davidaulloa/AmericanStories huggingface dataset:
The New York herald., 1921-05-25
A Thirty-fivc Year Investmcpt.

An attractive non-callable public
five years 70 run and yields about 6.15
per cent. at its present prices is the
Elmira Water, Light and Railroad Com
pany's first consolidated mortgage 5s
which are first and only mortgage on
the company's property The company
furnishes. without competition, the CEN
trail station electric light and power and
gas service and operates the street rail-
way in Elmira, n. Y, and vicinity.
Ellnira has increased steadily In size
In the last thirty years, Its population
gaining in that period more than -
per cent. Among more important of the
diversified manufacturing interests Of
the city are the Willys-Overland Com
pany, tho American La France Fire
Engine Co., the Empire bridge Com
pany and the Kennedy Valve Manufac-
turing Company. The company's total
bonded debt is less than two and three
quarter times gross earnings, which, In
1920, totaled s1,73o,264. against $780,
040 in 1919. Its net earnings of last
year, amounting to $550,0SS, are more
than twice the interest charges on all
its bonds outstanding and to be issued.
These bonds are FOLLOWED by s1,400.00o
Of per cent first preferred stock.
s1,2Oo,000 Of per cent. second pre-
ferred stock. both of which have paid
regular dividends since the date of issue
and by sf.0000o0 of common stock, the
total OF which represents substantial
equity.
The New York herald., 1921-05-25
Great Northern Conventions.

The first figures as TO the conversion
OF the Great Northern-Northern Pacific
Joint 612s into Great Northern rs and
Northern Pacific 6s were obtained yes
terday from the First National Bank.
They show that S102. 5000 of the
Great Northern Railway Company's gen
eral mortgage per cent. sold bonds,
series 4, due on July l. 1896. $4,000. 900
of Northern Pacific Railway refunding
and Improvement mortgage 6 per cent.
sold bonds series 3. due on July I. 2047,
and S12O,0O0.000 Of Great Northern
Northern Pacific joint fifteen year 61a
per cent convertible gold bonds secured
by Chicago. Burlington and Quincy
stock as collateral are outstanding.
Those conversions leave only $4,000. 900
joint 6 y s available for conversion into
Great Northern rs. but $107. 900, 900 joint
6i2s can be converted into Northern
Pacific SIS. on the FIRST day of the con-
version privilege between $4,000. 900
and sos, ,000 900 Of the joint 6 1as con-
verted or signihed intention TO convert
into Great Northern 7s. the higher cou-
pom rate OF the latter increasing the
dosirabillty OF exchange. Since that
date conversions have been made daily.
All OF those exchange transactions have
been made at the First National Bank
The New York herald., 1921-05-25
Dealings on Larger Scale.

Fond dealings were on a larger scale
yesterday. but a large part of the in
creased activity was in the United States
Government list The feature of the
Liberty group was the sinking of the
tax exempt 3 ias to still another new
low record of 1870 The rest of the
market was inclined to recede with
very few exceptions. Foreign govern
ments gave way a little. Kingdom OF
Sweden 6s being particularly weak and
declining from S4 to S2ia. United States
q Mexico IS were strong, advancing
more than a point in active trading.
Rails were irregular. st. Paul general
4i9s declined from "a to 728t. and
Colorado and Southern AIS from "A to
73ls. Chesapeake and Ohio convertible
Ans sold as high as 747s and as low as
13i2. and st. Louis and San Francisco
income 6s lost a large fraction. Miss
ouri Pacific general As We're firm. clos
ing about y point higher than the
opening price, Local traction and pub
lie utility bonds were easier New York
Telegraph +%s declined from sos to
197s. and Hudson and Manhattan income
IS were lower American Telephone and
Telegraph convertible 6s were active at
declining prices. Industrials were little
/ changed. Atlantic Fruit Is continued to
ease In price.
The New York herald., 1921-05-25
Manitoba Offering.

The syndicate. composed of the Ma
tional City Company; Wood. Gundy <
Co. and e. II. Rollins & Sons, which
purchased s2.O0o.ooO of the province of
Manitoba's ten year 6s at the equiva-
lent of S9.f4 in New York funds. will
offer the bonds to-day at 81 u, to yield
more than 7.20 per cent. 1t is probable
that the syndicate will obtain $1,000
900 more of those bonds at that figure
The $2.500.000 balance of the S5,5oo.-
900 offered to bankers by the province
went to a Canadian syndicate headed
by A. T. Ames & Co. which viii offer
the bonds, which are twenty year 6s
and payable in Canadian funds.
The New York herald., 1921-05-25
Canadian Loans Popular Here.

