davidaulloa/AmericanStories huggingface dataset:
East Oregonian : E.O. (Pendleton, OR) 1888-current, 1920-04-08
pINNnR pREcEpEs DANCE

DINNER PRECEDES DANCE T
Several dinners this evening Will
precede the dancing party which Is to
be given by a group of Pendleton
natrons in Eagle Woodmen hall. At
The home of Judge and Mrs Gilbert
w. Phelps on Washington street, Mr..
and Mrs Charles Bond. Mr.. and Mrs.
VIII VIII III. Bennett, of Salem, and
Mr. and Mrs. J. B. McCook are to pc
dinner guests. Mrs. Phelps has
chosen Easter lilies to center her Ia
BILE.
East Oregonian : E.O. (Pendleton, OR) 1888-current, 1920-04-08

MRS. HATCH rs VISITOR
Mrs. c. winfield Hatch. formerly
Mrs. Gurnsey. of Santa Rosa, is
.pendleton visitor at the home Of her
parents. Mr. and Mrs. J. r. Bean and
her sister, Mrs. II. r. Kramer.
East Oregonian : E.O. (Pendleton, OR) 1888-current, 1920-04-08
MRS. VAUGHAN DEPARTS.

Mrs. John Vaughan left this morn
ing for Portland where she will he a
guest of DIR. Thomas Vaughan and
DR.. Eugene Vaughan.
East Oregonian : E.O. (Pendleton, OR) 1888-current, 1920-04-08
REV. Mr.. MORGAN RETURNS.

Rev. J. Frances Morgan. who
preached on Easter Sunday in the
Piedmont Presbyterian church Port
land. returned home yesterday after
neon.
East Oregonian : E.O. (Pendleton, OR) 1888-current, 1920-04-08

WILL ENTERTAIN CLUB
Mrs. C. o. Bybee will entertain the
Want to Come Club of The Royal
Neighbors. the members having been
asked to her home on Bush street for
tomorrow afternoon.
East Oregonian : E.O. (Pendleton, OR) 1888-current, 1920-04-08

PRUITTs RETURN FROM CITY.
Mr.. and Mrs. w. c. f. Pruitt and
small daughter returned this morning
from a weeks visit. in Portland.
East Oregonian : E.O. (Pendleton, OR) 1888-current, 1920-04-08
RErIrRN TO ECHO

RETURN. TO ECHO
Miss Maxine Stanfield and Jack
Stanfield returned this morning to
Echo after a visit in Pendleton at tho
home of their uncle, Dir. David b. Hili.
East Oregonian : E.O. (Pendleton, OR) 1888-current, 1920-04-08

LUTHERAN LADIES MEET K
An enjoyable event of yesterday.
was a meeting at the home of Mrs,
Chris BREEDING on East Court street OF
the Lutheran Ladies' Aid Society
About 25 members took part in the
affair and in addition to the regular
program a biblical question box prov
ed interesting.
Completing the afternoon Mrs,
BREEDING served dainty refreshments TO
her guests. 4
East Oregonian : E.O. (Pendleton, OR) 1888-current, 1920-04-08

/ Dining Room Win oT~en.
! Mr.. and Mrs. David Segergron have
leased the Kenmore and viii nave
charge of the dining room. IL VIII
be open to patrons tomorrow.
East Oregonian : E.O. (Pendleton, OR) 1888-current, 1920-04-08
ASTHMA ~
"A There is no "cure" }
- - but relief Is often fa{5<
brought 1by+- .lALskG)
yICK,S XAPORUlB9l.
YOUR BODYCUARD I"

wyrick, Miss Lenore Younger of
Portland, Miss Norma Alloway, Mrs.
Mona La Fontaine, Mrs, IL, o. Parker
and Mrs George Clark.
East Oregonian : E.O. (Pendleton, OR) 1888-current, 1920-04-08

