davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1920-06-12
Market Displays
Strength ON News
From Convention
Trading More Active as
Street Appears To Be
Pleased Over the Course
of Events at Chicago

Stocks, in a somewhat moro active
market yesterday in which many issues
displayed pronounced strength, ap-
peared to be discounting the nomina-
at Chicago Of candidate satisfactory
to Wall Street. At any rate, this was
the inference drawn from the increas-
ing tone of cheerfulness pervading the
financial district. Practically all of the
buying came from nervous shorts, who
apparently had come to the conclusion
that the current was running against
them and that the best thing to do
under the circumstances was to cover
in their commitments on the most ad-
vantageous basis possible.
The Street naturally focused it's
attention almost entirely upon the pro-
ceedings at the convention, where tho
!. different candidates were being placed
| in nomination. With the danger of a
! split eliminated, the professional trad
ing element appeared to be more in
clined to take a definite position on the
long side, which reflected in active buy
| ing of number of the leading indus
trial shares. Pool stocks were es-
| pecially strong, notably Baldwin Loco
!
Locomotive, Mexican Petroleum, Cru
chile Steel, Keystone Tire and Vana-
dium Steel. American Woolen respond
ed to the quashing of the indictment
against the company with an advance
to new high for the movement.
There was continued active buying of
Barrett Company shares on talk of an
impending merger of chemical COM
panies, the General Chemical Company,
whose common stock jumped moro
than points, also being mentioned in
this connection, as we'll as National
Aniline, which sold off after an early
moved forward on a reiteration of re-
ports of a merger. Steel common also
displayed quiet. strength, advancing
more than a point The outstanding
feature of the market, however, was
Crucible, which rose more than Z
points on talk Of another stock divi-
dend.
Again the market had to contend with
high rates for call money, although the
-loaning rate did not get as high as on
Thursday. Renewals of outstanding
loans were negotiated on an s per cent
basis, after which the rate rose to 10
per cent in the early afternoon. In
the final hour offerings were more
plentiful and the rate dropped to 8
per cent at the close. In banking
circles the opinion was expressed that
while the worst Of the strain incidental
to the large middle of the month finan-
cial operations had been experienced
continued stringency may be expected
early next week. The bank state
ment to-day will likely show some
interesting changes as result of heavy
shifting Of banking funds during the
week.
In the foreign exchange market rates
on London displayed strength, getting
to new high for the movement. Other
wise the dealings were devoid of
special feature. A rather striking re-
covery in the price of silver in London
which resulted in marking up the New
York quotation five cents to 90 cents
an ounce suggested a reaction from
the oversold speculative position in the
metal.
New-York tribune., 1920-06-12
Wheat Market Tom
Is Firner Desn;ta
Bearish Prospects
Argentina Reported to Haye
Lifted Embargo ON Ex.
ports; Foreign Demand
Seems ON Decline Herr

The wheat market showed a Arn.,
tone yesterday despite indications vhiss
might be considered Of a bearish Ms.
ture. The price in Minneapolis ID.
vanced five cents bushel. with sv;.
dence of further buying by leadin,
millers.
Press reports from Argentina s.d
that the government had conditionallv
suspended the embargo on exports ~
wheat pending enactment of the ar.
port tax law. An offer Of 100000 ton.
of wheat from Rumania for export IA
Spain was reported in advices from
Madrid. ''
Export demand here was limited. VIII
buyers not disposed to make bids. Al.
though, at the same time, offers wera
limited
Crop accounts were not materialI,
changed, although "The Modern Miils,S
said that Hessian fly damage had
caused further depreciation in the soft
winter wheat states, where the warm
weather has brought out the pests IN
numbers. In the hard winter wheat
section, however, the crop appears to
be making good progress and a good
average yield is anticipated.
Receipts were fairly liberal at urinarv
points and it was reported that the Inter.
state Commerce Commission had ordered
thousand cars to be delivered to Okla.
homa and the Texas panhandle for the
movement of wheat.
Advices from Canada were favorable.
and semi-official report from Spain
placed the indicated yield at 144,Ooo,OOO
bushels, compared with l2s, ,ooo, 900 last
year.
New-York tribune., 1920-06-12
Cotton Market Quiet;
Prices LitfZ4 Chnnsed

