davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1922-04-08
528 State and Private
Banks Closed in 1927

WASHINGTON, April 7.-Durine the
calendar wear 1921 total of 528 state
and private banks in the country were
closed, according to a statement issued
today by Comptroller of the Currency
Crisslnger, summarizing bank failures
Tor the year. However, he added, 1853
Of these banks were able to reopen or
otherwse liquidate their liabilities.
The liabilities of the other 365 banks
he reported, aggregated approximately
$96,000,000, making the average per
bank about $685. 600.
The calendar year 1921, Mr.. Crissin-
ger said. was the third most disastrous
year with respect to the number of
failures of national banks in the his
tory of the national banking system,
there being thirty-seven national bank
failures, with liabilities of S23, ,s77,367.
The most disastrous year in this re-
spect was 1893, when sixty-fve failures
occurred, and the next was 1897 when
there were thirty-eight failures.
New-York tribune., 1922-04-08
Investment Information

is hardly basis for the comparison
you make. United States Steel Cor
poration preferred and the other stock
mentioned are earning by comfort
aole margin the dividends paid. Man
hattan hallway is not earning the 7 per
cent dividend, and plan has been
formulated for cutting down the divi-
ateha to per cent for tho fiscal wear
beginning July /, 1929, per cent for
l9Ia and b per cent thereafter. We
oelleVo YOU are entitled to more
fnnh h,,. a per cent on your money,
you can afford to take such a big risk
we would suggest that you put your
1 Iunds into good bonds, such as New
a l. aork Edison shs, 194i, giving a cur
rent return of about per cent; Gen
eral Electric 6s. 1910, returning about
o.9 per cent currently, or you might
take Public Service Corporation of New
Jersey bs, 1859, returning about Ga nor
cent. The preferred stocks YOU men
ton also are suitable investments.
New-York tribune., 1922-04-08
FINANCIAL
HENRY i. LEAKE. Auctioneer.
REGULAR AUCTION SALE
STOCKS AND BONDS

HENRY j. LEAKE. Auctioneer.
REGULAR AUCTION SALE
STOCKS AND BONDS
BY ADRIAN ~. MULLER f. son.
OFFICE, 55 WILLIAM STREET.
WEDNESDAY. APRIL 18TH. 1922.
at ~ 80 o'clock. at the
EXCHANGE SALESROoMS
NOS. II AND 1e vESEY STREET.
By order nj Adminlstratrix
. shs Westchester Biitmore Corpn-
II shs: Wostchester Biltmore Corpn.
profa.
For Account OF Whom II May Concern:
2610 shs Excelsior Mining Co
$3l 900 Superior Co.ery Co Sc. Adj. Bd
Sl2'A shs Superior Colliery Co
S25,000 Parish of st. Jarys Louisiana Sub
Drainage District No. / Of the Ayoca
Drainage Dis;ric; SC, BIDS. due 1895
1851. Feb'y. 1922, Coupon.
$4,000 Detroit. Mackinac e. Marquette n r.
CO. Land Grant Bds.. 1e1i. Gifts. OF
Deposit
$500 Bronx Exposition. Inc. 1st Mtge 7gs
bds.. 1923. Sept. 1921 Coupons
5000 Chalmers Motors Co fst Mtge So
year Gold Note, 1922. April. 1922.
Coupon.
$1,000 New Jersey Steamboat Consld Mtre
olo Bonds. due March. 1921.
ieoo! shs NemouTs Trading Corpn. prefd.
l,25Q shs CITY Suburban Homes Co
~ shs James Evera rd's Bheweries
iVo shH International e. Great Northern
Ry. CO.
Sc shs. VIM r. Gregory Co.
es'zl1 shs brunswick Consolidated Gold
New-York tribune., 1922-04-08
Days Dealings in Bonds
The Market

All other developments in the bond
market yesterday were secondary to
the tremendous activity of INTERIOR
ough Rapid Transit SIS, which upon
publication of the plan ayerting re
oeivership for the company jumped 8
points over night. OF this gain more
than points were retained at the
close. Other traction issues were also
in demand. Among foreign govern
ment issues continued strength Of
Czecho- -Slovakian IS, which sold more
than point above the Offering price,
commanded attention. Semi specula-
tive bonds advanced rather sharply, en-
phasis remaining on the lower priced
rails. The first 8 1as gave the best per-
formance of the Liberty issues, reaching
1910. Several others in this group
touched new peaks for the year or for
all time, and the entire list ranged
above 90
New-York tribune., 1922-04-08
Ontario & Western Report

