davidaulloa/AmericanStories huggingface dataset:
Pine Bluff daily graphic., 1919-09-23
DON'T NEGLECT YOURSELF

Lame back, shooting pains, tor turing rheumatic aches, swollen joins, sore muscles, puffiness under eyes, floating specks, and an"always tired" news and blader are not working feeling ahe indications that the kid properly. Foley kidney Pills soothe and strengthen weak and disordered kidneys and bladder.-adv.
Pine Bluff daily graphic., 1919-09-23

Get further information at The Central Pharmacy, drug stores every where or write Sorbol Company Me- chanicsburg, Ohio.
 Note--It would be illegal to pup fish above statement if they were not true.-adV. 5x5.
Pine Bluff daily graphic., 1919-09-23

But They Can Bill Their Feats! Dancers cannot always foot the Magazine.
Pine Bluff daily graphic., 1919-09-23

Rub-My-Tism is powerful, ant semitic: it kills the poison caused from .,tte''eO ato ~ (adv.)
Pine Bluff daily graphic., 1919-09-23

666 has more limitations than any other Chill and Fever Tonic on the mar ket, but no one wants limitations. They are dangerous things in thf
 medicine line. Adv.
New-York tribune., 1919-03-18
TELEPHONES:
Reekman 5000
Beekman 8243
Harder to Sell
Notes Than Bonds.
F. R. Board Saws
Fears Short Term Secur;t;e.
Will Not Be as Widely Dis.
tributed as Bonds; Would
Increase Banks Burden.

WASHINGTON, March 17.-nor,.
that the Victory Liberty Loan. cons;s. s'
ing of short term notes, will meet 80.
wide distribution of past issues s ~s
longer term bond was expressed y. l..
the Federal Reserve Board ON =.
March bulletin issued TODAY. Ths
discussion was written before the VIZ
tory Loan act was passed by Conprss.
and before Secretary Glass anonuncss
definitely that the Forthcoming Iosr
would consist of notes.
"Short term securities are not or ~.
whole as we'll adapted for inyestmsrs
by private individuals as longer term
issues" said the Reserve Boards hulls
tin, "while financial custom has usuallv
dictated the absorption OF short term
issues by investment institutions
Practically, therefore, the alternat;re
plan (provided in the bond act). wonlS
tend toward the placing of greater vol
ume of the new issues definitely in tbs
hands of the banks and of investment
institutions throughout the country
and less in the hands of private ina;''
viduals.
"This is equivalent to saying tha.
it may probably be more difficult 70
obtain wide distribution of the fftS
loan if it be offered in the form ~
short term notes than if it be sold 81.
longer term bonds. The alternative
plan would also tend to make the whols
operation more transitory and tenn.
porary in its working than would the
original plan of bond issue. 1t would
necessarily imply that the early ma.
turity of the notes must be looked
forward to and that an extensive re-.
funding operation must take place
when when such maturity arrives.
"On the whole, the note plan would
therefore, operate to increase the in
fiationary tendency already noticeable
in the present banking situation and
would add, relatively speaking. to the
burdens carried by the banks.
New-York tribune., 1919-03-18
]. S. Morgan Elected to
Board of Liberty Bank

Junius Spencer Morgan, eldest son
of J: P. Morgan, was yesterday elected
director of the Liberty National
Bank to represent the Morgan inter
ests in that institution.
Young Morgan returned only last
week to his desk in his fathers Of
fices after serving nearly a year and
half in Uncle Sans navy He saw
service in foreign waters from Sep
tcmbcr %, 1917, to August 28, 1918.
being on the United States shin
O'Brien until October 6, 1917. On
April s, 1918, he was transferred to the
United States Naval Headquarters in
London and subsequently was sent to
Washington, where he served under
the code and signal section of the Ma
val Bureau.
He entered the navy as an ensign
but was later promoted to a lieutenant
which commission he held up to Sen
tcmbcr "a, last, when he was honor
ably, discharged. Young Morgan was
graduated from Harvard in 1914 with
the degree Of A. B. He got his first
banking experience in the Boston Of
ice OF Brown Brothers g. Co. and en-
tered his fathers employ in Septem-
Der, 1915.
Henry P. DAWSON, the head of the
American Red Cross and partner OF
). r. Morgan, began his banking caree,
as teller in the Liberty National
Bank and later worked up to the posi-
ton of president. Thomas Cochr
another Morgan partner, at the time
ne was invited to enter that Grm. was
president OF the Liberty National.
New-York tribune., 1919-03-18
Larger Earnings for
California Petroleum

