davidaulloa/AmericanStories huggingface dataset:
The New York herald., 1921-05-01
DENIES MEXICAN OIL
FIELDS ARE NEAR END
M. N. Bensabot Declares Re.
ports Untrue.

M. NJ. Bensabat, vice-president and
general manager of the Normal OH Cor
poration, who has just returned from a
three months' trip through tho oil fields
of Mexico, declared yesterday that state
ments attributed to Government officials
to the effect that the Mexican oil fields
were nearing exhaustion and that those
fields would soon be a matter of his
tory are entirely without foundation.
The districts where salt water has made
its appearance in the wells, he said, have
produced from 75.o00.000 TO 100000. 900
barrels each, and even In these pools
whore salt watar has appeared after
these enormous quantities OF oil have
been withdrawn there are still produc-
Ing wells within half a mile OF where
salt water made its appearance
IT do not know the reason why, from
time TO time, these false alarms of salt
water In Mexican wells and statements
that Mexican wells are about to be ex-
hausted are published" he said, unless
they are published in the interest Of
propaganda working for the discourage
ment OF American capital In Mexico. ]
know OF my own knowledge that they
are not founded on the slightest pretext
OF fact
'Tt is a fact we'll known to ell oil men
Of experience in Mexico that the pool
formation is suoh that while one pool
may go TO salt water an adjoining pool
may continue TO produce oil in large
quantities for an indefinite period. 1t Is
possible that the large gushers OF 1o0,-
900 to 100000 barrels might becoms n
thing of the past within the next two or
three years, but IL is my opinion that
there will be wells of from 5000 TO
$4,000 barrels daily brought in in even
greater numbers. larger deposits And
for longer duration for good many
years to come"
The New York herald., 1921-05-01
Rubbers Continue strons.

Announcement yesterday 10y the b. q.
Goodrich Company that 1t would reduce
AL of its tires 30 per cent Was con-
struiAd asA xavsrsbie feature In the rub
bsf Industry generally, and as result
nearly all OF the tire and rubber stocks
advanced sharply over the highs that
they had made on Friday. Any inten-
tion on the part OF q unit OF industry to
liquidate inventories IS received with
favor in Wall Street. for 1t brings the
general situation Just 30 much nearer
\ normal basis. It was felt also that
the decision Of the Goodrich company
to reduce prices means that most OF its
products mado from high priced raw
materials have been worked or gradu-
ally and lower prices can now be made
without such an impairment of earn
ings as would be the case IL such cuts
were made on products manufactured
from materials purchased at the top of
the market
The New York herald., 1921-05-01
COTTON PRODUCT CUT
MARKET HINDRANCE
Tendency to Buy Best Fabrics
Also Factor.

The ourtailment of cotton mill produc-
ton and the growing tendency to buy
tho best known standard staple fabrics
OF high quality are outstanding features
affecting merchandising of goods Al
though cotton blanket lines for the fall
OF 1921 wero opened last week, four
months later than usual. buyers arc md
ing that only third Of tho normal out
put will be available before September
or october. and consequently q prioo
reduction Of 20 per cent. less than last
years values will be easily sustained
The volume of business doing on
standard prints, percales. ginghams
sheets and pillow cases, 90, is very
large, and some of tho Oldest ana largest
corporations are busy, while others arc
Idle. Slow business In building trans
portation and steel lines Is still a very
important factor In delaying new orders
for duck, heavy sheetings and auto sup
ply naterials. The manufacturing trades
using cotton goods are dull, while tho
jobbing and retail trades are using q
larger yardage of many oioths than they
were last year.
The irregularity OF trade Is reflected
In ourtailed production of cotton yarns,
but values wero last week generally
steadier Mt home. and there have been
further indications OF an increasing In
terest In cotton goods for export There
has been also definite Improvement In
the volume OF mill business on hosiary
and underwear.
Prices in nrst hands ere as follows:
- -
cents brown shcetings, Southarn stand-
ards, ON cents; Holdings, 8 on. IL cents !;
denimR 2.a0s, indigo, II cents; staple
singhams. az cents dress sfnghams, liz
cents and IL CENTS prints, II csnts.
The New York herald., 1921-05-01
Railway Dividends.