The New York, Ontario & Western
Railway Company reported net in
come for the year ended December 81,
1921, after taxes and charges, amount
ing to $636,460, equivalent to $1O9 a
share earned on the outstanding $5s,-
1898 common stock. This compares
with a net income of s855,339, or 81 38
a share in the preceding year. Op-
Grating revenue for the year totaled
$14,127,867, and total operating ex-
penses S12,067,086. The assets of the
company showed other investments of
s637,869, compared with $137,S67 in
1920. Cash on hand amounted to ST.
802, 1856, against $759,524 in the pre-
ceding year. The United States gov
ernment account showed S219,006. The
profit and loss surplus account of ST.
032, ,402 was carried for the year.
New-York tribune., 1922-04-08
$l3,0O0,OOO Rio de Janeiro
3 p. C.. Bonds Bought Here

Negotiations were concluded yester-
day for the purchase by Blair & Co.,
Inc, of an issue of $4,000 900 Rio de
Janeiro s per cent bonds, maturing in
twenty or twenty-five years. A svn-
dicate is reported in process of forma-
tion for the distribution of the loan.
public offering of which is expected
early next week at price of about 1903
Proceeds will be used, it is understood,
to retire the serial 6 per cent bonds,
sold here in 1919 by Imbrie & Co., since
failed.
The loan is the first to be concluded
of a number now pending, the list in
cluding $24,000,000 Bolivian, $10,OOO,-
600 to $15,ooo,ooo Peruvian, $4,000 900
San Diego and s5,Oo0,000 Valparaiso
bonds. A $10o,000,00O Argentine op-
GRAFTON is also in the prosnect.
New-York tribune., 1922-04-08
FINANCIAL MEETINGS
THE MICHIGAN CENTRAL RAIIROAn
COMPANY

,.... Detroit, Mich.. April 1, 1922
NOTICE Is HEREBY GIVEN that thu
Annual Meeting OF the Stockholders OF
the Michigan Central Railroad Company.
Tor the election OF Directors and three IN
spectors OF the next election. and for the
ttanhaction Of such other business as may
lawfully he brought befora the meeting
VIII be held at the principal office of the
COMPANY Room 300. Michigan Central
Terminal Building. in the city Of Detroit
Michigan, on the First Thursday after tho
FIRST Wednesday (beipg tho 4th day) OF
May. 1922. at 10 O'Clock \. NJ. Eastern
standard Time
The Poll shall be open at 10 o'clock A. NJ
and continue open for one hour
by order of the Board OF Directors
EDW ARD r. STEPHENSON, Secretary
New-York tribune., 1922-04-08

