davidaulloa/AmericanStories huggingface dataset:
The New York herald., 1921-08-14
FINANCIAL NEWS
AND COMMENT
General Stock List Holds
Steady as Central Leather and
u. s. Rubber Are Sold.

Barring weakness In two active issues,
the stock market gave a good account
of itself in yesterdays short session In
the New York Stock Exchange, the gem
eral net changes being confined to frac-
tions either way. Sharp declines were
recorded in Central Leather and United
States Rubber issues. the former due 10
lack of Improvement in the leather busi-
publication next week of a poor report
for the half year coupled with the
serious Illness of Col. Colt. Otherwise
the market lacked significance, with
volume OF about 1875, 900 shares and with
trading dominated entirely by profess
sionals. The statement by ]. 2. Morgan
& Co. to the effect that the problem or
the Mercantile Bank OF the Americas
had been completely solved took away
ammunition that bears had made use of
for a week, but the action could not be
described as a particularly bullish
factor
Stocks opened strong yesterday and
some short covering appeared. Then
they marched down the hill again.
only to recover so that the closing was
irregular and without definite tone.
The fact that the general list held
steady while sharp selling was going on
in Central Leather and United States
Rubber. together with few less active
issues, was taken in some quarters as an
indication that the bear drive was over.
for the present. but elsewhere 1t was
said that the professional hesitated to
do anything in so narrow a market.
Steel and copper shares were par
ticularly firm and rails were inactive.
Taken as a whole trading was dull and
aimless. There was equally little activ-
ity In other markets. Foreign exchange
business was on small scale and the
market had no special feature. Cotton
and grain found little buying power and
a disposition to do no business. In July
only 410.120 bales of cotton were con-
summed. against 461.656 In June and
525,4S9 IN July, 1920.
Price changes in the bond group were
insignificant. The bank statement dis
closed a contraction in loans amounting
to $41.246,0o0 and a gain In deposits OF
s11. 500, 900 Surplus decreased almost
s4. 900, 900 to sl5.so3,s5o. United States
deposits deducted were s142,oso,oOO and
heavy Withdrawals are anticipated for
Tuesday. when certificates OF indebted
ness fall due without the offering OF
any new issue at the middle OF the
month.
The New York herald., 1921-08-14
Brokerage Opinion.

1--WE believe that we are so near the
end of the corrective phases of our adj
justment period that purchases of sound
securities can be made with assurance
of safety and a feeling of confidence. 1t
Is our view that the rails are entitled
to primary consideration, but the time
probably is not far distant when any
stock repros Arting a liquidated industry
and corporation that has set its house
in order will respond aggressvely to the
first indications Of general improve
ment."-W. ]. Wollman & CO. "A good
foundation Is being laid for broad
movement, which, however may take
some time to get under way."-A. ].
Johnson Co. prevailing conditions
do not as yet seem to justify any marked
change In the security market
Morris Smith. There has been
genuine liquidation and there is more of
1t to come In the meantime, however.
1t Is not unreasonable to look for fair
rally from this level on which stocks
should be sold, as the bottom is not yet
In sight. Prince & Whitley. with a
large number of stocks selling at only
a relative fraction OF the intrinsic
values, and earnings in some instances
much larger than might have been ex-
pected; with the United States Govern
ment exerting its powerful resources for
the rehabilitation of general business.
and with the industry in psychological
and purely temporary state of restraint,
which is entirely unwarranted, the in
vestor has an opportunity that has not
been seen since the beginning of the
war. Paine. Webber & Co.
The New York herald., 1921-08-14
$1.62 A SHARE ON HERCULES.
Company's Net Earnings for Half
Year Are Away Down.

