davidaulloa/AmericanStories huggingface dataset:
Pueblo chieftain., 1922-02-26
CH|CAGO GRAINS
AND PROVISIONS

CHICAGO. III. Feb. .F--.G-zsn trade
s-z-ssticisn. deducted an alarming
,z.sez. s.trstso- IL the Argentine TODAY
ard this tske- II. cOluec;lon wiki :1de-
Pendent strength IN cora and CATS
caused general uptC-r-- Wheat reg
aste-ee net gains u ls.c 20 -..e. eo-n
Ot -i-c 70 -hscs oats of &c TO l11c
AID D-oyissoas Eene.zl!y ott 7se to
i-i4c
Wheat o:ened easy on lower LIVER
pool cables prospects % sunday rains
IN the southwest ard 4 desire OF some
holders TO take profits TIE Arre1tins
estimate. quickly OgerUzEE.e This .I7oye-
rne--. however. the a-s- figures i1di-
eating Of from u 80 80 70 - 90 90
bus In the eNpo-ta Die surplus Of the
South American -rzra-y- On this ad-
vance there was some selling BY strong
commission houses and a reaction de-
veLOped at around .1-sS fUr May and
BIZ for JUiy. Then a brokerage news
agency gave cat what puTpOrfeG 70
be cable zdTices 70 a ieaElrE exporter
showing sevsntT-ave million bushels
sz the remaining erpOrrabis Surplus
and the ancnyrrio1s exporter was
credited with predicting that 3. was
quite possible" that Argentina might
import wheat by next summer The
resultant buying dominated the final
hour OF the Saturday short session ard
carried prices 70 the high point of
the day.
Corn sold for 2 new hiza or the crop
4 strong UNDERGONE prevailed and the
market WAS broader than for some
time. Extensive profit taxing caused
only slight recezsionz the state OF coun-
try supplies and reports OF export de-
mart overcoming this Announcement
that the Russian relief would receive
Dids next week for -SFf1 tons OF corn
grits helped the market
Oats we're Influenced By = good ex-
port demand and the strength IN corn
II was announced that Mondays FIX
ures on visible supply OF oats would
include about I.ssq 90 bushels stored
In elevators srhicn have not been re-
porting their sgpplles-
Provisions were Only moderately
active hut tho strength IN grain ard
Pueblo chieftain., 1922-02-26
Collateral Purchase

We accept stocks as collateral on
purchase OF same or other stocks
without any money from you un-
less you want TO complete your
purchase and take UP your stocks.
We charge interest at rate Of So,
and allow you all dividends and
also privilege to take UP or sell at
any time. Make your stocks work
for you. when you send stock cer-
tificates TO US. indorse in blank and
send by registered mail.
Pueblo chieftain., 1922-02-26
r,x4xcT., QUOTATIONS.

NEW YORK Feo. -5.-Fo.eign ex-
change strong. Great Britain demand
sG: cables. 44is.. 80 day bills on
hanks. SO: France demand. ss5iz'
ahles ssS. italy demand. 5-i:z7 cables
5-1s- Relg.uln demand. ss9t.. cables
&sl. Germany demand a.. cables
4S+ Holland demand. 3S4g. ca oles.
5sss. Norway dernsnn 1I-os: Sweden
deraz nd - -. Denmark 3erns nd 49,
Switzerland demand. 1875; spain de-
rnzn6. L%s- Greece demand. t55. P1-
land demand. eei4s Czecho-SloTa iSisl
demand issiz: Argentine demand,
5T-ts. B-azil demand. i7-7s; Montreal,
Pueblo chieftain., 1922-02-26
FINANCIAL AND
HONEY MARKETS

