davidaulloa/AmericanStories huggingface dataset:
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1920-10-03
Diminished Reserves.

Shrinkages in reserve were reported
yesterday by local Reserve Bank, the
ratio of total reserves to deposit and
Federal Reserve note liabilities com
bined dropping from 1917 per cent. to
al per cent. and the ratio of reserves
to net deposits, after deducting 40 per
cent. for gold reserves against Federal
Reserve notes In circulation, dropping
from 4S.4 per cent. to 1926 per cent The
relatively big decline in the latter ratio
was due to the $11 1000. 900 expansion In
Federal Reserve notes in circulation.
There was net increase of $4,000. 900
in member bank borrowings, but that
movement did not go far enough as the
Clearing House bank deficit Of $11. 000.
600 revealed The local Reserve Bank
has become lender to other Reserve
Banks to the extent of S19000,000 and
that loaning movement to other cities
Is expected to mount rapidly before the
peak OF the seasonal credit demands and
the credit requirements Of corporations
in connection with shrinking inventories
are reached. Again the consolidated
statement of the twelve Reserve Banks
should be analysed by those who would
get an exact picture of the credit situa-
ton. but the figures presented in the
hank statements bear out the assertion
In the monthly review of the Reserve
Hank that credit is tightening and can
rot relax until business REIMBURSEMENT Is
more nearly complete.
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1920-10-03
Rally In stocks.

Stocks rallied yesterday on weekend
towering. and. although some industrials
exhibited irregularity and sloshed
around. there was sufficient purchasing
power back of the market to provide q
steady and at times a strong tone. The
rails again were the chief feature.
Northern Pacific broke away from its
group for a five-point advance and other
rail stocks Of its class moved up more
moderately. In some small rails, in
which speculation has become intense
during the last month. there were evil
dences of profittaking here and there.
Wall Street opinion appears TO be
sharply divided about the immediate out
look for industrials. A great many peo-
pie entertain the theory that. so long as
Industrial readjustment continues indus
trial stocks will reflect that unsettle-
ment Rails on the other hand. appear
to be in movement of their own. en-
tirely Independent OF the general mar
ket. Continued hammering of industri-
ais for n long time merely brought
about an oversold condition, and a shar,
rally always comes when the marke.
works itself into such a position.
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1920-10-03
GOVERNMENT GOLD ARRIVES.
VIII Not Affect Reserve Position
of Local Institutions.

That the arrival of earmarked gold
has no effect whatever on the reserve
position Of the local reserve bank was
announced yesterday by that institution
in connection with the arrival or Fri
day on the steamship Baltic OF the
first shipment of gold earmarked with
the Bank OF England for the account of
reserve banks. The statement issued
yesterday by the local reserve bank was
as follows;
"The value OF this shipment. which Is
In the form of gold bars, is approxi-
nateiy S9.500.0 900. The gold has been
delivered TO the United States Assay
once In New York for account of the
twelve Federal Reserve banks. (which
share in Il proportionately.
"As 70 this and subsequent shipments
OF this earmarked gold II should be noted
that. inasmuch as this gold has been con-
tinuously carried as reserve by the Fed
eral Reserve banks since It's arrival at
tho Bank OF England. shipment Of It TO
this country will have no effect what
ever upon the reserve position of the
Federal Reserve banks"
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1920-10-03
CAR SHORTAGE END IN SIGHT
New and Mended Freight Carriers
Coming Out I'm Great Volume.

Reports from car manufacturing and
repair shops scattered over Eastern ter
ritory show that new freight cars and
rehabilitated ones are coming out in
such volume as to be a big factor In
permanently ending earlier than expect
ed the prolonged car shortage from
which all industries have suffered.
Repair work. as distinguished from
construction OF brand new freight cars.
is far the greatest part OF the gigantic
work of rehabilltating. tuning up and
generally making over the country's
rolling stock which. on March II. when
railroads were released from Federal
control TO their owners, embraced the
care Of about 2.25O,OO0 freight cars OF
all classes.
Heavy and medium repair work.
which has restored crippled and unfit
freight cars to service Mt full efficiency
this year. amounts to fully eight times
the amount OF new freight car construc-
ton. not including all light and running
repairs which have improved the service
capacity and extended the life OF a
greater number OF freight cars.
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1920-10-03
LESS STEEL IS BEING
ACCUMULATED IN MILLS
Reduced TDo-fhirds in Last
Feu Weeks.
sDec,al pespatch TO TIE HERALD.

