davidaulloa/AmericanStories huggingface dataset:
The dispatch-news. [volume] (Lexington, S.C.) 1919-2001, 1920-01-14

ginning. Let us all join hands to
stimulate agricultural and Hereford
general progress in every part Of our
state.
Very truly yours,
W. w. LONG.
Director, Extension Service.
The dispatch-news. [volume] (Lexington, S.C.) 1919-2001, 1920-01-14


vxru ~ II Tl a..
WhV Nh011I6 ne An11-
.\aI00n qa011q Have
2 2mn21Onl
=
Inc Ant1-oaloon League ol Ahnerlca IS elisdseo IL,
a Campaign for funds with which to continue and
complete it's work. For twenty-five years it has been
Tho rocoonzod loader in Tho ,1a1 nnose TO arouse
and organize sentiment against the use and sale ofn
toxicating liquors, and have this sentiment embodied
The dispatch-news. [volume] (Lexington, S.C.) 1919-2001, 1920-01-14

AOOxAO ON ~ xOAV
SCHEDULE
In accordance with law in reference
to the assessment and taxation Of per-
sonal property tho County Auditor or
his Assistant will be and attend the
following named places for the fiscal
year 1929 Taxpayers will please be
prompt ii meeting the appointments.
Core prepared to give the name of
the townhi2 and the school district
in which you reside, also all personal
property with valuation for taxation.
In case you have bought or sold any
real estate since last returns be pre-
pared to state number Of acres pur-
chased o. sold and from AID to whom.
2ND. WEEK.
Edmuad-Tuesday A. Al. Jany. 13.
yGastc1--Tuesday P. M. Jany. 13.
Swansea-Wednesday and Thurs
day Jany IA and Id T';HM;
Pelion-Friday, Jany. IS.
sRD. WEEK.
steednlan-Tuesday A, M Jany.
goth.
samaria-TuesdayP p n. Jany. Goth.
Batesburg-Wednesd Jan. 21st
Leesvllle-Thursday, Jan. 22nd.
Summit--Friday A. NJ Jan. 23rd.
Gilbert--Friday P. N. Jan. 23rd.
Crout's Srore-Saturday a. NJ. Jan.
24th.
9Th WEEK.
Addys Store-Tuesday A NJ Jan.
9th.
:: Frapkl.a Keisler-Tuesday P NJ.
Jan. eth
Red Bank-Thursdas a. NJ. Jan.
2sth.
Cayce-Friday A n Jan soth-
Brookland-Triday P. NJ. and Sat
arday Jan. s8th. and s1sa.
Blanks viii be left at Afr. p. A
Poole's store IN Bull Swa1r Town.
ship. 'l':@@" '1>--.. : .
E..At Lexington y. H. all days not in
Guided in above schedule from Jan.
1st. to Feby goth when so per cent
penalty will be added for failure to
make rsurns.
PoR Tax from Fl to so years Of age
Road Tax from 81 to IS years Of
age.
Dog Tax CaDatation Tax at SOC.
W. D. TENT.
Aadttoz Of Lexington Co.
New-York tribune., 1920-10-15
Roberts Never Expects
Another Panic i'm Il. S.
Banking System in This Coun.
try One Of the Best in the
World. He Saws

ROCkHILL, S. c., Oct. 14.-The
United States has one of the best bank
ing systems in the world, and "under it
| never expect to see another panic"
George f. Roberts, vice president of
the National City Bank, of New York,
declared here tonight in an address
before q gathering of business men in
which he analyzed the credit situation.
eve ought to learn by experience
to avoid and avert cheese periods of
overexpansion and collapse" said Mr..
Roberts. "The responsibility of avoid
ing them is largely upon & banker"
Mr.. Roberts said that the present
situation was due to the aggregate de-
mand for credit by all the Industries
and all lines of business beyond the
ability of the banking system to sup
ply" Such conditions" he added, re-
suit from "the war, from the waste of
capital and expansion of credit during
war"
The restriction of credit is not re-
sponsible for the decline of wheat and
cotton. the speaker asserted The pow
erty of the world, the low buying power
of Europe and the high exchange rates
are the principal factors in the break
in these prices.
Some people have been holding that
the new level of prices and of wages
was permanent. l do not think So"
New-York tribune., 1920-10-15
Reading Prcferreds Offer Puzzle

Question: have owned for many years,
as an investment for which l paid 100 y,
200 shares Philadelphia & Reading second
preferred stock. which has paid mo 4
Reading first preferred because there is
some chance making it more valuable as
to privilege of conversion into common
stock Can you tell me what It is? And
Why Reading second preferred sells hig her
than the first preferred &C NJ. r.
Answer--The Reading Company has
the right at any time to redeem either
or both classes of preferred stock at
par, in cash, if such redemption shall
then be allowed by law, and it also has
the option to convert the second pre-
ferred stock at any time into one-half
first preferred and one-half common
stock All have equal voting power,
and in liquidation or dissolution will
share equally pro rata in distribution
Of assets. 1t is probably upon the con-
vertible clause that the second pre-
ferred sells higher than the first pre-
ferred, although, to be sure, the option
to convert rests with the company and
not with the stockholder Therefore.
in the minds of some people, it would
appear that there is more Of specula-
tive opportunity in the second than III
the first preferred The whole affair
is exceedingly complex. We cannot
see any reason why the company should
order d conversion of the second pre-
ferred. But there are always people
who are willing to speculate upon al
most anYthing.
New-York tribune., 1920-10-15
Financial Items

George I. Skinner. former superinten-
dent OF Banks Of the State CT New York.
has been elected director OF the Manu-
facturers Trust Company OF Brooklyn and
New York.
The Chemical National Bank of New
York announces the appointment OF Rum
sey ". Scott. formerly Vice president or
the Technical Advisory Corporation as
manager Of the industrial department.
s. s. Kresge Company reported sales for
September were si024 424. an increase Of
s650.666 and for the nine months ended
September $54,23s,253. an increase of s6,-
067,266
The Hibernia Securities Company Inc.
OF New Oriea rs, announces the esta blish-
lnent OF Pc -TlApent quarters for rhe com
panya New York Offices A Pine Street
A syndicate headed by Halsey Stuart 4
Co and a. b Leach &, Co. are offering
$500, 600 Middle Wast Ut.lities Company
iifteen year g per cent secured gold notes.
due September !, 1885 at SO and interest.
yielding about siz per cent These notes
are secured by d deposit of mortgage bonds
Of subsidiary companies IN the ratio OF
not less than s15o par amount or bonds
for each 800 OF notes
American Exchange National Bank has
been appointed fiscal agent IN New York
for the payment OF interest OF City OF
Cleveland Ohio. 6 per cent funding bonds
aggregating S5.75o.ooo
New-York tribune., 1920-10-15
U. S. Bank Deposits Jump
Four Billions i'm Year
w CuIMCTOM

WASHINGTON, Oct l4-Bank de-
posits in the United States increased
S4,045.164, 900 during the year ended
June 80, said a statement issued to day
by John Shelton Williams, Comptroller
Of the Currency Loans and discounts
increased $5,S05, 100000.
Total resources of all reporting
banks, not including Federal Reserve
banks, were given as 53,079, ,1OS 900
The, total did not include $1.214,516,0OO
rediscounts of national banks. The
capital and surplus and profits Of all
banks were reported at S5,953 1888, 900,
an increase of s6lS, ,OOO
Mr.. Williams said the total resources
of all the banking institutions under
state supervision amounted to S29 ,667,-
o55,0 ,000 an increase of 2S7,326, 900
The total deposits, other than bank
deposits, were S23 .694 1872, 900, an IN
crease of $2,855 1926, 900. The amount
due to banks and bankers was 1864, :
282, 900, a reduction of Sal ,217,O0O.
Loans and discounts and overdrafts
amounted to 1868 10000, an increase
for the year of S3,202 09S,0O0. Invest
ments were 1925, ,O27O0O, an increase of
s53 3,129,o0o. The amount due from
other banks was S2,712, ,O40, 900, re-
duction of S75 ,911 900.
New-York tribune., 1920-10-15
Wheat Sells Lower
In Spite of Rally
After New Decline
Government Report on Crop
Holdings Is Considered
Bearish by Trade; De-
presssion Is Soon Halted

The wheat trade seemed to place a
bearlsh Interpretation on the statement
by the Department of Agriculture
showing the stocks Of wheat in the
country, including farm reserves, on
October l.
1t is true the total stocks we're 139.-
100000 bushels less than last year, and
tarm holdings were 38,000,0OO less. but
in view of the size of the crop the
hGures were somewhat larger than ex-
pected, and the trade was particularly
impressed by the fact that the mar
ketlngs were 20 FER cent less than last
year.
Price changes during the day were
rather nervous, but after an early up
turn Of u to 2c prices declined
5A to INC and closed with partial
rally atnet losses of 81 to 21ac.
Advices from Washington received
after the close of the market said that
Secretary Houston had rejected the de-
mands OF the farmers for revival of
the War Finance Corporation to finance
exports OF American farm products
and had also reiterated to the farmers
that the treasury had no money to
lend to persons who mey wish to hold
effect this Will have on the farmers
plans to hold their wheat for So re-
mains to be seen, but it was the con-
sensus of opinion in the trade that a
holdlng policy under present conditions
can have only temporary effect on
prices
The export demand was slow and
cash premiums were in some cases q
trlfe lower. Many grain merchants,
however, believe that wheat should be
worth around 81, and the recent sharp
New-York tribune., 1920-10-15
Bonds
Chicago

Snares. Open. High. Low. Last
100 Am shipbuild. 94A 941s "a 94
s9s Armour Lea. 15h 1878 151s 1874
1o5 Armour IF. 92 92 92 ~
$50 c & c Ry pf ~ ~ y ~
50 Chi Pneu Tool. 81 81 81 ~
10 Chi r & T....205 205 2o5 205
ESQ com Edison...1Ol 1O4 1034 103$t
roo Cont Motors.. 712 * y y
80 Diamond Mat..107 107 1O7 l07
% Great l. d & d so so SO SO
S25 Libby ........ II IL II q II =
100 Lindsay L.....
1875 Montgomery w. 2GA ~ 2G 70 u
490 Nat Leather..... 10 10 93+ 10
% Orpheum ..... 2S Is 271s : Is
100 Plggly Wiggly 26l2 26l2 26 h 26 u
~ Public Service. 60 SO 69 69
so Peoples Gas. 80 80 39 ~
700 REQ MotOr.... 22S n % q ~ ~ -
2C5 Sears Roc...116 l16 115$4 1t5sl
49, Shaw ......... ~ 7S 77.2 n
200 Stewart w., 3ll4 3lA 81 Is 3lA
100 stan G K z pf 36 81 SO 81
100 Swift Intl..... 20 z 2912 29's - y.
32o Swift & Co o.-..l05M lo6 los e 1Vb
1870 Tn Carbide.... 597s 6OM 6y3s so u
1900 do Rights. :. l{$ li* -.
100 Wahl ......... Y 4S12 4S 1a As p
Vast Knitting 12 II !.
New-York tribune., 1920-10-15
ltotton Consumption
AgG;n Sh0ics Decline

/ WASHINGTON, Oct. II. - Cotton
CONSUMED during September amounted
Hto 457 647 running bales Of lint and
sS7l2l bales of linters, the Csnsus Bu-
Afeau announced to-day.
Consumption in September last year
Bwas 4sl,06s bales Of lipt and 23,182
aOf lin,ers.
Cotton on hand September 80 in con-
Stunning establishments amounted to
asv7 ,2So bales OF lint and 256,665 bales
sof lnters. compared with OCT ,970 of
gllnt -..sd 25l. l.l02 Of linters on Septem-
kber 80 last year; in public storage
ksnd at congresses 2.792,152 bales OF
Clint and 34lo75 of linters, compared
with 2,502,307 of lint and 227,18 Of
Ellnters
Imports during September were 2o,-
HOO4 bales, compared with 54,342 year
Aago.
Exports were 22s ,O68 bales, including
Ai445 bales of linters, compared with
6S6,694 bales, including 1858 Of linters,
Hh September year ago.
J Cotton spindles active during Sep
stember numbered 34,O40,S06, compared
with 34,2l9,99l in September year
aago
New-York tribune., 1920-10-15
range OF prices:
Thurs.
Butter, Cheese, Eggs

