davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1921-07-24
The Dollar in Foreign Exchange

Foreign exchange rates closed the
week heavy, firmness of the last few
days failing to hold in the absence
of demand for exchange on European
centers. Cable rates on London at the
final quotation of $3.58A showed a net
decline of 111 cents.
Fluctuations during the week were
within a comparatively narrow range
and suggested that sterilization at the
present level was approaching. Con-
tinental rates as rule have followed
sterling through the week, but Italian
and Portuguese have displayed weak
ness recently.
South American and Far Eastern
raise showed increased steadiness at
the close of the week.
If you calculate the cost of the dol
lar in terms of foreign money or 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, compared with year
ago. follows:
New-York tribune., 1921-07-24
Prices Steady
I'm Halliday
Stock Market
More Activity Than Expect
ed i'm Week of Dullness !;
industrials and Rails. as
a Whole, Rule Higher

firm prices prevailed yesterday in
stocks and bonds in the halliday ses-
sion. The investment market has been
more responsible to the reduction Of
ehe rediscount rates than speculative
issues, but they, too, have moved ir-
regularly upward in narrow profes-
sional market.
The Improvement in bonds started
With the July investment demand. and
during the last week received fresh
impetus from the lowering of the CEN
tral banking money rates and the free
offering in the market for spccultive
credit Of times funds at 6 per cent.
These specific indices of the money sit
uaton were regarded as signposts of
the long time trend of credit, and in
vestors hastened to buy securities at
prevailing quotations. Bond houses
are advising their customers to take
advantage of present quotations, pre-
dieting steady rise for a protracted
period. Although improving, the ac-
tlvity in bonds is not specially large.
There was more activity in stocks
yesterday than expected in week of
dullness. The rubber and tire shares
and the sugars were sought with some
avidity, and the industrials and rails,
as whole, turned upward.
After moderate rally previously,
sterling and the Continental exchanges
began to slump yesterday. The situa-
tion is complicated by German opera
tions in anticipation of the August 81
PREPARATIONS installment.
Cotton quotations at the close were
steady, but were slightly below those
of the previous day Wheat prices,
too, were weaker.
New-York tribune., 1921-07-24

objected to close competitive bidding.
pntsssons are being made in the base
ices Of black and galvanized, while
rtain extra charges, particularly on
kklsd stock, are being waived to in
Pee large consumers to translate in.
f.lrles into actual tonnage.
Black and galvanized prices have def.
fAly settled s5 ton below the recent
announced price level, bringing the
larner to 3.25c h., and the latter
42Sc, Youngstown. One of the cur
Fat Inquiries is for 20 tons of black
issts being asked by the Navy De-
rment Tor new construction and re-
af work in its Norfolk yards. In
ls aosence of attractive tonnage, blue
lasaied sheets are still being held at
a,e though sizable order would un-
0ooo'ealy bring lower quotation.
Ooadult and standard merchant pipe
NE smaller sizes are moving at
'Ou' ~ per cent of capacity. There is
III current demand for the oil groups.
,ss I,a.o and nails are in light demand
I ~, a"u @.ioC respectively.
S~si makers are more than ever con-
s.asd s. with the question of operating
vSss, IN view of the recent price re-
Muan. A Youngstown independent
-. s'aa,acsurer .csurer states that price cuts
a.s iar cutstripped economies arising
.a wage reductions and savings eff
sssa IN other ways. The result is
i. ss' l0sses are now heavier than ever,
ssua - a part to the small percentage of
1us ~. capacity. Third quarter losses
\. we &c industry will surpass those of
;sas asss and second quarters, it is pre-
New-York tribune., 1921-07-24
Wants fractions Left Alone

