davidaulloa/AmericanStories huggingface dataset:
The New York herald., 1921-01-07
ROADS ACT TO CUT
JAM ALONG BORDER
N. Y. Central and Canadian Pa
cific VIII Spend Millions
Near Buffalo.

An agreement between officials of the
New York Central and the Canadian Pa
cific railroads on plans for a stretch of
line approximately twenty-five miles and
two bridges, which they believe will
solve the problem of traffic congestion
has been reached.
The scheme. in brief, includes the con-
struction of eleven miles OF track by
the New York Central from Tonawanda,
N. Y. to Grand Island the construction
of ten miles of track by the Canadian
Pacific from Grand Island to Welland
on the Canadian side and the joint con-
struction of two railroad bridges which
win encircle Grand Island, one of them
across the Tonawanda and one across
the Chippewa channel This work will
allow both roads to divert much freight
and passenger traffic around instead of
through Buffalo.
The Canadian Pacific has organized
and chartered the Canadian Niagara
Bridge Company, of which f. w. Beatty,
president of the Canadian Pacific, is
president That company will under
take the work on the Canadian side at
American Niagara Railroad Corpora
ton, with a nominal capital of 81, ,0OO, 900.
has been formed, with A. II. Smith,
president Of the New York Central, as
Its head. The companys certificate OF
Incorporation has been filed in Albany.
The incorporators are A. III. Smith. T..
w. Beatty. A. Fl. Harris, Ira A. Place,
Robert J. Cary and John n. Beckley
Officials of the New York Central
said yesterday that application for au-
thority to go ahead with the work
would be made at once and that financ-
ing, IL any be found necessary, would
follow in sequence.
The situation at the international
boundary because of the heavy through
freight and passenger traffic and be-
cause many lines are obliged to pass
over the same route, has long been a
sore spot with the operating officials
of all the roads. generally one of the
first points of delay in any congestion.
Engineers are ready to so to work
on the project as soon as the necessary
authority be given. The cost of the
work has not been made public and
officials of the roads undertaking it
said yesterday that they did not want
to hazard guess. The American
Niagara Railroad Corporation has
nominal capitalization of $l,000,0O0, but
1t is expected that the contemplated
work will entail a much greater eX-
pendture than that, probably a dozen
times as much.
The New York herald., 1921-01-07
81 100, 900, 900 SALES
BY SWIFT & co. IN 1920

Although the sales of Swift Sc Co. in
1920 were below those of the preceding
year, they were considerably in excess
of $1,100 000,0 according to the re-
port OF Louis T.. SNift, the president, to
the stockholders at their annual meet
ing in Chicago yesterday. The reason.
he points out was the decline in values,
as we'll as the smaller volume of live
stock produced. Profits. he added,
amounted to less than half a cent on
each dollar of sales.
During the year the company added
to surplus s5,170.3S2 and paid dividends
OF per cent, amounting to 1000, 900.
A little more than nalf of the dividends,
therefore, were unearned and were paid
from the surplus earnings of previous
years. All inventories. Mr.. Swift said,
have been marked down TO a market
able basis and he added that the present
cost of live stock is such that meat prices
should be attractive to consumers. The
company now has more than 10000
shareholders, 1900 OF whom are en-
ployees.
The balance sheet as of October 30
shows total assets and liabilities of
s450905,55S. Assets are divided as fol-
lows: Cash. S14,146,101; accounts re-
ceivable, $153,503.S63; inventories, $751;
305,0S4; stocks and bonds. S35,S31, ,002: |:
real estate and improvements ss6,119.-
553. Liabilities include accounts pay
able. s19.423.234; notes payable s9i.-
604.477: 6 per cent. gold notes due 1921,
S25.000.0 900; : per cent. gold notes due
1925, Si0,000,000: ; per cent. first mort
gage gold bonds $29.591 600: reserves.
S10.T34,55S; capital stock. S1j0,000. 900:
surplus SS15522S2
The New York herald., 1921-01-07
AMERICAN W0OLEN PROFITS.
Report shows sG,Oo4.I9O Earned
In Ten Months.