Thc, annual report of the California
Petroleum Company, issued yesterday,
showed gross earnings for 1918 amount
ing to S4,154,354, an increase of $685.
OFT over the preceding year The bal
ancc available for dividends, sl,32l,-
b82, was equal to S1070 share earned
on the s12,343, ,026 preferred stock, com
pared with S10.35 a share in 1917.
Operating expenses last year alb
sorbcd $1,097,470 Of the total earn
ings, while further charge Of SLIGO
772 was made for depreciation. Other
expenses included $296.262 for taxes
and contingencies and slb7,542 for spc-
clai reserve. Preferred dividends paid
to the stockholders aggregated ST..
0lS,300, an increase of S524,579.
Total production of oil during
1918 was 3,4!3,723 barrels, of which
213,072 barrels were produced from
properties in the hands of the United
States receiver. and 40,8l8 barrels be-
longcd to various lcssors as royalty
834 barrels. ~S'
New-York tribune., 1919-03-18
Com IN odities
Cotton

An early advance in the cotton mar
ket was followed by a sharp reaction,
with new style May contracts selling
off from 1920 to 24.59 and closing at
24.65, compared with 2462 Saturday
The general market closed steady at
net advance of Is points to a de-
cline of 10 points on the new style
months. and 80 points higher to Is
points lower on the old
The opening was steady at an ad-
vance of 81 to so points on the new
style months, which sold 45 to 60
points above Saturdays closing fig
ures during the middle of the morn
ing. For time the buying by Wall
Street and commission houses was ac-
tive, and there was also considerable
support from trade sources. This
tapered off above the 25c level for
the new style May contracts.
1t was reported that some of the
local commission houses were advis-
ing their clients to take profits on
contracts bought early last week on
the ground that there might have been
overoptimism as to the prospects for
early peace and a resumption of ship
ments to Central Europe, but the fac
tors most generally discussed on the
decline we're the Tightening of the
ocean freight situation and the extent
of the recent advance.
In an announcement made before
the opening President Johnson of the
Cotton Exchange suggested that trad
ers short of old style March contracts
might find it better 70 buy certificated
cotton in the local stock for delivery
than to purchase across the ring. 1t
was rumored in this connection that
I some cotton was offered for sale at
900 points above the price of old July,
and after selling at 81 early, March
eased off to 26.10, closing at $3.50, or
points net higher.
Exports for the day were 43,4OS
bales, making 3,226,447 SO far this
season.
Southern spot markets, as officially
reported, were unchanged to 13 points
higher.
The local market for spot cotton
was quiet and 10 points higher at
28.70' for middling, compared with
28.60c on Saturday and 27.15c the year
before. There were no sales of spot
The range of prices on leading
months follows:
OLD STYLE
New-York tribune., 1919-03-18
Wealth-M ark ets-Investm ents

which had placed large amounts at the
disposition of their governments, failed
to renew those credits when they ex-
pired on Friday last. The Bank of
France, for instance, had credited the
United States government with 1,036,-
100000 francs, against which dollars
were imported at the fixed rate of
5.45. The credit terminated on Friday
and thus the purchasers of dollars
must buy in the open market.
Exchange brokers here are alarmed
believing that French exchange will be
the one to sui1er most from any in
crease in the dollar and the pound
rates, forcing corresponding decrease
of the French franc on foreign ex-
changes.
There are heavy demands at pres
ent for the dollar, the pound and for
eign securities. According to promi-
nent broker the French capitalist and
small investor are trying to get under
cover from the proposed tax on capital
by placing their funds in foreign
banks.
Discussing the rise in the rate of
financial editor of the journal des
Debats" says:
"If the British government consd-
ers that it no longer is possible to ac-
cord France direct advances nor ex-
tend equivalent resources in some other
form, France will be obliged to pur-
chase elsewhere in countries which are
prepared to open credits for her, no.
tably the United States, (which can
supply everything now received from
England even COAL"
The writer contends the cost will be
greater to France, as final statement
would come when the normal rate OF
exchange has been reGstablished.
New-York tribune., 1919-03-18
RelevantCOnnnent
Sinclair Oil Trading Heavy

Activity in the shares of the Sin
clair Oil and Refining Company yes
terday was only second to the trad
The net result of the days transac-
tions was rise of points following
the gain ~of 2A points recorded last
Saturday. The current movement in
Sinclair is attributed to favorable de-
velopments reported on the company 8
properties in the Ranger fields of
Texas and the possibility of merger
with the Sinclair Gulf Corporation,
another Sinclair enterprise whose
shares on the curb have also been
going up. The turnover in Sinclair
Oil amounted to over 100000 shares
shares that changed hands in Steel
common.
New-York tribune., 1919-03-18
Money and Credit

