davidaulloa/AmericanStories huggingface dataset:
The Washington herald., 1920-11-30
TRUST HOUSES
FIGURES GAIN
District cenPanies' Resources for
First Tine IN Excess Of
$7s,ooo, 900.
OTHER FINANCIAL NEWS
A. l. BIS New Menbership Cam
paign Highly SaeeessfuLLo-
cal Trading Light.
OTHER FINANCIAL NEWS

pany resources at the close Of busi-
ness June 30. were for the FIRST time
In excess Of s75.ooo.ooo. according to
Trust Companies of the United
States" Just published by the Unit
ed States Mortgage and Trust Com
pany. Of New York The total fg-
ures for the District are s75.o4o.247.
gain Of s1.323,e4i. over last year.
The trust company resources Of
the United States increased nearly
IL per cant and aggregate s1a451,-
S77.ss3. which is considerably in ex-
cess of the total banking strength
Of the country in 1901.
That the efforts Of the new mem
bership committee Of the local chap
ter. American Institute of Banking,
to secure 1000 members for WASH
ington viii be crowned with success
now seems inevitable.
Although replies have not been
received from all banks assisting in
the campaign. Victor B. Deyber. vice
president of the Second National
Bank and chairman of the member
ship committee, yesterday advised
that approximately 500 members
had already been secured
The campaign of a weeks dura-
tion was launched Monday morning,
November %, and came to a close
last Saturday night. During that
time many letters were dispatched
urging cooperation, and posters and
data distributed lavishly.
Many of the Washington banks
boast OF a perfect membership of
100 per cent, among them being
Second National. National Metrepol-
itan. Liberty National, Seventh
street Savings and the Washington
Savings.
The board of directors of the in
stitute will hold a melting on Thurs
day night, when nnal returns will
be announced.
Mergenthaler Linotype easily
claimed the major portion of trad
ers' attention on the Washington
Stock Exchange yesterday. In all
1o2 shares changed hands, for 100
of which the purchasing price was
122, the previous close, while the
remaining two shares brought
122h.
Eight shares of Firemen's Fire
Insurance, a heretofore inactive
stock. was traded in at 20, which
marked no change over the previous
fclose-
Three Thousand of Potomac Elec-
trio Consolidated IS were disposed
Of in three $1,000 lot sales at S2x.
in the bond list.
Frank G. Addison, vice president
of the Security Savings and Com
merciaI Bank, will address the ele-
mentary class of the local chapter.
American Institute of Banking at
the regular meeting to be held to-
night Mr.. Addison's subject will be
Interest"
John A NJ. Adair, president of the
International Finance Corporation,
has arrived in Washington from
Portland, Indiana Mr.. Adair ex-
poets to assume his duties on De-
cember /.
Hammond wetzel, receiving teller
of the Lincoln National Bank, Is at
present confined to his room Sc
riously ill with typhoid fever.
w. l. Bachelor. treasurer of the
International Finance Corporation,
Is again at his desk after an extend
ed trip to New York in the interest
of his firm
The Washington herald., 1920-11-30
,ns-ooo.ooo oritted.)
Gosf In Rorsf~n NJ
{Values in r
r~f.n uaIn.

From this table will be that the United Kingdom
chased goods from last to the value of With
the English pound this
present exchange would require
goods or total increase cost of fo3ooooo sterling This
the last hscal would approximately 8ooooooo
francs payment than exchange had been This
crease OF nearly 2o OF the largest
exchange the OF Germany Germany purchased
worth OF goods from last which, the normal value would
have required S4ooooooo marks At the
I953Po in the total
frequently pointed
countries becoming adjusted changed value of their
thing to them that did before the war This undoubtedly
dollars have deprecated purchasing and
the depreciation exchange simply adds the deprecated dollar
cost in foreign countries.
depreciation foreign money
sold
than they for the time The foreign
for other commodities If bills of exchange English
banks than American banks offered for the
English bills will decline compared to American.
debt
the United States Government factor
pressing the value of foreign However
this deferred for three years.
the large of credit granted by American
individual Europe and elsewhere 1t
Sooooooooo large floating indebtedness
large factor keeping exchange their low level
We proposing to increase this credit through the
OF proposed The
credits of
should be carefully considered
suggestion has been made by Chicago banker that the
dollars owed American could
period is
gested that provision be made by which the
this large floating debt from exchange
foreign merchants and
depression.
This practical some
consideration possible of assisting
Copyright 1920. by The Washington Herald)
The Washington herald., 1920-11-30

