Evening Star Newspaper, January 4, 1923, Page 27

_THE EVENING STAR, WASHINGTON, D. ©, THURSDAY,' JANUARY 'Coal Fact Finders in Hunt For Men Guilty of Gouging ST W LT Here’s a Couple Almco Lamps Well Worth Seeing If you would really like to see a couple of good- looking Almeo Lamps that are very attract- " ively priced, you have but to come to the Lifetime - Furniture On the left is fllustrated a genuine Almeo Walnut Bridge Lamp that can be had complete with beauti- ful silk shade for $19.75 On the right is a good- looking - Almco - Floor Lamp to match for only $29.75 Come in today and see these lamps. - We'll be de- lighted to show them to you. There are many others you may like to see. i tion. LiFE TIME FURNITURE 1S MORE THAN A NAME MAYER & CO. - Seventh Street Between D & E e 11T ruRNITUDE SRR . | 3\ FINANCIAL. ‘|of coal mining | Report January 15 Will Throw Light on Causes for Present Prices of Fuel. Probe Is Thorough. BY FREDERIC WILLIAM WILE. Exactly who it is that gouges the American coal-buying public will be fully . disclosed by the time the United States Coal Commission, now winding up deljberations in ‘Washington, has finished its in- quiry. The so-called “fact-finding” body created by special act of Con- .| gress will submit its preliminary re- port to President Harding on Janu- ary 16, It will produce a supple- mentary report sbout March 15,and Iuter in the year, probably in the au- tumn, the commission will issue a final report. The lattér will put for- ward definite proposals of & con- structive character. It can be foreshadowed with some certainty that {f the United States in the interval has been subjected to another nation-wide coal sirike’ the commission will re measures for avoldin Nothing in the form of nation- tion of the coal industry is like- ly to be urged. Recommendations rather will call for the establishment ties like the railroads and advise Con- ress to place it under a correspond- ngly strict regulatory system. Secret Hearings Held. Much depends on the outcome of this week's soft coal peace confer- ence between operators and minersat Chicago.. The coal commiseion’s ad- monitory message to the conference was a gesture. the conferees are not likely to misunderstand. It is possible for the present writer authoritatively to 1ift the curtain on the ways and means the coal commis. slon has. pursued for getting to the|f, bottom of the black diamond situa- In many respects their pro- cedure has been unique in the annals of federal inquiries. .Hearings have taken place behind closed doo: on that account, the comml believe, have been- productive of far more real Information than would have been possible at open sessions. ‘Witnesses have opened their hearts and their books with uncommon candor. They have been cross-ex- amined thoroughly, if not ruthlessly. The atmosphere of a directors’ meet- ing has prevailed rather than that of a court of inquisition. No shorthand reports of testimony were taken. Men were Invited to sit down, smoke and talk. While the commission is em- powered to put its witnesses under oath, they have, without exception, testified in the gulse of authorities anxious to contribute every whit of evidence in their possession toward the solution of a common cause. Ceal Industry Explained. This has applied to operator and miner allke, to rallroad-carrier, wholesale-dealer and ceal-retaller. In addition to verbal testimony, the commission has had answers to 5,000 questionairres, ‘With only one or two exceptions the members of the coal commission ap- proached their responsible task as confessed amateurs on intricacies of the coal question. More than one of them admitted smilingly thag they were not absolutely positive they knew the difference between, anthra- cite and bituminous. The commission consists of John Hays Hammond. chairman, former Vice President Thomas R. Marshall, Federal Judge Samuel Alschuler of lllinois, Otis R. Smith of the United States Geologi- cal survey, Charles P. Nelll, former commissioner of labor; Clark Howell, editor of the Atlanta Conmstitution, and Edward T. Devine. soclologist. In order that the entire commission brush up on coal matters, Hammond preliminary step ordained an elementary course in FINANCIAL. $75,000,000 Ten-Twenty Year Dated January 1, 1923 Not redeemable before January}l, 1933 $5,000, $1,000, $500, $100 and’ $40. years ‘(mm date of issue. The Supreme Court of the United States has held; (a) that these Banks as part of the banking system of the United+States, and (b) that the bonds issued and local taxation. dend paying basis and every bank shows a surplus earned from its operations. for Government deposits including, Postal Savings Funds. in 35 States. mlz:l!ymmd by the Banks are instrumentalities of the®United States Government and are exempt from Federal, State, municipal Exemat from Federal, State, Municipal and Local Taxation ' Federal Land Bank 4:% Bonds. Due Januery 1, 1943 Interest payable January 1 and July 1 at any Federal Land Bank or Federal Reserve Bank. Principal payable at the Bank of Issue. Coupon and registered bonds (interchangeable) in denominations of 3!8.-00). . Redeemable at par and interest at any time aften ten Operation: In five years of active operation the 12 Federal Land Banks have been built up until on November 30, 1922, their Capital was $36,104,717; Reserve, $2,532,500; Surplus and Un- divided Profits, $5,155,630; and Total Assets $694,357,096. All twelve Banks are on a divi- Acceptable by Treasury; These bonds’are acceptable by the United States Treasury as security : Legal for Trust Funds: _The Federal Farm Loan Act provides that the Bonds shall be lawful investments for all fiduciary andgtrust funds under ‘the jurisdiction of the United States Government. They are eligible under the laws of many of the States for investment of all public and private funds and have been officially held eligible for investment by savings banks The United States Government, as,of January 1, 1923, owned approximately $3,000,000 of the a public utility}; the basid facts of coal mining. 1t was given by a group of practical men in various branches, running the entire gauntlet from mine to consumer. The result was that blg operators and mine unlon leaders were surprised to find themeelves being asked astute fons of all kinds by commission- € hy owed themselves thorough- 1y acquainted with every angle of the coal game. Not one of -them has emulated the historic “bull” of former Senator Willlam . Alden Smith of Michigan, who at the Titanic sena- torial inquiry was anxious to know if transatlantlo passengers traveled in_water-tight com| The commission feels it has gone to| the deepest roots of the coal propo- sitio Their probe has had as its and all dominating objective the ascertaining of the why and wherefore for extortionate coal prices. Commissioners had not been. long at work before they discovered that no eat industry In existence appears to £ 'ss uneconomically and unscien- tiffically conducted as coal mining In the United States. Jt has been found utterly systemless = at - numerous points. The irregularity of employment, the paramount woe of the miner, is one of the evils which the commission clined to attribute to sheer mis- ement, although the consumin public's it of “seasonal buyin resulting in purchase rushes within a narrow period and consequent wide ranges of slackness at other times, is a contributory factor. v Operators Not United. The unwillingness or inability "of operators to pool interests for com- mon benefit is another revealed evil. Compared to_the solidarity of the United Mine Workers of America, &n army of 500,000 obeying unquestion- 1y the will of one man, the coal tors are disjointed and leader- | To their lack of unity, the com- mission thinks, is due In no small degres the chaos chronic in the coal industry. 1t has been easy, because of it, for certain unscrupulous union leaders to play group against group of operators, with the consuming public as the chief victim. ‘When the commission’s findings are complete, it is bent upon one primary result—that no doubt shall any longer Iinger in the public mind as to where the blame for high coal prices be- longs.. Every phase is being minutely scrutinized, from the moment coal {8 cut to the moment it reaches the cellar of the householder or the yards of the largest industrial consumer, Labor costs, raflroad charges, whole: salers’ prices and retallers’ schedule: have been studied in scrupulous de tail. The coal gouger in consequence will stand forth stripped for public obloquy. Although it has not been the function of the commission to control prices, its activities on one reivi FINANCIAL. or two occasions have had that benel cent result. Having heard th, ers in certain regions were ‘“sky- rocketing” prices, the commission quietly dispatched investigators to the scene of robbery. Would-be profiteers were automatically and promptly brought to their senses. Employment Problem. Two of the most important witnesses examined . by the commission were John M. Lewls, president of the United Mine Workers of Amerlca, and William K. Field, president of the Pittsburgh Coal Company, in which Mellon capftal is interested, and which, with an out- put of 25,000,000 tons of bituminous a year, is one of the chief operators in the country. Both Messrs. Lewis and Field were on the stand for many hours and submitted ‘to searching question-| ing. The commission has been much | constrained to arriye at a solution of | the elementary problem of irregular employment for miners, with the co- related question of wages and gross earnings. There i3 a fair consensus of | opinion that some method will have to be found of abolishing the present de- moralizing system of employing- min- ers only 160 or 180 days a year at the | basic wage of $7.50 a day, leaving them | out of work the Test of the 130-odd{ warking days of the year.- Reduction of i the high basic-wage with simultane-| ously more steady employment is seen as one feasible solution of the irregu- larity problem. Of no less importance | is the curtailment of output—there are admittedly too many mines and too many miners. The commission may feel calied upon to recommend . the outright transfer of 200,000 profession- | al miners to other- less overcrowded . industries. Senator Borah-and Repre- sentative Winslow; joint authors of the act of Congress under which the coal commigsion was established, both have assured the commissioners of tie i essary sentiment in tend or strengthen the authority of the gommisgion ‘on the basis of elicited acts. (Copyright, 1923.) SLAIN MAN'S FAMILY TO SUE WALTER WARD | Attorneys Announce $200,000 Will | Be Asked for Death of Clar- ence Peters. HAVERHILL, Mase., January 4—A suit seeking $200,000 as dam- ages for the death of Clarence Pe- ters of Haverhill, alleged to have been shot by Walter S. Ward, wealthy baker's son of New Rochelle, Y, last spring, will be filed immedlate! against Ward in behalf of the pa ents of Peters, nouncement made Magison, counsel family. A charge of ‘murder, upon which | Ward was being held in connection | with the shooting of Peters, was di. missed this week owing to failure of | the prosecution to bring the case to | trial. according to an an- by Frederick H. for the Peters G. A. R. CONVENTION DATE.F MILWAUKEE, Wis., January’ 4—| The fifty-seventh national convention | of the Grand Army of the Republic | will be held here next September 2, it was decided by the national execu- tive committee, meeting here. { FINANCIAL. -275,000 100 FLEE TENEMENT FIRE IN SNOWSTORM of Six Rescued From Family Fourth-Floor Trap by Firemen in Greenwich Street Flames. By the Assoclated Press. NEW YORK, January 4.—Six per- sons had narrow escapes from death than & hundred others, scantily clad, were driven into the snow-coveréd streets early today dur- ing a fire which damaged several Greenwich to and more tenement buildings on street and- threatened for a-time spread over an entire block. Starting in ‘the two-story double building at 543-545 Greenwich street, | Carney, who ran through the halls with shouts of warning. % Carl Kuhn, his wife and four chir- dren were trapped by smoke and fire in their fourth-floor apartment. Fire- men reached them after a perilous climb over the roof of the adjoining building and carried them down the fire escape to safety. Kuhn said he from jumping out of & winduw. One hundred horses &nd muies‘in two stables which caught fire were driven intc the street. The fire oc- curred during the heavy snow storm which’ continued through most of the night, making difficult the work of ,the firgmen. : g RPN Bone Ammunition, Miss Hunter—A “peace” advocate occupied by & paper box factory,.the declares that games which involve flames spread quickly to tenements on | shooting will soon be abolisired. both sides. story structure 566 FINANCIAL. All of the tenants, except | one family on the top floor of ‘& four- stufr Greenwich Mr. Chase—Where does he get that Thera'1l be crap-shooting for- GILTEDGE SECURITIES First Mortgage Notes Secured on Improved D. C. Real Estate Appraised by Experts of 35 Years’ Experience Without a Loss Offered in Denominations of $250 and Up A Good Investment. WILL PURCHASE First and Second Trust Notes Warehouse Receipts, and Make Construction Loans ational Mortgage & Investment Corporatic 811 Vermont Avenue N.W. MONEY ON FIRST TO LOAN MORTGAGES «%aru/af % %fl@t & C«:. 7205 Comivoliout Chisnusi: Shares No Par Value Common Stock THE FLEISCHMANN COMPANY An Ohio Corporation Transfer Agent: GUARANTY TRUST COMPANY of NEW YORK No Par Value Common Stock. . 6% Cumulative Preferred Stock The Company Has No Funded Debt CAPITALIZATION Registrar: NATIONAL PARK BANK, NEW YORK Stock exempt from the General Property Tax under the existing laws of the State of Ohio Dividends exempt from the Present Normal Federal Income Tax ome . Authorized and Outstanding 1,500,000 shares .. $3,000,000 A letter from Mr. Julius Fleischmann, President of the Company, copies of which will be furnished upon request, is summarized as follows: The Company—by which is HISTORY AND BUSINESS meant The Fleischmann Company and its subsidiaries—and its predecessors have been in successful operation for more than 50 years, the business having been founded as a copartnership in 1860. The Company's principal product has always been and is today yeast, of which it is the larg- est manufacturer in the world. Tt is also by far the largest manufacturer and distributor in the United States of distilled vinegar. The Company also produces malt, of which a large part is used in its own manufacture of yeast, vinegar and alcohol, and the balance sold to the domestic and foreign trade. A large and profitable