davidaulloa/AmericanStories huggingface dataset:
The New York herald., 1920-01-31
US, STEEL TO
KEEP OLD PRICES
Wage Raises Not TO Affect Prod
ucts, Says [. II.
Gary.

Although the United States steel Cor
poration has just announced a ten per cent
wage increase for all day workers, which
will entail an additional operating cx-
pense estimated at S25 00O,0 ,0OC, II. III. Gary
chairman OF the corporation, yesterday re-
iterated a statement made by him month
ago that the United States Steel Corpora
tion does not contemplate advancing the
prices of its products.
This reiterated announcement of price
policy coupled with the order increasing
wages ten per cent was interpreted In the
financial district as indicative or a feeling
of confidence in the future on the part OF
the Board Of Directors. body which Is
regarded as conservative but exceptionally
qualified to pass Judgment on business
conditions and prospects.
At the same time the opinion is cS-
pressed in Independent steel circles that
the United States Steel Corporation will
not be able to resist the upward trend OF
prices. Independents already are receiN-
ing higher prices, the demand for steer
products is far greater than the supply
and the pressure of new business may
compel the corporation to act IN SELF
defence. The management or the premier
industrial corporation has already $1,000
for stability in the trade. Because on tnis
traditional policy 1t usually Is the first to
grant wage increases and the last to ad-
vance prices. "A
The wage advance is regarded asa blow
a gainst the labor unions which have tried
to make capital out Of alleged underpay
for the company's employees. 1t Is eA--
pected that independent companies VIII pe
compelled to follow this lead. Some OF
them in fact already have announced IN
creases.
The New York herald., 1920-01-31
CURB UNDERGOING
AN ADJUSTMENT
Oil Issues Again Steady After
Moderate DeClineS-Tone
Firmer.
MOTOR STOCKS STRENGTHEN
Mining Shares Hold Quotations
Bond Fluctuations Wide
and Irregular.

The Broad street Curb in yesterdays s
operations indicated to great extent an
adjustment OF the trading situation TO
changes that have occurred both in in
dustry and finance in the last few months.
In some cases Il caused check TO specu-
latve operations and to bullish activities.
At the present levels. however, there
has recently been evidence of accumula-
ton by interests concerned in the control
played to the greatest extent on declines
in those stocks. This was the case espe-
cially in the oil issues. which became
steady after moderate declines, but up
ward movements in those issues were
not sustained when rallies resulted from
this buying.
Sinrns Petroleum was an instance Of
this buying, moving UP from 81 to 80. but
later lost most of this gain. Heaviness
was shown in a number of other petroleum
stocks. International yielding from 6S1a
to $685. with a rally to 671s. Gallilahd
showed a firner tone, ranging from 43as
to Az. but the preferred stock was heavy.
selling at 100 to 99A. There was initial
trading in Armour Leather, w. l., which
sold at IS. which was the beginning of
the creation of a market for the Armour
subsidiaries.
Motor stocks were exceptional. strong
General Motors ranging from 22ii TO 2s.
and the debentures sold at a2 TO go
Among the new issues traded IN during
the day were Atlas Tack and Steiner OIL
American Hawaiian Steamship shares,
which were issued on the basis OF 10
shares of. new stock for one of oil, was
traded in at 70 to II. Mining shares held
steady generally. Fluctuations in bonds
were wide and irregular.
The New York herald., 1920-01-31
PRICES HOLD FIRM
ON THE CONSOLIDATED

The railway equipment issues were
strong features on the Consolidated stock
Exchange yesterday. the ~ per cent ad-
vance in Baldwin Locomotive. to 12lSs
being the outstanding feature of the final
hour. The steels, motors and specialties
also reflected underlying strength, despite
tho advance 10 twenty per cont in the
call money rate numerous OF the shares
of those groups rising from1 to "A points.
while the oils we're in supply at lower
quotations.
Cruciblc steel was bid up AZ, to 12Sia; Re
public IL. TO 116: vanadum 3h. TO 5l%
L. $. Steel to 1865. American Locomotive
III. to 100: Pressed Steel Car 1%, to 99s;
studebaker ~. TO l0S74; Piercc-Arrow !, to
71s,; Saxon to 1875, Marine common IL, TO
4oA; International Corporation iia. to IL
and Bethlehem Motors to %, while Ais
Chalmers was offered down 1ss to 4sss.
American Telegraph and Telephone
moved UP lis, TO i00ii. and American DRUG
Syndicate I. to 1iIs. both entering new
high ground for this movement. while
Retail Stores rose I. to SSs.: Central
Leather T. to 927s: Keystone 1is. to 3Sls
American Beet Sugar 1ia. to 81. and Cuba
Cane Sugar AZ. to 50h. Z. S. Rubber fell
back 1ss. to 1@yas; Goodrich rs, to 7Sh,
and Fisk Tire to as7s.
The New York herald., 1920-01-31
INTERIOR HECEIPTs.
COFFEE MARKET.