John A. NJ. Adair. president of the
International Finance Corporation,
has arrived in Washington from
Portland, Indiana. Mr.. Adair ex-
poets to assume his duties on De-
The Washington herald., 1920-11-30
THE ORIGINAL INVESTMENT

DO not SEEK large interest re-
turns and run the risk Of seeing a
capital sum-perhaps. indeed.
your nfe's savings-slowiy dwindle
away. To know that your original
Investment is always safe and &C
par, and at the same time yielding
a GOOD income. 10 a real sssursnce
Of safety and prosperity. Our
First HortrRge Notes, secured on
improved real estate In the Ma
tons Capital. will rive you this
feeling Of security.
The Washington herald., 1920-11-30
COTTON PRICES
ARESTEADIER
New York Market Changes Ere
quent but Not Of Wide
Range.

NEW YORK, Nov. 2s.-Notwith-
standing a big break in Liverpool.
the cotton market here generally
was steadier today, although best
prices were not held.
Initial quotations were 9 points
higher on October, but generally Z
to 81 points lower. Early offerings
were absorbed by a demand from
Wall Street, local shorts And inves-
tors. and prices rallied before the
end of the first hour January rose
to 1925 AMI May to 1888. or about
81 to 40 points net higher on the
active positions. There was some
trade buying OF January TO nx
prices. while Liverpool was a good
purchaser of July.
Later trading developed little
feature.
In the last hour changes in prices
were frequent, but without wide
range. There was no general or
aggressive support, but sellers were
more cautious Final quotations
were barely steady at a net gain of
5 to 22 points.
Spot here was quiet, with mid
ding Is points higher, at 15.75c;
there were no sales. Spot at New
Orleans was quiet, with middling
unchanged at 15c: the sales were
275 bales.
The Washington herald., 1920-11-30
Low Rates Of Foreign Exchange
Present Serious Handicap to
Our Diminishing Export Trade

Many business realized the handicap which
falling Of foreign exchange place our export Up to the
have been maintained fairly well spite of this handicap Al
though the fact that trade for was
for March without significance OF this
declines also undoubtedly
decline in volume of commodities exported
now there that millions Of dollars worth
commodities from the United States being refused orders
ceed by South American importers sudden drop the
With the business depression which is world wide
other instances similar
those in Argentina and Brazil
The handicap of deprecated foreign thoroughly
outside Of In terms OF dollars the English
pound today is worth only twothd what before the
Italian lire and the German mark has deprecated
where has practically purchasing value this
One method of showing what the exchange costing for
goods purchased from the year
the exchange In the following table have taken
purchasers from the United
of these purchases them par
value of their and at the present exchange rate
COST OF DEPRECATED EXCHANGE
The Washington herald., 1920-11-30
METAL MARKET.

NEW YORK. Nov. 2s.-FoIIowing
prices quoted at Metal Exchange
today:
Bar silver, domestic sshc. un-
changed; foreign 7l%c, a decline OF
4hc.
. Copper. spot. November. offered
lS[c; December, offered l4c: jan
uary, February, March. offered
Ikc; market weak
Tin. Straits shipments. November
December, 33s3Sc: December Janu-
airy, 33aS5c; January-February, s3a
3bc; Februsry-March, s3aS5c; mar
ket weak and unsettled.
Lead, spot, November. December.
January, offered $3.50; market weak
Spelter (East ST. Douis). spot, No
vember. offered $3.50: December.
January, February, March, offered
sS.62h: market weak.
The Washington herald., 1920-11-30
SALES
MOREBUOYANT
Templates 70 Take Prs6h and
Connissien Houses Sales Wipe
Out Gains, However.
BY FRED A. RECORD.


CHICAGO. Nov. es.-wheat showed
during the forepart OF the session
here today. Local. longs. however.
were unable to resist the temptation
long wheat they have had for several
days and sold on the bulge. with
commission house selling pressure
increasing also. the limit was filled
up and most of the days gains were
wiped out. The market finished u
to 1hc higher for the day but the
close was about cents under the
top figures.
Uncenfrmed rumors of banks in
trouble In the Northwest started
some selling. Seaboard houses were
again good buyers Of the futures but
reports on export sales were not
quite SO convincing as during the
latter part Of last week.
Other grains closed higher. Corn
was up kaHc, July leading, and
oats gained Aa%c. with December
especially light. Rye gained %a2c,
and barley was 2s2hc higher.
Commission house buying of corn
was on liberal scale early, but
the demand petered out later, leav-
ing the market with only a small
part of its gains. The pronounced
strength in wheat early was a big
help to the bulls in coarse grains.
December oats advanced more
rapidly than the other months and
held more Of the early gains. Best
prices of the day. however, were
materially shaded at the close.
Strength was due mainly to the COW
ering by shorts, but there was some
buying by local traders.
The Washington herald., 1920-11-30
WALL STREET GOSSIP.

