davidaulloa/AmericanStories huggingface dataset:
The labor world., 1922-06-10

on such terms and conditions as the
board may prescribe, but the COM
pletion of tho payment Of the pur-
chas price and interest shall not be
deferred more than fifteen years
after the making Of the contract
sale. nor shall the interest be at less
than 2 per centum per annum."
This bill provides for revolving
fund Of $125,OOo,000, to be known
as the Construction Loan Fund, and
the shipping board is authorized to
loan this fund for ? per cent inter-
est, without any limit as to time. and
without any restriction as to the
amount to be loaned any person or
corporation.
Immense Subsidy.
This bill provides for the payment
of certain basic subsidies and auth
orizes the board to increase such
subsidies up to the extent Of doub-
ling them or to decrease the amount
below the basic subsidies. The board
Is authorized to make contracts for
the payment of subsidies ''for a Pc
rlod not exceeding ten years from
the date when contract Is made:" it
will be noted that such period does
not date from the passage of the bill,
so that 1t would be practically i'm
possible for future congress to re-
peal the law for the reason that there
would always be numerous such
contracts outstanding. The shipping
board is given absolute discretion to
grant such Subsidies or to withhold
them.
Under such extraordinary discre-
tionary powers it was admitted at
the hearings by representative of
the shipping board that it was with
in the power Of the board to grant
the~owner Of the Leviathan an an
nual subsidy of $1,S00,0O0 or to re-
fuse to grant such owner any SUBJ
sidy, or to grant a subsidy in any
amount between nothing and said
maximum figure.
The labor world., 1922-06-10
FARMER-LA labor PARTY TURNS
TURNS RADICAL COALITION

The Labor Party movement in the
United States entered into 4 new
phase last week when the Farmer
Labor Party at Chicago voted to
participate in coalition with other
radical political groups. In so doing
it probably removed itself farther
from the possibility of ultimately
bringing under its banner the rank
and file Of organized labor in this
country,
The party idea was an outgroWth
OF labor unrest, but it failed to meet
with the response it's promoters had
hoped for. Merger with other liberal
organizations, notably the, Commit
tee of Forty-eight, was then con-
templated, but the leaders of the
committee were unwilling to go as
far as the Labor Party people, who
pushed ahead and formed the Far
mer-Labor Party.
Disappointed by Farmers.
This bid for farmer support by
giving the farmer the compliment
OF first place in the party name,
however. proved fruitless. The far
mers did not come in. the backbone
Of the organization remained Labor
with radical tendencies, and those
dominating the party began work.
ing for quicker means of arriving at
political power. The last elections
the party went through gave slight
hope of success.
No matter how barren the pros
pect of power. there have been
strong leaders within the party who
felt that the wisest course it could
pursue was the patient one of plod-
ding along until eventually the sup
port Of the American Federation OF
Labor was won. These men took the
view that hosts of union men with
out radical tnclinations would be
swung farther away from the party
If it came closer to the Socialists,
while the farmers, always suspicious
OF radical movements, would be en-
tirely lost by Socialist cooperation.
The ideal such party workers held
was that of a dues-paying member
ship, unions contributing on a per
capita basis. The path was a long
one, but if ultimately successful 1t
held hope of a. big achievement.
This view did not prevail, the men
in active charge Of the party carry
ing through the coalition project.
This had been before them for some
time, the party's constitution MAXI
ing coalition possible, and last win
ter it was furthered through one of
their number, William HI. Johnston,
The labor world., 1922-06-10
PREuS MISLEADS PEOPLE
on STATE COkSTABULRY
CONTINUED from page ~