The cotton market was easier durine
yesterdays early trading because Of I'm.
proved weather and crop adviees
Trade interests continued buying on q
scale down, however, and the marke.
rallied in the later trading, with Octo.
Der selling up from 1926 to 1856 and
closing at 35.49. The general marke:
closed quiet, net unchanged to 25 points
higher.
Thursdays rumors of a bearish
Southern crop report took more def
mite form in the market this morning
There was some confusion early as to
the exact character of the report, but II
was soon learned that the authority
IN question reported an improvement
OF about points in condition for the
first half of the month.
This, combined with continued favor.
able weather in the belt, led to further
liquidation and scattering pressure,
with the market opening unchanged to
IL points lower and selling about 10 to
~ points under last nights closing
figures before the end of the morning.
These early offerings were absorbed by
trade buying, and, while the latter did
not follow the rallies, prices did bet
ter during the afternoon on covering.
Southern spot markets as officially
reported were all unchanged, with mid.
ding quotations ranging from 1915 to
43c. The local market for spot cotton
was quiet and unchanged at 40c for
middllng upland; no sales were re-
ported.
The range of prices follows:
New-York tribune., 1920-06-12
Better Curb Tone
improves Prices; ;
Asphalt Advances
Petroleum Issues Steady.
Carib Syndicate Gaining
z Points; Industrials Con
tinue Quiet

Prices moved steadily upward in the
curb market yesterday as the resnlt
of better feeling occasioned by the
news developments from the Republican
convention in Chicago. Traders seemed
disinclined to start bear movements.
and demand for stocks caused higher
quotations.
Texas Pacific Coal and Oil moved in
the opposite direction, however, and it
was generally supposed that profit
taking on the advance of about 10
points recorded in the last few days had
undermined the support. Intermittent
rallies failed to stem the decline and
the stock closed at net loss Of about
2 points after a heavy turnover.
General Asphalt was the leader in
the upward SWING, and strong demand
carried this stock up more than Is
points from the low recently estab-
dlscernlble to which the rise might be
attributed, but it was believed that
Philadelphia buyers had information
on which their transactions were based.
The stock reached TIN on the advance
and closed strong near the highest for
the day, registering net gain of more
than 5 points.
Carib Syndicate and Invincible Oil
were also strong, but the gains were
not so sensational. The former held
a net advance Of more than a point,
while the latter reacted slightly after
moving up to 80. International Petro-
leum showed a fractional advance.
Most of the other petroleum issues
were steady.
Industrial stocks were generally un-
changed from the previous closing
prices, with little interest displayed
by traders.
New-York tribune., 1920-06-12
1. NJ. M. Action Discounted

Judging from the action of the In
ternational Mercantile Marine issues
Yesterday, the declaration of another
SIS extra dividend on the preferred
stock had been pretty well discounted.
This issue held its recent gains, but
added little to the rise of the previous
days of the week. The Marine in
siders are credited in the Street with
having bought the stock in the
knowledge that an extra would be de-
clared at Thursdays meeting, and with
the news out it was considered within
the realm of possibility that they
would begin to take in some of their
profits.
New-York tribune., 1920-06-12

unchanged al 40.50c; sales sos bales. New
Orleans steady. unchanged al Ale, sales
l.llS bales. Mobile steady. unchanged 81
a05oc: sales 28 bales. Savannah quiet
unchanged a 42c; sales es bales. Charles
ton steady. unchanged at 40 soc; no sales
Augusta steady, unchanged at fdc: ssifs
24I bales. Memphis steady unchanged o.
Ale; sales 1870 bales. St Louis STEADY,
unchanged at 4lc: no sales Houston
steady. UNCHANGED at 39.75c sales 2.sIe
bales Dallas steady. unchanged at 40.ese'
sales $50 bales. Montgomery firm. un.
changed at 4l.5oc: sales 20 bales. For
Morth steady, unchanged at 4o.6s; ssiss
New-York tribune., 1920-06-12

PAkis, Juno u-~Price changes
were irregular on the Bourse to-day.
inree percent rentcs. 50 francs 45
cens'mes; exchange on London, 52
Sranss ,r 8 centimes; per cent loan.
- lyanrs, & centimes; the dollar waa
Grated y ri francs TN centimSs.
New-York tribune., 1920-06-12
In Wall Street
Watch Convention News

