davidaulloa/AmericanStories huggingface dataset:
The New York herald., 1921-01-03
Liquidation Increased.


The effect of the increased rate was
not Immediately observable in checking
extravaganza. but as time went on con-
stantly increasing number Of subscribers
discovered that 1t had become not only
unprofitable but also difficult to borrow
and as of all assets, United States bonds
were the most salable, liquidation Of
Liberty bonds held as collateral security
with bank loans became more general.
It was assumed that those who had
made no real effort to pay for their
bonds for fifteen months after the armi-
stce could no longer expect the same con-
sideration by banks to which they had
become accustomed. Furthermore, the
bonds were no longer accepted by many
banks at par for collateral purposes.
It has been estimated that of 1s,000.-
600 original subscribers to the various
Liberty Loans about 100000 sold out
to the other 1000, ,000 with the inevitable
result that the latter, being besieged
on all sides by offerings of bonds, pur-
chased virtually at their own prices. AS
each new crop of Liberty bonds was
brought out and offered by the Gov
ernment, 1t was obliged to compete in
the market with those offering prior Is
sues at discounts. The Government was
in a position similar to that of producers
of wheat, tires and other commodities
to-day, and, with the exception Of a
short period during September and Oc-
tober, there has never been time when
the demand for Liberty bonds and Vic
tory notes did not fall far short OF the
supply for sale.
The full cumulative effect of forcing
out successive issues of bonds and Treas
ury certificates was not felt until 1920.
Coincidentally. the leather, the silk. and
the textile trades felt the effect of a
diminishing demand for goods, and mer-
chants were forced to meet their matur-
ing obligations by unloading Liberty
bonds Because 1t was becoming diff
cult to liqudate inventories.
The New York herald., 1921-01-03
LIBERTY MARKET
DISAPPOINTS MANY
Chief Cause Of Its Decline Was
Reckless Spending of the
Majority.
BUYERS DICTATED PRICES
During Most Of Year Supply
of Bonds Was Far in Excess
of Demand for Them.

The course of the Liberty bond market
during 1920 was n distinct disappoint-
ment to millions Of investors who looked
forward Ito q gradual restoration of
values In the second year after the close
of the war. At this time a year ago, the
Second and Fourth Liberty loans, matur-
ing about twenty years hence. We're SELL
ing at $3.50, which gave the purchaser
at that price a net return of just under
per cent Victory 4%s were selling
at SO, to net the investor 5.06 per cent,
while the highest yield was obtainable
from the Third Liberty loan OF 1928.
selling at $3.50, to yield $40 per cent.
To-day the Second and Fourth issues are
selling at "a or less. the Victory notes
at 95 and the Third Az $ at Sc. Income
returns are also correspondingly higher.
as the Victory notes yield per ce9t..
the Thirds yield go per cent. and the
Second and Fourth issues $50 per cent.
The chief cause of that decline Is not
far to seek. 1t was the reckless SPEND
ing of the great mass Of people. OF whom
relatively few were willing to make sac
rifces necessary to pay for bonds for
which they had subscribed. So great
was public extravaganza that every pro-
ducer found 1t easy year ago to locate
buyers for every article ne could supply.
The first indication of a slackening de-
mand for goods occurred In January,
and on the 23d Of that month the Re-
serve Board raised its rediscount rate
on commercial paper to per cent. That
prudent and far sighted move to head
of certain disaster, due to imitation of
prices undoubtedly. would have been
made at an earlier date If 1t had not
been desirable to avoid bringing pres
sure on subscribers for bonds who were
still carrying them In loans But the
public needed a warning that Its ex-
travagances could not continue indef-
initely and the boards action could no
longer be deferred.
The New York herald., 1921-01-03

Treasury certificates II the additional
burden OF an ablebod.ed soldiers bonus
should be laid on the Treasury now. II
is absolutely certain that a further
heavy decline In Liberty bond values
would take place.S No matter what
plans to raise funds to pay a bonus be
adopted, a financial disaster scarcely can
be avoided If bonus appropriation be
made by Congress-
The New York herald., 1921-01-03