tinuing his criticism of Mr.. Cromwells
speech, that the Stock Exchange
which claims to be composed Of the
honest brokers of New York, would CO.
operate with the authorities in bring
ing to the attention of the District At
torney dishonest brokers and placing
that mighty organization at the dis
posal of the people for their protection
against those who are dishonest, but
that hope has disappeared.
II do not care whether the Stock EX-
change is incorporated or whether 1t
exists as at present, a voluntary cor
poration, hut | do care whether brokers
are permitted to violate the laws OF
New York and cover their wrongful
acts by hiding behind their constitu-
tional privileges. Licensing brokers
and putting them under the supervision
of the State Banking Superintendent
would protect the people and take away
Should Be Explained
Stressing the Importance of educat-
ing the public regarding the function
the Stock Exchange plays in industry
and how the exchange operates, Mr..
Simmons said in part:
"They must understand what they
or when they buy outright and leave
their securities with you. You must
take the public into your confidence.
If you do not some radical will seize
the opportunity of introducing and
passing Legislation which will seriously
threaten New York as financial
center.
"You have got to protect the public
against itself You no longer do bust
ness with these people from the point
of view of salesman; you are not
members Of the Stock Exchange. That
conveys to the average investor the
idea that you are specialist; that
Won know more about securities and
stocks than any one else. You are
trustee This may not be your point
of view, but it is the viewpoint of the
investor that will be thrust upon you
by legislation or by social decision
Mr.. Houston, who is president Of the
Houston Publishing Company, and also
chairman of the national board of
trustees of the Associated Advertising
Clubs of the World, proposed cam
paign of cooperation between that
organization and the Stock Exchange,
ali advertising to be under the super
vision of Mr. Simmons.
Mr.. Mellck in describing the ma
chinery for the handling Of odd lot
orders on the floor of the exchange
said that a greatly improved system
for the recording and printing on the
tickers of all transactions is now be-
ing perfected. This will be installed
on the floor of the exchange in the
near future. This system, Mr.. Mellick
stated, is expected SO to improve this
particular branch of the brokerage
business chat little cause for com
plant will remain"
Indorsed by Beebe
Endorsement of the programme out
lined yesterday by Seymour l.. Crom-
we'll, president Of the New York Stock
Exchange, at the meeting Of members
and their partners, was voiced by How
ard Beebe, of Harris, Forbes d. Co..
president of the Investment Bankers
Association of America.
at has seemed to me that the regu-
lations of the Stock Exchange should
prohibit the taking of position in
the market by member house or by
its partners" said Mr.. Beebe. "Mr.
Cromwell is, believe, working in THAI
direction. Such d position, whether
taken in good faith or not, may ulti-
mately prove to be the equivalent OF
New-York tribune., 1922-04-08

To figure the precise yield on a bond 1t
is necessary to use yield tables, but the
approximate yield roughly be figured
out by the following formula: Divide the
closing quotation on bond into the rate
of the annual return. If the bond is selling
below par you must allow also for the
subtract the market quotation from par.
or 100 and divide the remainder by the
number of years the bond has to be-
fore maturity. For example, II per
cent bond is selling at 90 and has ten
years TO run. the annual return will be 6.66
per cent. The difference between par and
the market price will bp 20 points. sub
tracing 30 from 100. Dividing ten points
figure is to be added to 6.ss, which is the
annual return. and the result. 1855 per
cent. will give you the Approximate yield.
New-York tribune., 1922-04-08
Four full columns of in
restment questions and cn.
s,cers scilI be published i'm
The Tribune erery Sunday
Gnd Monday. On other days
one }uN column soilI appear.

taking a position opposite to that of
customers. Stock Exchange houses
should be limited strictly to COM
mission business.
"No plan, so far as | am aware, can
be devised for the sale by houses
dealing in stocks or investment Sc
curites, of small pieces on partial
payments on a basis that does not
involve loss to these houses Such a
practice may be justified to prevent at
traction of small investors or specu-
ators to bucketshops, but certainly it
should not be enforced. The place for
the small investor to so is the saw
ings bank"
Mr.. Beebe expressed the view that
the Martin act meets the situation
and that no new legislation is neces-
sarV
New-York tribune., 1922-04-08
Delay in Imbrie Settlcmer,

Quest tion-I have read your advertise
lnent OF special service to investora a,
printed in the Chicago papers, and am
wondering IL I can call upon you for in
formation as TO the status of Imbrie g %
hiso the status OF holders OF foreign d.,
post receipts in accordance with hearing
before Special Master Albert A. Howell. 80
court street, Brooklyn. n. Y.--D. J. r.
Answer-Theodore G. Smith, one Of
the receivers of lmbrie & Co. saws
that there is yet nothing definite to
report to the creditors. He held forth
ilttle prospect of any early announce
meht OF a settlement plan, although he
reports that some progress has heen
made. We are not quite sure what yom
mean by foreign deposit receipts" ex-
cccpt they may be receipts in connec
tion with purchases of foreign cur
fencles or securities. In this event
we understand that your claim will be
treated the same as all others.
New-York tribune., 1922-04-08
Why Manhattan 81" Is at As

