davidaulloa/AmericanStories huggingface dataset:
The New York herald., 1922-05-20
Safe Bonds f6y investment
HALsEX, STUART
e. co. inc. |
II Wall Street
BANKS WANT CREDIT
OF ROADS MAINTAINED
Sovings Institutions Fear Too
Much Rate Cutting.

In view Of the Improvement in busi-
ness it would be unfortunate IL railroads
were forced to reduce their rates to the
point at which their earnings were In
sufficient to maintain their credit, the
Savings Bank Association Of New York
State declares In a resolution which IT
has forwarded to President Harding.
The resolution was passed in the final
session OF the associations twenty-ninth
annual meeting at Briarc'iff Manor
The resolution. in part. follows:
"The Savings Banks Association OF
the State Of New York feds considerable
concern in the apparent disregard OF the
necessities to maintain railroad credit
The Transportation act of 1925 has been
considered by fair minded persons 10
be most constructive legislation.
'"The bonds and other securities oil
the railroads are largely held by savings
banks and fiduciary institutions OF a
public character. If these classes OF
public institutions should find 1t impos-
sible. in the interest of those who de-
pend to dispose of railroad security hold
ings and refrain from investment there
in. It would be serious checkback to
transportation. While in no sense guar
anteeinE any rate Of return on railroad
property, the Transportation act now
leave with the Interstate Commerce
Commission the decision as to the RATE
Of return which the property or the
carriers. in the aggregate. should re-
ceive."
The New York herald., 1922-05-20
GOVERNMENT EXPERTS
SEE STEADY TRADE GAIN
Prices Are Steadier, With Re-
tailers Doing More.

WASHINGTON, May 19.-Commercisl
and Industrial movements in April
showed a steady gain despite some res
verse such as lower cotton consumption.
according to survey issued tonight by
the Commerce Department.
Decline in coal production. due to the
strike. the department declared. has so
far caused no interference with indus
try and little uneasiness. New records
were made in the April building opera
tions and In the March gasoline produo-
ton and stocks. Iron and steel produce
ton held its new level in April. the
department continued. while marked In
creases in untitled orders for steel indi-
cate more active buying.
Prices were steadier last month. with
small increases in many commodities.
while reports indicate that retail trade
Is improving.
May, 1920" it added. "is the date
usually associated with the beginning OF
the recent period of depression. In
this month the. general level of prices
began to decline. In the twelve months
that followed prices on the average
dropped so per cent. 1t has required
the better part of another twelve months
for business to catch its breath after
that memorable slide. That this has
been accomplished and that business ID
rapidly adjusting itself to the lowered
plane is further emphasized by reports
received the first part of May. 1922"
The New York herald., 1922-05-20
Rails Feature Market.

Transportation stocks in yesterdays
trading were more prominent than they
had been at any time in recent weeks.
On a heavy turnover Great Northern,
Northern Pacific. New Haven. Norfolk
and Western. st. Paul common and
others in standard and low priced
groups swung upward. Buying was
stimulated by reports of reviving busi-
ness In the Northwest and that gener-
ally the shrinkage in coal traffic incl
dent TO the miners strike was being
offset by increased tonnage in other
commodities. With respect to the Presi-
dents dinner to be given sixteen or
more railroad executives tonight. the
financial community seems fairly we'll
settled in the conviction that President
Harding suggest that carriers make
voluntary reductions In rates on basic
commodities soon. II is believed in
some quarters that adoption of such a
suggestion by the roads would increase
the chances of the Railroad Labor
Boards deciding on a substantial cut
in wages.
The New York herald., 1922-05-20
BUSINESS IN CHINA BETTER.
Japanese Situation Less Encourag-
ing, Says Federal Report.

WASHINGTON. May 1s.-Business con-
ditions in China are better. but In Japan
the situation is less encouraging. ac-
cording TO to-day's reports to the Com
merce Department
Commercial Attache Arnold at Shang-
hal declared that the business outlook
in China was better than 1t had been
at any time in the last three months
and many felt that the political situa-
tlon had improved greatly, following the
military operations In north China
The financial situation in Japan.
however, was less reassuring, according
10 Commercial Attache Butts at Toxic.
Bank rates had been raised, he said,
money was tighter. credits more DIM
cult TO negotiate and new capitalization.
which had been directed mainly into
banking. electrical and manufacturing
enterprises. was declining and Stock
Exchange prices were lower. The Gov
ernment's financial position was not as
good as IL was. he added.
The New York herald., 1922-05-20
D., l.. and w. Continues Rise.