The Pennsylvania Railroads reduction
OF its dividend rate from Der cent to
per can't and the generally high yialds
Of many railroad stocks at current quo
tations have caused many In the finan-
cial district TO believe that other divt-
dend paying carriers will follow the
Pennsyivania's example. Even those
who regard the high yields as due main
ly to high money rates and generally un-
favorable Investment conditions arc
keeping close watch on the current earn
ings OF roads. directors Of which will DO
called on to decide soon the questions
OF dividends. Although many believe
that the labor problem OF the railroads
promises an early turn for tho better at
NO far distant date. there can be httle
doubt that shrunken traffic and high
operating costs make the conservation
of cash O matter OF prime Importance to
many railroad managements
The New York herald., 1921-05-01
The Bank Dencit.

The New York Clearing House bank
statement disclosed a deficit in reserve
OF $2,46B.S80, an item of no great i'm
portance in view OF the ease with which
1t can be corrected by the simple ex-
pedient of increasing borrowings slightly
from the Federal Reserve Bank Tho
sudden turn in bank conditions on FRI
day, when the contraction which had
been going on all week was turned into
an imitation due to security price move
ments. probably accounted for the ap-
pearanoe Of a slight deficit. although thA
deficit may be intended to serve notice
that this is no period for bullish specu-
lative activity. In the average state
ment loans showed a decrease of $42,-
461.000. but the expansion was sufficient
on Friday to overcome the contraction
and cause loans to show an expansion
of $f,341 900. In fact the aggregate of
loans. &o., Is S22,o0o.000 higher in the
actual than In the average statement
The turn about In loans was similar to
the change in deposit movements from a
loss of 34.538,000 demand deposits in
the average to a gain of s32.003. 900 in
the actual.
The New York herald., 1921-05-01
sTUDEBAKER PROFITS DROP.
Reports s2,11o,B7s for First Quar-
ter or 1921.

The Studcbaker Corporation reports
for the first quarter of 1921 net profits
OF s2,110.578, against $4.472.0s2 I'm the
corresponding period a year ago. It's to-
tai sales amounted to $18.475.271 on
1870 cars, in contrast TO s23,801.24s on
ls,414 cars in the first 1929 quarter
The company's balance sheet at tho close
OF the quarter. according to A r.
Erskine, its president, indicates substan-
tial reductions in inventories and liabili-
ties. The compeny's total inventories al
the end OF March were $23,s44.529,
against s2s,076.7sa at the beginning OF
this year.
During April bank loans were reduced
80, 100000 more, and now stand at 81
100000. The profit and loss surplus on
March 81 aggregated $40, ,711.126. against
sa,s22,048 on January 1. The corpora
tion's directors declared tho regular
quarterly dividends OF / y per cent. each
on its preferred and common stocks,
payable on June 1 to stock OF record on
May 10.
The New York herald., 1921-05-01
TOPICS OF WALL STREET.
Burlington oversubscribed.

There was the usual last minute rush
Just before the closing of the books yes
terday noon for the Great Northern
Northern Pacific s2so,000,oo0 6H per
cent. joint bond offering. marking the
close OF successful effort to put across
the biggest private offering In the his
tory OF financing. Without inclusion of
subscriptions by institutions. directors
OF which meet this week for ratification
Of orders, actual subscriptions in excess
Of the total offering were entered before
the last minute rush was recorded At
the offices Of ]. p. Morgan & Co. no
statement would be made other than
that the issue was oversubscribed. but IL
Is understood that 100 per cent ,allot-
ments will be made on the smaller SUBJ
scriptions and up to as large a subscrip-
ton as fairly can be allotted In full.
The New York herald., 1921-05-01
Imperial OILS Dividend.

The plan adopted by the General Mo-
tors Corporation to buy and sell frac-
tional shares from and to its stockhold-
Corporation in connection with its 10
per cent stock dividend, payable on May
15, l.. Il. Haskell, the Imperiars treas
urer, announced yesterday. Although no
fractional shares will be issued as divi-
dends, the company has made arrange
ments to buy and sell fractional war
rants sufficient to make up to any stock
holder a full share with what he may
be entitled to in the form of the divi-
dend. The price Of $16 q share will be
adopted as the basis of the fractional
warrants. When the cash dividend
checks are mailed out on May Is full
Instructions regarding the plan will go
to the stockholders
The New York herald., 1921-05-01
NEW READING SUGGESTIONS.

As a result of a series OF conferences
between the Prosser committee, repre-
senting certain Reading common stock
holders, and officers OF the Reading
company, the committee has prepared
new suggestions which will be filed at
once with the court Conferences were
held on several days last week following
tho suggestion by Reading company Of
ficers that majority OF Its common
stockholders would approve tho coal
segregation plans proposed by the COM
pany IL given opportunity so to do. De-
tails of the committee's supplemental
petition will not be made public until
filed with tho court In Philadelphia
The New York herald., 1921-05-01
TELEPHONE MERGER PLANNED
ohio AmnIRnmntton In Up TO Pub
lilo Utilities Commiwsion.