Although the news from the Repub-
lican convention during yesterdays
stock market session left the Street in
doubt as to who the successful nominee
would be, several important traders
were reported to have been buyers of
stock on the belief that General Wood
would get the nomination. Jesse Liv-
ermore was said to have wired his
brokers from Chicago this conviction.
The market was not unusually active
during the day, but quiet undertone
of strength was in evidence. More in
terest was shown by brokers' customers
in the convention news than in the
course of prices. A few timid traders
were reported to have closed out their
commitments before o'clock, rather
than take a chance on the more radical
element winning out.
New-York tribune., 1920-06-12
Regular Declarations
To Vote ON HOLIDAY

The president Of the New York Cot
ton Exchange has appointed Monday,
June IA, rs the day on which to ballot
upon the proposition making July 3 q
holiday on the Exchange. The New
Orleans Cotton Exchange will be
closed on that day and on July s, when
Independence Day is obferved.
New-York tribune., 1920-06-12
Money and Credit

When call money was offered at 10
per cent yesterday it was reported
from the floor of the Stock Exchange
that no bids were in the market at that
figure. This was the signal for a drop
in the rate to 8 per cent which was
also the opening and renewal rate.
Time money was quiet with rates un-
changed. Following are the current
rates for call and the longer maturi-
ties.
Yester- Year
Call money: day. ago.
On mixed collateral. -. 8 6
On industrial collateral 6h
Time money (mixed collateraD:
Sixty days. ........... S@81s 5A as
Ninety days. ........ s@81z 5N@6
-Four. months. ........ 8081a 5%M6
Four to six months. .. $685. 5%M6
Bank Clearings-Bank clearings in
New York yesterday were: Exchanges,
$753,6o4.544; balances, $72,721,2 ,258.
Silver-London, SLID; New York,
92c; Mexican dollars, 691ac.
Sub-Treasury-U United States funds:
Reserve credit balances, $62,956,442.
Canadian Exchange-New York
funds in Montreal, $4,000 premium
per 81. 900. Montreal funds in New
York, $l22.81 discount per $1,000.
New-York tribune., 1920-06-12
London Money Market

LONDON, June 11.-Bar silver
o1Ad per ounce; bar gold, 104s I'd;
money, An per cent; discount ratcs
ssort bills, gNNQg 9-1s per cent; three
m1ntnH bills, Ghs1Qe 11-1G per cent:
9eie--<f femium ut Lisbon, 140.
New-York tribune., 1920-06-12
Bonds
Dividends
Eytrns

International Mercantile Marin. Tor.
pofation.--An extra dividend of SIS a share
mas ma neen declared in addition to the reg
u.ar selnl-annua! dividend OF SO a share
on the preferred both payable Aupnat ,
10 stockholders Of record July 15
ReRuInr Declaratinna
New-York tribune., 1920-06-12

