davidaulloa/AmericanStories huggingface dataset:
The New York herald., 1921-06-23
PANHANDLE DIVIDEND
ACTION IS DEFERRED
Directors Postpone Consider
ing Senii-AnnuaI.

The directors of the Pittsburgh, Gin
oinnsti, Chicago and ST. Louis Railroad
the capital stock OF which is almost all
owned by the Pennsylvania Company
deferred action yesterday on the regular
semi-annaal per cent. dividend on its
stock due at this lime. AT the close Of
the meeting the company issued tho fol-
lowing statement:
The directors of the Pittsburgh. Gin
cinnati, Chicago and ST. Louis Railroad
Company decided, in view OF existing
low earnings and prevailing adverse con-
ditions. to postpone consideration of the
dividend or stock of the company until
later In the year, by which time earn
ings for the year and final results OF the
reduction in wages by the labor board
and its action respecting the national
agreements and working conditions can
be ascertaincd; also settlements with the
Government for the Federal control and
guaranty periods will no doubt be def
nitely determined.
"All of the capital stock OF the COM
pany excepting about ] per cent. is
owned by the Pennsylvania Company"
There is about $Sf,S60.oo0 Panhandle
stock outstanding, on which the per
cent. annual dividend has meant
about S1,697,200 for the Pennsylvania.
Deferred action on the dividend Of this
company was forecast in some degree
by the Pennsylvania Railroads recent
reduction Of its dividend from 6 per
cent. to a per ceut. basis and by the
omission Of it's subsidiary. the West
Jersey and Seashore. to declare its reg
ular dividend early in the year.
The New York herald., 1921-06-23
AUSTRALIA WILL SEND
$500, 900 GOLD TO u. S
Siluer Also on Way to New
York From Germany.

Gold continues it's rapid rate OF flow
TO the United States from all parts of
the world, far off Australia contribut-
ing the latest bit OF yellow metal and
to the amount OF S3.5o0.0 900, the National
City Bank announcing yesterday the
engagement Of that sum for shipment
starting next week and arriving at San
Francisco in the latter part OF July.
Silver. too, is on it's way TO New York,
Handy &c Harman having fifty-two cases
from Hamburg OF the Mount Carroll
and valued at 100000 marks.
Kuhn. Loeb & Co. announced that the
Berangaria. formerly known as the Inn
perator. had on board S2.SS5, ,0c0 in gold
consigned to them by the Rothschilds
from purchases of South African gold in
the London market Including that sum
and S3S0.000 on the Adriatft and $780,
900 OH another steamer. Kuhn. Loeb &
Co. will have imported this year S12,-
100000 in gold. making the gold I'm
ports since January /. 1920. Sf55, ,S40.-
900.
Gold bullion Of an estimated value Of
100000 arrived from France on the
Ieopoldina and consigned TO the Edui-
table Trust Company. the Guaranty
Trust Company and an undesignated
oonsignee. The sl,50o,000 OF gold which
arrived yesterday on the Olympic had
been announced by Kuhn, Loeb 4 Co.
Relatively small arrivals OF gold we're
reported as coming from Sweden Mex
leo, Dutch West Indies and Colombia.
The New York herald., 1921-06-23
COTTON MARKET
CONTINUES RALLY
Final Bids Slightly Under Top
Due to Local Selling in
Last Hour.

