davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1920-11-21
Financial Items

A. n. sp~>fai rn..ting ~ tho s'ookhoid-
- ~ NJ Wes'fnsnoes- Electric ana Man
ga osfrg fosnpsny n~iG - Ffs' Pi'ts-
esfEh. an iarrsszs in tbs mo tcbtedress OF
sss nm Dan/ ~ 10 <4fn ~ 5zD .Dp' wss
ss'h>riz~c- AlsD. ths strcNncidefr IN thls
ass'sag Yst-E - s.thDrtzs IN incfraso IN
Me fscf'si nJoe@ ~ ~ Company rom
Hs.s1:.;ts 20 sJz3.eo5oeo.
Irs foi;rwinE canIs srf hAnIer1 WIZ
r IS r. soos' sriss ,of the Nsv forh TTnSs
|sfn n,say, urd-r EpeTes % bGndho}ferS
ssfssrasnt. yor ms HsKfSan irrigation 81
esr cent stn<!ng fYn6 g>.G ooncs IN Inn
ssr. M imam CoDntI Wes'EninsIsf Tx
Sarrs Ezr< ffS.. In },erjin. the DcDiSrho
Sar<. n Frsn<forf on Min, l>a%afn
<Se1>f-E .sr~D. ara T~Es.fA 60 hst''S
Sf>'nsfs Ia Arcs'sfGarn-
Ihs Cnss@ |s,t>nAI Dsnl has BEEN sp-
ssn'rT rszfsfrzr for ths h'nercAn Aot9r
X>f/ Cr1npsny Cisss T. stoeI, snc slsn
@sksoce Prod ee,s scrip dividend, ssries bb.
New-York tribune., 1920-11-21
The Dollar in Foreign Exchange

The greet ursettlement Of all the
leading foreign exchanges, which has
focused attention upon the serious
state Of International finance, is begin
l.ing to gave rise to sober cons1dera-
ton CT ways and means or'correcting
e. situation that is menace to the
welfare OF the whole world.
last week for aiding the acute situa-
cor. One was the announcement Of
a plan for legislation providing for
huge national organization, modelled
after the defunct War Finance Cor
poration. aimed to provide credits and
promote foreign trade. This will like
" be brought before the attention Of
Congress when it convenes next month.
Another proposal has been made IN
Washington in which leading bankers
are said to be interested for taking
he s40O 100000 Of property formerly
owned by Germans in this country and
property during the war, and using 1t
as the basis for large credit advances
These developments are interesting
because they indicate that az last the
financial community is beginning to
awake to tne need OF heroic steps to
get Europe back on its feet.
Developments in the exchange mar
ket have been striking, but not so SEN
sational as a week ago Most Of the
exchanges underwent sharp recovery
and sterling rallied Is cents from its
low price Of week ago. Francs, lire
and marks we're somewhat better also,
although the Improvement in these
rates was not so pronounced as that
OF sterling. In the case Of sterling it
was said that the pressure of bills
which broke the London rate down a
week ago had lifted somewhat. British
gold shipments to this market were
made on fairly active scale last week
Practically all Of the Transvaal gold
offered for sale In London was pur-
chased for New York account.
If you calculate the cost Of the dol
lar in terms Of foreign money or cur
rent exchange values-that is, II you
were buying dollar with pounds,
marks or francs---its value at the close
Of last week, compared with year ago,
follows:
New-York tribune., 1920-11-21
Gold From London

Gold, purchased In the London open
market, continues to come to New York
for the account of local bankers. The
Lapland, which left London yesterday,
is bringing s2,70o,oO0 consigned to
Huhn, Loeb & Co., making total Of
6s,5o0,ooo the firm has imported from
England this year. The gold repre-
sents the production Of the South AZ
rican mines which is laid down for sale
in London weekly. The principal bid
ding for months has been for American
and Indian account, and Of late the
Americans have outbid the Far East
Curiously enough, abou. the only Offset
to the influx of gold from London Is
the steady flow of the metal to Japan
1t is case Of gold coming into New
York while gold is going out to the
Far East via San Francisco. Shipments
to Japan are running at the rate Of
more than 100000 a month. and
since June the aggregate Of this move
ment has been approximately $50,oo0.-
600.
New-York tribune., 1920-11-21
Allen Pr0Dertv