The American Woolen Company in the
ten months ended October 81. f920 had
profits after charges. depreciation. i'm
ventory reductions &c. Of s6.0sI.1g0
which is equivalent TO $3.50 a share
earned on the s20.O0O.oOO outstanding
common stock after preferred dividends.
according TO n statement made yestcr-
day by the managers OF the syndicate
which underwrote the recent stock issue
of the company. Preferred dividends
amounted 20 s2.S33.333 and common
dividends to Si.400,000. leaving n sur
plus of s2.360.S57.
The underwriting commission and ex-
penses, together with provision for Fed
eral taxes for former years. amounted to
S2.477,523. which makes the company's
profit and loss surplus as OF October 81
s35,S12,02e.
The New York herald., 1921-01-07
RAIL MEN PLAN TO CUT
THREE BILLION COAL BILL

After having paid coal bill of So, ,0o0. =
100000 last year and being confronted
with situation in which the 1921 coal
cost Is likely TO be even larger. the
railroads of the United States, through
their executive heads, got together in
New York yesterday to devise ways and
means for cutting down this expendi-
ture by saving a ton here and n ton
there.
Chief engineers. purchasing agents and
master mechanics of the representative
roads Of the United States wrestled with
the complex problem all day at the
Railroad Club and then appointed four
committees. all composed of veteran
railroad men. who were directed 10
scatter over the country. give the prob
lem close investigation and report at
another meeting thirty days hence.
William Schlafge, mechanical engineer
of the Erie Railroad. was chairman of
the meeting. William Jeffers. general
manager OF the Union Pacific, and Sam
Porcher, general purchasing agent OF
the Pennsylvania. were chosen vice.
chairmen. Seven men from the operat-
ing, seven from the mechanical and
seven from the purchasing and stores
divisions attended the session.
Four subjects will be given particular
study and a committee was appointed
to attend TO each. The subjects and
committee chairmen follow:
Organization for Fuel Conservation"
w. j. Tollerton. general mechanical SUI
pcrintendent of the Rock Island.
inspection Of Fuel and Preparation
Of Specifications for Fuel" r.. NJ. Co.'S
ton, general manager of the Big -Four.
Statistics" +. III. Hammel. assistant
general manager of the Chicago and
Northwestern.
study of Methods Existing. Mechan-
ical and Otherwise John Purcell. as
sistant TO the vlce-president of the Santa
Fe
The New York herald., 1921-01-07
CORN PRODUCTS BUYS
PLANTS IN EUROPE
Four Will Be Operated in
Germany by u. S. Company.

The Corn Products Refining Company
has purchased several plants in Europe,
including at least four In Germany. AL
though corsummated some weeks ago. it
was rot until yesterday that news of the
transactions became public. Facts about
the prices paid, methods of financing
the purchases or other details were not
given out
or the German purchases, a plant is
in each of the four cities of Halle.
Steutz. Graefenhainichen and Nierstein.
The company plans to manufacture
many of it's products for European con-
sumption in these new plants. 1t was
said yesterday that while 1t may be
necessary to ship some raw material
from this country to the new plants in
Europe, a substantial portion of the ma
terials used in the manufacture of Its
products can be obtained from the agri-
cultural districts of central and southern
Europe.
The New York herald., 1921-01-07