Continued from page ~
elected by the people, and counties
elected their sheriffs, the highest
peace officers in the land.
Custodians of Liberty.
There was reason for keeping
peace officers close to the people.
They are the custodians Of the sim
pie liberties Of the poor and weak.
Under British rule they were ap-
pointed by the crown. They came
from atar. The personal touch was
not there. They trampled over every
right of the people and were ans
werable only to the king. The Amer
ican revolutionists were largely of
the property class. but it was the
brutal attitude of the foreign ap-
pointed constabulary that in large
measure corralled public opinion and
brought every red-blooded colonist
to the side of the patriots.
They don't forget the abuses OF
the kings constabulary very soon
and it was not until long after our
| civil war that any state dared to
take over the responsibility of po-
Icing local communities. In the
states that have established constab-
ularies human liberty is joke, and
law and order are ruthlessly trodden
under the feet Of the well-named
"Cossacks.' Instead of inspiring loy-
atty they have engendered hatred
and malice. Their disregard for the
rights of ordinary persons and their
property Is an assault on our con-
stitution.
Not Peace Officers.
DO we want such a situation in
Minnesota? That is what we may
expect if Governor Preus succeeds in
putting over his pet state constabu-
larry idea. He attempts to justify his
course by the fact that the state mas
taken over certain authority in time
OF peace. He points to the state fire
marshal, but such officer and his
deputies are nothing more than in
vestigators, just like Iost office in
| spectors and other federal officers.
The same is true of game wardens.
They have the same power, and only
the same power, enjoyed by any
citizen to arrest any person when
caught in the act of committing a
crime. They do not attempt to keep
the public peace. They have no such
authority.
The closer all peace officers are
kept to the people the safer will be
all liberty and all property. That fact
is as true today as it was in the
early period of our national history.
No existing condition warrants a de-
parture from the basic principle laid
down by the founders of our govern
ment. Governor Preus, instead of
accepting the feudal ideas of the
privileged forces in America, would
do we'll if he would take a few les
sons in civic liberty and it's security.
The labor world., 1922-06-10
SWEDISH AMERICANS IN
MIDSUMMER FESTIVAL

Many union men and their FAM
lilies OF Swedish origin and descent
will attend the midsummer festir
val to be given by the Swedish
American league art Lincoln park
Sunday afternoon. June rs.
An elaborate program has been
prepared. There will be music and
speaking. A big gathering is ex-
pected.
The labor world., 1922-06-10

BAKERS DEFEAT WAGE CUT.
After a two weeks strike the
Bakers union at st. Joseph, Mo-. de-
feated an attempt to reduce waRes.
The labor world., 1922-06-10

'V@nInQ 9Ed aUL-sso!1d 2ssMo1
ueW @o3 s@eH Mp4S 1aululns
The New York herald., 1922-07-25
ABANDON AGREEMENT
ON TOTECO OIL POOL
Three Concerns Had Decided
to Limit Output.

The agreement entered into on July
13 among the Mexican Petroleum Com
pany, the Mexican Seaboard Company
and the Mexican Gulf Company to limit
production from their wells in the To-
teco oil field of Mexico Is to be aban-
ooned to-day at o'clock in the morn
ing. t8
The announcement yesterday that the
Mexican Gulf had informed the other
two concerns that the deal was off
brought considerable surprise to the
financial district. Mexican Seaboard
and Mexican Petroleum shares were
sold extensively both before and after
the news appeared. each Of them fall
ing more than points.
The pact to cut down oil production
was entered into because rapid deple-
ton of the oil supply was bringing salt
water into the Toteco pool, threatening
to destroy it. 1t was arranged that
the maximum output should be 10000
barrels a day. The Street interpreted
the disruption of the agreement as a
forecast of heavy production by all
three companies as long as the petro-
leum lasts.
The New York herald., 1922-07-25
TO PAY FIRST COMMON
DIVIDEND SINCE 1921
United Cigars Stores Co. An.
nounces Declaration.