SEW YORK. Yes. H-Tne s.ocx
pa.kst frlske<; an zetlTe WIKI .
strong tonS In ph4eh Eso.ors ard rails
made in0s. extensive co1.r11U-so-. but
s>}cci<d srsc1s,rfzIs again ste2dec 70
pressure 4 very AsHe part ot TIE day ?
business e@n,ered IN medium lDw grade
;rahsrSrtA,iosss Ds frDH ! TO rpa,s-s.
IsiG1sDsasr featured TIE as0tors my
gas To It's highest tesei Of the current
increment LrDlass.te o4ls were IN
srsat@f faro. than the foreign dlytsson-
ca,sfornta Petroleum and Pacific oil
s2splayed et;eecazl strength aE9 az
t.y!ty.
"a . Yex1i. oH the unexpected large
dividend recently declared on Market
street railway. prso- D.c-. all the oi1er
ss,1.s ~ ts-at conDaay rraoTfsd for
ward. Affiliated properties E1cs a.
Philadelphia Company. and United
Railways .Eyesime=-t made Noteworthy
gains.
c1lcib,e, G1slf E:ats and Eep.Dlie
IRON suffered from ,sle sort of uqglcs =
lion which followed the omission of
the ciyadeud On KeDuDlican preferred
snd several o, the uuclzsslHsc special
ties ese4d moderately IN the zbzsf.ee
az support. Sales. aus03nisd 70 te~.''p
sns,es.
.nx nous. s-s.errent was an actual
cash gain os 1ss. .ts,1.sSD Uftczn u-DHs
.sJ, the csfics, IN eIcezs reserves cf ths
pas. AuUn1Ht and ls.t "A rerJ arg
marr.nV Crer issai requirsrnsnis;
Actual io&ns and discOrnfs csr'ess1n
dsep,,s IN. ursusaai activity st1NH ~
~. el.r1r,n.s decreased despite the
uap-uai activity shown ~ the stock
marie. ..
tsrday-. moderate rss1fssL Hte'Ahs
Gaining isc and a!issa DIS
noinu. On tn. Joan ., American oank-
-. ~ ,t.e Dutch gogernrnsnt guilo"r
were ,.ronx approaching thrf recent
hin, a. q - point gain
Pueblo chieftain., 1922-02-26
Pueblo

Over thirty several oil wells were drilled
near Florence, Colorado twenty miles Pueblo
ever since these wells have been producing crcvcos
oil The twenty million barrels produced from this field
evidently is seepagc from VAST OIL POOL NEARBY
The drill Of the WILD CATER has arrived Eagle Rock
Oil Company well No five miles east Of Pueblo is row
drilling below 100 feet They have strong flow Of
petroleum and formations very
Colonel Humphreys and his associates stockholders who
drilled Wild Cat well Mexa short time ago are now
Easy Street maybe Stub Strattoa his stock
holders will be sailing the ship Good Fortune within
few short months from Wouldn't like 10 be one
Of his associates If he another Mcxia Pucbo7
The Hogg Greek Company paid $4,000 their stockholders
for each sl00 invested. what? WILD CAT Burke
Wssgoner and the Fowler Company also made BIG
QUICK PAY OFF to their stock holders what7 WILD
CAT. Go down the line-look en- all over aud will
fi-d 'hs big quick money in oil is made "a WILD CAT
WE'LL
Pueblo chieftain., 1922-02-26
CHICAGO PRODrcE

CHICAGO. Feb. 25.-Butter higher.
creamery extras. ts5zc: arsts. ziazIc;
seconds. 25IzDc; standards &c.
Esss. lower; receipts I7.f5s cases:
nrsis. 2oizc; ordinary hrrt-, z2Tzzc;
miscellaneous. 2fdz,c.
Pueblo chieftain., 1922-02-26
g-LEARTNG HOUSE REPORT

NEW YORK. Ee5 The actual
cordItiou Of clearing house nants and
trust .cornpz nies for the week ffiFe
dsysb shoxs that they hold SH ~ 80
in c1cesx OF legal requirements This
Is an increase OF SIS soi 80 from last
Pueblo chieftain., 1922-02-26
KAEsAs CITY PRODUCE

