davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1920-10-21
Return left
Return required d

The foregoing takes no account Of
the approaching maturities on account
OF old capital Obviously such maturi
ties Will greatly accelerate he diminu-
ton OF the amount left for the securi-
ties not refundable and the capital thew
represent. Every 100000, 900 added to
the annual average will entail an addi
tlonal reduction of one tenth of | Der
cent IN the average rate on old capital
at the end of the period. There can be
no doubt that such progressive reduc-
ton would spell bankruptcies, receiver
ships, and probably government owner
ship; the latter the worst public disas-
ter OF all, but perhaps not undesirable
from the selfish point of view of mere
owners of railway stocks and bonds.
Quite obviously the results suggested
are not permissible. Their probability.
without return to investors commen-
suratc with the current rate of inter-
est, points clearly to the necessity for
more liberal average return than the 6
per cent allowed by the present law.
The Supreme Court has said, in the
case before cited, that the high level Of
interest rates now prevailing is likely
to last for some time should interest
rates diminish the return allowed un-
der the transportation act of 1920
might be diminished with them. But
while interest rates remaiR as they are
1t Is tatuous to expect the railways to
compete successfully for capital while
restricted to a return of 6 per cent
that is, at least per cent less than
the current rates on investments of
like grade.
Copyright. 1920, by The Mcclure News
paper Syndicate.
New-York tribune., 1920-10-21

obligations. The annual volume of ma
turtles is likely to average approx
mately $3.50, 100000 during the next
three years, this average including
about S60,000000 equipment trust obli-
cations. Assuming that all these ma
turtles will be cared for by refunding
increases the annual capital require
ments to about $75O,0OO, 900. Obviously
the $300,000,000 provided by Congress
will not go far toward meeting this
demand.
An immense volume of governmental
obligations, at home and in Europe,
will have to be refunded within the
reXt decade, and such incidents as the
refunding of 40 per cent (S100,000r
0O0) of the share of the French Repub-
lie in the Anglo-French loan at cost
of 942 per cent for the life of the new
issue does not support the view that
a reduction in the interest rate is i'm
minent. 1t is to be remem mbered that
the new rate contrasts with per cent
on the original loan.
There can be no doubt, as already
stated, that the transportation act of
1920 represents a genuine effort to in
augurate a policy Of reasonable treat
ment of the railway industry. Financ-
ing new capital requirements is the
perennial problem. From August,
1914, to the end of 1913, the world de-
stroyed much capital and created sub
stantially none; little has yet been ac-
complished toward restoring the nor
NAL volume. There is shortage in
nearly every branch of public or pri-
vate enterprise, while high taxes and
prices necessitate the use of more
capital to produce equal results. Con-
sequently current interest rates are
the result of competitive bidding and
exceed those Of any good period since
the present industrial organization
took form.
Investments Restricted
With strange blindness to the conse-
quences, the taxing power of the Fed
New-York tribune., 1920-10-21

With strange blindness to the conse-
quences, the taxing power of the Fed
New-York tribune., 1920-10-21
The Days Bond Market
do Bordeaux 15-yr S. 1894. s3H s41

do Bordeaux 15-yr SIS 1894 s3.a SAX
', do Copenhag gen 25-yr 54s, "A 75s. 76
French aiov IS. list issue ....l02 1927
French Paris City IS. l921. s4ia 94M
Govt of Switzerland 6s. 1910. ..103a 104
Jap Coy AIS; sterl In, 1925. 741. 74ia
90 4i2s "a ser. Ig25......... "a 74l2
90 qs, sterl IN, 1887 ........... 57as 57%
zap ioklo City 5s 1872 2......... SO 53i.
Tn X CT Is q | 5-yr SIS '2l aS1a 9ss.
90 @oyr rs, W. ,,........ 94as 947s
90 dV-yr rs WV -..-,..... SO S9l4
90 so-yr o'2s, 1887 .,........ SO s8l2
Mex Extern sterl 5s of 90 1916 42 42i5
do gold As of '04, 1954..... 331A "a
King of Italy 5-yr 6 Il % gid bds. 30
New-York tribune., 1920-10-21
do Pitts l. E &
" Va As
do cvt As 1860