The cotton market continued Yesterday
to 80 points from its preceding close.
Final bids were under the top, due to
local selling in the last hour but the
tcnc was firm TO strong right Up to the
finish. which was IS TO S5 points higher
than it was ON Tuesday. The market
was technically better able to stand up
against Southern offerings and pressure
from Wall street. The bull element also
was aided by q steadier Liverpool mar
ket less favorable weather in the belt
and reports from England indicating
that English coal strikers would return
to work before the end OF the week.
The weather map was clear along the
Atlantic seaboar1, but precipitation con-
tinced moderate to heavy in the South
west. More than two inches OF rain
fell at Palestine and Corpus Christi.
Later detailed reports showed p fall of
nearly five inches at Weatherford In
the Houston district. The weekly wealth
e. report was regarded as fairly favor
able, although stating that temperatures
were above normal. At the outset the
local market was s TO 20 points up from
Tuesdays close. The trend was upward
Immediately after the call, a gain of
more than 80 points from Tuesdays
finals being recorded before the end of
the first hour.
Around the middle of the day a furry
OF Wall Street and Southern selling de-
velopcd, but after dropping to about 90
points less than the early high level the
market came back quickly. Shorts we're
plainly uneasy. Among the buyers We're
trade interests. Liverpool brokers acted
on both sides of the market. In the af-
terroon. business was mostly of local
professional character. The reaction in
the stock market led TO little new sell
ing of cotton, but prices recovered again
near tho finish. The local spot market
was up Is points to 11.20
The New York herald., 1921-06-23

In his general remarks to stockholders
G. Fl. Markham, president of the COM
pany said in part:
'Au equipment trust agreement known
as Government equipment trust No. 33
was executed during the year to cover
the minimum purchase price OF $500
coal cars allocated 20 your company by
the D;rector-General OF Railroads and
s9.117,000 of notes of your company.
bearing interest at per cent per an
mum, were delivered to the Government
under this agreement. Additional notes
will be issued later to cover the purchase
price of $50 coal cars received subse-
quent to the execution Of the trust
agreement and to provide for the bal
ance of the purchase price on the orig
inal $500 cars.
Your company contracted for tho
purchase of seventy-five locomotives.
fifty-flve passenger train cars and I $50
freight train cars. to cost approximately
s13,515.000 To provide funds for the
purchase of this equipment there was
issued during the year Illinois Central
equipment trust, series T.. amounting to
Ss,10T,000, and there was advanced by
the United States Government under the
provisions Of Section 210 Of the trans
portation act $4,440.000, your company
giving its notes maturing in equal
amounts annually between 1921 and
1885 bearing interest at the rate of s
per cent. per annlm. to secure the loan.
The balance Of the purchase price Of the
equipment was paid in cash by your
company"
Stockholders in the company increased
in number in 1920 from 1896 to 1855.
The New York herald., 1921-06-23
L. AND ~. PLANS TO ADD
$685. eco, 900 70 CAPITAL
Stockholders to Vote on Prof.
ect on July 23.

w. l.. Mapother, president OF the
Louisville and Nashville Railroad, form
ally notified its shareholders yesterday
OF a special meeting to be held in Louis
vile on July 23, at which they will be
asked to vote on the proposed Increase
OF s5S,000,000 In tho company's capital
stock and tho distribution OF all or part
of the increase as a stock dividend.
Pointing out that the coinpany's first
and refunding mortgage for the retire
men. OF existing obligations, and for
other purposes will mean an ultimate
issue of bonds in excess of its present
Indebtedness, Mr.. Mapother said
'1'he most liberal and secure basis
OF such mortgages by the large systems
of railroads needing large amounts for
construction Of extensions. for additions
and betterments and to provide for re-
funding future maturities OF existing
bond issues is to insert condition that
nt no time shall the amount of bonds
issued under such mortgage exceed at
par three times the par value of the
stock issued and outstanding. This
happens to be almost the exact present
ratio OF the company's funded debt to its
present capital stock--a ratio which the
proposed new mortgage will necessarily
disturb.
Declaring that the amount of surplus
earnings ploughed into the property IN
stead Of being used for cash dividends
justified the distribution OF the increase
in stock in the form of a stock dividend,
Mr. Mapother said:
THE companys surplus as OF Deccm-
Der 81. 1890, stands at SS2.9s5, $50 and
all discounts from the sale OF bonds
since 1902. aggregating approximet tely
$7,000,o 900, have been charged off to
profit and loss. The annual amounts of
surplus earned closed into profit and
loss account. less dividends paid, aagre-
gate about $96.00o,0oo. This does not
include the items OF depreciation of
equipment, which stands on the books at
s30,900,097, and of depreciation OF Ger
tain items OF roadway. which stands on
the books at sl3,796. $50"
The New York herald., 1921-06-23
SHEET PRICES CUT
BY U. S. STEEL UNIT
Blacks at 3.75 Cents Pound
and Galvanized at LTD
Seine New Buying.

