davidaulloa/AmericanStories huggingface dataset:
The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1921-05-31
NATION WARNED
TO AVOID RUTS
CONTINUED FROM FACE oNE.

CONTINUED FROM PAGg pNE.
had left behind tncm on the Grim
sonod ha'tlofields and under the
white-flccked waters of tho soa.
Joining hands with them beneath
the stars and Stripes were allied
patriots, who during the recent con
fnct went to the front in the khaki
Of canada, the KITS OF Scotland and
the horizon blue OF France.
The nurses who cared for the
wounded and welfare workers who
lent aid and comfort TO weary and
hungry fighters. also donncd their
uniforms and trod along behind the
countless bands which played mar
tial music all the day.
Everywhere in the city flags flew
at half mast. From each Of tn
great forts guarding the hirhor tn,
Memorial day salute OF 81 guns
doomed forth at noon.
out in the Hudson river the flag
ship of 20 dostroyors Joined In tho
chorus with the bark Of it's one-
poundcr which echoed of the pail l-
sadcs and the great stone homes Of
Riverside drive, hy which thousands
marched In the greatest ~ the man,
parddcs.
The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1921-05-31
State Nurses League
to Meet Here T0day

The state league OF nursing odu-
oa!on viii meet at the = " & a
- clock Tuesday morning. with
.'S Lean Gayit, state president. in
,hair. Records for training
I'o,s and other matters OF nurs-
"duoatlon will hc discussed ana
",H an Standardization made bv
FFed 5. Clinton An public
,,a.,n nurses and instructors and
60 'h'endents Of hospitals are in
F,to 70 attend the meeting. Mrs
ssc,a W iIson OF this city is state
The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1921-05-31

REAIFORT s. G. Nav 30-
"Only splendid memories Of th.
heroic dead Of the north and south
remain and "tho bitterness cugou-
dor"d by tho nations great sectional
conflict is over Secretary Deuh,
declared IN u memorial day address
mere.
Il am a uorthc-uer he said.
and my father wore tho Earlcs on
the uniform Of blue. but FIRST ! am
an American and .ou cannot tax,
from mo my heritage Of pride i1 Lo.
and Jackson and Pickett and your
own beloved Forest.
The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1921-05-31
Browns ana Griffs in a Trade.

ST TIr-r' Inns w " iThu''
h.. LOUIS, Mo. May 3O.-Third
seaNein'n Earl Smith Of the St. Louis
NrDNhs' has been traded TO the
r. fton Americans for third
ot'AsA I'Tank Ellerbee
New-York tribune., 1921-06-17
Gradual Price Decline
For Years Indicated

PITTSBURGH, June 16.-Gradual
price declines for the next few years
are indicated. and, as a result. business
is drifting to more competitive basis,
said the report of the trades relation
and policy committee OF the National
Association of Sheet Metal Contractors,
presented at to-days session of the an
nual convention here.
Z. L. Seabrook, Philadelphia gecre-
tary of the association and chairman IF
the committee, read the report, which
declared that there is not now. and
there probably will not be for several
years to come, any such flood tide Of
profits and wages and expansion Of
credits as las been witnessed in the
last five years"
The committee urged that the con-
tractors adept an attitude of aggres-
sipeness for going after business and
developing IT,"
1he convention will close to-uorrow
with the reports of trustees, resolu-
items committee and state associations
and the election of officers. Indianap-
ellis, Dayton and st. Louis have invited
the association to meet in those cities
IN 1922.
New-York tribune., 1921-06-17
Grain Exports for May
Decrease; Cotton Rises

