davidaulloa/AmericanStories huggingface dataset:
The Madison journal. (Tallulah, Madison Parish, La.) 1888-current, 1919-12-20
Helpfulness Of Criticism

II is natural TO resent criticism. We
dislike anything that shakes our self
competency or compels us to think.
Here and there a man has learned the
real service Of criticism and usually
he is a man who has attained To more
thar average success in Ffe We are
all pore or leSsSfTkestfie proverbial os-
ifr1&. We like to convince ourselves
that our faults are really our virtues,
in that we are doing good work in the
worl d when in truth we are tagging
{ax behind our actual capacity and
rifting along rather than really llv
g. William E. Towne. -
The Madison journal. (Tallulah, Madison Parish, La.) 1888-current, 1919-12-20

that very lot sslrts and truncated
siik 80 hs NTH leave serious
~ inl llhs all{ oefrall defenses of
6derp modesfy. ~
{ - ne came back In, one swift up
~ sweep and met her own gaze.
rely. steadily. She drew a deep
5teat Something sustaining had
! eeme into the white mans gray-blue
e5es, omething you could lean upon
Be wal euddenly not Of her old world.
Z ua afraid the soup Is a little
: coIdr teaid as he stepped around
Is draw h& hair for her.
The d. vas good beyond the
eachet = ross appetite. and
1t was = Ad nth rapidity and
eothnesS that would have done
p "a oldest Of the Pellor but
= -
The Madison journal. (Tallulah, Madison Parish, La.) 1888-current, 1919-12-20

In n sound amplifier invented by
California scientist the fall of a featfl
er makes a noise IKE a wrestle,
thrown upon a mat.
The Madison journal. (Tallulah, Madison Parish, La.) 1888-current, 1919-12-20

y good WY 10 review 'he lessons Of
IA" six months course Of study in the
ives az Peter and John will be- Ia ar
range them under three heads. aS fol
lows: |. Their CAL; II. Their Train
my; III. Their Service The first half
81 IN" studies, the part we have now
"'Ilpirt"d. have had tn do with the
calling and training of Peter and John.
ne last half The lessons for the first
quarter of 1920, vii! have to do with
their service.
New-York tribune., 1919-01-07
Offer More Wilson Bonds
Syndicate to Sell $5,OO0,0O0 of
FIRST MORTGAGE Bonds

a syndicate headed by the Guaranty
Trust Company will to-day offer So
100000 of Wilson & Co. Inc. first mort
gage 6 per cent twenty-five year sink
ing fund gold bonds at 9Sl2. to yield
about 6ls per cent. The issue is dated
April /, 1916, and the bonds will ma
ture on April i, 1871.
Including the present issue, S200SO.
600 of these bonds will be in the hands
of investors. The total authorization
was for $25,0O0,O00 The Guaranty
Trust Company and its associates
made the original Offering of bonds of
this authorization about two years ago.
On December 4 last s20o00,00 of
ten year 6 per cent gold bonds of Will
son & Co. were sold by the same
syndicate at 50. to yield $40 per cent.
To days Offering constitutes another
step in the present financing plans OF
Wilson & Co. Hallgarten & Co.. Will
lam Salomon & Co. and the Illinois
Trust and Savings Bank are the asso-
ciates of the Guaranty Trust Company
in the syndicate.
New-York tribune., 1919-01-07

4 working alliance between the
central banking institutions of the
principal nations, in a fashion to
approach somewhat an international
Federal Reserve system, is proposed
by Professor Sprague, Of Harvard
The effect Of this would be to trans
form international exchanges very
largely into a transfer Of book
credits. 1t would tend to do away
almost wholly with "foreign cx-
change" It would tend still further
to lessen the need of any large
quantity Of "foating' gold. 1t is
at least a question if the effect
might not be to reduce 50 far the
weight Of a solidly based bold stand
ard currency as 10 disturb the basis
Of values even more than it has
been.
New-York tribune., 1919-01-07