Another subsidiary of the United
States Steel Corporation has found It
expedient TO lower prices below the
schedule adopted some weeks ago to
meet competition. This became known
yesterday when Il was learned that the
American Sheet and Tin Plate Company
had made reductions Of IS ton on
hack and galvanized sheets the now
price for black sheets being S.15 cents
pound and for galvanized 40 cents.
The American Steel and Wire Com
rany. also a subsidiary OF the leading
interest, reduced prices or wire and
wire nails few weeks ago.
Added % the depression in the steel
Industry Is the selling by large manu-
featuring consumers of bars, plates,
shapes or any other products on hand
al close to warehouse prices Besides.
according to the Iron Age. there have
been returned TO this country some of
the steel and considerable quantities of
small tools. hardware and building
equipment sold in 1919 at job lot prices
to the French Government. The tools
are quoted about one-third below the
domestic market.
The IRON Trddc Rcricir says;
Some encouragement in the way of
iron and steel market. While of q
specially modest character in point OF
tonnage they represent actual buying
where little or none existed before and
they serve to suggest that the recent
rneagre rate OF demand may have been
unduly restrained, with the result that
some reaction is In progress. General
plant activities are no better and $3.50
per cent. would cover them. The latest
opening of the lake ore market in
twenty years at reduction of 81 a
ton over last year was attended by an
abnormally light volume of sales. Prob
ably not over 100000 tons were closed
in the open market.
with a continued fall. In the weekly
car surply "A great number of cars in
bad order is the most tangible evidence
Of better buying coming from railroads
particularly for equipment repairs. Some
attractive tonnage in plates for oil tanks
and other Fabricated work are before
the mills. The largest Is for fifty tanks
for the Sinclair Oil Company. requiring
1900 tons. Tie Standard OIL Company
has placed an order for $4,000 boxes of
tin plate with the American Sheet and
Tin Plate Company
The New York herald., 1921-06-23
SECURITIES AT AUCTION.

81. 900 Long Island n. n. SO dcbenture gold
bonds, due May. 1881, interest May and
Nov, 56A.
10 Long Island II. r.. s27.
3 Mstawok Land, $6 lot.
4 Long Island Motor Parkway pf. 80 lot.
. Long Island Motor Parkway, 81 lot.
3 Aeolian-Weber pf., $5i.
. Aeolian-Weber. 50.
. Telautograph pf.. and S2s.57 Telautosraph
scrip, S11
Teiautograph. and ss5.7i Telsu;ograph
scrip, 81 lot.
So 900 Brooklyn Union Elevated fst mtge SO
gold bonds. due Feb. 1850, interest Feb.
and Aug. 81, 900 each, S5s
% Big Spring Ranch l. l.. Il. Roberts &
Co.. stamped, Sl36 lot.
81 Murchison National Bank of Wilmington.
\. c., SS7.
900 Eastman Paper. S21o lot.
100 Columbia Trust, S2S0.
SIS, 166. 10 Ashland Manufacturing certificates
of indebtedness, series II, due March L,
1924. s.. 400 lot.
32 Tennessee Railroad, $500 lot
come debcnture bonds, due Aug. 2, lo5e,
S12,350 lot
S6. 400 Tennessee Railroad 1st mtge. SO .
year gold bonds, due Aug. .. 1923, $4,000
lot.
$50 keystone solether, 81.
Q Corn Exchange Bank, $500
3 Chemical National Bank, $3.50.
o5 Security Gold Mining: 90 Mill Owners; Z
Maxim Munitions; $1,000 Manhattan Beach
Hotel and Land Co. general mtge 40 bond,
due Nov, 1910. May 1906. coupon on.
S1i2.46 paid on bond; Ii New York Realty
Owners, SO lot.
The New York herald., 1921-06-23
ILLINOIS CENTRAL'S
INCOME INCREASED
More Than a Million Larger
in 1920 Than in 1919
Much Equipment Bought.

