davidaulloa/AmericanStories huggingface dataset:
Martinsburg journal. [volume] (Martinsburg, W. Va.) 1920-1977, 1921-09-27
FATHER BourLou DIES.

Falrmout, Sept. 26. Word has
been received Of the death Of Rev.
Father A. Boutlou, rector OF st. Re.
ter's Catholic church here. which oc.
Cured at Ills o'clock at Mercy hos
pital. Baltimore, where he has been
a patient for several months, fol-
lowing his removal from st. Marys
hospital. Clarksburg, where he had
previously been undergoing treat
mpnt
Martinsburg journal. [volume] (Martinsburg, W. Va.) 1920-1977, 1921-09-27

I pulsory provisions is now pending
in both houses of Congress, and
friends of the measure are hope
full OF seeing 1t enacted into law
before many months.
New-York tribune., 1921-11-02
Days Dealings in Bonds

/ 80. 37E1 2 -. SSH
1 -. 3SA NJ x & East
cv IS ser D 5s 1912
1853 / -. 61A
2 -. 42A NJ * & T 1st
Fisk Rubber 4s 1890
New-York tribune., 1921-11-02
British Banker Here
For Ter Meulen Plan
Important to U. S. Because
Goods for Europe's Needs Are
Found Here. Saws Fraser

Sir D. Drummond Fraser, British
banker, who is in this country IN the
interests of the Ter Meulen bond plan
Of international credits, declared yes
terday that the scheme has been ap-
proved by American bankers and busi-
ness men with the greatest en-
thusiasm.
AS the result of trip to Washing
ton. where he conferred with President
Harding, Secretary Of the Treasury
Mellon, Secretary of Commerce Hoo
yer, Eugene Meyer jr, managing di-
rector Of the War Finance Corporation;
Controller Of the Currency Crissenger,
w. p. G. Harding, governor of the
Federal Reserve Board, and Senator
Edge, Sir Drummond said the con-
scngus Of official opinion was that If
the plan was acceptable to exporters
and BANKERS everything should be done
to give the plan fair trial.
II attach the utmost Importance to
the American view," said Sir Drum
mond, because the goods which arc
required for the reconstruction OF
Europe can be supplied by America.
America has got the ball OF the world
at her feet, IL she can only realize it.,
and, realizing IL, has the courage to act
upon it. | am here to remove her lack
OF confidence In Europes ability to
pay by means OF the collateral bond,
backed by the pledged assets OF the
Importers cwn countries, valued on n
gold basis, issued in the currency ac~
ceptabe 10 exporters and managed by
an international organization, on which
America should be represented. az the
largest creditor nation Of the world"
New-York tribune., 1921-11-02
$5,500,00O Chinese
Loan i'm Default:
New Project Fails
Chicago Bank, " hi c h
Brought Out Notes, Be-
lieves They Will Be Met;
AppealtoU.S. S.Covernment