NEW YORK, Nov. 2s.-Almost
transcending interest in the nuctu.
ations Of prices is the interest mani
tested by the Street in the affairs
of Allan A. Ryan. Not only is the
sympathy of the rank and file OF
traders and of commission houses
but also that of many individual
bankers, with Mr.. Ryan. The Street
has not forgotten some of the
heavy financial losses which he took
some years ago without a whimper.
He is known as a thorough sports
man. He plays the game accord.
ing to the rules. When he was
stricken with pneumonia last sum-
mer and lay at the point of death
there came the opportunity Of which
full advantage was taken by Q GER
tain element to sell Stutz Motor
short in an attempt to ruin market
wise a company which Mr.. Ryan
had developed from a financial non
entity to one whose earnings were
from 100000 to $4,000 per month.
How Mr.. Ryan got up from his sick
bed and turned the tables on the
shorts is matter of market history.
II anyone Is under the impression
that Allan A. Ryan is through they
are nightly mistaken, and therein
lie far-reaching potentialities In the
present market situation. II, as has
been rumored. certain interests have
sold short large quantities Of stock
in which he was known to be in
terested; and IL his banking accom-
mediation has been withdrawn under
violating the rules of the
game, Mr.. Ryan Is not one who will
sit quietly by and not speak about
II. There have been unsavory ru-
mors enough through this long de
cline in the. stock market, rumors
which have mentioned the names of
those In high places: and II may be
that. should Mr.. Ryan decide to
carry his Affairs into the public
court. there may be much squirm-
ing in the seats OF the mighty. And
Mr.. Ryan comes from hghting stock.
In the early fall Of 1919 General
Asphalt. which is now traded In on
the curb. sold At $50 a share. sat
urday It sold at $40. For months
past professional traders have been
pounding the price Of this stock.
and. with the announcement last
week OF a proposed bond Issue of
$4.ooo.oo0 by the company, the price
dropped to new low record. il
Is useless to tell the professional
traders that nearly all of the larger
States Of the Union have extensive
road-huilding programs. work on
The Washington herald., 1920-11-30
MONTGOMERY WARD SALES.

According to q statement in the
Wall Street Journal. Montgomery
Ward and Company sales at the Chi
cago retail store recently opened
run 100000 weekly. and q total OF
nearly s2,ooo.ooe is expected for this
year. Vice President Henry schott
says that reductions up to IS per
cent have been made under original
catalogue prices and the fall cata-
logue was particularly low priced
as they had anticipated a fall In
prices. Similar sales have been
made in Portland and Kansas city
and although the Kansas City house
Is six miles from the business CEN
ter II has been relatively as success.
fui as the Chicago house. The bus
iness 10 all cash.
The Washington herald., 1920-11-30

which has been begun or is about
to begin; that this 100000 bond
issue Is for the purpose Of obtaining
from their South American proper
ties very large quantities Of asphalt
tum necessary to modern road
work; that. so far from being a
bear argument, rather should the
announcement have been construed
constructively. The interest OF the
street in General Asphalt at the
moment is due to a notice that IL
will be admitted to trading on the
floor OF the New York Stock Ex-
change.
There is more or less amusement
among the casual traders and a
somewhat more serious view among
the bankers of the agitation by busi-
ness interests to obtain Congress
sional action which will grant an
extension Of time for the payment
Of excess profits taxes for 1919 or
for the charging OF against these
profits the deprecated inventory
values of 1920. The bill which will
be presented to both houses OF Con-
gress Immediately on the convening
of the new session December calls
for the reincorporation of the So
called met loss" clause which was
Incorporated In the original measure.
applicable only to the year 1918.
Opinion here Is to the effect that
such legislation cannot be enacted
before the due date of payment De-
oember 15. Should the measure.
however. be passed and President
Wilson not veto It. unQuestionably
II will have q distinct bearing on the
credit situation. But just why a man
who has not paid his taxes when
they were due or who has not set
aside from profits realized the
amount to meet the government re-
quirements should be absolved from
such payment at the expense of those
other persons who have fulfilled the
letter and spirit of the law by pay
ing their obligations promptly. has
not been made clear. Despite the OBJ
vious advantages which would ac-
crue to the banks from such legisla-
ton, there are few bankers here
who really favor It at this time.
Call money opened and renewed at
per cent today. a figure which has
become standardized" At a quar-
ter to three a belated borrower paid
per cent.
Five minutes later an ample supply
Of funds was offered without q bid.
Time money was quoted at 1h to
IN per cent with little doing either,
way. Commercial paper Is quoted
at TX and per cent. the lower rate
being for highest grade short-term
accommodation.
The Washington herald., 1920-11-30

