davidaulloa/AmericanStories huggingface dataset:
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-07-20
COTTON MARKET

New York. July 20.-July cotton con-
tracts established a new high record to-
dav selling at AZ. 90, or At points above
tho close Yesterday, on demand from
shorts and the South. The general list
onened steady at an advance OF II to
Al points. ,-a.o5 h. a..
I,ivornooi cables and unfavorable
weather reports, but, the upturn, as
vas the case yesterday, was checked
by active realizing and local selling for
a urn on the theory that prices were
Using too rapidly and at the expense
Of the technical position.
Renorts from textile manufacturing
districts we're mixed, but on the whole,
showed some improvement in condi-
tions. .,,,o
ton. . A. -. ,,od
nuiet and steady, with the unfayorable
character of weather news restricting
selling pressure. Sentiment seemed quite
reactionary:
Several thousand bales Of cotton ar
rived from Galveston today for ship
ment to northern and eastern mills.
Ocean freight brokers report a good In :
auiry for space for fall months ship
ment from New York. sH
! In mid afternoon the market hrmed
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-07-20
Commodity Markets
GRAIN MARKET

New York, July 20.-Trade in wheat
was exceedingly slow today. Decem-
Der started firmer on a few scattered
buying orders, while March opened
lower. There were repeated rallies on
buying. but offerings always were suf.
ficient to cause breaks.
The decision of the railway labor
board attracted a good deal Of atten-
ton. As rule brokers believed that
there would be no strike just now.
There were reports that the British
commission had withdrawn from the
market. Offerings from the country
were liberal.
Some rains fell in Canada where
needed. but crop news in Canada was
none too good, owing to lack Of mois-
ture. A decline Of tic in wheat in
Argentina helped the bears.
Corn was irregular. There was good
purchasing by southwestern interests,
but this was not sufficient to maintain
gains. The market lacked snap.
The weather was more favorable Tor
the CROP this. together with lessened
chances Of a strike on the railroads and
the reccssions in wheat, aided the bears.
Many expected decreased receipts as
soon as the movement Of the new wheat
crop gets under way.
Dealings in oats were slow ana the
market followed the trend OF other
grains.
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-07-20
NEW BOTTOM FOR
RAPID TRANSIT
Heavy Selling Orders Carried
the Stock Down to II Be.
fore Support Vas Met

The continued weakness of Philadel-
phia Rapid Transit was the over
shadowing feature Of today's deal
ings in the local market The over
night developments. including the res
ignation of the so called banking inter
ests from the board of directors, to-
gcthpr with the deferred action on the
dividend. provoked fresh outburst of
liquidation. which carried the price
down nearly SO from last nights
closing quotation to II, thereby es-
tablishing a new low record for the
year.
The initial dealings disclosed an ac-
cumulation of considerable selling or
ders overnight. and with the buying de-
mand extremely limited the stock made
a quick descent in the first sixty min
uteS of the trading to the new low level.
Little support was encountered, al
though some Of the room traders, in
taking profits on the short side. brought
a feeble rally to IS. In the first half
of the session approximately 1000 shares
changed hands.
The startling developments ATTENDING
yesterdays board meeting had the street
clean up in the air. Most of the promi
nent local banking interests confessed
their inability to fathom the situation
and acknowledged themselves to be at
sea. A great deal of surprise was ex
pressed in Mr.. Mitten's attitude In com
batting the so called banking interests
From n shareholders viewpoint ths
moro disColcerting influence was found
in the deferring of action upon the
dividend, which. however, was to be ex
pcctPd in view Of the absence Of the de
ciSion of the Public Service Commits
sion on the fare adjustment question.
Hh" earning statement for the first
half of the calender year indicates
quite clearly the inability of the com
pany to maintain the current divi
dcnpd rate unless some increases in the
earnings are granted. In fact, many
looked upon the formal statement Of the
board as virtually being equivalent t.
Il formal passing of the dividend.
The weakness of Philadelphia Rapid
Transit caused fresh selling Of Union
Traction, with that stock making a new
low record at 27A, 81 under last
nights closing. 1t also extended to
the other local stocks. United Gas
made new low record at 40R. while
22h. American Stores dropped 81 80
heavy, falling to 80, but later rallied
to 39H Few shares OF Electric Stor-
age Battery changed hands at 110.
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-07-20
MARKET IN SAME
TRADING AREA
Reception Of Railroad Wage
Award Was Not Very
EnIightenlng

New York. July 0.-Announccment
OF the. 5000. 900. 900 railway wage award
and the third contest Of the yacht race
were the two matters which commanded
the foremost attention Of Wan street In
today's stock market. The reception Of
the former was not very enlightening
The latter, as in the two previous con
tcsts. was responsible for large num-
ber OF absentecs. But the market, after
all. did not differ very materially from
yesterday. or any of the immediate pre-.
ceding sessions. II was strictly pro.
fessionnl affair. and the rather negative
price movement carried no significance
whatever, except a continued reflection
of the scalping operations Of the trading
contingent.
Some wavering was noted at the out.
set on the assumption that the amount
of the award would be unsatisfactory to
the railway workers. Misgivings on
this score. however, were dispelled by
the reported tentative acceptance by the
railway unions until the matter had
been decided by a direct vote Of the
various brotherhoods. What the Street,
or at least the market world. was more
concerned with. was whether the in
crease in freight rates to be allowed by
the Interstate Commerce Commission
would be sufficient to overcome this new
burden of operating cost which has been
shouldered upon the transportation in
dustry.
In brief, there was not sufficient en-
lightment Of entire subject to permit
extensive market ventures, more par
ticularly when money market conditions
threaten 10 throttle any undue outburst
Of market enthusiasm. The one en-
couraging side OF the matter was to be
found in the understanding there would
be no interruption to transportation.
as was intimated yesterday in the
alleged threatened walkout Of the rail-
way workers.
In consequence the hesitancy mani
tested at the outset soon disappeared as
the more reassuring reports came from
the brotherhood quarters.
Rails rallied ! to ~ points when
it was reported that the railway unions
might withhold formal protest against
the wage award. From transportations
the recovery extended to prominent spe-
cialties. the s per cent call money rate
also being an encouraging factor. Amer
lean Woolen was strongest of the spe-
cialties. gaining 31a points on rumors
of an early resumption Of operations at
New England mills now under suspen
sion. Motor specialties, notably Rub
Der Tire issues. were firm to strong, with
Coppers, Chemicals and shippings.
The demand for railroad shares slack
cned at noon, but pools became fairly
active in industrial favorites, including
food and tobacco issues. Crucible,
Stromberg and Pressed Steel Car were
the strongest features at extreme gains
of 212 to . points.
No material change was shown by the
market in the apathetic dealings Of the
range of their best prices on continued
ease of money.
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-07-20
IMPROVED DEMAND
/. FOR CURB ISSUES
Oil Group Leads Trade--Her-
cules Paper Most Active
of Industrials

New York. July 20.-The Broad
Street Curb market today contrasted
sharply with the heavy tone which pre-
vailed yesterday. Instead OF stocks be-
ing IN supply, there was broad de-
mand and advances were In order.
Most interest was attached to trading
in the petroleum issues, with large
transactions in General Asphalt, which
r,oyed up from "a to 65N. Arkansas
Natural Gas rose / point, to i2N, and
Cerib Syndicate moved up point, to
-. Simms Petroleum was active and
strong, advancing to 15. Royal Dutch
rights were traded in at 31M to 32b.
Hercules Paper was the most active
Of the industrials, ranging from 26h to
2Th. North American Pulp. continued
steady, with sales at z. United Retail
Candy sold at ID to 1917.
Ligget International was traded IN
at 104. National City Bank rights sold
at 90. Submarine Boat was quiet, with
q small amount Of business at 12s.
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-07-20
Seasoned Investment
Yielding Over 80

The present low quotations
Of Heasoned local bonds are, ac-
c0rding to our observation,
based upon offerings Of mis-
cellaneous small lots, and
almost any effort to purchase
in reasonable blocks has the
effect of sharply advancing the
I price.
This is only one of the rea-
sons for our present recon-
nendation that investment be
made in the First Mortgage
81 Bonds of a Public Utility
Company operating in this ter
ritory.
The bonds outstanding rep
resent about 60% Of property
costs, are tax free in Pennsyl-
vania, listed, and at present
quotations
Yield Over 800
I We shall be glad to furnish
complete details by mail or
upon personal application at
our offices.
HARPER & TURNER
Investment Bankers
10th Floor Stock Exchange Building
Philadelphia
laa Scrdnton Reodino
uswbers OF Philadelphia Stock Erchdnoe
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-07-20
Trend of Raw Sugars Is Downward

New York. July 2O-WhiIe no sales
OF Cubas were reported yesterday, the
ward tendency, with buyers holding off,
Cuba Centrifugals are quoted at l7c
c. and I. A lot OF 10000 bags OF Porto
Rcos sold at 1S.06c, c. l. T., yesterday
cent from the last previous sale. The
interest in outside sugars was reflected
by the sales of 365 tons Of Barbados,
prompt shipments from the United
kingdom to Boston. at l6a c, C. l. +, to
refiners The importations yesterday in.
Cluded 53,OO9 bags OF Javas, 36,S7l mats
OF Javas, $1,000 bags OF Brazils, IIS7
bags of Venezuelas to the American 90,
and 7527 bags OF Javas %'Io to the trade;
at 22C and 22hc.
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-07-20
DIVIDENDS DECLARED

Brunswlck Bake -Collender Co. quarterly
N per cent on preferred payable August
Martin-PerTy Corp, quarterly so cents
payable September / TO stock Of record Au.
gust IT.
Philadelphia Trust Co. quarterly OF a
per cent, payable August TO stock OF rec
BrooLlyn Edison Co., quarterly Of %. pay.
able September / TO stock OF record Al
gust 90
10 to stock OF record Juy 81.
Pacific Mills. quarterly Of So and special
OF So payable August TO stock OF record
''iS imperial Tobsse Co. OF Great Britain. an
interim diyideht bf . per cent. tar free.
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-07-20
FOREIGN EXCHANGE

Now York, July 20.-The appearance
of light bidding for sterling at the open
ing of the foreign exchange markets this
morning indicated a rally may follow
the beginning of transactions. Sterling
was quoted at 3,S2H for cables and
SSH for demand, !. cent above tho
extreme low late yesterday. Franc cables
were heavy at 1920 and checks at 1879.
loss of 4h points. Lire were OF 0
points, at 1875 for cables and 1897 for
checks.
other quotations were:
Belgian cables ll.45, checks 1147 !;
Swiss cables $40, checks 5.72; guilder
cables 34A, checks "a pesetas cables
1885, checks 1880: Stockholm cables
21.80, checks 2l.75 Chrlstiania cables
1910, checks 1885; Copenhagen cables
1910. checks 1885; marks 255.
YESTERDAYS FINAL QUOTATIONS
Starting Francs Lire. Guildsrs
esRssd csSiss -: " sss sss. i:i5 i:i5 ii7i5 i7i5 s."
TopAY's OPENING QUOTATIONS
Sterling Francs Lire 'Guiideya
esSa es6iss -: -: ssSs!% is:5 ~ 1855 s.s
NOON QUOTATIONS.
Sterling Francs Lire Guiiders
Demand .' 3.s3H l225 17.37 3tS
Gables ..... asa 1928 l7.35 BAN
CLOSING QUOTATIONS.
Sterling Francs Lire Guilders
Demand .... 3. s3A 1920 1740 Ban
Cables ..'. a.S4h 1918 1913 SAE
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-07-20

up to n net advance of 20 to 80 points
on demand from shorts and the South.
Cotton exports were 1894 bales, in
cluding !46 bales for the Continent aud
114S bales for Japan. Clenrances for
the season to date were G, ,2S3. .143 bales.
against $500, ,55S bales last year.
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-07-20
RaaIand Crude OIL =. saar

purchasing agencies here 'tHpai OIL
nonnced an increase of rs cents an
rel In Hagland crude oil, brins,r1 th.
prics e s2;S6; The oil comes from ths s
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-07-20
BANK CLEARINGS

Bank cieRrings today compared with cor
responding day last two years;
1920 1915 1918
PhiIa. ,.s7s. 02s.l72 500 3s4. .b54 SEQ Ob9. TAG
Boston. :. "a, 527 $50 05 s3S 7s9 So 79S, ,49s
N. Yk. 7o5, sO2, ,80l l.157, pa. .4s7 $50. 1e6 ob5
Baltimore 6.4lO,4sS ~ Sa4, ,aot ........
st. Louis. 25,l02.070 23.T8S,341 ......,.
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-07-20

tDsscGTnt sGT h, rate crSSrrespOnds with int.r.,,
srai with minim9mp mpDI,a5es y, pledscd as coiIa:-
and and 5h per cent In the case Of san FraG city
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-07-20
MoNEY.LENDING RATES

daV at 3 per cent.
In the market for bank acceptances.
conditions were unchanged today In that
there Is still a considerable scarcity OF
prime New York bills. Brokers wonlo
take all thta could be secured, biddlns
freely per cent. Offerings of prime
out OF town bills are only moderate,
In mercantile paper, the tone continues
done in prime paper outside of the coun,
try banks Rates are Variously quoted
at SA to s& per cent for the choicest
material and In some cases per cent
ia said 10 rule.
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-07-20
puILAnELrnIA-Call. 6 per cent ;

time per cent; commercial paper.
three to six months, 6 per cent,
(Note-These are merely nominal quo.
in the state OF Pennsylvania Is nxed at
g per cent. Plus premium anc com-
mission time money for thirty 10 ninety
days Ia loaning at 8 to sh per cent.
six months is being offered at 70 sh
per cent?
L0NpON--Money is quoted AZ per
cent; three months billss ss% pcr cent
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-07-20
Reserve Banks Discount p..

Official rediscount rates NJ ~. -,
Fednral Reserve banks arc "e tMeISo
The Columbia herald. [volume] (Columbia, Tenn.) 18??-1935, 1920-12-03
FOREST CONSERVATION.

Unless Tennessee shall soon e&tab,
liah a policy wisely conceived and AS
wisely executed, there is goins to be
an actual shortage OF timber ia the
cred, probably had the finest lot of
hardwood timber in the entire COun-
lost us millions Of feet Of timber and
endangered The supply necessary for
the upkeep of he buildings and fences
on our farms The problem Of re
foreatration il becoming more and
more serious the longer it Is neglect
ed. Not only are our lands dcnuded
on timber resulting in a shortage Of
lumber and wood but the effect OF
bare hills has been felt in our ever
RECURRING foods. Our hillsides are
being washed away and soil erosion
is taking millions Of tons Of fertile srs
from our lands, Not only. therefore,
do We owe it to The future timber supr
PIX. but to the preservation Of om
soils to embark upon a wise and com
prshensive policy ot demonstration.
II Is We'll stated bysDfl MADDOX, the
STATE forester, lhat Lha proper use Of
oud woodlands OF all el.,aae3 and the
reclamation Of waste lanls are funda-
mental Very few maize. economical
use aof their wood lands. Instead of
being a source of profit now and Il
guarantee Of income in the future,
they are neglected and abused and
YIELD nothing.
A few years ago one of the greatest
sources of the states wealth was the
income from its lumher industry bur
rhere has been lately heavy falling
on in lumber production.
In 1909 Tennessee produced l.9?3-
600 coo board feet Of lumber, in 1918
Tennessee produced ESQ 400. 600 hoard
feet. just bit over half that of 1909
The production of lumher in Tonnes
zee has had downward trend since
1909. aa
Tennessee now produces much less
timber each year than she consumes.
Forest fires are one of the greatest
enemies TO timber growth The pao-
pie of Tennessee should realize the
wide expanse of damage caused annu-
ally by fires in the woods"
The Columbia herald. [volume] (Columbia, Tenn.) 18??-1935, 1920-12-03
STANDARDIZED WAGES.

Onctof the strong indictments made
effort to standardize wages and there
by Htandardi2c .lnen The inevitable
tendency Of policies Of this charac-
ter il TO destroy individual initiative
and enterprise II places ali mankind
on the same level, giving 10 the inetii-
Client. the negligent and the time kill
ers and the Inexperienced n reward
that III many instances is equal to that
received by those who have higher
sense Of 10y atty to their employers
and who render Il better and more Of
fcctive service. The unions have done
a great deal for the advancement Of
the laboring men, but their policy of
Standardization is not in harmony
with the genius of our institutions or
in keeping with the spirit that has
made America strong and great, 1t
often tends 10 prevent the advance
meht of those whose services and tai.
ents, deserve reward while it destroys
Initiative because of this very fact. p.
Federal Judge George W. Anderson.
former member Of the interstate com
merCe commission, made some very
wise ana Wholesome observations III a
recent address that must commend
Themselves 10 all observer6. Judge
Anderson denounced the absurd
scheme of paying the same scale OF
wages all over the county regardless
Of living conditions and the amount
OF work required of men holding Il
job carrying the same namn lie urg-
"d that standard wages he abandoned
in the interest nt tue working men
Themselves and characterized as alb
snrd the labor union proposal TO Sc
cure 4 Standardization Of working con,
dtona. ..-.' BE-
Continuing Judge Anderson said:
The artificial standardization or
wnges on u mere money basis. that is,
regardless Of money purchasing power
IN various sections and of the quan.
tity and quality nf service required of
such employees as station agents and
freight handlers in large oyerworkad
sections, as compared with small sta
tions ia which the business is Limit
cd to two or three hours a day. cannot
be justified. This utterly unsound and
The Columbia herald. [volume] (Columbia, Tenn.) 18??-1935, 1920-12-03
NO FAITH IN GERMANY,

Ii Is evident from the proceedings
of the league Of nations assembly that
France has no faith III Germany'S pro-
fessiOns Of peace and good will. 1t is
frankly stated by the French represent
tatiye8 Chat France will not d3arm
until ii is assured that Germany is car
fyin9 Out in good faith the terms OF
the yesa,les peace treaty. There has
been a disposition on the part of Ger
many to. evade and procrastinate in
complying with her obligations under
The treaty She has shown absolutely
generate or contritc heart
Not only does France lack faith in
Germany's good intention, but she is
not yet ready to put much trust in the
league OF nations. Az long as she ia
exposed to German treatchery and
ambition she prefers to depend upon
her own good right arm for defense
rather than upon the nebulOus and
1iimsy structure of the league Of ma
tons that was impotent To protect Pc
Land from the onslaughts OF the BOZ
sheyiki OF Russia. Probably France is
wise AT any rate she poured ont too
much blood and mortgaged her wealth
for too many generations 10 come to
prevent conquest by the Hun to take
any chances now A million and Il
half of her. heroic dead would cry ont
from their graves If the statesmen rnl- |
ing France should pursue any policy |
that would ieopardize her dearly pur
chased liberty.
The Columbia herald. [volume] (Columbia, Tenn.) 18??-1935, 1920-12-03
WILL CELEBRATE
ANNIvE RSARY OF
CHURCH STATION
METHODIST PLAN GREAT Event
IN HONOR OF THEIR CEN
TENNiAL NEXT MONTH. ...
PROGRAM WILL LAST FOR WEEK
Several of the. Noted Speakers TO the
Church Will Be Here and Discuss
the History and PoIity Of This Great
Organization.
From tuesdays Daily IIcraldJ

lIIOh ! utHudS I'dIly lltEdlU)
! In celebration of the centennial o!
the establishment OF station of the
! Mothodiat church in Columbia, appro,
PIRATE exercises wiz be held in Janu
airy at the First Methodist church 1t
il planned TO have services that will
last for week and to bring here 4
number Of the ablest mem and greatest
speakers of Southern Methodism to
tell Of the history the trials and the
achievements Of the church militant
in the wilderness Of America.
Methodist preaching was done in
CoIumia ana at other points in Mau
ry county much earlier than 1920, but
Columbia was a part Of 4 circuit until
that year when il was made a station.
1t is to make proper observance Of
this fact that the celebration is plan.
ned for newt year, Among the speak
ers il is planned to bring to Columbia
on the occasion Of the celebration is
Percy =. Maddin. the distinguished
lawyer and chorchman Of Nashville,
whose grand father was one OF the
pioneer preachers Of Maury county.
The old church at Piagah, near
Hampshire, has the honor Of being
the mother Of Methodism in Mamy
county That church was established
early in 1908 and has been active and
q live organization since then main.
tanned as it is now and has been for
several years a part OF the Hamp-
shire and Cross Bridges charge. This
church in the spring Of 1905 ceIobrat-
ed its TOOTH anniversary with appro,
pirate two days exercises
The board of stewards of the First
church here has already resolved to
hold this celehration but Lhe exact
date in January has not been select
ed. A program rommittoc win he ap-
pointed and all the details worked cut (
1t had been hoped to have the celebra- |
ton during this year, since the church |
was made a station 100 years ago last /
October, but lack Of time and the ear
" approach Of the holidays made it
to postpone the event until |
next year. .s. 4
The Columbia herald. [volume] (Columbia, Tenn.) 18??-1935, 1920-12-03
nFiP TO. HARDING.
(Rnme. o.. Nema-1

'hbHl', 'ia', NeW3.)
fTenneSSia newspapers are prgine
upon l11Sidentlect. Harding the ap
pointmrntIf Dr IL A. Morgan, pres
idcnt Of The The University of Tonnes
see and for many years director .oi
the enten8iOn department, Of the ag
ricultnral college, us secretary OF ag
rculture. If Senator Harding desires
to follow up the republican victory in
Tennessee with an appointment that
will convince the people Of that state
Of his sincerity and thereby foster
continued frlendliness for the republi-
can party he could do it in no bet
Ter way than by the appointment Of
1lr. Morgan as a member Of his cabi-
net.
peculiar feature of the endorse
mont of Or Morgan by The newspa-
,pcrs Of his state il that none of them
appear to know his political faith. He
war sioiiteti presiIltint of the Univer.
sity by Il ,nonbArtisan board of trus-
tees and WitftAlr reconsideration or his
political incliridtTonB His election
was III az mfdstue brought about b.
the itfsistenCe Of farmers ana business
men throughout the state who almost
idolize him for his service to their
state. He is Il Canadian By birth,
but has resided in the South so long
that he is considered a Southorner
for the manor born, He Is a man Of
dominating executive force, but at
the same time he has a personality
OF that democratic nature that causes
people in every station in life to love
ANA follow him.
If there should be any mistake ON
the part of Senator Harding in giving
this appointment to Or. Morgan il
would lie in the eVentuality that the
people of Tennessee might resent the
drafting Of the man who is doing and
has done more for the state university
Ihan was done in half a century be
fore his connection with the institu-
lion. If he should be taken from
Tennessee by the Republican admin |
the people might resent it !
and punish the G. O. P. by returning
o the Democratic fold