davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1920-05-06
Reserve Systems
Earnings in Year
Is $l0O,OOO,0OO
Return of 1lO Per Cent ON
Capital Stock, Says Har.
ding: Tells of Serious
Problem Confronting US.

WASHINGTON, May 5.-Earnings Of
the Federal Reserve system this fiscal
year were estimated at s10O 900 900 by
Governor Harding Of the Federal Re-
serve Board, In testifying to-day at
the House Rules Committee hearing
on the resolution proposing an investi-
cation Of the administration Of the
Federal Reserve act. These earnings.
Governor Harding said. would exceed
by 100000 those Of last year, which,
he said, represented a return of 10
per cent on capital stock
~ without explaining his statement,
Governor Harding told the committee
that serious problems confronted the
country in the next six months. Re-
ferring to complaints of country bank
ers against the universal par clearance
order of the Reserve Board, he said
such protests were to the board like
"fleas to dog, who must have fleas to
know he is dog"
Mr.. Harding said he had no objec-
ton to any Investigation of the boards
methods, but the controversy as to par
clearances could be settled by amend
ment of the Federal Reserve act
Alexander W. Smith, of Atlanta,
counsel of the State and National
Banks Protective Association, contend
ed that the Reserve banks had a we'll
defined plan to embarrass state banks
not on the par clearance basis. He
submitted affidavits of Nebraska bank
ers that checks drawn against them
had been returned to the persons re-
ceiving them with the notation "Pay-
ment refused" although the checks
had not been presented by the Reserve
banks for payment.
Representatives Of the state bankers
appeared before the board with a pro-
test against the par clearance order,
which. they said, was working a decid-
ed hardship on state banks in more
than thirty states.
Governor Harding informed them
that the board could not consider any
revision of the regulations, and said
that the number of non-reserve banks
not observing the regulations was
gradually decreasing. This, he declared,
was sufficient reason for a continuation
of the regulations.
New-York tribune., 1920-05-06
Manhattan Elevated

Questlon--Do you consider Manhattan
Elevated Z per cent guaranteed stock a
safe investment or speculation? At the
present market price it very at
tractive.-E. l..
Answer - The Manhattan Railway,
which is leased to the Interborough
Rapid Transit Company, has shown
considerable falling off in earnings for
the past two years. This is the re-
suit of higher operating costs without
an increase in fares. For the year
ended June 80. 1919, the company act
uailE showed loss after charges and
dividends of $4,102,71l. The Inter
borough guarantees the dividend of 7
per cent, but under present conditions
this guaranty is not sure of being
met. In the event of failure of the In
terborough Company to pay the divi-
dends the lease would be broken and
the Manhattan operated Independently
Just how the company would fare un-
der that condition we are, of course
unable to state. 1t is our opinion that
the traction situation in New York
has passed through its worst phase.
The present price Of Manhattan stock
apparently indicates that the situation
has been fairly we'll discounted, and
even in the event of independent opera
tion, allowing for q reduction in the
dividend on the stock, it probably offers
speculative possibilities. We do not
however, advise its purchase for in
vestment purposes.
New-York tribune., 1920-05-06
Curb Market

Active buying with a broadening ten
dcncy carried prices upward and i'm
proved trading on the curb market yes.
terday Advances we're registered in
several active industrials. General As
phait and Cuban American Sugar be
ing the features. Many prominent OH
stocks were in brisk demand and moved
upward with the stronger prevailing
tone.
General Asphalt crossed 70 in the ad
vance and reached TIA, with only mar
row fluctuations thereafter. Cuban.
American sugar rebounded from the
slump into which it fell during the
general decline, the high for the dsy
being 81. 1t closed at 5s, net adj
vance of 3 points. Hercules Pape,
eased off fractonally. r. j. Reynolds
Tobacco new stock was traded from 49
to 40 on when-i issued basis. Stutz
Motors eased off to 44O from the pre-
vious prevailing price of 460. Cleve
land Auto failed to hold its gain and
was off points, closing at rs. Carbon
Steel was steady at 95. American
Woolen rights moved up fractionally
Merritt Oils advance featured the
upturn in oil shares, with a gain Of
more than 3 points. Gillland was also
stronger and moved up steadily with a
renewal of rumors Of a consolidation
with White Oil. White Oil also partici-
pated in the upward trend. Carib Syn.
dicate gained a point and Houston Oil
was stronger. international Petroleum
and Invincble Oil were firm. Phillips
also showed signs Of recovering and
moved up a point. Midwest Refining
gained points on the upturn. Salt
Greek and Producers and Rcfiners were
New-York tribune., 1920-05-06
Inquiry in Replogle
Trading Is Ordered
By Stock Exchange
Action Similar to That r aiken
i'll Stutz Motors When
Corner Was Rlamored:
Ryan Denies Connection