7
Lincoln Tel. g. Tel. Co. 1st Mtge. SIS
Lincoln Tel. a Tel. Co. 6s.
Louisiana Port Commission 5s
Manson, Ia, Ref. 6s
Marion County, Ia.
Martin Twp, Ill.
Mason City, Ia.
Mitchell, So. Oak.
Monmouth, ILL.,, Water Works, SIS
Montreal Tramways Co. lst 81 Refs
Morristown, Tenn, w. w. Imp. SIS
Mount Airy, N. c., Water Supply,
FL. 1t. 81 Pr. Plant SIS
Moweaqua, ILL.,, Sch. Bldg.
Muscatine, Ia, Ind. S. d. AIS
Muskegon, Mich, Gen. St. Imp. 4s
Muskegon, Mich, Refunding Avs
Muskegon, Mich, Refunding 5s
! Muskegon,, Mich, Lake Michigan
w. w. Is
New Orleans, La, AVS
Norman Co., MINI, Dist. No. 81
AVS
Oklahoma Ry. First Mtge IS
| Olympia, Wash, Water Works SIS
/ Owosso, Mich, Water Works SIS
Pendleton, Ore, w. w. Go13) SIS
/ Pendlcton, Ore, Water SIS -Golo)
PendAton, Ore, w. w. (1e1D SIS
pierson, Iowa, S. D. SIS
| Plum Bayou, Ark, Levee Dist. 6s
Rochester. N. H, City Hall
Pontiac Township, Ill, s.. d. High
School Bldg.
Portland Gen. Elec. Co., Portland,
Ore, lst Mtge Gold SIS
Redwood Falls, Mimi, Refunding SIS
Richmond, Mo.
Riverside, ILL.,, Sch. Dist. No. S, 4izs
River ide, Ill, Water Works 4lzs
Rosebud County, Mont, Bridge 4i/2s
San Francisco Sacramento r. r. Co.
Gold 6s
Seward Twp, Ill.
St. Joseph, Mich, Bridge 4i/zs
Scranton El. Co., Scranton, Pa, 1st
g. Ref. Mtge. Gold IS
Sedalia, Mo, Sch. Dist. Sch. Bldg. 4s
Sheridan Co., Mont, Funding 5l/2s
Spartanburg Co., S. c., County
Sumter, S, c., Sewerage SIS
Tacoma Eastern r. r. Co. (Wash.)
lst Mtge. Gold SIS
Tarboro, N. c., o.
Taylorville, ILL.,, Twp. H. S. Dist. 4 rs
Thornburg, Ia, Cons. Ind. S. d. AVS
Texas Elec. Ry. lst 81 Ref. SIS
Upton Co., Tenn, School SIS
Tullahoma, Tenn. Elec. Light 4iE1s
Tullahoma, Tenn, Water g. Light SIS
Tullohoma, Tenn, Water Works 412s
Union League Club 6s
Valley County, Mont, AVS
Weldon, N. c., Water g. Sewer 6s
West Hoboken, N. j., Sch. AIS
West Hoboken, N. J.. Funding SIS
White Plains, N. Y, Sch. Dist. No.
5Hs
White County, Tenn.
Winnetka, ILL.,, Park Dist. SIS
Y. M. c. A. College lst Mtge. 6s
Armour, S. D., Ind. S. D. Sch. Bldg. SIS
Florence, Col, Water Works Re-
funding SIS
Garrard County, KY, Turnpike
Road Ns
Lewiston. Mont. Water SIS
Poplar Bluff. Mo.
Temple, Texas, Public Ind. Sch.
Ser. No. q, SIS
Fifteenth
Jackson, Mich. Paving. Water g.
, Sewer AVS
Mount Pleasant, Mich, Water Re-
funding Avs
Sedalia, Mo-, Sch. Dist. Funding Is
ALSO PAYABLE AT
Inc Boston, Mass, and
8 Ank, Chicago, Illinois.
The New York herald., 1921-01-03
CALL MONEY MARKET IN 1920.

