davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1922-11-05
What's Behind
Active Stocks J?
l42--National Biscuit

National Biscuit Company common
stock, formerly closely held and
extremely active issue, has come into
prominence because Of tho COM
pany'a intention TO reduce the par
value from 500 to 92S and to de-
clare stock dividend OF "a per
cent. The stockholders will meet on
November 10 TO authorize the nec-
essary increase in stock This conc
pany was incorporated In 1898, pur-
chasing the properties Of the New
York Diecuit Co., the American BIS
cult & Manufacturing Co.. and the
United States Baking Co. It oper-
atee 40 plants and Is now engaged III
an extensive program OF expansion.
Plants, real estate and machinery
were carried in the last balance sheet
at 61,425,0o0. AT the beginning Of
1922 cash and cash equivalents, in
GLIDING United States govcrnrnenr
securities, aggregated 1s.ST6 900,
and current assets exceeded current
liabilities by $l9,o99,000. Since in
corporation there has been steady
increase in surplus. this item stand
ing at s22,9S4,00o st the beginning
of 1922. The net aaEets applicable
w RotA Nloo1S2 VA sbSSA NL!id NEG~
ferred having no preference as to
assets) amounted 20 $77,o24.c00, or
$142.53 a share. The S29,2aa,ooo
common stock now outstanding is
preceded by s2a,soS,6 500 OF per
cent cumulative preferred on which
dividends have been paid regularly
since 1893. Thia record gives the
preferred q place among the best pre-
ferred stocks. The present z per
cent OH the common has boon paid
since 1912. In 1911 90. per cent
was paid and from 1900 TO 1910
the rate ranged from 4 TO s per
cent. Earnings during the tsr-year
period 1912-'2l averaged ff.e5 per
cent year on tbs amount OF COM
mon now outstanding. after aiiaw-
ing for I Per cent on the preferred.
Range Of old common stock: high,
2Ss,a in October, 1922; low, 90 In
1900; low Of the past ten years, SSTs
In 1917; yestsrday's close, aseh.
New-York tribune., 1922-11-05
Ernansion Of Bank STATS

The increase in forces employed in
brokerage houses in connection with
the larger turnover Of securities this
year than last has been noted, but com
paratively little attention has been
paid TO the re-expansion Of banking
stats as business has improved. The
larger banking institutions Of the
Street, which during the war increased
the number of their employees in al
most every department, effected an
even more drastic reduction as depres-
sion succeeded prosperity, whether that
process was termed wedding out OF
inefficient workers" or admitted TO be
wholesale laying off. Forces were
maintained approximately at their low
levels until the late spring or early
summer and, it was said yesterday, the
upbuilding did not commence on an i'm
portant scale until we'll toward August
i. Business has SO improved that al
ready In banking corridors the prob
able size, rather than tho possibility,
Of the Christmas bonus is being
n1ootad
New-York tribune., 1922-11-05
I'm Wall Street
Rolling Mill Products

There has been considerable dsscus-
sion among metal men during the last
few weeks concerning the prices Of
rolling mill products in the copper and
hrass industry. The contention has
been made that price advances have
been out OF proportion to the cost OF
raw materials. A representative view,
however. Is that present quotations are
not too high, considering the unsavor-
able conditions that prevailed during
the period OF depression, the presens
cost Of labor and fuel and the effect
on the market Of the supply Of
secondary metals. Since the war mil
hons OF pounds Of metal In various
shapes found their way back to the
brass and copper mills for conversion
into finished products. "We are get
ting back to pre-war conditions to
some extent" said leading rolling
mill interest, ''but with higher wage
rates, higher costs for ell commodities
that enter into our manufacture. TO
mako no mention OF higher taxes, city,
county, state and Federal, that consti-
tutes part of cost. Brass and copper
mills, with but very few exceptions,
have steadily lost money for two years
"a condition that could not be expect
ed to prevail indehnitely--and with o
resumption Of business they are only
trying, through fair. reasonable and
consistent prices, to do business on a
basis that will show results In BLACK
hGures instead OF rod"
New-York tribune., 1922-11-05
Stocks Xxx Dividend