Following a net gain Of 3A points in
Thursdays trading, Delaware, Lacka-
wana and Western rose another 3M
points in yesterdays market and estab-
lished new high price of 125. The
buying or that stock was accompanied
by reports that the road would declare
soon an extra dividend, payable probably
in cash. The road has shared In the
improved position of the carriers in the
first quarter OF this year and Its cur
rent earnings seem to Justify an extra
cash disbursement such as has been
made In other years Little credence
was gained by another rumor that all
or part of the $60,000,000 OF the Glen
Alden Coal Company's bonds. which were
acquired by the Lackawanna when 1t
segregated its coal properties last year.
would be distributed to shareholders of
the railroad. None OF the reports could
be confirmed o. denied yesterday. owing
to absence Of virtually all the company's
officers on a trip over the road.
The New York herald., 1922-05-20
LAMB SHORTAGE PREDICTED.
Government Reports Indicate Also
Smaller Wool supply.

WASHINGTON, May IA material
shortage in spring lambs and resultant
smaller supply of wool was indicated to-
day by the Department Of Agriculture as
a result of reports just received from the
Western sheep country. The production
of lambs in Montana. Wyoming, Wash
ington, Oregon, Idaho and Nevada. the
reports indicated. would be only about
20 per cent. of normal.
The shortage is attributed to dearth
OF ewes, and some reports indicate, the
department said. that large Western
speculators and feeders had contracted
for approximately half the lamb crop In
Idaho, Oregan and Washington.
The New York herald., 1922-05-20
FINANCIAL NOTES.

The Industrial Bank OF New York will open
its new office in 3sJ Fourth avenue at Twen-
ty-severth street on Monday.
The American Exchange National Bank has
been appointed transfer agent for the Nat
ural Gas and Petroleum Corporations CON-
mon stock.
Michael Gavin, who makes his business
headquarters IN the office OF Marshall Field.
Giore, Ward & Co, will sail for Europe on
June 10 on the Homeric. lie expects -
spend tho summer In France and other parts
OF Europe.
The Guaranty Trust Company OF New York
has been appointed registrar OF the Daniels
Motor Company's stock, consisting OF I,s2tA
shares OF 500 par preferred stock ana 3oo'-
900 shares OF no par common stock.
culsr on the Lehigh Power Securities Corr
poration's stock.
The New York herald., 1922-05-20
Great Northern. Bu. Cars.

The Great Northern's purchase Of four
gasoline driven railroad cars is its ini-
tial step in an effort TO combat the COM
petition OF highway motor transport. ac-
cording to Ralph Budd. the company's
president They will be put into opera
tion in a month. The Great Northern's g
experiment In that innovation follows
the lead OF the New Haven and the
Northern Pacific. which are giving gaso-
line railroad cars a trial on branch lines
on which traffic density is too low to
admit Of economical operation of steam
trains,
The New York herald., 1922-05-20
c. P. R. READY TO CUT FREIGHT.
beatty Says Road Is Prepared ia
Reduce Rates.

OTTAWA, May 1s.-E. w. Beatty. presi-
dent of the Canadian Pacific Railway.
appearing to-day before the House Conn
mi1ee on Transportation Costs, said that
his company was prepared to reduce
freight rates on its lines with the ap-
proval of the Railway Commission. He
said that the company was willing TO
cut rates at once. but that. because OF
loss of revenue, 1t could be done only In
anticipation Of substantial additional re-
ductions in operating costs.
The Crows Nest Pass agreement on
freight rates. signed In 1897. expires in
July. he said. and the company's pro-
posed rates would be of greater national
benefit than any reestablishment of that
pact.
The New York herald., 1922-05-20
Interesting Money Market.

Considerable interest was displayed In
yesterdays money market. and surprise
that funds continued so plentiful In the
face of rapidly improving business. a
broad stock market and heavy new
financing was expressed. Time money
declined to it's lowest level since the
summer of 1917. and thirty day loans
were made for 3% per cent. Loans OF
all maturities up to 100 days were for
4 and longer periods for AZ. Consider
able activity developed at those rates.
Call money opened and renewed in the
New York Stock Exchange at 3ia. de-
clined to 3 and then advanced to 3k.
The New York herald., 1922-05-20
MORE EaUIPMENT ORDERED.

The railroads have continued this
week 10 enter the market for equipment
The Missouri. Kansas and Texas con-
tracted with the General American Tank
Car Company for 800 Atty ton fat cars.
The Erie Railroad has contracted with
the United States Government for nf-
teen decapod locomotives. representing
part of a consignment originally built
for the Russian Government.
The New York herald., 1922-05-20
st. PauI's Annual Meeting.