CHICAGO, Nov. 1.-The Chinese gov
ernment's $5,500,000 loan made by the
Continental and Commercial Trust and
Savings Company, due to-day, was an
nounced in default by officials Of the
company. According to state
ment from the company an appeal has
been sent to Washington, as the result
of which strong message is under
stood to have been sent the Chinese
government.
The statement added that the COM
pany believes it to be "oniys a question
of time" until China will be able to pay
the loan.
The statement, given out by Arthur
Reynolds, president of the company,
said:
"John Jay Abbott, one of our
vice-presidents, is now in China, where
he has been for several months, carry
ing on negotiations with the Republic
of China, for the payment of its $780,,
600 notes that mature this November
l. The negotiations proceeded favor
ably and arrangements were about to
be concluded by which the Republic of
China would have been placed in funds
with which to pay these notes, but at
the last moment the Chinese Minister
of Finance resigned, and we have just
received cable advice that the Chinese
government Will not nave 1unuS mere
with which to pay the notes.
"When the Republic of China made
its contract for the placing of the loan
in this country the Department of State
at Washington, in writing, agreed that
it would give all diplomatic support and
protection to legitimate enterprises of
this character. Accordingly, we have
addressed communication to Secre-
tary of State Hughes for such immed-
ate action as he deems proper.
"The total indebtedness of China,with
its population of approximately four
hundred million people and its great
resources, is small. We believe it is
only a question of time when China
will SO arrange its finances that it will
be able to pay these notes with inter
est"
The Continental and Commercial loan
was the first made to the Chinese gov
ernment by any single American bank
1--WE have taken the matter up with
Washington" Mr.. Reynolds said to-day,
"and have received a very satisfactory
reply. They have sent a strong wire
to China and are giving every possible
aid in the collection of this debt There
is no question in my mind about the
worth of the Chinese notes, but just
how they will be paid I do not know"
New-York tribune., 1921-11-02
British Urged
BY McKenna to
Cancel Debts
England Would Be ssSelfish.
ly Wise'' to Remit Obi
cations Due Her, Says the
Former Chancellor Here
Will Pay u. S., He Insists
Conference Called by Presi.
dent Welcomed Abroad:
important to the World

Reginald McKenna, former Chancellor
or the British Exchequer. who has been
III ohls country for three weeks for a
personal survey of economic and COM
mercial conditions, visited Wall Street
yesterday and discussed the interna-
tlonal financial situation for short
time. He said that England was ready
to meet her world obligations, but he
thought his country would be "selfshly
wise" to remit obligations due her.
Il find considerable interest here in
the question of international debts" he
said. "This is subject on which I
could only venture to speak from the
BRITISH point of view. We are large
creditors and--in relation to the United
States-we are also debtors. AS a
debtor, l have nothing to say but that
England pays her debts. On the other
hand, speaking as a creditor, my opin-
ion is that England would be selfshly
wise, having regard only to her indus
trial and economic position, to remit
the obligations due her.
IF | dared to tread on dangerous
GROUND Tor moment 1t would be to say
that the influence of the United States
is indispensable in the councils of the
world. You are already tied to Europe
and the Far East by the bonds of trade,
and the sponsibilties which arise
from this relationship cannot be ignored
without great loss to the world and an
unfavorable reaction on yourselves.
'In England the calling of the con-
ference by President Harding ia most
warmly welcomed, not merely for the
sake of the results which it is hoped
may be achieved, but because it is the
first time that a great and powerful
government has assumed the response
bility of bringing together the Prime
Ministers of other nations to confer
on the means of securing lasting condi-
tions of peace. Peace and industry are
the prime needs of the world at the
present time, and the world looks to
the United States to lead the way"
New-York tribune., 1921-11-02
Days NetU Issues

