davidaulloa/AmericanStories huggingface dataset:
The Washington herald., 1920-01-28
STEEL PRICES

Important independent steel man
ufacturers have reverted to the
price schedule which went into Nef-
feet January l.. 1919. and was opera
tive, until as result of Industries
Board activities, quotations were re-
duced. effective March y. 1919, to the
level since observed by the Steel
Corporation.
The price schedule announced re-
stores the cut, roughly averaging
around 81 ton. which resulted
from the Industrial Board arrange
ment. 1t is the same as that which
the steel manufacturers presented
to the War Industries Board in De-
cember. 1918. involving an average
cut of about IS a ton from the
prices effective during the closing
months of the war with War In
dustries Board approval.
Announcement of these new prices
results from an investigation of
production costs which has been in
progress for some weeks. Increased
costs due to advanced prices of coal
and certain other raw materials re-
quired in steel-making and the pros
pect of a freight rate advance, to-
gether with the virtual elimination
of profits from 1919 operations,
made higher prices imperative, say
the manufacturers.
While only two producers. one in
.he Greater Pittsburg district and
the other in the Chicago district.
have started to quote on the basis
of the January !. 1919, price
schedule, ii is likely that others will
follow. Some producers who have
been selling certain lines of pro-
ducts at higher prices may conform
to this schedule.
In the interest of general stability,
1t is the desire of producers, so far
as possible, to stabilize the steel
market. 1t has become evident that
with increased costs and the pros
poets of further advances inde-
pendents could not satisfactorily
maintain the Industries Board price
schedule. At the same time such
producers have desired to prevent
a general runaway steel market
with its certain early adverse ef-
feet on business generally. So 1t
seemed best to the producers TAX
ing the lead In the new advance to
go hack to the prices Of q year
ago ~
The Washington herald., 1920-01-28
STEEL DIVIDENDS

New York. Jan. 27.-U. $. Steel Cor
poratIon today declared its regular
quarterly dividends OF IA per cent
un common and l "a on preferred
stock The common dividend is pay
able March 90, and the preferred Feb
ruary ".
Net earnings of the Steel Corpora
ton after deduction of Federal taxes
for the present quarter were So, 49,
co.. The same figure for the previous
quarter vas sto,10.252. From quar-
terly reports of the corporation a
statement Of earnings for the twelve
months ended December 81, 1919.
shows surplus after charges and
Federal taxes of sT.C9S.l'S;. This is
equivalent after payment of pre-
ferred dividends to 5000 per share
on common stock. This compares with
a surplus of Sl37, ,;32.S77. or $3.50, per
share on common stock in 1918.
The Washington herald., 1920-01-28
BOND MARKET

The much heralded and looked for
first of the year Improvement" dur
ing the current month has become a
myth. The bond market, which rail-
lied slightly after the slump in De-
cember. has been gradually declin-
ing and during the past week regis
tered the lowest general average of
prices so far this month.
The volume of trading has been
comparatively light. no groul, COM
ing in for special attention.
While there is a general feeling of
uncertainty just now with lower
prices looked for. the situation has
not reached the point to cause undue
alarm. Such things as unfavorable
railroad legislation. the peace treaty
uncertainty, foreign exchange going
to pieces, and further advances in re-
discount rates. although extreme, are
within the raneg of possibilities and
are, Of course. having their influence
At the present time the situation looks
none too well.
The Washington herald., 1920-01-28
PROGRESS OF
NATIONAL BANKS

