davidaulloa/AmericanStories huggingface dataset:
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1921-07-23
BANKER SUED FOR $125,oOo.
Charged with Receiving stock
which He Didn't Return.

Frank Williams, president OF the
Broadway Central Bank. 2574 Broadway.
was named defendant yesterday in an
action for $4,000 damages begun by
Robert l.. Smith, an investor. He al
leges that on October 2s 1917. Williams,
In return for $1,000 shares of the Con-
solidated Progressive Oil Corporation.
contracted to sell number of other
shares OF that stock, Of which Smith
possessed $4,000; to establish a firm
credit for the corporation. and procure
for II an advance OF money to proceed
with operations, at nominal rate.
Smith alleges the banker did none of
these things and when he asked for a
return of the $1,000 shares he was de-
MED them. At that time. he asserts,
the price at which he could have sold
them was $3.50 share. He uses that
figure 20 compute his si25.o0o damages.
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1921-07-23
TOPICS OF WALL STREET.


The extreme heaviness of Steel COM
mon in the last hour of yesterdays
trading was explained when just after
its close it was made known that the
Steel Corporation was in a controversy
with the United States Government re-
specting the payment of taxes amount
ing to about $50, 100000. That fact was
very distinct surprise to Wall Street
Lack of information regarding details
OF the discussion led to no little specu-
lation in the financial district. and all
news from Washington or from the Steel
Corporations headquarters here is be-
ing eagerly looked for by the specula-
tive element. The possibility that the
decision in the case of the big corpora
ton may have direct bearing on SINH
lar disputes between the Government
and other companies was recognized.
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1921-07-23

1919.
~ 169,934,0S5
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1921-07-23

M rights stock fPart
made at price side OF full 10
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1921-07-23
Rail stocks work Upward.

Railroad stocks worked higher as
result OF good demand for most of the
dividend payers and many of the low
priced issues. Atchison. New York Gen.
trail. Delaware and Hudson. Atlantic
Coast Line and Louisville and Nashville
all closed with gains Of point or more.
Pere Marquette was particularly active
among the low priced stocks. closing at
1875 on turnover of 1900 shares. Their
strength was attributed to renewed OPP
timism resulting from the approaching
settlement of their claims against the
Government. Much of the buying was
said to come from buyers who sold out
IN the war period at prices we'll above
the present ones and are repurchasing
those stocks.
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1921-07-23
WEEKS FAILURES INCREAsn.

Failures numbering 3S2 are reported
for this week by the Credit Guide,
against 331 for the preceding week. In
the corresponding 1920 week there were
1874 failures. This weeks defaults IN
this city have nearly doubled those OF
the preceding week. the number being
fifty-five against twenty-nine. IrcxexAr4
in defaults were shown by New Fork.
Baltimore, Boston. Detroit, Cleveland
and Atlanta, while decreases were shown
by Chicago. Des Moines. st. r>cuia. Fhil-
adelphia and Pittsburgh. ~
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1921-07-23

The Middle States Oil Corporation is
negotiating for the purchase Of some new
oil properties, according to information
obtained yesterday. Officials OF the
company declined to give out any in
formation respecting the negotiations un-
I'll they will have reached a more adj
vanced stage, although 1t was admitted
that low prices In the oil industry at
present made it possible for the company
to acquire new holdings on advantageous
terms. Tho new properties being con-
sidered. 1t is understood. are in the mid
continent field.
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1921-07-23

According to the Canadian Bureau OF
Statistics earning statistics OF Canadian
railways for March show a ratio of oper-
ating expenses to operating revenues as
running at 1854 per cent. In contrast
to los per cent in January, 1851 per
cent. in February and 99.47 per cent. In
March. 1920. Operating revenues in
creased per cent compared with those
OF January, 10 per cent. compared with
those of February. and per cent. COM
Jared with those of March, 1920. With
the exception of Canadian Pacific the
five larger Canadian roads continued to
show steady Improvement compared with
their showing in 1920.
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1921-07-23
FINANCIAL NOTES.

Paul wooster has retired from the firm
OF Wooster, Thomas a Go. and Harry +.
Eichhorn has been admitted as partner
In that firm.
Edward Gardner. formerly with Robert Z.
Horton a Co, IL with the San Francisco
office of Mcdonnell a Co., members OF the
New York Stock Exchange, and will special
ize IN Pacific coast securities.
Morris Smith. members OF the New
York stock Exchange. have issued an an
alysis OF fifteen leading railroads, comparing
their values In 1907 and 1921.
The New York Cotton Exchange member
ship of ~. M. Hamlin OF Boston, Mass, has
been sold TO T.. J.. Fleming for $3.50, the
price of the last previous sale of a member
ship In that organization.
Franklin w. Slater has resigned as
director OF the Brooklyn Edison Company.
Inc, and has been succeeded By John D.
Ryan.
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1921-07-23
why Have Sugars Advanced.

The Federal Sugar Refining Com
pany in a statement issued yesterday
raised the question of why the recent
advances in raw and refined sugars
had taken place. There are no signs
OF sugar shortage. the statement de-
clares. but on the contrary an unwieldy
supply. There are 100000 tons Of raw
sugar available for New York, Phila.
delphia and Boston refiners." the state
ment goes on, enough to last until
October 1, when new domestic beet and
cane crops will be strong on the mar
ket," and adds that the Federal Com
pany believes that the confidence now
lacking in the industry will be stimu-
lated more quickly by the movement
and consumption of supplies than by
the exaction of a premium.
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1921-07-23
Fisk Tire Production.

The extent to which the rubber tire
Industry has been revived Is reflected
In daily reports of additional compa-
MES increasing their output Of automo-
bile tires and tubes. The Fisk Tire
and Rubber Company announced yes
terday that 1t would increase lis pro-
auction. At present 1t is turning out
$500 castings and 10000 tubes daily. It's
operations are approximately 90 per
cent. of it's capacity.
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1921-07-23

Exports from New York yesterday.
Wheat bushels. $4,000 beef. Aols.. $50 :
hams. lbs. $1,000 stearine, lbs, 32.s0o /;
cottonseed oil. lbs. $4,000 oatmeal, bbfs..
5000 oil meal. lbs. $4,000 flour. sacks.
'23,o50; bacons, lbs, 1,264.000: lard, lbs.
3,4sS.913: cheese. lbs. $4,000 inbricatr
ing oil. gals. 325.3oo; hops. baleA so;
oil cake, lbs, 2,5S0,0 900.
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1921-07-23
LOSS MAY TOTAL 500, 900.
State Examiners Start Probe OF
Michigan Avenue Trust Co.

CHICAGO, July 22.--Investlgation by
State bank examiners into the affairs of
the Michigan Avenue Trust Company,
which was closed yesterday by order of
the State Auditor. indicates. it was an
nounced to-day. that the loss to the bank
through recent bad investments may
total between 100000 and 100000.
Officers OF the bank continue to
profess ignorance of the whereabouts Of
President Warren c. Spurgin, who, they
say. has not been seen at the bank since
last week
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1921-07-23
PROPOSALS.
THE CENTRAL RAILROAD COMPANY OF
NEW JERSEY.
PROPOSALS.
Serial No. 2.
E4.t ~

serial NO. =
Contract No =.
/. The Central Railroad Company OF New
Jersey hereby gives notice that II viii re-
ceive sealed bids for the work OF repairing,
rebuilding. etc, etc, OF its marine equipment
FOR the period of one year from August 2,
1921, to August 2. 1922, in accordance with
terms, specifications, etc, which may be
procured at the office OF the undersigned.
.. Bids must be submitted and addressed
10 the undersigned at his office by 1900
o'clock noon OH the second day of August,
1921 Bids received after that hour Will not
be considered. Bids will be opened at 800
p. NJ. on the date named. The right Is re-
served to reject any and all bids, or to accept
any part of any one bid: also to exact a
bond from the successful bidder for the
faithful performance of the work.
Dated this eighteenth day of July, 1921.
THE CENTRAL RAILROAD COMPANY OF
NEW JERSEY.
w. c.. BESLER,
President & General Manager.
f43 Liberty Street New York N Y
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1921-07-23
Goodrich Dividend Me.t,nr.

The directors of the B. f.. Goodrich
Company are scheduled to meet for
dividend action next week. Although
there has been recently much specula-
ton regarding the possibility Of
postponement of the company's pre-
ferred dividend, II was said yesterday
in usually well informed quarters that
its regular preferred disbursement
would be ordered without delay.
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1921-07-23
OPEN MARKET RATES.
cIEARING HOUSE sTATEMENT.
SILVER MARKET.
FOREIGN MARKETS.