The coffee market yesterday broke into
new low ground for the movement. jan
uary going below 15c. On the call prices
were IL to 16 points below the previous
close. trade interests being liberal sellers.
due to reported business in Rio coffees at
cheap prices. The report said that 1900
Rio rs sold at Goose. sterling credit and
5000 bags at l5c. American credit. The
early decline was followed by further
liquidation, which around midday sent
prices 20 to % points net lower. The
market then became einpty, and further
liquidation started uncovering stop loss
orders. this break sending March to 15.loc.,
May to 15.40c. and July to 15.57c. About
the only support in evidence was scattered
covering. Final prices were 70 to "a points
net lower
The coffee situation on the whole is very
discouragne to buyers, who see such bull
ish possibilities in the statistical situation,
but see the market declining every day
on an easier Brazil market and the un-
settled conditions In financial centres. The
action Of the Brazil government in the
manner of disposing of it's holdings has
also held the demand in check.
In the cost and freight market there
we're no new offers. and in the local spot
market Rio rs we're down to 15a4c. in
sympathy with futures, the demand being
quiet.
The New York herald., 1920-01-31
BONDS WEAKENED
BY HIGH MONEY
Liberty Issues Register New
Lows Under Liquida-
ton.
FOREIGN BONDS ALL HEAVY
Corporations Among Active Sellers
Baltimore & Ohio 0'S
Drop Point.
FOREIGN BONDS ALL HEAVY

High money caused renewal of liquida-
tion in bonds yesterday. Liberty issues
registered new lows for the movement
and in some instances for their history.
Third and fourth as were instances Of
Liberty bonds selling at new lows. The
former dropped TO 93.02 and the latter
breaking through 81. their old minimum
price. sold as low as 9o.sS Victory notes
also registered new lows in their history.
The f$. per cents sold at 9S and the latter
at 9S.02
Foreign bonds all were heavy. City Of
Paris 6s, United Kingdom 5la's, French
cities bonds and Anglo-French per cents
were pressed for sale in comparatively
large lots.
In the corporation list the weak features
were Bethlehem Steel refunding IS. United
States Steel sinking fund SIS. Central Pa
cific As and Pennsylvania consolidated
SIS. All OF these declined nearly point.
There was active selling of Baltimore and
Ohio temporary per cents. which declined
about point.
InterborouGh Rapid Transit refunding
SIS sold at 80, the lowest price they have
touched since the company announced
that it had borrowed sufficient money to
tide il over it's January interest Suaran-
teed dividend requirements.
The New York herald., 1920-01-31
TIME BILLS on PARIS.
Commercial.
Bankers
South America

Rates for call money advanced to 20 per
cent yesterday. That is the highest quota
tion for funds since December 81, when
money closed at % per cent.
Tho renewal rate was l. per cent. the
highest since January .. when renewals
were made at i5 per cent. Demand for
money was large and the rate advanced
steadily 90 ~ per cent. is per cent. Is per
cent. and at half-past two o'clock to 20
per cent. That high quotation caused a
lul In tho demand and final transactions
were made at Is per cent.
Calling OF loans. the refusal of banks
In many instances 10 renew time n1aturi-
ties and an unusual demand by brokers
for loans until Monday we're the potent
factors that caused the high money rate.
Bids OF from So to- 81 per cent were
made for periods of from thirty to ninety
days. But even those excessive rates did
not bring forth much losning.
The rate for prime bank acceptances and
call loans OF choice prime bank acccp-
tances were unchanged.
The New York herald., 1920-01-31
FRANKLIN URGES RETURN
OF SHIPS TO COMPANIES