The record Of cell money rates on tho
New York Stock Exchange by months
during the last year shows maximum
figure OF % per cent. and a minimum OF
5 per cent. Prior to the war II was not
Unusual 10 see millions OF dollars lent
on call at 2ts to per cent. The follow
ing table presents the monthly record
for loans on two forms of collateral:
The New York herald., 1921-01-03
Treasury support Removed.

On the her hand, when the market
subsequently moved up 3 to points the
Treasurys artificial support was al
most lacking. because in July less than
$4,000. 900 OF Liberty bonds and Victory
notes were purchased for Treasury ac-
count. The market improved further
during August and the expected setback.
which many bankers predicted would oc-
cur In September, did not materialize
Tor another sixty days.
In emphasizing the Importance OF the
investment demand OF agricultural re-
gions, one must not overlook the heavy
but intermittent buying by insurance
companies and savings banks During
the first half OF the year the purchases
OF those institutions were OF consIdera-
Bile Importance After July I withdraw
als OF savings deposits and payments
made on building construction loans and
higher market levels prevailing for the
bonds caused a suspension OF purchases
by those institutions until the fall. when
their renewed buying began TO be felt. as
prices again declined. Nevertheless. a
principal investment demand for Gov
ernment securities wherewith TO employ
surplus funds has come steadily from
agricultural investors. and that fact Is
an interesting commentary on the pleas
of farmers that they must have Gov
ernmental aid In carrying their unsold
produce or face ruin.
INTEREST BEARING DEBT OF THE
UNITED STATES.
June 30. 1910. June 30, 1920
Old issues, 2s,
2ks, IS and As $685., $50 900 sss3 $40 400
Libertys ...... 10,304, ,S26,6 15.3s4 .s3g 100
Nictorys ....:.. 8.46T, ,S4o.o5d 4,246 1896. $50
Treasury certifi-
Gates ......... 400 a.7ss.o2 500
War saving GER
tificates ...... pJe, e,025,f2f e2T. .4fn OF
Totals .... .s25. PAS. .7es. ITO s2s .Oss. .oos 1891
Prior TO July I, 1919. the operations OF
the Bond Purchase Fund had taken out
Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1921-02-12
New York Produce Market

New York. Feb. IL.
FLOUR-Steady: spring patents and
Kansas straights S65 OPS.
WHEAT--Spot easy; No. 2 hard 1872
c track New. York and No: 2 mixed
Durum 1873 to arrive
CORN-Epot steady; No. yellow
sc and No. mixed S5s New York
To-day shipment.
OATS-Spot steady; No. white SIS.
LARD-Easier; middle west 1900
1910.
BUTTER-Firm: receipts 6152 tubs:
creamery higher than extras 44h@45;
do. extras 80 score 43a @44: do. firsts
So to 81 score. 39@43; packing stock
current make No. 2 21.
EGGS-Firmer: receipts 15,S47
cases; fresh gathered extra ffrsts 43;
flrsts 41@42; state, Pa. and nearby
western hennery whites first to extras
mixed colors flrsts to extras 41@44;
refrigerators not quoted.
POTATOES--Easy: Maine $50 lbs.
275 q 300; sweets. Maryland 125@175.
CABBAGES-Easy; red per barrel
100@125.
A more active demand FOR refined
sugar led to increased buying OF the
raw, and prices advanced 4 cent, clos
ing at a cents. For Cubas C a the
price was equal to SIS for centrifugal.
The steadily advancing raw sugar mar
ket led to increased buying OF refined
sugar and to an advance of Is points
basis Of Z cents for fine graduated.
Others were unchanged. Futures were
more active and closing prices were
from IL to 16 Joints net higher. March
September sos.
Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1921-02-12