Continued on page seventeen,
The Washington herald., 1920-01-07
Mime. Matzenauer Again
Appears at Metropolitan

The new year will bring Nine.
Matzenauer back to the Metropoli-
tan. to the joy of many to whom
this great artist represents the last
word in the nobility of art, in
beauty of voice and in every other
phase that makes for a great and
all-inclusive art. With her will
come an English production of
"Parsifal." but even outside of this
the fact that she is back at the
old post will be enough. The love-
illness of her Delilah and Amneris,
the haunting qualities she displays
as the mother in lie Prophete,"
have all become veritable needs to
the patrons of the great Broadway
house. and. while they have been
interested in other impersonations
OF some of these roles, the power
and magnetism of Margaret Matze-
neuaer place her in a class entire-
ly by herself. She will return to
the Metropolitan after a veritabIe
tour of triumphs with several of
the greatest orchestras of the
country. not the least of which are
recorded from her appearance in
New York with the Philharmonic
Orchestra and with the Philadelphia
Orchestra in its home city and on
tour.
The Washington herald., 1920-01-07
D. C. MUST HAVE
BEST IN MUSIC
Honest Criticism Is Seen as
Means to This
End,
By ALBERT w. HARMED.

As to criticisms. After a recent con-
cert there was a flood of complaints
on account Of what was termed the
uncomplimentary remarks about some
OF those taking part. What Is true
criticism? Is it a mere labelling of
the compositions rendered with a view
Of pleasing the readers, or is 1t an
endeavor to analyze the offering for
the common benefit of the public as
well as the performer?
One of the ieading musical journals.
recently commenting on this subject.
said: Unless prepared to become an
outcast. the critic cannot be true to
himself. The sensible critic of to-
day. unless willing to be classed with
the pariahs. wisely falls into line and
either praises indlscriminately or ig-
nores completely. In either case he
has the consolation of knowing that
he can go on his way rejoicing at
least without positive discomfort"
Is 1t not the better course to
take the risk of becoming the out
cast and make an absolutely fair
and unbiased report of the per-
formances with the hope that il
may become some factor in a more
solid and healthy growth in our
musical life? Washington Is a mu-
sic loving city! The public will
support things musical that are
good, but in order to receive sup
port these things must be OF the
best Our local musicians should
be judged by the same standards
as the visitor within our gates.
ThaFa he hfIf Gfa -
OF what value is il to the student
IL. when they fall below the stand
ard. nothing but complimentary
things are said publicly, the criti-
cisms which would help them and
make them strive for the higher
and better things being held for
private expression. What benefit
to the public unless the standard
be high.
The Washington herald., 1920-01-07
MUSICAL CALENDAR

Tonight. January Meeting d. c. Chapter, American
Guild OF Organists; Mr. Haneds Studio 1920 north
west S:Is-
Tonight and Thursday. January and s-"H. NJ S Pima
FORE Peoples National Opera Society; Central High School,
500
Thursday, January SOgs Samarof, pianist and Edward
Lankow basso, joint recital; Masonic Auditorium $500
Friday, January o-New York Philharmonic Orchestra,
Joseph Sransky. conductor; National Theatcr 4:3o.
Friday, January 9-Edgar Priest organst National Ca
heda recital Mount Vernon Place Methodist Church,
800.
Sunday January II-Juis Claussen contralto; Leopold
Godowk pianist and Salvatore de Steano worlds
harpst Belasco Theater, 8:3o.
Tuesday, January I3-Philadephia Orchestra Leopold
Stokowsk conductor with Alfred Corto pianist
Theater, Ago
Thursday January 1ascha Heifetz, vioinist
Theater, AGO.
The Washington herald., 1920-01-07
BANK WARNINGS
FINALLY Needed
Period Of Liquidation, Long
Expected. Brings Drops
OF 3 to 7 Points.
ny BRoADAN WALL.

