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The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1920-09-22
\, !. STOCKS

New York. Sept. @l.-LeadIns stocks
we're subject 10 intermittent SELLING
pressure today. tho professional cle.
mcnt almost as a whole extending thSt'
short commitments as n result OF ue-
yelooments which seemed TO foreSnauo"
further Industrial readJuStment.
Foremost among these was the SuS-
pension of dividends on the COM
! stock OF the Central +rat"rE COMPANY
While this action occaSioned little sur
nrtse the Impclling cause directed re-
newed attention 10 the depression now
prevailing IN many important orahVh'S
Of trade and manufacture. -,.,,,
Yet another Significant dcNC!oPtUtui,
was the announcement that IN" foIu
Motor company had cut the price OF Us
product TO a prc-war basis .,...
Motor shares and their subsidiaries.
sspcciaily the latter were among me
bcssvi"st features OF the session. EX>
treme declines in these issues inctuu-
ms the rubber spccialt!es. ranged iro'
TO points. $500.
oils which derive much OF thc'r sup
.norr or stability from the motor IN
dustry also fell back. particularly mo
low Grade shares and StcelS and equip
l,neuts we're su<pectible 10 the same IN
"fluruces, though in minor degree.
casG soma u periods Of activity and
Strength. notably Western Maryland
md preferred and pittsburgh and West
Virginia and unusual activity was
shown by Erie. rere Marquette. Chicago
Great Western preferred and 81. Louis
Southwestern. Sales amounted TO 'VV'-
600 shares. o,,
Money on call again held at percent
and time funds ruled at central rae
ins,i.r arothrr frain on local bank re-
sources for government payments later
in the week Exchange on Lennon
and Paris was moderately r"actionarE;
The. bond market WAS active anu
r,a;ni,. arm. including Liberty issues,
With mixed changes in the tore:sl
Sroup Total sales. par value were
81. 400, 600. Old L. s. bonds were I'M
The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1920-09-22

W. J. woLI.MAN o. CO.'S
CLOSING STOCK LETTER

BY private wire to 4. +, MaSt"rn & 60.
cciIations OF steel contracts ny makers
of automobiles and au,omohilc parts
were reflected in the prices for It." in
dependent steel and tho motor shares.
the latter already having acted some
what nerrously because OF the action
Of The tire stocks in the morning.
The passing of tho dividend by Cen
trail Leather also contributed 10 III"
nervousness that increased as the day
wore on.
towards the close. prices steadied.
but the buying that halted the declines
was mainly professional short cover
ing. The oils and rails were under
sues sold of easily. Tho action Of the
list was not altogether unexpected but
the recessions had not been expected 10
extend through the day nor 10 run as
far as they did.
Sinclair and the MeXicanS were con-
sidered to have acted the best Of the
oil list. while Southern Tactic and the
lower priced eastern rails showed 4
strong tone At the close.
W J. Wollman & Go.
The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1920-09-22
BELMONT

Mr.. ard Mr& Clyde Travis were Bel
mont visitors.
Dir. and Mrs. Peter Kemp. Jr., and
daughter visited at Belmont Ridge Sun
day. ,, -.
MIR. and Mrs. Walter Medley or
BarneSvillc, visited at S. D. Hatchers
Saturday and Sunday.
MIR, William Hatcher and grandson
were Belmont VISITORS Saturday.
Mr. and Mrs. Dee MilhOan were visit
ors at Rarnesvillc Saturday.
lanes Scott was a Belmont visitor
Saturday.
Miss Alta Hatcher was caller at
Mr.. SCOTS Sunday.
Mr. and Mrs Orvillc lancoaSt OF Mis-
snuri Is visiting friends in this COM
Several from this vicinity attended
The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1920-09-22
SUGAR

New York. Sept. :l.-Th" local sugar
raw market WAS qulc;cr lo!ay but the
und"rtonc wa steady ard prices We're
unchanged At ?%c for tubIs cost and
freight equal to 20 &c for centrifugal.
II was believed that fun duties and For
10 Ricus could be obtained At last paid
prices but rcIncrs were out of the mar
ket and no fresh business came 10
light.
The market for refined was again
unsettled with another refinery rcdur-
ing his prices !: cent 10 the ~. cent
level at which quotation all Tr!in"rs
ROW are accepting business. Two r'hn-
rrs however still are out Of the market
while there is litlc Il any improve
mrnL noted in the demand. Second hand
sugars Sill are available at from Il 10
lihC.
The markr. for sugar futures was
very dull and operators We're inclined
10 hold OF and await developments -
the spot market. The only transac-
tons reported were IN January. which
after selling ut 10 or 8 points above
the previous close caScd Of 10 $50 with
ia" general list closing 10 points net
lower to = higher,
The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1920-09-22

