davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1920-12-20
49 Millions inIoan
LiquidatiOns Shown
By Reserve Reports
Borrowings Reduced GO Mil
lions; Demand Deposits
Grow in Anticipation of
Taxes; Cash Increases

From The Tribune's IFcShiu0ton Bureon .
WASHINGTON, Dec. 19.-Liquida-
ton Of $49.00O0OO in loans and invest
ments, accompanied by a reduction of
about S66,000, 900 of borrowings from
Federal Reserve banks, is indicated in
the Federal Reserve Boards consoli-
dated weekly statement of condition
in leading cities.
Holdings Of United States bonds and
victory notes show an increase Of S.
0o0.0 for the week while those of
treasury certificates declined by S23 :
O00,OO0. AS against a reduction Of S4,-
cOO,oC0 IN loans secured by government
war obligations. loans secured by cor
porate stocks and bonds show an in
crease of $4,000 while other loans
and investments, composed largely of
commercial loans and discounts de-
clined BY sA10000o0. As conse-
quence of these changes, the banks
total loans and investments arc shown
$49,000,0 900 smaller than the week be-
fore.
Showing in New York City
For the member banks in New York
City there is shown a decline of S1S.-
100000 in Treasury certificates held
accompanied by small increases in
loans secured by government war obli-
cations and by corporate stocks and
bonds, and an increase Of $1,000 900 in
other loans and investments Total
loans and investments Of the New YORK
members show a reduction of $4,000
600 for the week
Accommodation of all reporting
banks at the Federal Reserve banks. a.
shown on the books of the latter
shows a reduction from s2,21o,O0O.0O
to 50, 100000, or from 1873 TO 1928
per cent Of the banks total loans and
investments. For the New York CITY
banks a decrease in accommodation at
the local Federal Reserve bank from
1865 100000 to $S23 600 900 is shown
resulting in reduction of the ratio of
accommod from 1877 to IS per
cent.
United States Deposits Decline
Government deposits show but g
nominal decline for the week, while
other demand deposits, apparently in
anticipation of December is tax pay
ments, increased by s2S,oO0 900, S27.-
100000 of which represents the in
crease for the New York City members
Time deposits declined by $13 600 600
the decline under this head in New
York City alone being slightly larger
than the aggregate decline.
Reserve balances show a decrease OF
81 100000 for all reporting banks and
Of $4,000 600 for the New York City
members. while cash in vaults shows a
nominal increase for all reporting
banks and an increase slightly over
$l.0O0000 for the banks in New York
City.
New-York tribune., 1920-12-20
Fairbanks Company Preferred Stock

Guest'on-l am considering a small in
Ci.,an CTs,anent in preferred stock have heard
S''l"S service preferred and Fairba n Il q
company second preferred recommended.
lheAe both appeal to me as th.v void
aoout y per cent, with "A chanc" Tor nrofit
II 'hey rise Kindly advise mo If YOU
conslder These reasonably ga 60 invextnont. !.
ana "lNch OF the two you prefcr.--P. g. II.
Answer-The Cities Service Companv
mas been very successful for some time
past reporting earnings sufficient to
pay oil charges and preferred dividends
and leave substantial amount for the
common stock. However, it must be
realized that this company derives a
very large part of its income from
oil production. The Fairbanks Com
pany, manufacturers Of mill supplies.
scales, gas engines, pipe fittings,
plumbing, etc. has shown considerable
improvement in earnings for the last
few years. The company is capitalized
at Sd.5C0,000 Of which $1,OOO,OOO is 8
per cent cumulative first preferred.
S2OOO,U00 per cent cumulative pre-
ferrcd and Sl,50O,00O common. Divi-
dends on the preferred stocks were in
arrears from April 1914, to April. 1918.
These dividends were paid in June.
lvIS, by common stock dividend
The last report was for the year 1919
when the net income was $500 37a
First preferred dividends require $50 =
600 md preferred dividends $3.50 900
1t will thus be seen that if these earn
ings arc anywhere near maintained
the margin Of safety for the preferred
stock is good. We regard this stock
as fair investment under these con-
ditions
New-York tribune., 1920-12-20
A 5000 Pill to Swallow

