davidaulloa/AmericanStories huggingface dataset:
Evening star., 1919-10-11
INVESTORS AND BANKS
BIG BOND BUYERS
State and Municipal Issues Have
the Call, Being Tax
Free.

During the month of September the
supply of municipal bonds in the
hands of investment dealers was de-
creased materially, according to the
Daily Bond Buyer of New York,
through large sales to private inves-
tors and as a result of some buying
on the part Of savings banks, insur-
ance companies and other institu-
tions. During the month 1t was evil
dent that the market for municipais
was strengthened by the splendid i'm
provement In the liberty bond situa-
tion and by the hesitancy on the part
Of investors to purchase corporation
securities in the face Of the serious
Industrial unrest in this country.
The issuance of new bonds by
states, counties, cities and smaller
municipalities continues In large vol
ume. but reports of new financing OF
this nature reflect the seasonal dull
ness that obtains in the northern sec
tions OF the country in the fall and
winter months when construction OF
roads. public buildings, etc, is slowed
up by adverse weather conditions.
Sales Of new state and municipal
bonds in September and the nine
months period ending September so
for the last ten years were, accord
ing to the Daily Bond Buyer Of New
York, as follows
Evening star., 1919-10-11
SPEC|ALT|ES MAKE HIGH
STOCK MARKET RECORDS

NEW YORK, october 11.-Special-
ties. particularly motors and their
subsidiaries. dominated today's brief
but very lively stock market to a
greater extent than at any time in
their history. Many new high rec
ords were made by shares Of those de-
scriptions. Buoyant features included
Chandler. Studebaker, Pierce Arrow.
White and General Motors at gains of
s to 80 points. Stromberg, Bosch
Magnetic and Rubber Tire issues
scored less extensive gains.
Associated Oil and Mexican Pc
troleum were substantially higher,
and shippings, tobaccos, feathers and
textiles contributed to the sweeping
advance. Rails. steels and equip
ments were resistant. though ending
mostly at gains. The closing was
strong. Sales approximated 100000
shares.
Today's short session opened with a
resumption Of hullish operations in mo.
tors and oils. also shippings, steels,
equipments. tobaccos and miscellane-
GUS specialties. Gains of 1 to points
attended the early dealings in Pierce.
Arrow. Stromberg Carburetor, Kelly
Springfield Tire. Mexican Petroleum.
Atlantic Gulf. American Internationai
Bethlehem Steel. Baldwin Locomotive
Sumatra Tobacco, Retail Stores and Fa-
nous Players. Metals also Improved
but rails were irregular, Southern Pa
cific forfeiting part Of Yesterdays sub
stantial rise.
Evening star., 1919-10-11
BUSINESS LONDON IS
OPTIMISTIC AS TOLAbOR

From the N. Y. Evening Post Financial Bureau
LONDON, October 1.-THE "city'
entertains a highly favorable view of
the general labor situation because Of
the moderation attending the railway
strike and it's settlement, and the
great anxiety displayed by other
unions to achieve settlement.
result Of the efforts of professional
agitators Is now regarded as an i'm
possibility. The governments atti-
tude also promises greater regard
for the security Of capital.
Insistence by the authorities that
the railway position will not permit
higher wages suggests that the gov
ePnment is recognizing the obligation
resting upon 1t to maintain the rail-
ways on paying basis. instead Of al
fore returning them to their stock
holders or purchasing them at low
valuation.
1t is stated that the formation Of
supreme appeal tribunal" for labor
disputes Is under discussion. this to
be done by widening the powers of
the Joint industrial council already in
existence. The engineering industry
IS menaced by the iron founders
strike: The money market was un-
selling rates Of treasury bills to ~
Per cent for three months maturity
and 8 per cent for six months.
The special ~ per cent rate al
lowed on deposit Of foreign balances
at the Bank Of England Is discon.
tinued. interest ceasing on tho 18th
OF October. 1t Is not anticipated that
the step will cause the withdrawal OF
balances. which can he invested in
treasury bills on better terms. II
such investment occurs the effort will
much improve the governments imam.
cial situation, as the special deposits
represented ways and means ad.
vances in the government. An in.
creased sale Of treasury bills. on the
other hand, will permit the repay.
mens Of . large part of these ad.
Vanco0.
Vickers are offering 100000 of {
per cent ten-year Chinese bonds taken
a. payment for contracts executed fol-
China. This operation has no con.
naction with the Chinese consortium
and the bonds have no dennit ely
pledged security.
Evening star., 1919-10-11
ENCOURAGES RIFLE PRACTICE
War Department Memorandum
Mentions Activities of Clubs.

