davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-12-21
Rails Feature
Further Advance
OF Stock Prices
Hope of Early Passage of
Cummins Bill Helps the
Market; Bank Statement
Shows Deficit i'm Reserves

In the balancing of optimism
against pessimism by traders in securi-
ties the cheerful view about conditions
was in most favor yesterday. Prices,
though not huctuating widely, con-
tinued to move upward and the rails
were again the market feature.
Sentiment was favorably stimulated
by the belief that the Cummns rail-
road bill was near passage in the
Senate and also by Secretary Glass
letter to Representative Fordney re-
garding the deferment of interest on
the Allies debt to the United States
Treasury.
Unless Congress intervenes the
Secretary of the Treasury will not
war to pay interest Immediately on
the loans extended out of the
10,000OOo,O0o fund. To fund this
interest is equivalent to giving the
European nations credit of S475,O00, 900
year and contribute to the solution
Of the problem of tiding the Old World
over the critical period before her
people begin to produce up to the hlt.
Although Secretary Glass communi-
cation merely confirmed what well-in-
formed bankers assumed to be the
case, it caused further rally in for
egn exchange rates, bringing demand
sterling up from 1915 to SS.815.
Toward the close some Of the stocks,
particularly the industrials, yielded
fractional gains, but this was attrb-
uted mainly to profit taking. Some of
the selling may possibly have been in
anticipation of an unfavorable bank
statement. The Clearing House banks
showed 9, deficit in reserYs of $685.,
000 900, the most unfavorable showing
since that of September 20, when the
deficit was $50 100000. The present
condition was probably caused by the.
shifting of funds in connection with
tax payments, Liberty bond and Vic
tory note interest and the paying off
of maturing certificates of indebted
ness Federal Reserve officials ind-
Gated that this effect might cnsuc if
the government took in more than it
paid out, as was the case.
Commission brokers reported in
creased outside buying of rails on the
part Of persons who anticipate an i'm
provement in values as the result Of
the turning back Of the roads under
constructive legislation. The possible
lily that the Supreme Court might hand
down its decision Monday as to whether
stock dividends are taxable induced
traders to remain long of industrial
stocks over the week end
Republic Iron and Steel gained an
other l1a points; Baldwin Locomotive
was up %; American Car and Foundry
up I, and in a narrow market American
Tobacco sold up 14a4 points. Steel COM
mon and several other steel issues
closed fractionally lower for the day.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-12-21
National Equipment Trust
Plan Not Abandoned
Bat Poor Investment Mark
Delays Issuance of Securi-
ties on a Large Scale

Plans Of bankers, railway executives
and officials of the railroad adminis-
tration involving the creation of M
tlon-wide syndicate to finance the rail
road equipment purchased during the
period of Federal control have not been
abandoned, reports from Washington
to the contrary notwiths standing. Under
the plan agreed upon early last sum
mer the government is 90 participate
in the financing arrangement BY sub
scribing to the capital stock of the
proposed equipment corporation.
Bankers who were active in drawing
up the plan admitted yesterday. how,
ever that fotation of any large issue
for financing the governments railway
equipment purchases probably would
be delayed until the investment mar
ket showed substantial Improvement
In the meantime it is expected that the
railroad administration will accept car
trust certificates from the roads indi-
vidually as a temporary expedient.
1t is stated that practically all of
the equipment allocated by the rail
road administration TO the various
roads has been accepted. The car
trust certificates which will be taken
by the government will bear intervnr
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-12-21
Ninety-eight Purchase
Seats ON Indoor Curb
New Exchange Will Have Regu-
lar and Associate Mem
berships

f. r. Mccormick. chairman of the
New York Curb Market Association.
yesterday announced that he had re-
ceiyed ninety eight checks of $4,000
each from brokers in quest of seats on
the curb after it goes indoors. The
initiation charge viii be $3.50.
M. Mccormick explained that there
VIII be two classes Of membership. rep
ular and associate The regular mem
bership will include the present mem
nership and who may be elected by the
board or representatives The asso-
gate membership will entitle the
holder to the privilege of having his
business transacted for the minimum
commission rates. An associate mem
oersnlp, however, will not entitle the
holder to floor privileges.
IN explaining the new system. Mr..
Mccormick added: amy regular mem
Der may deputize man who shall be
approved by the membership committee
and who shall be guaranteed in every
respect by the regular member to act
tor him IS his representative on the
'loor A regular member who so depu-
tizes his membership shall not be
privileged to, use TIE floor By this
privilege the new exchange will take
care OF large number of regular mem
ners who may not wish to 60 on the
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-12-21
Gulf, Mobile s. Northern
Earned S4.2l Share in 1913
New York Tribune Inc,