KANSAS CITY, Feb. E-Er-, ,c
lower: fresh. nc.
Butter unchanged: Creamery. sc;
packing. 1sc.
Poultry unchanged: hens. 22c;
springs. 2yc.
Pueblo chieftain., 1922-02-26
Cash Or Payments

We offer the following and many
other stocks subject TO our coHfir-
nation either for cash or on pay
Inents of 2Oee down and ten month
Is payments. We allow you all d.
yidcnds and privilege TO take Up
Or anll a 4. ~. tIrrnr
Pueblo chieftain., 1922-02-26
RAW SUGAR

F'a-nisaea hE v. 5 walFc1e Rooms
= = Thzfczs- h'oSk P7ealo
MARI. -es.g.
-Ap-EL -
May. -s4G-S
Ture. -
July. 81 aes-
A1gls. 81
sep-e-zbe- .-sG--s
orrohs-. -
Eove--5e-, ~
D-ce-c~-. ~
Pueblo chieftain., 1922-02-26
CHICAGO LIVEsTOCK

CHICAGO. Fob. 25.-(U. &. Bureau of
Markets)-CsttIc-Ro II 900: com
pared with week ago. Beef steers
closed largely steady to 15c higher with
spots 25c up. lower grades showing
tho advance. fat she stock 10 TO 2bc
higher; canpcrr ma cutters mostly
rtcady; bulls gained I8rgcly soc. veal
calves mostly 800 higher: Atochcrs
and feeders IL 10 &c higher.
yn-Reccfpts 1000: active and
mostly 10T15u higher than Friday's
average; shippers bought about 1900;
hoidovcr light; top. fiI.i0 for one load
155 pound average; bulk. 3i0.50a HOO:
pigs steady.
ghccp-Rcccip.s 5000: mostly pack
crs direct: tho few loads on Halo
brought about steady prices: compared
with week ago: Killing clnsres 25m'0c
higher; shoarIng limbs 5on75o high
or.
HAR SILVER
Pueblo chieftain., 1922-02-26
LOANS on STOCKS

We loan 5gee OF market value on
any active stock or bond for one
year or less. charging Interest al
rate OF 81 annually and no other
fec. You have privilege 10 take up
loan at any time. thereby stopping
interest
Pueblo chieftain., 1922-02-26
w crock EXCHANGE

Tu-ni,tl.d by =. s. WalDols lnFest-
49,, Eec.7Ilr.es Rooms zzs-B hatcnsf
'''' open High L97 e.lose
Pueblo chieftain., 1922-02-26
N1exiia

over thirty years several small Gil wells drilled
near Corsicana Texas, some twenty neJ from the
world famous oil fedyet the pools of Mexia
disturbed patiently holding her BILLION DOLLARS
WORTH OF OIL until the drill of the Wdcatter arrived
Pueblo chieftain., 1922-02-26
SPOT couo,-

SPOT CoTTO,-
NEW YORK. Feb. .r-Co--o- $50.
STEADY: rrt56linS s.ssr
Co--o1 csess-ad STEADY AZ 2 ~ aS-
vance q = TO - points
Pueblo chieftain., 1922-02-26
KAEgAs CITY LIyEsTocK

KsS5AS CITY. No. Feb. :5.-fT. 2
Bureau Ot 51s-ketsg-cattie-P
I'm for week beet steers mostly y
70 Vyc higher. top. :szs: Hat shc stock
mostly &c higher spots TIP more; can
n~rr and cutters Is to z1c hisher. bulis
and stocs calves strong: killing calves
strong TO b2c higher rtoclerz and feed
ere "a Hc higher stock cows and
hetfsr. mostly 10 10 i5c higher.
Hoss-I1scs!Dts SlJ; steady TO 15c
higher; rnsortsd hogs Weighing 10
pouEc,. si6-to. mixed 20 to 10 pound
weights. ;i9.1DNi0-z5: packing SOW.
mostly :s.t5: no shippers buying: bIlk
of saie-. :11.iGd11.f1
Ehcep-Receip,s 2.J15: mostly on
thru billing: for week. Killing classes
generally 81 to TIC higher: few primo
lambs up more. top. 81 %, feeding
lambs rlortly 50c higher
Pueblo chieftain., 1922-02-26
nrNyEp LfYErocx

