davidaulloa/AmericanStories huggingface dataset:
The New York herald., 1921-01-06
UNMOVED CARS SHOW
DROP ON DECEMBER I
Decline Heavily Since March
], Says William SprouIe.

IN reviewing the past and looking
into the future, William Sproule, presi-
dent OF the Southern Pacific Company.
declares that the roads of the United
states attacked the problems placed be-
fore them on March /, 1919. when the
roads were handed back to private own
ership by the Government and that re-
suits may be read in the records of
achievement 'The unmoved loaded
freight cars on December l were one
fifth of those on March L." he declared.
The equipment has been not only re-
located to meet the changing needs of
the country emerging from war into
peace but 1t has been brought back a
long ways toward it's pre-war condition
and effectiveness. The railroads during
these ten months have carried the
largest traffic In the history of the
country. compared with any similar
period of time"
Mr.. Sproule says that much of the in
creased efficiency may be traced to the
employees and that high rivalry in SER
vice Is again animat!ng the forces of
the railroads through all ranks. THE
pride Is in performance rather In pay
day" he says. He calls attention to the
fact that there are yet few drones in
the hive and says that I'VE are now
getting into a period when the drones
must either get out Of the hive or get to
work"
In discussing railroad legislation Mr..
Sproule says that the situation Is not
ideal and that there are some errors of
judgment In the present law, but adds
that it is the first constructive step that
has been taken by the Government In
the regulation of the railroads and that
I'VE are working TO make 1t fully sue
cessful."
The New York herald., 1921-01-06
STERLING GOES UP
II IL TO SS.65 IA
Other European Rates Rise as
Gold Shipments Squirt Brit
ish Quotations.

Sterling exchange reached yesterday
the prices of mid-August of last year.
rising sensationally liz cents to sS65h
for the pound sterling. the movement
being accompanied by cabled reports
Of renewed shipments Of gold by British
India and China. Under the leadership
of the advance in sterling virtually all
European rates gained in terms of the
dollar. as well as some South American
exchanges.
The biggest percentage advance was
recorded by rupees. from 26 to 27A
cents, the movement being based on
direct shipments of gold from British
India to the United States in settle-
ment of rupee exchange. The Guaranty
Trust Company has received upward
Of $500, 900 in gold as the first direct
shipment of the yellow metal without
transfer at London and it announced
that s1.60o,000 gold is now on the way
from British India to New York. At
the same time it was learned that while
most Chinese exports OF gold are
shipped to Japan, no inconsiderable por-
ton is now en- route to San Francisco.
The movement in sterlin~ was er
noted the reduction In commercial bill
offerings to bare minimum and the
pace was said to be too fast to be fully
maintained but 1t was so widespread
as to suggest worldwide changes in fun
damental conditions that had not been
communicated to this centre. At the
opening there was moderate short IN
terest In sterling. but the cables from
London brought word of a movement to
sell dollars in that market. which grew
as the day went along and was still in
progress at 80 p. NJ. London time.
The consistent strength in the pound
sterling caused bankers to make
hasty survey of commercial bills in the
market, of letters of credit applied for
and Of other factors which might ac-
count for the orders that came in rap
idly in blocks of 100000 each. 1t was
found that commercial bills were scarce
and that letter of credit fssuances were
relatively unimportant.
In consequence the sudden rise was
ascribed to an outburst of speculation
in London in foreign exchange for the
rise. The net gains for the day were
11h cents in demand sterling, 9h cents
in cables and 101s cents each in bank
ers' 60 and 80 day bills. The strength in
sterling ~soon communicated itself to
other exchanges, and such net gains
were recorded as 1917 cent in francs
to 6.01 cents. .21 in Belgian francs to
6.34 cents, .21 in Swiss francs to 1916
cents, IL in lire to 3.51 cents, AS in
gulders to 31.S5. 1.25 in rupees to 27.25
cents and .62h in exchange on Buenos
Aires to %.& cents.
Sterling exchange closed at the high
point of $3.65A This compared with
s3.79A a year ago and with the fol-
lowing high points in 1920: $3.67h
August IA, $685. June 26 and s4.OS&
April 10.
This is the season of the year for
recovery in sterling. and the plain fact
was, as bankers put 1t. that the rate
had been too low. In some quarters
gradual rise to "a is predicted, but yes
terday's pace for single day Is not
expected to be maintained.
The New York herald., 1921-01-06
COPPER BEING HELD
FOR BETTER PRICE
Leading Producers Declare Are
Unable to Sell at Profit in
Present Market.

