davidaulloa/AmericanStories huggingface dataset:
The Adair County news., 1921-09-27

DOING BUSINESS AT Town OF
GRANVILLE COUNTY OF ADAIR
STATE OF KENTUCKY.
AT THE CLOSE OF BUSINESS ON
THE 9Th DAY OF SEPT. 1921.
Loans aud Discounts s54 s94 Ss
Overdrafts Secured and uncecured 80 H
Stocks. Bonds and other Securities 900 %
Due from Banks II 21 06
Cash on hand 9l2 3
Banking House Furniture and
Fixtures 2s47 50
TOtal.................. s8i O54 Is
LIABILITIES
Capital stock paid in. in
Cash................. Is 900 %
Surplus Funds. ............ 6 200 %
Undivided Profits. less expenses
and taxes paid OIL s.
Deposits Subject to check 50 S42 10
Time Deposits.
Cashiers checks outstanding 50 OIL 10
Bills Payable Observation-Disclosures.
Total a81 O64 8
STATE OF KENTUCKY
County of Cumberland Set.
We. W. NJ. Wilmore and G. o. Moss Vice-Pres-
ident and Cashier of the above named Bank, do
solemnly swear that the above statement is
true to the best Of our knowledge and belief.
WIN. Wilmore. vice-President-
G. o. Moss. Cashier.
Subscribed and sworn to before me this 18th
day of Sept 1921.
My commission expires Jan. q, 1924
Geo. E. Nell Notary Public
n. II. Moss
J. r, Tut,
VS. Pickett.
Directors
The Adair County news., 1921-09-27
REPORT OF THEcoNDITIoN
OF THE
GRANVILLE STATE
BANK,

DOING BUSINESS AT Town OF
GRANVILLE COUNTY OF ADAIR
STATE OF KENTUCKY.
The Lake County times. [volume] (Hammond, Ind.) 1906-1933, 1921-10-07

plcments and tools purchased by the
railroads bears about the same proper
ton to similar materials purchased by
the manufacturing industries. The value
Of the railway cars and locomotives is
three times as great as that of all the
arm machinery. implements and tools in
the country In other words, the rail-
ways Of the country together with the
concerns supplying them with equipment
constitute the nation greatest industry
next to that OF agriculture.
$50 much for the importance of the
railroad industry in respect to the cap
ital. How about its bearing upon labor,
the second and equally essential element
in the nations prosperity? Investigation
shows that no occupation except agricul-
ture employs so many people as do rail
reading and providing the needs of rail-
roads. Sometimes the building trades
are ranked second to agriculture in The
number of employees. But it mus, he
remembered that a very large proportion
of building trades employees are en-
gagged in making railway structures or
the material for those structures. 1t is
The Lake County times. [volume] (Hammond, Ind.) 1906-1933, 1921-10-07

of in car orders after the middle of the
year was duly reflected in the decline of
business until at the end of 1910 the
probabilities of 1911 were clearly fore
Swallowed.
The decline in general business, to-
gether with the falling OF of railway
purchases, continued throughout almost
the entire year of 1911, but at its close
buying movement on the part of the
railways set in. The total number OF
cars ordered for the year was l35,740.
nearly 3o@e of which were placed at the
very end of the year, and necessarily car
ried forward into 1912
1--WE reached high point in railway
purchases about May, 1912, continuing
with normal purchases for most Of the
remainder of the year. again reaching
high point at the very end of the las
quarter, the total car purchases being
23o, 400. the largest number in any year
since 1906 Ii is here signihcanl to note
hat the foregoing conditions in railway
purchases were followed by phenorrl-
email revival Of general business during
the last half Of 1912; this too in the
face Of national election fraught Win
more uncertainties as to its outcome
than any we had had for years Busi-
ness seemed to ignore tkese condi oas,
however. while the heavy purclias
made by the railways filled the steel
mills of the country with orders toward
the close of the year, so overtaXiag ,kelr
capacity as to compel buyer to aHtici-
pate deliveries by orders placed four,
six, and even nine months in adYan-c
of shipping data condition thereto
fore unprecedented, while general tus.-
ness assumed almost the aspect Of a
boom.
Railway purchases sharply declined il
1913 to a very low level toresiladowir
the memorable depression of 1914; bus
the European War, resulting in trerasa-
dous war buying, suppianted railway
buying and brought The country in 1915
and 1910 to high point Of business
prosperity.
This controlling current, issair
forth from the railways, proceeds frs
to the great building plants; them
on to the iron and steel plants ard 10
the very large number of raiiway supp
industries. BY the latter it 5 agaia
directed toward the iron and steel ar
other ndustries-thcnce in turn infreno-
ing a highly increased nunbcr of other
and contributory industries. until dis in
huenoe has reached or set in motion the
entire industrial machinery, while at
every turn and in every direction II has
furnished employment to labor. Pros
perity and employment are synonymous
terms. as conversely are stagnation and
unemployment.
Adequate railway revenues are essen
lial 10 adequate railway purchases; ado
quate railway purchases are fundamen-
tally essential to general business pros
perity; general business prosperity means
the prosperity and well beng of the
entire nation"
The Lake County times. [volume] (Hammond, Ind.) 1906-1933, 1921-10-07