Call money opened and renewed at
per cent today. a figure which has
become standardized" At a quar-
ter to three a belated borrower paid
per cent.
The Washington herald., 1920-11-30
c0TroNSEED on.

NEW YORK. Nov. 2s.-short COW
ering. along with buying for q re-
action. inspired by the better feel
ing In the hog products and grains.
brought about q sharp upturn In
cottonseed oil this morning.
Tenders Of $500 barrels were put
out. but apparently we're well TAX
en-, Sales to midday were s.4ee bar
reis.
The Washington herald., 1920-11-30
MARKET VIRILE
LACKSFEATURE
II
Stsek Ticker Headed Upward, Says
Veteran, bst '1ufhsaess7
Prevent L.
TRADING IS MODERATE
Cennedity Prices Show ResiIiescel
Athsush Msvenesh Are Some
what Irregular. Sn
TRADING IS MODERATE

NEW YORK. Nov. 2s.-steadiness
in undertone and irregularity In
price movements furnished the lead
ing characteristics Of a rather fea-
tureless market today. Sentiment
continues TO show a preponderance
Of cheerfulness in the face Of some
rather discoursging news items
The market, in fact. seems TO be
immunizing itself against shocis-
Whether this is merely a phase Of
lethargic apathy or a tendency TO
encounter adverse Developments
with a show. OF courage remains
to be seen. .
As ono Of the veterans on the
Street" put il: 1T all depends
on which ticker influences you The
stock ticker says the market wants
to 60 up. The news ticker says
the market ought TO go down. For
myself. / prefer the tape"
Atchisen showing Puz.ie<-
There is disappointment over the
October statements Of railway earn
ings. inasmuch as they all tell prac-
tically the same story-generally
large increases In gross. but a poor
showing on net The increase in
gross amounted TO sll7.bSS. 600.
while net fell on s2.33s.oOo. The
showing Of Atchison was not only
disappointing. but puzzling.
Analysis Of the consolidated Fed
ersl reserve statement was not pro-
ductive OF much optimism in spite
OF the fact that the reserve ratio
showed its third consecutive weekly
gain, with an advance from 44.I TO
4i.4 per cent The Improvement.
however. was not due to a reduction
in discounts but to an increase in
reserves and a reduction in deposits.
mostly chargeable to the reserve ac-
counts of member banks.
Trading was on a moderate scale.
with considerable activity in the
equipments. steels and a few spe-
cialties. The short interest is gem
orally believed 10 be large, especially
in certain issues. which have been
under pressure recently. There are
rumors OF impending activity by
some reformer or rejuvensted pools
with the gossip associating their
prospective operations with such
stocks as American woolen. Crucible.
Z. S. Rubber and Republic Iron and
Steel.
Market ts Resilient.
Commodity markets showed more
residence today although price
movements were somewhat irregular.
The relatively low price Of cotton is
attracting some buying but the
credit situation in the South does
not lend itself TO aggressive bullish
operations. Some Southern men on
the Cotton Exchange today stated
that II was impossible in some
Southern centers to obtain loans
even with Liberty Bonds as collst-
eral.
Call money renewed at 6. went as
high as and closed at the opening
figure. Foreign exchanges were
quiet with sterling a trine lower.
South American exchanges were
, stronger.
The Washington herald., 1920-11-30
LOCAL SECURITIES.

SALES.
Merrenthsler. 20 at 12a. 10 at 100, 10 at
IT, 20 at 122, . at 122h.
After Call
at s2%. 1000 at S2%.
Firemen's Insurance, s at 20.
Merrenthaler. 10 at 10, 10 at 122, 10 at
122, 10 at 10.
The daily Gate City and constitution-Democrat. (Keokuk, Iowa) 1916-1922, 1920-02-18
TRAINED NURSE
RELATES FACTS
was on Verge Of Nervous Pvostra'
tion-Sains Ten Pounds and
Ends Troubles.

