davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1921-06-02
Lamont Returns
Optimistic Over
Europe's Outlook
Conditions Distinctly ON the
Mend, He Says, Discuss
ing Recovery; Steady Pro-
gress Made, He Asserts

Conditions in Europe are distinctly
on the mend, Thomas VI. Lamont, Of
J. P. Morgan & Co.. declared yesterday
on his return to New York from six
weeks stay in England, France and
Belgium.
According to the banker, the fact
that the United States is now repre-
sented in the counSels Of the Allies, in
their measures to establish nN''o' - ~ 9
peace and tranquility, has been heart
enng 70 ali kuIepe &tu ls a u4-v4-4eC
factor o. hppe in the situation.
While in France Mr. Lamont repre-
sented the American banking group IN
the negotiations for the $10o,000,000
French government loan now being
foated in this market. His stay on the
other side brought him in contact with
political and financial leaders, and the
banker brought back an optimistic view
Of the situation.
'In England" said the banker, "the
coal strike has been heavy burden to
bear, but the attitude OF the people
has been patient and calm, and the
r,.'rse of TIE government admirable.
When I sailed there was every expecta-
ton that an early settlement OF the
strike would be arrived at.
ION the Continent steady PROCESS in
industry and agriculture was under
way. France, Italy and Belgium have
all made great strides in this last year.
AS to political conditions much has
been said from time to tin'e IS to
frances uncompromising attitude on
the subject of reparatlons, eec., out
want to say that the members Of her
government and men of affairs gener--
ally impressed ne as moderate and
reasonable in their views. look TO
see such difficult situations as still
exist fall into gradual adjustment"
New-York tribune., 1921-06-02
Has Chance to Lose Some Money

Qucston--Be,ne a frequent reader OF
YcQr column. ] take this liberty OF writing
70 inquire what informal ton you can give
me regarding the stock of Hydro mite
Tire Company, OF PottStown, Pa. This
corporation il now soliciting stockholders -
OF the National Rubber Company. the
bonds and plant ot which the new corr
psny il the owner, 20 surrender their old
stock snd. take stock IN the new company
on the basis OF "a a share IN cash and 81
share payable In stock OF the OLD COM
rsny. 1'he Representatives. OF the COM
pany claim MA. the business is growing
rapidly snd substantial surplus as being
accumulated aud that the book value Of
the stock at the present time is approx
rnately STA CT Sis sAafe.-T. Il. X.
Answer-There appears to pc poor
market Ter National Rubber PENN
stock. We are Informed that it was
recently offered at So to $3.50. bids
ranging fronl So to S2.75 share. If
those are true quotations the exchange
you mention would put you in the
position Of making gift Of your old
stock TO the rev company, with from
so cents to So share cash to boot.
II, as you say. the representatives OF
the National Rubber Company say the
business OF the company is growing
rapidly, make them show you All earn
iRgs statement and s copy of the bal
ance sheet which gives the stock a
book value Of $l4 to SIS share. Such
estimates, unless they are backed up
by facts and figures signed by the
company, are plain hot air, in our opin-
ion, and it is always wise to be skep~
tical about them. Never buy a stock,
or so into an exchange proposition like
this, without having some notion what
the market values Of the securities are.
New-York tribune., 1921-06-02
Seeks to Invest ia Canada