get this message to the people
who are so fortunate as TO
have ready money to invest
at this time:
Perhaps never again
will there be such bargains
in investment securities
as the market now Offers
and so we say to all, and
this means you-scrape
together all the money
you can get without bor-
rowing and buy invest
ment securities-and buy
them now"
Since the first publication
OF this message a great
movement has been set Oh
foot in the purchase of ili-
veStment securities. Perhaps
we should try to make PED
pie believe that we are en-
titled to the whole credit for
bringing about this situation.
We don't want to fool yod,
and we don't want to foq
ourselves. We are not the
only ones who have beeh
watching conditions carefully
and with perfectly cool heads.
The buying movement
which has started up is not
based entirely on our advice
but on the advice of many
thinking men experienced ID
this line of work.
When our message was
first published many of our
friends said: "After such a
long andpersistent swing of
the market toward lower
levels how do you dare take
the responsibility of telling
people to buy, and buy now'''
"That is easy. If they buy
the right kind of securities,
and buy them outright, they
can't lose" When we saw
"the right kind of securities1
we mean the securities of en-
terprises that must continue
to operate and securities of
an underlying character
whoseincome cannot be jeop-
ardized by a business deprcs-
sion.
Business is depressed. 4If
this depression continues, or
becomes more acute, it will
quickly restore normal interest
rates. Nothing but a recovery
lof business TO abnormal pro-
portions can make possible the
long continuation of the pres-
ent high interest rates. BUSH
ness cannot even be restored 70
normal until interest rates
have been greatly diminished
The long continued high inter-
est rates has been one of the
most important causes, and
sufficient alone to explain why
investment securities have been
dragged down to subnormal mari
ket values, and the only thing
needed to bring these values back
is the establishment of normal
interest rates on a reasonable
permanent basis. Think it ovet
for yourselves and see if there Is
any other answer. So you see
we do not feel VIC were really
taking any great responsibility.
Buying has not only set in,
but it is springing up at
rapidly increasing rate. $50
far, however, it has made few
bare spots on the bargain
counter. But the movement is
gaining strength and momentum,
and nobody can say just how
long one can safely wait. We
think the best plan is to "buy AND
buy now" /,
As we have told you before,
we would like to have your conf
hdencc and patronage, but olir
advice is 10 "buy,--and buy nowy
and if our advice is good it meanb
so much more profit for you than
for the house through which yeu
buy that if you do not want To
buy upon our selection 60 to any
house having a good moral and
financial standing in which you
have confidence and buy on their
advice. =
The New York herald., 1921-01-07
WESTERN ELECTRIC co.
EMPLOYEES BUY BONDS

Officers of the Western Electric Com
pany announced yesterday chat employ
ees to whom was given the privilege Of
subscribing on the instalment plan to
the corporations new Owe year per
cent. convertible gold bonds. have taken
s., zoe, 600 worth OF the securities. The
number of subscribers is $3.50. which
means that about one employee Of every
four is buying and paying for a bond.
The employee subscribers receive in
terest on the money they pay in and
also on the bonds. so that instead of
paying the fun subscription price OF
$sS. 30. the cost is ss9.S on each 500 bond.
The heaviest subscriptions came from
the Hawthorne works. near Chicago
Each person employed at least six
months was invited to subscribe in any
amount not TO exceed one-third of his
salary.
The New York herald., 1921-01-07
MORE FAR EAST GOLD IS
LIKELY TO COME HERE

The first direct shipment of gold from
India, which has been received by the
Guaranty Trust Company. as announced
Exclusively in THE NEW YORK HERALD,
Is but the precursor of general move
ment which should bring to the United
States substantial amount of gold and
which is responsible incidentally for the
firmer tone Of rupee and tael rates. ac-
cording to a bulletin issued yesterday
by the trust company.
Expressed in terms of taels and
rupees. the Chinese and Hindus have
about 100 per cent. profit in the surplus
gold. which was shipped to ports OF
India and China during the boom period,
when silver supplies We're insufficient to
settle the trade balance favorable to
those countries. Despite the fact that
India and China absorbed gold to the
extent of tens OF millions of dollars,
their rates of exchange scared until the
rupee was quoted last March at about
As cents and the tael as high as s1.7O.
Then came the world readjustment
period and the wiping out of the balance
of trade favorable to India and China,
followed by complete reversal to an
unfavorable trade balance. As a result
of these fundamental changes besides
the, famine in China and the hard times
in India as we'll as all other parts of the
Far East. the Orientals started to take
their profits In the way of sales of gold
and the metal came to be offered In the
market at prices which represented a
discount Of per cent.
The shipments naturally found their
way at first to Yokohama. which was
the nearest gold premium point. Event
ually the arrivals of gold in Japan at
fected the rate for yen exchange, until
the price fell from 81 " to As cents, a
point where further exports to Japan
became Improbable. There remained
then but one premium market for the
shipment of gold, and that was the
United States
The New York herald., 1921-01-07
g
An Investment
Message