DENVER. Feb. = --cattie-Rece.pts
so. market steady: beef steers. 500
az. CONS and hcifers. Slf9d ~:
calves. s7eod Mo-: bulls. ;s.5ea7-7s
s;oekers and feeders. s5-s217n0-
Hogs Receipts 600: ri11rke- j9c hiHh-
e-: top. yia.zs: bulk sloiSa l95s-
saee;,-Re Receipts 1.V-s; n1zrket steady:
lambs. :l4e51ls-0s: ewes. fs-sods-f1,
feeder lambs. slz5ed 1890.
LIBERTY BOND QUOTATIONS
Furnished By y :. WaiIoie- Invest
Tnent Securities. Rooms 5-s-2- Thatcher
Block Pueblo.
Libertr 5i4s. 93.eo
Liberty is; s1s. s7.ia-
Liberty u iAs IS $.
Liberty ID iIs. $50
Liberty sih as. s7--t.
Liberty Ist 4s.s. 1895
Liberty 5th 4i.s. leo.
Chieftain want ads. bring results
Pueblo chieftain., 1922-02-26
MARKET NOTES

PHILADELPHIA. Feo. a-Tae
sro-ck D-ysks-axe .rr1 of Bo1rea1 and
Evsas totzY nste a general zs..zn-
nel.
Pueblo chieftain., 1922-02-26

TIE furths- ztyancs IN H-e hogs
worked prices Upward and lard shaved
-les high for the seaso-
Pueblo chieftain., 1922-02-26
!

Oil made Tulsa, Oklahoma Wichita Falls Fl Worh--oil
made the little town of Mexia Jump night
five hundred people to busy little city forty thousand
An oil we'll Baxter will Pueblo
people almost highland business? well not
be so bad You afford to buy Eagle ahares
at &c for more than reason IF YOU DARE YOU CAN
WIN send in your order now
Pueblo chieftain., 1922-02-26

BAR SILVER
NEW YORK. Feb. 25.-Forclrn bar
silver. C3Isc; Mexican dollars. is.c.
Pueblo chieftain., 1922-02-26

sew YORK. yeb. z-.-An !rvoIzr-
ta-1 pstit.on IN BANKRUPTCY vas fled
n federal eogr- tD-szy against Ets;ze
and EuIIzau. ,,2ck brokers. Liabilities
were listed az ;2s.ss9 aE6 ASSETS at ~
Pueblo chieftain., 1922-02-26

PHILADELPHIA. Teb. zs.-Eece!v-
srs fo- tns United Auto E,or.s. Inc
which failed here Thursday. announced
t1>lsY that they would attach the Lang
Island home and every giE.bie assst II
EdDa-d y. y. Carryer. president o,
IN, concern. for the beusft Or cred
lto-e.
Liabilities II the corporation were
listed AZ :l51') .5a-g. according to a re
cslTerEhip Petition fled IN federal
court.
Pueblo chieftain., 1922-02-26

%ET TOgK. Feo- fan irroiun-
tary petition * BANKRUPTCY wa. nled
tocay sEzlns. the broke-aze nrn q:
a. T. fS-1Ith ayY1 company. Liabilities
rese estimated At ;7slas9 and asSetz al
~ yssss
A few u..us.sy later sn Involuntary
Petition vss .led szzinst Eezt!sy
EObas- and sEIi-.. Inc. Liabilities were
estn2ate1 =. ;zI.p95 zs-d assets ~ H.
90.
Pueblo chieftain., 1922-02-26
J. (. Weber { Company

J2f-22 Dcnhnm Bldg. Denver
Telephone Ciiampa 1897
Reference: Commerce state and
Savings Bank. Denver
We own grain elevators at SOLO
mon. Hopc and Lucas. Kansas.
Main Office a.t Baltimore Ave,
Kansas city. Missouri.
References: Bradstrect's. X G..
Mo-: Metropolitan Bank. Il. C.;
East Side Bank. X. G.. Mo. :
Pueblo chieftain., 1922-02-26
OIL STOCKS

