davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1921-01-22
Ford Co. Seeking
$75,OO0,00O Loan
Here, Is Report
Financing Similar to That
of July, 1919, Possible,
According to Bankers:
Move Not Essential. View

The Ford Motor Company is endeav.
oring to float loan of approximatel,
$75,0O0,0OO among New York bankers to
refund maturing bank loans and t.
raise cash to pay taxes, according to
reports in the financial district yester
day. Estimates of the maturing bank
loans placed the total at 100000 900
while it was said that about S43 600 O)C
would be needed to meet the cor .pany',
tax requirements.
Inquiry at the Chase National Bank
and at Bond e. Goodwin's, institutions
which, with the Old Colony Trust Com.
pany, of Boston, arranged a syndicate
in July, 1919, to finance a $4,000, ,0OC
one-year credit for the Ford company
brought forth the information that they
are not directly concerned with the
new loan negotiations.
In other banking quarters which were
reported to have been in negotiation
with Ford interests it was admitted
that overtures had been made for a
loan, but that new financing at this
time was not absolutely essential.
Under the terms of the loan arranged
in the summer of 1919, the company
agreed to pay $10,00O,O00 at the ex-
piration of ninety days and $2,500,O0O
each month thereafter. The new loan,
if consummated it was said may take
the form of either bonds or notes.
New-York tribune., 1921-01-22
Butter, Cheese and Eggs

Butter-Receipts were a.O64 packages.
creamery. higher than extras, pound, 81 n
q SIC; extras, 80 score, SOW oslo; frsts.
~ to 81 score i7.Q soc; frsts, Ss to SO
% 4ic; lower grades, 32@S4c. Unsalted.
higher than extras. san @ 55c; extras. So !.
g sc; iirsts, 44Q SEC, seconds. s5 a acc.
Held or storage, high scoring. 4s1s q soc
q 4oc: lower grades. ESQ soc. Danish.
casks fresh. 4sQ50lsc. State dairy tubs
fnest, 494 60c; good to prime, 4lQ4sc:
common to fair, 800 4oc. Ladies. current
lower grades, 2l@22hc. Packing stock.
current make. No. l, 2S023hc; No. 2, 22c;
lower grades. 6@2lc.
Cheese - Receipts. 1921 boxes State,
whole milk. held. early made fats. specials
pound, ~ Z q 29c; fall made. 262 27c; aver
grades. 200 22s5c; twins, held Specials.
26 u p2s Asc; average run 24@25iac Wis
cconsin, held fats, 2s@2sc; held twins. 25 @
Daisies held: 25ls @27c; Young Americas,
held 70 4 fresh. 2S1. Q2s1sc; skins, held
specials, l7q2oc; prime to choice, 800
II i2c; fair to good. 12@14hc; lower
grades, 0c.
Eggs-Receipts g. 5S1 cases Fresh gath
eSsa, extras srr dozen ssc; extra nrsts. IS u
Irigerator seconds, 5s@e0c; state, Penn
sylVania and nearby Western hennery
Whites. vaa extras 72@7sc; extra hrsts, II I a
to extra frsts So @72c; under grades. SIS n
SIC; pullets SO a Csc; Pacific Coast whites
extra hrsts II @72c; frsts. 69@7Oc; under
grades, Sc pullets. usual sizes, 62 q
ered whites. 66@7oc; state, Pennsylvania
and nearby Western, hennery browns,
extra, 69G zoe; gathered brown and mixed
espt9rs' sps3 graSed extras. CSC; firsts to extra
New-York tribune., 1921-01-22
Urged to Sell u. S.
Debt Notes to Investors
Federal Reserve Bank Stresses
Increased Demand for
Certificates