Dispatches from Washington saying
that the President had been asked to
act with regard to the disposition of
German-owned property in the possess
slon Of the Alien Property Custodian
caused no surprise in the financial dis
trict. as reports have been current for
several days that this matter was un-
der discussion. Nor Is the suggestion
that this property, whose value was
originally placed at $500. 900, 600, be
made the basis of a huge credit to
Germany new one. The facts Of the
case are that German-owned property
held by the Alien Property Custodian.
whether it be in the form of securities
or otherwise, cannot be Utilized or dis
posed Of except through an act of
Congress. Before German-owned Sc
curities impounded during the war
could be used as collateral for a loan.
bankers pointed out yesterday that this
would require a special arrangement
between the German government and
its people, this being on the assump-
t1on that the property in due time will
be returned to its original owners
New-York tribune., 1920-11-21
English Take Russian Gold

Information coming to local bullion
dealers from London indicate that Eng
ish bankers are accepting much Of the
alleged Bolshevik gold that is being Of
fered for sale in Sweden Extensive
importations of this gold have been
made into England, and the movement
is especially interesting in view Of the
ban imposed here by Federal authori-
ties upon acceptance of the Bolshevik
gold. Some $1.50O,0O0 recently arrived
here from Stockholm and was refused
acceptance by the United States Assay
Office, acting on orders from the State
Department. 1t is believed by bankers
that the Soviet gold going to London Is
to be used at later date as the basis
for credits to Russia.
New-York tribune., 1920-11-21
Call Money at 5 Per Cent

Brokers stated yesterday that they
were able to borrow call money after
the close of the market Friday at 5
per cent. One house said that 1t had
been able to obtain $50O,000 at this
figure. The last time the official Stock
Exchange rate was at the per cent
level was on December Is, 1919, or a
little more than eleven months ago.
Another indication last week of a
permanently easier money tendency
so far as funds for stock market pur-
poses was concerned was the offer
ing Of time loans in voums for the
first time in several months.
New-York tribune., 1920-11-21
Optimism in Boston

BOSTON, Nov. 2o.-Optimism re-
garding business prospects for the com
ing year was voiced IN impromptu
speeches at the annual convention OF
the National Association of Woolen and
Woratcd Overscers here to-day. Three
hundred members were present. T. J.
Harney, OF Worcester. the president,
and the other officers were reelected. 1t
was voted to hold the next semi-annual
meeting in Providence.
New-York tribune., 1920-11-21
In Wall Street
Crucibless Descent
Crucible steeps rapid descent IN the

CfuctbIe SteeI's rapid descent IN the
last few days has brought to the re-
membrance of the Street the equally
rapid rise that took place earlier in
.ne year, when the stock touched 1884,
Inc low price yesterday was S5, while
tne closing quotation of 81 represented
ioss OF II points for the week and %
points IN the last two weeks. Ever
since It was announced that the board
had abandoned, at least temporarily
the plan OF declaring further stock
dividends, traders have sold the stock
heavily, with little resistance on the
buying side. Time was when the So
called insiders in the stock were ac-
customed to support their specially
from bear attacks, but observers saw
that this kind OF buying has been ab-
sent of late.
New-York tribune., 1920-11-21
Steel Price Average Lower

The average price of eight principal
iron and steel products, as quoted in
The Iron Age last week, declined to
s76.05 from $3.50. the preceding week.
The drop of 25 cents was considered
small, however, compared with the de-
cline the preceding week of $3.43, and
did not decrease the difference be-
tween the Steel Corporations prices
and those OF the leading independents
to any considerable extent The only
change in the quotation Of the eight
products occurred in Bessemer pig
iron, which dropped to s4l.96 a gross
ton from s43.9s. Among products not
used in determining the average steel
hoops dropped from $3.50 a hundred
New-York tribune., 1920-11-21
General Motors

Since curtailment of operations did
not become effective on substantial
scale until after September it IS be-
lieved that earnings for the third quar-
ter should approximate those for the
preceding three months, when net
profits, after all charges and Federal
taxes, were S15,518.e95, or 72 cents a
share on the 19,51a, ,895 shares of no
par value common stock outstanding.
In the current quarter, however, the
effect Of the company's retrenchment
policy will be more evident and net
profits may not exceed s10,Oo0,000. On
this basis earnings for the current year
should be about the same as they were
at the end of 1919, when net profits
of $50 .005,4 ABA were reported. After
preferred dividends this was equivalent
TO 1855 a share on the old stock.
Statements are made that the company
will not find it necessary to do any
financing in the near future.
New-York tribune., 1920-11-21
Telephone Operating Income

Operating Incomes Of seventy teIe-
phone companies for the month OF
August amounted to s5,523,720, o de-
creas. of s2,279,o1O from the same
month of last year, according to re-
ports issued by the Interstate Com
merce Commission. For the eight
months ended August 81. operating
incomes totaled $50, ,79S, ,723, an in
crease of S1,O63,570 over the corre-
spending period Of 1919.
New-York tribune., 1920-11-21
Paris Market Irregular

PARIS. Nov. 2o-Prices moved ir-
regularly ON the Bourse to-day. Three
per cent rentcs, So francs 35 centimes.
Exchange on London, 81 francs SO CEN
times. Five per cent loan, SIS francs
20 centimes. The dollar was quoted at
10 francs So centimes.
New-York tribune., 1920-11-21
Columbia Craphophone
Earns ST. .54 a Share

The Columbia Graphophone Manufac-
turing Company reports net income,
after charges and federal taxes, of
s3,612,4 ,474. equivalent, after preferred
dividends to S254 share on 1909 ,s33
outstanding shares common stock, at
no par.
Net earnings were s6,973,2s7. Profit
and loss surplus amounted to s4,542,62l
New-York tribune., 1920-11-21
London Monev Market

LONDON, Nov. 2O.-Bar silver, 49d
per ounce; bar gold, 11ss Adj money,
6A per cent. Discount rates-Short
bills, 6 13-ls@67s per cent; three
months bills, 6HG6 1916 per cent.
Gold premiums at Lisbon, I400o
New-York tribune., 1920-11-21

Holders Of Bonds TO Bearer must either
produce their Bonds at the Meeting or
deposit their Bonds with any yank or
Trust Company. and obtain Voting Ger
ti5cate OF Deposit In the prescribed form
emitting them to attend either personally
or by Proxy al the Meeting. Registered
BOND holders can attend the Meeting per-
sonally without production of thc4r bonds
but Il they desire TO attend by Proxy they
must deposit their bonds in tho manner
abov, mentioned. Copies OF the form OF
Voting Certificate OF Deposit and Proxy
can bs obtained at any OF the offices men,
toned below.
Voting Certificates of Deposit ana
Proxies should be deposited as early az
possible befo-e the date OF she Meeting at
any OF the offices mentioned below:
PARiS-Societe Generate pour rzvoriser
le Deveioppement du Commerce d de
lIndustrle en- France. 20 Bc. Haussmann.
and Banque de Paris des Pays-Baa &
Rue d'Antin.
LONDON-Banko Of Scotland. so Bishops
gate f. G. >
BRUssELs-MM H wautsss. J. oaus.
set & Gle, IS Bd. Bischorsheim.
New-York tribune., 1920-11-21

pounds to 81, and galvanized sheets
from $3.50 hundred pounds to SIPS.
Declines in almost all grades OF old
materials were attributed to sales OF
tonnages, which shippers have had t.
move to escape demur,age charges.
New-York tribune., 1920-11-21
Silver M,rket

Silver-London, 40d; New York, do
mestic, 99tsc; foreign, 75c: Mexican
dollars, 57ssc-
New-York tribune., 1920-11-21

Nov. ao-Southern R7. Co pt t..... an
Nov. 2s-Standard Oil Co OF v. J... 5
NOV. 70 DO pr. ................. Y
Nov. 3o--U. s. Industrial Alcohol Co. 2
New-York tribune., 1920-11-21
General Electric

Upon completion of its present A.
nancing plans the General Electric
Company will have 1,6s3,60O shares out
standing and s28,o47,OoO debenture
bonds. The total capitalization will be
s196, 400 900, compared with 1858 200
at the close of 1914, an increase of 73
per cent. Sales for 1920 are placed at
10000 900, gain of 300 per cent over
those of 1914. From that year to 1919
working capital increased s5o,0o0,oo0
By the sale Of the new stock and s15,-
100000 debentures the company will
have received s42,ooo,0oo cash since
December, 1919, so that the s82,s47 900
increase in capitalization will be more
than covered by the gain in working
capital. Allowing an estimated total in
come of s40,00o,0Oo for 1920, the aver
age for the last four years will be
s36,20o 900. Deducting debenture in
terest of 81 1,521 900, leaves s34,679,O00,
equivalent to $50 share on the 1888.
900 shares that will be outstanding with
the completion of the new financing.
New-York tribune., 1920-11-21
American Car and Foundry

Selling of American Car and Foundry
shares the past week is typical ex
ample Of how disguised tired stock
holders have become as the result Of
the steady decline in security prices.
This company has set aside its II per
cent dividend requirements for three
year period and is understood never to
have been in better shape physically
and financially than at the present
time Recent equipment orders have
been light, but new repair work alone
is understood to have been in sufficient
volume to cover the distribution on the
common stock. Several brokerage
firms are of the opinion that at its
present selling price Car and Foundry
presents an attractive purchase.
New-York tribune., 1920-11-21
FINANCIAL MEETINGS
BRAZIL RAILWAY
COMPANY

incorporated in tho State OF Maine. U.G y
TO THE HOLDERS OF an ISSUE of l5x
PER CENT FIRST MORTGAGE co.
fEtR BONDS. SECURED BY TRUST
DEED DATED LIST JUNE. 1909. Am
stPPLEMESTAL TRUST DEED
DATED LIST APRIL. 1917, BETWEEN
the COMPANY and the EnPIRE TRUSIs
COMPANY. AND SUPPLEMENTAL
Trust DEED DATED 1st MARCH, 1870
bETWEEN the COMPANY. tho ANGLO
AMERICAN DEBENTuRE CORPORA
IION LIMITED and tho NATIONAL
PkOSlNCIAL AND UNION BANK OF
ENGLAND LIMITED
The Penn's Grove record., 1920-01-09
New Jersey Legislature

The annual session of the New Jer-
sey law makers will begin in the State
House in Trenton next Tuesday. AS
Edward l. Edwards, Democrat, when
he becomes Governor on the goth, has
authority to remove certain officials
under the present laws, the first thing
on the Republican legislators program
is to change those laws, to keep THEN
partisan boards in power.
Under Governor Walter E. Edge the
Utilities Commissioners were increas-
ed from three to five last winter for a
corporation purposes. The three old
ones did fairly well. Since the two
new ones were appointed, their &C
tions, in re-arranging the trolley fares
and regulations of other corporations
has brought much criticism, which had
its effect in the last election.
Even Acting Governor William N.
Runyon gave lengthy arraignment of
their rulings and said the members did
not size up to the caliber the State
should have, yet he did not remove
them.
Formerly three did the business at
$500 each. When five did it at the
same salaries there is less satisfaction.
There will be much political jockey
ing between the Democratic Governor
and the Republican legislature that
will make much interest to the
citizens.
The Penn's Grove record., 1920-01-09

The U. S. Supreme Court rendered
a decision last Monday by a vote of
5 to 4 unfolding the laws of Congress
which defined intoxicants as anything
over one-half of one percent alcohol.
That knocked out 2.75 beer which Eli
Root Attorney for the brewers said
was not Intoxicating.
Justice Louis Brandies-note name
said:
"If the wal power of Congress to
effectively prohibit the manufacture
and sale of Intoxicating liquors in or
der to promote the nations efficiency
in men, munitions and supplies is as
full and complete as the police power
of the States to effectively enforce
such prohibition in order to promote
the health, safety and morals of the
community it is clear that this provi-
sion of the Volstead act is valid and
has rendered immaterial the question
whether plaintiff beer is Intoxicating.
"The police power of the State over
the LIQUOR traffic is a single broad
to make such laws, by way OF
prohibition, as may be required to
effectively suppress the traffic in in
t~oxicating liquors. Likewise, the I'M
piled war power over Intoxicating IL
ouors extend to the enactment of laws
which will not merely prohibit the
sale of Intoxicating liquors, but will
effectually prevent their SALE"
The Penn's Grove record., 1920-01-09
Must Pay Mercantile Tax

With Chief Justice Brown and JUS
tice Walling dissenting, the Supreme
Court has decided that the Atlantic
Refining Company must pay mercan-
tile taxes on all goods sold or disposed
of at it's relay service stations. The
company admitted it's liabilities for
taxes on certain portions of its bust
ness at the stations, but contended
that on all sales of its products,
delivered from it's so-called relay sta
lions, where orders for such sales did
not organize at such stations, but
came thru it's central selling force, it
should not be obliged to pay a tax.
In his opinion Justice von Moschizis-
ker says:
"Since the plaintiff, the refining
company, keeps its stations, or stores,
for the purpose of vending goods it
must, under the relevant act of AS
sembly, pay a mercantile tax on the
whole gross volume Of business there
transacted, and not only a part. The
very words of the legislation are re-
pugnant to plaintiffs idea of a divi-
sion of the volume of such business
into sales, which from every aspect,
should be credited to the stores and
those which, although delivered from
the stores, might from some aspects
be credited to the main factory. The
goods delivered or handled thru the
stations do not become the subject of
barter and sale until they arrive there,
and, for the purpose of the Act of
1899, the sales are accomplished from
land taxable att the place where they
are so made available. Judgment for
the defendants affirmed"
If this be a good law in Pennsyl-
vania, why not in New Jersey
The Penn's Grove record., 1920-01-09
Case To Be Jersey Governor For One
Week

Attorney General McCran has rem
dered an opoinion to the effect that
under the State constitution Acting
Governor Munyon's term as such will
expire with his term as President of
the State Senate on January IL, when
the new Senate organizes, and that be-
cause of this Senator Clarence b. Chase
of Somerset County, who will be the
President of the Senate, will be en-
titled to become acting governor, to
serve until Governor-elect Edwards is
inaugurated on January 20.
The decision of the Attorney Cen
eral will be accepted by Governor
Runyon, and he will voluntarily retire
from the executive office on January
10, when Senator Case, Immediately
after he is formally elected president
of the Senate, will be sworn as acting
governor. There is no disposition on
the part of Governor Runyon to make
any kind of a fight to retain his office
and there is no desire On the part Of
Senator Case to contest. The arrange
ment whereby Governor Runyon will
retire is OF his own free will and ac-
cord. This information was given out
by Senator Allen, of Salem County,
the floor leader of the Republicans in
the Senate and the head of the joint
legislative conference committee,
which asked the Attorney General for
the opinion as to who is entitled to
be acting governor for the week in
question. This action will give New
Jersey three different governors in a
single week.
The Penn's Grove record., 1920-01-09
National Banks Earned a Billion

National banks practically earned
practically 81, 0OO, 900, 900 during 1919;
so John Shelton Williams, Controller
OF the Currency, has announced.
in all, according to Nh. Williams, the
year just closing was the most sue
cessful in the history of the national
banks. The total nearly
S22, 500, 900, 900, and during the fiscal
year not a single failure involving loss
to any depositor occurred.
"The number of banking institutions
under the supervision of this office at
the close of business December 81,
1919, is exactly 5000, including 1884
national banks in the United States,
Alaska, and Hawaii, and So savings
banks, building and loan companies,
and trust companies in the District of
Columbia" says a statement by Mr..
Williams. There have been chartered
under the present Administration, or
since March A, 1913, more than 1000
new national banksJ
"This year has been for the national
banks of the country the most success
full in their history. The resources
and deposits of these banks have
shown unprecedented growth. On the
date of the November II (1919) call,
The compilation which is not yet COM
pleted, national bank ap-
proximated $22,5 800, 900, 000-nearly
81, 900, 000, 900 more than ever before
reported.
"These banks have grown more in
the last six years, or say from August
9, 1918, to November II, 1919, than
they did in the entire fifty year period
from the Inauguration of the national
banking system, in 1863, up to 1913.
"The increases in deposits and total
assets are scattered widely throughout
the country. The increase in resources
of the country banks, those national
banks outside of the reserve cities,
since June 80 last has been close to
$500, 900 900. The country banks of
Texas alone have increased in the last
six months $134, 100000, Dr. 81 per
cent, and in North Carolina the in
crease in these six months has been
over $51, 900, 900, or SO per cent.
"The record for immunity from fail
ure for the twenty-five months from
January /, 1915, to the close of the
last fiscal year, October 81, 1919, was
thirty times, or 5000 per cent, better
than the record for the forty years
prior to 1914. There was no failure
involving a dollars loss to depositors
of any national bank in the fiscal year
closing October 81, 1919.
"The earnings of the national banks
for the last year have also exceeded
all previous records, and approx
mately 81, 100000, 900 gross and not
far from $500, 900, 900 net.
"The record furnishes added testi-
mony to the high efficiency and in
valuable aid Of the Federal Reserve
System to the country's commerce, in
dustry, agriculture, and business of
every kind"
The Penn's Grove record., 1920-01-09
Comment

John Shelton Williams, the U. S.
Comptroller, is the first man since the
Civil War to hold that office and not
be the puppet of Wall Street bankers.
Every banker hates him and their in
fuence has hindered his confirmation,
yet he holds the office to fill the va
cancy, has issued some requirements
considered unnecessary and unjustly,
but, undoubtedly, they were for the
purpose of ferreting out some financial
trickery that most do not know about.
What we wish to call attention to is
the fact that a Democratic Congress
and President made the Federal Re
serve law. 1t stood the test of the great
needs of the World War financing.
While the Comptroller's requirements
have ben aggravating yet under the
law, the people who need money for
commerce do not have to go to Wall
Street, and get better terms than ever
in the nations history. The South and
West know the lower rate of interest
better than in the Easta
During the World War there was
no gold dollars for the rich man and
banker and a 25-cent greenback dollar
with an exception clause for the SOL
diers and laborers as during the war
of 1876, made by the Republican
party. In the World War all dollars
wera alike for rich and poor.
But what we most desire to impress
on the readers minds is that bankers
have been more prosperous under the
Democratic laws of finance in six
years more than under the Republican
National Banking laws in so years.