davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1920-03-21
Money and Credit

EXPECTATIONS LnaC TaCeS LOT call
money would work higher toward the
close Of last week because of the shift.
ing Of funds incident to payment of
income taxes were not realized. The
highest rate was witnessed at the be-
ginning of the week when, following
the jump to 15 per cent week ago
Friday, the rate opened on Monday at
per cent. This was also the renewal
rate on Tuesday, but on Wednesday,
after opening at 8 per cent, the rate
got down to 6, which was also the clos
ing rate Thursday. On Friday the
ruling rate was per cent.
Whether or not rates will go higher
next week in view of the expectation
of government Withdrawals is now con-
sidered problematical. In some quar-
ters the belief is that there will be
higher money, but this opinion is by
no means unanimous, in view Of the
manner in which observers have been
fooled in recent days. There was a
slightly easier tone to the time money
market and small loans were reported
to have been made at 8 and 81a per
cent.
Bank Clearings-Bank clearings in
New York and other cities yesterday
were:
New York. -. 1851 ,941 ,237 $se,1oo 781
Baltimore ..... 14,O91,O77 8,e9e, 100
Boston ...... e3,215,247 21,s8e ,4o2
Philadelphia. 76,e67,407 22,073,891
Silver-London, 729sd; New York,
$1.26; Mexican dollars, 94c.
ubTreasury-United States Federal
Reserve credit balance. $sS,341,85
The Dollar in Foreign Exchange
European exchanges turned weaker
yesterday, and some exchange bankers
attributed the movement to the defeat
of the peace treaty in the United States
Senate. International bankers point
out that the general adoption of a
treaty OF peace per SO will not end the
postwar troubles Of the world, but
many take the view that the failure to
get technical peace based on treaty
adds to the confusion.
The pound sterling, which on Friday
was quoted at 1888, the highest level
reached this year, yesterday slumped
similarly declined.
Regarding the las. week as a unit,
however, sterling showed substantial
gain, having brought at the close Of
trading week ago only .$3.6775. In
the wide swings Of the foreign ex-
changes in both directions, francs and
lire have consistently followed the gen.
eral tendency OF sterling, but during
the last week French, Belgian and Ital-
ian exchanges showed losses, while
sterling crept higher.
The impetus for the rise in sterling
earlier in the month came from the de-
velopments in connection with the
Anglo-French loan Of $500,000,000
which will mature on October is next.
Idle reports about gold shipments al
ready on the water, though subsequent
ly denied officially. added to the eager
ness Of commercial interests in need of
sterling exchange to meet their re-
quirements, and this buying in ner-
vous market facilitated the upward
movement.
II you calculate the cost Of the dol
lar In terms Of foreign money at cur
rent exchange value; that is, If you
were buying dollar with pounds,
marks or francs, its value at the close
Of last week. as compared with a year
ago, follows,
New-York tribune., 1920-03-21
Steel Prices Still Mounting

Prices Of iron and steel products
show no signs Of reaction from the
steady advance that has now been
under way. for many months. The
average price OF eight leading iron
and steel products as compiled by Dow,
Jones g. Co. stands at $7970 a
gross ton, compareJ with s77.60 two
weeks ago: PrincipN advances during
the past fortnight hAve been in steel
bars, plates and beams, which are up
25 cents hundred pounds. The Steel
Corporation continues to maintain its
old schedule Of prices put into effect
about year ago,
New-York tribune., 1920-03-21
WI e m ber Banks
Reduce BORROWINGS
At Reserve Bank
Ratio of Total Reserves to
Deposits and Note Liza.
bilities of Local Institu-
ton Shows an Increase