COLUMBUS, Ohio, April 9o.--Whethor
or not there will be one or two telephone
systems in Ohio practically was put up
TO the state Public Utilities Commission
by to-day's action OF the Ohio Bell Telo-
phone Company. It agreed TO enter into
contract with tho Ohio State Telephone
Company to merge the two lines, IL II
could be accomplished legally.
Consent of the stockholders OF the two
companies also will be sought, but II Is
believed that their action win be per-
functory.
II the plan go through practically
100000 telephone stations in the state
which receive service through more than
1000 exchanges win have tho benent of
Interchange OF ~sryicA
The New York herald., 1921-05-01
Full Crew Laws.

Passage OF q bin repceling tho full
crew law by the Pennsylvania Leg1s-
laturo brought much comment in rail-
way circles here It In estimated that
the existing law costs railroads operat-
Ing In that State s%.<oo,0oo annually for
2,300 superfluous train service en-
ployees. Approval OF the repeal by the
Governor would make the next step In
tho accomplishment of this economy an
application to the Pennsyivanla Public
Service Commission for authority to re-
duce train crews. Indiana has repealed
It's fiil crew law. opening tho way for
an annual saving to IT'S railroads of
S1,00o.o00 O year. New York has in
force similar law. which cost the roads
5000, 900 In 1920.
The New York herald., 1921-05-01
Expert Rail wage Decision Soon.

Opinion in railway circles here is that
before May i5 the Railway labor board
will hand down a decision repeating in
substance the 22h per cent general adj
vance In tho wages Of railway cm-
ployees granted last summer by the
board A few believe that tho general
decision affecting all classes OF em-
ployees may be delayed until June or
thereabouts. but there Is every assur-
ance that tho decision affecting un-
skilled workers will be mado in time to
make tho revision retroactive TO May 1.
The New York herald., 1921-05-01
Industrial Alcohol.

Several professional operators In the
market who have been riding short of
United States Industrial Alcohol for a
long time on the theory that 1t would
be unable to maintain its s per cent.
dividend were given q bad trimming in
yesterdays short session, when It was
put to TAN, new high for the year.
Alcohol has been a favorite with shorts
In recent weeks and their run to cover
yesterday at the first sign of trouble in
dicated their waning faith in the strength
OF their position.
The New York herald., 1921-05-01
Acceptance Rates Larger.

The trading rates for acceptances to-
morrow, as set forth In the lists sent out
by leading dealers last night, will be an
eighth larger discount all around. That
action is taken in line with the CONNER
1Asl money situation as described yes
tstdsy in these columns. The buying
rate vii be 5M per cent. discount for
prime ninety day eligible bankers ac-
ceptanoes. and the selling rate 5A for
tho Same class of paper. Sixties are to
be 6% to SIS, and thirties 6 v to 5h dis
count. A small amount of Federal do
posits will be withdrawn on Tuesday.
The New York herald., 1921-05-01
ST. PAUL LOAN APPROVED.

wAsHTNgroN. April 30.--The Interstate
Commerce Commission to-day approved
the application OF the Chicago. Mllwau-
kee and ST. Paul Railway Company FOR
a loan from tho Government OF 10000
,gationA
The New York herald., 1921-05-01
EXPORTS FROM NEW YoRK.

Exports from New York yesterday
Corn, 2675s bushels: barley, 121.sa7
bushelss flour, 4a,911 sacks; bacons.
e7s,o0o lbe. lard, $4,000 lbs. cotton
seed oil 100000 ibsi iubricating oil.
s7,750 gallons.
The New York herald., 1921-05-01
w. $. TwIDDY IN NEW POSITION

Wesley s. Twiddy. Deputy Assistant
Treasurer of the United States. In charge
OF the uptown office of Federal Reserve
Bank, has resigned TO become treasurer
and A6anhattan- Railroad
The New York herald., 1921-05-01
PHILA. RESERVE BANK GAINp,
Net Earnings OF lg20 Were 11v
rer Cont. OF Average Capital.