LITERATURE CLUB TO MEET
Members of the Current Literature
club have been asked to meet tomor-
row afternoon with Mrs. Charles TUT
loch at the Tulloch home on Jackson
street. u
East Oregonian : E.O. (Pendleton, OR) 1888-current, 1920-04-08
LOSSES FROM DAMAGE DONE
BY MIaST END FLOODS
SEEK COMPENSATION

Confined from page -
East Oregonian : E.O. (Pendleton, OR) 1888-current, 1920-04-08

ENTERTAIN WITH LUNCHEON.
The home of Mrs. Ben F. Trombley
East Oregonian : E.O. (Pendleton, OR) 1888-current, 1920-04-08

CLUB WILL MEET
The Spizzerinktum club is to meet
tomorrow at the home of Mrs. A, II.
Cox on Perkins avenue and hostesses
for the day will be Mrs. Cox and Mrs.
Mary Boyden.
East Oregonian : E.O. (Pendleton, OR) 1888-current, 1920-04-08

THURSDAY CLUB TO MEET.
Mrs. John Vert and Mrs. A. l.,
Schaefer are to be hostesses on Satur-
day for a meeting of the Thursday
Afternoon club. Their guests are
asked to the club room Of the library,
East Oregonian : E.O. (Pendleton, OR) 1888-current, 1920-04-08

% na! 80
New-York tribune., 1920-01-17
Fauors Raising
:. Rediscount Rate

The time has come for raising the
federal Reserve bank rate for single
anne commercial paper from Az
aer cent, according to the American
Acceptance Council.
y After making this recommendation
n the current number Of it's bulletin,
he council points out, "On the other
aand, it is suggested that Federal Re-
serve banks holdings of bankers
.cceptances are heavy and that that
.gopld warrant a simultaneous further
sslncrease in rates for bankers accent
anees.
This, however, would be mistake.
ince the beginning of operations the
sainety-day rate for commercial paper
sef the New York Federal Reserve
ssssank has advanced from per cent
O. 4A per cent, while its rate for
I scceptances has moved up from per
tent to or above per cent. In order
words, the acceptance rate from time
o time has ben adjusted to world
conditions. while the official rate for
commercial paper has not. By moving
she latter to per cent and leaving
ranks acceptances at approximately
heir present level proper relation be-
tween the two types OF paper would
se reestablished
"The British discount rate has been
<oduced again to s per cent. II our
acceptance market is to become a
world factor our discount rate for
s-acceptances must not be unreasonable
ligh. Moreover. it must be borne in
esnind that the borrower pays an accept
i'snce commission equivalent TO l ard 2
ler cent interest per annum in order
q secure the bankers guaranty and
mis- cost must be added to the dis
sount rate.
"Thc Federal Reserve systems IN
s,sfestment in commercial paper and In
''sgsr paper ought 10 go down sub
stantial'y II per cent rate would
3c established policy of this char
eacter should be likely to bring about
contraction Of loans and circulation.
which are desired at this time, ard
you'd lcad the system back 70 basis
suore nearly In accord with tho princi
seples> originally laid down by those in
ssther@e and more in accord with the
aanking usagcs that governed tie
yorld before tho war emergencies
rosc."
New-York tribune., 1920-01-17
Liquidation and
Short Selling
Break the Market
Industrial Shares Decline
as Pressure lis Renewed;
Uncertainty for Money
Responsible for Weakness

