davidaulloa/AmericanStories huggingface dataset:
The New York herald., 1921-07-10
FINANCIAL NEWS
AND COMMENT
Rails Lead Stock Markets Re-
covery-Sterling Drops to
Low Since January 10.

During the short session In the New
York Stock Exchange yesterday the
volume of its transactions was small.
price movements were of little signn-
cance and the list presented an irregular
appearance at the closing. The feature
OF the financial situation was the weak
mesa of sterling. which declined to
s3.66%. 70 its lowest point since
January 10. Such q decline on what
was expected to be an inactive satur-
day was an unusual phenomenon. not to
be explained by the offering of COM
mercial bills in this market It was
said to be due to action in London to
accumulate dollar credits. perhaps 70
meet the advance payment Of the United
Kingdom notes. which mature on No
vember /, and. perhaps. in some relation
to the reparation payments. On the
other hand the British trade figures are
beginning to reflect the full effect Of tho
miners strike. from which England's
recovery is expected to be slow. No
attention apparently was paid to the
Irish truce.
Shortly after the opening, which was
lower. active stocks continued their
downward trend, manifested on Friday.
and such speciality shares as American
Sumstrs. Harvester and Crucible. A
turn came In tho second hour with rails
leading the recovery. and a largo part
ing from a fraction to 2 points in the
final minutes of trading. Dispatches
from Cuba indicated that the special
session of the Cuban Congress, which
has been called, will grant authority to
the Cuban Government to borrow TO
enable 1t to purchase 100000 tons of
sugar and at the same time the imrne-
date trend of sugar commodity prices
Cuba Cane Sugar stocks were particu-
larly weak. American Sugar. after
dropping to 63A. for loss OF IL
points. rallied in the last hour.
The weakness in sterling extended
throughout the European exchange list
and the declines occurred wholly in
London. suggesting that there was O
scramble TO buy dollars in European
centres. Cotton and wheat prices showed
little change. The bank statement dis
closed sharp contractions in loans and
in deposits. the former were down $751;
100000 and the latter ill9. 100000.
The New York herald., 1921-07-10
I. c. G. VALUES MORE ROADS.
Tentative Figures for Western
Pacific Arc ses,73o,o11.

WASHINGTON, July 9.-Tentative valu-
alton of the Western Pacific Railroad
was placed by the Interstate Commerce
Commission to-day at s66.73o.011. The
roads capitalization is s172.72o.912 and
its general balance sheet claimed that
its investment in road equipment
amounted to S156.31S.136.
The commission announced tentative
valuation OF the Grand Canyon Railroad
at S1.359,39S and that Of the San Joa-
quin and Eastern California; at
s1.14s,000.
Commenting on the amounts shown on
the Western Pacific's books as invested
In road and equipment, the commission
said
THE account requires adjustment
Some items should be entirely excluded,
some reduced In amount and some new
items included. The account Is made
up In large part of the value OF securi-
ties at par exchanged for property which
was not appraised and whose value IL
unknown. and in part charges for land
the cost of which can not be allocated as
between carrier and non-carrier land
Revision OF the account and a deduc-
tion of the amount of capital stock OF
the carrier exchanged for unappraised
property OF seven predecessor COM
panies the commission said, would leave
the Investment account at $72.715.0 091.
That sum. II declared, could not be
taken as the carriers actual investment
In existing road and equipment, but was
the nearest sum obtainable.
The New York herald., 1921-07-10
URGES ABOLITION OF
u. S. RAIL LABOR BOARD
F. J. Lisman Suggests RENE.
dies for Waste.

