when prices kept on rising a campaign began to organize farmers' cooperative felling associations for trade Aith consumers buying ar-s'-ciaiioi.s. The plan truck a popular chord. Inasmuch as it proposed to elimirjite all middlemen and increase the price to the producer, while at the same time it reduced the price to the consumer. Considerable oratory and reams of paper were expended on the project, yet to date little has been accomplished. The farmers have formed cooperative selling nsoriatlons. hut the co:-.s :n)f r lias neglected to do his part. The movement languishes und its future Is doubtful. If it did not thrive when times were more propitious for its succors', when prion Here unduly high and flagrant example of profiteering fresh ir; mind, assuredly it could not thrive when middlemen and speculators were driven to sacrifice their stocks In order to obtain ready rash. The farmers' cooperative movement, as distinguished from the ir. -ter-cooperative movement, his made steady progress. Now a sped il committee of the American Farm Bureau Federation comes forward Mth a project for the creation of a National Sales Agency to market the farmer's grain. Local elevators cr grain grower us ciatlcns would contract with thi.'a nrlcy to handle their gradn ithtr im a i-ales contract or pooüng contract basis. The agency Itsdf would own terminal facilities, wareh'-usr. and the machinery to iinar.ee exports. Th ? agency would furnish Information tv I rowers. The com mitte-'- plan Is ambitious. Its worst f.i'.lt is. pt rhaps. that It calls for the cr it i'n or purchase of distrihutlnsr faeiliti- national and International m .v c r.nd comp'etr in every detail, and their administration by a corps of expert whom only years of service can give the requisite

BUSINESS WAITS FOR HUMANITY

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Chester A. Stuart (aboVe) (Jxcr) Xu&ra? r. Colbath, 9 AN FRANCISCO. Feb. 2S.Therc are times when the great god Dullness has to stop for a few moments while Humanity goes by, and this is the tiory of one of those times: Two engineers t.et out from the United States on a race, half way round the world, for trade. From llrie, Pa., started Chester A. Stewart. From Detroit, Mich., started L'ugene F. Colbath. The aim of each was to reach Jukehi. India They represented rival firms. Two great 7S-C laUrnr.d type steam?hovels were to be instal'ed. Colbath, under contract bv an l!nglls!i cement firm, was flrst on the Job. But the fever was Just ahead of him, and he was stricken a few hours after hin a.rrival. There was no white man there to help him. He faced death, when in came Stewart, rival for tho engineering job. Did Stewart grab it? He did not. Instead he grabbed Colbath and started nursing him back to health as best he could. Also he started to hurry Colbath out of that section. He soon found they were In the revolution zone and would have to travel by night. For days they foraged food and slowly beat their wa back to the railroad Mation at Kyinore, where th y waited a train to Calctitta. "There I was liberally doped with quinin and made ready for a return hone," he relates. "There is no doubt tht Stewart saved my Ute." experience. Rarring the elevators and local grain associations, it Incorporates no established srystem. but seeks to create even tho foundations upon which it is to tand. For the Hxvssful operation of so gigantic a machine a high degree of unity of action Is required and a concentration of financial power of which even the great farm organizations acting in concert might not be capable. Whether the plan remains a plan merely and serves aa a basis for other plans, or whether It is put to the test depends in no small part upon the attitude of the individual member of the farm bureau. The March 1 settlements are at hand and will involve tho liquidation of debts and payment of loans running far Into tho millions. The banks uro pressing many borrowers for payment against the day when these, same borrowers will apply for further loans to finance spring planting. Liquidation in preparation for the March 1 settlements may be less than was anticipated. Many farmera have shipped grain or livestock and obtained the ready cash with which to meet their obligations. Farmers are cautioned against liquidating too rapidly and thereby demoralizing the market. The livestock market especially la sensitive and receipts govern the fluctuation of prices. Moderation is) good in marketing, as in all things. FOREIGN TRADE The shipping industry confronts grave problems as the result of con. ditions superinduced by the war. High executives admit that the immediate outlook, Is far from encouraging. The woild has an increased carrying capacity of 20,000,000, according to estimates, as compared with 1914- Another 7.000.00 tons is under construction i: slupyards throughout the world. Assuming that international trade has grown since 1914 which la questionable If measured by tons and not by dollars and assuming that tonnage Is less indent than before the war. It is evident that a great temporary oversupply exists. The estimate of tonnage that must lie idle for a time Is upwards of S, 000. 000. Hope for the fature lies In the belief held by many shipping men that present tonnage does not exceed normal re-J qulrements. A good many shipping companies are In sore financial straits, having purchased vessels from the shipping bboard upon which they cannot complete payment. The industry Is entering a period of reorganization and retrenchment. Some cent nanies will fall, others merge. The newer enterprises and those less conservatively managed and les. fortified ulth war profits will surfer most. On'.y a general revival of business the world over will put shipping on it feet. The enactment of a tariff law is a matter of uncertainty. The emergency tariff, which the senate passed recently, will find the president's veto its Waterloo, as Its sponsors probably cannot marsh.il votes ".oimh to give it a two-thirds ma'orlty In both houses. There 1 talk of another emergency tariff to safe-