Date. Name. n C
Nov 1s-Amer. Met Co, Ltd.. sempy
Nov. io-Amerioan Tobacco Co. ...... q
Nov. 10 do common B......,.,. .
Nov. 1i--Asso Dry Goods Corp 1sf pf. ~
Nov. IL do % pf. pf.................. ls
Nov. 1T--Brooklyn Edison Co, Tno .
Nov. 1o--Central r REQ of n J....... q
Nov. 1o--Cleve 8: Pitts. r. n. Co.. gtd q
Nov. 10 do special gtd ..s....... .
Nov. s-Consolidated Gas Co OF N Y. 8
Nov. 16--Deero G. Company. pf ....
Nov. 1b---General Asphalt Co., pf.. ~
Nov. f0--inter. Harvester Co., pf. -. IA
Nov. I6-Lse Rubber & Tirs Corp.
Nov. ls-Liggett s. Myers Tob. Co...
Nov. i5- do common b .....,
Nov. ls--Ltma Loco Works. Tno. tam. 4
Nov. I5--Mars,n Parry Corp .........
Nov. 1b---May Dept. Stores Co.......
Nov. iT--Nstionei Biscuit Co.. pf -. IL
Nov. e--Natl Enamepx and gtps. Co. i y
Nov. l7--Psn Amer. Petre. q Trans,
Co. In common B..5S
Nov. IT, do Class b, in common d rs
Nov. lS--Pittsburgh Steel Co., Pr. IL
Nov. s-Presaed Steel Car pf......... IL
Noy. l7--Standard Milling Co..
Nov, IT, do pf ................ IL
Nov. l5--stern Bros, SIS. pr .......
Nov le--Studebaker Corp. .... ~
Nov. 6--Union Tank Car co......... Il
Nov. e. do pf ....s........ 1S
Nov. 1s--United Gig stores Co. OF
America ,........... ex. 3 q I
Nov. iT-~Nan Raaltc Co.. Inc. LIST pf IA
Sov ie--Woolworth Co......,
Nov. is--Wrisht Aeronauticai Corp. i
New-York tribune., 1922-11-05
Chicago Pneumatic Tool

October sales of the Chicago Pneu-
matte Tool Company are reported to
have been the largest for any month
since 1913, when they established a
record. Net earnings last month, after
taxes, expenses and charges, were at
the rate Of over $40 share on the
s12,309, 600 stock outstanding. Direc-
tors ars scheduled to meet In Decem-
Der for dividend action and, accord
ing to current reports, tho stock may
be placed on So annual basis, COM
pared with the present rate of 81 a
year. On December 81, 1921, the COM
pany's net assets applicable to the
stock were figured at S136.51 a share.
In arriving at this result no deduction
could be made for good will, which was
included in the fixed assets.
New-York tribune., 1922-11-05
Conner Shares Firm

Copper shares were taken in hand
yesterday, apparently on the theory
that they are behind the market In
the extent of their advance from the
recent setback. It was the low cost
producers that attracted the largest
speculative following, TOR 1t Is known
that these companies are able TO show
fair profit even at present prices
for metal. In this group were Ken
necott, Chile and Mother Lode. Ac-
cording to current reports. Kennecott
directors are expected TO resume divi-
dends when directors meet in Decem-
Der. Mother Lode, which Is controlled
by Kennecott, has already declared a
dividend Of 80 cents share this year
and it is expected that another dec
laration will be made before Decem-
fer al
New-York tribune., 1922-11-05
The Dollar I'm Foreign Exchange

Foreign exchange rates held within
narrow limits in yesterdays quieter
trading, and changes were relatively
unimportant. Movements during the
week were irregular, sterling ruling
firm and climbing slightly higher, while
eontinentals, as a rule, fell sharply.
If you calculate the cost Of the dol
rency exchange value--that Is, II you
were buying a dollar with pounds
marks or francs---its value yesterday
compared with last week and the cor.
responding date Of year ago, follows
v..A~~ w~ag.
New-York tribune., 1922-11-05

sss,s6e,e0s in the ssgne period last year.
The company has already opened twelve
stores this year and four additional stores
are to be opened before the end OF the
The American Exchange National Rank
has been appointed transfer agent for the
common and preferred carital stocks OF
the American Dan Bottle Seal Corporation
samuel 'nsull pr rTiAnnt - NJ Conn.,
the guest of honor anu the principal speaker
at meeting of the Bond Cub to be
held next Friday at the Bankers Club.
Utility Financing"
G. p. Holzdorbee r ~ r,rrt.r, ~ -
New-York tribune., 1922-11-05
Desicit i'm Bank Reserve