A syndicate headed by Kissel, Kinni-
cutt & Co., Spencer, Trask' & vo., E.
H. Rollins & Sons and Aldred & Co. is
Offering new issue of $3,000,O00 Mani
toba Power Company, Limited, first
mortgage 7 per cent sinking fund gold
bonds, Series A, dated November /,
1921, and due November /, 1941, at
price to yield about per cent. These
bonds are guaranteed. principal and in
terest, by Endorsement by the Winni-
peg Electric Railway Company and are
secured by first mortgage on the
company's hydro-electric plant and
transmission line. This issue of bonds
carries warrants emitting holders %
purchase two shares of common stock
for each 81 600 bond at $40 per share
after May /, 1922, but on or before
January 1, 1923, or at $50 per share
after January i, 1928, but on or before
January 1, 1924. Prior to May /, 1922,
warrants are not negotiable, unless ac-
companied by bonds.
The Carolina, Clinchfeld & Ohio
Railroad has asked for bids on an
issue of s6,oOo,0oo first and CONSOLE
dated mortgage gold bonds, Series A,
to bear or 71a per cent, according to
the tenders made by bidders. The pro-
ceeds of the issue are to be used in re-
tirng a maturity of Elkhorn extension
bonds. The sale will be subject to the
approval of the Interstate Commerce
Commission.
Eldredge & Co. are offering s375,000
City of Fort Worth, Tex, 5 per cent
gold sewer bonds due serially June /
1929 to 1859, inclusive, at prices to
yield 5.25 to $40 per cent, according to
maturity. The bonds are legal invest
ments for savings banks and trust
funds in New York and Connecticut.
A special meeting of the stockhold-
ers of the Electric Bond and Share
Company has been called for Novem-
Der IS to vote on an increase of $5,-
900, 1000 in the authorized capital stock
to consist of $2,5O0,000 common and q
similar amount of preferred. The
present authorized capitalization of the
company is 100000, practically all
! OF which has been issued.
A syndicate headed by the Harris
Trust and Savings Bank of Chicago has
purchased $2,ooo,000 serial 4a pei
cent Cook County bonds which are be
/ ing offered to yield from 40 to pei
cent. The bonds mature s125,o00 an
nually from April /, l9zo TO l94o.
The Guaranty Company of New Yor}
heads a syndicate which has purchased
s4,o0O,000 State of Michigan twenty
year per cent highway bonds. The
syndicate bid 1O1.269. A syndicate
headed by the Harris Trust and Say
ings Bank Of Chicago bid 100.18, while
a group headed by Hallgarten & Co
bid 1oo.o7. The price paid by the sue
cessful syndicate sets a new high rec
ord for prime bonds of this charaeter
New-York tribune., 1921-11-02
Second Chinese Loan
Falls Due December l
Negotiations Under Way for
$I6,OOO,O0O Issue to Meet
NATURES; Resume Interest

representatives of the American
banking group of the international con-
sortium said yesterday that the default
in the Chinese note issue had occurred
because Of the failure of negotiations
for new $16,000000 loan to China
which would have provided for this ma
turity, another $5,500,000 Chinese issue
due on December / besides making
available funds for resuming interest
payments on the defaulted coupons of
the German series of the Hukuang
Railroad loan of 1911.
formal statement issued by the
managing committee of the American
group in this connection said:
"The American group recently re-
ceved word that it would be agree
able to the Peking Government to re-
ceive proposals for loan aggregating
say 100000, the proceeds to be util-
lied to meet two maturities of the gov
ernment, each for $5,500,000; also to
take up past due coupons on the
Hukuang Railways bonds, the techni-
cal default in this issue having been due
to the state of war at one time exist
ing between China and Germany; and
further to provide funds for the re-
organization of the wine and tobacco
tax bureau, the revenues from which
might be made available as security
for the loan under considerations.
ain response to the request made
from Peking, and in order to put the
governments in funds to avoid any
possible default. the American groun
submitted proposals for loan for the
amount named and for the purposes
stated. The government having failed
however, to accept these proposals, the
matter has been drOpped"
1t is possible, it was stated yester-
day, that negotiations may be resumed
and that the projected loan may be
put through taking care of this ant
other immediate Chinese maturities il
this market.
New-York tribune., 1921-11-02
Salary Increases
OF Reserve Bank
Defended by Board
Had to Pay Officers to Keep
Them From Other Large
Institutions Here, Is the
Reply to Senate Query