Canadian Government and provincial
loans always have been popular with
investors In the United States, and a
great many Canadian loans have been
brought out here. In the last few years
large amounts of outstanding issues
have been purchased in Canada for
American investors who have taken adj
vantage of the exchange situation be-
tween the two countries. The difference
in exchange has enabled American in
vestors to procure Capadian bonds at
a 10 TO Is per cent. discount. Recently
Canadian bonds, originally Issued in
London and payable in pounds sterling.
have appeared here. The discount adj
vantage, due to the low exchange rate,
Is almost 25 per cent. on those bonds
and, as most investors do not question
the credit of the Canadian Government
and its Provinces or the ultimate value
of tho pound sterling, those bonds are
finding ready market among the more
conservative investors and savings
banks. Sterling bonds OF the Provinces
of Manitoba. Saskatchewan. Alberta and
Ontario are being offered at prices to
net IL TO 1919 per cent
The New York herald., 1921-05-25
Convertible Bonds.

The question of whether a convertible
bond can be considered In the light OF
a good investment because II is subject
to speculative influences was raised by
a reader OF the NEW YORK HERALp,s
Investment Notes" It was pointed out
that just az the conversion privilege may
prove highly profitable i'm boom times.
H. might be regarded also rs an unfortu-
nate device I'm bear periods Undoubtedly
II IS true that the speculator Is attracted
To the convertible bond and that the
holders OF such bonds must be prepared
for wide price fluctuations. This was
evidenced a few days ago when the
Chesapeake and Ohio convertible SIS broke
several points in sympathy with tho
decline in Chesapeake and Ohio stock
brought about by the deferring OF its
dividend. The Chesapeake and Ohio
convertible rs. the privilege on which
had expired. were unaffected hy the de-
cline IN the stock. Thus IL Is shown tina I
a convertible bond Is regarded chiefly In
the light Of an option and. rs such, is
dependent largely on the tone of the
stock market. In times like these there
IS little inducement to buy convertible
bonds for the conversion privilege only,
az in most instances the stock is selling.
far below the levels at which the bonds
could be exchanged with profit. For in
stance Baltimore and Ohio 415s are con-
w rtible at t10 into common stock, selling
now around 30. Erie convertible As NAV
be exchanged for stock at so. selling now
below H. Mexican Petroleum per cent.
bonds arc convertible into Pan American
Petroleum stock at 100 which stock
Is selling below so.
The New York herald., 1921-05-25
INVESTMENT NOTES.
An Issue yielding o.75 Per Cen


II Is not often that the investor can
find an underlying bond that yields
more than the bond that follows it. The
Illinois Central Purchased Line first
3lss OF 1852 are selling on the New
York Stock Exchange to yield about
6,76 per cent. The refund'ng As OF 1865
follow that bond and are selling to yield
about 5.65 per cent The Illinois Cen
tral Is showing remarkable earnings
during this period of depression. earn
ing its dividend by a wide margin. In
1917 these bonds were selling about Is
points above their present price. An
other underlying bond yielding more
than the bond that follows 1t is the
Chicago. Indiana and Southern As OF
1856. which are selling on tho Exchange
TO yield about $50 per cent. Those
bonds have been assumed by the New
York Central Railroad and are prior
in lien 70 the New York Central and
Hudson River Railroad refunding and
Improvement AIS OF 2o13, which yield
about $50 per cent. according TO cur
rent quotations. In 1917 the Chicago.
Indiana and Southern 4s sold on a 4.20
per cent. basis, or about 25 points above
their present price. Those bonds are
secured by a closed first mortgage on
127 miles and A second mortgage on
203 miles OF road. That New York Cen
trail mileage is important to It's Chicago
district
The New York herald., 1921-05-25
\ Railroad Empire.

Brown Brothers & Co. sent recently
staff man 20 inspect the properties OF
the Great Northern. Northern Pacific
and Burlington. His report follows In
part
Possibly no transportation route in
the United States has intangible values
rating higher than those Of the three
railway properties whose credit rests be-
hind the $230.000.000 OF 6ta per cent
bonds recently authorized. The normal
Increase Of population and Of agrlcul-
tural products or these States. as we'll as
Of products Of their manufactures. Of
mines, forests. or the range and OF the
sea. is best illustrated by the fact that
IN tae last ter years the gross receipts
of tie so-cailcd Hill roads have increased
100 pcr cent. while within twenty years
thcy have risen nearly 900 per cent. n
there ls included IL this group the Colo
RADIO and Southern, owned BY the Bur
llngton the resources Of all tho roads
interested and which arc in n sense
pleiged to the security Of the new 6 h
per cent bonds, represent value of ap-
proximately Si250o0O,Oo0 after deduct
ing underlying bonds
The New York herald., 1921-05-25
Hudson and Mania ttan First IS.