the provisions OF The Cunriins Bill With
respect to the ac-u~er.a..en 81 surplus
earnings Some p-eesej abroad eness-
ures are framed ii q, inter1s- Of labor,
others in the is.tcrc-t ~ sea.~s.1 L9ldcrs.
But the Cumrains Bill, to my mind gives
prominence to the needs Of the people
rs whole
Ever since Henry Clay raised his
voice fof nelioics 4 ianrd to ssi-a!ste
prosperity thc as.i-a5r d ore Govern
ment has bcca the one o. solciiGds lor
The Lake County times. [volume] (Hammond, Ind.) 1906-1933, 1921-10-07

believed that nearly 100000 men are
employed in the railway supply indus
tries and another 100000 working for
the railroads themselves. If the rail
roads were able to construct new lines
and purchase new equipment that arc
sorely needed, many thousands moro
men would be employed
But ! am not arguing in behalf of
either capital or labor as classes but in
The general interest Of the whole nation.
That is why | favor tendency underlying
The Lake County times. [volume] (Hammond, Ind.) 1906-1933, 1921-10-07

the welfare of each ard every element
in the population first, for the sake of
each element, and second, for the sake
of the country as whole. all of the
units being regarded as prospecting BY
the prosperity Of each Until few
years ago silis was the attitude towards
the railroads and the frame of ried in
which members Of Congress are listening
to the testimony of citizens seems to
give promise that the attitude towards
the railroads may soon become such
again
Nov It ought to be pretty evident
thai he prosperity of our largest indus
try. excepting agriculture, and Our great
est single buying industry, IS going to
dc.crmine directly the prosperity Of the
sosu.ry as a whole Let as test this be-
l;cf by a glance At business conditions
during recent years
For quarter Of century nave
noted that when the railroads enter the
Gcld OF substantial purchases general
busiacss prosperity invariably follows
Likewise The cessation OF such purchases
always means decline in general bust
The Lake County times. [volume] (Hammond, Ind.) 1906-1933, 1921-10-07

ness. Careful analysis Of the business
conditions of each year from 1907 to
1914 shows definitely the effect Of Huc-
tuation in railroad prosperity and the
effect of railway purchasing on general
business prosperity The period preoed-
ing 1907 was one Of increasing net in
come for the railroads Car orders
reached maximum in 1905 and 1906.
In 1908, due to investing the Interstate
Commerce Commission two years before
with rate-maEdng power and placing
upon the Commission no responsibility
for transportation development, railway
purchases became controlled by abnormal
conditions which have continued more or
less from 1868 to the present time
THE year 1908 was notably the lean
est of business years up to 1914, not
witIlstanding bumper crops. plentiful
money and absence Of disturbed political
conditions the three recognized Gle
mepts making for good business. 1t
likewise recorded the smallest number
of cars ordered during the period, o.,
900 and the minimum Of railway pur-
chases for many years prior
The conditions Of 1903 were contin-
ued we'll into 1909. but the last half OF
the year witnessed a substantial buying
movement BY the railways. the total cars
ordered for the year sggrcgating l93,S7+,
nearly 70rt OF which, however, were
ordered within the last four months,
with particularly heavy orders in No
venaher and December. This gave a
fairly good business year, with heavy
carry over 10 1910
General business promptly followed
in 1910 and the heavy carry over from
1909, coupled with fairly good buying
on the part of the railways during the
irst six months, made 1910 still better
year than 1909, although he total Of car
purchases was only l45,085 The falling
The Lake County times. [volume] (Hammond, Ind.) 1906-1933, 1921-10-07

