davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1920-03-07
Reserve Position of
IN. Y. Bank Shows
Slight Improvement

BY reducing it's total liabilities to
the extent of s144,seo, ,as4 last week the
Federal Reserve Bank of New York
was. able to report for the second
week IN succession a slight improve
OF reserves to deposit and Federal Re-
serve note liability at the end of the
week stood at 38.1 per cent, compared
with 37.6 per cent the week before.
Gross deposits showed drop of
Sl6l,716,23 due chiefly to decline of
$46,338 500 in government deposits, a
decrease of $33,6S0,677 in reserves due
to member banks and a decrease of
$60,oa5,691 in deferred availability
Items. There was an. increase in the
banks. contingent liability as an In
dorser on bills rediscounted with other
reserve banks amounting to 10000, ,O0O
Total reserves Of the bank declined
$15,475,539, due entirely to loss of
$20,507 ,801 in gold coin and certificates,
as the majority Of other items making
up the gold, reserve showed increases
The increase in the gold settlement
fund was approximately $2O00,000.
Total discounting operations Of the
bank at the end Of the week showed a
net decrease Of $45,641,S24. Bills Sc
cured by government war obligations
ucC11ucO LHO!u @oOV,Ao1 WOO week ago
to $5sL680,206, and bankers accep-
tances from 1891, 1857 ,So9. Rediscounts
of commercial paper however, in
creased from $222,6Sb, ,053 to 28,6O9,-
$50 in the last two weeks. The tre-
mendous expansion in commercial
! loans in the past year is indicated by
the fact that on March /. 1919, COM
mercial paper holdings Of the Reserve
Bank amounted to only $40,OS8,O0O.
| A decrease of $S2,49S, 800 in the sur
plus reserve Of the Clearing House
banks was reported yesterday, that item
being brought down to only $2,699 ,O6O.
Loans and discounts increased S594,O0O
to $5,104 ,417,00 while. the banks re-
| serve at the Federal Reserve Bank de-
l'clined $30,390,000 to $52l, ,236, 900. There
was an increase in their net demand
deposits Of $13,633,000, that item at the
end Of the week standing at $4,000 1885,
600. Government deposits were practi-
| cally UNCHANGED.
New-York tribune., 1920-03-07
The Dollar i'm Foreign Exchange

Rates on che Allied capitals showed
large net gains for the week as q re-
suit Of sharp rallies on Thursday and
Friday. The squirt was caused by re-
Great Britain and France purposed to
ship large quantities Of gold TO
this country in anticipation Of che
maturity Of the Anglo-French $780,
900 900 loan, which comes due on
October Is next.
Although not specifically mention
ing the question Of exporting gold, j.
Austen Chamberlain announced late
Friday that the Anglo French loan
would be paid off and not renewed.
After the news was out, sterling and
francs sold off on Satuprday. Bankers
in close touch with Allied fina1itial
policies reiterated their belief that
gold was coming, although as far es
can be ascertained, the expected gold
flow has not actually begun yet
At It's peak on Friday demand stcr-
! ling was quoted at level almost Sc
cents higher than the low record es-
tablished during the smash In rates
early in February, and the recovery If
sterling.
In financial circles, tho gold report
and the announcement from the ,Ex-
chequer were regarded as steps to i'm
prove sentiment, and in particular it
was said that the paying off Of The
Anglo French bonds without refunding
operations would enhance the credit
prestige Of the two nations.
Small investors are reported to be
rather heavy buyers Of the internal
bonds of the various former belliger-
ent nations Of Europe, and this move
nnent Is expected to contribute some
| what to the steadyinu of exchange
rates. Many banks are taking sub
scriptions for the new internal loans
of France, and Belgium.
If you calculate the cost Of the dol
lar In terms Of foreign money at cur
rent exchange value; that Is, II you
were buying dollars with pounds,
marks or franks. its value at the close
of last week, a. compared with . year
ago, follows;
New-York tribune., 1920-03-07
New York Telephone
Earns 1887 d. Share
Company Has Large Construc-
ton Program for
THE Vn.,.
., New York Tribune, 1ne.)