New York. Jam S.-wan Street was
expecting a reproof from the Federal
Reserve Board today and got IT. To
result was another sharp break In the
market which carried prices down
from to points under the high
levels Of the morning. The selling
was not all professional. but consisted
largely OF the liquidation Of accounts
for investors.
The general public is beginning to
realize the seriousness of the situa-
lion. There is plenty of money, but
the reserve bank does not propose
that 1t shall be used for speculation.
There was a slight recovery from
the low prices, but the market felt
the effect of the blow so seriously
that the day ended with material net
losses In practically every issue.
The Reserve Bank left nothing to
the imagination Of Wall Street It
said In plain English that the local
banks must handle their business just
as though there were no Reserve
Bank In existence. II was said that
this must be done because, unless
done, the Reserve Bank would have
no power to help the country out
in the event of an emergency. IL
the business Of the country Is to be
returned to the basis on which it
can be done without the assistance
Of the Reserve Bank, period Of
very severe liquidation confronts the
stock market. as well as the COM
modify market. I'm which there has
been great speculation.
The New Year Day optimism that
was SO vociferous in most quarters
is gradually fading out Wall Street
10 beginning to realize the serious
ness of the situation and is prepar-
ing to act accordingly.
The decline in U. s. Steel. which
carried It down to 105 IA in the first
break in the afternoon. was viewed
with apprehension by most traders.
Steel has been the backbone of the
market. It's decline was followed
by Republic with a break OF AIS
points. Crucible with Ala and Bald
win is. At the same time Mexican
Petroleum was down more than Z
points. Texas Z. General Motors
and rubber 5.
The Washington herald., 1920-01-07
Boston Symphony Rises
To Heights of Olden Days

The Boston Symphony Orchestra
its third concert of this season yes
terday afternoon at the National The
ater. under the management of Mrs
wilson-Greene. Owing to the illness
of Emilio de Gogorza. Leo Ornstein,
piapist, was substituted as soloist.
Tl~ program. as changed. was a
peculiar mixture. and poorly arranged
Beginning with the Mendelssohn Sym
phony, in ID minor, Reformation"
which typifies the triumph of right
over wrong, followed by the Liszt
Second Episode from Lenau's Faust"
CMephisto Waltz, which has been
termed by many as the duplication
of hell. then on to the Mcdowell
Concerto and after these tacking on
to what was a finished program the
great tone poem OF Glazounoff. II
would have seemed more fitting to
have begun with the Liszt number,
then on through the Mendelssohn,
closing with the Concerto. leaving the
Glazounof number for some future
time.
1t seemed hard to believe that this
was the same orchestra which ac-
companied Mr.. Rachmininoff and
struggled through the program of
the first of the seasons series. Mr..
MonteuN has accomplished what
seemed the impossible, having
brought the Boston Symphony Or
chestra back to the perfection of
other days. 1t is a little saddening
to think that Maj. Higginson is no
longer here to enjoy with us the
orchestra's return to its own.
Mr.. Monteux's reading of the
Reformation" symphony brought
out the similarity of the Good Fri
The Washington herald., 1920-01-07

day" motif OF "Parsifal" in the first
movement, the accompaniment Civ
ing the feelings of the war of evil
forces against the right. The Sec
ond movement, handled in a manner
which conveyed the thought of nu-
merous forces, each working without
a particular purpose. led up to the
third movement. built on Luther's
hymn "A Mighty Fortress Is Our
God" The whole symphony carried
wonderful sermon.
The Liszt selection was playec
no less brilliantly and with no less
meaning, but. coming as il did, af-
ter the lesson which had been con-
veyed by the Symphony. struck a
jarring note.
Mr.. Ornstein was in the unen-
viable position of a substitute, but
played the Mcdowell Concerto with
a cleanness of technique. precision
of expression and fire of realism.
The Glazounoff Symphonic Poem.
"Stenka Razine." which followed
really seemed to belong to another
concert, although 1t was beautiful
ly played and it's Interpretation left
nothing to be desired. A. w. H.
The Washington herald., 1920-01-07
BALTIMORE GRAIN.