c2Qsstisn---I have about $1,000 on deposit
iayest IN IN &C a Canadian ada Security. viii You
kindly name several stocks OF boads that
are reasonably safe ana that yield about
per cent? I shall continue to keep q
bank account In Canada, SO there is no
objection to receiving interest or dividends
In Canadian funds. Eow do you rate. IS
an investment, Chinese government tHr-
Kuang Railway 5s OF 1911. now selling 81
about 80? Where and how is the interear
payable? What is back Of these bonds?
4 AS, now selling at about 90 Is theru
more than one issue Of these boz as?
So what Is the Ws ana %heTe as NE
New York State Railways? c. Z. c.
Answer--We consider the Canadian
governments securities, both interna!
and external, as being among the best
Of Canadian investments. The Cana
dian Northern per cent debentures
guaranteed by the Canadian govern
inent, due 1910, rank at least equal tc
them. They 60 not. however, yield s
per cent. The Hu-kuang Railway IS
Of 1911, issued by the Chinese govern
lment, were recently selling at 45. In
terest is payable in New York at tbs
rate of exchange Of the day IN London
The tact that sterling is at a discount
in part accounts for the low price il
Ar, erican dollars. The New York State
Railways are electric urban and inter.
u1-7an lines operating in Rochester ana
neignboring New York cities. There
is ouly ore issue Of the bonds We
think that The public utility situation
Is on the mend, but that these bonds
should be rated as business mans
inves stment. The New York State Raii
ways are controlled in stock owIer
ship b. the New YORK Central Railroad
/ Company.
New-York tribune., 1921-06-02
n. \. Reserve Bank
10 Carry Bonds
AT Market Value
Government Securities To
BE Marked Down From
Par on Loans to Member
Banks; More May Follow

Tha Federal Reserve Bank OF New
erk. acting on instructions from the
federal Reserve Bosrd. announced yea
eerday that. beginning July i, all nd
Nsnces to member banks secured bv
Liberty bonds or Victory notes and
fe6iscounts of customers notes secured
IA tsis manner win be limited to the
approximate value of the securities
used as collateral.
@ to a few months ago such gov
ernment obligations when pledged at
the Reserve Bank by member institu-
Ions aSsanst advances have been car
rleu IN the loan account st par. Re-
easl'iy where such loans have matured
0ehsNSiS have been made on basis
o. TIE market valuation Of the bonds.
On July l the latter basis will OBJ
cam IN the case of all such advances
to member banks.
10 IS expected that Federal Reserve
naat-s IN other districts will take sini-
l@r aeuon. The change in policy will
MAKE quite a difference TO member
van borrowers against government
"oi'Gauons, lnasmuch as in some cases
there exists spread of 10 to Ia
points between the present market
vaiue aud par value Of the different
An unofficial explanation of the ac-
sion OF the local Reserve bank yester-
gay indicated that the step had benn
saken TO put transactions of this par
ness basis. "'
/, A letter sent out yesterday to rnsn,
Der banks announcing the chsne.a -, -,
policy said: III
beginning July i, 1921, advances
net exceeding fifteen dovs Ia ,,a,,kas
@ u@aAs on their promissory nctes Sc
curad by Liberty bonds or Virtorv
hoCes and rediscounts o. custop,ars'
poteS, SO secured, for periods not er-
ceeclhg ninety days, will be Enifna
70 eae approximate market value Of the
securities. Member banks will please
oe governed accordingly, with respect
~. renewals OF m&turing notes and new
GolHel1ngs based OH Liberty bonds or
siceory notss, as our practice of accept
ing such securities st their par value as
collateral to advances aud rediscounts
VIII be discontinued at the end OF this
month. United States Treasury GER
tihcetes Of Indebtedness will be ac-
eepted ct par as heretofore. The pres
ent method Of applying for such sd-
Vances and rediscounts will not be
changed"
Most Of the United States govern
ment war bonds exhibited weakness
N Yesterdays market at the Stock e.
change, the first Liberty loan 3hs
breaking TO $500, new low record,
which, compared with close of $3.50
on Tuesday The second AVS dropped
from STOP to S6,92 and the forth ia $
from 6I.1G to 1886. The Victory 4% s
we're higher, advancing from 9s.06 TO
1916. The first sac have been under
pressure for several weeks, one OF the
factors contributing to their weakness
being the prospect OF a lowering OF
Federal surtaXes, which would have the
effect of lessening The demand for all
taXexempt securities.
New-York tribune., 1921-06-02
Increased Surplus
By American Power
And Light in 1920
Net Earnings of s2,346, 900
in Year, Annual Report
Shows; Most of Assets
in Several Subsidiaries