AS result of operations in the year
ended December 81, 1918, the Gulf, Mo-
bile & Northern Railroad Company re-
turned net corporate income of 1884,
274, equivalent to $4.21 a share earned
on the sl1,494, 400 per cent non-cumu
lative preferred stock. After deducting
debit balances of S47,sG1 charged out
for the period prior to January l. 1918.
surplus was s436,473, or 1878 a share
earned on the preferred. which COM
pares with a surplus after charges in
the preceding year of $722,0lO, which.
after allowing for 6 per cent on the
preferred, was equal to 81 cents a
share earned on the S10,822 800 com
mon stock.
Federal operating account shows net
income of Sl97,511, compared with
guaranteed rental Of $55S, 1877, loss to
the government of s36O,s26. Without the
benefit of Federal compensation the
actual showing for the year would
have been 3 surplus Of 1928. 44s, or
SLOT share on the preferred.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-12-21
Ohio Cities Gas

Special weakness in Ohio Cities Gas
yesterday was directly attributable to
the announcement that the management
plans to increase the company's pre-
ferred stock from $4,000 600 to $50
100000. The stock dropped to 46, COM
pared with closing of 48Ss on Friday
on heavy offerings. A meeting of the
stockholders is scheduled to be held
January 20, when the proposition will
be voted upon. 1t is stated that the
new preferred will not all be issued at
once, but will be put out from time to
time as needed to finance future ex-
pansion of the company: It is planned
new preferred for exchange share for
share for the present outstanding per
cent preferred, the new issue to bear a
per cent dividend rate, if approved by
the stockholders
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-12-21
In Wall Street


Other periods Of afterwsr recon
struction have witnessed great swings
in security prices. Those who, look
ing ahead, see falling markets can
find perhaps a parallel IN tho pcrfof-
nance of the New York market IN
the years directly following the Civil
War. The general average Of prices
on the New York Stock Exchange
stood at 1T in March 1866, accord
ing to the weekly review Of w. J..
Wollman & Co. From this level it
rose until it reached 1874 in Novem-
Der of that year. This was followed
by decline to 1929 in April. 1867.
from which level there was an irregular
recovery to 14ls in January 1859:
From this point ensued n series Of
falling markets which lasted until
October, 1871, when the average price
touched the low level Of 1002s. The
following year there was recovery
to 1878 just before the panic Of
1873
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-12-21
The Copper Stocks

Are insiders accommodating copper
stocks around present levels? The Cos
sip of the Street intimates that this is
the case and has been for weeks past
Houses which are in a position to know
claim that the buying of number of
the better copper shares has been of
excellent quality for several days.
There is not much yet in the copper
metal situation to inspire bullishness.
however Large producers are selling
a fair tonnage at 1872. cents a pound
for domestic account and metal for eN-
port is quoted at 1914 cents. European
purchases are slightly heavier, although
the total being taken for export is
much less than the producers predicted
several months ago, when it was ex-
pected that the foreign credit problem
would be we'll in hand by this time.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-12-21
Financial Items

o,,. o. Lazy strand, vice president Of the
IONA producing and Refining Com
p p mas a., been elected a director OF the
Inc Equitable Trust Company Of New
s.ock OF the Peerless Insulated Wire and
Gable Company. ""o
arnold Schlaft has resigned as chairman
o OF me Ine executive committee and director
MS time to personal affairs.
" Application has been made 10 the Haw
ork Stock Exchange to list the sr12s ooo
~, aHu't!onal per cert preferred stock Of
the General Chemical Companv
Directors Of the Irvinr rrns+
nave declared an extra payment Of * nay
a ali o. the respective salaries received by
1919. The payment az this ,S Al year
com 80 Pensation will be mSAe on January Is
~ ~ nose IN the employ of the institution
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-12-21

