davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1921-11-03
Rise i'm Bonds
Is Feature OF
Broad Market
Stocks of Secondary Inter-
est to Financial District;
Dealings Form One of
Longest Lists in Years

Tho chief development of interest,
and one Of undouhted significance as
rejecting The response Of fixed-interest
bearing securities to the fall in inter-
est rates, in the Wall Street markets
yesterday was not to be found in
stocks, but rather in the broad and
vigorous upward movement In the
prices of prime investment issues.
Under the impulse of an extraordinary
demand the bond list at the Stock Ex-
change which has been gradually ex-
panding in recent weeks, became the
longest in years, in fact, veteran OBJ
servers said they could not recall a
! time when the number of different bond
issues traded in was so large. At the
same time prices were lifted upward
and more than a score of bonds touched
new high prices for the year. The
average price Of ten representative
railroad bonds touched 96.95, an ad-
vance Of nearly half point, and a new
high record.
In the stock market there was good
deal of early uncertainty in the price
movements, but under the leadership
OF the oil shares which advanced on
the announcement OF fresh advance in
the price of crude oil, the pennsyl-
vania grade of petroleum moving up
so cents to S4 barrel, the general list
rallied and most stocks closed with
net gains. Trading proceeded at
fairly active pace. A development that
helped sentiment as the session
progressed was the easing tendency
noted in call money. At the Stock Ex-
change the rate dropped to 4la per
cent, while in the outside market
brokers covered their requirements at
4 per cent.
Rumors that reduction in the re-
discount rate of the Federal Reserve
Bank of New York would be made later
IN the day we're realized after the
close, when the local institution an
nounced cut from to Az per cent.
As q matter Of fact, this action had
the day by some Of the other Reserve
institutions. 1t is one more step in
the direction of the restoration of
normalcy in the money market. The
local bank inaugurated its policy Of
lowering it's rate late May. when it
cut from 7 ito ca. Since then four
reductions. including that made yes
terday, have been voted, and the rate
is now back at the level it stood in
the late fall of December, 1917, long
before the greatest period of infla-
ton had arrived The fact that nine
out Of the twelve Federal Reserve
banks made reductions IN their rates
yesterday may be accepted as reflect
ing the judgment Of the highest bank
ing authorities in the country that
our credit domestic troubles are be-
hind us.
The commodity markets were q bit
irregular and cotton prices closed
higher, while wheat was slightly lower
at the end Of the day. In the foreign
exchange market the fresh fall in
German marks to new low record
OF one-half a cent was the principal
incident of interest. although sterling
moved up to 1ss cents.
New-York tribune., 1921-11-03
Outlook for Copper

Indications that the large surplus
stocks of copper which have depressed
prices for more than a year are grad-
ually being absorbed were seen in the
announcement yesterday that sales of
the metal for October approximated
i40,oOo,oo0 pounds, virtually the same
amount as in July and August com
bined. Reports from the mining dis
tricts indicate that preparations are
under way to resume activities in this
direction. Resumption of production
will have to be gradual, it is said, and
those familiar with the situation in
sst shat there is every prospect Of a
shortage before spring, when the
larger producers again enter the field.
New-York tribune., 1921-11-03
In Wall Street
Market unraeponsiye

Unsettlement which has hung over
the financial community since late last
week was again in evidence yesterday:
This was no more clearly demonstrated
than when the market failed to respond
to several factors which ordinarily
would be regarded as constructive.
There was only faint strengthening
Of quotations in the oil group on the
announcement Of another advance in
crude oil prices. Profit taking quickly
upset the small rise, and the Irregular
ity Of Mexican Petroleum was n con-
tributing factor. A decline Of l per
cent in call loan rates, after the re-
newal rate had been set at 5la per
cent, failed to improve sentiment.
Whether the Federal Reserve Banks 5
reduction in rediscount rates will help
under the circumstances will be tested
TODAY.
New-York tribune., 1921-11-03
Municipal Financing

Bonds issued by American munich
palities this year will exceed $1,000
100000, new record for this class OF
securities. The total for the first ten
months of the year, according to "The
Bond Buyer" was S946,50A,86S, of
which more than S108,O00,000 were
disposed of last month. This figure
wa exceeded only by that of the same
month two years ago, when more than
$117,000.000 municipals were sold.
Constantly rising prices were one of the
features Of the month, while another
was wa the amount Of state issues sold.
month. All this is further evidence Of
the fact that tho market for tax ex-
empt securities, which have aroused
considerable criticism in many quar-
ters, has not reached the saturation
point.
New-York tribune., 1921-11-03
United Fruit Shorts Run In

