davidaulloa/AmericanStories huggingface dataset:
Evening star., 1919-04-20
LATEST WALL STREET NEWS.

Moler-Reports from the floor show
the buying in the industrial list has
been of a general character. 1t was
than any one had reason to expect
that it had resulted in a great deal
more activity than looked for and has
taken. the market away from the trad
ing element.
The buying has been of such a char
acter and SO varied as to reflect the
bullish sentiment still prevailing
among the largest local market inter-
ests. Therefore, unless some sudden
velops over Sunday, the probabilities
are we will have a big and broader
market Monday. judging from its ac-
ton today.
Logan & Bryan-Prices Of the va
reached level where public buying
is being conducted more cautiously.
Whitney-Simply because we are
now getting a resting spot from the
ninety days, there is absolutely no
reason why one should be a chronic
pessimist. Setbacks in all bull mar
kets shake off the undesirable follow
ing. 1t cleans out the weakened long
traders and again fosters a large
short interest for the next rise.
E. X. Pulsifer-The extra cash divi-
dend declared late Thursday after
noon on International Mercantile Marine
preferred still leaves 81 per cent back
dividends due.
Henry Clews-As to the business
situation at large there are the best
of reasons for optimism. When peace
is signed many restrictions will be
removed, and there will be big ex-
port demand for copper, oil, cotton.
steel products, etc. The steel indus
try will feel this impetus through or
ders for steel rails, cars and locomo-
tives which have had rough usage for
the last two years. The crop outlook
is good, and the agricultural districts
will enjoy a prosperity that must be
reflected upon manufacturers. mer-
chants and railroads. Building is al
ready reviving on a marked scale.
Taxes will be lower next year. Many
people have economized in all direc-
tions to subscribe to loans and pay
taxes. Such individuals must and will
replenish and repair. For a year or
two at least our expert trade must be
active for the reason that other coun-
tries will not be able to meet demands.
The only important offsets to these
conditions are labor disturbances con-
sequent upon scarcity, dull spots re-
sulting from loss of war orders, and
the tremendous imitation Of credit
which may be curbed by bankers who
Evening star., 1919-04-20

full swing at the east and the new
clip just beginning to move in the
west. High prices have been paid at
the auctions for both fieeceS and terri
tory woods and western growers have
lacked up prices. Growers are not
so eager to consign their wools as
expected. Some scattered buying is
reported in southern Utah. Nevada,
the Soda Springs district in Idaho,
and the Yakima valley in Washington.
Further wool auctions are to be held
in Boston next week with offerings
aggregating over 37,00O.000 pounds
and on May 61,800,000 pounds of wool
tops are to be offered by the govern
ment.
Trading outside the auctions is
steadily increasing. some dealers being
able to turn over some of the wool
recently bought from the government.
New Arizona woods are also available
for private sale and are bringing good
prices"
Evening star., 1919-04-20
GAYLORD MADE DEPUTY
REVENUE COMMISSIONER

h NJ Gaylord has been appointed
deputy commissioner Of internal
revenue to succeed B. G. Keith, re-
signed, it was announced yesterday
afternoon.
Mr.. Gaylord came to Washington
from Bristol Conn In 1905 he was
appointed a clerk at $500 year in
the claims division of the bureau of
internal revenue. and later was pro-
NOTED successfully to assistant chief
of the claims division, assistant to
the commissioner of internal revenue.
head of the estate tax and capital
stock tax division. supervisor of
claims and assistant deputy commits
sioner.
The new deputy commissioner will
have supervision of the collection OF
taxes on distilled spirits, tobacco.
oleomargarine, adulterated butter,
mixed flour and opium and other mar
coticS.
He is a graduate Of Colgate Uni
yerSity.
Evening star., 1919-04-20
NEED GREATER PRODUCTION
TO HELP PRICE REDUCTIONS
Prof. Irving Fisher Says That Goods and
the Business Turnover Have Not Kept
Pace With Supply of Gold In U.S..