ton enterprises, he has covered TO-
coo miles with dog teams in company
with Polar Eskimos. He has crossed
Smith Sound, in North Baffin bay. ten
times and has made an extended study
of the Smith Sound Tribe of Eskimos.
His expeditions have been productive
Of much valuable data in geology.
ORTHODOXY, ethnology and meterology.
Mr.. Macmillan is 46 and IL q native
Of Provincetown, Mass. In 1855 he was
graduated with an A. b. degree from
Bowdoin college. for which institution
he has named his new exploration
ship. He has also received from Bow
dom the honorary degrees of master
of arts and doctor of science. Directly
following his graduation from college,
he was engaged for several years in
school teaching. He served as prin-
cipal of>Levi Hall high school of North
Gorham, in 1s9s-1900, as head of the
classical department Of <he Swarth-
more Preparatory school In 10000.
and as instructor at Worcester. Mass,
academy in 19O3-0S. He is fellow Of
both the Royal Geographical and the
American Geographical societies. He
belongs to the Masonic Brotherhood.
Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1921-02-12
Beaver Increase Rapidly

A count made by the rangers Of the
Forest Service of the United States
Department of Agriculture shows
that beaver in the national forests
have increased rapidly within the last
few years. This repid increase in
sures plenty of the popular fur for
milady's wear for an indefinite time,
If. the laws which now protect them
are not relaxed too much. Two years
ago in the Cochetopa Forest in south
western Colorado there were 200
beavers, estimating four or five in
habitants to each house, conserva-
tive estimate. This year there are
10000 of the animals.
Beaver at present have complete
protection by law in twenty-four
States, and where they have increased
in large numbers they are in some
instances becoming q nuisance, telling
trees, damming up irrigation bitches
and causing other damages to such an
extent that State game officials issue
permits to trap them for their fur
or make arrangements to have the
surplus trapped and transplanted in
other sections. Because Of the trouble
they caused in the Cochetopa
National Forest this year. q State
trapper was furnished by the State
Game Warden to trap for time these
little civil engineers Of the animal
world. In. one month he caught 132
beaver, the skins of which were sold
for $3.50. 1t is estimated that IL 20
per cent of the beaver in the Coche-
topa Forest could be trapped annu-
ally, plenty still could be left on the
reserve for breeding purposes and a
substantial income to the State de-
rived each year from the sale Of pelts
and live animals.
The supervisor Of one Of the
national forests In Montana IL nov
asking permission to reduce the mum.
Der Of beaver IN the forest under hill
Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1921-02-12
MacMillan's Ship
Work PROGRESSING

East Boothbay, Me.-Dr. Donald B.
Macmillan of Freeport, the Arctic ex-
plorer. who is perfecting his plans to
start next summer on an expedition to
attempt to circumnavigate Baffin Land
and penetrate its western coast, 1000
miles in extent, said to be the long
est stretch Of unknown coast line in
the world, is making frequent visits
to this place to watch the progress in
the construction of his ship the Bow
dom at Hodgdon Brothers shpyard.
The exploration vessel which is
being built of the ''knocka bout fishing
schooner type, will be So feet in length
over all. and 20 feet wide, and will be
equipped with As h. p. oil-burning en-
glnes. She will be a sturdy craft, the
hull being planked and ceiled with
three-inch oak material When fitted
and ready for the deep. the ship will
cost approximately $4,000. The work
on the hull is rapidly nearing compile
ton, but the launching will not take
place until spring.
During May and June, before depart
ing for the far north, DR.. Macmillan
plans to make an expedition cruise
along the coast. With q party of six
men he will sail from Boston about
July 1 and conditions being favorable,
expects to reach Fury and Hecla Strait
early in September Here the shin will
De frozen in the ice and the explora-
ton party, accompanied by five Eskimo
oog-drivers. will undertake a 2O0-mile
trip with dogs and sleds across the rug
ged ice-bound country of the midnight
sun. The plans are to establish a camp
700 miles south OF Etah in the north
western part of Greenland.
DR.. Macmillan has been on six expe-
ditions to the northern regions, three
of which he commanded. His first ven
ture was in 1868. when he was as
sistant to the late Rear Admiral Peary
on his famous dash to the north Pole.
He crossed Labrador in 1910, and the
Following year cruised along the coast
OF that country in a canoe for the
chronological study of the Eskimos and
Indians. In 1912 he made a daring
cruise in 25-foot powerboat from
Boston to Hebron. North Labrador.
On his Croker Land expedition.
which consumed four years ds13-1O.
DR.. Macmillan disproved the theory or
the existence of Croker Land in the
extreme north, and also discovered
nine new islands and explored and
mapped 500 miles Of coast line. He
was first to reach Finlay Land, seen
soWe 60 years ago by the Franklin
Search Expedition. the first to reach
and explore the northern. eastern and
southern sides Of North Cornwall, and
the first to travel along the eastern
Shore of Ellesmereland from Cape sa-
bine to Clarence Head. He visited the
headquarters Of Kane. Hayes. Hall.
Greeley. Mares, Svendrup and Peary.
DR.. MacMillan,s latest trip to the
north country was made last summer
| when he visited the Hudson bay re-
! gions. During his many explora-
Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1921-02-12
Stock Markets
NEW YORK MARKET
Features of the Days Dealings in Al
the Leading Stocks