Baltimore. Mo, Jan 6-FLOUR-Quotations
Ir Dbl, S-lb sacks carload lotsl: Winter
straight. looalO25; spring straight. IL SAILS 90
rye hCur. medium to choice. 7.7sas.75; corn meal,
per 100 lbs. 3.75a3.so; city mills winter patent,
ll9o; city mills winter straight, ll.65; city mills
spring patent, 1850; city mills blended patent,
Hoo THE above quotations on city mills -four
on icbbng prices) Receipts. $50 bbls. no
exports
WHEAT-Sales snall-bag lots at 23s per bu
C0RN-Cob, yellow. 7.3jsz.n per bbl; white,
7.25a7.2O per bbl; track yellow. No. 5. Les per
bushel; sales. smallbag lots Of white. delivered.
at L55 per bushel.
oATs-No white. &c asked; No. white.
elc asked
RYE-Bag lots Of nearby rye. as to quality,
1.6osl s.; No. Western export. iF bid.
HAY = No. 1 timothy. 3l.5o; standard, do,
90 50s5loo; No. 2 do. S.ooan5o; No. J. do,
a5 coaZ 90; No / light clover. mixed. . 5oa3o %;
No. 2, do, 2. I.0oa8. 90; No. clover, mixed. 5oa
800; No. 2. do. 8 5ooa1.o0; No. clover. nomi-
nal. zoo; No. z do. go; sample grade, 2o5oa25.
STRAw-No. / straight pe. Tooals.oo; No 2,
do 1j.5,al60o: No. / tangled rye, H00a1i 50
No. = do, l2ooal25o: No. ! wheat. l2ooalso 90;
No. z do. 1i.coail.5o; No. l oat, hooals 90;
No 2 do. ~ 5hL.1
The Washington herald., 1920-01-07
Mime. Sylvia Will Aid
D. c. Opera Co. in Carmen

1t is announced that Margharita
sylvia will be the guest artist of
the Washington Opera Company in
Carmen" the week of February
.. at the Shubert-Garrick Theater.
Nine. sylvia is one OF the world
renowned Carmens. She has sung
the role throughout Europe. Her
last appearance in Carmen" was
at the Park Theater in New York.
Nine. sylvia is enthusiastic over
the work accomplished by the
Washington Opera Company. and
has generously donated her services
for the week.
Leading artists throughout the
country see the need for high class
opera, which is free from CONNER
cialism. Nine. Frieda Hempel is
among those who have promised to
appear at some future date.
The Washington herald., 1920-01-07
WASHINGTON PRODUCE.

EGGS = Strictly fresh. 70; sr1asr reoripts
CO: Southern. 8.
CHEESE-June whole min Bax
BUTTER-StandArd creamery, 7ssT: pintA
Ta7s
LIVE P0ULTRY-RoosteT,. per ID. %; ttrr-
keys. Per H., Aas6: chickens. per ID, ssz4o;
hens. per lb. SsAs; keats. young. each. 7ss6
DRESSED POULTRY - Fresh-killed sprinr
chicSers per H.. Sa4o; hens. per H.. $aE
roosters. per n. 2; turkeys. per H.. foaS
LIVE SToCK-CSlVes. per 10. 0Az: lzmbx
Is; sheep. ss6
GREEN FRCITs-Apples. per bbl. new. soo.
80; boxes 2SsL2; California lemons. per box.
sSa4oo: pineapples. 50oa7m; Florida orsngea
l0a50: grapefruit 39zlO.
NhiETABLES-Potatoes p-r ack A15a6oc
string beans. basket, 3osIW: eggplant. ssoa
SO cr1te; cabbage. Leoa5o % per cwt beets. sS
IG bunch; lettuce. l50S30o basket; celezy
e0ss. 80 per czte; celery. dozen. l5aa0: 70
maine lettuce. l.uaLE: squash. 2cS30 per
crate; spring onions. 25e3p per 100 bunches;
euions, per l0 pound sscfs, 6osG5: sweet
potatoes. 4maz.W: spinach. 45oaS 90 per barrsl :
Florida pS1Tsrs, pr crate. 3oos4o0: Florida to-
msfoes. 2sosiSo per cate: brussels sprouts. "a
% Ter QUAR-.
The Washington herald., 1920-01-07
Financial and Market Prices,
General Motors Capital
Raised to One M7lisr


