davidaulloa/AmericanStories huggingface dataset:
The New York herald., 1921-01-01
IN THE ROPED ARENA.

Willie Jackson and Pinkey Mitchell OF Mil
waukee will be the contestants In the chief
events at Madison Square Garden next Fri
day night.
Abe Godstein and Frankie Genaro will
meet a. the Pioneer s. G. January 3.
George Cruendler, inspector OF fire preven-
tiou OF Ne New York Fire Department and
champio3 heavyweight fire laddc. has en-
tered tht 4. A. u. tournament at Madison
Square Garden next Monday and Tuesday.
Battling Nelson has received referees
card from the Boxing Commission.
The committee in charge OF the Leonard
Mitchell bout M Madison Square Garden Jan
uary ~ has decided To auction the boxes in
Wall street next Tuesday and Mt the Hotel
Commodore January e. The receipts after
the payment OF $4,000 to Leonard and
500 900 TO Mitchell will be used for the relief
OF devastated France. Otto H.. Shulhof Is
chairman OF the committee, the members
OF which include Miss Anne Morgan, Louis
Stoddard and Col. Arthur IT, Woods.
The New York herald., 1921-01-01
POINTER SCORES OVER SETTER
Special Despatch to THE Nrw YORK HruArp.

Special Despatch to THE Nrw York HERALD.
LEroHArcHIE. Ala, Dec. 3f.-The
pointer dog Dunsmoores Jack, owned by
J. Paul Dunno of Chicago. handled by
f. u. Carr OF Ia Grange. KY. won the
Derby OF the Dixie field trials for bird
dogs, which was decided here to-day.
Second place was won by the setter dog
Joe NJ. Love, owned by G. @. Lewis. also
handled by Carr. while third was divided
between the pointers Stylish Wasp,
owned by Miss Marion Dupont of Mont
pelier Station. Va. handled by II. X.
Armstrong. and September Queen. owned
by William Zlegler. Jr.. OF New York.
handled by Joseph Crane.
The New York herald., 1921-01-01
ENGLISH HORSES ARRIVE.

When the American transport Memo
miHee arrives at its pier at the foot Of
West Seventeenth street to-day many
horse breeders and owners will be on
hand 10 pass Judgment on the thorough
breds recently purchased by local sports
men from English owners for breeding
purposes.
Archaic. n two-ycar-oid stallion by
Polymclus out of keystone H.. pir-
chased by John SInford Of Amsterdam.
y. ". from Lord Derhy's stables for
rs. 600 guincas (about 500. .000). will at
ct the greatest attention. Chacolet.
twO-year-old MY purchased by Fred
Johnson. Is among the group, as Is
Sombre. twoyear-oId filly Chy Misse,
thirteen -yoar-old mare. and Ncowa.
a nine ycsr-old brown mare.
The New York herald., 1921-01-01
NEW ORLEANS ENTRIES.

