davidaulloa/AmericanStories huggingface dataset:
The Washington herald., 1920-11-10
WALL STREET GOSSIP.

NEW YORK. Nov. s.-All financ-
ing required by the large Industrial
corporations has been satisfied, ac-
cording to a leading banker here,
who says:
Industrial companies are in a
strong position as a result OF new
financing amounting to many hun
dreds of thousands of dollars in the
last six months. This money, to .
large extent. has been used to pay OF
bank loans. Good Industrial stocks
are on the bargain counter and this
is the time when shrewd investors
buy stocks"
Money. 1t Is predicted. will not be
so dfficuft to obtain nor will the
rates be so high. when the govern
ment call for statements as TO the
condition of the banks has been
answered, according to money brok-
ers here. Traders see little hope of
steady upward movement until the
next year. as further reductions in
commodity prices are confidently ex-
pected.
American Smelling and Refining
Company announced today a reduce
tion in its price on lead from 7K to
. cents a pound The wide scope Of
trading ON the Exchange during th6
past four or five days. Is shown by
the fact that the number OF. both
common -and preferred stocks ON
Monday was 36s Issues. a newsrecord
The former high was ass. made on
December 30. 1919.
The annual report = the cruclble
The Washington herald., 1920-11-10
MONEY.

NEW YORK. Nov. s.-A very good
demand for call money at the 9 per
cent renewal figure was reported
with only a moderate supply orrSr-
ing. Time funds were nominal al
81. to Sh per cent for short maturi-
ties. A little money has been loaned
at 81 per cent. offerings are at a
minimum.
Prime bank acceptances are held
by the strength OF call money. but
are quoted unchanged on the basis
of SIS and s& per cent for prime
New York ninety day member bills.
The Washington herald., 1920-11-10
THE DOLLAR mi F0REcN EXCHANGE.
(Furnishea Kaerteas Security and Trsst cs.psnyJ
clss
czEcR0-SLovAK EXPORTS.

Figures published yesterday by
the czecho-Slovak ministry OF COM
merce show that for the first seven
months OF 1920 exports valued at
s5.so2.s7s were shipped to the
United States. During the same pc
riod imports from the United States
amounted to ss.212,475. or an ex-
cess of imports over exports OF
ss0s,4s
During the month OF July exports
to the United States amounted to
s2.2s2.so7 and imports to y2el.oe7,
showing a favorable balance for
Czecho-Slovskia for the month OF
ss0s.4s7. 1t is said that the rapidly
increasing balance of trade in favor
Of czecho-Slovakia is steadily in
creasing the exchange value Of her
money.
The Washington herald., 1920-11-10
RUMANLAN PETROLEUM.

According TO Information published
in Commerce Reports a very impor-
tant oil transaction has taken place
whereby the Anglo-Pecsian Oil Com
pany. allied with some other British
and foreign financial interests, has
acquired the control of the large oil
properties in Rumania known as the
Steaus- Romano This latter COM
pany was originally promoted by
German interests but during the war
German holdings were sold TO other
foreign institutions. II Is stated
that both the English and French
financial interests engaged in the
matter are extensive and influential
About f2.0oo.oee OF British capital
will be involved
The Washington herald., 1920-11-10

steel Company of America was not
cutie as good as had been expected
although increases We're registered
over the previous year. Gross profit
for the year ended August 81. 1920,
was S1I.27A4Ss, as compared with
s14,os3,oo5- in the previous period.
Net profit was H,7so.02e. as against
ss.574.20S
As all but a small percentage of
the minority stockholders of the
Pittsburgh. Cincinnati. Chicago and
st. Louis Railroad Company have ac-
cepted the offer made last spring by
the Pennsylvania Company to bus.
their shares, and as the question of
leasing the property to the Pennsyl-
vania r.. r. Co. will be submitted to
special meeting on the "Panhan-
Gle" stockholders. IL has been decid-
ed to reopen and extend until De-,
cember 81. 1920. the offer to purchase
the remaining outstanding stock.
Notices to this effect are now being
sent out by Samuel Rea, president
of the Pennsylvania Company and
of the Pennsylvania Railroad Com
pany. :.
The National Leather Company
which was organized to take over
the leather department of Swift and
Company. has sold sf0.oo0,o 900 Ave-
year per cent notes to a syndicate
composed of Illinois Trust and Saw
ings. Harris Trust and Savings and
Lee Higsinson and Company.
Wabash reports September gross
Of ss,52s.Bss and net operating In
come Of ss17,s3s. as compared with
net Of ssss.oss in the same month
The Washington herald., 1920-11-10
LOCAL SECURITIES.

Washington Railway and Electric
issues again occupied much of the
limelisht during yesterdays session
on, the local exchange. Seventy.
eight shares Of National Union Fire
Insurance, heretofore inactive
stock. figured In the only deal out
side the traction holdings.
Railway Is proved most active.
opening at 57ls, declining to SIS
on the next two sales. and then ad-
vancing to 67z. the closing quota
tion. Sales agsregating 5000. face
value, were recorded.
Washington Railway preferred
stock scored an advance of u of a
point in four sales totaling fifty
shares. This issue closed at 5s%.
Twenty shares of Capital Traction
stock was disposed of at s5h.
The Washington herald., 1920-11-10

last year. Nine months gross was
s42.273.7s5 with net operating deficit
OF $5,o7S.125. as against a net operat-
ing income of s2o4,50s in the cores
ponding period of the previous year.
The Washington herald., 1920-11-10
NATIONAL CLOAK AND SUIT.

NEW YORK. Nov. s.-National
Cloak and Suit Company declared
regular dividend of s1.75 a share
on its preferred stock. payable De-
cember l to stock of record No
vember 20.
The Washington herald., 1920-11-10
YESTERDAYS SALES.

Washington Ry. 4s. 1000 at sly.
National Union, rs at 7K.
After call:
Washington Ry. q. 1000 at SIS. 1000
at 51%. 1000 at 5Iii. loo at 57Ia, I.0O0
at 57S. 1000 at 57%, 1000 at 57x.
Capital Traction, % at S5h
Washington Ry. pfd. % at 56L, 10 at
J6z, 10 at 5s%. 10 at Sos.
The Washington herald., 1920-11-10
WEAK TONETO !
STOCK MARKET
Weakness Nod Aests = Isassarial
Lia and Usssss1y Lsrss Lsses
y Are Rsesrded-
TRADING REACHES IT'S PEAK
Market elssss y Midt Of Selling
Msve.est whss Lswsst Ono
ts6sss Are Recorded.
TRADING REACHES IT'S PEAK

NEW YORK. Nov. s.-wIth total
transactions amounting 10 nearly
100000 shares. the stock market
displayed extreme weakness today.
rejecting the apprehension enter
tsined on the part OF security own
ers regarding the denation that is
going on in the Industrial sItus-
ton ana In the commodity markets.
The weakness was most acute in
the Industrial department. where
some unusually large losses were
recorded and new low records were
made.
Only once, and that was early
in the forenoon. did the market man
ifest any signs of raIlying. but ad-
vantage was taken Of the strength
to put out additional stock. with
the result that the entire list turned
weak. shares were offered at the
expense Of price throughout the ses-
sion. and the activity Increased as
prices receded. Weakness was most
pronounced in the last half hour.
when the lowest quotations for the
day were made. The market closed
in the midst OF the selling move
ment. final quotations being the low
est for the session. Specialties
dropped from ; to 10 points. the
maximum decline in Mexican Petro-
leuk- Standard issues were l to
. points under the previous closing
quotations.
The Washington herald., 1920-11-10
Bear Professional Attack.

Professional traders were busy
all day attacking the vslnera BILE
spots. The lower quotations re-
corded as a result of their selling
brought out liquidation by persons
who have been holding stocks
which they bought in commission
houses at much higher prices. After
the close of the session the clerical
forces were kept busy sending out
margin calls. These requests for sd-
ditional margin will not be an
swered by many. so additional
forced Liquidation is expected at the
beginning Of tohorrow's session.
Call money opened and renewed
at 9 per cent. but closed at 10. De-
mand sterling advanced four cents
but practically no attention was
paid TO its action.
The Washington herald., 1920-11-10
Industrials-

Bankers who have been predict
ing lower prices for industrial Sc
curities because of reduced earn
ings declare that the market is now
discounting the enormous deprecis-
tion which has occurred in recent
weeks in the quoted prices in pri-
mary markets for foodstuffs- The
extent TO which this depreciation
has weakened the purchasing
power of the farmer may be
CLEANED from the fact that one
authority says the value OF the
corn crop has declined one and-one-
half billions Of dollars compared
with last year: the depreciation in
oats and wheat one billion dollars
and the cotton crop one and one
quarters billions OF dollars. This
authority. who is an expert on food
stuffs. says there never was a cot
ton crop that cost 80 much TO raise
as the one now coming to market
The high costs have been due TO
the greater amount OF money that
had TO be paid for lshor, machinery
fertilizer and land. The South, how
ever. is reported TO be borrowing
from, New York banks about 10 per
cent less than had been expected.
French francs were slightly higher
hut an international banker says the
quoted market price for francs must
keep declining as lsng as Germany
cannot give France gold.
Southern Pacific
Southern Pacific was relatively
erm during the greater part Of busi
Hess but weakened In the late deal
ings and closed at the low price of
the day with a net decline Of nearly
points. Buying OF the stock on y
scale down was said to be good but
profit-tsking was induced as the
price receded in the late afternoon.
At one time during the session the
issue showed a gain OF pearly .
points The Street Is anxiously
waiting To see what the executive
committee will do at its meeting on
Thursday.
The Washington herald., 1920-11-10

Wabash reports September gross
Of ts,52sess and net operating In
come Of ss15s3s. as compared with
net Of s3ss.oss in the same month
The Washington herald., 1920-11-10

Owing to their inability to
unanimously get together at their
cent meeting regarding the bank
ing hour controversy. the Clearing
House Association will again meet
on November Is in the National Met
ropolitan Bank Building at 500 p.
m. at which time a cuLmination will
undoubtedly be reached, according
to advice received yesterday.
The Washington herald., 1920-11-10

Henry A.. Elwell. manager of the
department of banks of E. l.
stock & Company, is at present in
New York on important business
for his firm.
The Washington herald., 1920-11-10

By virtue of tAnbuge success at
tanned at the recent initial gather
ing held in the Continental Hotel
officials of the Second National Bank
are seriously considering a get to-
gether" for their employees, friends
and families to be held regularly,
four times a year:
The Washington herald., 1920-11-10

The weekly meeting of the ele-
mentary class. American Institute of
Banking. was well attended last
night. r. 3. Dickey, Washington at
torney. addressed the class on En-
dorsement of Negotiable Instru-
ments." followed by a quiz conducted
by Harry V. Haynes on Drafts and
Acceptances.
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1920-10-02
sugar stocks Weak.

The arrival in New York harbor of a
cargo of raw sugar contracted Tor
months ago at 30 cents pound, the
same sugar which planters would be
glad to sell to-day at 10 cents pound.
and the rather startling statements OF
Edwin f. Atkins of Boston, an official
of five big Cuban sugar plantations, TO
Attorney General Allen in the sugar m
vestiGation, brought q sharp crack IN
sugar shares yesterday, the most notable
of which was in American Sugar he
filming. which dipped par at the market 8
start. Mr.. Atkins testified that the rail-
in raw sugar prices between July l and
September Is meant an actual loss OF
S250.000,000, which Some one must
stand" In connection with the wide de-
cline in American Sugar Earl ID. Babst,
president of the corporation, made this
statement: "In common with other sugar
refiners and merchants, this company
will meet with some loss on its inVen-
tory. Notwithstanding reports TO the
contrary, however, our customers are
taking and paying for the sugar sold TO
them under contract In our Judgment
the possible loss in inventory should not
cause stockholders to sacrifice their
holdings"
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1920-10-02
Rail stocks.

In some quarters in Wall Street adj
vice has been given to take into consid-
Grafton. i'm the midst of bullish euthusi-
assn regarding rail stocks. some factors
which may operate to bears advantage.
The indices of the business situation
point to n slackening of general bust
ness. which, in turn, spells diminished
volume of traffic for railroads The
Interstate Commerce Commission in its
rate decision. il is argued, could not
have taken into consideration the possi-
bility OF a cut in traffic volume because
Of more or less depression I'm business.
Consequently rates designed TO give a
return Of per cent. on property invest
ment and based on continuation OF a
maximum volume of business will prove
disappointing to tho roads. according to
those who emphasize unfavorsblc fac.
tors In addition, It is pointed out. the
high rates themselves render moving Ger
tain kinds of traffic by rail Impossible
and operate further TO reduce traffic
volume Rails future earnings. Il Is
argued. therefore. can be measured by
the extent of the business depression
plus the volume OF traffic driven from
the rails by high freight rates
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1920-10-02
GOSSIP OF WALL STREET.
stocks Rally one Point.

Stocks rallied rather sharply yester-
day ON favorable news developments. al
though some sections of the industrial
list continued sluggish and were disin-
clined To follow up their rallies. About
the best that could be said of the indus
trials was that they closed at better
prices than they did on the preceding
night. Rails were the real leaders OF
the list such stocks as Northern Pacific,
Louisville and Nashville and Wisconsin
Central surging into new high ground
in the final hour OF trading. The one
factor that appeared to bring about be-
ter sentiment in the market was the
postponement of the British coal strike.
\ new ballot will be taken. returnable
ON October 49, Short covering was no
ticcable in practically the entire list of
industTials. and to that source was at
iributed most OF the strength which adj
vanced the average of twenty industrial
stocks los to an average of 81. Twenty
representative rail stocks advanced LAB.
Early unsettlement in the market was
attributed to the break in sugar stocks.
brought about by the unfavorable de-
velopments in the trade. but most OF
the losses in the general list sustained
in the first hour were wiped out later in
the day by the demand from shorts, who
were satisfied with profits amassed on
the down side.
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1920-10-02
Steel Prices.

The return of Judge Ebert II. Gary
from his vacation trip abroad, on the
steamship France, due on Sunday is
awaited by Wall Street with consider
able interest as some changes i'll the
steel price schedules may be made by
the head of the United States Steel
Corporation. No hint that the schedules
will be changed has come from anything
like an authoritative source, but the
Street is full of rumors about steel
price changes, particularly of the in
dependent corporations, and the Street
knows also that Judge Gary does not
hesitate to speak his mind about con-
ditlons. But that the schedules of prices
for steel products by the United States
steel Corporation and the independents
will get more closely together than at
the present time, appears to be GER
tainty. The wide gap between the prices
charged by the two factors cannot
exist in the face of the competition
which cancellations. no doubt, VIII
bring about.
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1920-10-02
ORDER MUCH EQUIPMENT.
BiG Companies Get Large RE-
quests From Roads.

Several large orders FOR equipment
were reported Yesterday by leading
equipment corporations. including two
important orders taken by the Baldwin
Locomotive Works ANA another by the
American Car and Foundry Company.
Baldwin Locomotive according 60 des.
patches from Philadelphia. has received
an order from the Baltimore and Ohio
railroad Company for fifty heavy
freight engines OF the Nfiltado type Tor
midwinter delivery Another order was
received by the company from tho Fed
Grated Malay states for twenty engines.
The Baltimore and Ohio equipment.
according to officials OF that road. will
be financed party through the recently
formed Warfield corporation, which
agrees. II was said 10 take 60 per cent.
Of the certificates TO be issued against
the new equipment The Government.
Will finance the remaining 90 per cent.
from tho revolving fund The order. It
was said. amounts TO between $4,000. 600
and s5.000,000.
The American Car and Foundry Com
pany reported that Il had received an
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1920-10-02
Nailfa Of Amount or
SWIFT & co. SELL NOTES.
$40. 100000 Issue VIII He onexse
Public Next Week.

Swift & Co. have sold 10 a Eyndicats
OF bankers headed by the Illinois Trust
and Savings Bank an Issue OF st0,ooo-
900 Of five year per cent. notes. which
are to be offered for public subscription
next week. A syndicate is being formed
by the Illinois Trust and Savings Bank.
which will include tho Guaranty Com
paay and the Chase Securities Company
and tho First Trust and Savings Bank.
the Merchants Loan and Trust Company.
the Continental and Commercial Savings
Bank, the Harris Trust and Savings
Bank OF Chicago.
An offering OF n substantial block Of
securities Of q foreign subsidiary OF a
domestic corpora ton Is to be made on
Monday In New York. They viii be Sc
cured by the deposit OF capital stock OF
the domestic corporation.
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1920-10-02
Foreign Exchange.

Tho head OF a large banking house
which deals heavily in international ex-
change declared yesterday that from
appearances tho French Government has
completed It's operations in tho sterling
market. One of the main hampers on
the pound sterling has been it's sale by
the French Government to complete
financial negotiations for tho loan. That
banking house purchased yesterday con-
siderably moro than 10000 pounds
sterling. and its head declared that the
outstanding fact in the current market
was that no bills Of large size were
a1oat The purchase was made up OF
small lots OF f25.o00 and tS5 900 down
10 much smaller ones.
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1920-10-02
M'CREA SUCCEEDS o'D0NNEL.
Elected Nicc-Prcsidcnt al Penn.
syIvnniu system.

PHILADELPHIA, oct. Col James A.
McCrea OF New York has been selected
% succeed tho late Richard L. O'Donnel
as vicc-prcsident Of the Pennsylvania
system. in charge Of the central region.
with headquarters IN Pittsburg An
nouncoment Of Col McCrca's appoint
mont was made this afternoon by Samuel
Rea. president Of the system
For two years Col McCrca has been
vice-presidcnt Of the Bankers Trust Com
pany. Previously he was general man
agor Of the Long Island Railroad and
served for several years In various Off
cial capacities OH the Pennsylvania Rail-
road. During the war Col McCrea was
on the STAFF OF Gen. w W. Attcrbury.
Directbr-G General Of Transportation Of
the a. r.. r. He received the Distin-
guished Service Medal and the Legion
Of Honor.
Col. McCrca Is native Of phiiadcl-
phia. He was born In 1870 and Is a
graduate Of Tale
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1920-10-02
Canadian Banks Call Loans.

A factor which has not entered into
the call market for many day was the
calling OF loans yesterday by Canadian
banks. which was largely responsible for
the afternoon advance of/the call rate
from Z per cent 70 per cent. New
York banks called but few loans ycs-
tcrday and In many cases were glad 10
keep their money at work Ia the mar
Sot There was a surplus OF several
hundred thousand dollars that went un-
loaned ut the higher rate and was left
In the hands OF brokers after the close
Of tho market
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1920-10-02
PENNA. SALT EARNINGS GAIN.
surplus for Year Ended June 30
~ SECS n share.

Tho report OF the Pennsylvania salt
Manufacturing Company for the year
shows surplus. after taxes and
charges. OF s1,o02.s69. or SECS a share
earned on the s7.5OooOO Of its capital
stock outstanding. which contrasts with
$500 n share earned N the preceding
year.
Net earnings from sales amounted %
81 .26s,735, against S1.10S.916 in 1919
and other income S131.7i1. against
si19.633. Depreciation OF s253.b52 was
written Off. against s24e.609. and sf44.-
025 was charged off for Federal taxes,
against si2b.4f0. Dividends Of $4,000
were paid during tho year, leaving 2 sur
plus OF s252,S69 and n total profit and
loss surplus OF s5,7si,1s6.
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1920-10-02
WOOL MARKET.

posroS. oct. 1.-The Comm TcfdI Bull
fctiu will say tomorrow: Business has
been draggy again this week, all eyes
heIng turned toward the opening Aus
tralian sale. In this market attention
has been directed toward the attempt
10 secure a Presidential imposition of
wool import embargo, although this
seems hardly likely to occur. Prices
have been rather on the easy side unless
something very choice in staple and fine
In quality. The goods market Is hardly
changed, consumption still being light"
The Commercial bulletin will print to-
morrow wool prices as follows and with
the statemeut that quotations are more
or less nominal:
"Ohlo and Pennsylvania Fieeces--De-
laine, unwashed, 60Q65c. fine I'M
washed. 52457c.: II blood comblng. 81
m5sc.: * blood combing, 43G45c
Michigan and New York fieeces--Flne
unwashed. 50952c. delalne. unwashcd.
coo. y, blood unwashed. 55@5Tc. Wis
consln. Missouri and average New Eng
land--fIalf blood. 55661c.; ~ blood.
4gm4ac. Y blood. 30 % 40c. Kentucky
West virginia and Similarly blood un-
washed. 43045c: !. blood unwashed, 40
q 44c.
secured Basis - Texas - Fine. IL
months, si.30. fine, months, slsVW
SIZES. alifornia--Northern. S1.35 ~
$40: middle county. s1.20; Southern,
siIsI.O5. Oregon--Eastern No. 4.
staple. $685. Eastern clothing. s1.2o :
valley No. !. S1.20. Territory---Fine
staple. S135GSi4O; q blood combing.
s1.2OTsi.25; * blood combing. So
90c. q blood combing. 65@T0c.. fine
clothing. si2Onsi.25: fine medium
clothing. 81 v $1.o5.
"Pullcd--Delaine. sia5Ts1.40; AA.
Si.1O1st.15; a supers. s5G95c.
"Mohalrs--Bcst comOing. i0l soc. +.
best carding, IS Gtoc."
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1920-10-02
steel Tonnage.

It was learned yesterday that the
figures of untitled tonnage of the United
states Steel Corporation, to be made
public on October 10. will exhibit a de-
cline in untitled orders Of between 5oo,-
900 and $50. 900 tons in contrast to a de-
cline OF approximately 100000 tons at
the time of the last statement and
probably will be Wall Streets best bar
ometer in guaging the manner in which
big corporations are catching up with
their orders. Cancellations have been
fairly heavy in the trade, but It Is a
certainty that the Steel Corporation.
with it's comparatively low schedule OF
prices. has not suffered in that re-
spect to nearly such an extent as have
the Independents
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1920-10-02
CONSOLIDATED EXCHANGE.

a drop OF points from Thursdays
Q per cent. rate on call funds and urgent
demands OF shorts were chief factors
in causing buoyant tone during the
final half period OF Yesterdays Consoll.
dated stock Exchange trading IN the
industrials were wide rallies from carly
low marks. while. IN the rails the swing
was upward from the start, carrying
prices OF numerous of those issues
point to points more than Thursdays
high levels. Final figures were at or
near the sessions best