United Cigar Stores Company has de-
clared a dividend of 2 per cent. on 1t.
common stock, payable September / tc
shareowners of record. August 16. This
Is the first disbursement made on this
issue since the payment of per cent.
In November. 1921. During 1921 no
regular dividend policy was followed. but
distributions of from / per cent. to
per cent. monthly were made. bringing
the years total dividends up to 131a
per cent. Yesterdays action places the
common stock on a regular per cent.
basis and extra disbursements will be
made as business conditions and earn
ings warrant
James NJ. Dixon, president of the
Tobacco Products Corporation, an
nounced that sufficient stock has been
deposited to assure the success of the
plan for consolidation of that company
with the United Retail Stores Corpora
ton and that with the restoration of
dividends on United Cigar Stores COM
mon stock the management planned to
place the new Tobacco Products Glass A
stock on a per cent. dividend basis this
fall, not later than November Is. He
added that earnings Of Tobacco Products
and United Cigar Stores so far this year
have run ahead Of the same period In
1921.
The New York herald., 1922-07-25
To the Holders Of First Mortgage Five Per
Cent. (now 7qe) Gold Bonds Of
NEW YORK AND RICHMOND GAS co.

Notice is hereby given that in accordance
with paragraph THIRD" of the Extension
Agreement dated of June 10, 1921, and
ARTICLE ELEVENTH" OF the mortgage
dated July 10, 1901, securing the above named
bonds, the undersigned, NEW YORK AND
RICHMOND GAS COMPANY. has elected TO
redeem on November !. 1922, all OF its First
Mortgage Five Per Cent. Gold Bonds issued
and outstanding under said mortgage by pay
ing the principal amount OF said bonds to-
gether with premium OF two per centum
thereof and accrued interest to the date OF
redemption.
Payment OF the aforesaid redemption price
viii accordingly be made TO the holders OF
said bonds upon presentation and surrender
thereof with November 1922 and all unma-
tured coupons appertaning thereto. for can
collation., on or at any tinie after November
4 1922, at the office OF the Central Union
Trust Company OF New York. at so Broad
way, New York City.
The privilege Is extended 70 bondholder- 10
present bonds for payment prior to November
l. 1922, the redemption date. with Interest
adjustment TO date OF presentation.
Interest will cease 20 accrue on said bonds
on and after November 1. 1922.
New York and Richmond Gas Company
BY: WILLIAM J. WELSH, President.
Dated July II, 1922.
The New York herald., 1922-07-25
N. Y. CENTRAL'S NET
AND GROSS HIGHER
June Figures Show Better Re-
suits Than in Correspond
ing Month Of 1921.

Operation OF the New York Central
Railroad in June resulted in net oper-
ating income OF $6.00S,492. contrasted
with $5.517,555 in June. 1921, and $S,-
833,913 in May, 1922. The remarkably
improved net showing in June as com
pared with that of May was accounted
for by large increase in gross operating
revenues, which demonstrated that the
shrinkage in coal traffic due to the coal
strike was offset by increased tonnage
in other commodities.
The company's gross operating re-
ceipts In June aggregated $29.462, ,408,
compared with $27.86S,173 in June. 1921.
and s26.526,625 in May. 1929. Operating
expenses totaled $21,S52,140. compared
with 21,054.477 in June year ago.
The roads operating ratio for the month
was TAP per cent, contrasted with 1856
per cent. in the same month Of 1921.
For the first six months of 1922 the
operating ratio was Is per cent, as COM
pared with S3.S per cent. a year pre-
vious
In the first six months Of the current
year New York Centrals net operating
income aggregated S26,19S.S45 after de-
ductions for operating expenses, taxes
and adjustments for joint facility rents.
This was an increase of $8,905,548 over
the net earnings of the corresponding
period of 1921. It's gross operating
revenues were s15S,557.7S3. an increase
Of S97S,271 over the first six months of
1921, while operating expenses amounted
to $123.641,537, or. $7.673,172 less than
the total operating expenses of the first
six months Of 1921.
The New York herald., 1922-07-25
JUDGE GARY OPTIMISTIC
ON ECONOMIC OUTLOOK
Good Crops, as Forecast, Big
Factors, He Says.

