davidaulloa/AmericanStories huggingface dataset:
The New York herald., 1921-07-16
CONSOLIDATED EXCHANGE.

There was sustained pressure in most
industrial groups throughout yesterdays
Consolidated stock Exchange trading,
resistance being limited to a few Pan
American oil and steel issues. Losses In
more active industrial shares were a
point to points and in the rails aver
aged 1 to per cent. Continued weak
ness in allied exchanges. with sterling
at new low mark for this year. was
the chief influence for the downward
swing of prices. Declines of as in Gen.
eral Electric to 119A. 3N in Famous
Players TO As u. 3h in American Su-
matra to 44A and 1 X In United States
Steel TO IL u we're outstanding features
Baldwin Locomotive was offered down
1ss to 2h, Republic Steel / to 45.
Bethlehem Steel B rs to 45%. White Oil
~ to z. California Petroleum 2i5 to
34L. General Asphalt III to 4Sh,
American Woolen IN TO 66H, Interna-
tional Paper y to 50& and American
Sugar to 65ai.
Atlantic, Gulf and West indies yielded
to 22%, American International ] "a to
go. Westinghouse . " to 419s United
Realty 1Ia to IS X, Reading u to Sc n.
Chesapeake and Ohio u to 52h, Balti-
more and Ohio u to 81. Kansas City
Southern to PASS. Rock Island ] to
3o% and Union Pacific to 117&.
The New York herald., 1921-07-16
Awaiting OmciaI Action.

Wall Street was without further infor-
nation yesterday of any new develop
ments in the oil situation, and because
of the uncertainty surrounding the oil
industry as n whole there was little
trading in oil shares except that of
purely professional character. Commits
sion house operators for the most part
prefer to await the receipt of some def
mite news respecting the tariff on oil
imports or, the Mexican Governments
rev export duty before taking position
in oil stocks. Compared with the activ-
ity and wide range of the previous few
days Mexican Petroleum was quiet yes
terday with only about three points be-
tween it's extreme high and low points.
Other oil stocks also were notably dull
in their market action. Wall Street has
learned. however, to submit to an acid
test every single piece of rumor or So
called news which comes out of Mexico
and is transmitted to the financial dis
trict for its edification. Consequently
whenever news of Importance does come
on this situation it will have TO stand a
pretty rigorous investigation before II
can hope to become stock market
factor.
The New York herald., 1921-07-16
TRADE REVIEWS FIND
INDUSTRY IS QUIETER
Distant Buying Is Cautious
Pending Developments.

Weekly trade reviews indicate quiet
state of trade owing to heat and vaca-
tion influences, with distant buying
cautious pending crop and price develop
ments.
Brddstrcets, reporting a wholesale in
dex price Of s2.93 for articles of food.
the highest since April. says in part.
Trade. except in light summer wear
lines OF dry goods. has been held down
to low midsummer level. Industry is.
II anything. q shade quieter than here
tofore. but the trend of collections has
been trifie more prompt and crop re-
ports are rather better.
While industry Is dull as a whole. /.
is we'll TO note that all manufacturing
Is not and has not been entirely pros
trate. The June building report show )
that that industry Is not by any means
dead. the value of construction permitted
for In June beirs not far below that Of
April. well above June a year ago. and,
in fact, the fifth largest monthly total on
record. Despite this, however. lumber
trade reports are of rather dull condi-
.ions at leading points of production"
Dun's says: ut Is possible to discern
progress in some lines. and current adj
justments OF one kind or another are
regarded as shaping the way for the
anticipated revival. with prices AMI
wages still undergoing revision. more
natural conditions are being steadily
restored. and benefits will ultimately
accrue from the transition. Supporting
this conclusion is the experience Of .hc
textile trade, which was one of the first
TO react from the wartime imitation and
which is now improving gradually after
protracted liquidation"
The New York herald., 1921-07-16
WOOL.

