davidaulloa/AmericanStories huggingface dataset:
The New York herald., 1922-11-01
INVESTMENT NOTES.


The most pressing problem now before
careful investors Is the course OF money
rates in the next few months. With In
dustrial production once more tending
toward normal there has been a greatly
increased demand for capital. resulting
II. rise In interest rates and supss-
quent decline In the prices OF high grade
long term seasoned bonds. Whether this
is a temporary or a permanent condition
is question that must be seriously con-
sidered by investors entering the market
at this time. II money Is actually going
to be less plentiful for some time to come
the prices OF long term bonds are likely
to decline stlll further and short term
securities appear more attractive. II on
the other hand. the squirt in business is
only of a seasonal character which VIII
peter out after Christmas, present yields
of long term bonds compare very favor
ably with the returns offered few
months ago. This question Is discussed
In a special circular letter issued by
Reynolds, Fish & Co, members of the
New York Stock Exchange. The invest
ment house says: 1--WE believe that the
time has now arrived when the careful
investor may well consider exchanging
his seasoned long term bonds for those of
short maturity. BY doing so he will pro-
tect himself against undue snrinkage In
his investment and have a reasonable
expectation that within year or so he
will be able to reinvest In long term
bonds at lower prices. This suggestion
applies to holders Of securities whose
bonds are primarily affected by money
rates. 1t is interesting to note that the
New York Central, Great Northern and
Northern Pacific Railroad systems sew
eral months ago completed their major
financing operations probably for some
time to come. Although most of the
financing done was of refrnding nature
or the substitution of lower coupon
bond for called bond of high coupon,
we doubt IL these roads could have been
persuaded to place large issues of forty.
year non-callable 5 and 51a per cent.
bonds on the market at that time if
there seemed probability that within
year or two this financing could have
teen accomplished at a lower rate.
The New York herald., 1922-11-01
THIRD AVENUE INCOME
LOWER IN SEPTEMBER
Net IN Three Months Com
pores With Deficit.

The report OF the Third Avenue Rail-
way System for September shows a net
income of s33.320. compared with s34.35j
in September last year. Total operating
revenue was s1.199.s04, against s1.1se.-
251. while expenses were ssS9.40S, COM
pared with sS74,557 Gross income was
s255.i5s. compared with s263.099.
For the three months ended september
30 the net income was Ss6.602. compared
with deficit of s46O9 In the corre-
spending period OF 1921. Gross for three
months was s3,633.9ss. against s3.6O7,-
B74 total expenses. s2,6s6.SSs. compared
with s2,762.ss2 gross income. S767.472
against $666,635.
The New York herald., 1922-11-01
RAILROAD DIFFICULTIES
HOLDING BACK BUSINESS
Reserve Board ShoWs Gains
on Several Lines.

WASHINGTON, Oct. 31.--Dificulties in
handling the increased freight traffic on
railroads have become an important
factor in the current industrial situa-
ton. says the October review of the
Federal Reserve Board.
Production of biturninous and anthra-
cite coal was checked in the latter part
of September by 10000 coal car short
age. A shortage of box cars appearing
I'm the first week of August amounted to
71.000 cars by October Z. Car~1oading
increased in september. chiefly because
of heavy loadipgs of coal and livestock.
larger in the last week OF that month
than for any other week since october.
1920
Some curtailment OF production in
lumber and finished steel products has
been brought about by difficulty In OBJ
tanning cars. but the output of steel in
gots and pig iron has expanded steadily
since August. while cotton and wooden
mills are operating close to capacity.
and shoe factories have a large volume
OF business Agricultural receipts. par
ticularly those of livestock. continue
heavy.
The New York herald., 1922-11-01
Average Bond Prices
Tuesday. October 81. 1872
BOND NEWS AND NOTES.,