An advance of points in United
Fruit was explained by the fact that
traders who had been short Of this
stock were covering their commitments.
Those who took part in several at
tempts to depress these shares below
par several months ago came into the
market yesterday and took severe
loss when the price was run up to ii9.
represented net advance of an points
for the day. The only satisfaction this
group gets from the sally against
United Fruit is the fact that they can
charge up their loss in figuring their
income taxes for the year. Yesterdays
upturn in Fruit reminded many of the
recent sharp rise on covering in
neighborhood stock-United Drug.
New-York tribune., 1921-11-03
Switching in Stocks

The fact that Erie common is selling
not far out of line with the second
preferred has been seized upon by one
commission house TO suggest to its
customers holding Erie that they
switch to the preferred issue. which is
regarded as intrinsically sounder, al
though prospects for dividends in both
are small. Other exchanges suggested
are Third Avenue common into the
roads adjustment income bonds and
American Tobacco common into scrip,
which is selling fifteen points below
the common, into which it Is converti-
BILE, on March [, 1929.
New-York tribune., 1921-11-03
Lehigh and Wilkes-Barre Coal Sale

The time within which proposals for
the Central Railroad of New Jerseys
holdings in the stock of the Lehigh
and Wilkes-Barre Coal Company will
be received has been extended until
November Is. After meeting of the
Jersey Central board yesterday it was
announced that for all proposals. to be
Reading dissolution decree the COM
mittee receiving the proposals has
given notice that they must be on the
basis Of not less than 20 per cent,
payable within eleven months from the
date of acceptance.
New-York tribune., 1921-11-03
Canadian Financing

Investment bankers were inclined
yesterday to look upon the reports
from Canada that the Dominion will
Of the year with $500, 100000 loan as
an exaggeration. The opinion, how
ever, seemed to be general that the
Dominion would seek to arrange a
loan of $50,000,00 to $100,000,000, pro-
vided satisfactory terms could be OBJ
tanned. Bankers thought per cent
coupon rate would probably prove &C
ceptable to the Dominion Treasury au-
thorities. No negotiations are likely
to be undertaken until after the Cana
dian elections have been held.
New-York tribune., 1921-11-03
Recovery in Crude Oil

Another advance in Eastern crude
oil prices yesterday, the fifth in the
last thirty days, carried Pennsylvania
crude to 81 barrel, only $40 below
the peak established last year and
virtually double the low level reached
this year. The jump Of so cents on
this grade came as surprise to the
trade. which had looked for rise Of
only rs cents. The action evoked only
casual comment in financial circles.
however, and traders who had profited
on the recent rise in oil shares were
more disposed to take profits, on the
theory that there would be increased
public demand and they could get out
without depressing prices by selling.
New-York tribune., 1921-11-03
The Armissice Day Holiday

Despite the action Of Congress in
voting to make Armistice Day this year
a national holiday, it was the opinion
Of the bank officials in Wall Street
yesterday that both national and state
banking institutions would have Co
keep open for business as usual. Ac-
cording to bank officers, the only way
the holiday could be made legal in this
state would be through action by the
state Legislature. However, Wall Street
is likely to be more or less quiet on
November IL, for the New York Stock
Exchange will probably close its doors
and other exchanges will doubtless
follow suit.
New-York tribune., 1921-11-03
Anaconda-American Brass

1t was said yesterday that consider
able progress has been made in the
negotiations looking to the purchase of
large block of stock of the America n
Brass Company by interests affiliated
with the Anaconda Copper Mining
Company. 1t is believed that formal
statement of the acquisition may be
made before the end of the month.
New-York tribune., 1921-11-03
New York Metal Market

On the New York Metal Exchange
tin was weak, with Straits quoted at
27.25M2S.50c; Straits shipments, 27.25
@28.57 1ac; standard, 27.25028c, and
50 per cent at 28c asked. Copper,
quiet; standard spot, November and
December, 12.37hc asked, and cleo
1sc. Lead. quiet; New York spot,
4.75c asked, and East St. Louis spot.
A.45c asked. Zinc steady, New York
spot, 4.o0c. and East ST. Inuis spot,
A.5504.66cs
New-York tribune., 1921-11-03
New Casualty Bureau Head