The unprecedented gold supply of
the country makes it desirable that
the production of goods be greatly in
creased. the Department of Labor be-
lieves. in order that reduced prices,
other than isolated reductions here
and there, will be realized. Such re-
ductions, it is pointed out, cannot be
brought about until there is marked
increase in production coupled with
an increase in buying.
Prof. Irving Fisher, in a statement
recently published by the information
and education section of the depart
ment, states that the production of
ness turnover has not increased in
proportion to the supply Of gold.
Vast Gold Sum From Abroad.
On the subject of the gold supply,
Over a billion of dollars in gold has
come into this country from abroad
since 1914 and a large amount has
disappeared from domestic circula-
tion.
THE gold from both these sources
States Treasury and into the bank
reserves. On June 80, 1918. the por-
tion of the gold reserve of the fed
eral reserve banking system which
supported national bank deposits and
federal reserve notes was more than
three times as large as the gold re-
serves under the old national bank
ing system on June so, 1914-the sum
of S1.7S6, 6,O0O,000 compared with $780,
100000. During the same period
credit instruments demand deposits
and notes) increased about two-
fold-from 100,00O,000 to $11,70O,-
100000. This increase of credit in
struments is typical of the banking
situation for the country as whole
and largely explains the present high
level of prices. The increase of
gold has been so great, however,
Evening star., 1919-04-20
LIVE STOCK MARKETS.

BALTIMORE, April 19.-Wharf re-
ceipts of cattle are light and for the
better grades Of steers, bulls and oxen
there is a fair demand at the follow
ing quotations.:
Beef cattle-Young fat steers, IN
prime condition, weighing 1000 TO loo
pounds. per h., 11a12; steers weighing
under [ 900 pounds, per To-, 9a10; oxen.
per lb, 7a9; bulls, per lb.. 1a9; large
young cows, in good order. per lb-
7aS: cows. poor to medium to grades
per lb., 4a6: fresh cows, with calf. per
head, 50.00a75.00.
Lambs and sheep-Choice fat sheep,
per lb., 10a12: fair to good sheep, per
lb.. 7a10; old bucks, per lb., as to quail
ity and condition, 5aS; spring lambs,
fat, per h., 4oa45; spring lambs. poor
to fair, per lb.. 1Sa20.
Calves-Choice handy weight yeals,
per lb.. 17a17k; choice heavy fat
16Ha17; heavy. smooth, fat calves,
per head, 1S.O0a24.00; heavy or rough
calves, per head, 15.00a1s.00; small,
thin calves. per head. 1o.00a12.e0-
Live pigs-As to size and condi-
5.0Oas.O0. Dressed hogs-Choice west
ern Maryland and Pennsylvania light
weights, per h., 20a21; southern Mary
land and Virginia lightweights, 20a21 !;
heavy to medium weights, per 1b,
1Sa19, heaVy ola OOaS anu Io06n
stock, per pound, 15a16.
NEW YORK. April 1s.-Beeves-
Receipts. $50 head; no trading.
Calves Receipts, 40 head; quiet;
veais. 14ooa1s.5o; culls. 11ooa13.oo..
Sheep and lambs-Receipts. $50
head; steady. ordinary shorn lambs
1925; do. clipped; 15;75; good un-
Hogs-Receipts. 2,19O head; steady
af 90 O0a20.75: rOuRhS, 17.5O.
CHICAGO, April 10 Omitted States
bureau of markets) s).-Hogs-Receipts
5000 head; market strong, mostly be
higher than yesterdays average;
choice, heavy pigs. steady; others.
mostly Csc to soc lower. Bulk or
sales. 90 25a20.50; heavy weight, q, 35a
2O.55: medium weight, 20.20a20- SO; light
weight, 19.75a2035: light lights. Is. 50a
%. 90: sows, 49, 50a20. 90; pigs, 16.75a1S.75.
Cattle-Receipts, 1000 head; COM
pared with a, week ago, choice and
prime steers steady to 25c hlsher'
others mostly soc to 75c higher;
cows and heifers, 50a75c higher;
medium grades showing most ad-
vance: Gamers and cutters. 25c to SOC
nm: best fat bulls. mostly 25c higher;
bolognas, steady; in-between butch
ers. slow; stockers and medium
weight feeders, 25c to 4oc higher: others
steady. Csc higher, calves, 81 to $l-5o
Sheep-Receipts, 1000 head: com
pared with a week ago. fat lambs,
4oc to SOC higher; yearlings, Csc
higher; aged wethers, steady to bow-
er; ewes. fully steady. narrow trade
in feeders.
Evening star., 1919-04-20
GRAIN AND PROVISIONS.
CHICAGO, April 19.-Vanishing