BOSTON, July Is. The Commercial
Bulletin tomorrow will say:
Demand for wool continues more or
less in the intermittent manner in which
II has been manifested for several weeks
and prices are generally steady, with de-
mand still favoring three-eighths grades
and finer. The manufacturers report
few new orders but plenty OF o. d.
orders in hand to keep them we'll occu-
pied for some weeks to come.
I'm the West buying of the new clip
continues slowly. The London colonial
auctions have opened this week at a de-
cline of to 15 per cent. from last sales
rates. The foreign primary markets are
generally steady"
The Bulletin will publish wool prices
as follows.
Ohio and Pennsylvania fleeces: De-
laine, unwashed, 35c; unwashed. 27@
2Sc half blood conbing, % a soc; three
half blood combing. 299 330c; three
eighths blood combing. 26c. Michigan
and New York fleeces: Delaine, un-
washed. 81 a 33c: fine. unwashed, ESQ
27c; half blood, unwashed, 28@29c;
three-eighths blood, unwashed, 25@ 26c;
quarter blood, unwashed, 24@2 25c. Wis
consin, Missouri and average New Eng
land Half blood, 24@25c; three-eighths
blood. 22@23c; quarter blood. 21 @22c.
Kentucky. West Virginia and similar:
hree-eighths blood, unwashed, 27@2Sc;
quarter blood, unwashed, 25@26c;
Secured, basis, Texas: Fine, twelve
months. 65075c; fine eight months. SO
q Soc California: Northern, 70@75c:y
middle county. 65@6Sc. Oregon: East
ern. No. 1. staple, 78@S0c; eastern.
clothing. 606 Csc: Valley. No. /. SIS "a 70c
Territory Fine. staple, choice, 500 Soc;
half blood. combing, 6S@72c; three
eighths blood. combing, $50 SAC; quarter
blood, combing. 3S a 40c. fine and fine
medium clothing, coo 63c. Pulled: De-
Iaine. S5 a 90c AA. 75@s5c; A, supers.
6O@70c. Mohair: Best combing, 279
soc; best carding, 22@25c.
The New York herald., 1921-07-16
FINANCIAL NEWS
AND COMMENT
Prices of Stocks Give Way and
Sales Are Few-Sterling
Falls Back.

The story of the stock market yes
day. except that prices declined some
what more easily under a limited vol
ume of offerings. AS the summer sea-
son progresses the lack OF constructive
influences Is becoming more pronounced,
although events in respect TO the rail-
roads and the underlying tone of par
ticular departments OF business fore
cast better things later on. During this
week the bears seemingly have regained
some of the confidence weakened
fortnight ago by single days sharp
rally. and have demonstrated the lack
OF buying power by pressure against
several stocks which stood up we'll DUR
ing the spring decline. General Electric
more than two points. and for a time
Western Union gave ground under at
tack. recovering, however, with con-
siderable vigor before the close. The
reaction OF industrial issues became
somewhat more rapid in the afternoon
than it was during the morning hours.
when Steel common was pressed down
Ia points. The more active stocks,
including several rail issues. lost a
point to PA points on the day. Call
money was quoted at per cent.
In the light of known German plans
for reparations payments 1t is evident
now that the continued contraction of
sterling and certain other European
exchanges during the last fortnight has
been connected with the accumulation of
dollars in New York. Evidently the Ger
man authorities have the consent of the
Reparations Commission to make op-
tional the currencies In which repara-
tions are to be paid, and they have Sc
lected dollars as the most stable medium
for gathering funds together. Such
transfers to New York on top of the
seasonal increase Of bills of exchange
drawn against grain and cotton exports
have acted to maintain a steady pres
sure against sterling, francs and one or
two rates of other western European
SOuutlleS. SteIllnS was reported DelOW
S.62 at times yesterday. reaching new
low point since the first week of Janu-
airy. and there was little rallying power
from minimum quotations. Marks, on
the other hand, were steady. affected by
news of pending German credits In the
United States.
The action of the grain markets sug-
gested that considerable speculation for
the rise had been checked by overnight
news of satisfactory rainfall in the Brit
ish Isles, and reports from the North
west that, despite drought conditions in
spots. the new crop was being gathered
rapidly and in good condition. Wheat
futures stopped their advance. which had
proceeded steadily during the earlier
days of the week, declines running in
excess of cent bushel. The reaction,
however, was slight in contrast with the
rise of the last two weeks. which
amounted to close to II cents a bushel
The New York herald., 1921-07-16
TOPICS OF WALL STREET.
Big Increase In stockholders.