Trend of the Markets Stocks Grain Livestock Cotton

STOCKS. Trader have been debating the probability of a pre-Inauffurutlon boomlet, largely of ik sentimental character. At tlmea In the part tock have rcfiected the hopeful expectation with which the advent of a new administration aa regarded. The attitude of Harding and his ca-htnet toward Luklneaa is well known and has tended to establish confidence. It has been at least par tially discounted. Current Industrie? deprewdon will probably suppress any exuberance that tnlfht otherwise manifest Itself. Conditions in the stock market have made slow improvement without attracting speculation. The lis, has not yet begun to discount a pronounced recovery in business, disap pointing tho who hoped for a return to normal business this ifpring. The monetary situation ha changed but little. The March I payments may bring some tightening. The new financial year will begin to take mor definite steps within another month. IIA IN. Clearances of wheat and wheat flour this season exceed 300x000,000 bushels, compared with lega than 200,000,000 last year. The visible supply 1 about 40 per cent normal, U-klng an average for the past several weeks. When Argentine dispose of her surplus, European buyers will re-enter the American market in force, it is believed, diminish ing the already meager aupplles. Other features tending to uphold pri-'es are tho likelihood of a "crop scare," tariff negotiations, possibility of reduced acreage this spring, and tho traditional movement of prices upward at this timo of year. Opposed to them aro slow mill and export demand and general conditions. Kxport demand has aided corn. Spring will noon make dirt country roada well night impassable and spring will further reduce offerings. LIVKSTOCK. Industrial depression la et ill restricting most consumption, especially beef and mutton. Iletall buyers are paying high prices, partly owing to the fact that meat pays a relatively higher percentage of total cost than In tho past now that hides and wool arc flat and other by-pro-ductH have declined greatly In prices. guard manufacturer. The framing of a permanent tariff law will require much time. Trade authorities in this country' and abroad point out that the imposition of a high tariff by the United States la at variance with its position a a creditor nation and will defeat the end sought in present efforts to arrange foreign credit on a large scale and maintain the export outlet for. American manufacturers and raw materials. Only such revision of the tariff is justified as will overcome the difference between American and foreign wage scales, which except in Germany ?s likely never to compare with that before the war. GRANGER Mra. John Seifert wa in South Bend Friday. ltoy " Freed was In LaFay, Ind., Wednesday. Miss Ida V. Shaffer returned home Friday after spending a few days with her relatives at New Cas-tle. Concrete Construction We specialize in the Van Guilder type of Double Walls for any kind of building. Staples-Nelson Double Wall Co. 218 S. Michigan St Lincoln 6440 "There Was Considerable Damage Done by Water" Sometimes when leading a newspaper account of a nre, you are told that "there was considerable damage done by water." Water like firt cm be a useful servant or a dangerous enemy. It is a good idea to have your pIumMnjr Inspected regularly to safeguard j'our home from damage by water. Avoid flooded floors, ruined celling'?. dUtfgure 1 walls by letting us make a regular Inspettion. A small leak may !r hundreds of dollars worth cf damige. JAY L. TAYLOR 1915 S. Miami St. Lincoln 005