Jesse M. Phillips, who has been su'
perintendent of the New York Stats
Insurance Department for the last SD
years, has resigned to become manager
of the National Casualty and Surety
Bureau. This bureau is composed o.
all of the principal casualty Insurance.
companies in the country and its pur'
pose is to act for casualty insurance
and stock casualty companies In al
matters affecting the public.
New-York tribune., 1921-11-03
No s. q. of California Financing

"Our company is not considering nor
does it contemplate any new financing"
X. R. Kingsbury, president of Standard
Oil OF California, wired to Wall Street
yesterday in response to suggestions
that S15,OOo, 900 long-term bonds would
be Issued in the not distant future.
New-York tribune., 1921-11-03
The Dollar i'm Foreign Exchange

Foreign exchange rates recovered
most of Tuesdays losses yesterday
when demand reasserted itself after
early easiness. German marks fell be-
low the half-cent level, new record
low, but recovered before the close and
were unchanged at the end of the day
at 052 of cent. Gable rates on Lon
don worked UP LIS cents at S3.93h.
New-York tribune., 1921-11-03
Bid and Asked

Following are the closing bid and
asked quotations OF stocks listed on the
Stock Exchange in which there were
no transactions Yesterday:
New-York tribune., 1921-11-03
Paris Market Firm

PARIS, Nov. 2.-Prices were firm Or
the Bourse to-day. Three per cens
rentes, 81 francs 20 centimes; exchange
on London, So francs 45 centimes;
per cent loan, 80 france 20 centimesi
the dollar was quoted at 13 francs os1s
centimes
New-York tribune., 1921-11-03

Bank CleaTings-Bank clearings at
New York yesterday were: Exchanges,
1925, 600; balances, $S6,3o0,0o
Silver-London, A0Md; New York,
domestic bar, 99Ac; foreign, 70Ac;
Mexican dollars, 54isc.
New-York tribune., 1921-11-03
Money and Credit

Call loans renewed at 51a per cent
yesterday, but the rate dropped to 11a
in the afternoon when offerings of
funds became more abundant. In the
outside market the rate dropped to d
per cent.
Some time money was placed for q
ninety-day period at 5A per cent.
These loans were secured by industrial
Tncfar. Yenr
New-York tribune., 1921-11-03

A. a. Nhan A. Co.. OF New York and
Philadelphia. announce the admission 70
the Arm. a. . general partner. Of A.
Mitchell Hail "a.
New-York tribune., 1921-11-03

Joseph p. Day and b. r. Tomlinsoa ,r.
have been elected directors os the Bowling
Green Eeighboghood Association.
New-York tribune., 1921-11-03
London Market Inactive

LONDON, Nov. 2.-Trading was mac
tive on the Stock Exchange. Bar gold
was quoted at 104s l0d; money was
loaned at 2A per cent Discount rates
we're: Short bills, Sss per cent; three
month bills, 9 1916 per cent.
Closing quotations on stock were:
New-York tribune., 1921-11-03

Gables s2s7A aaso $500
BRAZIL (par S2.45 cents paper nlilreis)
Demand ......l3.o0 1900 1850
pGRu EfG5es tpar s4ss ';aa1 pound, A''-- -'1'
Checks ........ S.Ss S.3s 4So
ECUADOR (par 4S 60 cents sucre)
Checks ....... IS 80 $3.50
CHILE (par ss5 cents peso)
Checks ........l1.50 11.37lS 14S7H
URUGUAY (par l0342 cents peso)
Checks ...... 66.621s 66.621s so62h
VENEZUELA (par 1913 cents bolivar}
Checks .......16.67 1857
Canadian Exchange-New York funds in
Montreal sA per cent premium; Montreal
funds In New York, x per cent discount.
New-York tribune., 1921-11-03
Transactions Yesterday i'm Listed Stocks


(Copyright York Tribune Inc.)
Sfurkn
New-York tribune., 1921-11-03
Monthly Railroad Earnings

Comparison Is made with correspondents
month, 1920
The Washington herald., 1921-03-07
CANADIAN TRADE
REACTION SLOW
Limited Price Initiation Fairly
Steadies Business Per
Capita.