E. C. Cobb, vice-president and oper-
ating executive of the Commonwealth
Power, Railway and Light Company
which controls extensive public utility
properties in the Middle West, states
that non-earning traction companies
should be left to work out their own
salvation. with few exceptions" he
states, public utilities have been un-
able for several years to earn an ade-
quate return upon their investment,
but the economic readjustment now in
progress throughout the country is
aiding such companies to secure g
firmer grip upon their operating ex-
penses. Comparatively speaking, Com
mcnwealth's electric light and power
business has managed to make good
showing under adverse conditions ere
ated by the war; but it's gas and trac-
tion properties were hard hit. The gas
operations are steadily improving, and
present signs point to a change for the
better in fractions. although some com
munities still feel that the traction
companies should continue to operate
on the basis of pre-war rates of charge,
regardless Of greatly increased oper-
ating costs. Jitney busses in some
localities have injured street railway
traffic to the extent that it has become
serious question whether or not
street railway operation in those com
munities can be continued. 1t cannot
continue unless prompt steps are taken
by local authorities to stop such unfair
competition"
New-York tribune., 1921-07-24
Ford's .4ction Signif fca,,t

seei manufacturers regard as sig
sa' tne action of Henry Ford in
as ~s,a schedule of 90 per cent reduced
sght rates, effective August 20. with
!, ~. ga'9 Public Utilities Commission,
1,d "s petroit, Toledo & Ironton Rail
~ ~ Makers have contended all along
/ any approach to normal business
.:iagent upon a downward revision
c;.s ;.sgat rates. 1t is felt that Ford's
wy, svl may precipitate general move
IN u that direction.
i. i s the belief in the industry here
p@ss @ me low point of business has
ss,,pp.s M passed A large manufacturing
ki.s kis'asf ~ OF steel products voices the
httor' 'aat prices in some lines are at
u,tsa ana that buyers may be ex-
nv nv INTO tPa market from now on.
i. "a. ,sr.a market quotation of &c on plates
/ |i,,s aroeo as weak, in view of offer
lc,s;.a - nearby territory at 1.90c. Con-
fsM M gre likewise reported from the
Il Price on tinplate.
ba,s .s ae semi-tinished market sheet
la,ss. ~ svailable at less than the $35
h. AZ ~ Price price. Small billets are Quota
1fesso. fSa' and slabs at $33. For the
Is S.n Ss s.ie, sne minimum on forging billets
bsr cen, "'th independent output at 10
lara sst inquiry is reported by a
hetsl faoricator of fireproofng and
Eorcins. s.urniture. Fabricators of rein
busirsss. materials are getting some
|rsl sass sas Tor Tor public buildings, indus
Ths .i oIa highway development.
|ifsless Wv materials market is virtually
rom a., X .Rsailroad scrap is quotable
tents .,oo 80" 70 S13, which is down 80
Westarr 'oa from recent levels. Prime
deelina - sspeiter is quotable at 4.30c, a
New-York tribune., 1921-07-24
U. s. to Protect Holders
Of Austrian Notes Here
American Owners of Securities
in Former Dual Monarchy
Asked for Lists


WASHINGTON, July 2S.-American
holders of currency notes Of the
Austro- Hungarian Bank, as we'll as
those having Austrian or Hungarian
bonds or other securities, were asked
to-day by the State Department to
furnish complete details of their hold
ings to the department in order that
their interests might be protected in
the pending readjustment of that ma
tion's finances.
Secretary of State Hughes to-day
addressed the following notice to
Americans interested in Austro- Hun
garian financial paper:
I'm view of the pending liquidation
OF the Austro Hungarian Bank, the
Department of State, in order that il
may consider the question of the pro-
lection 1T may be in position to give
to American citizens who hold currency
notes OF the bank, suggests that thew
Iurnlsh the department with complete
information regarding the matter.
Ihe department further suggests
that in view Of the dissolution Of tho
Austro- Hungarian monarchy and the
feadJustment of public finances Incl
cent thereto, it would be desirable that
the department be furnished with in
formation regarding Austrian or Hun
garlan bonds or other securities held
by American citizens.
;, The following information should
De promptly supplied:
The names and addresses of hold
ers of securities or notes; definite
description of such obligations, includ-
Ing. amounts, dates of issuance and
serial numbers; dates of acquisition of
ooiiestions, and names of persons from
whom acquired"
New-York tribune., 1921-07-24
Big Business for Grangers