PrrrsBuRu. oct 2.--It has been es-
tablished beyond a doubt this week that
the accuinulations OF steel at mills are
reduced TO less than a third what they
were at the peak two months ago. and.
as that reduction has been accomplished
In n few weeks and with Increased pro-
ductlon, the deliveries OF steel have been
very heavy The stagnation In the
prompt market would be natural and
inevitable result. The steel trade Views
with no alarm the decline that has be-
gun in automobile prices and exhibits
no fears regarding any contest as TO steel
prices that may be based on the recent
reductions of automobile prices. Tho high
levels from which automobile prices are
dropping are not attributable to the cost
OF steel as Il sells for a very few cents
n Mound and Automobiles have been SELL
ing for so cents to more than 81 pound,
and not much more than half the weight
OF "a car Is in rolled steel. III steel bars.
sheets. &c, were furnished free the de-
crease In the cost of building car would
be small
Iron and steel men say that II GER
erai and important decline IN conimod-
ity prices and the cost or construction
work should occur the final results would
Iva advnnta geo,is 10 the steel industry. as
consufnptlon OF steel would be encour-
aged. and such establishments In iron and
stcel prices ms may be requisite can be
effected without difficulty Commodity
nrices and labor costs have long DIS
lance TO travel, as an instance, before
they are in keeping with the United
states steel Corporations prices for steel
products. which are only 80 pc cent.
above the ten year pre-war market price
average.
Not enough has developed in Bes-
sorner OF basic iron on which TO base
lower market quotations, but IL Is the
consensus Of opinion that the next pusi.
ness OF any consequence will 80 at
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1920-10-03
slight Demand for Copper.

Although copper producers have
marked down their prices no new bust
ness has followed that action, the small
or domestic consumers being inclined 10
believe still further recessions are In
order. while large manufacturers are
busy adjusting credit. labor and terms
on new contracts to meet changing con-
ditions. Walkers Weekly Copper Letter
has TO say OF the situation: 'Producers
have two measures open to them. One
Is to drastically curtail production until
tho surplus disappears and the other Is
10 reduce prices temporarily below re-
duction costs, swallowing the loss which
such n procedure would entail for the
time being In the hope of making good
on the later advance in price and the
average for metal next year. Strikes
and lockouts delayed consumption dur
ing July and August, while the recent
freight advance and the campaign tc
force defiation through price cutting
have all conspired TO limit the buying
demand for copper"
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1920-10-03

lower prices than those recently estab-
ushed at the market, S4S.50 valley, for
both Bessemer and basic. Several small
resale lots are understood TO have gone
at cuts, but resale iron Is not usually
taken as making the market. because
q resale transaction does not mean that
there is more TO be had at the same
price. AS TO foundry iron, however. the
market has become quotable at a So
decline. or SAT valley. In well posted
quarters It has been recognized foR sew
eral days that approximately that price
undoubtedly could be done II an inquiry
OF sufficiently attractive size were made.
Ii Is understood that a good sized sale,
running into four figures has actually
been made at s47 valley. and the mar
ket therefore IL quoted at that figure.
Reports are that SAT furnace can be
done in the Cleveland district on foun-
dry iron.
The spot coke market is unchanged
at 1850 to SIT for furnace and $3.50
10 SIS for foundry. with a distinct stiff
fleming tendency in the latter. There are
no prospects Of material decrease In
coke requirements in the near future.
No furnaces are blowing out. and Il Is
not economy 20 curtaii coke consump-
ton at blast furnace even n the cost
OF coke IL high and the demand for iron
Indifferent Variations in the demand
for furnace coke in the open market
are due 10 fluctuations IN deliveries on
contract and to change In position OF
furnaces as 60 how much coke they
want TO have ahead Of them. There is
practically no interest In contract coke.
furnace or foundry.
on account OF better supply OF steel
bars makers Of nuts. bolts and rivets
report an increase in operations. which
run from 40 per cent. 20 almost full
capacity a very active demand has
been in evidence for n considerable time,
but shortage OF labor IN some plants
Is holding down production.
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1920-10-03

Sears-Roebuck & Co.. one OF the larg-
est mail order houses in the United
States, will do some important financing
within the next two weeks. II Will
amount to approximately s40.00o.00
but the form OF the Indebtedness. tho
rate of interest and its length have not
been finally determined. New York
bankers probably will be interested with
Chicago bankers in the underwriting.
Through a confusion of Sears-Roebucl1
Co. with Montgomery Ward & Co. II
was reported in Wall Street yesterday
that II was the Montgomery Ward Co.
that would do the financing. That re-
port was promptly denied by officials Of
the latter corporation. who declared that
no new financing was contemplated for
this year. Sears-Roebuck stock was un-
settled and weak In most of yesterday
brief session. II broke four points to
IFS and then rallied to 117h.
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1920-10-03

Until very recently there has been a
wide discrepancy between Industrial and
rail averages. but developments of the
last two weeks. with industrials unset.
tied and recording declines and rails
surging into new high ground for the
year. have brought the two within a very
small fraction of point, and the gen
eral belief that the rail average wfll
soon cross the industrial average Is ex-
pressed In Wall Street. Twenty repre-
sentative rails closed last night at an
average OF s42s. The average OF TWEEN.
~ representative industrials at yester-
days close was $3.50.
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1920-10-03
CONSOLIDATED EXCHANGE.

