davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1920-05-30
Bank Statement
Shows Defation
Not Far Advance
Ratio of Reserves Drop
From 1928 to 4l.8P.C C.:
Advances to VI e mbei
Banks Gain During We'd

The statement by bankers that lid
real headway has not yet been ms
toward deflation in the New York I'd
eral Reserve district was again id
onstrated by the figures in the wess
statement Of the locsl reserve bank
The banks ratio OF total reserve,
deposit and Federal Reserve note b
bilities was down 10 41.8 per u,
against 423 per cent week ago. !.
ratio of reserves to net deposits, sti
deducting a 40 per cent gold rese'
against Federal Reserve notes in C.,
culation, dropped to 1879 per cent irr
44.9 per cent on May 81.
One OF the chief influences in brii
ing about the loss in reserves was
increase of $23,654.6l0 in advances
member banks and other Federal R
serve banks. Although the total d
counts for member banks showed
jump of $19,297,712. this was due
an increase Of nearly S15,O00'Oo0
purchases OF bankers acceptance
Loans secured by government war o.
legations showed a falling of
$2,624,000.
1t is impossible to determine fro
the Reserve Banks statement for e
week whether the S22 100000 gold 7
ceived at San Francisco and Seat
lase week was included in the TeseF
account. The figures. however, sho'.
a gain in gold reserves Of E,5gol11
which was due almost entirely 70 u
increase in the gold settlement fulc-
The weekly statement Of the M
York Clearing House banks disc''s
an increase of $16.64S,450 in their '9'
plus reserve to $24,33S,S00. Loans o.
discounts increased $1S,0420O0
S5,145,1S1,000. Net demand deposits
the end of the week amounted
$4,251,455,0 900, a reduction Of S4-.s
Government deposits dropped to "
100000 from $56,240,000 week I
This was due to government Wiz
drawals on Tuesday and THURSDAY
New-York tribune., 1920-05-30
'egu!ar Declarations
Textile Products Co.
Stockholders to Vote Increase

Shareholders of the Standard Textile
Products Company have been called to
attend special meeting June % to act
on the directors recommendation that
the common stock be increased from
$4,000 600 to SIP 600 900 or such other
amount as may seem desirable.
A proposal that 81 100000 of the pro
posed additional stock be set aside for
ealo to employees or for cash at not
less than par value ($100) also will be
decided. One purpose OF the increase
Ia to provide additional common stock
for payment of stock dividends. A
stock dividend of approximately % per
s@as was recently declared on the com
mon. The company, according to in
dications, plans 20 declare an additional
stock dividend Of like amount
More working capital is also needed
according to the officials of the com
pany, and it is hoped that the sale Of
tho additional stock will provide .ne
necessary cash.
New-York tribune., 1920-05-30
Getting Cold Feet

Queation-Kindly give advice on Inter
borough Rapid Transit bonds refunding 3
per cents. Have held on to them from 96
down to present level, but am getting cold
feet DO you think they will continue the
diVidcnds and come back again in time p
A. NanA.
Answer--1t is generally expected that
interest will be paid on the INTERIOR
ough bonds July ! next. The situation
is unchanged, however. In the event of
default we do not think the position of
bondhoders will be 80 bad as many
think. If the mortgage is foreclosed
the bondholdcrs would run the prop
erty, and any equity in the property
which might develop would accrue to
the bondholders.
New-York tribune., 1920-05-30
Interested in Railroad Stocks

b. 0nestionmI a}l have $4,000 in the savings
bank. am thinking Of buying about
twenty or twenty-five shares of Great
Northern preferred stock. or New York
central. | have thought some of Northern
racine Which one of the two first named
would you advise me to Invest in? DO you
consider southern Pacific good buy? In
DuNlng any of the above mentioned stocks
would buy outright and hold them for
the diyldends L would expect to get
Answer-We do not regard any of
these suitable for investment purposes
at the present time When the rail
roads have had an opportunity to dem
onstrate their earning power under the
new transportation act, the element Of
speculation (Which we believe now at
tends the purchase of railroad stocks
IN general may gradually be eliminated
II the $4,000 now in the savings bank
represents a good share Of your capital
We suggest it be left there or invested
in Liberty bonds or, possibly, high
grade railroad bonds. The fact that
you propose to purchase outright does
not alter the speculative character of
a transaction if you buy speculative
securities.
New-York tribune., 1920-05-30
A Speculative Group