The number os stockholders OF the
American Telephone and Telegraph
Company. following the addition of near
ly 10000 in the last six months. now
totals 176.000, and is believed to be the
largest number of any corporation in
the country. The Steel Corporation
stockholders number 165, 900. Subscrip-
tions for it's new stock. recently offered
TO its stockholders, will close on July
20. and officials of the company believe
that the entire amount allotted for that
purpose will be subscribed for. according
to present indications. A campaign car
ried on By New York Stock Exchange
house in an effort to place Telephone
stock in the hands of Telephone sub
scribers has resulted in the addition of
$4,000 to 10000 new stockholders In the
last half year and new names are being
added to them at the rate OF 5000 a
month. The total of 10000 includes APP
proximately 10000 employees who have
subscribed for stock but have not fuily
paid for it,
The New York herald., 1921-07-16
Railroads TO BcneHt.

The United States Railroad Labor
Boards authorization of six cents an
hour cut in the pay Of the EMPLOYEES of
the American Railway Express Company
will benefit the railroads which, under
the uniform express contract. share the
earnings Of the merged express organ
lzatlons. The gross receipts OF the ex-
press company in February are essl-
mated as s22.42s.097 OF which the
steam carriers share would aggregate
s5.s75.416. which Is In contrast to gross
revenues OF s30.547,075. of which So
ss7.634 reverted tn the railroads in Oc-
tober. when the 1920 peak of express
traffic was reached. The railway ex-
ecutives are cooperating with officials
OF the express company to- seek other
means Of reducins. s::;sf.sA greater ef-
ficlency. the operating expenses OF the
latter.
The New York herald., 1921-07-16
TIME LOANS.

Mixed collateral. go 10 90 days. .....
MiVed collateral. 10 g months. .....
lndustrials, 60 10 90 DAYS.
fnduotriaIu 4 n t,optbu
The New York herald., 1921-07-16
TAXABLE INCOME RULING.
Internal Revenue Decision Affects
Omen Future Contracts.

WASHINGTON. July 15.-Open future
contracts. which are hedges against ac-
tual spot or cash transactions in cotton.
grain and commodities similarly dealt
in. may be included with certain re-
strictions in dealers year end balance
sheets for computation OF taxable in
come under q ruling published to-day
by the Internal Revenue Bureau. 1t
makes the provision that no purely
speculative transactions in futures not
offset by actual spot or cash transac-
tions may be so included or taken into
the taxpayers account in any manner
until such transactions are actually
closed by LIQUIDATION. and the further
restriction that values of commodities
covered by such open future contracts
shall not be added to or deducted from
the inventory of the taxpayer.
Cotton and grain exchanges and deal
ers. the announcement said. urge that
ruling issue.
The New York herald., 1921-07-16
BOSTON AUCTION RESULTS.