The aggregate reserve shown % sas
weekly statement of the Clearing h0sss n
hanks, issued yesterday. was s5o,sSasssss
below the total reported for the pss 1.
cading week. the decline resulting s. s
The elimination OF the surplus ana s..
tabiishment Of e Sa.0se,24o deficit AZ ,ss
major change in position was
ereaee az 67,4sb, 600 In the reserve j.
member banks In rho Federal kess., 81
Rank. Loans fell S1a.lS0,000 ana 3. 81
demand deposits s1z,682.oe0. Vlms 81 ss
posits,. on The other hand. gainsq g. =.
o69, 900. Government deposits wets sss
duced TO $7S,2o4, 900.
New-York tribune., 1922-11-05

"s-r-@-0----
Increase. Real inflat;on Of ;nt..
rates Is necessary before the nosas sstess y
reached where IL becomes more n,nf,. =
abis for the individual cor, y ssost., : XIX.
banks to discard their bond hnld;.sil ssl
than 70 expsnd thair boTroui4 iota'''es ). =
the Federal Reserve bank6. e
Commercial paper can be r.s..
counted IN New York and IN thp us ealss
larger Feeerai Reserve dfstriefe ys.'es sa,
per cent. There has been no s.tls4sl ~
tiai increase IN Borrowings ~ t.''all-# ~. s
sorve banks on either cornn,erciaI ~. -
per or bills secured By eovernroe,t l's pss
lateral, and II is logical 10 a.sn. saT
that these borrowings cssl ha uxso ,s-,4,as
materially from the present legei si"esa s.a
fore there is q change In redi seo,ss. ~.
rates to higher level.
Under the Reserve system. thsrs+...
business can be financed 10 q 49,
further along tho road to racagass s.
before it is necessary for ths Ssst5!
to unload their bond holdings, n ans tsss
theory 10 tenable then it is nstr,.s ,.s
that the zone between the end 80
recovery in bonds and tie Sss.t.sa
cessation OF bull movement n tt.s stoa,.s
should be narrower than il wss IN ~.
var business cycles. II follows =.
that the bond markets faculty for ~ "a
sfcipating en- end in forward NOW ~
ment in gkocks shou3d ba raA,.5N's-
New-York tribune., 1922-11-05
DEYAULTED BONDHOLDERs' SYND.
Serving Holders Of Deanuited Bonds
3S Well street, n. Y. tHanovex Asaa)
Cash Offers or 2dvanta&eous EXCHANGES
WiIlys.(e Overland

The report Of the W!llys-ovsrland
Company and subsidiaries for the quar-
ter ended Sertember 30. 1922. showed
estimated earnings Of eA,o99.6 .675, from
which reserve of S47b,00o gor balance
Of price decrease was deducted, leaving
balance of S3,62A,e75. Estimated earn
ings for July were $i,80s,49a, August
s1,661,27 and September $629,910. The
balance sheet showed s7,o53,S08 cash
and inventories OF s1e,268,841.
New-York tribune., 1922-11-05
Financial Items

LAWYERS Title and Trust Company has
oeen appointed transfer agent Tor the
capital stock of the Industrial Motors Cor
poration.
Coinmoia Trust Company has been des,g-
naIso trustee under indenture dated SEN
aein aen per Der !. ls22 securing an issue of $500 :
wv wv tace value ten-year Z per cent sinking
Company, Inc. e.a0 Aishe1f
S. 8. Kresgs Company renortea ..,..
,op 1ooa she nine months ended September 40.
$50 of sa2s4sfAa ss rarnnaras ,s.S
New-York tribune., 1922-11-05
Atchison,a Traffic