Ouestion-Do you consider Savage Arms
an attractive purchase at its present price?
Also. what do Won think OF Manat Sugar.
Mullins Body Haskell & Barker and Su-
porior Steel?-F. D..
Answer-If YOU desire to speculate
any or all of the stocks mentioned
might serve your purpose nicely for, q
rule, they move up and down with the
renerai speculative market. Largely
for this reason they are not the class Of
securities we would advise one to buy
for investment purposes.
New-York tribune., 1920-05-30
Fares Badly in Railroad Stocks

Question-About eight years ago
6oHght Hfty shares Of Northern Pacific at
liz outright. Would you advise me to buy
more of the same at the present low price
TO average up, or would il be best to sell
out and put the money in something more
safe also hold forty-fvc shares or
Baltimore & Ohio common, which bought
al S8, and twenty shares of Baltimore &
Ohio preferred What is your opinion of
TINS stock? Will the road go back to
anywhere near what it was, or viii it go
TO the receiver? AS | have worked very
hard to save the money to put in these
stocks | would not like to lose so much il
would come back.-L. l..
Answer-Railroad shares have under
gone great change in the last few
years. Roads like Northern Pacific
and Baltimore G. Ohio, which were able
to earn substantial dividends on their
capitalization, now report net earnings
which are not sufficient to pay the cur
rent dividends. 1t is our opinion that
this situation viii change. New rates
are likely to be made which will give
the carriers an opportunity to overcome
the great increase in the cost of opera
tlons. Nevertheless, the uncertainty of
the situation places such stocks as you
mention in the speculative class. Bal
tlmore & Ohio, particularly, has done
very badly of late. We do not believe
there will be Il reccivership for the
road. 1t is evident that you would de-
rive much comfort from the knowledge
that your hard earned money was in
vested IN government bonds or high
grade preferred issues, but owing to
the speculative character of the stocks
you no" hold We could not undertake
to advise which course would be the
best to pursue.
New-York tribune., 1920-05-30
Seasoned Stocks

Question: have recently learned a
New York Tribune, and appreciate your
advice. for | have come to think Of it as
being conservative. What do you mean
by seasoned stocks? Give a few examples
of ones paying assured or guaranteed
dividend. have some Pennsylvania Rail
road bonds OF the new 7 per cent issue
bonds. United states Steel preferred
Carolina Chemical preferred, National
Lead preferred and American Telephone
ana Telegraph common What is your
opinion Of these as Investments not spec
ulatlons? Have you any advice to offer
as TO a new or different investment from
above Mrs. II. a D.
Answer-Seasoned stocks are those
which have gone through periods Of
business depressions and have con-
tinucd to earn their dividends. The
preferred stocks on your list are good
examples. Your bonds are good in
ventments also. American Telephone
stock, being more speculative, does not,
IN our opinion, rank as high as the
other stocks you hold. 1t seems to us
that investors should not overlook the
very unusual opportunities offered at
present to secure long term high grade
railroad bonds to yield from per cent
to 6l2 per cent.
New-York tribune., 1920-05-30
Investment Information

Questions Of general interest to
tnvestovs spiN be anawered in this
column. sn sohsch case only initials
Uiu be used. Others qill be au-
swered by mail. Address all im-
guiries, tnclosing stamped. 3D.
dressed ea@siope, TO Financial Editor,
The Tribune, 49, Nassau Street. New
York City.
New-York tribune., 1920-05-30
Preferred Dividends Amply Earned

Qucstion-Will you kindly let me know
If the llupp Motors preferred and Willys
overland preferred are safe investments?
f. u.
Answer-The earnings Of both Hupp
Motors and Willys Overland are ample
at present to care for preferred div-
dends. We do not regard these stocks
as seasoned, however, and therefore
they are entitled to fair rating only
as investments. The automobile in
dustry during the last few years has
made enormous profits owing to the
spending orgy induced by wartime
prosperity 1t remains TO be seen how
these companies would fare during
OutDUt
New-York tribune., 1920-05-30