Eer OcnNs OK Average GMpttal-
PHu-AprIPEIA, April 3o.JThe local
reserve banks not earnfngs for 1920
were equal to III per ocnt. OF its aver
age capital for tho Year, the banks re-
port for 1890, issued to-day, says. IT'S
net earnings are given as so0,slB, ,11s.
The figures contrast with 90 per cent.
In 1919 and 46 per cent in 1918
Tho average daily earning assets of
the bank last year were s223,SS7. 600,
against s21s.oas,0 900 In 1919, and that
Increase and higher rates OF return on
bills redlscounted and bills purchased
accounted fo~ tAA .tsme<n the net earn-
kngn,
The New York herald., 1921-05-01

n. G. Hartman d Co. have opensd an office
IN es william street 20 conduct business
as brokers Ia foreign exchange.
The New York herald., 1921-05-01

Official bar silver IN New York. domestic,
poMc. an ounce, unchanEedi foreign, G0Jsc.,
up Nc; London, 34ssd-, up Nd; Mexican
dollars. 46Stc.. up 40
Highest. Lowest
London ........ 42iad. Jan. B0Ssd. March
New York 08Ao. Jan. Q 52ho March
The New York herald., 1921-05-01
OPEN MARKET RATES.

Prime eligible aocoptnnces, on call. o; re-
discountable at Reserve Bank, 90 10 90 days.
eligible. go 10 90 days, 6T6il on-eligible.
90 to 90 days, s@TA
The New York herald., 1921-05-01

Commercial paper. Is days, q; 10 TO 90
days, q: Liberty bonds and Victory notes,
Is days, o, 16 to 90 days. O.: bankers accept
ances, ie 20 90 days, @.
The New York herald., 1921-05-01

The first OF a series Of five pamphlets on
trust companies has been issued by the
American Trust Company.
The New York herald., 1921-05-01

The Beneficial Loan Society has declared
a sn1f-annuai dividend OF 8m per cent. on
The capital stock. payable on May !.
The New York herald., 1921-05-01
FINANCIAL NOTES.

Eswnrd q. Jouett, assistant general coun-
sol OF Louisville and Nashville Railroad, has
been elected Its vioe-president and general
counsel with headquarters at Louisville, suo-
ceeding Henry l.. Stone. resigned
The New York herald., 1921-05-01
CLEARING HOUSE STATEMENT.
SILVER MARKET

Clearing House exchanges, s064, ,psB, ,naft /
balances, sb9, ,o2s, ,5e2: Federal Reserve credit
balance, s43, 3,1S0. .23i.
The New York herald., 1921-05-01
SOUTH AMERICA.
CANADA.

New York funds in Montreal, s123.e3 pre-
y1iuYu per 81, 1000. Montreal funds I'm New
York, S1UT "a. discount per 81 900.
The New York herald., 1921-05-01
FOREIGN MARKETS.

LONDON. April so.--Bar silver. s4&d.
an ounce; bar gold. 104s. 3d. money.
per cent. Discount rates: Short bills,
5M per cent three months bills, B% por
cent. Gold premiums at Lisbon, lao.
PARrs, April so--Prices were quiet on
tho Bourse to-day. Three per cent
rentes, 56f. goo. exchange on London,
sir. &C.; per cent. loan, S3t o5c the
dollar. 12f gOc.
The New York herald., 1921-05-01

j. II. McGoyern q Co., members OF the
Philadelphia Stock Exchange, 80 broadway,
have issued for distribution n review on
General Asphalt and summary on the
steel industry
The New York herald., 1921-05-01
MONEY MARKET
SATURDAY, APRIL 80.
CALL MONEY For WEEK.
TIME LOANS.

Mixed collateral. 90 to 90 days-..-..- 6is8T
Mixed collateral. 4 to 9 months. BbD1
Industrials, 60 TO 90 days. 6h47
rndustrials, 4 to months ...... eihB7
The New York herald., 1921-05-01

D. Frank Howell, a member or tho Con-
soiidated Stock Exchange, has issued for
distribution a booklet entitled sp~rtinsnt
The New York herald., 1921-05-01

Melhuish q Co. mo. havv moved 60 Al
Wall etroat
The New York herald., 1921-05-01

Clark, williams q Co., Investment ssours
tics. haxn moved 90 1870 Droadwny.
The New York herald., 1921-05-01
COMMERCIAL PAPER.
DISCOUNT RATES. RESERVE BANK.