Traffic on the Atchison is running In
record volume, according to A. G.
Wells, yice-president, who states that
sling The shop strike under the Balti-
more plan that has reached 100 per
cent of It's normal force. At the start
Of the strike $500 mechanics remained
In service. and by August % the mum
ber employed in the mechanical de-
partment had reached 1902, or II per
cent Of the normal force Mr.. Wells
says that the condition Of the COM
pany's motive power is normal and
had-order freight car equipment as of
October 25 was only 4.69 per cent, the
lowest point since the return Of the
carriers to private control.
New-York tribune., 1922-11-05
New Stock Exchange Firm

Announcement was made yesterday
that the new firm Of Garden, Green
d Co.. members of the New York Stock
Exchange. the New York Cotton Ex-
change and the Chicago Board OF Trade,
has succeeded to the business Of Feli
q White. The new firm is composed
of George A. Garden, George w. F..
Green, Rowland II. pell, Edward T..
White and Allen B. Kendrick
New-York tribune., 1922-11-05
Paris Market Heavy

PARIS, Nov. 4.-Prices were heavy
on the Bourse to-day. Three per cent
rentes, 58 francs Is centimes. Exchange
on London, 81 francs 81 centimes. Five
per cent loan, 76 francs 55 centimss.
The dollar was quoted at 14 francs 575a
centtmes
New-York tribune., 1922-11-05
Divitiends
Er<ru

Buckeye Pipe Line directors ysster-
day declared an extra dividend Of 81
in addition 70 the regular quarterly
dividend Of 81. Both are payable De-
cember is to stockholders Of record
November 20.
Neild mill directors yesterday de-
clsred sn extra dividend OF 81 in addi-
tion to the regular quarterly dividend
Of r.
New-York tribune., 1922-11-05
Nav Department Stores

Further strength In May Department
Stores yesterday served 20 confirm the
belief that directors will soon declare
substantial stock dividend. A. meet
Ing is scheduled for next Wednesday.
whom action Of this character may be
taken. The stock dividend, 1t IS be-
l!eved, will also entail splitting UP
os the stock into units Of $50 par.
New-York tribune., 1922-11-05
American, j. s. T. Net Up

The report OF the American llss 9ss
and Tracfion Company for the tgsSslI ,esl
months ended September SO, .ss ss-l' 1
showed gross earnings Of S5,o2Sossss,ss,
gain OF $i.443, ,Sc2 over the corresPs s.:
ing period Of the previous year. s. Il
earnings amounted to S4,b1S,ios q
increase of s1,ao7 ,esS.
New-York tribune., 1922-11-05
Corporation Selling

With support withdrawn from !f
vcstment securities the market VA
not in the proper shape to withatari
selling for the account OF corporation
OF course, it would be ridiculous u
give corporate holders the credit fx
having changed the complexion Of s
market chat does business OF ahos.
$i5.0oo,000 day, bur their oFerinss
coming at time when the banks usu
reputed TO be liouidating. undoubtsas
precipitated heavy profit taking.
The future Of bond prices is 80. /
iecs on which necessarily thers . 4
greater concern TO the Interests yas
are IN the business Of financing sndas- /
try, public service and transportation
and 70 houses which acSusre bonds fol-
distribution among the ultinatc cons
sumcrs than 20 she investor who's
purpose is and has basn 20 buy II.
conie. ProAt taking Is not, or Should
not be. the course for real inyestorsh
pursue in an hour OF conflicting opin'
Ions, for successful realization Of p.o'.
Its presupposes the unemployment g
capital In fields holding lesser cs.
gree Of uncertainty. At the morasas
no such Aeid exists.
The judgment OF many Investret1
| bankers on she question Of the relstisa
between recent interest rates and thor
OF the future may be said to have tang
tangible form In the arrangemsap
nede by then. on behalf of corpSfs-
ttons for the retirement of high-cospan
bonds through the proceeds Of neg e
sues bearing lower interest rsp
While the face amount of bonds =, g,
deemed IN this way has Represents
only small percentage of the agsrs-
gate that could be called at the borscv
er's option, there Is IN these operation,
suggestion. L not conelusive pfooas
that many bankers believe the rees.s
low rates for money marked the ies
| point Of rneney ease during the pressss'
business cycle. The action Of the ~ 81
retary of the Treasury in bringing g.
. large Issue Of long-term bonds g as, n;s
tire several short-term obEgatossss
peer into the future Of money rates ~
tond prices.
New-York tribune., 1922-11-05
Dividends