WASHINGTON, Nov. 1.-Defending
'h action in increasing the salaries of
employees Of the New York Federal
Reserve Bank, the Federal Reserve
Board replying, to-day to a Senate
sssolution Of inquiry, declared the ad-
unees were made "in order to retain
me services of officers who are con-
stantly being tempted with outside
ousrS at high salaries"
Despite the increase in the pay of
tae reserve bank employees, the boards
npiy said the present salaries were
!" per cent less than those paid similar
employees by banks which are members
the Federal Reserve system.
Inc boards statement was presented
answer to resolution recently
passed by the Senate reciting charges
nade on the Senate floor that 'the
Federal Reserve board has been guilty
" an amazing waste of public money,
N Increase Of salaries Of officers and
employees Of the New York Federal Re-
Hfve Bank" and that the total payroll
u that bank had been increased by
more than million and half dollars
eesween 1918 and 1920.
sNi Reserve Bank of New York in
s!s," the boards statement said,
soowed that the average annual
1lary, including bonus, paid to en-
Acyees by the bank was 81 ,4a0, while
ae average salary, including bonus,
&c employees by ten Of the large New
.0rx City banks ranged from $3.50
tz,2S5. In fact, it was found that in
" Of the banks the average salary
ss'o employees was in excess Of S2,100
aae 1act that the average salary paid
sapioyees By the Federal Reserve Bank
y sne end Of 1918. was only s1,095
sasn the cost of living according ia
y Bureau Of Labor Statistics was n
~ can't above the pre-war level, grad.
nay Increasing to 119 per cent in
ssesmber, 1920, would seem TO justify
e increases in salaries granted EN-.
9syess during the years 1919 anc
.. .seussfng the increases of salaries
smeefs Of the New York bank rang
g high as $4,000, the board de
,sa ss,a that while it did not itself FL
sies they were made with it's ap
ssa, and ~in order to retain the
sess Of officers who are constant;
uk tempted with outside offers a
salaries II has become necessar,
secognize this competition"
tae otfcers and employees Of th'
Reserve banks" the Scnat,
soh, "are not permitted to engage
s,.:ny other business, to take part il
..'eal activities, nor to hold publ.
Their service in tiae Fedora
Bank is not stepping ston'
- political career, nor does it aTort
"a outside financial profit.
2lJsng 10 the senate'g request TO
amount paid to the United State
nv ~ net earning Of the system q
.nshtss Tax. the board replied tha
ss the psxt year the Federal Re
banks have set up reserve TO
1aiss tax, the total Of which. o,
Eper q, 1921, WAS 353 ,93s 900. Thi
I "a adjusted weekly and the tota
shown to be due the govern
= ths close Of business Decern
~ 1871, the repof. said, would b
= ths Treasury on January Z
fsvort was referred TO comml.
nsut dsbatA.
New-York tribune., 1921-11-02
Dated October IS, 1921

To figure the precise yield on bond It
approximate yield can roughly be figured
out by the following formula Divide tho
closing quotation on a bond into .he rate
the annual return. II the bond Is selling
below par you must allow also for tho
appreciation of the principal. To do this
subtract the market quotation from par
or 100, and divide the remainder by the
number Of years the bond has to run be-
fcre maturity. For example IL a 6 per
cent bond is selling at 90 and has ten
years TO run. the annual return will be
of interest 1t pays, and the result will be
SIS per cent. The difference between par
and the market price will be 10 points.
subtrIctirg 80 from 100 Dividing ten
This figure is to be added to s.66. which
In the annual return. and the result. 1856
per cent, will give you the approximate
yield.
New-York tribune., 1921-11-02

Thomas n. o'Brien, general manager.
said the Inspiration Consolidated Cop
per Company would prepare to resume
mining.
To-day's announcement means much
to this copper country, which was hard
hit by the business slump Of the last
year.
New-York tribune., 1921-11-02
$2,00o,o0o
State of Michiga

Twenty-Year 5Hzh Bonds
DueO
Lansing Michigan.
from a
normaland urtxs1
Massac huset it's and ant
1920
bonded Indebtedness including
of S5355OOOO 10 the valuation
passed election and by Act the the
direct obligations the State of Michigan and
issued for the Soldiers The Act authorizing
provides the these bonds and
provides Sinking be used solely
of the a ma
Price 1887 Interest, Yielding about 4.s5a6
Harris, Forbes & Company
William, New York
sFobes& &com~n HrnTr dSa Sav Bank
New-York tribune., 1921-11-02
The Market