The remedy for railway labor troubles
lies In tho abolition Of the United States
Railroad Labor Board and tho estab-
lshment OF a labor bureau under the
supervision Of the Interstate Commerce
Commission. according to F. j. Lisman.
investment banker. writing on Rem
edies for Wastes in Railway Operation"
In the current issue Of the 'RdiltDdy Age.
Citing statistics 20 show that the
present high cost of transportation and
lack Of return on railroad capital Is due
TO abnormally high wages and ineffi-
cheney Of labor Mr.. Lisman declares
that labor employed by railroad and
public utility corporations Is charged
with the public interest just as much
as their arrangements and that its Joint
activities should be under the same au-
thority as are the managements.
He said that a close study OF the
costs and value of competition should
precede any legislation by Congress
against railroad competition. With the
exception OF wasteful competitive
passenger service. he declared that al
legged wastes OF competition existed on
no great scale, probably not exceeding
three per cent. OF the carriers total
gross earnings. jor approximately $1SO.-
900, 900 a year He said that reduction
OF. general railroad expenses possible
through consultations would be found
to have definite limits.
Other leaks and losses in the railroad
business which call for elimination were
laid by the writer to Improbable less
than carload freight. light loading and
additional accounting expenses In com
piling vast statistical reports required
from the carriers by the Interstate
Commerce Commission.
The New York herald., 1921-07-10
METALS.

Copper was quiet during all Of last
week. There was . little export busiv
ness. including sales of probably 1000
tons to Germany. On the whole. how
ever, the increased foreign inquiry fol-
lowing the settlement Of the British coal
strike has not materialized in any trans
actions of importance and buyers for
domestic consumption still are operating
very conservatively and most larger
users are said to be well covered for
July and partly for August requirementev
II is estimated. however. that exports
and deliveries into domestic consump-
ton during June exceeded imports and
home production by about $4,000. 900
pounds and the slowly strengthening
statistical position has helped to sustain
confidence in the ultimate market Smavi
lots of electrolytic are still reported
available for spot and nearby shipment
at 1878, but producers prices for the
third quarter ranged from 13 TO 13h
delivered
Tin was marked up cent during the
week. but subsequently lost that ad-
vance. In the absence OF consuming In
terest the market. as usual has been
responsive TO fluctuations abroad.
Lead exhibited firmness with outsiders
asking more than the principal pro-
ducer's quotation. Production keeps
light ana consuming demand fairly sat
isfactory.
Zinc has ruled steady IN absence OF
selling pressure. but continues dull.
buyers refusing to meet slightly higher
asking prices. Investors are reported
ms buying ore at s21. Influenced by the
radical curtaiiment Of production.
Antimony continues dull and easy. A
few sellers have withdrawn their offers
and are hoping for a better market
through the operation OF proposed
tariff Increase.
The New York herald., 1921-07-10
An advertisement IN the Lost and
Found columns Of TEE NEW YORK
HERALD Offers a real posssousty Of
recoverin0 your lost property.
MANY PARTICIPATE IN
LAYMEN'S RETREAT
Movement Begun ~ Years
Ago at Fordhar, w

The retreats for laymen movement
was inaugurated In the New York arch
diocese twelve years ago yesterday by
Me Rev. Terence E. shealy. S. j.. who
conducted the first service OF this kind
at Fordham University on July 8, 1909.
with about twenty men in attendance.
The movement was inaugurated as a
bulwark against the socialistic trend of
the times. and soon became popular.
Tho following two years Father Shesly
conducted laymen's retreats alternately
at Fordham University and Keyser
Island. South Norwalk. Conn. Then
when the necessary financial support
made IL possible the Jesuit priest ac-
quired the beautiful house and grounds
al Mount Manresa. Fort wadsworth.
staten Island. The house was biessed
on September 8, 1911. by the late Car
dinal Farley.
The retreats are held in the spring.
summer and fall and attract Roman
Catholics from all parts OF the United
States. They begin at p NJ. Fridays
and last until Monday morning. during
which time the retreatants are not per-
mItted TO leave the grounds. A Jesuit
father conducts thefn-
The New York herald., 1921-07-10
CONSOLIDATED EXCHANGE.