Railway purchases measure general
business prosperity declares l. B.
Leigh, president Of the Chicago Railway
Equipment Company, speaking Of the
need Of 50 framing railroad legislation
thai there may be an accumulation of
surplus earnings in good years and hence
vigorous railway maintenance. additions
and bettertnents during poor years. Mr..
Leigh is an officer OF the Railway BUSH
ness Association, national organization
9f concerns that sell goods or equipment
to railroads
In fact railway purchases do not
merely measure general prosperity" Mr.
Leigh went on, in commenting on the
attitude of his association. "A large
volume OF railway purchases causes gen
eral prosperity In other words, it IS
possible TO prove that the prosperity Of
the country as a whole varies in pro-
portion to the ability of the railroads Of
the country to purchase the equipments
necessary for their maintenance, condi-
tons and betterments.
IN order to prove this il is only
necessary TO point cut the proportion
that the railroad business bears to the
rest of the country 1t has long been
the custom to take the iron and steel
industry as the truest index Of general
business conditions But up 10 the out
break Of the war the railways OF the
country directly and indirectly consumed
between 40 and so per cent. OF all the
iron and steel produced in the country
The iron and steel index. therefore, is
largely dependent upon the purchasing
power Of the railroads. Carefully pre-
pared statistics show that the value OF
the countrys railroad and equipment is
over two-thirds OF that Of all the manu-
featuring industries in the country com
bined. The value Of the machinery, i'm
South Bend news-times. (South Bend, Ind.) 1913-1938, 1921-03-06
METALS
MANUFACTURE

Industrial conditions have changed
very little during the past month,
but slow Improvement is indicated
by the reopening of many plants in
widely diversified lines. The Ford
plant is an index. The automobile
industry generally is still stagnant.
Activity is quickened by slow degrees
as early spring demand makes itself
felt. Employment las not increased
alarmingly as was feared. Reports
from industry are highly irregular
and production varies in amount ac-
cording to the point in readjustment
which the industry has reached
Where liquidation has been heaviest.
as I'm the textile industry, prospects
OF a spirited revival are brightest
The steel industry, on the other
hand, has yet 20 round the corner
Lower freight rates would encour-
age a revival in business. Car and
coal supply IL simple, reversing the
conditions which prevailed a year
ago. The mild winter has favored
outdoor industrial operations and
transportation. That aggregate pro
duction is much curtailed appears
even in bank clearings, which hero
tofore have maintained their high
level surprisingly. due to large trans
actions resulting from forced liquida-
ton. A recent weekly total reported
by Bradstreet fell well below SIS
5000, 1000. 900, a decline Of % per cent
from the preceding years as compar-
ed with totals or $1,000, 900, 900 70
$4,000, 000.0 900 not very long ago.
Prices. to be sure. are partly re-
sponsible for this decline.
Wage adjustment has made rela-
lively slow progress. although wage
reductions are numerous and wide
spread. An average decline OF Is
TO per cent IS all that current re-
adjustments give reason to expect I'm
the near future. This percentage
South Bend news-times. (South Bend, Ind.) 1913-1938, 1921-03-06
COTTON