Member banks in the Federal Re-
serve District of New York are urged
IN a formal statement issued by the
local Federal Reserve Bank yesterday
to take advantage of the present ex-
cellent demand for United States
treasury certificates of Indebtedness
and sell them to private investors. The
transfer of such holdings to private
hands, 1T was pointed out in banking
circles, would tend to ease the burden
which the banks have had to carry.
I'm recent months" the Reserve
Bank statement said, "the proportion
OF Treasury certificates held by the
banks has been steadily reduced, and
at THIS time out of total amount out
standing of about S2,350, 900 only
PIG '0oo,OoO, or less than per cent, are
held by the Federal Reserve banks as
collateral for loans to members.
inns indicates that banks which
nave oeen borrowers at the Federal
Reserve banks have found it more
prohtaole to sell their certificates and
WIN the proceeds pay off their loans
at .ne Federal Reserve banks.
The Federal Reserve Bank suggests
IN ITS letter that the banks can sell
certlncates at this time on 512 per
cent basis for the March Is, April Is.
May 16 and June Is maturities and on
59s per cent basis for maturities be-
tween August 16 and December Is
subscriptions in this district for
the most recent issues of certifcates
amounted to more than 5000 900 600
and only S138,OOO000 were allotted
thus indicating large unsatisfied de,
mand" NC
New-York tribune., 1921-01-22
Argentina Balks
AT Bankers Plan
For 8 p. C.. Loan
Terms Too Severe, Financial
Advisers in Buenos Ayres
Say, Though Other Gov
ernments Pay Rate Here

BuENOS AYRES, Jan. 21.-It is re-
liably reported that the negotiations
which have been going on between the
Argentine government and a syndicate
o. New York bankers for a 5000, 900 600
loan to Argentina have proved unsuc-
cessful because the government con-
sldered the bankers terms too severe.
These terms, it is understood, were
that government bonds be sold to the
bankers at SO and bear per cent in
terest. The report says the Argentine
financial representatives informed the
bankers that it was too much to expect
any government to pay 8 per cent.
The so-called South American group.
consisting of leading Wall Street bank
ing houses headed by J. P. Morgan &
Co. and Kuhn, Loeb & Co., has been
II formally considering the matter of
making loan to the Argentine gov
ernment since last fall, but no active
negotiations were undertaken. 1t was
reported that Argentina would like
$50, 100000 to $75,O00,000, but bankers
interested in the discussions said that
II loan were made it would be for a
much smaller figure.
When the Argentine delegate to the
Geneva meeting of the League of Ma
tons withdrew it was fumored in local
financial circles that the financial pow
ers that be in Great Britain. France
and the United States might withdraw
financial support from the Buenos
Ayres government.
Several foreign governments have
borrowed in the United States within
the last twelve months through the sale
Of securities bearing s per cent inter-
ost coupons. France sold a 800, 900 900
loan here with an per cent rate.
The Belgian government announced
Yesterday a $3o,0o0,000 8 per cent
tWeutv-year loan
New-York tribune., 1921-01-22
Corn Prices Decline
After Early Firmness

The corn market showed firm
undertone early in the day on further
covering, due largely to the belief that
the technical position of the market
had been materially strengthened.
The break in wheat, however, caused
active liquidation, and toward the close
the market declined sharply, and final
prices were 1sc net lower
In the local cash market No 2 yellow
was quoted at S5c: No mixed, S4hc
C. i. f. New York ten days shipment.
Yesterdays Previous Year
New York: close. close. ago
No. yellow. s0.S5 s0.s7A $lT3E
Chicago:
May ........ .e7% ssA 14sM
July ......... .sSlA .e9Ss 1.3s
Oats-The oats market followed wheat
and corn. The local cash market
was easier. No. white quoted at sec:
white, SIC: fancy clipped white SIC. ordf-
nary clipped white 54 to 55c. all elevator.
Yesterdays Previous Year
New York: close. close. ago.
No. white. 1854 s0.55 S0esh
Chicago;
5niy May ~ ..:::::: ~ .sss. .s.s -. ss* :ss*
Rye-Easy.
Yesterdays Previous Year
New York: close. close. ago.
No. Western sl.S4 31.36 s1.92
Flour and Meal-Quotations were
Yesterdays Previous Year
Spring pat. ss.5og 1000 ss.5o9lo.oo s14ao
Rye........ s.00@9.50 900G09.5o $500 $40
Bran 49,. $500 $500 $500
New-York tribune., 1921-01-22
New York Metal Market