First Race-Purse 81 900: two-year-oids
1hfse Ii,,,s 1pr,onss sundo lis Big Noise 1is
trse ire i,S ra,Sy' ,lS' Esed kinney iid Adyen
Devonite. ii6 Miles s.. ZIG: Johnny Dundee
ii6; stamp, li6. Couple Fred Kinney and
Little Patsy. Cross and Daniel entry; couple
Big Noise and Stamp. Ciopton entry.
Second Race-Purse 81 600 three-year r-oids.
sn ssn furlongs The FOREIGNER 100: Trantuin,
Rock. l04: Muskalionge. ffs: PoiythIa. fIss
Master Jack. 100: Sandalwood, f0t
Third Race-Purse ~ 900: Inaugural Dash /;
four-year-olds and upward: six furlonga
Lucky B;. l02; Eddie RiciSenbacker. iis .
Sapsaon ~, lam hershlsr as 1c6 youneed io2: Bull
lV2. Herosm. 1oS Orr Carmen, fO4; Wyo.
n,lne, ,o' ~. Quentin. ia; 81. Allan, fO5
Fourth Raee-Purse $1,000. New Year Han
dicap three.year-olds and upward: mile and
sixteenth: Fair Orient. 105 Dancing sprav
lol farader. o7; Tippity witchet. los; sea
sinner; sinner m; wyoming, li2; Pickwick. ff2; ;
chairman, lOs; Captain Mac, ff3; Master
bhl, ivVi Gain De Cause. 20: Veteran, 90 I;
Lord Herbert, os Pictor. ii2: General Haig.
~; Veto. ia; Sterling. liz: Fizer. fo6
Raider. l0i. Couple vice Chairman ana
Day Due. Fisher and Firneno entrv' co,nie
, Columbia i,. Tenn and Dancing Spray. Baker
and Tracy entry: couple Parader and Master
Bnl. Clopton and Msrino entry; coupie Can
tain Mac and l'ictor. 9. W. Clark entry
Fifth Race-Purse s 900; three-year-oids
snd sI upward; mile and seventy yards: The
W.T.. il5; Tom McTaggart. III: ]. G. stone.
10; DARK Hill, fo4 Raider. fOi: Troitns'
loa' kuklux. i0t: Chesty. 1O1: Mark West
lVi F'lzer. i23. Brotherly Love, iI3: Iuouirv
lVi Pastoral Swain, 10: Master BIlI. iii !,
briimmnd, III; Cock o. the Roost ia
SIKH Race-Iurse 1900: claiming: four
year-olds and up. one mile and n sixtoenth
Financial Rooster. io7; Madrono. iOd. Har-
vest King, 1i3; Grove A.. fO7: Johnnie over
ton lO' Ground Swell. los: benevolent 100
Deckniate, 100. Berlin. ff3: Speedster, los
Seventh ltace-Purse 81 600; claiming: four
year-olds ard up. mile and an eighth !.
10i; Capital city. i09: Solid Rock i0G Cock.
roach, io3; Judge Price. iO3: Austral III /:
Nominee, ia; Col. Lit, 1Oi: Scoureeman
10i; Lottery. 90; Corydon. f0i.
The New York herald., 1921-01-01
CHAPMAN TO MEET
WALKER IN FINAL
Greenwich and Richmond
County Golfers Are Only Sur
vivOrs at Pinehurst.

Special Despatch to THE NEW YORK HERALD
PINEHUR ~ c.. Dec. 31--The final
contest for .he presidents trophy in the
midwinter golf tournament here viii 0e
fought out tomorrow between A. Lucien
Walker, Jr., OF Richmond county. the
1919 intercollegiate champion. and joan
d. Chapman OF the Greenwich Country
Club. Walker came through 10 the final
to-day at tie expense of Donald Parson
OF Youngstown, whom he defeated by 4
up and TO play. Walker went out In
81 and was coming In at the same fast
clip when the match ended On the fif-
teenth green.
Chapman was opposed by Robert II.
Hunt of Worcester in the other semi
final match. Hunt put up game fight.
but found himself down at the turn ana
surrendered to the inevitable on the six
teenth green. where Chapman won by 3
and 2.
Summary Of play for the presidents
trophy follows:
semi-finals. First sixtesn---J. y. Chapman,
Greenwich. beat u. n. Hunt. Worcester, !
aad .; A. Lucien Walker. Jr., Richmond
County. beat Donald Parson. Youn sstown.
Esaten Eieht-w E. Donahue. shacta
and 3: Z. L. Scofield. Moore County, beat
Carnirn Messmore Ardsley, ) and l.
Second Sixteen-Ray Thompson, Engineers,
beat a. +. Messmore. Ardsley, and .: 5.
o. Miller. Englewood. beat Harlow 5. Pear
son. New Haven, . and ..
Beaten Eight. A. Allen. Baltusrol. won
from r.. II. Wiswen. Montclair, by default
+. q. o. Brien. Detroit. beat Norman w.
Peters. Englewood. and /
Third Sixteen--Cs w. Mead. Glen Ridge,
beat DR.. j. s. Brown. Montciair. and .;
Edwin Sander, Salisbury. beat j. d. Mont
somery. Toronto, 4 and 3.
Beaten Eight. r. Bowker. Woodland
won from w T. Bfbb. Sleepy Hollow. by de-
fault: C.. c. Frost. Woodland. beat T. IN.
Korndorff. Upper Montclair. and 3.
The New York herald., 1921-01-01
Look for Great Football Game at Pasadena

This afternoon unbakd field surrounded
and California will
which will have peculiar interest for all followers
odd
onored comparisonastern football against
the s q
fndt
the of
the
ertness Each has its individual
of
The New York herald., 1921-01-01
Professor Approves
Boxing in College

0HlCAGO. Dec. 31.-Boxing in
universities as a recreation
- and an exercise was advocated
by DR.. j. L. Raycroft. professor of
education and hygiene at Princeton
University, In an address before the
American StudentsJ Health Associa-
ton to-day.
Boxing should be developed within
the individual schools and regulations
perfected before IL should become in
tercoliAgiate." he said. Rather than
permit il to receive q black ns,me
by premature action. we should wait
until the control Of the sport Is per-
feet"
The New York herald., 1921-01-01