/ =. na,ter-Recetpts. 1883 packages. Crean
Es' aixaer than extras. ID. sV2s0t.c; sx-
New-York tribune., 1920-10-15
Seeks to Have His Fears Allayed

Question-Will you please give me your
opinion on the following: A year ago I
preferred stock at 81. The stock has since
declined selling as low as 73, but the state
ments read we'll and l undecided lust
how TO act 7 Go not like to take as heavy
a loss as this, but prefer to do rather
than hold on and take more later. 1t pays
per cent and from the statements I
judge they earning this several times
over. 7 am in no immediate need of the
cash and thought perhaps you could
strengthen my idea that it will recover
some of its loss?-B. X.
Answer-Motor shares have been
weak of late, largely because Of price
reductions and the fear of an over
supply. We do not believe you need
have any apprehension over your pre-
ferred shares at this time. Earnings
of the company are good, and while
they may show decreases we doubt if
the preferred stock is in jeopardy
New-York tribune., 1920-10-15
Irregulnrity in Corn
Prices Again apparent

The corn market was only moder
ately. active and price changes were
irregular. The October position, which
on Wednesday went to a discount
under December, developed firmness
and closed at the high point of the
day and at a premium of 2lac over
the later month. This was believed
to be due to reports of smaller coun-
try offers and q slight improvement in
the cash demand as we'll as moderate
export inquiry.
The late positions were weak at
times under liquidation, but closed
comparatively steady at unchanged TO
u net lower
In the local cash market No. Q vel
low was quoted at $1.16l3 and No. 2
mixed at S1.141a c. i. f. New York. ten
days shipment.
Yesterdays Previous Year
No. : yellow. si.lsh sli7& sI,544 asGi
october ......... SO SCf1 or l.
Oats-There was little Individual fen
ture in the oats market and price changes
We're marrow and Influenced largely by the
action of the other markets. Country
offers We're only moderate and while
stocks are large there was litt,c pressure
in the way Of hedge selling. In the local
cash market No. l white and No Q white
We're quoted at &C to 66 &c; No 3 white
65 to 65 NC; No. white. Ga to 64lbc,
fancy clipped white, 691s TO 7Oiac; ordi-
nary clipped white, G5 iac; all elevator
Yesterdays Previous Year
New York: close close nyo
No. white.
sO.65 @ e5 4 sO.o5 @ s5 4 so.s2@.s2h
Chicago:
December.
.oep .6s q a Tx
May ~ q 'o0% q .749s
Rye-Market firm.
Yesterdays Previous Year
New York: close, close ago
No. West. 200 s197% s15s
Flour and Mcal-Quotations were:
Yesterdays Previous Year
close close ago
Spring patent.
sll25 @ 11.75 11.a5 Oils s121o@
Cornmeal
3co@ $40 a.eO@ $40 $500
soOG $50 5000 $50 1850 7.5o
10000 - 10000 - 415o@42Oo
New-York tribune., 1920-10-15
Holds Maxwell Motor Common

Question: own several hundred shares
of Maxwell Motor common. Would 1t be
advisable or l should rather say of ad-
vantage, to the shareholder to buy. under
the reorganization plan. some of the a
and 3 stock? From quotations which ap-
peared on the curb it seems that one
could buy these stocks at practically the
same price as they offered to stock
holders provided I fully understand the
plan of reorganization. ! DO not Want to
ask your opinion on the future possibilities
of Maxwell Motors. but only whether ii is
advisa Bile or of benefit to exercise my
option to buy additional stock which |
would not have 1t if ! bought it in the
open market--S r.
Answer-The Maxwell Motor Com
pany may work out its difficulties. We
believe the stock a speculation. We
see no advantage in exercising your
option to purchase additional shares
unless you have faith in the company's
future. If you are already in. you may
be able to afford to see the affair
through.
New-York tribune., 1920-10-15
Recovery of Gent
| Abound i'm Cotton
After Early Drop
december Declines to Zoe
Level, Then Rebounds to
q on Short Covering:
October Continues Weak

