davidaulloa/AmericanStories huggingface dataset:
The New York herald., 1921-03-17
CONSOLIDATED EXCHANGE.

Return OF call funds TO per cent. and
general Improvement In the tone OF
financial news advices were influences
for further wide gains In all divisions
during the final half period OF yester-
days Consolidated Stock Exchange
trading. Improvement in active oils,
steols. motors and specialties were two
70 four points and in active rails
70 more than per cent. Atlantic Gulf
was the single weak feature, that stock
yielding az AZ It's minimum, to 32A.
Crucible Steel was bid up 324 to Ss%.
United States steel 1ss to S0&. Republic
2s 70 81. Baldwin Locomotive 2A to 81.
Mexican Petroleum 81 to 145G. PAN
American 3 20 II, California Petroleum
? ia 70 40A. Texas Company "a to AK.
Sinclair III to 23L. Studebaker 3A to
81. Chandler 2is 70 76M. Marine pre-
fcrrcd to 50A. Tobacco Products 2 10
81 n and American Sumatra Ia to 80h.
Great Northern preferred rose 2% to
4A. Northern Pacific 2Ik to so. Read
ing - 69is. Union Pacific III to 1T ".
Chesapeake and Ohio 2ss TO 5sss. Brook
lyn Rapid Transit Ts TO 1875. INTERIOR
ough Consolidated preferred / x TO 15%.
United Fruit 3A 70 103%. Famous Play
crs 3ss to 69%, Corn Products 2L to
72M. United States Rubber III 10 SO.
General Asphalt 10 5fA and Retail
Stores lss 10 52is.
The New York herald., 1921-03-17
PRICE OF COTTON
LITTLE CHANGED
Afternoon SteadinesS Follows
Early Depression-Move-
ments Narrow.

Prices changes IN yesterdays cotton
market were without particular signif!-
cance, the market continuing OF about the
same tenor 10 n had In other sessions
or this week. slight early depression
was caused by offerings from tho South
and professional bears following poor
Liverpool cables, but toward the close
of the session wall street and Liver
pool support developed IN sufficient
quantity 10 cause a recovery ~ all the
early loss and a gain of modest proper
tion. The reversal n trend was due
largely 70 late strength of securities and
easter money conditions. At the hfgh
prices were up 10 70 III points on active
deliveries. final bids being q little under
tho top. but points net higher 20 2
lower
Taken a. single unit tho days &C
tlvlty was slight. Professionals traded
both ways and the majority ~ is bus,-
ness was meaningless. After opening
5 70 10 points net lower. 4 better quail
ity Of buying was encountered and b.
fore the end OF the fret hour the list
had rallied 20 about Tuesdays closing
bids. afterward meeting new selling. part
Of which came from southern sources.
The two March notices in circulation
meant nothing. Production of iinters
for the season 70 the end of February
totalled 346.762 bales. against 522.3s7
IN the preceding corresponding season.
The weather map was without feature.
Bulls stressed a London report which
said that the British Russian trade
agreement had been signed That II hal
effect On prevailing sentiment IN room
circles was evident. Prominent opera
tors used extreme caution IN their deal
ingH. despite the fact that commission
houses said there was comparatively
little risk IN purchases on weak spots.
Reports from Washington said that the
War Finance Corporation was aiding the
financing of exports % Czecho-siovaha.
Tho local spot market was points
higher az i1.70.
The New York herald., 1921-03-17
RIO GRANDE STOCK ASSESSED.
s1.25 n share Called for 10 Further
Minority Plans.

