davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-07-11
Stocks Unsettled
As Week Closes:
Break In Wooden


Stocks had shown signs of reaction.
airy tendencies in the late trading OF
Friday, SO that the irregular movement
OF prices yesterday caused little sur.
prise in speculative circles. The mar.
ket felt the pressure Of fair volume
Of realizing sales, and with the support
IN the form of new buying orders less
vigorous, owing to the approaching
Sunday recess, stocks generally yielded
although losses as rule were not pro
nounced. 1t was the kind Of setback
TO be expected after several days Of
steadily advancing prices.
pronounced weakness in American
other parts of the list. Wooden los,
more than points in the two hours Of
trading, dropping from high of 95h
to low of 90A. The selling in this
particular issue followed the official
announcement that of the 100000 shares
OF new common stock recently offered
to the stockholders for subscription al
par only $4,000 shares had been taken
the underwriting syndicate being called
upon to take all but small percentage
of the issue.
There were number of strong spots
among them being Invincible Oil and
NS~Ai1uAoa dCiuC. 1HS SuQQen accession
OF strength by Canadian Pacific helped
the rest of the rail share list. Railway
equipment shares displayed a fair de-
gree of firmness on small turnover
Houston Oil. after getting up to LOG
dropped back to 1902 at the close, where
1t showed a net loss of point.
The monthly statement of untitled
tonnage of the United States Steel
corporation made its appearance after
the close of the market. ia the end
OF June the corporation showed un-
filled orders on its books aggregatinp
l0,978,S17 tons, an increase of 1851
tons compared with report as of Nav
81. Heretofore for many months the
corporation has been reporting in
creases from month to month of 3OO.-
600 to 100000 tons.
The small gain in June indicates both
a slackening in the influx Of new bust
ness and a larger proportion of de-
liveries, the latter being due to i'm
provement in the railroad situation.
decrease of S43 ,4O7, 900 in surplu.
reserves of the Clearing House banks,
as disclosed in the weekly statement,
explained in a measure the run-up in
cal money rates late Friday Surplus re-
serves are now down to approximately
S10,000,000. Loans contracted nearly
S10,000,000. The Federal Reserve Bank
OF New York showed no change in it's
ratio of reserves to deposit and note
liabilities. The bank lost about $40
100000 through the gold settlement
tund and there was a slight expansion
in borrowings by out-of-town and New
York institutions.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-07-11
Expansion Gains
But Reserve Ratio
Remains the Same
Statements of Banks in This
District Reveal No Strik-
ing Difference; Gold Sup
ply Here Decreased

The bank statements yesterday re-
vealed no striking change in the bank
ing position in this district. The re-
port of the Federal Reserve bank of
New York showed the ratio Of serves
to deposit and Federal Reserve note
liabilities combined to be 1913 per cent,
the same as week ago and the ratio of
reserves to net deposits 1916 per cent,
compared with 1915 per cent, week
ago.
Although the result was substantially
the same, the way it was reached diff
fered. The latest statement indicated
an expansion of about $16,000,000 in
rediscounts all but 100000, of which
was in this district. The local bank
lost $50 900 900 in gold through the set
Element fund.
The effect of the expansion on the
condition Of the bank was offset by a
reduction of holdings of Treasury pa
per of about $22,000,000.
The statement of the Clearing House
banss showed loss of s43.4O7,s5o Of
surplus reserve, in spite of decrease
in loans of $3S,572, 900. The decline in
loans was of no significance, because
net demand deposits simultaneously
fell off $64,2S1,000.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-07-11
A Major Rally

In the opinion Of Wrenn Brothers &
Co., a rise in the market at this time
would be more apt to be in the nature
of major rally than bull move
ment. A strong influence in the pres
ent market, the firm says, is the abb
sence of an over-extended long account
and the manner in which prices have
moved upward despite dullness. "Dur-
ing the four business days ended July
q" the firm adds, industrial stocks
made gain of 3ss points, even though
the average daily trading in the New
York market was less than $4,000
shares. The one peculiar economic
feature of dull market is that there
is no force or push behind it. 1t mere
ly drifts, and naturally it almost al
ways drifts in the direction of its in
herent underlying tendency. In the
summer dull periods of 1914, 1912, 1908
and 1904 this drift in every instance
correctly foreshadowed the trend of
the market. Very likely it may be do
ing so now, and yet it is improbable
that any rise which might occur would
go very far, since the monetary, mer-
camille, labor and crop situation does
not warrant it. Very likely the depress-
ing factors may have been overdis-
counted, and admittedly there are
symptoms Of short interest, but sure
ly there is no foundation for a real
bull movement"
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-07-11
The Dollar in Foreign Exchange