The ST. Paul's traffic is gaining every
month and Is running 20 per cent. ahead
of that Of last year. according 20 the
statement OF III. ". Byram. its presi-
dent. in the annual meeting OF its stock
holders. He said that by the end OF
1922 the road should be earning it's full
fixed charges. Crop prospects In It's ter
ritory were exceedingly bright. he
added. Even the usually dry belts of
Montana and the Dakotas have had
copious rains, he said
The New York herald., 1922-05-20
Ex DIVIDEND TABLE.
DIVIDENDS.

Stock Of
Record. Payable
Chesebrough MFG. Co., q,
ss'5o o..................... June 10 June 10
o. si'Ts .'......... . June 80 June so
Chi, r. l. & Pac. r. r.. s-a
$50, pf, So. June June ~
Chi, r. I. 4 Pac. II. r., s-a -.
rs, pf, $3.50. ........ June June 3o
Grafton Co. Electric st.
Power, q. 81. May IL June ]
Mother Lode Coalition Co.., :.
initial soc. ................ June 10 June ~
Pacific OIL Co., s-a, 81 30. June 20 July 20
Swift International Co.. s-a,
eOc. ..................... ....s.. ...'. =.
Tex. Gulf Sulphur Co., a, 81 June 1 June 10
Woods Mfg. Co.. Ltd. q. ". May 70 May u
The New York herald., 1922-05-20
Tobacco Development. Pending.

The continued advance Of United Re-
tail Stores, Lorillard and Tobacco Prod
ucts this week has produced interest
ing reports of new alignment of to-
bacco manufacturers and distributors.
The Schultz company's stock also has
been in demand. Competition among
several of the companies has been severe
in recent months, but things havesbeen
aueter in the last fortnight than tefore.
News that one or two Of the older to-
bacco magnates have been large pur-
chasers OF certain stocks. with the idea
of bringing several companies into a
closer working agreement. would not sur
prise any one who has traced the rise of
tobacco and allied stocks
The New York herald., 1922-05-20
Operating Revenue Less.

A decrease of sss7.71s in operating
revenues Is reported by the American
Railway Express Company for January
as compared with those of January.
1871. Its operating revenue totaled s12.-
ss6, $50, and its operating income, which
was se3, 900. decreased ts3,5i2.
The New York herald., 1922-05-20
Difficulties of steel Mergers.

The withdrawal of the Youngstown
Sheet and Tube Company from the pro-
posed six company merger suggests that
steel company managers have decided
opinions about the values of their prop
critics The news did not reach the
financial district in time for explana-
tions for Youngstown's action to be
sought. but the conclusion was reached
that James A. Campbell preferred to go
1t alone rather than accept terms pro-
posed for the consolidation of his COM
pany with the others The rapidity with
which the original seven company pro-
gram has dissolved is enough to take
the breath away from politicians who
hoped to make capital of mergers.
The New York herald., 1922-05-20
MONEY MARKET.

FRIDAY, MAY 10.
lHg ...''''''slvAsusH Last. y ........ ~
High. ............ 3hI Years high.
Low. w.............. 3 Years low........
TINE LOANS.
Mixed coIiaterals, so to 90 days...... 4mfb
Mixed coiiaterals, 4 to 9 months. 4@th
Induetriais, 60 TO 90 days. ............ 404I
Industrials, 4 to q months. ........... 4G4h
COMMERCIAL PAPER.
Best names. 4 to 9 months. .......... ~
Other names, to months. ~
DISCOUNT RATE, RESERVE BANK.
Commercial paper. sI5 days, AZ: 90 to 90
dsys. AZ: Liberty bends and Victory notes,
is days. AZ: 10 TO 90 days. ~; bankers
acceptances. IS 10 90 days, ~.
sFixed November 2. Previous rate. D.
fixed September II.
OPEN MARKET RATES.
Gall loans and acceptances. ........... ~
Discount rates on prime bankers accept
ynces eligible for purchase by Federal Re-
'~'' Bid. Ask. BID. Ask.
20 days. .... ga 3Nl 90 days.. 3h az
80 dsys....... 3h 3Mlf20 days.. ~ 3h
CLEARING HOUSE STATEMENT.
Clearing House exchanges. tsf6. 500. 900;
balance. aIo,7oo 900; Federal Reserve credit
haiances, $t4,3oo.o00.
SILVER MARKET.
Official bar silver In New York, domestic.
<pMc., unchanged: foreign. I1Mc., off 2hc..
london. 3ed., off Id; Mexican dollars.
Rsngo OF Silver prices this year.
Highest. Lowest.
london ....... 3Id., May u 32Hd., rep. ~
New York .7sssc.. May IS 5sAc., Feb. -
The New York herald., 1922-05-20
GERMAN BANK STATEMENT.