Because at the present prices Of cop
per they are unable to sell at a profit
several leading producers of the red
metal have decided to withhold their
stocks from the market until the price
shall have improved to point at which
several weeks the copper situation In so
far as price Is concerned has been get
ting worse, and the producers have
found it increasingly difficult to dispose
of their stocks. AS a result of that
condition the price virtually melted
away until 1t broke below l3 cents
pound, for which 1t is quoted at present.
BY refusing to accept orders at that
price the producers believe that the mar
ket for copper will grow firmer as the
needs Of more and more consumers go
unsatisfied.
There are very few copper companies
In the United States. 1t was pointed out
yesterday. who can sell copper below
Is cents pound and make profit
The need of the copper companies for
cash. 1t was said yesterday, was not so
great as generally believed. and for that
reason they would decline to sell their
product at substantial loss.
Notwithstanding the conditions when
surrounded the copper industry during
1920. American copper producers sold
and delivered more of the metal during
the year than they produced. and their
surplus stocks at the end of 1920 were
slightly below those at the end of 1919
Not only did domestic buying bring
about that situation, but foreign pur-
chases for 1920 were also in excess OF
those for 1919 by approximately 100000
pounds The copper stocks in this coun-
.ry are estimated TO be approximately
900, 900, 900 pounds. AT the end OF 1919
they were considerably IN excess of
!, ,0O0. .00O. 600 pounds
Wall Street was somewhat excited
yesterday afternoon by rumors of an i'm
portant conference OF copper men, the
biggest in the industry That confer
ance was reported as the first important
gathering of its sort since the signing
of the armistice. AS a result of the
rumors copper stocks became very ac-
tive and very strong. many OF them
reaching points far above their recent
ow. It was learned, however. that the
meeting was merely the regular weekly
meeting of the Copper Export Associa-
ton. held in the Office of the Anaconda
Copper Mining Company, and that
nothing except routine business came up
for discussion.
The New York herald., 1921-01-06
POTTER Is CHAIRMAN
OF GUARANTY TRUST
Will Withdraw From Guggen-
helm Bros. to Assume
Duties.

