davidaulloa/AmericanStories huggingface dataset:
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-08-07
LIMITED TRADING
N IN LOCAL SHARES
General Disposition to Mark
Time Until General Stu
alton Clears Up

Stationary prices were the general
rule in the local market. About tho
only noteworthy exception. which a.
the same time exemplifad the thiures.
OF the market was the 10 point drnp
In General Asphalt common on single
transaction of 200 shares IN A..
In all the other local shares what
few changes were made were rorfneJ
to small fractions. United Gos Inv
provement Pennsylvania Railroad and
Electric Storage Battery were the frmpr
features. Philadelphia Ranid Transit
on a few sales dronped back IN Il
Union Traction remaining unchanged az
251S.
Worries over the transit situation and
other local considerations were releCated
TO the background this week bv Grc-
tions of greater magnitude concerning
the fundamental factors underlying the
general market position. These had the
effect TO reduce the volume Of trading
/, again to small dimensions. and in con
sequence the market was found to he
equally thin on the buying as the scN-
ing side. In other words the day to
day variations contained little s!Cnifi
canoe except marking the progress Of
the readjustment which has been under
way for some time.
In view of the high and extremely
thick stone wall erected by money con
ditions against speculative extensions or
any character the low ebb Of market
interest may be regarded as an entirely
logical development. Money is tighter
In Philadelphia than perhaps anv Of
the other principal financial centors.
because, except for positively pressing
business needs, il is virtually unObtaip
able. This fact is generally known N
+ all those interested in the markp,
affairs. The more interesting. vet nj
this time an unRnswPrabe question, is
when are the bars to be let down?
The substitution of income bonds 70,
second preferred stock, in the re,
financing plan for the National Proper,
ties Co. and American Railways 60.
supplied the only important develop
Inent of purely local character. Tb,
adoption of the boudholders' protective
committee plan seems to be almost sure
Az least. sufficient amount Of the bond,
will be deposited to make il operative
IL would perhaps be advantageous foI
those holders who have been holdnI
off no take the trouble and have d
little talk with some of the members Of
the committee. Possibly sOme' Of tn,
Misunderstanding which have crept NJ
couIde be readily dissipated. 1t Is al,
3 vaye easy To knock some other fellow!
idea. but when nothing better can b.
offered it is q horse OF another color.
.
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-08-07
Commodity Markets
S'-hIN MARKET

Chicago, Aug. 7.--Indications that
the developments of the last twenty
four hours had eased the gravity OF the
Polish situation caused general selling
of wheat in the early trading today.
December started at Az to 0l2c lower
and March was down SC. The under
tone displayed further weakness after
the start.
At the bottom some resting orders to
purchase were reached. The receipts
for the day were 194 cars.
December opened at 50 80 to S2.31 =.
compared with So 361a at the close
yesterday. March started at &c lower
at S2.%3, and dropped to $2.31H.
There also was general selling Of
scattered, owing to rains in Illinois and
Indiana. Further losses wcro sustained
after the opening, as the selling con-
'inued until prices ran into privileges.
Receipts were 40 cars.
September started at 81 A. to 81 A,
compared with $l.47. yesterdays last
price, and fell TO 81. 49,. December
opened at 81 p to $l.24. against
81 27as at the close yesterday, and
later sold at 81 1,23A
Oats opened weaker under liberal of.
fprings. The market ran into bids
shortly after the start and buying
against these privileges checked the
decline Receipts were los cars.
September opened az q 70 I23sc.
against 1880 At the end yesterday, and
declined to Tl7Sc. December started
at y to 70lgc, against 72tEC at the
close yesterday, and later sold at 1Oc.
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-08-07
COTTON MARKET