This is our sixth effort TIC
get this message to the people
who are so fortunate as 10
have ready money to invest
at this time:
The New York herald., 1921-01-07
BANK IN LONDON sUspENDs.
British merican Continental said
20 Have Lent on Produce.

LONDON. Jan. 6.--The British Ameri-
can Continental Bank, with an author
lied capital of f2,5O6.O 900. suspended
payment to-day In financial circles
the suspension IS attributed to the gem
eral financial situation. 1t Is believed
the bank advanced money on produce.
chiefly Canadian. and was unable TO
realize during the present trade stagna-
ton The bank was formerly Hannevig's
Bank. Ltd. The failure has not affected
the situation here. All inquiries at the
bank were met with assurances that
payment would be made in full.
The secretary of the bank said this
afternoon that the failure of foreign
exchange house in America had placed
the bank in its present position.
The National Park Bank here. New
York correspondent Of the British
American Continental Bank which sus-
pended payment in London, announced
yesterday that its relations with the
London institution have been merely
nominal during recent months. The
London banking house. formerly known
as 1tannevig's Bank, Ltd. had no con-
nection with Hannevig e. Co. here.
bankers and shipping brokers, the latter
firm stated.
The New York herald., 1921-01-07
CONSOLIDATED EXCHANGE.

There were average gains OF to more
than points in active ndustrials during
Yesterdays Consolidated Stock Exchange
trading Those advances were due
chiefly TO sustained inquiry based on re-
ports rejecting broadening Of Industrial
activities. Improvement was greatest in
motors. steels. equipments and special
ties. Rails. after showing neglect IN tho
early hours fell in line with the upward
swing during the final half period, at
tending advances In that group averag-
ing 10 2 per cent.
The New York herald., 1921-01-07
SUI q > r EfIf %
1...,...o5l2
StL & San Fran
Au.I.-. II
ST & sanFran
BRAZILIAN COFFEE STATISTICS.

paulo and showery in one. Cleared from
sanins % 400 bags for New York.
The New York herald., 1921-01-07
COFFEE.
The range ia prices in yesterdays
coffee futures market follows:
COFFEE CABLES.

Rio was 100 10 i2a reis lower. Dollar rate
sn lower at GS520. Exchange Tod. off -l0d.
Receipts 1900 bags and stock ai5,uor ba9s
Santos futures 20 lower 10 -, rcis higher
Receipts $1,000 bags and stock 3,254 100
bags. Receipts ~ the ports were 70. 600
bags, against 1900 last year aud 32, 900
two years ago. Sac Paulo had 5000, against
10000 and 1900. and Jundiahy $1,000.
Tain was reported IN four districts ~ gao
The New York herald., 1921-01-07
BID AND ASKED QUOTATIONS
!. Y. STOCK ENCHANGE 0UOTATIONs

To the following prices accrued interest Is
&c be added in every case:
FOREIGN BONDS.
The New York herald., 1921-01-07
Armour l,Ss

l.......t Il
1.......7Sls
A Il 4 8 n CIV is
4. .6SJl
1880
The New York herald., 1921-01-07
uAnnrM,N BANK DIVIDEND.