"A reduction Of sso,2S7,e ,eo2 in the
borrowings Of member banks at the
Federal Reserve Bank Of New York was
e, en- ected last week. This decrease was
.ne more n0.eworthy in view of the fact
enat IT followed succession of in
creases which brought the total for
the week ended March IL up to slo13-
6sd,ooo, or more than $500 900
apove the total bills held year ago.
The big drop in discount operations
last week was brought about by a de-
cline OF $23,42S,27S in bills secured bv
government war obligations, a drop Of
?ao,o92, f59 In commercial paper hold
lngs and a reduction Of $25, 1853, ,865 in
,he amount Of bankers acceptances
neld by the Reserve Bank. Another
important feature of the statement is
.ued yesterday was drop of S64, ,755 900
Keserye banks. bringing that total
down to SI9,795, 900, compared with
$50, POO 600 shown March IL.
The banks ratio Of total reserves to
deposits and Federal Reserve note LA
hiilties at the end Of tbs week stood
AS oS.S per cent, contrasted with S8.5
per cent "a week ago That the i'm
provemens in the reserve position was
not greater was due chiefly to a loss
o. $1o,ooAss6 in the gold reserves.
Gold coin and certificates held by the
bank declined from $50, ,577.o73 to s72.-
s85,92l, while the gold settlement fund
lost S4.626,595 to $28,466,747.
An effect of the heavy drain on the
reserves of the Clearing House banks
last week as result Of the income tax
payments was seen in the temporary
wiping out of their excess reserves
ana the disclosure at the end of the
week Of deficit in this item Of s7,976.-
600. net decrease of $37,0l5,42O com
pared with the week ended March l3.
A favorable feature Of yesterdays
statement, however. was decrease Of
$50, ,265,000 in loans and discounts.
dcreasin1 that item to 5.Qa2. .20A .fl00
New-York tribune., 1920-03-21
Banker Sees
Danger: in Drastic
Credit Curtailment
Says Disastrous Crash M;aht
Ensue if Brakes Were
Put on Too Suddenly:
Calls for Conservation

{, BALTIMORE. March 20.-Franc;. n
2nlsson' n' yice-president Of the Guaranty
address here to-day before the Ra1ti.
more Chapter of the Americas Inat;-
tute Of Banking, warned against n TOO
drastic cutting. off Of credit"
IN making the readjustments nscas-
sary 10 erect adequate conservation
oi ol our credit resources" the banker
taam6pnlshed, te 10 we should avoid going
10 the other extreme. judging from
past American banking experience
when we apply the brakes, as it were
we 90 SO TOO vigorously, and not in
frequently precipitate a period Of de-
preston. ~Wise conservation. the or
tension OF credit where necessary and
avoidance OF too drastic cutting or Of
credit are needed to protect u. in
our present situation.
"A violent readjustment might easily
cause serious, If not disastrous, con
sequences. To let the defationary
process work naturally and gradually
readjust prices and wages accordinr
to the fundamental Jaw Of supply and
demand is the soundest policy for US
to pursue. But that read]ustment will
be seriously handicapped as long as
there is underproduction such as ex-
lists to-day in this country.
u DO not mean to imply that there
is likely to be serious business re-
cession. There should be quite the
contrary, if we wisely conduct our
business affairs. But I do wish to
emphasize the imperative need for con-
servation Of our credit resources. for
the increased production Of essentials.
for economy and for thrift. There Is
no need for legitimate essential bust
ness to retrench. On the contrary,
there is every reason why it should
expand to the extent Of meeting eco
nomic demands. But it cannot do this
If unessential enterprises or activities
are permitted to drain the reservoir Of
credit and eavital.*
New-York tribune., 1920-03-21
Otis Elevator Earned Sl9
A Share on Common in 1Q1<

AS result of operations in the year
ended December 81, 1919, the Otis Ele-
vator Company returned surplus of
$1'eS1,e2e, equivalent, after $500 900 in
preferred dividends, to $19O1 a share.
S1oo par, earned on the $s1oS,os7 COM
mon stock, which compares with $1,o12.-
4SS, or $9.77 share on the $$e,371, ,5a7
stock in 1918. This sum was arrived
at after deducting all charges and
Federal taxes of $75O,00O.
Net earnings in the year were $780,
o2s. or $9s6,61s more than in the pre-
cceding year: Interest amounted to
S2as,4o3 and pension fund $1,000
After depreciation of $250,OOo balance
available for dividends was s1.931.626
Ss1S,138 gain over the year befora
Working capital reserve set aside dur
ing the year aggregated S696,O86, after
which surplus was -$845,64O. No pro-
vision is shown in the report for com
mon dividend disbursements.
New-York tribune., 1920-03-21
Brooklyn Borough Gas
Reports Deficit for 1910

