davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1920-03-06
Curb Stocks
Advance i'm an
Active Session
Tire and Motor Shares Lead
Recovery, Which Puts
Prices at New High Levels
on the Current Movement

Stocks on the curb enjoyed another
active trading session in which new
high prices were made by number Of
issues for the movement, after which
there was tendency to ease OFF as
the result Of proft-taking sales and re-
newed pressure from the professional
bears.
Tire and motor shares were active
following a similar development In
these groups on the exchange. Cleve-
land Auto advanced to 62 on the sale
Of 500 shares. Continental Motors, in
which the principal market is Chicago,
sold on the curb for the first time in
many weeks, 500 shares at 11%.
General Asphalt common stock was
again in active demand from the shorts,
rallying to 80. American Safety Razor
was stronger at 10h. Submarine Boat
came to the front in the afternoon with
an advance to II. the highest price
since January prior to the declaration
Of a dividend on the stock.
Oil shares developed a number OF
strong spots. The so-called Homer oils
were helped by the telegraphic advices
from Shreveport that the Standard Oil
Company of Louisiana had completed
it's Guy Oakes No. 6 we'll in Claiborne
Parish. The we'll came in with an
initial production of 10000 barrels
from the deep sand at 2,078 feet.
1udvekrinlo
New-York tribune., 1920-03-06
Commodities
Cotton

The market was irregular yesterday and
the reactionary sentiment which DEVELOPED
on the advance above $50 for March COZ.
tracts on Thursday remained very much
in evidence. Rather a sharp decline trou
newalS OF near month covering however
and after selling off from $3.50 to sss.s
May closed at 1880. or 90 points ne.
higher The general market closed STEADY
at an advance Of TO % points on active
old crop months. while later deliveries
were net unchanged to % points lower.
The market opened steady al an ad
vance of Is to 90 points. as traders wers
inclined to disregard the big break IN
Liverpool which they attributed largely 10
ing prices were far out OF line with the
English market, however. and attractst
heavy arbitrage selling. particularly o..
July. under which prices soon weakened
Opening advances were lost in consequence,
with the active months selling about 10 to
20 points net lower during the middle o.
the morning. but the market showed more
resistance to- pressure than some Of the
earlier sellers anticipated. and after the
close abroad prices turned steadier. Trad
ing was quiet during the early afternoon,
becoming a little more active toward the
close. when there was another furry Of
covering by March shorts. who sent the
price up to 1918, or % points from Thurs
days closing figures.
Reports OF Un1aVor2D;o Weatner LOT no"
crop work failed to create any important
demand for CROP positions, which
were relatively quiet and easy during the
entire day. Liverpool cables said the DE-
cline there was due to higher exchange
and freer Continental selling IN the ab'
sence of any important trade demand. Re-
ports that the discount on low middlns
cotton IN one of the Eastern belt markets
had been sharply increased, encouraged
the early selling movement, as II seemss
to increase the possibility OF shipments
hero for delivery on contract. The aisf
action of March, however. certainly failed
to suggest any increased pressure RON
the spot department. Southern spot mar,
kets. as officially reported. were unchangea
to 25 points higher. generally unchangea'
with a slightly better volume OF business
particularly in the relatively lower East
ern belt market. Middling quotations ID
the South now range from S9c to s2zSc,
The local spot market was steady ana
25 points higher, at 4c.90c for middlins'
No sales were reported.
The range Of prices follows:
New-York tribune., 1920-03-06
Advance Of Stock
Prices Checked as
Covering Ceases
Halt dn Buying for Short Ac-
count Followed by Dull
ness; Call Money Rate
Drops to & Per Cent