New York, Feb. 11.-Waiving all
other adverse or negative factors. the
impending double holiday was of it
self sufficient to reduce operations in
the stock market today to insignificant
proportions and trifiing price changes.
Reading was the only outstanding
exception to the general rule, that
stock being under persistent pressure
as a result of reports which minated
that the segregation plan may prove
unfavorable to common shareholders.
interests identified with the company
were quoted. however, as declaring
that no definite plan had been formu-
lated
Trading otherwise was made up al
most exclusively of the usual leaders
IN the OIL steel, food and miscellaneous
divisions, with a sprinkling of utilities.
including Peoples Gas. Western Union
Telegraph and Twin City Rapid Tran
Minimum quotations were establish
Cd III the last hour when increased Of
ierings of Reading, which closed at
loss of 81 points. depressed other rails
as well as leaders in the oil. metal and
aaiii!lated groups. Sales amounted to
$4,000 shares.
The bond market was dull to the
POINT of extinction and changes in that
quarter reflected the hesitant tone OF
Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1921-02-12
Dun's Report

New York. Feb. 11.-Dun's tomor-
row will say.
The irregularities which still charac-
terize the business situation are nat
ura1 accompaniment of the process of
economic readjus tment. With con-
ffictihg forces in operation. commercial!
revival has not come in all quarters
simultaneously, and definite turning
point is yet to be reached in soma lead
ing trades and industries
Unsett1ement in prices with the
trend continuing downward remains a
cause for hesitation in different lines,
and such new demand as develops does
not indicate that buyers are disposed
ito commit themselves extensively for
the future.
Net prices seem much below the
highest basis, yet there is not the
volume of purchasing that might be
expected because various markets lack
stability and orders are deferred to
TAX take ,o. advantage of probable further
The number Of small lot transac-
tons. however. is increasing in certain
directions. suggesting that some stocks
are beginning to need replenishing and
not little machinery that was re-
Gently idle has started up again on
part time schedules.
Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1921-02-12
Why 10000 Teachers Quit Their
Schools

or the 100000 teachers numbered in
the United States last year, approx
mately 100000 quit their posts for lack
of adequate remuneration, according
to an estimate made by the depart.
ment of education at Wellesley col
lege.
The head of the department reports
an unusually great dearth in the
supply Of college trained women for
secondary schools. Only as physical
instructors are the Wellesley girls
said to be getting salaries common
surate with the money offered In bust
ness life.
Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1921-02-12