In the fluctuations of rates during
the last week the foreign exchange mar
ket had no new story to tell. For the
most part the exchanges were steady,
and the variations were due more to
the dayto-day conditions across bank
ing counters where foreign debts are
settled than to any marked change in
the underlying economic situation.
Sterling closed slightly lower than
week ago, and French and Swiss francs
and lire were a trife easier. Belgian
francs, on the other hand, were frmer.
The success Of the Swiss loan of $685.
100000 indicated revived interest in
foreign government bonds. The Swiss
Republic, however, had to pay per
cent to attract dollars, whereas in 1919
and 1915 it was able to get accommoda-
tons in this country at per cent and
less. In the open market on the curb
the Swiss issue, which was offered at
par, sold yesterday as high as 1O2.
Moreover, the S50.OO0,o00 Belgian bond
issue fewt weeks ago was quickly
sold, and is HOW selling at "a premium
over its offering price.
If you calculated the cost of the dol
lar In terms of foreign money at cur
rent exchange values-that is, if YOU
were buying a dollar with pounds,
marks or francs-its value at the close
OF last week, as compared with year
ago follows.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-07-11
In Wall Street


1t is commonly agreed in invest
ment circles that once defation has
advanced to an extent sufficient to
relieve the existing stringency in
money, railroad bond values should
steadily improve in price. The acid
test of issues which are likely to hold
their own throughout any continuation
Of present disturbed conditions and
which should advance once the turn
has arrived, according to one firm,
should depend on whether the bonds
have long maturity, broad and
active market, the character of the
security, the growth and character of
the territory served>by the companies
and their record of earnings. Long
term issues, it is pointed out, are like
ly to be in the greatest demand, as
the current supply Of short-term
bonds is being constantly increased by
new issues, whereas comparatively few
long-term bonds are being offered.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-07-11

Despite the attractive convertiblk
features attached to the 100000, 900 Ar:
mour note offering it is understood
that the cost of the financing to the
company was BIZ per cent, compared
with IA per cent the coupon rate Ihe
price of the notes to the unde~w-i. srs
was said to have been around 90, while
the selling syndicate paid 90S4 Ia
view of the quick oversubscrlptions 81 OF
the issue it row seems reasonable TO
suppose that other companies having
equally good credit as Armour & Co.
may be able to arrange new borrowings
contemplated in the near futuve 4oR
even better terms. I.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-07-11

Unfilled orders reported by the
United States Steel Corporation on its
books. June 80 amounted to 1O,978,817
tons, an increase of 38,351 over the
tonnage on May 81. Current bookings
are now the largest since June, 1917,
when they totalled 11,383,28T. The
record tonnage was achieved on April
80 of that year, with total of 49,
183,083 tons.
The increase in the June tonnage
was smaller than had been expected in
the financial district, but it was
pointed out that this may have been
due, in part, to improvement in ship
ments.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-07-11
Inyincible Oil

While the rest Of the list was more
or less unsettled yesterday buying in
Invincible Oil continued in confident
manner and the stock made a new
high on the current movement at 447s.
This was also the closing price,
compared with the last sale at Al Is
on Friday. Invincible is associated
with the Standard Oil Company of
Louisiana in drilling for oil On some
$4,000 acres of land in Arkansas, which
has never before been touched by the
wildcatter. Although no announcement
has yet been made, it is understood
that indications OF finding oil in large
quantities in this virgin territory are
considered excellent. A test we'll near
the town Of Stephens is said to be
showing oil in greater quantity than
was encountered two months ago. IT.
vincible is one of the newcomers to the
Stock Exchange, its shares having been
listed only few weeks ago. Earnings
from the company's production in the
Homer field are now running at more
than S1,0o0,000 a month, according to
New York interests of the company.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-07-11
Looking Backward

Looking back over the course of the
market for ten days, many brokers pro-
TESS to see further recovery in
prices, but do not expect big bull
movement to develop, while the money
situation is still so impressionable to
the demands of borrowers. The ele-
ments in the situation which argue for
able crop report showing a substantial
improvement and prospects of still
further Improvement if the Weather
continues favorable; the successful
financing of the $25, 100000 Swiss GOV
eminent bonds and the 100000. 200
Armour note issue; the probability of
an early and favorable decision by the
Interstate Commerce Commission on
freight rates.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-07-11
Poles Deny Insolvency Reuort