Nrw York, Aug. An opening ad-
vance Of 10 20 20 points In cotton this
morning was due 10 reports OF heavy
rains in Texas and the big sales OF spots
In Texas markets yesterday, aggregating
1900 bales
New Orleans and Liverpool bought on
the opening and japanese interests sold
Demand was soon filled, however
and, lacking outside support, the market
later weakened, dropping about 20 points
from the early high levels,
The heavy Texas rains and pretty
general showers over East Gulf and
South Atlantic districts shown by the
map, started a local covering movement,
around 10 80 o'clock and, In the absence
OF fresh selling, prices advanced rapidly,
10 S2.4O for October and 29S5 for jan
uary, representing a net gain OF about
35 TO 40 points. Later, part of the adj
vance was lost but the market displayed
a steady undertone.
IL is feared that Texas rains will not
alone delay the movement, but VIII also
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-08-07
TRADE IN SMALL
VOLUME ON CURB
Offerings Not Pressed on Mar
ket Except In Few Cases.
IndustriaIs Quiet

New York, Aug. There was. no
important change In trading conditions
on the Broad street curb today, bust
ness being small In volume. with Offer
ings not pressed on the market except
in few cases.
General Asphalt continued in supply,
opening ut 80 and dropping to 45. Ryan
Oil was traded In at 20 to 1917. Simms
sold at 12% to 12h. Skelly was steady
at 0as to on.
Industrials were generally quiet, Sub
marine Boat being traded in at 10 to
10A and United Retail Candy, after
falling from 11h to 10&. rallied to
11A. Indian Packing sold at 61a to q.
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-08-07
GOVERN MENT BONDS
BUTTER, EGGS AND CHEESE

New York Aug, 7-BUTTER-steodv
Receipts, lO.a4@ tubs, Creamery. hishssr
than extras h+R q 55ci creamery, extras (O2
scorel6 blci creamery, hrsts (Ss to 0l scorei,
!, IIc. wv
EGGS-IrreguIar. Receipts, l7.O25 cases
ga thered, ,fFsts, ~ q Doc: state. PennsyIvania
and nearby western hennery whites nrsts
to extras cog zoe; state, Pennsylvania ana
nearby western hennery browns. extras, 5BGp
82c, state, Pennsylvania and nearby gath.
4S4bhc
CHEESE-Barely steady, Receipts, 1890
boxes Sta!H d Whole Whole, milk fats current
do average run, 25L2 GD26k c; state whole
milk, twins current make. specials. 26A ~
27c do, average run, % a 26o,
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-08-07
DIVIDENDS DECLARED

Cripple Creek Central Railroad. auart.r,v
I per cent on preferred. payable Sepfemhy
to stock of record August IA.
Alaska Packers .Associati ton. quarterly q
per cent payable August 10.
Mar ati Sugar, quarterly ~ per cont a,
common, payable September 1 to stock OF
Pittsbufsh, Youngstown and .Ashtabu,s.
quarterly OF 1% per cent on preferred nav.
able September 1 to stock OF record Al.
RuRt 90.
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-08-07
Uroe Acceptance Of Refinanolno pl,r

Van Horn Ely, president of American
Railways Co., has issued a letter ta
holders of National Properties 4-ss uru'
ing their acceptance of the financis,
plan of the bondholders' protective
committee, stating that the presen,
financial condition of the company in
such as 70 reau,Te prompt attention to
over 30 per cent of creditor institutions
have accepted the plan of the commit
tee. and that before August 16 he he.
lieves all bank creditors will accent tha
plan. The agreement with the banks IA
being provided with the 100000 in cash
under the plan of the bondholders' nrol
tective committee and will not be oneru
tive unless the additional working csn,ta,
Is paid in. He said the cash suoscr,nl
tions of 17k per cent under the plan vii,
be payable in two installments WI
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-08-07
NEW YORK BANK STATEMENT
Reserve Deficit Replaced by Sur.
plus Of S15,171,ooo