The New York Telephone Company,
for the year ended December 81, 1919,
reported surplus after all charges and
taxes Of $1s,3ls,74s, equivalent to ss.s7
share ON tho $15o,0oo,ooo capital
stock. compared with s5.O4 a share
earned for the seven months ended JULY
81, 1918, when Federal control began, .
The annual report issued yesterday
showed total telephone revenues OF
$S2, ,624,012 and expenses Of $27,62B, ,ls6,
leaving net earnings OF s4,998,Sce. To
this was added $6,7f8,556 government
compensation for seven months Of the
year and $6,902,a54 of other income,
bringing the total income up to $1S,-
620,336. Deductions for interest charges
amounted to s5;3o0,5SS., The years
balance after dividends, aggregating
$l2,000,000, was $l,319743, compared
with $2,67l,77S reported on July 81,
H.. F. Thurber, president, stated in
the report that the company's construc-
tion program had been greatly restrict
cd during the war period, pfoducing a
shortage of facilities which made it I'M
possible to meet promptly the demands
Tor service. The construction program
ior 1920, he said, is designed to, remedy
this condition. . -. :
Mr. Thurber further stated that on
December 81, 1919, there were 1.6sl,7l4
stations in the system directly' operated
Dy the company and Its local connect.
ing companies. an increase during the
year OF 13s,994. He estimated that the
adoption Of new rate schedules on De.
cember I, 1918, will, add s1,5oo,o00 4
year to the company'ss sxayepues.
In tho company.ss .hslancs, sheet o1
necember 81 bills and aceounts reeeiv.
eI anle were given as 3al,644.S2k, con,
and accounts payable Of $685.
Cash On hand at the end Of the yea,
amounted to $3,258,13i.
New-York tribune., 1920-03-07
Exchange Slumps
Despite Favorable
Loan Declaration
Sterling Off IN Cents ats
the Close; Bankers Ex-s
pect Gold Shipments, But1
Disbelieve the Estimate

Despite J. Austen Chamberlaiutx
statement that France and Engissas
would not renew the Anglo French mr.
turity. but would pay it off on Octobss.,
Is next sterling and other Allied ~
changes, which had been rising for twsz
days, reacted yesterday. Cables ~
London and Paris sold "ex news" Ttss
rise had been in anticipation Of Q ie>ff
vorable development. and when one /
came the market slumpsd, having st !.
ready discounted it.
The report circulated on ThursdN I
that large quantities Of gold would hi
shipped across the seas to aid the pays.hh
ing off of the Anglo-Freneh loan hsd /
been described as the cause Of th )
sharp squirt. In his laconic announcess
ment the British Chancellor Of the Ex. {
chequer did not mention gold, but I
merely asserted that steps were being
taken In anticipation of the maturity ! !;
However, bankers who were In thsY
group that marketed the Anglo French {
bonds in the fall of 1915 yesterday -. I
iterated their belief that the metals
would be exported to America. although
some We're inclined to regard the esnsf
mate Of S250,000,000 as fantast!cailyss Z
large.
In well informed quarters the rc.ss
Of the British Treasury to resssasss
holders of Anglo-French bonds Ss!s
traced to the recent visit to London O {
Henry P. Dawson, Of J. P. Morgan 2!
GO. Mr.. Dawson is now in Switseyisne !
attending a Red Cross copferense..ss &
Moreover, Mr.. Chamberlain's statemenss
was taken by bankers here to tnessa
that Great Britain and France woulc Z !.
reduce their indebtedness to American !!
investors by $500. 0,0oo--thst thsyt
would issue no new bonds in place o. &
the maturing Anglo-French obligatichse.
Bankers close to the Allied govern I
ments denied that, so far as they knes,5
any gold from England or France W.
now on the high seas. It. was poin.so
out that the steps about which y, ~
Chambe Rain spoke in connection WIS
preparing for the maturity could. cep
sist only of exporting gold, goods anu
securities or purchasing dollar ., es
change IN the omen market. With oe'. 3
lars at q premium of more than ~ Pc
cent in London, it was considered W.
likely that the two governments wcn'st
settle the account merely by bayins5
exchange, assuming that so large ~
amount of dollars would be ayallspassI
British and French balances here ~.
still large, though, ir is undsssutcsVsss'ss' "a Z
they are far less than $5oo,Oce;vsss
which is the amount of the maturity 3
The Chancellor's statement that .nst
loan would be paid off msreiy eeess ess
frmed what has been persistsesSs
maintained by Wall Street bsnks;s ~
However, it was suggested in the assld aseldi
cial district that Mr.. Dawson ha1 se.Ssn ss0ss
the British government that An es9eHskHH
statement on the subject weua
helpful to sentiment.
At the close Of trading yestsrda!I ~ ~
rnsnd sterling was quoted -at ~
compared with $3.5266 At the cleeel 80 ~
day. Francs turned easier, too. pus US
remained steady.
New-York tribune., 1920-03-07
Sinclair Consolidated

According to an analysis Of The Sin.
'clalr Consolidated Oil Corporation. ora-
pared by H. Hentz & Co., the tota, a
rehnlng capacity Of the compsnv;s
plants will be in excess of 100000 hsr.
reis q day when it's program az de-
velopments now under way ia eoso-
pleted. Among other things, attention
Y directed to the fact that sinclair
uonsoAdatsd is interested In spprcxi.
,n1seay l,aos oil wells. SO gas wells and
daiIy iiIgks proannter numDer q wells drilling The
Mid Continent field. The comnsnS .,as
has approximately SOC, 900 acrss ~ ,arg eg
IN Oklahoma, Texas, Kansas. f,nr;.;.ssnn.o ~ .sno
Aentucky and Canada. In Teras .inn.
1t is Interested in more than kn n M
acres, OF which about 10000 ~ ss;x =,
Dc In producing territory. ~
New-York tribune., 1920-03-07
Money and Credit

After holding on Monday, Tuesday
and Wednesday at 10 per cent, the call
money rate on the Stock Exchange
became easier toward the close Of
last week. The renewal rate on Thurs
day and Friday was 8 per cent, but by
the end Of the stock market ses-
sion on Friday, the rate had dropped
to per cent, the lowest market since
February "a. No particular significance
was attached by bankers to the lower
rate except that it indicated that the
demands of brokers ovey the week
end had been satisfied early on Fri
day.
Because Of the steps already takep
by many borrowers to meet their
March Is tax payments, the opinion
i'll banking circles is that there will
be no serious squeeze on that date.
Nevertheless, it is not likely that
money will work much easier while
commercial borrowings are still run
| ming so high. Some observers pro-
| fess to see u slowing UP in industrial
activity. and by the end of April, when
| the transportation situation ought to
| show improvement and thus release
funds now tied up in freight cargoes,
it Is believed both these factors will
make for easier money.
Bank Clearings-Bank clearings in
New York yesterday we're:
Exchanges. Balances.
New York -. .s714,0s2,lo7 $60,474, 100
(; Sub-Treasury-United States Federal
Reserve credit balance, $46.633.345.
Silver-London, 78Bd; New York,
$1.29A; Mexican dollars, 81.
New-York tribune., 1920-03-07
Deutsches Bank Represented Here

The Deutsches Bank 10 once more
openly represented In New York.
Messrs. Schmidt and Sluchsrt are. In
charge Of small Office Of tho institu-
ton on the thirteenth floor OF 1856
Broadway. In discussing his activities
yesterday Mr.; sluchart denied that he
was q formal agent Of the bank, but
Institution. His main task, AZ far as
the Deutsches Bank is concerned, he
said, has been to offer marks on its
behalf in the local foreign exchange
market: He asserted that the bank
has made no attempt to get credit
here for itself or for the German gov
ernment
New-York tribune., 1920-03-07
Steel Trend stin vynv,,a

1he trend Of steel prices is still up
war ward: The average price Of eight
ep7T1he1pat e77 eel IRON and steel products is now
compilation, compared with 1851 a
week ago and $7O.48 at the end Of 1919
The principal advances are reportei
IN IN steel bars, which moved. from So to
$500 per hundred pounds last weeE
and beams, which rose from $2.70 to "a
q hundred. Bille'b advanced So ton.
being quote at $50. Wire nails
showed decline from $3.50 a hundred
pc pounds to %. A number of grades Of
PIG iron registered recessions ranging
New-York tribune., 1920-03-07
S. ii. Kress Sales Gain
Company Earned $l5.l4 +.
Share on Common in 1910

For the year ended December 81,
1919. s. n. Kress & Co. repor.
sales aggregating s25,244130 or $4,0S4,-
Ole greater than those for the preced-
ing year. After Federal taxes, expenses,
etc. had been deducted net earnings
were $2,075,626, equivalent, after the
disbursement Of $25s.33 in preferred
dividends, to $15.14 share earned on
the common stock. which compares
with $1,1bS,716 or $7.44 share in 1918
Common stockholders received $4S0, 1000
in dividends, leaving Sl,3S7,496 sur
plus. Previous balance of $3,38l, ,602
was Added 70 that amount, bringing the
total ~ S4.718,99S.
New-York tribune., 1920-03-07
Developments At Homer

The sensation created early In the
year when 1t was announced out Of
clear sky that salt water had appeared
in many of the wells Of the new and
promising Homer field Of Louisiana
has subsided. While a number of i'm
portant deals have been abandoned
since, development work is being pushed
in some parts Of the district and the
Standard Oil of Louisiana, one Of the
earliest interests in that field, has Just
brought in we'll with an initial pro-
duction of 10000 barrels from the deep
sand. 1t is in the deep sand that most
Of the trouble with salt water has been
experienced. Trade reports are to the
effect that Governor Haskell's COM
panies, the Middle States and Dominion
Oil, had an option on one-half Of the
so-called Shaw royalty, and this option
was allowed to expire on February 10
without being exercised. The Simms
Petroleum Company is understood to
have failed to exercise its option to
purchase the Frost Oil properties, the
option expiring February 2.
New-York tribune., 1920-03-07
Restricting Output

One of the experts of "The Oil Trade
Journal" writing on the situation in
the Homer field, says: "The effect of
the salt water has been to damage
more or less the oil, although this
damage is not irreparable, and to
threaten the flow Of. oil itself. In some
cases the water has appeared so
strongly that the amount of oil flow
ing was less than half. That open
flow Of any Of the big wells for a con-
siderable time would result in the
water entirely replacing the oil seemed
not improbable. The immediate result
of such condition was to force q rad
!cal restriction in the big wells. Hold
ing back most of the how-fowinr the
wells through chokers, etc.-seems to
keep the water in check, at least to
practical degree for the time being,
Some of the deep wells at Homer have
already ceased flowing, something to
be expected in any pool. To what ex-
tent the influx Of water has been re-
sponsible for the stoppage is a debated
question. There is one thing. how.
eyer, eyer, which is not disputed any longer:
The salt water is so prevalent in the
deep sand that owners, as q rule. do
not dare run these wells, except
through chokers. AS q consequence
none OF the gushers will ever have an
opportunity to demonstrate whether
tn 5ney Goo can actually produce $4,000 Or
1V'ooo barrels for any length of time"
New-York tribune., 1920-03-07
Bull Dope


Market letters are interesting doeu-
ments. In time like the present
most representations try to play it
safe. They don't like to stake their
reputation on mere guesswork, and 80
they often write lot without saying
OF getting anywhere. Here IL an inter
esting specimen that came to hand
yesterday labeled Indicated Immedi-
ate-Trend: Between academic alb
stractionists, unpatriotic international
bankers and exhausted super-optimists,
our fortunes are put to severe test;
the path is clear. however, and the
cannot be doubted. Our rights arc the
enjoyment Of the things vs have
created, and 1t is only outside infu-
ences that interfere. We are entitled
to tho opinion chat thess influences
will not continue"
New-York tribune., 1920-03-07
Southern Pacific

S:s s:s ssss' ,ssss. sss;: Iss 4:
New-York tribune., 1920-03-07
A Definite Position

-, Eastman. Dillon & Co., members Of
daenite, Sas Mew York Stock Exchange, have
constructive side of the market. "The
tbsc tDscea n0 working on the destructive side, !"
ecesssful 8 in shaking out timid and weak
nolders OF stocks. We cannot tell imst
wasd wnea bmt prices o.. y viii turn definitely up.
sond war; s3uss pus we DO believe those who buy
an an opportunity later this year to Sell sell
mem at much higher prices. We do
not believe the rails will apnrosc oh
their recent low prices. Wall Syioasn strssa
waAs W. that now all depends upon the
interstate Commerce Commission
surely 1t ;does-and we believe it can
D.: pc depended upon to protect and nro' I'
vIde we r, ior the roads, as provided for in
sns me niIl. we have been advised, on ex- ~
cellent authority, that the Administra-
tion will appoint men to fiji the in a.
creased ere personnel Of the Interstate
Hommeree tha nas Commission who will take
railroad securities is bright" W
New-York tribune., 1920-03-07

,,s special meeting OF ssockho,ae,. =, ~.
viii BE- keia riaioSM's1,1g MsrsS
chargs in the share capital frnra f,nofise az
shares OF 800 par TO 100000 shar.s 'sO;SSc w.SS
ssooEhoidsras1 su & a1us: ..o, j. = proposad 70 hsns
FOR fhs usw on shars fcr sha5s Rs Is "a. Goeh
New-York tribune., 1920-03-07
French Internal LoaiiI

Brown Bros. & Co. annouuee Anss
official subscription price On ~ s
for the new French intsrnel q s
OF 1920, based on the closing ~ z1A
exchange March ., IL G13t =
frame bond.
South Bend news-times. (South Bend, Ind.) 1913-1938, 1920-03-03
REVENUE MEN TO
ANSWER INCOME
TAX QUESTIONS
Special Attention Will be
Given Corporations Through
The News-Times.

For the benefit Of IT'S readers The
News-Times will conduct a question
and answer column on any phase OF
the income tax. r. T. Egler. the cor
pOratiOn income tax specialist at the
local internal revenue office. and
George II. Hess, acting internal rev
euue collector. will answer any ques-
tions which appear 10 be pulling
the public when filing a tax return
Mr.. Egler can solve any cOmpli-
cation that arises when the corpora
ton begins TO work on ite income
tax and Is at the service Of New
Times readers in the question and
answer column. 10 names will be
used IN either the questions or the
answers. Mail your questions % the
editorial department II The News
Times and mark income tax" on
the envelope No questions viii be
taken by telephone.
Importance OF Action.
The internal revenue office has
been over worked for the last week.
but according 90 MIR Hess. a great
many people viii put off making
their return until the final week
when they are likely TO be left out
side. This applies especially 20 cor
porations At present corporations
making their returns have the ad-
vantage Of the efficient help of Mr..
Egler. but when the last rush starts
ne viii not have the time 10 give
each one personal attention.
South Bend news-times. (South Bend, Ind.) 1913-1938, 1920-03-03
ROBBERS ARE
FINED IN CITY COURT

Christopher Kohlmorgan and TED
LeVan. who were apprehended two
weeks ago after stealing shirts from
"A box car on the Grand Trunk rail-
road were given a hearing in the
city court Tuesday morning and
each were fined $40 and costs and
sentenced to six months on the
state penal farm. However, the
court showed leniency on account Of
their past record and suspended the
sentence upon the payment Of the
fine and costs and put the pair on
probation for six months. They
will be required 10 report regularly
20 Probation Officer Lane.
South Bend news-times. (South Bend, Ind.) 1913-1938, 1920-03-03
Supposed Mother Sells
Daughter to "Chink''
By United Press

BY United Press:
NEW YORK. March 2-Steps
will be taken at once TO have an
nulied the marriage Of Anna Lee
Wong, II years old, TO David Lee
Wong. proprietor of a Chinese res
taurant in Binghamton, n Y, ac-
cording 10 Or. John r. Henry. di-
rector OF the East Side Iarish Of
the Methodist Episcopal church Of
All Nations.
The child is now in the care OF
the parish.
DR.. Henry confirmed reports from
BinghamtOn II the sale Of the girl
10 Wong for $500 by her supposed
mother. a white woman calling her
self Marie Chin Wore Mrs. Wore
is held in $4,000 bail in Binghamton
on charge of abduction. he said.
Her claim is. il is reported. that she
was forced TO sell the girl by a
Chinese secret organization.
South Bend news-times. (South Bend, Ind.) 1913-1938, 1920-03-03
CHAMBER OF COMMERCE
SECRETARY TO LECTURE