WASHINGTON, June 16.-Exports
of grain and -four fell off heavily dur
ing May, as compared with the same
month last year, while cotton exports
rose sharply according to trade figures
issued tonight by the Commerce De-
partment.
Grain and -four exported during Nav
aggregated $63,0oo,oo0 against $780,
000,000 in May year ago, while for
the eleven months ended with May the
total was s1,00o,0oo 900, compared with
$72o, 100000 for the corresponding Pc
riod of 1920.
Cotton exports for the month
amounted to 477,ooo bales, as against
364,0o0 bales. For the eleven months
period the total was 100000 bales,
worth s5T5so0o, 600, az compared with
Z 100000 bales, valued at 1,00o, ,o00, 600,
during the eleven months ended May,
1920.
Cotton seed OIL exports for May were
valued at s1,000,000, or one-half the
figure for the same month last year.
Meat and dairy products exported dur
ing the month amounted to $22 ,0o0, 900,
as against S51,0o0,0o0 in May last
year. Exports of mineral oils aggre-
gated SIT 100000, as compared with
$40 100000 during May Of last year.
New-York tribune., 1921-06-17
Increase I'm Stock
OF L. & n. Planned:
New Bonds Likely
Seek to Bring Capitalization
in Line With Situation
After Financing; Paves
Way for Stock Dividend

Directors of the Louisville & Nash
vile Railroad have recommended an
increase of $4,000, 900 in the outstand-
ing stock capitalization and that so
much of the proposed increase be is
sued in the form of a stock dividen nd
as the Interstate Commerce Commits
sion will permit. AS the present
amount Of stock issued is $4,000 900,
the stock dividend would amount to
approximately rs IL per cent if it were
all issued in that form and the total
stock would be increased to $125, 000,-
900.
An official statement issued after a
meeting of the board yesterday ex-
planned that the proposed increase in
stock was for the purpose of bringing
the amount outstanding in line with
the issued bonds when new financing
plans are completed. At the annual
meeting of stockholders in April it
was recommended that the directors
arrange for a first and refunding mort
gage bond issue to take care of matur-
ing obligations and to provide funds
for the future development and ex-
pansion of the company's property
In their consideration of the pro-
posed new mortgage the directors
found that in order to meet the re-
quirements of the investing public it
would be advisable to provide that the
company's total issue Of bonds should
at no time exceed three times the
amount of it's outstanding stock.
"The board therefore has called a
meeting of the stockholders for July
%, 1921" the statement added, "and
recommended that the stock be in
creased from S72,O0O000 to $3.50
600. 1t appearing that the company's
surplus which might have been dis
tributed in dividends amounts to over
$82 600 600, it was further decided that
there be issued to the stockholders
ratably as a stock dividend so much of
the proposed increase of $53 100000 as
the Interstate Commerce Commission
shall authorize to be so issued. Proper
application will be made to the Inter
state Commerce Commission for au-
thority to issue said mortgage ponds
and stock Immediately, if the stock
holders approve the plan. AS soon as
it can be prepared circular letter set
ting forth in detail the foregoing lat
ters will be forwarded to each stock
holder with the notice of the called
meeting"
Directors of the road yesterday de-
clared the regular semi-annual 345
per cent dividend, payable August 10,
to stockholders of record July 13.
The Atlantic Coast Line, which owns
more than half the present outstand-
ing issue of Louisville & Nashville
stock, also declared the regular semi
annual dividend of 31a per cent on the
common stock, payable July II to stock
of record June 95
New-York tribune., 1921-06-17
Appeal From Reading
Decision Is Allowed

PHILADELPHIA, June 16.-FeFderal
Judge Thompson to-day allowed an
appeal to be taken to the United
States Supreme Court by the Conti-
mental Insurance Company and the
Fidelity Phenix Fire Insurance Com
pany of New York, from the decision
of the District Court that common and
preferred stockholders have equal
rights in the distribution of the stock
of the new corporation to be formed
under the Reading Railroad segrega-
ton plan.
The appeal was allowed, after
Charles Heebner, general counsel for
the Reading, emphaticaIly declared
that If the common stockholde won
out in the Supreme Court, the Reading
Company would ask permission TO file
an entirely different plan of dissolu-
tion. Edwin P. Grosvenor, counsel for
preferred creditors, declared the ap-
peal was taken so that common stock
holders could manipulate the market
on their prospective new shares, while
the portion the preferred was entitled
to would be tied up in litigation.
Distribution of the stock in the new
corporation under the segregation plan
was stayed by a supersedeas issued by
Judge Thompson, but the other pro-
visions of the segregation, including
the merger of the Reading Company
and the Philadelphia & Reading Rail-
way Company, and the trusteeing Of
the stock of the Reading Coal & Iron
Company and the New Jersey Central
will be carried out
New-York tribune., 1921-06-17
Reparations Bonds
Sure to Come Here.
Says Reserve Board
End of Reparations Contro-
versy an Economic Tri-
unph, Breaking Uncer-
tainly, Il View of Board