Directors of the Guaranty Trust Com
pany yesterday elected William G.. Pot
ter chairman Of the board to succeed
Alexander j. Hemphill, who died on
December 20. This action was taken at
the suggestion of Charles II. Sabin,
president of the company, and the
choice was unanimous
The leadership OF the Guaranty Trust
Company has become more or less Of a
family affair, Mr.. Potter and Mr.. Sabin
having married sisters. the daughters
OF the late Paul Morton. Mr. Potter
who was a vice-president of the COM
pany from 1912 to 1916. rising to the
post of senior vice-president, will take
up his new duties on March 1. In the
meantime. in order to devote his entire
time to the new duties of chairman Of
the board, Mr.. Potter will take steps TO
withdraw from membership in the firm
of Guggenheim Bros. and from all ex-
ecutive activities In their enterprises
with which he has been connected.
Mr.. Sabin could have taken the po-
sftion OF chairman had he desired, but
he preferred to continue to maintain the
executive leadership and active inti-
macy with all activities of the Guaranty
Trust Company which he enjoyed In CO.
operation with Mr.. Hemphill. The
closest sort of cooperation between Mr.
directors, who point to the record made
by the Guaranty Trust Company in
1920, which was announced last Mon
day.
The new chairman was educated as
a mining engineer and for fifteen years
was active in mining and metalurgical
operations and their administration both
in this country and in Mexico. He was
born in Chicago on October 49, 1874,
and was graduated from the Massachu-
setts Institute of Technology in 1897.
From that time on he followed his pro-
fession Of mine operator in New Mexico.
Colorado and Montana.
In 1911 Mr.. Potter became president
OF the Intercontinental Rubber Com
pany, and On July s, 1912. was elected
a vice-president of the Guaranty Trust
Company and continued there until
March Is, 1916. when he resigned to
become member OF the firm OF Gug-
genhe.m Bros. He continued as di-
rector of the Guaranty Trust Company
and member of its executive committee.
Mr.. Potter also Is chairman of the
board of the Kennecott Copper Com
pany. president of the Braden Copper
Company and Wce-presdent of the
Chile Exploration Company. He Is on
the finance committee Of the Utah Cop
per and Nevada Consolidated Copper
companies. besides being a director In
several other mining, steamship and in
dustriai companies. Mr.. Potter IS
member of the American Institute of
Mining and Metallurglcal Engineers,
Metropolitan. Racquet and Tennis and
National Golf Links clubs. His home Is
at East Seventy-seventh street.
The New York herald., 1921-01-06
J. B. DUKE OUT or BOARD
OF MONTGOMERY WARD

I. James b. Duke, who became direc-
tor Of Montgomery Ward & Co. year
ago when the United Retail Stores
purchased big block OF Mont
gomery Ward stock. was not reelected
a member of the board at the meeting
In Chicago Tuesday. Elliott a. Everett,
however, a vice-president or Retail
Stores. remain a member of the board
as representative of the Retail stores
interests
George ]. Whelan. head OF the United
Retail Stores and associate of James B..
Duke in large tobacco retail merchandis-
ing ventures. announced few days ago
that the United Retail Stores had not
DISPOSED of the block of Montgomery
Ward stock which 1t purchased year
ago. 1t was pointed out yesterday that
Mr.. Duke had never accepted his elec-
tion TO the directorate and that Tues
days meeting was the first held since
his election. and. consequently. the first
opportunity to fill his place.
Theodore +. Merseles. vice-president
and general manager Of the National
Cloak and Suit Company. has been
elected president and. director of Mont
gomery Ward & Co.. succeeding Silas
H. Strawn, who resigned to become
chairman of the board. r. J. Thorne.
who was made chairman only year
ago, is succeeded by MIR. Strawn.
The directors passed the regular divi-
dend on the class A stock which was
due at this time. The regular dividend
on the first preferred. however. was de-
clared. The company's business for
1920. IL was shown at the meeting. will
show an operating loss Of about $1,000
600. which contrasts with a net profit
in 1919 Of $4.194.17 Its sales for 1920
were S112.353,525 against s10s,514.367
in 1919.
The New York herald., 1921-01-06
BANK EARNS $12,355,95
Guaranty Trust Resources $685.
s83,33S In 1920 Report.

The statement of condition issued by
the Guaranty Trust Company of New
York shows that in 1920 the company's IS
profits we're $12,355. .950.50. This
amount added to credit balance of
s6,23s. .sS9.57 on January 1, 1920, and to
miscellaneous credits Of $155.624.66 dur
ing the year. brings the total credits in
the undivided profits account up to s1S,-
75f,464.73. Deductions from this amount
were $4,000, 900 to cover the 20 per cent.
dividend paid during the year and
s1,s76,392.36 appropriated for dlstribu-
ton TO officers and employees under the
company's additional compensation plan.
with these deductions. totalling s6,676.-
se2.36, the company's final credit bal
ance in undivided profits account Is s12.-
075.072.37.
The statement also shows an increase
OF about s22.o00.o00 In deposits since
November is. the date of the last pre-
vious statement. Total resources now
stand at s923, ,6e3.33s.12.
The New York herald., 1921-01-06
NIAGARA POWER STOCK SOLD.
Buffalo and v. v. Bankers Obtain
Controlling Interest.

