THE DALLAS MORNING NEWS. THURSDAY, MAY 29. 1919 TOI EXPORT PU EXPLAINED TOTEM CONTINUED FROM FIRST PAGE, war's effects began to bo felt, the value of our exports exceeded the value of our imports by fx-veral hundred million dot- las. In 1913 there was an excess $69tI 000,000 in our favor. In 1911, like a or lightning, our transportation tacih- ties were cut off.
We wen left with iitj goods on our hands and a season of hard- terest than you have in the cranberry i crop or the production and sale of maple i sugar. Other people are doing these things and investment companies are already, entering the field. There going to be a tremendous demand I capital during the next few years, and noDodv need be concerned about harhor- ing idle money. "In furthering this proposed plan we I are looking ahead and making provision to forestall the crisis that is clearly I ahead of us. The export value or cot- 1 ton is about $1 a year.
a propose also to assist in the iinanmug I of cot ten goods, cotton seed products. cotton seed oil and peanut oil for tor- eign export. To Hi privations and business depi sion resulted. Then in 191 there came a great demand for the munitions of war trom this country and our foreign trade by leaps and hounds. In 1915.
we had a balance in our favor of $1,800,000.000. And in 191G it grew to a total of 53,000.000,000 and has maintained that ratio. America Decided Issue. "Thanks to America's intervention in Europe's war, that struggle was decided on the side of humanity much earliei than had been anticipated. hen the armistice was signed on the 11th day ot last November everything was changed In the twinkling of an eye.
Instantly the process of demobilization began, a no I have been informed that by next September all of our brave soldiers will have returned home except those who are members of the regular army. return of our soldiers furnishes a domestic problem that surely every red- blooded American will help to solve. Evary man in America ought to a peraonal Interest in helping the returned soldiers back into gainful civil pursuits. By bending our energies to increase the output of our domestic supplies to provide a surplus for Europe and other countries we can give employment to thousands upon thousands of soldiers American cyuntri country in Europe need oi need does not of Itself create demand. To purchase our commodities these countries must havt eithei cash oi redit.
have no cash and the atUm becomes one of credit solely. How is that credit to be furnished? It was right and proper for the United States to loosen Its purse strings during the war to aid our ailles, but that practice would he indefensible in peace time We were at war less than twenty months and did not really make our weight felt until last May and yet our country issued over twenty-three billion dollars worth of bonds and more than twenty billion dollars Worth of treasury notes. Purchasing Powers Diminished. "Picture to yourselves the conditions that would have existed if this country had been in the warVor four and one- half years, as did aie now cashless countries of Europe. I Italy.
Belgium, France and Russia abandoned all ordinary pursuits in tipi conduct oi the war. Now the power of those nations has been reduced almost to nothing. the pre-war days your problem was simple. All you had to do was to carry along your cotton supply and avoid glutting the market. That problem must still exist, but the financial system must be completely revolutionized.
You cotton farmers of Texas and you bankers and business men of Texas are very vitally concerned in the and n- tinued growth of the cotton export trade. That fact is not so true of the cotton- producing States farther East, The cotton mills of those States consume more cotton than all ofuhe mills north of the Potomac Itiver and the mills of Canada combined. The railroad rates work against you and make it impossible for you to enter competition for sales to do: inestic mills. More than 8n cotton crop of Texas is due foreign shores. The snine is true of Oklahoma and Arkansas In a slightly less degree.
Texas produces 45 or 46 per cent of the world's cotton crop, and if 80 per cent of the Texas crop goes for the export Lade, it follows that more than half Of the export crop of America is grown on the wide and fertile expanse of Texas' fields. Cotton Is Crop, this disruption of foreign credits a vital effect on Texas is plainly Cotton always has been and must continue to be a rash crop. The farmer, his hanker and the merchant all must look forward to an early liquidation and in the absence of a liquidation a crashing calamity is the natural consequence, Texas knows prosperity and it knows adversity. You know what it 1 to gather bumper crops and ship to market droves of fat cattle, and vuu know also what it is to suffer the hardships of lean seasons. The bravery and age of Texas banks in facing these crlaes and standing by their patrons is proverbial.
Your bankers carry over paper until better arrive it may be one season and it may he two, but it always results in a final liquidation that brings all concerned out of the hole they have been in. I don't believe I have 1 teard of honest man in Texas failing i to come back on a wave of prosperity and repay the banker for his kindness E' Europe as a whole is in the same eondi- I b.r tion that sections of vour State occasionally face. You could hardly ex- ected to make a direct loan to Italy or ranee, but through tin co-operative rethpd proposed you can form an Mation and extend the ii.dit that is needed. is the situation as it exists in egard to the exportation of cotton Tin otton is shipped abroad uni a draft is rgwn in marks, liras or pounds. These efts are three months oi four tht drafts.