The American Light and Power Com
pany at the end OF 1920 had S13,512,0o0
notes and loans payable, and against
his sl2,817.000 current assets. Of
:Asse current assets sl2,532, 600 were
adTancss TO subsidies and only s174,ooO
vas cash.
The gross earnings Of the company
were sS,o4000 and net earnings were
sl.S46,o0O. Interest and discount called
for sl,S79,00O. The balance of surplus
of the subsidiary companies accruing
TO the American Power and Light Com
pany was S498 900, making total net
income available for dividends of ST.
i5S,OoO, from which s223, 900 was paid
as preferred dividends. and S348. 000
vas paid in common dividends. These
we're approximately the same dividend
payments as were made in 1919, but the
surplus in 1920 was 1887, 900, as COM
pared with s211.000 in 1919.
The American Power and Light con-
,rols the Kansas Gas and Electric. the
Pacific Power and Light, the Portland
vas and Coke. the Nebraska Power
company aud the Southwestern Power
and Light Company. These subsidiaries
dominate other com panies, and the
Faole system combined serves 1893
communities, with electric power and
Eght, thirty-one with artificial gas, five
Win natural gas, six with water serv-
I've, three with street railways, five
VITA interurbsn railways and two with
ge' Or the total $4,000 horsepower
ee'eioped in the aggregate At per cent
used for commercial power and 53
gsf cent for lighting and other pur-
The combined gross earnings of
subsidiaries was $21,715,000 in 1920,
compared with $500, 900 in 1919, an
Increase Of SO per cent. Net in 1920
cent.
Inc company's annual report is espe-
aasly helpful to security holders and
prospective investors in that it con-
y ans net only complete statement for
Ms holding company, but also income
%ee9nss rsG 'aiance sheets for the
'1s'sls~~ ~ompanies.
New-York tribune., 1921-06-02

the rate Of Interest it pays, and the re-
snlt wiu be the ann@ay return. II the
bond as selling jeioao par VoN musS
allo,y also for the appreciation Of the
principal. To DO thiS subtract the mar
ket quotation from par, or 100, and di-
vide the remainder by the nunlbs1 OF
gears the bond hcs to run before mo
turitp. For crample, # a s per osnt
5oNG is ceiling OF 90 Gnd hos ter gears
10 i-ttn. the anAndt return tDjtl be 6.GG
per cent. The difference 6etween pcr
and the market price 1pjH be 10 points,
embracing so from 100. DiViding ten
points BY ten gears, The q'tot{cnt ecill be
/. This figure Ia TO be added to 6.6G,
which is the an1tuct return, ana the re-
ss.lt is 7,66 per cert, wi!I gire vou the
approGiMote glela
New-York tribune., 1921-06-02
Days Dealings i'm Bonds
The Market

Rising strength OF Japanese gov
ernment sterling bonds in this mar
ket has attracted attention at time
when the general investment list has
been exhibiting much irregularity.
Yesterday the Japanese first 41as of
1925 sold at S5}S, setting u new high
record for the year. The low for the
year WAS T5fs made In January. The
other two Japanese issues, the second
d1ss and the as of 1881 have also dis
played an advancing tendency and are
quoted currently around the peak
levels Of tho year. The explanation
for the movement is to be found ii is
understood, in purchases by the
Japanese treasury for sinking fund
purposes. Within the last month be-
tween $2,0o0,o00 and s3,000,0OO of
these bonds have been bought for this
purpose.
New-York tribune., 1921-06-02
Chevrolet and Packard
Mem Have Resigned

Further designations were announced
yesterday from the General Motors
group of companies. W. G. Sills. gen
eral manager Of sales Of the Chevrolet
Motor Company, has retired from that
position. He will be succeeded by
Colin Campbell, who has been execu-
tive assistant to the general manager
Of sales for the last five years.
Announcement was also made yester-
day that Colonel Fred Cardway has re-
signed as vice-president and general
manager and director OF the Packard
Motors Export Corporation. Paul D.
Davis, advertising manager, and c. A
Cobb, assistant sales manager. have
also rendered their designations.
New-York tribune., 1921-06-02
Financial Items