BERLIN, May 19.-The Reichsbank's state
rnent as of May 10 shows changes as fol-
The New York herald., 1922-05-20

New York funds in Montreal, so.Oe pre-
MUM $1,000; Montreal funds - New York,
sS.p7 discount q $1,000.
The New York herald., 1922-05-20
TOPICS OF WALL STREET.
steel Leads the Way.

When Steel leads the way 1t is seldom
that other industrial stocks lag behind
in rising movement. Hence specula-
tors, working for the decline. soon aban-
doned their efforts OF yesterday, after
IL was plain that Steel was headed up
ward. The shares wabbled very little
in their progress from 10 to 100. and
while resistance from short sellers In
creased above par. the heavy buying OF
the second hour of business swept OF
position aside. The stock touched ,0l
amid a great volume of cheers from
brokers around the Steel post. This was
a new high record for this year-and
for two years-and at the best quota
ton of 101h the previous maximum for
1922 was surpassed by full point.
Cheered by President's Views.
The Street felt rather cheerful about
the steel trades outlook when business
in stocks began. That was not because
Of fresh information in respect to plant
operation, but because of the confident
opinion about business propects voiced
by President Harding in his Thursdays
speech before the United States Cham
ber Of Commerce and the statement is
sued by the Presidents secretary. fol-
lowing his dinner to steel men in the
White House. That part OF the state
ment on the Presidents discussion with
the steel makers which attracted atsen-
ton was this: He The Presidont1 ex-
planned frankly that there was no III
tention of Government interference in
private business. but that we are about
to witness great Industrial revival,
and the only hope Of abolishing the ex-
cessively long working day was to do
1t before the full swing is resumed
The New York herald., 1922-05-20
FOREIGN EXCHANGE.
FRIDAY. MAY 10. 1922.
GREAT BRITAIN.

THE CONTINEN.
The Barre daily times. (Barre, Vt.) 1897-1959, 1922-12-09
EsrArn or LucIus ]. cHENEY.

State Of Vermont. District Of Washington
as
The honorable probate court for the dis.
trict aforesaid 20 all persons intercstei
IN the estate Of Lucius I. Cheney. late Of
Town Of Barre. in said District. dccessed
GREETING.
WHEREAS. ssid court has sssisnes .ss
goth dav Of December. next for examinine
and allowing the account Of the admins
traitor. with win annxed. Of the estate ci
said deceased and for derrae
OF the residue said estate 60 the
lawful claimants Of the same. and ordered
that public notice Thereof Be given 10 a,l
persons Interested in said estate By
publishing this order three weeks suores-
siveiy previous to the day asskxned, in
the Barre Daily Tfmes. . Newspaper pub
lishca at the City Of Barre. in said Dis
tricf-
THEREFORE. yors are hereby notified 20
appear AZ the probate ofIice In Moufps-
lier. in said district. on the day assigned.
then and there 10 contest the allowsncs
Of said account II you see cause. and 20
establish your right ns heirs. lezntees and
lawful clsiFnants 20 said rrsidue
Given under my hand this 2ath DAY Of
FRANK J. MARTIN. Juare.
The Barre daily times. (Barre, Vt.) 1897-1959, 1922-12-09
ESTATE OF PARKER EDcrRLr.

State Of Vermont. District Of Washington. ~
The honorable probate court for the dis
frief aforesaid 10 all r~rpon- interested n
the estate Of Parker Edgeriy. late Of Mid
dlesex. In said district. deceased. GREET
ING:
WHEREAS. said court has ASSIGNED the
18th day Of December next for examining and
allowing the account Of the administrs-
tor OF the estate Of said deceased
and for decree Of the residue OF said estate 10
the lawful claimants Of the same and ordered
tfAt public notice thereof be given 10 all
persons interested in said estate BY publish
ing this order three weeks successfully pre-
vious TO the day assigned in the Barre Daily
Times. a newspaper published at City Of
Barre IN said district
THEREFORE,. you are hereby notified 70
appear at the probate once in Montpelier. In
said district on the day assigned. then and
there 70 contest the allowance Of said ae-
rount II you see cause. and TO establish your
right as helm. lezatees and lawful claimants
to said residue.
Given under my hand. this 24th day Of
November. 1922.
ov25-pec-2-s
The Barre daily times. (Barre, Vt.) 1897-1959, 1922-12-09
FARM BUREAU OFFICERS.
Z. B. Cornwall President--Convention
at Burlington Ends.