From the standpoint of improved
earning outlook, marketability and yield
although they have never enjoyed a very
high investment rating, the Hudson and
Manhattan first and refunding per
cent. bonds, due I'm 1857 present fea-
lures well worth considering by the in
vestor willing to dispense with extreme
safety for the sake of enlarged income.
Currently quoted around 6S, the bonds
still afford an immediate return of Z u
per cent. although in the last
few months they have been dealt
In actively ao steadily rising prices.
The advance in those bonds has ex-
ceeded recently the average improve
ment In public utility bonds because
of the exceedingly favorable turn for
the better in the company's earnings
coincident with last years grant OF
increased fares by the Interstate Com
merce Commission. The road never has
earned fixed charges by n very wide
margin, but current earnings arc show
ing liberal margin for the refunding
5s and In addition full interest Is being
earned for tho income SIS which are a
junior claim. In view OF the important
connecting link which the Hudson Tun-
nels provide between New York and the
Jersey suburbs and the progressive
growth of passenger traffic over the
route, there would seem to be no reason
for the company failing TO show earn
ings sufficient to cover the first mort
gage 5s. The twin twenty-five story
office structure, the Hudson Building
Is an additional source OF income and
Is included under the mortgage There
Is s37,521.234 OF the first 5s outstanding
OF an authorized issue Of s65, 900. 600
In 1914 the bonds sold as high as e1A
Their low record. 47k. was in 1917.
The New York herald., 1921-05-25

yielding $40 per cent. Tho bonds arc
tax exempt In New Jersey and free from
all Federal income taxes. r. NJ. Grant
& Co are offering s4s5,0 900 OF city OF
Salisbury. ". c., s eer cent. gold bonds,
dated May /. 1921, and maturing an-
nuully from 1924 10 1871. inclusive, at
par and interest. Curtis q Sanger and
Blodget Go. arc offering S540.o0O OF
city Of Cincinnati 3 - per cent school
district bonds. dated May %. 1921. ard
due serially Tho bonds due in 1898 10
1897. Inclusive. are offered 70 yield $40
per cent and those due IN 1888 70 1850.
inclusive. 10 yield 5.35 per cent.
The New York herald., 1921-05-25
Average Bond Prices
May 2s, 1921.
BOND NEWS AND NOTES.
Bids to BE Opened.

New State, municipal and Canadian
province securities TO the aggregate
amount of s15.500.o00 are sched-
uled to the awarded to-day. Bids will
be opened during tho day for $1,000
600 of city of Philadelphia 5s divided
into 100000 of fifty year, $4,000. 900
of thirty year and s2.0oO,0o0 of fif-
teen year bonds: for s2.5o0,00o of city
OF Cleveland serial 5 rs, s3,0o0,0oo of
State Of Michigan highway twenty year
5 Il per cent bonds and for a sS.00o,-
600 province OF British Columbia is
sue
The New York herald., 1921-05-25
belgian Issue Exchange.

J. =. Morgan & co. and the Guaranty
Trust Company OF New York win oc pre-.
pared to deliver Tomorrow permanent
bonds OF the Kingdom OF Belgiums
Twenty-Five year external gold loan Z ~
per cent. sinking fund IN exchange FOR
trust receipts. The trust receipts called
for redemption on June I, 1921. must be
accompanied by ownership certificate
covering tho interest due on June /, 1921.
The New York herald., 1921-05-25
Exports from New York.

Exports from New York yesterday
Wheat. 1891 bushels corn, $50
bushels rye. 77,s4h bushels. barley.
143.2e7 bushels. -four, 26,47e sacks
beef. 100 tlerces bacon, t,4Ss.5oo
pounds lard. s.076, 300 pounds. cheese,
liz. 900 pounds eottonseed oil 10000
hounds lunricating oil, 231i00 gallons
oatmeal / $50 barrels hops. 277 bales
oil cake. Gas, 500 poundr,
The New York herald., 1921-05-25
Bond holders Orws pf,r.

a committee has been organized Ia
protect the interests Of holders OF the ST.
Louis and Suburban Railway Company 's
$ per cont consolidated fret mortgage
gold bonds. consisting ot an authorized
nd outstanding issue ot $4,000. 300. IN
aofaplt. having matured on Fcbruarv I
and no provision for their payment ha "
ing been made The properties covered
The New York herald., 1921-05-25

by the mortgage are In charge OF the re-
ceiver OF the United Railways Company
OF st. Louis. The bondholdcrs are invited
TO deposit their bonds with the Liberty
Central Trust Company Of st. Louis or
the American Trust Company OF Boston.
Negotiable certificates Will be issued by
the depositaries for the bonds SO de-
pnaitad
The New York herald., 1921-05-25
NfnnirinnI offcrinan.