Demand OF most impressive order
brought advances Of 4 to ~ points in
humorous rails during last weeks trad
ing In the Consolidated Stock Exchange.
There were wide losses In steels. motors
and specialties and moderate recessions
In the balance OF the industrials.
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1920-10-03
NEW ORLEANS COTTON MARKET

NEW ORLEANS. oct. Cotton closed
to-day at net Losses for the day OF 90
TO 100 points, October reaching low
point Of 20.7O during the day and clos-
ing at 1850. A cabled report at noon
that Welsh coal miners had gone on
strike started a selling wave. which was
checked late In the session by news OF
another fire In the Galveston cotton
district January. 20.25; March 20.25;
May, 20.0t. October. 20.S0; December.
2O.42. Spot quiet and unchanged; mid
ding. $500.
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1920-10-03
LONDON MONEY MARKET.

LONDON. oct 2.--Bar silver, 5Sad an
ounce. Bar gold, 11ss. 4d. Money, 5L
per cent. Discount rates-Short bills,
6%96h per cent. three months bills.
6% @sM percent. Gold premium Mt Lis
bon. 40.
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1920-10-03
MONEY AND EXCHANGE.
CALL MONEY
CLEARING HOUSE STATEMENT

ILEAItINT EVLoE 6IAI EMlNT.
Clearing House exchanges. 1861 .SG5, 7e4
balances. Ssf. SIS. 214: Sub-Treasury debit
balances, $500. 43i Federal Reserve credi.
| balances. s66. 304 1877.
FOREIGN EXCHANGE.
GREAT BRITAIN.
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1920-10-03
Exports From New york.

Exports from New York yesterday
oil. 2S.i50 gallons.
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1920-10-03
SUBSCRIPTION RIGHTS.

Rights Yestys Fris.
Empire. Bid Ask. Ind.
Art Metal Construction oct. II Il q x
Kelly Springfield. .... Nov 10 :. Y
New Jersey zinc.... Nov. 10 Of 1ois 10
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1920-10-03


outside 10 ~ 7
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1920-10-03

Days sales
The Era-leader., 1920-04-29
Waverley Club and Girls
Meeting.

The Waverley Club will hold
its regular fortnightly meeting,
Saturday at $3.50 P. M, at the
Fair grounds, if the weather is
fair. In case of rainy or cloudy
weather the meeting will be held
at the school house.
Every girl in town over twelve
years of age is invited to be pres
ent at this meeting, as the main
feature of the afternoon vii. be
the organization of the Girl Re.
serves, which is part of the Y.
W. G. A. This work is to be won
derfully enjoyable to the girls, at
the same time that it is teaching
them to be thorough all-round
capable women. 1t is hoped that
the girls will respond en- masse,
to this call for Saturday after
noon.
The Era-leader., 1920-04-29
Important Meeting.

Everybody is cordially invited
to attend the meeting, Friday at
$3.50 P. M. at the Masonic Hall.
when the civic department of the
Waverley club will be organized.
Anybody can belong to the de-
partment without dues or speci-
fled duties. All that is necessary
is a desire and willingness to help
whenever possible in our City
Beautiful work.
This campaign is on now for an
indefinite period, All are inter-
ested but it will take close and
earnest corporation to bring to
pass order and beauty, where now
exist dirt and ugliness, SO all the
ladies of tie town are urged to
come out to the meeting Friday.
Let US get our force lined up for
this important, and far reaching
movement.
The Era-leader., 1920-04-29
Notice.

Notice is hereby given that at
a special meeting of the School
Board to be held May the 18th.
the School Board will be request
ed to create and define a school
district for the Varnado school.
Said district to include all of
township 2.14, practically all of
2-13 and a portion of the south
side of 1.13 and LA.
D. H. Stringheld,
Secretary,
The Era-leader., 1920-04-29
The Era.Leader.
Franklinton, la, April 20, 1920.

