davidaulloa/AmericanStories huggingface dataset:
Capital journal. (Salem, Or.) 1919-1980, 1922-11-06
CORVALLIS too
MUCH FOR LOCAL
LADS; W|NI3-O

4
Barely nosing out a 8 to 0 vic
tory, the Corvallis high school
eleven took the Salem high school
team into camp Saturday after
noon in one of the hardest fought
games that either team will have
this year. Corvallis score came
from a 20 yard drop kick near the
close Of the third quarter after
they had made four successive
first downs. With the loss of the
game Salem loses all chances for
the state championship.
The visitors began at the very
first to tear In and after working
the ball to midfield punted to Sa-
lem's seven yard line. The punt
was returned and Corvallis again
started In. 1t wwas plain from the
beginning that Salem was playing
defensive game, for time at
least. Although outplayed the 10
cal team was not outfought and
the old Salem fight is probably
responsible for the fact that the
visitors could not cross the line.
An attempted place kick on the
second play before the end of the
first period by Corvallis from the
35 yard line fell short.
Salem Kick Fails
The second quarter was like
the first with Salem showing
spurt but once when they worked
the ball to the 40 yard line and
attempted kick The line did not
hold and the kick was blocked.
Following the place kick by
the visitors in the third quarter
the local team began to try for
ward passes. A number were COM
pleted for short gains until early
in the last quarter Salem worked
to the 40 yard line from where
Adolph attempted another place
Kick. The angle was, too great and
the distance too far and the kick
failed. Again when Salem gained
possession of the ball they started
the passing game which came to
an untimely end when AVERT,
Corvallis full back. intercepted
throw and got away to long run
around right end. He was forced
oft on the two yard line and when
tackled dropped the ball with Sa-
lem recovering and kicking to |
safety. However the visitors were |
intent on making touchdown
and were going strong when the
final whistle blew.
Corvallis Lad Hurt
On the fourth play at the be-
ginning OF the game, Daniels, left
end for Corvallis, suffered brok-
en- shoulder and was carried from
the field. In the third quarter
Ringle, Salems right end was
carried from the field with sew
eral broken ribs. Up until the
time of his injury, he was In ev-
cry play. On more than one oc-
casion he got down under the Sa-
Capital journal. (Salem, Or.) 1919-1980, 1922-11-06

The bright side of the Near East
situation is the outside.
The New York herald., 1922-01-05

From January through March bonds
continued to decline, although commodi-
ties also dropped month by month. In
April and May there was q slight rally
In bonds. but fresh break occurred In
June and the lowest prices of the year
were established In that month. So far
the bond market had made absolutely no
response to the decline In commodity
prices and It was plain that the money
situation was holding It back. Until the
spring a large quantity Of credits had
been tied up IN unsold commodities. In
May, however, that situation showed
signs of loosening up and the first indi.
cation of an easier money market came
In the shape of a cut in the Reserve
Banks rediscount rate on commercial
paper from per cent. to 65 per cent
The rate had been pegged at z per cent
since Juno 1. 1920. Even that favorable
augury failed to stimulate interest in
bonds. which continued to scrape bottom
with liquidation still In progress.
BY the spring the Industrial reaction
In this country was in full swing and
money began to pile up in banks and
flow into investment channels. Toward
the end Of June second cut In the re-
discount rate to per cent. was made
and bond prices gave the first sign Of
adjusting themselves to tho changed
money conditions. Then started an ad-
vance in bonds which was sustained
until the end OF the year. Commodity
prices reached their lowest point In July
and throughout the fall and winter were
again on the upward trend. In the last
half Of the year rediscount rate cuts
followed one after another in rapid sue
cession and every recession gave fresh
incentive to the bond market. In July
the rate dropped to 5,z per cent. and
from that level II was lowered to per
cent. In September. only to be out once
again to ~ Dor cent In November.
How far the economic law regulating
bond and commodity prices progressed
In 1871 IS best exempiified in the follow.
Ing table:
The New York herald., 1922-01-05