Wilmington. DEL Jan. s.-stock.
holders Of the General Motors Cor.
poration at n special meeting herr
this afternoon adopted q resolutior
for an increase in the capitalize,
tion of the company for the issu'
ance Of per cent debenture stoci
and for an exchange OF ten shares
OF common stock Of no par VALUE
for each share Of common stock OF
800. par value outstanding.
The exchange of ten shares Of ne
par value common stock for thu
present stock will not be made be-
fore May 3.
This will make the enlarged Gen.
eral Motors Corporation a. 81, 600.
0oo.o corporation-the largest In.
dustrial corporation in the world.
The Washington herald., 1920-01-07
CHICAGO GRAIN.
BY JOSEPH r. PRITCHARo-

Chicago. Jan. 6-The fact that the rccriuts
Of corn at Chicago Continued abnormalIy light
when the big crop produced is Considered was
the principal buliish feature in the com mar
kct today. Small offerings Of cash com and
further advances of &c to Sc In that grain also
made the shorts uneasy and caused them to
seek cover. Advances in futures for the day
were IA TO n. 8 rather small rise when the
fact that the bulls completely dominated the
market is considered
A message from Central Missouri said curn
is selling there to feeders at 81 g. and as long
as this level can be reached by ptoducers they
are likely TO press grain for sale to shil4srs
The strength shown in corn was refe11el in
oats with prices Of oats &c to &c higher Therc
was some free profit taking On the rally. and
this selling was led by some Of the bull interests
Outside trade continued small Cash trade was
slow with sales Of 10000 bushels, and prices
lc higher
The run Of hogs here was heavy and prices
were sharply lower. TINS decline was reflected
in the provision market where rics were
lower. Pork dropped Soc to Sc. lard was TIC
TO Ice lower. while ribs showed a 2lc decline.
IaR
The Washington herald., 1920-01-07
Many Americans Play
In Minneapolis Orchestra

Glancing through a list OF the per-
sonnel of the Minneapolis Symphony
Orchestra we note fourteen men who.
to judge by their names. are not
only American by birth but also by
descent. This places Minneapolis in
a position about half way between
the Los Angeles Philharmonic, with its
twenty-eight men of the same class,
and the New Symphony of New York.
whose lone woman harpist is the
only bearer of an American name.
Minneapolis, by the way. has an
American concert-master. Guy Wood
ward, as has Philadelphia, with Thad-
deus Rich.
The Washington herald., 1920-01-07
NelDs and Vieus of the Music World
BACH CHOIR
BEGINS. YEAR
Is Reorganized Stranger
Than Ever Before,
Leaders View.

The fifteenth season Of the Bach
Choir is well under way, with every
Indication that the devotion to Bach
of DIR. ]. Fred Wolfe and his singers
is more ardent than ever and that
they will proceed to still greater
heights than in past years In render
ing the music of 'the master of mas
ters." The men who served in the
army are now back. and. after the
strain Of the war period. all Of the
Bethlehem singers are finding relief
and pleasure in their music, they de-
clare. Certainly witness is borne to
this declaration in the zest displayed
at the two-hour rehearsal. held each
Monday evening in the chapel of the
Moravian Seminary and Colleee for
Women.
Conductor Wolfe commented enthu-
siastically today upon the personnel,
the attendance and the spirit of this
seasons chorus. THE choir is as
well balanced in the parts as II ever
was. In quality of voice, feel safe
in saying, IL has never been better.
The percentage OF attendance at re-
hearsals exceeds that of any previous
year. Most important Of all, the spirit
OF the singers Is superb. / am de-
lighted"
The works studied and rehearsed
thus far include three cantatas-
"Sleepers. Wake" There Is Nought
of Soundness Within My Body" and
How Brightly Shines the Morning
Star'-which will be among the Of
ferings of the first day at the 1890
Bach Festival at Lehigh University
next spring. and the Kyrie, the Gloria
and the Credo OF the Mass in b mi
nor, which will, as usual, be sung
in its entirety on the second day
of the festival. DR.. Wolfe has not
yet announced the program which
the Bach Choir will give in New
York City at the festival OF music
Of the oratorio Society of New York
in April.
The Bach Choir last year numbered
go voices. This season the lists show
nearly 300.
An interesting new member is Tsu-
Hsiang Yu, OF Shanghai. China, a
tenor who has been an experienced
singer in a chorus in his native land.
Mr.. Yu is student In mechanical
engineering at Lehigh University.
The Washington herald., 1920-01-07
Bankers Prepare to Loan
80 Millions to Belgium