The Official returns Of the coun-
try's national banks as Of Noyem-
Der IL. 1919. Just compiled, show a
growth and development of banking
power never before equaled-
The national banks of the United
states held. on the date named, re-
sources of s22.4t4.se2, 900. This was
an increase since September IL,
1919. Of ss2s.57s.ooo. the greatest
ever previously reported; and an in
crease for the year. or since Noven-
Der ], 1913. of s2.e23.5ss,ooo. As
compared with the returns of Au-
gust 8. 1913. the increase is slI,-
$4,000, 900. or 10 per cent in about
six years.
The growing confidence in ma
tional banks is also evidenced by
the unprecedented increase in the
number of national bank depositors
which. on November IL. 1919. stood
at l3.l21.249. an increase since June
80 of sS0.9s9.
Deposits on November IL, 1918
were s17,467. .S53.0 900, an increase over
September IL. 1919. Of s7ss.27l. 900:
and an increase for the year, or
since November I. 1915, OF s2,4l6,-
$4,000. The increase in deposits
was about $1,000. .oOo.o 900 more than
the increase in loans for the year.
Loans and discounts (exclusivo
OF rediscounts) on November II.
1919. amounted to s11,56O.2ie.J00. an
increase since September -. ial9.
Cf s47i.7Se aOC. and an increase over
November I. 1918. of s1.163. sos. 900.
The proportion of loans and dis
counts Cexclusive of rediscountsD TO
deposits da November Il, 1919, was
66.lS per cent as compared with
66.i5 per cent September IL. 1919.
and 67.0S per cent on November 1.
1918.
The total cash on hand and due
from Federal reserve hanks Gn-
cluding lawful reserve and items in
process of collection) on November
Il. 1919. amounted to s2.lSS. 755. 900.
the greatest ever reported, being an
increase over September IL. 1919.
of sl44,3i2. 900. and an increase over
November ]. 1918. of s3S5,29l.O0o.
Circulation of national banks on
November IL. 1919. was $3.50. sT9. 900.
a reduction over September L..
1919, of $4,000. and an increase
Of s5,lSl, 600 over November /, 1918.
Total Of bills payable on November
II, 1919. was sI.062. 1855. 900. a re-
ducton Of te.45l. 900 since September
IL. 1919. but an increase as COM
pared to November !. 1918. of sl24,-
$4,000. The bills are largely based
on government securities.
The Washington herald., 1920-01-28
STOCK MARKET
STILL STRONG
Some Specialties Display
Sharp Advance; Ex-
change Goes to New
Low Record.

New York. Jan. 27.-In spite of
the fact that Sterling exchange
broke to another new low record
today. gold in London going to
another new high record and that
money ran up to 10 per cent on
the stock exchange the market
was strong Specialties advanced
sharply. The prominent ones were
American Wooden, General Motors,
Crucible. Baldwin and Fruit Steel
shares were strong throughout the
session but without any material
net change. Tobacco stocks dis
played considerable vitality after
the announcement of the 10 per
cent stock dividend on United
Cigar Stores. Sugars were firm.
Earnings of the United States
Steel Corporation were O35,791,2O
Steel Corporation were $35, 2O2
figures were better than the
Street expected as the strike was
In that quarter. Good buying of
Steel was seen all day. Many or
ders went untitled because they
were slightly under the market
but brokers said their customers
wanted the stock anyhow and
would take II at an advance.
Therefore good buying of these
amount of business on hand is
sufficient to justify the forecasts
OF very prosperous year
Advance In wool was due to the
oest kind of buying for long ac-
count. Brokers say there has been
but little short selling in this stock
as professionals are afraid of il.
The 1919 earnings were remarkably
good. An extra dividend is almost
certain. The big factor in this
stock is the impOssibility of COM
petition. The costs OF new mills will
be too great.
American Hide and Leather made
us report for the first half of tine
present hscdl year, which began
July /. 1919. By marking down
schedules this report was made as
Dad as possible. There is good buy
Ing OF this stock lor the account
Of insiders They evidently are plan
nlns another campaign. 1t wouIu
oe pity to adjust the back divi-
dends on the preferred because they
are really the best asset the insiders
have.
announcement is expected tomor-
row of settlement of the litigation
IN which the Consolidated Gas Com
pany is involved. Wall Street didn't
pretend to have the decision in ad-
vance and the stock was heavy.
railroad shares showed a better
tone in view of the new arrange
ments made to finance the cars they
need The railroad industry is so big
that the inroads that are being made
by the automobiles will take a long
time to make themselves felt. 1t
Is barely possible also that if Com
gress passes intelligent measures for
the relief of the railroads that they
may continue to grow But with
some farmers uniting with union la
Dor in raid on the railroads as an
institution, they cannot be recon-
mended as investments. Railroad
bonds are among the best specula-
tions. however. in Wall Street, be-
cause they have been hammered so
low that even an approach TO a
square deal on the part of Congress
would restore prices in them sharp
iy. In addition to that most of them
would have to be guaranteed by the
government in any scheme put for
ward, and the dividend returns are
such that with a defiation of the
currency they would make a. fine
showing for persons buying them
now.
The Washington herald., 1920-01-28
Chiceso. Jan. .T.-Future prices In grail
and provisions:
CHICAGO LIVE STOCK.