The, American Polish Chamber of
Commerce and Industry in the United
States yesterday took steps to deny
alleged rumors to the effect that the
Commerce Bank of Warsaw Bank
Handlowe) was insolvent. The rumors,
says the Chamber. should be attributed
to the propaganda of certain antago-
nlstlc interests in an endeavor to de-
feat negotiations carried on in Amer
lea for the Commerce Bank. The fol-
lowing cable received yesterday from
the directors of the bank was made
public: I'VE protect categorically
against the false and contentious ru-
mors spread about our state of SOL
vency and have made protest through
the Foreign Ministry. At general
meeting of our stockholders June 25 it
capital
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-07-11
Country's Ingot Production

Ingot production during the month
Of June totaled 2.98O,690 tons, COM
pared with 2,883,164 tons in May and
2,638, 305 tons in April, according to
the last statement of the American
Iron and Steel Institute. The report
covers the operations of about thirty
companies, which made about s4.03 per
cent of the steel ingot production in
1918. Of the tonnage reported for
June 2,287.273 tons were open hearth,
675,954 Bessemer and other grades IT,
463 tons.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-07-11
FINANCIAL

THE FIRST NATIONAL BANK OF
Mount Carroll located at Mount Carroll
IN the State of Iilirois Is closing its az
FAIRS All note holders and other creditors
OF the association are therefore hereby no
tined TO present the notes and other
claims for payment.
WIN. H w1LDEY, President. -
Dated June 90. 1890 Z
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-07-11

July 16-Emerson- Brantingham pr -. TX
July 15-Fam Piayers-Lasky temp pr 2
July l5-General Motors Corp temp
u in cash and I-40 sh com
July 15-Hupp Motor Car Corp. 4
July 15--Int Mer Marine Co pf.
July likely Springfield Tire Co
in c & 3. In com
July 16--Mahoning Coal r r CO.. 8
July 17-Midvaie Steel & Ordnance. /
July 17-Mulins Body Corp. .. ]
J uly Il do pr -.-..-
July l7-Pere Marc. ctfs pr pr. . ~
July l5--Pitts Gin. Chi G st Louis. 2
July Is do temp Pa Co ctfs OF dep 2
July i5--Rep Iron & Steel Co. ...... ! =
July l5-Superior Steel Corp...---. Ia
July l5-Cnited Drug Co LIST PIT. "a
July 15--U s Rubber Co. .-.-.....
july 10 do LIST pf
July I5-vir-caro1ina Chem Co..
July l4--Vulcan DEFINING Co pf..... ,
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-07-11
Phil. As, 1886. !. rs @ s5 IS @ IS
D. Col. So. 1865. SO a. SO q -
Foreign Govt. and Municipal Bonds
Interest To Be Added)

BID Asked
Anglo French Extern 5s. 1920 s91s1 99ss
Province OF Alberta 4hs...... "a
Argentine Intern 5s. 1945.... 70 71A
Kingdom of Belgium Us, 1915 99N 991a
Canada. Dom. OF. Notes 1921. 97Aa 97Ns
Kingdom of Belgium IS, 1921. 9Sa 98A
Canada. DOM of. SIS. 1921. 97S 97M
Kingdom of Belgium IS. 1895. 90 96a
Canada, Dom. of, 1926. 89A 90
do 1929 NEUTRALITY-SUSPICIOUS.. 90A 901h
do~1931 :................... 86M S6ha
Chinese Gov HUI Kug Ry SIS, 1861 43 43h
Cuba Extern 5s. 1944......... 90N 95
do IS. series A, 1919. ....... s0N S2h
do ANS, 1919. .............. 71N 73
Dominican Rep S. 1858. ....... s6h 81.
City of Lyons 15-yr Is, 1884,. 849s 85ss
do Marseilles 15-yr Is, 1894. 84ss 1854
do Bordeaux 15-yr IS, 1884. S4ss S5ss
do Copenhagen 25-yr 5hs. "A TAN rs
French, Paris City Is. 1921. 93b "a
Japanese Gov " 8. strl in, 1925 751s 75A
do 41as I'd series l925...... 73ts 73N
do As. strl In, 1881. .-...... 56x 66%
do Tokyo City 5s, 1952..... So ST
U K G & 5-yr 5Hs, 1921. 96 96A
do 3-yr 5ias, 1929. 92% SO
do 10-yr las, 1929. 88A SSfs
do 20-yr 51as. 1897. ....... S6is 85h
Mex extern strl So of 80. 1916 81 80
do Gold As OF '04, 1s54...... 20 80
King Of Italy 5-yr sl40o gid BIDS s2h SO
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-07-11
Bid and Asked

