davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1920-08-18
Cotton Is Lower,
But Market Ts11.ns
Firm on Covering
Near Months Easier ON Over
night Selling Orders; De-
cline Follows Small Gain
on Shorts Active Buying

There were rallies during yesterdays
earlier trading in the cotton market.
but they were attributed chiefly to the
covering of shorts after the big break
of Monday, and prices made new low
ground during the later trading. De-
cember contracts, for instance, sold off
from 29.0s to 2S.35, compared with
2S.67 at the close of the previous day.
with the general list closing firm at
net decline of II points to an advance
Of points.
The opening was irregular, first
prices being points lower to 10 points
higher. with near months relatively
easy under overnight selling orders
and the break reported in Southwest
ern spot markets late Monday. The
early offerings were we'll taken, how
ever, and for time covering was stim-
| ulated by reports that the spot basis
was firmer, q more cheerful view of the
European situation, and continued wet
weather in the South.
October sold up to 300S and January
to 1888, or about 80 to 43 points net
higher, but the demand from shorts
then subsided and the market turned
easier during the afternoon on renewed
rumors of Polish reverses, the con-
tinued absence of spot demand, and
heavy selling by houses with Liverpool
and Western connections. October
broke to 29.40 and January to PITS,
or about 25 to 81 points net lower on
the more active months, but the close
was several points up from the lowest
on renewed covering
Reports of q firmer spot basis came
from both the South and Liverpool,
and Southern advices said that farmers
were offering less freely. 1t was also
reported that no new crop cotton grad
ing above middling was being offered in
the Southwest, owing to the continued
wet weather, which is damaging the
grade of early cotton. There was moth
ing to indicate that these reports were
spinners, however, and the early ad-
vance here was most generally con-
sldered the result of frmer technical
position. Private cables from Liver
pool said the chances were that good
orders from both India and China
would be placed in the goods market
at Manchester, if the raw material
markets should steady. but there was
no changes in the news from the do
mestic goods situation.
Southern spot markets, as officially
reported, were unchanged to Is points
lower, with middling quotations rang
ing from $3.50 at Dallas to $3.50, the
nominal quotation at Norfolk
The local market for spot cotton
was quiet and so points lower, at sc
for middling upland; no sales were
reported.
The range of prices follows
New-York tribune., 1920-08-18
Financial Item

The Indemnity Insurance Company of
North America announces the appoint :
ment OF w. NJ. Thompson, for four wears
vice president of the National Surety Com
pany. and {. w. Lewis. chief underwater
of the metropolitan department of the
Employers Liability Assurance Corpora
zion, Ltd. for a number of years. as New
York managers.
A syndicate. composed of Halsey, Stuart
& Co. the First National Company OF De
troit and Aemilius Jarvis, OF Toronto Can
has purchased and is offering 81 $50 600
Province of Manitoba, Can. per cent.
bonds due August 16. 1925. which they
are Offering at 92.S5 and interest. to yield
~ per cent. Tho bonds are direct obii-
cation of the province.
The United States Mortgage and Trust
Company has been appointed trustee un-
der mortgage securing an issue of first
Hen and general mortgage per cent
BONDS o.: tho Pacific Power and Light Com
pany. tho present Offering being $1,000, ooo.
The Green Star Steamship Company an
nounccd that Louis r. Swift, of Chicago,
has resigned as IA director OF the company.
Ils successor has not yet been named.
New-York tribune., 1920-08-18
New York Is Third State
In Road Expenditures
Is Among IL Whose Revenues
Failed to Offset Cost of Oper-
ating Government