Announcement was made yesterday
that an assessment of si.25 a share, or
approximately so per cent. Of tho mar
ket value OF tho stock. viii be asked by
the stockholders protective committee
or the Denver and Rio Grande Railroad
10 provide funds 70 guarantee tho
minority carrying through its plans.
The deposit Of 100000 must be made
by March 25 and Is to be made to the
court ant is tho first 10 per cen. Of
tho bid OF s1o.000.000 for the road that
the court will entertain from the mi
nority stockholders.
Benjamin 3. Odell. chairman OF the
stockholders protective committee,
which represents approximately 100000
shares. said yesterday that the letters
will 90 out to-day TO approximately
5000 stockholders Ho expressed him
self as optimistic over the outcome.
Members Of the protective committee
say that arrangements have been made
to take care or this deposit regardless
OF the answer OF the stockholders.
The New York herald., 1921-03-17
MOTOR CARS CALLS
RESTART STEEL MILLS
Middle Western Plants Go on
After Long fdieacss

Increasing purchases from the auto
mobile TRADE ana accumulated orders
have resulted Ia Tire resumption of steel
plants n the Middle West thst in sone
cases had been closed fof thrce months
The unemployment thore was commonly
~ a - per cent wage reduction. Else
where, however. particularly ln tie last
the rate 81 buying Il ~ more than 3 PEI
cent of the coutry'A capacity in rolled
steel. while stocks fn manufacturer.
hands satisfy the demand to 4 marked
extent according - the froH Agc
Activities ~ subsidiaries ~ the steel
Corporation have fallen away sharply
bringing the corporation rate 81 steel
making down to about Al rrr cent ara
the steel industry ~ . whole below ss
per cent
Pipe and tln plate alone rotain . sem.
blsnce - strength. ana steel prices as
a whole are more matter of quo
tation than the test of large orders A
better demand is reported f0r csncrete
reinforcing bars Discussing the down
ward trend of pig iron the Iron Are
says:
In Alabama furnace yards plr Iron
stocks increased from iGo. 600 tons On
February ! 20 lso.e0 tons on March I.
and as stocks increase. prices decline.
A sale OF Southern iron 80 SO. Bir-
minghar, has been made N the Chicse0
district. but tho usual quotation ls s@s.
In the Pittsburgh district evidence N
selling OF basic iron from stocks ~ a
steel company IS disclosed Ia : low
quation made on sale ~ 500 toms
Lower quotations o. foundry and malle-
able have appeared Ia tie Chicago dis
trict The market III the East r weak
although the recent seller of foundry a.
S2450. furnace. has advanced its quo
tation 10 S26.
The New York herald., 1921-03-17
COMPANY TO CLEAR
LOANS BY BROKERS
New Plan Expedites Work and
Eliminates Danger Of
Thefts.

The clearing OF brokers' loans on Stocl,
Exchange collateral viii be started on
March 81 by the Stock Clearing Corpora
ton, an organization affiliated with the
New York Stock Exchange and located
in the basement of the exchange build.
ing. Twenty-Five banking institutions
will be represented. IT Is estimated that
between ten and thirteen banks make
more than 10 per cent. OF the total Wall
Street loans, which average about
S25, 900, 900 a day. About 80 per cent
Of all loans made In the Street will be
made in the corporation, the remaining
10 per cent. being done by banks not
represented as yet in that institution
The corporation viii maintain with the
banks a minimum deposit OF $4,000, 900
to be contributed by members OF the
corporation.
Under the present system broker IN
paying off loan must have "a check
certified at his bank. send that check
TO the loaning bank to pay the loan, re-
ceive the securities. and, in cases where
large sums are involved. send from tive
to five men to take the securities back
to the Office or to another bank. This
process takes approximately fifty min
utes for each man.
Under the new system all actual work
of transfer of funds, securities. &c, viii
take place within the four walls or the
stock clearing corporation, consume be-
tween ten and fifteen minutes, eliminate
the danger of moving the securities and
allow one man to conduct the negotia-
tions without guards or other attend
ants.
A system OF protection has been
worked out which makes the Stock
Clearing Corporations quarters veri-
table fortress. An arrangement has
been made with the Police Department
for the patrolling ~ certain streets by
an extra heavy guard OF policemen and
detectives at given hours when the
banks are transporting their securities
to and from the Stock Clearing Cor
poration. The path to be travelled by
the representatives of each bank with
their precious load will be strictly
marked out and all along the line. al
every corner and distributed at various
points along the blocks, policemen and
detectives will insure the banks against
attack upon these securities.
The New York herald., 1921-03-17
MONTANA POWER SHOWS GAIN
Earns s5.13 Share on Common
Compared with S3.43.