Furnished by Richardson. Hili a. Coz
3 Crocker Nat. Bank OF Turner's Falls. 120.
20 Old Colony Woolen, 3.
~ Shove Mills. 20.
| 10 Mechanics Mills, 10.
2-5 Ipswich Mills, iols-i5.
Ware River, 100.
10 Boston Maine pr. class C, 35.
II w. II. McElwaln I'd pf, 80.
400 Fajardo Sugar. d6it.
! Boston Athenaeum, 500.
: American Glue pf. III.
$1,000 City OF Boston 4hs, Nov. I. 1924, reg d
exempt. 04h and int.
81 900 Central Vermont 5s. May I, 1880. g.
s1i 900 Eastern Mass. ST. as. is4s. July,
,,n l92o Jan, 1921. on. 43 and int.
600 Eastern Mass. 81. ref. 5s, jan, 1913
series b. scrip 20 per cent.
10 Rts No. Boston Ltg.. Sc.
: Hood Rubber. 45l4.
King Philip Mills. 100.
Great Falls Mfg. i22.
10 slsk Rubber ist pf. 46iss.
Boston zth-r~surE. 500.
i01 RIGHTS North Boston iAr., ac
3 North Boston Ltg; pf, carrying rts. 20.
$50 Aeollan-Weber Piano pianola pf, "a
100 Weber Piano pf. GO.
81 heolian pf. 60.
Is Consolidated Steamship Lines: 75 Mass.
Elec. pf. ctf OF deposit rep. com stock
Sis series S s' ssi East Mass. Ma rel 81 % Adjust jsn
ment. $50 East Mass. 81 Adjustinen,
script sis.T5 East. Mass. 81. Fractional
iustment. 40 lot
% Gray Davis H..
$500 Liberty ist 3iks, iA4T. s62S.
$50 Liberty I'd AS. 1919, SG.T0.
81 ,o50 Liberty Sd AIS. 1929, ao.p2.
81 $50 Liberty 4th 4hs. 1898. s6oa.
$50 Victory 4ns. 1923. es.12.
81, 900 Premier Motor conv. Go, Nov, 1921
series A. May, 1921. coupons. 30 lot.
81 900 Bangor & Aroostook (Washburn Ext
ist IS, Aug, 1899, 81.
81, 600 Myrick Building Trust list 5s, March
ia35, 20.
81 900 Boise City 1t. Coke ist 5s. Nov.
1pii. ~.
500 900 ST. Lawrence Pulp Lumber ist es
Feb, 1888. a.
sTs, 900 Gulf Florida a Alabama lat IS, July
1891. ctf. Of deposit. July. 1917, coupon,
and all subsequent coupons, 800 lot.
10 shares Elmira Water per cent. pf, 66.
The New York herald., 1921-07-16
CHICAGO UTILITIES co.
SALE BRINGS $3.50, 900
J. Ogden Armour Buys Assets
of Concern.

r. ]. Dunham of Chicago. represent
ing J. Ogden Armour. purchased at auc-
tion yesterday in this city the assets of
the Chicago Utilities Company pledged
under its indenture to the United States
Mortgage and Trust Company. dated
June 1. 1921, for s750,000. According to
the terms OF the sale bids were received
FOR the property as an entirety. but no
bid OF less than the amount at which
the property was finally knocked down
was permitted. Mr.. Dunham was the
sole bidder.
The assets of the company which were
included In the sale comprised the stock
of the Chicago Tunnel Company, the
Chicago Warehouse and Terminal Com
pany, the Illinois Telephone and Tele-
graph Company, rotes of the Chicago
Tunnel Company and OF the Chicago
Warehouse and Terminal Company and
real estate owned by those companies.
An effort made earlier In the week by a
group of minority stockholders to stop
the sale was made ineffective when n
court ruling denied their petition to in
tervene.
The New York herald., 1921-07-16
LEGAL NOTICE.

NOTICE IS hereby given that the CO. pa rtner-
ship heretofore conducted by the under
signed Under the firm name of McGlinn & Co .
with offices at 6i Broadway and 44th street
and 9th avenue. New York City, SO State
street. boston, Mass; Salem. Mass. and 200
Widener Building. Philadelphia, Pa, has
this day been dissolved by mutual consent
w. J. McGLTNN
!. RUSSELL BUTLER
WARREN ACSERMAN
NOTICE Is hereby given that the under
signed have this day formed a new CO.
partnership under the firm name OF Nc
Glinn Co. and viii conduct a general stock
brokerage and investment securities business
NJ 81 Broadway and 4ith street and Fifth
avenue. New York City; 80 State street. Bos-
ION, Mass salem, Mass. and 800 Widener
Building. Philadelphia. Pa
WILLIAM J. McGLINN
j. RUSSELL BUTLER
ALEXANDER j. MCCONNELL
CHARLES A. ZUBRoD.
The New York herald., 1921-07-16
HAVE FAITH In OIL 90
FIELDS OF MEXICO
Consul Ferris Reports Views of,
Men Conversant With Con-
ditiOns There.