Lewis J.. Claeks, prssideQt Of the Anert-
can Exchange National Bank OF New York.
hss been elected a director 81 TIRE Mexican
City BANKING Corporation. ;. a. Aexico
City
syaYs. R6ebucx & co. reported sales Dur
@ng MAY al So 2selTs, compared With
Sl7.go6,12a. and for the nve months SIS
al 4ag- against sl247oo.245.
frederlcs 3. Bikke has been appointed
assistant Wee pFe&ident OF the GUARANTY
'iJ'pst Company Of New 3erk. and Edward
stsls fsaa been appointed manager cf tho
Ralticn0fe office. succeeding Clifford -.
Ceilings. y TO resigned.
Eanaae Beige Pour L L'EtrsnsaF ans
nouncss the opening ef sd Rssacy ~ ts
Wall Street, With w, A. Hesha ex agsni
New-York tribune., 1921-06-02
Conduit Bonds Rejected

II. j. Pritchard, of the National Con-
duit and Cable Company, announced
yesterday that the directors had de-
cIined all the bonds that were ten
dered TO the company in response to
its advertised offer of May ls to buy
its first mortgage per cent ten-year
sinking fund gold bonds. A circular
sent to those who offered the bonds
states that the offers were rejected
in view Of the fact that recent sales
Of the bonds in the open market have
been made at GO.
New-York tribune., 1921-06-02

1924, The sinking fund arrangement
provides for setting aside $4,000 s.
month beginning July / next to retire
the issue The bonds are secured By
a pledge of first mortgage bonds. The
company does the entire central station
business in Columbus, and also oper-
ates the street railway system.
New-York tribune., 1921-06-02
Wonders Ah - His Oil stoek

Queston--r an = stockholder In the
Monarch Petroleum Corporation Of Dallas,
TeG. have about 900 shares end the
Company haa not declared any dividend
for this period. ANY Information VIA be
appreciated.-~ j.
Answer We cannot attempt TO guess
for you what the Monarch Petroleum
Company or its stock will do. or omit
to do. The shares are highly specn-
lative. We have no financial state
ment on which to base an estimate Of
it's worth.
New-York tribune., 1921-06-02

being offered by syndicate headed by
the Bankers Trust Company at l01 and
interest to yield about SIS per cent
The bonds ere dated June !, 1921, and
are due October I, 1926.
j. P Morgan & CO., heading the
syndicate distributing the $4,000 900
French loan, have notified applicants
that allotments will be made on sub
scription received up TO noon to-day.
The books will not necessarily be
closed simultaneously. Payments on
subscriptions must be made on June T.,
ii was announced. Applications FOR the
issue are said 10 be satisfactory, al
though owing to tae recent heavy out
pouring OF new securities the loan has
not gone as well as the bankers hoped.
Tha bankers handling the issue make
tie point that the bonds nave been
rnuch better placed than in the case
of fotations which have been over
subscribed IN few hours.
Edward B. Smith & Co, Philadelphia
and New York. and El!sins, Morris
& Ce., Of Philadelphia, are Offering
$500, 900 Fl. O. Wilbur & Sons. inc.
geld bends. These bonds are dated
June i, 1921, and due jane /. 1886 The
bonds are offered at 99i 10 yield sos
per cent.
Isrris. Fcrbes d Co. of New York.
and E.ston & Co. OF Chicago. are
Offering an issue Of $1,000, ,ooD three-
year general raortgage s per cent sink
lng fuaa bonds OF the Columbus Rail-
way. Power and Light Company at 9s
and interest to yield mora than S.75
per cent. The {ssue is due June
New-York tribune., 1921-06-02
Sugar Go, Omits Dividend

Directors Of the South Porto Rico
Sugar Company yesterday passed the
regular quarterly dividend OF ! u per
cent due at this time. Six months ago
q quarterly dividend of 9 per cent was
declared. III October last year quar-
terly dividends of 8 per cent and per
cent extra were declared. Present
market conditions and the low price OF
sugar were given as the reasons for
Yesterdays dividend omission.
New-York tribune., 1921-06-02