Qucstion--l own fifty shares of Ialti-
moro & Ohio Railroad common. bought
at %, and 100 shares submarine Boat, for
which paid so. total investment or
nearly $4,000. Have been advised to sell
them in order to register loss for my
Income tax return. ct would total abo ut
$4,000 on Baltimore & Ohio and $4,000
on Submarine FOaD. and then Immediately
buy them back again, saving mo several
hundred dollars and costing me st5 What
q" you think Of this? Would it not be
better instead of buying the stocks
ov"r again, hoping for rise so the net
loss would not be heavy. to forget the
5000 loss and with the $4,000 that is
left. huy pcr cent Standard on pre-
f"rreG. United States steel preferred or
American Wooden preferred "a u. C.
Answcr-Unless you have confidence
iii your stocks it is foolish TO repur-
chase them after registering your
losses. You are at liberty TO take
your loss for income tax purposes.
and. after doing so, in order TO place
yourself upon good investment basis,
you could purchase the preferred issues
you name, Many people hold on to
stocks. even purchase more to average,
not because they actually have faith
in them, but because they become so
INJURED to holding chem that they do
not stop to consider their merits. 1t
gets to be q petty vice.
New-York tribune., 1920-12-20

spring business in either branch of
the trade has been made. Some re-
tailers are placing small advance or
ders for spring garments, but the i'm
preston prevails that present prices
cannot hold through January and
February. Buyers have stated that
the prices manufacturers are asking
for womep's garments for spring wear
are but little less than those Of last
year and that greater reductions must
be made if normal buying is TO result.
From this it is clear that definite
price basis in the clothing trade in
general has not been reached.
New-York tribune., 1920-12-20
Apparel

Labor costs on the production Of sp
pnrel for spring continued to occupy
the attention of garment manufac-
turers last week The strike or lock-
out Of employees in tho mems gar
mcnt trade over the attempt Of manu-
fncturers to establish open shors and
the piccework wage scale remained
unbrokcn. In tho women's end Of the
apparel trade no open brenk has vet
occurred, but the manufacturers are
moro determined to insist upon a
lowering Of wages or a speeding up In
the production per working hour than
ever before.
Little progress toward booking
New-York tribune., 1920-12-20
Cast Iron Pipe and New York Dock

Cast Iron Pipe and New York Dock
Question-Plcase give me what info-nla =
,lol you can about United states cast
iron ripe common and New YORK Dock
common STOCKS. capitalization and imam
c'al standing. etc. Also what are the
business prospects of United States Cast
l.. G. b.
Answer-The United States Cast
Iron, Pipe e. Foundry Co. has S752, 900
OF funded debt, $4,000 900 non -cumu-
lative preferred and $4,000 900 COM
mon, par sl0o The preferred pays
. per cent at present. The last pay
ment on the common was per cent
in 1907. For 1919, the last report pub
lished, there was A deficit, after pre-
ferred dividends. of sll03.70S. As the
business outlook is still uncertain. the
| common stock as we'll as the preferred
! must be considered a speculation. New
York Dock has St2,55O,OO0 of funded
debt, $10,000000 per cent -cumu.a.
tive participating preferred and ST oO0,-
600 common. par of both S1oO At present
the preferred pays 5 per cent and the
common 214 per cent. For the twelve
months ended October 81. 1920, the
annual rate on both stocks was equiva-
lent to 666 per cent. The margin is
not sufficient to give either a good
investment rating, in our opinion.
New-York tribune., 1920-12-20
Chooses Eight Good Bonds

Questfon-Wil you kindly give me your
opinion as to safety OF American Smelling
and Refining So. l947 Western Union 5s, 1888
Bush Terminal 5s 1860 BROOKLYN Edi-
son S. 1949; ST. Louis & San Francisco
Series Il 6s, 1850: Denver & Rio Crande
first os, 1897? VIII have about $1,000
IN lew weeks and intend to buy one
hond each of the above If you conside.
them safe investincnts.-J, e. Il.
Answer-We regard all the bonds Won
name as sound investments. All src
we'll secured, in most cases by abso-
Lutte first lien. All are selling far
below their prices of few years ago,
and we believe them to be good pur
chases The last named is Lake Erie
Western, not New York, Lake Erie
& Western.
New-York tribune., 1920-12-20
.Jcwelry