When we were looking
ahead last January, we
reckoned that since 1920
was divisible by a it ought
to be a lucky one for ''the
q corners.
At the same time we
pointed out that since luck
was more often a matter of
pluck, it was up to us to
leave no stone. unturned to
beat the old year.
Well, as very b o d Y
knows, 1920 brought it's
own peculiar problems.
The big thing as we look
back is that it gave us a
chance to do more than sell
goods. Gave us opportu.
nifty to keep the faith with
our public even in the face
of trying conditions.
Whenever we saw lower
replaCements a h e a d We
took our medicine at once
by reducing prices, in man.
cases to less than replace.
ment levels. The success
of the years markdowns
as they came, along tells it's
own story,
Business can't always be
all profit.
Here's to 1o2I-"mark'
her, down! What bette
wish for the New Year!
ROGERS PEET COMPANY
3 sroaawsy d, "a: Broadws,
Convenient
Broadway Corners" Fifth Ave
1T Warren at 4rst ST.
The New York herald., 1921-01-01
p.,or, n, the Diseases Of Fish.

United States Bureau OF Fisheries reports
ON fIah disease In the st. Lawrence River
While mortality of fish In natural waters
as n result of disease II not usually con-
spicuous, nevertheless there are occasions
when such occurrences demand attention, An
investigation of an epidemic among the fiah
In the 81 Lawrence River at Ogdensburg,
n. ". was made during the first week ~
July by Prof a. s. Davis. temporary investi-
aator The superintendent Of New York
fish hatchery had reported that large num-
bers OF fish were dying :, the ponds and
also IN tho river
The New York herald., 1921-01-01
''House" Jayneway, Old
Tiger Star, Is Dead
Z EW BRUNsWICIt. q. u. p

TEw BRUNsw WICK, y. j., Dec.
N aas1 a1,worf Gaosss} Of me Jssnsa ssn5@ .g. Of
son Of the late Col. Hugh Jayneway
of New Brunswick, at PhiladelV hla
yesterday, was received here to-day.
Mr. Jayneway was corrected with
the Internal Revenue Collector Of
tice In New York city, and had gone
to Philadelphia 10 spend the holidays
with relatives. Death was due To
pneumonia.
Mr.. Jayreway was a member of
the Princeton football team in 1889.
and was one Of the greatest players
N the co rtry. His home was in New
York city.
The New York herald., 1921-01-01
smelts Are biting nj sound Poiots.

smelts are now biting In Pelham Bay and
In the channels that run In ut barchmcnt'
Marnaroneck and New Rochelle, and particu-
larry AZ Cos Cob. Conn. They are also "
the coves and inicts on the north shore OF
Long Island, and especially az Cold spring
Uarhor. These little fish prefer the narrow
inland channels and rivers and creeks, and
away they 40 lust as soon as the water
shows signs OF warming the least bit They
re usually IN bie schools and bite best on
duii lnyr. The fisherman must be alert to
hook them aud they should he struck iulme-
diatclt a nibbie r. felt. The bait should be
small pieces 81 blood worm and the hook
The New York herald., 1921-01-01
DS
100 SKATERS TO RACE.

NEwBURGH, n. Y. Dec. 31-Mors
than 100 skaters. aspirants for the ma
tional ice skating championship, are
here tonight ready for the events
scheduled tomorrow on the Downing
Park rink. Although the weather is
mild<the ice appeared in good condi-
tion tonight.
Trial heats will be started at 10
o'clock tomorrow forenoon and the
semi-fnals and finals will be raced in
the afternoon.
The New York herald., 1921-01-01
Local Boxing Bouts
for New Years Day

THIS AFTERNOON.
Commonwealth Sporting Club-FranlSie
jerome W. Jack Tracey, 10 rounds;
Matty Brooks vs.. John (Aid) Alberfs,
10 rounds.
Ridgewood' Grove Sporting Club-Silent
Martin vs.. Johnny Howard, 10 rounds:
Eddie Brady W.. Jem Mace, 10 rounds;
Eddie White VS.. Frank Lamar,
rounds.
East New York A. C.-Eddic Wallace vs..
Al. Kale. 10 rounds; Joe Sieger vs..
Johnny Grey, 10 rounds; Marty Will
iams VS.. Valley Nugent, 6 rounds.
Brighton Boxing Club, s. I.-Willie Curry
vs.. Young Rector. 12 rounds.
Woodliaven. =. C.-Johnny Summers vs..
Walter Mshr. Is rounds; Jack Norman
vs.. Joe Ryder, 10 rounds
TONIGHT.
Pioneer Sporting Club-Packey O'Gatty
w.. Benny Coster, I5 rounds.
The New York herald., 1921-01-01
YALE SEVEN WINS.

