davidaulloa/AmericanStories huggingface dataset:
The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1919-04-21
ALLIED TROOPS IN
PURSUIT OF "REDS"

ARcHANGEL. Saturday. April ~ 10y
Tho Associated Prcss.)-The ROUSSEAU
md British troops pursuing the oo'sne
Wiki retreating from Bolshie ozerNt TO-
,isv had pressed twenty versus ,"o"u-
lou niles) southwark. TheE nao .ap
,urcd several prisoners ana TWO I'M"
-rns. which the Bolsher'ki "rr' ."
rcIled 10 abandon in their nasty l'''''
The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1919-04-21
TEE wEATREE.

vasHNGroN, April 2o.-Forecast:
.weTt ytrg1nia-Par.ly cloudy and
,.nsvnat warmer Monday; Tuesday
osi-Fair Monday, cooler extreme
ecutneast portions; Tuesdsy, fair an
western pennsylvania-Fa1r Monday
Fo5p- UarI7aar-
The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1919-04-21

/ PARIS. April ao-(By tho Associated
Press.)-The italian issue over the
Adriatic has reached an acute stage.
where a decision one way or tho other
cannot longer be deferred. and Il dccl-
sion either way is frauGht with serious
consequences.
Despite the Easter calm. which
brought vast crowds TO the churches
and boulcvards. the council OF TOUR
continued its sessions at the ""htc
House." beginning at 10 o'clock this
morning. The Italian premier. Hittorio
Orlando, and the Italian foreign min
lister, Baron Sonnino. were both pres
ens, aand made it known that the open
inE of the italian parliament on We'd
ncsday has necessitatcd their leaving
Paris, Monday. without definite knowl-
edge of what is going to be done.
Baron Sonnino continued to occupy
the extreme position, insisting upon tho
integral fulfllnent Of the secret treaty
of London, giving 10 Italy the cntlre
Dalmatian coast and ISLANDS. ana also
claiming the city of Fiume with inter
naturalization or division with inc
JugoSlars.
premier Orlando was rather more
conciliatinE, though Il telegram which
bc had received from the heads Of the
italian army declared that the ontire
army was behind him, in upholdlhg
Italy.s- aspirations -.' ..s..-~.ss'-'~
Cantain TozZi, Of Premier Orlando S
staff. said the telegram was in effect
on ultiuatun, aand disclosed how uni
vrrsal and dcep-rootcd was the Italihn
determination to secure adequate pro-
lection on the eastern Adriatic coast.
He added that If these rights were not
recognized Italy would undoubtedly
sdont her own course. without reference
~ thc conference. aand occupy the re-
rions To which she considered herself
entitled.
President wilson's position was sa>d
70 be equally determined against any
recognition Of the secret treaty Oh Lon
don. Reports OF n compromise on the
basis Of the Italians getting thc ltai'an
ouartcrs of Fiumc and the JuEo-SlaFs
pettinc their districts were not con-
armed as il was said that this was
tho plant put forward to the Italians
but NOT accepted. Early reports IN
5ca,ed that the session might be pro-
loneed through tho day in an cttorl 10
reach a middle ground.
THE extent of the guarantee |hich
The United States and Great Britain
ha,o riven 10 the French as security
against renewed German attacks con-
t;nues to be the foremost topic in the
French press.
The French representatives MAINTAIN
nnontuued on Page Thirteen)
The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1919-04-21
Lloyd George and Clemenceau
Hold Sunday Conference
With Orlando and Sonnino
Italian Army Chiefs De-
mand Fiume and the Dal-
matian Coast in Peremtory
Manner

PARIS. April 20.-tRy tho Asso-
cialcd Press Failure again has met tho
efforts to smooth out the Italian and
Jugo- Slav siluat ion. Another meet
ing was held this morning. when Baron
Sonnino. italian foreign minister. and
Premier Orlando again mot David Lloyd
George. tho British primo minister.
and NJ. Clcmcnceau. the French pre-
mcr. President Wilson did not attend
the meeting.
The Italian stat csmcn will meet with
NJ. Clcmcnccau aand Mr.. Lloyd George
Tomorrow. but President Wilson again
will be absent. If any decision is
reached at that time, il will be ncces-
sary to submit it at still another meet
inr, at which President Wilson will be
present.
The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1919-04-21
inc The Victory Liberty Loan "Over lhe top,
THE WEATHER.