There we're violent fluctuations in
,he price of Gotten contracts vester-
Sav. An early break carried Decem-
ber deliveries down to the 20 cent
isvel, which proved the signal for
heavy and more or less general buying.
1t seemed that many recent or old
sellers had been waiting for 2o-cent
~otton 20 take their profits. Perhaps
.he bulk Of the buying OF the advance
rhich followed originated in such
quarters. There was also a broaden
ing Of investment or speculative de-
msnd and trade buying, which CON
.ributed to the recovery Of about a
rent a pound from .he low level of
tbe morning. Immediate requirements
then seemed to have been pretty we'll
supplied. however, and prices lost more
rhsa half the Improvement. with De
rsmber selling off to 20.50 and closing
1 st 20.55, compared with 20S3 at the
close of the previous day. October
vas relatively easy, showing a net de-
sliue Of 70 points, while later months
vere TO p points net higher.
Conflicting reports as TO prospects
/ Sor facilities fNr financing exports and
fthe crop movement appeared to be
suartly responsible for the movement of
snrices during the day. The rally from
! he opening break was accompanied by
reuorts that without contemplating any
change in their general quality, Fed
eral Reserve interests were considering
measures for making credit facilities
more easily available to farmers. There
was selling later on Washington ad-
vices. indicating that Secretary Hous-
ton had refused request to revive
the War Finance Corporation to assist
IN financing exports and had also stated
that the Treasury had no money to
lend interests who desired to hold
products for higher prices.
There was no Improvement in the
news from the goods trade.
Southern spot markets, as officially
reported. We're unchanged to so points
Higher. with a slightly better volume
!. Of business. Quotations for middling
scotton in the South now range from
I20sO TO $3.50 in the more active mar
lkets. compared with 20.6S, the closing
quotation for October at New York.
The local market for spot cotton
was quiet and 80 points lower, at 22.5O
1 for middiing No sales were reported.
The rauge o. piices follows:
New-York tribune., 1920-10-15
Better Bond Also Yields Higher

Question-Would You please advise me
which would be good investment. ten
year $1,000 7 per cont gold bond of the
Delaware 6, Hudson or 81 900 first mort
gage per cent bond of the St. Louis &
Cairo Railroad, which is selling at 512 .
Y. II. r.
Answer-For your purpose we should
advise the purchase of the St. Louis &
Cairo bond. 1t is we'll secured and,
selling at considerable discount, the
amortization would give it a greater
yield, $50 per cent. than the Delaware
& Hudson bond, which yields but $50
per cent Besides this, the st. Louis &
Cairo bond is better secured, being a
first lien, while the Delaware & Hudson
issue is collateral trust security.
New-York tribune., 1920-10-15
DIVIDEND NOTICES
GREENE CANANr. COPPER co

q BrOadway. E.w York. Y. 7.
The Board Of Directors Of the Greene
Cananea Copper Company has declared a
dividend OF SO cents per share upon It's
Capital Stock Of the par value OF 500 90
per share, payable on November 81, 1920,
to the holders Of such shares OF record at
the close of business at 3:o0 O'Clock D m
Friday, November s. 1920. The dividend is
payable only upon the 500 90 shares into
which the Capital Stock Is divided. All
stockholders who have not converted their
holdings into shares of 10000 par value
should do so without delay IN order that
they may receive their dividend promptly.
The transfer books will not be closed
J. W. ALLEN, Treasurer
New York. September 2s 1920
New-York tribune., 1920-10-15
Mosser Notes Are Safe

Question-Kindly advise me if you con-
slider the following notes a safe invest
mgnt m William n. r. Mosser s,a Company per per
Armour & Co. Is, July IS. 1901. P NJ.
Answes-Both the William f. Mosser
Company and the Armour notes are en-
titled to good investment ratings in our
opinion. The earnings Of both corpora
tions are ample to care for interest
charges several times over.
New-York tribune., 1920-10-15
-Four full columns Of in
uestment questions and an
s1oers are published i'm The
Tribune euery Sunday.
Western Union Earnings

Gross earnings Of the Western Union
Telegraph Company for the nine months
ended September 80 amounted to SOL
100000 No comparison is made with
the corresponding period of 1919, as the
land line system was under Federal con-
tro for part Of that period.
The net income for the nine months,
after deducting operating expenses,
taxes and bond interest, was Sl0,-
1913 600
New-York tribune., 1920-10-15
Firestone Z Per Cent Preferred