IL is perhaps trite to REMARK that
the war has greatly deprecated
the value Of gold for the business
Of exchange Gold coin has almost
disappeared from circulation The
larger part has been concentrated
in the banks. In its stead almost all
Of the countries have issued paper
notes, and are using the gold for a
double purpose: first, as re-
serve fund against these notes, and
second, as the basis Of bank re-
serves with greatly decreased
margin The total effect has been
to expand very heavily the actual
volume Of currency and credits in
almost all the countries with which
the United States does business IN
rough way, it might be said that
the worlds gold is doing almost
twice the work it was doing before
the war.
New-York tribune., 1919-01-07
How Wages Mounted

Ihc rising trend of factory payrolls
during the last year Of the war is in :
dlcated in statistics just published by
the Bureau of Labor Statistics for the
month of September, 1918. They are
based ON surveys in repres ntative es-
taDIlshments in thirteen manufacture
ing districts. All of the thirteen in
dustr!es had an increase in the total
amount OF the payroll for September,
l9lS, compared with the same month Of
the previous year. Seven Of the in
dustries reveal a gain in the number
OF persons employed. and six de-
crease. Car building and repairing
shows an increase of 23.7 per cent
whereas silk shows drop Of lis per
cent. ln the total amount of the paw
rolls, car building and repairing had
the largest increase -lO4.8 per cent.
which was largely due to the applica-
ton OF wage Increases granted by the
Director General of the Railroads Per-
centage increases of 41.6, 38.7. and 38 9
are shown in cotton manufacturino
IRON and steel, ard hosiery and under,
wear respectively. A comparison Of
wages of September 1918. with Aupust
1918. indicates that in twelve Of tho
thirteen industries there were certain
establishments reporting wage in
creases and in automobile man,
iactullng a Decline
New-York tribune., 1919-01-07
& o M IN O d itie s
| N d II S tri al
Cotton

The cotton market was extremely
nervous and unsettled during vester-
days trading. Weakness in Liverpool.
combined with reports from the dones-
tic goods trade that prominent mer-
chants did not look for full normal
or prev distribution at prevailing
high prices, seemed to be largely re
ons.Ole for the further decline. while
III anything nervousness was increased
b} reports from Washington that one
OF the Southern Congressman would
introduce bill TO amend Section )
OF the cotton futures act to prevent
delivery OF tinges and stains on futures
contracts March contracts sold off to
26.20. or 80 points net lower. and closed
at 26.54. with the general list closing
steady at net decline Of 35 to 60
points.
Additional indications of an improve
ment IN export prospects. evidently
failed TO create any buying power of
consequence. There was a feeling be-
tore the opening that the decline in
Liverpool might have been due to the
situation In this respect and the eX-
pecSatlon of increased imports But
such feature would suggest mar
rowing of the difference between
American and foreign markets. and the
appearance of heavy Liverpool selling
OiueIS AT tNe opening mere was hardlN
consistent with that theory. The local
market opened firm III tone at de
cline Of So points to an advance of 6
points, with the near months relatively
easy, owing partly perhaps to the cir
culation Of few January notices. but
chiefly as a result of the weakness
abroad and Liverpool selling orders.
As prices cased off the local selling
became more confident, while there was
also more Southern selling here than
for some time pest. and the lowest
level of the day was reached during
the afternoon. with active months
showing net losses OF IS to 98 points
There was some trade buying on a
scale down, and the close was some 25
to 30 points up from the lowest on
covering
Exports for the day were 9.21S bales.
making 1902 500 so far this season. and
port receipts we're 2l935 bales. South
ern spot markets. as officially reported,
were unchanged TO IS points lower
The local market for spot cotton was
quiet and 20 points lower, at 313O for
mlddling upland, compared with 3150
On Saturday and 32.35 the year before.
There We're no sales of spot
The range Of prices follow:
New-York tribune., 1919-01-07
Finance - Economics
STREET TeJenbonc