The bond market was strong ac-
tive yesterday. Practically all descrip-
tions were in demand. Rails under
went moderate improvement, while in
the industrial and foreign government
groups the 8 per cent coupon bonds
were we'll maintained. In the outside
market thevigorous strength of state
and municipals was the most striking
development. Prime issues of this
description have been established on
less than per cent yield basis and
dealers are predicting that the market
will shortly go to 41z per cent basis
New-York tribune., 1921-11-02
Canada to Seek Loan,
Here Early Nest Year
specsa, Dispatch to rhe rr,1un.

oPcSsut 1)1opGtCb 20 1f6 1Tt6HA0
MONTREAL, Nov. 1. 1T is now
accepted as a certainty here that
the Dominion will come into the
market for loan of at least $780,
100000 shortly after the first of the
year. 1t is said authoritatively that
the financing will be carried out,
whatever the result Of the coming
elections.
1t is said that if suitable terms
can be obtained the issue will be
placed in New York. There seems
little possibility Of moro than
small portion being taken up in
this country.
New-York tribune., 1921-11-02
u. s. attitude on Loan
TuknoaCn in WASHINGTON

tinental and Commercial Trust and
Savings Company consulted State De-
partment officials at the time the loan
was concluded, but if any measures will
be taken on this account to bring the
default to the attention of the Chinese
government it was not indicated to-
day, no official statement on the subject
heipo m ado
New-York tribune., 1921-11-02
Monthly Railroad Earnings

Comparison Is made with CORES
month in 1920
Chicago Great Western
New-York tribune., 1921-11-02
To Increase Copper Output

GLOBE, Ariz., Nov. Announce
ment was made to-day that the Inter
national Smelling Company would blow
in one reverberatory furnace at its
Miami Smelter about November 20, af
ter a shutdown of six months due to
the small demand for copper.
South Bend news-times. (South Bend, Ind.) 1913-1938, 1921-07-02

both are reported TO be heavily in
favor OF its rejection. The mainten-
ance Of way group. composed large
~ OF section men. were the hardest
hit of al railway employees in the
wage reduction. the entire increase
granted by the labor board in july
1920 being wiped out
Separate meetings were held by
each OF the brotherhoods Friday and
a report Of their action Will be made
at q. consolidated meeting of the big
four Saturday morning.
The clerks, telegraphers and
sEitchmen. whose general chairman
also met Friday. outlined their plans
but refused 10 make any announce
mcnt. Reports of all the organiza-
tons Will be made 10 the committee
Of five IN whose hands, il is under
stood, final action is vested.
Mr.. Jewell FRIDAY night refused %
make any prediction on how soon
the conferences might be completed
or what the fnal action would be-.
lie indicated. however. that all Of
the unions in his department and al
OF the brotherhoods would unite IN
whatever action was taken and that
their anal decision would be unan-
imous for all employees.
South Bend news-times. (South Bend, Ind.) 1913-1938, 1921-07-02
HONOR POLICE FOR
ACTS OF HEROISM
Olmstead and Kemmerly Civ.
EN- Watches For Work in
Lake Victim Search.

In appreciation for the work they
accomplished in recovering the
body Of Sam Pace Jr.. who was
drowned in Indian lake last April.
South Bend watches were presented
20 Sgts. Kemmerly and Olmstead Of
the South Bend police department
Friday night by Fred L. Dennis. rep
resenting a committee Of local citi-
zcns. The presentations We're made
by Mr. Dennis az the SECULAR roll
call OF the officers OF the depart
ment.
In a short speech Mr. Dennis
pointed out 10 the patrolmen the
valuable and untiring services the
two men rendered in their work OF
rescue. He also explained that he
felt fully assured that the work
would have been taken care Of just
as well II other members OF the de-
partment had been assigned 10 the
task, but that the citizens commit
tee wanted these officers in partcu-
lar 10 know that their work had
been fully appreciated. and were
making the gift presentations for
that purpose
Dr. L. J. Smith. president OF the
board OF safety. followed Mr. Den
mis- with short talk in which he
thanked the citizens committee on
behalf Of Sgts Kemmerly and Ohm
stead. and also reminded the other
officers that IL was none other than
sgt. Olmstead who saved the life OF
G. a. Cooper. who later saved the
life Of Capt. Donovan, the diver, who
sank 10 the bottom OF the lake after
the raft on which he had been rid
ing capsized.
w. o. Davies, a member Of the
citizens committee, was also at the
presentation meeting and gave a
brief talk in which he thanked the
entire police department for their
splendid work. Chief OF Police Kline
presided at the meeting.
South Bend news-times. (South Bend, Ind.) 1913-1938, 1921-07-02

-
Pennsylvania. author of the original
resolution. was absent, but was pair
ed with Sen. Pomerene, democrat.
Ohio.
Declare Plan Futile.
Final debate Friday was princi-
pally by democratic opponents, who
declared that the republican plan
was futile and would necessitate a
separate treaty Of peace later or rat
ifcation Of the treaty Of Versailles.
For the republicans, Sen. Brande-
gee Of Connecticut, made the prin-
cipal address, declaring that there
would not be treaty OF peace" but
probably one or more Of com
mercc" which. he said. would deal
with questions arising out OF the
war. Sen. Lodge, Massachusetts, re-
publican leader. entered the discus .
sion briefly, mainly to support Sen.
Brandegee's contentious Arguing
that peace treaty was not neces-
sary 20 conclude wars. Mr.. Lodge
said that the United States had ne
gouated treaties OF commerce with
Great Britain IN 1872 and 1915 and
also with Spain after the Spanish
war.
Withdrawal OF American troops
now in Germany was discussed by
Sens. Brandegee. McKellar. demo-
Gratis. Tennessee. and others Dis
claiming 10 speak for the president,
Sen. Brandegee said ne believed the
peace resolution would necessitate
Of American troops from
German territory.
Closing the debate Sen. Latollette,
REPUBLICAN. Wisconsin. expressed
dissent and denunciation' OF the
provisions reserving American rights
10 German property seized by the
alien property custodian. Such &C
ton. ne declared vas in violation
Of the treaty OF 1925 with Prussia
and also OF international law. He
added that ne would reserve free
dom Of action in case future treaties
dealing with German property
should be presented.
South Bend news-times. (South Bend, Ind.) 1913-1938, 1921-07-02


>->>--->--~------->---
Armistice day will be combined with
the carefree. spendthrift spirit Of the
New Year.
The cables will bring word OF the
results late In the evening News
papers are prepared for elaborate re-
ports.
VIII Sound Whistles.
Theaters Will throw round by
screens Theaters will be aided by
the government. which has ordered
that telegraph lines shall give fight
reports the right OF way Newspa-
pers viii wire the results 70 thou
sands OF their subscribers who viii
not be within reach OF the printed
paper.
Tables AZ boulevard cafes already
have been reserved for the great
night. Each has its screen upon
which viii be projected round by
round reports Of the hght Georges
wages with the terrible Dempsey.
Whistles viii sound and bells peal
II Carpenter is the victim.
Alrplanes VIII circle over the city,
carrying great transparencies which
will tell the name OF the victor in the
Jersey City arena.
Americas doughboys along the
Rhine viii know how the night is
going
Many Americans planned 20 re-
ceive returns in the Place De La
COucorde where huge screovs u-flI bc
erected. the story OF the fight being
thrown on them in both French and
English
South Bend news-times. (South Bend, Ind.) 1913-1938, 1921-07-02
FARMER KILLS sELE

HARTFORD CITY. Ind. July L.
Shooting himself through the heart
with a shotgun, Donald Chapel. so,
"a farmer az Dillman died instantly
Friday The body was found In "a
chicken house By his father, Isaac
Chapel III health is believed 20 be
the cause.