The clearing house institutions made
considerable progress this week In cor
recting the impaired reserve position.
The weekly statement showed an .ex :
cess reserve of SIS, III, ,120, as against
deficit Of SO. 6.Os6, 800 Of legal require
ments. This was accomplished d through
the increase of S14.717,000 in reserve
held by Federal Reserve Bank, and a
heavy reduction in liabilities. the lat !:
ter being made BY a drop of S52 ,SS7 900
in demand deposits. This brought an
increase in surplus reserve Of $21 ,257, =
64O. At the same time, the week 8
heavy liquidation Of pool obligations
found reflection in the contraction OF
S45 .515 900 in loans and discounts.
"Details follow:
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-08-07
FINANCIAL
EASTERN PErTROJEIJM co. FIRST MopT.
rEMrLE COAL GO. FIRsT AND, ,COLLAT;

TEMPLE COAL co. FIRST AND, COLLAT-
Bonds. Under provisions OF the mortsage,
proposals for account OF the sinking fund
will be received until 3 p. m. August 10,
pany for Insurances on Lives and Granting
Annuities trustee. for the sale to Il at the
lowest price not exceeding 101 and accrued
interest of as many bonds as s107, 73
will purchase. All tenders should be ad-
dressed to the unde rsiGned
THE PENNSYLVANIA COMPANY FOR IN
SURANCES on LIVES AND GRANTING
ANNUlTiES. Trustee. 5l7 Chestnut ST.,
Tenders for s. +. Temple Coal Co.
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-08-07
CIoverseed

Toledo O. Aug GOD 5mcI9SsrsSsss o5! bssss.I nIaIscc a.
osas oetoper. $50 40; psc.m6sr' $50; 90; March
s2i: Timothy prime cash: lSlI. 'Sn; sSnn;
october, Si.4O December s4.4oi March
"a 65,
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-08-07
Lono Island Railroad New Financing

Washington, Aug. THE Long Island
Railroad Co today petitioned the Inter
state Commerce Commission for author
ity to issue gold equipment trust obliga-
tions to the amount Of $1,6es.000 and
It's note 10 the amount OF st19,279.
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-08-07

reduce the grades Of cotton and greatly
increase weevil and worm damage.
Receipts at the ports for the day are
estimated at 1900 bales, against 1886
bales week ago, 1896 bales a year
ago and 60O9 bales two years ago.
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-08-07
BAR SILVER

Domestic bar silver was quoted IN
New York today at 99kc; foreign 0bc
In London, the price was %d lower "a,
58Fsd.
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-08-07
YEsrERpAY,s FINAL QUOTATION
BANK ClEARINGS

Bank clearings today compared with cor.
responding day last two years!
Boston ,;sfss4s i15S ,s.ssE77o is'G .sS.l 1S's
baltimore is!s1,tis Is,sse.sst ,.,.,.., ,..,,,...
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-08-07
THE CENTRAL NATIONAL BANK
of phIladeIDhio

The Directors have .hIs day declared n
quarterly dividend OF six per cent, free OF
tax payable on demand. Checks will bs
NAILED.
Cashier.
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-08-07
Proposals
DEPARTMENT OF PUBLIC WORKS
Bureau Of Water

July 81. 1920.
o'clock noon on Tuesday, August 10. 1920,
and opened at Room 2l6, City Hall:
Contract No. 40?--Ash hoppers for
Torresdals and hardners Point.
placing valve boxes in Kenslngton'
Contract No. 4O5-LocOmOtIve for
Contract No, 4O6-Aeration fumes and
aprons at Georges Hill.
ance, Lprdners Point.
Contract No. discriminating fye-toD
Mack truck.
For full information and particulars In
qulre at Room 7ss City Hall.
FRANK II. CAVEN. Director.
OFFICE OF THE QUARTERNIASTER
General. Purchase Service, Clothing and
Washington. D. {, - Sealed proposais mi
be received here until II a. M. August IS,
1920, fer furnishing 1900 pairs silk socks
and 10000 pairs Isle socks. Information on
request,
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-08-07
Diyiuends
ROCKHlLL COAL g. IRON COMPANY
North american building