The report of the Illinois Central Rail-
road for 1920 shows net corporate in
come of s13.571.122, after interest and
16S.919 in 1919.
The combined Federal and corporate
income statement shows net operating
deficit OF si.321.79o after adjustments
for equipment hire and joint facility
rents. contrasted with s2,9SS,9 963 net
operating income In 1919. Gross rev.
enues were sls5.5i7,S5s, against s107.-
SS6,SS in 1919, while operating ex-
penses totalled S143,20s.1So. contrasted
with S99.262.712 in 1919. according to
the combined account.
Main items OF the corporate income
statement follow
The New York herald., 1921-06-23
SAYS FIRM IS HOLDING
ENEMY OWNED STOCKS
u. S. Attorney Seeks to Enjoin
Herzfeld e Stern.

An equity injunction suit was brought
yesterday in the Federal District Court
against Herzfeld & Stern. members of
the New York Stock Exchange, by Earl
b. Barnes, Assistant United States At
torney. In behalf OF Thomas w Miller.
Alien Property Custodian.
The action Is brought to restrain the
defendants from selling, lending. hypothe-
eating or removing from the Jurisdiction
of the court ceratin securities alleged to
be enemy owned carried by the partner
ship In an account in the name Of Felix
Herzfeld Special" The complaint states
the stocks and bonds involved have a
value OF approximately s260,0O0.
The New York herald., 1921-06-23
METALS.

On the New York Metal Exchange
yesterday tin was steady and Straits
was quoted at 2s.75M29.50, Straits ship
ments at 2S.75@29.25. Standard at 2s6
20. and 90 per cent. at 27.5o02S
Copper vas weak and standard spot
quoted at ii % 1I.7J, July at 11.37ikD 20
l1.f5. Senton,ber ut lAI1e.12i5.
sales Of 25 tons September at 1910 and
eiectroiytic snot and June at 12Q12.50
Lead was easy New York spot. 1850
+.i0. and East ST. Louis spot. 4@426
Zinc was easy. New York spot, AIS. and
Fast ST. Louis, 435G4a5.
The New York herald., 1921-06-23
I. R. T. DEFICIT REDUCED.
May Shortage Smallest of Amy
1921 Month Except March.

The May report of the Interborough
Rapid Transit Company shows its small
est monthly deficit OF the current year
with the exception OF March. The re-
suits of operation OF the company's
subway and elevated lines for May and
for eleven months ended on May 81
were as follows:
The New York herald., 1921-06-23
DELAY GUFFE FEy-GILLEsPIE CASE

WILMTNGToN, Del, June 22.--hearing
on petition for the appointment of n
eceiver for the Guffey Gillespie Oil
Company set for to-day IN the Federal
District Court, was postponed for n
week Il was intimatcd the postpone
ment was preliminary 10 an amicable
settlement of the Issues involved.
The New York herald., 1921-06-23
noAp GIFTS EXTENSION.

Judge Charles NJ. Hough or the Fed
eral District Court signed yesterday an
order granting 70 the I.ehish Valley
Railroad an additional thirty days in
which TO complete the plan for the segre-
CATION of Its coal property from the rail-
road. which means that the plan must
be filed on or before July ~.
The New York herald., 1921-06-23
rrNNsnLyAxiA 90. DIVIDEND.