Efforts are being made by the War
department to stimulate interest in
small arms firing in educational in i.
stitutions under military supervision
ana to encourage competition in such
nrlng between the students of such in
stitutions.
In a memorandum on that subject.
tho war Department says that sew.
eraI private companies engaged In the
manufacture Of small arms have done
excellent work In promoting ride
practice by organizing ride clubs In
scnools and colleges and should re-
celve encouragement from Army on
Gers and the general public
Evening star., 1919-10-11
New York Mercantile p.ner

NEW YORK, October 1l.-Mercant,le
paper. 5a5h per cent; sterling, sixty.
day bills, 4.16h; commercial sixtv.dsv
bills on banks, AIS: commercial sixfv.
day bills. 4.16h; demand, 4.isX; cables.
1.Ish. Francs. demand. s.66; cables.
s7T. Lire. demand. S.sk: cahiss. "A
Marks, demand. az: cabies, S1E.iS
Government bonds steady: raiiros6
bonds ar5n.
Evening star., 1919-10-11
Rules on Sales Of Autos.
The Secretary Of War has dir

Tue S6ctet1fy OF war mas oIrected
that government-owned automobiles
for sale At public auction shall not be
sold to persons who. ~ officers, ON
cials. agents or employees Of the gov
'ernment were in any wise connected
with tho purchase Of the property to
be sold or have been or are in any
wise connected with the sale of said
property.
Evening star., 1919-10-11
Big Loan Increase.

From the n. 7. Evening Post Financial Bureau.
NEW YORK. October ll.--Notwith-
standing increase Of $4,000. 900 in the
loan account. bringing the total to much
the highest ever recorded and to a figure
nearly Ss0o.o0o.ooo above this week Of
1918. INC weekly bank statements show
plus reserves. This was q result not Of
Increased reserve credits at the federal
bank. but OF decrease in deposit lia :
bilities which apparently indicated use
Of outside bank facilities to provide for
the increased loans.
Evening star., 1919-10-11
PRESENT Market
PLAYING NEW ROLE
SWayed by Rumors Of DNl-
! dends, Not by News of
the Day.
BERLIN EXAMPLE CITED

From the N. Y. Evening Post Financial Bureau.
NEW YORK, n. Y. October IL
More or less vaguely. most people
realize that the present stock market
as a whole is not playing its familiar
and traditional role Of indicating by
an upward or downward movement
the consensus Of financial Judgment
on the particular events or tendencies
of the day.
1t has its ups and downs and such
changes are ascribed by Wall street
and the financial writer's to the in
f1uence of news from Washington or
Pittsburgh or London or the foreign
exchange market But comment OF
this sort is perfunctory, the explana-
tions seem to be presented as matter
of long time habit, and so far as the
Wall street constituency Is concerned
they are quite superseded in interest
by rumors of dividends or operating
plans of one or more industrial COM
panies. In actual point of fact little
or no attention is being paid to the
news developments of the day as a
controlling influence.
Evening star., 1919-10-11

timore and Ohio railroad and It's sub
sidiaries for the year 1918. under the
contract with the director general OF
railroads. was 330.o3l.00s. apportion-
ed a. follows: Baltimore and Ohio,
327.744.74o; Baltimore and Ohio Chi
cago terminal. $1,266.202; Staten Is
Valley and Elk Horn Valley railroad.
33s1.s21. and the Coal and Coke Rail-
way Company, $282.322.
The compensation In the above in
come account Is that apportioned to
the Baltimofe and Ohio only. The
compensation apportioned to other
roads is taken up In their own in
come accounts. but the net result of
these operations Is reported In the
Baltimore and Ohio income account as
profit OF separately operated proper
ties.
Evening star., 1919-10-11
LONDON MONEY MARKET.

'oNpoN. October 1l.-Bar silver.
exxd per ounce: money, ~ par cent.
Discount rates: Short bluS, ~ per
cent; thres-month bills. - per cent.
Evening star., 1919-10-11
Estimate of Deficit at $4,45e, ,ses.