Partly Cloudy and Somewhat Warmer
Monday; Tuesday Fair, Warmer.
New-York tribune., 1919-03-10
Hoardcd Money Goes
Back 10 Savings Banks

ALBANY, March 9.-Thc reported
resources Of the savings banks Of New
York State on January /, 1919, totallcd
So, ,231 .46l 1923, an increase of $G5 522,
S47 over the resources reported on
January l, 1918, according to the an
nual report Of Superintendent Of Banks
George l. Skinner. During the same
period the deposits, including divi-
dends credited, increased $55 ,454, ,754,
the total of deposits in January last
being S2,042, 2,011,104.
The increase in deposits from the
time the armstce was signed has been
almost phenomenal, and they were
made in such a form as to indicate
beyond question that they consisted
largely Of boarded money. The gain
in both resources and deposits is much
greater than for the previous year.
Salient features OF savings bank
transactions last year, compared with
1917, were: Gain in open accounts,
gain in amount due depositors, $55,-
454, 1855; increase in market value sur
plus, $3,61S, ,266; gain in par surplus,
Sl5,25S, ,16S; gain in dividends paid or
credited, $1,548,923; gain in amount
deposited during the year, $19,911 ,593;
decrease in amount withdrawn during
the year, S1,351 SGT.
"War conditions and the appeal to
the provident and thrifty of all
classes" says Superintendent Skinner,
"to invest their savings either in Lib
erty bonds or war savings certificates
for time more seriously affected the
growth of the savings banks than any
other class of financial institutions.
They have, however. achieved such an
enviable reputation for safety, and
their very name is so intimately asso-
cated with all movements for the pro-
motion of thrift and economy, that
they will undoubtedly be ultimately
greatly benefited by the various cam
paigns to promote thrift and economy
that have been conducted in connec-
ton with war financing"
New-York tribune., 1919-03-10
Pacific Mail Earns Less
Figures Not Final Owing to
Commission Disn,,tc

Gross income of S1,772, ,76O, compared
with $2,577,376 in 1917, is reported bv
the Pacific Mail Steamship Company
IN Its annual report for 1918 issued to
stockholders to-day. The balance re-
naming after total deductions amount
ed to $1,6S6,249, contrasted with So
454,631 the preceding year. The oper-
atlng income of the Panama line last
year was $846,1G1 and of the trans
Pacific line $65S.065.
George j. Baldwin, president. savs
in the company's report that the actual
operating revenues last year were
much in excess of those Of 1917. hut
that the increase is not reflected in the
income account The earnings accruinp
the company he states, have been de-
termlned entirely by the charter rates
allowed by the United States SHINING
board, and included in these carninrs
arc amounts entered as commission re-
turns tor the operation of requisitioned
vessels calculated on the basis of rates
as published by the Shipping Board.
"Your company" says MIR. Baldwin
IN his report to stockholders, "has not
however, agreed to this basis of com,
missions. as they are considered very
inadequate for the services rendered
and obligation assumed We look for
ward with confidence to an equitable
adjustment of this question with the
Shipping Board"
New-York tribune., 1919-03-10
Essential Conditions
OF SONnd Investments

Some of the most important points
that we must study are as follows:
/. The laws and customs Of the
country in which we would invest.
(a) To see that they are honorable
in their building up, and
CD that they are fair to the foreign
investor.
2. The methods of taxation.
(a) To see that they bring a reason
able steady income.
The national income of many of the
countries of the world practically
ceased at the opening of the war, be-
cause foreign trade was stopped for
certain period and the public reve-
nue. was received almost entirely from
import duties.
(b) To see that they are scientifically
administered, at least in so far as
is necessary to make the country a
going concern.
Co To ascertain how they affect in
come.
Since the war taxes on incomes
have become such a large source of
revenue, this phase of the situation
must be given most careful cons dera-
tion, both as to past, present and pos
sible future
8. The financial history of the coun-
(a) To see whether its people show
integrity of purpose
(b) If they have not done so in the
past, that sufficiently dcfnable
change in policy or conditions has
taken place to warrant confidence
in the future
New-York tribune., 1919-03-10
World Securities
Transfers Certain
To Be Supervised
British, However, Realize
Imports Cannot Be Great
ly Restricted Because of
Need for Raw Materials
By George w. Glass
Ne,r }ork Tribune