Special Despatch 20 rur New fosR llrrup.
PHILADELPHIA. June 22-The dircc-
tors OF the Pennsylvania Company, the
holding company for the Pennsylvania
Railroad lines west OF Pittsburgh. de-
clared to-day semi-annual dividend Of
per cent, payable on June 80 to its
stockholders OF record on June -.
The New York herald., 1921-06-23

Exclusive of accruals under provisions of
contract No. aud related certificates which,
under these agreements with tho city, arc
payable from future earnings.
tSurplus.
The New York herald., 1921-06-23
COFFEE.
The range of prices in yesterdays
coffee futures market follows:
CABLES.

Rio unchanged for futures. Dollar rate
100 higher nt $500. Exchange I'D. lower at
6%d. Receipts $4,000 bags and stock 10000
bags. Santos futures $50 higher to - reIs
lower. Receipts 26,0O0 bags and stock
2.a2o,OOo bags. Receipts at ports 80 900 bags.
against %, 600 last year and 10 ,ooo two years
ago. Sac Paulo had % 600, against II 900
and 12.O0o, and Jundiahy 10000 aga inst
1000 and 1000 bags, respectively. Fine
weather In all Sac Paulo districts with mini
mum temperatures ranging from 1Fto - de-
grees. Cleared from Santos 10000 bags for
The New York herald., 1921-06-23
SOUTHERN sfoTs.

y to IS points, Closinr--Juy. 10.59c. Oc-
tobor. 1l.foc. December II s3c. January
i2o3c.. and March, 12.3Sc.
SOUTHERN sf0TS.
Galveston steady, 60 points higher at lie. .
sales, 296 bales. New Orleans steady un-
changed at 10.SSc.: sales, S14 Mobile nomi-
nal at ?.J0c. sales nil Savannah steady
is higher at 1o.13c; sales 306 Norfolk
quiet, unchanged at 10c.: sales, 454. Au-
susta steady, II higher at 1oc.. sales, sSS
bales. Memphis steady. unchanged at
lO.5Oc.; sales, $50 Houston STEADY, 10 higher
at 10..5c.; sales. .53S. Little Rock dgll
unchanged at 10c.: sales. $50. Dallas steady
10 higher at 9.55c.: sales, 3.T2T Mont
Gornery firm unchanged at 9.25c. sales nil
Fort Worth steady. 20 higher at 9.35c: sales
1,I1S.
The New York herald., 1921-06-23
LIVERPOOL.

SCOT cotton quiet NJ ie points advance ;
mlddlins. s.01d.; sales, 1000: American.
5000; Imports nil. Futures opened steady
at 10 Is points advance. Closed steady at
net advance OF II to - points. July,
1.55d., October. 7.9Sd. December, Si5d :
January, s2nd., March, s3od May $40
Manche5ter--Yarns dull: cloths, offers too
1cty
The New York herald., 1921-06-23
DIVIDENDS.

Stock of Fay
Record aNle.
Bankers Trust Co, a., 81. June ~ July /
Central Illinois y. s. pf. a..
$50 Observation-Disclosures June ~ July r.
Chicn 20 Pneumatic Tool. o.. July IL July %
Columbia Enickerbockcr
Truet Co. lien ctfa., 90 .Jtine ~ June 80
1iruiock Co, pf. a.. si.IT. June ~ .fuly
John E. Thompson. O.. 81, July July Z
John II, Thonipson. pf., a.,
SLID ................t .JulN July =
SorfolF G. Western Railway,
O.. si75, ,................Au 81 Sept. 10
Norfolk 4 western railway,
adj. pf., a., Sl............J July 30 Aug. ~
Pennsylvania Co. 3. a.... June 80 June 80
O.. .............J June 20 juno 30
Westchcstcr Tltle-Mortgagc.
$. a., s5................s...J june 80 July z
The New York herald., 1921-06-23
An Old Fashioned Trust Company
NEW ISSUE