A substantial block Of common stock
OF the Niagara. Lockport and Ontario
Power Company. which carries the con-
trolling interest, has been sold to a
group OF Buffalo and New York bankers
FOR the account of the Aluminium Com
pany of America and the Schoellkopf
interests of Niagara Falls. The stock
was purchased from the Albright inter-
ests, who had been In control OF the
company for long term of years.
The company operates approximately
1000 miles of transmission lines In the
northwestern part of the State. The
outstanding common stock on December
81, 1919. amounted to s1.230.000, on
which no dividends were being paid.
The New York herald., 1921-01-06
B. AND O. ISSUE AUTHORIZED.
Commerce Board Sanctions Notes
for s3,cJO,OOO.

WASHINGTON, Jan. 5.--The Baltimore
and Ohio Railroad Company was author
lied to-day by the Interstate Commerce
Commission to Issue conditional sale pur-
chase notes TO guarantee an obligation OF
s3.250.00 to the National Railway Ser
vice Corporation. with which II has con-
tracted for new equipment The road was
authorized also to issue SI,5S6.0O0 OF re-
funding and general mortgage bonds. TO
be held In its treasury.
The Carolina. Clinchield and Ohio
Railway Company was authorized TO
issue fifteen year 6 per cent cumulative
income debenturcs for $4,000. 900. to re-
tire s4.124,000 of obligations which fell
due on January l.
The New York herald., 1921-01-06
FINANCIAL NOTES.

The Kings County Lighting Company has
been authorized by the Public Service Com
mission to issue 100000 OF per cent
cumulative preferred stock.
The First National Bank OF Boston has
Issued booklet describing cotton and cotton
It's recent booklet on the woollon industry.
Peabody. Clayton q Co. announce that
Howard v. McEldowney. son OF the Iafe
John Howard McEldowney vice president OF
the National City Bank, has been admitted
to their firm as general partner.
The New York Trust Company has been
appointed trustee under the mortgage OF the
December !. 1920. and securing an issue OF
general lien 6q5 gold bonds. series A, due on
December I, 1912.
Rutter q Co. have prepared a chart show
Ing the Federal taxes on incomes for 1920
based on $1,000 personal exemption. copy
can be had on request.
Harry T. westervelt has become associated
with Lyman u. Smith & Co., members OF the
New York Stock Exchange. In its branch
The Guaranty Trust Company OF New York
has been appointed transfer agent OF ST.
Louis and Southwestern stock.
The Bankers Trust Company has been ap-
pointed registrar for Garland Steamship
New York corporation) common stock
Charles e. Brickley e. Co. have issued a
descriptive circular on the United States
Rubber Company
Raymond G. Kraus, for eight years with
Solomon Bros 4 Hutzier s with the bond
department OF l.. r. Rothschiid Co., in
charge of trading in short term notes, euutp-
ment trust certificates and railroad and
Industrial bonds.
II. Clark Mooney, OF Pearl Co, members
Of the New York Stock Exchange, has been
elected director OF the Dressed Manufac-
turing Corporation, which has been known
TO the railway interests as the Dressed Rail
way Lamp Company
The New York herald., 1921-01-06
EXPORTS FROM NEW YORK.

Exports from New York yesterday ::
Wheat, 312,017 bushels; rye. 55,G16
bushels bacons, 137,500 pounds grease,
40, 900 pounds lubricating oil, 20,450
gallons: corn. 21,49S bushels. barley.
12,495 bushels lard. 455,i60 pounds ;
cottonseed oil, 100000 pounds; oatmeal.
1,100 barrels. and oil cake, s.540.90O
pounds.
The New York herald., 1921-01-06
CUTS CHILEAN RAIL LOAN.

SANTIAGO, Chile, Jan. 5.--The Chamber
of Deputies approved to-day the pro-
posal reducing to f5.00o.000 gold the
amount of the proposed loan on behalf
of the state railways. The Senate had
passed the original measure. which au-
thorized the President OF the republic
to contract loan of E7.775,O0O.
The New York herald., 1921-01-06
United Cigar stores.