1t will be noted that the greatest ad-
vance In bond prices was In the fall
from about tho middle Of October 70 the
end Of November. The daily soIes OF
bonds on the New York STOCK Exchange
were enormous and were perhaps.
about doubled by the sales over the
counter. During those months daily
sales Of bonds on the Exchange ranged
from about $17 100000 to about $S.00o.00o.
The total of sales Of bonds on the Ex-
change for the year was In the neighbor-
hood Of $500. 000. 900. or about $780,
10000 less than the sales OF 1920. In
which trading In Liberty bonds and Vic
tory notes broke all records. In 1920 there
were days when sales Of bonds on the
exchange were as high as 81 100000 In
a single day and In fo1s there weFe days
when they reached e42. 100000. but. of
course, the bulk Of the business was In
United States war bonds. liquidated by
large concerns which had purchased
them during the drives.
It was In the Liberty and Victory
issues that the great rcfnvoshnent
movement Of 1921 started. and as the
private purchases Of those bonds were
augmented BY heavy buying for the ac-
count Of tho Treasury Department the
volume OF business transacted In that
group day by day was enormous and
price advances were rapid. The follow
ing table shows the extent OF the ad-
vance in the war bonds in 1921 from
their lowest levels reached In 1920:
The New York herald., 1922-01-05
PRODUCTION OF STEEL
INGOTS FALLS IN 1921

A sharp reflection Of the dullness In
the steel industry during most Of 1921
is shown In the production of steel ingots
for that year. Whereas in 1920 the
total production Of steel ingots by thirty
companies. making about 81 per cent
Of the total for the country, was "a. .432.-
252 tons, last years total output. with
December production estimated, will
equal little more than 100000. or
about half that of 1920 by the same
producers. On the basis OF that esti-
mate 1t is figured that the total produc-
ton for the entire country this year
will be in the neighborhood OF 21,000.000
tons.
Not since January has the monthly
production of tho thirty companies been
as high as 100000 tons, and from Jan.
uary to July the decline in output was
steady, a low Of So3.37S tons being cs-
tablished in July. Since that time, how
ever there was gradual increase to
the end Of the year.
The following table gives compari-
son Of the monthly production Of the
thirty companies reporting monthly:
The New York herald., 1922-01-05
OUTPUT OF PIG IRON IN
1921 NOT HALF OF 1920
Decline in Year Estimated at
so Per Cent.

As In many other items Of production
IN the steel industry. the output OF pig
IRON In 1891 fell below half Of that of
1890. Tho apathy which possessed the
entire industry during large part of
'he last year made Its effect felt heaviest
n the production Of pig iron. Although
the figures Of production for December
nave not been made public. it Is estd-
mated that the total production for the
year viii De approximately ls.2o2.s2s
tons, In contrast to 36.414.114 IN 1920.
a decline Of more than 80 per cont
Like all other branches Of the industry.
the production Of pig iron was at its
lowest point in July. in which only S6<-
$50 tons were produced. The improve
ment from that month to the end Of the
year was gradual but steady. The fol-
lowing table gives comparisons OF month
iy pig iron production. exclusive of char
coal iron, for the last three years:
The New York herald., 1922-01-05
5000, 900 PAID FOR
SEATS IN EXCHANGE

More than IS. 100000 was spent In 1921
for New York Stock Exchange seats
seventy-three memberships In that insti-
tuition changed hands during the twelve
months. Of which twelve represented
partnership transactions for nominal
considerations. The remaining sixty
one sales were for cash and repre-
sented total expenditures Of 900 by
the purchasers. To be sure. no new rec
ords in the way of high or low prices
were established during the year. but
for many months the prevailing prices
were rather low as result or the ex-
treme dullness of business in the stock
market In December. however. there
was q sharp recovery In values as rep
resented by seats in the Exchange.
The high price established for the
year was 100000. which was paid or
February "a and again on March Q. The
low mark was $4,000. touched on No
vember 8 The record high price ever
paid for an Exchange membership was
$115.00o. established In 1890. Tho lowest
price at which q seat has ever sold
is $4,000.
The New York herald., 1922-01-05
u. S. STEEL HOLDINGS
AT HIGHEST RECORD

Tho number Of individual holders OF
common stock of the United States
Steel Corporation touched and passed
last year for the first time the 10000
mark. At the end Of the year there
were 107.4as different owners of the big
company's Junior Issue. the largest
number In its history. As result Of
steady absorption by investors during
the period OF low prices for the stock
the number Of stockholders increased
nearly 1900 during the year. which is
not record increase but the steady
widening Of distribution for the issue
was regarded as significant by those
able to analyzo the situation.
The 100000 mark was reached at the
very beginning OF 1921, and when the
dividend checks for tho first quarter
wero mailed in March they went to
104,376 persons.
The following table gives q COMPARE
son or the number of stockholders at
the end OF every quarter beginning with
1910.
The New York herald., 1922-01-05