Hercules Powder Company for the six
months ended June 80, 1921, reports
net earnings of $122,553 after taxes
md charges. equal to s1.62 a share on
he s7.5o0,00o preferred stock, contras sted
with s1.265,2S5. or s15.o3 a share on
the common. after allowing for the pre-
ferred dividend. for the corresponding
period of 1920.
Gross receipts for the FIRST half Of the
current year, including earnings Of the
Aetna Explosives Company since June
2, 1921, totalled $6,537,615, compared
with 9,6S3,942 year ago. After pre-
ferred dividends and bond interest, ag-
gregating s272,69s, there was a deficit
of s150,145, contrasted with surplus of
$1,074.703 in the same period Of 1920.
The company's balance sheet as OF
June 80 showed total assets and liabili-
ties of 41,64S.200. Assets Included s3,-
179.469 cash, $4,000, ,901 accounts receiv-
able, s1,115,219 collateral notes and ST.
170,3SS investment securities. Liabilities
included $3,442,S37 bills payable, $437,-
755 contingent liabilities and s2,754,7s3
reserved for taxes.
The New York herald., 1921-08-14
CONSOLIDATED EXCHANGE.

Maintenance OF Q per cent? rate on
call funds and passing of the dividend
on American Sugar common helped to
keep prises down last week on the Con-
solidated Stock Exchange. Losses In the
active industrials ranged from 9 to Z
points and In the rails from / to per
cent. United Drug and Famous Players
netted Improvement over the closing
figures OF August G. Declines were re-
corded of In Continental Can to as.
6Es in Mexican Petroleum 70 9slh, SIS
In General Asphalt to 45ia, 5M in Cen
trail Leather to 81 and Ga In Interna-
tional Paper to 45&. United States
Steel was unchanged at 74h.
Baldwin Locomotive moved down )
to 1884 Railway steel Springs TO
747s, Houston oil as to 47A, Califor--
mia Petroleum to 30h, Union OIL .
TO II. American Sugar Sls to BSM,
General Electric 2M 70 1i6h, stude-
baker 5ss 10 72Ss, and Chandler MO-
tors 2Js TO AZ. -
Marine preferred yielded 3M TO VI y,
American international 29s to 3Oh, At
lantic Gulf 1t6 to 81 9s, American SUI
matra 2h 70 a6i9. Reading 2E 70 W ~,
Rock Island 1% TO ala and Baltimore
& Ohio "a 20 36Ss.
The New York herald., 1921-08-14
C.: London. a7%d,. up Nd: Mexican dol
PLEA TO CHALMERS HOLDERS.
Reorganixat tiOn Committee Gives
Non-Deposftoes Until Sept. 1t.

The managing and reorganization
committee Of the Maxwell Chalmers
Company has addressed a letter to the
stockholders of the Chalmers Motor
Company that have not deposited their
securities under the plan and Offering
them an opportunity to come In without
penalty not later than September 10,
1921.
The letter says in part:
plan and agreement of reorganization
has been practically consummated. Max
well Motor Corporation has been organ
lied and has issued securities contem-
plated and deliveries are being made.
All the property of Maxwell Motor has
been sold at public auction and has been
purchased in the interests OF the reor-
ganization.
Chalmers Motor Corporation gave
notice of the termination OF the lease
% its properties to Maxwell Motor Com
pany and properties OF Chalmers are be-
ing operated under direction of its board
Of directors Both the common and pre-
ferred stock OF Chalmers Motor de-
posted under the plan has been trans
ferred to Maxwell Motor Corporation.
which Is now the owner of ALTO OF
$4,000 shares OF preferred and 3S2.523
shares Of 3S9.364 shares of common
The New York herald., 1921-08-14
CAN SEE NO BENEFIT
TO GRAIN PRODUCER
Farmers Agent Says Only
Railroads Will Be Gamer.