A slight Improvement In the move
ment of jewelry into the hands Of ulti-
mate consumers was noticeable last
week, traceablc to Christmas shop
ping. A feature Of the holiday
jewelry business this year Is the heavy
advertising of cut prices by depart
ment stores. Exclusive jewellers, how
ever, are adhering to their old prices.
in the way of additional holiday bust
ness is expected in that quarter OF the
industry. Medium priced goods con-
tinue to move better than the more
expensive types.
New-York tribune., 1920-12-20
Leather

A better movement Of upper leather
was noted by some tanners and deal
crs last week, although lower prices
prevailed. The Improvement was
slight, but coupled with greatly in
creased number of inquiries it has en-
couraged sellers considerably. Most
hides were lower than at the close OF
the previous week, as were also sole
leather quotations.
The shoe trade is slowly working its
way out Of stngnation. Immediate de-
livery business still overtops spring
orders, but the tendency Of the later
is toward a constant increase. Some
of the larger retailers are placing fair
ly good spring orders, but the smaller
dealers continue to hold of, largely, it
is believed, because of their over
stocked condition. Liquidation of win
ter shoes continues in both retail and
wholesale circles. Bona fide reduc-
ton of winter shoes below the SlO
mark draws good crowds of purchasers,
retailers report.
New-York tribune., 1920-12-20
FINANCIAL.
FINANCIAL
GULF and SHIP 81 lkNO REILRoA- COMPANY
First Mortgage Rcfunding and
Terminal Five Per Cenf Gold Rnnds
(Quoted on income nercentage "a

AS provided in Section Seven OF Article
Two Of the Mortgage securing tho Issue Of
bonds above described. the undersigned. as
Trustee, viii receive sealed proposals up TO
=. NJ. on January 6, 1921. for the sale 70
Il Of such bonds for account OF the Sinking
FUND a price not exceeding II per cent
and accrued interest. 10 the amount OF
sS5. 200. 3S. conditioned upon the payment 10
the undersigned Of that amount or be-
fore January End. 1921 provided IN the
said Mortgage.
formerly New York Security & Trust Com
pany. Trustee.
BY r. g. CURTIS. Secretary.
lleren.her II lnN0
New-York tribune., 1920-12-20
F'lrrs

The weakness in the fur market was
indicated last week by the abandon
ment of plans for an auction of raw
furs in st. Louis by the international
Fur Exchange, scheduled to begin to-
day, and by the report of Richard S.
Otto, actuary Of the fur trade, stating
that there had been more than 200
failures in the trade to date, aggregat-
ing financial obligations of more than
$l5,000,O00. The trade is endeavoring
to work out of its financial difficulties
but the movement of goods at any but
extremely low prices is almost impossi-
bic. More drastic cuts are being made
by retailers, and these are expected to
aid in the movement of finished gar
ments into the hands of consumers.
The campaign against trapping this
year continues to be prosecuted vigor-
ously in an effort to curb the throwing
of additional supplies onto the over
burdened market.
New-York tribune., 1920-12-20
French Loan 80 Billion Francs

PARIS, Dec. -. = Subscriptions to
the latest French loan exceeded 30
100000 francs, of which 16,0Oo,.
600 coo was in ready money. says the
Echo de Paris, quoting an official Of
the finance administration. The exact
results will probably be made public
this Wcek
New-York tribune., 1920-12-20
Investment
Information

Questions Of ge,e7ci interest to in
cestovs sctY be uns1Oered in this cst
u1an, 1T ,cn'ch case Only Initials ,oiU
be used. Others 'ciU be answered BY
moil. Address oil inquiries, tnclos.
ing s!amped. addressed envelope. to
Financial Editor, The Tribune. ls4
Nassau Street. Neic York City.
New-York tribune., 1920-12-20
BUYERS COMING

cNlcAGO-~Alfred s swartz & Co: A..
swarta, knit goods. hosiery. underwear
and shirts. 1854 FIFTY y-second street
Brooklyn. n. r.. care Berlin, expected
December 80 to January 10
DULUTH, MINI. .--Oreok's; p. Oreck, MILL
merry; Comnodoro; expected January 2B
New-York tribune., 1920-12-20
W00lers