Fair net gains were registered In GER
tain motors and equipment issues dur
ing last weeks Consolidated Stock Ex-
change trading, but there was little
change In steel and copper stocks.
United States steel and Crucible ending
within fractions of the final figures on
July I. Several speciality shares were
under pressure al material recessions,
while the trend In the railway division
was definitely upward. Gains OF In
Studebaker 10 79h. AZ In Northern Pa
cino 10 1874, az In Baldwin Locomo-
tive TO IAN. in Great Northern pre-
ferred TO 69% and declines of IA In
American Sugar to 65. SIS In United
states Rubber 10 4eA, AZ In Mexican
Petroleum TO 94M and s In international
Harvester to TAN were outstanding
features
Famous Players yielded AZ to b1%.
Industrial Alcohol 1 to 61h, General
Asphalt 1% to am, Texas Coal and OIL
1h to 1915, California Petroleum IA
10 ASH, Chandler Motors Is to 81.
American sumatra as 10 50N, Tobacco
Products IA TO san. Retail stores I to
52& and American woolen TO 6Sh.
Union Pacinc rose IA 10 19%, South
ern Pacific IL 10 rs. Reading u to
6sn, New Haven TO 1915, Canadian Pa
cinc 21s TO ii0%. Chesapeake and Ohio
~ 20 b5h, Atchison to s2%, Strom-
berg tx to 32h. Bosch Magnetic / "a to
s4h. Bethlehem Steel u ia 10 4sx
and Kelly Springfield I TO 37%.
The New York herald., 1921-07-10
ATLANTIC COAST LINE
TO REDUCE SALARIES
Cut Independent of Labor
Boards Decision.

The Atlantic Coast Line Railroad has
issued the following bulletin to the
heads of all it's departments:
"On account OF the severe depression
In business from which this company
has suffered. II became necessary to ap-
ply to thu United States Labor Board
for reduction in wages of all classes of
employees over which their authority
with respect to wages extended. The La
Dor Board In a recent decision ordered
a reduction in the wages of these en-
ployees, effective July /, 1921. The man.
agament feels that all employees.
whether coming under the jurisdiction OF
the board or otherwise. should bear a
part OF the burden, and has decided,
therefore. effective July !. to make a
reduction In the salaries Of all officers
and employees not coming under the
boards decision. The management be-
heves and earnestly hopes that the ne
cessity for this action will be appreci-
ated and that 1t viii be accepted In a
generous and loyal spirit"
The New York herald., 1921-07-10
Sharp Contraction.

Tho New York Clearing House bank
statement disclosed not only a large
contraction Of loans. discounts and in
vestments approximatinS $4,000. 900.
but an even larger shrinl1age In de-
posits. which declined moro than $i10.-
100000. The downward movement In
loans was merely an accelerated amount
of liquidation. but the loss in deposits
was due largely to the payment for more
than $100.o00,o00 of Burlington bonds,
which matured on July 1. Another rea-
son for the shrinkage was the seasonal
movement Of funds away from New
York. The margin between loans and
deposits is $637.000,000. The statement
also disclosed an increase Of e23.846,s30
in surplus reserve. which stands q. S34.-
067.690. United States deposits In men,
Der banks were $154.023,000 at the end
Of tho week, but more than $4,000, 900
will be withdrawn on Tuesday.
The New York herald., 1921-07-10
A. B. A. TO FIGHT NELSON BILL.
Measure Hits mt Law Affecting
National Bank Taxation.

The yoke OF unfair taxation on
American banks has been partly lifted
by the United States Supreme Court de-
cision In the case of the Merchants Ma
tional Bank Of Richmond against the
City OF Richmond. Virginia, which COW
cred unfair and discriminatory taxation,
and the American Bankers Association
will vigorously oppose any attempt to
draw the teeth out Of the law through
new legislation" said Thomas d. Patton,
general counsel for the American Bank
ers Association. yesterday.
His statement Is understood TO mean
that the American Bankers Association
will oppose n bill introduced recently In
Washington by Senator Nelson. chair
men Of the Senate Committee on the
Judiciary which aims at the vital part
OF the law with regard to taxation OF
national banks.
The New York herald., 1921-07-10
AMERICAN THREADS DEFICIT.
Reports Shortage of $720.619 for
Last Fiscal Year.

The American Thread Company re-
ports for the year ended on March 81.
1921. surplus. after interest, charges,
depreciation, taxes. inventory, adjust
n,ents. &C., Of ss93.s05. or "a cents a
share earned on its outstanding COM
mon stock after the deduction Of divi-
dends on its preferred stock. In the
preceding year the company earned $2.S1
a share on It's common stock.
The company's net profits. after inter-
est, depreciation and taxes, were ST.
220.876. and s326,471 was set aside for
bond redemption. For its preferred div
idends s244.524 was charged off and
s720.o00 was paid on its common stock.
A bonus of 100000 on the company's
common stock and a reserve Of $4,000
for It's pension fund resulted In a deficit
Of s720,619 for the year.
The New York herald., 1921-07-10
British Empire Steel.

The steel operations Of the British
Empire Steel Corporation. the big Ca
madam consolidation. are UP to 20 per
cent of those a year ago and coal out
put Is running ahead of last year, ac-
cording to Toronto dispatches quoting
Roy M. Wolvin. the president Of the
company. Results for the second quar-
ter Of the year were said to be better
than those Of its flrst quarter and for
the third quarter an improvement COM
pared with the second quarter Is ex-
pected. Rail contracts in hand will keep
the company going until September. the
dispatches added.
The New York herald., 1921-07-10
TOPICS OF WALL STREET.
Bi. Drop IN Exchange.

Foreign exchange. led by sterling. suf-
fered severe decline yesterday. ster-
ling make a low mark Of 3.66X, which
Is les lowest one since January 10. when
its bottom was 3.o3h. There was very
little II any business OF importance In
the New York foreign exchange market
yesterday and no commercial bills ar
rived to account for the sudden break
1t is believed. however. that operations
abroad to accumulate dollar credits for
British accounts are responsible for the
decline. The announcement last week
by J. p. Morgan & Co. that the nrm Is
ready TO purchase United Kingdom
bonds is believed also to be q factor in
the situation The fact that all Of the
European exchanges participated in the
decline was taken as an indication that
the movement back Of the break was
In character
The New York herald., 1921-07-10
Rock Islands Expectations.

Rock Islands net operating income
for May, after adjustments for car hire
and Joint facility rents totalled $776.553.
It's fixed charges after allowing for
incorporating income for that month.
Amounted to $s36.161. Although March
was the only month which showed some
thing for Rock Island stock. the near
approach of the other months Of the
current year to meeting its nxed charges
at a time when business was bad gives
some indication Of what the road may
be expected to do under the ~ per cent.
wage reduction and with the anticipated
crop movement.
The New York herald., 1921-07-10
Good Week for Packers.

The week Just ended has been for the
packing industry one of the most salts
factory ones Of the last two years. ac-
cording to Armours Weekly Revtep OF
tho Trade. This has been one Of the
most satisfactory weeks" the review
says. "in the meat trade that the pack
ing industry has experienced for two
years. Demand for meat products has
generally strengthened despite the hot
weather which ordinarily slows UP the
trade"
The New York herald., 1921-07-10
PER CAPITA CIRCULATION OFF.

WASHINGTON July 9.--Money In cir
cilation In the United States on July
amounted TO S534s per capita of popula-
ton. according 20 statement by the
Treasury. The total was s5.774.0s5. 900.
A year ago the per capita amount was
s57ts and the total s6.os4.s54,O0o the
reduction being brought about through
the decreased issue Of Reserve bank
notes.
The New York herald., 1921-07-10
Feeling II More Favorable.

''we believe tho major trend II up
ward."-A ]. johnson & Co. "The out
look for tho next few months does not
appear to hold out probabilities Of any
substantial industrial market trend either
way."-J. s. Bache & Co. I'VE consider
all good representative stocks TO be lex-
tremely cheap on any reaction. Car
pender. Caftry & Co. ''The underlying
situation is sound. nd."--McClave & Co.
Representative issues having good pre-
held."-E W. Wagner q Co. I'VE are
looking for lower prices."--W. W. Cohen
q Co.
The New York herald., 1921-07-10
TO DISCUSS FAR COLLECTIONS.

Par collections will be discussed In
the meeting OF the State Bank division
of the American Bankers Association
during the associations Los Angeles
convention In October. Charles de Ii.
Claiborne will submit a report Of the
activities Of the exchange committees.
OF which he IL chairman, and which
have been working in conjunction with
the National and state Bankers Protec-
tive Association
The New York herald., 1921-07-10
EXPORTS FROM NEW YORK.

Exports from New York yesterday !:
Barley. Al 900 bushels; oil cake, 1885,
600 pounds: beef. rs barrels; hams,
100000 pounds: cottonseed oil, 10000
pounds: -four. s.423 sacks Pork. 100
barrels: bncons. 44s00O pounds; lard,
i.47i.cOo pounds; lubrlcating oil. as,4oo
gallons.
The New York herald., 1921-07-10
Looking for Help ts Roads.

With Senator Cunlmins and the COM
mittees, tho Interstate Commerce COM
mission, the President and his Cabinet
all showing concern about the railroad
situation. "the business men Of tho na-
ton. including the transportation men
as part Of that business. all have
steadfast faith that out of the counsels
In Washington will como further con-
structive and helpful results" Is the
opinion Of William Sproule. president OF
the Southern Pacific Lines.
The New York herald., 1921-07-10

New artnerships-Cameron Blaikie
4 Co. July 7. A Broad street; Cameron
BlailSie and Adolph Amend. Foster &
Lounsbery, July Z, "a Broad street: ].
Hegeman Foster. S. Durell Lounsbery
and w. Frazer Gibson.
The New York herald., 1921-07-10
Pathe Phonosraph Ch.nEes.

Tho Pathe Freres Phonograph COM
pany has elected q. A. Widrnan chair
man Of its board and W. W. Chase It's
president In line with the policy recently
adopted when new American financial
interests went into the company. It has
practically no current Indebtedness and
has assets of more than $4,000. 900. OF
which a large proportion Is in current
accounts
The New York herald., 1921-07-10
Pass Preferred DIVIDEND.

The Federal Rubber Company has
passed the quarterly dividend Of 1% per
cent. on its preferred stock. due at this
time.
The New York herald., 1921-07-10

Branch Offices-John II. Clark & Co.
Memphis. Tenn. discontinued r. y.
Hutton & Co, Los Angeles, Cal. Ambas-
sador Hotel. discontinued Kidder, Pea
body a Co. new, as East Forty-second
street. John Elliott Manager: 10. +. Le-
land & Co, Kansas City, Mo, 1905 Bal
timore avenue, discontinued Logan a
Bryan. Davenport Iowa, discontinued
new. KIneo. Me, II. A. Mclaughlin,
manager. and new. Poland Springs. Me-,
7. Newton Marshall, manager: Sarto-
rius. Smith a Joewi, new. Long Beach,
L. T., Emile G. Buchignani. mana ger
swartwout & Appenzeller. new, Breton
Woods, ". IT,. Edmund X. MacLaughlin
manager, and. new. Dxville Notch
NJ H., Walter 70. Huey. manager r.. w
Wagner g. Co. Dubuque Iowa, discon-
tinued wightmsn. BreininE a Co. new
National City Company B0ilding, 42d
street and Madison avenue. Carl Ward
manager Wrenn Brothers & Co., 81
Broad street discontinued
The New York herald., 1921-07-10
STOCK EXCHANGE NEWS.
Reinstated to Membership-On July z
J. Hegeman Foster

Membership Transferred - Pierpon'
Davis to Cameron Blaikie. Cameron
Blaikie A. Co.. ~ Broad street
The New York herald., 1921-07-10
FAR EAST.
,OUTH AMERICA.
CANADA.