Furnished By the Pueblo Brokerage
Company. 80 West Second street.
New-York tribune., 1922-01-14
Federal and Joint Stock Land Ban
Bonds

Federal Farm Loan 5s.
1888. op. .l00% 1919 -
Federal Farm Loan 5s.
1o4,. op. .lo3A 1o3s4 45l
Federal Farm Loan 4;2s
1889, op. 1924. 4.......,.. os 90 4.5s
Federal Farm Loan fl3s.
1898. op 1929 3......... s8 80 4.5o
Federal Farm Loan AIS,
1887. op. 1922 IS 80 $50
Chicago Ioint Stock Land
Bank 81 7s 1851, op. '31lO2% l03% SIG
Chicago Joint Stock Land
Bank 6s 1889, op. 1924. 90 100 $40
Chicago Joint Stock Land
Bank 6s. 1888, op. 1928. 30 100 5.12
New-York tribune., 1922-01-14
Receiver Is Appointed
For Sugar Products Co.
South Dakota Concern Brings
Suit, Charging Liabilities Arc
Above SS.OOO.OOO

Judge Mack. Of the United States
District Court, yesterday appointed
Robert Sold receiver for the Sugar
PRODUCTS Company, under a bond of
$4,000, IN suit in equity brought by
the lnterocean Oil Company, a South
Dakota concern. The complaint stated
that the liabilities were in excess of
So,o0o,ooo An answer filed by William
Is. Baker, president of the Sugar Prod
ucts Company, through his attorneys.
Hirsch. Sherman & Linburg, admitted
the allegations in the bill of complaint.
The principal business of the com
pany, the complaint stated, has been
the purchase and importation of mo-
iasses INTO this country. 1t was assert
ed that because of the abnormal condi-
tions affecting the syrup and sugar
business there has been great decline
in the prices of the products of the
defendant company. This decline, the
complaint explained, has resulted in
losses to the company.
George q. Palmer pres dent Of the
united States Food Products Corpora
ton, which purchased the entire capi-
tai stock of the Sugar Products Com
rany in August, 1919, made the follow
ing comment on the rcccivership:
"A judgment recently obtained
against that company prccipitated mat
ters. and in order to completely and
Thoroughly ascertain the real situation.
AND IN the mean time to protect the
rights of all parties interested. we de-
clded to permit The Sugar Products
Company's affairs to be wound up.
through the instrumcntality of a
proper court proceeding
we are advised that it is the best
way in which the Sugar Products Com
pany situation can be correctly and
tfalrly dealt with. The United States
ROOD Products Corporation, which at
one time purchased its molasses through
that company, has arranged for it's own
supply. rs the market is now an omen
one. The winding up of the Sugar
Products Company will not in any wav
affect the United States Food Products
Corporation or any of its subsidiaries.
ne outlook tor future business in
many Of the departments of the com.
pany is good"
New-York tribune., 1922-01-14

To figure the precise yield on bond 1t
ia necessary 10 use yield tables. but tho
approximate yield can roughly be figured
out by the following formula: Divide the
closing quotation on a bond into the rate
of the annual return. If tho bond IL selling
below par you must allow also for the
appreciation OF the principal: To do this
subtract the market quotation from par.
or 100, and divide the remainder by the
number OF years the bond mas to run be-
fore maturity. For example. IL s per
cent bond is selling at 90 and has ten
years to run. the annual return will be
e.ss per cent. The difference between par
eubtractinK SO from 100. Dividing ten
points by ten years. the auotisnt will b
This figure Is to be added to 8.66. which
per cent, will give you the approximate
yield.
New-York tribune., 1922-01-14
Nash Motors Earns
x35.64 on Common:
Liabilities DrOp
accounts Payable of $780,
600 Well Protected, An
nual Report Shows; Net
Profits Increase in Year