This stock selling above $50 a share
does not yield we'll. We regard it as
speculative, and would not advise it's
purchase for investment purposs. For
investment Standard Oil preferred is
better than the common stock 1t is not
so sensitive to earning power nor does
1T tuctuatc over such wide range.
New-York tribune., 1920-05-30
Seeks tnpre ODipiop

ot'u"Stlon--lI you had to invest between
S"o.oO0 and $4,000 what stocks or bonds
would you select in order to acquire a
Gitins Sitg 'nGome Gonlia 20 DO you regard all the
inyest yIes ssrvGe T9mpany issues as sound
American Cigar Companyo understand
51a 5ha, a 30 per cent stock dividend IS to be
advise me when the next meeting for
such purpose may legally be held?
aIrd',|I. uIndGrSt'nd nd the annual 1920 meeting has
at around $50. II so per cent stock
dividend is declared will the market value
Cor market price, be reduced? under
stand that the Sweets Company of Amer
lca rs about to be reorga ani2od. Should
present holders of stock dispose OF ~heir
holdings prior to such dissol luton? Do
you believe stockholders as a rule are not
considered too highly by promoters in
th"Ir reorganization moments? Are pres
ent holders of Ryan Petroleum Company
compelled TO exchange their stocks (ten
for onc) ? suppose they don't? Pardon
me for taking up so much of your time,
but I'm keen for some intelligent un-
prejudicod opinion on these matters and
know Of no better place to acquire clear
opinion than through your interesting
column-H. NJ. X.
Answer-We should divide our in
vestments into four classes: Liberty
bonds, industrial and railroad bonds,
short term notes and preferred stocks.
These may be found among the follow
ing: New York Dock first per cent,
illinois Steel AZ per cent, United
States Rubber per cent, St. Paul gen
eHal per cent, Rock Island general i
per cent, Chesapeake & Ohio consoli-
dated per cent, Pacific Fruit Express
long term equipments, New York Cen
tral long equipments, Proctor 6,
Gamble notes, American Tobacco notes,
Union Pacific IS and Lehigh Valley 6s,
United States Steel preferred. Ameri-
can Locomotive preferred, Corn Prod
ucts preferred and United States Rub
Der preferred. The Cities Service Com
pany is largely engaged in the produc-
tion of oil. 1t has been very success
full, but for investment purposes we
would not include the common stock,
which IS sensitive to earning power
and therefore speculative. 1t is not
our understanding that there is i'm
mediate prospect of stock dividend
on American Cigar stock. The COM
make such a distribution if directors
so desire The stock pays $S and, sell
ing at Sl3O, is rather out of line with
most stocks. No doubt if so per
cent stock dividend were declared the
new stock would sell on a parity with
other issues Of this class, about on an
8 per cent basis. The stock may be
selling on a basis which takes into con-
sideration the large surplus of the
company, as do the various Standard
Oil stocks. We do not know why the
stock of Sweets Company of America
acts the way it does. Capital require
ments may be the cause. AS a general
rule stockholders, we believe, do better
by selling out rather than going
through lengthy reorganization pro
ceedings. Holders of Ryan Petroleum
stock are not compelled to exchange
their shares. If they do not they re-
main in the same position as before.
New-York tribune., 1920-05-30
Dividends
Extras

Iidewatcr OIL Company--An extra divi-
dend OF per cent has been declared in
aGnitlon to the regular quarterly dividend
Of p"r cent a share both payable June
80 TO stocN Naoid"rs of record June is.
Regular Declarations
New-York tribune., 1920-05-30
In a Lugubrious Mood

chase r,' Of Liberty bonds as sheet anchor
you speak OF them less frequently. You
advocate Investments which will insure
be content with low rate of Income,
am converting a certain amount of money
iin in,o actual gold coin and putting this
to lose the interest on the money for the
sake OF being sure OF getting tho principal
when w.l I need it, believe that United
states gold Will 60 to n premium, as 1t did
after the Civil War and as 1t is at present
in most Of the European countries. If 1T
and moro besides This l anticipate will
be when the big panic hits US. | would
falacy of my line OF reasoning.--E. II. n.
Answer-The Tribune has consistent
ly advocated the purchase of Liberty
bonds ever since the first issue was
brought out in the early days of this
country's participation in the war, and
is doing so now, in the belief that be-
cause of their low price, these securi-
ties offer more attractive investment
than in the beginning. You, of course,
are not compelled to buy them, but this
much is certain, if you do they will
be earning interest during the period
they are tucked away in a safety
deposit box while your boarded gold,
which, by the way, knows no country,
its head off. Meantime, no one need
lay awake nights worrying about the
paper losses which they may have in
their Liberty bond investments. The
United States government will manage
to pay its obligations dollar for dol
lar as they mature and, in our opinion,
Liberty bonds are more likely to sell
at premium in q few years from now
than gold dollars.
New-York tribune., 1920-05-30

will enable most Of the roads to main
tain themselves. All forms of invest
ments are depressed, even those which
are backed by good earnings. 1t is,
then. no wonder that railroad stocks
about which there is some uncertainty
should sell at prices which give large
returns to the investor. Delaware a.
Hudson is n good road. But if you
cannot afford to speculate upon the
raRroad situation you should place
your funds only in the highest form Of
investments. Tho st. Louis San Fran
cisco prior lien 6 per cent bonds are
fairly well secured. The road has been
more than earning the interest on the
issue. We regard it as entitled to a
better rating than Delaware G. Hudson
stock. Reading stock is entirely too
speculative for you to consider.
New-York tribune., 1920-05-30
Dividends