The committee on business conduct
of the Stock Exchange has begun an
investigation Of recent dealings in
Replogle Steel shares with the purpose
or determining whether purchases and
sales between April 10 and May have
been in strict accordance with the
rules of the exchange. 1t was report
ed yesterday that approximately 80 900
shares of the 100000 shares outstand-
ing are tied up in an agreement which
does not permit their sale for some
time to come.
Information sought by the exchange
police committee includes the date Of
transactions, prices at which they
were made, names Of firms with whom
they were made and the names of the
customers for whom the orders were
executed, or the name Of the individual!
or firm for whom they were cleared.
me committee also desires data in
connection with exchange members
position in the stock at the close of
business on May 4, showing how manv
shares were held for the long account
and how many were sold short. Mem
berss of the exchange were requested
TO nave their information ready for
the police committee not later than
noon on May 10.
The information sought on Replogle
Steel is similar to that requested re-
gardlng Stutz Motors and Stromberg
Earburetor, two of the so-called Allan
Ryan issues. Mr.. Ryan, however. has
no oflcial connection with Replogle, as
was believed when the announcement
OF the business conduct committee first
appeared in the financial district. No
official reason for the investigation
INTO dealings in the stock was given.
put 1t was thought that the recent ex-
traordlnary activity in the shares has
given rise to apprehension Of a posi-
Bile corner such as was said to have ex-
lsted in Stutz when trading in that
stock was suspended.
D. l.. Replogle, president Of the COM
discuss the action of the EXCHANGE
New-York tribune., 1920-05-06
Stutz Motor Plan Ratified

Stockholders of the Stutz Motor Car
Company Yesterday formally ratified
the proposal to increase the authorized
capitalization from 10000 shares OF
no par value TO 200 900 shares. The
corporation will have its capital in
creased from $500 900 to 81 100000
The $4,000 shares of new stock are 10
be paid out in stock dividends
The present plan provides for the
distribution of the $4,000 shares, in
four instalments Of 10000 shares each
TO stockholders of record June Is. 1920;
September Is, 1920; December Is, 1920
and March Is, 1921. Authorization has
been given directors, however, to dis.
tribute the 80,000-share stock dividend
in such different instalments and or
such earlier dates as they may in thei,
New-York tribune., 1920-05-06
Harding Defends Plan to Curb
Liberty Bond Discount Rates

WASHINGTON, May 5.-Increa sed
discount rates allowed by the Federal
Reserve Board to member banks are
not responsible for present market
prices Of Liberty bonds, Governo,
Harding declared in a letter to-day to
Senator Owen, Democrat, Oklahoma.
The boards efforts to curb imitation
will. do much to increase the market
value of the bonds, Mr.. Harding said,
adding that "the value of promise to
pay certain sum at future date is
impaired by the imitation which the
board is trying to control"
+ Governor Harding's letter was in re.
ply to one recently sent the board by
fer increasing discount rates.
New-York tribune., 1920-05-06
r. J. Reynolds Company
Plans 200 p. G.. Dividend

Distribution of 200 per cent stock
dividend, payable in Glass 3 common,
has been announced by the r. j. Reyn-
olds Tobacco Company. The par value
of both classes of common stock will
be reduced from $10O to s25, and the
distribution will be at the rate of
twelve shares of new stock for one of
old Application Will be made for list
ing the preferred and common on the
New York Stock Exchange.
The company has outstanding now
$4,000, 900 in Class B, and it is un-
derstood that an additional $4,000, 900
will be authorized. Sales of odd lots
of Class B recently have been quoted
as high as $40 a share, with Class A
selling around $50. Bidding for the
new Class B stock has been reported
brisk
New-York tribune., 1920-05-06
International Nickel

Question: hold several hundred shares
OF International Nickel stock, which has
would be pleased to have your opinion as
to whether. in your judgment. II would be
good policy to sell same its present low
level and invest the funds in some OF the
good securities now available or continue
to hold samoa. II. S.
Answer-Internationa Nickel Com
pany's earnings have not been such as
to cause much enthusiasm among
stockholders. The demand from abroad
for the company's product showed a
great falling off. Domestic demand has
recently increased somewhat and the
earnings for 1920 should show improve
ment. If you feel that you care no
longer to speculate upon the future of
this stock perhaps some of the low
priced junior lien railroad bonds offer
speculative investment possibilities
worth considering.
New-York tribune., 1920-05-06
domestic Oil Production
For March Sets Record
',onihly aaa Il y Output Nearly 3,OOO,-
0VV barrels b Ahead of Highest
Figure for Last Year

, domestic production of crude oil for
ns'ca nc .a set a new high record, accord
r;s, W ~ hgures given out in the fnan-
sS a. aoS oqissrlct Strc yesterday. The output was
eishIa iIa' 'oOo barrels, showing an appre-
" s "a a1ovance over the highest month
81 20 s9Ial aa. Tor last year, when the mark
Ii SisS $780, 600 barrels was reached. The
81 5a1ssest ga. IT. monthly figure for 1918 was
'';Sss4'ooO $4,000 barrels.
ga e3Ssput 0op last year in March was 3o,-
JuIS Jl,V'o barrels with the high mark in
asu,,.. a,. sna a,;,, 1t is predicted that higher
rhs rhE ;nsli WIN De set before July this year
gu, tISe.ease .Sa has been general through
CAME c., sne many fields of the country.
rss.huaaption Of oil for the month also
bsrra,s"a b,asa record total, being 1889 900
h. .s.s.s, saS Stocks of domestic crude at
asi a ~" nna OF the month amounted TO 1885,
rel, l'Vv " barrels, against 126.339 900 bar
January. 'a's ana AZ ''io4'ooo IN
New-York tribune., 1920-05-06
National Leather Common

T.. Question-Would very much like TO know
~ Natlonal Leather is a safe investment
In common stock.-W. r.
Answer-National Leather Company,
formed to take over subsidiaries Of
Swift & Co., is corporation with $780,
ooo.o00 capital, the par value of shares
oelng $40 each. For the first six months
OF operations to December 27, 1919. the
company earned the equivalent of s1.18
share or at the anpual rate of S236,
equal to 1856 per cent. The manage
ment stated recently that business was
satisfactory and earnings were increas-
ing. Dividends are paid at the rate Of
9o cents share, or per cent year
In view of its present large earning
power the stock might be considered
Tor investment, but it's speculative char
acter should not be disregarded its
tendency being to conform to the trend
OF the general market.
New-York tribune., 1920-05-06
U. X. 5I2s of 1929

Question: would appreciate any In
formation you can give me to the 1929
United Kingdom of Great Britain and
ireland 612s, the date when the temporary
certificates may be exchanged for perma .
ment bonds complete with coupons and
details Of the conversion privileges Of this
issue.-B. H. n.
Answer-United Kingdom Of Great
Britain and Ireland ten-year convertible
gold 5ls per cent bonds. due August /,
1929, are convertible at 90 and interest
into National War 5 per cent bonds,
fourth series, at 100 and interest, ster-
ling exchange being computed for the
purpose at the fixed rate of $4.30 to the
pound. The National War bonds are
payable in sterling at maturity Febru-
ary l, 1929, at los per cent. Conver-
sion may be made at any time prior to
February /, 1929. Upon conversion the
converting bondholders will be entitled
to receive s232.135, principal amount, for
each $1,000 bond surrendered. The
temporary certificates are now ex-
changeable for definite bonds
New-York tribune., 1920-05-06
Mercer MOtors-Locomohile

Quest,on-l would appreciate your opin-
,oh , IN detail as to the stock of the Mercer
nu mo,ors company and the Locomoble Com
Answer-No statement on earnings Of
tne Mercer Motors Company has been
puolished The new management is
sald 70 nave effected some economies
in operation, but until an earnings State.
ment is available it is not possible to
form an intelligent opinion on the
stock. Locomobile, recently rcorgan-
lied, showed earnings for 1919 (the old
company equal to about SIS q share on
the new common stock. We regard both
stocks as speculative. The automobile
industry still appears to be prosperous.
Both OF these companies manufacture
high grade cars.
New-York tribune., 1920-05-06
Bonds
Oil Stock Issue Ratified

The proposal Of the Standard OIL
Company of New Jersey to authorize
an additional >s1oo,OoOooo per cent
cumulative non-voting preferred stock,
of which 9s,33s, 800 is to be offered to
common stock holders OF record May
IA at 500 a share. was ratified at a
special meeting of stockholders IN
Bayonne. The basis of exchange will
be one share of new preferred for each
share of common held. Subscription
rinhka alnaA Iuna fE
New-York tribune., 1920-05-06
Otis Steel Common

Questton-Otis Steel common. new
stock on the Exchange which has sold
above $40 since January /. 1920, but is now
selling under $50 is suggested to me
What is your view?-F. W. n
Answer-Otis Steel, formed July, 1919,
as consolidation of other companies,
has shown very satisfactory results
since organization. 1t is estimated
that present earnings, after allowing
for preferred dividends, would give a
balance equivalent to about $40 q share
on the common stock. No dividends.
however, have as yet been declared on
the latter, so it offers only speculative
possibilities
New-York tribune., 1920-05-06
or No Value at Present

Cuestlon--l possess forty share. OF
why's Overland common. 1t is now quoted
60, at zo-Gl. l received from the Balrkers'
tIohe company warrant for subscription
sisht to subscribe for twenty shares of
co. common stock at $50 share 7 would
IKE .nah,to 10 Know OF what use is the warrant
tha t ping me to buy at SIS wher can get
the same stock at sci. Is it the saline
STOCK Why tho need I'll j. G.
AnsWer-four warrant to subscribe
to WHY'S Overland stock is of no value
at present.
New-York tribune., 1920-05-06

in Its original form. as pluckcd
from tho growing plant, is gen.
orally known as the leading
product Of the South, and it is
interesting to note that Of the
33.000.000 spindles in the United
States, 46 per cent. are located
below the Mason and Dixon's
line.
While the spindles in northern
mills have increased SO per cent.
IN twenty years, the spindles in
the South have increased over
Three Hundred and Twelve Per
Cent.
New-York tribune., 1920-05-06
Investment
Information

Questions Of general interest to
'nvesto>s Wiu be answeved in this
column, in whdch case only initials
pili be used. Others ,uiil be an-
swered by mail. Address all jn-
qutv1es. inclosino stamped, ad-
dresseS envelope, to Financial Editor.
xhs Tribune, I54 Nassau Street. New
York City.
New-York tribune., 1920-05-06
Nrop Acreage Cut 25 p. C.

p.r ooioN, May 5.-A reduction of %
70, a. ta IN the acreage to be planted
Yea, 1ooo crops in New England this
Sta,...' .' IS shown in reports to the United
ASsn. bureau Ue Of Crop Estimates, Field
ssr ", A. Saunders announced to-
a n,ohgaer prices for vegetables are
.fh.' consequence, he said.
sssSs held agent said farmers were
but kaa anc anxious to plant full acreage.
49, ~ j. ocen unable to obtain sufficient
New-York tribune., 1920-05-06
Higher Freight Rates
Are Urged in Canada

MONTREAL, Quebec, May 5.-In-
creased freight rates in Canada are
companies adequate revenue, E. ".
Beatty president of the Canadian Pa
cifc Railway Company, declared in an
address at the annual stockholders
meeting here to-day. Rate adjust
ments probably would be given earnest
consideration by the government and
the Dominion Railway Board in the
neAs future. ha Addn6
New-York tribune., 1920-05-06

Answer-The Butte and Superior
Mining Company earned the equivalent
of about 1881 a share for 1919, against
about $217 share the previous year
The par value is $40. While earnings
are more satisfactory, you should bear
in mind that litigation with the Min
erals Separation Company is still in
process. The latter has obtained a
large judgment, and if this has to be
paid earnings probably will not figure
to any great extent in determining the
price of the stock.
New-York tribune., 1920-05-06
Butte and Superior Mining

Quest,on-Can you tell me of the latest
earnings OF Butte and Superior Conpanvp
understood that the annual meeting was
heid only few days ago, but | have seen
no reference to 1t in the daily papers
am informed that tho earnings are quite
large for a stock of this small par value.
" ould You consider the stock the pres
ent price attractive speculation?-E.
New-York tribune., 1920-05-06
The recent consolidation Of ehe

The recent consolidation Of tho
Pilot Cotton Mills Co.. Raleigh. N. C.
Jas N. Williamson & Sons Co.. Burlington. N. C.
Ella Mfg. Co.. Shelby N c.
Lynchburg Cotton Mills Co.. Lynchburg. Va.
Windsor Print Works. North Adams. Mass:
Pelham Mfg. Co., Pelham Ga.
Bonham Cotton Mills Co.. Bonham Texas
Convertible Gold Notes. which we recommend as
The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1920-05-10

manufacturers were in a conspiracy
to regulate both production and
prices.
To break the market, Mr.. Smith
said, a substitute for wood pulp must
be found. He urged a congressional
appropriation of $25O,ooo to be used
in experimenting with substitutes
and asked that it be placed in the
hands of persons" who can not be
reached by the paper manufacturers
Describing the country press as
"having it's back to the wall" the wit
ness declared that unless relief were
nrovided it would be "anihilated" &.
"Not half of she country press will
survive unless there is a drastic
change in the situation" ne told the
committee. "The country papers have
no paper. Publishers of the country
realize that something must be done
and they have turned their eyes to
this committee. The remedy lies with
this committee"
The country papers are forced to
paw in the open market, he testified
and are paying an average minimum
price of II cents a pound while some
, even are paying as high as % cents
"The print paper situation is abso'
lutay controlled by men who IN
crease or decrease production, ac'
cording to the demand" Mr.. Smith
3, declared.
"Then you believe there is con-
spiracv between the plants?" inquir-
j ed Senator McNary, republican, Ore
gon. -,
81 do" was the reply. "Many OF
these paper people admitted this and
were fined several years ago.
Asked whether he had taken the
matter up with the attorney general
Mr.. Smith said he had not, as he was
aware that the attorney general had
not found relief from high prices IN
other lines. He added that the coun'
try press is the opinion che never
will"
The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1920-05-10
Mn \NNNNN "
4 SANTUC LOCALS
..AAA\A\\\\\\\\\t ~

Misses Margaret and Sara Able
of Abbeville, spent from Friday un'
til Sunday afternoon with Misses
Annie and Louise Kay.
Mrs. E. ]. Bolts visited Mrs. Err
mie Haddon Saturday afternoon.
Mr.. Roy Kay dined with Mr.. and
Mrs. M. D. Wright Sunday.
Mr.. Clarence Ashley and Misses
Myrtle, Mary and Ruth Pettigre"
spent last Sunday with Mr.. and Mrs
R. B. Haddon.
Miss Lila Morrison spent Thurs
day afternoon with Mrs. Mack D.
Wright.
Misses Annie and Louise Kay,
MARGARET and Sara Able spent Sat-
urday, afternoon with Misses Marie
and Belle Boyd.
Mr.. Tom Hunter was visiting IN
this section last Sunday.
Mr.. James Haddon ana little
The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1920-05-10

daughter spent Sunday afternoon
at the home of Mr.. Jim Blum.
Mr.. Edd Bolts spent the week
end near Greenwood with relatives.
Mrs. Boyd has returned home
from an extended visit to relatives
in Georgia. Her many friends are
glad to have her with them again.
Mrs Mason Wright and baby spent
Friday with Mrs. E. ]. Bolts.
Misses Annie and Louise Kay Wis
tied Misses Helen and Ruth Palmer
Thursday afternoon.
Mrs. E. ]. Haddon and little Err
mie Haddon spent Friday with Mrs.
R. B. Haddon.
Miss Lucy Palmer is spending this
week with her aunt, Mrs. McNeill.
Mrs. Mason Wright ana baby and
Mrs. E. J. Bolts are visiting Mrs.
Lizzie Langford of Abbeville.
Mr.. l.. F. Finley, of the Rock
Spring section had the misfortune to
get his house burned down Sunday
afternoon. They lost almost the en-
tire contents and several OF the out
buildings caught on Afe but with
plenty of help they managed to save
The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1920-05-10
CHARGES OF A PRINT
PAPER CORNER MADE

Washington, May 7.-Charges of a
corner" in print paper were made
today before the senate committee
investigating the paper shortage by
Cortland Smith, of New York, presi-
dent of the American Press Associa-
ton.
Mr.. Smithtestified that print paper
The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1920-05-10

"How long do you think the pres
ent hardships will last abroad?" was
asked of C. w. Barron, noted eco
nomist. "Until the world has learned
it's lesson," was the reply; "the world
has not had it's lesson of the war
YET"
The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1920-05-10

Newspapers have right to decide
for themselves what is news and may
print it or suppress it, according to
The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1920-05-10

them and also the children's pet dog
was burned to death. Mr.. Finley has
already made an effort to erect a
new building.
The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1920-05-10

ment is distinctly favorale to par
Lament at Edinburgh.
The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1920-05-10

Scotland may get home rule be-
fore Ireland. The British govern
The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1920-05-10

United States soldiers in the nation
al army gained on an average Of
three pounds per man.