Question-Wlu you kindly explain In as
brief and clear words possible why
Manhattan Elevated per cent guaranteed
sells for 35, yielding 90 per cent, when
Steel preferred, Union Pacific, Canadian
Pacific and American Tobacco are only
paying 10 or 12 and are quoted above
par? In short, is it safe buy for income
for man fifty years old. who can still
work, but would like to get more than 4
per cent given by savings banks? I
thought II / could buy 100 shares at S5 1T
would give me $500 a year. I've read
from time to time of folks who bought
Steel preferred years ago. when it was
90. and getting IA per cent on their
investment now. If this railroad is safe
I should like to pick UP 100 shares at a
20 per cent price. Any information you
may give will greatly oblige.--J, A. N.
Answer-We are quite positive, in
our opinion, that Manhattan Railway
guaranteed stock is not suitable for q
man in your circumstances or for any
one else who cannot afford to assume
the risk inherent in this stock. There
New-York tribune., 1922-04-08
Sacrificing Income for Safety

i Cues ion-Kindly advise me on the fol-
iow'Hs ios bonds and SECURITIES: Cities serv-
Island, Arkansas & Iouisians. Mi,,ya H1cR [,os
Electric Railway &, Light 7Jhs; North
~gyIeFR 'y,,,,I, a Bel Telephone Kingdom of Bel
man; Canadian National Railway Is. a.
l am almost entirely dependent on the
aoDTe aoI,d for my my support in my 6oth year,
ior safety and interest? II so, | wouId
highly appreciate your advice. | have
$1,000 each of the bonds.--R. r.
Answer-The only real criticism we
would make of your list is the advisa-
nllity OF retaining security like
Cltles Service rs. We believe that
this security is somewhat further re-
moved from high grade than person
IN your circumstances can afford to
have any Of in his investments. In sug.
gestlng that you substitute for this
issue Pacific Gas and Electric 5s, sell
ing recently to yield about per cent.
we are not unmindful that YOU need
all the income you can get At the
same time we feel that you need secur-
lty. The Rock Island, Arkansas g.
Louisiana 412s, if that is the security
you mean, is not high-grade bond.
but 1t has the Rock Island system guar
anty,, and we believe that is more
valuable than many persons are willing
to admit. The question as to whether
you should hold your Northwestern
Bell Telephone Is and take chance on
being able to reinvest to advantage at
some future time if the company
should exercise its option to call them
in at 1919 is debatable Certainly we
would not advise you to buy that secur-
ity for the purpose of permanently in
vesting your funds. The bond is a
good one, but there is just that
objection to it. 1t is selling at approx
mately the same price as New York
Edison 612s, which are not callable
until 1896. In exchanging the North
western Bell rs for the Edison 614s you
would be sacrificing only IS a year in
terpSt
New-York tribune., 1922-04-08
New York Metal Market

On the New York Metal Exchange
tin was firm but quiet, with Straits
and Straits shipments quoted at 29.75
@3o.25c; standard, 28.371a@29.s7 1ac,
and 80 per cent at 29@29.5oc. Copper
firm; standard spot, April and May,
12.621ac asked, and electrolytic spot,
April and May, 12.50(A 13c, Lead firm;
New York spot, 4.90M51Oc, and East
st. Louis spot, 4.65@4.75c. Zinc firm;
New York spot, 32oc, and East st.
Louis spot 482AM4.90c.
New-York tribune., 1922-04-08
CHICAGO AND NORTH WESTERN
KAlINAAy COMPANY

NOTICE OF ANNUAL NETTING
The Annual Meeting OF the Stockholders
Of the Chicago and North Western Rail-
way Company VIII be held at the office ot
the company. 22s West Jackson Boulevard,
in the City of Chicago. Illinois, on Tues
Cay, April II. 1922, at eleven o'clock A. M
for the election OF Directors and tho trans
action OF such other business as may come
before said meeting.
Transfer books VIII be closed on Friday
that day, and VIII be reopened on wsdnss-
day, April ~. 1922.
Dated March .. 1922.
WILLIAM H. FINLEY Presidsnt
JOHN D. CALDWELL. Secretary,
New-York tribune., 1922-04-08

S@es.'ons Of general interest To in
.eStoFs "ait DC dnstoered in this col
uhh' IN which case only initials wiu
oe Hsed. Others tciu be ans,cercd bv
mo". Address all inquiries. tnclos.
1n9 ~ stamped. addressed enrelone n
ahanc'ol Editor, The TRIBUNE ,st
N0sSo" Street. New York Citv.
New-York tribune., 1922-04-08
CHICAGO, SAINT PAUL, sIINNEAPOTIs
AID OMAHA RAILWAY COMPANY