In connection with the recent
strength in the rail stocks Harris,
Winthrop & Co. yesterday received
a wire from their Chicago branch stat
ing that the granger railroads are con-
fronted with business in many locali-
ties larger than their ability to handle
"In Kansas and Oklahoma" the mes
sage added, right now there is rather
an acute car shortage, and it is also
showing up here and there in Nebraska
and Iowa and Missouri. This situation
should be bullish on the equipment
their capacity to do business. To
primary markets alone there has been
shipped 20,0O0,O00 bushels of wheat
this week, and this is aside from that
moving direct to tidewater and other
points not included in primary re-
pOrtSn
New-York tribune., 1921-07-24
Conduit Company Attacked
Bankers Trust Files Demand
for Foreclosure Decree

AS a result of the appointment on
July is of Clarence G. Galston as re-
ceiver for the National Conduit &
Gable Company, Inc, the Bankers
trust Company yesterday filed in the
Federal District Court complaint in
an equity foreclosure action against
the National Conduit & Cable Com
pany, Inc.
The suit is based on a mortgage
dated April /, 1917, made to secure an
issue of $5,0o0,0O0 first mortgage 6 per
cent ten-year sinking fund gold bonds,
os which bonds aggregating $4,3S0, 900
arc outstanding and valid.
decree of foreclosure is asked for
because of alleged breach of the terms
OF the mortgage by continued default
by the defendant in the payment of
interest on the sinking eund bonds.
New-York tribune., 1921-07-24
Silk Hosiery Scarce

The only commodity handled by a
department store which cannot be OBJ
tanned in large quantities in the whole
sale market on immediate order, ac-
cording to one retail executive, is full
fashioned silk hosiery.
The strike of the full fashioned
hosiery workers in the Philadelphia
mills, where the greater proportion of
this merchandise is produced. has been
IN progress since early in the year
with the result that there is a short
age of full fashioned hose at present
Prices have been growing stronge,
each week and mills in other districts
producing full fashioned hosiery are
sold up months ahead.
"Full fashioned silk hosiery" said
the retailer, "is the only article in a
list OF hundreds that we handle that
is really in short supply"
New-York tribune., 1921-07-24
Days Ne,v Issues

The Detroit Edison Company has
sold $5,569,O0O of it's first and refund
ing mortgage 6 per cent series B bonds,
due July l, 1910, to syndicate COM
posed of Coffin G. Burr, Inc, Spencer,
Trask & Co., Harris, Forbes & Co., all
of New York, and the Security Trust
Company and the First National Com
pany of Detroit. 1t is understood the
bonds will be offered for sale by a
somewhat larger group of bankers
early next week.
Hallgarten & Co. and Barr & Schmelt-
zer are offering $Soo,00O 5A per cent
bonds of the City of Niagara Falls. N.
Y, due serially May l, 1941, to 1913,
at a price to yield SIS per cent. The
bonds are exempt from taxes in New
York State, as we'll as from Federal
income taxes and are legal investment
for savings banks and trust funds. in
New York and other states.
New-York tribune., 1921-07-24
limited States Steel

Overnight consideration of the an
nouncement that the United States
Steel Corporation may have to pay the
the bulls less to worry about yester-
day, and although the common stock
was off fractionally at the opening,
before the close of the market session
it had advanced nearly point, to 73A
The corporations surplus would not be
affected even if the Treasury Depart
ment rules that this large sum has to
be paid, as a contingent reserve is on
hand to take care of this and other
emergencies. 1t is by no means GER
tain, however, thai the government
will win out in its contentious. The
controversy is liable, in any event, to
drag on for a considerable period.
New-York tribune., 1921-07-24
I'm Vail Street
Excess Reserve Drops

