davidaulloa/AmericanStories huggingface dataset:
The New York herald., 1921-07-24

The Associated Press is exclusively entitled
TO the use for republication of all news des-
patches credited to II or not otherwise
credited In this paper. aud also the local
news published herein. a
All rights Of republication Of special a. ~
patches herein are also reserved. II
The New York herald., 1921-07-24

New YoRK, July 20.
The New York herald., 1921-07-24

Principal American and Foro..N 'ureaus.
WESTINGHOUSE Munsey Building.
CIICAGO-20S South La Sale ST.
LONDON-40-43 Fleet ct.
pARIS-49 Avenue de rOpera. 3s Rue d.
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1921-07-20
APPEAL FOR BONDS
OF KATY ROAD MADE
Protective Committee to Fight
Pending Programme of
Reorganization.

The committee representing the second
mortgage bonds Of the Missouri Kansas
and Texas Railroad In the reorganiza-
tion of that road announced last night
that they were dissatisfied with the
pending plan OF reorganization and
issue to deposit their bonds in an effort
to defeat the plan or cause its modfica-
ton. An unfair discrimination in favor
of liens Junior to the second mortgage
was alleged by the committee.
The American committee representing
these bonds has on deposit about half
of the bonds outstanding In this country,
or something more than S6,000.000. The
total issue is 100000 900. A committee
was also organized in Holland rep
resenting the large holdings in that
country. and it is understood that this
committee is willing to recommend ac--
ceptance of the plan of reorganization.
1t Is estimated that there are outstand-
ing in this country an additional $1,000
900 of undeposited bonds. which are
mostly in small lots. These bonds the
Merrill committee Is seeking to have
deposited.
The Missouri. Kansas and Texas wen,
into receivership In December, 1915. and
protective committees were promptly
formed for the various security issues.
In 1917 plan of reorganization was
submitted. but owing to war conditions
and the taking over of the railroads by
the Federal Government the plan was
never acted on, though it was substan-
TALLY accepted by the committee repre-
senting the second mortgage bonds.
The Central Union Trust Company Is
acting as depositary for the second
mortgage bonds and will accept deposits
up to August 81.
In addition to Edwin G. Merrill. pres
ident of the New York Life Insurance
and Trust Company, the committee con-
sists of w. J. Matheson. DR.. Pomeroy.
Lewis L. Clarke. P. ]. Goodhart and G.
Il. Roosevelt.
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1921-07-20
UNDERWRITERS WILL
CARRY OUT REFORMS
Buffalo Body to Support Leg
isiofion Untermyer Urged.

state Senator Charles c. Lockwood
made public yesterday letter sent to
Samuel Untermyer by r.. III. slgison,
manager OF the Buffalo Association Of
Fire Underwriters. in which the Lock-
wood committee is notified that the as
ISOLATION has taken steps to carry out
each Of the recommendations urged upon
them by Mr.. Untermyer.
The Buffalo association agrees TO sup
port legislation along the lines agre FL
upon by the New York Fire Insurance
Exchange. II agrees that all regra-
tons and practices OF rating associations
shall be subject TO the supervision and
review Of the Superintendent Of Insur-
ance. The association pledges that
brokers licensed by the State be recog-
nized by members of the association
without any restrictions as to whom
they may do business with.
Mr. Sigison said that the Buffalo as
ISOLATION also had gone on record as be-
Ing willing 20 take into rer16er~hip
mutual fire Insurance companies.
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1921-07-20
INVESTMENT MOTIFS.
Long Island LightinEa 81.

The Long Island Lighting Company
first mortgage per cent. bonds, due in
1896, now selling at around 81 TO yield
40 per cent, are an excellent example
of high grade bonds that may be pur-
chased at a substantial discount due 10
present high interest rates. Before the
war. when the net earnings OF tie COM
pany were not as large as they are to-
day, this issue sold at around par, The
company has made rapid strides. Since
1914 its gross earnings have Inc reased
more than 600 per cent. while Its actual
net income has increased about 356 per
cent. 1t is understood that the Radio
Company OF America is building the
largest wireless station in the world at
Sayville, l.. l.. and has arranged to salSe
it's power from the Long Island Lish ting
Company. The actual property of the
latter, on which this issue Of bonds' is
secured by straight first mortga sc,
shows an equity of S1.6 per cent. in eao-
cess of its funded debt. Additional
bonds can be issued under this mortgages
only under stringent provisions. It's,
purpose is to maintain the company's 81
equity and earning power. AS INTEREST,"
rates decline a bond of this character
should enhance in market price. These
bonds were made recently legal for saw
ings banks in Rhode Island. New Hamp-
shire and Maine.
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1921-07-20
Westinghouse Electric rs.

For many weeks the Westinghouse
Electric and Manufacturing Company's
U.s. due on May /, 1881, have been
among the most active issues of the in
dustrial bond list, advancing about
points since the present upward move
ment In bonds started. In company
with those of other electrical concerns
Westinghouse new orders suffered
sharp drop in December, although the
monthly volume of it's orders since then
has been between $4,000 and $4,000
900. It's shipments have continued In
large volume. On April l its untitled
orders were reduced to SIS, 900.
These bonds are direct obligation of
the company, but are not secured by
mortgage. The indenture, however, pro-
vides that the company shall have at all
times while the bonds are outstanding
unpledged current assets equal to at
least one and one-half times its total
Indebtedness, which is sac. 900. The
company's balance sheet as of March 81
showed current assets of more than
$135. 200, of which $12.324.537 was
cash. against current liabilities of about
1000. 900. The indenture provides also
that while any of the bonds are out
standing the company shall not make
or permit to be made any mortgage on
any of its realty or plants unless
such mortgage shall secure the bonds
pari passu with the other Indebtedness
secured thereby. The company report
ed for the year ended on March 81 a
surplus after its common dividends of
$6.632.642, contrasted with $9.221,442
in 1920. These bonds are outstanding
in the amount of $30.000.000. They
are in coupon form in denominations of
81, 900 and $500. The bonds were offered
originally at s4% and are selling at be-
tween 100 and 101.
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1921-07-20
Northwestern Bell Telephone.

The Northwestern Bell Telephone Com
pany's first mortgage gold rs. due on
February /, 1941, have been lately I'M
usually active on the New York Stock
Exchange, and indications point to
steady absorption of them by investors.
A few weeks ago they could be bought
at 80 and under, but their yield has de-
creased gradually, until they sold last
week at as high as 101. The company's
capital stock is owned by the American
Telephone and Telegraph Company, and
the issue of first mortgage Is was sold
to repay Indebtedness for funds adj
vanced by the latter company for con-
struction purposes. The bonds are a
direct obligation of the company and are
secured by first lien on it's physical
property, constituting the company's
telephone plants in Iowa, Minnesota,
South Dakota and Nebraska. The
company Is a successor of several i'm
portant companies of the Bell Tele-
phone system which operated success
fully in the respective fields for many
years, the oldest having begun opera
tons in 1888 The bonds were offered
originally in January Of this year at
96h. They are redeemable at 1914
and interest on any interest date as a
whole only. A sinking fund of $500. 900
annually, beginning on August l. Is to be
applied for their purchase at not more
than par and interest.
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1921-07-20

Subscription books for the $4,000. 900
OF the city OF Philadelphia's fifty year
without option of prior payment 81
per cent. bonds were closed around mid
day yesterday, the issue having been
distributed. and bankers said that the
demand was such that an issue twice
the size could have been sold promptly
to investors had II been available. The
bonds were offered at los u and inter-
est to yield about $40 per cent by the
following syndicate members: The Ma
tional City Company Harris Forbes G.
Co., Montgomery &c Co., Inc. the Bank
crs Trust Company. Graham, Parsons
& Co.. Kissel. Kinnicutt & Co., and Es-
tabrook & Co. Confusion was caused
by the publication OF despatch from
Philadelphia saying in part: THE city
may refund the issue in twenty years IL
the rate OF interest on municipal bonds
shall fall In that time" That portion
OF the despatch was incorrect, the facts
being that the bonds run for fifty years
to July 16. 1871, and that the city has
no option OF prior payment.
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1921-07-20
Erie Prior Lien A..

Railroad bond specialists are of the
opinion that the consolidated mortgage
prior lien As of. the Erie Railroad Com
pany, due In 1916, are selling out Of
line at their present level. A good deal
of the buying that has appeared In these
bonds recently apparently has been for
the account of dealers who think them a
good speculation. They are selling at a
price to yield approximately III per
cent, which Is very close to their low
record. They are secured by a direct
mortgage or collateral pledge on approx
imately 1,646 miles of main line and
branches, large proportion of which
Is double tracked. The security COM
prises a first mortgage on 1875 miles OF
road and q mortgage. subject to under
lying Issues, on about LAP miles Of
road. owned and leased. They are Sc
cured also by deposit of abou.
$35.000,000 of the bonds of leased and
controlled properties. The bonds are
outstanding in the amount of s35,000.-
900. The actual equity for them Is close
to $50, 100000. At the retirement of
the existing underlying bonds they
will become O first mortgage on all
the property above named. With adj
vanced rates, greatly reduced operating
costs and increasing traffic, Fries
revenues are showing considerable bet
terment. In 1920 the roads net income
over and above all charges was eauiva-
lent to s1.67 n share for its common
stock. In the first five months of the
current year Its gross income showed
gain OF approximately s5,000,000 and
its net amounted to $211.S16. Present
indications are that the roads income
for the current year will be ample to
provide for all interest charges and
substantial surplus.
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1921-07-20
TAKE BANKERS CHECK;
SEIZED FOR EXTORTION
Pair Said to HaUe Threatened
to Expose Unger.

Bertram Unger. private banker OF
.S47 Fifth avenue. wrote a check for
$4,000 yesterday and laid II on table
in his office. An elderly couple, de-
scribed as Morris Hirch. SO. TAT Fifth
street. and Mrs. Yetta Fox. 50. 22s East
Fourth street were calling upon him at
the time. and It was said the woman
took the check. Two detectives were
waiting and placed them both under ar
rest.
II was alleged they had sent letters
and conveyed threats to Mr.. Unger in
other ways declaring they would "ex-
pose alleged crimes committed by Mr..
Unger against the Federal Government
unless they received $4,000. Mr.. finger
said he ignored the demands until the
couple faced him yesterday with a flat
demand for the money. In Yorkville
Court Hirch and Mrs. Fox were held
I'm $4,000 bail each for examination
Tuesday on charges OF extortion.
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1921-07-20
Duauesne k,kxht 6s.

Some investors are showing prefer
ence for the Duquesne Light Company's
first mortgage and collateral IS, due In
1a4S and yielding about $50 per cent.
at their present prices. Transactions
have increased coincident with the dis
tribution of the new Duquesne Light
71as. which are due in 1886 and yield
about 1855 per cent. at their current
prices. The IS are direct obligation of
the company and secured by a first
mortgage on all its property owned in
fee. by first lien on its leasehold in
terests. on certain bonds and virtually
all the stock Of its subsidiaries. The SIS
are outstanding to the amount Of $751;
718.500 and are in coupon form of 81. 900
and $500 denominations. They are re-
deemable at 105 and interest on any in
terest date as a whole only. The origi-
nal offering Of the 6s was made in 1919
at IS. which contrasts with their present
price Of around 81.
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1921-07-20
Average Bond Prices
July 10; 1921.
BOND NEWS AND NOTES.
Dutch East Indies FIotation.

Boissevain & Co. are taking subscrip-
lions at 100 per cent. to an issue of
100000 guilders of the Government
of the Dutch East Indies per cent.
forty year sinking fund bonds. They are
to be issued this week in Amsterdam, and
are redeemable at par by annual draw
ing. The sinking fund cannot be in
creased until 1925. Special attention is
called to the fact that, on account of
the prevailing rate of exchange on
Holland. the bonds can be bought at a
depreciation of 20 per cent. When ex-
change shall have recovered to normal.
1t Is estimated. the profit. to their
buyers should be about 25 per cent. and
the yield on their investment about S%
per cent. The subscriptions invited by
Boissevain & Co. are to be transmitted
to Holland on or before July 81. Pay
ments for the issue are to be made on
or before August 8.
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1921-07-20
Rohds Planning Issues.

WASHINGTON, July 1.-THE New York
Central Railroad Company asked to-day
the Interstate Commerce Commission for
authority to issue s4.425.000 of its 4
per cent. consolidated mortgage bonds to
be exchanged for like amount OF the
New York Central@and Hudson Rivers
~ per cent. gold bonds. The OKLAHOMA
and Arkansas Railway Company asked
to-day authority of the commission to
issue 3.075 shares of common stock OF
800 par value for constructing q rail-
road twenty miles long from Salina, Ok
lahoma to Kansas. Oklahoma, and to
purchase "A locomotive.
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1921-07-20

The bond market was quiet but firm
yesterday and the majority of its active
issues sought higher levela Most in
terest was displayed in Cuba Cane
Sugar rs. which continued their upward
movement. opening at So and advancing
to 64h. Foreign bonds moved in a
very narrow range. the largest gain In
that division being scored by Kingdom
OF Norway IS. which opened at 1929
and advanced to 103H. Certain rail-
road issues were moderately active,
namely Northern Pacifc-Great North
ern joint 6hs. Great Northern rs and
Union Pacific first As. but price move
ments were small Erie general lien As
advanced from Az to 421a. st. Louis
and San Francisco income 6s were in
demand at better prices. Liberty bonds
moved fractionally higher.
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1921-07-20
KNIT AT SHOE MACHINES.
stitchers I'm Fourteen Factories Co
ON Protest strike.

HAvERHfLL, Mass. July 10. = Shoe
shops here were scenes of n new kind Of
strike to-day. Stitchers in fourteen fac
tories were at their machines as usual.
but stitched no shoes. Instead they
passed their time knitting. sewing and
In conversation. Tn other departments
OF the shops the whirr OF the wheels
went on as usual.
The stitchers were carrying out a de-
cision of the Shoe Workers Protective
Union to make protest In this manner
against delay In fixing prices on a piece
work basis. The manufacturers had pro-
posed that pay be at the rate of sixty
cents an hour. but the stitchers voted TO
work on no shoes for which piecework
rates were not provided.
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1921-07-20
Texas Company to Pay Notes.

The Texas Company announces that
on August % next 1t will have available
a sinking fund of s2.500.o00 for the re-
demption OF Its notes. Tenders of the
notes up to that amount will be pur-
chased at prices not to exceed par and
interest up to September 1 next They
should be made to the Chase National
Bank until the close Of business on Au-
gust %.
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1921-07-20

A syndicate composed of Stacy &
Braun. the Mortgage Trust Company OF
St Louis. Mo-. and the Detroit Trust
Company Of Detroit Mich, are offering
a new issue OF s550.00o OF Green county.
North Carolina, 8 per cent. road bonds.
They mature on July 1, 1891. and are
offered at a price TO yield cas- per cent
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1921-07-20

The case of Giuseppi. dc Filipis. the
Wall Street bomb suspect. scheduled to
have been heard yesterday was post
poned until August by United States
Commissioner Samuel NJ. Hitchcock
The postponemcnt was made at the re-
quest OF John T.. Joyce. Assistant United
States Attorney who asked for further
time to interview Witnesses who II IL
said saw the defendant unloading grapes
AZ Bayonne, N. j., at the time Of the ex-
plosion.
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1921-07-20

Lee. Higginson q Co. have sold
block of s125,00o of first mortgage sink
ing fund 6s Of the Pennsylvania Edison
Company. formerly the Pennsylvania
Utilities Company due In 1916. at SO
and interest 70 yield slightly more than
$50 per cent.
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1921-07-20
FEDERAL SUGAR REFINING co.

The regular quarter dividend OF Ono and
Three-quarters Per Cent. GAes) on tho Com
mon Shares and One and One-half Per Cent.
Giaqs) on the Preferred Shares Of this Com
pany VIII be paid August LIST. 1921. to Stock
holders OF record at tho close of business
July 2fst. 1921. Transfer books will not
close. PIERRE J. SMITH. Treasurer.
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1921-07-20
SHORTAGE NOW s47o. 900.

AUSTIN, MINI. July 1o.-Audit Of the
accounts OF II. J. (Cy) Thomson, for
merly comptroller Of George A. HORNED
q Co. local packers, so far shows
shortage OF $4,000. IL was announced
to-day by Jay c. HORNED vice-president
of the company.
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1921-07-20
FOREIGN MARKETS.

LONDON. July 19.--There was no
feature In to-day's Stock Exchange trad
ing. Bar gold, 115s.; money, 81 per
cent Discount rates: Short bills. "a.
per cent; three months bills, Az per
cent
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1921-07-20
DIVIDENDS AND INTEREST.
READING COMPANY
General Office. Rending Terminal

FhfadeIphlh, July 10, WI.
The Board of Directors has declared from
the net earnings a quarterly dividend OF two
per cent (2qs) on the Common Stock of the
Company, to be paid August IL. 1921. to
the stockholders of record at the close of
business July 10. 1921. Checks will be mailed
to stockholders who have filed dividend or
ders with the Treasurer.
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1921-07-20

PARIS, July 19.--Prices were barely
steady on the Bourse to-day. Three per
cent. rentes, SIS francs AZ confines; ex-
change on London. as francs s6 cent
times 5 per cent loan. 81 francs 20
centimes. ana the dollar, - francs 81
centimes.
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1921-07-20

A quarterly dividend OF two dollars C$2.00)
per share on the Eight Per Cent. Preferred
Stock OF this Company has been declared
payable August II. 1921. to stockholders OF
record at the close of business August l..
1921.
c. T. STEWART SWITZERLAND.
Secretary.
New York July 3, 1921
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1921-07-20

Chi Bro GIN As
2. III
Chi B & Q Ill Is
1. 1888
Chi & Erie LIST
1.......7o
Chi CT West Is
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1.......49l2
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Chi Mil&StP As
The Jasper news., 1921-02-24
DEWEY
Miss Ola Sims

A very delightful party was Civ
en- at the Pugh home last Friday
night. A large number were pres
enc and all report a good time.
The evening was spent with music
and games. Refreshments Of sand
witches were served.
Miss Effie johnson spent Satur-
day night and Sunday with Miss
Edna Turner.
Ina Mae Turner spent Saturday
evening with Helen Gaddis.
A large number Of friends and
relatives gathered at theDickC Car
ter home Sunday for a surprise
dinner in honor of MIR. Carriers
birthday.
Miss OlaSims spent Sunday aft
ernoon with Miss CecileC Courtney.
Mr.. French Of Carthage was out
at Salem Sunday morning and led
the singing. His assistance was
appreciated very much.
A delightful little surprise party
was given Frank Montgomery
Saturday afternoon by several OF
his school friends. All report a
jolly good time.
Jim Bull and wifeSpent Sunday
with his brother in Carterville.
Emerald Taylor spent last week
in Oklahoma. His wife and blby
were with Mrs. McReynolds dur
ing his absence.
The ladies aid society met with
Mrs. Matthews last week and pa
pered her kitchen. On March 8
they will meet at Mrs. Rusk's.
The following were Sunday
guests at the Griffin home in JAS
per: John Gaddis and family,
Charles Bradshaw and family and
Andrew Gresham and family.
The Jasper news., 1921-02-24

terson and the Misses Sara Ar
mold, May King, Beatrice Nit
chell, Inez Patterson, Helen Heck
man, and Messrs Raymond Heck
man, Albert Owen, Rene and Con
Lucas, Pedero Tidball, Jerry Ar
mold, Chas. King, Lloyd Myers,
Fred Lee, Give Patterson, Gro
yer Scarborough, Olan Pryor, Dave
Bayles and George File, and sew
eral others whose names we did
not get. Every one said they
would have to "hand" it to Mr..
File when it comes to making
oyster soup, as it was very much
enjoyed by all.
Rene Lucas entertained compa-
ny Sunday.
Art Brown and family spent
Friday evening at H. E. Coiner's.
/ Elmer Joiner and family visited
Wednesday at Ray Keltner's.
H. E. Coiner and family George
Meyer and wife and Edna Has
bargen visited Sunday afternoon
with D. o. Meyer and family.
Mildred Glenn visited Gertie
Hasbargen Sunday.
H. D. Grim and wife visited
Sunday in Carthage with DR.
LaForce and family.
Miss Elsie Hickman was al
home over Sunday.
Several in this neighborhood at.
tended the funeral of Mr.. Rel
Friday. The sympathy of thu
community is extended his rela
tives.
Grover Scarborough spent Sun
day evening at H. E. Coiner's.
Subscribe for your daily paper at tn
News Office.
The Jasper news., 1921-02-24

Rev. w. E. Brown, who is con-
Quoting the meetings at the Meth
odist Church, spoke at the Tues
day morning assembly.
The Jasper Schools held session
last Saturday in order to make up
a day lost before Christmas vaca-
ton. The attendance was good.
Earl Patterson Of the seventh
grade has been quite sick with
pneumonia. He isreported better
at this writing,
The Juniors gave the program
in student assembly lastT Thursday.
Next week the Sophomores will
take their turn.
The agriculture class has been
very busy this week testing milk.
Considerable interest is manifested
in this work. Next week they
are planning to start their work
on seed corn testing. ~.
The second primary department.
has added several new books to
their department.