The cotton market during Feb
ruary was devoid. OF prominent feat
ures. The persistnet tendency was
downward and heavy liquidation
came not only from domestic but
from foreign holders As the new
crop approaches. southern growers
are more disposed 10 sell. Southern
banks increase their pressure. For
the immediate present the outlook,
is not reasSuring. Pessimism has
been rampant. For the long pull
confidence is somewhat evident, as
indicated by the relative strength OF
tho far months Quotations are 20
per cent below last springs figures
Crop preparations are backward
Goods production has increased IS
20 90 per cent and average produc-
ton az important mill centers is es-
timated as high as IS per cent Of
capacity.
Eastern mill states have received
less than half the amount Of raw
cotton that arrived last year. which
explains the heavy accumulation IN
Southern primary markets.
South Bend news-times. (South Bend, Ind.) 1913-1938, 1921-03-06

suits may be expe stsd Of the Emer-
geney tariff as Il viii Gcubtless en-
counter a snag in the presidential
veto. but the measure is Significant
as suggestion OF VIVA. congress viii
DO to protect the farmer "a the en-
actnent Of a permanent tariff.
The supreme court fo4ds that
congress had fIll authority 10 es-
tablish tho federal land banks. pro-
Viding farmers with readily Access
Sole ,r't rs, and 20 exempt theI-
bonds from taxation The farm loan
bOa~'. ". issue 5on3s e. finance -tc
hundreds OF millions Of dollars tn
loans which Il has already approved
and was forced 70 suspend How
rapidly the investment market viii
absorb these bonds At five percent
is a question The bond market has
been surfeited with huge issues. but
tax exempt securities have distinct
attractions.
Rural constituencies We're gratifed
at the senate's action in passing the
Agricultural appropriation bill with
S41 900. 900 for operation OF the
department Of Agriculture for the
fiscal year beginning next June. as
/ against $4,000, 600 provided for the
current year and s55.000.00O pro-
vided for next year BY the house.
The senate added such items as
/ $4,000 for road material investi-
cations and 500, 900 for investiga-
/ tons of foreign markets for farm
productsl While the farmers are glad
South Bend news-times. (South Bend, Ind.) 1913-1938, 1921-03-06

az this increased appropriation. they
VIII ask that 81 be spent efficiently
and without duplication q activity.
Implement dealers and nanufac-
turers should mark their prices
down 20 a level harmonious WIT j
prices OF manufactured Products
and within gunshor Of farm prices.
The reason many tractors are not
selling is that Manufacturer are
reluctant 20 reduce prices subs-ant-
-a-ly on the ground that wages have
not change apprecably. Wage de-
f.ation is the next s-ep IN af-er-var
adjustment. Factory wages cong-i-
tute the chief obstacle 70 progress In
.ogr.culture steel maguates are im-
pucated.
The tractor has passed its expert
mental stage. as the National Trac-
10Y show az Columbus recently dem
o0strated. The business farmer is
learning the advantage OF tractor
cultivation and the suitability OF tre
tractor for a multitude OF purposes
about the farm.
Cheaper fertilizers arc IN sight
South Bend news-times. (South Bend, Ind.) 1913-1938, 1921-03-06
new YORK MARKET
TN DULL SESSION
Rails and Specialties Only
Stocks TO Attract Special
Interest

b Associated Press:
NEW YORK. March 5.-TradinE
on the stock exchange during to-
DAYS short session was dull almost
to the point az stagnati0n. Tho
only features OF more than passing
Interest were supplied los several
Of the rails and prominent special
ties. IN which shorts felt impelled
% cover.
The same technical reasons APP
piled 20 Mexican Petroleum. ATTAIN
tic Gulf and various other favorItes
most ~ which were under persist
ent depression in tho early DAYS Of
the week. Moderate buying Of mo-
tors and tho preferred shares q
such inactive issues as railway steel
springs. American Woolen ard Am
erlcan Agricultural chemical. i'm
fused additional steadlness 10 the
list. subCta atial gains prevailing At
the Close. Sales amounted to 1885,
600 shares.
Bonds light.
Dealings in bonds were light but
a trifle more varied and irregular
az 20 trend Reading bonds follow
cd the upward course Of the stock,
but most other issues. including the
Liberty group and Internationals.
retained their recent uncertain
tone Total sales (par value), S.
275. 900.
The actual condition Of the clear
ing house banks showed a decrease
or almost S1T,800. 600 in loans ana
discounts and an increase Of about
81. 400. 900 in net derosits. which
almost offsets the decrease of the
previous week. Reserves contract
ed by about St0.350,OO0. however,
reducing the excess 10 slightly less
than $4,000. 900.
Weekly reports Of commercial
agencies and other mercantile auth
critics emphasized the degree OF
caution manifested by leading bust
ness interests of the country. on
the whole. distribution and collec-
lions were said 10 compare favora-
bly, with the corresponding period
of last year
South Bend news-times. (South Bend, Ind.) 1913-1938, 1921-03-06