They arc sent to ihe exehange broker and by him sent road for exchange In three or four onths the transaction is washed out nd the money is bank on -id. Eut heae countries now are financially x- austed in so far as banking ash is concerned They have sour, es, but th. it eeources are in tin rm of eneigv, hrlft and latent possibilities of theii oil, all qualities that an not be inline- iately capitalized Time at Hand lo Book Ahead, time is at hand fni us to tak. and look ahead hav- got to the issues and do what in banking is called discount tin future Ye don't want paternalism in this coun- ry and the more than nine billion dol- ra appropriated toy Cong to aid tgn buyers is nearing exhaustion. ew crop will he in hand b.
f.u. many onths have passed and. sin. we can ot expect the Government to finance proposition, we must doing ing ourselves. "Tha exchange system that I rlbed briefly was simple enough in the daya, but conditions completely ge.d now.
Nobody foreign enge and there is a scarcity of cash hi countrieg that need our cotton elr gold stores are reduced until the vern prohibit tin further x- rtatiou of gold. Now all ot the x- anges are discounted in tin foreign Stagetlina. The pound sterling is unted auout 10 per cent, the franc of 30 per cent and lie liia of Italy ut 60 pi rent When En Ind toale of cotton in unt. costs an additional $7.5" tin huyei Liverpool It costs the Frenchman Ut $35 additional at Havre and the Han about $100 additional in Geneva turally they ere not keen to buy and have not tie power to buy. hut if will rally t.
the support of your de through support ot th in banker supports his putt tough of it you will to wipe out loss to the foi "era, these ntav be great in this proposition at on. and your i an her by youraeives nn v. ar old and hut they hnv. encourage and if your pangs of him Supply and lleni know that the I jnd os it has Lee th i lid and w. Hankins; Unrpnrnllon.
"It is intended that this corporation he banking institution, hut it shall receive no deposits and issue no currency it will borrow money do everything necessary in foreign hanu- pec i a 1 i zed field limited to otton far bette i agency of and the plat tion is here. "Thr i a pi ta I impress eign trad It allied products. It is do this work through tin- big financial corporation. to organize that corpora- whcre the cotton is grown, corporation must have ample and competent management to and fined to capitalize for $100.000,000 and take in exchange for I stock Government bonds that will I ns a working total of about $9,. 000,001) i that wilt surely increase, for it is g.
n- i oraIIv agreed that these Government I bond's will reach par at an early date i The Secretary of the Treasury, who has warned the utilization of i ment bonds in stock selling scheme, acquiesced in our pians, lor this is no fly-by-night stuck selling scheme. It is proposed to lock these bonds up in the corporation's tx-nsury and use them as a basis for dit, hut or course max he used as collateral when no occasions. Not only has the Secretary of the Treasury indorsed the projected coi- poration, but it has the indorsem*nt of the Federal Reserve System, the ar Finance ('orporation and Department of Agriculture. The War Financ poration is especially anxious to have i such a specialized agency to co-ope rat I with it. In its creation it wa equipped for use as an accounting department for the local bank.
It is believed that by the time the lease ot one year expires the new home of the bank will be ready for occupancy. All of the directors except Frank Kell Of Wichita Falls, who is in the East, were present. NATION'S READJUSTMENT WORK DISCUSSED AT NOON LUNCHEON. uthor- and every I ized to extend credits in zoods. but 1 foreign trade.
But a Goyernment-owncd corporation must investigate each vidual case with sedulous cure, and with the co-operation of this agency it. wi.l enabled to eliminate the investigation and entrust that to this corporation upon its Government bond securities. Money-tinker. "in my' Judgment this proposition oupjht to be money-maker. It will id quirt hard work and good management.
It will have returns of $4,250,000 a on its bonds in the shape of st ana it ought to be able to pay 6 per cent dividends in a short while. It will keep exports going to Europe and it win stabilize the cotton market. It is absolutely out of question to finance otto'n crop of the world in the old way. 1 have talked to many of the big hankers of the country and they agree that it is absolutely necessary to do away with the pre-war systems. loans and elimination of the exchange feature are necessary to to Italy the $100 and to France the $50 that I have told you about.