One OF the most interesting OF the
many recent statements regarolns
Tanlac was made by Mrs. lsapelia
Rowe. Of 1917 West Walnut street.
Des Moines. Iowa, in an interview re-
Gently.
Mrs. Rowe, who Is trained nurse
OF wide experience in relieving SUI
fe-ing, and we'll known to the people
OF Des Moines. is only enc OF he
great many in her profession VINO,
after having realized its remarkapie
powers. have become ardent cham
psons Of the Master Medicine.
When asked IL she was willing TOT
her statement to be published, MIS-.
Rowe said:
Yes. indeed. for l firmly believe
Tanlac has saved ne from nervous
prostration. and / am glad to make
a statement which may be OF beneIis
TO the vast numbers who are in need
OF such medicine.
II had suffered from stomach ana
liver trouble, disordered kidneys anu
extreme nervousness for a year or
more. Ny food would not digest
properly and / not only suffered In
tense pain In my stomach after eat
ing. but my heart would palpitate SO
from the pressure of gas that could
scarcely breathe. In fact, my whole
body was full OF pain and the small.
of my back especially hurt me SO az
times | felt like ! would go dis
tracted l had lost g great deal IN
weight, and even my friends were
talking about how week and run
down / looked.
II had tried many other medicines
before getting Tanlac. but nothing
gave me more than little passing
relief. My entire system seemed 10
be broken down. I could not set but
little sleep or rest and was right on
the verge OF nervous prostration.
believe | would have had to give up
entirely in a short time If had not
gotten Tanlac. But now am Ike
different person altogether. can
eat Just anything I want and every
thing seems to agree with me per-
sonally. as I never have any more
pain. palpitation or any other symp-
toms of indigestion. In fact all my
pain, as well as the nervousness ana
that weak, worn out feeling. is gone,
end l have also gained ten pouna5
in weight. Before taking Tanlac
could not hold out to walk a block,
but the other day I got out and
walked fifty-nine blocks. and selt
mono the worse from 1t. have never
known a medicine accomplishing
such wonderful results as Tanlec.
don't believe there's another like It.
and it gives me pleasure 20 recon-
mend it."
Tanlac is sold in Keokuk by VIII
.kinson & Co. and the leading drug
gist in every Observation-Disclosures.
The daily Gate City and constitution-Democrat. (Keokuk, Iowa) 1916-1922, 1920-02-18
Dandruff Surely
Destroys The Hair

Girls-if you want plenty of thick,
beautiful, glossy, silky hair, do by all
means get rid of dandruf, for it will
starve your hair and ruin it if you don't
It doesn't do much good to try to
brush or wash it out The only sure
way to get rid of dandruff is to dissolve
it, then you destroy it entirely. To do
this get about four ounces of ordinary
liquid arvon; apply it at night when re-
firing; use enough to moisten the scalp
and rub it in gently with the finger tips.
By morning. most if not all, of your
dandruff will be gone, and three or four
more applications will completely dis
solve and entirely destroy, every single
sign and trace of it.
You will find, too, that all itching and
digging of the scalp will stop, and your
hair will look and feel hundred times
better. You can get liquid arvon at any
drug store. It is Inexpensive and four
ounces is all you will need, no matter
how much dandruff you have. This
simple remedy never fails.
The daily Gate City and constitution-Democrat. (Keokuk, Iowa) 1916-1922, 1920-02-18
FIND OUT JUST WHAT
CAUSES YOUR RHEUMATISM

are caused by a tiny disease germ
In the blood, which inult;p!ies by
the million, and until these germs
are routed from the blood, you can
see how futile local treatment will
be. In fact, you can use lini;ncu:s
by the gallon and never hope to
reach the cause of your trouble.
So many people have found real
permanent relief from their Rhcu-
matism by the use of S. s. S. that
its use is justified in practically
every case. Certainly if your Rheu-
matism is due to q germ in the
blood, as SO many thousands of
cases are, you should lose no time
in beginning the use of S. S. S.,
because you can rely upon this fine
old blood remedy to do you more
good than any other treatment.
S. S. S. is beneficial in Rhcuma.
tisn because it is such a thorough
blood medicine. It cleanscs the
blood Of all impurities, and eradi-
Gates the germs which cause Rhcu-
1natism. The wonderful results it
has accomplished in other cases
is proof of Its great merit. S. S. S.
has been, on the market 70. mere
than fifty years and is sold by all
druggists.
You are invited to write our
medical department. for full in
formation and advice about the
treatment of your own case, for
which no charge is made. Address
Chief Medical Adviser, II Swift
laboratory. Atlanta. Georgia.