Except for United States Government
issues, which were somewhat higher, yes
terday's rather quiet bond market lacked
definite trend, moving irregularly
from start to finish. Both the indus
trial and railroad groups had spots OF
weakness. and strength. but prices
changes in the great majority of bonds
were confined to fractions. The feature of
the foreign government list was the in
creased selling of French Republic 1as
and Brazilian SIS. The former got down
to a new low of 94h, and the latter to
q new 1922 low of 99h. Some of the cheap
priced rails were under pressure, but on
the other hand several Of that partcu-
lar group were well supported Sea-
board Air Line obligations, as well as
those of the Missouri, Kansas and Texas
and st. Louis-San Francisco were rather
firp. Movements of st. Paul convertible
AIS were highly serratic. The traction
list was fairly frm. The days total
turnover was around s12.60S.0OO.
The New York herald., 1922-11-01
New Municipal Bonds.

Hamilton A. Gill & Co. are Offering a
new issue Of $4,000 City of Duluth,
Mimi, AZ, per cent gold park bonds
due serially every other year from 1924
10 1862. at prices to yield 4.25 per cent.
and accrued interest. These bonds are
legal investment for savings banks and
trust funds in New York Massachu-
setts and Connecticut.
Steiner Brothers. are offering an issue
OF $685. 900 City OF Montgomery. Ala. 41a
refundIng bonds. due in 1887 at 9s to
.'ield Az per cent.
Blyth. Witter e. Co. have purchased
an issue of $4,000 City of Fullerton,
Cal, municipal improvement. 5 per cent.
honds. maturing $4,000 each year from
december /. 1923 to 1912. Inclusive. They
are Offering these bonds at prices to
yield 4.35 per cent. 10 maturity.
The New York herald., 1922-11-01
Renfrew Manufnc ~.

A new issue of s1,O00,000 Renfrew
Manufacturing Company fifteen year 7
per cent. sinking fund gold notes. dated
November /. 1922. and due November /,
1887. Is being offered at 100 and ac-
crued interest to, yield per cent. by
Spencer Tresk & Co. The notes will be
redeemable at the option Of the company.
in whole or in part. at 1917 and accrued
interest on any interest date on or be-
fore November 1. 1880. at los and In
terest on May and November I. 1881,
and thereafter at per cent. less for
each succeeding year. 1t is estimated
that two-thirds OF the total issue will be
retired by maturity through the opera
tion of sinking fund. The purpose OF
the issue is TO provide additional work.
ing capital for the company.
The New York herald., 1922-11-01

new Issue of s2,0OO,OO0 Is year 7
per cent. sinking fund gold bonds of
Rolls-Royce Of America. Inc. is offered
by Aldred & Co. at SO and interest to
yield 7.2O per cent. The bonds are dated
September l. 1922, and are due Septem-
ber l, 1927. Provision Is made for a
sinking fund, beginning September 1.
1924, for the retirement of the entire
issue by maturity. The bonds are re-
deemable on any interest date after
thirty days notice in whole or in part
at the option OF the company at no.
the premium graduating thereafter to
102. The proceeds Of the bond sale are
to be used for refunding higher interest
bearing obligations and for additional
working capital.
The New York herald., 1922-11-01
Chilean Lonn Bids.

The banks mentioned in dispatch az
having put in bids for the new Chilean
Government loan OF approximately s20.-
d0O. 900 would not confirm the report;
yesterday. Indeed IL was said by one
banker familiar with the loan condi-
tions that II II not expected that an
American banking syndicate will be able
20 take the business away from the
English syndicate bidding. The reason
for this is that so much has been said
against foreign bonds in this country
lately that American bankers lack con-
fidence In their market.
The New York herald., 1922-11-01
McNab & Harlin 5s.

Hemphill. Noyes e. Co. are Offering an
issue of $780, McNab & Harlin Manu-
featuring Company first mortgage twen-
ty year per cent sinking fund gold
bonds at par and interest. The issue is
dated November /. 1922. and due Novem-
ber 1. 1912. and is redeemable at any
time in whole or in part at the option
Of the company on thirty days notice
at l071s and interest. The proceeds from
the sale of the bonds will be used to
increase the companys working capital
The New York herald., 1922-11-01
American Gu. and Electric e..