WASHINGTON, Aug. 13. The state
ment issued last night at the White
House forecasting better agricultural
p, ices because OF effective and proposed
reductions in export grain freight rates
was challenged to-day by Clyde M.
Reed. manager Of tho Western Grain
Committee. representative of twenty
grain growing States.
The committee will appear before the
Interstate Commerce Commission, be-
ginning Monday. to urge reduction in
grain rates in the West.
1.-THE proposed reduction Is simply an
adjustment to preserve the grain traffic
to certain roads. It will not result in
actual reduction Of freight rates to the
producer on export grain"
Mr. Reed said the White House state
ment was. misleading" in that II indi-
Gated that grain rate reductions already
made were put in to benefit producers.
The fact was, he asserted, that Cana
dian roads cut rates via lake and rail to
Montreal and captured much export
business. To meet this, he added, GER
tain American lines cut four cents per
hundredweight off the lake-Buffalo-
New York-rate and this in turn forced
all rail carriers to New York to propose
ia cent drop Chicago to New York.
as they were losing business to both the
Canadian and Buffalo routes.
Some carriers hauling to gult Dorts
saw danger of disruption to their export
grain traffic In this proposal and pro-
tested, Mr.. Reed said. He insisted this
the whole export grain rate question ss
1t now stood was one between carriers
for division of the traffic and that grain
producers stood no chance OF bene-
fitting.
The New York herald., 1921-08-14
Pere Marquette.

Pere Marquette Railway In June
earned net operating income OF S427,425
after deduction of operating expenses.
taxes and adjustments for joint facility
rents and equipment hire. After the adj
dition Of the months portion OF non-op-
Grating income and deductions for fixed
cha ges. and requirements for the out
standing prior preference stock and the
preferred cumulative after Jan. 1, 1919.
on a 8 per cent basis, there was left
$156,095, equal to about Al per cent
annually on the S45,O46.O00 outstanding
common stock With the exception Of
March, In which the road showed net
operating income of $542,096, June was
the best month of the first half OF the
year.
The New York herald., 1921-08-14
Cerro de Pasco.

Cerro de TMro Copper Corporation
Increased it's OUTPUT in July. turning out
4,346,O00 pounds Of copper compared
with 4,012,000 pounds in June. bringing
UP to 30,586,000 pounds its total produc-
tion for the first seven months of 1921.
oi at the annual rate OF 52,44O,O0
pounds. The company's output for July
exceeded that OF the corresponding
months in 1920 and 1919. In addition
to Cerro three other companies includ-
ed among the lowest cost producers of
copper in this country, Alaska or South
America, the Chile, Miami and Kenne-
cott companies. are still turning out
metal, despite the stagnation in the mar
ket and the low price of copper.
The New York herald., 1921-08-14
Canadian Railroads.

Operating results of Canadian rail-
ways for April show a decrease of So,
100000 from March in operating reve-
nues and a decrease of approximately
S1,000000 from the same month of 1920,
according TO reports published by the
Dominion Bureau of Statistics. Low
cred operating expenses, however. en-
abled the roads to hold down to 96.17
per cent. the ratio of operating expen-
ses to gross. compared with $3.50 per
cent. for April, 1920. and 96.64 per cent
for March. 1921. All five roads record
ed falling off in passenger traffic, and
all except the Canadian National Rail-
ways showed shorter average passen-
ger Journey.
The New York herald., 1921-08-14
FINANCIAL NOTES.

Snlomon Hrothere Hutzier announce the
opcring OF offices undcr tho mana cer,,enf ~
Abraham Eler in the Continental and Com
mercial Bank Building. 20s South La salle
street Chicago.
slater La Master, formerly OF Gordon a
In Master. has become aasociated With tho
investment department OF Gillespie, Needs a
Co.
II, A. Throckmorton announces the opening
OF an offico AT os William street TO deal IN
investment securities
Tobey & Kirk, members OF the Now yorL
stock Exchange. announce the or~ninr OF a
Chicago office NJ 20s South La salle street
under tho management of John II. Hon
strater.
John J. Dempsey, formerly vvi,b Nrorr,,,
Lynon Co., has become associated with
Purdy, Rennick Rider in their trading
department.
The New York herald., 1921-08-14
BRITISH REGAIN COAL TRADE.
y. s. Prices Too High---Return
Cargoes Aid English in 8. America.

WASHINGTON. Aug. 13.-British trade
in export coal Is recovering rapidly, AL
fred p. Dennis, Commercial Attache at
London. reported to-day to the Com
merce Department.
In tho northwestern European market
American coal has been somewhat out
classed as regards prices. while In the
Mediterranean CardifY coal is being
quoted for delivery at the equivalent of
$3.50 ton as compared with American
coal at S11.35.
American coal may still beoclassed
on n competitive basis with British coal
In South America. but the British, be-
ing able to obtain return cargoes, are
In a position OF advantage. the report
said.
The New York herald., 1921-08-14
Record OIL Production.