WASHINGTON, w June Absorption
OF substantial blocks of German repara-
ton bonds in the American financial
market is unavoidable" the Federal
Reserve Board said to-day in Il formal
discussion of the reparations settle
ment.
However, termination of the repara-
lions controversy was viewed by the
board as an economic triumph opening
up promising outlook for future Eu-
ropean adjustments with special bear
ing, upon the position of the United
States.
This is found" the board said, "in
the fact that the adjustment unaues-
tonably eliminates the most serious
clement of uncertainty that has affected
international trade since the war. So
long as there was hesitation regarding
the final adjustment, trade between
Germany and all othet nations, includ-
ing the United States, was necessarily
more or less Interrupted.
Not only was this true, but the con-
siderable investment of American CAPT
tai in German enterprises which had
begun about a year ago could not
safely be continued and was neces-
sarily suspended. Sale of German gov
eminent obligations in this country,
whether with or without Allied indorse-
ment, was equally unlikely to be sue
cessful. lndeed ever since the appear-
ance of serious friction regarding the
settlement there has been practical
cessation of European offerings of this
kind.
This situation fortunately has al
ready become less acute and condi-
tions are approaching a rather more
normal position. That our market will
be called upon to carry substantial
share of the necessary financing grow
ing out of the German adjustment will
naturally be unavoidable"
New-York tribune., 1921-06-17
Cities Service Earnings
Show Cut i'm Oil Prices

May earnings of the Cities Service
Company show the effect of the COP
tinued reductions in the price of oil,
bu. even with this handicap the COM
rany, after payment Of all expenses, in
tercst, dividends on preferred stocks
and other charges. mad a balance of
S5Ts,s4S available for the common stock.
Gross earnings fer last month were
$1,1s8, Ito, compared with $2,2t3 $50
fer May year ago. Gross earnings for
the ilve months of the year were s2l,-
235, ,76T, conttasted to s21, ,42f ,So8. Net
earnings after preferred dividend re-
quirements amounted to Si2,8Ia,a57, a
decrease of s530,I53.
New-York tribune., 1921-06-17
Drastic Economy
Program Planned
By French Govt
consolidation Of Loans, No
/ More New Issues of Bank
Notes and Other Changes
Proposed by Minister

PARIS. June decentralization of
,,.ns. no more new issues of bank
.stss ,sS no more extraordinary credits
n tire Inauguration of economies OF
s,s ia most drastic nature comprise the
s.sncial h policy Of the French govern
.srt The guiding principles of this
.oljty we're outlined before the Cham
ssr Of Deputies Finance Committee by
Doumer, Minister OF Finance, yes
n,5ay. the Minister remarking that
- sadget for 1922 had been cut from
100000 600 francs to 23,00o,o 100000.
He estimated the revenues for the
var covered by the budget would be
INV 1900 eco 900. but expressed the
saps the deficit might be made up
rom the proceeds of the national de-
fsnse bonds now being issued. the sale
4 var stocks. customs and the war
2oft tax. # these proved insufficient
1 Doumer declared he was in favor
Il substantial increase of the tax on
BUSINESS turDovers.
New-York tribune., 1921-06-17
Days Dealings i'm Bonds
The Market