The tremendous earnings of the
great companies, and Of business
generally. came in the year and a
half that we were at war The peak
of stock prices was toward the end
of 1916. Then, as always, stock
prices anticipated earnings. Bar
ring moderate recovery last year.
we have had bear market for we'll
over two years. A great number Of
stocks sold lower in December, 1918,
than in December, 1917. The aver
age length of bear markets is nearer
one year. Two years is rare
New-York tribune., 1919-01-07
Money and Credit

The beginning Of the week found a
generally easier tone IN the local
money makct At the Stock Exchange
call money rates ruled at s to bNz per
cent and toward the closc Of the sea
SION some loans we're placed on a basis
Of 4H per cent. This compared with
n level Of per cent last wcck, when
the heavy demand for money for yearly
eettiement purposes reduced the avail.
able supplies.
Offerings Of fixed date funds were
New-York tribune., 1919-01-07
Mavcr Authorizes
.Tina Plant Sale

Judge Julius NJ Mayor. in the Fed
eral District Court. yesterday instruct
Cd and authorized former Governor
benjamin B. Odcll and former Judge
George c. Holt, receivers for the Aetna
Explosives Company. Inc, to accept
the offer Of H. A. Logan of $500, 900
for the purchase of the Carnegie plant
of the Aetna Chemical Company, at
Carnegie. Penn. The sale Includes the
real estate and buildings, but excepts
all the explosives manufactured and in
the course of manufacture at the Car
negie plant.
New-York tribune., 1919-01-07

Apparently majority of those who
anticipate period of hesitation and
dulness, with a considerable decline
in prices, in the next six months
agree in predicting very active bust
ness and an era of Industrial cX-
pansion in this country after that
Wall Street, as rule. looks ahead
six months or more. Yet this de-
ferred optimism is not reflected in
the course of stock prices. Many
leading stocks are selling below d
conservative estimate Of their book
value.
New-York tribune., 1919-01-07
Flour and Neutrality-suspicious. we're
Butter, Cheese and Eggs

Butter. Receipts were lol5i pack
ages Creamery, higher than extras
Id, II L a 72c; extras. % score. 7o'af
lie; iirsts, So to 9l score. 65,a zoe; sec.
onds, SS to 81 score. 600 64c, lower
grades, 54n soc; unsalted higher than
extras. 73'e a74c; extras, ~ q iSe,
tirsts. 67(a72c; seconds. 620 66c, state
dairy tubs, finest, e9@ zoe: good to prime
edC0 Csc; common 10 fair, $50 eeSs
renovated. extras. $50 64c, hrsts, oVes
b2c lower grades. asa SSc; imtauo"
creamery, firsts, 47@'asc: ladies. cur
rent make, frsts. a5'146; seconds, aS3
iS'fc; lower grades, liWa2i&c; paeklns
New-York tribune., 1919-01-07
Wealth MI Markets and Commerce
Relevant Comment
Tobacco Products Returns

Gross sales amounting to 13.484 1853
for the first ten months of 1918 are
shown by the Tobacco Products Cor
poration in statement submitted to
the Stock Exchange Cost of raw ma
terlals and operating expenses were
$40 1866. The surplus available for
dividends, after allowing for excess
profits taxes, was placed at S2,891, 1886.
The balance sheet as Of October 81
last showed cash Of s422 ,765, an in
vestment of $1.O74, 1888 in Liberty
Bonds and bills and accounts receiv-
able amounting to 81 ,94S, 800 Against
these there were bills payable of ST.
275,S75, $i,045.000 due on Liberty
Loan payments, and accounts payable
Of $534 .423
New-York tribune., 1919-01-07
Reaction in Rubber Common