Tho income account OF the Montana
Power Company for 1920 shows a sur
plus after charges and Federal taxes of
s3,057.723. which is equivalent, after
deducting preferred dividends, to $5.13
share earned on the outstanding divi-
dend bearing common stock. This COM
pares with S2,167,o55, or s3.43 a share
earned in 1919.
Gross earnings were s7.Ss6,124, and
net, after expenses and Federal taxes
s5.054,3S7. Other income aggregated
SCI ,962, and interest and depreciation
charges $2,05S,626. After payment OF
dividends the surplus for the year was
s1.025,972 and total profit and loss sur
plus $42S3,4S5.
The New York herald., 1921-03-17
U. S. PROTESTS SPANISH LAW.
Foreign Companies Operating on
Peninsula Taxed Heavily.

WASHINGTON, March i6.--Diplomatic
representations requesting a modiiica-
ton OF the Spanish law Of last April
taxing foreign companies operating in
that country have been made to the
Spanish Government. the State Depart
ment announced to-day. Other coun-
tries have Joined with the United States
in the representations. IL was added.
The law, not yet In effect, provides
for taxation Of foreign companies and
banks having branches or agents in
Spain on a percentage basis OF the capi-
tai and profits OF the home companies,
without regard necessarily TO the
amount of capital employed or the
profits earned by the Spanish branch.
The New York herald., 1921-03-17
FINANCIAL NOTES.

Tho Lima Locomotive Works has applied
70 the New York Stock Exchange for per-
mission 70 list 50 200 900 of its per cent
cumulative preferred stock and 81, $50. 900 or
~ common stock.
The trustees OF tho New York Trust Com
pany have elected Hsrral s. Tenney, vice.
president of the Liberty Securities Corpora
ton, vicc-president Of the company.
scott Ferris has been appointed vice.
prcsidcn, and director OF tho Imperial oil
Corporation. lie represented the fifth Okla
homa district IN the national House from
thc adr-isslon of the state In 1907 until
March last.
Reynolds. Fish g. Co. members OF the New
York stock Exchange. have tabulated a
selection of bonds providing a monthly $50
income.
G. W. McNear & Co. arc offering SEQ, 900 of
Woodruff Monroe counties, Arkansas, road
Improvement district o per cent. bonds. ma
turing serially n 1891 10 1894. both inclusive,
on a per cent. basis.
Salomon Bros. Hutzler are offering New
York city short term notes, maturing on May
The New York herald., 1921-03-17
The Ideal Trustee

TIME IDEAL trustee would have, among other
qualities, the quality of permanence-a permanent
home character which does not alter with the
passing generations
Since its founding in 1880 the New York Life Insurance
and Trust Company has occupied the site on Wall
Street where the old United States Bank formerly stood
The cornerstone of the Bank is embedded in the wall Of
the present building. linking it with the past
Todays trustees Of the New York Life Insurance and
Trust Company in direct line Of descent from the
original board since the have always elected
their successors. Stockholders in this Company
have voice in the election Of Trustees and change OF
stock ownership cannot affect the management Of the
Company except by of the Trustees Continued
control of this gives unusual stability in the
administration Of Personal Trusts.
The New York herald., 1921-03-17
EARNS 90 PER CENT. A SHARE.
u. $. Distributing Corp. Elects Of
ficcrs at First Annual Meeting.

The United States Distributing Cor
poration reports net income Of $1,113.52S
in the last year. Earnings from opera
tions OF the parent organization were
$479,363, the balance being represented
by undivided profits OF subsidiary con-
Germs. the Sheridan-Wyoming Coal Com
pany and the Tongue River Trading
Company. Profits available for divi-
dends we're equal to 22 per cent. on out
standing shares OF the distributing cor
poration.
At the first annual meeting yesterday
in Richmond. Va, these directors were
elected: NJ. +. Burns. Henry }. Fuller
George u. Getz, Harvey u. Gibson, G.
NJ. r. Murphy, l.. =. Patterson, 1. 5
Peabody, Harry L. Peters. J. Ernest
Richards. l.. v. X. Thayer. Ralph Var
Vechten and w. c. Watt.
The New York herald., 1921-03-17
CoTToNsEED or
EARNINGS GO UP $4,000, 900.
Consolidation Coal Company sur-
pIu. Equals sII.sa O share.