On tAe New York Metal Exchange tin
was weak with Glass A quoted at $3.50
M37:00c; Class B, 3O.75c asked and
s,traits shipments, 36.Oo@3S.O0c asked.
Copper, dali; spot, January, February
snd March, 1325c asked. Lead, dull;
St. Louis spot, 4.9Oc asked. Zinc, dull:
New York spot, 5.75c asked and East
st. Louis spot, $500.
London metal prices follow: Tin,
standard spot, f179 los and futures.
s1S4 15s, with sales of so tons spot and
$50 tons futures. Copper, standard spot,
$50 SIS and futures 500 los, with sales
Ct 200 tons spot and LOO tons futures
and electrolytic spot s7s and futures
$50. Lead spot, f2S SIS and futures f23
15s. Zinc spot, f25 los and futures
926 los.
New-York tribune., 1921-01-22
Ford Officials Refuse
To Discuss Loan Plan

DETROIT, Jan. 21.-OAicials of the
Ford Motor Company this afternoon
would neither confirm nor deny the
report from New York that the cor
poration was negotiating a loan of up
ward of $50,00O,0O0. In the absence
OF Henry Ford, they said they could
not discuss the financial affairs of the
company.
Personal representatives of Mr.
Ford are known to have been in the
East during the last few weeks.
Rumors have been persistent in
automobile and financial circles here
for some time that the company CON
templated a loan. but officials of the
company have declined to discuss
them. Mr.. Ford is known to be. con
templating large expenditures in i'm
provement of the Detroit, Toledo &
lronton. Railroad, which he acquired
some time ago.
The company began distribution of
approximately $4,000, 900 in bonuses to
its employees last Monday.
New-York tribune., 1921-01-22
Sharp Wheat Drop :.
On Heavy Selling
Following Upturn
Report of Portugal's Move
to Buy Here Causes Adj
vance, Which Is Quickly
Lost i'll New Depression

The wheat market yesterday was
ragged and the trade was considerably
puzzled over the action of values.
Prices were about cent lower at the
start, which was followed by a rally
Of to 31s cents and subsequent
break of 71a to 8 cents, with final quo
tations 4 to 51a net lower.
The most prominent news item of tho
day was a report that Portugal was in
the market for 100000 tons of food
stuffs, half of which was wheat and rye.
This inquiry came through a prominent
bank, but there was nothing to show
that credits had been arranged for any
such large purchases and those who
bought on the report early in the day
sold heavily when the market turned.
Leading cash houses in the West
sold heavily, and one of the most con-
spicuous features in the market was
the lack of outside interest, which left
the market without substantial sup
port.
Export sales were estimated At from
100000 to 100000 bushels, with Ger
many and Belgium the principal buy
ers. The trade was again impressed
with the ease with which export orders
are filled, and the evident volume Of
wheat being offered in the Southwest
has gone long way toward discredit-
ing bullish theories on the statistical
position.
In the local cash market No. 2 red
and No. 2 hard were quoted at $1.SS
C. j. f. New York, January shipment.
The range of prices:
Thursdays
March,. 1.5s 17lA 164 l.65 l.6s
New-York tribune., 1921-01-22
Northern Pacific As High Grade

Question-Kindly say something regard
Ing Northern Pacific prior lien gold As
now quoted at about IA. Are they a first
lien? If not what they subject to :?
How much is outstanding and how se-
cured? In a general way how do you
rate them for steady income purposes?--
d. NJ l..
Answer-Northern Pacific Railway
prior lien 4 per cent bonds due 1897
are very high grade. There are about
S110,O00,000 of the issue and they are
secured as follows: First lien on Att
miles; first collateral lien on 533 miles;
second lien on 178 miles, and further
secured by pledge of various stocks.
The only prior liens are s7.742,O00 St.
Paul G. Northern Pacific first per
cent 1928, for the retirement of which
bonds Of this issue have been reserved.
New-York tribune., 1921-01-22
Danger of Panic Gone
W. P. G. Harding Says Even Pes.
slmists Admit Crisis Has Passed