Judge Elbert H. Gary. chairman of
the United States Steel Corporation. de-
clared yesterday that with respect to
the economic outlook he was a strong
optimist and altogether hopeful Of the
future. He declined to discuss the gen.
eral effect on business of the coal and
railroad strikes, in view Of the fact that
those issues are in the hands Of the
President and his advisers.
Crops are the basis Of almost every
thing which enters into our lives" said
Judge Gary. This applies to steel as
we'll as to everything else. As sec 1t,
the one great economic fact to-day re-
lates to the crop possibilities.
Russia OF late years has been fun-
fortunate in this and other respects and
has suffered because Of crop failures.
partial. and In some cases total. This
year promises to be an exception. If
the yield shall fulfill the promise 1t will
The New York herald., 1922-07-25
THE EQUITABLE
TRUST COMPANY
OF NEW YORK
ARGENTINE GOVERNMENT
go, InternaI Gold Loan 1900

Messrs. j. +. Morgan g. Co. are instructed
10 give M Ice that they are prepared to
receive Tenders for the amortization on or
before September 30, 1922, of $i63, 800
Argentine Gold pesos. say f92, 200. nominal
OF the above loan.
Tenders for sale of bonds with coupons
due March 4, 1923, and subsequently, at a
price to be stated In the Tender, must be
lodged not later than 3 =. M. on August
~, 1922, with Messrs. j. II. Morgan & Co.,
% Wall Street. New York.
Tenders Will be received also In London
by Messrs. Barring Brothers & Co.. Limited,
and IN Buenos Aires by the Crodlto Pub
lico Nacional.
Each 600. bond has n par value OF s973.
". s. Gold Dollars, and Tenders must be
made at a flat price under par expressed
In dollars per bond.
Tenders must be made on a form obtain
able OH application and be accompanied by
4 deposit of Bonds of the above mentioned
loan mt the rate OF not less than S97 70 per
1913. nominal capital rendered. The Deposit
and Tender must be securely enclosed IN an
envelope marked "Tender of Argentine Gov
crnment per cent Internal Gold Loan
lnOa Bonds for Redemption" In the event
~ the Bonds rendered not being lodged with
Messrs. Barring Brothers e. Co., Limited, by
October 81, 1922. tho Deposit will be for
feited. mn
The Tenders viii be opened in London on
August 10, 1922, and the result will be
notified as soon ms possible thereafter.
Forms Of Tender may be obtained on
application to Messrs. J. p. Morgan a. Co..
29 Wall Street, New York. who reserve the
right to reject all or any Tenders.
Dated, New York, July 20, 1922.
The New York herald., 1922-07-25
MONEY MARKET.

MONDAY. JULY "a, 1922.
Renewals. 4 Last. .............. 3h
High. ............ Years high. 80. 9
Low............... 3i4lYear's low. ...... ox
TIME LOANS.
Mixed collaterals, 60 to 90 days...... 3xn4
Mixed collaterals, to months. db4k
Industrials, 4 to @ months. ..........z OAK
COMMERCIAL PAPER.
Best Names, 4 TO O months. .........4
Other names, 10 months......... @4k
DISCOUNT RATE, RESERVE BANK.
Commercial paper, s15 days, a; 90 to 90
days, Al Liberty bonds and Victory notes, is
days, a; 10 70 90 days. 4; bankers accept
sFixed June II. Previous rate. ~. fired
November 2, 1921.
OPEN MARKET RATE.
Call loans and acceptances. ........... aH%
ances eligible for purchase by Federal RE-
Bid. Ask. Bid. Ask.
so sS ssys. Ssys... II iso 70 Gays. Gays. 81 3
CLEARING HOUSE STATEMENT.
Clearing House exchanges, $3e3, zoe, 900
balances. $6t 900; Federal Reserve credit
balances, $50. 700, 900.
SILVER MARKET.
official bar silver in New York, domestic,
p9Mc.. unchanged; foreign. 69%c., up Nc.
London. 351td.. unchanged; Mexican dollars,
Range Of silver prices this year:
Highest. Lowest.
New york.. SsSc.. May "a Sa2c.. FEB. as a
The New York herald., 1922-07-25
ELECTIONS AND MEETINGS,
THE BANK or AMERICA.
A
"a Wall Street,
New York City. New York.
July II, 1V12
TO THE STOCKHOLDERS OF

