davidaulloa/AmericanStories huggingface dataset:
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1919-11-22
NO SLOW-UP EVIDENT
IN WESTERN BUSINESS
Wholesale Trade in Virtually
Every Line Reflects Undi-
minished Buying

Chicago, Nov. 22.-With all the dis
couraging features of recent news de-
velopments, the maintenance of gen
eral business conditions at a high stage
of activity is remarkably, but all
through the West there is no indication
that there is any material slowing up.
Steel production is gradually getting
back to the level OF before the strike,
and the demand is insistent, prices
advancing the past week for several
classes Of products. With the general
demand for iron and steel products
so active, the added buying by railroads
in the near future is expected to test
the capacity of the mills.
Wholesale trade in practically every
line is rejecting an undiminished vol
ump of retail buying all through the
West. Especially in clothing and dry
goods is this demand pronounced. Price
advances apparently serve to make the
demand more aggressive, aS buyers who
continue to be present at wholesale
centers in increasing numbers do not
hesitate because of price. The main
idea is to get the goods. The ultimate
consumer is paying shf price for
both necessaries and luXuries, but evil
IDENTIFY his ability to buy and to pay
has not been impaired.
ering of production at time when
the most urgent need is for the largest
possible production. However, up to
resulted. although it is essential that
no time be lost in securing a settle
ment of the difficulties,
Building operations are gaining and
there is tremendous demand for all
kinds of structural material. Railroads
arc carrying a vast bulk of such ma =
terials. From all Indications the build .
ing boom is just getting under way.
In Chicago alone, the requirements are
enormous and it will require years for
the city to catch up with its housing
needs.
A satisfactory feature of the situa
tion is that collections continue good.
and that there is no stringency in the
money market so far as the genuine
commercial needs of the West are con =
cerned. Business conditions have been
little affected, generally speaking, by
the drastic liquidation in securities.
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1919-11-22

BONDS
FOREIGN EXCHANGE

New York. Nov 22.-Thc foreign
exchange market opened with slight
shading in sterling, it being quoted at
4O334 for demand and 4.O4E,, for ca ::
bIes. Franc cables were quoted at $50
for cables and 9.62 for checks Later
the market steadied but business was
on very moderate scale.
Quotations were:
Lire cables, 1920; checks, 1922
marks 2.30 Austrian kronen, 75;
Swiss cables. SAG; checks. 5.4S; guild
er cables, 379s; checks; :S7%$; pesetas
cables, 1895: checks, 1880; Stockholm
cables, 22.SO: checks, 22.G5; Chris
tiania cables. 2l.S5; checks, 2170: Co
ncnhagen cables. 2o.4O; checks. 2o.25 ;
Belgian cables, sos; checks, 900.
Toward the close of the market francs
and lire showed Improvement, while
sterling was about steady. Late q1o-
tations were: Demand sterling 4.03h,
cables 4.O4A franc cables 0.61, checks
0.63; lire cables 1910, checks 1912 ;
marks, 2.30; Austrian, .75; ruble cur :
rency, 800 for 500's and $50 for
zoos.
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1919-11-22
CHANGES IN PRICE
ARE FEW ON CURB
Dealings Smaller Than on Any
Preceding Day of Week.
Movements. Irregular
OILS GENERALLY STEADY

New York, Nov. 22.-Dcalings on
the Broad Street, Curb were smaller
than on any preceding day of the
week. For the time there seemed to
be waiting disposition on the part
of the interests concerned in many
properties, which was reflected in an
absence of accumulation.
Price movements were irregular, some
issues making gains, but the changes
generally were without Importance.
General Asphalt ranged from 123 to
126, and American Tobacco Securities
sold at 81 TO 62. Indian Packing con-
tinucd heavy, selling at 10 to 1879.
The petroleum stocks were generally
steady and without special change in
market position. Producers and Retiners
sold at IFS to 117s. Elk Basin was
traded in at SIS to Sla, and lnterna
tional Petroleum sold at 521a to So.
United States Steamship sold at 4Ss
@5. Loew was quiet, selling at 81, aud
Loft ranged from % to 25Ts. Submarine
Boat showed strong tone, selling at
17A
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1919-11-22

LOCAL MARKET INTEREST
AT EXTRENIEL LOW EBB
Striking Contrast Behveen Present AterWar Period and That
Of Spanish-Americdn Var