PrTTsBuRG, Pa. Dec. 31.--The Yale
hockey seven defeated Carnegie Tech to-
night by n score OF goals to in a
game featured by clever team work OF
the Bulldogs and fine passing by Car
son. the Pittsburg lad. Van Ingen
scored the only goal OF the first period,
while two more were tailed In the sec
ond by Foster and BulkIey. The Scotch
men rallied slightly in the third period,
but the Yale defence men were impre g
nabie. Bukley scored the fourth goal
and Carson che NTH.
The summary and lineup:
The New York herald., 1921-01-01
To DEFEND ur,.II.np rrrIr.

Tho Vow York state posktt Wiliard ,ro-
fcsslonai championship y scheduled 20 com
fnerce at fawior rr0tlars' Academy. Br0ok-
Iyn. on Monday nisht. diamond medal VIII
10 awarded 20 the winner 90 The title oud
\, purse ~ eT-O viii be divided. Hrsofdlng 20
flis position flniBhed. Joseph Concaunon. the
present champion. will defend his crown.
cccrgc Clarke OF Brooklyn the former tlilr
r8uef Frank QUINN Lee slivsr W. Len.
acft. The one time champion Pred Wohifcrt.
.he Ions Island champion. a. church OF New
Rochelle. and &. Crogan. the fori ier New
York champion. viii compate.
The New York herald., 1921-01-01
Roth should strengthen the Yankees.


ball for the Yankees bad
could with
Lewis doubt felt he
sdg he had
If anybody have
field consisted
be
be into
on the New York club
'ulh or Neusel Will be
10th has sAemse
The New York herald., 1921-01-01
CRESCENT A. C. FIVE WINS.

The Crescent Athletic Club basketball
team last night continued its winning
streak when it defeated the Union Col
lege quintet on the New Mooners' court
in Brooklyn by FL to 10. The game was
keenly contested throughout, and was
not decided until the final minutes Of
play. The lineup
The New York herald., 1921-01-01
ouo STATE rryr nrATs CORNELL.

roLTMnTs, Dec. 81 Minus several first
atrlnx players with the football team at
1 Pasadena. CAL. OHIO state %. night defeated
ornfil at basketball. % 20 %. Goals from
|ne field IN Dudley and Grcenspuu 20 tlig
lest few r}fsutes ~ play brought the Buck
kyes from 'Dthlnd and won the game.
The New York herald., 1921-01-01
TORONTO WINS AT HOCKEY.

CLEVELAND. Dec. 31.--The University OF
Toronto hockey team Tonight turned the
tables ON the Cleveland team and the
second game OF the series. to T. The
teams play the final game tomorrow night.
The New York herald., 1921-01-01
Pratt Signed" Frazee
"Have Retired" Pratt

~ OsTON. Dec. SL-Derrill Pratt.
* the second baseman obtained
- by the Red Sox from the
Yankees in the eight man trade Of
q month ago. has agreed TO terms
with the Boston club. President r. H.
F.aseo announced to-day. The pro-
posed contract will be- for two years.
Before signing il Pratt Will have TO
get release from contract as
coach at the University cf Michigan.
bUt Fra2ee said TINT IN a two day
conference with Pratt In New York
the player told him he was confident
that he would be free to JOIN the
Red SoX.
Ann ARBoR. Mich. Dec. 31.--Dcr-
riil Pratt. traded by the New York
Yankees 70 the Boston Americans
several weeks ago. said here to-day
that he had definitely given up pro-
fessiona baseball and had no In
teniion OF giving up his coaching
position 9t tho University OF Nlchi-
San.
The New York herald., 1921-01-01
HIGH LIGHTS AND SHADOWS
IN ALL SPHERES OF SPORT
Nv DANIEE.f

COPYRIGHT. 1927. The Ne~>York Horald
In
brought
international competitions
eqtand ch datned this morn
GAIN it belongs But
"A
will interesting feature OF the
NJ
standard bearers
soldied Tldens position
veloped n
biggest
ithe first
Williams I'd
Chuck championship
glory through the challenge round America gained tennis laurel
Olympic the boxing England France in the
Sandy
will
served
available
man t
rushing youth But
tse with the belief available
stopped
hat t>ad eligible
national competition How in this country?
The New York herald., 1921-01-01
YALE FIVE LOSES
TO PITT, 40 TO 36
Twice in Second Period Old
Eli Comes Within Point
Of Tying Score.