O0 head; weak; bulk, l5.5Calj7J; top
1900; heavy. l5.35Il5.6J; medium IL. 50a
l'.15: light. l5.5Oai5.s5: light light, ASA
l1.6O; heavy packing sows. smooth IiT5a
l'.lI; packing sows. rough, l4.2Jal4TJ;
pigs. l3.75sI4.T5.
CATTLE-Receipts. Il 900 head: weak.
beef steers. medium and heavy, choice and
prime, lJ.|0al1.JO; medium and good, II. ga
l'Ih; common. 3.JOlll.JO; hight, good and
choice. l3.CUal6.2I; common and medium
3."Cal3.OO; butcher cattle. heifers, G.SIa
l3.aa'; COWS, G.TJal2.JO; Gamers and cutters
5.6ja6. 40; veal calves. I7JOal925; feeder
steers. S.0Oal2.2J; stocker steers, 7.:aIall %.
SHEEP-Receipts. 12,OOO head; strong /;
lambs, l9.2Da2l 80; culls and common. L. ~
alS.7J; ewes, medium, good and choIce 10. 10
ai3.21; culls and common, G.JOll0.Oo.
The Washington herald., 1920-01-28
GRAIN, LIVESTOCK
AND PROVISIONS
CHICAGO GRAIN.

Chicago. Jan. ia stampede OF
shorts. late buying to cover short
lines put out early. led to advances of
is to 1-2 cents for the more deferred
corn futures and held January steady
today.
Prices were low early, the fact that
foreign exchange reached a new level,
thereby reducing the purchasing pow
er of foreign money. resulting in
heavy selling of not only corn but the
other pit commodities as we'll That
the weakness was mainly sepfimental
was shown by the manner In which
corn recovered in short buying.
Cash corn dropped sharply, the gen.
eral run of receipts being unchanged
TO cents lower. while number yell
low corn was as much as 8 cents be-
low the highest price on Monday.
The man on the outside, generally
the principal Spectator in the Chi
cago corn market, seems to lack con-
fidence in the grain. This attitude
is caused by the uncertain question
OF transportation and because settle
ment of this question is a long way
of. This accounts for the dullness
in corn.
Oats futures were SIC lower to
lie higher. That Canada wants
American money was shown today
when CARGO of Canadian oats was
offered for shipment after the opening
of navigation with the stipulation that
payment he made in American money
Cash sales Were $1,000 bushels with
prices unchanged.
Lard was the center of attraction
in the provisions market and the
volume of trade was larger than for
some time. Lower prices prevailed
with lard relatively weaker than other
products. Big packers were selling
lard freely and demand was scattered.
The Washington herald., 1920-01-28
RAILROADS

