davidaulloa/AmericanStories huggingface dataset:
The Democratic banner. (Mt. Vernon, Ohio) 1898-192?, 1920-07-02
MILFORD.

Regular meeting Of Milford Grange
No. 149 will be held Wednesday ev-
ening, July 7. Work IN the 3rd and
4th' degrees will be given and every
member is urged to be present.
Preaching services will be held at
the First Milford Church Of Christ,
Sunday, July 4th.
Mr.. and Mrs. L. M. Bottenfield will
leave Wednesday for. short visit
with relatives in Noble county.
c. T. Coe, Mr.. and Mrs. Clyde Teet'
ers and daughter Florence. were Co
lnmbus visitors last Wednesday.
Miss Alice Can't OF Detroit is spend
ing her vacation with her parents
Mr.. and Mrs. A. R. CAN'T.
Terrence Mitchell was q Mt. Vernon
visitor on Monday.
Mr.. and Mrs. g. G. Moreland and
family spent last Friday in Frederick
town.
The Democratic banner. (Mt. Vernon, Ohio) 1898-192?, 1920-07-02

Thomas Harrington and Archie La
fever, both OF Mt. Vernon, had q
narrow escape from serious injury
last night when an automobile, driv
en- by Harrington, crashed into q
bridge east of Gambler Lafever was
badly cut about the face and arms
He was attended. by physician al
Gambler. Harrington was not ser
iously injured. The automobile was
wrecked.
The Democratic banner. (Mt. Vernon, Ohio) 1898-192?, 1920-07-02

come serious. He told OF the unsuc-
cessfdl' meetings between the farmers
and the company last fall. He said
that the company was ready'to far In
affecting compromise at this time.
1--WE want to operate the business TO
give the most satisfaction," he stated.
The speaker then related the exper-
iences of yesterday's meeting in the
prosecuting attorneys Office. He said
that the farmers representatives. came
there with only the proposition Of re.
turning to things exactly as they were
prior to October last year. There was
no compromise in their system.
As evidence of the company's good
intentions, he told Of the three pro
positions offered to the meeting yee.
terday, namely that the compa ay
would present to the Public Utilities
Commission OF Ohio, a flat rate plan
providing for an adequate incres.se
in price; second, the company offered
to sell to these groups the rural line
properties, the price being fixed by
disinterested appraisers; and third
the company offered to arbitrate the
difficulty, upon the condition that the
subscribers would agree to the deci
sion of the court Of arbitration.
7 Mr.. Devin closed by asking the
. members of the Chamber Of Com
merce, If the company's proposition
appealed to their sense OF justice tc
/, tell them about it. They were open
for advice and criticism.
MI. A. A. Dowds
In the public forum that followed
: Mr.. A. A. Dowds stated that the tele
! phone was very serious matter. ant
ought to be settled at once IL possible
He believed that the telephone com
pany was entitled to more money. HI
believed thet the whole trouble came
out of the fact that the public had no
been correctly and sufficiently inform
ed about the situation. He stated alst
that much Of the trouble arose from
the fact that the outside exchanges
were paced on different, rating basis
He closed that it was high time the
difficulty was settled. "It was no
like wiskey, getting better with age.
Farmers Come Next
President Kahrl stated that the rep
resentatives of the insurgent farmerl
would be given an opportunity to pre-
sent their side of the controversy a
the next luncheon, July T..
ain and Out Club"
Mr.. ]. 8. McCracken, chairman o
= the membership committee, presented
an explanation Of the new membership
scheme. He told the boys Just how t.
go about the game and before tn.
meeting was over several Of them hat
succeeded in getting both in the clul
and out again, ready to take their par
in the auto race.
The Democratic banner. (Mt. Vernon, Ohio) 1898-192?, 1920-07-02
BUILDING & LOAN
COMPANIES ARE GENERALLY RE.
GARDED AS SAFE PLACES TO
DEPOSIT MONEY.