From The Tribunes Washinoton Bureau
WASHINGTON, Aug. 17.-Although
New York is not among the thirtyone
states in the union whose revenues ex-
ceeded the expenditures for govern
mental costs, the Empire State ranked
third in outlay for good roads, accord
ing to the 1919 census on state tinan-
ces made public to-day by Director Of
Census Rogers. New York's revenues,
with sixteen other states, failed to
offset the costs Of operating the state
government.
Director Rogers's figures show that
the net Indebtedness of the forty
eight states in the union aggresgates
$519 9,SS6,598, Or $4.95 per capita. The
net Indebtedness of New York alone,
$174,519 ,1O1, represented 1876 per cent
any other state. The next greatest net
indebtedness was Massachusetts, with
$50 ,O59, ,9O6.
OF the ten states which maintained
civil service commissions, that in
operation during 1919 in New York
cost the most. The sum of $84,2l1
was reported expended for this pur-
pose by New York.
The thirty one states in which the reve-
nues exceeded the total expenditures
for governmental costs, including inter-
est and outlay5, were massachusetts,
Connecticut, New Jersey, Pennsylvania,
Indiana, Illinois, Wisconsin, Minnesota,
Iowa, Missouri, North Dakota, South
Dakota, Nebraska, Kansas, Virginia,
West Virginia, North Carolina South
Carolina, FloridA, Kentucky, Tennessee,
Alabama, Arkansas, Oklahoma, Texas,
Montana, Wyoming, Colorado, Utah,
Nevada and Washington The great
est excess, $10,097 ,85l, was shown by
Illinois. Other states in which the ex-
cess was more than 81 10OO,OOO were:
Massachusetts, $6,229 ,663; Minnesota,
S4,564 $50; Iowa, $3,426,372; Connecti-
cut, $3,224,014; Missouri, S3,14S, 1872;
New Jersey, $3,O34,414; Wisconsin, ST.
84S,S47; Oklahoma, S1,681 ,41O; Penn
sylvania, 1,608,290 Washington, ST.
112,248; Montana, 81, 1,OSO,214; and Ken
lucky, S1,O75,319.
New-York tribune., 1920-08-18
Burley Growers Discuss
Eliminating 1921 Crop
Oversupply of Cheap Tobacco
Chief Cause of Agitation for
Contemplated Action

LEXINGTON, Ky, Aug. 17.-Dele-
gates representing hurley tobacco
growers of three states will meet in
Lexington tomorrow to decide whet er
oo,o0O hurley growers, producing an
average OF 3OO,000,000 pounds of to-
bacco annually, will cut out the crop
in 1921.
Delegates to this meeting will be
selected at county conventions to be
held throughout the hurley district
of Kentucky and in the hurley pro-
ducing sections of Ohio and Indiana.
At a meeting of the leading hurley
growers held in Lexington, August 4,
300 farmers from twenty eight Ken
lucky, Ohio and Indiana counties went
on record as unanimously in favor of
cutting out the crop next year. This
action was not taken as final, however,
due to the fact that many hurley rails
ing ing counties were not represented in
the convention, and the second conven-
tlon was called in order that all grow
ers of the three states might have a
chance to act on the question.
Agitation in favor of cutting ont
next years hurley crop has been brew
ing since the close of sales last win
ter. According TO leading growers, at
least 40 per cent of the 1919 crop was
grown without profit to the producing
ia farmers, and the present crop, al
though above average in quantity, will
fall far below last years crop in
quality. Tobacco manufacturers Of
the country who buy practically all of
the hurley crop raised in this section
are already overstocked or second
grade tobacco, growers say, and they
are expecting prices to fall this win
ter to point where profit is no longer
possible except to the farmer with
nothing but high grade weed to sell.
New-York tribune., 1920-08-18
Western Indiana
Il. Il. Provides for
Big Note Maturity
Road Has 100000 Issue
Due on September L; to
Borrow Hall From the
Commerce Commission

The Chicago & Western Indiana Rail
road Will pay off half Of $4,000, 900 Of
notes which mature on September
next and ask the holders to accept new
obligations for the other $3,000,000, it
became known yesterday, after it was
announced that the Interstate CON-
merce Commission would advance $8,-
100000 to the road to meet the ma
turity. Letters were yesterday sent to
the noteholders asking for their con-
sent 10 the arrangement, and a public
announcement is expected to-day at
the headquarters of the railroad in
Chicago.
The maturing notes were originally
issued on September 1. 1917, as one
year 6 per cent collateral notes, but
were extended in September, 1918, for
a year and again extended in Septem-
ber, 1919, for another year. 1t is un-
derstood that the advance of the Inter
state Commerce Commission is con-
tnGent ON the acceptance of the new
financing plan, under which no public
offering is contemplated. The program
Is to be arranged between the company
and the present noteholders, who will
get 5000 in cash ard a $500 new bond
for every $1,000 note which thew hold
New-York tribune., 1920-08-18
Advance i'm Wheat
On Lower Receipts;
Cash Tone Strong
Disposition of Farmers to
Hold Crop for Higher Bids
Strengthens Market; Brit
ish Looking to Winnipeg