Wheeling steel Corp. pfd "A'-Trans-
fer books close Sept. X. for n per cent
rash d;vid"ud payable Or;. |.
Wheeling Steel Corp. pid "E"-Trans.
fer books close Sept. Is, for -: per
cent cash dividend payable oct. |.
Wheeling Steel Corp. com Transfer
books close Oct. Is. for per cent cash
dividend payable Nov. l.
Central Glass WorkS-Transfcr books
close Sept. -, for Il > per cent cash diTi-
dcnd. payable oct. l.
Imperial Glass Works Transfer books
close Sept. 18Th. for n l !. per cent cash
dividend payable Oct. |, 1879.
The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1920-09-22
Monday. All members arc requested u
entertained Society

Nrs T = 6sxHn pIeasantly enter.
,,inna tIr ncmhrrs of the Ladies Aid
sarHeu ' nf IN o' " = church at her home
>.sh,n .,rnnt i,Gt evening Fol-
,,in, ~ husjnrsS session needlework
nr vnrt0us kinds filled the remaining
hours. 4 dainty luncheon was served
III the eemubi,e aT women to Meet
1'bc E.nuhIi,in women of this city
will hold 4 meeting this evening in the
school AUDITORIUM for the purpose Of
naming their committeeman. AS this
meeting is Of great Importance and
Should interest every woman OF tho
Town il is requested that there be Il
large turnout.
Clouston Funeral
This afternoon at 4" o'clock at the
home o! her father JacoIi Messenger.
funeral services Will be held over the
Of Nm. Clouston who passed away sun
Ing due to heart failure. Rev Samp-
son will off!ciatc. Intcrmcnt will be
made IN the Moundsyiile cemetery.
Had Delightful Time
n,ng by the members Of Division No.
OF the Ladies Aid society when they
we're pleasantly entertained at the home
Of Mrs. John Houck on South Baltimore
street. Ncedlcwork and music hl!cd the
the guests rc3air.d to the dining room
'. ncrr tempting refreshments were
served
A large turnout Is expected at the
First Christian church when Rev. Worth
the new pastor, will conduct the ser
vices. He has Il very interesting SER
mon TO deliver.
~ McMechen Briefs
Mr.. and Mrs. Smith Mccullough are
rejoicing over the arrival OF Il new son;
las. Mitchell has gene 10 Cincinnati
Ohio. and to Louisville, Ky, to visit
for a few weeks.
+. II. Haberncld has gone to Balti-
moro L. visit his son who Is IN the
Johns Hopkins hospital.
II. II. Lukrs has motorcd to Pitts
burgh Ia, for :; brief business trip:
Mr.. and Mrs. Merton Carroll, who
have been camping with n party from
ShadvS!de In GrccnhriCr county, have
. tr", nov
Mrs 7 W. Strong is confined 10 her
""in% on S Tottin ssfer rctmrnrd n His
h,,,,,n ~, Wins Ferry after n brief
n'''' ~. '"' '''''
VIZ h'rr. .,o r,s hoor snond,rr
''nH h"rhcr' VINO mas ucSn "iouI. a
Il hu'i'""' ~ "n! at SEA 'S' mag
'"ir,n - H,A ,'ts In. ron. n Noun
,.'.r, rM- - hrt,.r s,yv Win
rai,,gx"s
Mrs ,:has Callahan and son OF the
Island Wheeling ARC the guests OF Mrs.
t:hnGtn- CnI,lJe
NJ ,pd H. Nyu, PIocL NJ Younrx-
,oH.r n%io aro .nnniin~ seycrol days
Scro uj,h rointiveI
b.. N"CIrn, or i-,rkshurr ;s snond-
inc nmn,hrr Of DAYS hero with rela-
ME hummer u va" "S'' Wa"
- S|,r,, poIl,.,. &. ,op6,nd 70 his honn
N,,'",t nlAeS - i;nh,T, ''' ''0'''0
"" .hh' S i -. S.i eli I;n,Sa,iSgb rrbo- hos
IHS ~ .,'t 80. "oI'aror AZ. &C.
ape 10 nc out "SIln CT, -, cor,,,
Mt; ana .MI3 t 80 ~ 1ro,,d n,rents
-n"I SnhL H.Icc'' "'' '''' f''"N
e"l nc" Soh. ~ 1ob, MIA
MrH. J.. II. career ana S"i. JShi., ~, w
nave ptSn spehuhs /" ~, W -,
The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1920-09-22
RUr-Eo, EGGS. CHEESE.