Special Despatch to TIE NEw YoaK HERALD
PITrsBURG, Dec. 81. - Pittsburg Uni
versity defeated Yale in basketball
game here tonight by n score of 40 to
@6. Pitt rushed matters at the start and
had the score IL to when the visitors
braced and tied it at II to IA. The Pan
Tiers, however. regained the lead and
ad the advantage, "a to 10. at the end
OF the first half
In the second period Yale twice came
within one point Of tying the score The
lineup:
Yale ((3G). Pittsburg (4O).
Bailey ........... Forward. .......... Jordan
Alderman ........ Forward. ......... Shaner
Ohley ..", ,...... Centre. ........e Clawson
Flyfln ...........- .tfudru.... MctrackeN
Cooper ............ Guard. ....-,. Mclean
Substitutions: Yale-Conklin Tor Ohley.
Pittsburg-Ross for Shancr Byers for Nc
craeken. Field goals-Alderman, 8; Bailey,
4; Ohley, .. Flynn, 1; Cooper, 1 Jordan,
10 Clawson .; McCracken. l. Foul goals
Alderman. 10 out of IL; Shaner, II out of
II. Referee-Bolster. Time-Two periods of
20 minutes.
The New York herald., 1921-01-01

AIREDALE puppies. sired by Chester Buck,
champion, $25 and s35. Phone 1881
Mansfield. No dealers.
The New York herald., 1921-05-11
INVESTMENT NOTES.
Marine 6s Move Up.

International Mercantile Marine first
mortgage and collateral 6s. due on Octo-
Der l. l941. became prominent last week
and moved up several points. Their pres
ent levels are about the years highest
and represent an advance of a fraction
over 4 points from the record low price
In 1921 In the last six years they have
ranged between rs and l05A. At cur
rent prices they yield to maturity about
per cent For five years ended on
December 81. 1919. the company earned
its Gxed charges about Ave times on an
average. In 1919 Its income available
for fixed charges was reported at a
little more than sl5 200. 900. equivalent
to five and eight-tenths times fxed
charges. The official report for tie fiscal
year 1920 is not available, but II Is un-
derstood that the company's income
available for fixed charges for that year
amounted TO approximately $3.50 900.
equal to about three times fixed charges.
The gradual resumption of our foreign
business 10 doubt will be reflected soon
in the company's freight business. The
as Of December 81. 1920. had
about s2S. 900. 600 In Government bonds
IL It's treasury and It's net liquid assets
were nearly equivalent to the s37.s00.-
900 par value of outstanding bonds OF
this issue.
The New York herald., 1921-05-11
To Finance Bolivian Line.

A contract between the Bolivian Gov
ernment and an American Arm for the
financing and construction OF the rail-
way from In Quiaca, on the Argentine
border, to Atocha, Bolivia. distance OF
12sh miles. the only link needed to give
La Paz, Bolivia, an all rail route TO
Buenos Aires. has been signed, accord
ing to information received by the
American Express Securities Depart
ment. The Americans engage to nego-
tiate a loan Of $1,000. 900 in favor Of the
Bolivian Government to cover the ex-
penses Of construction and equipment OF
the railroad and complete It by August
1, 1925. Some work has been done on
the projected line through previous con-
tracts made with the Bolivian Govern
ment by a French company and In June,
1920, by an Argentine firm Those con-
tracts weer annulled for nonfulfilment.
Total expenditures on the La Quiaca-
Atocha line up to November 20, 1920.
principally payments TO previous contrac-
tors, hsve been 4,663, SOC bolivianes The
construction OF the line will mark the COM
plettion OF the second transandean rail-
way In South America, the other being
the railway connecting Valparaiso and
Cantigao, Chile. with Buenos Aires.
The New York herald., 1921-05-11
old Bonds vs.. New Issues.