Mrs. Percy Toney of Bogalusa,
spent the weekend with Frank
linton friends.
Little Wilfred Erwin is spend
ing this week with his auntie,
Miss Hezzie Magee.
Mrs. L. D. Greenlaw spent
Thursday in Tylertown with Rev.
and Mrs. j. j. Walker.
Mr.. and Mrs. Robt. Burris of
Bogalusa, spent the week end
here with their hom efolks.
-Four 48 pound sacks of -four
will be given away at POOP M,
on Saturday at the Boston Store.
Mrs. Vera Jenkins, who is
teaching at Pine, spent the week.
end with her parents. Rev, and
Mrs. G. T. Corkern.
Mrs. Otis Simmons and wee
baby returned to Bogalusa Sun
day, after a fortnight visit with
Mr.. and Mrs. J. E. Bateman.
Mrs. J. E. Bateman entertain.
ed at a family dinner Sunday,
having present all the children
and the four grandchildren of
the family, the gathering proved
a happy occasion to all.
Rev. A. S. Lutz, Presiding
Elder of the Baton Rouge Dis. |
trict will preach at the Metho- |
dist church Saturday evening
t8 P. M. and Sunday at II A. M. |
and at Zona Sunday evening at
8 P. M.
Miss Georgia Barnett. Field
Secretary of Louisiana Baptist
Woman's Missionary work, was
a guest Saturday of the local
W. M. S. and contributed won
derfully to the success and in
terest of the all.day meeting
held at the Baptist church under
the direction of Mrs. L. D.
Greenlaw, associational Superin.
tendent.
The Era-leader., 1920-04-29
S20.OO Reward.

For the return of one dark bay
horse mule with both shoulders
collar marked with white spot;
about eight years old and weighs
1900 pounds. Stolen from Lamp
ton Brothers barn at Tylertown
on Sunday night, April 18th.
S2500 in cash will be paid for
the return Of the lost mule to
Lee Ezell.
Frankllnton, La
The Era-leader., 1920-04-29

! Miss Amelia Parker of Isabel
spent the week end with Miss
Elsie Letchworth.
| Mrs. Lizzie VarnadD of Osyka
is visiting her sister Mrs. Johr
Spring this week.
Mrs. l, L. Pope, Misses Grouse
and Milligan spent Thursday oil
last week in Bogalusa.
Mr.. and Mrs. VIM, Carp and
son Sydney spent the week. end
with relatives in Bogalusa.
Saturday, May 1st is -four day
at the Boston Store. Don't for.
get to bring your tickets.
Miss Wincie Burris came over
from Bogalusa, and spent the
week end with her mother.
Mr.. and Mrs. W. j. Willoughby
of Bogalusa, spent the weekend
with Mr.. and Mrs. R. D. Magee.
Lumber is on the ground for
the erection of a large ware
house for Burris Bros. Ltd. ad.
joining their present store build
ing.
Miss Louise Payette, formerly
with hampton Brothers, in the
millinery department, but now
with Beard & Thompson, at
Franklinton, spent the week. END
here as the guest of Mr.. and
Mrs. j. T. Thompson.-Tyler-
town Times.
Mrs. L. D. GreenIaw left Wed.
nesday to spend a few days in
New Orleans with her Son E. R.
Greenlaw, after which she will
20 on to Alexandria for a three
weeks visit with her her daugh.
er, Mrs. j. E. Brakefeld at
Louisiana College,
The young mems council of
Christian workers in session at
Baton Rouge Friday, Saturday
and Sunday last, was attended
BY Rev. G. N. Kimberlin from
The town at large, Burt Brock
representative of the B. Y. P. u,
Robert Brock of the Epworth
league and Johnnie Sones of the
lily, who express themselves as
greatly benefited by the ses.
,ions and report the convention |
ls a whole, wonderfully success
'ul.
The Era-leader., 1920-04-29