A firmer tone prevailed in the wheat
market, and at the close Of the day
prices in the Chicago contract market
were "a net higher. The volume Of
business was not large, but the cash
position was firm and offers from the
country were limited. 1t was said that
in some sections farmers were showing
a stronger disposition to hold their
wheat, and apparently believe they
should receive about $3.50 a bushel,
whereas the average price on the farm
on August l was 1922.
Cash wheat at Minneapolis advanced
Be a bushel for the day, while Kansas
City was to points higher. The ex-
port demand was not of an aggressive
character, although it was evident
there were orders here from the Cont
ncnt which might have been placed at
a slightly lower level.
British buyers were still out of the
market and were thought to be await
ing developments in Winnipeg, where
trading operations in wheat futures
will be resumed to-day. Receipts at
primary points were slightly under last
week, but were of fair volume, and
some authorities were inclined to an
tcipate increased offerings from the
country as harvesting operations pro-
gressed in the spring wheat region.
The visible supply increased 1,178,-
600 bushels for the week, and the total
was 2O,653 900, compared with $685.
600 a year ago. In the local cash mar
kct No. 2 red and No hard whea,
we're quoted at $26S c. l. f. track.
New-York tribune., 1920-08-18
Underwood Typewriter Co.
Buys Bridgeport Plant

The plant of the Dullard Machine
Tool Company, consisting of nearly a
square block Of ground in Bridgeport,
Conn, it was announced yesterday, has
been purchased by the Underwood
typewriter Company. The plant will
be known as the company's Plant No. 2
enc will be devoted exclusively to the
manufacture of the Underwood stan
dard portable typewriter.
The new plant has several buildings
among them, modern freproof five
story structure erected in 1917. The
space at the company's main plant at
hartford, formerly devoted to the
making Of the portable machines. viii
be released for increased production of
the standard type The company ex-
poets to gain full year in advancing
its production through the Increased
space.
New-York tribune., 1920-08-18
200 Millions for Roads
Recommended by [. C. C..
Increase in Loans to Improve
Systems and Rolling Stock
Approved

WASHINGTON, Aug. 17.-Distribu-
tion to the railroads of the country of
almost 100000, 900 was recommended 10
the Interstate Commerce Commission
to-day in the final report of the Asso-
cation of Railway Executives on the
applications of the various carriers Fdr
loans from the SO0,o0O,000 revolving
fund created by the transportation act
Under the new recommendations
loans Tor additions and betterments
would be increased from s7.o62 .053 70
S8,3l7,9A3; those for additional cars
and equipment would be increase d
from S35,o50,289 to $7S.34o.3S9. and
those for freight and switching loco
motives from S2s,S6s,629 to S29 ,O54 1923
A total of $50, ,s39 943 was recon
rsended for loans for building $1,000
new box cars and loans to meet matur-
Ing obligations would total 2S,SOO .875.
New-York tribune., 1920-08-18
FINANCIAL MEETINGS