Although the upward movement OF
foreign exchange rates carried further
yesterday, the stock market failed to
reflect the Improvement. Trading was
dull and price changes were unimpor-
tant as rule. A few stocks advanced
but this was owing rather to lack of
selling pressure than to broader de-
mand. AS was to be expected, in view
OF the strength displayed on Thursday,
prices opened higher and for time
displayed tendency to advance. Once
the overnight accumulation of orders
had been filled, however, the market
relapsed into q state of dullness, which
prevailed throughout the remainder of
the session. 1t was evident that the
short covering which had caused the
upturn Thursday had been about COM
pleted for the time being, save in a
few of the motor and oil stocks, such as
General Motors and Mexican Petroleum.
Even in these issues the buying was
by no means urgent.
Railroad stocks were dormant. In
vestors apparently arc waiting to see
how the roads will work out under
private operation before making ex-
tensive commitments. During the re-
cent advance, railroad shares were
bought without much discrimination,
the ones of doubtful value advancing
quite as much as the standard issues.
This, perhaps, was natural, in view of
the oversold condition which prevailed
but the first outburst of enthusiasm
having passed, greater care is being
used, both by investors and specula-
tors, in purchasing the rails
The report that the British govern
ment Is preparing to send $25O,000,O 900
in gold to this country to meet loans
maturing next October was received
with good deal of skepticism in Wall
Street circles. There seems to be no
doubt that large gold shipments are
coming from abroad, but definite in
formation as to the amount which will
be sent is lacking. Such shipments
would be welcomed by brokers' and
spectators, since, it is argued, any
substantial increase in the gold hold
lngs of the Federal Reserve banks
might be followed by easier money. It
IS doubtful whether this would really
happen, however, because in any event
imports are not likely to exceed es-
ports in the near future. The only
countries which owe US on balance
can't spare the gold in quantities suf-
nclent to offset the losses to the coun-
tries with whom we have balances to
settle. That, at least, is the opinion
OF bankers who are in close touch with
the situation.
Money yesterday loaned and renewed
at per cent at the opening, later drop
ping. to per cent. This was accented
as ,foreshadowing q more favorable
bank statement tomorrow. The demand
1or call loans was not great. Time
money was as scarce rs over, brokers
bidding as much as per cent with
out success.
The bond market was active with
Liberties tending lower. Conside derabIa
foreign selling Of railroad and Janan.
ese government bonds appeared.
New-York tribune., 1920-03-06
Worthington Pump
E a MS $l7.28 a
Share ON Common
Report Includes No Allow
ance for Profits ON Unad-
justed War Contracts; Big
Drop in Total Billings

The annual report Of the Worthinp-
ton Pump and Machinery Company for
the tn year ended December 81, last, dis
and Federal taxes of $3,257,O ,O64 which.
after allowing for the annual dividend
requirements on Glass and Class r
ppre1erred ? IRE err stocks, was equivalent 10
Sl728 share, $10O par, earned on the
elz,992,l4 common stock. against So
1915, or S16.37 a share, in 1918. 0'
al Total billing last year amounted to
So2O14,592, a falling off from the wear
before Of S11,368,893. This decline
however was nearly offset by the de-
cllhe IN operating costs, depreciation.
t, etc., OF So,SS9,232, the total deduction
pelng placed at $27, ,11S. Manufac-
which income from other sources of of
$o7S63l was added, bringing the total
70 So,2S4, 4,lo5, a decline of $2,346, ,581
from the preceding year. Federal tax
reserve was greatly reduced during the
year, being placed at $4,000 OO0, or So
UoO,O0O less than in 1918. Holders of
the preferred A stock received s391. -
400 IN dividends, while holders of the
preferred stock shared S619 500
leavlhg S2,246, 1855 surplus. Previous
oalance OF S3,6O6,472 was added to that
After s1,5oo,ooo had been lransferrsd erred
to the reserves, profit and loss surnl,,s
aggregated $4,352,73S. - y .
IN MS report to stockholders C. p.
Coleman, president, said: "Certain con.
tenias teai5S Tor srd the en- manufacture Of war
only the definitely determined earn
lngss in respect to these have been in
eoeonnts eladed in the earnings for 1918 These
justment and it is the expectation tbat M
dehnlte settlement may be arrived st
WITHIN q reasonable time.
!, AT the organization Of the cornora-
ton the management concluded that a
general reserve of $5,0OO.0oo should be- q
created c out OF the income for the pur-
pose Of providing for any unforeseen
depreciation of investments and secmril rA
tras, f,es TOR rs; such other purposes as might
pirate to the board of directors. This
has now been accomplished by trans.
ierrlng TER -. on December 81, 1919, ST, 500, 900
out OF the income for that year to .the
general reserve" W s''e
New-York tribune., 1920-03-06
Motors Move Ahead