NOTICE Of ANNUAL MEETING
The Annual Meeting of the Stockholders
OF the Chicago, Saint Paul, Minneapolis
ard Omaha Railway Company Will be held
at the office OF the company, In the city OF
Hudson, Wisconsin. on Wednesday, April
IL. 1922. at nine o'clock A. NJ. for the
election Of Directors and the transaction
OF such other business may come before
said meeting
Transfer books will be closed on Friday.
March 10, 1922, at the close of business on
that day, and Will be reopened on Thurs
day April IS. 1922.
Dated March /, 1929.
JAMES r. CLARK. presidsnt
JOHN D. CALDWELL. Secretary.
New-York tribune., 1922-04-08
PROPOSALS.

SEALED PROPOSALS. indorsed "Proposai.
for Storage Shed on Pier. New York, n. Y .
Specification No: s5se," viii be received al
the Bureau Of Yards and Docks Navy De
pariment Washington. d. c. until II o'clock
A. m, April ~, 1922. and then and there
publicly opened. for the construction on pier
II at the Navy Yard, New York n Y .
or a storage shed about % feet inches hv
500 feet. having continuous concrete foot
ings, steel frame eAd corrugated galvanized
sheet steel siding and roofing Drawing and
SPECIFICATION No 1889 may be obtained on
appication TO the bureau or to the commar
dant, Navy Yard. New York. N Y Deposit
OF check or postal money order for $40
payable 10 the Chief OF the Bureau OF Yard.
ana Docks, is required as security for the
sate return OF the drawing and spec! !fica ion
L. e GREGORY.
Chief Of Bureau March T. 1929.
STATE OF NEW YORK, THE ApJU-
Arsenal. 1th Ave. and 35th St.
New York City. March slst 1922
SEALED PROPOSALS subject to tn.
condltlon OF the sale will be received at
inns once until 12 O'clock noon Friday
ApTil lith at which time and place they
VIII be opened for the purchase Of Con-
demned and Obsolete Quartermaster ard
Ordnance Stores ~
Catalogue giving quantities. conditions
etc. can be had on application at this Office
J. LESLIE KINCAID
ne AdtutAnt General.
New-York tribune., 1922-04-08
Day's Ne,D Issues

A syndicate headed by A. c. Allyn E.
Co., Gorrell & Co., Hambleton & Co:
and Davis g. Boyle is offering at 81 and
interest, to yield about $50 per cent,
81 ,95o,0O0 Pennsylvana-Ohio Electric
Company first mortgage and collateral
trust 61a per cent sinking fund bonds,
due September /, 1888.
New-York tribune., 1922-04-08
Bid and Asked

Following are the closing bid and
asked quotations of stocks listed on
the Stock Exchange in which there
were no transactions yesterday:
New-York tribune., 1922-04-08
DIVIDEND NOTICES
INTERNATIONAL PAPFR COMPANY

New York. March %. 1879.
The Board of Directors have declared +
regular quarterly dividend Of one and one
haif per cent (li2%l on the preferred capt
~ s'oIH or this Company. payable April
18TH l922, to preferred stockholders of
record at the close of business April 7th.
OWEN SHEPHERD. Treasurer.
New-York tribune., 1922-04-08

George B. Gibbons g. Co. are offering
a new issue of 100000 St. Paul, Mimi,
Az per cent waterworks bonds, due
April, 1852, at 1o5.97, to yield AIS per
New-York tribune., 1922-04-08
seeks Broker for Small Account

