davidaulloa/AmericanStories huggingface dataset:
Evening star. [volume] (Washington, D.C.) 1854-1972, 1920-10-10

way of a reduction in bank loans as
many critics claimed it was a few
months ago. The release of frozen
credit through the provision of better
transportation facilities had aided
ma terialy in solving the problem of
getting money for moving the crops.
But it still has to be admitted that
there has not yet been any important
reduction in bank loans.
Awaits Retail Trade.
This reduction. it is now recognized,
will not come until the retail trade
Of the country has got used to the
lower scale Of prices and is convinced
that it is low enough. When this stage
is reached the distributive trade which
is now hating. will start up again.
the merchants who are now buying so
Eingcrly will wish to stock up their
shelves and the mills will have large
enough orders to allow them to work
off their SURPRISES and liquidate their
loans at the banks.
The stock market for n while to
come is likely to be Il narrow profcs-
Sional affair. with many confused and
rapid surface changes. but without
much net variation, taking til" aver
age OF prices as q whole. Hallway
shares seemed toward tho end of the
week to have been a. biz overhOueiit
while in parts of the industrial list
the evidences of a sold-out condition
ere very clear.
Bond Market.
The investme bond market, while
lit has not lost ground. has paused
after its continuous and really sharp
advance of the last four months and
will probably have to go through an
interval of digesting the new securi-
tics that have been offered in such
quantity before undertaking any fresh
advance. Sentiment is still very con-
fident, however, that interest rates
have passed their peak and that early
in 1921. if not before, the federal re-
Serve discount rates will be reduced
and this viii be the signal for a gem
eral lowering of money rates and COM
mercial discounts It is this chat the
rise in the investment markets has
been looking forward to. but the best
judgment is that the discounting
is by no means complete
and that after the present pause the
rise in bonds and in investment stocks
will be resumed.
Copyright, 1920. by S. P. West)
Evening star. [volume] (Washington, D.C.) 1854-1972, 1920-10-10
SUGAR PROFIT BILLIONS.

NEW YORK, October Especially
Evidence of the large profits which
the sugar companies amassed during
the recent period of prosperity is
shown in the annual report of the
Punta Allegro Sugar Company for the
year ended May 81, 1920. After taxes
and charges there was a surplus of
s6.690,652, as compared with $751;
III in the previous year. After divi-
bends for the fiscal year just passed
there was a balance of S5,646, 7OS
whereas. in the previous report the
same item amounted to $1,574,5O5
The total surplus of the company now
stands at S9,136,016.
1t is stated in the report that the
crop of last season was sold at
varying prices from 6 Il cents pound
fob. Cuba to % u cents with an
average net return of lila cents a
pound.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1920-10-10
NEW YORK COFFEE MARKET.
NEW yoR X GctOher o-No re

lows were made in the market for cof-
fee futures this morning except in the
case of July contracts which sold at
S.2i, compared with SO yesterday.
but the slight rallies Of late the pre-
vious day were lost owing to indica-
lions of continued pressure from Bra
zil. The opening WAS i point lower
TO . points higher on scattered COW
ering, but otherwise no support was
in evidence, and prices eased off to
7.e1 for December, with the market
closing net unchanged to points
lower. Closing bids: October, $50;
December, zee: January. 7.3S; March,
7.75; May. 1877; July, S.2o; Septem-
Der, S.3o.
Spot coffee quiet; Rio rs, tx; San
tos As, IL 4 to 1214. Few firm offers
were reported in the cost and freight
market, but there were rumors that
well described Santos So and Is had
been offered at $50 and that some
shippers were asking for bids Of 9A
on As, American credit.
The official cables reported no
change in Rio exchange rates. but
decline of so reis in the Rio mar
ket New style Santos futures were
unchanged to ITS refs lower. Brazil
| ian port receipts. $4,000: Jundiahy,
40, 900,
Evening star. [volume] (Washington, D.C.) 1854-1972, 1920-10-10
DANISH BUTTER COMING.

NEW YORK. October 9 Especially
Alfred kraunsoe. who arrived here
this week from Copenhagen, says he
is the first of a commission OF FIVE
representing dairy farmers and deal
ers in Denmark who handle one-fifth
of the total dairy products of the
Scandinavian countries. Danish but
ter soon would be shipped to America
he said, in quantities of 10000 cases
weighing 100 pounds each. It will sell
at SO to 60 cents pound.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1920-10-10
BY STUART r. WEST.

NEW YORK, October 9.-The best
Wall street opinion at the close Of
the week is more firmly convinced
than ever that the stock market is
in the last stages of the movement
which started nearly a year ago, and
the purpose of which was to discount
the reaction in outside business
conditions from the inflated volume
and inflated prices of the war period
Everybody knew when the armistice
was signed that this readjustment
would have to come. It was put off
for a year because it required this
length of time for industry to make
god the deficiency in current and re-
serve supplies of goods that existed
after four years of conflict But in
Evening star. [volume] (Washington, D.C.) 1854-1972, 1920-10-10
STOCK MARKET IS BELIEVED
4. TO HAVE WEATT1ERED WF1IRL
Leaders Think Past Week Has Seen Last
Stages Of War-1nAation
J.: Sequences.

November, 1919, when the federal
reserve bank began to apply the
credit brakes, it was realized that
preparations must be made for a
business recession OF considerable
magnitude.
The only question was how severe
the decline would be and whe ther
;ht. trade and financial structure OF
the country could absorb the heavy
losses due TO price reductions Win
out cracking under the strain.
Dread Season Almost Gone.
This was a subject upon which
many of the abIest minds were frank
ly pessimistic all through last winter
and spring Particularly was the sea-
son Of the crop moving looked for
ward to with grave apprehension
Now this dreaded season is we'll ad-
yanced. The financing OF the wheat
Evening star. [volume] (Washington, D.C.) 1854-1972, 1920-10-10
DROP IN coTroNsEED OIL.

NEW YORK. October 9.-Liquidation
by local and outside longs. induced by
easier crude and cotton and heavineSs
in greases generally, brought about a
sharp downturn in cottonseed oil to-
day. Active positions closed 20 to %
points net lower. Sales, $500 barrels.
Prime crude, SIS sales; prime summer
yellow spot closed. 1900; October.
1910: December, 1900; March. 12.15.
ali bid. Prime winter yellow and
summer white nominal.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1920-10-10
CIGAR STORES DIVIDEND.

NEW YORK. October 9-The d.
America have declared a stock divi-
dend OF 10 per cent on its common
stock, payable November is to st0'k-
holders Of record October 20.
After payment OF the proposed div. =
dend tho United Cigar Stores viii
have distributed this year 20 per cent
In stock and So IN cash to irs stock
holders. The latest distribution brings
he outstanding common stock 81
United Cigar Stores up 70 t62,S6S.eec,
against s31.1so.ooo at the clone Of last
year,
Evening star. [volume] (Washington, D.C.) 1854-1972, 1920-10-10
TEXTILE EXHIBIT.

The fourth southern textile expo
sition will DO held In Greenville. 8. Co.
October Is to rs, In conjunction with
the fall convention OF the Southern
Textile Association ana tho annual
meeting Of tho Cotton Manufacturers
AsDocIAtioa Of South Carolina.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1920-10-10
RANGE OF MARKET AVERAGES

OF
stocks dealt in the New York Stock Exchange The
Friday October
Evening star. [volume] (Washington, D.C.) 1854-1972, 1920-10-10
xrw YORK nAw STATEMENT.

NEW YORK. October s.-The actual
condition Of clearinghouse banks and
trust companies for the week shows
that they hold ,3Se.iSs.sso reserve IN
an inerssss o. 1lf.11s.Sso frsm last
week.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1920-10-10
$4,000 FOR SEATS.

NEW YORK, October s.-Two New
r wsrs II! sfIses ser nsS III sss SS
GEO ana the other TOR 100000.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-08-12
Seek Cotton Bargains
)obbers and Retailers Doing
Some Buying

Bargain hunters are abroad in the
cotton goods market, according to mill
selling agents. Buyers who are willing
to buy a few goods for immediate use
now want prices based on gray or unfin-
lshed goods prices, and in some cases
go so far as to expect these prices to
be made on the basis of future quota
tons for gray goods. in addition to
wanting the finished goods for spot de-
livery.
While most selling agents report
business as extremely dull, there is
some buying being done at present,
mostly by jobbers and retailers, who
want q few pieces or a few cases of
some special line of merchandise for
immediate use. This points to the con-
clusion that present stocks in the
hands Of jobbers and retailers are not
large. However, this is not of sutfi-
cient Importance to influence the dis
tributors to make heavy purchases.
Some buyers frankly admit that they
would rather turn customers away
through lack of merchandise than to
take chance on buying goods on
which they may lose money later in
the season
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-08-12
in State
Shows Small Increase

ALBANY, Aug. 1I-Notwithstandi
the general belief that mills and fac
tories are closing down and throwing
thousands of workmen out of employ
ment, the amount of unemployment
during July, according to statistics
made public tonight by the New York
State Industrial Commission, was but
one-nalt per cent greater than in June.
Few factories in the state, according
to the statement issued by the bureau,
closed down during the month because
Of the depression, and unemployment
occurs only where it is voluntary.
There has been some shifting of occu-
pations.
Reduction in working forces is shown
IN manufactures of stone, clay and
glass. largely because of the halt in
new building, and in fur and leather
apparel, textile products, clothing ana
shoes, because of the holding off of
buying by retailers. Pronounced ac-
tlvlty is reported among manufacturers
OF rolling mill products, sheet metai-
ware, machinery, clocks, typewriters
and locomotives. Pleasure automobiles
show decline, but commercial cars
are not affected. Shoe factories report
per cent fewer workers in July than
in June. and the clothing industries 4
per cent fewer
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-08-12
Money Situation Keeping
leather Prices IN. RepOrt

Inability of tanners Of leather to
borrow money from the banks to finance
new hide purchases at lower levels
from which to manufacture lower
priced leather Is given as one reason
for the slow decline in leather prices
compared to hide pvices. Most tan
ners,7 according to "The Shoe and
Leather Reporter" ARE in the position
Ct having either hides and skins or
leather or both, which represent former
high levels of value. 1t is not possible
Tor them TO borrow money at the banks
TO finance hide purchases, but if they
are Tor any reason able TO buy raw ma
lerlal at the present low rates they are
compelled to strike an acreage between
the high and low cost stocks.
Under normal conditions tanners
are able to buy hides on a declining
market so as TO lower the cost induced
by the purchases at high rates. To-
cay they have dear hides and skins,
OF the leather made from them. but are
not permitted by the banks TO continue
tAe!r usual custom of buying at low
prices TO compensate for the raw ma
'eflal bought at the top of the market."
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-08-12
U. S. Gold Exports Jump
$3.50, 100000 in 1920
Silver Falls OFF More Than
$I22, 000,000 During the
Fiscal Near

WASHINGTON, Aug. 11.-Gold ex-
ports from the United States increased
by more than S35OO00,0 900 while silver
exports fell of more than $122 ,000,00
during the fiscal year ended June 80,
according to trade summaries made
pablic to-day at the Department of
Commerce. Imports Of silver, how
ever, advanced approximately $34 ,O00,-
coo and gold imports increased more
than $sS,000.000.
Exports Of gold during 1920 amount
ed to $466,592 COS, compared with $116,-
575,535 the previous year, while i'm
ports of gold last year totaled $780,
10000, against $62 ,73s in 1919.
Silver exports for 1920 aggregated
Sl79,0S7 ,260, as against S301, 174,550 in
1919, and imports Of the metal amount
ed TO SlG2, 1893 500, compared with $751;
o2o,256 year before last.
argentina took the greatest amount
OF American gold during the year with
total OF Sil6,095 .00O, nearly as much
as the total gold exports from the
United States for the fiscal year of
1919. Japan received $50 ,S51 $3.50 worth
OF gold during 1920 and Hong Kong was
third on the list with 500 ,901,731
England made the heaviest ship
ments of gold to this country during
1920, sending a total of $64 ,443 ,254.
Canada stood next with S39, 1927 and
Hong Kong third with S23 ,633,373.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-08-12
Wooden and Worsted Trade
10 Show Lines Next Month

Sentiment in the wooden and worsted
goods trade is crystalizing on the sec
ohd week in September as the time for
showing new lines of mems wear cloths
lor spring, 1921. One prominent pro-
queer announces September T as the
cate for the showing of his spring
samples, and others in the trade have
Indicated that they will be ready to
ppe9k spring business shortly after
Labor Day.
:, The few openings Of spring goods
mat have already taken place, it is
SAID, have not met with success. Buy
efs are expecting reductions OF from Is
70 20 per cent in prices for spring
wetOlens and hoping that the decline
wiz be much greater. The present
STATUS Of the industry is such that 1t
y almost impossible to determine mar
xet values. One mill agent asserted
mat when he priced goods on the
actual cost of production buyers, de-
sslsred that his prices were tee hlgh
ny 81 a ward.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-08-12
Steel Industry Begins
To See Better Prospects

Although the supply of steel still
falls short Of the demand in spite of
slackening in inquiries from automo-
bile makers, an improvement in the in
dustry is noted in the weekly summary
Of The Iron Age" 1t says:
"The railroads are buying steadily
and are making up schedules of further
has been canvassing the question of
railroad steel prices for 1921, seeing
that little of such products on new or
ders could be supplied for this year.
"A first effect OF the freight rate ad-
vance and of the promise Of liberal
railroad buying has been sharp adj
vance in the pig iron market. At the
same time conservative element
among pig iron producers deprecates
higher prices.
"The slump in the automobile in
dustry has gone further. Four mpor-
tant makers are either maintaining or
increasing output, but nearly all
others, and the makers Of parts as
we'll, have cut down operations from
10 to rs per cent. Some steel com
panies have felt the resulting can
cellations, but the reduced pressure
from Detroit concerns is welcomed by
others.
agricultural implement manufac-
tuners, taking advantage of the slack
ening in automobile steel, have been
pressing the mills for material, not only
for deliveries against contracts, but
placing orders not ordinarily given out
until late September or October. This
move is evidently to insure deliveries
for the full operations planned for all
such works.
"The railroad situation is improved,
but more through better operation
than in larger supply of cars for load
ing"
THE Iron Trade Review" will say
to-day: "Important price advances in
the pig iron market have followed one
another with rapid succession during
the last few days. A sale of 5000
tons by Valley producer to Pitts
burgh steel interest has established
the price of basic at $4S.50 Valley, an
advance of So Although railroad bust
ness directly traceable to the increased
freight rates has not appeared, the
volume of inquiries and orders in
voving railroad material noted during
the week has been encouraging"
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-08-12
Denies WHY'S Interest
I'm Maxwell Enterprise

Walter P. Chrysler, general manager
of various John N. WHY'S motor enter
prises, who yesterday was named to
head the committee that has taken
over the management of the Maxwell
Motor Company of Detroit, declared
there was no connection between the
WHY'S interests and the banking syndi-
cate behind the Maxwell company.
Mr. Chrysler, who is executive vice
president and general manager of the
Wyllis- Overland Company. said that he
expected to continue actively in these
positions while devoting some time TO
the building up of the Maxwell enter
prise. Mr.. Chrysler said he understood
that he had been selected to head the
Maxwell committee because of his ex-
perience as WHY'S executive.
THE adjustment of the Maxwell af-
fairs" said Mr.. Chrysler, has nothing
whatever to do with any Of the WHY'S
concerns and no combination of WHY'S
and Maxwell interests Is contemplated. "
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-08-12
Coffee Futures Drop Again
On. Increased Oferiugs

The coffee market started off at a
decline of 10 to II points, sold lower
on offerings from prominent importer
and for New Orleans account, then raj
lied 10 to Is points on commission
house buying and official advices show
ing an advance of 100 to $50 refs in the
Santos futures market, together with
frmer offers from Brazil in the cost
and freight market
The extreme advance failed to hold,
however, and late in the afternoon, un-
der pressure from bearish sources. val
ues worked down, much OF the earlier
gains being lost and final prices show
ing net losses Of s TO ri points
All sorts Of rumors have been circu-
lating III the market to the effect that
the Brazilian government was 10 step
in and support Santos in some way.
The talk in some quarters is that re-
strictions may be placed on shipments
OF coffee from the interior TO the ports.
while others think that the govern
ment may take old crop coffee off the
markets.
So far the action of the Brazilian
markets, as reflected in the official
cables, has not suggested any definite
prospect for sustaining action by the
government. either through regulation
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-08-12
Corn Prices Decline
after Early Adr~x,s.s

A strong undertone prevailed in this
market during the forenoon, with
prices up two cents a bushel on the
strength of cash corn, receipts of only
seventy cars at Chicago and crop COM
plants, but the market sagged a little
in the afternoon, and was finally as to
Use net higher.
In general the crop news was COOS,
but some reports said Illinois still
needs more rain, and there were COM
plants Of firing in parts of Iowa. which
encouraged commission house demand
IN the early part of the session. A
large part of the crop is from two to
four weeks late, according to the bulls,
who point out that good weather and
a late fall will be needed this year to
preserve the present favorable outlook
Argentine corn was reported to have
sold here at S1.1712, which compares
with $l.79A. which is the quotation
for No. . yellow at New York c. / Z.
basis, ten-day shipment. Peoria in
dustries were believed to be interested
in the Argentine corn.
Corn Yesterdays Previous Year
No ? yellow. sl.7s4 si74s SANK
s SPITE, be .-..... 333s% 14773i. 49,.
Oats Early strength. with an advance
of u q = c per bushel. was due 10 reports
That the SeADoarc was AFTER oats FOR
port, but news otherwise nuf par
ticuarly bullish and commission houses
sold rather freely, the market lost all is
Improvement and closed no more than
steady. Receipts We're large, and hedge
selling in evidence. No change oc-
Cured in the local cash market. which was
quoted the basis OF asc to 81 for tho
white grades; STOP for fancy clipped white
and 81 for ordinary clipped white.
Yesterdays Previous Year
New York Close. close. ago
No. white. sO.9Sg1oO sossgi 100 so-sss
Chicago:
September. .72hs .72ta .74%
December. .70is .103s ~ n
Rye-Market firm.
Yesterdays Previous Year
New York close close ago
No West s2.iea4 s24l sIss
Flour and Neutrality-suspicious. were:
Yesterdays Previous Year
\. Y close. close ago
MINI. patent.
sl2.75@la.75 sl2.75@ls.75 $3.50
CornmeaI
ssO9 400 a.so@ 400 40
Rye -four
10:5O@11oo lO.5oalfOo sooas,s
bran. 5000 81. 90 1900 q : G. 90
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-08-12
Member Non membe
Silk Market Steadying
Scramble to Unload Has Al
most Disappeared

The silk goods market is still in a
state Of aux and most producers are
willing to let it drift along without
trying to exert any influence on It,
The scramble TO unload merchandise at
sacrifice prices. so apparent in the
market a short time ago, has disap-
peared among all but the smaller spec
ulative joDbers. In some cases prices
Of highly spe cialized fabrics show a
slight advance over what they were
8 month ago.
The lack Of stability in the raw silk
end OF the industry is preventing the
close figuring of now prices, and the
uncertainty concerning the buying
temper Of the public is making the fu-
ture merchandising policies Of retail
ers somewhat hazardous. Normally
lower prices increase distribution, but
not all retailers feel that the lower
prices for silk now in vogue will IN
crease the demand
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-08-12
Aetna Explosives Plan
To Buy Stock Adopted

Directors of the Eaetna Explosives
Company, Inc. yesterday approved q
plan which calls for the purchase of
1885, 900 shares of the outstanding stock
at $12 a share. The stock closed on
the curb at rs, an advance of a point
over Tuesdays last sale.
Under the plan, concerning which
further details are expected to be an
nounced to-day, no individual share
holder will be able to turn in more
than one-fourth of his holdings at the
company's purchase price. The pur-
chase of $4,000 shares will require
that S1,62O,0O0 be taken out of sur
plus.
The Aetna Company has already
bought in the open market approx
mately 10000 shares out of the 100000
shares originally outstanding, so that
share will leave outstanding 4O5, 900
shares