| Burlington, Dec. 9,--The two-da,
session Of the Vermont Farm Bureau
| federation came to close Thursda,
with the adoption Of resolutions, TIN
election Of officers, an address by Stat
Tax Commissioner Fred B. Thomas am
other business.
Among the other resolutions adopted
were one favoring a state appropriation
for an adequate dairy building at tht
state agricultural college of the Uni
versity If Vermont. the appropriation
also provides for equipment and maint-
enance. The resolution also favors the
continuance of the campaign for the
eradication of bovine tuberculosis; OPP,
poses any movement which has forts
purpose the linking of the words farm
or farmer with any political organlza
ton whatsoever; deplores the present
tendency toward lax enforcement Of
the law and favors rigid enforcement
of all laws, national and state; opposes
the unlimited admission Of immigrants
to the United States; urges that the
present law controlling the sale of
seeds in Vermont be so amended as to
provide definite penalties for infringe
ment of purity and termination tests.
approves the movement on the part OF
the state board of education to inn
prove The rural schools and pledges the
bureaus support to the end thata there
may be at least standard school in
Vermont.
Fred B. Thomas, state commissioner
Of taxes, spoke on tn esubject Of an
equitable basis for taxation and posi-
Die remedies for better tax conditions.
He suggested in this connection three
possible remedies:
First, there should be some means
provided whereby appraisals may be
reviewed by some authority outside
If the town officials, especially because
If state taxes; second, the granting Of
to private property should
,e discontinued; third, recommends
ion for state income Lax.
The following officers were elected:
President, Il. B. Cornwall, Middle
Jury; vice president, Q. NJ. Roweli,
committee on marketing
egislation, c. w. Fitch, East Montpel
err, Mrs. III. Bartlett, Orleans, J. 0. |
each, Pawlet; on agricultural pro-
Iuction. G.. NJ. Hazard. Charlotte, home
Mrs. H. X Brooks. st. AL
ans. and Mrs. B. G. Hawley. Essex
unction; boys and girls club work,
}. r. Leayenworth, Castleton.
The Barre daily times. (Barre, Vt.) 1897-1959, 1922-12-09

sale or supply of whose milk or cream
q license has been obtained hereunder
and all the laboratory reports Of such
examination are to be, published in the
daily press. Such samples for exami-
nation shall be furnished by the own
! err or his servant or agent to said milk
inspector upon tender Of the value
thereof.
Section 10. The milk inspector and
the board Of health shall report to The
city attorney for prosecution all viola
tions Of this regulation which come
under their observation.
Section ~. ANY person yiolat-
ing any Of the provisions OF this
regulation shall, upon conviction by
any court of competent Jurisdiction be
punished by fine Of not more than
fifty dollars and forfeit said license.
Approved by the board OF health OF
the city Of Barre, as provided in chap
ter XIV Of the ordinances OF said city
Of Barre
ANGELO CALDERARA.
JOHN @. MIE0D. adv.
The Barre daily times. (Barre, Vt.) 1897-1959, 1922-12-09
CITY OF BARRE
CITY ORDINANCE
: Chapter XIV.

/ Be it ordained by the city council Q
the city Of Barre: Chapter XIV aE'
amendments are hereby re-amendet
and said chapter XIV shall hereb,
read as follows:
/ Section /. No person, firm or cor
poration shall sell milk or cream with
in the limits Of the city of Barre unit
! they shall have first obtained license
therefor, which license shall be issued
| by the city clerk, upon approval BY
the milk inspector, and payment to tbs
city treasurer of the sum of two dol
lars.
Section 2. The board of health OF
the city of Barre shall make and pub
lish such rules and regulations concern
ing the sale of milk and cream as, from
time to time, they shall deem to be for
the best interests OF said city.
Section 3. Thu board of health shall
annually appoint milk inspector and
prescribe his duties and fix his salary.
Section 4. The salary of said milk
inspector so appointed shall not exceed
the sum of three hundred dollars per
annum.
Section 5. All licenses granted here
under shall be revocable at any time
for failure to comply with the regula-
tons Of the board of health.
Section 9. Any person who fails to
comply with the provisions of this
chapter or the regulations Of the said
board of health made hereunder, shall
be fined not more than one hundred
dollars, and the license of any person
convicted of an offense under this chap
ter shall be thereby revoked for the pc
riod of one year.
Section 7. The provisions OF this
chapter shall be deemed concurrent
with any laws Of the state Of Vermont.
or hereafter enacted.
Section s. This ordinance to take
effect April |. 1923. Presented to the
board of aldermen November 2sth,
1922. Read once and passed to Sec
ond reading. Read second time De
rember 4th, 1922. adopted and ordered
published in the Barre Daily Times.
Published December 9th. 1922.
James Smart, city clerk.