The market Is very sensitive to volume of receipts. Diminution of receipts Invariable tends to stabilize prlcts and ücmctlmr forces them higher, but no radical cr lung sustained improvement is in prospect. A rise somewhat stimulates loading and sometimes, by refusing confidence, restricts It. Tho supply of cornfed cattle is adequate for Immediate needs and moderation Is de

sirable in marketing. Stock or trade ;a tax sale, was later sold for $2 00.probably has passed Its point of ex-U'00, and has already yielded several ffeme depression and interest should j million dollars w orth of ore. was

revive. Hog rjpply the market remains is ample, but ! comparatively ! strong. fcheo and latnba have touched the lowest points in five years with slight probability of relief. COITON. Depression still retains its grip upon the cotton market and the likelihood of a revival in the near future Is not great. Mixed reports come from the goods trade, but a considerable percentage of them are depressing. Sterling, tocks. grain, and other marketable goods upon which cotton depends for assurance betray hesitancy. The tren'd has been mainly downward, although subject to temporary reversal, and bottom may not yet have been reached. Traders recognise, however, that stocks of merchandize are diminishing and that public demand, long held In check, will one day reassert Itself. WOOL. Progress of emergency tariff legislation and tho practical certainty that wool will figure in the permanent revision upward expected during the next session have created a more favorable sentiment in the wool market than could otherwise have been in the face of stocks far beyond all immediate! demands and a new clip coming on. Many mills are running that wero closed a month ago and are buying steadily, although not in large volume. Americans have bought foreign wool heavily to bring it before the tariff nnikes importation unprofitable. MI7fAIiS. The iron and steel industry continues much depressed. Plast furnaces are not accumulating stocks against a rise. Huying id hand-to-mouth. How long the steel corporation can maintain present prices is a question. Delbert mlth of Niles was here Friday. Frank Hlnlnger was in Elkhart Wednesday. Miss Mildred Truitt of Mishawaka spent a few dayn with her ton, Perry Truitt, and family. Sixty neighbor and friends surprised Perry Truitt Friday evening, his birthday a nnl vernaryMrs. Knott of Mishawaka returned home Friday after spending a few days with her brother, Robert Stone. K1SM17T. See the picture, then get the record at tho C. W. Copp Music Shop. 977 2-Mar. 1. The 19 20 value of Canada's fur farm industry ia placed at ? 3,368, -S9I. ORDER THAT PORCH NOW Don't wait for the sun to beat down beat the sun to it. A little anticipation early in the spring may save delays and annoyance later. Whether it be remodeling or a complete building "PUT IT UP TO US TO PUT IT UP FOR YOU" M-f 'KtÄUl PHONL' r I CONSTRUCTION MAIN V COMPANY 3902 XI 23 UNCOLNWAY EAST

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The Financial Outlook for 1921 Not an Anmjal review, but a cemproli endive, conservative and TtluuM" book ou wb.it the master winds of America believe lf21 will unfold. An lndispeuribif iruble to the business m:in and nuancier alike. TsiilaJ Summary of Contents A Composite I'leture of Financial ami Itusir.es America as sen throuch the eve of -'" American Leader of Industry. Stock .Market Averizes fnr l'0. lo-year prle r;uice Imidin? stocks. Lbb flow pri' e w:ives VÖ rears. Mo k prices during, after tbv m a r. 33 Inr. and spec, opportunities. Cony free upeu reo,uet. McCall & Riley Co., Inc. 20 Broad Street New York .4 4 4 "Gcttiai Akti" is a rerkb! fwrt- U l44 Wk,fascUat!ikiIy Utrcstie(. sj Tat? P.f IrVfna itnaatilfil 110112 ia lea ytas ky aystema it . a a . a. a a a a . mm s 1 3 trat mit secariui. at joa i iaT.sl.ft rise pin. "Ctttiat i Aatai" taaws yat kaw la 4 the . Scad today foe fee copy A KRIEBEL 6 CO. 8 -ft iar Wm wm mm mT M J T mi La-