New York funds in Montreal. si43,75 pre-
MUM per 81 900. Montreal funds In New
York. SI25 discount per ~ 900.
The New York herald., 1921-07-10

Proposed Dissolution OF Partnership
On July 15, Martin & Co.
The New York herald., 1921-07-10

Change In Firm-Peari A Co., effec.
tive on July 1. John Tucker. retired.
The New York herald., 1921-07-10
DIVIDENDS.
Stock Of Record

STOCK OF Hecord.
Cuban Telephone. 2q5. juno 30
international Telephone and Tele-
graph, 1h%. %...................... June 90
Porto Rico Telephone. a., 81. ......June 20
The New York herald., 1921-07-10

Proposed Change in Firm--M J. Nee.
han & Co, TO be admitted on July Is
James p. McKenna
The New York herald., 1921-07-10

The chcnical National Bank - New York
In its statement as Of June 30 sisovs deposits
OF Si23, ana. 10T On April -, the cate Of rs
last published statement, they were Si0D..
36i,156. Thus they show an increase OF sis,-
,351 In two months.
The New York herald., 1921-07-10

New ADMINISTRATION q Co, II
Wall street. and Manfred L. Neumoegen,
at Foster a Lounsbery. 20 Broad street.
The New York herald., 1921-07-10

official ssr silver IN New York. domestic.
rahc an ounce. unchanged foreign, Gle. up
ic London. 31ihd., yp nd. Mexican dol
lars. i61sc., up NC.
The New York herald., 1921-07-10
MONEY MARKET.
SATURDAY. JULY q.
CALL MONEY FOR WEEK.
TIME LOANS.
COMMERCIAL PAPHR,

Nf,ved collateral. 60 10 90 days ......... 6n6l
MIXED collateral, 20 months. ........ 616i
Ir,gns,riaie. 90 TO 90 days. 6a6i
industriais' 4 20 6 months ...-.,,... 6d6I
The New York herald., 1921-07-10
nrEN MARKET RATES.

Commercial paper. i5 days. u; 10 10 20
a.vs GtLi Liberty bonds and Victory notes,
iS days. q: 10 10 90 days. g. bankers accept
a,ces III 10 30 days y.
The New York herald., 1921-07-10

Tsrime eligible acceptsnces on call, . re-
discount at Reserve Bank, GO to 10 days
sisT5as; non-member and private bankers
eligible. 60 TO 20 days. 5Md5N non-eligible
gO Ia 90 davs 5isT3&
The New York herald., 1921-07-10
FINANCIAL NOTES.

The Central Union Trust Company OF New
York has been appointed trustee OF the
Power and Light company's
Issue OF 81, r50 900 OF Se5 per cent. secured
gold bonds. due on May 4. i0tt.
The New York herald., 1921-07-10
CLEARING house STATEMENT.
sTLyER MAHKET.

cienring House exchanges, 1854. 200. .000
balance ai5. tOO, 900.
The New York herald., 1921-07-10

p.., names, 4 20 g months. ....... 6xRsA
other names. TO months '..s...' t'tmoN
nrscorNr RATES. RESERVE BANK.
The New York herald., 1921-07-10
NEW YORK STOCK EXCHANGE QUOTATIONS.
JULYs sl2i
SATURDAY. JULY o. 1921.

EAR to date. s4.7ss.ol2
The New York herald., 1921-07-10

The 8. s. ,Sresse Company reports sales as
The Snyder signal. (Snyder, Tex.) 1887-????, 1921-09-16
DATES FROM DIVINE RIGHT"
"star Chamber Proceedings" an Echo
Of the Days When Kings Could
Do No Wrong.

star Chamber Proceeding Is an
expression now almost Invariably used
to denote an official action which is
conducted In secret and, usually, In
a high-handed manner.
The phrase comes 10 ms from the
fact that centuries ago there existed
in England am all-powerful tribunal
consisting of committee Of the kings
prlvy council. The custom was either
Instituted or revived by Henry VII
In l4S6.
This council had omnIpoient powers
and was unfettered by rules ~ law.
II dealt with civil and criminal cases
alike by bill and information with
out the aid Of jury, and could inliict
any form Of punishment short Of
death.
The original was star chamber
because In The room where the council
met were deposited the Jewish bonds
known as stars" from the Hebrew
word shetar. meaning covenant
Brooklyn Eagle.