A better feeling prevailed in the in
vestment market yesterday, which was
attributed to the reduction in the com
merciaI rate of discount by the
Federal Reserve Bank of New York.
While trading was on comparatively
light scale. offerings were scanty and
Indicated an absence of pressure to sell.
The range of the fluctuations in the
Government war issues was the mar
rowest In many days and the tone here
was generally firm. Inquiry among
the investment houses brought forth
the information that the market senti-
ment is improving sufficiently to war
rant the undertaking of new issues in
the near future. The great success of
the Treasurys offering OF certificates
and three-year notes was pointed to as
an indication that investment funds
are available if the security offered is
sufficiently attractive.
New-York tribune., 1921-06-17
Widow Finds Income Has Been Cut

Question: submit for your inspection
and advice the following stocks and bonds;
Lackawauna Steel, 1928, j per cent, at 0S:
/ southern Railway, 4 per cent, at rs; l
Southern Railway. / per cent at 62A 1
New York Telephone, II, ar 81; / Amert-
can Telephone and Telegraph, per cent,
ct So l Nassau Electric q per cent, at 7S.
Stocks; so shares WHY'S Overland common,
3Sts - shares WHY'S Overland common,
- "a so shares Ray Copper, 34 & 80 shares
Tennessee Copper, ~ 100 shares Keokuk
& Des Moines Railway common, Is II 100
shares Third Avenue, 251s 100 shares Iowa
central SM | might add l am widow
and these Investments were in my hus-
bans estate. and find my income has been
cut very materially. but if my holdings will
come back to where / can sell without a
great loss, of course can hold them, but If
not. nc now would you suggest exchanging
them for stocks bonds to increase my
income Mrs. A. Il. W.
Answer-We would advise you to
hold on to your bonds, but to sell all
OF your stock and TO invest the pro-
ceeds in the following list of bonds:
Chicago Union Station 612s, due 1858,
offered at 101 and guaranteed jointly
and severally by the Chicago, Burling-
ton Il Quincy, the Chicago, Milwaukee
& st. Paul. the Pittsburgh, Cincin-
natl, Chicago & ST. Lous and the
Pennsylvania Company; Kingdom of
Denmark IS, due 1945, recently selling
at 80; United Kingdom Of Great Britain
and Ireland 51as, due 1887, and North
ern Pacifc-Gr Northern Joint 61as,
due 1886, recently selling at price to
yield 6zs per cent. Interest on the for
eign government bonds is payable in
gold in the United States. We do not
think that under the circumstances you
can afford to hold the stocks that you
have with the speculative chance that
some of them may improve in market
price
New-York tribune., 1921-06-17

bond is oelhng betow par you mast
dtlo'o also for the appreciation Of ths
principal. To do this subtraot the mar
ket quotation from par, or f00 and cii-
vide the remainder By tho number Of
yeafs the bond haa to tun bo}ors ma
ttu'ttp. For example, If per cent
bond Ia selling at 20 and has ten years
10 '7sh the annual retarn iciH be G.6e
per cent. The diferehco betlocen mar
raa the market price miti be 10 points,
snotrqctihg 90 from 100. Diuiding ten
points bU ten gears, the q,otient noiu bo
/. This figure is to be added to $50.
'0htch ia tbs annual return, and the re.
suit Is 7G6 per cent, wia giue you the
approximate reid.
New-York tribune., 1921-06-17
Likes c. & Z. |. Stock

Question: am thinking OF buying some
Chicago & Eastern Illinois for rise
What do you think about my buying II :?
VIII buy only preferred stock.--M. r.
Answer--H you mean preferred stock
of the old company subject to the as
sessments, we think that its purchase
is somewhat speculative. If you had
the preferred stock we would recon
memo you to keep it, if you were not
dependent on income from your invest
tnent, and trust that the railroad situa-
tion will turn out all right. If you are.
not already in we would advise you to
wait until some results Of the reor-
ganization plan can be seen. If you
mean the new preferred when issued, it.
is speculative.
New-York tribune., 1921-06-17