Sales Oman ty,n,
5: 5: s$;: $s:' St i; !; IL ~ :;
So 5S$ $$5 F;%A :$5 : . y = 3; 81 -
600 500 *penndn a1 Rf Oil 60 60 Su 50 50
1000 prod & Ref. ~ II II 7s..
500 500 .RoS sRsS 6ssah R9s 9i, ftl 80 al, *
500 600 .simms Pet :. TX 1sH TX 1sM Sc
1899 1893 sSsnnsr sssseliy O., pat & s 1o3$ s&
$500 superior OIL. 10 10 1917 18zs
SsSS sSS rss q! 3 ~ * * X 4sA y.
1900 Tex-Ran & r u
i5$$ ss$S s$S ::#sSsss} :EsSs% S l. so so se so
1000 Sun Tex Pet. 7s 4 X y
800 Victoria OIL. 1% 1sS Ia 1ss
zoo zoo svulcan sh on 39s as 3ls az
tV0 white Oil -. 201a 81 2Oih 81
400 *Woodburn O.
Mining
900 AlBr Col Met Ia. Ia TX "a
200 sAmer Mines.
1s6o 1?Oo =. Arih Globe Cop y u 4 "a
$500 .tBelch D "a p) 5ls 51s 5's
5ao0 Belch f "a p). 6 5h 5la
1bOuo big Ledge "a "a II e.
2700 "fBootn ~ Al ak x"
$500 rfCaledonia 26 27 o5 os
$4,000 "Candelaria S. A s, Il f.
80 Cons Viz silv. Sz ~ ~ Sn
1850 tCortez Silver. 60 co 58 go 0N
$500 Div Ex Ga p).. q 27 26 az
aoO0 =. Salv Silver "a 2M 2A ga
200 *Eur CIR NJ Co. "a ii i 81
1900 Emma Silver. s. 81
1l4O 'TEureka Ho. ~ IS
500 *Torty- nine M. rs 1H v"
1900 +Gadsden Cop. 70 70 So 10
1900 *TGold Zone IT II IS lG
800 Golden Gate. n q q 81
$500 *TGoldf Cons. 10 10 . 9l5
1900 +fGoldf Devel. 61a 6Ia 51l 6l1
45o" 23oS *$Golaf *+G1ddt 1,a, Mer. IL ~ ~ il
SS 900 @Hona foa M1niRs Am Syn IS ~ - ~ ~ ,sI
ZOO *tJim Butler. 10 18 IA Is
5000 #4Knox Divide. !" 7" 6i5s
'sSS sSS *F%asNam *HSsIsana Con % + I. i :
sSS sSS M .Ms'S st,7s5 Cop s.; ~ .s% Il
1G0 IN Zinc. POS 2O5 POI 202
100 *do rights. 1917 13% 13% 13M
1000 Nipissing Min. 9 So 8ss
* $:::;; $::: :$::: :: !: Mn % j. {
4soo 4soo Roper-G NJ co 1s u IL Ii
1oVV ~ISllN King ID. 21n 3
10000 "Silv X of Ariz 63 60 SO 81
5000 *fSilver Pick. ~ IN 71h
3s0c "JSuccess Min. Az Ala 4 4is
2900 *fSunburst NJ II 20 ~ "a
$50 *Suth Div.. 1% 1X 1x 1M
2So0 sTonopah Div. IL IL 1r 11+
SEQ Tonopah Ext. 1& Ia: ~ "a!
eco *Tonopah Min. ~ 81 1a a
$50 Tn Eastern 3% 3s az ~
4700 avs :, Son u, Mln WI 6h
700 fWash G. o.
1850 West End Con IT, = 1m ~
1900 IWh Caps Min II I'LL - I7s
1900 +W c Ex Ca ap) 2 H
2foo "ilbert Min. Az 4n 4
Bonds
"a Sale les (ooo omitted). Open High. Low. Last
'Zo ~Ald Packers 6s. 70 70 6sls 6s%
Am TIT 6s '22. 94M 94N 94M 94,t
.nni,. ea.i y = - e. 5s sso 9S7s 100 s9B 100
New-York tribune., 1920-06-12
The Dollar in Foreign Exchange

Sterling exchnge was strong yester-
day, but the Continental exchanges re-
acted, moving in favor of New York.
The increase in the gold holdings of
the Bank of England this week led
again to rumors that more gold was
coming. In international banking cir
cles it is said that more gold will be
shipped over in anticipation of the
Anglo French maturity, but, so far as
could be ascertained, no gold is al
ready on the water
Yesterdays closing rates, compared
with those of week ago, follow:
(Quoted dollars to the pound.>
New-York tribune., 1920-06-12
Wool Indictment Quashed