Total receipts of the Brooklyn Bor-
ough Gas Company increased $129, 1887
to $647,415 in the year ended Deccm-
Der 81, 1919. From that amount oper-
ating expenses OF s494,711 were de-
Quoted, leaving net earnings of S152,7o4,
an increase Of s62,o75 over the year
before. A reserve OF Sl73,040 was made
because Of the so-cent gas rate, causing
$20,S36 deficit to be made. Other in
come totaled s29,257. Interest, taxes
and amortization absorbed S175OO7,
bringing the total deficit to S166,O86.
New-York tribune., 1920-03-21
Regular Declarations

holders
Sate ana period Payable. of REQ.
~ row q \! Pl. u. Q. Apr l Mar "a
Asoes corp OK Can, ! n, Q.Apr 15 Apr !
~ ~ -. -. Apr 10 Apr /
a.s"Tr Ietneht -; u "A cr l6 Mar 81
Ian. IAN ooiens pf. "a. O.. Apr l Mar 20
ocs. SVai q =, -, o.. Apr is Mar 81
No, no pi, - ~. Apr Is Mar 81
Aa'tl'ia ~ t'@HN 1st pr, x Mar 81 Mar is
uo "a pt, ...:: Mar 81 Mar Is
u. ~ StateS fet. NJ Apr Mar 20
3 aoSCn An"ss, q Mar 81 Mar -
80 Cae ~ E.!ec, Si25. . Apr Is Mar 81
enns i 4uie q H. pt. ., Apr l Mar 20
81 ol.o nIco Nys pI, =. 9. Apr I Marl5
Sne S1 w.nlG MI q =, e, .. Apr Is Mar ~
SAs y xaI1 SANK, q. =. Apr l Mar 23
Nes'cFa1t flct p1 A, z. Q. Apr Mar 20
New-York tribune., 1920-03-21
Ohio Cities Gas to Issue
Convertible Preferred Stock

Directors OF the Ohio City Gas Com
pany have voted to issue $1o,oo0,oOo 8
per cent preferred stock, convertible
into common stock at $50 a share, to
be offered to stockholders Of the COM
pany and of the Oklahoma Producing
and Refining Corporation. Suhscrip-
ton books close April 90. The con-
version privilege will extend to period
of three years from July /, 1920. Di-
rectors also voted to change the name
of the company to the Pure Oil Com
pany
New-York tribune., 1920-03-21
Dividends
Evtroc

Arcadia Mills--An extra dividend Of 81
share has been declared IN addition to
tne regular quarterly dividend of 81 a
share, both payable April TO stockhoiders
Of record March 10
Monomac Spinning Company-An extr.
quarterly dividend OF 80 share has been
oec!ared. both payable April to stock
holders OF record March le
ReRulnr Declarations
New-York tribune., 1920-03-21
New Stock Exchange Firm

A. E. Fitkin & Co. have been admitted
as members Of the New York Stock Ex-
change. The firm announces the addi
tton Of three new m embers: A. NJ. Hall
a. q; NJ. J. o'shaushnessxsnd L L. Bene-
New-York tribune., 1920-03-21
London Money Market

LONDON, March 20.-Bar gold, 10ss
Id. Money, az Per cent. Disconnt
ratss-short bills. bN@5N per cent:
three-mcnths bills, 6H65K per cent
Gold pxsmiumss sas Lishon, 1<o.on
The evening world., 1920-06-08

Going Away for the Summer 2
Hero ls a real tip: Take some Roy
Bags with you Closet space may be
scarce In the country. But put your
change Of clothes In Roy Bags and
hang the bags on q nail In tho wall
and they're neat and orderly as II In
wardrobe.
The evening world., 1920-06-08
At Your Druggist

THE moths are hyng Winter clothes In danger
and clothes cost money
Absolute protection little of Roy Bags-at $15O
keeps al entire wardrobe safe
Every day Every suit every coatdess fur you
not wearing ought to be hanging In dampproof
dustproof mothproof Roy Bag
Here's complete clothes insurance for $3.50 Go to the nearest
druggist todayget of Roy Bags-pu your clothes In
you they'll fresh clean and
unwrnled the day you put them In All the time too they
convenient for wear In minute
Don't waitI One moth ruin hundred dollar coat
thousand dollar fur. summers dust and wrining takes
years of of garments left exposed In closet
ianmed into trunk How much better to have them hang
Ing fresh safe and ready to wear, inside Roy BagA
Sequachee Valley news. (Sequachee [Sequatchie], Tenn.) 1896-1952, 1920-05-27

grade bulls in the
of the of pure
in the long,
bull
bred sires used in he
this story livestock specialists or
Replace the scrub s and the grade sres with
livestock specialist of the Division of
need
husbandry
Extension list of purered bulls for sale This list reaches
aorte breed livestock specialists Names OF
Campaigns to eliminate the scrub sire are now being
counties have accomplished
closely and do
think that t will you 10
Sequachee Valley news. (Sequachee [Sequatchie], Tenn.) 1896-1952, 1920-05-27
QUESTION HINTED.

Has Hon. W. M. Camerongone
back on organized labor?
At the recent democratic con-
vention in this county Cameron
was on the resolutions committee
that endorsed Gov. Roberts. The
governor is supposed to be antag-
onistic to organized labor, and
even this week a correspondent
from Tracy City brings forward
this point that so intense is the
dissatisfaction in labor circles
there against Gov. Roberts that
he has been warned not to visit
Grundy County. Ibis is to be
regretted, and. in fact, is hardly
believeable.
But how doth this affect the
Hon. Mr.. Cameron? This way,
Horatio. Mr.. Cameron is sup.
posed to be thoroly in accord
with organized labor, and would
like especially well to be elected
Governor of Tennessee by the la
Dor vote. If the feeling against
Roberts is so intense on the part
of labor, how does Mr.. Cameron
expect to defeat him by endors-
ing his administration. ass..
Furthermore, Mr.. Cameron
may be asked to deny if he ever
said that he would never support
Gov. Roberts, even if nominated.
Report hath it that he has said
SO, and Report is a wicked little
witch for telling things, If such
be his intention, his presence on
that committee was a solemn
farce. ...
Sequachee Valley news. (Sequachee [Sequatchie], Tenn.) 1896-1952, 1920-05-27
YET HIS BUSINESS PAYS

Two travellers met in the smok-
ing room of a hotal and at once
commenced talking shop.
'How's business? Getting
many orders?" asked the stout
man.
More than can handle, said
the short man. How is it with
you? Had any orders lately?"
well, business is pretty good. "
said the stout man. II haven't
had an order for a year and half
but expect to get one next
spring"
At this point the curiosity of a
bystander got the best OF him.
Calling the short man aside he
asked: who's your stout
friend?"
"A traveller" was the brief
reply.
well he has certainty has
puzzled me. What's his line?"
Suspension bridges. Pitts
burg Chronicle Telegraph.
Sequachee Valley news. (Sequachee [Sequatchie], Tenn.) 1896-1952, 1920-05-27

Whether to nominate Wilson,
who kept US outof war, or McAdoo
who perfected the railway service
or Edwards. who made New Jer-
sey wet, or Palmer, who reduced
the high cost of living. or Bryan
who gave us peace through un-
preparedness, or AL Smith, who
reduced taxes in NewYork State,
or A. S. Burleson. who introduced
efficiency into our postal system,
or Tom Marshall. who restored
the government to the standard
of Jeffersonian simplicity, is all
that is worrying the Democratic
party at present. National Re-
publican.
Sequachee Valley news. (Sequachee [Sequatchie], Tenn.) 1896-1952, 1920-05-27
DETERMINED ON EDUCATION.

The negroes of Marion are de-
termined on education. They
have raised $2,140 by subscrip-
ton and otherwise, which will be
increased by an equal amount
from the Rosewald fund. Furth-
ermore, by the consolidation of
three schools at South Pittsburg
they will have $1,000 available
from the State, making a total
fund of $4,000. This fund will be
used in the erection of a modern
school building, with a high
school course.
Their success, we understand,
is largely due to the energetic eff
forts of Mrs. E. M. Oliver and
her corps of teachers. She is a
woman of great energy, and has
done a vast amount of work. and
has met with the ready coCpera-
ton of many citizens of our coun-
ty, both white and colored.
This effort towards education
on the part of Marion's negroes
must meet the approval of all
thinking people, and the News
is pleased that they realize what
education means to them, and
are striving to reach the goal,
Sequachee Valley news. (Sequachee [Sequatchie], Tenn.) 1896-1952, 1920-05-27

John Wanamaker the big mer-
chant who made his millions by
using printers ink, says that
advertising is no game for the
gutter. You're right about
"those," John. The merchant
that begins advertising and then
stops, is like the fellow that puts
his hands to the pillow and looks
back-he never got anywhere. -
Dunlap Tribune.
Sequachee Valley news. (Sequachee [Sequatchie], Tenn.) 1896-1952, 1920-05-27

Vice President Marshall is re-
ported to be in a move Ito liberia
lie the Democratic party" The
trouble with the party as Will
sonized is that it has been entirely
too liberal especially with the tax
payers money and the taxpayers
has made up their minds that
there will have to be a stop to
that sort Of liberality., They are
the ones who have to pay, for it.
&C lasksbprg CIV: Va Telegram.
Sequachee Valley news. (Sequachee [Sequatchie], Tenn.) 1896-1952, 1920-05-27
tenn. BREEDERS
MUST FIGHT LIVE
STOCK DISEASES
Hemorrhagic Septicemi a,
Known Also as Swine Plague
and Hog FIu"Threatens
the Industry

Among the various infectious dis
eases to which animals are susceptible,
Hemorrhagic Septicemia, is more or
less frequent in its occurrence, and its
control offers an exceedingly important
problem at the present time. Every
state and every country has its losses
from this disease and experience in the
past has impressed the Importance Of
bringing it forcibiy to the attention Of
our livestock people, says DR.. M. ia
cob, State Veterinarian. An enormous
amount of investigational work during
the past few years has given clearer
conception of this condition and the
ability to recognize it has been simpli-
fed very materially. 1t is not new
disease, but simply a matter of now
being able to diagnose conditions which
were formerly not understood. 1t oc-
ours most frequently in cattle, sheep
and hogs. In Tennessee, at this time,
its occurrence in cattle is most impor-
tant according to DR.. Jacob.
1t seems that the germ is prevalent
in the soil of many localities which
under certain conditions becomes dan
gerous and will readily produce the
disease. Furthermore when once the
animal develops the disease the vari-
Gus body tissues and excretions may
carry the germ, consequently, the dis
tribution of the carcass, blood, bowel
excretions, etc, may be the means Of
spreading 1t. This should be kept In
mind when measures for its control
are undertaken. While the various
species of animals are susceptible, 1t
does not appear to spread directly
from one species to another. Conse-
Quently, If the disease were to appear
on the farm only among cattle, it would
not be essential to administer protec-
tive treatment to the sheep or hogs.
Altho the disease is contagious, 1t
varies considerably In its virulence and
affects most readily those animals OF
the herd or flock which are In the most
thrifty condition, resembling In this
respect the frequent fatal examinations
of influenza and its complications, In
strong. robust people during the rather
recent epidemics. -s--~ q"
Sequachee Valley news. (Sequachee [Sequatchie], Tenn.) 1896-1952, 1920-05-27
MorganviNe.

S. tiaI 70 Tie Mars
Rainy weather seems to lie the
| order of the day.
Miss Violet Standefer spent
the weekend with Miss Icie Ash
burn.
Misses Mae league, Ethel
White, Ella Ashburn. Violet
Standifer. Ollie Ashburn and
Leila Curtis attended Sunday
school Sunday morning.
Gertrude Morrison spent the
week end at Palmetto.
Zetta Smith called on Rosa
Morrison Sunday.
Icie Ashburn seemed to have
the blues Sunday. Wonder what
was wrong. Cheer up. Icie, he
will come back.
Carrie Johnson is visiting Eda
Griffith this week.
Rubie Station and jennie Stan
defer spent the week end with
Villa and Elva Price.
Lee. George and Carl Deakins
We're out walking Sunday even
ing. Lee seemed to have the
blues. Be cheerful, Lee. maybe
Emma will be at home by Sun
day.
Wonder what was the reason
George Deakins had to pull in
his date Sunday evening. He
had on his overalls, | guess that
was the reason.
Mr.. and Mrs. ]. B. Daniels en-
tertained a crowd with singing
Sunday night.
Ella and Ishburn, Ethel and
Mae White called on Mrs. J. E.
Smith Sunday evening.
Miss Vida Condra and Albert
Hudson and Mr.. and Mrs. Oscar
Phelps went to the lock and dam
Sunday.
Gilbert Hudson visited home
folks Saturday and Sunday.
Rev. Harwood was called from
his regular appointment Sunday
at Cedar Springs to attend fun
eral in Sweeten Cove, that of Mr..
Raulston
Creed McDonough and Charlie
Condra, were seen going down
the road in a car Sunday evening.
Bill Tate was in our burg Mon
day. " . .o
If you want to see lcie Ashburn
smile, ask her when she had a
letter from Jasper.
Linnie Mayberry made his reg
ular trip to Jasper Saturday
night. ..
Ebert White and Pattie Morri-
son had smile on their faces
like a wave on a goose pond Sun
day.
Mr.. and Mrs. L. L. White visit
ed W. H. White Sunday evening.
Grady Hudson, of New Hope,
hangs his hat on A. W. Condra's
gatepost.
Mrs. Lille Moody is visiting
homefolks near CedarSpring this
week.
D. L. Griffith and wife and
daughter. Idell, spent Sunday at
M. L. Ashburn's.
J..B. Griffith and family called
at M. L. Ashburn's Sunday.
x. Y. 2.
Sequachee Valley news. (Sequachee [Sequatchie], Tenn.) 1896-1952, 1920-05-27
A man named George Washing

A man named George Washing
ton has just been arrested in
Cincinnati for collecting a post
office money order. Doubtless
this is the original George and the
money order constituted his army
salary mailed him following his
resignation rs Commander-in-
Chief, and just has reached it's
destination under Burleson's
belated postal service. -Ameri.
can Economist.
Sequachee Valley news. (Sequachee [Sequatchie], Tenn.) 1896-1952, 1920-05-27

S. B. Howard, So. Pittsburg,
the well-known photographer, is
again a reader OF, the News and
we are glad to welcome him back
on our lists. 9
Sequachee Valley news. (Sequachee [Sequatchie], Tenn.) 1896-1952, 1920-05-27

Looks as through the peace treaty
was not 50 much of party affair as
il il an administration . matter
. Lead q. p Call. @sbr'..
Sequachee Valley news. (Sequachee [Sequatchie], Tenn.) 1896-1952, 1920-05-27
Profiteers are absorbing 1922

Profiteers are absorbing So. 20
out of every SIS charged the pur-
chaser for a suit Of overalls in
GLIDING pants and jumper, &C.
cording to an industrial survey in
this phase of clothing made public
by Jett Lauck. consulting econo-
mist of the railroad brotherhoods.
In 1910 a blue denim jumper or
pants sold for IS cents. To-day
each garment sells for $3.50 .