WASHINGTON July 15.-Consul Ferris
Commerce Depait:ne estimates made
public to-day that the Tampico-Tuxpam
oil fields would last two and a half years
at the present production rate, but his
message added that it appeared that
there was mo ground for anxiety about
the future oil supply" in Mexico ac-
cording to men conversant with condi-
tions and representing "very important
oil concerns"
New fields were being exploited, Mr..
Ferris said, and new wells opened con-
tinually even in old fields. Experts. he
added, reg lrded the new Oobus district
as determined field. 2"
"A we'll known oil expert estimates"
Mr.. Ferris's message said. that in JAM
uary. 1921. the supply of oil In the Tam
pco-Tuxpam field was 100000 900 bar
rels. This would last two and one half
years at the rate of production in 1920.
But the rate of production is increasing,
being now something like 10000, 900
barrels year Old wells are giving out
but there is no compiled information
showing how much the supply from old
sources is diminishing
1t was asserted by reliable authori-
ties here that it was not President Obre--
CONS immediate intention to revoke his
recent decree increasing the tax placed
upon oil exported from @-xi:o. g.
VERA CRUZ. Mexico. July 15.-The
despatch of troops to the oil regions. ex-
tending from Tuxpam to Tampico, Is
continuing and tonight the Mexican
steamer Jalisco will sail with 500 men
for Tuxpam. where military headquar-
ters have been established
A Vera Cruz despatch of July 10
stated that 1000 Government soldiers,
commanded by Gen. Guadalupe j. San
chez, had left that port on the previous
day for the oil region. The troops, the
despatch said. would guard property
and maintain order in the petroleum
district. where much unemployment
was caused by the shutdown of oil
operations.
The New York herald., 1921-07-16
Optimism From Georgia.

At least one bright and cheerful view
OF the general situation is taken in the
South. The Georgia Railway and Power
Company. through its Industrial infor-
nation service. has sent out state
ment of conditions In that State. declar-
ing that confidence of the buying pub
lie has been restored. Retail merchants
have unloaded war stocks--some of
them at tremendous loss-and are plac-
ing fall orders on the new basis with
considerable optimism. Merchants be-
lieve that the fall season will initiate
several years of unusual activity"
The New York herald., 1921-07-16
TRACTOR PRICES CUT AGAIN,
international Harvester Co. Make.
Second 1921 Reduction.

Special Despatch 10 THE NEW York HrRALp
CHICAGO, July 1.-THE International
Harvester Company announced to-day
a further price reduction Immediately
effective on all classes OF tractors. be-
ing the second cut on tractors this year
This latest reduction amounts to 500
each on the two smaller sizes and 5000
on the largest, making the total 1921
reduction 5000 on the two plough. 5000
on the three plough and $3.50 on the four
plough size.
The New York herald., 1921-07-16
PROPOSALS.

!. The Pennsylvania Railroad Company re-
quests bids under Section 10 of the Clay
ton Act, Contract Serial No. 5013, for
100000 gallons creosote Oil, A. W. p
A. specification, Grade No. 4, delivered
Into T. Il. r. tanks at Greenwich, Phila-
delphia, Pa. as may be required during
period August / to December 81, 1921.
inclusive.
2. Bids must be submitted on or before noon
Eastern Standard Time, July aand. 1921 ,
and will be received and opened by Mont
gomery Smith. Purchasing Agent. n. wy
Corner 18th & Filbert SITS. nth Floor .
Philadelphia. Pa. where full detailed In
formation may be obtained.
3. Company reserves the right to reject any
and all bids or to accept any part of any
one hid.
THE PENNSYLVANIA r. r. COMPANY.
July 9Th. 1921.
The New York herald., 1921-07-16
81. Loui. southwestern Earnings.

Examination of the earnings of the
St Louis Southwestern Railway indi-
Gates that the company will be we'll pre-
pared to meet its first mortgage bond
interest OF approximately 100000 due
on October 1. The company's net oper-
ating income of s1,150.OS0 was saved
out OF its gross revenues of $e,963,02S
in the first five months OF the current
year. It's surplus income from all
sources. after deduction of interest and
fixed charges for the five months. "as
s234.S66.
The New York herald., 1921-07-16
CANADIAN TRADE DECREASES.

OTTAWA, July 15.-Canada's trade for
June. 1921. which equalled s1f7.33e.117.
was Sl25.s51.17i lower than that Of
June. 1920. the Department Of Customs
has reported. In three months ended
with June. 1921. Canada's trade was
S355.75s.706. decline OF s243.32S.s .s54
compared with that OF the corresponding
1920 period. Her imports in those three
months OF 1920 we're s346, 6,303,77s. and
Of this year, s191.256.572.
The New York herald., 1921-07-16
OIL Production Lower.