The excess reserve of the New York
Clearing House banks took another
drop the past week, the statement as
of yesterday reporting this item down
to $6,295. .290, decrease of s6,986,750.
This followed decrease of OTIS $50
reported week ago. One of the fac
tors that has tended to reduce the re-
serves of the banks has ben the con-
tinucd heavy Withdrawals by the Gov
ernment. Loans and discounts also
showed falling off last week, this item
at the close of business yesterday be-
ing $4,445, SAT 900, a decrease of s7o1,-
600. The daily average showed the
much larger decrease of $40 ,243 600. Net
demand deposits at the end of the week
had dropped to S3,649, 100000, de-
crease of S31.720.00O.
New-York tribune., 1921-07-24
Imperial Oil of Canada

The Imperial Oil, Ltd, of Canada, in
which the Standard Oil Company of
New Jersey owns 80 per cent of the
capital stock, has struck a heavy flow
Of oil and gas at depth of only 1S0
feet at Rollo, Alberta, according to a
cihc Offices here from the Board of
Trade at Grand Prairie, Alberta. No
detail as to production were contained
in the dispatch. but it is pointed out
that the depth of the operation is much
less than average wells thus far
brought in, which have ordinarily been
drilled about 400 feet.
New-York tribune., 1921-07-24
Cotton Linters Rate Stands

WASHINGTON, July 23.-Tbe Inter-
state Commerce Commission refused
to-day application of the Texas Rail
road Commission for reduction of
rates on cotton linters within the state
to IS per cent Of the rate on cotton,
on the ground that such a reduction
would discriminate against interstate
and foreign commerce.
New-York tribune., 1921-07-24
Changes Are Small
In Quiet Trading
On Curb Market
Durant Motors Sells Higher
as Sudden Demand Devel-
ops; Rest of List Moves
Slowly; Closing Is Firm

Fluctuations were narrow in yester-
day's quiet trading on the curb mar
ket, with one or two exceptions. Du-
rant Motors suddenly displayed buoy
ancy and advanced 2% points to 2sA
Continental Motors advanced slightly.
The oils ruled quiet, although there
was a gradual improvement in tone.
Maracaibo got up to 21A, and Anglo
American came within small fraction
of reaching 16. Carib Syndicate and
Simms Petroleum were neglected.
Cities Service securities were firm.
Glen Alden Coal sold fractionally
lower
New-York tribune., 1921-07-24
"Katy" Reorganization Plan

The Missouri, Kansas = Texas reor-
ganization plan of 1921 is as far from
the earlier plan of 1917 as the change
in conditions since ZEN has war
ranted. Instead oS preferred stock
the new plan contemplates the issu-
ance of income bonds, which will be
given to the underlying bondholders.
IF the plan goes through" remarked
one banker yesterday, "the property
will have to carry the load or the un-
derlying main line bondholders will go
hungry"
New-York tribune., 1921-07-24
N. Y. BUYERS to Visit Baltimore

Several prominent local resident
buyers have been invited to attend the
fashion show and pageant to be held in
Baltimore, beginning August 49, A
special train will be run from New
York for the convenience of the party,
the expenses to be borne by the pro-
moters of the big wholesale selling
event. Alfred Fantl and John Block
are two of the resident buyers who
haze accented the invitation.
New-York tribune., 1921-07-24
Stocks Elk Dividend

Date Company. cent.
July 25--Allis- Chambers Mfg Co...
Gniy 29-Atch. Top & S i Ry Co.. 1E
1,,iy uiy So.--Amstin. Nichols & Co pf... 1%
July 30--Baltimore Onio - IN
July 30--Columola saas r.iee-'.'' ,iI ~
July 30--Conn Ky Luz ~ '''-'' =
July So do pfd ~, ~ aiss z
July 2S--Continentai pahk oi ~
July 30---Corn Exchange 6a"H - -.
July 26--Julius Kayser & Co lst pr. "A
Juiy 3o--Norfolk & West adj pfd: !
July 25--Pacifc BANK 70 eSlra anu 1v
July 25~-Pacihc Coast ise pi'.''''''
July 30--Pullman 20 ...... ~
July 30-Stewart Warner Speedometer u
New-York tribune., 1921-07-24