TIME modern company has been compared to
the department store-hke the department store, it
- is we'll adapted for many aspects of modern
business.
But specialists in many lines Of business still attract
customers old and and the management Of the New
York Life Insurance and Trust Company believes that
many people prefer to do business with trust COM
any which specalizes in old fashioned trust business
The New York Life Insurance and Trust Company has
specialization than ninety in the adminstra-
tion of Personal Trusts. Along with this business the
Company has developed banking facilities which have
recently been nodcrnized to afford every con-
venence and interest is allowed deposits SUBJECT TO
check well time deposits.
The policy of the management is TO continue to spe
calze in Personal Trusts and to conduct its banking
business along time tested lines that will keep safe
depostary for the funds of individuals or corporations
The New York herald., 1921-06-23
U. s. CERTIFICATES AND NOTES.

Closing prices bid in yesterdays open
market for United States certificates OF
indebtedness and notes follow:
The New York herald., 1921-06-23
UNITED STATES TREASURY STATEMENT.

Special Despatch NEW YonK firr,Ip
New York nrr,d Bureau.
Was nrtcp.n II G.. Juvc~.
The New York herald., 1921-06-23
BID AND ASKED QUOTATIONS
:. Y. STOCK EXCHANGE QUOTATIONS..

To the following prices accrued interest Is
TO be added In every case:
FOREIGN BONDS
The New York herald., 1921-06-23

., business June 20
The Leavenworth echo. [volume] (Leavenworth, Wash.) 1904-current, 1921-06-10

f. G. Wheeler and son Lawrence
and Mr.. and Mrs. A. Brown drove to
Seattle Wednesday.
1t was found necessary Wednesday
to remove Henry Koch's foot which it
had been hoped might be saved. Yes
terday he was reported to be feeling
very well after the ordeal
The Wenatchee World tells OF
some rye seven feet high. Now, we
might raise the ante and tell of some
eight feet high, but what's the use?
There's no kick in a rye story nova
days, and no cause for eXaggeration
c. A. Campbell, Postmaster Ham
ilton and Postoffice Inspector Whit
ney drove to Merritt. via Plain and
those postoffices as well as Winton
and Dardenells were inspected. The
trip was an interesting one as bal
roads were encountered at one place.
The Leavenworth echo. [volume] (Leavenworth, Wash.) 1904-current, 1921-06-10

Attorneys Howe and Lindley at
tended to business in superior court
at Wcnatchce Saturday.
Mrs. n. A. Nelson recently ran a
needle into her hand which was brok-
en- off. Infection set in and on We'd
nesday it was found necessary to
lance. She was reported to be i'm
proving yesterday.
A charivari was put on here Tues
day evening, serenading Mr.. and
Mrs, V. w Franklin. and it is said
that such noice was never heard in
the town before. There sure was
noise aplenty.
Mrs. c. NJ, Hendricks and little
daughter, Evalgh, returned on We'd
nesday from a stay in Tacoma where
the little girl had been receiving
treatment at a hospital She is very
much improved,
The Leavenworth echo. [volume] (Leavenworth, Wash.) 1904-current, 1921-06-10
LOCAL ITEMS.

A. Lindbloom went to Seattle yes
tcrday.
Mr.. and Mrs. J. c. Davis arrived
home yesterday from trip to Spo-
kane.
Sam DAILY left Monday morning for
Omak with new truck he had re-
Gently purchased.
Mrs. Amanda Town and Mrs. Eta
Wesley drove to Wenatchee Monday.
returning that evening.
J. w. Mclaughlin is out again
this week after an illness of couple
weeks.
Found, radiator cap which the
owner may have by paying for this
notice.
Large delegations arrived yester-
day for the convention of the Royal
Neighbors, a full account of which
will be given next week.
Miss Florence Pinch arrived here
last Friday from her new home at
Lewiston, Idaho, for a visit vita
friends. She will return home Sun
day.
DIR. Leasing, accompanied by r. B.
Field and F. A. Sinclair, drove to
Yakima last Thursday to meet Mrs.
Lessing and the children. all return
ing together that evening