Tbe National city Company Esta.
rrook & so. md Harris. Forbes 4 Go.
afc Offering 1881, 600 ~ city ~ Jersey
'tv. d. sehool so pot cent bonds.
isted Aorl /. I12f end due on April 4,
iod2, 10 April I. 1858, Inclusive. at prices
The New York herald., 1921-05-25

you may know that high grade returns at,
coming from IT, More than 200 600 quality.
quantity circulation assures results ado.
The New York herald., 1921-05-25
BONDS IN STOCK EXCHANGE


TUESDAY. MAY "a. 1921.
Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1921-10-18
Forced Landing
Stops Dedication
OF Aero Field
Official Sponsors Enjoy Air
Trip and Will Repeat
Attempt to Garry Out
Ceremony.

The new municipal flying field
in North Omaha. where the Inter-
national Aero Congress will be held
next month, was not dedicated yes
terday.
Ceremonies were lacking, due to
forced landing of an airplane car
rying some prominent Omahans
who we're to sponsor the dedication.
The new field will be dedicated
at 3 this afternoon, according to Of
ficials of the Omaha Aero club.
The Ashmusen Bluebird plane,
carrying Joseph Koutsky, city com
missioner; Walter Head, Omaha
banker; Mrs. H. w. Ashmusen, own
er of the plane; w. E. Morford,
representing the North Omaha Ac-
tivities association, and Pilot c. c.
Bowen, hoped off Ak-Sar-Ben field
at yesterday afternoon to make
the first landing of plane on the
new municipal field.
The plane scared majestically, but
suddenly, the motor stopped. A
forced landing on Ak-Sar-Ben field
followed the airplane trip to the
new field was set over until this
afternoon.
The same passengers will make
the flight today and participate in
the dedication of the new field.
Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1921-10-18
Presidents Of Middle.W Western
Systems Reject Public
Group Plan to Cut
Rates - Score
Unions.

Chicago. ILL.,. Oct. H,-Presidents
Of the leading middle-wes,ern rail-
roads in a statement tonight turned
down as impossible" the proposal
OF the railroad labor board public
group that freight rates be reduced
Immediately as a possible means OF
averting a general rail strike. and
charged that the proposed walkout
would be a strike against the gov
crnmcnt. called by the unions pri-
marily for the purpose OF nullifying
the transportation act creating the
labor board"
The statement followed a meeting
of the Association Of Railroads en-
tcring Chicago and was signed on
behalf Of the organization by Samuel
FELTON,, president OF the Chicago
Great Western. The Chicago &
North Western, the Chicago. Bur-
lington & Quincy, the Santa Fe, the
Chicago, Rock Island & Pacific, and
the Chicago, Milwaukee & St. Paul
are some Of the larger roads repre-
sented at the meeting.
Statements Coincidental.
By coincidence, the statement.
which reviews the railroad situation
and causes of the strike, was issued
at almost the same moment Warren
S. Stone, president OF the Brother
hood OF Locomotive Engineers was
giving out a statement in Cleveland
telling why the big Four" brother
hoods and the Switchmen's Union
of North America had authorized a
walkout on October so.
The statement says in part:
THE thing it is proposed to strike
against is the decision of the rail-
road labor board authorizing the re-
duction of II per cent in wages
which the railways put ints effect
July /. There is at present no other
Turn to Page Two, Column Three.)
Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1921-10-18
Governor Not Excited
Over Strike Threat:
Veterans Oppose Move

Lincoln, Oct. 17.-(Special Tele-
gram)-Calling of food conserva-
tion conference of Nebraska mayors,
or issuance OF conservation warnings
will play no part in the actions OF
Governor McKelvie, relative to the
threatened railroad strike for the
present.
Il think the supply of food and
ether necessities on hand together
with Nebraska's resources will be
sufficient to handle the situation for
a considerable time" the governor
said.
A railroad strike will affect the
purses Of 5000 people living at Lin
coin and Havelock, the site of the
Burlington shops, according to esti-
mates made tonight.
Reports were current that old EN-.
ployes Of the Burlington, men who.
through seniority of service had been
given runs which they were capa-
Bile Of handling for several years to
come, were protesting as much as
they dared against the threatened
strike.
A strike, they feel, would mean
the loss Of their seniority record and
their advanced years would make
them incapable Of handling a "hot
run" which in railroad parlance
means work on through and fast
trains which calls for the vitality of
younger men.
Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1921-10-18
Local Railroad
Workers Receive
Strike Mandate
H. S. Daniel, Acting Postmas.
ter, Says Mail Service Will
Not Be Interrupted
By Trouble,