TO ALL STOCKHOLDERS OF THE M
PORTEN TRADING CORPORATION:
PLEASE TAKE NOTICE that the follow
5hg I resolution was adopted by the Board Of
DlTectors of said Company q a special meet
Ing duly convened for that purpose held at
New N,aeow York City on Thursday. August 9Th,
RESOLVED that in the Judgment of this
EoaFd II was advisable and most for The
nsfiehI OF the Importer Trading Corporation
eh@t t the same should be forthwith dissolved.
and TO that end. in conformity with The
statute. ii was ordered that a meeting OF tho
stockholders be held on the lst day of Sep
tember, 1920 at the hour Of ! ? o'clock at
me once OF the Corporation at 120 Liberty
street. New York City. TO take action upon
this resolution, and further that the Secre-
'ary forthwith give notice of such meeting
and OF the adoption of this resolution 10 the
stockholders within ter days from this date
ny publishing the said resolution with no
tee of It's adoption in the Wilmington
Morning News a newspaper published ID
the County of Newcastle and State Of Dels.
ware. in which county the principal Office OF
the Company is located. and in "Fhe New
York Trlhui q, a newspaper published IN tne
County Of New York in the state ot New
York, wherein the principal New York oiice
of the Company IS located. for at least tnree
weeks successively once IN each week aeA.
preceding the time appointed for the hoi.ins
OF said meeting and by mailing Wrl.tsa ~ "a
printed copy OF such resolution ana notice 10
each and every sIoCkholder Of this COMPANY
residing in the United States. and further
RESOLVED. that the President call suca
mated % take action upon this resolution
FURTHER PLEASE TAKE NOTICE ma.
pursuant to such resolution The Presiaenss
has called meeting of the stockhoideTs q
said corporation to be held al The time an. ~
place mentioned in said resolution 10 laA'
action upon the foregoing resolution 49,.
FURTHER PLEASE TAKE NOTICE ma
such meeting will be so held at the time an a
place and for the purpose above men,.on0'
and you are hereby notified 10 be present
New York, August 7th. 1920
GUSTAV e. GERREK.
Secretary Importer Trading Corporation
New-York tribune., 1920-08-18
Pacific Mail Net
Income Declines
From Last Year
Earnings for Six Months Are
8OPer Cent; Higher Oper-
ating Costs Prevent Cain
From Greater Revenue

Although gross revenue Of the Pa
cifc Mail Steamship Company for the
six months ended June 80 showed an
increase of s1,975,533, totaling S4,748,-
O57, net income declined SAL ,944 from
last June as a result of the heavy in
crease in operating cost, including de-
probation, overhead. ETC., according to
a statement issued yesterday. The in
creased expenses virtually wiped out
the increase in revenue, and a decline
in miscellaneous revenue combind to
cause the drop in net income.
Earnings on the basis of the net in
come, which will be decreased later by
allowances for amortization and Fed
eral taxes, were at the rate of nearly
80 per cent on the Sl,500,OOO common
the twelve months ended June 80 was
S9,467 AIS, an increase Of $4,663, ,7e5.
Operating costs were 1882, 1863, an in
crease of $3,997,061 from the preceding
year.
In his statement to stockholders
George j. Baldwin, president, said:
Since our last annual statement of
operations, for the year ended Decem-
Der 81. 1919, material changes have
occurred IN shipping conditions The
world is now we'll supplied with ordi-
nary cargo tonnage The need for spe-
cial classes Of ships, such as additional
passenger vessels, has been emphasized.
Trade routes have been constantly
shifting, and considerable new tonnage
has been placed in all trades. with
consequent reductions in freight rates
Labor difficulties and port congestion
have made operation more difficult and
costly.
when the five new state type of
shipping board vessels, which have
been assigned to your company, are
placed IN service. probably in time to
commence operation early next year.
we shall expect to transfer the Colonl-
bla, Ecuador and Venezuela to the San
Francisco Baltimore run.
Results in the West Indies have
been satisfactory as 10 traffic developed
In spite Of the upset labor conditions
which seriously delayed discharge at
Cuban ports.
Business has been good in our
Panama Line service, and the four YES
sells assigned to it have been filled to
capacity with freight and passengers
in both directions.
although the depressed financial
conditions in the Far East have begun
to affect our earnings, our trars-
Pacific and Manila-East Indian services
have been taxed to capacity during the
past six months.
The fuel oil situation is disturbing
on account Of an inadequate supply of
tankers for oil transportation. We
have not been unmindful of the
seriousness of this condition and your
company has therefore taken steps to
safeguard its supply by placing a con-
tract with New York Shipbuilding Cor
poration for the construction of an oil
tankship of $500 tons deadweight, with
q cargo capacity Of 3,11s,592 gallons of
oil. The keel will be laid earl, this
month. and delivery is expected in
May, 1921. The tanker will be fitted
as an oil burner, but in such way
that she can be converted to use coal
at anv time
New-York tribune., 1920-08-18
Boston Curb Market