A slight decline In crude oil produc-
ton in the United States was reported
for the week ended on July by the
American Petroleum Institute. The total
for that period was 1,312.T60 barrels.
against 1,315.950 in the preceding week.
a decline OF $3.50 barrels. The decline
is indicated in spite of an Increase of
1000 barrels in the daily output OF the
Ell Dorado pool In Arkansas and of 800
barrels in the North Texas district. The
biggest decline shown in a single field
was that of 5000 in Wyoming Montana.
The New York herald., 1921-07-16
NEW INVESTMENT HOUSE.

The firm OF w. F. Ladd & Co. was
dissolved yesterday and succeeded by the
house of Huntington Jackson & Co. The
general partners OF the new Arm are
Huntington jackson, Thomas III. Cross
and Alfred Macy, formerly general part
ners In w. r. Ladd & Co., and Theodore
r. Dixon. who has retired from Low
Dixon & Co. Ernest G. Stillman is n
special partner. The firm transacts a
general investment business.
The New York herald., 1921-07-16
No Erect on Money Rates.

In line with expectations yesterday
withdrawal of $66.00O.000 United States
deposits had no effect on rates for call
money. as its quotation in the New
York Stock Exchange was per cent.
all day and il was offered at the close
without takers. In the outside marker
similar rate prevailed. Ordinarily so
heavy withdrawal would have dis
turbed the money market. but 1t was
offset fully by the cash left with the
hanks as the proceeds of maturing GER
tificates of Indebtedness.
The New York herald., 1921-07-16
DIVIDENDS.

Stock nj Pay
Record. able.
Amoskeag Mfg. Co. pf., a.,
S2.25 ..................... July 10 Aug.
Cons. Utilities Co pf., a..
Dallas Pr. 1t. Co. pf., O.,
Si.T5 ...................... July 20 Aug.
Elec. Bond & Share Co, a., S2.July II July 4,
Kaufman Dept. Stores. O., Sf.Juy 20 Aug. I
Texas Pr. 1t. CO. pf.. a.,
Si.T5 ................... July IS Aug.
The New York herald., 1921-07-16
Chain store snIes.

The McCrory Stores Corporation re-
ports sales for June aggregating $1.039.-
ia in contrast to s1,070.199 in June
1920. In the first half of this year
s6,217,763 was tn etotal of its sales
against S6,121,349 in the corresponding
1920 period. The j. c. Penney Com
pany's sales for June were $3,S34.S29,
against s3.63e,45 in June, 1920. and for
the first six months of 1921 $20,59o,s6
against s15.s49.S14 in the corresponding
1920 period
The New York herald., 1921-07-16

TEXAS BANK CLOSED.

DENtsoN. Tex. July 15.--F'ollowing
withdrawal OF deposits from the Denison
Bank and Trust Company, which de-
veioped into run. the bank closed its
doors at I A. M. to-day. a. i. Slaughter
of Austin. state Bank Examiner. took
control and in a statement said plans
for a complete reorganization Of the in
stitution were being formulated.
The New York herald., 1921-07-16
PROPOSALS.

SEALED proposals. for the employment OF
100 men. more or less insthe shops of the
New Castle County workhouse will be re-
ceiveG at said Workhouse August /, 1921.
Eaci proposal must he accompanied by
specificationa OF the kind of work at which
the ner win be employed.
The term OF employment 10 begin Decem-
Der !, 1927, and 10 run for one or more
year,.
The Trustees reserve the right to reject
any or all bids
For further Information address
VI. 8. PLCNMER. Warden,
New Castle County Workhouse,
Greenbank. DelaNara.
The New York herald., 1921-07-16
DIVIDENDS AND INTEREST.
ATLAS POWDER COMPANY.

IDI1I1zt
July 10. 1921.
The regular quarterly dividend of 1875 on
the Preferred Capital Stock OF the Company
has been declared payable August 1, 1921
TO stockholders of record at the close of bus
mess on Wednesday, July 20. 1921.
The stock transfer books of the company
VIII be closed against the transfer of Pre-
ferred Stock with tho close of business on
Wednesday, July 90, 1921, and will be re-
opened at O'Clock A. NJ. on Monday, Au-
gust ]. 1921.
LELAND LYON. Treasurer.