3est names, 4 TO 6 months. 7NGTs
)ther names. 4 to Q months. Tiz@7S
The Lake County times. [volume] (Hammond, Ind.) 1906-1933, 1921-12-17
APPEARS AT THE
MONDAY

The much heraided performance OF
Richards. The Wizard" will material
ize at the Parthcnon theatre Monday
when the hrst performance VIII be op-
ENID at three o'clock.
Those who appreciate high class en-
tertatnment in it's greatest form will
be given one OF the seasons best treats
for Richards and his big show of a
thousand wonders comes here direct
from a record breaking tour of the lead
ing vaudeville houses OF the country
where both press and public received
this wonderous show and pronounced 1t
the greatest of it's kind that has ever
toured the United States.
a solid carload OF scenery ana arnaz-
Ing wonders are carried with the Rich
ards production, which IS a dazzling
whirl Of mysteries. sensations and
clean fun.
The costumes and effects are the
most elaborate ever carried with q
show of this type and this viii un-
doubtedly prove the most interesting
attractions and enjoyable theatrical
event OF the season.
Mr.. Richards has surrounded himself
with abevy of pretty girls and a very
capable leading lady In Miss Crystal
Williams VINO will display a number
of very beautiful and novel costumes
for the approval of the aides.
The Lake County times. [volume] (Hammond, Ind.) 1906-1933, 1921-12-17
WHITING HIGH
WINS TWO GAMES
Win from Froebel Elves; To
Play Lapel Quintette
This Evening.
BY spORTwRIGHT.

In the hardest game OF their sched-
ule to date, Whiting high defeated the
Froebel high school team at Gary last
night by "a score OF Is to Is. Clever
passing and fast floor work by The on
CITY lads won the first half by a i2-l0
margin. Whiting started with 4 rush
in the second half and soon had a sew
en- point Iced. but then the brilliant
work OF the Froebel forwards. POLK
and Playa, showed itself and 1t looked
for a few moments as If Whiting
might lose. The equally brilliant
work Of Dwan and W~ickhorst. how
yer, kept the hall from falling into
he hands of the Froebel players, and
Whiting always maintained a safe
load. This was Froebels first defeat
OF the year as they had already won
from Crown Point, Valparaiso and Chi
cago Heights.
Froebel's team showed speed ann /.
very fast passing game. The failed
time and again On their long passes.
Regain, the Whiting center continues
to show improvement. Felsen and
Grigson were having trouble in getting
under way. Havarilla, the E'Toebei
center was in fine form. Wickhorst
and Dwan were the Whiting offensive
stars.
Writings second team did them
selves proud in winning from the
Froebel's seconds. with the score IL
to Z against them at the end Of the
first half. they came out on the LONG
end of a 10 to II score, not allowing
the Gary boys d single point. Sewers
and Kedar played a wonderful game,
and Grigson was lighting all the way.
Binkammer played his usual strong
guarding game. Whiting meets the
strong Lapel II. S. team tonight at
whiting. Lapel he's won ten straight
games and is talked Of as state cham
p%ionship contenders by downstate
critics.
The Lake County times. [volume] (Hammond, Ind.) 1906-1933, 1921-12-17

securely. Now embroider In solid
stitch with white floss. stems. foliage
and buds. in connection with each
rose. When completed dip the entire
guirnpe in strained tea water. for ten
shade" Is preferred 10 white by
those who appreciate the subtlety of
refined effects, At trifing expense
you VIII, by following these instruc-
tons, own q guimpe with many dol
lars saved.
Two noteworthy suggestions in neck
wear IRE shown fellow. The oreaadie
Il suggests the aaa,nt fchu idea.
Tie irish crochet with net is an ex-
quisite exponent Of finest neckwear-
Hints Of spring fashions herald a
definite vogue for the suit and this
foretells the featuring of adorable
frllls and furbelows of lace. net and
sheer white fabrics. Two interesting
The Lake County times. [volume] (Hammond, Ind.) 1906-1933, 1921-12-17

cloth. hemstitched as If a picot rib
bon.
Al the present moment the sport
ssirt is in It's element. The many out
a~ftloors entertainments. especially the
football games. cali for sports attire
exclusively. Stripes and plaid skirts
ia the college colors are popular
among the younger set. These are of
Scotch tweeds. plain, and in the
heather mixtures of brown. gray, rust
and orange.
Kritted Skirts for sports wear. hav-
ing a brushed wool surface. are being
featured by some shops for real win
ter wear.
Piai -d SKIRTS If prunella weaves
are aaapta8lc to the short fur coats.
BLACK and white still hold good. Often
q soli8 eataf sfrtpe. say chocolate.
blue q taupe. is a~iternated with plaids