export business in malt is carried on. The distribution of yeast is effected through 850 direct selling agencies throughout the United States, Canada, Mexico, Cuba and Porto Rico, which deliver yeast daily to upwards of 85,000 commercial bakeries, hotels and -public institutions and to upwards of 250,000 grocers and other retail merchants through whom it is resold for domestic -use. the Company are sold either direct to consumers or to jobbers. _ EARNINGS During the last few years the Company has turned fts attention to the development of mew uses for yeast, and has spent large sums of money for research work and advertising, the effect of which has been felt. camulatively from year to year with the result that it is now doing a larger and more profitable business than ever before in its history. After deducting all charges and making allowance for Federal and Canadian taxes the profits for 1922 are estimated at over 85 per share of Common §tock. Sales And earnings in recent years, as reported by Messrs. Haskins & Sells, Certified Public Accountants, have been as follows: Year Ended December 81 1917.... 1918. 1919.. 1920. . 1921.... 1922 (10 Neot Income Dut ‘od Canadian Taxes The other products of Net Incoms befers Net Income Dedu after dod: o lfan Taxes after befors " Tazes at Foderal and ‘azes Paid, but offect to Rates $27,520,606 32,191,378 31,951,786 34,275,831 vee.. 37,194,496 months) 32,249,985 $2,765,989 3,393,331 2,421,356 3,400,377 6,101,353 7,362,563 DIVIDENDS $2,265,418 2,053,631 1,825,309 2,889,952 ' 4,608,456 6,508,996 $2,420,240 2,969,165 2,118,687 2,975,330 5,338,684 6,508,996 The Company has declared a dividend of $2 per share payable in 1928 in four quarterly in- stallments of 50 cents each on January 1, April 1, July 1, and October 1. Current earnings and prospects not only fully justify a rate of $2 per share per annum but warrant the belief that it will be possible gradually to increase the dividend disbursements. i S ‘We are offering this Stock, as agents, for snbscripilun subjeet to allotment. Price, $30 Per Share It is expected that temporary. stock certificates will be ready for delivery on or about January 15. street, were aroused by Miss Agnes - had difficulty in preventing Mes Kuhn - capital stock of the Federal Land Banks, The Farm Loan Associations, during the year 1922, ac- quired approximately $8,500,000 of Federal Land Bank stock, 25% of the of which was used to retire stock ownetl by the Government, as required by the Farm Loan Act. The United States Treasury has purchased and niow holds over $112,000,000 Federal Land Bank Bonds. The Banks-themselves are under the direction and control of the Federal Farm Loan Board, a bureau of the Treasury Department of the United States Government. * 1928, exchangeable for definitive eertificates as soon as such certificates can be made ready. All legal details will be passed upon by Messrs. Stetson, Jennings & Russell of New York, for the Bankers, and by_ Robert R. Kane, Esq., of New York, for the Company. t The Stock is listed on the Cincinnati Stock Exchange and application will be made to list it on the New York Stock Exchange. . 3 This stock is being offered by us solely for the account of certain members of the Fleischmann fam- ily, which is retaining 11-15ths of the outstanding Common Stock. The Fleischmann Company is not in need of any financing, and will derive no funds from this transaction. To encourage loy- alty, efficiency and thrift, the. members of the Fleischmann family have also sold a block of the No Par Value Common Stock to the employes of The Fleischmann Company and its subsidiaries for subscription at $25 per share, mostly on an installment payment plan. Arrangements have been made so that emgloyes purchaging stock may -borrow the unpaid portion of the purchase price, the repayment of their loans to be guaranteed by ‘members of the-Fleischmann family and by" The “Fleischmann Company. Employes who have purchased stock have entered into an agreement not to dispose of their stock in less than a year from the date of purchase except to the original holders. 'W. E. HUTTON & CO. W. A. HARRIMAN & CO. NEW YORK CINCINNATI ~ g .. Incorporated P o 3 NEW YORK PHILADELPHIA CHICAGO E. F. HUTTON & CO. : NEW YORK SAN FRA_NCISCO LOS ANGELES # This Information is obtained from sources we regard as reliable. and while not guaranteed, is beliaved by us o ba sorract; At the nquu!v of the Federal Farm Loan in ce-operation with and en behall of the Federal Land Banks, these bonds ey 'Price 101% and Interest, to yield 4%% to the redeemable date aossz'-na 4%% thereafter to ption. or" maturity. Alex. Brown & Sons _ Harrls, Forbes & Co. Brown Brothers & Co. __'Lee, Higginson & Co. The Natlonal City Company , - Guaranty Companyof New York (’ The statements coutsined herein, while not guarantesd, are based upon information and sdvice which we believe to be accwrate and refiable