wheat supplies lifted the corn market
today to new high price records for
the season. Closing quotations were
nervous at 1k to 2k net advance,
with May Isl and July 1.55A to 1.55 Y
Oats gained ! to is. The finish in
provisions ranged from 5 decline to q
rise of 25.
Urgency Of world need Of foodstuffs
appeared to monopolize the attention
of corn traders. Withdrawal of the
food administration from the market
as a seller of wheat after having dis
posed of nearly all of the government
surplus in Chicago and Milwaukee was
taken as evidence that the scarcity
had become more acute, especially as
reports were current that a large
amount of wheat and other grain
would be shipped without delay south
as well as east for export. Besides
receipts of corn here were relatively
small. and the forecast was for rains
which would tend further to curtail
injure the quality of reserves.
Oats. like corn, assembled to the
highest prices yet this season. Ship
ments for the week were largely in
excess of the receipts.
Provisions averaged higher with
grain and hogs. At first. however, the
market was weak owing to absence of
support.
NEW YORK, April 1s.-Wheat, spot
firm; No. 2 red. 2.36k elevator export.
Corn@Spot. firm; No. 2 yellow,
1.7s7s: No. 2 white. 1.S1h. cost and
freight New York.
Oats-Spot firm; standard, 7shas0.
Lard-Firm; middle west, 3O7Oa
30.S0.,
BALTIMORE. April 1s.-Flour-Re-
ceipts. 3o.6o5 barrels. including 25.sos
barrels for export; prices UNCHANGED.
No wheat sales.
Standard quotations asked
Cob .corn-White, 7.75a7.s5; yellow,
500 per barrel for carload.
Track yellow corn. No. 8, for do
mestic delivery, 1.7Oa1.71.
Corn-Sales. 1904 bushels: white, de-
livered, 1.65 per bushel: yellow, de-
livered, 1.72 per bushel: Is small lots,
mixed, delivered at 1853 per bushel.
OatS-Range of prices, standard
white. rs; No. 3 white, IS.
Rye-Range of prices, bag lots of
nearby rye, as to quality, 1.50aI.60 per
busheI.
Hay-No. l timothy, 1850: standard
timothy, 1000; No. timothy, 39.50a
1000; No. timothy, 36.50a38.50; No. 1
light clover mixed, 39.00a395O: No. 3
light clover mixed, 3650a3S.5O; No. 1
clover mixed. 3S.50a39.00; No. clover
mixed, 36.00a38.50; No. / clover, &c. 5Oa
$3.50; No. clover. 34-00a36.0o; No. 5
clover, 30.00a32.0O.
Straw--Receipts, none. Quote, per
ton: No. straight rye, 17O0ai8.O0;
No. 2. do, 16.00a17.O0; No. 1 tangled
rye. 14.o0a14.50; No. 2 do. 13.o0a13.5o;
No. 1 wheat. 12.5Oa13.0O; No. q, do.
11.5Oa12.o0; No. l oat, 13.5oa14.o0; No.
2, do, 12.50a13.00.
Evening star., 1919-04-20