Two-thirds of Southern's standa ID
return 10 $12.423.000. in round figures.
With actual net operating income at
$6,1s4,56s, the deficit to the govern
ment for the nrst eight on,bs Of
1918 reaches s6.22s.55s. Tne -oas'.
full yearly standard return comes to
$1s.663,89S. If It can be assumed that
the remaining four months viii aver
age 100000 net a moath, the same
az in July and August. operating In :
come for the year would BE- Sll.is4.
900, and the governments deficit for
the year would thus be S4,45s.S9s
July and August witnessed sizab,a
increases in net operating incoms
over the preceding months of 1919.
The table shows these two month"; ~
have furnished 67% of the eirht
months total Of $6.194,55s.
BY itself the first two.third. -,
the year would have meant for the
company a deficit of approximately
$4,000 If 1t had been operating
without federal compensation. ON
the basis of the estimated 314.Ie4 oon
net operating income for the full vesr
and assuming other fixed charra. a 9
in 1918. surplus over charges wouId
be Sl.249,000, equivalent to 2.osa nn
the 100000 preferred stock. Morn. !.
ally the road would be better in ~.
final four months OF the year than
the net income Of July and Aperst
the basis for this estimate. sra 4:
likely to do 80 this year, thourh re-
troactive wage . advances a1resSv
made must be reckoned with ana nos,
sibly some to be made in the near
future.
Evening star., 1919-10-11
World Short of Materials.

Whether that is so or not, there 10
no denial Of the fact that the war
has left the world as q whole not only
short of materials, but with the
sources Of such materials at least
temporarily Impaired.
The benefit of such q situation must
fall to the actual and bona fide pro-
ducer in any country, and that II per-
haps the main logical reason for the
persistent rise in our own industrial
shares.
The influences Of this scarcity has no
doubt been emphasized by the slowness
Of industrial revival In Europe, both
because Of shortage of capital and be-
cause Of the obstructive attitude Of
labor. When prices Of commodities
were falling in the first months of the
year and prices on the stock exchange
we're falling with them. the markets .
idea seemed to be that our sales Of goods
TO Europe would be cut down heavily
by the prompt return Of England and the
continent to active production. and that
cancellation of army orders would leave
our own manufacturers producing moro
than they could sell except at q sacrifice
In price. The subsequent rise in both
commodities and stocks followed dis
covery that both suggestions were er-
IOneOus.
Evening star., 1919-10-11

WHOLESALE BEEF PRICES.
The following are today's wholesale
market prices Tor beef cuts as quoted
by the Washington market Of Swift
Evening star., 1919-10-11
.1os. .eoe SO. 7l5, 75s Inc a,se2 s4s
Net Operating Income.
s-mo.tot. 1914 5ss s1s $50 Dec II. .s2s. .272
eDedcit,
Training Camps Closed.

Considerable losses in passenger
and freight traffic have been felt by
the Southern due to the closing Of
numerous training camps in tho
south. Yet the above table shows
gross earnings for the first two-thirds
Of 1919 TO be ss2. 2.los.sss. compared with
$7s.715.756 for the similar period in
1913. . gain Of $2.3s2.s43. In this
connection, however. it will be OBJ
served that July and August, 1919.
showed notable decreases from their
figures Of 1913. and that the increases
of the preceding months are small
This indicates that the passenger and
freight rate increases which became
effective In June, 1913, rather than
volume of trafhc. sustained Southerns 8
gross earnings in the comparison Of
the first six months.
The comparison. on the other hand.
shows net operating income to have
fallen of 311.s2s,27s: from Ils.117.ss0
to $6.194,658. This drop reflects 9en-
orally increased operating expenses.
which in accordance with almost in.
variable rule became fully effective
later in the south than on the eastern
and western roads.
Evening star., 1919-10-11
Movements Explained.

This is the legitimate ground for
what we now see in the commodity
markets and in the movement of in
dustrial shares on the stock exchange.
Two considerations are more or less
left out of account In reasoning based
upon them. One Is the factor of labor
cost. which has been rising as violent
ly as prices Of commodities. and which.
therefore. is bound to affect in an in
determinate degree the profits due to
those rising prices. The other is that
the rise in the Industrial stocks has
resulted not alone from actual or
prospective increase Of profits, but
from the fact of a huge fund Of un-
employed capital backed by wholly
exceptional access to credit by bor-
rowers with speculative purposes in
view. The real question of the stock
market necessarily Is. therefore, what
will be the longer influence of these
two elements in the situation. The
next few months are likely enough to
test the matter.
Evening star., 1919-10-11
Example in Berlin.

Perhaps the most striking recent
example of such a movement was
the violent and persistent rise on
the Berlin Stock Exchange during
1918 up to the moment Of Bulgarta's .
capitula.ion The rapid depreciation
of the German currency was a per-
,fectly evident cause for that move
ment.
Depreciation Of the currency is GER
tainly not factor in our own f1nan-
cial movement 1t is pretty thoroughly
established that the increase in fed
eral reserve notes is a consequence
and not q cause Of the high level of
prices and the great activity Of busi-
ness. So far as prices Of commodities
are concerned, 1t Is believed in some
quarters that, even without deprecia-
tion of our own currency, our markets
cannot escape the consequences Of the
unparalleled currency depreciation
which prevails in the rest Of the
world.
Evening star., 1919-10-11
May Indicate Various Things.