!, Bid and asked prices for stocks In which
there were no transactions yesterday were
as follows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-07-11
BID. Asked.

| Bid. Asked.
do cd pf. -. IS
Unit Dycwocd 53a 50
Tn Ry Inv pr 22& 23N
USCIp&F W.. 4aA AZ
III 8 Express. 6h I
| u s l Ale NJ. f5 Ssh
US S & II pf 4sM 4sA
utah See Cor. X 9A
I've Chem pf.l0s LOT
Iva ! G * C.Iie lis
Wabash pr Is. 1871 1914
iw-Fargo Exp. "a 80
NV Md I'd pf. Is y
| West Pac pf. az o.
West tn Tel. 81 san
lw Mfg lst Pr GIN 20
Wilson ca pr. - S0
NV & l. II pf. II 1aM
lWiltis-Ov pf. syn Sah
IWla Central. /. rs 8
IWociworth pf. .104 l06
lW P8kM ri A SO 70
! do pf Be. "a -
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-07-11
Stocks Ex-Diyidend

late company Per cent
J uly lam Shtphldg Co...1% & IN ex
July 15-- do pr ,.-...-.......l Ia
July l6-Am Tobacco Co. In COM BIS
July lam Zine. Lead & Smelt pr III
July lT-Anaconda Copper Mining Co.
July 15-Atlanttc Refining Co pf. -. TX
July Id 4 g r Co pr
July 1s--Cructble Steel Co Of AM.
July l6-- do In co mstk. Is "a
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-07-11
June Copper Sales

Foreign and domestic sales of copper
for June, according to Dow, Jones &
Co., totaled approximately $1,000 900
pounds, compared with $4,000 600 in
May and 101, 100000 pounds in April
Sales for the first quarter of 1920 were
100000 pounds, 239,O0p,OOO pounds
having been sold in January, $4,000 600
pounds in February and 100000 900
pounds during March. Total sales of
215,O00,000 pounds for the June quarter
reflect the effect the transportation tie
up has had on both consumption and
output, although smelter production
was not so much affected as refinery
output. It is pointed out that com
parison of sales for the June quarter
with the preceding quarters indicated
why large producers expect consid-
cradle buying movement If copper to
develop as soon as the transportation
machine is running more smoothly.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-07-11
Silver Market

Silver-London, 5zs; New York,
domestic, Ss1hc; foreign, s2hc; Mex
lean dollars, 691zc.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-07-11

Bid. Asked
Shatt,lck Ariz 9 10
&S s & 4 pr 81 50
s r r. sugar ESQ s0 oo
do n 80. .l05 109
stand Milling. 1870 lS
do pf ...... IS -
StutIebsker pf- % "
stern Bros pr. SO 100
super Steel pf 9SM
+ & p Id N.200 SSS
Third Az II II liza l?t
ride W OIL. 200 slo
Tob Prod pf. s9M eih
TStI.xW Gifts. 12M y
do u cts. u 20
Twin City Il T 3ih SS
do n .s... 5s 50
lInd 'typcwrit- 1911 uss
i do 81 .l05 III
ysC S Of Am. lS0 l55S
do pf 100 icy
I,nitcd Drug lilo lW
10 lst ". A5 =
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-07-11
High Cost Of Borrowing

shipments OF oil over a period of &:
years
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-07-11
Dividends

Union Oil Company Of California--An
extra dividend of 81 share has been de-
ciared in addition 10 tina regular quarterly
dividend OF $3.50 a share. both payable
July "a TO stockholders ~ record July 10.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-07-11
Baldwin Rumanian Order

1t was reported yesterday that the
Baldwin Locomotive Works had COM
pleted a transaction by which the com
pany has established a credit of
S2,00O,000 in favor of the South Ameri-
can republic to run for ten years The
contract, it is understood, allows CO.
lombia to draw on the credit at any
time for locomotives. At a cost of
$4,000 each the loan would cover the
purchase of forty engines. Baldwin, it
is also reported, has received an order
for spare parts for LOGON motives from
Ramania, and shipments will promptly
be made. The terms of payment, It is
understood, are cash against docu-
ments, the Rumanian government hav-
ing established a credit in this coun-
try This order is in addition to that
taken by President Vauclain, while in
Rumania, for twenty-five engines and
spare parts, to be paid for by monthly
Great Falls daily tribune. [volume] (Great Falls, Mont.) 1895-1921, 1920-12-01
NOVEMBER COLDER
THAN A YEAR AGO
Snowfall Is Only One Fifth OF
That for Same Month Of
1919, Records Show.