Pes Tnye HS0oE-
esnra0auF. NA43 rto6 abts. 6plderss
gosdsn Co. pfiAH @ pea Noy. is
Mars .r....aNx q Nov. ~ Hoy. Is
/. 4 i .....sxs g sBss. Be-. 1, 4, B.s. B.s: 1.
New-York tribune., 1922-11-05

New York Stock Exchange, Will keep open
their uptown branch office, AS Fifth
Avenue, and also their Brooklyn branch,
1893 broadway, on Election night FOR
the receipt Of the slection returns
New-York tribune., 1922-11-05
Expanding Business

Getting back to the starting poin. =,
the latter phase Of this Discussion :.
can find arguments against the assr,.. ~
tion that bond prices have res.E.s
their limit. If there fs TO be no fss;
ness revival commemorate vrifs -.
anticil'atcry advance In stoes r,,..s ..s
then there should be no cuast}oa :
great credit demands and h!gb irre-s..
rates & S a reason for a rise in tbc yisgs
en- bonds. There has been some ses,'
tered selling of bonds bought by bsnt,
out Of the proceeds of frozen cradle
liquidation some months back. hut tha
vast majority of these institutions have
not yet evailed themselves OF the r,oys
logical method of keeping their r..
serves IN shape while meeting the is-
creasing demand for credit, namely
through rediscourts at the Re.erys
banks. It is estimated that as ot,
recent date the stock market was usiss
81, 0,000,0o0 dollars to carry on spees.
lation. Part Of this fund belongs u
corporations, but the great bulk D!
represents idle bank funds. The he
that there has been some calling d
these loans and that the call mensg
rate has been as high as per cent n.
Gently suggests that some part # thls
vast sun; has been finding It's way !n.a
business. Brokers have been forced b
bid higher to keep more from Acs-
ing away.
Corporations have been big purehss-
ers OF bonds during the last two years.
Rapid defation of business leaves nany
companies very poor, but it leavss
many others with more cash than their
business can conveniently find emplor-
ment for during the period of hand-to.
mouth trading. The fortunately stu
ated corporations have sought and
found In the bond market media for the
employment OF temporary idle funds
Their aim has been TO gain for them.
selves the margin Of profit which tie
banks would realize on the investmsr.
Of these same funds IN bonds. Evesk
there were no evidence that corpsf
tions have been selling bonds thas
would be good reason for believing q.
would use their own cash ard cash
ts-bonds-before going 10
the banks for accommodation.
From selling originating In th..
quarter 1t Is possible to trace a greater
volume of liquidation in bonds during
the last four weeks and to account at
least In part for the reaction. Up 10
this time of the recent break there
was not nearly as much speculstIve
interest in the bond market as thess
was, for instance, a year ago. Greater
confidence in the business outlook and
an abundant supply OF money avail
able for speculation served to drss
the more hardy class of security tra.
ers away from bonds and into stoeE
Confidence begets daring, and so itwa
that as spectators moved down ths
scale OF security value the risky prope-
sitions in the bond market were len
to those erstwhile investors who BEL
came dissatisfied With the diminishing
citation attaching to high grade bonds.
New-York tribune., 1922-11-05
The Recent
Reaction in
Bond Prices.

tcontanued from Preceding r.s.,
The Seward gateway., 1922-09-16
CALIFORNIAN CHARGED
 WITH KILLING SPOUSE
 IN FAKE AUTO HOLl-UP