WINNIPEG, Man, March e.-Trade
reaction seems to have hit a faster
pace in the United States and Can
ada, according to statistics compiled
by industrial experts who point out.
however. that imitation was less in
Canada, prices not having touched
the peak to which they were car
ried in the United States. As a con-
sequence. business per capita has
remained fairly steady.
These figures show that during
most Of 1920. a year OF falling bus
iness, Canada was doing more than
twice the foreign trade per capita
carried on by the United States.
The comparisons are based on ng-
ures for the first ten months period
of 1920. The United States imported
$685.. .2s3.000 worth of goods. COM
pared with s3.ees.s14.0Oo the pre-
vious year. 1t exported s6.sS2. .s25,-
900 worth. compared with $685.
000. 900. In the same period of 1890
Canada's exports were s992.S74.664
and imports sl.152.367.o zoe. Allow
ing 10000, 900 as the population of
the United States and s,500,0OO for
Canada. this works out per capita
as follows:
The Washington herald., 1921-03-07
SHARP CONTRASTS
Still EVIDENT In
BUSINESS OUTLOOK
Conditions Slightly More
Encouraging in Many
Respects.
SITUATIONS VARY
Uniformity of Improvement
Hoped for With Advent of
New Year Lacking.

The general business situation.
although more encouraging in some
respects, is still characterized by
sharp irregularities and contrasts.
according to r. G. Dun & Co. IN
their current review. Conditions In
different branches OF the same
trades often vary considerably, and
there is lacking that uniformity OF
Improvement which IL was hoped
would come with the advance Of the
new year. The great iron and steel
industry, upon which SO much de-
pends. continues in a state Of transi-
tion, with falling prices and output.
and some other important lines are
also being adjusted to a new basis
of production and prices Against
these tendencies. however. are evil
dences of a gradual revival Of re-
tail distribution at reduced prices,
mainly in sections OF the East and
West, of renewed interest in wool
ems and silks in primary channels.
and of fair activity in certain
leather specialties. With reports ~
uneven that a broad generalization
is dificult. IL IL nevertheless clear
that commitments everywhere are
marked by caution and seldom ex-
tend very far into the future. While
the near approach Of spring, after
q winter of exceptional mildness,
is causing a more hopeful sentiment.
in various quarters, there is yet no
disposition among either buyers or
sellers TO act other than conservs-
lively and within the limits Of pre-.
dence. where months OF restricted
purchasing at first hands has re-
suited in depletion OF retailers
stocks Of merchandise. replenishing
orders develop with some frequency.
but are chiefly for small lots and
to cover well defined requirements
Through the changed commercial
conditions. with commodity prices
more than 30 per cent under the
highest level. demands upon markets
have been lessened, and strength,
ening of bank reserves. IL checked
on occasions by special operations.
reflects the progress made in loan
Liquidation. Even after forty-thrce
consecutive weeks during which de-
clines in quotations have FREEDOM
mated. no indication yet appears that
the price readjustment, as q whole,
has been completed.
The Washington herald., 1921-03-07
RAGE HOLDINGS or MEATS AND DAIRY PRODUCTS.

in the middle Atlantic States, which
includes the port of New York.
Cold storage holdings of beef
products amounted to only 143,o00,-
900 pounds this year compared with
ss,0o0.000 pounds a year ago and
with 325,000.000 pounds on Febru-
ary /, 1919. The latter figure repre-
sents almost the record holdings of
beef in this country. Present hold
iLgs are approximately the same as
same as on January l of this year.
Storage holdings Of pork products.
including lard, total 735,000, 900
pounds which is about 16 per cent
less than that on the corresponding
date in 1890. The record cold stor-
age holdings of pork products were
those on July 1, 1920. when the total
amounted to 1,176,000,000 pounds.
Frozen pork was the only pork
product which showed an increase
this year compared with last. The
holdings in this commodity amount
ed to 1is.000.000 pounds compared
with 100000 pounds last year.
Stocks of frozen poultry were
smaller than usual. The total hold
ings were S1,0o0.000 pounds. or H.
000,0 900 pounds under last years
stock and $4,000 pounds less than
the quantity held in 1919. Holdings
of case eggs amounted to only 49,
600 cases. OF 1861, 900 pounds, which
is the lowest amount ever recorded
in storage at this time of the year.
Crozen eggs on the other hand were
extremely large, showing an in
crease of 81 per cent compared with
a year ago., Stocks of butter we're
IL per cent larger than last year,
while total cheese holdings showed
a decrease of nearly IS per cent.
Stocks of American cheese amounted
to 25,000.0o0 pounds compared with
43. 500. 900 pounds a year ago. Most
other varieties showed a slight in
crease over last year.
The Washington herald., 1921-03-07
COMPREHENSIVE OUTLOOK
OF INDUSTRY DIFFICULT
Constant Reference to Fundamental Principles
In Various Occupations Necessary.