European Bureau
(Corytlsht 1919 New York Tribune lnc)
LONDON, March Suggestions
from the other side of tho Atlantic for
an early resumption of arbtruge deal
ings in American securities is not sup
ported here. Such transactions are
impossible without a complete liberia
ton of the exchanges, and there Is lit
tic indication that Treasury control
will be lifted for some time. The OBJ
sthele is capital export which the gov
efnment has determined to restrict,
The revised regulations governing
the lasun Of new capital afe not yet
available, hut official supervision Of
all international movement Of funds
Is considered certain, although the de-
mand for complete freedom in this re
speot has many adherens. In this
connection the question Of the cost OF
regulating American exchange was
raised in Parliament without bringing
an informing reply, except that no dol
lar expenditure had been incurred since
the nrmistice.
The maintaining of this rate, how
ever, is largely due to important pur-
chases of commodities by the govern
ment, which did not fall upon the ordi-
nary exchange market, and a with
drawal of special measures of support
would result in heavy fall.
Imports cannot be materially re
stricted because they consist mainly Of
food and raw materials, and export
capacity is limited by the unsettled in
dustrial situation The visible ad-
verse trade balance in February of
55,000000 pounds sterling, and more
than 1877, 900 pounds for the first
two months of the year, shows the cx-
tent of external obligations, and if
goods exported form capital instead Of
being placed against imports the po-
sition will be rendered much worse.
The government is anxious to pro-
tect gold. as well as to retain all avail
able moneys for home requirements.
and the position will need to show
much Improvement before the nuthori-
ties will accept the risk of permitting
uncontrolled exchange operations.
New-York tribune., 1919-03-10

The dominant influence in the
present money market is not the
borrowing by business, which is
astonishingly small, nor even the
stock market, but the operations of
the government. There are first
the certificates of Indebtedness and
next the tax payments. Last week
an additional 100000 of
Treasury certificates were offered,
dated March 13, payable August
12. Because Of the absence of COM
mercial demand, subscriptions to
the certificates have never been so
successful. Their aggregate to date
is S1,378,Ot9, 500. These subscrip-
tions tie up huge amount of
funds. 1t is true that when banks
subscribe they do not pay for them
in cash, and that they merely place
a deposit on their books to an equiv
alent amount, but they must keep
heavy cash reserves to be in a po-
sition to meet heavy government
withdrawals. The banks are now
also called upon to accommodate
customers who want to borrow to
pay their income taxes, which fall
due between now and March Is.
The loans which the banks make
and the Withdrawals of deposits
from the banks to make payments
to the government will tie up this
money for several days, though the
government will Immediately rede-
posit the funds in the banks. So
far as the banks in mass are con-
cerned, they will have lost nothing.
What will happen will be merely
the transfer of funds from the
credit of individuals to the credit
Of the government. But there may
New-York tribune., 1919-03-10
Manufacturers Anxious About
Governments Export Helm

WIN the recent session Of Congress
adjourned and with no definite time in
view for the calling Of new session
exporters are viewing With anxiety the
prospects Of government. assistance for
the expansion Of American foreign
trade, according to Charles r. Elan
dreau, Washington representative Of
the American Manufacturers Export
Associatlon
The adjournment Of Congress with
out voting an appropriation 10 cover
the expenses Of the War Trade Board
places that body in d position where
II - merely matter Of time when its
activities VIII Of necessity be abruptly
brought % an end, in the opinion Of
hr. flandreau The Office Of the For
eifn Trade Adviser of the State De-
paftment il aIDo said ~ be facing a
serious situation due ~ the failure Of
Congress to provide funds for the con
tinuance of his work
New-York tribune., 1919-03-10
By Fred |. Kent

Vico-President Of the Banhers Trust
Company
A FTER peace has been declared the
United States will have entered
into the lives Of the other nations as
it has never done before. The devel-
opment of their industries will he more
vital to our prosperity IT Is fair to
presume that we may have net an
nual balance due is from tho fest Of
the world Of around E 100000. 900 This
balance can ha made useful to us only
through increasing our imports Of
commodities or sefviee, or through our
Investment in foreign securities,
In view Of the wonderful develop
menl Of the United States which was
made possible through the use Of for
eign capital wa have before ua a
positive example, Of the benefit de-
rived through the importation and
proper use Of such capital. If this ma
tion, with an annual billion dollar
credit from the rest of the world, can
invest a large part Of the amount so
as to bring about proportonate and
similar development in other countries
1t will be building up the other nations
as we'll as helping itself. Through in
creased prosperity countries owing the
United States will be better able to
pay their debts, and after such debts
arc paid the United States will hold
other investments in foreign lands
which will help maintain our ability
to import those things which our pco-
pie need for their comfort and pleas
ure. The war has also shown us the
great value Of foreign investments to
country in time of an emergency.
The total foreign obligations held
by the United States outstanding Jan
uary /, 1918, Of which there is salts
factory record amounted to 50 0,dS3,327,-
800, Of which $7,3lo ,50l750 represented
advances madc by the United States
government to It's allics. This left So
lG3,S22 $50 outstanding in the hands Of
bankers md the public, which repre-
scnts loans to many countries OF tho
world. In view OF tho probable annual
balance which Win be due the United
States from other countries it seems
important that further loans be made
by our public to foreign nations when
they can be properly secured for scy-
cral hundreds of millions Of dollars a
year.
New-York tribune., 1919-03-10
Graft May
JeopardiSe Validity