Due chiefly to Increased output in the
United States and Mexico, the esti-
mated production of oil throughout the
world in the first six months of the cur
rent year reached the annual rate of
775,000,000 barrels. This Is an increase
Of 62,000,000 barrels. or 26 per cent.
above the yearly average of 1919 and
1920, 62 per cent. over the wartime
yearly average and 100 per cent more
than the yearly average for the four
years preceding the war.
The New York herald., 1921-08-14
Central Leather.

Reports that the Central Leather Com
pany was contemplating a reorganiza-
ton and that plans under consideration
provided for an assessment on the com
mon stock have been branded as false by
an official of the company. 1t was said
no such plan had been considered at any
time. nor had 1t been discussed. The
sharp break In the stock was attributed
to selling by holders discouraged at the
failure Of the tanning industry to come
back faster than 1t has and to selling
due to impaired margins. The company
has reduced its bank loans to $500. 900
from the $40, 100000 at which they stood
at the close of 1920.
The New York herald., 1921-08-14
MORE GOLD SHIPMENTS HERE.
Francs and Gold Bars TotaIIinE
s9,33s,OO0 for N. Y. Banks.

The French liner Paris has arrived
here with gold to the value of 7745S.-
o7S francs approximately $4,000. .O00)
consigned to the following New York
banks; Irving National Bank. 222 cases,
eS,SsS.07S francs Guaranty Trust Com
pany. cases. 2,210.000 francs National
Bank Of Commerce, one case, $4,000
francs; Equitable Trust Company, a.
cases, 100000 francs; American Ex-
press Company as forwarding agent, los
cases, S6.275,0O0 francs.
The steamship Stureholm which as
previously announced had 112 cases OF
gold bars, valued at s3,33s.00o from
sweden. consigned to the National
Bank OF Commerce. has arrived.
The New York herald., 1921-08-14
TOPICS OF WALL STREET.
Loan Contraction Continues.

The loan. discount and investment
item for the Clearing House banks de-
clined last week to $4.41s. .252, 900. a de-
crease of SAL. .246.000. and an indication
that the liquidation movement has not
yet run it's course. Deposits gained Sill.
1900. so that there was a $50,000, 600
Improvement in the margin between
loans and deposits, which now is $685.
100000. United States deposits of
S142, ,0S0,000 win be subjected TO heavy
Withdrawals this week, coinciding with
the maturity on Tuesday of s150.000 900
OF Treasury certificates. of which about
$50, 900 900 will be paid in New York.
The New York herald., 1921-08-14
CITIES SERVICE DIVIDENDS.

Cities Service Company has declared
the regular monthly dividends Of "a Of
per cent. on the common, preferred
and preference y stocks. payable In
scrip. and also the dividend of ! VI per
cent. on the common stock. payable In
common stock scrip. All dividends are
payable September to stockholders OF
record August Is.
The New York herald., 1921-08-14
u. s. Rubber Declines.

on total turnover OF 10000 shares
for the short session u. s. Rubber stock,
opening at 51M. sold of and closed at
it's low for the day at 47A. down az
points from Fridays close. The selling
was accounted for by reports that the
condition of Col Colt was somewhat
worse and TO rumors that the company's
income statement for the first six months
Of the current year. TO be made public
next week, will make a poor showing.
The New York herald., 1921-08-14
WAR GOODS FREE TO FARMERS.

WASHINGTON, Aug. 13.-The Departs
ment OF Agriculture has 12.500.000
pounds OF salvaged comparatively
safe" war explosives to give to farmers
for land clearing. Farmers are advised
ITO treat II with respect for the records
are flled with stories of men who forgot
this preoaution in handling dynamite
and other dangerous things"
The New York herald., 1921-08-14
OFFER ORANGE COUNTY BONDS.

III. l.. Allen e. Co. and Barr a
Schmeltzer are offering a new issue of
s150.000 Orange county, N. Y, 5M per
cent. highway bonds, yielding from
5.25 per cent. to 5.05 per cent, accord
ing to maturity. These bonds are legal
investment for savings banks and trust
funds In the State of New York. Orange
county has an assessed valuation of
sos. 6.441.547. a net bonded debt OF less
than ] per cent. OF assessed value, or
s941. 900, and population of 1884.
The New York herald., 1921-08-14
FROM $4,000 TO srS,ooo.ooo.

DOVER. pei. Aug. IA certificate
increasing the capitalization Of tho
Bankers' Commercial Trust Corporation,
Houston. Texas, from $4,000 to Sl5,-
900 900 was filed at the Delaware state
r,onartYnent to-day. Tho company was
first chartered July 10. 1921. through
The Corporation Trust Company Of
.nerica.
The New York herald., 1921-08-14
EXPORTS FROM NEW YORK.

Wheat. 1924 bu.; corn. 25.sss bu. !;
flour, e.13t sacks lard. $4,000 lbs. cot
tonseed oil. 10000 lbs; lubricating oil.
1850; oatmeal. $40 bbls.
The New York herald., 1921-08-14
FAR EAST.
sOrTH AMERICA.
CANADA.

New York funds in Montreal. sif0.e3 pre-
rniurn per 81 900; Montreal funds In New
York, 500 ~ discount per 81 600.
The New York herald., 1921-08-14
DIVIDENDS.
UNITED STATES TREASURY STATEMENT,

Special Despafoh . YonKII IIrnp
lew yorkHe HeraIdB
ID q. Aug.
The New York herald., 1921-08-14
U. s. CERTIFICATES AND NOTES.

Following arc the closi m prices bid IN tho
open market for United states certificates
or Indebtedness and notes OF tho different
tcats
The New York herald., 1921-08-14
MONEY MARKET.
SATURDAY. AUGUST IA.
CALL MONEY FOR WEEK.
TIME LOANS.


Mixed collateral, 60 TO 90 days...... bN26
MIXED collateral. TO q months. ..... hAd8
Tndustrials, 30 to no DAYS. 5Id6
Industriala, 70 g months. ...,.... hAff6
COMMERCIAL PAPER.
Best names TO months. Q 1sii
Other names 10 months. .,...... o 96h
DISCOUNT RATES. RESERVE BANK.
Commercial paper. il days bM 90 70 90
days, 81: Liberty bonds and Victory notes.
IL days, ~. 10 70 10 days. rs bnnkers' &C.
ccptances, is 70 10 days, 5h.
OPEN MARKET RATES.
Prime eligible acceptances on call, O.; re-
discount at Reserve Bank 60 TO no days,
bisftb, non.member and private bankers,
eligible, 60 70 90 days, 5ha5; non-eligible,
90 to no days, 5%m5M.
CLEARING HOUSE STATEMENT.
Clearing House exchanges, 1851. 200. 900:
balances, fe2, 500, 600. Federal Reserve credit
balance. $40. 200 600
SILVER MARKET
Official bar silver IN New York, domestic
apilc. an ounce. unchanged; foreign 6fo., up
The New York herald., 1921-08-14

on dates of maturity.
The New York herald., 1921-08-14

for June rcacNl- X Treasury in July are included
The New York herald., 1921-08-14

official bar silver IN New York, domestic
apiLc. an ounce unchanRedi foreign 6fo., up
The New York herald., 1921-08-14


Ak Sx ~ Sst $ ~ m unless sal"
The herald and news. [volume] (Newberry S.C.) 1903-1937, 1921-06-03
Letter From London

Mr.. and Mrs. H. L. Davenport re-
ceived letter from their son Mack,
of the U. S. S. Cody. The letter was
dated London, England, May 8, 1921,
and as it will be of interest to many
in Newberry we make a copy of it
for their benefit, as follows:
Dear Father and Mother:
am new in the city of London; ar
rived here On the 9Th from Rotter-
dam. Had real nice time while IN
Rotterdam. Visited the Hague, saw
the Kings palace and Ford's peace
palace, and many interesting places.
Took a long ride in the country. All
the fields are pretty and green and
every foot of land is under cultiva-
ton. Had dinner with regular old
Dutch family. 1t sure was amusing
to see all the fellows in wooden shoes
and the pretty little Dutch girls all
dressed in their white aprons with
their long golden curls dangling be-
meath their pretty sun bonnets. AS
I have related to you most of the news
of Holland, will now cross to London.
Have only been sight seeing one day
here so far, as it has been raining or
either a heavy fog most of the time !;
although visited good many places,
such as the Westminster Abbey; saw
the King and Queens palace, and the
grave of the unknown dead. Expect
to do quite bit more of sight seeing
before we sail for home. Guess we
will be sailing about the 14th, SO you
can write me at New Orleans, La, 5.
S. Cody, in care Lykes Bros. Will say
goodbye for now by hoping that you
are we'll and that l may hear from
you when l reach the States. Give
my love to all.
Your son,
Mack.
The herald and news. [volume] (Newberry S.C.) 1903-1937, 1921-06-03
MOLLOHON DEFEATS OAKLAND
IN FAST GAME OF BASEBALL

l., a fast game Of ball Saturday
May 2Sth, the Mollohon ball team de-
fcated the Oakland Mill team by a
score of 4 to 0. The game was call
ed at four o'clock at the Mollohon
hall park, and was hard fought by
both teams throughout the nine IN
nings. Mollohon took the lead IN the
third inning, when Dean and Shealy
F Scored on O Cameron's hit over
second base, and this lead was re-
tanned throughout the game. The
Oakranders were unable to do any
thing with Shealy's fast balls, ne al
lowing only five hits and flaming
eight men.
Scores by innings:
Mollohon go. ....ooA llo w
Oakland .... .... 80. ........oOo ooo ooo
Batteries: Oakland, Glenn, Booze
P, Bodie, W; Mollohon: Neel' Shealy'
Hits: Oakland 5; Mollohon 9.
Umpire: shealy and Martin.
The herald and news. [volume] (Newberry S.C.) 1903-1937, 1921-06-03
Cordially yours,
Young Mems Business League,
Moss E. Penn, Secretary.
A Hard Fought Battle

One of the hardest fought battles
occurred Friday and again on Tues
day between Mrs. Ollie Summer and
the Sanitary Pressing club. Mrs.
Summer brought suit against the club
before Magistrate Chas. W. Douglas
claiming damages to a coat sult'
Much proof was taken on both sides.
The plaintiff was represented by At
tornev E. J. Green and the defend
ant by Attorney Eugene S. Blease.
The court after hearing all the proof
and the arguments of counsel, decld-
ed in favor of the plaintiff, allowing
Mrs. Summer judgment for damage
in the sum of $500.
The herald and news. [volume] (Newberry S.C.) 1903-1937, 1921-06-03
STATE S. S. CONVENTION
MEETS NEXT WEEK

Reports received from all over the
state, it is said, point to record
breaking attendance at the State Sun
day school association convention at
Winthrop college, Rock Hill, June 8,
9 and 10.
1t is said that the program is the
strongest and most attractive in the
history of the organization, and with
the added attractiveness of Winthrop
college as the place of meeting, the
attendance is expected to 60 beyond
all previous records.
A thorough organization has been
perfected by the convention promo
ton committee in nearly every coun-
ty in the state and hundreds of men
and women are busy working up a
large delegation from their respec-
tive communities.
Especial attention is called to the
fact that the special railroad rates OF
one and half fare for the round trip
are on the certificate plan, condition
al upon $50 certificates being pre-
sented for signature at the conven-
ton; consequently everyone coming
to the convention is urged to get his
certificate when he buys his ticket as
he cannot otherwise get the benefit of
half fare returning.
The herald and news. [volume] (Newberry S.C.) 1903-1937, 1921-06-03

arship, department and attendance,
and copy of the List will be published
in the next issue.
Prof. Cannon also spoke of several
important school matters and said
that the session just closing had
been one of the most successful in
the schools history, commencing es-
pecially the teachers of the school.
The evenings exercises were closed
with benediction by DR.. Daniel.
H. c.. w.