The Guaranty Trust Company Of New
York Is prepared 10 deliver de1nitive
American Gas and Electric Company sn
Eoid debenture bonds. America series.
1he 20li, with coupons due November ,
.o22, and subsequent atta~hed ia ex-
change for the outstanding temporary
tonds,
The New York herald., 1922-11-01
rrrrx YEARS WITH prNNsy

r. A. Stockton. comptroller Of I h
Pennsylvania Railroad, has complet e
ffty years Of active service with the rs II
road. All that time he has been CO N
nected with the accounting departures o
in which he started work on Novemt 'e
1. 1872. as clerk in the office of h
auditor of passenger receipts.
The New York herald., 1922-11-01
Exchanging of Bonds.

The following example of how an ex-
change of long term bonds into short
term bonds will operate In the event
that during the next year money rates
should increase is given by Reynolds,
Fish & Co. Two cases are cited. case
l showing am increase of one-quarter
of l per cent. in money rates, and case
l per cent. The supposition is that the
investor holds 100000 forty year sea-
soned per cent. bonds, now selling to
yield per cent.
Sell $1O0,OOO long term
IS. due 1862. TO yield ~
Buy sioo. 900 short term siVo'V'' si0'o0V
5s. due 1925. to yield
One On year later i,;: he would" o''V V'00V
yieio 5.25es yield $500
IS, due 1928. .......... $99,53O SOC, ,070
Buy 100000 long term
os, due leo2........... 9o.SIO 92ooo
In case the investor sells slOo 900
long term IS on per cent. basis and
buys 100000 short term IS on a 8 per
cent. basis. One year later he sells his
short term IS on a SIS per cent basis
and realizes $99530. But he Is able to
buy back his 100000 long term 5s for
So, $40 to yield the same. His saving
by these exchanges would be $780, the
difference between the sale price Of
his short term IS and the purchase
price of his long term IS both on 5.25
per cent. basis. In case Q he would
self his short term 5s on a $50 per cent.
basis. realizing $99.070 and purchase his
100000 long term IS for $4,000. His
saving by these exchanges would be
5000 as indicated.
The New York herald., 1922-11-01
New Indian Lnnn.

seventy-fve per cent. of the new
ILdian loan will have ito be taken by
underwriters. according TO a London dis
patch.
The New York herald., 1922-11-01
RAW SUGAR FUTURES.
UNITED STATES PRE-wAR BONDS.

BID. Ask. Bid. A
A. 9 ,se. s2 es Dofc Sc 's5 es 10a
Is r as. io2I iosh.P As. '3o.475 =.
p 4s, '3i % e5
sYield.
The New York herald., 1922-11-01
STATISTICS.


Spot cotton in good demand at II points
advance; middling. 14.57d. Sales, 10000
American, 900; tenders. new docket. 5000.
Imports $4,000. American 5000. Futures
were due 14M to 1874 points lower; they
opened steady to 10 lower and closed steady
at a net decline Of to 10 points. Closing
prices December. 1884; January. 1870
March, 13.40; May, 1881: July. 1910; Oc-
tober. 1o47. Manchester: Yarns in good
inquiry; cloths more demand. The II o'clock
bids cabled to Liverpool follow: December,
24.09: January. 1884: March, 23.93: May.
1854: July. 1880.
The New York herald., 1922-11-01
PENNSYLVANIA OIL.

OIL CITY, IA. Oct 81 Credit bAlancss.
So: runs qa.5Tj barrels: average. J3,05t
shipments, 1as.44o; average, b1.sas-
Hickory daily record., 1922-01-25
PARKER DEFENDS
AGRICULTURAL!
MEETING. !.
~ the Associated Press.

