davidaulloa/AmericanStories huggingface dataset:
Catoctin clarion. [volume] (Mechanicstown, Md.) 1871-1940, 1919-08-14
Business Locals.
PROPERTY FOR SALE.

PROPERTY FOR SALE.
Two story brick dwelling on East
street. Electric lights and water in
house.
JOS. W. KELLEY.
R. F. D. Thurmont. Md.
LOST.
Pocketbook containing about Eight
Dollars was lost along w.. M. railroad
near Depot. Finder please return to
HARRY HUMMERICK.
aug IA 1t Thurmont, Md.
WANTED.
Young man for general store, ore who
has had experience preferred.
X. WASKINS,
aug l4lt Union Bridge, Md.
LOST.
Somewhere between Mrs. S. M. Bire-
ly's and l.. Berkowich's residence, a
Pearl Bead Necklace. Reward if re-
turned to
MRS. S. M. BIRELY,
aug Ia 1t Thurmont, Md.
FOR SALE.
Falling Top Buggy good as new.
GEO. F. LATE.
Aug If Thurmont, Md.
For Sale.
$4,000 Second Hand Bricks. Apply to
HARVEY FINNEYFROCK,
jan 23tf Thurmont, Md.
Catoctin clarion. [volume] (Mechanicstown, Md.) 1871-1940, 1919-08-14
New Advertisements.

Town Hall.
The Gem.
Lost (2).
Wanted.
Property for Sale.
Candidate Cards (N.
H. & f. Railway.
New-York tribune., 1919-11-22
Stocks and Brokers' Loans

There are those in Wall Street who
argue that brokers loans of 81 800 900.
ooo are not excessive when the fact is
considered that the number of sccuri-
ties traded in on the Stock EXCHANGE
has practically doubled since before the
war Brokers' loans Of 81 00C .0O0. 900.
1t is argued, would not seem too great
IN comparion with pre-war borrowing.
Stocks listed on the exchange this
year, according to. Dow. Jones 4 Co.,
tai l5,903,425 shares, including IA
III, ,079 shares Of common stocks and
632,347 shares of preferred These
include issues, which have suffered
along with the re t of the market i'm
the recent break, and at their low sev-
eral suffered substantial losses from
the prices at the time they were listed.
keystone Tire & Rubber, for instance.
at last weeks low showed a loss of 30
points from the initial quotation on
the exchange. Caddo OIL & REFINING
lost 24s4 Iron Products %, Famor :
Players 10, United Retail Stores IA.
and Consolidated Cigar IFS. On the
other hand, Endicott Johnson at last
weeks low was still ~ points above
the quotation of the stock when it fir t
appeared on the exchange Stromberg
was up 90 4 Middle State Oil 2lls.
american ; Bosch Magnetic pol. Ma
tional Aniline l6i2 and Punta Alegre
Sugar %
New-York tribune., 1919-11-22
Up to the Government

4 leading international banker SAID
yesterday that the question of hnarc-
ing Europc's needs on large scale IS
now up to the government at Wash
inc.oa, because private bankers arc
unable to handle the situation He made
this remark after meeting trade dce
gates from Great Britain. France ltaiv
and Belgium, who were received By
The commercial and financial leaders If
the city yesterday. The banker exp ain
ed that high domestic tax = had de
stroyed the investment market so far
as patronage from men of wealth Is
concerned. The government, ne ind-
cated, might act through the War r.
nance Corporation, except that that
body thus far, he asserted, has shown
no disposition or ability to meet the
European situation adequately.
New-York tribune., 1919-11-22
MIR. Twitchell's Position
Banker Says Reserve Board
Should Be Supported

Inc reference IN Yesterdays papers
TO tae views of Mr.. Nv tchen, prcsi-
dent Of the Chemical National Bank.
as received from New Haven. was
rather misleading as it gave the wrong
IMPRESSION as TO his eiews regard NJ
the Federal Reserve system In MS
address before the Chamber of Com
merce Of the State of Connecticut Mr.
lWltehell emphasized the fact that the
red raj Reserve system had accom-
plla'f ed remarkable results during a
very trying period. that one of the
reasons for the organization Of this
system was to stabilize none, rates
throughout the country, that there was
danger that we had swung too far
rom tie government regulation which
rad been adopted during the war. and
mat these who are directing the affairs
OF the system ought TO feel free to
place such checks as MIGHT be neces-
'ary to prevent too much of the coun-
try's credit beng diverted into specu-
atvc channels. conserving such credit
tor the commercial needs cf business
In Mr.. TwitcNell's opinion. banks
'rd commercial crganizntio~s ourh. to
give their support to the Federal Re-
serve Board IN its efforts to stab lize
rates AID to encouroae such efforts
ven before money stringency exists
!! II Is apDarent that we are moving
IN that direction on "ccount of The
demands of speculativ" market
either In securities or merchandise.
New-York tribune., 1919-11-22
t'ah Copper Earns SI.l8
A Share in Thirs; 0ua,,e,