ne only liabilities Of the Nash Mo-
~. Comsany to outsiders, rs Of Ne
,.mber so. 1891. consisted Of $500, 900
!, accounts payable, and against this
!, lad sls,e76,o0o cash on hand and ST.
nj 900 Liberty bonds, besides fixed as
lie etc, the total assets amounting
- sec. III 900. according to the report
=, 1921. made public yesterday.
re net profits for the year, after
,.1ucting expenses. reserve, taxes and
inrec;ation, and amounts written off
= inventory. amounted to $2.226,0 900,
s.sunsred with net profits after taxes in
ses6 Of $1.2lo.o0o The company has
u oo0. 900 preferred stock of 800 par
,,lus and $4,000 shares Of common.
rh;ch for balance sheet purposes is
.srried at $4,000. The preferred is
r.vinr 7 per cent dividends and the
somuon paid $1s share in 1921. A
dividend Of $40 share on the common
stock, payable February to stock of
r,eord January 20. was declared yes
tsrday The regular quarterly dividend
al SITS share on the preferred stock
vas also declared Net, after deduct
mo the preferred dividends. amounted
70 sl,e46,0oO which is 1854 a share
on the stock. The following is a con-
dsnsed balance sheet statement as Of
November 80. 1921, compared with No
yember so, 1890:
New-York tribune., 1922-01-14
Committee Named
TO Aid Customers
Of r. w. Wagner Co,
Reclamation Group Will
Look After Interests Of
Two Classes; Prompt Ac.
tion Urged in Settlement

a committee known as the customers'
reclamation committee of f. w. Vac
ner g. Co. has been formed for the nur-
pose OF protecting the interests of thc
Two classes Of customers of the failed
o,ock Exchange firm, namely, those
VINO have paid in full for their securi-
''es and those who bought securities
on margin.
The committee. according to an an-
nouncemcnt yesterday, has reta;ned p
3: Hand, of 52 Wall Street. as attorr.w
Inc letter of the committee points oTt
tnat 1t Is frequently possible to recover
possession of securities from a trus-
zee or receiver if the proper action is
taken promptly. 10
- This is so," the committee add.
whether the securities were owned
outright or purchased on margin. In
ger certain conditions customers own
ing securities paid for in full have n
PRIOR right to reclaim. Success depends
upon establishing your right to securi-
tlcs coming into the hands of the re-
celver. II they have been sold YOU
must establish your right to the pro
The claim must be made promntlv
and before proof of debt ia f;1ads
otherwise you may loose your right IN
reclaim your securities and the adyan-
tages that follow reclamation. Co.
operation between the customers hav-
ing such claims will minimize expense
to the individual and render more Ger.
tam the result. Cooperation will avoid
dupIlcatlon of the Investigation and
accounting necessary to establish such
claim; Will secure at a reasonable cost
competent legal representation and will
place at the disposal of each the infor.
nation procured by all"
New-York tribune., 1922-01-14

ulate production ali over the world and
result later in n reaction to thu d,ssd-
vantage Of producers and the trade ren.
orally. Tho carry-over OF 1000 900 tons
at the beginning Of the year is at least
.250'oOo tons above normal, according
to the Federal's figures. Ills said to be
made up OF 100000 tons Of Cuban and
Hawaiian raws, raw sugar afoat. re-
hners' stocks of raws and unsold Lou
isiana sugar, together with 100000 tons
OF rehners' stock and the carry over Of
domestic beet sugar.
The new 1s21~'22 crops available in
sne United States and Cuba" says the
company's review. ARE estimated AZ
4.283, 900 tons of refined sugar. ,ncluds
Ing 3.50o,00o tons Of Cuban surar. RI.
total supplies available up to October
l, 1922, will. therefore. DO e,2ss 900
tons"
New-York tribune., 1922-01-14