responding reductions in the price
of the product to consumers, most
of whom are wage-earners.
N. Y. Printers Are Example.
The printers of New York City
wanted more wages last fall. and a
committee of well-intentioned gen
tlemen selected to arbitrate the
case, awarded IL to them by some
process of reasoning which left the
state of the printing business. and
the equilibrium between the print
ing business and the general busi-
ness situation entirly out of the
account. The result was that the
wage increase, by increasing the
cost Of printing at q time when the
public had less money to spend for
printing, aggravated the situation.
and resulted in a reduction of the
actual wage payments
That illustrates the whole sItua-
ton. 1t is short-sighted to be al
ways thinking that wages are fx-
ed by simply an agreement be-
tween employer and employe, and
that the employer either can pay II
out Of his own pocket or pass Il
on to the consumer. There is a
relationship between each isdustry
and all the other industries which
must be taken into the account.
The Washington herald., 1921-03-07
Spain's Lumber Needs
Total Enormous Amount

Spain, under normal conditions
requires about 100000. 900 board feet
annually. to supply its needs for
lumber and forest products. accord
ing to American Trade Commission
er Nelson C. Brown in a special re-
port on the market just published
by the Bureau Of Foreign and Do
nestle Commerce of the Department
of Commerce.
Limited native production necessi-
tates large imports OF the import
ed supply amounting to about a4s.-
100000 board feet IN 1913. the coun-
tries bordering on the Baltic furn-
ished about half. The United
States supplied about 100000 feet.
most of which was Southern yellow
pine, and the remainder largely red
gum and white OAK.
The Washington herald., 1921-03-07
Surrey Canadian
Mineral Lands

VANCOUVER. March 6.-The most
important mining development in
British Columbia in the new year
was contained in the announcement
by HrI. william Sloan today that
the Canadian Pacific will immedi-
ately begin through survey of g.
100000 acres of mineral bearing
lands which IT owns on Vancouver
Island. The work will be carried
out under direction of the manage
ment of the Trail Smelter which is
owned by the Canadian Pacific
Railroad.
In the view OF the minister of
mines this examination will be
forerunner of the establishment of
smelter by Canadian Pacific Rail
road on Vancouver island. Copper
end coal discoveries are expected to
be developed through work to be
done this year. The survey will oc-
cupy a big staff through several
seasons. The Canadian Pacific Rail-
road took over the lands years ago
from e. and n. Railways. owned by
Dunsmuirs, who originally got title
from Federal government by way of
subsidy for the building of the
railway
The Washington herald., 1921-03-07

is, therefore, preferable to imitation
incurred as a result of trade stag
nation and unemployment doles.
Internationsl Gever,nest Debts.
There is also the question of our
own foreign debt and the debts that
are owing to us by other foreign
nations, and here the diflculty
arises that, whereas the money we
owe abroad-and IL Is a very large
SUMS for the most part payable
on demand, that which, is owing to
US depends for payment upon the
return of those who are our debtors
to a sound financial position, and
this will take time. II may be that
as a matter 81 business only II
would pay us to make concessions
in respect OF debts owing to US by
allied governments. provided we do
not thereby prejudice. our own abiI-
ity to pay. We might, for instance,
consider the possibility of a part
cancellation of those sums lent to
our allies for the purpose Of pur-
chasing munitions in this country,
while retaining their liability for
those sums which in effect repre-
sent money lent to them by the
United States through ourselves.
Such a policy must, of course. de-
pend upon any new agreement that
may be made with regard to our
debts to our allies. but II an ordi-
nary business man finds 1t to his
advantage to forgive some portion of
what Is due to him, in order that
his debtor may be put on his busi-
ness legs again, we, as a nation.
might md 1t wise to do the same
with regard to the debts of our al
lies. The better exchange condi-
tions which should follow might
enable a great deal Of what Is al
ready owing to us on trade trans
actions to be paid. and this would