realize this danger. however remote
it may be.
Financial News Bureau-In making
selections for purchases in the indus
trial list, active market channels are
now recommending that commitments
cialties which have not advanced
sharply, and it is urged that profits
be accepted in stocks which have been
rising continually during the past few
weeks. The enormous returns to the
property by the United States Steel
in the past few years are being
brought forward in semi-investment
circles as an argument for the pur-
chase of this stock during reactions
in the general market It is declared
that any decline due to readjustment
of prices in the steel trade will find
scale-down absorption from important
channels.
Gibson-The Marine dividend makes
American International look cheap.
The call upon the new capital is not
bearish- 1t means new business. The
banking world is busy gossiping
about events more or less directly
connected with American Interna-
are sensational but constructive from
the American International stand
point.
]. 8. Bache & Co.-~The solution
OF the problem Of what terms to
make for the new loan has been
most adroitlv determined by Secre-
tary Glass. His selection of a proper
length of life and an interest rate
delicately adjusted tc the prevail
ing situation will make these bonds
attractive to both business men
and investors and at the same time
avoids any competition with the ex-
listing liberty bonds.
''One curious and interesting, as well
as convenient, provision pertains to
them which is possessed by no other
security that we know OF. namely,
the arrangement by which the AIS
can be converted into 3As, and these
i'm turn can be converted back again
into 4%s. This attractive facility
terminates only at the expiration Of
their short young lives. It is a fea-
ture which entities, Secretary Glass to
have his name linked up with it, and
bonds hereafter having this provision
may come to be known as Glass-in-
terchangeables.
1.-THE old liberty bonds 1--WE use the
adjective with all due respect) hay4
now become a closed MORTGAGE and
as the vast amount gradually becomes
digested the bonds should seek the
higher price levels which they deserve
as the primest security of the world
Considered as highest class specula-
ton for the long pull, the conserya-
tive investor can find probably moth
ing to equal them anywhere in the
open markets of the present day"
Evening star., 1919-04-20
NEW YORK BANK STATEMENT

NEW YORK. April 1s.-The state
ment of the New York banks Is as
Follows: Actual condition:
Loans. discounts, etc, $4,9l5,5ol,Voo'
decrease, $50. 900.
Cash in own vaults, members 1eo.
eraI reserve banks. Se5,962,Oo0: de-
crease, S553,00O.
Reserve in federal reserve bank or
member banks. 1858. 6oS,0oo; increase
$23,49S, 200.
Reserve in own vaults. state banks
and trust companies, $l2,30o,ooo' IN
crease, $4,000.
Reserve in depositaries. state banks
and trust companies, $11,75s, 900; de-
net demand deposits. $4,o11, ,0s6,-
600; increase. s7s.5o3.0o0. am.
Net time deposits, $155,111,0oO;
increase, $2,46O, 900.
Circulation. $3S,s15,ooo; increase,
u. S. deposits deducted. $s1z.-
Aggregate reserve, .s5s7.666,ooo-
crease. $13.079 ,03o.
Summary of state banks and trust
companies in Greater New York, not
included in clearing house statement:
Loans. disco1nts, etc, $7SO,372,6oo'
Gold, $S,260,600; increase. $500.
Currency and bank notes. $15.963,-
700; decrease, $s66,70o.
Deposits with federal reserve
bank. Nsw ooYo York. s5s,11s'soo; de-
Tossi sd SsR9siss Ss9 sss ssol4ss,so0' de-
Banks cash in vault. $1s,1o3,zoo.
Trust companies cash in vault,
S67.234.z ZOO
Evening star., 1919-04-20
GOVERNMENT FILES SUIT
AGAINST ARMS CONCERNS
Seeks Recovery Of 1856, ,553 From
Union and Remington Cartridge
Companies.