WlNSTON-SALEM, N. c., Jan. 21.-
Even pessimists are now convinced
shat danger Of IAN old-fashioned
panic" has passed, Governor w. P. C.
Harding of the Federal Reserve Board
declared here to-day, speaking to the
Chamber of Commerce.
II think" he said, "the developments
OF the last thirty days have CONVINCED
even those who are never so happy as
when miserable that business gener-
ally is safely over the most critical
and trying stage of the readjustment
"The decline in prices was neces-
who had gone heavily into debt. with
the expectation that the level of prices
which existed year ago would be
sustained or even advanced, and in
many individual cases great losses will
be suffered, but so far as the commu-
nifty as whole is concerned there is
no question of solvency."
New-York tribune., 1921-01-22
New BelgianLoan
Runs Twenty Years
And Pays 8 p. C.
Has Many Features Used in
Previous Financing Here;
Total Borrowings Since
Armistice S1O5, 900, 600

rhe Kingdom of Belgium has sold
~ an American banking syndicate
,.aded by J. P. Morgan & Co. and the
Guaranty Trust Company an issue of
100000 twenty-year per cent sink
:. fund gold bonds. The contract
sas a she loan was signed yesterday after
.ssotiations covering a period of two
~ssks. This is the first important
s;scs of foreign government financing
srranyed in this market this year. The
sands are being offered for public
s,hseription at 100 and accrued in
The "set-up" Of the new loan is
similar in many respects to financing
srraneed in the American market in
,ooo by several foreign governments
srS provides among other things for a
sinking fund for the redemption of
.hs entire issue. Under the agree
msnt the Belgian government under
takes 10 pay to the sinking fund trus-
sess in equal quarterly installments
hsginning May l, 1921, until the whole
;ssue has been redeemed, sums suffi-
eient to purchase each year S1,500,000
rr;ncipal amount of the bonds at
nice not exceeding 107la and ac-
sened interest. In the event that prior
n December Is, 1925. bonds are not
rurcaasable through the sinking fund
n amounts sufficient to retire the issue
# the rate of s1.50O.00O a year. the
unexpended balance of the sinking
fund is to be applied to the redemp-
t;on of bonds by lot at 1071s on Feb
mary |, 1925, and in like manner any
money remaining in the sinking fund
on December IS each year thereafter
is 10 be applied to the redemption of
honds by lot at 10712. Bonds not pre-
yiously retired by the sinking fund are
10 be paid at maturity at 1071. The
issus is redeemable as whole or in
part at the option of the Belgian gov
eminent on thirty days notice after
February /, 1881, at 1071a. Interest
en- the bonds is payable February /
and August l.
This is the third time since the
srmistice that the Belgian government
has sold bonds in the United States.
In January, 1920, 100000 6 per
cent issue was foated and six months
later q s5O,oo0.o00 loan at per cent
was arranged.
The proceeds of the new loan will be
used to meet maturities here in the
current year and provide funds for
the purchase of American products for
the Belgian government The Belgian
loan is believed to be the forerunner of
q number OF other large foreign gov
ernment operations in this market dur
ing the current year, bankers having
under consideration at present the mat
ter of large piece of financing for
the French government for offering
sometime before spring
New-York tribune., 1921-01-22
Underlying New Havens Hard to Get

Question-Which Is the underlying bond
of the New York, New Haven & Hartford
the best to buy? VIII anything be al
lowed to happen to the company after the
recent financing by the government? Is
the Pullman company stock considered an
investment stock?-E. P. II.
Answer-Among the best of the New
Haven bonds are the Harlem River &
Port Chester per cent. and Housa-
tonic Railroad consolidated per cent.
There are other issues, but they are
very difficult to obtain, the issues being
small. We cannot attempt to forecast
the future of the road. We regard
Pullman stock as very fair invest
ment for business man.
New-York tribune., 1921-01-22
Plan New Commerce Group
North American truguayan
Chamber Being D;scussaJ