The Consolidation Coal COMPANY n o.
report for 1890. issued yesterday. showed
n surplus after charges and Federal
taxes OF s4.s20.s4f. equivalent - sii
a share earned on the st0.2os.tts ~
capital stock outstanding. compared
with the surplus Of sa,00s.e7s. or s1.ff
a share In the previous year
Total earnings were So. 1856 $50 ~
1920 and s23.50T.55s IN 1919. OPERATING
expenses. however. Increased from ST..
557.s56 IN the previous year "a ssf.1Ni,.
o26 In 1920. and larger sums than ln
the previous year were written nff ~
depreciation and depletion. Dividend q
s2.4ii.si4 were paid and Tho profit Rrl
loss surplus now amounts 20 So. 6.1aA
The New York herald., 1921-03-17
LOFT DIRECTORS REELECTED.

The annual meeting OF the stock
holders OF Loft, Inc, was held yes
terday when its directors were re-
elected. George w. Loft. it's chairman.
in addressing the stockholders, said :
Tho profits OF 1920 would have been
larger than they were except for the
loss OF inventories. That explains why
profits were about S71S,922 In 1920
against about S1.145.000 In 1919. We
have marked down all our merchandise
on hand at cost or market whichever
is the lower The average price Of our
sugar in 1890 was about ~ cents We
also had some cocoa beans on hand"
The New York herald., 1921-03-17
BARNET LEATHER,s DEFICIT.

The report Of the Barnet Leather
Company for 1920 shows n deficit after
charges. taxes, depreciation and inven-
tory adjustments. OF s47226 and a
total deficit, after reserves and divi-
dends, OF s314.022. It's net sales were
ss,ses.77T. and cost. including depreci-
alton, S7.25e.74e. For administrative
and selling expenses and sales discounts
s775.06O was deducted and s61.e35 addi-
tlonal was charged for interest. Depre-
ciation OF inventories amounted to
s6h1oAa
The New York herald., 1921-03-17
SOITHEKN SPOIs

Galveston steady. - points lower a. Il CSC
sales, 40 bales. New Orleans steady. p
points higher az lie. sales. ,gs3 bales.
Mobile nominal. unchanged Rt f0lQc sales.
III .50c; sales oai bales Norfolk quiet. un-
changed at IL .aJc. sales. 423 bales. Au-
susta steady. Is points higher at i0ssc,
sales, "a bales. Memphis steady, unchanCc4
AZ III Cos: sslps. 1 $50 bales. Houston steady
unchanged AZ io.eoc. sales. 4.07s Lalcs l.it-
tla Rock quiet. unchanged az it.50c., aale4t
2sT bales. Dallas steady. 10 points higher
nj i0.T0c.: sales. 4.i37 bales. Monigomtry
firm. unchanged AZ io.@5c.. sales, 100 bales.
Fort Worth steady, points higher ~
10. 40c sales. /, ,33I bales.
The New York herald., 1921-03-17
STOCK FOR STANDARD MEN.
Each Employee OF Indiana Com
pany May BUy on Instnlmcnts.

CHICAGO, March i6. - Employees or
the Standard oil Company OF Indiana
will got opportunities to purchase ftock
or the corporation. according TO an
nouncement made to-day.
Under the plan, effective April !,
each employee may subscribe 70 an
amount OF stock equal 70 20 per cent.
OF his annual salary. provided he has
been employed by the company At least
a year. Payments viii be deducted
from employees pay
The New York herald., 1921-03-17
FOREIGN MARKETS.

LONDON, March 16.-Bar silver. 32 iad.
an ounce bar gold. 1865. IA. money, s
per cent discount rates. short bills I
per cent three months bills. 6k per
cent. gold premiums al Lisbon, ii0.
PARIS, March i6.--Prices we're stronger
on the Bourse to-day. Three per cont.
rcntes. 81 francs as confines. exchange
on London. 55 francs 53 centimes 9 per
cent. loan, SO francs % centimes tho
dollar, IA francs 21is centimes.
The New York herald., 1921-03-17
GERMANS FORM SHIP TRUST.
Companies Unite to Parcel Routes
and Buy Economically.