Phosphate ccmparsss operating 81
FLORIDA rave reduced wages IS per-
cent and via cot price, W.T. q vfssT
20 Prfuauls ting demand. Some fer
tilzer men DO rot e1-pert more t1an
a % percent normal demand this
spring. Southern farmers. nar6 hit
~ the drop !n proos. have not yet
paid FOR their last years fe--il.zar.
in many Instances Total pro1Ect-Cn
of potash ln this country during 1920
was 10 percent Sre1tc- rhaa IN the
previous year.
South Bend news-times. (South Bend, Ind.) 1913-1938, 1921-03-06

Precedent might give reason 70
expect a pronounced recovery in the
stock market. but traders are not
unduly optimistic. Industry IS Still
marking time and the next few
weeks may bring bad as well as good
news. The stock market and COM
modify markets admittedly are well
liquidated and the floating supply Of
stocks is small Speculative interest
in commodities shows faint signs OF
recovery. Just as February Is al
WAYS "a month of dullenss and I'M
certainty. so spring brings confidence
and buoyancy. Despite a multitude
az individual declines the average
stock level has not shrunk far dur
ing past weeks Further readust-
ments are now In order and now
points Of weakness viii undoubtedly
develop. The advent OF the Harding
administration should clarity this
countrys position with reference 10
the German indemnity.
South Bend news-times. (South Bend, Ind.) 1913-1938, 1921-03-06
GRAN

Little change was noted in the
character Of tho wheat market at the
midweek. The visible continued 10
decrease, while some export demand
made itself felt. Sentiment is mixed.
Conflicting influences give prices an
erratic tendancy. which will continue
until something positive developes.
No crop damage of such a nature
as 70 give the market forward inn
petus has yet been reported. The
statistical position of wheat is strong
u.s. bullsh, while the international r.
uancilay situation IS bearish. Flour
stocks are light. The end OF the
heavy winter corn movement is near
and receipts are expected TO fall off.
May corn and oats gain during March
and April.
South Bend news-times. (South Bend, Ind.) 1913-1938, 1921-03-06
AGRICULTURE
AGRICULTURE.

The past week brought two con
structive Developments important
from the farmers 81 ndpoint One
r the final passag OF the Emergency
tariff measure, imposing high duties
on important farm commodities. and
the other decision OF tie United
States supreme courr that the farm
loan act is valid. An immediate is
sue Of farm loan bonds will provide
credit relief. Less I-nmediate re-
South Bend news-times. (South Bend, Ind.) 1913-1938, 1921-03-06

Livestock growers are hopisg that
the market will maintain with fair
consistency the Improvement which
marked the latter half q February
Apparently tho worst is over. Live
mutton got out of its rut i'm con-
sequence of the re-eNpOrt of much
frozen lamb. Imports of foreign
lamb have ceased. The hog market
South Bend news-times. (South Bend, Ind.) 1913-1938, 1921-03-06
THE SOUTH BEND NEws-TIMEs

suggests "A continuance OF relatively
high prices for some time and
return OF some commodities like
grain toward former levels.
Manufactures and distributors arc
debating the possibility Of q sudden
revival IN demand. consequent upon
a realization that prices have reached
bottom AZ many points. a sudden
demand might reveal a shortage Of
goods that would send prices up.
South Bend news-times. (South Bend, Ind.) 1913-1938, 1921-03-06
Trend of the Markets
StOckS-Grain-LiVestock-Cotton

time until the heavy winter move
ment subsidies. when advance Is
probable. Heavy hogs have been
conspicuous in recent runs. Inquiry
for stock cattle has qUickened mater
tally. Frenzied liquidation in the
cattle market is less pronounced than
heretofore.
South Bend news-times. (South Bend, Ind.) 1913-1938, 1921-03-06