,ctter ttues,fonnl ~ wish TO thank you for your
writ,aro VIII OK Feoruary a. Since then I have
,,aa ~',n'en TO several firms whose ads an
pear IN your paper and incidentaIiw ,,ap
NoEeu that my account would he sn,.il
st the beginning. The big firms. thoueh
no' % 4 4sa!ing so IN 30 many words evidently
q nHe care to carry small accounts on
margin My method in dealing with tho
s~,oCh ~ market ia as follows: After de-
auv,nng a,noun; 1amiiy expenses put a certain
and the remaining amount want 70
put IN stocks which ! think have good
sorSnsth siren back of them AS can control
ike TO deal with "A firm that ] car relv
on and at the Same time willing to
tane t nareln accounts on stocks ranging
from $40 to $50 share l would appre,
Ciate 1t greatly If YOU would nention one
irm YOU think would suit my needs and
II Impossible to do that kindly mention
YOU again. but as am confident that
your advice is worth while taking and
vice. thought 1 had better write you
again. j. II.
Answer-We think that brokerage
houses that turn down small accounts
are shortsighted and open to criticism.
If your proffcred account is too small
for given house to accept the least
it can do is to suggest to you how to
find a reputable broker who welcomes
odd lot business. Unless the broker to
whom You offer your business, who does
not care for anything so small, refers
you to a reputable guide, he is ex
posing you to bucketshops. We cam
not single out individual houses for
special recommendation and we do not
undertake to guarantee the solvency Of
brokers. Among members of the New
York Stock Exchange who especially
solicit odd lot business are Chisholm &
Chapman, and Bayls & Co. Many of
the GOO stock exchange firms will be
glad to execute odd lot transactions
incidentally we think your plan for dis
posing of your surplus funds is un-
suited to your need. 1t is fortunate,
however, that you deduct family ex-
penses and arrange for your savings
bank deposits before bringing your
income to the stock market for specu-
lation on margin. A reputable broker.
unlike bucketeer, will execute your
orders promptly, but even the best of
brokers cannot be expected to save you
from your own errors of judgment at
the great whirlpool of speculation. The
margin basis of doing business, it is
true, offers opportunities for profit, but
to a large extent it increases the
chance of loss, since the margin trans
action involves borrowing at about
per cent. Therefore, in order to make
a profit the fluctuations in the prices
Of stocks must be sufficiently large to
Offset the interest charges, the COM
mission charge of SIS a share, and the
profit from speculation, but they are
rarely individuals like yourself, far
away from the main channels Of in
formation
New-York tribune., 1922-04-08

Bid. Asked
L-Wiles lst p, 50 lo3
do I'd pf. 10Y n 1899
Lorillard pr ..106 ia
Mack G pf... so 63%
Nah Coal $50 700
Mallinson pf. 10 so
Man Su pf >. 76 76&
Mani Beach IS !
Man Sh pf. ,l02 1l012
Max Mot ... !
do lst pf. +
do I'd pf =. >
May u ST pr ia 1l6
VI S p S S NJ, 50 Ga
do pf ..... so SIS
Mont Pow pf. l0SE l0+
Nat Blsc pf. .l1s I21
y C & 5 pf.. 81 SO
y En- & s pf. 81 80
Nat Lead pf. 40 liz
\ Y c s L.. 72 So
Ohio Fuei. 80. 46 AZ
Otis Eley pf.. 95
Pac T & T. So 69
Pan P q H.. S
do pf ..... 70
Peny J Cpr. E. "a 100
Peo & East. 10 l6h
Phil Jones pf, s0is s3A
p Coal pf. 81. 9S "a
Pitts TT W...ll5
P & W Y pf. 81 81
Pr & Ref pf. S7h 40
Rys Seeur. ,.. 50 20
Ry Steel Sp. .l0s ia
Reis c lst pf. ssh 69%
Rem T lst pf. 65 20
do ID pr. 81 60
Rens x Sar. .llS
Rey Tob ..... IS SIS
do pf .....1IlA lleb
S p r g pf.. 90 sS
Stand Mil ..120 l25
do pf .... eS 81
sup Steel pr. IS
Tob Prod pf. 80 e01s
Transu W. o.. 4liA 43
T% c r Ir. ASA 46
do pf ..... 79A IS
Underw Type .l27 l57
do pf ....ll2 100
Tn Tank 80. 81 l02
Uni Gig ST. .105 $50
do pf 80. .i05 10
U : Exp. 49,. e9s 7
1 = Ind Al ps SIS ~
Us $ & r pr. 44is 4sH
V Rsait lst o 90 94
Va-Car c pf. T6 rs
Va / c G pf. 6s 70
vir r & P Df. 3Sis
West Air Br. SEX 80
Wilson pf. -. so So
Woolw Of ....ll7 Iis
Wor Pu pf A. So 30
Wright 4 .,.. sh 9