Ey the Associated Press.
Washington. JAN 25.-Governor
Pan ker OF Louisiana departed from
his prepared address at the national
agricultural conference today to take
notice of the discomfort exp1tssed
n some quarters over the work of
the conference. Declaring that he
believed the president and Secretarv
Wallace acted in the best interest of
the farmers, Mr.. Parker said
y ct you hear it whispered all ar
ound that this is hand-picked, cut
ana dried performance. l hope there
IS no foundation whatever in that ru-
NOR
Governor Parker declared that he
believed the delegates were here to
solve mtelliaently and patriotically
the problems confronting the farm
el and praised President Harding and
Secretary Wallace I'm selectino
Democrats of the south to sit with
Republican patriots Of the north to
scve the problems that confront
agriculture.
Chairman Anderson, followinp Gov
ernor Parker, declared that the con-
terence had been called in some
haste and that Secretary Wallace had
given consideration to all geopranh;-
cal groups in the limited time 1T his
disposal.
American agriculture as Il whole
could profitably study the factor.
that have contributed to the pros
perlty of California, G. Harold Pow
eI, general manager of the California
fruit growers exchange, declared in
an address before the conference.
Mr.. Powell declared that cooperative
marketing success depended on the
Will Of the farmer to cooperate and
a spirit Of individual trust between
those engaging in the venture He
said that cooperative agencies shou1d
be managed exclusively by farmers.
tie advocated the payment of only =
tar rate of interest on the capit,.
stock and that voting power in the
corporation be appointed on the one
man-one-vote principle.
Pointing to the handling of moro
than $50,000,C0O worth of cotton this
season by four state cooperative
n'a'Eetlng associations OF. cotton
growers, Car Williams, president Of
The American cotton growers asso-
cation, declared that these orpani-
@ations are well on the way towards
accomlng permanent institutions in the
icath. tie predicted that these
organizations would handle more of
Iile IVY crop and now had two mil
hon bales pledged to them.
Hickory daily record., 1922-01-25
ARGUMENT
n CAbhRRU5
CASE.
3y The Associated Press.

BY The Associated Press.
Concord, n. c., Jan. 25.-The ninth
day of the trial Of Q. G. Thomas for
the alleged murder on October. 25 of
arthur J. Allen at Kannapolis on
October 25 found counsel beginning
their arguments to the jury H. S.
Williams Of Concord, one of the at
torneys assisting the solicitor, was
the first Of states counsel to address
the jury, his argument beginning at
the opening Of court and continued
most Of the forenoon.
He is to be followed by the first
defense lawyer, John j. Parker of
Monroe. Ten speeches will be mad,
before the charge is delivered to the
jury by Judge J. Bis Ray, presiding
and at least two whole days are ex-
pected to be consumed in arguments.
Hickory daily record., 1922-01-25
WEzEN HOME IS
DESTROYED
bYF|RE

The residence of Mrs. A. WcZen
on the corner Of Ninth avenue and
Fifteenth street was almost com
pletely destroyed by fire TODAY, ell
failing a loss estimated by Chief
Whiener at $4,000, fully covered by
insurance. There was no insurance
on the furniture, and the loss here
vas heavy.
The fire originated in a rear ron:a
occupied by Mrs. Wezen from = wood
heater, it is believed. 1t was III this
part of the building that the Flames;
were first seen and they spread
l.pidly, making it inro,sr'c for the
fire department to save the home.
Mrs. Wezen had stepped out of the
house for a few minutes and there
was nobody in the roo'l. a. the time.
Mrs. VCorhes Garth. who with her
husband anL. baby makes her hom:
with her mother, was trapped in the
building and escaped with her baby
through a window. A bull terrieE in
the house was burned to death. For
q few minutes the dog raced up ant:
down the burning hall barking for
help, but when the firemen reached
the scene the animal was incinerated.
Owing to the headway the blaze
had made when the department was
notified, it was impossible to save
the building and contents. The fam
lily lost all their personal belongings
also. Mrs. Wezen recently had lad
the home re,noGeled, making Of it Fl
pretty bungalow.
The thermometer registered 20
degrees and strong wind intensi
fled the cold. Water froze about tire
house anC the fircmen worked under
severe hardships. Examination of the
building ty Chief Whitener disclos-
ed that faulty fluc in the room
where the wocd stove sat W: :; rcspon-
sihle foy the fire. The furnace was
iptnc+
Hickory daily record., 1922-01-25
MRS. SHELBY DEAD