EAST BUFFALO, \. \ =, Narcn D
CATTLE-Recelpts 55 head market
steady. shipping steers, S975GlO; butch
er grades, s.. EOua-O. hcifcr>. S6.15d $50
cows. S3T6.75; bulls. S5Ff6i5, feeders
S55O67; milk COWS aud springers, SiOG
no.
CALVES Receipts GO; market slow
Gull 10 choice. SIGI5
SHEEP AND AAIBS-RcCcip 1000
market slow; choice lambs, SlOal0.25'
Gull TO fair SIU915; yearliugs. SS0S5Ot
sheep. S}da-o
HOGS-Receipts $500: market active.
Workers. S1190N12: pigs, So; mixed
S1f 50d11 IS. heavy. SIo5odI1; roughs
S7J00S5G, stays S5@On6.JO.
South Bend news-times. (South Bend, Ind.) 1913-1938, 1921-03-06
WOOL

Americas demand has been
strong supporting element in foreign
markets. When IL abated recently,
prices reacted. Efforts TO advance
DOM este prices have met with scanu
success and interest slacAened per-
cepubly as February CAME to an
end. ON March 10 the government
will auction off 5000, 600. 900 pounds
OF wool. Western growers are moro
inclined 70 liquidate than heretofore
in anticipation Of the new clip, but
the movement has not attained large
proportions. The New Zealand gov
eminent, IL IS Of interest to note,
has made arrangements to finance
the wool growers who wish 10 hold
for better times.
METALS
With the steel corporations plants
running about 20 per cent capacity.
as compared with 90 per cent shortly
ago. steel interests expect to see a
slight Improvement in business. The
independents will profit by it first.
as their prices are below those Of
the corporation. The consumer is
10th TO buy on a falling market until
compelled and the demand therefore
remains light. 4 feeling prevails that
steel is due for further price defla-
ton. The next move lies with the
corporation. Pig iron prices are still
tending downward.
South Bend news-times. (South Bend, Ind.) 1913-1938, 1921-03-06
South Bend Markets


q
Corrected Daily by the Wesley Miller
Elosr a Feed Co. 42O 5. Michigan,
NEW HAI-Paying S14 to Sic, selling
So to SO
sTRAW-Paying 81. selling SIG. or
go bale.
OArS-Paying 4Oc. relling soc to Toe.
ST. % S14
ALSIkE CLOVER-Selling SIC to SIS
ALFALFA Northern grown)-s14
NEW CORN-payiug 60c. selling 75c
TO Q0C.
South Bend news-times. (South Bend, Ind.) 1913-1938, 1921-03-06
GRAIN AND FEED.
CCOrrected Daily by d. b. Morgan, starr
Mills, Hydraulic AvD

C0RN-Paylng Go a busnel
OATS-Paving &c. selling 7Oc.
BRAN-Selliug S1.50 100 Id. lois; $50
6OU 10 lots
MIDDLINGS-Selli So,15 hundred.
CHOPPED FEED-Selling $500 per
cWt.
SCRATCH FEED-Selinc s25O,aS2 n
cwt
GRINDTEGS-Sc hushel
WHEAT-Paying S1Tj.
nNE-Payilg 81 lbs
CLEAN BUCKWHEAT - Paving p 81
hundred.
South Bend news-times. (South Bend, Ind.) 1913-1938, 1921-03-06
Range of Prices of
Stock Exchange Saturday

CHICAGO, March Receipts
1900: market 1J-2jc lower. bulk, SJ.15q
1870: top. $l1; heavyweight, $500 y l.lo
medium weight. S1O01o65, light weight
SlG.5Od1O9O: light hshts, Sl0G0ulO9u
heavy packing sows smooth, SS5O499O
packing sows. rough. $S2JIe5oi pigs
SO75Mi090.
CATTLE- Receipts. 1000; other IN
changed
SHEEP Receipts 1000; others un
changed.