!: A carefully managed building and
loan company
!. Is as safe an institution as the
government itself
!. For it's deposits are secured
!. BY first mortgages on the homes
of the PEOPLE
). And the people are the govern
ment.
J. The Buckeye State Building &
Loan Co., % West Gay street, Co.
lumbus, O., Is one of the strongest
and best known building and loans
in the country.
7. It solicits your business, Offering
safety for your money and so in
terest.
The Democratic banner. (Mt. Vernon, Ohio) 1898-192?, 1920-07-02
STATE CONVENTION
IS BRIEF AFFAIR

IBy Associated Press to The Bannerl
COLUMBUS, June 30-In .briei
session, not lasting more than thirty
minutes, the Republican state con
ventiOn this morning adopted plat
form selecting two presidential elect
Ors at large, and presidential electors
from the various districts, and then
adjourned sine die.
The presidential electors at large
are w. H. Boyd of Cleveland and l..
]. Tabor of Barnesville, master of
the state grange.
The platform adopted is one of the
shortest on record. 1t contains less
than 1000 words 1t is silent on suf,
frage and the wet and dry question.
The Democratic banner. (Mt. Vernon, Ohio) 1898-192?, 1920-07-02

Miss Mildred Aler Of this city, who
has been teaching in Cleveland for
the past few years, leaves Thursday
for New York city where she will en-
ter Columbia university to continue
the study of public school music and
modern methods of teaching. She
will be joined at Newark and Wheel
ing by other teachers Of the East
Cleveland schools.
The Democratic banner. (Mt. Vernon, Ohio) 1898-192?, 1920-07-02

This store will close Thursdays at
noon during July and August. A. A..
Dowds Dry Goods Co. X30 "29
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1920-10-09
The Motors.

Developments in the motor industry
are coming thick and fast since the start
Of the price cutting campaign which has
thoroughly disorganized the industry.
Additional corporations add every day or
50 their names to the list of those who
VIII put out new and revised price
list The Westcott Motors Corporation
announced yesterday reduction of 5000
To $500 in its scheduled prices. A wide
break in Packard Motor stock on the
Detroit market was accompanied by the
report, circulated on the floor of the
exchange here, that the Packard COM
pany would he taken over by the Ford
Motor Company. Those reports were
denied at once by officials of the Pack
ard company. who declared that the cor
poration was in splendid financial con-
dition. The General Motors Corporation
will not do any new financing this year.
Expansion projects which assumed large
early In the spring. have
teen curtailed all along the line and the
additions and requirements still to be
completed. 1t is understood, will not re-
CURE a great amount Of cash. Most
motor stocks were heavy and listless
Yesterday.
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1920-10-09
BROKERS TO PROTECT
WHEN ISSUED STOCK
Exchange Firms Association
Submits Plan.

The Association of Stock Exchange
Firms, through It's president, Charles a.
Morse. recommended yesterday to all It's
members that they join in an agreement
providing for the protection OF all con-
cerned in dealing in when issued con-
tracts in Allied Chemical and Dye Cor
poration and any other such contracts
that may be traded in on the New York
stock Exchange from time to time. 1t
is expected that all members OF the
association will join in the movement
which will eliminate it is said. situa-
ton which has been characterized in
some quarters as dangerous.
Under the new plan any house making
a deal IN a when issued contract at any
later time when quotations on those
contracts have fluctuated 10 any extent
may call on the other party TO the con-
tract to mark up the contract to the
market price. That IL 20 say, 10 put up
sufficient cash 20 cover the nuctuation
and maintain the contract az all times
AT the market quotation. The rules OF
the stock Exchange contain no provision
for meeting a situation OF that kind and
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1920-10-09
Argentine Government Issues.

large banking house has called the
attention of its customers to the fact
that the present condition of foreign
exchange presents an unusual oppor-
tunity for investment in Argentine Gov
eminent securities listed on the London
Stock Exchange and payable, principal
and interest In sterling only. Exchange
on Great Britain, that house points out,
is at about 30 per cent. discount and
by purchasing high grade long term
issues In England, payable at maturity
In sterling only. investors may obtain
cumulatively not only benefits TO result
from an advancing bond market but
also from gradual improvement in ster-
ling exchange which may be expected
within the next few years. The bonds
selected are those known as the per
cent. RECESSION bonds and the per cent.
issues dated respectively, 1897. 1898. 1893
and 1900 Those bonds are protected by
sinking funds of ostensibly one-half OF
one per cent, but which are really much
larger. because bonds acquired by the
sinking funds are kept alive as far as
interest payments are concerned and
the sinking funds are applied to pur-
chase of the bonds now selling at
large discount. The per cent. RECESSION
bonds are selling In London around 81
They were quoted at Slia In August, 1919
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1920-10-09

IL was deemed advisable to eliminate
the element of danger of loss to any
member by making and enforcing an
agreement OF that character.
In other words, If "a when issued con-
tract Is sold by one house to another
for SEQ for every share involved and
Immediately thereafter the market breaks
points making the current quotation
$50 share. the seller may call on the
buyer 10 put UP sufficient cash TO take
care Of that differcntlal II the contract
should be for 100 shares, the seller may
call for $500, &c On the other hand.
should the stock advance TO S65 a
share the buyer may call on the seller
for similar protection. In transactions
in when issued stocks. IL was explained
yesterday, settlement is not made until
the stock is issued, which may be months
after the transa ctions. In the meantime
a party TO the contract may become In
solvent and unable TO meet the obliEa-
tion. whereupon the other party would
suffer. BY maintaining those contracts
az the market, as under this agreement,
II Is believed that such contingency
viii be entirely eliminated.
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1920-10-09
Interest In Mexican Issues.

since the election OF obregon as Pres
ident of Mexico there has been in
crease interest displayed by American
investors in that country's outstanding
securities and its possibilities as a field
for new money. That added interest In
Mexican issues has been reflected in the
advances which Mexican bonds all with
considerable defauted interest due. have
made during the last month. They range
from 20 per cent. interest. due on the
per cent. external loan OF 1910, to 81 n
per cent. interest due on the per cent.
external loan of 1899, and the National
Railways of Mexico 4i5s, due In 1925.
1t was learned yesterday that at least
two large banking institutions In wall
Street had emissaries In Mexico going
over the financial status of its adminis-
tration and making n general survey or
the Mexican field. IL would not surprise
a great many people IL some Mexican
financing should be announced before
the end Of this year.
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1920-10-09
InvincibIe Oil.

A sharp attack on Invincible Oil, one
of the newcomers on the big board,
tended yesterday to dnsettle the entire
oil group although all evidence was that
the attack was directed at that stock
alone At one time it sold down to Is,
a decline of more than four points,
but rallied at the close tc 303s, net de-
cline for the day of 2.s points. e. X.
Ratcliff, president of the company,
wired to Douglass Cochrane. its chair
man, that contrary to rumors there
had been no reduction in the corpora
TONS production and that no salt water
had been encountered in its wells. In
vincible's last earning statement showed
a surplus of si,26l.022 for six months
ended on June 30. before depletion and
depreciation. The heaviest selling or
ders and the ones that really broke the
market originated in Texas, where In
vincible oil stock is reported TO have
become burdensome in some banking
loans.
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1920-10-09
LIBERTY INTEREST IS
DUE ON OCTOBER IS
Last Coupon on Temporary
9TH 4I-4s Is to Be Paid.

Many more than a million holders OF
"a per cent. Fourth Liberty Bonds in
this Reserve district will be entitled to
collect their semi-annual interest on
those bonds which falls due on octo-
Der 10.
The Reserve Bank OF New York Is
now prepared TO receive from banks in
advance OF the maturity date the cou-
pons which will then be payable. Checks
In payment will be ready for delivery 1T
2 80 A. VI. on October Is, or member
banks may have the proceeds credited
TO their Reserve accounts on the ma
turity daIAp
With We cashing Of this interest tho
last coupon on the temporary Fourth
Liberty 4i4s will have been paid. As
soon as Il Is announced that the perma-
nent bonds OF that issue will be ready
the temporary bonds should be ex-
changed for them. because the perma-
nent bonds will have all future interest
coupons to maturity attached. The per-
manont bonds OF the First Liberty Loan
second converted 4hs are not ready to
be delivered In exchange for tho tempo
rary bonds OF that issue, but Federrl
Reserve Bank officials here strongly
urge holders OF all other issues OF tenn
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1920-10-09
BUSINESS SHOWS
MORE HESITATION
Increase of Holding Back Pol
icy Is Dominant Factor in
Distributive Trade.
PRICES ARE UNCERTAIN
Buyers Still Are Disinclined to
Purchase on What They
Call Failing Market

Greater hesitation is reported by
weekly trade reviews as the dominant
factor in distributive trade this week.
and very uncertain situation in re-
gard to prices as the chief cause of that
condition. Prices of staple crops con-
tinue to slide off. it is pointed out. and
the country trade especially is feeling
sharply the effects OF the situation Fall
trade is managing to go ahead SLOWLY
ana painfully and cautious buying has
exceeded even the very careful making
OF commitments which have character
lied trade In the last few months.
The hesitant note previously heard
In distributive trade" says Brddstreet'S;
seems more pronounced this week, with
uncertainty as to prices assigned as the
dominant cause, but with greater stress
laid on the dulling effect on country
trade of the continued seepage IN
strength of prices of the staple crops.
especially wheat corn and cotton. Trade
on balance seems to show little change
unsettled prices in the apparel trade
continuing to find chief attention, al
though a shade better buying at retail
in some sections Is credited to slightly
cooler weather and the. advance of the
season.
The warm, open fall so far. how
ever. and the near approach of the cleo
ton do not seem to have the weight OF
responsibility assigned to them that they
have had in other years. Fall trade,
therefore, seems, as the phrase mud
ding through expresses it. to be going
ahead slowly and painfully, with buying
cautious beyond recent experience, and
with buyers still dsnclined to pur-
chase on what they regard as falling
market For the longer pull and out
side of trade distribution proper the
situation presents several quite cheerful
phases.
THE security markets shown signs of
q lull after quite an extended upward
movement in the rail stocks, participated
in of late by some of the higher class
and better established industrials
Banking sentiment on the whole seems
quite cheerful and with confidence ex-
pressed that the processes of readjust-
ment are going forward with due re-
gard for legitimate borrowers interests,
stress being laid on the fact that bank
loans total as high as they ever were,
this latter being necessary to finance
the approach to q more stabilized con-
dition. The wholesale price movement
of the week has been downward. as it
was in September. with the Weekly
Food Index again lower"
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1920-10-09
Changing Coal to OIL Burners.

Producers OF fuel oil report that they
are making steady progress toward ex-
tension of uses to which fuel oil may be
put. The latest development Is In heat
ing many large buildings in New York
by conversion of coal burning plants into
fuel oil burners. According to the chicf
examiner of the plan room of the New
York Fire Department, more than lOO
applications and plans to convert coal
burning systems 60 fuel burning systems
in some of the largest Office BUILDINGS IN
New York have been filed. Among the
buildings for which applications have
been filled are tho Singer. the Hollen-
beck. the oil and Gas. tho ship, the
Nicholas Copper Company. the Lord
Taylor, the De Lovene Refrigerator
Company, the Peter Doelger. the Hotel
Astor and the plant OF the monument
works at Woodlawn.
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1920-10-09
GOSSIP OF WALL STREET.
stocks Heavy amid Wcak.

Stocks were heavy and at times dis
played weakness in yesterdays market.
Rails aeld better than did industrials.
which were soft in spots and without
visible support. The latter closed with
a decline of $50 and rails with a decline
of ~. Vulnerable spots were picked out
here and there by traders. who smashed
them right and left without any great
amount of opposition. The days news
developments were unimportant. but the
higher renewal rate for money appeared
to give bears renewed courage and they
sold stocks freely. The short interest in
the market at present. particularly in
the industrials, is said to be very large.
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1920-10-09
FORM DURANT CORPORATION.
New Company 60 Engage I'm Dis
tribution of Industrial issues.

The Durant Corporation has been
formed under New York laws. with a
capitalization of $4,000. 20 engage in
distribution on the partial payment plan
of high grade municipal bonds and the
stock OF ably managed Industrial cor
porations OF known worth, according TO
made yesterday. The cor
poration. IL was said yesterday, special
lied In General Motors Corporation COM
mon.
w. c. Durant, president Of the General
Motors Corporation, is also president of
the Durant Corporation. but it was said
yesterday that the latter was not n sub
sidiary of General Motors. The other
officers are p. y. Wagner, vice-presi-
dent, and X. w. Alger. secretary and
treasurer.
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1920-10-09
Bearish Propaganda.

Even old timers in Wall Street do not
remember a time when so much bearish
opaganda has been in circulation in
the Street as there 1t at present, and
every bear raid, seemingly, has been
accompanied by some story that things
were going badly in the corporation
the stock of which was the subject or
a raid. The crop of dciIials this week
has been extra large. 1t was started
with an official denial that United
States Rubber would do any financing.
Among other official denials are those
that General Motors is to do new
financing at this time. that lnvlncible
OILS wells are all spouting salt water,
that the Packard Motor Company is In
financial difficulties and that the Sears
Roebuck dividend will be reduced from
s per cent. to 6 per cent.
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1920-10-09
Call Money.

Wall Street in general had anticipated
an opening and a renewal rate of per
cent. yesterday because of current heavy
demands on the usual supply of call
funds, among which was a Government
withdrawal of s9,00O,O00. The rate of
IA per cent, established at the opening,
was said to be a compromise. Later the
rate advanced to s per cent, but near
the close was brought down again to IA
per cent. According to a report in bank
ing circles yesterday the tremendous re-
quirements for cotton crop moving have
just about been completed. With that
detail out of the way. bankers in general
say they can look forward to period
of easier money and do not believe 1t
will be delayed much after October 10.
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1920-10-09
BEGIN WESTERN INDIANA PLAN
Rennancing Project for Msturco
Notes Is Operative.

The refinancing plan of the Chicago
and Western Indiana Railroad Company
was declared operative yesterday. Tho
plan, which cares for s15,000.00 of its
notes due on September 1. 1920. provides
for payment on October IL. with re-
spcct to the s14.000.000 notes deposited
of 90 per cent. in cash with interest on
such payment at I per cent from Sep
tember l 10 october II and for delivery
Of the balance in new fifteen year as
per cent. collateral trust bonds
with respect TO the si,000.000 of such
one year notes. not deposited under the
plan, the railroad announces that Il will
make payment of the principal with in
terest at Z per cent. from September to
October II on presentation OF the notes
at the Bankers Trust Company.
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1920-10-09
DETECTIVE TURNS BROKER.
wall street Officer Enters Broad
street Market.

After thirteen years on the police force
OF this city. several of which years lac
spent as a detective In the financial dis
trict, Thomas II. Waters has dropped
police duties to take up the business OF
stock broker Mr.. Waters has entered
the outside market. making his head
quarters with the Stock Exchange firm
of II. r. Mcconnell & Co.
Although Mr.. Waters has spent many
years in police work. he is by no means
ignorant of the brokerage business.
Prior to entering the citys employment
as a guardian of the peace and a tracer
of criminals Mr.. Waters was a member
in a junior capacity of the staff of a
well known Wall Street house.
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1920-10-09
WESTERN PACIFIC NET OFF.
Corporate Income Is S725,7S1 for
1919 After Charges.

The Western Pacific Railroad Com
pany, according to its annual report for
1919, issued yesterday. based on its
rental contract, earned net corporate
income, after taxes and charges, of
s725.7S1, against $792,2S0 in the pre-
ceding year. Last years figures were
equivalent to S2.63 share, in contrast
to $2.Ss earned in 1918 on S27.j00000
of preferred stock
The Federal income account disclosed
the fact that the road earned for the
Government $l,674,777 more than the
rental contract It's gross income was
S4.053,627, against S2.902.065 i'm 1918.
and its rental compensation $1,900,350
The company's operating revenue
amounted to S13.657,297. against SILL
07S,4O9 In 1918 and $9,s9S.4S in 1917.
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1920-10-09
JAPAN FOREIGN TRADE
BALANCE UNFAVORABLE
Total for Nine Months of
1920 Is SI96,4I4,5OO.

WASHINGTON, oct. S.--Japan's foreign
trade for the first nine months of this
year resulted in an unfavorable balance
of about S196. 414.500. j. +. Abbott. COM
mercial attache at Toxic, cabled to-day
to the Department of Commerce.
Her imports for September amounted
to about S56.751. 900 and for the first
nine months of this year to Si007, 49,
600, the attache reported, and her ex-
ports for the month aggregated S76,-
915. 900 and SSH, 023.0 for nine months
ended on September 80. Gold imports of
Japan during September totalled $685.
$4,000
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1920-10-09

porary Liberty bonds to exchange Their,
at once and obtain the permanent bonds
to which they are entitled. Until the
lect the interest after the due date of
the last coupon on their present bonds.
Almost any bank will cash the Fourth
AZ per cent. interest coupons due on
Friday next and will also make the ex-
change for holders of those temporary
Libertys which are now exchangcable
for the permanent bonds.
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1920-10-09
orrEpL1aUID cARBoNrc NOTES

A syndicate composed Of Merrill.
Lynch & Co. and the Federal Securities
Corporation and the First Trust and Saw
ings Bank of Chicago Is offering to in
vestors new issue OF $4,000, 900 of
per cent ten year sinking fund gold notes
of the Liquid Carbonlc Company of Chi
cage. a sinking fund is provided to be-
gin October. 1921, and should retire
three-fourths of the issue before their
maturity