That II is essential for the best inter-
csts Of American merchant marine inter-
ests for tba United States Shipping Board
to turn the fleet into the hands of pri-
vate citizens and corporations is the be-
lief expressed yesterday by p. A. S. Frank
lin president of the International Mer-
camille Marine. Tf the United States con-
templates building up its merchant marine
that action Is necessary Mr.. Franklin said.
All other nations are building up their
merchant marine as rapidly as possible, he
said
1--WE have heard a. great deal of criticism
Of the governments merchant fleet said
Mr.. Franklin but considering the time We
had to construct 1t. and the necessity of
getting lit ogcther as rapidly and eXpedi-
tiously as possible, I think we have the
making of a real efficient merchant mar
inc An effort should be made for further
construction with the idea Of developing n
better balanced fleet. We already have
the former German boats. which will help
us in that direction.
'"The United States had a very small
percentage OF world trade before the war,
and il Ia essential that we get In now. The
way to start to do this is to get the gov
ernment owned fleet into the hands OF
private owners and corporations. The idea
OF the government to get the maximum
price for these steamers is to be depre-
Gated. IT is very unfortunate in establish
ing new business to saddle our citizens
and our corporations with tonnage at n
very inflated value when they will have 10
compete the world over with tonnage
owned by other nations bought when ton
mage was cheaper.
"I am opposed TO government owner
ship and operation. There would be no
objection, however. to the United States
owning and operating two or three fast
mail steamers across the Atlantic which
could be used in conjunction with the navy
as troop carriers IN case of war. That
would be in line with the policy Of othor
nations"
The New York herald., 1920-01-31
OPERATING REVENUE OF
INTERBOROUGH INCREASES

Gross onerating revenue of the Inter-
boroupb Rapid Transit Company for the
month of December amounted to s4.S6S'-
2Ss as compared with ss,7s2,224 in the
corresponding period of 1918. The income
showed a deficit after interest rentals,
&C. of s22.17O, as compared with deficit
of s224.6O4 in December, 1918. During tne
month total Of S4.771,9'1 were carrieu'
as compared with 70.7so,s1s in 1918.
For the six months ended December o.
cross onrating revenue totalled sA,2oo.-
SoS as compared with $19,953.159 in the
corresponding period of 1918. The deficit
after interest, rentals &C.. was $l,e2o'Sec,
as compared with s2,491,132. Passengers
carried for the six months totalled No.
sse.s3A. as compared with S74,Ss4,o97 In
1919
The New York herald., 1920-01-31
WHEAT MARKET
STEADY TO FIRM
Primary Receipts Are Light
ClearanceS for Week 2,192,-
600 Bushels.
CORN CLOSES AT NET LOSSES
Short Covering Causes Break-Oats
Quiet but Firm and
Higher.

The wheat market was steady to firm,
with prices practically unchanged. Re-
cetpts at primary points continued light
and, according to advices received here
from leading nillers in the Northwest and
Southwest the supply of good milling
wheat is scarce, and efforts to buy even
moderate Quantities result in quick -ad-
vances. Shipments to Europe have fallen
off. According to Bradstreet's, total clear
ances last week were only 2,1a2, 900 bushels.
Argentina reported shipments of more
than 6,O0O,00o bushels. and it would appear
that at the present time Europe is drawing
the bulk of her supplies from the Southern
Hemisphere
The corn market displayed pronounced
strength during the greater part of the
day owing to efforts on the part of jan
uary shorts to cover. which led to gen
eral covering movement throughout the
list. Small receipts and light stocks We're
again given consideration, while the spot
position showed strength. After shorts
had covered, however, the late positions
developed sudden weakness and closed at
Of 5sc. to &c, despite the fact that jan
uary closed cents higher. Some impor-
tance was attached to reports that Argen-
tine corn was offered here more freely
at about 20 cents per bushel under Amer
lean goods and that about a million BUSH
els of corn was being imported from
Mexico. In the local cash market No.
yellow was quoted at N.72h; No. mixed.
sl.1A. cost and freight New York. Febru-
ary shipment.
The oats market was quiet but firm
and, while prices eased off a cent bushel
from the top in sympathy with corn and
under profit taking closing quotations
were unchanged to sc. net higher. Eu-
rope apparently wants American oats, and
despite the weakness in exchange and
unfavorable traffic conditions, exporters
reported sales of 100000 bushels. The
local cash market was steady; No. white
quoted at $1.O11a; No. white. S.ol; No. 3
white, s1oo; No. white, 90 cents; all
elevator
The New York herald., 1920-01-31
ALLIED EXCHANGE
AND MONEY MARKET
Sterling in Sharp Break
Gables Strengthen Price
Near Close.
ERs IS TOUCH NEW LOW
s oney Rates Advance to Twenty
Per Cent-RenewalS at
Twelve.
IS TOUCH NEW LOW