at per cent and will be payable in
itteen equal annual installments. No
''hmedlate cash payment is involved.
Accordlng TO reports from Washing
ton, the financial arrangements he-
tween the individual railroads and the
railroad administration are the same
as those originally contemplated be-
tween the roads and the equipment
corporation.
The distinction at present. it is said
IS mat the railroad administration will
hoid the securities and that no effort
VIII be made to sell them to the pub
~. nc at present. Under the general plan
the railroad administration would have
been called upon to furnish funds
amounting to about S128,0OO 600.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-12-21
Money and Credit

n further decline in borrowings by
member banks on government war OBJ
legations was disclosed in the weekly
statement of the Federal Reserve Bank
OF New York yesterday. Total loans
and discounts on this class of colat-
oral at the close of business on De-
cember 10 amounted to $515, 034 1888,
decrease of $139, 366.310. Other loans
dropped from $144,924,251 on Deem
Der IL to $143 b36,563 on December 49,
In the same period bills bought in the
open market increased from STAT ,O3O,-
346 to S179,382,274. Presumably these
we're purchases of acceptances Total
bills discounted at the end of the week
stood at 1897 953,670, decrease Of
S108, A02 ,070.
A deficit of $2a, 1922, O6O in the cash
reserve item was reported in the weekly
statement of the New York Clearing
House banks. This was understood to
have been due to the heavy cash pay
ments made by the banks last Monday,
when the last quarterly instalment on
the 1918 Federal income tax fell due.
The largest previous deficit in the cash
reserve of the banks took place on
September 20, when it reached total
Of $53,lS6, 600. Under the Federal re-
serve act the member banks are sup
posed to keep cash reserve Of at
least l3 per cent with the Federal Re
serve Bank. The unfavorable condi-
ton disclosed in the statement of the
Clearing House is, of course, offset to
some extent by decline in borrowings
at the Federal Reserve Bank
Bank Ciearings.-Bank clearings in
New York and other cities yesterday
we're:
Exchanges. Balances.
New York -. $685., 462,O06 Sl18,182,4 35
Baltimore 80. 16,304,475 6,936 $50
Boston ....... 1881 1923 22,627, O95
Chicago ...... 1o9370,852 798,05l
Philadelphia =. s5,O19,627 20,4O5 ,26s
Pittsburgh e.. 29,887,017 11,296,674
Sub-Treasury. - United States Sub
Treasury credit balance, s1,11O382.
Federal Reserve credit balance, $780,
862, 445.
Silver-London, 73%d. New York,
$1.33h. Mexican dollars, S1011z.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-12-21
The Dollar in Foreign Exchange

Secretary GLASS; statement, in q let
ter to Representative Fordney that the
Treasury would not demand the imme-
diate payment of interest on the loans
made by the government yesterday re
acted favorably on rates on London,
Paris, Antwerp and Rome. The news
did not come as a surprise, yet never
thcless the official announcement had
it's effect on traders. 1t stimulated
short covering.
Sterling exchange rose more sharply
countries. At the close demand ster-
ling was quoted at s3.815, compared
with 1915 Friday and S3.6S5 week
ago. All the Allied exchanges revealed
net gain for the week
Many bankers took the view that the
Improvement in rates last week repre-
sented no significant development. but
was due mainly to internal market
factors. Holders Of sterling bills who
had been retaining them in anticipa-
ton of higher rates dumped them mer-
cilessly into the market when rates
were crashing and after the low mark
was touched week ago Friday, the
pressure on the market lightened
Dealers In exchange, however, expect
many more bills against grain and cot
ton to be offered
The sending of the Edge bill, author
icing the formation Of corporations for
the extension of credits, to the Presi-
dent for his signature is looked upon
by bankers as a step forward, yet thew
point out that the nub of the problem
continues to be in selling securities
based on European credits to invest
ors.
If you calculate the cost of the dol
lar in terms of foreign money at cur
rent exchange value, that is, if YOU
were buying dollars with pounds.
marks or francs, its value at the close
of last week, as compared with a year
ago, follows:
Cost Of one dollar
Yesterday Year ago
In English money!. $1.29 sl.oo
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-12-21
"What Do You Think of the Market?'