Call money loans were renewed at
4iz per cent yesterday, and declined
during the day to 4 per cent. The chief
influence was the paying off by the
government Of certificates Of indebted
ness which maturcd Saturday. Checks
for tax payments have not yet come In.
There is good demand for money
at 5z per cent, but banks arc unwili-
ing to lend two and three monthe pApor
under IN. There 10 little lending, for
New-York tribune., 1919-03-18
Wall Street Items

Harry Van Allen, formerly with Bush,
Beech e. Gent, has become associated
with Farson, Son & Co. in their un-
listed department..
Norbert R. Pendergast, Percy r.
Goepel and George Fl. Watson, jr.,
have formed CO. partnership under the
name of Pendcrgast, Watson & Co.,
members of the New York Stock Ex-
change.
e. V. r. Thaycr. president of the
Chase National Bank, has been elected
director Of the Bethlehem Steel
Corporation to fill a vacancy.
Wellington L. Bull will retire as a
partner Of the Stock Exchange firm of
Swartwout e. Appenzellar on April 1.
Service Company first lien collateral
trust per cent bonds is being made
by Baker, Ayling g. Young and Bioren
d Co., at price to net over 6h per
cent
The $1,000,000 Blackstone Valley Gas
and Electric first and general mortgage
. per cent gold bonds are being offered
by Estabrook e. Co. at 921s and inter
est, TO yield about 5.63 per cent.
The following appointments at the
Paris office of the Guaranty Trust Com
pany of New York were announced
yesterday by the executive committee {:
D. b. Avegno, treasurer; John Watts,
acting secretary; P. c. Pasteur, assist
ant secretary; J. Wesley Conn, assist
ant comptroller,
The Asia Banking Corporation yes
terday announced that the office of the
new Hankow branch had been opened
on Saturday. The branch is located on
the Poyang Roard in Hankow, and is in
charge of j. II. Wichers. The Shang-
hal branch of the corporation was
opened in February, and the Offices in
Peklng and Tientsin are scheduled to
open early in May, with Changsha,
Hongkong and Canton following
shortly.
New-York tribune., 1919-03-18
TO ALL HOLDERS OF CLAIMS AND
DEMANDS AGAINST
Brooklyn Rapid Transit Company,
New York Municipal Railway Corporation
AND
New York Consolidated Railroad Comusny.

NOTICE is hereby given tha, on the sth
day or February. 1919, the United States Dis
trict Court for the Southern District OF New
York made order in the equity suit pend
ing in said Court. No. e 1891 brought by
Westinghouse Electric and Manufacturing
Company. plaintiff, against Brooklyn Rapid
Transit Company, New York Municipal Rail-
way Corporation. and New York Consolidated
railroad Company. defendants. which order'
among other things. provides that
~ All claims and dema nds against me
said Brooklyn Rapid Transit Company. the
said New York Municipal Railway Corpora
ton or the said New York Consolidated Raj.
NJ Garrison, Receiver of said corporations. on
or before the LIST day of April. 1919
t2l If any persons having claims and oe.
mands against the said defendants any oi
them shall fail to present such claims and
demands to the said receiver on or before ihs
said LIST day Of April 1919 provided 10
said order. each of them falling shall pe
barred from sharing in the benefit OF the oiss
tribution of the moneys and proceeds OF me
properties of the said defendants that now
are or hereafter shall be in the hands OF las
receiver In said suit aud from sharing cl
participating In the distribution Of any ot tns IN,
proceeds arising from the sale OF any Of sag
properties X such sa le shall thereafter oe ~
judged and decreed In said suit.
Nothing in said order requires claims sha
demands secured by mortgage or other lleb
to be presented 10 the receiver as spo'7
stated.
Forms for proofs of claims and demands
required TO be presented 10 the receiver a.
stated above may be obtained from the is'
ceiver at his Office. No. So Clinton ssress
Borough of Brooklyn City and State oi nc"
York. and claims and demands shall be ~
sented TO the receiver at his said Office ,,,s ,y
s5 Clinton Street Borough of Brooklyn ""
and State of New York. AN
Dated, Brooklyn. N y. February 10. I'VE
Receiver.
So Clinton Street,
Borough of Brooklyn.
City and State of New York
New-York tribune., 1919-03-18
Repercussions