HARTFORD, Conn, April 13.-The
federal government today filed in the
United States Supreme Court here a
complaint against the Union Metalnc
Cartridge Company and Remington
Arms Union Metallic Cartridge Com
pany of Bridgeport for the recovery
of 1855, ,553.45.
An investigation conducted by the
Treasury Department is said to have
disclosed that from 1894 to 1915, both
years inclusive, the United States
paid to the firm of Hartley & Gra-
ham and the NJ Hartley Company,
both agents of the Union Metallic
Cartridge Company, and to the latter
company for drawbacks" to which
the payee claimed it was entitled the
sum of 1855, ,553.45. representing sew
eral thousand payments of various
sizes.
The Remins ton Arms Union Metal
lie Cartridge Company was Joined as
defendant bet ause in 1916 il signed
the liabilities of the Union Metallic
Cartridge Company
An attached. schedule itemized the
payments made under what is termed
a mistake of fact" with interest
claimed on these payments.
Evening star., 1919-04-20
P. A. S. FRANKLIN SAILS.
Had Been Negotiating for Disposal
of Marine Company Tonnage.

NEW YORK. April 19F. A 5.
Franklin, president of the Interna-
tional Mercantile Marine Company,
which has been negotiating for some
months for the sale of it's British
owned tonnage, sailed for Liverpool
today on the steamship Lapiand. The
negotiation were originally with the
British syndicate. later with the
United States government and when
the latter were abandoned recently it
was announced that the question of
resuming negotiations with the Brit
ish syndicate had not been determined.
Mr.. Franklin, who was accompanied
by two other officials of the company,
said that he intended only to investi-
gate shipping conditions abroad and
would be gone about six weeks.
Evening star., 1919-04-20
T. & N. Railroad Election.

LOUISVILLE, KY, Aprf1 1s.-Min-
utes of directors meeting held in
New York Thursday received at the
offices of the railroad company here
today, showed the reelection of Mil
ton H Smith president and Henry
Walters, chairman OF the board of di-
rectors of the Louisville and Nashville
Railroad Company.
Evening star., 1919-04-20
Reserve Deposits Increase

with an Increase Of so. .ooo. 90 azt
reserves and . reduction Of moro than
$60,000. 900 in government deposits n
federal reserve hanls, the pefcenfAOo
of reserves to net deposits and federal
reserve note liabilities increased Per
cent last week. according to t1Ao
weekly statement last night Of tho
federal reserve board
Evening star., 1919-04-20

that the base has grown faster than
the superstructure-wh is con-
trary to the normal tendency.
Ratio of Gold to Credit Raised.
."The ratio of gold to credit has
risen from 9.6 per cent to 1873 per
cent. Reserve requirements of the
present system are such that for
1918 there is an excess of gold above
legal requirements of more. than
$500, 100000.
port $11,700,000, 900 of credit instru-
ments of 1918 is s1,700,000,000. The
surplus of free gold could support an
additional superstructure 20 per cent
as large as the existing one. which
indicates that for the banking of the
country as a whole, a potential future
expansion of SO per cent is con-
Servative estimate.
Monetary and foreign situations are
Importantly affecting the business
world and enhancing the possibilities
of the domestic market, the depart
ment says. Unless the domestic busi-
ness in the United States can be in
creased so that the unprecedented
gold reserve can be put to work
prices will continue Indefinitely on a
high level.
Evening star., 1919-04-20

porting little better than 75 per cent
right now, compared with a range
from IS to 80 per cent about a month
ago. In the case of Independent in
terests the level is around the half
way mark. Call for tinplate has
slowed down considerably. Sheets
are only in fair demand. Wire prod
ucts and tubular goods remain about
unchanged.
Pig iron is also dull according to
reports by leading interests here.
There are some signs that open trad
ing conditions are being approximat-
ed. Buying is reported to be on a
strictly hand-to-mouth basis.
Fractional Drop in Copper.
The copper market is very dull. It
was reported in the trade that one
large interest had shaded fractionally
to 1875 cents per pound delivered, and
obtained q small order. This move
was the first to be recorded in about
a month.
The lead market is dull and some
interests feel that prices have about
reached bottom. Spelter is weaker
and there has been some shading.
The tin, market remains unchanged.
Evening star., 1919-04-20
TRADE CONDITIONS
PASSED IN REVIEW
Markets Advices on Grain,
Iron and Steel and Other
Products.
SURPRISE FOR TRADERS