No loan however good should be
made where governmental officials who
may have power to control are paid for
their cooperation either directly or in
directly. Such payment in addition to
being dishonest places an unfair tax
upon those. called upon to meet the
obligations, and may jeopardze the val
ldlty of any security as we'll.
9. Financial integrity of its people.
(a) 70 ascertain whether their record
Tor individual partnership and cor
porate obligations has been good.
CD If record of reputation is shown
In the past, to ascertain if recent
years have shown betterment.
10. Industrial education Of its people.
II. Social education of its people
New-York tribune., 1919-03-10

ports increased s7,s15,OOO. The prin'''
pal increases in imports we're sSoOV'
600 in foodstufs and e2,000,0oO in WOO
while cotton decreased 100000 900 MsD,
ufactured goods formed the main par
of the exports, cotton textiles totallns
f2,750, 900 and woollens s2,l25OOO.
New-York tribune., 1919-03-10
Social Education
Is Fundamental

In connection with all foreign under
takings, the social education of the
people should have prominent consid-
Grafton. This is particularly true to-
day with the world seething mass Of
unrest, due to false teachings. We
have sufficient examples in our own
country at this moment of the effect
of misguided public opinion upon Sc
ccurltles to show the necessity of Civ
ing tins phase of the matter most care
full consideration.
New-York tribune., 1919-03-10

The most interostlng event In the
Investment market Of the week WAS
the announcement by Il. G, Letting
we'll, Assistant Secretary of the
Treasury, that "l'irat and Second
Liberty 4 per cent bonds are CON
Vcrtible on June 10 and on May
b respectively into A "A per cent
bonds. Therefore, the difference in
price should only be represented
by difference in interest of 4
OF | per cent per annum until the
next coupon" The difference has
become we'll adjusted. The Liberty
first as, maturing June, 1932-47,
closed the week at 94. so, an ad-
vance of 90 of a point, while the
Liberty first a As, of the same
maturity, declined 10 of point
to 94.62. The comparatively sharp
decline of 1.18 points in the 31a
per cent bonds, in spite Of the fact
that the new tax schedule makes
tax exempt securities more valu-
able, reflects the expected compc-
tltion Of tax-cxempt short-tcrm
notes bearing higher interest
rate, to be issued in April 1t is
interesting TO note that the bond
markets course during the week
was not the same as the stock mar
kots. The Tribune's average price
Of twenty-five railroad, industrial
and utility bonds showed Il net de-
cline.
New-York tribune., 1919-03-10
British Imports Larger

LONDON, March s.-Imports into
the United Kingdom during February
increase 9S,044,ooO, as compared with
January, according to the monthly
statement Of the Board of Trade. Ex.
New-York tribune., 1919-03-10
w ark ts-Inve G tim 9 III Is
Finance Economics

be few days of hestancy and un-
certainty, and consequent tight
money" because individual banks
may not know exactly how much
the government will redeposit with
them. Call money was compara-
lively easy last week, falling as low
as 4 per cent, in spite Of the mill
ion-share rising stock market. That
reflected largely the absence of
heavy government Withdrawals.
The surplus reserve increased
further $40, 100000.
The decline of commodity prices
since the end of hostlites has not
been precipitous. That is not sur
prsing The rise when war came
was not preciptous. Commodity
prices at the height Of the war were
little moro than double what
they wero on August /, 1914, but
1t took four years for them to reach
that height, II may take ne long
for them TO go back
70 date, prices have fallen more
rapidly than they rose. On August
|, l9l4, the average price of &c
lectcd standard commodities of all
kinds, as depicted in Dun's "lndcx
Number" was represented by the
figure 121. In four months that
figure had risen to 124. On Novem-
Der l. 1918, the figure was 230. On
February | last that had fallen TO
220. That is, prices have suffered
a greater percentage fall with the
cessation of war demand in three
months than they did with the ap-
rearance of war demand in four
months. 1t was long, in fact, before
the war influence was really felt
On August /, 1916, one year after
the opening Of hostiltics, the index
number was only 1876. In other
words, after one year of war, prices
bad risen less than per cent. In
three months Of peace they have
fallen per cent. That is not bad
comparison. Whence comes this be-
lief that prices which took four
years to double are going to come
back to their old levels in season?
AS fact, the very hcsitancy Of
businessmen, and the very cxpccta-
ton Of that, have helped to cause
as much decline as there has been.
New-York tribune., 1919-03-10