Newton. Jan. 25.--Mr. md Mrs.
T.. S. Shelby, and son, Jonathan,
nave been called 20 Charleston, IN
diana, en- account of the ;:eath It
Mr.. Shelty's mother, Mrs. NJ. D.
Shelby, which occurred at heT home
in that city. The news of her death
came as distinct s:iock 20 he: May
friends in Newton, where she has Of
ten visited hcl son. The deceased wa
woman of rare intellect. Another
son, Dr.. William Shelby, for a mum
Der of years was missionary to China
and his mother visited him in. that
country quite number of times. in
fact she had crossed the ocean
many as ten times.
The funeral services were coniuct-
ed at the home Of the deceased o.
yesterday afternoon.
Mr.. r. A. Newly. Of the E. s.
Shelby Vinegar and Canning Conn
pany returned Sunday night from 2
business trip in the easter part OF
the state in the interest CT his COM
pany.
Hickory daily record., 1922-01-25
MINSTREL SHOW
TOMORROW NIGHT

Dress rehearsal for the Rotary
minstrel to be given IN the auditor
ium tomorrow night will be held at
1870 tonight ana the actors in what
promises to be roaring success will
h:ve their parts down well. A shcrt
rehearsal was held last night.
Tickets for the show, which is to
be given for the benefit of boys
work, are selling rapidly and the
auditorium is expected to be crowd
ed from top to bottom. The Rotar-
ians hope to be able to assist the
boys from time to time in going to
college
But the show tomorrow night, as
the press agent has indicated from
time to time. will take thoughts off
business matters, make everybody
happy and show that a local minstrel
can score a million points.
Hickory daily record., 1922-01-25
BOARD DIRECTORS
IN BUSY SESSION

In spite Of several other meetings
slated fer last night seventy five
per cent Of the entire boaru of direc-
tors attended the Chamber OF Com
mercc board meeting. In the absenc..
OF president George +. lvey, wi.o is
away on q business trip to New York
J. A. Moretz called the meeting to
order and LED the discussion3.
After the secretary's report Of the
traffic departments success te lead
4 letter from J. 0. Walker, mayor {
the city Of Charlotte, assuring tue
shippers of dressed meats to- the
Charlotte market fullest cooperation
in the matter Of meat Inspection, Il
was brought out that several offic-
ials of the Southern Railway :ove,i.-
er with an engineer will be here in
& few days to survey for additional
team tracks and private s,dinys %
he put on Tenth avenue sotlE.. Tha
freight situation also came ,iltlcr
discussion and Il letter .sas read from
the Interstate Com merge Corporation
pointing to a complete revision af Fl,
freight rates in the southeastern ter
ritories. A snecial comnit-c WAS
erected to deal witt Referendum Nc
SO Of the Chamber of Commerce OF
the Y. S. A., on the question Of ils;-
tonal Legislation for the world war
veterans This comittee is composed
OF Geo. w. Hall, l.. f. Abernethy,
and Secretary Van Hervie, and We're
instructed to study this problcn, with
power to vote on behalf OF the or-
ganiZation.
Secretary Van Hervie was INSTRUCT
ed to attend the sen1i-annual confer
encc Of the secretaries of chambers
of commerce cf this state at Winston
Salem on Friday and Saturday of
this week. ane, mix vry ffrtaoeiAQCo
this week and to make every effort
to bring the next session of this on
ganiZation to Hickory.
An appeal from Secretary Miss H.
NJ Berry of the North Carolina Coed
Roads Association for renewal OF
membership by the Hickory Chant
ticn met with instantaneous approx
al and TIE secretary was instructed
to renew the subscription for tbs
current year.
The question of a public camp
ground came in for considerable DIS
cussion both hv members Of the
board and visitors. Finally it was de-
cided to lay the matter, before Che
American Legion Amusement COM
pary with g recommendation OF noml~
nal camping charges to be made in
return for services rendered.
The hotel committee made its fin
81 report and it was decided tt@ in
vite Frank &. Simpson Of Raleigh to
address a future meeting on this
subject. Every member Of the board
present took active part in the diff
fercnt deliberations brought to their
attention and it was almost ten
o'clock before the meeting adjourned
Hickory daily record., 1922-01-25
ORGAN RECITAL