ing exchange broke sharply yester-
ey. equalling tire lowest level TO which il
recently declined. Demand sold down to
5.foh at the larger foreign exchange
banks while number of brokers quoted
the rate as low as $40. A covering
movement. at the close caused the rate TO
advance. with final transactions at $50 q.
The covering movement followed the
receipt by bankers OF advices from Lon
issued in Belgium prohibiting speculation
in Belgium francs and imposing severe
penalties. That was regarded in banking
circles here as probably the forerunner
Of similar action by other European gov
errments, 10 prevent speculation in eX-
change and 10 restrict dealings to legiti-
mate commercial transactions. A sharp
recovery occurred in London in Belgium
exchange following the circulation OF the
report. Belgium houses, it is known, have
recently been heavy sellers of francs in
London for the purpose Of buying dollar
credits. That has had its effect on the
market for sterling here.
this centre. advancing IS points. Rates
on Belgium, which ordinarily are quoted at
a higher value than French francs, have
for several days been lower. The upward
movement in Relgium currency yesterday
cSan placed the value Of the Belgium
franc above that OF the French franc.
French francs touched a new low. de-
n1and closing at 1880. Lire declined l.
points
scandinav an, Danish and Spanish ex-
change made sharp advances, while Swiss
rate continued its decline.
olH American rates were unchanged.
hs Nan sterling equalled it's record low
sen made a slight advance .at the
fse Other Far Eastern exchange was
following arc the rates quoted on the
rrr al foreign exchange markets at the
,tCr e the regular hours of business yes
fff
The New York herald., 1920-01-31
METAL MARKETS.

on the New York Metal Exchange tin
was weak. with class \ spot quoted at
S5915 5000 and class u $500 bid IN %
and : ton lots. Copper quiet; spot and
January. 10 .25c. asked February, i9.yhc.
asked. Lead quiet: New York. spot, s.5Cc.
n sT5c, and East st. Louis, spot, s.25c y
.toc. Zinc easy: New York. spot, N.4S
asked. and East St Louis. SPOT, 80 s9.lo,
London metal prices folow:Lead. spot.
El7 5s and futures ca lbs; zinc. spot.
ESQ los. and futures Col Tin. standard
spot c3S} 5s and futures G%3 los, with
sales OF 10 tons spot and iOo tons futures.
Copper. standard spot GllS l7s. Cd. and
futures clio i2s. Cd, with sales Of 100 tons
spot and 100 tons futures. and electro
lytic, spot Gt22 tcs. and futures STA 1os>
The New York herald., 1920-01-31
OILS AND NAVAL STORES.

Refined petroleum was unchangcd.
Standard white. New York, export, bbls.,
sci: do, bulk. sli; do. cases. S5.75: water
white, New York bbls.. s22; do. bulk. $l5;
do. cases. SIC. 75 Motor sasoiene, garages,
2GiSc.: consumers. 2Sikc. (steel barrels).
Linseed Oil-Strictly pure. gallons OF ~
lbs. in barrels, sla3: Calcutta oil. s2.ol.
There was n further sharp advance IN
turpentine yesterday owing TO the iirm-
moss at the South and on reports OF re-
newed export inquiries. Resins were also
firmer. while tar was unchanged. Spirits
tirpentine, machine bbls.. s2. Tar-Re-
tort and kiln. sli SIS. Rosin-Common to
good strained. $3.50: 3. sl9.io: j.. sia2o;
r.. $500: +. s19.40; G. sl9.45; ii. $3.50; |,
1880: X. s2o NJ, s2l.55; y. s22; VIC, $3.50,
and WV 800
The New York herald., 1920-01-31
Coffee Cables.