Thursdays rally proved to be moth
ing more than temporary halt in
tho steady retreat of stock prices which
have been going on for nearly two
weeks. Liquidation broke out afrcsh
yesterday and, assisted by operations
on the short side, carried quotations
down to substantially lower levels.
Hardly an issue in the industrial sec
ton Of the list escaped the effects Of
tho selling movement. The only ray
Of sunlight in the general gloom was
furnished by the somewhat better per-
formance of railroad shares, which
were quite strong during the greater
part of the session. But even the rails
suffered in the heavy selling of the
last half hour, although many of them
closed higher than the day before. A
great many of the active industrials
closed at or near the lowest prices Of
the day.
Stocks in which speculation has been
widest we're the ones that suffered
most yesterday, largely because they
are not looked upon with favor by the
banks, and it is therefore hard to bor-
row on them. This naturally compels
liquidation not only of the issues which
are not acceptable collateral, but of
the standard speculative stocks as we'll,
for the lead is too heavy for some
houses to bear with money at the rates
which have obtained of late.' Money
yesterday was relatively easy. renewing
and lending at 8 per cent during the
greater part Of the session, and later
getting down to per cent, but the
ease is regarded as superficial in that
any great expansion of market activity
would, bankers assert, cause the call
rate to squirt again.
1t is largely because Of the unpromis-
ing outlook for money that spectators
hesitate to make commitments on the
long side. even though many Of them
hold that aside from money the tech
rical position is strong. There is a
widespread conviction that the market
has been oversold and that the short
interest is now very large.
However that may be, the specula-
tive public is holding strictly aloof
This attitude of aloofness, in the opin-
ion of some observers, is to be at
tributed to the general uncertainty as
to the course of commodity prices, the
eign trade and the growing uneasiness
over the general business outlook. A
distinct trend toward conservati tism is
plainly dscernible. The SO called spec
ulative public consists to very large
extent of business men. When such
men begin to feel uncertain as to the
outlook in their own lines, it is natural
that they should be distrustful of the
stock market. Therefore, it is hardly
to be expected that outside interest in
the market will expand very much until
some definitely favorable developments
make the general outlook less obscure.
Liberty bonds again sold lower.
New-York tribune., 1920-01-17
Clearing House
Limits Interest
: On Balances Here
ACTION Interpreted as Paving
/. Way for Rise i'm Federal
Reserve Discount Rate;
Sliding Scale Abandoned

Members of the New York Clearing
yesterday took action which was
interpreted as paving the way for an
increase in the Federal Reserve Bank
discount rate for ninety-day CONNER
.eial paper. They voted unanimously
70 limit the interest paid on the bal
:ances in New York Of out-of-town
hanking institutions to 2A per cent
Heretofore, the interest was based on
d sliding scale in accordance with the
.~qctuating of the ninety-day rate Of
: he Reserve bank. Because of this
c0ndition the Federal Reserve Board
selt that the Reserve banks were be-
ng restricted in their ability to raise
heir own rates because of this indi-
,'ect effect. An increase in the inter
so rate paid by the Clearing House
tanks was deemed undesirable, chiefly
hecause it was thought that it might
upset conditions by drawing funds in
80 large amounts to New York.
After the meeting at l o'clock yes
1erday afternoon the following state
Hnent was given to the press: "The
Clearing House committee recommend
I'd the adoption of the amendment in
view of the request of the Federal Re-
erve Board, which had the approval
sssf the delegates from clearing houses
-<A@ OSCA IHC COUHtIy at CuC I6CcHL COU-
ference held with the Federal Reserve
Board at Washington that there should
be no increase in the interest rate paid
) N balances and that the maximum
-'ate to be paid under Clearing House
regulations should not increase with
an increase in the Federal Reserve
5ank discount rate for ninety day pa
aer beyond a maximum of 2A per
lent"
. Divorcing of the rate of interest on
out-of-town deposits from the Federal
Reserve Bank rates was recommended
Ut recent conference of bankers at
Washington called by the Reserve
3oard, and will be taken up again at a
conference in Chicago later this month
s,y committee named at the Wash
sngton parley.
Although no announcement Of g
ehange of rate was made at the Re-
serve Bank, it was predicted in many
quarters that the directors of the
iaank would recommend a rise in rates
IN commercial paper next week.
New-York tribune., 1920-01-17
Urge Removal of Marine
Insurance Restrictions
State Authorities Asked to Co.
operate in Putting Business
on Ct,nDesifiye Rasia