NcW iofN ~iAys -fNN isin..
TO THE STOCKHOLDERS or
THE BANK OF AMERICA:
meeting OF the stockholders OF The Bank OF
America will be held at the office OF said
bank, A. Wall Street. In the Borough of Man
4th day of August, 1922. at one tf) O'Clock
In the afternoon OF that day, for the purpose
OF considering and taking action upon the
/. The increase Of the number Of director,
OF said bank from twenty-five to twenty
seven.
2. The amendment of the Articles Of Asso-
citation OF said bank by substituting fn place
of Section I OF Article III thereof now
reading as follows,
Sec 1. The powers OF the Association
shall be exercised, and its business con-
Quoted by twenty-five directors. Every
director shall be citizen Of the United
States OF America, and shall and
hold at all times, IN his own right. at
least ten u0l shares OF tho capital stock
OF tho Bank.
the following:
"sec. 1. The powers Of the Association
shall be exercised, and It's business con-
Quoted by twcnty-scven directors. Every
director shall be citizen of the United
States of America. and shall own and
hold at all times. In his own Fight, at
least ten uol shares OF the capital stock
Of the Bank"
BY order Of the Board Of Directors.
EDWARD @. DEI<AFTELD. Preaident.
CHARLES y. CURTIS. Cashier.
The New York herald., 1922-07-25
FINANCIAL NOTES.

RI. n. Gardner OF Edward n. Smith ~
Co has sailed on the Homeric. for Paris,
where lie viii remain for "A month.
Tucker, Anthony Co. have just prepared
a special circular on the Erie Railroad
analyzing the present position OF the road.
The Bankers Trust Company has been ap-
pointed agent for the voting trustees of
Racine Horseshoe Tire Corporation.
Mcdonnell a. Co. have issued the 1922 edi-
tion OF their pamphlet on convertible bonds.
II contains a description OF the character
istics of such Issues.
Douglas smyth. formerly associated with
w. W. Sutton CO., Inc. has become iden-
tifie3 with Hcrkins kCo. a. manager OF
their bond trading department.
The New York herald., 1922-07-25

afford comfort, health and happiness
to millions who have been starving, and
this In return should aid materially in
the return to conditions Of stability and
Russian national health.
If the crops in the United States
are as large as the Governmental reports
prognosticate, there will be a surplus
for other counties at fair prices, which
will augment the values of the United
States upon which other nations are
more or less dependent"
The New York herald., 1922-07-25

First mortgages are extolled as If there
were no possibility of loss in them. Every
thing depends upon the quality of the mort
cages. But most people are not experienced
enough to select them wisely.
This situation has been met and COM
pletely protected by the Guaranteed Mort
cages as sold by this company. They are
carefully selected by experienced people
who are ready to guarantee payment with
sufficient capital. This makes the course of
the investor so plain and easy that he need
go no further.
The New York herald., 1922-07-25
TUBES INCOME HIGHER.
Hudson and Manhattan Railroad
Reports Increase in June.

The Hudson and Manhattan Railroad
Company fo- June reports net income,
after deducting taxes and interest on
the company's adjustment IS. at $29.372,
an increase of S25.131 over the same
month in 1921. June gross amounted to
$Ss9,9S0. an increase of $17,121.
Gross income for the six months
period ended June 80, 1922, amounted
to $5.508.S69, an increase of $292.854
over the corresponding period last year.
Surplus after all charges was $407,36s,
an increase OF $329,160.
The New York herald., 1922-07-25
Bonds for 81. 900 each.
DIP. Desc.
Bonds for 500 each:
C-6f8, C-86f, C-s62.

Holders of such bonds are requested TO
present them for payment, with October !. /.
1922. and all subsequent coupons attached.
at the principal office of Bankers Trust
Company. Corporate Trust Department. 10
Wall Street. New York. ". Y. Payment at
10719s OF the principal amount OF such bonds
with accrued interest TO September 20. 1922.
will be made on and after September &c,
1922. Interest on the said bonds will cease
on September 20. 1922. and any coupons for
interest pertaining to any such bonds and
maturing after said date shall become and
be null and void. except with respect 10
interest to September 20. 1872. ON coupons
maturing October l. 1879.
Dated. New York City, n. ". July 25. 1922.
BANKERS TRUST COMPANY. Trustee,
BY ii. +. WILSON, JR.,
President.
The New York herald., 1922-07-25
MINING DIVIDENDS RESUMED.

Dividends were resumed yesterday by
the Osceola Consolidated Mining Com
pany and the Ahmeel Mining Company,
subsidiaries of the Calumet and Hecla
Company. Each company declared a
disbursement OF 81 a share. Both divi-
dends are payable August to holders
of record July 81. The previous pay
ment by the Osceola was so cents a
share in June, 1920. and by the Ahmeek
so cents a share In September. 1920.
The New York herald., 1922-07-25
MORE GOLD FROM ENGLAND.

Morgan Firm Thus Far Has Re-
ceived $2o,0OO,00O ON Movement.
J. p. Morgan & Co. received yesterday
two shipments Of gold valued at about
SIS, 900, 900 from England. making a total
of more than $20,000,0o received by the
firm on this movement.
The steamship Majestic Is bringing
gold valued at $4,500.0o0.
The New York herald., 1922-07-25

Notice Is hereby given that pursuant to
Article Fourth of the First and Refunding
Mortgage Indenture between The Bell Tele-
phone Company Of Pennsylvania and Bank
ers Trust Company, Trustee, dated October
/, 1920 Bankers Trust Company, as Trustee.
has this day. for acquisition for the Sinking
bsr caiea 1890 oy o' f1r tn on Sep.em
amount thereof with accrued interest to
September 26 1922. Twenty-Five Year First
and Refunding Mortgage 7% Sinking Fund
Gold Coupon Bonds. Series A, due October
1, 1945, issued Hereunder. OF the following
Serial numbers:
The New York herald., 1922-07-25
Require Not Only First Mortgage but Guaranteed
First Mortgage

In the class of railroad and industrial
bonds there are good ones and poor ones,
dealt in by many people, wise and unwise,
but none so unwise as to guarantee the re-
suit of the investment. In the nature of
such bonds, this could not be done safely.
, The Bond & Mortgage Guarantee Company
Capital and Surplus $12.oooooo) has
proved by it's thirty years experience that
it can be done safely with First Mortgage
investments.
Require its guarantee in every mortgage
investment you make and buy them from
this company.
The New York herald., 1922-07-25
BID AND ASKED QUOTATIONS

N. Y. STOCK EXCHANGE QUOTATIONS.
To the following prices accrued interest
Is to be added:
FOREIGN GOVERNMENT AID MUNICH
PAL BONDS,
The New York herald., 1922-07-25
PAYS OFF BIG DEBTS.

The National Leather Company. whose
notes and accounts payable eighteen
months ago were over 81 100000 and as
recently as December 81 last amounted
to $2,4S0 122, now owes banks only $500, 900.
The New York herald., 1922-07-25
TO THE HOLDERS OF
THE BELL TELEPHONE COMPANY
OF PENNSYLVANIA.

twenty-five Year First and Refuudlng
Mortgage 10 Sinking Fund Gold Bonds,
Series A, due October I. 1945.
The New York herald., 1922-07-25
American Telephone & Telegraph Co.

Seven Year Six Per Cent. Convertible Gold
Ronds Due August !. 1925
Coupons from these Bonds payable by their
terms on Aug. 4, 1927. at the office or agency
OF the Company In New York or IN Boston,
will be paid In New York at the Bankers
Trust Company. 10 Wall ST.. or In Boston ct
The Merchants National Bank.
IL RT.AIR-HMITH. TrcnHurrr.
The New York herald., 1922-07-25
DIVIDENDS AND INTEREST.
American Telephone & Telegraph Co
Flve-Year Six Per Cent. Gold Notes
Due EchrnnrY l. 1924

Coupons from these Notes. payable By their
terms on Aug. 1. 1922. at the office or agency
OF tho Company in New York or In Boston,
viii be paid in New York at the Bsnkers
Trust Company. 10 Wall ST.. or in Boston at
The Merchants National Bank.
II Rr,ATR. SMITH Tr~~srrr~r