Dealings in the local stocks were not
only extremely small but also were
unproGuctive of any material change in
prices. About the only feature attend =
ing the days brief and restricted opera =
tlons was the appearance of renewed
liquidation in United Gas Improve
ment. The stock was offered rather
freely again in the second hour, which
forced the price down to "a. The
absorption continued good, although
apparently no effort was made to rally
the price.
In the general list the trading was
of the. familiar half holiday character,
rejecting virtually no outside interest
whatever. Electric Storage Battery
made an early advance to 1897, but
later on profit taking sales receded to
13S, u net loss of 5s.
j.. American Stores was well taken at
4l 70. Philadelphia Electric, on the
other hand, developed heaviness, yield :
ing to 24M Supporting orders. however.
were again Forthcoming, which brought
the price back to par. Lake Superior
corporation was sold moderately, de-
cllning to 21&. American Gas, on
small sales. advanced 81 to 50.
Comparison of the local market sit
uation. since the signing of armisticc
with that following the signing of peace
after the Spanish American War fur.
nishes a most interesting contract, par.
ticularly as to the promotion of new
enterprises. 1t will be recalled follow
ing the Spanish American War Phila
delphia was attacked with what might
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1919-11-22
YELLow.METAL ourFLow

New York, Nov. 22.-The outflow of
gold to the Far East is going on more
rapidly this month than at any time
since the restrictions were lifted earlier
in the year. Up to October /, some
$93 900. 600 had been exported. and
since then $G5.G29 900 has been re-
leased, OF the latter sum, between
500, 600, 900 and $25, 900, 900 was ship
ped in October, and the rest thus fur
this month Since October |, $40 900, %
600 of gold has gone to China; Sl5, q.
100000 to India; $2S 900, 900 to
Japan 81 900 900 to the Straits Settle
ment, and 50 900 900 to Java. Despite
the heaviness of the shipments, there is
no indication that the Federal Reserve
Board will restore the restrictions. Some
bankers contend that it would be un-
wise to do so, explaining that the
United States now has an opportunity
to show that it is a free gold market
and add that it has huge quantities of
the metal to spare.
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1919-11-22
COTTON CLOSES FIRM
AT ADVANCES FOR DAY
Business Less Active, Suggest
ing That Outside Interest
Has Been Reduced
'TTON BELT WEATHER CONDITIONS

COTTON BELT WEATHER CONDITIONS
New York, Nov. 22-The following TEN.
peratures were recorded in the cotton belt
this morning: Augusta and Macon so.
Fort Smith. 40 wilmington. AZ; okla
homa City. Montgomery and Charleston,
-; Atlanta. Thoma svi.le and Savannah.
40; Knoxville, Meridian and Memphis 4s
Little Rock. 90; jacksonville, Nashville
and Shreveport. "a; Pensacola and Vcks-
burg. 5S; San Antonio. co. Galveston and
New Orleans 61 There was .02 inch of
precipitation at Abilene. Frost was re-
ported at Charleston this morning.
New York, Nov. 22.-During the late
trading the cotton market showed a
steady undertone, although price
charges We're at times very irregular.
After selling at maximum net ad =
vance of 45@55 points, prices eased off
about thirty points under realizing and
hedge selling against large spot pur-
chases in the southwest, only to re-
cover again on demand from the trade
and shorts.
Business was less active than re
Gently, suggesting that the outstanding
interest had been materially reduced
during the last week or two
The market closed steady, 61@S4
points net higher.
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1919-11-22
CONDITIONS IN STEEL
MOST SATISFACTORY
Best Authorities Are Predicting
Excellent Business for a
Long Time to Come

New York, Nov 22.-Conditions in
the steel markets continue most satis-
factory The demand is still large in
proportion and manufacturers are ad-
herring to their policy of accepting only
such orders as they consider favorable
under the present circumstances. AS
a result, future requirements are piling
up to such an extent that some of the
best authorities are predicting excel
lent business conditions for Il long time
to come.
Inquiries in the market for domestic
consumption are substantial and about
the only question that is confronting
the producers is the deliveries that can
be made on contracts. 1t is stated in
the trade that not few of the steel
consumers are in need of early ship
ments in various products, but the
producers are not yet in a position to
take all the business that could be Sc
cured.
Curtailment of production dlping the
strike period and other factors have re-
suited in delaying shipments on con
tracts which have been specified against
for many months, and there are many
orders now on the books of the various
steel companies on which deliveries
will not be made until the first quarter
of next year, although according to
the contracts, shipments should have
been started more than month ago
There has been material increase in
the production of virtually all the
companies during the last week. Less
is heard publicly about the labor situ.
alton, but the private advices receive
by the companies state that many ad-
ditional men have returned to work, and
several companies have announced that
for the first time since the strike
started late in September their plants
will be work king at capacity during the
coming week.
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1919-11-22