i
there any particular issue that you advise?
j, j G. e'9 investment ia my FIRST thought
Answer There are two Bush Ter
inal per cent bonds, one the Bush
Terminal Buildings first sinking fund
8 per cent bonds due 1860. These
bonds are secured by first mortgage
or number of large modern terminal
factory and loft buildings and are, in
our opinion, q good investment. These
bonds recently sold at 741a. The
other issue of Bush Terminal 5s is the
consolidated 5s of the Bush Terminal
Company which controls the Bush
Terminal Building Company. These
consolidated 5s are due in 1866 and arc
secured by the deposits of the stock OF
the Bush Terminal Railroad Company,
which owns double track electric
railroad free from bonded debt from
Tw enty-eighth Street and Second Ave-
nue., Brooklyn, to First Avenue and
Slxty-fifth Street, and by the deposit
of the capital stock of the Bush Ter
minal Building Company. These are
good security and in our opinion a rea-
sonably safe investment. They are
quoted at 70 to II. In our opinion the
Bush Terminal Building Company
bonds are better investment at "a
than the Bush Terminal Consolidated
5s at II.
New-York tribune., 1921-06-17
Newfoundland Bonds Safe

Question-Kindly advise me in reference
TO the new issue of government of New
foundlapd 15-year Il per cent gold bonds,
supposed to yield 7.2o per cent. Would you
consider this i good investment?
not able to invest more than $1,000, and
l not wealthy. barely comfortable.
would like to invest in a safe place as a
good interest would warrant.-J. A.
Answer-The government Of New
foundland 15-year 6l5s, due 1886, are,
in our opinion, good investment. The
principal and interest are payable in
United States gold at the Bank of
Montreal in New York.
New-York tribune., 1921-06-17

The Tribune prints edch day the mo
furtty dates Of oil actiue bonds quoted
on The New York Stock Enchangs. The
return on bond to the tnvestor depends
hpon three factors. the rate Of interest
the securttY bears, the market price
and the distance of the maturity dGts.
To figure the precise yield on a bond it
rs necessary to ase yield tables, bait tho
approximate yield can roughly be figured
out by the following formula, Divide
ths etosing quotation on bond into
the rate Of interest it pays, and the re-
suit oftl be the annual retar.. If the
New-York tribune., 1921-06-17
To Open Branc.,

The Manufacturers Trust Company
announces that it has been granted per-
mission by the Superintendent of BANKS
OF New York TO open a branch at f39
Broadway in the building formerly
occupied by the Liberty National Bank
and more recently occupied by Haane-
Wig d Co., exporters.
New-York tribune., 1921-06-17
New Cut in Oil Prices

PITTSBURGH, June I6,-The second
reduction in the price of crude oil
within a week was announced here To-
day by the principal purchasing agen-
cies when another cut Of 25 cents a bar
rel on all grades was posted New
prices are: Pennsylvania crude, g.. So;
Corning, si.40; Cabell, $I.s1; Somerset.
$l-lo; Somerset light, $3.50, and Rag
land, rs cents.
Steadily increasing stocks was given
as the cause of the reduction.
New-York tribune., 1921-06-17
Investment
Information

Questions of general interest TO in
peStors teiu be uasmcred sn this col
iti'ab, az .ukich case only initials wili
De ased. Others mtn be aas,oered BY
mat. ADDRESS aJi Inquiries, iHclos-
lng a stamped, addressed envetope, to
fanGncsri Editor, The Tribune, f55
Nassau Street, NetD York City.
New-York tribune., 1921-06-17
Days NeaU Issues