recent buying of American Woolen.
which was referred to in this column
recently as being due to prospects that
the indictment against resident Wood
Tor proflteering would be quashed, con-
.inued yesterday on the announcement
mat the United States District Court
had sustained the demurrer filed
against the indictment proceedings
Judge Mack held that the substantial
question to be solved was whether a
piece OF cloth was wearing apparel in
the meaning Of Section 4 of the Leye,
act, as defined in the amendment to
the act effective October %, 1919. He
explained that wearing apparel was
clearly necessity, but that Congress
oy It's amendment had in mind the
trade significance of what cloth meant.
and the court, while holding that Con-
ggress has the power to regulate the
woolen cloth, felt that since CONGRESS-
did not broaden the meaning of the
term the court was unable to find any
other meaning in the Lever act than
that given in the general trade ac
ceptance of the term.
Great Northern Financing
Bankers in touch with the Great
Northern road yesterday denied knowl
edge of any equipment financing for
the road in the near future. However
the road will have to meet a maturity
OF S2O,OOO'OOO Of notes on September /
and although plans have not yet def
nltely been formulated, this matter
will come up shortly for discussion be-
tween bankers and officials of the road.
Growing Demand for Acceptances
Despite the Offering of Treasury
certificates of Indebtedness at 5M per
cent and per cent, the acceptance
market has not yet suffered from the
severe competition. Dealers yester-
day reported a heightened demand for.
bills during the last few davs. par
ticularly from country institutions
Most of the acceptance bankers who
were asked by the Federal Reserve
Board to answer questions regarding
the acceptance market have COM
pleted their questionnaires, and are
about to send them to Washington.
Japan and Foreign Loans
Well informed financial observers
placed no credence in the news ticker
report that the Japanese government
would like loan in this country. The
obvious facts of the situation make
such a contingency extremely unlike
~, and, besides, bankers in close touch
with Japanese financial affairs deny
that there is any truth in the report.
1t was recently authoritively esti-
mated that Japan's credit balances in
London and New York exceeded $3.50
100000, and the Finance Minister.
shortly after the beginning of the
panic in Nippon, said in special mes
age to this country that he did not pur-
pose to draw in Japan's foreign bal
ances, because the country was suffer
ing from too much imitation, and not
from a dearth of capital Indeed, 1T
is believed in some quarters that the
foreign balances will be used to nav
off the external loan which natures
in 1925, obviating the need of new
issue to meet the maturity.
l. NJ M Action Discounted
New-York tribune., 1920-06-12
The Reported Chemical Mercer

:. A new angle to the reported negotia-
tlons involving a merger of the Bar
rett Company and the National Aniline
and Chemical Company appeared yes
terday in the story that General Chem
zeal would also be taken in on the
basis of $500 share Barrett stock
holders, it was said, would get $3.50 a
share and Aniline and Chemical $50
These figures, it was stated, came from
responsible speculative quarters" A
ceonssolldation of these three properties,
IN the opinion of the Street, would be a
loglcal outcome of their present com
m!unlty OF interests, particularly as it
is understood that General Chemical
and the Barrett concern ALREADY hold
controlling stock interest in National
Aniline.
New-York tribune., 1920-06-12
Standard Oils
Sales. Oman IIi,h -
~'Vo |Ang-Amer Oil 24h 24la "a "a
Other Oils


1900 +tAllied Oil 2s % OF 90
400 tAnna wye "a r.
1900 Acadia OIL Cor 1r -
o70o = , = .'shi ~, = @f. II IL ss IL 11A
1000 "iBost-Wy OH. u x IA
1900 ACarb Synd. Is IA ~" IS
1000 tCit S b r sh 357a 3GH Az ~
800 sCosden & Co ~ g,t
800 Gushing Pet. 1M l5s Il q
200 *Domnion OIL. 10 10E 10 ,ols
100 +Elk Basin Pet 8H 81 sn ~
500 Engineers Pet 1is liz IL 70
1000 sErtel OIL ~ a. Is n
$500 eEsmcr & G ., > u y
2000 Federal OIL. 25s 2I aM elt
500 fGlcnroclt Oil. ~ 2% o6a 90
600 fCrnnnda on. OK 10 az N
400 @Guf-Gillpi pie o asih 26h 2sI 5Sih
zoo Cum Cove O. 2l, 95 9ls ",1
100 "Harvey Cr o. i, ~ u y
200 Home p OF d. 2Ib eH eiaa ols
100 elIouston Oil. rs 75 75 TX
Zoo fHudson OIL. u a. u a
700 "lnternat Pet. "a 35' "a an"
G000 "lnvinc!hle oil Sh 40 as 9Su
5000 "lald OH g. rr 6i. OK AK ~
500 king Pot Cor 3L 3E AZ AZ
BOO lone st Gas. 26lb 2Gh eg "a
100 NMnnhntten O. III 71s 7H IA
700 sMerrItt Oil 1bk t8X 16H 1ei"
700 Met Petrol .. 5M Il 5is XIX
700 Mex -Panuoo Q l5la 16A l6ia 16H
New-York tribune., 1920-06-12
Cotton Statistics