MONTEVIDEO, Jan. proroso1,
looking to the creation of Nortt,
Americana -Uruguayan Chamber ~ Cnr ~
merce were discussed by number &,
representatives of the United Stats
and local business houses with DR. Caa-
tillo, secretary to President Brum' to.
day. 1t was pointed out that such an
organization would assist in settlino
difficulties which might arise betweann e
merchants OF the two countries.
1t was agreed to appoint a commit
tee to organize the chamber, the mem
oers of which would be equally divided
between citizens of the United States
and Uruguayans. Nv" se j
New-York tribune., 1921-01-22
Investor Likes Utility Bonds

Question-I wish to ask your opinion on
the following bonds for safe investment
purposes: Northwestern Bell Telephone
first mortgage twentyyear Is. dated Feb
ruary i, 1921; Northern Ohio Traction and
Lig ght secured bonds Is. due June /, 1926
Northern Ohio Traction and Ligh first
lien and refunding SIS. due August /. 1856.
All to be bought at the market-J l.. d.
Answer-These issues are entitled
to sound enough ratings, in our opin-
ion. The former is well secured. The
latter two are not entitled to such
good rating, but earnings show i'm
rrovement and at present prices the
bonds appear attractive for one who
can afford to purchase business mems
inVestments.
New-York tribune., 1921-01-22
Woman Can Exchange Profitably

Question: have four Reading general
mortgage per cent bonds. Ave Southern
Railway per cent bonds The latter
to be selling very low now. DO you
think my principal secure or would you
advise to sell and buy something more
stable? / cannot afford to take chances,
| am largely dependent upon the in
come from my small holdings. What do
you think of Northwestern Bell Telephone
Company first mortgage twenty-year per
cent bonds. seriesA, which l noticed ad-
vertsed in The Tribune for subscription
at 96ia? DO you consider them a suitable
bond for lady who cannot afford to specu-
late? BY selling my above bonds and
buying these l could quite materially add
to my ncome.-Mrs. c. a. w.
Answer-Your Reading and your
Southern Pacific bonds are entitled to
high ratings. The Southern Railways
per cent bonds are not of the best
grade, but we regard them as safe.
The road has been reporting better
earnings, and it is our opinion that
this issue is in no danger The
Northwestern Bell Telephone bonds are
entitled to a good rating better, we
think, than the Southern Railways.
You might change your Southern Rail
ways for them. The others we should
keep, for the present.
New-York tribune., 1921-01-22
Investment
Information

Questions Of general interest e H.
Sestors soiL be ans,0ered in this ess-
xnsn, IN ,chieh case only initials viii
b used. Othsrs Will be answered bt
mail. Address all inquiries, inelse.
lxa q stamped, addressed envelope, 70
FsnsnesAI Editor, The Tribune, 1SI
Nassau Street, Nssv York City,
New-York tribune., 1921-01-22
Holds Bond of Road 81 Miles Long

ouestion-Do you consider the Fonda,
Johnstown & Goversville Railroad Az per
cent bonds safe? What they selling
for now? The one l have is due in 1852,
paying interest May and November l
general refunding). l also would be glad
II you would tell me what the Cataract
Power and Conduit Company bonds OF
Niagara Falls. due 1927. are worth now?
j. c. b.
Answer-The Fonda, Johnstown &
Gloversville Railroad has shown in
creased earnings of late. The road is
only hfty-seven miles long, but has
managed to operate rather we'll. We
do not regard the Y per cent bonds
as high grade. They may offer rather
good speculative investment oppor-
tuntes, but we do not recommend
them for conservative investment. The
last price was about 45 to AZ. Cataract
Power and Conduit bonds are high
grade They are part of the Buffalo
General Electric Company. The last
quotation was about 81 to Sc.
New-York tribune., 1921-01-22

mon stock, s2,Qoo,ooo preferred and
SS,ooo,oO0 of first mortgage 25-year
per cent bonds, to carry out plans for
the purchase of the Toledo Railway and
Light Company property and establish
a service at cost system.
New-York tribune., 1921-01-22

sagged closing points net higher on
January and to 7 points net lower on
Iater months The volume Of business was
market.
The range OF prices:
New-York tribune., 1921-01-22
Livestock, Meats, Provisions