Buy Steel on soft spots.-Wrcnn
Brothers C Co.
Enthusiasm should be tempered with
caution.--W. J. Wollmam C Co.
The underlying trend of the stock
market is still upward.-T. L. Watson
G. Co.
Rich men cannot afford to sell their
stocks at profit this year.-Goodbody
e. Co.
No one can doubt that we are moving
forward and upward on increasingly
firm ground.-Posner & Co.
The great panacea for our present
ills would be the resumption of ordinary
work-aday onditions.-Hoyden, Stone
& Co.
The stock market might easily succeed
in disocunting before long the transi-
tional development OF the country 5
business some months ahead.-Gray e
Wilmerding.
New-York tribune., 1919-03-18
S III 8 t e II a ce
Cereals

Wheat.-The visible supply of wheat
showed a decrease of 3,947 900 bushels
for the week, bringing the total to
1l1,582,000 bushels. This total com
pares with 7,75O0OO last year, and
while the amount of available wheat
appears extremely large, a very liberal
proportion is believed to have already
been sold abroad and awaiting trans
portation.
Advices from the Northwest saw that
1T is very difficult to get good wheat
Continued to page fifteen
New-York tribune., 1919-03-18
United Profit Sharing

The United Profit Sharing Company
reports net profits of $2l1, ,525 for the
year ended December 81 last. This
represents a decrease of $29,5S1 from
the year before. The company earned
13 cents share on $409,537 capital
stock (par value 25 cents), compare i
with Is cents share earned the pre-
vious year. Dividends amounted to
$8l ,90S, leaving a surplus of $129,617.
New-York tribune., 1919-03-18
Paris Hears Stabilization
OF Rates Is Ended

PARIS, March 1.-THE American dol
lar and the English pound are mount
ing steadily and rapidly. French ex-
change for the dollar opened TODAY at
5.72h against 5.45 last Friday, and the
English pound at 2717, against 25.97
on Friday. The closing rate on the dol
lar to-day was $50 and on the pound
1850 ~ 'N''
This is due to the fact that the inter-
Allied money exchange again has be-
come "frce" and the stabilization of
the dollar at 5.15 and the pound at 26
has ended.
1t was also stated here that various
French, American and English banks.
New-York tribune., 1919-03-18

Southern spot markets follow: Gal
weston quiet, unchanged at 275O;
sales 500 bales. New Orleans quiet,
unchanged at 27.50; sales 1858 bales.
Mobile nominal, unchanged at $3.50;
sales nil. Savannah steady, unchanged
at 27.25; sales 425 bales. Charleston
firm, unchanged at 26.75; sales. nil.
sales nil. Augusta quiet, 13 points
higher at 27.13; sales 236 bales. Mem
phis steady, unchanged at 2725; sales
2,200 bales. st. Louis quiet, un-
changed at 27c: sales nil. Houston
quiet, unchanged at 27.5O; sales 1911
bales. Little Rock quiet, unchanged
at 27.25; sales 1856 bales.
New-York tribune., 1919-03-18

The above rates express the cost of
foreign money in terms Of the Ameri
can dollar. You buy an English pound
sterling, say, at $4.75%. The intrinsic
parity is s4s65s per pound. Thus, you
say either that pounds at at dis
count or that dollars are at premium,
which is owing to the fact that in Eng
land the demand for dollars with which
to settle accounts in this country is
greater than the demand in this coun-
try for pounds with which to settle
accounts in England, -
New-York tribune., 1919-03-18
COTTON STATISTICS

Liverpool Cables.-Spot cotton in
more demand, middling 81 points higher
er at 1864. Sales, 5000 bales; Ameri-
can, 1000. Imports, $4,000; American,
$4,000. Futures opened steady A to IL
points higher. Closed quiet but steady,
unchanged to points higher. March,
1888; April, 1888; May, 14.3O; June,
1410; July, 1889; August, 1884; Sep
tember, 13.42. Manchester = Yarns
dull; cloths. fair business doing.
New-York tribune., 1919-03-18
Federal Reserve System Grows

WASHINGTON, March 17.-Sixteen
state banks admitted to the Federal
Reserve system in February raised the
total roll of state bank members to
973, with total capital of $352,817 900,
surplus of $403, $4,000 and total re-
sources of $7,382.S0 900.
New-York tribune., 1919-03-18

There begins to be belief
among observers of the market that
it has lost it's pristine spontanety.
The economic future looks still as
alluring as month ago, if not
more so. There are still our un-
precedented crops and our unprec-
edented foreign trade, and there is
the army of millions who learned
during the Liberty loan campaign
what investment meant and what
securities were. But fundamental
conditions, it is pointed out, de-
termine only n trend; they do~not
control transient fluctuations. And
there is a growing suspicion that
technical conditions may bring the
present phase of the market to a
stop. After Wednesday of last
week there was a good deal of prof
it-taking. Under cover of gorgeous
demonstrations in few stocks the
general market declined. The chest
people," the Strong interests" the
"insiders," seem willing just now to
sell their stock to the public. That
does not mean that the rise has al
ready ended. For, as one commen-
tator remarks, "There is no doubt
that stocks are being we'll sold, but
those who have them for sale must
bring about rally in order to facil-
itate further selling"
New-York tribune., 1919-03-18
Financial Needs
OF Beth. Steel Met
By British Notes
Payment of Treasury Issue
Provides Company With
Ample Funds; Result of
Years Operations Shown