HAMBURG, March 16.-The Hamburg
American Steamship Company will pay
an annual dividend Of per cent. for
1919 and 1920.
In connection with the forthcoming
allotment Of indemnities voted to the
German shipping companies for confs-
Gated tonnage the Hamburg company
Will organize community Of interests.
~ proposes to effect economy In the
physical administration Of operations.
especially with reference to the pur-
chase OF coal and other commodities
and in avoiding duplication IN routings
OF vessels.
The New York herald., 1921-03-17
Cambria Iron Company.

The Cambria Iron Company. a leased
affiliation of the Cambria steel Com
pany. produced 1851. 3s9 tons or coal
from lts mines during 1890. Iron ore
shipped in that year from the mines
amounted 70 i.3s4.3so tons, against
77e.osS tons n 1919. The company *
The New York herald., 1921-03-17
AMERICAN ZINC REPORTS.

The annual report OF the American
Zinc, Lead and Smelling Company for
1890 shows an operating loss Of $4,000
and a deficit, after charges and pre-
ferrcd dividends, Of SGif,01i against
ali operating loss of Si9,226 IN 1919,
although tho profit realized IN that year
from the sale Of certain properties
brought its net income 70 s432.037. o.
$3.50 share on Its outstanding pre-
ferred stock.
The New York herald., 1921-03-17

The Guaranty Trust Company OF New
York has been appointed trustee under the
Humble OIL and Refining Companys IN
denture, dated March 10. 1921, and secur-
ing an authorized Issue OF 1000 900 par
and Arkansas Railway Companys equipment
trust agreement. dated February !. 1921.
and securing an authorized issue OF its {
per cent. equipment notes.
The New York herald., 1921-03-17
SUGAR.

The sugar markets were unchanged 4
yesterday. The only Rnnounoement
forthcoming from the Cuban commit =
on sugar sales was ths statement fhat
since March 10 sales included s11 tors
Of Cubas ~ tobacco trade buyers. 1890
tons 70 the United states and 1850
tons 20 Europe for cents Z. 4 4 iQF
the United States and ass cents Z 3. H
FOR foreign account. all March sArf
shipment. u was reported that sone uf
that business was done as recently aa
yesterday, and u was not ~ All uncer.
tain that sugars could not stili bo bought
from the committee for 5 cents E. 8 4
Refined sugar was firm NJ cents and
general conditions unchanged.
Tho range OF prices In yesterday RI
lures market follows:
The New York herald., 1921-03-17
CUSTOM HOUSE RECEIPTS.

Receipts for duties AZ the Custom
House yesterday were SS30.6fS.S0, o.
which s229,6SS.fo was for merchandise
withdrawn from bonded warehouses
and $500, 960.3i Tor recent importations
The New York herald., 1921-03-17

I. E. Clnos 4 Co.. members OF tho New
York Curb Market Association, haye opened
an cffice I'm Al Broadway for the transaction
OF a commission business In the curb for
Stock Exchange houses.
The New York herald., 1921-03-17
ST. pauI's Loadings Decrease.

A further decrease in loadings for the
week ended on March IL Is recorded by
railroads or the Northwest The total
revenue loadings Tor the week, including
receipts from connections. were 26.T09
cars In contrast to 36,359 In the corre-
spending week a year ago. Local load
ings have decreased much less than have
receipts from connections, which were,
last week, 5,436 cars, a decrease OF
4.f54. and in this year, to date, 53.3s7.
n decrease OF 45.3S3 cars.
NEED moro capital for your businese7 want
10 invest where your services are required7
Need pnrtner7 There are real opportunities
10 be Rad from The Herald BUSINESS Cppor-
rinitiss. see Want Ad. pase.TAdp
The New York herald., 1921-03-17

Sherwood Merrfleid have prepared a list
of tax FREQ municipal bonds, selling on q
basis 10 yield $50 70 per cent. income,
which VIII be mailed 10 those interested on
request. In addition to the names OF the
bonds. tho circular gives tho interest rates.
maturity dates and yield In each case.
The New York herald., 1921-03-17