In order that American underwriters
of marine insurance may be placed in a
position where they can compete on
an equal basis with foreign companies,
John Barton Payne, chairman of the
United States Shipping Board and
representative Lehlbach, chairman of
the House Sub Committee on Merchant
Marine and Fisheries, have submitted
a letter to Governors of states and
state insurance commissioners making
the following recommendations
Removal by the states of restric-
tons on the kinds of insurance, other
than life insurance, which may be
transacted by American companies:
changing the system of taxing gross
premiums to taxation on net profits:
revision of the insurance law of the
several states, which. it is stated, was
drawn primarily with regard to the
regulation of fire rather than marine
insurance; greater liberality with ref
erence to American companies seeking
to enter the foreign field directly, or
"nlch may have found it necessary to
re1nsure in foreign countries in order
to secure proper spread Of risk.
The recommendations also urge that
no obstacles should be placed in tho
way OF permitting groups of American
companies to unite, under proper rer-
ulations, to form companies. assoc;a-
tions or pools for the purpose of as
suming the reinsurance needed hv tba
group or to undertake operations in
foreign countries. 1''
New-York tribune., 1920-01-17
In w all Street
DIRTY Water"

New capital issues in the United
States last year, the statistics show,
made record total of $3,O21, III 800
Total authorized capitalization was
s12,O77, ,299 800. or this amount $3,-
$4,000, 900 was for new oil companies.
as it surprising" inquiries Byron w.
Holt, of Goodbody & Co., %that the
prices Of some of these oil stocks are
collapsing? The trouble with them is
not so much salt water in Texas as
dirty water in Wall Street" He points
out that the banks and investment in
st.utons are to-day choked with the
securities of corporations, many of
which were formed to take advantage
Of the high prices of commodities or
real estate. "Our guess he continues,
SIS that there will soon be {. rather
sharp decline in commodity prices and
slump in business. This may be
only temporary. But even if prices do
not decline, or decline but for a short
period, we think that the era of big
profits is past for most corporations
and that their stocks should be sold
New-York tribune., 1920-01-17
Italy TO Oaer
$25,OO0,0OO Bond
Issue in h. :. :.
First of Block of $1OO.OOO..
600 To Be Placed Among
the Italians; Proce eds
Will Be Spent~zLere

Having received the United Sts+..
Ireasury's authorization, a group o.
Italian banks with branches in th;a
country announced plans for sellinc
S25,000,000 Of Italian bonds in tb;s
country. This block, which will h.
known as Series A, will be the SrsA
installment Of complete issue of sl0o
200 600 worth, which, it is expected b.,
the sponsors of program, will be d;s.
tr1buted among the five to six mill;o,.
Italians in the United States. who have
IN the past been sending home for do.
poslt in the banks of their native conn-
try between $80,000,00O and Sl0O000- =
600 each year.
Under the new arrangement. tho
Italian Government desires, instead o.
tins transfer of funds, to establish
dollar credits in this country to nav
TOT purchases of raw materials. The
issue of bonds has been u1Terwritten
by a syndicate of leadiw Italia
banks, including Banca CoAnmerc ale
Credito ltaliano, Banco de Napoli, and
Banca 1taliana di Sconto. The secur-
tiles, issued at par and bearing 6ik
per cent interest, are dated February
l, 1920, and mature in five years. A
maturity, the bondholders at his or
ton may receive his prip pal sun
back either in dollars or in lif& at thi
rate of 7 to the dollar. TIE fresent
rate Of exchange on lire is 1876 to tit >
dollar.
The bonds are in denominations of
$50, $100, $500 and $1,000, and will be
marketed through the five Italian
bankers in the United States Bankers
in Wall Street expressed the view tha.
the wellknown thriftiness of the Itlians
would greatly facilitate the sale o.
these bonds.
New-York tribune., 1920-01-17
A Day Of Gloom