$4,000 & @ As. "a "a "a "a
1000 Swift 5s..... s3A s3A s3A So
New-York tribune., 1920-08-18
Detroit Bond Offering

A syndicate composed of William R
Compton Company, Guaranty Trust
Company, Z. II. Rollins & Sons, Bank
ers' Trust Company. White, Weld G.
Co., First National Bank, Eldredge &
Co., Halsey, Stuart & Co. Inc, Stacy &
Braun, Blodget & Co.. Eastman, Dillon
e. Co., all of New York; Merchants
Loan & Trust Company, of Chicago;
Edmunds Bros. and Old Colony Trust
Company, of Boston; Detroit Trust
Company and First National Company
of Detroit, is offering to yield from
5.25 per cent to 6 per cent new issue
of $8,473,0O0 City of Detroit direct OBJ
legation 5 per cent and per cent
coupon bonds. These bonds are exempt
from all Federal income taxes, are le-
gal for savings banks and trustees in
New York, Massachusetts, Connecticut
and elsewhere, and are eligible to Sc
cure postal savings deposits at 80 per
cent
New-York tribune., 1920-08-18
TO HOLDERS OF
Jefferson & ClearGeld Coal & Iron Ca
Second Mortgage so Bonds
SINKING FUND NOTICE

Notice is hereby given. as provided IN
Article of the indenture dated June Is
1886, securing the above bonds that sealed
offers viii be received up to 10 A NJ on
Monday. September Is. 1920, by the United
states Mortgage & Tru~t Co. at its oaics.
No. % Cedar Street. New York for the
sale to it as Trustee at the lowest price
at which such bonds shall be offered not
exceeding 1867 and accrued interest Of
sufficient Of the above bonds TO exhaust
the sum OF Twenty-Five Thousand -Four
Hundred Fifty-two Dollars and ninety.
eight cents (s29,452.9S)
Offers shall be sealed and endorsed
Cfers Tor the sale Of Jefferson & Clear.
field Coal & Iron Company 50 Ronds :.
sinking Fund" and addressed to ,hs
TRUST DEPARTMENT '
JEFFERSON & CLEARFIELD COAY. l.
IRON COMPANY.
BY GEO. H CLJNE Treasura-
Dated. Rochester. y. Y. August ii. lsas
New-York tribune., 1920-08-18
FINANCIAL

ANDREW J; MCCORMACK. Auctions.r
REGULAR AUCTION SALE 's'
STOCKS AND BONDS
By ADRIAN II. MULLER & SON
OFFICE. SIS WILLIAM STREET
WEDNESDAY, AUGUST Is. 1926
at II 80 o'clock at the
EXCHANGE SALESROON
NOS. IA AND ls vEsEY STREET
For Account of Trustees
1000 shs. Batopilas Mining Co.
SO shs. National Nassau Bank in l,o.
For account Of whom it may concern.
$4,000 Lire Italian Government K.
Consld. Bonds 9th issue. 1881 w
$4,000 255 Fifth Avenue Corpn. sz,
Bonds secured by mortgage dus on ~
before Sept. % 1928 VI
$50 shs. New Jersey Life Insurance Co.
Sl9 shs. Herdlea Milling Co
so shs. Bank Of United States
$4,000 Second Avenue r. R. So Pa.
ceivers Gifts. Ctf Of Deposit.
$1,000 Eictor-American Fuel Co. es
$50 shs Peppard Realty Co. Inc. co,n,non
81 shs. Rincon Plantations Inc. prefd.
375 shs. Rincon Plantations Inc, con,no,
$500 Pawn Ticket issued by the Proyiient
Loan Society, dated Aug. 26. 1919.
New-York tribune., 1920-08-18
75-Cent Gasoline Likely
Possible Within Two Years
Saws Professor