Professor Wolff, of Concord, will
give a recital on the new pipe organ
Just set up by the NJ. P. Moller Com
panv Of Hagerstown, Md. Thursday
evening" Jan. Goth, at 1880 O'Clock,
in St. Andrews Lutheran church,
Lenoir College campus. He will be
assisted by Miss Wannemacher OF
the college faculty. .nG Messrs
Tickle and Lippard, students OF the
department of voice. All who are III
terested in music are invited to at.
tend. A silver offering will be receiv-
ed
The new organ is Tubular -Pneu-
matte. Duplex Action, with nine
straight stops: and emhodies ell the
latest iGe2s in crgan-building. This
is the fourth Moller organ to be cree
ted in Hickory churches.
Hickory daily record., 1922-01-25
NEGRO MUSICIANS
BEATEN. SENT NORTH
By the Associated Press.

bN tae iASSOCldlcu IIcSS.
Miami, Fla, Jan. 25.--Guarded by
,,r escort of motorcycle police, tie 6
members Of negro orchestra en-
gagged in one Of the largest tourist
hotels were taken this morning and
placed aboard train for Columbus,
OEio.
The musicians were shortly after
midnight lured to the outskirts OF
the city by gang of men, which
they said numbered Is, beaten and
warned to leave Miami. Some of the
instruments were broken up.
Police arc without any clue as to
the identity of the men.
Several complaints had been made
to the police of the action of the ne
2roes but it was not believed there
would be any trouble 1t was re-
ported that the negroes had not con-
Quoted themselves in accordance with
southern customs and that the leader
Of the orchestra had gone on the
ball floor to direct a new dance.
Hickory daily record., 1922-01-25
DP'|A| CONTR RACT
[1[) liz l,11 s,s,.!a -: .!aAIF1
WATER

City council last night entered in
to a contract with the town of High
l@nd to furnish it water for the nexi
five years at 80 cents thousand gal
Ions and agreed to renew the contract
at its expiration ca terms to be
agreed to by the governing bodies OF
both Municipalities In the agree
ment, the city Of Hickory VIII iool;
alter the water mains, make TIE
connections, keep up the hydrants and
the like, inasmuch as Hickory alraad,
has the organization necessary ard
can Go it cheape. than Iiigflcl:l
Two meters-ore eight inch and
the other SIX inch-w:N. be installed
and the town Of Highland will pay the
water rent on It's fifth Of each month,
the collections from its Gus
toners. 1t is believed that Highland
citizens can be furnished: w-3ter for
81 cents Il thousand gallons. a rate
about equal to that paid by Hickory
consumers.
Mayor Robinson and the Highland
board tent"5lVcy y approved the terms
OF the contract. which were drawn
up BY Richard II. Stafford, attorney
for Highland, at the suggestion of
the Hickory council, anG ratification
is mere formality
City Manager Henry explained tc
council that the overhead in the
watc1works department remains prac-
ideally the same whether the pumps
are forcing 100000 gallons a day or
100000 and that any profit made
must be on tire volume of business.
Under the contract Hickory also will
furnish water IN case of fires in
Highland. tut is not liable for danlag-
es in case it is unable to co that.
The contract will be in operation
about April when the Highland sys-
TEN is installed.
John ". Ballew, appearing for a
of pronerty owners on the
south size Of Tenth avenue, sought
and obtained permission for t1c
Southern Railway Company to cross
Fifteenth stloct with track to be
used IS private siding for w.1oie-
sale houses to be placed on the lots
there. The siding, Mr.. Ballew said
woulc' about hit the porch of the cid
Cline house on tne avenue and would
be on railroad property. The track
viii he on the roads right of way
and permission was sought fer it only
Elcsr2se it is to be used for private
Mr. Ballcw SAID construct
ion of warehouses would begin al
Hrcn