Thomas NJ. Mckee & Co. have opened a
bond and investment department under the
management OF II. S. Mckee Cd. Charles
Z. Clapp. Jr.. formerly with Hemphill, Noyes
4 Co., Is with that department.
The New York herald., 1921-03-17
IIyERPOOI..

middiing, T.fId. Sales. 1000 bales Amcri-
cam 1900 bales. Imports. 10000 bale. al
American. Futures opened quiet a. q
ponts advance: closed steady. unchangcl 70
/. points higher. March. 7.sod. MAJ. TGn.
Iuly. 7.I4d.; October, Tsad.; January, : .9ad.
Manchester-Narns dull and irregular. cloths
uuicf
The New York herald., 1921-03-17
PENNsYLvASrA OIL MARKET.

or CITY. Pa, March i6.--Crcdit
balances SO. Runs. to,542 barrels aver
age. 6si15, shipments 29,57s average,
3o,s2O. p
The New York herald., 1921-03-17
NEW ORLEANS.

NEW ORLEANS, March i6-The cotton
market closed steady to-day al net advances
Of 10 points.
Closing: March. ii.17. May. II .fa. July
II SO; October f2.32 December. 1880.
The New York herald., 1921-03-17

The statement OF the Imperial Bank oi
Germany for the period ended on March Z
published In THE NEw YoRK HERALD o
reported an increase in other Liabilities" OF
5000. 3s5 600 marks. II should have beer
500, ,3S5, 900.
The New York herald., 1921-03-17

pended in 1920 for new property
$40 2sS.525. Of which s5,sas,37o was for
coke plants.
The New York herald., 1921-03-17

]. r. Morgan & Co. are prepared TO deliver
Rell Telephone Company OF Pennsylvania
twenty-five year first and refunding mort
series A. In exchange for their trust re-
ceipts on presentation OF the latter at their
office.
The New York herald., 1921-03-17

Hallgarten & Co., In a folder Just pub
lished, state that Federal Land Bank Farm
Loan bonds have as complete exemption
from taxation 10 Individual owners as do
first Liberty 4hs.
The New York herald., 1921-03-17

IS, 1921. TO December IL, 1921. both inclusive.
for price TO yield $50 per cent. As they
are exempt from Federal and New York
State income tax, the yield is comparable
return OF about 6h TO 20 per cent on
taxable securities, depending on the amount
Sf the holders annual income.
The New York herald., 1921-03-17

Salomon Bros a Hutxler are offering New
York city short term notes, maturing on May
Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1921-06-07
East Side
june 22.SET
FOR PICNIC
Hon. G.. G. Mcc arthy Of
Grand Rapids Secured as
Speaker oftlIe Day.

j.. G.. Sherlock. president Of the
Commercial club Of East Grand Forks,
announced this morning that June %
had been set as .thA;sdate for the fifth
annual sGoninl1nitYiS picnic to be held
under thajoint auapices Of the East
Grand Forks Commercfal club, the
Mallory club, ByEiand, Fisher, Key
West and Grand MArais.
It was also announced that the
speaker Of the day will be Hon. c. c.
Mccarthy of Grand Rapids, Mimi,
who has served as nat from his
district in h state Legislature. during
several sessions. a,Sen.--M Mccarthy is
Well known as a public speaker and it
is conceded that he Is one OF the
ablest orators in Minnesota and those
n charge were highly Eratifed to be
able to secure him for this occasion.
The picnic Will be held in the Ryan
grove near this city on the D. NJ.
Hunt homestead. A program Of sports
and amusements is being arranged
and Geo. Downham and d. j. Nc.
Donald are members of the commit
tee to provide suitable prizes for the
sports events. D. J.. Mcdonald will
also be on hand. with, his trained
horses and dog show, which never
fails to please the spectators.
Those in charge announced this
morning that. weather permitting, the
picnic this, year will be the largest
and. most elaborate Of any held in the
Red River valley. -
In connection with the picnic there
will be a big dance in the evening in
the former Commercial club rooms:!