The sales of the United Cigar Stores
In 1920 totalled sso,o40. 900. an increase
of approximately 100000 from those
of the preceding year. Its sales for
December amounted to s1,300.000 more
than they did in December. 1919.
The New York herald., 1921-01-06
CUSTOM HOUSE RECEIPTS.

Receipts for duties at the Custom
House yesterday were s56s.74s.4b, OF
which s267.516.7s was for merchandise
from bonded warehouses and
sso1.231.s7 for recent importationa
The New York herald., 1921-01-06

The Guaranty Trust Company OF New Yorl
has been appointed transfer agent OF 81
Louis and Southwestern stock.
The New York herald., 1921-01-06

Rutter a Co. have prepared a chart show
Ing the FEDERAL taxes on incomes for 1920.
based on $1,000 personal exemption. copy
can be had on request.
The New York herald., 1921-01-06

Harry r. westervelt has become associated
with Lyman u. Smith & Co.. members Of the
New York Stock Exchange. In its branch
office, b27 Fifth avenue.
The New York herald., 1921-01-06

The Bankers Trust Company has been ap-
pointed registrar for Garland Steamship
New York corporatlon) common stock
The New York herald., 1921-01-06

The Kings County Lighting COMPANY ha,
been authorized by the Public Service Com
mission TO issue 100000 OF per cent
cumulative preferred stock.
The New York herald., 1921-01-06

Charles u. Brickley Co. have Issued a
descriptive circular on the United States
Rubber Company.
The New York herald., 1921-01-06

Peabody. Clayton d Co announce tha
Howard V. McE.downey. son OF the LAT
John Howard McEldowney. vice. e-president Z
the National City Bank has been admit.
to their firm as general partner.
The New York herald., 1921-01-06

FOREIGN BONDS.
The New York herald., 1921-01-06

The First National Bank OF Boston ha,
issued a booklet describing cotton and cottor
manufacturing. companion discussion e
Its recent booklet on the woollon industry.
The New York herald., 1921-01-06
BID AND ASKED QUOTATIONS
:. y. sroCK ExcMANGE Quotations.

! To the following prices accrued interest Ii
TO be added in every case:
Watauga Democrat. [volume] (Boone, Watauga County, N.C.) 1888-current, 1921-04-07
CHEESE ITEMS,

About twenty, most of them
young men, have just completed
a very successful Short Course
at the Walnut Grove Schoo
House near the Cove Creek Chees
Factory in cheese making anG
family management. The work
consisted of theory and labora
tory practice, including three
days each week of the four weeks
course at the Cove Creek Cheese
Factory. The farmers of this
section have asked for a Short
Course to be conducted next win
ter at the Walnut Grove School
This course will in addition te
teaching cheesemaking, probably
include poultry, swine, feeds and
feeding of farm animals, and
horticulture. This Short Course
will be conducted by the various
specialists of the N. G. Expert.
ment Station.
Mr.. Clyde Perry, manager Of
the Beaver Dam Cheese Factory
probably holds the milk record
OF any patron selling milk to 10.
cal factories last year. From 6
young Holstein cows he sol d
So47.S0 Of milk. He also filled a
forty ton silo last Fall from less
than three acres.
Cheese prices are very high
considering prices for farm pro,
ducts. Watauga factories have
been receiving 26'. cents per 10.
This price for cheese easily ena
b'es the factories to pay 20c per
gallon for milk.
AT a recent meeting of the
Board of Directors of the Three
Fork Cheese Co., was employed
rs cheese maker for the ensuing
year, and a wood shed was or.
dered constructed. The date OF
opening the factory was set fol
April 18th.
F. f. F.
Watauga Democrat. [volume] (Boone, Watauga County, N.C.) 1888-current, 1921-04-07
Notice Of Administration.