Great interest is being taken in this whole foreign trade question. I have spceiHlized cotton since 1 was the native Southerner on the Federal Reserve Board. It is not so much a banking situation as it is an investment situation. And this project is not designed in any way to interfere with business as it is established. We mean no interference with existing facilities.
If brokers can finance thdr own operations so much the better. What is designed is to facilitate and supplement existing agencies and keep trade open ntui uninterrupted. I insisted all along that all ideas of selfish profits be abandoned for main ends to be attained. There will of course he legitimate expenses and commissions in the organization of the corporation, hut Domestic problems of readjustment following in the wake of the war were discussed hv Governor P. G.
Harding of the Federal Reserve Bank system at an informal luncheon tendered him yesterday at noon in the English room of the Adolphus Hotel About fifty guests were present, including directors of the Federal Reserve Bank of Dallas, representatives of Dallas hanks, a few out- of-town bankers, W. A. Heath, agent of the Chicago I-'ederal Reserve District, and Governor Harding. "Building activities were suspended during the war period," Governor Harding declared, there is a gnat need for stimulated building activities throughout the country at the present time Encouraging building and general business activity is a necessity for proper Solution of our domestic problems of reconstruction and readjustment. The Federal Reserve System believes that it is useless to wait for lower prices and that it is folly to withhold activities in the building line in the that a lower level of prices will be reached.
We are going right ahead in the construction of new buildings for Federal lie- serve Banks. There is a palpable shortage buildings the to build new buildings." Mr. Heath also made a brief address, declaring that, the union of the interests of the North and South in a common cause has greatly facilitated and prosperity in this country. He said that there is no longer any use of entering sectional views of projects designed for the good of the whole people. Dallas Amusem*nts.
Vnudcv MAJESTIC THEATER. Jack Nor- worth is the headliner on this weeks bill, with several other vaudeville acts of more than passing interest. JEFFERSON THEATER. A varied program of vaudeville numbers, including a yodling act by "The Yodling Also moving pictures. Moving OLD MILE THEATRE Xazimova "The Red Lantern," a spectacular picture of Far East.
picture is said to represent the greatest work of the au- tro QUEEN THEATER "The Woman Thou Gavest Me," a picture built from the book hy Hall is the feature on the program for today. HIPPODROME THEATER. Evelyn Nosh*t as a Hawaaian Princess in A Fallen Idol." CRYSTAL THEATERWilliam ar- num in "Fighting Blood." William Fox drama and Lyons-Moran comedy. WILL NOT URGE RETURNING SOLDIERS TO PARADE HERE. DEATHS.
I. Sherman, Texas, May 2V Merkel, arpenter of Ihis'eity. suddenly from -art (allure last night Burial was in West Hill Cemetery this afternoon. He was widower, and is survived by veral small children. xas.
May A. Doolin 65 years old. a former re.sldent of Lainftl Courty, at his limni in Cooper Monday, evening. He is survived bv five sons and three daughters, nil of whom were present wlmn he dbd. The funeral wa LieiJ afternoon.
Wild, DBEDl.l- Mimi; 111 MM TO DEPTH OF FEET. nt of i there should reach nod another." Stf io promoters -k should be profited DIRECTORS OF HOUSTON BRANCH OF FEDERAL BANK ARE CHOSEN. Three directors of the new Houston I branch of the Federal Reserve Bank of Pallas were chosen yesterday morning at the monthly meeting of the board! of I directors. Judge W. Ramsey, Federal reserve agent and chairman of the board, presided, and Governor P.
G. I Harding of the Federal Reserve Board i and A. Heath, nt and chairman of the board of the Chicago Federal Reserve Bank, attended the session In addition to the three directors of the Houston bank named by board of directors, two more will be chosen hy the Federal Reserve Board in Washington, at least one of whom will be from one of the towns in Houston section and the other probably from Houston The directors chosen are Samuel It. Lawder, manager of the Houston bank; J. A.
Pondrom. vice president of the South Texas Commercial National Bank and president of the Houston Clearing House Association, and Frank Andrews, Houston attorney The directors also a plea of a oup of Fan Antonio bankers for a am hank such as have been established at Houston and El Paso. The delegation of San Antonians was headed by Joe Frost. The directors arrived at no decision and matter will be considered further at some later date. Authority was given Governor Van Zandt to close a gn a building adjoining the present home of the Federal Res rve Bank on the east, the term the lease to one year from December, 1919 Th.