Question-Won't you be good enough to
let me know the standing OF the FrestOne
Is. and if you consider them a good invest
ment at 81? What are they selling for
now u J. C..
Answer-Firestone 7 per cent pre-
ferred stock recently was quoted 80
bid, offered at So. Practically all tire
securities have been depressed of late,
owing to the reduced prices of auto
The companys earnings aave been
good. We regard the stock as a fair
investment at present
New-York tribune., 1920-10-15
Pierce Oil and Columbia Graphaphone

Question-WAl you kindly give me in
ago l purchased some of this stock at "a,
later relinquishing it at 10. Six months
ago I was reliably informed that it was
in a good position, with ample assets TO
support the book value of $40. Am Won
dering whether now is good time to
buy in again. Understand the dividend
rate is 40 cents per share, quarterly. is
this correct? What do you think Of Co
lumbia Graphaphone &c. NJ.
Answer-It was recently stated by
the Pierce Oil Company that earnings
have been very substantial. In order
to increase the capacity of its plants
to care for growing business, earnings
have been used for capital expendi-
lures, and it has been decided to pay
the above dividend in common stock.
The common stockholders have re-
ceived thus far S per cent in stock, not
New-York tribune., 1920-10-15
Investment
Information

Questions Of general interest to in
restors will be ansWered IN this col
uren,' in qchich case only initials aoill
be used Others 1oi}l be answered BY
mcil. Address all inquiries, inclos-
ing stamped, addressed envelope, to
Financial Editor, The Tribune, 1s4
Nassau Street, Nep York City.
New-York tribune., 1920-10-15
Tobacco for the Business Man

Question-Woud you consider America n
Tobacco at about l26 4 fairly good busi-
ness mans investment? Is the company
handled in conservative manner?-
+. NJ. NJ.
Answer-American Tobacco shares
are good common stock investment for
the business man VINO can keep in
touch with the general situation. Like
all other common shares Tobacco is
sensitive to earnings. The company has
a record of conservative management
and generous dividend disbursements.
New-York tribune., 1920-10-15
Sugar Trade BeIieUes
Market Acts Steadier

Current Year
4. prices ago.
sscsar, Eranulated. r.. ilQ - 9
SSoGee, Rio No 7. 10 - l6x
4 Although the Cuban moratorium re-
mains an unsettled influence in the
sugar markets here, the trade pro-
slessed to see a steadier tendency yes
z'erdsy, and there were reports Of
scarcity Of supplies in second hands
sat II cents A slightly better demand
saat the reduced prices was reported.
kaws remained fairly steady, and
futures recovered a slight loss on
covering.
The range of prices: -
New-York tribune., 1920-10-15
Zurich Bonds on $50 Rasis

Preparations by bankers for loan to
the Swiss city of Zurich viii involve
the offering here of s6,00000o twenty
tive-year 8 per cent bonds, il was
that the securities will be offered at
96A, to yield approximately $40 per
cent. Blair & Co., Inc, and Hallgarten
4 Co. will be the syndicate MANAGERS.
New-York tribune., 1920-10-15
Consolidated Arizona Smelling Co.
S Broad Street. Now York.

IS Broad Street. Now York
To the Holders Of Income Convertibie
Bonds and Capital Stock OF the Con
soldated Arizona Smelling Company
Notice IS hereby given that offer has
been received from the Southwest Metals
Company to exchange its stock for Income
Convertible Bonds and Capital Stock Of
this Company under cert ain terms and
conditions, subject to acceptance on or be
fore october Is, 1920. This offer was sub
mtted to our registered security holders
by our circular OF September Is, 1920.
copies of which may be obtained at the
Company : Office
F W. THOMPSON. Secretary.
New-York tribune., 1920-10-15
TOBACCO PRODUCTS CORPORATION.

A. meeting Of the Board ot Directors
held this day q dividend OF $3.50 per share
Was declared on the outstanding common
capital stock OF the corporation. pavable on
November 15. 1920, to stockholders Of
record AT the close of D0sisless on October
2s. 1920. which dividend - payable IN strip
maturing on November l5. 1922. and bear
ing interest at tho rate OF Sc per annun.
Scrip certificates VIII be mailed
WILLIAM A. FERGUSON. Secretary.