The decline of Y points in United
States Rubber common in yesterdays
market was spoken OF in the brokerage
houses as a natural reaction" BY
this it was meant that the recent ad-
vance in the stock had been too rapid.
Rubber sold as low as 7Gi4 yesterday
and as high as rs, closing at r. com
pared with recent top price of better
than 80. SamuelaP. Colt, chairman of
the board. was quoted as saying that
the price OF tires viii be reduced only
when costs of commodities, particular
~ cotton, have been materially re-
duced: Wages have risen to high
scale he said, "and | hope that prices
Wlll be maintained sufficiently to give
q far margin of profit without disturb
ing the wage scale. at least until the
cost of living has returned to normal.
Certainly the policy of this company
Will be to maintain wages as far as
possible Chairman Colt said he did
not anticipate any great advance in
crude rubber prices.
New-York tribune., 1919-01-07
Southern Spot Markets Follow: Ga

weston steady unchanged at 1925;
sales, $40 bales New Orleans quiet.
unchanged at BOTS; sales, 55s hales
Mobile quiet, 10 points lower at 2Sc;
sales, . bales. Savannah nominal. un-
changed at sic; sales, nil. Norfolk
quiet. IS points lower at 2Sc; sales,
500 bales. Augusta quiet, % points
lower at $3.50; sales. 10 bales
Memphis steady, so points lower at
30: sales, 500 bales. St Louis quiet,
unchanged at $3.50; sales. nil. Hous-
ton steady so points lower at 30.15;
sales. 1,540 bales Little Rock quiet
% points lower at 29.50; sales, nil.
New-York tribune., 1919-01-07
Metals

Leading producers and sellers are
still asking % cents a pound for cop.
per to be delivered in the first quarter
of 1919. but are doing little business.
The expectation is growing that lower
prices viii have TO be established
before there will be material in
crease in inquiries
New-York tribune., 1919-01-07
SurrIus Limit Reached

Ia increasing its surplus from 500,
,'o5 to SS,32a, a,oA0, a. Indicated in its
latest statement. the Federal Reserve
Bank of New York has reached the
limit allowed by the Federal Reserve
act. This means that from now on
all earnings Of the local bank, ox-
ceptng i per cent year on the
capital stock. VIII go TO the United
states government. The law requires
that after dividend claims have been
iulir met all the net earnings Of a
/ 'ederal Reserve bank must be paid to
the Jnlted States as franchise tax
except that one-falf of such earnings
ghall be paid INTO surplus fund until
1T snail amount TO 40 per cent of the
paid-in capital Of such bank" There
is now an amendmen; to the Federal
and Currency Committee to allow the
reserve institutions TO increase the sur
plus 20 Too per cent of paid-in capital
In the case of the local Reserve bank
ths woulc make possible the estab-
lshment of surplus OF approximately
81 100000, that being the present
amount of stock outstanding.
New-York tribune., 1919-01-07

The number of companies and
cox porations which have large hold
ings of cash and liquid securities is
SO great that the fact has become
commonplace If there were no
Offsets to this, these assets in some
instances would be equal to from
so per cent to 100 per cent of The
common stocks Of some of the com
panies, even some of the largest.
It seems evident from their present
selling price that there are offsets
In many cases the companies are
carrying heavy Inventories Some
Of these are carried at relatively
low prices, but many are not. II
i were not for the possible shrink
age from this source. it is evident
that many stocks would. on the pros
poets OF even quite moderate bust
ness. tend to sell considerably
above present market quotations.
New-York tribune., 1919-01-07

Y committee of experts" headed
by prominent mining engineer, re-
ports TO Secretary Lane en- the great
peril 10 the nation of a decline in
gold production. We may be facing
many perils, but the least Of them
is the lack OF gold As a member
cf the Federal Reserve Board
pointed cut the other day. this
country now has the Target s'ock
ci gold ever known upon this ea4'r.
During the war the gold stock holG
by the worlds banks has very heavi-
ly increased On top Of this has
tecn reared volume Of credit
paper money and bank credits that
is simply enormous. Ten years Of
recent gold production compressed
into one would not very materially
increase the stability Of this credit
structure. if it is not stable now
The world does not need more gold
but lessened volume of credit The
only effect Of more gold now would
he to encourage further imitation.
New-York tribune., 1919-01-07
INTERIOR RECEIPTS
I.iyerpool Cables Spot cotto