New York. Srrt. 2l--B Butter firm;
creamery higher than ,NtraS. 81 p II g..
CREAMERY ,N,r~Y t"@ srOrel CT: nrst;.
IS to 81 score. IN. a co. packing stock.
current make. No. I, A..
Eggs firm: fresh gathered. extra frSiS
61G63: hr$ts. 57W %: state. '"nna. and
nearby western hcnn"rY whites. hrSt'
10 extras. T5pS5: state Pcnna. and u"nr
10y western henncry browns. extras ~
a %: do. gathered browns. mixed col
ors. hrsts to extras. 5TWC5.
Cheese firm: state, whole milk. hats
current make. white and cnlorCd. spc
Gals 19m29l.; do. average run, p = n
2Sl. state. whole milk. twins. current
mako. specials. 2SH G2Si,; do. average
run. 81 y GgS.
Live poultry easy; live hroilerS. by
lO6rIi. old roostcrs. IS: turkeys. 40;
dressed steady: prices unchanged
The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1920-09-22
CHICAGO GRAIN

Chicago. Sept. 2l.-HiG receipts Of
wheat at Winnipeg together with per
s!stsnt decline in the value OF corn here
brought about severe breaks to-day in
wheat prices. The close was heavy "a
10 So cents net lower, with December
$232 TO S2.32ts and March s2.@6 y. Corn
finished y TO ~ cents down. oats OF!
on to 81, cents and provisions at a set
In ok OF J cents 10 $l.25.
The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1920-09-22
MONEY AND EXCHANGE


New York, ScV'. @l.--rrimc CONNER
cial PAPER S Exchange irregular: stCr-
ling 60 day bills 3A37; commercial 30
day bills on banks 3i3 y. commercial 90
day bills 3I3as: demand $685.. cables
%46S; francs. demand $50: cables GIL /;
Rclgian francs, demand IL; cables ~.
t;uilders. demand. 400: cables 3l.l2:
lire. demand 4G1: cables 423 Marks de-
mand 1877: cables l5S: New York rN-
change on Montreal. 10 percent dis.
count Government bonds firm: railroad
bonds aIiN.
Tine loans strong; GO days, 90 days
and six months s a ST. percent.
Cal; money steady: high :: low I: rul-
ing rate :: closing bid e: offered at =;
last loan :; bank acCcptances Ga.
Sterling weakened further in the lat"
dealings. Sterling 60 day bills Si2; COM
mcrcial 60 day hills an hanks $i2: com.
,nta.Cial GO day bills "ili": demand
3i6l&; cables 3411t.
The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1920-09-22
NOV GnnD0

N wYork, Sent. al.-coefon varns
wcrr lover IN today's market. Cotton
goods were in better inquiry with trad
ing IN snnN lots. Knit goods npcnlnSa
showed prices lower than agents pre-
diCted two months ago.
Rurlaps were very quiet and steady
and silks quiet with demand light
The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1920-09-22
P1TrsBuRaH LIVESTOCK

pittsburgh. Sept. n1.--HoEs-Rccclpts
non. lower: heavicS. 1775 n l7.s5
heavy workers., 1861 lS.T5: light york
ers. 1s.95Q1S5O, pigs. 1878 a 1900.
sheep and lambs-Reccipts. SOU
market steady. Top sheep. $50. Lam s
I4.5n. Calves-RcCeipts. 1000: market
steady. TOP. 1900.
The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1920-09-22
LIBERTY BONDS.

e,o S.g Hs ST. set Sos a1.. ~ ssts:
second IS. E5.54; fir as. S67o: sec
ord aus. S5.7s: third as. N.NS; fourth
Ks. $500: Victory "a s, 9l.,I. Victory
AVS, $50.
The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1920-09-22

Cash quotations:
rcd $2.44.
Corn-No. . mixed sl.92h. Tl2Gl3 no.
yellow sl.23N ii l.ei4. .
oats-So. white 5ST N5Hicc; No. }
white 57T5SAc.
Pork-Nominal.
Lard-s20.00.
R!bs-$l7.l2 Gl1.T5.
The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1920-09-22
NEW YORK CURB MARKET

Wheeling. W. Va Sept. 81. 20.
Furnished Thc ntellisenCer by A, L
AaSten < Co. Members Lost on Stoch
Exchange, second floor National Bank
Of w. Va, Bldg.
The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1920-09-22
New York Colt;,u Market

Wheeling. w. Va. Sept. 81. 20.
Furnished The Intelligence by A p
Masten & Co., members New York Cot
ton Exchange. second floor National
Bank Of w Va. Bldg
The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1920-09-22
Standard Oh Subsidiary Stock