The auction Of about 5000 pieces OF
overcoat fabrics by Che American
Woolen Company served to demon
strate a latent demand for merchandise
of this kind. at "a price. The auction
prices in general were from so to 10
per cent below the prices at which the
goods were first offered for snle by the
company about year ago. The lower
class of goods, such as mackinaws, etc.
brought prices generally conceded to
be below the open market level for dis
trcssed goods, but French backs. mel
tons, kerseys, etc. were in better de-
mand and the prices brought, in many
cases. were said by traders to be above
year, to make their appearance in over
coats for fall and winter, 1921.
New-York tribune., 1920-12-20
The Credit Problem

TN THIS PERIOD of transition
L. from a war to peace basis,
the protection of our national
credit structure is most essen
tial. BY its preservation busi-
ness interests will be enabled
to make the necessary readjust-
ments now under way with a
minimum of hardship. And the
entire business community is
concerned in maintaining this
country, its banks, and its in
stitutlons on sound credit
basis.
Despite the vast destruction
Of wealth caused by war, and
the ewastefulextravagancewhich
followed it, the credit of this
country remains secure. Its
national wealth is estimated at
more than ago billion dollars
and its yearly production mex
cess of 50 billion dollars. Its
national debts relatively small.
1t has vast undeveloped re-
sources, a great industrial or
ganizatlon, stable govern
ment, an ample gold reserve,
a sound, efficient banking sys-
tenn and, above all, the vision
to see and the will to do.
With the whole world seek
ing our credit and demanding
our products, we occupy most
advantageous position for the
development Of foreign mar
kets. New methods Of adapt
ing credit to the needs and
opportunities of this situation
are being devised. But the
New-York tribune., 1920-12-20

great necessities of the hour
are confidence and the vitaliz-
ing of "frozen" credits.
In facing the unprecedented
demands at home and abroad,
our banks have cndeavorcd to
allocate available credit for the
best economic results. They
have assisted in the creation of
new wealth by cooperating
with essential, solvent business
interests to meet the require
ments Of the present and to
prepare for the future.
In the face of an increase of
i4o% in commodity prices,
the cost of money increased,
on the average, less than 25%,
and money has remained the
cheapest element in business
enterprise. BY reason of their
conservative handling of the
situation, American banks as a
whole are in splendid condition
to serve the business commu-
nifty in taking advantage Of the
opportunities ahead.
This Company has partici-
pated in this constructive bank
ing effort, and, in the future de-
velopment of American busi-
ness at home and abroad, offers
the cooperation OF It's trained
organization of five thousand
members; its capital, surplus
and undivided profits Of more
than S6o,ooo,ooo; itsrcsourccs
of more than s8oo,ooo,ooo;
and its worldwide banking
facilities.
New-York tribune., 1920-12-20
Va.-Carolina Chemical Debentures Good

conssrnns Shs sS eT n G2n9n cs
icsl Company gold debentures OF la$@. JUS
rly safe investment? Also, Chi
csgo. MilwauSee & st. Pau s.. con
vertibles Of 1882, selling around TO- fairly
woll secured? am only a small invest or
and must confne myself to sl00 issues
A. II. 3.
Answer-Wc regard the new issue
of Virginia Carolina Chemical debcn-
ture bonds as q good investment The
ST. Paul convertible z per cent bonds
are. together with other issues, secured
by first lien on us miles, second on
5.607 miles and third on 2.494 miles
and by pledge Of other bonds. We re
gard them as very fair investment.
Woman Takes Advice to Buy Mines
Quest ion VITA; il best TO do with the
following lat Of stocks. sell and reinvest.
or hold on for while? They We're boug Int
advertses in 'iho Tribune aNt is con-
nected with exchanges in all the large
1868. No doubt. the interest on AL Will
be passed before lors. The list is: Twenty
shares .h Of Of. ,. Grccne cananea Corpsr twenty
Copper and Zinc. fen shares Cerro Cop
per I've shares American Smelling. ha ve
'ost 5'st from eight 60 thirty points on the
lion some equipment sto1hs @; sort ;crln
bonds which YOU feel are safe - Miss)
". N.
Answer~Your adviser il seems to
US. did not use GOOD jaltmeut in put
ting you in such securities All are
about IS speculative as one could Gnd.
In the first place. all are mining stocks,
3 case OF putting all os ones eors IN
the same basket. All copper shares
have been greatly depressed because
earnings have been most unsatsfac-
tory. Many have reduced, others have
passed dividend payments. It is n
difficult thing to make up ones mind
to sell stocks al such low levels.
Nevertheless, if you do not care to
speculate you should dispose Of these
issues and place yourself on good
investment basis. TIE following pre-
ferred stocks are high grade and sea-
soned: United States Steel per cent.
Railway Steel Spring per cent
Pressed Steel Car 7 per cent, STANDARD
Oh per cent, National Biscuit per
cent, American Tobacco per cent.
New-York tribune., 1920-12-20
CottOns