AS result Of operations in the
quarter ended September 80, 1919. the
Utah Copper .ompany returned total
profits of $2,419,512, equivalent to
5 Sl+S share $40 par, earned on the
@lo 1900 capita. stock compared
with " Coz los, or $1.63 a share in the
pereced'n% pr quarter, and SCHOOL,. or
~ ,, 70 IN the September. quarter of 1qlS.
iiolGefs of the stock received $2.436 \,
nnen IN edi;v'dends. n;t thereby causing sl7 ,223
uelclt to be made, which compares
with a $l.2lS,7S6 surplus in the sama ne
period OF the year before.
ne average cost per pound of ret
copper produced, including plant de-
plieclatlon and all fixed and general
charges, but excluding Federal taxns
ana without credit for gold and silver
or miscellaneous income, was IAN
cents, compared with l159 in the Sec, ao
ohd quarter of 1913 The higher cost
'und Is exp aimed as being pSrtjv dna
10 the increase in the wage scale. whicb
became effective July l6. 1919. and
part to the smaller conner nrn-
ductlOn. Pi'
New-York tribune., 1919-11-22
Crucible Steel
May Consolidate
All Properties
Chairman Tells Stockhold-
crs Plans for Merging
Subsidiaries With Parent
Company Are Considered

Horace S. Wilkinson. chairman Of
stockholders at the annual meeting IN
Jersey City yesterday. that plans in
volving the consolidation Of the parent
corporation and Is subsidiaries are
under consideration and VIII propabiy
be carried through il tnat step - icuAd
to be for the best interests Of he
shareholders. II ls believed that be
tween 81 600 0o0 and $1,000 600 IN taxes
vou pe saved by the merger.
The new Cruci Bile S.cel head Also
referred at length 20 his recent con
tercnccs with The Internal Revenue De
partment a, Washington regarding the
ady yustmcnt Of excess profi1s taxes
h.ch were found to be due the gov
erument from the earnings OF l9l
and 1913 when he was not Off ly
connected with the company.
"Ry this cleanup of the tax ques-
ton he said, we are now in the
best position we have been IN the past
two or three years. Our stock -
worth more money to-day than 1t was
ever We rth before. Settlement OF the
tax question has been arrived at and
we arc entirely safe in the govern
ment's hands so far as penalties are
concerned The nc ual amount Of
additional taxes required wlll not ex-
coed the amount Already set aside
ior that purpose
Mr.. Wilkinson said tnat truclble
common stcck is now owned pretty
generally by the men who are manag
ing the business and "since the com
pany was organized nineteen years ago.
this is the first time that he stock
holders have ever run their ompany.
He ated that the company was
assured Of fifty years coal supply
and that It also had large iron ore
reserves. He reported coal supply
ON hand adequate for the present
emergency and said the company WAS
prac icaily without labor troubles.
We passed down to a very small
business amounting TO about 80 to 50
per cent in the low period after the
signing Of the armis'ice,' he added
but we are gradually coming back
10 capacity business. Our orders
now would warrant a capacity busl-
ness had we our entire mills ad iusted
properly on the b. sis cf the pence
and commercial products"
At the conclusion Of yesterday $
meeting Mr. Wilkinson was extended a
vote of thanks by the stockholders
for "ccmp etc, frank and ccur-
teous' statement regarding the affairs
of the Cruc bic company. APPROX
patelv 400 000 Of the 500 900 shares
of common stock we're voted at the
meeting. the largest amount e'er be
lore represented ~ similar oathcr-
ing G. bert VI Black. f. l.. French.
August iIeckscher A W. Mellcn AID
Nathan l. Miller were reelected d.
rectors.
New-York tribune., 1919-11-22
Slump Of The Pound
" orries Lombard ST.
Opinion in London l. That Ex.
'hange Market l. Lacking
i'm ''RarA bone"

LONDON Nov. 21 The condition Of
Americ0n exchange is oausirr anxiety
in trade circles, as the prevailing rates
mean that a tremendous premium has
TO be rald by Briti~h buyers FOR 90 DIS
purcha ed IN the United States. The
rate this morning wa called at S405
on easier IN 0ney n New York but opin-
ion in Lombard Street is that there is
no backbone in the market, while the
r"cenl u~eas'n ness caused by he con
.ant declining tendency has been ac
centuatod by the ratification Of th'
ocacc t"ea,g. The rate according u
or mon hc.c is like Y to be unstable
uatil the treaty question is sett ed and
official action j. taken regarding the
'-r~~ tine of cred
The lower exchange rate is also a
ccntributory eau to the high prices
realized for arrivals Of silver. viii e.
On the other hand, America. Spain and
other countries. in view of the adverse
nNc arge are 'aking OFFERINGS Of eol'
III the open market at 1913 shilling an
ounce, or u per cent over the mint
prices.
morey market * gradusllv
tightening. daily loans which are badly
wanted commanding per cent. with
the floating supplies insufficient Bor-
wer are forced ID pay the Bank OF
England 6 y pen cent on weekly loans
The Joint stock banks are not lending
freely in the market, because of the
huge trade demands by Gu toners for
their expanding businesses and the
financing of the large number Of cotton
bills now arriving
Market opinion is that the year will
be gotten through without high bank
rate, but that money will be scarce
New-York tribune., 1919-11-22
The Swelling Gold Flow

The outflow Of gold to the Far East
is going on more rapidly this month
thnn at any time since the restrictions
""rc lifted eqrlier n he year. Up to
October | some 500 900, ,0OO had been
cXpJr d ard s'nce tnel S6o,629 900
has been released. or the latter sum
between $40 600 900 and $25, 900 600 was
shipped in October, and the rest thus
far this mcn'h Since October /. si9,-
$4,000 of gold has gone to China. $l5,-
600 000 to India, $2S,00O 900 to Japan,
$loOO.0oo to the Strails S tt ement
and 81 900 900 to Java Despite the
heaviness of the shipments. there is
no indication that the Federal Reserve
Board will restore the re trictions
Some bankers contend that it would
be unwise to do 80, explaining that the
uni'cd States now has an opportunity
to show that it is rec gold market
and add tnat it has huge quantities of
the metal to spare.
New-York tribune., 1919-11-22
Market Erratic;
Money Renews at
Eight Per Cent
Buying by Bargain Hunt
ers'' Adds Strength to the
Market, but Rallies Are
Followed by Liquidation

Although gains outnumbered losses
Stock Exc" ange. the market was high
~ irregular and without definite trend.
Money opened and renewed at per
cent, the lowest renewal rate thus far
this month. while many loans were ne
gotiated at per cent. This was the most
encouraging development OF the day
and was partly responsible for the
buying which brought about sharp
npturn in the carly trading. Some Of
this buying consisted of short cover
ing, but not a little of it was Of
much more substantial character. After
such a severe break as that which took
place recently, q good many people,
'vfo pay little attention to the market
ordinarily, invariably appear in Wall
Street seeking bargains They buy
stocks outright In many cases and lock
them up in their strong boxes, content
TO wait six months or a year. or longer.
If need be. for expected profits
fairly substantial part Of the buying
of late, brokers assert, has been of this
kind.
Curiously enough, scattered liquida-
ton is going on simultaneously with
investment buying. Spectators who
see no immediate prospect Of con-
tinuation of the excited advance that
eliminated week ago Wednesday, are
taking advantage of every rally to sell
their holdings. That, at least. is the
opinion of competent observers and
would appear to offer satisfactory ex-
planation of the check that is admin
lstered to every rally before it goes
very far
The unsatisfactory reports of two of
tne leading copper companies caused
we're not extensive. The leading steel
issues were under steady pre- SUR ard
closed well below Thursdays final fig
ures. Railroad stocks attracted litt.e
attention and were inclined to sag
Wall Street looks for a good bank
statement to-day. bankers intimatine
chat liquidation-which has not been
confined to the stock market by any
means-has Deen proceeding salts rac-
fo~liy. No matter how much improve
ment may be shown. however, there is
ntt.e chance for any real improvement
IN the specu ative loan position Just
as long os the demand for loans of this
sort rernains small rates may be ex-
Dected to stay at a reasonable level,
out any substantial expansion of the
specu ative position would surely be
followed by another money squneze
Banks are scrutinzing applications
even for commercial loans much more
carefully than they were a fortnight
stree, and they are also requesting
their customers to take up their Liberty
oonds as rapidly as they can without
Inconvenience. Under the circum
stances it is to be expected tat the
market Will be relatively inactive for
period
New-York tribune., 1919-11-22
Car Trust Bonds Next

The next large Offering Of new Sc
curlties, bankers say, viii probably be
the bonds of the car trust, whose for
nation was recently auth rized by
Congress. The money raised Will en-
able theindiyidual railroads to pay off
its debt to the Railroad Administra-
ton for equipment purchased during
The war. The bankers have estimated
that the issue would amoAnt to $3.50
100000. BY the first of next year. the
roads will have organized the machin-
cry for the trust, and the b of ere
atlng the securities, it is expected, viii
then be turned over to private bankers.
New-York tribune., 1919-11-22
Financ al Items

Empire Trust Company has been an
The cantal '5.er .5ner aFe9t f ana registrar of
70 i,'eE ~ Co.oratlon, also trustee for an jss,,,
tha 'CyyVp pSgr per cent gold notes of
and maturing November / l9a5' H.
Clark, Dodge x Co and the ola ro-
~lilv" irUst Company have purchased
li,,i. lioti 'he Hritish ami american Morraapn
Ni''p1hY hist mortgages on Amnrir.,n
lmately $1,000 600. "'H'oN-
holdess Of the 10000 900 per cen,
nrdf notes. +, d'.e peeemher l. 1919 Of he Gen.
that the notes will be paid on r,rno,rl,. ~
S %Sw y York ihe or i2nNsGs ba d Trqs c9mpany Of
pany OF Boston. '9' NoiiA
H. l.. Crane. formerly with the Na,ioo,,
ny toinpany, has become associated WIN
T',. Tomo' ll lsnt Coz Inc, as manager of the
New iork sales departments
On account Of the loss Of ton,..,,,
caused by the coat strike and present IN
sel,ieu Iabor con itions at mines. direc-
'ois or the Elk Horn Coal COMPANY nave
dividend on the common stock unfn RI"
hrst week in January. le-0
ne CORPORATION Trust Company of
America has placed IN file with the Socre-
tary of state at Dover Del. a certideata
OF amendment to the charter of the Ra iio
0oaporatIon ,,''l.I, OF America. by this amen
e4raSed 70 80 oo0, 900, preferred stock.
divided into 5.o00,o 600 shares of par valnc
oi - each and 5000 600 shares OF com
mon stock OF no par value.
:, rhe Guaranty Trrst Company Of New
YORK mas been appointed trustee under an
agreement dated October l. 1919 of th
lambert OH and Gas Company, to secure
an issue o. $ 900 par value series a"
I per cent convertible gold debentures. due
October /, 1924.
hanliers Trust Company has been an
pointed registrar OF the capital stock of
the lnternational Cement Corporation and
transfer agent Tor the preferred and corn
mon stocks of the T. II. Hanes Knitting
Company.
ON and fter Monday November "a. 1919
the t'-arantY Trust Company Will be nra-
pared to exchange at its trust department
the Outstanding temporary Central Of cieor-
eia hallway Company l0~Sear per e, IT
secured gold notes due June l. 1879 for
dehnitiVe notes of the issue bearing cou-
Deco q
New-York tribune., 1919-11-22
Chino Copper Shows $4,000
Surplus in Third Quarter

For the quarter ended Sertembe. 90
last the Chino Copper Company reports
total profits of STOP 384 equivalent to
80 cents a share. $5 par. earned on
the ~ 349 700 capital stock. compal ed
with S370,4l5. or AZ cents in the ire
ceding quarter. and 81 035.749 or ST l.19
share in the September quarter of
1918. After stockho ders had receN ed
ss52 4S5 in dividends surplus was S49,-
s99.
Tho total amount Of ore treated or
the three months was 425,35O tons.
equivalent to 4 623 tons day. This
daily average is 216 tons more than
was mi led 'or the second quarter of
1919. The cost per pound of net COP
per produced from mil ing operations
after lowing for SINE ter deduct .ors
and including depreciation, was Is 70
cents. against 14.16 cents for the pre-
ceding quarter.
New-York tribune., 1919-11-22
In the League of Business

The voting down of the peace treaty
by the Senate Will not keep American
business men out Of the world wido
,oague of bu mess men. according to
A. c. Bedford, of the Standard Oil
Company of New Jersey, who IS cnair-
man of the international Trade Goa
ference According to the terms under
which the league was launched last
month at Atlantic City, it was though.
that the United States might be in
eligible to join un css it becomes a
member of the league Of nations. Mr..
Rediord asserted yesterday that tn,
rev international sociation has moth
ing to do with DO itics. but is pure Y
a trade body and that the United States
would be represented
New-York tribune., 1919-11-22
Corporations Lending Money On Call