Wheeling. ". Va. Sept Il. 20.
Furnished Tho Intelligericer by A. z
Masten 6 Co., members New YORK STOCK
Of W Va. Bldg.
The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1920-09-22
NY, STOCK EXCHANGE

Wheeling. W. Va. Sept. IL ~
EurnishcJ The Intelligenccr by A. r
Masten & Co. members OF the New YORK
stock Exchange. National Bank 6uil9'
inS wheeling: W. Va, Louis r. Brand
Resident Partner.
The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1920-09-22
LOCAL STOCKS

Wheeling. W. Va. Sept. 81, 20.
Daily quotation list Wheeling stock
Exchange, compiled for the lntClliScn-
Ger
The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1920-09-22
PITTSBURGH STOCKS

Wheeling. W. Va. Sept. 81. 90.
Furnished The lntellig"nCHr ny A. T.
Mas,en & Co. members Pittsburgh Stock
Exchange, cond floor National Bank
Of ". Va. Bldg.
The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1920-09-22
McMECHEN
Much Ilnnrove0

The many friends Of EtswortI Con-
ncr. who Is lying N Tia" TI"ndAie h"SI
nital suffering from 4 fractured skull
Sustained several days ago when ne was
run down by truck. VII be glad TO
learn that he is getting along nicely
Planning Party
Elaborate plans ar" being made by
tho Christian EnGHay"r E%ci"ty Of the
church OF God Tor tho Harvest t"'ne
rariy to hr held in IN" church next
wrrR hut 80 far no definite dat" has
Yet hen set. All VII" attend are to
dress likr farmers. and prrparat IONS
NJ, h.iur made. ;ur one Of III" largest
lines rhat the society has yet given.
4 meeting Of the committeeman VII! h"
held this week and ARRANGEMENTS W."
~, ,rmplctrd and the date set
Will Elect Officers
The members OF the Christian r EnH ,'';ii
vnr society OF the thurch Of COD WI!
hoib ;hrir annual election of officers at
Inc meeting Monday. TIL" nomination
Of c,uLidarcs was m:dc At the last
m"ctlng and the election WI! be heiu
The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1920-09-22
BOSTON COPPER STOCKS

Wheeling, W. Va, Sept. 81. 20.
Reported by A. E; Masten & Co. mem.
bers New York Stock Exchange, Second
floor National Bank Of w. Nc. RIdg.
The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1920-09-22
YuSRoLEUE

OIL Ct.y. Sept 21.@Credit balances
$50. Runs 1904; avera1e 1854
Shipments s5.sSs, average s5.4s3.
The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1920-09-22

Mrs. J. e. Dixon pleasantly enter,
tanned the members of the LadieS Alo
sNrirtv Of the ". r. church at her home
on Marshall street last evening. Fol-
lowing tie business session needlework
or various kinds iiled the remaining
hours A dainty luncheon was scrHcu
The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1920-09-22

a large turnout Is expected al
First Christian church when Rev. Wor'
the new pastor, will conduct the Sc
vices. He has Il very interesting sc
mon TO deliver.
The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1920-09-22
ClOuStOu Funeral

| This afternoon At 4" o'clock at III
home OF her father JacOh Messenger
funeral services Will be held over IN
remains OF Mrs. Dora Clouston. the WIZ
| Of Wm. CIouston who passed away sun
/ day nj the Glendale hospital. death be
! ing due to heart failure. Rev. Samp
/ SON will off!ciatc. Intcrment will b
made IN the MoundSyiile cemetery.
Arizona republican., 1920-11-11

1. Ten per cent to remain in the organization in the form of an invest ment and for which negotiable voting trust certificates will be issued as shown below This instrument should be maintained at a fair earning ca pacitv so as to make the stock readily negotiable at par or more and good collateral for loans at local banks. It will be easily negotiable when so maintained. This, retention is con- tempiated for the first year only and should give q capital as a basis for sufficient credit 10 meet the needs of the company.
 2. Ten per cent to be deducted to be used for expenses such as over head office and general expenses, freight. interest, loading, handling and sampling charges. commissions insur- ance, claims. storage. weighing, dray- age. dividends etc. From this dividends on capital stock, surplus, reserves and such other earnings of the company will be distributed as the directors may determine.
 An Asset to Grower
 This retention for expenses is to cover such charges as the grower has i always paid in the form of freight, ! etc, regardless of whether he sold 1 locally or consigned. If sold locally these charges were paid in selling for a lower price and in the case of con- signment they were deducted when an account sales was rendered.
 Experience has shown that thorough ] efficient marketing sufficient gain on tie present method should he returned to the farmer to cover these two items and more. By keeping distressed cot ten off the market and being able tc offer quality and quantity in colum' as well as to know what the marke really is and take advantage of it, { sufficient premium should be realized to make enough gain over present
 methods to more than cover both tn
 investment and the expenses. Tn
Arizona republican., 1920-11-11