SAN FRANCISCO, Sept. 16-Henry Wilkens will be arraigned in the su- perior court Monday on a charge of murder in connection with the shoot ing and killing of his wife, Mrs. Anna Wilkens, by an automobile bandit on the evening of May 30, it was announc- ed today.
 The assigning of the case today fol lowed the voting of true bill against Frank J. Murphy, counsel for Wilkins by the county jury on charge of at tempting subordination of perjury in connection with the testimony of Miss Helen Lange, sister -in-law of Wilkins, before the jury.
 The shooting by Wilkins led to three other violent deaths, the killing of Police Detective Sergeant Timothy Bailey and Mrs. Robert Castor by Wal ter Castor. alleged accomplice of Will kens and Castors suicide.
The Seward gateway., 1922-09-16
WAR TIH[lR&IlEM TENS ElUlROlPE
Russia and Bulgaria Will Back Turkey Struggle Comes
ROUND TRIP RECORD
 IS NOW ESTABLISHED

A record for making the round trip to Kanatak from Seward Was recently hung up, and, according to the circum stances will remain unbroken for some time to come.
 It happened thusly: The steamer Starr left Seward at p. m. on the tenth, arrived at Seldovia at 7:44 m. on the 11th; left iheie one hour later. Arrived at kanatak at 4 AS a. m. on the 18th, left at 7:4o D. M. same day Arrived at Uzinki, at 9:15 a. m. of the 18th and connected with the Admiral Evans, arriving back in Sew ard on the evening Jf the lith at :: D. m. Time elapsed l>Lr days anl three hours.
The Seward gateway., 1922-09-16
AIMING ENG|NEER
 FINDS MASTOD0NS

EDMONTON, Alta, Sept. 16-In a valley in the far northern section of British Columbia, close to the Yukon border, which it is believed was never before visited by white man, Frank Perry, mining engineer of Vancouver has discovered the remains of masta- dons that once roamed northern Can ada The location of the valley is not marked on maps, but it is north and west of the headwaters of the Findlay river. Indians will not travel through the valley, believing it to be haunted by the giant animals whose bones they have seen.
 In addition to the bones there are footprints in the sandstone and shales of some other prehistoric monster. These are clearly defined marks show ing that the maker of the tracks was a three toed animal.
 The bones which are of great size, are not fOssiliZed, but are in state of excellent preservation. Hip bones and sections of the spine were found by MT. Perry, who believes that by excava ton specimens of much historic value could be unearthed.
The Seward gateway., 1922-09-16
LIVE CL|NCHES, LONC
 KISSES AL ]. X. ID
 CUBAN MOVIE CENSOR

HAVANA, Sept. 16-Fade-outs of loving clinches, one minute kisses and kindred screen scenes that skirt the bonuds of moral laxity will not be pass ed on by the newly created Cuban board of moving picture censorship.
 Only those films which might turn movie palaces into Fagin's schools of crime are to be banned by the order of Ricardo Lancis, secretary. of govern ment, creating a censorship board of five and outlining the limits of its al- thority. The committee will act upon it's own initiative or upon complaints from any source filed with it; serve without pay; have authority to con- pei exhibitors to display any film it may have reason to believe may lead youthful Cubans into paths of crime, and bar those which show an adroit criminal successfully eveading the law of the country.
The Seward gateway., 1922-09-16
UNION TREASURER
 IS ALLEGED FORGER

ELLENSBURG, Sept. 16-J. c. Mil Ter for the past two years secretary treasurer of the Roslyn Miners local union No. 2,269, has admitted forger ies in a considerable amount and is accused of defacations totalling approx imately $500, according to c. R. Hadley official of the union made practice of forging both the presidents signature required on the union checks and that of the payee, Hadley says. Miller has been bound over to the superior court and is expected to plead guilty to a charge of first degree forgery.
The Seward gateway., 1922-09-16
PER|sCOPE LATEST
 BOOTLECCER TRAP

PORTLAND, September 16-A peri scope is now being employed by the police in the work of ferriting out botleggers. It was put into action last night and Sergeant Oelsner, in com mand of the police morals squad is ex- pecting big results.
 The periscope was manufactured by Aubrey Chamberlain, one of the liquor sleuths. Chamberlain will set up his periscope in room adjoining the sus- pected botlegger, he said. If he sees bottle of liquor or sees the bartender serving drinks from a hidden bottle, he will signal his partner and they will rush the place.