Live beef. fair to as0'
prime. 100 lbs: ss.25@1O.so $125o@ls.oo
sides SIDES, 10. 100 .1s 1870 25
mon to prime,
100 lbs ..... 13OO620oo am no6os m
D r e d VEAL 0N '0'
city, Id. .... 200 .2s -28@ as
Live ewes 100 '
lbs. ........ $500 $50 76om11 M
Dressed mutton,
city, ID :. =. . O90 IA lam On
Live lambs. fair
to prime. 100
lbs ... 5ON117s ,oroa,,
Dressed lambs
city, 10. ....... 22@ 27 28m ar
Hogs, 100 lbs. -. l05O@110O 157661s o0
Dressed hogs
bacon. lb 80. .1524 NI6A pom oola
FORK bbl ..:... 29.o0@30.Oo 45.0o045.50
Mess beef, bbl. l6OOlulSO0 IL m eyIe NJ
Lard. NJ d lie ''
West, 100 lbs. 1856 9ls.ss 241o@242o
New-York tribune., 1921-01-22
Security Issues Planned

COLUMBUS, Ohio, Jan. 21.-Applica-
Ion was made to the Ohio Public
Utilities Commission to-dav bv the
Community Traction Company of To-
ledo to issue s1O,OO0,oO0 worth of com
New-York tribune., 1921-01-22

SOnthcrn Spot MArKetS-Mef1pnIs ste8uy,
so points lower at l. soc: sales 1850 bales.
st. Louis quiet, unchanged at 1860; sales
$50 bales. Houston steady. rs points
lower at l3.50c; sales 3.497 bales. Little
Rock quiet so points lower at 14.50c;
sales sal bales. Dallas STEADY. IS points
lower at 13.05c; sales 1882 bales. Fprt
Worth quiet so points lower at 13.10c;
sales $50 bales. Galveston quiet. rs points
lower at 14.oOc; sales 500 bales. New
Orleans quiet. 25 points lower at 14.76c;
sales 333 bales. Savannah nominal, un-
chanRed at lhc. sales nil.
New-York tribune., 1921-01-22

Refners showed renewed interest m
prompt shipments of raw sugar yester-
day, and bought upward of $4,000 bags
on the basis of 4Ssc for Cubas, cost and
freight. There seemed to be belief
tEat another downward revision in re-
fined prices might be expected in a few
days. Futures were steady at higher
levels, closing at net advances Of to
7 points.
The range of prices:
New-York tribune., 1921-01-22

Coffee FuturesBrazl's offers in the cost
and freight market were lower and prices
New-York tribune., 1921-01-22
Cotton Statistics

Liverpool Cables-spot cotton neglected
at points decline; mddling. s.35d. Sales
1000, American 1000. Imports $4,000,
American 1900. Tenders. new docket,
1000 bales. Futures opened quiet, at 10
to IS points advance. Closed easy at
to IS points decline; January, o53d;
tober. 9s4d. Manchester: Yarns easier;
cloths dull
New-York tribune., 1921-01-22
Cottorseed Oil
Thurs

The market was easy, closing with net
losses of s to IL points. Total sales for
the day were Is 500 barrels.
The range of prices follows:
New-York tribune., 1921-01-22
Open. High. Low.
Refners ShOn Reneiued
Interest in Rae Sugar

Yesterday. Year GO
Sugar granulated lb..7.75 1915
Coffee No Z Rio...... .065s .I6 IL
Coffee Santos No. A.. .09M "a
New-York tribune., 1921-01-22

Open. High Low. Close. close.
Maych May 1ss lss s5 s5 10 ls:s 1ss 1ss 1ss 1ssu
The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1921-05-18
8oc1al Service.

The question of again taking up kin
dergarten and social service work was
discussed at the beginning OF the years
work After much invesu gation and
volumnious correspondence the board
decided the kind Of trained social worker
and kindergarten they were trying to