Tho Hartman Sat.oua! Bank de-
olarcd yesterday a somi-anuual dividend
OF per cent. and an extra dividend OF 3
per cent. on It's capital stock OF 81 ,000.-
900. payable on January Z to stock
holders OF record on January &.
The New York herald., 1921-05-24
R.R. EQUIPMENT CUT
UNDER US. CONTROL
Hardin Testifies n. Y. Cen
trails Motive Power Below
Normal When Returned.
REPAIR WORK PRESSING
Outside Contracts Justified.
Declares Lines Engineer
at /. G. G. Probe.

The investigation OF the Interstate
Commerce Commission into charges of
union leaders that railroads contracted
for repair of locomotives In outside
plants at costs greatly exceeding those
of their own shops shifted yesterday 70
New York, when r. Fl. Barclay. ex-
aminer, called r. n. Hardin, chief en-
gneer OF motive power and rolling
stock, Of the New York Central lines, to
answer specific charges of extravaganza
by that system in contracts let TO the
American Locomotive, Baldwin and
Lima locomotive companies. The hear
ing was held in the rooms Of the Mer-
chants Association, Woolworth Build
ing.
Declaring that the condition OF motive
power on the New York Central was be-
low normal at the rel.nquishment Of
Governmental control. Mr.. Hardin said
only sixty new locomotives were added
annually during Federal control against
els in preceding years, while retire
nents IN the period OF Government
epertfon were only thirty-one engines per
annum, in contrast to 123 before the
roads were taken over.
The company justified its action IN
contracting for the repair OF 112 loco
motives In outside plants because OF
pressing need for restored motive power
following the cessation OF Government
control on March I, continued Mr..
Hardin.
With the capacity OF the company's
shop output decreased. despite the in
creased number OF working hours, there
was no alternative. he asserted. in order
The New York herald., 1921-05-24

New York Trust Company American
Exchange National Bank. Central Union
Trust Company or New York. Mechanics
and Metals National Bank. Equitable
Trust Company OF New York, First Ma
tional Bank of Boston, National Shaw
NUT Bank of Boston, Old Colony Trust
Company, Boston Drexel & Co. Phila-
delphia Commercial Trust Company.
Philadelphia; First Trust and Savings
Bank, Chicago; Illinois Trust and Saw
inss Bank, Chicago Central Trust Com
panw OF Illinois. Chicago; Northern
Trust Company, Chicago; Union Trust
Company. Pittsburgh; Mellon National
Bank, Pittsburgh ; Union Trust Com
pany, Cleveland, and First National
Bank. Cincinnati
The distributing syndicate Is literally
countrywide. Although no figures are
available, the new offering got off to a
fair start yesterday and. as customary
in loans Of this size the distribution is
expected to gather momentum daily.
Two features add to the selling appeal
Of the bonds--one, the fact that they are
not subject to redemption prior to ma
turity in 1s4i; the other. the large sink
ing fund. which is staplizing factor in
the market. of ss.0o0.000 "a year for five
years at the rate OF $750,000 monthly to
purchase bonds in the open market a.
not exceeding par and interest.
The New York herald., 1921-05-24

10 meet the demands OF increasing traf-
fic and severe weather.
Mr.. Hardin testified that In ten months
following resumption OF private manage
Inent the operating volume increased So
per cent. over the average OF the Federal
control period. the increased volume be-
ing handled with only 0.77 per cent. In
crease In the number OF locomotives
whereas volume decreased by "a per
cent. during Federal control was handled
with a 1859 per cent increase In loco
motives owned.
The questions Of the attorneys indi-
Gated that a sharp issue of the entire
question OF outside repairs will be the
degree OF responsibility fixed on the man
agement and on labor for the decline in
the output OF the company shops. Mr.
Hardin supported his assertions with
exhaustive statistics and much testimony
Of q highly technical character.
lie win resume the stand tomorrow
and win be followed by ~ z. Crowley.
vice-president. In charge OF operation OF
the New York Central There Is a pos
sibility that A. Fl. Smith, president Of
the system. win be called on his return
from Washington.
The New York herald., 1921-05-24
READING PLAN TO GO
TO SUPREME COURT
Insurance Interests to Appeal
to Highest u. S. Tribunal.