The QUESTION of succession to the
throne OF King Alexander of Greece
turns world interest once more to South
eastern Europe. The changes Greece
has undergone territcrially and>the part
it has played in the wars and crises
Of it's corner Of the world are dis
cussed in the following bulletin issued
by the National Geographic Society:
"Greece gave the world its first
league of nations, the Delian League.
organized in 447 B. c. by way of mu-
tual protection against the external
aggression of Persia, which had a
sort of Berlip-to- Bagdad ambition Of
its own in those days. Athens Vas the
only principal power in this league
and was the recognized leader Of the
organization.
Greece, expanding, from the city
state. has comprised for moment al
most the whole civilized world; but the
great dilation was followed by an
equally great contraction. Greece fell
under the rising power of Rome. and
became a mere province in the Western
Empire.
1.-THE military ability and power of
the Greeks died under the Roman yoke;
but when the Eastern Empire was
formed, with Constantinople as its
seat. Greek culture conquered where
Greek arms could not. and Byzantium
became in reality great Greek State.
1.-THE night Of Greece's nartyrdom
was not under the Roman yoke but in
the long period from the fall of By
zantium to modern times. During that
time Greece was all but snuffed out
territoriaIly while the blood of its peo-
pie suffered dilution from the hordes
of conquerors and immigrants of al
most every nation of Europe that pour
ed in upon it-Albanians. Slavs, Teu-
tons. Spanish, French. venetians,
Turks. In 1863 Turkey finally gained
complete dominance of what had been
Greece.
Greece. as a nation. was born again
In 1879 as result of most turbulent
war Of independence against Turkey,
which was at the same time series Of
civil wars among contending leaders
and factions. The new Greece. which
emerged under the joint protection Of
Great Britain, France and Russia, COM
prised besides the Cyclades Islands and
the nearby Peloponnesus. strip of
land about forty miles wide across the
peninsula north Of the Peloponnesus.
The modern Kingdom of the Hellenes
las Greece is officially known-has had
five rulers. Not one has served until
his natural death or voluntary abdica-
| ton. The first ruler. president Of the
abortive Greek Republic. organized be-
fore independence was entirely assured,
was assasinated. Otto. Prince of Ba-
! varia. who was given the throne in 1892,
was deposed in 1869. Prince George of
Schleswig- Holstein. who was then called
to the throne. ruled for nfty-one years.
Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1921-02-12
Chicago Cattle Market

Chicago, Feb. II.
CATTLE-Receipts 5000; beef steers
and she stock steady; top steers $50;
bulk beef steers T5O@875: quality
plain; bulk butcher cows and heifers
500 1850; bulk Gamers and cutters
2F5@375: bulls weak to % cents low
err; bulk bolognas $500 500; veal calves
strong to 25 cents higher; bulk vealers
1050@1150; stockers and feeders
steady.
HOGS-Receipts $4,000; mostly Is
butchers up most; top $40; bulk 200
pounds down 950@9S5: 22O pounds up
SS5@920;. pigs Is to 25 cents higher;
bulk desirable 30 to 120-pound pigs
95QT $50.
SHEEP-Receipts 1900; lambs so
to rs cents lower; top 925: bulk 500 a
500: choice SO to 106-pound yearlings
Sc; handy weight held higher: sheep
350@450; one double deck choice rs
pound feeder lambs 700.
Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1921-02-12

stocks. Liberty issues were an ex-
ception, virtually all but the 3As end
ing at gains. Total sales, par value.
were $14,925, 900.
A contraction of almost $4,000, 900
in actual loans and discounts by clear
ing house banks emphasized the dull
week in the stock market. Net demand
600 and cash gain of $4,251,000 lifted
excess reserves to about S13,350,000.
All the leading foreign exchange
markets were firm to strong, dealers
reporting larger bids for sterling,
French and Belgian francs and remit
tances to Switzerland, but Hcandina-
Wan rates registered little change.
Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1921-02-12
BuTTER--Extras 44Q44a; frsts 40

BUI ETt--I1XlTdS 44W 472, HISts ~
a4S.
CHEESE-Fresh choice 26h @27A.
CORN-No. yellow S7@S9.
EGGS-Nearby hennery 1909;
western extra firsts 1904.
FLOUR--Spring patents. 196-lh
sacks special shorts 1875 @1100;
standard 925@1025.
HAY-No. 2 timothy 20.
LAMB-Spring 22623.
OATS---Fancy 40 pounds 60@61.
PORK-Medium backs 1926.
POTATOES--Aroost $40 a $50 per
100 pounds on track; sweets 75@1s5
per hamper.
SUGAR-American Sugar Refinery
quotes 6.S5 cents I'm 100-barrel lots
less per cent. for cash.
VEAL-12m20
Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1921-02-12

Jurisdiction through the destruction
of their dams. By damming up the
water the animals have ruined a
meadow needed for pasturing govern
mer1t horses. -.