middling 3 points higher, at 2l27d
good middling l6 points lower, at 21.O1
Sales, 500; American. 300 Imports.
30 900; American. $4,000 Futures
opened quiet. at Al to As points decline
Closed steady, at net decline Of So to
rs points January 1908; February.
1913; March, 17.17; April, 1916. Man
chester: Yarns, irregular: cloths,
more inqulrY but not much DOING
New-York tribune., 1919-01-07
CENTRAL PACIFIC RAILWAY COMPANY
Three and 0ne-Ha Per Cent.
MOrtgape Bonds

Notice IS hereby given that. pursuant =.
the provision OF Article Nine OF the NOR
gage. dated August /, 1Se9 from fh
company to the United States Trust Con
pany Of New York. Trustee. this Compa1
mas set apart out of the net income derive
by fl from The lines OF railroad thaieii
mortgaged the sum Of Twenty-Five thor
sand dollars. and that bonds issued und.
selH mortgage viii be redeemed therevsifi
Of such bonds at prices to be named hy fl.
bidders. % The amount Of S25.S23.95 lu la
Sinking Fund.
Such bids should be presented 10 ~.
COMPANY at its Office l65 Broadway. q.
Of New York on or before March l. 1879
al twelve o'clock noon. ard should l
endorsed Bids for Surrender Of Centre
Pacihc Railway Company Three and ore
Half Per Cent Bonds"
CENTRAL PACIFIC RAILWAY CO
~ WM. i. HEREIN. President
Dated January e., 1913
New-York tribune., 1919-01-07
Studebaker's Position

\ statement issued yesterday by A.
r. frskine, president of the Studebaker
Corporation, in connection with the
halaNcc sheet as of October / 1918 was
without apparent effect on the stock
which closed practically unchanged. Mr.
hrskine said that net sales Of the COM
panN for the nine months ended Octo-
Der were S35,61l .o5S. producing net
profits of S3.2l2,470 after deductions
Tor depreciation. interest and taxes
The corporation Is without a stock Of
finished automobiles on hand, according
TO the PRESIDENT He also said that
out OF the proceeds Of 100000 OBJ
tanned from the recent sale of 7 per
cent serial gold notes, payment Of
practically all OF the company's out
standing banl. loans. amounting to So
30 ,ooo Was anticipated. The amount
remaining has been invested in short
term interest-bearing deposits and Az
per cent United States Treasury GER
tIcates' Of Indebtedness until such time
as il is needed in construction work.
New-York tribune., 1919-01-07
Predicts Low Output

Therefore under existing conditions
| expect very small amount Of copper
from our properties until such time as.
having entered an active period OF re-
construction under peace conditions.
there is demand for the product that
Will give the shareholders proner and
reasonable profit
"ln 1913 the Utah Copper Company.
with the December output estimated al
l3,S35O00 pounds, produced 1913. .233 596
POUNDS Of the metal, contrastcd with
2Oi.7O2,325 pounds in 1917 The De
cember output compared with $780,
GOO pounOs for the preceding month
and l6,250.000 pounds for the CORE
spending month Of 1917
"The Chino Copper CompanY's output
IL the year just closed was 1867 ,332
pounds. compared with $500 5O5
pounds the year before, with the De-
cember iiguies placed at 5,507 635
pounds. against 6.464,2S5 in November
and S.094,l22 in Deccmber 1911 Ray
Consolidated last year produced S.
1893 pounds of copper against o.
i9S,6T9 in 1917 and 1920 900 pounds in
November and 1,412 900 pounds in De
cember. 1917. The Nevada Consoli-
dated Copper Company in 1915 pro
duced 7S,G2l.4l5 pounds of the metal:
in l9l, the output was S0,2S7 350
pounds, the December production show
ing a falling oft Of S0l 900 pounds from
November and 700 600 pounds from De
cember 1917
New-York tribune., 1919-01-07
Decrease Since Armistice

he smelter production of the
Phelps, Dodge mining properties in
1918 was 2O9.09s 626 rounds of copper.
compared with 204784,530 in the pre-
ccdng year. The December output of
l@.563, 600 pounds was 3,222.0l1 pounds
u der that of November
"The Inspiration Consolidated Copper
Company last year produced oS525 600
pounds, against S0.150,0O0 in 1917. The
December production fell below the
preceding month by 100000 pounds. ."
New-York tribune., 1919-01-07
The Dollar i'm Foreign Exchange