Discussing the railroad situation.
Bureau Of Railway News and Statis-
tics says: so long as it takes s4,7Oo.
Do,eo to pay the operating expenses
or the railways il will, take gross
earnings Of $500, 100000 to produce
surhcient income to pay I-2 per cent
on their value. This would leave
nothins for the reserves that should
oe maintained. nothing for the better
nnents that should be charged 10 ey-
penses and nothing against the lean
years that come as inevitably as the
sparks ny upward. Nothing short of
horizontal advance of 25 per cent
VIII assure such gross earnings, and
u win take at least so per cent to re-
naohttate railway credit where IT can
compete with the government for
money to provide progressive trans
portstion for Iio.ooo.ooo Americana"
The Washington herald., 1920-01-28
DEMAND STERLING

New York. Jan. Z7.-Sterling dropped
10 an unexpected low record in The
foreign exchange market today. be-
ing quoted this afternoon at 1856 ID
compared to the old standard value
OF &.S. Opening at a new low of
s. 81 Ia. sterling continued TO fall
fractionally during the day.
Bankers attribute the drop in a
large measure to the Tightening of
loans for export business as the re-
suit Of the recent advances in re-dis-
count rates by the Federal Reserve
Board.
The Washington herald., 1920-01-28
MONEY

New York. Jan. 27.-Money on call on the
stock Exchange opened at per cent. high
10 per cent: low. s per cent: closing az :
per cent Most OF the days loans were
made at per cent. Loans made on all
Industrial collateral were SalO per cent
Time money conditions continued IN
changed with funds difficult to obtain.
Rates are still quoted at and 81, par cent
for loans IN all Industrial collateral. and
and ~ per cent for mixed loans
Mercantile paper rates also were IN.
hanged at s per cent. with most of the
business transacted still being for the ac-
count Of out of town banks
Interior money rates were unchanged to
DAY. Rates at important points reported
BY telegraph were:
Boston, call, 6; time. s. Chicago. call
.; time, 6a61a- Philadelphia. call. 6; time. q
The Washington herald., 1920-01-28
LIBERTY BONDS

New York. Jan. 21.-Priccs of liberty
Onds yesterday were: 3.s, $3.50: first Is
9170; second Is. 90.6s; first as. 81. ~:
second AS; 81. 90; third 4Is a3 81; fourth
4its, no: victory 3S.s, 9S.36: victory ass.
9S.3f.
Washington was unde erstood to be operat-
ing in the liberty bond market for account
of the government sinking fund on n larger
scale than has been the for sometime
past. .
The Washington herald., 1920-01-28
FEBRUARY MATURITIES

Corporate bonds and notes matur-
Ing in February will aggregate ssl.-
454.1o0 compared with $50. .219, $40 in jan
uary and Ss9.s5s.7OO in February, 1873
Public utility bonds maturing next
month will call for the largest total,
namely, s54,4149O0. Railroad maturi-
ties will amount to only $3.50 900 while
Industrial bond maturities will aggre-
gate s2S.s59. 80. The largest item fall
Ing due next month will be the Con-
solidated Gas Co. of N Y. debenture
5 per cent convertible bonds for s24,
zD.77o.
The Washington herald., 1920-01-28
Record Returns for Raisin Crops.

Fresno. Cal. Jan. 27.-Total pay
ment for the 1919 raisin crop here
will amount to between s3S.0o0. 900
and $40. 900. 900 TO the growers. the
largest return ever made, accord
ing to an announcement today by
w. NJ. Giffen. president Of the Cali
fornia Associated Raisin Com
pany.
The Washington herald., 1920-01-28
Paris Bourse Trading Quiet.

Paris, Jan. 27.-Trading was
quiet on the bourse today. Three
cent rentes, SO francs 20 centimes: !:
exchange on London, 46 francs, 20
centimes. The dollar was quoted at
12 francs SO centimes.
The Washington herald., 1920-01-28
GILLILAND OIL.

Gilliland Oil Company has de-
clared an initial quarterly dividend
of per cent on its preferred stock,
payable February Is. to stockholders
of record February @
The Washington herald., 1920-01-28
LONDON MONEY MARKET.

London. Jan. S.-Bar silver. s. I'D
per ounce. Money. , per cent. Dis
count rates. short bills. ) per cent.
three months bills. 5-S per cent.
The Washington herald., 1920-01-28
DIVIDENDS.