An oldtime commission house trader
who is bullish for the "long pull:
81 don't believe there will be the
January rise that many folk are look
ing for. My personal opinion is that
stocks will not undergo any great
improvement until later in the year
Possibly the next upswing will start in
February. 1t is a safe bet however,
that there will not be a sustained up
swing in prices such as was experienced
early this wear"
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-12-21
Consolidated Gas

Selling of Consolidated Gas, which
broke the stock to a new low record for
the year Of 1914 last week, ceased ab-
ruptly yesterday, when an active de
mand appeared causing recovery of
more than , points 20 s3la. Buying of
the stock Yesterday was based on the
possibility of the way being opered to
$3.50 gas as a result of the decision of
the Appellate Division in the case of
the Bronx Gas and Electric Company.
The case OF the Consolidated Gas Com
pany will be completed within the next
four weeks and will be in the hands of
court for final decision early next year
The directors Of the company meet next
week, when it is expected that the reg
ular quarterly dividend of u per cent
will be declared.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-12-21
Dividends


Dwight Manufacturing Company-t'
extra dividend &C So share na, nee
declared I'm addition 10 ttr Ynarter.s dff
dend Of $50 shAr- both laFehi' -
uary - stock holders uf record -
cemher 1a
of > nor cent fr addition T. the -eguisr
quarteriy dividend Of % ne~ cent both pa
able February - e. stockholders Of lec0''
January 49,
Na,ionai Park Rank-An eytra diYlaers
OF 10 per cent las been declared IN ga.
lion 80 the Guarterly dividend OF
cent. both payable January t. stocN
holders rf record lforHf-. na~ 20
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-12-21

The directors Of the Ohio cities ~
Company have called A meeting Of stos1l
holders for Jangary next To act Gu
reconme ndation to increase the sutho,.iS.
preferred stock issue from loco wv -; q
$50, 600 900 The additional preferred Va
be issued from time to time for the r.,
pose of financing future developmsus =
the company.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-12-21
An Opinion From London

1t is the opinion of 1.-THE London
Economist" that Paul Warburg has hit
the nail square on the head when he
says that the two fundamental evils
which must be eradicated if world
bankruptcy and communism are to be
avoided are the continuous increase in
prices and the decrease in production
There is apparently as much SQUAD
bling in England over what policy to
pursue with regards to the interna-
tional credit situation as there is here
in the United States. at is much to
be DESIRED" says "The Economist"
that those who are at present in
charge of our finances should grasp
the principles so clearly set forth by
Mr.. Warburg. At present they appear
to be acting as if they believe the
exact opposite. They tell US cheerfully
that there will be no need for further
taxation so long as certain things hap
pen which are certain not to happen.
and they go on financing their deficit
by treasury bills while the community
INDUCES itself in reckless extrava-
gance."
Belington progressive. [volume] (Belington, W. Va.) 1912-1927, 1919-08-07
TOO MUCH FOR KooNTz

Desertion Of the Democratic party
by men who have long been MEM
bers, some of them lifelong Demo-
Gratis, continues apace. Soon it will
become a wholesale exodus.
One of the latest converts to Re-
publicanism is Erwin d. Koontz,
news editor of the BeIington Pro-
gressive, who kicks over the traces
and washes his hands of the terrible
mess brought upon the party by
Woodrow Wilson and his crowd of
misfit politicians. In the current is
sue of the Progressive, Mr.. Koontz
gives his reasons for making a
change. The reasons advanced by Mr..
Koontz for his change of political
belief may well be pondered by other
Democrats who by reason of party
exigencies have long been compelled
to bend the mind, bow the head and
crook tn knee to the 'autocracy that
has come to supplant democracy in
this country-Clarksburg Telegram
Belington progressive. [volume] (Belington, W. Va.) 1912-1927, 1919-08-07
REGER NEXT?

2. d. Koontz, news editor of the
Belington Progressive last week an
nounced the transfer of his political
affiliations from the Democratic to
the Republican party. Only short
TIME ago the Progressive declared its
allegiance to Republicanism, after
having been run as an independent
paper for several years. Fred K.
Thompson is editor Of the Progress
sive. The Topping of Koontz would
leave the terrified" in bad way in
that neck of the woods were it not
for John T. Roger, an old wheel horse
of Democracy, and editor of the Bar
bour Countian, who seems 10 be still
strong in the faith, but Bill Street,
the veteran Republican leader, is
hard at work on John and he is said
to be some persuader, AS the fell
low says, don't be surprised at any
thing nowadays. "-Shinnston News.
Belington progressive. [volume] (Belington, W. Va.) 1912-1927, 1919-08-07
SUMNER SCHOOL