from January to November, 1920, fol-
lowed by decline for two months.
There was a small increase in Febru-
ary. 1921, and the production IN March
was the greatest monthly output re-
corded. The domestic consumption Of
pet cleum 50 greatly exceeds the do
mestic production that the jeci,n
would not be expected to be as markcc
as that of coal. The consumption in
creased markedly during 1920, espe-
cially between July and October, after
which 1t began to fuctuate, with q net
decline that became pronounced in
February, 1921. Consumption exceeded
production and imports until MAY.
1920, but imports more than doubled
during the year and together with in
creased production replenished re-
serve stocks whose gradual depletion
had for some time been q cause OF
grave concern. The price of all grades
of petroleum reached maximum early
in 1920 and remained at the high level
until January, 1921. Decrease in con-
sumption and increase in stocks, how
ever, finally resulted in a precipitous
decrease in price, and by February,
1921, prices had declined to so per cent
of the previous high. It is generally
agreed that present methods of pro-
duction fall far short of extracting al
the oil in our pools, and attention is
being directed to greater efficiency,
which will result in prolonging the
life Of oil fields beyond existing est-
mates. Productive areas are being
extended, but our consumption is still
far in excess of our production.
"The metal mining industry continued
far below normal, although there were
some temporary improvements COM
pared with 1919. Gold mining continued
in greatly depressed condition and
the value of the country's output de
creased to less than 5000 900 Pro-
duction decreased in all Western states
except Arizona. where gold is obtained
party as a by-product of copper and
lead ores, both of which increased in
that state in 1920. Less than half the
gold mines of the country were active
and some large mines were closed per
manently. Placer mining also was cur
tailed, not only because of excessive
cost of operation but because of short
age of water and hydroelectric power
in California and Oregon and of local
mishaps in certain other states
"The small domestic production of
platinum and allied metals, largely a
by-product of placer gold mining, in
creased, whereas the total production
of refined platinum decreased. Other
metals in the group showed small to
New-York tribune., 1921-07-24
Show Windows Help Sales

Sales Of shoe polish increased 81
per cent in one week in one OF the F.
w. Woolworth stares here through the
medium of window display, The
week after the display was withdrawn
sales still ran per cent above normal.
New-York tribune., 1921-07-24
Financial Item

Frank l.. Polk was elected a director Of
the tfie Railroad yesterday to succeed
Francis Lynde Stetson, deceased. George
= Slade was elected director t. succeed
Ogden Mills resigned
New-York tribune., 1921-07-24
Bid and Asked

Following are the closing bid and
asked quotations of stocks listed on the
Stock Exchange in which there were
no transactions yesterday:
New-York tribune., 1921-07-24
london Money Market

LONDON, July 23.-Bar gold, 114s
90. Money, per cent. Discount rates
Short bills, Az per cent; three
months bills, As per cent.
New-York tribune., 1921-07-24
Middle States Oil

The Middle States Oil Corporation is
continuing its policy of taking advan-
tage of the present low prices by ac-
quirng new properties. 1t was learned
yesterday that the company is about to
close deal for the acquisition of val
uable property interests in the mid
continent field, which will be obtained
from funds on hand and without in
creasing the capital liabilities of the
c0mnanv
New-York tribune., 1921-07-24
Mitchell Added to Argentine Group

Secretary of the Treasury Mellon has
designated c. F. Mitchell, president of
the National City Bank, member of
the permanent group committee for
Argentina. This committee was
formed to consider means of carving
out recommendations of the first and
second Pan-American conferences, to
the end that closer financial and com
merciat relations might be brought
about between the American republics.
Mr.. Mitchell takes the place on the
committee of Myron T. Herrick, who
resigned to become Ambassador to
FranSe Other members include Louis
e. Pierson, chairman Irving National
Bank; Charles H. Bentley, ex-president
California Packing Corporation; James
A. Farrell president United States
Steel Corporation; Owen Cathright of
HARRISON e. Cathright, Louisville. Ky;
F. Abbott Goodhue, president Interna
tlonal Acceptance Bank, Inc; F.
n. Hurley, Chicago; Archibald
Kains, Federal International Banking
Company, New Orleans; Edward Dud-
ley Kama, New York; Marc M. Michel.
treasurer Consolidated Steel Corpora
ton; Frank c. Munson, president
Munson Steamship Company; E. R. A.
Seligman, Columbia University
New-York tribune., 1921-07-24
EUROPE