Stock Of Fay
record. able.
Barnard Mfg. Co.. u. 1OE. JAN ~ Feb. .
Colorado Fuel & Iron Co..
q. So ................ Feb. 5 Feb. 20
Colorado Fuel & Iron Co..
pr q. 2%............... Feb. Feb. aO
Conn Rwy. & Lighting. q.
1hS ..-................ Jan. 81 Feb. "A
Conn. Rwy. & Lighting, Pf.
q. 11s% ................ Jan. 81 Feb. IA
Dayton Power & 1t. Co.,
ini.. 4. .... Feb. Feb. 10
Emerson Shoe Co., pf. q.
$l.75 .................. Jan. u Feb. ?
Internatl. Petroleum Co.,
Ltd. 1Oc ..-....-....... Jan. 81 Feb. =
y. Y. ShipbIdg. Corp, 81. Feb. Mar. l
Pocasset Mfg. Co., q. 81. Jan. % Feb. :,
Thompson -Starrett Co., pf..
s-a ~ .-.............. Mar. 20 Abr, I
The Washington herald., 1920-01-28
FOREIGN EXCHANGE

new YORK. Jan. 21.-TOday's closing ru tea
Of exchange on all the PRINCIPAL foreign mar
kets were as follows:
Sterling demand. 3.55; cables. 3.55& ::
bankers. 80 days. 3.51: bankers. 90 days
80. France. checks, 12.91; France. cables
l2so- Belgium. checks, 1877: Belgium
raoies- l3-25. Germany. cheeks. LOG: ter
many. cables. 1.07. Austria. checks. -:
Austria. cables, .3O. Holland. checks, 3S&
CABLES. 3s%. Italy. checks. 1907: ItaIy.
rabies. 1905. Swiss. checks. J4i: Swiss
caoles, J.42. Stockholm. kroner checks.
% 10; stockholm. kroner. cables. aOaI
Chr1stlania. kroner. checks, Isle; Chris
tisnia, kroner, cables, 1870. Copenhagen.
Kroner, checks, 16-45; Copenhagen, kroner.
cables, 1880.
The Washington herald., 1920-01-28
Silver Quotations.

New York, Jan. 27.-Bar silver
1-34. Mexican dollars, 1O2 Ia.
The Washington herald., 1920-01-28

New York. Jan. 2I.-Range Of cottor
price: Prev
The New York herald., 1920-01-19
Death Trap AHoat,'
General Wood Calls
the American Navy

BOSTON, Sunday Maior General Leon
ard Wood speaking to members Of the
American Legion today. called for large
navy and a large merchant marine.
I'VE want" he said. "a first class navy
and We want it always ready. We cannot
make it In "A hurry. We cannot have IL
with a divided fleet. We cannot fill ships
with unframed men and say we have a
navy. 1t is not a navy at all; tits float
ing death trap.
| General Wood urged the adoption o[ =
law and order slogan" asserting that
it's no use talking politics these days.
no business opportunities no successful
or happy labor unless you have law and
order and respect for tho rights of prop
erty and the rights OF others
we arc going to govern this country
by Americans. When ! say Americans. 7
do not mean necessarily people whose
"a miles have been here many genera
tions. but real Amcricans--the people who
have adopted and arc trying to live up
to our standards and ideals.
Elements of disorder are well .orga nj
lied, General Wood said. "and the DANCER
within our house comes not alone from thu
radical element. but as much pcrha ps
from our own indifference. We must dca /
more carefully with our immigration VIC
should look into its quality before it comes
on board ship on the other side What is
the use of deporting through one door md
allowing the rabbe to come in unoues-
toned from the other"
The New York herald., 1920-01-19
tcortirued from Page one)