Payment on February of S37 ,600,-
600. British treasury per cent notes,
accepted on war contracts for the old
imperial Russian government, has pro-
vided for the entire present construc-
ton programme of the Bethlehem Steel
Corporation and has supplied addi-
tional working capital, according to
statements made by Charles NJ
Schwab, chairman, and Z. G. Grace,
president, in the annual report to
stockholders issued yesterday.
"This places the finances of your
corporation in good condition." they
informed stockholders, with improve
ments and all other requirements of
the present year, including maturing
obligations, provided for"
Mr.. Schwab and Mr. Grace stated
that the end of the war found the
Bethlehem Steel Corporation prepared
to meet readjustments in it's business
made necessary in the transition from
a period of intensive war time to an
orderly and highly competitive peace
time basis.
"While carried on under rather diff
ficult conditions" they said, "the pro-
gramme adopted several years ago for
the extension of plants Of your corpo-
ration along lines of increased pro-
duction of commercial products has
been strictly adhered to, and it's
sources of supply and raw materials
have been strengthened and developed
equipment of steel plants has been
enlarged and improved and products
largely diversified. Development of
shipbuilding plants has kept pace with
that of the steel plants and in capacity
and equipment they are prepared to
build vessels of any type or size"
The income account of 1918, a sum-
mary of which was made public early
in the year, compares with the pre-
ceding year as follows:
New-York tribune., 1919-03-18

Yesterdays call money market
was a surprise to the generality.
Some brokers had feared a sensa-
tional advance in the rate. There
were perhaps a billion dollars paid
in taxes (that is merely a guess)
and would not such withdrawal
from the banks have a startling eff
feet on money rates? But it did
not have, and for two reasons. The
first is that the government clerks
are now swamped with mail and
haven't had time to turn the checks
in yet. The second is more impor-
tant. Wall Street had busily talked
Of the tax payments and, concen-
trating it's attention upon them, had
forgotten that on Saturday, when
tax payments from the people to
the government fell due, there also
fell due $794 100000 of certificates
of Indebtedness from the govern
ment to the people. Most of these
were used to pay taxes, which is
to say that neither the banks nor
the government was the gamer;
they merely represented the closing
of transaction in which the taxes
had virtually been paid at the time
the certificates were bought. But
the remainder, perhaps 35 per
cent, were held by individuals, COR
porations and banks for investment,
and these the government had to
pay off. This has left the banks
temporarily in possession of great
amount of funds, which they are
lending out on a day to day basis.
That is why call money fell to
per cent yesterday.
But this condition will not last
long, and the banks know it. That
is why they were reluctant yester-
day to make time loans and loans
on commercial paper. For the
checks drawn on the banks to make
tax payments will soon be turned
in for collection, and the banks will
have to pay. And until they are
all turned in no bank knows ex-
actly how much it will be called
upon to pay. When the Treasury
gets all the money, and if the money
happens to come to more than
.$794, 900, ,000-that is, if it is
greater than the amount of certif-
Gates of Indebtedness which the GOV
ernment has had to pay-the sur
plus will not be deposited directly
with the member banks from which
the tax checks are drawn, as has
formerly been done, but will be
deposited with the Federal Reserve
banks. If it is found that the sur
plus amounts to something it will
probably be redeposited in the mem
ber banks. In the mean time there
are sufficient uncertainties to make
the banks cautious. It is doubtful
whether yesterdays ease in the cal
money market will continue unin-
terrupted for the next few weeks.
New-York tribune., 1919-03-18
Finance = Economics
Copyright. lsl9 New York Tribune Incl

Copyright. 1919. New York Tribune Inc.)
Unless the stock market becomes
ever more active it appears to
slacken it's pace. A millon-share
day ceases to cause excitement. 1t
becomes dull affair. The mind
has become adjusted. A million
share day does not cause discus
sion unless it comes after a series
of days or weeks on which there
were no million-share days. Wall
Street works in comparison and con-
trast. 1t is not interested in
whether business conditions are
good, but in whether they will be
better And it is not happy if stock
prices are high, but only if they
are going higher.