Rio was unchanged at 1870 for No. Z.
Exchange i-16d. lower. at 17%d. Re-
ceipts. 1900 bags, and stock, $4,000
abgs
In Santos. spots were unchanged, at
l5s5O0, for No. 4, and 13$50o for No. Z. Fu-
lures were so reis higher, to 125 reis lower
Receipts, 1000 bags, and stock, 1,26S,oo
bags.
Receipts at the ports were $4,000 bags.
against $4,000 last year and $4,000 two
years ago. sac Paulo had 1900. against
ia ooo and 5o.Ooo and Iundiahy 5000. against
5000 and 1900 bags. respectively.
The New York herald., 1920-01-31
Liverpool cables:-Spot

Liverpool cables:-Spot cotton quiet at
S5 points decline on the basis OF 2s.5ld.
for middlng. Sales, 5000: American. 5000
Imports. 5000: American. 5000. Tenders,
new docket. 1000; old docket, 1000. Futures
opened quiet. 13 to II points higher;
closed steady, higher to 10 points lower;
March. 26.22d.; May, 249ld.; July. 23.73d. !;
October, q l.46d.; December. 20.61d. Man
chester:-Yarns firm; cloths, good busi-
ness doing.
The New York herald., 1920-01-31
CoTTONsI,ED OIL.

The market for cottonseed oil was
quieter. total sales for the day aggregat-
ing 200 barrels. The tone was firmer.
however. owing to covering and buying
by the West as we'll as by brokers, who
we're thought to be acting for refiners'
Underlying conditions in the market were
not noticeably changed. however. and the
advanc. was apparently due more to
technical conditions than to any change
In the situation at large. Closing prices
were to 10 points net higher.
The New York herald., 1920-01-31
EGGS.

Receipts. s.823 cases. Fresh gathered. extras.
dozen, d6c. GTc.; extra frsts Gic, 65c; firsts.
6Oc. u &C.: seconds and poorer. J,c 60c.: re
frigerator. flrsts. charges paid. 52c. 53c.; see
soc. a $5c.; State. Pennsy ivania and nearby
Western. hennery whites: extras 5Sc. Zoe ;
whites. frsts to extra firsts. 67c re: Western
whites under grades. 9ac. &C; bullets. &c a
TO extras. roc. 7sc.; firsts. Csc, 66c; pulletI
Petaluma. 63c. 65c other sections. 6Oc. a &c
other Western and Southern. gathered whites.
G3c. roc; State, Pennsylvania and nearby hem
merry browns. extras. Csc. Soc. gathered brown
and mixed colors. extras. 66c. a &c: firsts to
extra firsts, &c a Coo.
The New York herald., 1920-01-31
BUSINESS OPPORTUNITIES.


AZ Ices than cost viii sell small part OF my
holdings iu u straight forward new business
standing careful invest tgatiou; no agents. j. j..
i0j Herald FULTON 81.
AGENCIES wantod motor accessories, fancy
cegss snecimitics Of nay nature; excellent ref.
rrcnros Replics ~ H. LEVER Is Thistiewait Q
road. loudon ~, England.
COMMERCIAL. garaRe and repair shop for sale.
1tx iN doing cauHclty business: near Man
haitian Bridge. GG Prince ST., brooklyn.
TnRTIGN REPRESENTATION.
Naurs irv.yrr about Gov visit fucltrd. France.
ftsiy Switzerland. Serni1 llungary. Eonnania
will ar1lrier ar take Over agencies. attend TO all
iteai and business matters IN those countries: :
speaks several anguagrs. best references. \.
". iaG Herald.
LADY PARTNER with s2,OOo-s5 600; gtandcst oppor-
turity. refined profession; tremendous profits.
Cat as. Uouursps. so West tos
The New York herald., 1920-01-31
CHICAGO PRICES
BUTTER.