What worried holders of long stock
more than the general weakness Of the
market was it's failure to stage a
comeback in the final hour. Gloom
was plenty thick enough when the
market was in the throes of it's swift
midday recession, but the bears piled
it on even thicker by not giving stocks
chance to rally. They pounded away
regardless of whose pets they hit. It
was really shock to most market fol-
lowers when there was no rally at the
finish. The common line Of talk heard
around the commission houses shortly
before 2 o'clock was that "there ought
to be good rebound" And market
sages shook their heads solemnly. as if
fearful of awful things in store for the
market when the looked-for rally did
not show it's head.
New-York tribune., 1920-01-17
British Government to
Offer New EXCHANGE Rords

LON DON, Jan. 15.--The British gov
erhment plans to issue new fve-ve.r
.e;xchequer bonds bearing interest at
tne rate of 5% per cent to replace larre
oiocks of per cent ,excheouer honds
maturing in ebruary and March. nc-
coraihg to an announcement made TO-
hlght by j. Austen Chamberlain. There
nave been reports recently that the
government might take care of the ma
turing bonds and issue securities 20
Gear on the large floating debt which is
s,'i' outstanding, but the plan contcm-
plated would seem to Indicate tho float
ing debt will be lofs over to be- dealt
with in tho next budget.
New-York tribune., 1920-01-17
Forcing Liquidation

Failure again yesterday of the Fed
eral Reserve Bank to announce an in
crease in the discount gate did not
swerve the Street from its belief that
such action is imminent. The advance
is looked to follow the banking con-
ference in Chicago next week, and
evidently will be made to- compel con-
tinuous liquidation in the speculative
position in all inflated commodities
and in real property. The opinion
seems general around the financial dis
trict that in the case of the general
security markets the corrective process
has progressed so far that the claim
that the Stock Exchange has done its
full duty may be sustained.
New-York tribune., 1920-01-17
Mr. Maeterlinck on Belgium

,, II am indeed happy" says Maurice
Maeterlinck on the occasion of the he
9n1ck 9oo 10, I,versubscription of the 5000
NV Deiglan government loan "to see
ma thae america has once more come to
beInina fne iass'stance sa,l T.; Of Belgium-ths time
as she helped her to achieve v;a+n' pe"ve'
nor is Belgium unworthy of this hs'I,S, nv
proof OF confidence given by her oreat .ew
iriend. No country has bent ;tseIf a.
the task Of reconstruction with fa,ver ~
words, greater simplicity, or more % zeej
None is emerging so rapidly from IT,
runs none can inspire fuller con'
fldence in its future. More than ,u'0 anv
u.nep' mas she not proved it in this
w, war Belgium has the courage of her her
p,,sn'ea pnt, &c word and the will to do her
New-York tribune., 1920-01-17
~. G. Adams Elected Head
Df United States Savings Bank

William Crittenden Adams was yes
q crday elected president Of the United
s..sssstcs Savings Bank 10 succeed Judge
sseharlcs 81 Tainter, who retircs be-
~eus~ Of III health. Franeis &. LLOYD
,Fosident - Brooks Brothers. was
Isetod FIRST yice-president and Adolph
se Gast was elected second vice
resident.
sgssAr. Adams. The new president. has
seen identified With real estate inter.
sefs Of the city for many years, espc~
9S5al)1 IN The financing Of realty opera
i, ions. He is president Of the Union
sslexszsze Company and was one Of ts1e
fst members Of the Real Estate Eonrd
My Xoxk.
New-York tribune., 1920-01-17
Loan Negotiations Deferred

Bankers generally are of the on;n-
ION mat active negotiations for the e~-
len uension OF loans to foreign countr;es % a
VII be delayed now until after tbe t' ;n IL .
fferhatlonal fer a1 banking conference planned
tor fo Marcn has taken place. That con.
clarifS' cllarHce' ~ IL Is expected and hoped will
maLe ,aiay eae as;hs situation greatly and will
gram for credit extension. In view p'oe "
ihis bankers are disinclined to en+or ~
lhto l credit discussions until after
the proposed conference. "A'ei
New-York tribune., 1920-01-17
Wisdom Gone Wrong