Data Names Per cent.
June Ajax Rubber Co. Inc ......... ?
June 1-Americar Linsecd CO.. .......: y
June Am. Sugar Ref. Co...1a = & = ex
June Am Sugar Ref. Co, pf. ...... J 3.
June 5-Balwin Loco. Works ........ 312
June 5-Baldwin Loco. Works pf. 312
June 4-Calumet G. y. Mining Co......
June l--Can. Pac. Ry. Co. .......... y
June l-Chandler Motor Car Co, com. 33 1-3
June 4-Ches g. Ohio fY. Co.........
June l--Eh Horn Coal Corp. pf....... -
May 31-Eastman Kodak Co. 2 II & 2i2 ex
May 31-Eastman Kodak Go. pf...... -
May 3l-Fisll Rubber Co. I'd pf........ -
.rune l--Kennccott Copper Corp. II
June 1-I.aclede Gas Light Co. pf..... 2l2
June 5-MaCkay Co. ........... l Il
juno 6-Meckay Co. pf..............
June 5-Mergenthaler Limo Co. .....-. IA
June 17.Mobile & Br. Ry Co. pf.
June 9-SN Y Air Brake Co........... az
June Pat bst Rrewing Co. pf........ -
June i-Pac. Mail s. S Co........i2 < ex
June 7-Reilway Steel Spring Co. pf -. ! "a
June Savage Arms Corp. ...,........ q
June 1-Southcrn Pacific Co.......... y
June 4-Southnrn Pacific Ry. pf...... 2i2
June 5-Undcrwood Typewriter Co..
June 5-Cnderwood Type. Co...4a4 Vic 3
June 5--UnderWood Typewriter Co pf $.
June 5-t,nion Bag & Paper Corr. .
juno 1t nion Pacific Ry. Co.......... ~
June IT. s. Cast Iron P & F. Co. pf. ! 4
Juno III. s. Indust. Alcohol Co...
June IL. S. Steel Corp. ...........-. IL
New-York tribune., 1920-05-30
Chicago, Terre Houte & Southeastern

Question-Wil you please state what
you think of the Chicago. Terre Haute g
Southeastern Railroad company first and
refundng per cent bonds? Also can you
state what these bOnos and the San An
for?-F. r. b
Answer-The Chicago, Terre Haute
& Southeastern per cent bonds are
secured by first lien on 12872 miles,
scond lien on 227.17 miles and third
hen on 4.19 miles, and further by first
lien on equipment and stock in sub
sidiary companies. The road showed
considerable improvement in operations
for the first three months of 1920. Al
though the bond is not entitled to a
nigh rating, it probably offers specu-
latlve investment possibilities. 1t is
offered at present at 6S. The last sale
was in June, 1919, at G712. San An
tonic & Aransas Pass bonds are selling
for about 80.
New-York tribune., 1920-05-30

AnsWer-All yields are figured by
considering the date when the bond
falls due. If you purchase a bond now
at $96.04 and in three years you receive
500 for the bond, besides Az per
cent each year, the yield would be 625
per cent. You would receive 4.95 per
cent on the actual investment and 396
points spread over three years, or 1872
per cent per annum, would give an ap-
proXlmate yield to maturity Of 6.25 per
cent.
New-York tribune., 1920-05-30
Mans Inability to Cipher

Question: tnclose Il clipping from Tho
Tribune. which, II understand it. says
that Victory bond at 4% per cent, cost
Ing NG.0i viii earn G.25 per annum How
do they figure 1T? There Is something
about this don't understand and presume
there are others oS your readers in tho
same boat. As 1t looks to me 1t figures
thus: $4.75 divided by 0G04 equals 4.05.
or little less than per cent. Mark
1Wain once said THE greatest obstacle
to human progress is man and his ina biity
to cipher" | always supposed l could
cipher a little, but fear my education has
been neglected. Please explain and ohlige
Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1920-10-01
BOLSHEVISM IN MEXICO.