The Tribune prints each dag the mo
tisyitp Gates OF az active bonds quoted
or the Net0 Yori Stoee Eschanae. Th@
return on bond TO the inpestor depends
upon three factors: the rate 81 interest
ire security bears, fas Utarket price
and the distance OF The MATURITY ddte.
To figure the precise yield Of. O bond 1.
is necessary to use FieLd tables. 6at the
approximate yield car roaghty be figured
out By the folioroan5 fo,1n@ta: Dstids
tbs ri4siRg ssstGGasa on bom3 into
New-York tribune., 1921-06-02
Investment
Information.

CScsraeHs sf general tneeresi 20 DO
rtsfers spilI be ansDered IN Iris css-
Gsnn, in tph;eh cnsc only iaitials will
bs used. Others seil1 bs ansocrcd bg
wsst, .Address all iNguivies, inelss-
sns Q strapped, addressed erveieps. -
Financial Editor, Tbs Tribaas, 4S&
Nsssdu Street. New Ycrs City.
New-York tribune., 1921-06-02
DAVIS NeeO Issues

Kidder Peabody & Co., F. s. Moseiy
& Co., the Chase Securities Corpora
ton and the Bankers Trust Company
are making formal offering to-day OF 81
issue of SIS, 100000 United Drug Com
pany s per cert twenty-year notes, con-
vertible into stock at 10. The offering
price is par and interest. A sinking tund
arrangement provides for the setting
aside OF per cent q year to buy the
bonds in the open market up TO llo-
The issue is not callable except in its
entirety.
A syndicate headed by A. G. Becker
& Co., Halsey. Stuart &. Co. and A. B..
Leach & CO. announced yesterday an
offering Of $4,000.000 Interstate Iron
and Steel Company first mortgage
twenty-year per cent sinking fund
gold bonds, series "A, at 99la and
Interest, yielding more than 8 per cent.
The bonds are secured by . GrsC mort
gage on all the liked assets Of the COM
pany. which owns and operates three
plants in the Chicago district, with
combined annual capacity OF about
400 900 tons of finished products. Tan
eib'e assets. after deducting current
liabilities and reserves, were reported
on December 81, 1920, g l2.243, 329, OF
which $3,275,023 we're current assets.
A sinking fund is provided to retire
so per cent of the series "a bonds
before maturity. The syndicate is ac-
cepting Interstate Iron and Steel Con-
pany first mortgage 6 per cent serial.
gold bonds. at 105 and interest, in pay
raeut for the present Offering. except
for the December / 1921. maturity,
which gre being received at 90.
An issue OF s2.0oo00e State Of North
c. erolina cne-yeer G per cent coupon
notes has been purchased b. she Ma
1ional City Gon pany and Curtis &
Sanger, who are Offering them on q
6la per cent yield basis.
A new issue of S, 100000 State OF
Oregon 6 per cent Highway bonds are
New-York tribune., 1921-06-02

A new issue of s. 100000 State of
Oregon 6 per cent highway bonds are
The Brandon news. (Brandon, Miss.) 1892-1961, 1921-01-27

town mans ambition is to get
back to the farm. Silk shirts ap-
peal to poor men: millionaires
stick to the dollar variety on
which they got their start. Those
who own oil stock want to sell /;
those who ought not to own them
want to buy. Thousands spend all
their money to get married while
other thousands exchange their
wealth to get divorced. Fat peo-
pie get fatter on q diet; lean folks
stay lean, no matter how much
they eat. When it's hot we want
it cold; when it's cold we want
1t hot. If we live poor we die rich;
if we live rich we die poor. And
thus it goes all through the list Of
human activities, the opposites at
tracing us and most Of our lives
being cast in contrary molds. It's
a funny old world, with q fifty
fifty split in the hereafter. Those
who 60 to heaven will not wish
they were in hell but all who are
in hell will wish they were in
heaven.
The Brandon news. (Brandon, Miss.) 1892-1961, 1921-01-27