A reader OF THE NEW YORK HERALD
investment column recently requested 20
be shown good reason for buying the
old outstanding railroad or industrial
bonds offering yields OF $50 to 7 per
cent when new Issues bearing 5 per
cent. and higher could be had. There
are numerous sound arguments IN fa-
vor of the old line issues In the first
place a good many new Issues are
debentures, not secured bonds, ana run
for no more than ten to fifteen years
Nearly all OF them have callabie fea-
lures placed there for the protection OF
the company In anticipation OF an easier
money market. Recognizing those rae
tors. a good many investors are buying
old long term issues offering correspond
ingly high yields on the theory that II
Is better to obtain 7 per cent. for twen-
ty years than per cent. for ten years
Another point in favor OF the old issues
is the prospect Of enhancement in price.
One bond expert interprets the situation
as follows: "A per cent. bond having
twenty years to run. II selling on per
cent basis can be bought at 6S. Assum-
ing that in five years obligations OF this
character should return to a per cent.
basis. this bond should theoretically ad-
vance TO 80, and If In ten years money
should be on per cent basis. these
bonds should sell at 80, total apprecia-
ton under these assumptions of twenty
four points in ten years. On the other
hand, per cent. bond having ten
wears to run, If selling on per cent
basis at present. could of course be
bought for 100. In five years, with
money on a per cent. basis. these bonds
should appreciate to 1o4A and in ten
years. when the bonds mature. they
would be selling at 100 despite the fact
that money was on per cent. basis
The New York herald., 1921-05-11
Terminal Bonds.

Two terminal bonds possessing several
attractive features are Macon Terminal
first SIS. due in 1855. and Union Terminal
Company irst os. due In 1912. or the
former there are outstanding only
81. 800. 900 out Of an authorized issue OF
SO. 900 900. but the full authorized
amount Of IS. 900. 900 OF the latter Is
outstanding. Both issues are secured by
first mortgages on the companies entire
properties. The Onion Terminal os
which sold in 1915 as aigh as 100 and
are on about $50 basis. are secured oy
a hrst mortgage on property, which pro-
vides the sole passenger terminal facll-
ties for all railroad systems entering
Dallas. They are guaranteed as % prfn-
cipal and interest by the following COM
panies Gulf. Colorado and Santa Fe.
Houston and Texas Central. Texas and
Pacific, Missouri. Kansas and Texas. ST.
Louis san Francisco and Texas. Chi
cago. Rock Island and Gulf. St Louis
Southwestern and Trinity and Brazos
On default by one OF those companies the
terminal company has the power TO ex-
clude IL from use or the terminal II
any company defaults the remaining
companies covenant to make UP the dif-
ference The Macon Terminal 5s are
first and only mortgage on about thirteen
acres of land III the centre OF Macon and
the linton Passenger Terminal. erected
thereon They are guaranteed by the
Southern. Central OF Georgia and Georgia
Southern and Florida In addition TO the
guarantor roads the Macon, Dublin and
Savannah Georgia and Macon and
Birmingham use the station as tenants
Those companies have entered into
fifty year agreement. expiring on July
/. 1865, to use the company's tracks ana
pay their pro rata share OF operating ex-
penses At current prices the Yield on
the Macon Terminal IS Is about 500 70
", ,attfrity
The New York herald., 1921-05-11
observation-disclosures 8s.

The Computing -Tabulating Recording
Company's thirty year sinking fund gold
SIS. due on July 1. 1s41. have not fully
responded to the growth OF the earning
power behind them. according to
student of the market. In 1914, when
the margin of safety was much lower
than IL Is to-day, the bonds sold as high
81. In 1919. when the company's ne.
revenue left over after flxed charges was
about rs per cent. greater than 1t was In
1914. the bonds showed very little appre-
citation The highest level for the bonds.
90 was reached In 1912, when the COM
pany.s net income was about a fourth Of
what It is to-day Their current price is
around So at which a yield of about 8
per cent can be obtained. In 1912 the
company's interest charges were earned
only 2.29 times, but in 1919 Its Interest
was earned 6.74 times. The company's
net income, which stood at S540,926 in
1912. amounted to s2,126,674 In 1919.
Last year its sales exceeded those OF
any previous year. but Its net income
decreased because OF increased cost of
labor and material inventory adjust
ments and large development and patent
expenditures. The company expended
last year s1.200,000 for new tabulating
equipment. 1t has started to place on
the market several new devices which
have been in course Of development for
several years The bonds are direct
obligation OF the company and secured
nv deposit of certificates of stock of its
subsidiaries. No other issue of bonds or
other funded obligations may be created
during the life OF these bonds The COM
pany will not allow any mortgages to be
made on it's own or its subsidlaries' prop
critics. There are outstanding s6.00f 900
OF an authorized issue Of s7000.000. The
bonds are redeemable ut 105 for sinking
fund only AS Of December 81. s99o, 900
had haen retired.