Markets of this character are not
altogether unfamiliar in Wall street
or elsewhere. Their attitude some-
times reflects the fact that the gen.
eral trend Of the news is all in one
direction. and that therefore minor
changes in the drift Of things may be
ignored. The market of 1901 was
largely Of that character. Sometimes
it means that the fundamental basis
Of values Is being changed progress
fvely by what we loosely call "infla-
ton" so that prices Of company
shares as we'll as of commodities must
automatically move UP, regardless of
actual events in the financial or in
dustrial field.
Evening star., 1919-10-11
AL1|MORE & OHIO
EARNINGS ARE FAIR
Net After Taxes Equivalent to
$50 q Share ON Common
Stock.


The corporate income account of the
Baltimore and Ohio railroad for the
year ended December 81. 1913. as sub
mitted to the Interstate Commerce
Commission. shows net income. after
taxes and charges, Of $11,02b.4o3'
equivalent, after preferred dividends.
to $50 q share earned on the com :
mon stock, as compared with $8,o2s.-
374, or sara Q share. in 1917.
The corporate income account Tor
the year 1918 follows:
Federal compensation ..............$ $27, 744. 14e
Uthef income ............sssssss. ~O,SVV,0OA
Total income .$6x,vSo, ~
Interest, taxes, rentals. ete.....!.. N.82O. .2Ss
Net income ................$l .$l1 ,026 .40a
sIncludes 1896, 4s7 profit Of separately oper'
ated properties.
Total conoon q f1on n11nwod theRal-
Evening star., 1919-10-11
SOUTHERN RAILWAY
EARNINGS LIGHTER
Estimated Deficit on Govern
ment'S Guarantee of
$4,459,893.
STUDY OF CONDITIONS

From the Wall Street Journal
In connection with the remarkably
good showing made by Southern rail-
way in its 1913 annual report and the
consequent speculation as to what
may be expected Of this road in the
present year, some illumination is to
be had by comparison of Southern's
gross earnings and net operating in
come for the frst eight months Of
1919. with figures Of the correspond
Ing period Of the preceding year:
The Barre daily times. (Barre, Vt.) 1897-1959, 1919-06-04
WELCOMES RETURNED SOLDIERS.
Nearly 10000 People Witness Parade in
Newport Yesterday.

Newport. June 4.-Vermont's newest
city fittingly welcomed its returned sol
diers Tuesday by a celebration that in
ciuded as its guests all the soldiers of
Orleans county and the soldiers from the
adjacent towns on the Canadian border.
Nearly 10000 people witnessed the big
parade, which had 1000 in the line, in
cluding 200 khaki clad boys from Or
leans county, sailors and marines, and
about IS Canadian soldiers. Professional
decorators had been working for two
days and the buildings and streets never
looked more attractive.
In the morning the soldiers from over
seas defeated the Newport high school
nine in fve-inning game, the score
standing II to 4. Following the lunch in
the park came the big parade, led by Col
Aaron Grout, chief marshal All the
fraternal orders were in the parade, three
bands, the home guards, the boy scouts,
the Grand Army veterans, while the
soldiers were escorted by two Y. NJ. c. A.
men, Harry Burgess and Leland Green.
Mayor Gardiner presided at the speech
making, which followed, and stirring ad-
dresses were given by Col Keyille of
Boston, commander of the l0lst ammu-
milton train, Brig. Gen. G. G. Draper Of
the Canadian forces, ex-Gov. Josiah
Grout Of Derby, Rev. FIR. Bastien and
Rev. L. A. Edwards, two Newport
clergymen.
The Barre daily times. (Barre, Vt.) 1897-1959, 1919-06-04
PLANT VAS IDLE
AFTER FATAL RIOT
WHY'S Overland Shops at Toledo at a
Standstill-Two Victims of Shoot
ing Were Said to Be By
ISLANDERS.