,,,c-e routine matter the charge that the
rrorale OF the navy has been shot 10
,ieces" and that there is no navy left.
-rho senate investigating committee ro-
-.-as the Sims communication az beins
or too great Importance TO be placed IN the
..,egorv OF suggestions from naval Of
f,cors hearing on lessons learned during
tho war.
The controversy is now in the open. and
q, so serious n character that the COM
ni,tce will sift carefully all the charges
and viii ascertain from the testimony of
.,,,,o~s themselves what conditions in the
navv are.
r,n,r Admiral Sims made his disclosures
10 the investigating COMMITTEES with CHAR
scteristic bluntnoss Secretary Daniels was
disposed 10 overlook tho criticism directed
AGAINST him. but IL became apparent today
tbat the struggle is now on and will be
continued in the open. The naval adnln-
s.tration will make its reply to the Sims
charges IN one way or another.
The situation in the navy now is such
according TO the view OF naval officers
that IL cannot be allowed TO go on indefi-
fitely. Certainly there has not been a
controversy in the navy in recent years
that has excited more interest or aroused
vrore hostility. Rear Admiral Sims will
have the backing OF many OF his fellow
Officers and Secretary Daniels will have
hls defenders. The entire service Us seeth-
! trg with discussion not only or the medal
awards but OF the-larger sphaseS Of naval
The New York herald., 1920-01-19
ALL CANDIDATES
. SEEKING To WIN
IN SOUTH DAKOTA
Wood Must Accept Poindex-
ter's Challenge or Lose
Place on Ballot.
SPECIAL DESPATCH re THE HERALD.

PIERRE, S. ~, Sunday.-The Republi.
can candidates who have qualified under
the State primary law are General Leon
ard Wood as the majority proposal selcc
ton; Governor Frank o. Lowden as the
minority. proposal selection, with Senator
Miles Poindexter as the first Independent
Republican filing. and Senator Hiram
Johnson, of California, as the second r
that list In the Democratic column those
York, the minority proposal selection
and James Q. Monroe. of Chicago, as ar
independent Democrat. Neither OF tn,
non-partisan selection is qualified
With South Dakota among the frs
States holding primary elections. al
candidates desire the best showing here
for its effect on the States which vote al
later dates, and while the principal con
test in the State appears to be between
Wood and Lowden. Poindexter will max,
speaking tour of the State in connection
with his challenge to General Wood, in
which at least one debate must be held tc
get the names of the contestants certified
to the people for primary vote. With
Poindexter as senior independent filing
the challenge falls to him under the law
and unless General Wood accepts the same
his name will be barred from the ballot by
law.
Under the primary provisions the Presi
DENTAL candidates may be represented, il
they prefer to allow some one else to dc
their talking for them. Whether or not
General Wood will appear in person OF
by representative is not known, but Sena.
tor Poindexter will appear in person.
The challenge by the senior independent
clears the road as to any other challeng
ers. James o. Monroe has issued his
challenge to Mr.. Gerard. The terms anc
places Of their discussions are yet to b,
fixed. the National Committee chairman
in each case fixing this as to Presidential
candidates Whether the debate petweer
the Democratic candidates will be in per
son or by representative is not yet known
so far the local Democratic leader.
have any knowledge. but all challenge,
will be accepted and dates Of the meeting
fixed on or before January 30.
1
Hiram johnson is expected to make 2
showing, either in person or by some on,
OF the national leaders supporting hin
before the date OF the primary, although
| he is in no way bound by any OF tn,
challenges but comes on his own notion Il
he comes at all.
1 Every candidate is pushing Tor the hes
showing he can make in this state and
while the State organization lack tn,
majority proposal selection and naturall,
i5 looking after tho interest OF it's So
/ lection, General Wood. the other candi
dates arc organizing their campaigns anc
the whole State will be we'll canvasscC
before March %, when the issue is put tC
a test. Under tho law II the selection
proves not TO he the popular candidat e
at the National Convention. the delegation
is absolved from supporting him after th'
| third ballot. but is pledged to him tha
far In the voting by the instructions o
the voters at tho polls.