Here is such a good story about
the contrariness of the human
family that it is printed without
knowing the source whence it
came:
The facts all seem to be on the
side of those who argue that
things go by contraries in this old
world. When food is plentiful we
buy it cheap; when famine threat
ems it scars in price. When wool
is cheap, clothing is high; when
hides decline, leather goods ad-
vance. When peace prevails we
all want to fight; when war breaks
out we all want peace. When we
don't need money interest is low;
when we are just bound to have it
interest gets high. When we have
accident policies we never get
hurt; when the policy expires
something happens right away
Society women always marry stay
at home men; literary women
generally have husbands who a.
dominate books. People who do
without automobiles are people
who can afford to own them while
those who support automobile fac
tories generally need the money
for other things. Red headed men
fall in love with backheaded wo.
men while women with black hail
have hankering for blondes. The
farmer tries to make enough to
spend his last days in town; the
The Brandon news. (Brandon, Miss.) 1892-1961, 1921-01-27
Notice To Creditors.

On January 8, 1921, the UNDER
signed was duly and legally APP
pointed administrator of the es-
tate of M. A Baker, deceased who
died intestate; by the Hon. Geo. c.
Tam, Chancellor of the Chancery
Court of Rankin County, State of
Mississippi. This is to notify all
persons having claims against
said estate to have same probated
and registered according to law
from six months of the first publ
cation of this notice, and "a failure
to have probated and registered
within six months will forever bar
said claim.
This 10th day of January, A. D.
1921.
CIR. BAKER
Administrator Of the Estate of M,
A. Baker, Deceased.
E. w. Patrick, Solicitor.
The Brandon news. (Brandon, Miss.) 1892-1961, 1921-01-27

Walter Buchanan, who killed
Handy Edwards out a few miles
east of town couple of years ago,
was arraigned in court this week,
and plead guilty and was fined
$500, which was promptly paid
and Buchanan was released from
custody. The leniency of the
court in this case was due entirely
to the character of the man killed
Handy Edwards was a notorious
blind tiger negro, and had no re-
spect for the law at all. He was a
terror to the community in which
he lived, and his death seemed to
give general satisfaction. He hac
also imposed upon Buchanan upon
numerous occasions, and it was the
opinion of many that Buchanan
was justifable in the killing.
The Brandon news. (Brandon, Miss.) 1892-1961, 1921-01-27
SHILOH

Farmers of this neighborhood
are sowing oats this good weather.
Miss Robert Williams is spend
ing a few days in Jackson the
guest of her brother Lee Williams.
Mrs. Lester johnson has return
ed from Texas where she spent
several weeks visiting her parents.
Miss Bessie Nichols of Rankin
is spending several days in the
home of her aunt Mrs. A. Nichols.
Prof. Cook has been enjoying
visit from his father last week.
The many friends of Mrs. John
Franklin are sorry to. know she
doesn't improve very fast. We
hope she will soon be able to take
her place in the church and Sum
day school, we miss her.
Mr.. and Mrs. Robert Thomas
and little son who recently moved
to Pelahatchie visited in the home
of ]. D. Robins Saturday and Sum
day.
G. r. Mobiles of Raleigh visited
his father B. H. Mobiles last week.
Antioch boys came up Friday
afternoon and had a ball game
with the Shiloh boys. Shiloh was
defeated.
The Brandon news. (Brandon, Miss.) 1892-1961, 1921-01-27


The money paid our county a.
gent is the best investment we
make. Boys, stand behind Mr..
Burks, and you will profit thereby.
Give him a hearty and cordial sup
port, and the good he can do is al
most inestimable. He has saved
this county many thousands of
dollars by cooperative buying and
marketing, and it is certain
his usefulness can be greatly en-
larged if every farmer will link up
with him during the year. Feel
free to write or call upon him at
any time for advice with reference
to any subject relating to your
work. He will gladly and cheer
fully give you any assistance pos
sible.