Toledo, Ohio, June 4.--0perations at
the Willys Overland Automobile company
were at standstill to-day as result
of the rioting last night in which two
persons were shot to death and IL in
jured. The plant opened a week ago
Monday after two weeks of idleness.
Clarence A. Earl, vice president and
general manager of the company, au.
thorized the announcement that no at
tempt would be made to operate the
plant, which has been affected by labor
disturbance involving $4,000 employees,
pending word from Governor Cox regard
ing an appeal from Mayor Schrieber for
troops to handle the situation.
The dead men, it is said, were not in
volved in the labor dispute and were new
er employed at the Overland plant. They
were in the crowd which congregated
about fire station when discharged
soldiers guarding the plant arrived in re-
sponse to a riot call.
Police authorities are apprehensive of
further outbreaks to-day aimed at the
former soldiers doing emergency police
duty. The emergency police are armed
with automatic pistols and rifles
The Barre daily times. (Barre, Vt.) 1897-1959, 1919-06-04
SIX ARRESTS IN CHICAGO.
Several Raids Made on Places of Radical
Gatherings

Chicago, June 4.-Half a dozen men
are in custody here to-day as suspects,
following night of activity on the part
of the federal agents and city detectives.
Several raids were made on halls on the
west and south sides reputed to be places
for radical gatherings.
In one of these raids, it was said, ex-
plosives were found in addition to a mass
of anarchistic pamphlets gathered in sew
eral places.
From Daniel Collin, arrested several
days ago, it was said, partial confes-
sion had been obtained indicating con
nection of Chicago radicals with others
in the east in bomb plot of wide rami-
tications Collin said to be an Italian,
speaks seven languages and is book
keeper. According to the police, he ad-
mits being an anarchist for four years,
coming here from New York and during
his leisure hours aiding in the propa.
ganda work Of the extremists with whom
he is affiliated.
The Barre daily times. (Barre, Vt.) 1897-1959, 1919-06-04
LAST FOOD SHIP IN JUNE.
Will Leave the United States for For
eign Nations.

Paris, Tuesday, June 3.-The last food
ship under the direction of the Amer
lean food control organization will leave
America late in June, unless there should
be decided change in the worlds af-
fairs and some new legislation is passed
by the United States Congress, it was
indicated here to-day. No law is now in
existence authorizing the participation of
the United States in food control ac-
tivities after the signing OF the peace
treaty, and American food experts be-
lieve it desirable that the financing Of
food transactions should be handled by
bankers and that the dealings should be
permitted through regular channels.
Herbert Hoover, chairman OF the in
ter-allied food commission, contends that
normal trading should be established
throughout the world and insists that at
tempts made to control prices will tend
to stifle production.
The Barre daily times. (Barre, Vt.) 1897-1959, 1919-06-04
MRS. MARTHA TURNER.
Died After Much III Health Due to a
Cancer.

Mrs. Martha Turner, aged 50, passed
away at City hospital at IL o'clock last
night, death resulting from cancer, treat
ment for which she had been receiving
at the hospital since May H. Two years
ago Mrs Turner underwent an operai ion
at Mary Fletcher hospital, Burlington,
and she had been in poor health since
that time.
Mrs. Turner was born in Bridport.
She was married to Elihu Turner and
had made her home in Washington for
the past 80 years; since her husband
died, 81 years ago, living with her son,
VIII Turner. She was member of
Washington grange, No 26s, and was
well liked by wide circle of friends
She is survived by her mother, Mrs.
Mary Barlow of keene, N. H., son,
Fitch Turner, of East Randolph, a
daughter, Mrs. Metcalf, also of Keene.
There are also two brothers, Martin and
William Barlow, residing in New York
state, and another brother, Arthur, in
Keene, besides a sister,
The funeral will be held from the Uni
versalist church, Washington, Thursday
afternoon at 2 o'clock Rev. Paul Weller
officiating. Grange will attend in body
and their service will be used at the
grave,
The Barre daily times. (Barre, Vt.) 1897-1959, 1919-06-04
HELD FOR HEARING JUNE II.
Mike Arruzza, Winooski Murderer, in
Municipal Court Yesterday.

Burlington, June 4-Mike Arruzza,
who confessed TO States Attorney Mar
tin that it was he who stabbed to death
Dominic Arruzza, his cousin, in Winooski
Sunday night, was taken before Judge
H. F. Wolcott in municipal court in Wi
nooski yesterday and held for a hear
ing June II. II il expected he will be
bound over to county court.
The four Italians arrested with Ar
ruzza, three the night Of the murder, and
the fourth Monday, were also in court.
The two women, Mrs. Mike Arruzza and
Mrs Dominic Arruzza, widow of the
slain man, were allowed to go on their
own recognizanee, but the two men, Mike
Momona and Frank ,Stramintino, were
required to furnish surety Of $500 each
for their appearance at the hearing on
June II.
Following his appearance in court,
Mike Arruzza was brought back to the
Chittenden county Jail in this city. He
is powerfully built Italian He gives no
trouble in jail, though the officers keep
their eyes upon him.
States Attorney Martin held an in
quest yesterday afternoon and is con-
tinuing it to-day.