Those wise men of Wall Street who
have been pointing out most of this
week that the collapsing market in
certain oils, lately fallen from grace,
was not hurting seasoned issues to
speak of are revamping their ideas.
Yesterdays session was an eye-opener
for them, for some of the best indus
trials Joined in the retreat of prices.
Even oil shares that had passed un-
scathed through the selling of recent
days were badly manhandled Royal
Dutch and Shell Transport & Trading,
two Of the socalled international issues,
which lost AZ and 71s points respect
lively, did not rally. Steel common
dropped from an early high of 1858
to 104s4, closing right at the bottom.
General Motors fell from 317 to 3061s
Middle States Oil and Transcontinental
Oil, whose sensational fall was tn,
forerunner of the general selling
movement, went peg lower.
New-York tribune., 1920-01-17
The Burkburnett Fiasco

What has happened in the Burkbur-
nett net; held OF Texas is interesting in the
llgnt Of current developments in the
OIL world. The Standard Oil Companv
OF New Jersey tells the story in IL q
current issue of "The Lamp: "To-dav
alter the completion cf sufficient lines,
to to transport all production, the sad
realization has dawned on many that
when all the wells in the field are
dlvidlng the pressure of the pool in
flowing their oil to the lines the aver
age production a we'll is not in the
thousands, but in the small hundreds,
and the further fact is becoming more
ana more evident that with an average
OF one we'll to little over two acres
e, even the "hgndreds" cannot long be
maintained. The excessive prices maid
for acreage by small stock selling coro conl
Germs and others will never be re-
covered, let alone the money expended
da,oa; IN d;rllllng four wells to get the pro-
yield" eventually
New-York tribune., 1920-01-17
The Dollar in Foreign Exchange

A break Of two cents in the exchange
value of sterling led general decline
in the rates on the capitals of the for
mer belligerent banks nations Of
Europe. Despite the heralded success
OF the s25,0o0,000 loan to Belgium, Bel
gian francs moved with the rest of
the list.
Yesterdays rates, compared with
those Of a week ago, follow.
New-York tribune., 1920-01-17
General Distrust

The mere fact Of. wide-open smash
in stock is not in itself of great inn
portance as a market influence. It is
the psychology of such a development
that oftentimes, as in the present in
stance, upsets the equilibrium of the
mechanics of the market place and
produces decentralization. Probably
stocks were worth just as much yes
terday as they were week ago, but
holders of the general run of indus
trlal shares, especially oils, feel diff
ferently toward those stocks than thew
did week ago. Confidence in valnes :
has given way to distrust and suspicion,
and even stocks of real merit are
brought under the cloud. But in the
long run this should prove beneficial
to good stocks, for it ought to lead to
greater discrimination on the same part
Of the buying public. s''N-
New-York tribune., 1920-01-17
Dividends

Pacific BanlS--An extra dividend Of
per cent has been declared In addition to
the quarterly dividend OF per cent. both
payable February to stockholders Of
record January II. N
Regular DerIa rafsouo
New-York tribune., 1920-01-17
Money and Credit

A FTER the bulk Of yesterdays Stock
IA Exchange call loans had been ar
ranged at per cent, the opening and
renewal rate, there was an easier ten
dency. and for most of the afternoon
the rate was per cent. Time money
continued scarce, however, and brokers
bid and 81s per cent for sixty and
ninety day maturities, but offerings
were extremely limited. There was
continued calling Of loans having 'oil
stocks included in the collateral. As
a matter of fact, some of the banks
are refusing to accept any of the for
mer speculative favorites in the col
lateral envelope.
The ruling rates for money yester-
day, compared with year ago, were
as follows:
New-York tribune., 1920-01-17
Bank Of France
Bid. Asked.

~ Jan 70 The weekly statement
or the Bank Of France shows tho fniinw
ing s, ch"hges from the preceding week. In