MINE CLAIM SOLD FOR FIFTY CENTS YIELDS MILLIONS

Property Disposed of For Unpaid Taxes, Proves Bonanza, Prospector Relate. IDAHO SPUINOS. Colo.. Feb. 2C. The story of how a nunlng claim, originally purchased for 50 cents at mia nerc l y Nathan S. Hurd, pioneer mining man. . Hurd, who is S5 years old, made and lost several fortunes in the Colorado mining industry.. He is now retired and lives in Denvor. The story Is of the "Old Whale" mine, located just outside of Idaho Springs, and the first chapter was written Lack in the early ISO's when adventurous young men. under the urge of prospective fortunes to be wrested from the veins of the Hoc-kit s, crossed the plains in ox teams, on horseback and even afoot. "In IS 00 I left Denver in the rush of the newly discovert d gold fields at Spanish Uar about two miles from where Idaho Springs id now situated, " Hurd -aid. "There I met Col. John If. Dumont, later a prominent mining man of this suite. "It was, customary in those days, when we made our own laws, to form mining districts whenever a rush occurred. The tirj-t persons reaching the camp after the critical -discovery could stake off 200-foot claims adJoining the original claim. The next coul. 1 procure adjacent claims, and so on. "Then, as tho camp grew, and it w.as necessary to support some sort of government these claims wero ti.td. Of course, many of them would prove to b valueless and their origial claimants would abandon them to be sold for ttixetf. Sold For Taxes. ' It was at such a sale ht Id in the rear of an old shack that I bought the claim that later became a part of tho 'Old Whale' mine Th owuer had abandoned it, believing it was too far from tho original strike to contain nav ore. Xohndv would bid on it, so I finally offered a half dollar. The bid wasn't raised. so the claim was knocked down to me for .10 cents. "A few months later I did some work on tho claim during my spare lime and uncovered what seemed to be paying traces of ore. Col. T)umont looked the claim over and offered me $1,200 for it, which I was glad to accept. "Col. Dumont developed the claim. found rich ore, bought some adjoining ground and a feu years later sold tho whole business for S200.0 00." "Think of it!" Hurd exclaimed, 'two hundred thousand dollars for x claim that I paid .V cents for." "Dut that's not all." ho concluded. "Since that time $2,000,000 worth of For best grade prices, call Main

F. E. WARNE

CAMPAU Elaborated U Roofing lid

Anywhere, that roofing is needed we will roof, over tin and galvanized iron, with board foundation; over matched boards; on any kind of a flat roof and over SHINGLES. Shingles give a solid foundation and srip the roofing. Leaving shingles on the house adds greatly to the warmth of the building. Shingles never chahge, once covered, as the air circulates freely upon them. Dry rot under an ELABORATED ROOF is imposs:ble. We have been laying ELABORATED ROOFING over shingles for the past eight years in South Bend and there is certain to be an ELABORATED ROOF near your home. Inquire and let the man that owns an ELABORATED ROOF tell you what he thinks of it. Elaborated Roofing Co. A. W. LODGSON, Mgr. Main 2403 218 N. Michigan St. For Quality Roofing and Expert Roof Service

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REMOVAL SALE We will soon be required to move to our new location at 120 N. Michigan St., and in order to move we must slash our immense stock of Wall Papers. FOR A STARTER Kitchen Papers from 6c a single roll up Bed Rooms from 8c a single roll up Living Rooms from . . . 12c a single roll up Borders from 5c a yard up

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ore has been taken from the Oil Whnle mine, and offers of several million dollars, for It hae let n refused." Hurd declared that similar salts and discoveries were- n t uncommon