The summer school of Davis Elkins
College, after successful session of
six weeks, closed July 20. Courses
were offered in four Departments,
and credit was offered in such courses
as credit could be allowed.
With the closing of the Summer
School the fifteenth session of Davis
Elkins College passed into history.
And, in spite of the war conditions,
from which the College did not es-
cape, the session just closed was the
most remarkable in many ways in
the history of the College; not only
were the regular Departments con-
tinued throughout the year, but in
addition the College received and
trained Student Army Training
Corp at the request of the govern
ment during the fall term. Follow
ing the discharge of the soldiers
there was some apprehension that
there would be a serious loss in the
number of students enrolled, but at
the beginning of the winter term the
enrolment was better than it was
expected to be and continued to grow
turnout the year.
The first two years of the Normal
School were completed and all of the
candidates received State Certif-
Gates, four of High School grade and
three of Normal grade. This new
Department promises to be one of the
most important at Davis Elkins in
the immediate future. The Depart
ment Of Music, installed last fall,
also enjoyed most successful SEES
sion.
The outlook for the fall term,
which opens September II, is unus-
ually bright and, some time during
the present session, the new Science
Hall is to be completed. The Trus-
tees have leased and are equipping
building suitable for a girls dor
mitory which will accommodate at
least Is girls.
Two very successful and popular
instructors, who resigned at the be-
ginning of the war, will return to
resume their work at the College this
fall, Miss Bertha May Johns, in the
Department of Expression, and Mr.
James Clarence Faw, to take full
charge of the Commercial Depart.
ment.
Belington progressive. [volume] (Belington, W. Va.) 1912-1927, 1919-08-07
MILLIONS SAVED IN
EDUCATION BY METRICS
Noted Educators Declare Metrics
Measurs Would Mean
Great Saving

SAN FRANISCO, Aug. 4th.-
Americas greatest educators are sup
porting the move made by the World
Trade Club of San Francisco to Sc
cure the adoption of metric units of
weights and measures by Britannia
and the United States. ''The adop-
ton of the metric system by the
United States would facilitate teach
ing of mathematics and applied sci
ences in schools" wires President
Emeritus Charles W. Eliot of Har-
ward University. President Nicholas
Murray Butler of Columbia has also
sent the World Trade Club tele-
gram of support. DR.. Joseph v.
clares that the people of the United
States lose $314,000,000 yearly in
education because of the time wasted
in teaching a system so much more
complicated and difficult than the
metric system.
Belington progressive. [volume] (Belington, W. Va.) 1912-1927, 1919-08-07

ners in the district contests will be
sent to county contest to be held
at Philippi some time in the early
summer. Suitable prizes will be ar
ranged for all these contests. We
want to start this good work at our
institute. We ask all teachers and
parents to become boosters for I'm
proved Spelling.
Thursday evening all who desire
will have an opportunity to see a
good moving picture to- be arranged
for by the local management.
The public is cordially invited to
be present at all sessions and pro-
grams of our institute.
In conclusion permit the writer to
suggest that we all become "boost-
ers" for the Barbour County teachers
institute and help make it the best
ever. We want week brimful Of
coed things for everybody
Very respectfully,
E. A. HUNT.
Belington progressive. [volume] (Belington, W. Va.) 1912-1927, 1919-08-07
APPOINTMENT OF CENSUS
SUPERVISORS

Washington, D. c., August 5, 1919,
The Secretary of Commerce, upon
the recommendation of the Director
of the Census, has made the follow
ing appointments of supervisors Of
census for the State of West sVir-
ginia:
First District-Frederick T. Mar
tin, Grafton, Taylor Co.
Second William j. Knott
Shepherdstown, jefferson Co.
Third District-Percy Byrd, Clarks
burg, Harrison Co.
Fourth District. M. Muir
ply, Parkersburg, wood Co.
Fifth District.-Albert S johnson
Union, Monroe Co.
Sixth District.-(To be announced
later
Second District Bar
bour, Berkeley, Grant, Hampshire
Hardy, Jefferson, Mineral Monga-
LA, Morgan, Pendleton, Preston, Ran
dolph, and Tucker (13 counties)
Population (1910, 211,690.
West Virginia Population in 1910
was 1921 19.