Another buying squirt developed in
the gray or unfinished goods market
late in the week, serving to advance
prices slightly, but was checked by this
reaction. However, the gains held
through the close Of the week.
There was also an increase in the
movement OF finished goods, 'particu-
larly in spring lines. Commission
houses reported booking a considerable
number Of orders on the memorandum
basis. One large selling agent revised
cent a yard below prices announced on
November Is.
Sentiment in the trade growing out
Of a meeting of wholesalers and com
mission merchants last week is shaping
toward general revision of cotton
goods prices early in the year OH a
bedrock basis, which is expected to
place prices on q firm foundation. and
thus eliminate the doubts concerning
the future that are causing q hestancy
IN buying at present.
Plans are being made for holding an
auction Of distressed cotton goods here
during the convention Of the National
Wholesale Dry Goods Association to
be held the week Of January II.
Silks
Importers and dealers in the raw silk
market reported better demand for
their commodity last week, although
prices remained OF the level estab-
lished q few weeks ago. The opera
tions Of the Imperial Syndicate in
japan so far have prevented further
big price breaks, although some dis
trcss merchandise is obtninable there
as it il in the local market
Finished silks also were in increa ed
demand. according to some producors
although others professed to see no
quickening in sales. The number Of
encouraging reports however. was
large enough to justify the belief that
better business was done last week
than for some time previous. Prices
however. remain unsatisfactory to
producers, and apparently the improve
mcnt is not broad enough TO justify an
advance in quotations yet. Buyers are
Interested in novelties and more Of
these are appearing in the market.
New-York tribune., 1920-12-20
New York City Bonds
New York State Bonds

Issued In coupon and registered form
terable.
New-York tribune., 1920-12-20

NOVEITlES--Silk and cotton goods. plaih
or printed. suitable for kimonos. ouan-
ivy no obiect II price Is right. II. N
Arida. lis Wont 22d st.
New-York tribune., 1920-12-20

COTTON GOODS wanted scrpentinc crepe.
y, Quantity no object II price IL right. NJ.
n. Arida, llS Weat eed ST.
New-York tribune., 1920-12-20
BUYERS WANTS
OFFERINGS TO BUYERS
eoc per tfe TINS
!se per hne ne.......-.... times
OFFERINGS TO BUYERS

COMBS-e 900 ideal hair drying combs
retail price. 81: close out at 81 per dozen
Charles Rose. 1856 Bridge St Brooklyn
New-York tribune., 1920-12-20
BUYERS WANTS

COTTON GOODS wanted: corduroy In high
shades large quantity; submit samples.
NJ. n. ArldR. us West s.d st.
New-York tribune., 1920-12-20

TOWELS--Great sacrifice Cannon Mills
towels way below present mill prices
muck and Turkish Call 3s4 broadway
tnfth hoor). Canal 506s
Auttaja. [volume] (Ironwood, Mich.) 1906-19??, 1920-04-08
yaawaIin tuiueri
airi. s. @rOcfes

"@ieId tdnddn tuIet terpeefii,
Jos teet, mitd MIND ionon."
"gid6u, Iiipoon tebod, mitd tab.
ootl"
"SinuIla on, fiiten buomoon,
Auttaja. [volume] (Ironwood, Mich.) 1906-19??, 1920-04-08