November, 1920, saw colder weather
than the same month Of 1919. bat snow
fall was much less Records at the gov
eminent station show that in he month
ended Tuesday the lowest Temperature
was nine degrees below zero and the
maximum was 50 which was touched on
two days, the twelfth and thirtieth OF
the month
Precipitation. which is snowfall meas
ured in terms Of water. was 40 inches
in November of last year and only -
hundredths Of an inch in November.
1920 As ten inches Of snow is the equiv
alent Of about an inch of precipitltion'
November of 1919 had II or 10 inches
If snow. while November of 1920 had
a total of about an inch and half
The coolest weather ID Great Fails
last winter was in December, when the
thermometer dropped to 30 degrees
below zero on the ninth of the month.
Great Falls daily tribune. [volume] (Great Falls, Mont.) 1895-1921, 1920-12-01
STATE DRY Law
CHARGE DROPPED
Federal Proceedings Give Nc
Intyre Immunity From State
Arrest, Rules Judge.

Angus Mcintyre, proprietor of the An
aconda bar. will be freed Of state
criminal charge of bootlegging and 8
state action for forfeiture of the Ana
conda bar stock and fixtures dismissed
as result Of ruling by District Judge
II. H. Ewing Tuesday.
Judge Ewing found Tuesday that the
state is without jurisdiction over de-
PENDANT whose place of business is under
a federal liquor injunction. and ordered
dismissed both criminal and confiscatory
actions recently brought by County At
tornev H. g. Bennett Mcintyre was
placed under arrest and his place closed
following q raid in which evidence OF
liquor sales was alleged to have been OBJ
tanned Under Judge Ewing's ruling the
entire proceeding will be dismissed and
the case left with the federal court for
disposition.
County Attorney Bennets raid fol-
lowed one made by federal officers q
short time previous. On evidence OBJ
tanned in the federal raid. Judge George
NJ. Bourquin of the federal court in
joined the Anaconda from making FUR
Their alleged liquor sales and SO wordeo
his restraining order that the state
court was without jurisdiction, Judge
Ewing held. A precedent also consld-
cred by Judge Ewing was that in any
case where the state and the govern
ment are both seeking jurisdiction, the
rights of the one having prior claims
will be observed.
The right of the state court to hear
the forfeiture case was questioned
through the activities of third parties
claiming an interest in fixtures at the
Anaconda bar. These claimants were
represented by Fletcher Maddox, who
Great Falls daily tribune. [volume] (Great Falls, Mont.) 1895-1921, 1920-12-01

Salt Lake City: par, 6 per cent interest
and $3.50 premium.
Merchants Loan company, Billings:
par, 6 per cent and 81 $50 premium.
Offers for the $4,000 refunding
bonds were as follows:
Merchants Loan company, Billings:
par 6 per cent and $1,000 premium.
Ferris & Hargrove, Spokane: $500
discount per $1,000 and 6 per cent in
terest
Wells Dickey company, Minneapolis:
par 6 per cent interest and $40 prem
ium.
international Trust company Dem.
yer: par per cent interest and $3.50
premium.
Price Considered Good One.
"The price received by Cascade eoun-
ty for the bonds sold today is the best
obtained for any municipal securities
offered recently at any place in the
state" said Chairman kester after the
bids were tabulated The figure IS
something above that realized last year
but ii is considerably better than was
paid for the 100000 in highway bonds
sold last spring For this issue the coun-
ty accepted par and paid 6 per cent in
terest, but was compelled to pay brok-
erage fee out of the proceeds OF the sale.
Todays sale brings par, calls for u per
cent interest, but the county realizes
$3.50 in premiums.
The court house bonds to be refunded
with the S15O,000 issue sold Tuesday
are the last of the securities sold ~
years ago to make possible the erection
of the present court house. There now
remains unpaid of this issue $4,000,
but the county was able to pay $4,000
from other funds. Sale of the refunding
bonds became necessary because of the
failure Of previous boards to create q
sinking fund for the retirement Of the
remainder of the old issue. All bonds sold
Tuesday We're classified as serial bonds
and will be retired in stated amounts
annually during the next 20 years.
100000 Road Bonds Unsoid.
Sale of the 100000 worth of highway
bonds, leaves 100000 unsold of the or
ignal 100000 issue of 1919. Proceeds
Of the 100000 sale made last spring
were used in constructing road projects
under way jointly with the federal and
the county, and cash realized from Tues
days sale will be largely expended or
contracts already let and others TO be
let in the spring.