SAN FRANCISCO, Aug. 16.-seventy-
hve,cent gasoline is possibility
within two years, Professor c. F. Med
bury, Of the Case School of Applied
Science, Cleveland, declared to-day in
an address before the Engineers Club.
His conclusions, he said. were based
on his knowledge of oil fields ALREADY
exploited and prospective developments
IN various countries. He declared that
intensive Investigations in all parts of
the world had demonstrated that there
no longer exist adequate quantities of
pure gasoline hydro carbons, and that
the future welfare of the motor indus
try depends on invention of motor en-
gine capable of economical transmits
sion of power directly from crude petro-
leum or light, efficient storage bat
terV
New-York tribune., 1920-08-18
New Coal Strike Called
Test of Strength Between Fac.
tiOnal Leaders Under WAY

PITTSBURGH, Kan, Aug. ia
proclamation issued by a dozen local
unions of the Kansas United Mine
Workers of America to-day called upon
the entire membership of the district
to strike until fines imposed upon men
who refused to work on Saturdays have
been refunded.
Alexander Howat, the Kansas district
president, recently was directed by
John l.. Lewis, the national president.
to put the Kansas miners back to work
The strike proclamation is regarded as
test of strength between the element
supporting Howat and miners opposed
to him.
New-York tribune., 1920-08-18
u. S. Forces Lower Ice
Compels Dallas, Tex, Com.
panies 10 Cut Prices

DALLAS, Tex, Aug. 17.-All the ice
companies which discontinued deliver
les last Saturday in the face of threat
ened charges of profiteering unless they
met the demand of Federal officials
that ice be retailed at 65 cents instead
of so cents. resumed deliveries to-day,
selling at the reduced price.
The District Attorneys office an
nounced that it expects similar results
in the campaign against high prices
for ice in other Northern Texas cities.
New-York tribune., 1920-08-18
Poland Has City of Salt

The most amazing salt mine in the
world is at Wieliczka. in Poland 1t
is a veritabe city Of salt, with it's mag
nihcent cathedral, crucifix, altar, pulpit,
statues of saints, magnificent ballroom,
bewildering layout of broad streets,
restaurants. railway station and other
features incidental to every surface
colony, but all Of salt.
New-York tribune., 1920-08-18
U. S. Army Now Widely Spread

WASHINGTON, Aug. H. Contin-
gents of the United States Army are
to-day being maintained in ten widely
separated sections Of the world. Out
OF total strength OF 2o3,s70, units in
continental United States comprise
$4,000; in the Philippines, roughly,
10000; Germany. 1880; Hawaii, A.
600; Panama, 4,s5O; Porto Rico, 1900;
China, 1900; Alaska, 800; France, 1873,
and England. "a.
New-York tribune., 1920-08-18
Waits 10 Years to Enter Home

Nineteen years ago a Virginia clsn
war veteran, fifty-seven years old, hiie'
out an application blank asking for 81,
mission to the Lee Camp Soldiers
Home in Richmond. Now he has y
parently decided to enter the nomst ast
since the application blank has !us'
been received by the board Of yisises"
New-York tribune., 1920-08-18

TO THE STOCKHOLDERS OF THE THE,
GREENPOINT HOLDING CORPORAI,l.onss..
Notice is hereby given that ID a1soI.,, ta,nrs
with resolution of the Board OF Dltec.~s ssor.
a meeting OF the stockholders Of the Green, ZEN
point Holding Corporation IS hereby eS''ss eS ss
for September 4. 1920. such meeting " Vast
held at the office os the Corporation, " 1 "sv'
44th Street in the Borough Of Mania, 'an, ,ss
City. County and State Of New YORK lo' cor. or
purpose of voluntarily dissolVng me S~
poration without judicial proceedingsii iis.-.
CHESTER a. DUNHAM. Presioen~
New-York tribune., 1920-08-18
Cottonseed Oil

The market was heavy throughout the
DAY, and prices lost most of the recent
gains The spot demand was slow and
the technical position or the market was
believed to have BEEN weakened by the
recene covering. AT any rate. buying
orders We're scarce, and prices sold off
easily under moderate pressure> The close
was 81 to 46 points net lower, and total
sales for the day were l0loO barrels
The range OF prices follows: