davidaulloa/AmericanStories huggingface dataset:
The New York herald., 1922-01-28
STERLING SCARS TO
HIGHOF TWO YEARS
Sudden Buying Wave Carries
Price to 4.25 1-4-Other
Exchanges Follow.

A combination of purchases of sterling
exchange by bankers with remittances
10 make to London and sudden expan-
sion of buying by speculators carried its
rate yesterday up to 425A. the highest
quotation since the week of September
%. 1919, when transactions were put
through at 1926 The initial Stimulus for
the days advance of 2 cents to the
pound came from a single order for
f1. 600. 900 Of sterling exchange from q
large bank, an order that made such in
roads into available supplies that short
covering purchases Immediately poured
into the market. 1t was the livellest
session Of the year in the foreign ex-
change market. Francs. lire and marks
were carried along by the force Of ster-
ling's rise, the former gaining about 10
points.
At yesterdays best price sterling ex-
change was 1% cents more than the
highest quotation of 1921. reached on
December IL. and 72 cents more than
last years minimum price recorded on
January g. Although the retreat of the
speculative short interest was the major
factor In yesterdays recovery. the ex-
planation that the movement indirectly
reflected the strong effort Of the British
Government to balance its budget was
The New York herald., 1922-01-28
TRANSPORTATION ACT
IS DEFENDED BY HINES
Impossible to Get Anything
Better, He Says.

Walker d. Hines, formerly Director
General of Railroads. defended yester-
day the Interstate Commerce Commits
sion and the United States Railway La
Dor Board in an address before the Bond
Club in the Bankers Club. He stated
also that the present structure of the
Transportation act Of 1920 should be
maintained, as IN his opinion II was "im-
possible to get anything better" Mr.
Hines said that he had never favored
Government ownership of the railroads
as he had become convinced from many
years. work in railroad operation and
management that Federal ownership
would carry no benefit to the public, to
labor or to the Government.
Mr.. Hines evidently felt that his re-
marks on railroad freight rates should
be limited because he Is to appear mex
week before the Interstate Commercs
Commission on the rate question. Ht
stated, however, that continued agitation
for the reduction Of rates was to be ex.
pected. as discomfort in seasons Of poor
business customarily directed against
cost of transportation, but he was con-
fident that the Interstate Commerce
Commission would handle the situation
IT, satisfactory way, and urged pa
thence In viewing railroad results until
readjustment. certain to follow present
disorganization of business In all parts
Of the world, should bring relief through
enlargement of traffic.
The New York herald., 1922-01-28
COLUMBIA PHONOGRAPH
CREDITORS ORGANIZE
Hope to Readjust Indebted
ness Of Company.

committee representing substantially
all the bank and merchandise creditors
of the Columbia Graphophone Company
has been formed and Is working on a
plan under which the company's In
debtedness will be voluntarily read
justed without interference with the
continuation and development of the
business. The members of the COM
mittee consist of Harold Stanley. presi-
dent Of the Guaranty Company; G. Her
mann Kinnicutt of Kissel, Kinnicutt &
Co.; Bayard Dominick of Dominick K
Dominick and Arthur w. Butler or
Butler, Herrick & Marshall.
The committee has made arrangements
whereby the February coupon on
notes deposited on or before February
10 will be acquired by the committee
representing bank creditors. assuring to
noteholders who deposit their securi-
ties before that time the immediate re-
ceipt of the $40 represented by the
February l. coupon. The Guaranty
Trust Company has been named de-
pository for the notes.
The New York herald., 1922-01-28
SALES IN 1921 DECLINED
IN DEPARTMENT STORES
Totals Under 1920, AboDe
1919, in Second District.

The net sales Of forty-nine concerns
operating sixty-two representative de-
partment and apparel stores in the Sec
ond Federal Reserve district were per
cent. less In 1921 than In 1920, but IL
per cent. greater than In 1919. accord
Ing to reports to the Federal Reserve
Bank. to be issued in the banks review
of credit and business in February. Com
plete figures from New York depart
ment stores show that December busi-
ness was SO per cent. larger than in
the same month of 1920. An increase
by stores in New York and Newark
more than offset declines In sales In
Buffalo. Syracuse. Bridgeport, Utica
and other cities In the district.
Individual transactions in December
were Is per cent. greater than in De-
.cember, 1920, and the average amoun,
of each transaction declined s per cent.
Stocks held by department stores, re-
ported at the retail price. were 16 per
cent less on January 1 than on Decem-
Der 1. The average amount OF stock
carried by department stores during
1921 was from ,15 to 20 per cent. less
than in 1920.
The following table shows each
months average percentage OF the total
annual sales:
The New York herald., 1922-01-28
DISTRIBUTIVE TRADE
DROPS IN LAST WEEK

Reports from the distributive trade for
the last week show little less snap
and are more spotty than has been the
case of late, according to weekly trade
reviews. Although there is no big out
standing cause to which can be ascribed
the decline, Br0dstreet's State of Trade
points out, the situation with respect to
coal mining labor. weakness In raw cot
ton and numerous other similar reports
are responsible.
Certain 1t is" says Bradstreet's, chat
trade reports In the East. South and far
West have been slightly shaded. reports
as to collections are no better and a
slight quieting seems evident IN industry
The very cold wave over the northern
half of the country and unsettled
weather at the South have had contrary
effects in different sections. In the North
and Northwest very low temperatures
have unquestionably quieted down rural
trade. which is partly offset by better
buying In cities of winter goods and of
coal. which latter demand is, however.
being largely satisfied from accumulated
stocks Of this fuel. although loadings at
mines have increased. Intense cold
weather has, however, slowed down
mining operations In some regions. Crop
marketing has not been facilitated by
cold In the corn belt. although the move
ment has been liberal enough and car
loadings have increased over the low
point Of the holiday weeks"
The New York herald., 1922-01-28
$1,000. 900 IN BONUSES
FOR MAKERS OF SHOES
Endicott-J johnson Splits Prof.
its With Workers.

Employees of the Endicott- Johnson
Corporation will receive approximately
S2,000.0O0 of the corporations profits
for last year under the profit sharing
plan adopted couple OF years ago. ac-
ccrding to letter sent to the workers
yesterday by George F. Johnson. presi-
dent.
I'VE earned about $4,000. 900 above
the amount paid for dividends and
taxes" he said. half OF which belongs
to the workers. to be equally divided as
follows:
For ffty-two full weeks there will
be the full amount divided equally. and
each week of absence for any reason
VIII be deducted 1t looks as though
there would be for fifty-two week work
ers in the neighborhood of $175; per-
haps more. The amount will depend on
the number eligible and somewhat on
the number not working full time"
The New York herald., 1922-01-28
New interests In Hudson.

New interests have purchased an in
terest In the Hudson Company cor
poration which owns a large block Of
the common and preferred shares of the
Hudson and Manhattan Railway Com
interests, 1t was announced yesterday,
were headed by George B. Buchanan and
his associates. The Hudson and Man
haitian Company, 1t was announced in
that connection, reported for the first
eleven months of 1921 net earnings of
$3.992.368, or enough to pay the full
charges Of the income bonds and leave
balance Of $248,242 applicable to the
preferred stock of the company. A
debit of accumulated interest of ST.
05s,370. however, must be provided for
before any dividends can be paid on
that stock.
The New York herald., 1922-01-28
INQUIRY ORDERED
OF USURY CHARGES
President Harding Directs Ex-
animation in West and
Southwest.

WASHINGTON, Jan. 27-President Har-
ding, It was said to-day at the White
House. would investigate reports that
banks in the West and the Southwest
had been lending Federal funds provided
by the War Finance Corporation at
rates above the legal percentages al
lowed. and which had been declared
usurious
The usual rate charged for Federal
loans to farmers and stock raisers in the
sections mentioned was 5 y per cent. It
was said. but the stock raisers had been
charged rates varying from to 10 per
cent, and in many instances a commits
sion also had been exacted
Secretary Fall. In the Cabinet meeting
to-day. it was said by White House off,
cials, made a report on the situation to
the President, who Immediately COM
municated with Eugene Meyer. Jr., man.
aging director of the War Finance Cor
poration. who verified the report.
Mr.. Meyer. who Immediately went TO
the White House. told the President per-
sonally that most of the loans to stock
raisers had been made to the banks
handling the loans at the general rate
of 5k per cent. and that in only q Few
instances had the rates been 6 per cent.
NJ. Meyer told the President also, il
was said, that he had learned that banks
in the Southwest had been charging as
much as per cent, for a six months
loan, and charging an extra Q per cent.
commission for each renewal
The legal rate banks were allowed to
charge stock raiscrs over the Federal
rate of 51a per cent. it was explained.
was only per cent The rate is to
cover cost Of inspection, risk on loans
and similar charges.
1t was not indicated at the White
House just what steps would be taken
against institutions found violating the
laws in that respect, but 1t was said the
first move might be to refuse further
Federal moneys
President Harding. It is understood.
received the reports with deep feeling
and promised action. saying that the SER
vices for the lending OF Federal moneys
for agricultural and stock raising pur-
poses is supposed to be entirely free, and
that the Government does not sanction
usury in any connection.
The New York herald., 1922-01-28
CURB SLATE TO BE OPPOSED.
Makes
NINA ting Committee Make
Recomme enda tions.

Nominating Committee Makes
Recomm endatfOns.
The nominating committee Of the New
York Curb Market Association has made
its recommendations to fill vacancies on
the Board of Governors at the election
February IA. 1t is understood that an
element among the curb traders is dis
satisfied with the report of the commit
tee and that an opposition ticket Of
probably three names may be an
nounced. The committees recommends
tions were:
Board of Governors-For two years.
Francis J. McQuade; for three years.
Z. M. Buchanan, Walter Cosgrove. John
w. Curtis ID. McLaren Miller, Arthur
Myles. G. G. Schroeder ]. ]. Stuart and
Walter Sykes. Jr. Nominating commit
tee-Herbert Hedge. H. j. Murphy. H.
w. Perry, E. NJ. Williamson, Horace G..
Young.
The New York herald., 1922-01-28
wheat Exports Decrease.

Exports Of wheat, including -four, de-
clined sharply last week. according to
Brndstreet's figures. The exports to-
tailed 4.746,551 bushels in contrast to
7.851.6 In the preceding week and
S,834.279 in the corresponding 1921
period. European countries have been
buying in Argentina and Australia.
Japan Is reported to have purchased in
the latter country. Shipments of Ar
gentine wheat totalied this week $780,
900 bushels. or only a slight increase
compared with those of the preceding
week. Half Of those shipments were
unsold.
The New York herald., 1922-01-28
BOSTON AZ" RECEIprs UP.

The report Of the Boston Elevated
Street Railway Company for 1921 shows
$1,117.6H receipts above cost Of service.
In the preceding year the cost Of service
exceeded receipts by $3l6.95f. On Decem-
ber 81. 1920. there were outstanding
s4590O deficits carried over from 1919.
These obligations. which totalled $s05. .959.
have been met and s311. .661 was paid into
the reserve fund. as required by law.
The New York herald., 1922-01-28
Money Remains Firm.

Money lenders showed yesterday no
disposition to let up on the rather tight
rein that they have maintained in the
last week on money rates. After re-
newing at S per cent, call rates adj
vanced to 51a per cent. in the middle
Of the afternoon and remained there to
the close. Wall street is unable to
reconcile talk of easier money to come
with the announcement that the Govern
ment Is issuing about S400,000,000 Of
three year 4A per cent. Treasury GER
tificates.
The New York herald., 1922-01-28

advanced in banking circles. The mar
ket also was impressed by the arrival
Of some $3,000.O00 of gold from Scandi-
navia and by the report that s10,0O0.0o0
more would soon be on the way. presum-
ably from Russia. There has been of
late a slackening In gold arrivals, partly
the result OF strike OF miners In the
Rand district of South Africa.
Sterling exchange reacted to 4.24h at
the end of the day. but that price left 1t
higher than 1t had been in more than
two years.
The New York herald., 1922-01-28
Detrolt.E olson.

What is believed to be the first bit Of
financing to be done by a public utility
company through the sale of common
stock in long time Is contemplated
by the Detroit Edison Company. accord
Ing to information obtained yesterday.
That company will sell between $4,000
600 and $5.000,000 of its stock for rails
ing additional funds. For years pub
lie utility companies have found much
difficulty in doing financing except By
sales of notes and bonds. srs IN a few
rare cases Of preferred stockz
The New York herald., 1922-01-28
VAIL DIVIDEND INCREASED.

Tho directors OF the Wahl Company
have decided to increase the annual
dividend rate on It's common stock from
"a to So a share. and pay dividends
instead OF quarterly, as at
present. It's regular quarterly payment
of $50 n share, covering the first three
months of 1922, will be made on April !
to its stock of record on March %. The
first OF its monthly dividends OF 80
cents share will be paid on May I.
The New York herald., 1922-01-28
Additional Rail Orders.

The Illinois Central Railroad has
placed orders for $4,000 tons of rails.
The United States Steel Corporation re-
ceived $1,000. 10000 went to the Ten
nesee Coal, Iron and Railroad Company,
1900 to the Illinois Steel Company and
the remainder to the Inland Steel Com
pany.
The New York herald., 1922-01-28
New Kirby Acquisition.

The Kirby Petroleum Company has
acquired q half interest In the Lee lease
at Blue Ridge. Texas. 1t was announced
yesterday A we'll was brought in on
this lease about a fortnight back. 1t
was said to be flowing at the rate Of
about 5000 barrels day. The company
is preparing to drill two more wells on
the tract 1t Is also drilling ten other
wells on its Mexi, properties.
The New York herald., 1922-01-28
ITALIAN BANK GETS CREDIT.

The italian Discount and Trust Com
pany, which closed its doors a fort
night ago. when the Banco di Sconto
in Rome suspended payments. has OBJ
tained credit from an Italian bank
based on it's deposits ir the Banco di
Sconto. it was learned yesterday. The
institution extending the credit. 1t was
said. would look to the Banco di Sconto
for repayment.
The New York herald., 1922-01-28
MONEY MARKET.

FRIDAY. JANUARY 81.
Renewals ........ Last. 5ik
High ............. 5MlYear's high. ....... o
Low .............. Years low........
TIME LOANS.
Nlxed collateral. GO TO 90 days.... IN
Mixed coiiaterais, to o months. 4z
1ndustriels, 90 TO 90 days. 4Na5
1ndustriaisi 10 9 months ....... 4X75
COMMERCIAL PAPER.
Best names. 4 TO o months. ...... 4xn5
Other names. 4 20 9 months. ... 3
DISCOUNT RATES. RESERVE BANK.
Commercial paper, sf5 days. 4h 60 20 %
days, Az Liberty bonds and Victory notes,
~ days. Az: 10 TO 90 days. Az; bankers
acceptances, 10 90 90 days. ~.
Fixed November ?. Previous rate. 5,
fised september 81.
OPEN MARKET RATES.
Call loans and acceptances .......... likes
Discount rates prime bankers accept
snces eligible for purchase by Federal Re-
Bid. Ask. Bid. Ask.
se ssys. ssys.. u ! 1eo 20 Says... SSays.... Il
CLEARING HOUSE STATEMENT.
Clearing House exchanges. s6i1 100, 900 4;
balances. sG5. 200. 900: Federal Reserve credit
balances, $42. 500 900.
SILVER MARKET.
official bar silver In New York. domestic,
possc.. Unchanged foreign, 65Mc., un-
changed: London. 3f7td.. off I'D; Mexican
dollars. f9ssc.. unchanged.
The range OF silver prices this year:
Highest. Lowest
London. ......... 3yikd., Jan. 3 34hd.. Jan. 3
New York;. 6e%c.. Jan. 10 6415c.. Jan.e
The New York herald., 1922-01-28
Public Service Corpora tion.

Tho sharp advance in the shares Of
the Public Service Con. 'oration. which
carried them above so. ". said to be
the result Of buying by interests antici-
pating an increase In its dividend from
"a to IS a share. The stock has ad-
vanced about u points in a few days.
The New York herald., 1922-01-28
Union Pacific.

Notwiths tanding selling of character
which might be called heavy in a dull
market as was most of yesterdays ses-
sion. Union Pacific shares maintained
declining but a fraction from Thurs
days close. large part OF the sell
ing. It is understood. was done by New
England interests.
The New York herald., 1922-01-28
DEFICIT ron wHoLEsALp corr.

The American Wholesale Corporation
reports $370964 net earnings for 1921 after
federal taxes. or $4.72 a share earned on
the outstanding preferred stock. This
compares with s625.774 In 1920. Gross
sales were $34.s55, 800 and total earnings
A11,964. Federal taxes amounted to
$41,00 and preferred dividends Of $557. 1862
were distributed. leaving a deficit Of
$1S6, 1888.
The New York herald., 1922-01-28
To seII Prefcrred stock.

The Pennsylvania Power and Light
Company. a subsidiary of the Electric
Bond and Share Company. is making
plans to offer for sale an issue OF its
z per cent. preferred stock.
The New York herald., 1922-01-28
SOUTHERN PIPE PROFITS LESS.

The Southern Pipe Line Company re-
ports profits of s1.090.996. equivalent TO
5000 a share earned on the $4,000. 900
OF It's capital stock, for 1921. IN contrast
to profits Of s1.315.1 .1S1. or s1315 a share
IN 1920. After payment of it's dividends
fts surplus was s9o.995 In 1921. In con-
trast TO a deficit of s3s4,s1S In 1920.
Its final surplus was $1.9s6,S66 in 1921.
The New York herald., 1922-01-28
Ajax Rubber Subscriptions.

The stockholders of the Ajax Rubber
Company have subscribed to practically
the entire block of 100000 shares of its
new capital stock. offered to them at
12h, It was announced yesterday.
The New York herald., 1922-01-28
G. M. HALSEY HEADS BANK.
Is Elected President of Seamen's
Savings-Rose From Clerk.

George NJ. Halsey has been appointed
president Of the Seamen's Bank for
Savings In place of Daniel Barnes, re-
signed.
Mr. Halscy has been in the employ of
the bank for fifty-four years, joining the
institution sc junior clerk. For many
years he was its cashier and its active
head. Since he came to the bank its de-
posits have risen from 100000 to
more than $4,000. 900.
The New York herald., 1922-01-28
New Mexia Well.

The western OIL Fields Company has
completed new well on It's property In
the Mexia field. with an initial flow Of
10, 900 barrels day.
The New York herald., 1922-01-28
RESTRICTS SHOE IMPORTS.

LIMA, Jan. 27.--An executive decree
dated November 9 Just made public
prohibits importation Of shoes of for
eign manufacture through Mollendo and
Ilo until further notice.
The New York herald., 1922-01-28
TOPICS OF WALL STREET.
Mr.. schwab'. Imagination.

Charles M. Schwab's imagination runs
far ahead of the routine business which
engages him for the moment. 1t did in
1899. when he envisaged the combina-
tion of steel interests. then troubled by
severe and profitless competition. which
led to the United States Steel Corpora
tion and to an ultimate expansion OF
production and manufacturing capacity
i'm this country that had not been
dreamed of by Bill Jones and the early
Carnegie partners. 1t does so to-day
when. with his mills two-thlrds idle.
he plans the outlay of 100000 and gets
his Bethlehem management back of him
In his plans. Mr.. Schwab's business
runs parallel to the vision
Of K. III. Hartman. who saw in hard
times opportunity to prepare for good
times. when he knew that transporta-
tion systems which he dominated would
have all the traffic they could handle.
The New York herald., 1922-01-28
Active speciaIties Advance.

Although the tone of the general list
was yesterday rather weaker than had
been expected. a substantial advance
was recorded by several active special
ties, particularly those in which pools
are understood to have been operating.
American Ice made new high record
at 81. Dawson Chemical got within a
fraction Of it's previous high mark
above SO. Martin Parry advanced to
32as and Remington Typewriter and
Savage Arms scored good gains. In
the case of American Ice the story of
a big stock dividend S.El persists. Davi-
son Chemicals move sgcught forth once
more the stories of TIE big earnings
that that company Is expected to make
from silica geh In that connection, it
was learned that the Island Oil and
Transport Company's Massachusetts re-
filming plant has put in the silica gel
process and has an option on the silica
gel plant now operating in that refinery,
having obtained favorable results with
kerosene. In Savage Arms and REM
ington. rothing OF Importance came out
in the news to account for the moves.
The New York herald., 1922-01-28

PARIS Jan. 27.-Prices Of securities
traded In on the Bourse to-day were
heavy. Quotations at the close of the
trading were as follows:
The New York herald., 1922-01-28
FOREIGN MARKETS.

LONDON, Jan. 27.@Trading IN the
Stock Exchange to-day was quiet. Quo
tations at the close OF the trading fol-
low:
Ear silver. 34xd. an ounce
Bar gold. Ns 4d.
Money. 81 per cent
Discount rates: Short bills, 3{{ per cent {:
three months bills, 3ft per cent.
zh per cent. consols. 81.
British per cent war loan. e3.
British AZ per cent. war loan. SIN.
DE Beers. 10ik.
Rand Mines, 2.
The New York herald., 1922-01-28
SOUTH AMERICA.
CANADA.

New York funds In Montreal, s4G.s7 pre-
MUM 81 900; Montreal funds In New York.
s4f.7s discount $1,000.
The New York herald., 1922-01-28

ID In separate line unless sales
America. [volume] (Cleveland, Ohio) 1905-current, 1922-06-30
PoLI9IcA sAU oUE1URA?

~ ~
Partidele politice Ia moi, ~ du.
pa 1859 81 mai 9les dtlpa 1866 81
mai accentuat inca cucat ne apro-
piem de zilele noastre, si-au
manifestat, in toate chipurile,
parerea lor de baza, care de alt
tel si-o pastreaza q astazi, ca
''intre politica ii cultura este un
abs, s. il ce nriveste idealurile
de atins, 81 mai ales in &c pri-
yeste precedeurfle de urmat".
Cine isi mai sduee amipte de
iaptele politice " ep dat, ID
ultimele decenli dinhaintea rax.
America. [volume] (Cleveland, Ohio) 1905-current, 1922-06-30
DIN fUcA oD|o6UUU|

@ minuta de gandire face mai
multi deeat luni de ne@andire.
ii
Multi arbori familiari cresc in
mod prea rapid.
A
Nici un stapan m-si poate nu-
tri s,lfletul daca nu da de man.
care servitorilor sal.
q
Ex-senatorul Cole, care este in
al 10O-lea an al vietei sale, a Vi
zitat Capitolul in Washington
PrObabil a fost surprins cand a
vazut ca uni din colegii sal
vechi sunt inca la post.
q
ldealurile s;lpate in stinca sunt
cam gren de purtat intre Oameni.
-
% femeie care STA impuscat We
cinul cur;itind o arma, spus ca
ca nu Stia ca revolverul era in.
carcat. Vecinul spune ca el pc.
Zitfv ca fost incarcat.
"a
"A imprumuta bani este un excr.
citiu bun de memorie. M
"a
Norocul prostului este proven
blal, dar n auzi nici cand ca I'm
ON norocOs sd citeze acest pro,
verb.
"a
Multi Oameni carl au un viitor
splendid inaintea lor. sunt inca.
pabiai sd ajunga sa vada acest
viitor.
ID
Winston Churchill a spus irlan.
dezilor ca i'm cazul daca nu vor
mccta cu luptcle ''lc va face
.calda vara".
"a
'Positla noastra fata dc natiilc
dat0rase este ceea ce-ai putea
nnmi pindirc atenta".
q
E rau cand un candidat cade,
.dar ce ar Zice daca ar fl in sit,la.
tia aviatorului care eade.
u
Nh mai snnt dccat sase lumi de
targuire pana la Crdciun.
4
Tn savant a declarat Cd mus.
tele vorbesc. II rugam sa de spuna
sa treaca in Elvetia pentru vara
81 sa Sc relntoarca la Craciun.
"a
Sc simte lipsa doctorilor. No
am vrea sa Sc simta lipsa pa.
eientilor.