1t is difficult to say whether the
most impressive thing about the
stock market last week was it's spec
tacular rise and activity on Friday
and Saturday or its stubborn re-
fusal to decline sharply on Tues
day, when Congress adjourned with
out authorizing the $750,000, 1000
railroad revolving fund" That
the stock market should be able to
rise as it has in the final part of
the week, in spite of the unccr-
tainty OH the precise way in which
the railroads money needs are to be
taken care of, and in spite Of the
fact that any method now adopted
will probably absorb additional
funds, which will compete with
government demands in the next
few months, is highly significant,
New-York tribune., 1919-03-10
Difficult for Nation
To Regain Lost Credit

1t is as difficult for country with
4 national financial history of dishonor
to reestablish confidence in other ma
New-York tribune., 1919-03-10
1rMie Balance
4 Real t'acinr

In this connection the probable power
10 refund portion Of maturing obi
cations should have consideration,
b. Foreign Trade,
(a) To see what proportion It's imports
bear to its EXPORTS and If taxes are
raised from duties on imports
whether they represent steady re-
qnrementS Of the people of the
country.
(b) To ascertain the stability of its
foreign markets for excess produc-
tion.
(c) To ascertain whether sufficient
proportion of its exports represent
commodities Of steady consump-
tion.
CD To analyzc the effect upon it's OK
ports and imports of the recent
war for such values as it may
show
6. Banking system.
(n) TO see if it is adequate for the
country's needs.
OBJ To determine it's relation to GOV
ernment.
(c) TO ascertain tho pnrt it takes in
the building up of the industries
of the country.
(d) TO ascertain its safety
7. Currency system.
(a) To see if it is adequate for the
countrys production and com
mercC.
(b) To ascertain in the case of dc
preciatcd currency whether 1t is a
menace to the financial develop
mcnt and integrity of the country.
3. Political integrity of it's people.
(a) TO ASCERTAIN whether in case Of
changed administrations incoming
officials or dictators have rccog
nizcd obligations Of previous ad-
ministratlons.
OBJ To ascertain in case Of great past
instability Of government whether
present conditions seem to war
rant the expectation Of more
orderly government.
(c) 70 ascertain whether political dis
honesty, If it has prevailed, has
been carried into financial matters,
and whether national and financial
institutions are taxed with the dead
weight of political appointccs.
(d) 10 ascertain whether political
graft has been carried into securi-
ties which have been issued.
New-York tribune., 1919-03-10
(Same week last year,
January I to date:

January I to date:
Stocks
Jan. /, 1919 Full year
to date 1918
High. Low. High. Low.
20 Railroads. 725O $3.50 1915 66.12
80 Industr'ls 88O7 1920 1888 1887
so Stocks 1854 1852 84O8 1890
Bonds
10 Railroads 1920 8O.31 S6.57 1852
10 Industr'ls $500 1872 94.O8 67.4O
Utilities. 1875 84.72 1902 gs2. 60
% Bonds. 1888 97.O7 39.46 1868
New-York tribune., 1919-03-10
What The Foreign Mrestor
Should Kn01u About Debtors
Extending Credits Abro ad Will Help Build Up
Other Countries and Aid Them Eventually to
Pay OFF War Obligat ions to the United States

tions as it is for an individual who
has committed dishonest act to rein
state himself in the opinion of those
who know him.
a. The historical statement of its
transactions in words and figures
(a) To outline. development. making
comparisons between past and re-
cent conditions
to future development
(c) To ascertain the reasonable expec-
tation of payment at maturity
based on the estimated receipts
and expenditures, with proper
margin for safety
New-York tribune., 1919-03-10
Market HSaromescrs
Stock Exchange Transactions
Bonds
Stocks

Week Year
Last week. before. before.
U. S. & S4s, 573, 600 $43 1863, 600 s8,537 600
RIds 4,261, ,O0O 4,954,cOO 4056,CO0
Oth'rs 8,952,OO0 8.841 ,oOO 6,623,OOO
All kids 61,786,OCO 57,258,O0O 19,216,00O
January | to date: