davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1920-10-10
n. Y. Federal Bank $
Reserve Declines
AS Holdings Drop

The heavy flow of funds from New
York to the interior of the country to
meet the unusual demands of the
crop-moving season caused another
sharp decrease in the gold holdings
Of the Federal Reserve Bank Of New
York last week
This drop in gold reserves, com
bined with increased borrowings by
member banks to bring about a pro
nounced fall IN the ratio of total re-
serves to deposit and Federal reserve
note liabilities, which stood at 38 )
per cent, compared with ALL per cert
the previous week.
Two weeks ago the ratio Of the
Ioca! reserve bank was above 43 per
cent and the decline from that figure
mas been due almost entirely to the
drain on its gold resources in favor
OF the interior. The ratio of reserves
OF the bank against net deposits after
deducting 10 per cent gold resarves
against Federal Reserve notes in cir
culation was 366 per cent at the end
New-York tribune., 1920-10-10

Rrmanian oil fields nave been feel
ing the pinch Of a shortage Of drilling
materials and transp sportation facilities
according to advices from the other
side, with the result that production
fell of rather sharply ia The FIRST half
Of the current year, amounting TO g.
10000 barrels compared with $780,
GOO barrels in the spending siy
months Of 1919 The two prime pal pro
ducing interests In The Rumanian
fields. the Standard oil Company and
the Royal Dutch-Sneil group, are both
making shipments of crude oil. The
Standard IS reconstrGcting its refinery
which Was destroyed during the war.
the plant having capacity Of 10000
barrels daily. The company is also re-
ported to De perfectlnc 5 transpor.a-
tion Facilities p The field and at Con-
stanza. the principal shipping point for
that regian. The Astra Romano Com
paOy, principal subsidiary or the
Dutcn-Shell group. s reported to be-
PRODUCING 5000 barrels day A new
private Rgmanian oil company is be
'ng organized to be known as the In
Nstria Romano dc Petrol. with total
capitalization Of 100000 90 lei or ap-
proXimately $50, 900 Geo, The company
has obtained fivc-vear concession
from the Ministry of Industry and
Commerce for the distribution Of oil
products in Rumania lis capital is TO
be subscribed by eight Rumanian en-
gineers. The company is to be under
me control of the state.
New-York tribune., 1920-10-10
The Dollar in Foreign Exchange

Developments in the foreign ex-
change market last week were not
particularly striking, and about the
only outstanding feature was a sharp
break in rates on Italy. The decline
in Italian lire carried the rate below
four cents for the first time since last
April, and at the bottom price, around
$50 cents, lire we're only few points
away from the lowest quotation on
record.
Apparently the depression in lire is
duc to q larger offering of cotton and
GRAIN bills drawn against exports Of
thoce commodities to Italy. The un-
favorable position of ltaly's finances
as a result of war imitation is also
continuing influence in the lire market
Exchange rates on France and Eng
lana have been maintained in fairly
stc9dy manner. Sterling, after some
early weakness, recovered vigorously
and rallied toward the end of the week
above $3.50. Both francs and sterling
evidently are benehtting from the ces-
satlon Of French Treasury operations
IN connection with the Anglo-French
lean maturity next week. France has
provided for the funds needed to meet
her share of the maturity through gold
shipments, fresh borrowings, and pur
chases of dollar exchange. Up until
last week French selling of sterling is
supposed to have been one of the chief
depressing influences in the market
Foreign exchange bankers express
divergent opinions about the future
of the market. Some of them thing
sterling exchange ought to recover con-
siderably further on this movement,
while others wonder how exchange on
LONDON maintains its present position
in the face of the heavy export move
ment from this country.
Current movements in exchange
rates are not considered as being Of
great significance because of the ex-
treme narrovness Of the market.
# you calculated the cost of the
dollar in terms of foreign money of
current exchange values-th that is. if
you We're 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., 1920-10-10
Selling Pressure
Again Unsettles
Prices of Stocks
Spectators for Decline
Hold Upper Hand and
Depress Texas & Pacific
to a New Low Record

Spectators for the decline held the
upper hand in the stock market yes
terdAy. BY bearing heavily upon
Texas & Pacific stock. an issue which
broke sensationally earlier in the week,
the professional operators succeeded in
causing fresh unsettlement in other
parts of the market, and the majority
Of standard shares closed with substan-
tial net losses. Convergcnce of selling
pressure upon Texas & Pacific broke
that issue to new low record Of 1917,
and although it rallied slightly the net
loss amounted to more than points
The general market was not particu-
larly active, and the fact that Tuesday
is holiday probably accounted in a
measure for the less active intore st
taken in speculative securities. Many
traders left town on Friday and will
rot return to business until Wednesday,
since Monday, falling between two hol-
idays, is not expected to produce much
Of markotwise Importance.
While the industrial shares were dis
playing much irregularity on rather
light trading, there were signs of
ploft-takng in the rails, which was
not surprising in view of the extent Of
the recovery in this part of the market
during the past fortnight. In the case
of Texas Pacific the Street was just
as much in the dark as ever so far as
obtaining a satisfactory explanation Of
/ the break was concerned. The facts of
the matter are probably that another
one Of the 1919 speculative bubbles has
burst.
The monthly unified tonnage state
ment of the United States Steel Cor
poration was not published until lust
as the market closed, so its effect upon
stocks could not be measured. Actu-
ally the statement while disclosing a
decrease in untitled orders during Sep
tember Of approximately 900 tons,
was better than general expectations,
for the street had been talking Of a
decrease Of 100000 to 100000 tons. 1t
is we'll known, Of course, that the
amount of new business booked by all
the steel companies has undergone a
decline in recent weeks. while ship
ments have picked up largely, as q re-
suit of better transportation facilities
Again, the weekly statement Of the
Federal Reserve Bank of New York re-
vealod continued drift TO the interior,
with the result that the ratio Of re-
serves to deposit and note liabilities
Of the local Institution dropped from
Al to 3S.5 per cent, bringing it some
per cent under the high figure of two
weeks ago.
In the commodity markets cotton
went lower again, while there was com
paratively little change in grain prices
despite the significant figures on crop
production disclosed in the govern
ments monthly bulletin
An interesting development ycstcr-
day was a sharp break Of more than 3
cents an ounce in the price quoted in
this market for foreign silver. The
price yesterday was S5as cents an
ounce, and the drop here reflected a
similar tendency in London. News of
a general strike in India is the de-
pressing influence affecting silver, for
the British dependency is one of the
worlds largest consumers of the metal.
New-York tribune., 1920-10-10
Choosinng the Rails

Railway developments have now gone
far enough, in the opinion of many
brokers, to demonstrate that one must
be more careful than might have been
anticipated in the selection Of low
priced rails. "A natural inference
seemingly logical in ITSELF says one
house, was that the big increase in
earning power would lift some Of the
companies in receivers hands out Of
receivership. 1t would now appear.
however, from the action of several
stocks that tie market is discounting
the huge payments which invariably
go to the reorganizers whenever a re-
ceivership results in reorganization.
This may be taken TO mean that the
stocks OF companies in receivers hands
or Of those which have important liti-
cation before them should be avoided,
no matter how good the properties and
earnings may be. There are also other
classes Of low priced rails to be avoid
ed. rominent among these those Of
companies whose earnings before the
rate increase were comparing unfav-
orably with 1919, and also those stocks
which have gone up so rapidly in face
of new capital requirements that are
certain to be heavy that it is an open
question whether they are cheap or
not"
New-York tribune., 1920-10-10
Western Electric

Sales Of the Western Electric Com
pany are officially reported to be run
nlng at a higher rates than for any
other period in the company's history.
For the eight months Of the current
year domestic billings showed total
volume Of S119,000000, indicating sales
Tor the year Of $4,000 600 The ex-
port and foreign business will probably
reach a total Of $38,000,0O0. 1t is esti-
mated that domestic sales will exceed
the 1919 business yover $60,000000.
That the increasing demand is not Of
temporary character is indicated by
the recent gain in untitled orders on
the company's books from $4,000 900
on January | to $4,000 900 on Septem-
Der l, deliveries in many instances be-
ing scheduled for 1921 and 1922.
New-York tribune., 1920-10-10
The Market and Crops

Bulls on the stock market argue that
there cannot be any important business
depression throughout the country
when the crop outlook is so good
Nevertheless. this factor seems to be
temporarily ignored by traders, who
apparently assume that the present
factors in the business world outweigh
considerations that look further into
the future. Yesterdays market was
typical example Of the professional in
fuence on prices. Late Friday figures
New-York tribune., 1920-10-10
RaiIroad Plan OpcrafiYc

The Chicago & Western Indiana
Railway hes declared operative its re-
financing plan to care for its S15,000.-
600 one-vear notes due by extension on
September l last With respect 20 the
$14,0O0,0O0 of the issue deposited un-
der the plan, the company on Ocotber
II will make peyment Of so per cent
cash, with accrued interest, and de-
liver the remaining so per cent in new
iifteen-year 732 per cent collateral
trust bonds. The undeposited $1,000
600 of the notes are to be paid OFT, it
is announced
New-York tribune., 1920-10-10

The Gotham National Bank Of New
York announces the increase Of its
capital from S50o.000 to 81 100000 and
surplus from 100000 to $500. 900,
making total capital and surplus of
100000 The capital and surplus
was increased in April, 1919, from
100000 to S1,000,OO0
New-York tribune., 1920-10-10

important producers Of copner arc
reported to have made further nrics
concessions in the metal TO a.tracs
buyers. The price now quoted bv ,bese
interests IS l7l2 cents pound. but no
sales Of any considerable size bavs
been reported at this level. Dealers
are said to have sold second hand CON
per as low down as 17i4 cents. Tbe
present price policy Of the leading fac
torS in the industry seems 70 have
further unsettled the market. ADDED
to this there has been the depressing
effect OF important cancellations OF or
ders by wire mills during the last few
DAYS
New-York tribune., 1920-10-10

were published indicating the ero..o,.
corn crop in the nations histor,, S@sss. n.:.,
an indicated wheat yield above H. .sA nra
war average. Yet stocks we're snis sny,
rather freely, both railroad and ;nSv. Sv.u
trial shares yielding to the whims %.
the bearishly inclined stock rarko. y.
operator. "' Ae.
New-York tribune., 1920-10-10
A. :. Friend Quits Lasky Corn.

Arthur 5. Friend, treasurer, dircc-
tor. general counsel and one of the
organizers Of the Famous Players
lasky Corporation, has resigned his
executive position to resume the prac-
tice OF Law, it was announced vester-
day by the Famous Players Lasky
Corporation. His connection with the
corporations affairs Will cease Janu-
ArY
New-York tribune., 1920-10-10
Silver Nlarke!

SiIver-London, 547sd; New York.
domestic bar, 9912c; foreign, S59sc.
Mexican dollars, 64Ac.
New-York tribune., 1920-10-10
BONDS

1t is unlikely that this
generation will again see
such Bond Investment
bargains as are now avail
able. Conditions in this
Country are swinging
back toward normal. and
we are at the commence
ment of a period Of rising
prices for investment Sc
curities.
We have prepared a list
OF well-secured Railroad
Mortgage Bonds yielding
up to 90, which we be-
lleve to be an excellent
purchase. This list in
cludes bonds of such sys-
TENS as Missouri Pacific
and NJ. x. & T.
our Bond Department
stands ready to aid you in
your selection. and will
gladly furnish this list upon
your request. ASK for NT.
PourbS 70. s::;s S:$s;s: e.; E:;s:s.: :; !:
New-York tribune., 1920-10-10
Columbia Graphopbon

A special meeting of stockholders
of the Columbia Graphophonc Manu-
featuring Company has been called for
October 27 to vote on an increase in
the authorized common capital from
100000 to 100000 shares. 1t is not
the intention Of the company, accord
ing to President Written, to issue any
Of the new stock Immediately. He
states that the company does not CON
template any financing, as sufficient
funds are on hand to meet current re
quirements.
New-York tribune., 1920-10-10
Regular Declarations

Charles E. Brickley & Co, menh hcrs Of
the New York Stock Exchange, announce
M cne opening OF a Boston office at So State
street street under the mana cement of Michael
New-York tribune., 1920-10-10
LIN Wall Street
American Ilinseed

a. Directors Of the American Linseed
Company have adopted resolution
changing the fiscal year from the
twelve months ended September 80 to
the calendar year. As a result the time
of the annual meeting, which was to
be the first Tuesday in November, has
been changed to the first Tuesday in
March. In letter to stockholders
President Adams says that until re-
Gently the business Of the company
consisted largely Of linseed oil and its
by-products, and therefore September
30 was considered tho most convent
ent date for termination of the com
pany's fiscal year. "Whle the bust
ness in linseed oil and its by-products
has shown n steady increase" he said.
the business in vegetable oil food
products has recently 30 rapidly in
creased that it now constitutes a large
majority Of the total business of the
company and its subsidiaries, and with
regard to the business in vegetable
oil food products a fiscal year ending
December 81 seems preferable"
New-York tribune., 1920-10-10
Dividends

mon OH Company OF California.
oiVinend OF 81 Il share and regular quar-
terry dividend Of 81, declared October
record Oc.nher WIT ~.
New-York tribune., 1920-10-10
Transactions Yesterday in Listed Stocks
Summary of Stock Exchange Dealings

Copyright, 1920. New York Tribune 1nc)
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-12-18

girls into town where they wanted
TO buy American dresses. Reforo wc
mad gone far ! had to call in tbc
services of patrolman to keen the
crowds away from store we visited
Inc women were really little moro
clothed than modest chorus of II mi
steal show. Their dress consistcI of n
snip that reached to the knees. and anita
low in the neck, and they wore shiny
boots that met the dress. | sunnnSc
they did look like n stranded trn,no
cut was so used to them that didn t
'eai2e they would cause such n Juror
Miss Coyl" has been bridesmaid to
over hundred girls who came over 70
bc married, and has taken dozens of
babies to b" christencd.
More than ANYTHING about than,
that impr"SScs me-" Miss CovIo Snid
"is their gratitude, Hardly a ; day.
passes. but I hear from one or mara
that I've tried to help. Since thc
armiStiCe I've had come very natbctic
letters from aliens we dctnineG hcro
during, the war and they all write Of
being hungry,
Speaking of the arrival at the nicr
Miss COyle said p'''
They come laden with cvervthinr
but the furniture. They mss throcc
lnarant ines and the inevitable fcnthcr
bed il thoroughly fumigated, before thrr
land Most of them bring pottcd nnnfs
and some bring pets, but these are
barred"
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-12-18
new ENGLANDERS
BANQUET TONIGHT
Pershing and Ceddes to Be
Among Guests at Annual
Festive Gathering
MRS. M. w. PARK A SPEAKER

The New England Society Of Penn.
sylvania will hold it's fortieth annual
festival and dinner this evening in the
ballroom Of the Bellevue Stratford
Hotel at 6 80 o'clock.
General Pershing. Sir Auckland c.
Geddcs. British ambassador to United
States John w. Weeks, former sena
tor from Massachusetts, Mrs. Maude
Wood Park. Of Boston, president OF the
National League of Women Voters
Governor Miller, of Delaware. and
Mary Roberts Rinrhart the noted
novelist, will be among the distinguishes !
guests.
Addresses will be made by Ambas-
sador Geddcs, whose subject has not
been announced; by former Senator
Weeks. who will talk on Some Results
Of the Pilgrim Migration. and Mrs
Park, whose subject is Women in
New Venture" "
Over four hundred persons are eI
pectcd to attend the dinner, which, ih
addition TO being the society's annual
affair will celebrate the tercentenary
Of the landing of the Pilgrims.
internationally observed. and which
was charactcrized by certain Ameri
can statesman as ''thP most important
political transaction that has ever taken
place on the face Of the earth.
Members of the New England Society
who do not wish to attend the dinner
can reserve seats in the balcony around
the ballroom in order to listen to the
varied program of speeches.
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-12-18
SAYS SCHOOL BOARD
D|SPLEASES PUBLIC
Gutenberg Asserts Opinion Is
Rising Against Way Educa-
tionaI Affairs Are Conducted
MAY ASK LEGISLATIVE AID

The tide Of public opinion is rising
against the way school affairs nre ad'
ministered by the Board OF Education.
says DR.. Frederick y. Gutenberg, di'
rector of the Bureau of Municipal Re
search.
"IIundreds of citizens. in the way
of inquiry. assertion and complaint
have indicated in positive terms within
recent period that they are extremely
dissatisfied with the way educational AT
fairs are being administered, said Nr'
Gutenberg.
II have had occasion to address
scores of meetings. and here again
have received repeated questions and
heard assertions from representative
citizens. vaguely expressing the feeling
that there is something wrong with pub
lie education in the city as It is now
conducted, and asking or suggesting how
1t might be bettered.
1T has been pointed out as an in
STANCE by number of these persons
that the most important function that
the board exercises Is the one now be-
fore it, the naming of a school super
intendent, who will be able in n big way
to administer the educational duties OF
the city.
''In this prime duty it is pointed out,
thc members of the board have 40 far
failed signally. and have shown an in
eptitude that would justify the feeling
that some important change in the ad-
ministering of school affairs should be
considered.
IF this tide of feeling becomes a set
tied conviction, and active measures are
not soon taken to remedy the defects
Of the present system the dissatisfaction
will before very long develop into roar
that will find its ultimate expression in
Legislation.
The taxpayers of the city realize,
even though in vague sort of way. that
they are not getting the educational re-
turns they should have, and feel keerly
the fact that this city is far below a
large percentage Of other cities in its
standard of educational achievement and
equipment.
Outside the question of quality. the
size of the board Is thing to be con
sidPred. It may be that the present
membership of fifteen Is the right one.
1t is fact. nevertheless. that many of
the principal cities of the country seem
to develop very good educational sys-
tens with boards numbering from five
to sever members. Probably nine would
constitute an effective working number.
Dissatisfaction also is prevalent
with the present method Of selecting
board members by the Board of Judges
selves have expressed themselves as
being opposed to this method of naming
men for such posts. They hold that
they should be freed from the RESPONSE
bility of making any political appoint
ments; that is, political in the sense OF
being administrative or tax -levying ap-
pointments."
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-12-18
BRIDESMAID TO 100 GIRLS
IS RECORD OF THIS WOMAN
She is Miss Katherine Coye Matron the Gloucester In
CRATIC" Station; Also ASSISTS at Christenings and
Acts as Purchasing Agent

The spirit of good will is disclosed
daily at the Immigration Station at
Gloucester. n. j., with each in
dividual from Commissioner Hughes
70 John Butts, inclusive, coming in
for his or her share of credit. John
is iantor, the only Negro in Glouces
ter. hence he occupies n unique posi-.
ton with the children Of the town and
station. whose friendship he enjoys.
If, however, especial notice Is due any
one person. by popular vote of thou.
sands Of immigrants. whose joys and
sorrows she has shared. the hOnors fall
tn Miss Katherine Coylc, mntrOn.
With Smattcring Of half dozen
foreign languages, picked up in eight
wears of work among the immigrants,
an ever. ready smile and many words
of comfort. Miss COyle has made the
tedious days of waiting brighter for
the immigrants
~ meet all the boats and just help
make the station a home for these
people while they stay here, Even If
for reasons they are dcported, we must
try to give them the right impression.
They all come here with the idea If
the promised land" and the battle
for mere existence di,IllUsiOn5 them
soon enough, so we do our best.
Zone of my duties Is to act as chap
crone on shopping trips, One of the
funniest experiences ] had as purchas.
Ing agent was when I took SIX rolish
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-12-18
RaiqueI Extension Lecturer

University Extension Society for the
week preceding Christmas. but three
lectures being scheduled. At Associa-
tion Hall. Germantown. Monday eve
ming, DR.. George Earle Raiguel will
lecture on France and the New
Policy" On Tuesday movning at II
o'clock in the Academy of Music foyer.
the same lecturer will talk on Ger
many. Austria and the Indemnities +"
In Withcrspoon Hall. Wednesday eve
ming, DR.. Raigucl will again be heard
in lecture on DEMONSTRATION in
North Africa" The winter term Of
the society will begin on January O..
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-12-18
NO ONE-STYLE HAIRCuTS
Men at Philadelphia Navy Yard Can
Select own Fashion

Tonsorial uniformity will not be re-
ou;red of the "gobs" at League Island
before they will be allowed to leave the
navy yard on Christmas furious furlough, o .ho
mn maninulotors of the shears and razors
ns a." the Zulu" the Tango" and the
&c "Grizzly Bear will not be frowned
unon by naval authorities in the Fourth
naval district, although rigid rules have
haon laid down in the Boston Navy
Yard. according to word received from
that city.
Rear Admiral Herbert u, 1;llI, Dunn
nos decreed that there must be uniform
itv Of hair dress as we'll as of clothing
among an the sailors under his command,
and no man will be allowed out of the
yard on leave with his hair done up"
in futuristic styles.
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-12-18
PRISONER HERE WANTED
IN MANY OTHER CITIES
swindIes Said to Have Melted Man
Several Thousands

po,;oo ;,vest;vot;on revealed that
o'''' -, =, ,,,,,;o;o,
Harry JeHries' arree'e' oh Su'p'e' e''
Of larceny on Tuesday last. IL much-
wanted offender with warrants issued
49,, ,, !, ,olf doz,n cities
ior HIS a''o'. :" ,,-r ,. .,o
1t was stated III lily ii"', ''''' vi,
man Is zone of the clevcrest forgers and
rtterers of worthless checks in the east
A., ,.., " aud .bot be
srn paft , 1a 'he h,,'s Iou "uj ;,diy;drais omt
mas sWinu.eu ~;.h JAN ;,'' nnr;od 90 Tho
OF amounts which; ;,, ~ .o.a, ~, thausoUds nf
lasi three 9'a''' VIII '''"'
aoi,ars' = .o ,d s.oo,;,o
siA tnnrsts " .o'su go ""u naa;nst the
hutoHhopiies win oe '"""' ~.