Total ....-...... .326.1io.s22 s2s.s6s..s3
Charles ". Nash. in his report to
stockholders, says, in part:
Eve have expended during the vear
ior new buildings. machinery and
Equipment at the kenosha and Milwau-
see plants S4S4,S56s7. and, in addition.
large expenditures have been made for
renewals and tepacemc nts. and in ro-
,rranging the plant to enable us 10
,perate in the most economical man.
.yer. We anticipate that our EXPENSES
Or the coming year in the maintenance
4 the property will be much less than
tie last year
During the year the company has
retired through sinking fund 5000
stares Of its preferred stock, and has
aio made other purchases of pre-
fered stock for temporary investment.
50 that the total now outstanding in
tho hands OF investors stand at S3.314.-
9oe par value, compared with the
original issue OF s5,000,000
"a year ago We were just producing
cur first four cylinder cars Within
the year this car also has been brought
Up TO high standard of quality, and
We believe to-day that the Nash four
CYLINDER car stands as high in the
minds Of the buying public as any
iour.cyclinder car being built.
I'VE see no reason why your COM
mny's product should not be desired
II reasonable quantities by the public
aNing the coming year.
New-York tribune., 1922-01-14

Wool Auction Postponed
LONDON, Jan. 13.--To-dsy's wool
auction sales were postponed until
Monday on account Of fog.
New-York tribune., 1922-01-14
National Biscuits
Earnings Increase
Slightly in Year
No Abnormal Conditions Re.
vealed in Report; Liabil.
tiles Small; Inventory
Values Decline Sharply

The National Biscuit Company's an
nual report for 1921 shows no adverse
effects on the company of postwar
conditions. Net earnings were $5,677.-
600, as compared with $5,549,OO0 in
1920. 'V~N 80
On December 81 last tho COMPANY
had $2,572,000 cash, $3,262. 900 fir.t
Liberty 31as and 100000 Victory
notes. Against this it had only s552.,
900 accounts payable.
The raw materials Of the National
biseu't Company are largely made up
OF flour and sugar, comm moditics which
have had the widest fluctuations in
price, and which, under war conditions
were subject to government control and
felt the reaction OF return to un
regulated competition. Notwithstand
ing this fact the National Biscuit Com
pany' so far as its earnings and bal
ance sheet statement would show, went
on uninte rruptedly in the course of
building up large surplus.
Inventories, which have played 50 I'm
portant part and have given so much
trouble in the affairs of other com
panles manufacturing nearly all classes
or commodities, amount to only S3,b95.-
QUO at the end of 1921, and the highest
tlgure they reached was $11 ,645, 900 at
the end of 1918. During 1919 thew were
reduced to $8,759,000 and at the Of 1920
to S8,235,000. These figures indicate
that the management of the National
Biscuit Company foresaw the slump in
prices that was to take place and was
not misled by the apparent boom which
followed the armisticc. President Tom
linson explains in the report: "The
company maintains its usual practice
OF buying raw material only as needed"
The following is a condensed balance
sheet statement as of December 81,
1921, compared with December 81.
1920:
ASSETS
Plant and real e.tate.,s,.tH2s'a ssots7 ~ sss
Libertys and Victory
notes ............ ll26l617 o528155
Securities owned go 7412si sss o0,
Accounts receivable 35a22s7 5o70.SO
Materials and sup
plies ............. a.ss5s27 s.ess,s+o
Total ............ ss3,lsso74 ssSlas.o74
LIABILITIES
Preferred stock .$24,a04 500 $24.s045o0
common stock 20.23s0O0 90 236 600
accounts payable 5S2.22l SOL, 645
L m m O n dividend
Reserved for taxes. l.soo,coS ,sco,Soo 900
Carton factory re-
(, ,ura,,s ssrys .'....'..-.. oS's.oooo 10000
Total .,..........$S .$S3.1ss.o74 ss3.lSs.o74
1t will be seen from the foregoing
that the only liability to outsiders is
S552, 52,000--accounts payable. All the
other items on the liability side are
bookkeeping liabilities only, so that it's
ratio Of actual assets to liabilities is
the ratio of $83, ,lSS,O00 to $552 900.