Bolshevism known in Mexico long before II
began flourishing in Russia. Most of the bandits
that have ravaged the southern republic preached
doctrines similar to those of Lenine and Trotzky
adapted, of course, to local conditions. Emiliano
Zapaa, especially. fought for the establishment of
regime closely resembling the soviet. Under the
slogan of Land for the peasants he really
preached Nothing for anybody else"
But Bolshevism of a more nearly Russian type
Is spreading Mexico. The present writer
heard General Putarco Elias Gales, secretary of
war and marine approve the methods of the Rus
sian Bolsheviki as being necessary under existing
conditions in Russia" The secretarys comment
was made at a conclusion of a radical harangue
made in the generals private route to Mexico
City, by Juan Rico, president of of the labor
unions of Mexico. Ricos audience was certainly
sympathetic to say the least
Ceestino Gasca, governor of the federal dis
trct of Mexico which corresponds to District of
Columbia has repeatedly shown indispositon to put
down Bolshevill agitations in Mexico City. He re-
Gently released than one hundred suspected
pickpockets from jail saying that he would not
allow persons only suspected of this misdemeanor
to remain incarcerated. His general attitude has
been decidedly tolerant of radicalsm although so
far it has not been incendary.
The latest reports on the subject from Mexico
City, however, are alarming. A real
Bolshevik demonstration recently was held in the
national palace. which corresponds to national
capitol and White House combined. Among the
playful things that were urged were the dynamiting
of the archbshop's palace and the erection of
ullotine for journalists in the central plaza Cheers
given for the sackng of food ships and for the
communist revolution in Yucutan.
Without doubt this is the most significant out
break that has ever. occurred in Mexico. far as
radicalism is concerned 1t is just if crowd of
anarchists were to hold forth on the steps of the
capitol in Washington, invade the White House
gardens 1t is particularly significant IL knows
that the palace guards stood by and did nothing.
Yet these guards will obsruct the passage OF
newspaper if he tries to enter the building
through certain doors, legitimate business
The organization of nationwide soldiers and
workers council in Mexico would surprise no one
who has studied conditions in Mexico.
Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1920-10-01
COX'S FORGIVING SPIRIT.

Germany should be taken into the league of ma
tons and treated well any other nation, Gov.
ernor Cox said the other day. OF course, he said
it in reply to questions propounded by German-Am
orleans
Now, can seriously contend that we should
sing a hymn of hate against Germany with regu-
tired and vengefulness warp the soul of him who
harbors them.
Nevertheless we cannot agree with Governor Cox
that, things now stand Germany should be re-
ceived back into the bosom of the family of nations.
The started six years ago, and so far Germany
has given signs of repentance. She has, indeed,
ousted the kaiser, but only because he failed and
not because he sinned. When mention is made of
punishment for the fallen Hohenzollern there i'm
mediately spring forth dozens of Germans who Of
fer themselves up for the vicarous eXpiation of his
crimes. And there is still considerable element in
Germany which secretly hopes that Der Tag will
come some day, and dreams of a neo-Hohenzoern
dynasty.
While Germany seeks to excuse the sins Of her
former emperor; while she continues to send out
anti-French propaganda, of which has reached
desk; while she tries to avail herself of every
her obligations under the peace treaty; while she
changes her speech but not her heart, she must not
be admitted into the league of nations, if it should
eventually be established, and she must not "be
treated well other nations.
Until Germany atones for her outlawry, she must
remain outlaw.
1t is deporable that candidate for the presi-
dency of the United States should plead her cause
Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1920-10-01
XIBuqusrqus MornIns y0urnai Friday, October l. 1920

gard The allies have sent heavy supplies to Poland
through Danzig, England contributing seven steam
ers loaded with munitions and three tanks, and
twelve small vessels with provisions. The United
States has sent six ships with volunteers, and France
has ordered two ships with more than 1000 infan-
tymen and fifteen tanks, both Of which vessels have
already reached Poland
In the meanwhile, General Wrange anti-Bol-
shevik leader in South Russia, has captured nearly
10000 prisoners north of AleXandrovsk. Claiming
that he has received a guarantee Of one million dol
lars with which to purchase supplies, the leader
says that he will conduct winter campaign He
has taken from the enemy an enormous amount of
war material, including thirty-three locomotives,
1900 cars and ten machine guns.
1t is very likely that Wrangers offensive has had
much to do with the soviets attitude toward Poland.
The reds must realize that they hold off two
enemies advancing ready to advance from diff
ferent directions.
If the allies follow the same tactics they pur-
sued against the Germans during the latter part of
1918 and make concerted push on all fronts, Rus
sian Boshevism can be crushed in few months.