be called promotion fever" Dur
ing 1879 anG. 1900 most everything
that possessed the least tangible value,
whether actual or imaginative, was
capitalized and in short order listed
on the local stock exchange. There is
no use of recapitulating the long list OF
these dcrelicts, for out of the big batch
OF promotions there are comparatively
Few still standing on their feet above
ground.
For time everybody made money in
these stock market will the wisps.
but great many more lost. Many Of
these concerns are nothing more than
mere sad memories.
Curiously there has been conspic-
uous absence of such promotions in the
present era of imitation and wild spec-
ulation. There have been no end Of
mushroom oil, motor and every other
KIND OF corporate enterprise TO spring
up during the last eleven months. Phil
adelphia, however, for some reason or
other, appears to have ESCAPED tho
plague. If the experiences of 1890 md
1900 mean anything, it is possibly n
good thing the old town was given the
go by. The same game, however, is
being played elsewhere, and undoubted-
ly the sucker bait is catching good
many of our staid old citizens and get.
ting their cash. il is commendable, in
all events, the local stock exchange Of
ticials are not permitting any Of this
trash to be listed on the board of. the
local institution. They are doing their
part and if any of the good Philadel-
phlans get caught in the sucker game
they have themselves alone to blame.
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1919-11-22
MARKET CONTROLLED BY
PROFESSIONAL OPERATIONS
Outside of Fe Speculative Speciaies Price Variations We're
Confined Within Narrow Limits

New York, Nov. 22.-'Thc week
closed with a narrow professional stock
market today Outside of Il few highly
speculative speciates trading was
small in volume, and price movements
in many of the usually active stocks
were confined within range of less
than a point
The days market was virtually di-
vided into three classes The ultra
manipulative movement in the pool
controlled stocks; continued hcaviness
lin the copper group and the familiar
week end evening up in the general list.
This produced an irregular mixture in
price movement, which altogether was
without significance other than empha
sizing the increasing professionalism of
the current dealings.
Overnight developments came in for
little attention. The Mexican situation
was without special influence except in
American Smelling, in which there was
some selling on the theory that the
Mexican propeties of this company
might suffer in case of an actual con
flict. The heaviness of stock, however,
was possibly due more to the softness
of all the copper stocks.
The market was uncertain Mt the out
set, but developed moderate strength on
desultory short covering and upmarking
of the few specialties. During the re
imainder of the short session fluctuations
were narrow and meaningless.
Has Wall street put its house in or
dcrP A satisfactory answer to this
will furnish reliable measurements in
prognosticating the immediate future
market trend. The drastic liquidation
of the past fortnight unquestionably
has weeded out what the street is
pleased to call weak speculative ac-
counts" Curiously they are never re-
garded weak or menacing to the market
structure until every device and lure
has been rcsorted to, and every trick
of the game played to invcigle the un
suspecting layman into the big Wall
street gamble. That, Of course, is an
old tale. The question uppermost at
the moment is whether the overflow
attachment of the bullish contingent has
been shaken out and that stocks are
now held by people who are in posi-
tion to hold them, or protect such com
mitments in the event of further market
accidents.
Measured by accepted precedents and
market rules, the developments of the
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1919-11-22
Condition Of Winter Wheat Hiob

Chicago, Nov, 22.-The Modern Mil.
Ter says: Abnormal conditions still
exist in the winter wheat belt as
ploughing and seeding of that grain cor .
tinue in all states in which ground is in
condition. The winter wheat plant is
considerably above normal in strength,
is thick or the ground and has been a
great help 10 farmers in pasturing stock,
1t is expected that the government De .
crmbcr report will show good conditions
in nearly all states and Kansas DOS
sibly the lowest, owing to late seeding
and lack of termination in scattered
sections, Conditions are highest in H.
linois, Indiana. Nebraska aud Oklaho
ma. Considerable wheat is to be
threshed in scattered sections of the
winter wheat belt. Ploughing is nor
NAL in our Northwest and western Can
ada. Corn movement is restricted by
car scarcity"
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1919-11-22
: WORLD-NEW YORK AND PHILADELPHIA