Rates on London and Paris were
slightly lower in the local foreign eX-
change market. the demand having
slackened momentalily.
Neutral exchanges were somewhat
easier, although the volume OF busi-
ness was comparatively small.
Closing rates yesterday, compared
with a week ago. follow:
Quoted dollars to the pound)
New-York tribune., 1919-01-07
Corporate Returns

r. w. WooIworth Company.-Sales
Tor December amounted tn S15,42O. .2a4.
IN increase If $s2s, ,76d over the CORE
spending period or the prccadine year.
sales Tor the twelve months were SlO7.-
1879. an increase Of s90s3, ,491.
New-York tribune., 1919-01-07
News Digest
Foreign

Paris Bourse. PARIS, Jan. 6.
Trading was active on the Bourse to-
day Three per cent rentes. 81 francs
o5 ccntimcs for cash Exchange on
London, % francs 98 confines. Five
per cent loan. SO francs 40 confines
New-York tribune., 1919-01-07
Other Cities

National Bank Call -WASHINGTON.
Jan. 6.-The Controller of tho Cur
rency to-day issued call for The con
dltion of all NATIONAL banks nj the
close of business on Tuesday, Decem-
Der 81
New-York tribune., 1919-01-07
EXorhitant lmposts

According to the committees state
ment, the companies are also paying
large additional amounts TO the Mexi9
can government by way Of bar dues.
stamp taxes and other mnositions'
which they think are exorbitant 1t is
stated, however, that the Mexican gov
eminent does not purpose to stop With
these taxes, but would supcrimpose
rentals and royalties On the basis
Of such increased levies as arc pro
Jccted the committee estimates in its
statement that each company would
have to pay, in addition TO what it is
noW paying, first, an annual tax on
undeveloped acreage. which in some
cases would equal or exceed the pres
ent value Of the land: second. so ne,.
cent of their share in the production
rom lands leased by them to others.
third. 5 per cent Of their production
from lands which they are operating.
New-York tribune., 1919-01-07
y III S / G n a II C G
Cereals

Wheat. The question of tonnage
for the transportation of foodstuffs
appears 20 be the most important
factor, and if more ships can be Sc
cured there is little doubt but that
America will find ready market for
its entire cXportable surplus OF wheat
and wheat products. There appears to
be little prospect of much competition
from the Southern hemisphere, so far
as early movement is concerned. as the
urgency of the case makes America the
most logical market owing to its ad-
vantageous situation IN connection with
quick transportation.
Corn. New high records were estab-
hshed III all the active positions in
corn, the market showing gains of three
to four cents n bushel from the final
Of last week, and from six to seven
cents from last weeks low point. There
was a partial reacticn before the close
under proiit-taking sales, bat the un-
dertone was decidedly strong. The ad-
vance was due largely to continued
light receipts which led to very light
offers and caused shorts to cover The
Hoover statement in regard to foreign
requirements of breadstutfs had more
or less influence, and bears we're very
New-York tribune., 1919-01-07

The Federal Reserve Bank Of New
lork has put in force the following
schedule of rediscount rates which
apply 20 bankers acceptances: Ma
Turtles up to Is days. per cent; lG to
GO days. inclusive, u per cent; 81 to
80 days. inclusive. AZ per cent,
New-York tribune., 1919-01-07
London Money

london Money Market. LONDON
Ian. 6.-Closing Money 9 per cent.
Discount rates, Short and three-months
bills, 3 1872 per cent. Gold premiums
a Lisbon, 67