New York. Jan. 6--Leading bankers
today admitted negotiations are now
under way for granting to Belgium
a big loan. according to the Dow
Jones financial news agency here to-
day.
II is limited the amount is around
s2S!0ooOoo to sao.Ooo.ooo, and that offer
ing will be in short term notes. Out
side of the present negotiations with
Belgium. bankers said, nothing
is being done in the way OF foreign
credits. They point out, however.
that small industrial accommoda-
tions are being arranged from time to
time.
The Washington herald., 1920-01-07
Russian Symphony on Tour

The Russian s. mphony Orchestra,
Modest Altschuler. conductor. has
returned to New York after a tour
of Pennsylvania, West Virginia and
Ohio cities. Large audiences were
the rule everywhere and in the ma
tority of instances the capacities of
the theaters were taxed. The next
tour opened on January 5, and after
three weeks in the South the or
chestra will go to Canada for fes-
tival dates in Hamilton, Toronto
and Montreal. In April the third
tour will begin.
The Washington herald., 1920-01-07
Heifetz to Tour West.

Jascha Heiftz has been in such steady
demand in the east that he has been
compelled to keep the far west wait
ing for his appearances there. 1t
is now definitely announced that he
will, leave for the Pacific Coast d.
rectly following his Carnegie Hall re-
cital Jan. IL, which will be his third
at that house this season.
The Washington herald., 1920-01-07
MONEY MARKET.

New York. Jan. e.-Money on call q the
stoS exchange oSsned at 9 per cent. cloxsne al
q Time money was easily obtainsbe TO-DAY
although the supply is sill short Of the demand
hate. however. were quoted y per cent easier.
and loans were made al the bid quotations of
71sas per cent on all industrial collateral
Mercantile pap-r rates held firm at pr crnt
Interior rates were unchanged
The Washington herald., 1920-01-07
Former Buick Head Joins
WHY'S Overland Company

Detroit. Jan. 6.-walter p. Chrys-
ter, former president and general
manager OF the Buick Motor Com
pany, and first vice president in
charge of operations of the Cen
eral Motors Corporation. has be-
come associated with John N.
Willys, according to announcement
here today.
Chrystcr will be executive vice
president and general manager of
the Willys-Overland Company and
the willys Corporation. His head
quarters will be in New York CITY.
The Washington herald., 1920-01-07
Rediscover Piano Sonata.

Schumann's F sharp minor piano
sonata has been rediscovered this
season by the cajOlers of the key
board 1t is a grand old work and
merits the kind attention it Is re-
ceiying. Moriz Rosenthai once re-
marked that to his notion. the F
sharp minor sonata, Chopin's C
sharp minor scherzo. Beethoven's
opus III and Chcpin's fantasie con-
tained the most powerfully dra-
matte themes evef conceived for
the piano
The Washington herald., 1920-01-07
NEW YORK COTTON MARKET

Nc~ York. Jan. 6-Dispatches from Washing
ton indicating that the dezdlocE In the peace
treaty was nearing an end brought about a rro-
nouncnd improvement in the tcne of the cuttOn
martet today after prizes had siumped TO
net los Of 100 10 rs points below the previous
cose.
Late in the afternoon there was a rally Of
Ssh5 points The recOrery well held and
final prices while showing q net los q 20 to
20 points were . 10 50 points abrve the bottozn
Spot here was quiet with middling unchanged
at 80; therp were no sales SPOT at New
Orleans was quiet with mjddling UNCHANGED at
81; the sales were asia bales
Cotton table:
The Washington herald., 1920-01-07
H. w. Parker, Composer, Dead.

Horatio William Parker. one of
the best known of American COM
rosers and a professor of theory of
music at Yale, died of pneumonia.
December is at the home Of his
daughter, Mrs. Ralph Semler. in
Cedarhurst N. Y. His operas.
Mona" and "Fairyland," each
gained a prize of $4,000.