Icstcr- Previous year
Great Britain (par $4.se sovereignty
Demand 3.57M s.59M 3.7SA
eod bills ibuy;;gj s.ssh s.54& s.7s
pod bills tbuy's) 3.s77a 3.5S S.7o%
Demand ..'.-.. ~ 774u 75S 7'5SA ~ ~
sELGIUM ipar 1913 cents franc)
Demand ......- ss,l 7.ss 7'sGh 1921 so go
SWITZERLAND (par 1913 cents france
Demand .16.43 1913 1929
Gables .ls.45 ,,lS 1850 1870
cemana cablos .....M. .... 4.s4,A rs % S.$i $i
HOLLAND tpar 4e.2 cents a norin,
Demand .3l.36 S1.50 34.lo
oERM.ANY RSdes (par 2ss &c cents mark,
Demand ..... 1.ssM 1sss 1.s9z 1.ss1z S-4s 2 4s
AUSTRIA {par 2o.s cents CROWN
Demand ...... "a .1s% 90
.NoRWAY oRslsA epar 2ss cents aa t. a CROWN
Demand ......1S-SS 15.Ss SSs 3s.ae 1sas
sWnppN Taafs fpar sss 9ass cssts lsos crown, l'A'
cablss ,IaHo $3.50 2o.ss 21.55
DENMARK (par 26.s cents CROWN
Demand .......15.25 1920 1925
SPAIN (par 1913 cents a peseta)
Demand 1857 1898 1858
Gables ........ .12.8S 1898 1878
poRTUGAL tpar .o5 cents an escudo)
cabIss ,12.os 100 1000
csblea csmsnd :... :. S.ss S.ss SO go is.sS So
POLAND (par 2s.s cents mark>
Demand '....'' .es1s 49, oS 30 30
czEcHo- -sLovAK1A (par 2os cents :
Demand ....... l.s2 1.ss 1ss 90 go
JUGo- -sLAvIA (par 2o.a cents q CROWN
Demand SO .s3N l.5o
Gables .ssh say Say 1''2
RUMANIA (par 1913 g cents ieu' sa 40
Cables 1.se 1888 3.l7
FINLAND (par 1913 cents a mark)
Demand 1.63 Icy 4.5o
Cables ......... 1.6b Ifo 100
FAR EAST
cHINA Shanghai so par ao unssttlea9 sssS 10000
cabies etiaHo ........ss.Oo $500 1850
CHINA (Hong Kong par unsettled)
Gab,ss psmsnd .Scss .: SS.se sSss sSss 7s5o as5o
JAPAN (par 4s.s cents yen)
Demand .4sl2,a 4s.l2h sl2, 81 s1.saM ss !
INDIA tpar 1885 cents a rupee)
Demand ....... 2s.d2h 2S.dsh ssoS ssoS
STRAITS SETTLEMENTS (par 300 cene'
dollar) o
THE AMERICAS
ARGENTINA (par 42.44 cents paper
Demand 2ss1A 2s.621s 1910
Gables 2S9sM 2s.75 1926
Brazil. (par sz.45 cents a paper milrcis)
9sn,ss ps%and .1s.ss 1877 lsss 1881 slss slss
PERU (par s4.ss pound) r. AK
Checks .....,. s5s s.5s 4'7o
cbecIss 279o 1880
CIIII,T (par 3e.5 cents peso)
checks .1e.l2h io-l2h 21.oe
checks .59.62M 1928
VENEZUELA (par 1873 cents 2 boivar)
Checks ......1 1916 1916
Canadian ExcnanEe-New York funds Il
Montreal 12h per cent premium; Montrcn
| funds in New York, 11B per cent discount