+. J. Green OF the Chamber Of
Commerce is to address the girls Of
the industrial clubs OF the Y. W. c..
a, on the subject. Functions Of a
Chamber OF Commerce" at their
club night program Thursday night.
The association has extended an
invitation to the Business Women s
Chamber OF Commerce and all other
women interested to attend the
meeting. The address will be given
az o'clock.
South Bend news-times. (South Bend, Ind.) 1913-1938, 1920-03-03
BY United Press

BY United Press.
LONDON, March 2-The appoint
ment or Sir Auckland Geddes TO be
ambassador TO the United States
was gazetted late yesterday.
South Bend news-times. (South Bend, Ind.) 1913-1938, 1920-03-03
The New Spring Waists

What a wealth of beauties we have to offer
you for inspection and selection.
New Creations in Georgette, in suit shades
and light colors. Over blouse style, slip over
style and short sleeves; embroidered and
beaded. Priced at $3.50 to $500.
Also in light shades lace and embroidery
trimmed, with kimono sleeves and fastening at
back, from $1,000 to $3.50.
French Wolfe Waists, hand embroidered, in
many styles of neck and collars. Priced from
5000 to $l296.
South Bend news-times. (South Bend, Ind.) 1913-1938, 1920-03-03
The New Skirts

The tailored skirt of varying modes is at
tracing the greatest amount of attention
Smart new modes, in wool fabrics for early
spring are now shown.
South Bend news-times. (South Bend, Ind.) 1913-1938, 1920-03-03
Millinery
In NezV Modes

1t is with a feeling of unwonted pride to
announce the opening of this department. The
collection of New Spring Millinery is always
distinguished here and presents individuality,
resulting from careful selections.
Correct styles and personal becomingness
are considered of primary Importance
We invite you to this opening exhibit
South Bend news-times. (South Bend, Ind.) 1913-1938, 1920-03-03
Silk Crepes-

Another remarkable weave in t'vOtone paids and fig
See window display of these beautiful silks in
blue, green. pink and at 600 yard.
The shades also shown Tcoettes and Jerseys
in plain stripes and checks. $3.50 to SO yard.
The star-progress., 1920-06-19


path in life may lead, my dear grad
yates, may it be inspire by the high
principles and noble aims inculcated
by your alma-mater and calculated to
develop all that is holiest and most
beautiful in womanhoOd Your life
will be happy if you are loyal to your
church, to your copsciende and to
your Cod E.
The bishop of Lafayette was un-
avoidably absent from the commence
ment, but was replaced by Reverend
A. f. Tsenberg, superintendent of the
Catholic schools of the Diocese. He
too spoke to the grad duates saying
in part: "The State welcomes you
to work in it's schools, but you bring
much more to it's service than schol-
arship. You add to this the tremend-
Gus asset of your Catholic conscience
and a high sense of duty"
The members of the faculty Of ST.
Charles College, the parents of the
graduates and some of their friends
were present at the commencement.
The star-progress., 1920-06-19


This calls to mind the quotation
'1f 1 speak with the tongues Of angles
and have not charity, ! am become e
sounding brass or a tinkling cmySal
And il / should have all faith, 50 tAal
I could remove mountains ara haEs
not charity, am nothing. End Il Z
should distribute all my goods to issa
the poor, and If / should deliver ~
body to be burned, and have not chs
ity, it profiteth me nothing. caafEs
is patient, is kind; charity enyi ata n'sl
dealeth not peryersely, is MOI pun
up, is not ambitious, seeketh MT lsl
own, is not provoked to ange.' tninA
eth no evil, rejoiceth not in iniqui@'
but rejoiceth with the truth; ,. elin Y Y
things, belieyed all tings hq)ttn y
tings ,enduret all things. Chajiif nsA
err falleth away"