DR.. A. G. Smith left Friday
for visit to his Wisconsin home.
Bring your tickets with you
next Saturday to the Boston
Store.
Mrs. Tom Pigott of Crystal
Springs. Miss, was a recent Wis
itor of Mrs. G. T. Corkern.
Mrs. G. c. Fortinberry enjoy.
ed a visit recently from her
mother, Mrs. Hopgood of Tyler
town.
Mr.. and Mrs. Joe Daniel and
Mrs. VIM. Daniel of Bayou Sara,
are visiting Mrs. Daniels mother
Mrs. Dell Foil.
Miss Vernice Bateman enter.
tained the young people Of North
Franklinton at an ice cream sup.
per Saturday evening.
Mrs. Adrian Wilcom and in.
teresting young son who are
visiting Mrs. D. r. Johnson left
Friday for a few days visit with
Bogalusa relatives.
Mrs. c. j. Gayer assisted by
Mrs. NJ. A. Lee entertained Mr..
Gayer's Sunday school class Fri
day night with games and re-
freshments of ice cream and
cake.
Mrs. Alfred Coyne spent Sun
day in Bogalusa with her daugh-
ter, Mrs. e.. ?. Daniel. Mr.. Dan
Iel is confined to bis bed for a |
six weeks treatment Tor rheu.
matlsm.
The District B. Y. P. U. and |
Sunday School convention will
be in session here on Tuesday |
md Wednesday of next week and
;he public is cordially invited to
the sessions both day and |
hight.
The logging department of the
McCreary mills is being trans
:erred this week to Roseland to
)e used in the operation Of the
2oseland Hardwood and Veneer
20. The McCreary work is sup
posed to be concluded here by
he close of this week.
Mrs. J. R. Davis left Tuesday
o join her husband in Bogalusa,
vhere Mr.. Davis has been em-
,loyed thru the winter and
pring but was unable till now
O secure a residence. They will
'e located at 616 Ave. c., where
hey will always be glad to well
ONE the Franklinton friends
7ho so hate to lose them as resi-.
ents here.
N.ASo- |,
The Era-leader., 1920-04-29

Monday, May 3rd. being mu.
nicipal election day, we will be
closed.
Washington Bank & Trust Go.
The Era-leader., 1920-04-29

Will exchange one top buggy
for good COW and calf, or other
cattle,
W. Y. Wood,
At The Darlington Store Inc.
Omaha daily bee., 1920-01-18
Housefurnishings
Specials
That Will Interest the
Thrifty Housewife.

S SASS wa
Universal Food Chopper, No. 0,
Hayden's cash price. .S1.75
Universal Food Chopper, No. l,
Hayden's cash price. $500
Electric Iron, $3.50 value. our
. cash price ....... $3.50
Lunch Kit, with thermo bottle.
Hayden's cash price. .S3 .65
Electric Heaters, cash price. So
Vacuum Hand Washer, Hay
den's cash price. .......75c
O'Cedar Oil Mops, large size,
$3.50 value, cash pr. 81. rs
Sanitary Sweeping Compound,
large can for.
Hayden Brooms, $3.50 value,
cash price ..........S1 90
Two-Quart aluminium Heavy
Double Boiler, at ..S1.9S
Ranges, Stoves and Heaters
Universal Six-Hole Combination
Coal and Gas, full nickel, our
cash price, at. S11O
Soft Coal Heaters, our cash
price, at .......... 90
Hard Coal Burners, our cash
price, up from. 90
Omaha daily bee., 1920-01-18
A Square Deal for
Labor and Capital
Is Urged by Wood

New York, Jan. 17.-An econonl-
ical national administration based
on a budget system" was advocated
by Maj. Gen. Leonard Wood, cam
didate for the republican nomina-
ton for president, in a letter read
at the annual dinner of the Queens
Chamber of Commerce. He also
urged "A square deal for labor and
for capital; no autocracy for either" I"
adding that they should pull to-
gether."
THE slogan of today is law and
order and no class legislation; re-
spect for constituted authority; gov
ernment under the constitution and
encouragement by all practical
means OF good business" General
Wood wrote.
"The United States government
has 'dislocated wages" Senator
George E. Chamberlain, Oregon, de-
clared in an address. He said he
knew many lawyers and other pro-
fessional men who closed their Of
fices in the government ship yards
The senator ridiculed the idea of
government ownership.
"If the government had all the
money in the world he added, "it
could not compete with the big en-
terprises that have brains at the
head of them"
He urged business men to inter
est themselves in the problems that
confront the country, saying that
otherwise bankruptcy is inevitable" ."
Omaha daily bee., 1920-01-18
Theory Of Hired Man
Must Go, Assertion
Columbia Head

New York, Jan. IA prediction
that the institution OF private prop
erty never would be permanently or
even long overthrown by socialis-
tic programs was made at the meet
ing of the New York State Bar as
sociation today by Nicholas Murray
Butler, president of Columbia uni
versity and candidate for the re-
publican nomination for president.
DIR. Butler added, however. that
unless American fundamental legal
principles should be developed to
solve manifold economic problems,
a violent war between law and eco
nomic interests was certain.
The theory of the hired man must
go, he added, and affection for the
job must be developed. Such con-
dition, he said, would inaugurate
a new industrial era.
There will be no wage slavery
possible" he added, when a skilled
workman is consulted as to the
terms of his own cooperation and
when the hours and conditio OF
his labor, as we'll as its rewards,
are settled on the assumption that
he is human being and not mere
piece of goods-producing naca..;n-
cry"