NEW YORK, April 19.-Outwardly
the wheat situation this week re-
mained unchanged on the official ba-
sis, but this was misleading, as prices
in western cash markets have aver
aged higher. This was especially true
in the southwest, where receipts have
been remarkably meager. 1t was
claimed that nearly all farmers had
practically nothing to sell, and, hence,
were compelled to get wheat from
elevators in large primary markets.
This forced them to pay huge pre-
miums. representing storage charges,
insurance, etc. In addition, there were
freight charges to pay. In some cases
this brought the cost up to more than
WIS. Indeed, it was said that in iso-
lated cases as much as So was paid.
1t was small wonder that some millers
shut down or greatly reduced their
output. 1t was clear they could not
ship their flour to large markets, and
especially in the east, excepting at a
loss.
Evening star., 1919-04-20
Surprise to Wall Street.

The public has surprised Wall street
again. The professional traders eN-
pected a considerable reaction because
of the prolonged rise. They have been
selling stocks to the outside public
and borrowing more stocks to sell.
They were misled. The real reaction
has not occurred. On the contrary.
the stock market closed today with a
violent advance, after moderate de-
cline Wednesday and Thursday on
profit taking.
The pronounced strength today was
attributed to the influx of good news.
The mercantile agencies reported
wholesale trade better than at any
other time since the armistice- There
is perhaps better prospect of a
reconciliation on steel prices. And.
most important of ALL our unprec-
edented export trade showed no
abatement in the March figures just
issued.
Evening star., 1919-04-20
Big Purchase by Administration.

"A decidedly interesting and impor-
tant item was the purchase by the ad-
mlnistration of 1905 to 100000
barrels of flour on the Pacific coast
for delivery by May 1 at Tacoma.
Seattle and Portland. Moreover, il
was said that the government would
furnish the vessels. Doubtless this
hour will go via the Panama canal.
Undoubtedly this unusual deal was
made necessary by the great scarcity
OF hour in the east and middle west.
AdVices from the northwest indicate
that spring seeding has been DELAYED
oy wet weather, but it is far too soon
to worry on this score as it will be
forgotten after day or two of fine
weather. Frequently the crop turns
out satisfactorily, even if seeding is
not started until about May l or even
a trif1e later. Presumably it will
make an excellent start on top of SO
much moisture
Evening star., 1919-04-20
Public Buying Cut by War.

Prices and curtailments in manu-
featuring, during the war, cut down
buying on the part of the upblic par
ticularly in luxuries. The ban now is
off and more wage earners than ever
before have more money than ever
before. The department believes that
the domestic market of the United
States can absorb and needs more
goods than ever before.
It is this possibility of absorbing
goods when a fairly high wage scale
prevails that is convincing many
manufa cturers that wages ought not be
reduced. but that there should be a
determined effort made to maintain
permanently, a wage scale which Will
make possible a higher standard of
living in the United States.
Evening star., 1919-04-20
.DULLNESS PREVAILS
IN THE METAL MARKET

NEW YORK. April 1s.-The- steel
market continues very dull. The vol
ume of new business is extremely
small and there is general feeling
of depression. Local interests have
to some extent discounted the con-
troversy now on at Washington be-
tween the railroad administration
and the industrial board of the De-
partment Of Commerce, and are try
ing by every possible means to bring
buyers into the market Results
thus far have been far from encour-
aging. but there is a better feeling
in some quarters. There have been
from time to time rumors OF price
shading by independent producers.
These rumors when traced have not
been substantiated.
Downward Trend In Production.
Production rates by mills have
shown a general downward tendency
of late The leading interest ia re.