Alfred A. Cook, representing the Con-
tinental Insurance Company and the Fl
deity Phenix Fire Insurance Company,
two OF the so-called Henry Evans Insur-
ance companies, will carry to the Fed
eral Supreme Court the fight against the
Reading dissolution plan. The interests
represented by Mr.. Cook own common
stock. and their objection centres almost
entirely on the proposal to permit the
common and preferred shareholders 10
share alike In the dissolution OF the
Reading company.
The total number OF shares repre-
sented by Mr.. Cook is $500. all common
stock. The argument of those interests
il that surplus built up by a company Is
property OF its common shareholders.
and that It's preferred holders have alb
solutely no claim or interest in 1t. The
The New York herald., 1921-05-24
Aetna Explosives Meeting.

4 Epeoial meeting OF the stockholders
Of the Aetna Explosives Company has
been called for June for approving
the sale OF It's properties TO the Hercu-
les Powder Company. A large majority
OF the common stockholders OF the Aetna
have deposited their stock In approval
OF the plan. and no important opposi-
ton Is expected to develop at the meet
ing.
The New York herald., 1921-05-24
EARNED $5.4O A SHARE.
Philadelphia Company Reports on
1920 Income,

The report OF the Philadelphia Com
pany for the year ended December 81,
1920. shows net income after charges,
taxes. depreciation. &C, of s5.414.9e4. OF
$40 q share earned on the outstanding
common stock OF $50 par value after de-
duction OF preferred dividends. This
compares with $3.2s a share earned in
the preceding year.
Gross earnings were $18.566.669 and
expenses and taxes $7,29s.222. Other
income aggregated $2.2S0,b0s. and in
terest, depreciation and charges s6133.-
9S9. Preferred dividend requirements
amounted to sT76,154 and common dis
bursements to s2,576.364. leaving a net
surplus at the end OF the year Of
S2O62136
The New York herald., 1921-05-24

$1OO,OOOOOO
Government of the French Republic
Twenty Year External Gold Loan 71za0 Bonds
Dated JeLp Du uneL
& = % & sk ""'- 0-
M sns% t sa" caassg Ms sos tma a csy%sa
If land
Contract under which these Bonds are to be
issued the French Government covenants Fay to
fiud hhe Of ofiessfha in cash an
monthly insfdLnenfS less than S75OOOO
he n puGnse nsg o BomSs o6a@be % to eseeedRs
and aCCr
m@nen % % ra,eS S tn tn the the f%g fs ove fa~e n
subject for the Bonds
$50 and accrued interest, yield S%
susssEsSn o % ns @ % or M Morgan
] s RI: :! 2s s@s @' +: % @ P% an" =
tLncr
Bn4@ @rusRe4 will hHaep gAeppp
Brown Brown Brothers Co National City Company
Guaranty Company rsTrsC
Go Spencer ask &
Lazad
II HRoHns& lar & ,Im.
National lBanko Comnnrc In
New
echanc
The New York herald., 1921-05-24
Buy Advertising COmpany.

Frank G. Smith, William a. Sturgis,
Harold A. Moore and their associates
have purchased the capital stock Of the
general advertising corporation Of Collin
Armstrong, Inc, and have changed the
name of the corporation to Smith,
Sturgis & Moore. The officers and di-
rectors include Mr. Smith, president; Mr..
Sturgis, vice-president; Mr.. Moore, di-
rector in Great Britain; Fl. l.. Cohen,
treasurer, and X. A. Clark, secretary.
The New York herald., 1921-05-24

Cook opposition IS entirely separate from
that Of the so-called Prosser committee,
which also represents common share
holders. After the final degree shall
have been entered in the case the in
aurance companies representatives will
take immediate steps 10 have the plan
reviewed BY the court with the view
OF eliminating the feature Objectionable
TO the common holders.