I week would seemingly indicate the cul
| mination, temporarily at least, of the
drastic LIQUIDATION. The dehation of
the inflated speculative bubble has been
severe, as suggested in the drop of the
average price of the twenty active iu-
dustrials from 1902, attained on No.
vember ,, to 106.1j, touched on last
Wednesday. This is within less than =
per cent of the level from which the
spectacular bull movement started in the
last week of September.
Superfcially tn" ,raStlc house clean
ing process mas brought the desired re-
suits; in so far as the technique of the
stock market Is concerned, it is true as
gospel. As to the correction of the
dangerously OvereXtendcd credit sit.
uation, that question still remains TO
be answered. 4 canvass Of the banks
and other lending institutions elected
the statement that brokers' loans had
been materially reduced. No one is
willing, however, 10 make any estimate
how great this reduction has been.
This much, however, is known, and
that is that there Is every disposition
on the part of the responsible banking
interests to enforce the admouitions of
the Federal Reserve Board against
Unrestricted speculation" In brief,
tne Danklng community, despite all the
unsayory criticism. are maintaining
rigidly to the attitude taken last week
and it is positively certain steps will
be taken TO repress speculative activity
il there is any resumption Of bullsh
operations, particularly open pool
manipulation, that would tend TO re-
| suit in an increase in loans.
With the speculative structure of the
market Debated, what is to happen
next? If precedents can be expected as
reliable guide, the market is likely to
drift into condition, generally spoken
of in the vernacuar Of tne street as
between seasons" In other words,
it is approaching a Juncture wherein
it will be without definite trend, or
where operations are largely made up
of the mereurial switchings of the pro
fessional and scmiprofessional trader.
Everything points to a pronounced cur
taiIment of business on the exchange.
These are abnormal days, however, and
there is no set rule by which one can
be safely guided. 1t is more of a ques-
tion of taking a Micawber attitude
just wait and see what turns up.
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1919-11-22
NEW YORK COFFEE MARKET

New York, Nov. 22.-The coffee mar.
ket was very quiet this morning, with
traders feeling out the sentiment. Call
prices were unchanged to an advance
of SO points.
The early advance on the sharp rally
in Santos futures and the higher rate
of Rio exchange on London, met a
renewal of scattering liquidation and
was not fully maintained. The early
buying was on small orders from scat
tering sources, and the market felt the
absence of support, although it is be
lieved that a considerable short interest
has accumulated on the recent decline.
March eased off to 1850 and May to
1876, right after the call, or within 10
points of last nights close.
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1919-11-22
GAIN IN BANK CLEARlNGS
Local Percentage of Gain Lower
Than Other Cities

Philadelphia bank cearings fell far
behind other cities of the country in
the amount of business transacted dur
ing the past week. The aggregate for
the week was $421 ,236,11 against
S4O6, 232 ,056 this week last year, or
u gain of but 81 per cent. The in
crease in New York was 42.3 per cent :.
in New Orleans 3S.2 and in Detroit
3GS per cent
Clearings throughout the country to-
tailed $9,720 263, ,319, compared with
81 ,424 116,1 the corresponding week
last year, or an increase of 81 per cent.
Details follow:
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1919-11-22
NEW YORK BANK STATEMENT
Loans Show Heavy Contraction.
Excess Reserve Reduced
$e,851,57O

The drastic liquidating movement in
the stock market found reflection in this
weeks New York bank statement. This
showed Il contraction of S64 ,625 900 in
loans this week by the Clearing House
institutions. The excess reserve. how
ever, was further reduced by $0,S51,
80, bringing the actual surplus above
legal requirements down to $37, 267 ,4S0.
This resulted from loss in reserve in
the Federal Reserve Bank of $12 ,002, :
600, as the liabilities were reduced
$40 900 in demand deposits.
Details follow:
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1919-11-22
Further Gain in Bar silver

Bar silver made a further gain in
price in London today when sales were
made at lad an ounce. This is an ad 9.
vance OF 15d over yesterdays price and
established new high record.
An advance of | cent in the price OF
the metal to $1.35 was made in the
New York market. This marks a new
hiph record.
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1919-11-22
Extra by American Gas and Electric