PREFERRED STOCK DIVIDEND NO. .
A quarterly dividend OF 81. 90 per share
Stock OF the Rockhl Coal & Iron Company,
payable september l. 1870. to stockhcdsrs
1920. Checks will be mailed.
JOHN GILBERT Treasurer
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-08-07
RUSSIAN BEAR AIDS
BEARS IN WALL ST.
European Situation Gives Them
Repeated Openings
Against Bulls

Stock sales today on the New York
exchange. as compiled by the Evening
Sun, totaIed 28S, 100 shares.
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-08-07
Today's Ranae In Liberty Bonds
FOREIGN EXCHANGE

New York, Aug. THE foreign ex-
change market at the opening today dis
played weakness for the principal allied
bills Demand sterling showed a de-
cline Of IN cents, at 3.67 and cables
were 3.67&. French, Belgian and
italian exchanges receded 8 to 25
points. the last In lire. Neutral ex-
changes. with the exception OF Holland
and Spain, were strong. Swiss gained
3 centimes, Stockholm showed an ad
vance OF 10, Christiania and Copen-
hagen points.
Quotations were;
Franc cables 731, checks 7.30; Bel
gian cables l270, checks 12.72; lire
cables 5,02, checks SOL; Swiss cables
5,92, checks 594; guilder cables 33%
checks 33lk; pesetas cables 1928,
checks 1920; Stockholm cables 20.95
checks 20,86: Christiania cables 1888
checks 1885; Copenhagen cables 1850
checks 1850 marks, 2.20.
In the late dealings the market be.
came somewhat reactionary, although
sterling retained an exceptionally steady
tone.
Yesterdays FINAL QUOTATIONS
Sterling Francs Lire Guilders
csbSsa csbIss 49,. " s.SS sSS" 7.52 Sis ss ssSs g
ToDAYs OPENING QUOTATIONS
sterling Francs Lire Guilders
Gables ..,.,. 3,s7 7Si 5.oa SSs3
CLOSING QUOTATIONS
csB}ss GsTs"' ..:,. " $s:SS99S 7sSS S:li SSilii $$$$:
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-08-07
CHICAGO BUTTER AND EGGS

Chicago. Aug. o. BUTTER was un
changed ".
EGGS were UNCHANGED. Receipts, ose'
cases. o. Jt
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-08-07

New York. Aug. THE financial
dav as follows:
It was a puzzled Wall street which
watched events in the current week and
endeavored to classify and appraise de.
velopments. They were such indeed
as to defy rules and upset precedent and
confound calculation. The rate hnd-
ings OF the Interstate Commerce Com
mission were at once bullish and bear
ish, the manifestations within the
money market were not readily eS-
plicable, the political and military
aspects of the Polish Russian situation
were highly disconcerting and back of
all these things were nerves at tension
in sheer weariness Of the task Of recon
Cling conflicting forces and influences.
There was profound pessimism In
some quarters and revolt against pes
simism in other quarters. Railroad is
sues were here regarded favorably and
there indifferently. Although 1t was
constructive event Of the age, opinions
cashed on what the effect woull be and
when.
Bulls and Bears Alert
The state Of affairs In Europe gave
the bears repeated openings while the
ostensible case In call money rates
tended to curb bear operations from
time to time. The bulls and bears were
alike alert in taking advantage Of such
opportunities as came to them and, IN
consequence, price movements wanted
consistency.
The fact seemed to be that the invest
ment and speculative position was not
fundamentally altered by the rate mat
ter, nor yet the European crisis, be-
cause that position, as before, was
dominated by the state Of the country's
credit structure. Credit strain re-
mains whatever distinctly artificial
mar ket in call money on the floor
Of the stock exchange may seem to state
in terms Of 6 per cent loans.
Wall street has been liquidated and
some progress has been made in liqui-
dating elsewhere, but the movement can
scarcely be said to have gone very far
until time money begins to display
some signs OF it.
Some improvement was noted in the
matter Of freight congestion and the
situation in that respect was regarded
hopefully. Accomplishment has not
Kept pace with hope, however, and it
is at best problematcal how soon it can
catch up. 1t was contended by those
who declined to be swept off their feet
by enthusiasm over the grant of in
creased rates and fares that the rail-
road situation remains about where it
Mas for the time being,
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-08-07
One Constructive Feature

The constructive thing about it all
Is that at last the roads have been
given a staff without which they could
not even begin to climb the hill before
them. Have railroad stocks become so
cheap that this constructive event
should push them forward at once as
leaders in a bull market? At present
prices the yield of most of them in
dividends conforms very closely TO the
present cost of credit
1t would seem that something moro
would be necessary than that the roads
should be saved from death by remedy
which at best can promise but slow,
tedious convalescencc. That something
must be done to save them was q fore
gone conclusion, of course. The grant
was not sudden boon dropped out of
the sky nor an unexpected bequest from
an unknown relative.
1t was question whether the week s
operations reflected that the market for
securities began to discount the end of
the period of business depression. II
was not easy to answer because there
was nothing conclusive about the yari
able movements in values. business In
in process of readjustment. Credit
liquidation Is proceeding slowly and few
were to be found who Ventured to state
positively the length of time which
would be required to complete it.
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-08-07
No Magic In Decree

There is no magic power in the
Interstate Commerce Commission decree
to restore at once efficient transporta-
ton service nor conjure an immediate
golden inflow of credit. What the
decree does is to set goal for the roads
to strive for in the course of time.
Obviously it will require, n good deal
Of time to lower interest rates on bor-
rowed funds.
Meanwhile the roads will be reluct-
ant to undertake long term financing on
per cent basis when, perhaps, be-
fcre the term Of the loan runs more than
half out, the prevailing interest rate
may be per cent. The short term
market is at present overcrowded. The
roads are prepared to expend $780,
100000 on betterments, equipment.
maintenance, etc. This money Is to be,
or already has been, borrowed at
high rate of interest. 1t is estimated
that the roads need 500. 900 new cars
and could very nicely use 100000. 1t
will take three years or more to get
this equipment.
Another aspect of the railroad stua-
tion Is to be noted Does the commits
sion's decree insure 51a or 6 per cent
ones will be qualified by virtue of
management or of equipment of or
general condition, financial or physical,
tc approximate the expected return on
valuation by dint of superior powers
in competition?
In truth. the matter has two distinct
aspects within the railroad field itself
and with respect to the industry of the
country. In the long run, of course, the
increased cost of transportation and
hence the higher cost of products to the
consumer will be more than offset by
restoring the lines to a condition to
meet the nations transportation needs.
Meanwhile, there will be much to dis
turb business conditions, impede pro-
ducton and hamper price adjustment.
The cost of labor's high wage must
be borne until the now adequate rate
return shall enable the roads service
to catch up with the nations require.
ments. 1t promises to be long and
tedious process.
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-08-07

Chile Cop'r Is Pac G & f IS Va 0s Brown
l...,. 03A l.... TAN Bros Cfs
City Lyons a. IPao T 4 T 5s l..... 60h
a., sSN g.. so (Vir'a Carolina
City Y Al Pa r Is '4sl Chem Co LIST
Nov 81 I.. TIN 1... %
The commonwealth., 1920-12-14
FOUR OAKS MERCHANT
KILLS HIMSELF

-Four Oaks, Dee. 14.-R. c.. Las
siter, prominent young merchant
Of this city, committed suicide
yesterday afternoon at o'clock
Bllsiness worries are held respon-
sible fer the deed. He did an ex-
teilsive time business and it is
caoerstood that his creditors
have been crowdlng him. AS he
was unable to collect from the
farmers because Of the low prices
he could not meet his obligations
+ The body was found by Mrs.
Lassiter who had no intimation
Of her husband's s purpose until
she heard the report Of the pistol
with wI1icfT he ended his life. lie
had gone out on the hack porch
spread rug and lain down on
it. He shot himself in the mouth
the ball ranging upward into the
brain
Air Lassiter was q son Of w.
L. Lassiter, a well-to-do and pro-
minent citizen. the family being
one Of the most respected in
Johnston county Mrs. Lassiter
is a daughter Of j. G.. Keen, also
a well known and esteemed citi-
zen. There are several small
children
The funeral was held this af-
tclnoon al 3 o'clock
The commonwealth., 1920-12-14
HON. CLAUD MTCH|N
HAS INDICATED IN
TENSION TO RESIGN

Washington, Dec. 14.-Repre-
sentative Kitchin, Democrat, Of
North Carolina, has informed
the was and means committee
OF his intention to resign at an
early date because Of i'll health,
Chairman Fordney said today.
Mr.. Kitchin was chairman Of
the committee during the period
of Democratic control Of the
House, and had been expected
by his colleagues to take a lead
ing part n the framing of new
|ta~ ,ariff legislation. hear
on which have just been
started.
The commonwealth., 1920-12-14
BARGE OF HEARING
CAN BE INCREASED
BY DRUGS rs FOUND

Baltimore, Md, Dec IT.
I>r. David [. Macht, Of the Johns
Hopkins University, who is cob
Quoting research work in pharm-
acology, has discovered drugs
that when used in just the pro-
per doses and at the right time
will increase the sensitiveness Of
the human ear and thus enable
an individual to hear over a wild
er range.
Quinine is one Of the drugs that
in small doses increase acuitv Of
hearing. Antipyrin and pyfami
don, also in small doses, had that
effect. Acetanilid and salol ad-
ministered separately impaired
hearing, but a combination OF
the two was found to increase its
acn{enees.
The commonwealth., 1920-12-14
A RIFLE THAI, FIRES
50 SHOTS IN LESS
THAN TWO SECONDS

\ remarkable rifle has been in
vented by Brigadier-General John
I. Thompson, y. S. A. retired,
that was successfully demonstra-
ted at Deal, NJ j., recently. This
weapon fired fifty shots in less
than two seconds, the greatest
rapidity Of fire ever attained by
any gun in the world.
General Thompson. inventor OF
the gun, was director Of arsenal>
Ill charge Of the production OF
small arms for the y. S. Army
during the war.
The rifle, which fires ~ forty
five calibre bullet has been adop
ted for riot duty by police ane
constabulary forces throughou;
the country.
The commonwealth., 1920-12-14
FIRST SEA HORNET
LAUNCHED BY NAVY
A Hinged Bow Conceals The
Torpedo is Feature Of The
Fast Service Craft
ATTACK IN SWARMS
ATTACK IN SWARMS

New York, Dec. .14-A high
powered motorboat, which during
times Of peace can be carried on
battleships as a servire launch
and IN war converted iii a few
moments into a deadly torpedo
boat, was demonstrated here to-
day in the launching Of the first
vessel Of new naval auxiliary
known as type A-3 sea hornet. .
The vessel is designed to f.
an important part of Ak ~
coast defense The eSas ming
took place III the pr sence OF
more than 100 regular army and
national guard officers. as well
as representative Of the navy
and the governors Of New Yorl
and New Jersey
The |'sea hornet'' type wa,
conceived during the war an
was held as a navy secret it
operation being prevented by tn
,arm;stice It is twin screy
6OO4horsepower motorb0at s.
feet long, with hinge boy
which drops from place. III tn
bow is a 21-inch torpedo, carr,
ing in it's warhead 600 pounds G
high explosives. Two additions
torpedoes are carried, as we'll 9
six depth bombs. When in ope1
aticn as war craft the Use;
Hornet wfrich carries d crew {
four men sinks until but q lit
more than one foot Of the hull
above the waterline.
The plan of the inventor an
those interested in the inventio
is to have these boats to attac
IN swar1ns