building is to he WHAT CAUSES TEETH DECAY? Special in The Yews. Grange. Texas, Mav 28 At a special meeting of the executive committee of Orange Chamber of held this afternoon M. Sells of local engineering board said that the matter of securing a dredge to clear the Sabine River to a minimum depth of twenty-six- feet was well In hand At this meeting the chamber went record as indorsing Captain Homer Simmons' plan of establishing a regimental ham) at this place. The matter of securing adjustments for the Sabine River bridge he constructed here was referred to County Judge D.
c. Bland. I a the Nlm-tietn or the Thlrty- Sixtn Division are not considered likely as the time the return of these units Hppiou, As indicated in letters trom the men, the general sc itiment is against such a demonstration, the greatest ss being manifested only to return in.m» to civilian pursuits as soon as Those in charge of arrangements for the Ninetieth Division have gnc. dm.jhts as to whether parade would 1 relished hy the lighters and havc declared that they will be governed ntirelv bv their wishes in this respect. M.
Crane in barge of a.u angenu nts the Ninetieth Division welcome, does not believe a parade will be desired. s. Captain Edward Crane, told me lie would write at once if the men showed a disposition towards changing in favor oi a Mr. Crane said. riicin is this difficulty, too.
that the men mav he pent line in widely scattered tachnients and demobilized at the same The place of deimibllization, fact, has been tnnouno d. The people of Dallas are naturally anxious ill hfinoi to the Ninetieth Division, bill if tin 'visit a parade, could not, of course, insist upon The question should w-iGiin next or two, the troops should have been assembled at French -m- bai kation ports by that Ijnr." matter of a parade for the Thirty- Sixth Division is also held in lor the same reason. only feature of the fot this division deckled upon is barbecue to he held in of the city parks Friends and relatives if 'ill meet at the Chamber of this afternoon at it 1 to discuss this entertainment and to take the necessary toward bringing it about. 41 Mil Ml) OF I'HICAI. Lit E.s A Al, IMC i About 100 persons were present I terday afternoon at the annMal picnic given bv auxiliary of the nallns Typographical Union at Park Zoo for members of tDo union nnil th- ir families.
The picnic h' gan I and continued until -vp. rain interfered in midst of an elaborate picnic luncheon. Read how to prevent tooth decay that If it were possible to positively clean every bit of tooth-surface your mouth and keep it clean, agree that very few people would have decayed teeth. But this is impossible, hard as we try. The soft food we eat, the number of times we eat away from home, where we have no tooth brush handy, and our general neglect and carelessness leaves particles of food on our teeth which decay, forming acid and breeding dccay-germs There is best way to prevent see your dentist twice a year and use McK A Calox, the scientific dentifrice, twice a day.
McK A Caiox creates, in combination with the just sufficient lime-water or of lime to stifie dangerous mouth-acids as they are forming McK A Calox also forms fresh, active poroxuie of hydrogen in mouth, and this together with the real oxygen gas which is also formed prevents tne activity of Oxygen is beneficial gas- without it the air woulii not sustain life. McK A aiox tastes better han any dentifrice you ever tried -no 1 flavor. Being a it in a pleasing way. Try it for ten and watch your teeth whiten Twice a year at your and twice a day with McK A alox spells safety. McK A Calox is one of the famous Health Helps A Money Saving Sale of Dresser Scarfs A a special offering for today, we will sell the odds ami ends left over from our regular stock of pure linen hemstitched and scalloped edge Dresser Scarfs, Centers and Round and Square I able at unusually low prices.
The quantities in each size are small, hence we are willing to close them out at big reductions. An early is advisable, as the size you want may he the first to sell be on hand early this morning. All-Linen Round Centers I this are plain and eyelet Centers, made of pure linen, sizes 1 sx 24x24, and on sale following reductions in prices: and in at the Regular 7 5e rei him I to Regular $1.00 'enters reduced toonly 79c Regular $1.50 'enters redumlto 1.10 Regular $2.00 only 1.49 Regular $2.50 'enters reducedto only 1.95 Regular $3.50 'enters reduced to only 2.85 Linen Squares Reduced HKSE Squares are all plain styles and are neatly hemstitched, made of all-linen, they arc splendid values at the prices quoted below sizes are 24x24, 4.ix-l«> and o4x54. HemstitchedSqua res wort 08c, 79c Hernst i 1 Squares worth $1.25, now 98c Hemstitched Squares worth $1.50, nowmarked 1.10 Hemstitched Squa res wort $2.00, 1.49 Hemstitched Squares worth now marked 1.95 Hemstitched Squa res wort $3.50, nowmarked 2.65 1 lernst itched Squares worth $1.00, now marked 2.98 1 lernst itched Squares wort li 3.85 Hemstitched Squares worth $0.00, now marked 4.95 Values in Dresser Scarfs ADR of all-linen, these Dresser Scarfs are scalloped and hemstitched, a few with eyelets, and Ihe sizes are 18x3b, -see these today. 18x72, and 20x72 Our usual 81.2.") grade Scarfs marked Our usual grade Hearts marked Our usual 81.75 grade Scarfs marked Our usual $2.00 Scarfs marked Our usual $2.50 grade Scarfs marked Our usual grade Scarfs marked Our usual $3.50 grade Searis marked Our-iisual $4.00 grade Scarfs marked Our usual $5.00 grade Scarfs marked EXT HA SPECIAL all-linen Vanity Scarfs, made in Belgium size.