Corporations with big balances a~e
nd to have been heavy lenders of call
II )ney when rates were 50 high Brokers
n the floor Of the Stock Exchange re
ported yesterday, however, that the
banks are still adherng closely to the
policy sponsored by the Federal Re
serve authorities in regard to making
available for stock speculation. The
practice OF corp rations in making
their bank balances available TO,
brokers is said to be in vogue in Lon
don. In yesterdays market funds were
offered freely by interior institutions
in sharp contrast to the policy of re
stricting stock exchange loans now be
ing followed by the New York banks
New-York tribune., 1919-11-22
Union Tank Car Order

lty is estimated that approximate
10000 tons Of steel Will be reqnired to
construct the $500 ten thousand gall IN
tank cars which have been ordered by
the Union Tank Car Company. TIL is
understood to be the largest single
rider for tank cars ever placed and in
dlcates the steadily increasing require
ments OF the oil industry. the needs Of
which have had considerably ctrtailed
wing to the strike The present short
q is said to affect principally p pc line
Ntensions. which was in evidence be
fore the strike developed as a further
restricting factor.
New-York tribune., 1919-11-22
Maxwell Motors to Spend
S2,0OO,O00 on Improvement.

The program for extending and i'm
proving the factory facilities IF the
Maxwell M0tor Co.. Inc. in Detr,;t
wi involve the expenditure of 50 600 :
coo. It was announced yesterday. Fart
of this sum was raised by the sac of
buildings which are being rep aced.
In August, September and October
of this year the output o. tHc Maxwell
plants and OF the Cha 'mers l'ants an
der Maxwell management amounted TO
10 600 Maxwell cars, 1S00 Maxwe Il
trucks and 1000 Chalmers cars. This
production according to statement
from the board of directors. has given
net earnings of about 100000 month
New-York tribune., 1919-11-22
American Bosch Magnetic
Offers Additional Stock

Directors of the American Bosch
Magneto Company have voted to ofrer
20 600 shares Of additional capital
stock at 500 share to the present
stockholders. This would be in the
ratio OF one new share for every three
shares now held. The proceeds are to
be used to give the company sufficient
increased capacity to take care Of the
large amount OF new business coming
to hand
The directors have also voted to re-
tire on January l5 about 81 400 600 OF
New-York tribune., 1919-11-22
s. O. Stocks TO Be Listed

The Atlantic Refining Company has
sent a notice to stockholders request
ing them to exchange their shares for
new certificates preparatory to listing
them on the STICK exchlnye. This ac-
tion is expected to be followed by the
listing OF other STANDARD Oil issues.
Arrangements are understood to be un-
der way II list Standard OIL of New
has already been mae that the new
preferred viii be listed A breaking up
of the junior shares viii probably fol
low the listing of the stock. which is
now quoted around S72O a share.
New-York tribune., 1919-11-22
Establishing Losses

Investment dealers report greater
activity in bonds, but attribute the
increased turnover to sales by inve t
ors who desire to establish losses in
anticipation of the January l income
tax payments. Several large transac-
tions have been recorded recently
whore seller has either bought back
the same issue at about the same price
or has transferred his investment to
other securities that have shorter
maturity or give a higher yield
New-York tribune., 1919-11-22
London NJ rnev Market

aLoNnnN Nov. 2l.-Money 4s4 per
csnt; discount rates FOR short and
tree month bills 57s0G per cent;
gold premiums at Lisbon. 1000.
New-York tribune., 1919-11-22
The Dollar in Foreign Exchange

The recovery which set in yesterday
after exchange rates on Europe had
touched new low levels continued.
Marks. however. were an exception
and declined from 2.35 cents for checks
30 225 cents.
Yesterdays rates, compared with
those of year ago, follow:
fOuOted dollars IN ho rovrJ\
New-York tribune., 1919-11-22
In Wall Street

"What Do You Think of the Market ?"
An officer Of leading trust com
pany: 81 think the shaking out process
is practically over, IN. | do not think
there is big gambl left in the mar
kct. do not anticipate any fireworks
for many weeks"
New-York tribune., 1919-11-22
Money and Credit

Money available for call loans for
stock exchange purposes was easier
yesterday than any day this week. The
turnover of loans each day now is much
smaller than before the shake-out in
the market. and indicates that Sc
we're reduction of the call loans has
been achieved, bankers say. Most of
yesterdays loans were made at per
cent, and the rate fell off later in the
day to per cent
The ruling rates for money yester.
day, compared with year ago, were
rs follows por ,a,+
New-York tribune., 1919-11-22
Stocks Ex-Dividend

Nov 81 Cerro de Pasco Copper
Nov 26 Delaware & Hudson. ....... -.
Nov - F. dtrai Min y SIN IL pr =
Nov II Manhattan Shirt temp.
Nov u National Cloak & Suit pr. -.
Nov u National Lead pf. pf............ ..
Nov 26 Reading CO 1st pf. .t.......... !,