Receipts. 3,5s3 packages. Creamery. higher than
extras, pound 63i2c 64c.: extras 92 score. G,c
firsts. 80 TO 91 score colo. 62c; firsts. ss to
55c. a 5sc. lower grades. 52c. ode. held. higher
than extras, 62255ac. Gic; extras, Gle. a dsc;
higher than extras. e6lSc. 67c., extras. G2c. a
66c; frsts. SOC. a 63kc.; seconds sec. Soc.
5sc. G0c.; common TO fair 4Sc. o1c.; renovated.
extras. SIC: 5Ilfc. frsts, zoe. &c.: imitation
firsts. 4Gc. 47c.: seconds. 431ac. 4fc.; lower
grades. Ale. a 43c.: packing stock. current make.
No. i. 43c.: No. ?. 42c.; lower grades 33c. Ale.
The New York herald., 1920-01-31
YIELD OF LIBERTY BONDS.

Approximate investment yield OF Lib
erty bonds at the close OF the Stock Ex-
change yesterday is published below. The
issues are arranged according TO the
The New York herald., 1920-01-31

Sales Of Liberty bonds on the exchange
carry interest TO the date of sale. The
seller receives that interest in addition to
the sale price OF the bond
The New York herald., 1920-01-31
RID AND ASKED PRICES.

Following arc the closing bid and asked
nrices of stocks in which there were no
,-.,r,c,;ons yesterday.-
The New York herald., 1920-01-31

Directors of Mcclure, Jones & Reed
have declared a dividend of 2 per cent
for the quarter ended January 26. There
was also declared an interim dividend at
tho same rate on the new stock which
was issued December 80, 1919
The fifth edition of the Irving National
Banks pamphlet Practical Questions and
Answers on the Federal Tax Laws" made
its appearance yesterday. The pamphlet,
which was prepared by counsel, covers
almost every point which might be raised
in the application Of the Income Tax law.
w. T. Law was yesterday elected a
vice president of the United States Mort
gage Trust Company. Mr. Law was for
lnerly secretary of the Foreign Trade
Banking Corporation.
Central Union Trust Company has been
appointed transfer agent for the .OOC
Il per cent cumulative preferred stock OF
the Sherwin- Williams company.
The annual report of Inland Steel Com
pany for the year ended December 81. 1912
shows net profits after charges and fed
eral taxes of $5,065.i1 That is equivalent
TO seO24 a share. as compared with a sur
plus Of Sc. .166 $40, or s2O.e5 a share. in 1918.
Modern Miller says the vitality of the
winter wheat plant is below normal az
n result of late seeding last autumn and
low temperatures and droughty conditions
for o. period following. Losses in winter
wheat acreage are the result of cold
weather with the plant only partially
protected from alternate freezing and
thawing and exposed roots. Hcssian fly
while an unknown quantity, has already
Il.
wheat crop In the winter wheat belt last
year will cause small seeding OF thai
grain in the Southwest next spring. Much
wheat in Kansas is unthrcshed.
Chicago-John V. Farwcll Company
saws holesale dry goods and genera
store merchandise business for Januar,
greatly exceeds in volume January OF ias'
tear. Retail buyers in the market are
nearly double. There is a very noticeable
increase from the South and Far west
Tho large demand for cotton and WOO
dress goods and also white goods FOR i'm
mediate delivery has its impetus in unre
strcted buying OH the part of consumer
Buyers for large department. stores have
been in the market for staple white goods
such as nainsook and long cloths
The Seaboard National Bank has pub
/
vice booklet on tho opening OF their trus
department
Seth Barton French. formerly OF Her
rick Berg & Co. and Tean, Taylor Co.
and Arthur S. Kittle, formerly OF kean
Taylor a. Co. have formed partnership
under the name OF French Kittlc.
Tn the year ended October II last tn
subsidiary and affiliated companies of th'
General Gas and Electric Company hat
combined operating revenues or SS.S;1 ,5l2
a gain OF over 81 i.o62.0 600 over tho previous
year. operating income in tho same perio,
was s2,6is,oi9. a gain OF over S66,0o show
ing that nearly 20 por cent OF the In
creased revenues was conserved for in
come.
Francis NJ. Hugo. Secretary OF state
was in the financial district yester
day. Ills friends there regard him as :
strong candidate for the Republican nom
ination for Governor.
Il The Liberty National Bank has been ap
pointed registrar for the capital stock o.
the Ward La Trance Truck Corrprations