in the state. ear; days of mining In th EXPORT OUTLOOK The export outlook is much clouded just at a time when, as the manufacturers and the public at lire both rrco?nire, the count need? an export oul'et for its s-irrlws product.. Tile declines of exports is regarded as inevitable unless means are found to f.mncs tho purchiscs of foreign buyers on a credit 1 ais. The extent of credit? available for trade is still an unknown quantity. Talk of cmcelling England's debt to the United States, and tho certainty! of delay in the payment of b"th prin- ! cipal and interest by other foreign ! borrower are facts prejudicial t new loans and make bankers he.itäte to extend further accommoda- j tion. The banks have compelled the j liquidaticn of laree stocks bought for j export which could not find a mar-j ket ami e.t.rt restraining pressure ! upon exporters whose guods the buy- j ers have refused or for which pay- i inent- is delinquent. The situation; requires laying certain strictures upon credit. Tho success of the new foreign finance is still in doubt. It may enlist hosts of go'd intentions, but little capital. It has encountered some opposition and a state of apathy that does not promise well. H.xchange maintains considerable firmness, hut admittedly the outlook affecting credits is obscure. PLYMOUTH The h.gh school is perfecting plans for a carnival to be held at the armory Saturday e.mn:r. There will be a para le in the j.ftt rnoon. A number of the grades, also eat h of the high school classes, an- preparing floats. The funds v.iil b used to help in financing th- l'ih school annual, "The Mayfiower." Mrs. Ilattio Klingerm in and Miss Ruth Linkenhelt spent Thursday in South Fend. Miss Opal Zeters entertained 10 of the teachers ef the city schools at her homo Tuesday evening. Tho Plymouth Progressire club lias offered an award of IÖ5 for the best kept lawns this summer. A committee of 15 has been appointed to assume charge ef the contest. The association will furnish free of cest any flower seeds ilut lot owners may desire to use tin: "homo beautiful" campuign. Chief I,. D. Fspich has taken a two-ye?-r lease of the Charles Kellison house. Sheriff Franklin took the two bootleggors captured here Saturday evening to the penal farm Thursday. They will serve a sentence of SO days and pa.y a line of $100 each. Messrs. John Hitch, I. L,. McKAss'on, D: Eidson, Ito'.and Metskev.and I.ett Losey drove to South Bend of COAL at lowest 414; STREET TVT TT 5 i'lcllty USCS

I. W. LOWER BECORATIH 120 S. Michigan St.

Thursday evening to attend an initiation of the degree of Malta. Mis Fdith Bel', a in!sir.nnry from Afri- a. addressed the Woman's Foreicn Mi.-sionary society of the fouth llend district at the M. K. church of thl city Friday afternoon. On Friday evening. Mr. nnd Mrs. I. wis. Hp?, hpl l a reception at their home for the Presbyterian I-adleV Aid society. A sacred concert will b rendered Fun. '.ay evening at the M. F. church y the choir. Mr. J. V.. Cook's pUr.o pupils cave a recital at the Presbyterian church Thursday eveninsr. I: L rtr.c, who suffered, a strike of apoplexy a few days ago. Is showing improvement.

Ir.stst on dp xed. having your want ad in-

Whitcomb 8c Kell

NEWS

Published in the Interest of Home Seekers

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I his Losy Home

FOR

No, the picture doesn't do it justice. You really must see this attractive, part stucco house in order to appreciate its true charm. You must stand on its porch and observe the wonderful view it affords of the St. Joseph River. You must enter inside and study the convenient arrangement of its six light airy rooms. You must see its combination bed room and sleeping porch. You must sit in front of its cheerful fireplace. You must notice its hard wood floors, its oak and white enamel wood work. You must see its big full basement, its spacious attic. It is then that you will decide it must be yours. A deposit down and the balance like rent will take it. Call Main 4400 or visit our oflice in the Farmer's Trust

Our ClienU Bring Their Friends to Us Why?

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Dollars and Paint Go Hand and Hand and a big saving on your property can be made by preserving it with a coat of good paint. We are now making estimates for spring and receiving orders daily. As a matter of saving time it will pay you to place our order now so that the work may be done at an early date and avoid the usual congestion of spring work. And if you are intending to have the interior of your home decorated our representative will gladly call and submit bids. We carry a complete line of paints, oils, varnishes and wall paper. C. E. FRANK DECORATING COMPANY 104 W. Division St. " Lincoln 3833

T. T. Pnbrt h!rrrn; r,

123 W. Colfax, second tnr, ; -eTi VOf WIM, WANT T) HF.AH THIS You v.i:i thoroughly er.J-y th snnnr-n at th l"irt: church thii tr.rz 1 -y Monger. The t.-. ) The Pe'.if w in t!. Mar.." or '-Tr,. C'..ri. M ?'' TI:r.' 7:?. ". Mb.c''..t KeV. AHrt i. "C:.ri' i r. C 4-2 c:.a.-!f: a 1 vt always print t J . f - ; ' r w ; r c t : r,',;:' 1 a : .- rv-. r. r i: 1 W -4 t r : 1 ! rf r.t t "1 vcur ad there, ask ü.--.j. ra tey. Todav clarified ad' are ft newsy fie f r r-,rP' who w buy or want : sTry XEU S-T1MES li mit Ad SALE

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