LONDON. July 22.--Trading was quiet
on the Stock Exchange to-day. Bar
gold. HAS. 3D.. money, az per cent
Discount rates-Short bills, 4h per
cent. three months bills, AS per cent.
PANS. July 22.--Prices were heavy on
the Bourse to-day. Three per cent
rentes. 5sf. 30c.: exchange on London.
4ef. 2shc. five per cent. loan, S2f roc,
and the dollar. 12f. 91hc.
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1921-07-23
Banking Relations with Germany.

Several larger local banking institu-
tons have reopened close working ar
rangements with German banking in
situations and instead of participating
In acceptance or other credits with the
Getreite Einfuhr STEELE. department
or the German Government, they are
beginning to do private credit business
with their customers and correspondents
on fairly large scale. A closer bank
Ing accord between the United States
and Germany is to be anticipated.
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1921-07-23
DIVIDEND DEFERRED.

Directors Of the Ciinchfield Coal Com
pany deferred yesterday action on tho
regular 70 cent quarterly dividend on
it's common stock. They referred the
matter to the company's executive conf
mittec. explaining that the dividend had
been earned, but that they considered II
wise TO conserve resources. M
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1921-07-23
Money sim Easy.

Call money dropped yesterday to )
per cent. in the New York Stock Ex-
change after renewing at 5Jh per cent.
Two days ago the rate was per cent.
and Thursday the rate was 81 per
cent Those rates indicate the continual
ton for the present of the easier tone
in call money. In the outside market
loans ranged from 51s per cent down
to Az per cent. There was no change
in acceptance rates.
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1921-07-23
U. S. STEEL TAXES NJ
CAUSE OF DISPUTE
Corporation in Argument Over
Federal Assessments Of
1917 and 1918.
$50, 100000 is INVOLVED
Gary's Statement Says Com
pany Raised Questions in q
Making Returns. ~

That controversy over back taxes
for 1917 and 1918 aggregating sonne-
thing like s60.000.O0O has arisen be-s
tween the United States Steel Corpora
ton and the Department of Internal
Revenue was made known yesterday
when Judge e. Fl. Gary. chairman Of
the corporation. in answer to queries re-
garding rumored differences with the
Governments tax department, issued the
following statement: ~,
I'm making our income tax returns to-
the Government for 1917 and 1918 weT
raised questions concerning items In
volving approximately $60,000.000 OF
taxes. Believing these were not tax
able we claimed credit for them in our
returns. Recently the Government rep-o
resentatives have been discussing with
us the questions relating to these items.a
They have not been decided nor has any
OF them been decided. We have no way .
Of determining when decision will be-
reached" iss'
The announcement of the controversy
between the corporation and the Cow.
eminent came as a great surprise to the
financial district Although there have
been from time to time rumors that cer-,
tain OF the corporations taxes were in
dispute they were put down as little.
more than rumors Of a similar sort (
which have been in circulation with re-
gard to no less thar a score Of other in
dustrfal concerns. The lack of details
regarding the disputed questions made II
practically impossible for Wall Street
to forecast what the ultimate result Of !
the controversy would be. A matter OF !
$60.000,000 is equivalent to $11.S0 "a J
share on the company's common stock.
In the last four years the corpora
ton has paid the staggering sum OF
597,243,270 in Federal income. war in
come and war excess profits taxes. The
peak was reached in 1919 when it paid
on account Of income accruing in the
preceding year $274.277,S35. The fol-
lowing table shows the big corporations
Federal tax payments in the last four
years as set forth in its annual reports:
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1921-07-23
LONDON WOOL MARKET.

LONDON. July 22.--At to-day's wool
auction sales 1900 bales were offered.
Greasy merinos met with ready sale
Competition was brisk. Fine kinds IN
bulk were sold chiefly to Continental
in prices.
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1921-07-23
CARRIES.

Rio futures % 20 IS reis lower: September.
1iS92J. Dollar rate unchanged at o$300.
Exchange i-32d. higher AZ Z 5-32d. Receipts
10, 900 bags and stock I .301 900 bags. Santos
futures unchanged to 100 lower; September.
i4ss25. Receipts $1,000 bags and stock
2.S7i bags. Receipts at ports were 1000
bags, against 5000 last year and 10000 two
years ago. Sac Paulo had 10000. against
$1,000 and 1900. and Jundiahy $4,000.
against Fl 900 and 1000 respectively.
Cleared from Victoria, 10000 bags for the
United States. Fine weather In Sac Paulo.
Temperatures. II to "a degrees.
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1921-07-23
Gold Imports.

Kuhn. Loeb & Co. announced yester-
day that the iceland had on board
", 100000 in gold and the Cedric $3.50 900
additional consigned to them by Roths-
chids, which makes the total imports
by that firm $S7,460. 600 thus far in 1921,
against So. 900 in 1920.
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1921-07-23
PROPOSALS.

SEALED proposals for the employment of
100 men, more or less. in the shops of the
New Castle County Workhouse will be re-
ceived a said Workhouse on August /, 1891.
Each proposal must be accompanied by
specifications OF the kind OF work at which
the men will be employed.
rhe term of employment to begin Decem-
Der !, 1921, and TO run for one or more
year,.
any or all bldg.
For further information address,
M. S. PLUMMER, Warden,
New Castle County Workhouse,
Grecnbank. Delaware.
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1921-07-23
Strike May stop Operation.

Steps are being taken to discontinue
the operation of the Missouri and North
Arkansas Railroad at midnight of July
81 on account OF interference by strikers.
according to an announcement by ]. C.
Murray, receiver.
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1921-07-23
SA7 243-27n
Total

The question about the corporations
Federal taxes for 1919 and 1920 was
raised yesterday. 1t is understood that
the method of accounting followed in
those years was the same as that OF.
the two years for which the taxes
are in dispute. The Internal Revenue
Bureau. 1t is understood. has not
reached the 1919 returns in it's checking
up process and consequently the dis
pute, it Is believed. may involve four
years taxes instead of two before itr
will be settled. as.
AS to its ability to meet the payments
If necessary the corporation has a.
contingent reserve as of the end .ofs
last year amounting to $131. 900 900. and
1t is out of that fund that the payment
must come. The effect OF such large
payment, however, would be felt most
on the corporations cash At the end
of last year the corporation reported,
cash on hand and on deposit of $i2S.-
660.954. Consequently the payment of the,
disputed taxes would take approx
mately half of that amount, and any
additional payments which might be,
forced for 1919 and 1920 would cut
materially into the big companys cash
account. It is understood however,
that the corporations cash position has
been strengthened materially since.
December 81, 1920. the date OF its last
balance sheet. -
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1921-07-23
FAR EAST.
SOUTH AMERICA.


New York funds in Montreal. si26c5 pre-
MUM per Al 900; Montreal funds in New
York, sii2.50 discount per ~ 900.
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1921-07-23
COFFEE.

The range Of prices in yesterdays
coffee futures market was as follows:
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1921-07-23
CIGAR.

The range OF prices In Yesterdays
sugar futures market was as foyIows
RAW.
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1921-07-23
GERMAN BANK STATEMENT.

BERLIN, July 22.--The statement of
the Imperial Bank of Germany as of
July Is shows the following changes:
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1921-07-23
UNITED STATES TREASURY STATEMENT.

10 THs NEW YorKH
York; Bureau
washntcn
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1921-07-23

Commercial paper. Is days. Oh; 10 to 90
days. sn: Liberty bonds and Victory notes.
tx DAYS. So; 10 to 30 days. 5h; bankers ac-
ceptances 10 to 90 days. 5iz.
OPEN MARKET RATES.
prtm. eligible acceptances on call. 81: re-
discount al Reserve Bank. so TO 90 days.
5il6n5st: non-member and private bankers,
eiirible' 60 to 20 days. $685.; non-eligible.
co TO 90 days. 6h95E.
Gle. ing House exchanges, S575.S00.0 900.
saiance s64, 100, 900; Federal Reserve credit
balance. s43. 100000.
SILVER MARKET.
Official bar silver in New York, domestic.
aoiLc an ounce. unchanged: foreign. 60ssc..
up itc.: London. 3sd., unchanged; Mexican
dollars, 46ssc.. up nc.
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1921-07-23
BRAZILIAN STATISTICS.
PENNsYLvANIA OIL MARKET.

on CITY. July 22.-Credit balances
s2.25. Runs, s4.416: average, 47,553.
Shipments. 36,eS3 average, 40,945.
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1921-07-23
NEW YORK STOCK EXCHANGE QUOTATIONS
lilly q m

FRIDAY. JULY %. 1921.
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1921-07-23
MONEY MARKET.

FRIDAY. JULY %. 1921
Perth Amboy evening news., 1921-07-02
THE LOVE PENDULUM"
By MARION

l don't like to see you bored and un-
happy"
VIII picked up a cigarette and lit
I'm not dear" he answered
gently. I'm standing it much bet
ter than I expected. / think 1 must
be v~egetating."
I began to laugh, the first free
laugh for a long time. :.
You're not, YOU are relaxing" I
cried.
1t happened that we had no guests
the following weekend. Win and I
spent a long Saturday morning
working on the lawn and among the
flowers, and in the afternoon we
went for a swim at the beach. Sun
day came cool and delightful. We
planned a tramp over the hills for
! the afternoon, and hat morning we
had breakfast out on the porch and
/ made mullins while Win made
coffee.
1t was one of the incest memories
l have-that morning. But it ended
at noon
For at moor a great car slid up to
u gate and stopped. Win called
into the house for me, and I went
out to see who the unexpected guests
were. They were Gwendolyn and a
party of friends.
$50 sweet, such a dear little
house, as coy as a birds nest"
Gwen cried, holding out both hands
to Win as she alighted. Connie,
dear. how we'll you look! I really
believe this agrees with you"
We greeted the party and they all
came in on the porch. Gwen was
too enthusiastic.
oCaa tho cbild,S oyoc-bInar thar
heaven! You look so different from
last winter. Will it make me as
young and charming? 1 could even
endure the country if it would make
me SO attractive"
1 turned to talk to the others.
kThey were motoring to the Green
mountains, and ran out of their WAY
to find our place.
Lost six times! You are not on
any motor map I possess" Gwen
cried. win, I haven't seen you
for days, have I? Do you like it
here ?"
II hate it." Win answered, looking
down into her eyes. They were
standing a little apart from the
group, but I could overhear and so
could anyone who chose to listen.
We'll, she may be making a mis-
take in burying you here all sum-
mer, you with your talent. But the
quiet won't hurt you!" There was
a glance from those odd green eyes.
You'll come in town next week
and lunch with me, Connie! I'm
home by Wednesday," she said in
parting.
"IIl be delighted" I answered me-
chanically. And they drove off.
Win watched the car disappear
then turned and scowled at our
house.
"Hideous place! And the summer
has only just started"
Perth Amboy evening news., 1921-07-02
OMAN'S INTERESTS AND SUGGESTIONS FOR
PERSONALS

Mr.. and Mrs. William Pemberton,
Mrs. Jane Pemberton and Mrs. Mar
garet Crowell, of Gordon street, left
thursday on a motor trip through
the state of Ohio. They will be gone
FOR two weeks and in the meantime
visit relatives there.
Miss Alice Sterling, of Fairfield,
Conn.,, formerly a teacher in the
local high school, is visiting friends
in this city.
Miss Louise Petersen, of Smith
street, will spend the weekend and
several days in Lakewood, prior to
a two weeks visit in Maine.
Mr.. and Mrs. William Coughlin, of
washington street, are spending the
Fourth of July weekend in Atlantic
City.
Mrs. Marie Holmes, Miss Tina
Holmes and Jack Pfeiffer, are the
guests of Miss Holmes sister, Mrs.
De Monsiegle. in Asbury Park over
the weekend.
MISS Thelma Emmons, of Madi-
son. left this morning to spend the
week at the home of her fancee,
Mr.. and Mrs. Williston, of Spring
field, Mass.
Miss Edith CrowelI, of Rector
street, will spend the Weekend with
her sister. Mrs. John Adds and fam
lily. at their summer camp in Mil
ford, Conn.
A daughter was born to Mr.. and
Mrs. Michael Egan. of Ashley street
on Tuesday. Before her marriage,
Mrs. Egan was Miss Emma Davis.
Donald Manson, of Rector street,
left this morning to spend a week
at the home of his fiance, Miss Leila
Arnold. in Stroudsburg.
Miss Mary Fraser of K%earney ave-
nue.. and Miss Sarah Jones, of Rec
tor street. leave today to spend the
weekend with their Wellesley COL
lege chum. Miss Marian Brecken-
ridge. Of Woodbridge. at her cottage
in Manasquan.
Miss Ina Butler his returned to
her home in Philadelphia after
spending some time with Mrs.
Adrian johnson, of Arst street.