Having qualified as administra-
tor of the estate of M. A. John.
son, deceased, late of Watauga
county, N. c., this is to notify all
persons having claims against
the estate of said deceased, toex
hibit them to the undersigned
on or beforethe 10th day of March
1872, or this notice will be plead
in bar of their recovery. All per-
sons indebted to said estate will
please make immediate settle.
ment and payment. This 10th
day of March, 1921.
E. S. CoIfey, administrator.
Watauga Democrat. [volume] (Boone, Watauga County, N.C.) 1888-current, 1921-04-07
IN MEMORY,

Mr.. Isaac Lundv was born il
Surry county, N. G.. May 18th
l847, and died at his home in
Ashe county, March 5, 1921, af
ter a lingering illness of -four
months. He had the best of med
ical aid and all that loving hands
could do, but all to no avail. HI
profeSSed faith in Christ anum
ber of years ago, and joined the
Methodist church at Thomas
Chapel. He was a good neighbor,
and of a cheerful nature, always
found pleasure in visiting h {
sick, and anyone in distress. He
was a true citizen, and was low
ed by all who knew him.
Uncle Ike, as he was known
by those who knew him best
suffered much bodily pain, but
during his last days looked to
the Lord for help.
At the first of his illness he
clung fondly to this life, but the
day before his death he express
ed a regret to leave his wife Sc
l,nely, but was submissive tc
Gods will. During his illness he
often prayed for his children
and his friends who were with
him.
He leaves to mourn his death
a wife, two daughters and two
sons, Mrs. Ham Wilson and Mrs.
Charley Wilson, of Washington;
Daniel Lundy, of Shouns, Tenn,
and Charley Lundy, of Caufor-
MIA, and a large number of rela.
tives and friends.
The funeral service was con.
Quoted by Rev. l.. A. Wilson.
The body was laid to rest in the
Thomas grave yard in the pres.
ence of largenumber of friends.
Mr.. Lundy will be sadly miss.
ed, but while our loss is his eter.
nal gain, we bow to the will of
Him who doeth ali things we'll.
A FRIEND.
Watauga Democrat. [volume] (Boone, Watauga County, N.C.) 1888-current, 1921-04-07
NOTICE OF LAND SALE.

Sallie carp, ct al. VS.. Rebecca carp
aad Coy carp.
Under and by virtue of an order of
the C urt made in the above entitled
action for partitioning the proceeds
of said sale; in which |. the under
signed, was appointed commissioners
to make said sac. and will expose to
sale a. the court door in Boone N. G..
on Monday, the 2nd day ofMay, 1921
the same being the first Monday in
May, 10 the highest bidder the follow
ine de 'cribed tract or parcel of land
in Watauga township. Watauga coun-
ty, North Carolina, adjoining h G
lands Of Il. Fl. Taylor: |. G. carp, 81.
Richard Walls and others and boun-
ded a. follows: Beginning on small
tame berry tree and running west a.
boat 'S poles to small chestnut, r.
Fl. Ia 'lor'S corner: thence S. l6l. w.
- POI - to chestnut oak on top of a
rock: thence S. 21d. w. with |. &.
Eatp' line, crossing the public road
and ~ branch S6 poles to a small
white )ak on the top of grave yard
hill; tlence s. 76d. z q !, Noles to q
stake: thence S. 63d l., with lie top OF
the riHge, passing by The grave yard
Is POI IS to large chestnut at the cor
ner o. the grave yard: Thence S. 75d.
+. II poles to a chestnut on top OF
the Q ave yard ridge: thence s Sid
Il. to he nGhj.g road, .tpnro aih
>a ID "oad to Isaac n. MlMon's be-
ginning corner: thence north cou">c
with lid Minton's line to the begin
ming, md containing 80 acres more ol
less. he one-half acre containing the
b" ire S Creek school house is hereby
OK M ted from the above boundary
Term OF sale as follows: One third
cash. one third on six months and ono
third IN twelve months time. 7 $
Marc 81, 1921.
R. A. ADAMS, Commissioner.