Motor shares, like the tire stocks,
were a strong group in yesterdays
market. Further short covering ap-
peared in this part of the list. Cen
eral Motors common got up to 2331a,
an advance from low Of 245. The
certificates for the new common stock
were traded in for the first time within
range Of 241h and 25as, closing at
the high price. up fraction from the
closing level on the Curb the day be-
fore. Chandler Motors came through
with the increase in the dividend from
an annual basis of So to $40 as pre-
dicted and the stock was strong. The
president of the company, after the
meeting Of the directors. said that ship
ments for the first two months Of this
year exceeded those for the first five
months of 1919. Met earnings, hs
stated, were in excess of $500 900 fo
the two months. "Our financial stat.
ment as Of February 49," he saio,
Showed cash as in excess of Sc, 900, ,OO0
Our shipping schedule calls for 10000
cars up to July l."
New-York tribune., 1920-03-06
The Shortage of Fuel O;,

The United States Shipping Board
has been letting out yowl in Wash
ilnngton because of it's inability to get
bIds on more than 100000 barrels out
OF 24,,o00,OOO barrels of fuel oil needed
for the. year beginning April / next.
OIL trade men say the government is
largely to blame for not taking a
stronger stand with regard to Mexico's
recent interference with American oil
drilling operations in that country. It
was pointed out yesterday that had
American companies not been stoned
in their drilling few months ago new
production would have been available
IN sufhclent volume to meet the current
market demands for fuel oil. While
temporary permits were given the
American companies q month ago to
drill new wells, it will require several
months, it is stated, to get new pro
auctlon onto the market. Meanwhile
fuel oil prices have risen in strikine
fashion.
New-York tribune., 1920-03-06
Worthington Pump

Most of the annual reports published
recently. have had way of falling far
below the highly glowing figures put
out for stock market purposes few
months ago. An example of this ten
dency was supplied by the Worthington
Pump report issued yesterday, cover
ing 1919 operations. 1t was good re-
port, all things considered, but far be-
low the unofficial estimates. 1t showed
Sl72S a share earned on the common
stock. Before deductions for taxes, the
surplus available for the stock was
equivalent to around $32 a share. The
Street was told, via stock market tip
sters, in December and again in Janu-
ary, that Worthington Pump earned
something like $50 to $50 a share on
its stock before taxes.
New-York tribune., 1920-03-06
In w all Street
Speculation Dies Hard

Speculation is certainly making
strenuous efforts to fight off the anaes..
thetic dose the Federal Reserve Board
Is supposed to be administering. This
is as true Of the commodity markets
as 1t is Of securities. 1t is hard to per-
suade the average business man, who
sees big business and bigger profits
awaiting the harvest, that he should
refrain from grabbing in. A fur mer-
chant walked into a large commercial
bank yesterday. II want loan Of $780,
O0O," he told the president of the in
stitution. II can take that $4,000 and
swing s1,0O0,O00 worth of business this
year" He was refused the loan on
the ground that the bank in extending
credit void be giving aid and conf ort
to the enemy Of low living costs.
New-York tribune., 1920-03-06
U. S. Army Exchange Rate for
English Pound Ia S3. .4O

From The Tribuns's WASHINGTON Bur.n.
WASHINGTON, March 5.-Rates Of
foreign exchange, fixed for the period
of March to Is for army accounting
purposes, were announced, to-day as
follows:
England-Sterllng at s3.4o to the
pound
France-Francs at 1925 to the dol
lar.
Belgium-Francs at 1878 to the dol
lar.
taly-Lire at 1s to the dollar.
The official rate of the mark, begin
ming February 16, was fixed at ID cen
times, or the equivalent of .OO96S8
cents to the mark
New-York tribune., 1920-03-06
The Market for Municipa!s

February's swift decline in general
securities put crimp in the marketing
cipal bonds at the eAd of the month
were selling at the lowest prices on
record, the issues of many Of the larger
cities offering tax-exempt return on
tne lnvestment so large as to compel
Of counties, cities and towns" "The
BOND Buyer" says, "fell off in Febru-
a.ry, largely because Of the sudden drop
IN values. In most cases the law re-
CURES municipality to sell its bonds
for not less than par and accrued in
terest. This restriction has RECENTLY
made it impossible for many issues to
be sold until the interest rate could
De raised. which requires reauthoriza-
tion, readvertising, and often. resnh- nh,
mission to voters" February offerings
of new issues Of state and municipal
bonds aggregated par value of s3s.-
5oo,4oo' compared with s86,694,726 in
New-York tribune., 1920-03-06
Treasury Certificates Retired

Out Of $644 100000 Treasury certif-
Gates Of Indebtedness sold in the Sec
ond Federal Reserve District to Mature
on March Is next in anticipation of
taxes payments, s591 200, 900 are still
outstanding, it was said at the Re-.
serve, Bank here yesterday. The re-
malnder has been retired through ex-
changes. 1t has been predicted that
taxes on March Is in this district would
yield $500,000,00O, and from the coun-
try as whole the income on the first
tax lnstalment day is expected to be
near $1,OO0,OOO,OO w
New-York tribune., 1920-03-06
The Gold Story

In stock market circles there was some
skeptlclsm yesterday about the story
that Great Britain and France are pre-
pairing to ship $250,0OO,OOO in gold to the
United States. Those who were in
cllned to believe it were not so sure,
however, that it would be bullish on
the general situation. 1t was pointed
out that for those countries to send
sucn huge amount of gold here would
be to weaken their own position and
add to our troubles here from high
prices Lacking confirmation. The
further sharp rise in sterling exchange
was accepted as Indicative Of some i'm
portant international financial opera
ton under way.
New-York tribune., 1920-03-06
Tire Stocks Advance

New favorites came to the front in the
stock market yesterday. One Of the
strongest groups-and gains here were
well held-was that comprising the rub
per ana tire stocks. United States Rub
rich and keystone were led forth int, into
the speculative arena with consider
able flourish on the published report
that on Monday tire prices will be ad-
vanced by the leading manufacturers
anywhere from 10 per cent on fabric
tires to as high as 20 per cent on cord
tires. This was not exactly new for
the Street has heard since the beein-
ming of the year that a rise in nrices
was Imminent The tire manufacturers
have argued that they were entitled to
an increase in the price of their prod
uct, because Of larger labor costs and
higher prices for some of the mater;a1s g
entering into the manufacture Of tires
principally cotton. ''
New-York tribune., 1920-03-06
AS 1t Should Be

"The market is behaving" said one
observer yesterday, "just as it must
and should, instead of trying, as it has
several times before recently, to take
account of. good news in wild specu-
lation, only to be brought to a sudden
stop by the Reserve Board Tightening
the money reins again."
New-York tribune., 1920-03-06
Money and Credit

Call money, after renewing at per
cent yesterday, dropped later in the
day to per cent, the lowest rate since
February "a. Bankers stated there
was nethlng significant in the decline.
ana that 1t did not indicate that lower
rates were likely to continue for any
great length of time. This was borne
out by the time money market, in
winch no change was noted. Much of
the current tightness of money. in the
opinion of bankers, is due to the diff
cultles shippers are having in getting
their goods to buyers. This necessi-
tates the tying up of a large amount
OF funds. which might otherwise be
temporarily available for lending on
call. With the advent of better wealth or
1T is expected the transportation situa-
t1on Will show material Improvement
The ruling rates for money vester-
day, compared with year ago, follow:
Yester- Year
On mixed collateral. 8 1%
On industrial collateral 5E
Time money (mixed collateraD:
SSlxty days. 5h@5A
Ninety days. ........... 8 5h05%
-Four months. .......9 9 5K@5%
Four to six months :. 8 51hN5%
Bank Clearings-Bank clearings in
New York and other cities yesterday
were:
Exchanges. Balances.
New York.. $751 ,762,9s6 $s5, 900 $50
Daitlmore. ..... 13,7O4,S57 6,211, ,819
Philadelphia. 76,212,357 16'754'593
Sub-Treasury-Un States Federal
Reserve credit balance, S75,ooo,o69.
silyer-London, 77Nd; New York.
S1.29%; Mexican dollars, $1.oo.
New-York tribune., 1920-03-06
"what Do You Think of the Market ?"

A member Of large wire house,,
"This is not the real move in stocks.
I don't think stocks can go far in the
way of an advance until money is more
plentiful. However, I don't think we
will see much lower prices than we
have already experienced. may not
be bull, but certainly am not bear
on stock values"
New-York tribune., 1920-03-06
Stocks Ex-Dividend

Mar 6-Machay Companies /,
Mar g. do pfd ...........
Mar 1l--National Enamel 4 Stamp of /.
Mar 10-South Porto Rico Sugar.
Mar 10 do pe
Mar 1o--N Wa Woolworth pf. .s.s... /,
New-York tribune., 1920-03-06
The Dollar in Foreign EXCHANGE

The report that Great Britain and
France would send large quantities Of
gold to this country over the coming
months In anticipation of the Anglo
French loan which natures on October
Is, although not yet officially con-
firmed, yesterday caused sterling ex-
change to rise 10 cents above Thurs
days top price and IS cents higher
than the close on the previous day.
Yesterdays high was $3.70 and The
closing quotation was S3.6525. Belgian
and French francs and lire similarly
improved. Much short covering was
reported.
Yesterdays rates, compared with
those of year ago, follow:
(Ouoted do11ors - 49,
New-York tribune., 1920-03-06
Bid and Asked
Copyright, 1920, New !

Laclede Gas. 40 ~ AZ
L f q w pr 20 2Iy
Ligg & II T. .l6O 165 q
90 pr .....l00 no
L-W b lst pr 0S 10I
do I'd pr. .Il0 1877
Lorlllard IT. ..l04 los
Mackay Cos pr "a az
Manat1 Sugar. l08 113
do pr -. 95 100
Manhat Beach q ~
MaHhat Shirt. 27% 20 u
Mar Rockwell. IS G0H
Mar Parry. "a 26i1
Mat AL w. 25 20
Max NJ 1st pr 6OM 55
Mex Pet pr. 95 100
Mich Central. So
MSP&SSM pr. Ol 0s
do lsd lines. 80 ~
NJ X & 4 pr Is l8
Mont Pow pr 80 90
Morris & Es. SO rs
Mullins By pr 81
Nash & Chat. 100 ll3
Nat Biscuit. ITO lis
90 pr .lOS ll2
Nat Aniline pr IS Sc
IN G. e. s rr ak 1o0
\ + & s pr 90 l0l
MIR NJ 1st pr = 10
NIC&SL lst. SO GO
do I'd pr. =. 43 46
y I Dock pr 48 so
IN Y l. & w SIS -.
Norfolk SO. -. 1871 14X
Norf 4 w pr 6S 7lH
North Am 80. 561k IS
Mag II 2 Dr.. lO4
Otis Elev pr. 81
Otis Steel pr. 96
Owens Bot. 55 Sc
Pacific Coast. . 25 so
"' ~ VI 1u OU
Pacific Devel. 63 10
Pacific Mail. . 80 SAX
2 Am Pet pr.l75 200
Penn I c pr. 80 G5
Peo G & c.. 3S1s 3eh
Petit Multi. >. SO so
do lst pr. E.. 95 ll5
Pierce Ar pr. 95 100
7 + W & C.11S l24
Pitts Steel pr 81 0l
z & w Va pr ~ 72A
Pr st Car pr.l02 lo3 -
? s @ N j.. 60 6s
Ry st Spr pr,lOl l07
Reading I'd pr 337s 35
Rem Ty pr. :. 90 100
do lst pr. 95 9S%
Rensselaer, .l02 III
K | g. S pr. % l00%
S l. Sw 80. 1917 II o
do Pr ..... % 2S%
Sears Roc pr. .ll6 ll8
SIS S & l pr 81 9S
s p r Sugar. 200 22O
do pr .102 ll0
Standard Mill. .125 14O
Stewart t War. IS IS liz IL
Studebaker pr. 100 1O0X
Sup Steel pr. l00h l03 ~
7 & p Id tr.235 $40
Ifdewater Oil.1S0 210
ISL & w ctf3 IL Is
do pr ctfs.. 10 90
Twin City X T 80 S21s
do pr ..... IS
Underwood T.167 l72
do pr ..... 100
Un Cigar st. .160 224
do pr 1071a l4O
O Drug 1st pr 49h 501k
do I'd pr. .130
USCIP&F pr. AZ AZ
~ 8 Express. 30
~ s l Al pr. pS 90
y s s & r pr 45H AZ
Va Car Ch pr. .106 10Y
Vulcan Detln. "a %
do pr 49,. IS 90
Wabash pr B. 1871 20
West Md I'd pr Is 20
Western Pac.. 241s 25
do pr ..... SO go
West'se NJ 1st. 81 s5
Wilson Co pr. 95 az
VIII & L r pr 90 oiK
Willys o pr. S61h SSlS
woolworth pr. iii ia
'WP & NJ DR. A S11a os
New-York tribune., 1920-03-06
Bank of Franco

PARIS. March 5.--The weeklv~state-
ment of the Bank of France shows the
following changes from the preceding
week in francs:
New-York tribune., 1920-03-06
Bid. Asked.

Al Chain pr SoA So 81
A Ag Oh pr. 81 93
Am Bnk Note 451s 5(
A Beet s pr. so 9l
A B d s Fy 50 I001
Am Can pr. 95 81
A Cot Oil m 81
A Linsced pr e3 95
Am Loco pr.lO5 l07
Am Malt & G 3oh 33
Am Shipbldg. - l25
Am Sm pr a 81 81
Am Snuff pr. Sc so
Am Sugar pr.l14 III
A Sum T Or S3H SG1
Am Tel & c. as 63
A To pr new 80 e2L
Ann Arbor :. l5N is
A D & 1st pr 65 20
At Bir & a. s 81
Auto Sales Co II l4I
do pr 500. 70 PSI
Bar Lcatllcr. 55 62
90 pr .. 50 95
barrett Co pr.l00 lO6
Bkn Edison. :. 95 97
Bkn Tn Gas. So 56
Brown Shoe. SSlz o.
do pr -. 95H 81
Burns Bs pr. los
brunswick -. Gla ~
Buff II & P. 455s 50 n
90 pr ..... - 100
bush Term. :. 100
Gal & Ariz. =. 661s 6l1
Can Southern 4l1s so
Case J l pr. 9S 30
Cent Fdry. =. IS 50
DO pr -. SO Sc
Certain 1st pr S4k
Z " Alt pr 121a l5E
e d f Ill. :. 5 T.
do pr ..... 7 8
esp NJ & o 60 eS
do pr ..... 80 lO5
CCC& S l. pr 63 69%
CT Il Pitts. so
Cluett Pea pr. 100 1OI
c & s lst pr 501a 81
do Cd pr. :. 40 4s
Col Graph pr. So SO
Comp Tab REQ 46 52
Con Cigars pr. 7S1a 80
Cont Can -. rs 81
do. pr 100 lO5
Cont Ins Co. T3 IS
Crex Carpet. . so Sc
Cuba Am Su.S75 400
do pr .l02 10
Deere Co pr. 99% lO3
Dot Edison. .l04 JOG
Det Tn RR. - 100
Diamond NJ. .113 I9S
Durham Hos. :. Sc co
do pr 100 lOO1t
Elkhorn c pr. 80 AZ q
En- Brandt. 90 "a
do pr ..... S21a Sc
Endi John pr.10l 102
Fed NJ & S. II 19A
do pr ..... o9L 35E
Fisher Body .11O 100 -
do pr 100 10
Gen Chem. -. $50
do pr ..... 90 %
Gen Cigar pr. 95 100
do pr deb. S5 80
G NJ & No. -. ga SA
do pr ..... 2Sh 80
G S S 1st pr - 97
Homestake :. 81 so
Int Har pr. Ill 1l1H
Int Motor Tr. = llp
90 1d pr. =. go 63
Int Paper pr rs 100
Int Salt 81. 67h 20
Iowa Central. g z
Jewel Tea pr. 40 Al
Jones Tea -. % 26
kayser ] .105 lis
KCFS&M pr. 50 63
Kelly Spr pr. 90 e9i.
Kelsey Wheel. 81 20
keok 4 D NJ. 7
do pr $50. 20 80
kresge s s. .l45 1907
do pr .....102M lO7%
Kress & Co.. rs
90 pr 100 -