Sotton statistics -
Port receipts > s'2ss Vss S.ssl ss.I.:
ExpoTss ExpoTss s5ds az ;ss ss si
Port stocks $50 zos 1,oissso l.37o.sas
Rterisf FSssp5s 1898 sssS 1855 ssss l;
n y. arrivals. +.sei
Liverpool cables-Spot cotton dull ss ~
points decline; middling 27.3sd: sales s.sss. .ss.
including 1000 American. Imports. li.es.,,
= to Is points points deelne u'nes 0psae eosed stssdy
at 20 ~ points lower. July 25.24d: oe.
tober % SD; December a. s7d; Janusn
2257d: March 2i.s3d: May i.+sd- NAL
chester-Yarns and cloths dull.
CEREALS
Corn-The market was very feverisaa
easily both ways. according 10 the nats.s 80
ot the orders at hand Early in the r us.
there was q firncr tone on scattered cut cut
mission house buying, but later the mara =.
experienced decline of TO Genus -
weakness in the Western cash marKes ,,,.
Receipts at primary. points were la' Ssr'
aggregating 10000 bushels for the os.s ,,e
and the cash position lost more 1. OF "a "a
premium over futures. Shorts eorerea .,oa an
the break, however. and late in the se,rh I'm
the market again firm, closing W.
net gains OF y TO cent. A.,t
The weather was warm over tns III sor
but this was looked upon as favorape ' "a
INC new crop az II VIII enaoie I~.d nrc.
complete their seeding operations anu r,sh
mote active growth. In the Local ss.,
market No. 2 yellow was quoted at VIVA
cost and freight New York.
Yesterdays Previous la 70
New York. close. close. .sssa
Corn. No. yellow s2osH ss.i1% WV"
Chicago. .,A
July ............ liam l.s4A i.ssy
Scpt............. l.62M 1.sls
Onts~-Price changes In the market rssrs
crrattc and sentiment was divtded nsh.
were numerous breaks and rallies tnIv'rssa
out the day. but fnai prices showed nsnssn..
with july 3Ac net higher. while sss.ssp"Ssy. sspSsy
ber above the high point OF Tnu. u.ssssii
with net gaina OF 2Mc. Casn
centInuod On next paea. 81
New-York tribune., 1920-06-12
Another Steel Merger Rumor

Cleveland, which has been the source
of most of the recent rumors of q
merger of independent steel companies
centering around Lackawanna, offered
another one yesterday which, it was
said, would take in Sloss-Sheffield. Like
most Of the previous stories, this met
with denial that a consolidation of
the two companies was planned. A
high official of the Lackawanna scoffed
at the idea of a merger with Sloss-
Sheffield, chiefly on the ground that
their plants were so far apart geo.
graphically. Nevertheless Lackawanna
showed considerable strength after pub
lication of the merger report, and at
the close of the stock market session
showed gain of more than points
Sloss-ShefReld was less active, but was
up u on the day. Brokers claiming a
close acquaintance with Cleveland steel
men assert there was serious talk of a
merger of Lackawanna with Bethlehem.
and state that the only reason this con-
solidation fell through was because the
prospective buyers refused to pay the
price asked by leading Lackawanna in
terests.
New-York tribune., 1920-06-12
Crucible Steel


Crucible Steel's strength yesterday
was attributed to reports that directors
at their meeting next week will an
nounce definitely the dividend policy
OF the company upon the $37,5o0,oO
common stock now outstanding, due
to the declaration Of the SO per cent
stock dividend. In some quarters it was
thought the board would continue to
pay the $12 dividend, but in others the
view was expressed that the rate would
be cut to IS. Crucible was one of the
strongest features Of the industrial
1e 1lss' advancing to 1919 and closing at
Wilkinson, chairman of the board. is in
Chicago attending the Republican con-
yention. 1t is believed that Mr.. viii
klnson is Wood supporter, as he was
one Of the close friends of the late
Theodore Roosevelt.