New York, Nov. 22.-The American
Gas and Electric Go. has declared an
extra dividend of per cent on the com
mon stock, payable in common stock in
addition to the regular quarterly diyi :
dend of 2K per cent and the regular
quarterly dividend of ~ per cent on
the preferred stock. Common dividends
are payable January 2, TO stock Of rec :
ord December Is, and the preferred
February 2 10 stock Of [eeord Janu
AIRY 10,
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1919-11-22
Elk Horn Coal Defers Dividend Action

Elk Horn Coal Defers Dividend Action
New York, Nov. 22.-On account OF
loss of tonnage caused by strikes and
present unsettled labor conditions at the
mines, directors of the Elk Horn Coal
Corporation have decided to postpone
action relative to the dividend on the
common stock until the first week in
January. The regular quarterly divi-
dend of 20 cents share on the pre-
ferred stock was declared, payable De
c,ember 10 to stock of record Dccem-
ber /
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1919-11-22
lQS or nOJeS, !
Com'l DADer
GOVERNMENT BONDS
DIVIDENDS DECLARED

Wire Wheel Corporation. dividend Of
per cent; payable December 10 to stock OF
Packard Motor Car Co, ayaENry Of IN
10 stock Of record November 90.
Haskell y Barker Co., quarterly OF 81,
payable january TO stock Of record De.
Gender Is.
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1919-11-22
BANK CLEARINGS

Bank clearings today compared with cor.
responding day last two years:
1919 1918 1917
Phila So, 1sI, sol s72.0s9.3l9 Is.s0l, 90?
New York ........ $s77 2S8, 100 s82s. 331. 1903
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1919-11-22

Chicago, Nov. 22.-Operators in grain
placcd bearish Interpretation upon
President Wilson order for a reSump!
tion of United States control of food
supplies as well as on the removal of
import and export restrictions on wheat
and -four, and, as a result, there was
quite active selling of corn this morn
ing by scattered commission houses and
the market opened weaker.
Sellers were again cautious, however,
and on the decline a house with western
connections and shorts bought
The receipts here today we're 100
cars
December opened at SI.31 to 1,302i,
against SI31H at the close yesterday,
and sold as low as $1.30A, then raj
lied; January opened at a decline of
&c et 81 24H May started at 81. "A
to 81 .23& against $1.24H at the end
yesterday.
Commission houses haG small orders
to sell oats at the start and shorts went
along with them, making the under
tone easier. Demand was not good and
conditions were against export business.
The receipts here today were IS
cars.
December opened at 711sc to 713tc,
against 7lHc at the close yesterday
May started at Toe to 7434c. compared
with 75lsc at the cud yesterday.
Receipts of wheat here today were
36 cars; at Minneapolis 274 cars, and
at Duluth 46 cars.
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1919-11-22
OUTSIDE BANK STATEMENT
STATE BANKS
Prices irregular on Paris sourse

Paris. Nov 22.--Prices moved ir-
regularly on the bourse today: Three
40 centimes; exchange on London, 8S
francs 04 centimes; per, cent loans,
AS francs 80 centimes. The dollar was
quoted at 8 francs 01A centimes.
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1919-11-22

Official discount rates at the twelve
Federal Reserve banks were as follows !:
(The first column gives rates for all
poriods up to and including a fifteen
day maturity; the second for a period
of sixteen to ninety days. The third
and fourth columns give rates for re.
discounts of collateral loans secured by
government bonds or notes.)
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1919-11-22
EfUpUsdIH
NOTICE.

Bids will be received by ihe, undersigned
for snpis'oi sSs sale 9t iosoo9 SttE p }s@ E.
ana maturing December H. f525--six-yeaI r
period. To be issued in denomfR2tion -ot
$1,000 each. and numbered from TO 81.
'nually on January and July ! each year.
.ps,rpane o. providing funds for a City HAN
rnd Fire Engine House.
For further particulars communicate with
\ Rnsiing Leap. solicitor, 500 Market st..
WALTER A. HUNT.
Borough Clerk.
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1919-11-22
OTTo EIsENLOHR & BROS INC
FEDERAL TRUST COMPANY OF
PHILADELPHIA
Wall Street, New York

November 20. 1919.
The Board OF Directors have this day de-
elared dividend Of 3 per cent and 2 per
cent extra. payable at once to stockholders
of record Checks will he mailed.
- II +. RICHARDS Secretary