Executives Of the local railway
brotherhoods stated yesterday that
orders for the general railway strike
have been distributed and could not
be countermanded except on receipt
of orders from~the chief in Chicago.
Delmar w. Smith, general chair
man Of the Union Pacific locomotive
firemen and engine mems organiza-
ton, said that the notices have been
sent to 400 members and he added
that 90 per cent of the engine men
of the Union Pacific system are in
this organization.
Chairman Smith would not divulge
the date set for the strike on the
Union Pacific system. He intimated
that J. T. Hughes and E. H. Kruse,
who will handle the situation here,
probably will arrive here next week.
R. w. Wiggins, financial secretary
of Lodge No. 3, railway clerks, ex-
press handlers, freight house and
station employees, said that no or
ders affecting his men have been
received.
S. H. Grace, secretary of division
No. /, Brotherhood of Shop Crafts,
reported that several representatives
of his organization will go to Chi
cago this week to attend confer
ence to consider the strike situation.
H. S. Daniel, acting postmaster,
expressed the belief that mail SER
vice will not be interrupted by a
rail strike.
Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1921-10-18
Rancher Killed
In Third Accident
Ellsworth Man Who Had Two
Miraculous Escapes Dies
When Sand Wrecks Car.

Ellworth, Neb., Oct. H.-(Special
Telegram Patrick WEIGH, ranch
er living near here, and well known
throughout this section Of the sand
hills was found dead, pinned under
his car about. two miles from his
home. He was attempting to go
through a very bad sand pass and
in backing down over a slight en-
bankment overturned the car.
Mr.. WEIGH was an occupant of
one Of the automobiles that collided
on the Potash highway just east of
Alliance October l. He was thrown
20 feet in the air at this time and
sustained several severe cuts about
the legs and other bruises.
He also was an occupant of the
fatal smoking car from which 13
dead and the same number of injur-
ed were taken in the Burlington
wreck at Birdsell nearly three years
ago. Only by his coat being torn
from his body was he saved from
serious injury or perhaps instant
death at that time.
He is survived by his wife and
two small daughters.
Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1921-10-18
WalkerD. Hines, Back in U.S.,
Saws Strike Must Be Averted

New York, Oct. 17.-Walker D..
Hines, director general Of the rail-
road administration during the war,
returned to this country yesterday
after l6 months in Europe.
AS to the present critical railroad
situation Mr.. Hines said that while
he had not read all the news there
should be no strike.
Some means should be found to
prevent such a disaster to the United
States" he said.
Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1921-10-18
Who Precipitated Crisis?
Both Sides Deny Blame
Brotherhoods, Through Stone,
Put Responsibility for
Threatened Service Dis.
ruption Squarely on
Roads.

Cleveland. Oct. I'm a signed
statement Warren S. Stone, presi-
dent OF the Brotherhood OF Loco
motive Engineers. late today set
forth reasons for the "Big Five"
transportation organizations author
izing a strike OF their membership
which is set to begin October 80
In the statement he reviews various
attempts made to obtain an amicable
settlement.
Mr.. Stones statement follows:
Then mems position and their
reasons for striking in part follow:
"When the transportation act OF
1920 became law. il was hoped by
the employees that all disputes would
be adjusted, and decisions rendered
by the board would be complied with
by the carriers and employees. In
stead OF complying with the deci-
sions of The labor board, the rail.
roads soon began to disregard or
hout It's decisions. hagrant cases Of
this being the action Of the Atlanta,
Birmingham & Atlantic, the Erie, the
Pennsylvania railroad, and many
other cases.
Increases Were Late.
at is admitted by all that the rail.
way men were the last to receive
any increase during the war. During
August, 1919. the Brotherhood OF
Locomotive Engineers submitted to
President Wilson a statement set
ting forth that a decrease in the cost
of the necessities of life was ncces-
sary or an increase in wages was
imperative. ,.'
From that time on, the question
CT wages was discussed on different
occasions and was finally submitted
to the labor board. In July, 1920,
the board handed down decision
which, based on all the facts, they
declared was just and equitable and
further stated that their conclusions
Turn to Page Two, Column One.)