12x45 just a few of these on hand ith ns, so make your selections early if you want actual value of these is reduced for today to 98c 98c 1.10 1.29 1.49 1.95 2.45 2.65 2.98 3.85 A Rig Silk Remnant Sale THIS Remnant Sale of Fine Silks offers the final clean-up to our great May Silk Sale- -odds and ends that were left over from it and the lots at which they'will lie sold are very cheap. Be sure to see the extra values offered in this event, and come early, us the sale lasts only for this week. Silks that i Silks for $2.00 a yard, now for $2.00 and $2.50 for $3.00 ayard, now for now for $3.50 and $4.00 a for $4.50 a yard, now for a yard, now 95c 1.45 1.65 1.95 2.45 2.95 3.95 FOOD FOLLIES FILL HOSPITALS disease epidemics are traced to undernourishment and improper food. Shredded Wheat is full of strength-giving nutriment, is easily digested and its daily use keeps the bowels healthy and active. Two or three Shredded Wheat Biscuits with milk, and fruit make a satisfying, nourishing meal at a cost of a few cents.
the values that have made douglas shoes famous FOR HALF A CENTURY, ARE BEING STEADILY MAINTAINED" Wl DOUGLAS PlGGtNu SHOES AT SEVEN Of A6E SHOE THAT HOLDS ITS SHAPE' 4-22 $422 $522 6-22 $722 $822 you have been paying $10 to $12 for fine shoes, a trial will convince you that for and serviceW.L.Douglas $7 and $8 shoes are equally as good and will give excellent satisfaction. The actual value is determined and the retail price fixed at the factory before W.L. Douglas name and the retail price is stamped on the bottom. The stamped price is W.L. Douglas personal guarantee that the shoes are always worth the price paid for them.
The retail prices are the same everywhere, They cost no more in San Francisco than they do in New York; Stamping the price on every pair of shoes as a protection against high prices and unreasonable profits is only one example of the constant endeavor of W.L.Douglas to protect his customers. The quality oi W. L. Douglas product is guaranteed by more than 40 years experience in making fine shoes. The smart styles are the leaders in the fashion centers of America.
They are made in a well-equipped factory at Brockton, by the highest paid, skilled shoemakers under the direction and supervision of experienced working with an honest determination to make tke best shoes for the price that money can buy. 3.00 3 50 4.00 For by 106 W. L. 9000 gsJ PrMldiftl bouRlM drftUm.or be ordrrrd from L. VO.
factory hv mail, Pareri Pom prrpaid. Wrilf 'T, for Illukt rated ohoniuK how tooriierbjmail kton.lasa CAUTION Before you buy be W. L. name and the retail price is stamped on the bottom and the inside top facing. Jf the stamped price has been mutilated, BEWARE OF FRAUD for how toonier oymau M.r>ro< W.
L. DOUGLAS STORE: 1410 Elm Street, DALLAS Attend News-Journal Free Canning School June 4, 5 and 6 In City Hall Auditorium, Under Direction of Home Extension Department of A. M. College. All the mystery of canning cleared modern methods fully and actual demonstrations.
A wonderful opportunity to learn how to take care of the products of your garden and to provide cheaper vegetables for the home and of a better quality. Cut Fill In Instructions will he given hy Mrs. T. P. Marshall and Mrs.
George K. Meyer. Everything free. Every minute interesting, Every demonstration practical. Every lecture tested.
Cut out, fill out and mail this coupon today. All FREE! I Will Attend The News-Journal Canning School to be conducted at the ity Hall under the direction of the Home Extension Department of the A. College, on Wednesday, func 4 dnesaay, jt Thursday, jun Friday, June 6 Indicate by a cross Name 5 5 13 days you will attend, Add ret AVOID DISAPPOINTMENT Your classified ad copy for paper must reach us not later than SIX P. M. SA TURD AY.
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