N~~AtSPpoiN ~cSlt luuiuu ~Julltululs
le; Tina panet iiitd talteen ainoas>
taan miutamia piiaroita. Sefoitan
ne poiteeieen, ionfa aion malmis.
taa. 2ibasta on malmistettaipa ltbs
riateria meitG taiffia parten. Wnis
ia ruoffia apanteiafin. @ain bulIu
idttad fnlIisaripoiiet linnnt fuole.
maan nGlfGdn. llbriaterian i1lfeen
nina parannan iinut, jos Mstles
pioS on nellie armollinen. Sefin,
ettG lnbioitat bdnen palpeIiialleen
fafii talenttia, on marmaanfin re-
fepG bGnen mielenid iuoiioIliiefIi
Iiniia fobtaan. sos @sflepios eli
meitd iuoii, mott itie pitGG TALENT
tiff" Ndin oiaii' Epanalainen jar.
iestdd aiiania taiffien mnboolliIuu
fen maralta. Sdn tieii meet bppin,
ettG ban a~inoastaan m1lltamisla
maaratpisia tapaufiisin motif ons
niStitd.
.&un lIbrineri oil @sflepion fun.
niafli ipuooatettu ia nGlfGiiet mice
bet iDoneet fplIifieen nbriaterialla,
fGsfi 4pollonius muita poist1-
maan ialisto. Sdn i1i taboenfes>
fen Silfon fansia. Sitten bGn pal
misti Woiteen iefoittomalla inertia
b%unaiaan. Mutisten biliaa loibtii-
jana ban moiteli ~iairaan fdoet ia
inlat. Sept .5Gn otti elm fallisars
noiien fultaiormiflen, iota riippui
iiltfinallbasia bdnen fa~ltIasiaan
maatteioen alla. Sormufiesia ii.
malteli fomea, iinert1nG jalofihpi.
&pollonius nosti iormufien iairaan
fosmoien tobbalIe.
"&atio iGrf6btGm6ttd tdbGn iors
mutieen; iiinG on iumalalliiia, ia.
Iattuia Doimia."
@Danhlainen mutiii NIT pfiitoif.
foiiesti, ia SiIfo tuiiotti iormuf.
Teen; pbG "iGpfemmGfii mi1ltttui boz
men fatleenia, fumes bdn Dibooin
atpoimin lilmin maipii %ionfinlai-
ieen iineen, gept Ipollonius alfoi
iormenpGiII1 iiipell1 b1nen faspos
joan, fGiiGGn ia ialfoiaan.
Sen tebtpGGn bdn ianoi %iairaal'
Ie: Sept olet teripe ia fpfenet taas
Iiifuttamaan idleni1ii, nouie ia III
lie luofieni." Sa tatio, SiIfo nouii
fuuliaiiena. "SinG Iiifrtot j6ieniGi
ipalpeillafin o%Ilesioii. SSn fuuntele
mit1 fGsten. Seti fesfi>pon idlfeer
nouiet iinG miioteeltaii, puet plleii
otat fGiimorrelleii toiien iiaurilaiS
pltipun ia menet torniin mangitur
muorufaiienluo. Sind p1Gstdt 3D.
net fableisto ia lauiut banelle ma
mat lanai: "SinG olet papad, ott
maotteeli pue ne plleli, mutta 1lc
fpip mitGGn." Sitten menet biliat
bGnen ~fansiaon tnlliin, onnat ba'
nellie DGnen ,betpoienia, i%tlelleii ia
tuloit toiien, rotlostot bdnen fans
laan portista ia piet bGnet SIa1i
ran tielle. Sielt1 polaat moboolli'
iimman nopeosti, ia fotiin tultun'
ii menet beti miffumAon."
Mnnettuaan n1m1t fdsfpt tefi
Spanolainen t1oell1Gn miutattio
liiffeit1 6ilton iilnien eoesid ia
fGsfi bGntG ber11md1n.
"WaisiG on iormus?" fDipi rubti
mas.
"Se on tebnpt tebtdm6niG", mas
taii MpolloniuS plpeGnG, Tina o.
innt f1fpell1."
Silto nouii, fGfpeIi miiiitamor
osfeleen ia Ianteii lion maltoamana
EpanaIaiien ialfoien iuireen.
"Olen palpeliiaii ia faiffi omoi
iuuteni on iinunl" buubabti ban.
"4nno miniilIe Iupaamaii fafii
tolenttia, ia iiIIoin on Msflepios o.
lepa tpptpmGinen", fiiiiliii wastaiis.
Silfo toptitti f6iidGn, ia banen
pnlweliianio ostuiwat buoneeieen.
&e tuiiottimot fuin m%ielipuolet |.
iGnt11niG.
"&rtiufoo tGnne mdfenil" burii
N;Ifo