them. It was taken up by New York banker with a Federal Reserve rep resentative in Washington and ap- proved in detail. Hence it has the approval of the banking fraternity with which 1t must deal all along the line
 The operation in detail is ss follows
 CD Farmer sells his cotton to this new organization.
 CD Organization borows money to move the crop east and sell same either in transit or from warehouse.
 t3) Complete financial protection 10 the grower until cotton is finally sold.
 The possibility of interesting New York capital is predicated on the or ganization establishing proportion ate financial standing. In banking circles a borrower of money is SUD- posed to maintain a deposit in propor- ton to the amount of money borrowed Hence the necessity of the organiZa- tion having an adequate capital for the basis Of issuing proper negotiable paper for it's operations. This capital will be maintained in the valley and in the east on deposit as a basis Of credit and will not be used for ex- penses. To all purposes it will remain intact and unimpaired.
 Title to Cotton Must Pass
 To have the approval of the Fed eral Reserve bank that the paper of the organization may be eligible for redis- count the title to the cotton must pass from the farmer to the organization An initial payment will be made to the farmer at the time the sale is made in about the sum of one third the eastern value of competitive Egyptian cotton This figure is conservative and should at all times protect the or ganization as well as the grower. Th' final payment to the grower is mad, on the sale of cotton to the organiza tion when the cotton is finally sold.
 From the final total gross receipt of the sale of cotton the following de auctions are made.
Arizona republican., 1920-11-11

9 Market the cotton at points of consumption and in quantities that market can readily absorb thus return ing to the grower the real market price.
 g. Establishment of an eastern sales director who shall study the general long staple situation in every possible avenue where Pima cotton could be used and keep the organization in the valley intelligently and constantly in touch with fresh and accurate infor- nation.
 As a premise 10 the discussion Of the >&fTst purpose of providing suit able finance it must be understood that the function of the banks in the valley is performed when they have financed the cotton untiF it is ginned and on the yard in form of a bale. At this point the loans to the local bank should be commenced to be liquidated. The banks in the valley have not the funds to finance the crop after the point named above. The banks fully realize this situation and concur in this statement. Their present attitude in extending themselves to the extent they have is one of the most remark able and commendable things they have ever done and is but a further evidence of the high character an6 personnel and devotion to the genera good of the community they have shown so many times. The bankers are not cotton merchants
 The Plan fn Detail
 This money then must come iron outside the valley and the logical plac, to finance anything of magnitude i | in the very financial center itself, Nev ] York.
 With this in mind study was mad by which New York money could b attracted tt the proposition of nov ing this crop and the plan on whic the new organization was evolved wa acceptable to New York bankers. was presented to the Maricopa Count Bankers association and approved b
Arizona republican., 1920-11-11
PLAN OF FINANCING COTTON CROP OF SALT RIVER VALLEY
 AND STABILIZE THE MARKET

market This necessitates also care l full study and interpretation of that market by someone sufficiently fla miliar with such procedure that the market can be properly analysed and sound conclusions drawn. One of the most important functions of this or ganization will be a constant touch with all possible avenues of outlet of Pima cotton and close analysis of the long staple market of the world.
 This organization about to be com pleted recognizes from experience that the real market for Pima cotton is at points of consumption in the east. Most of the mills which use long staple cotton are located in New England and the cotton which Pima comes in competition with is practically. all of fered "spot" Boston or in the vicinity of Boston. There is a strong proba bility that quite volume of Pima cot ton will go to France, Belgium, Eng land and Holland this season and in the future. In that event the cotton must move east for export and when started east, as ginned, it Is ready either for consumption in eastern mills or for immediate export shipment. The so called local market is in reality not ! reflect eastern conditions. Local buy CTS are never in the market unless the market is open in the east and they buy only on dfinite orders and prices submitted them by eastern mills, and in any event it makes no difference who pays the charges incident to the movement of this cotton to eastern points, the grower pays it in the end and the local buyer does not handle iI this cotton unless there is a good margin of profit in it for him.
 Growers Needs Protection
 Consignment is all right in a period of abnormal prices and a rising market, but consignment with the danger of "call" which always goes I with it is very dangerous thing in times of tight money or an uncertain market. Any marketing scheme which does not offer the grower protection at every point and until the cotton is finally sold is very dangerous thing
 The purpose of this organization is