Dillon, Read & Company are offer
ing to-day at 80 and interest to yield
more than s per cent $3000,000 Min
neapolis, St. Paul & Sault Ste Marie
Railway Company one-year per cent
gold notes dated June p, 1921, and
maturing June IS, 1922 The notes
are direct obligation of the COM
pany
New-York tribune., 1921-06-17
Dividends
Extra

to,umbIa Trust Co.-Declared an extra
hi idend OF = per cent in addition TO the
vtulsr quarterly dividend OF : per cent,
syable June 3p 10 stockholders of record
iae =
Pullman State Bank-Extra Of per
sst and regular quarterly OF = per
at, payable June 80 to stockholders of
rgord lune %
New-York tribune., 1921-06-17
Four Per Cent

per annum on all sums ~ s5 m -.
Upward entitled thereto. and nv, slq sqs,,
eeediIg S5,o09, payable on and after
;. THE DIVIDEND will be credited "a
DepostCors pos as principal July list, 1927.
DEPOSITS made on or before ,J,riv
sth, 1871, will draw interest from JalT s
1st, 1921 90. ~ :
Liberty Loan Bonds belonging to
keeping without charge. -
MATER TRIAfBLE President
LEWIS b Ga WTFY Yst yics fsrsaegl.~.
GEORGE e. Ro4S-Y IsLT. secretarys
New-York tribune., 1921-06-17
Low Coupon Bonds Have Attractions

n.
cupation. factory manager Salary $4,000
Assets: Cash in savings banks at X per
cent. $1,000; New York Central stocks
$1,000 paying per cent; Liberty bonds,
$500 diamonds, $1.25o; personal insurance
straight life. So. 000 in effect two years
s., 900 in effect eight years $4,000 in effect
twelve years. Endowment 81, 900. in effect
ten years; $1,000 in effect twelve years;
total. $2815o. Also what would be the
procedure and would there be difficulty in
starting to finance small factory propo-
sition in the vicinity of New York by three
thoroughly experienced men? Would re-
quire $50 900 to $4,000. Could this be done
without investing ones own savings p
=. w.
Answer--Low coupon rate bonds now
selling at so to 10, according to the in
your most suitable investment. The
bonds should be readily marketable.
Chicago, Burlington & Quincy Iowa
Division 311as, due 1949, recently selling
at 7215, are a high-grade safe invest
ment. A purchase now puts you %
points ahead when the bond is due.
and, furthermore, the saving is auto
matte. That is, you are not SO likely
10 be tempted to spend it as if it came
in semi-annually in the form of inter
est. Chicago & Alton IS, due 1949, re-
Gently selling at A, while not SO safe
as the Chicago, Burlington & Quincy
DO4AQcS d+S' III OuI OPliliOLlt q SOOh LII
vestment for man in your position.
We think that the principal will be
safe in The long run. Kansas City
Southern first 3s. due 1850, recently
sold at 56. New York Central Hudson
River-Michigan Central collateral 31as S,
due 1898, recently selling at 81, are a
safe and high grade investment, in our
opinion Norfolk 4 Western first CON
solidated As, due 1896, recently selling
at rs, are a high-grade investment.
Illinois Steel debenture les, due 1870,
recently selling at 7s5a, are high
grade Investment, and New York Dock
FIRST 4s, due 1851, recently selling at
6715, are high grade. All of these
bonds could be used as collateral to
raise money at your bank. We think it
would be unlikely that any one would
put $4,000 to $4,000 into your pro-
posed factory, unless you yourself put
in q considerable part of your savings.
A lawyer would show you how to in
corporate your company, but raising
the money would be a bankers work
Remember when buying an endowment
policy you are paying for two things,
life insurance and the endowment. We
think it is better to buy the cheapest
life insurance you can and with the
difference in cost buy low coupon rate
bonds, such as we just mentioned.
New-York tribune., 1921-06-17
Two Bush Terminal Bonds

Cuestton - Do you recommend Bush
9erininal bonds. now selling between II
SaG ~ and arc ser cent? If SO, is
there any particular issue that you advise
= safe investment liz my first thought
New-York tribune., 1921-06-17
The Bank for SAVINGS,

IN THE CITY OF NEW vopU %
az az Foarth Avenue June SIN iss,
zo9th Seni-AnnuaI Dividend : -
me Board Of Trustees has decIss rea s- s
'aa interest dividend for the gix naa+ss
ending June both, 1921. at tbs 80 80 s-s xs-