One or the most important develop
ments Of the year was the perfectiny Of
machinery for the rapid and extensive
distribution OF gilt edged securities
More was dono last year by investment
bankers to enlarge the number OF ia
vestors In this country than In any other
year In It's financial history. As a
result OF their efforts a vast army OF
investors was marshaled with repre-
sentatives In all parts of the country
and States that never before had par
ficipated In the investment market dis
played q remarkable bond buying ca
pacity. Because OF that efficient deveL
opment Of the bond business, bankers
were able to distribute enormous blocks
or securities at minimum costs.
The Importance OF that expansion N
the investment capacity OF the com -
is seen IN tho fact that Europe has dis
appeared almost completely as a pur-
chaser OF American securities. Before
the war Europe owned about $4,000, o00.-
600 In American securities, or about v
quarter OF tho value of all the American
railroads put together. Those sccurl-
ties have been repurchased by Amer
lean investors. together with billions OF
dollars OF new domestic securities.
In 1891 new capital rotations amounted
to close to $4,000. .ooo. 900 and included .
much larger proportion of securities
issued for refunding purposes man
usual. II can be estimated safci, that
more than $500. 900 OF the financing
was Of refunding nature. Tho farxeS
piece Of financing In tho year. the
s23o.000.000 OF Northern Pacific-Great
Northern Joint eis per cent. convertible
bonds, was refunding operation, its
purpose being 10 provide for taking up
s215. 5.227.000 OF per cent. Burlington
collateral trust bonds. maturing on July
I. 1921.
The hunger for new bonds In le1 far
exceeded the available supply. and any
attractive issue offered was oversub-
scribed many timea
The New York herald., 1922-01-05

There was q marked falling off I'm cor
porato financing in 1871. but II was off,
set by the large increase In foreign gov
ernment financing and the new obliga-
tions Of States and municipalities IN
this country. The latter issued more
than $1,000, 10000 of new securities.
which is about twice the total OF tax
exempt securities issued in any prevf-
Gus year. Federal farm loan issues
totaled about s1l0. 10000. while foreign
government financing in this country
was in the neighborhood OF 500, 00o.0oo
The Government was also able to sell
some 3182.o00.0o0 Of car trust certif-
Gates The United States Treasury Do
partmsnt issued s2.909.9S1.500 OF cor
tificates Of Indebtedness and In addition
two issues Of three year Treasury notes
amounting TO s701,ss7, ,75o.
That rise In Government securities,
widely held throughout tho land. did
much TO revive confidence In the invest
ment situation. Now bond Issues In
enormous amounts were placed on the
market and gobbled I'D by investors.
Indeed. new financing at high interest
The New York herald., 1922-01-05
DEFLATION POINTS
WAY TO RECOVERY
Strength of Banking System and Reduced
Inventories Forecast Gradual Business
Growth Outlook for Easy Money.

HE end Of the transition period mme-
financial
believe the
with
a
Of
industries doldrums;
DOWN. OF and prices.
The New York herald., 1922-01-05

As VIII be seen by the foregoing table
advances In railroad bonds ranged as
high as Is points. Meanwhile the rate
OF interest on new railroad loans de-
cllned from Z per cent. to 5h per cent.
For instance. the Great Northern sold
bonds with a z per cent. coupon early
In the year and the Oregon Short Line
did financing at 51a per cent. in Novem-
Der. Nevertheless. as will be seen by
the comparisons given in the table, rail-
road bond prices do not appear high II
compared to their high marks of former
years. Most of the low records in rail-
road bonds were established in 1918 and
1913 and since there have been invest
ment and speculative opportunities In
the bond market that will never again
be seen. at least in this generation.
Railroad bonds took the lead as 1t has
been the habit OF the America investor
to pin his faith In securities Of that
character for generations and when the
time came for those who had sacrificed
their holdings in the difficult years Of
1919 and 1920 to reinvest they sought
out their old favorites. Industrial bonds
were not FAR behind, however, and the
demand for good seasoned investments
quickly overflowed into the Industrial
list and advances I'm that department
were proportionate as will be seen by
the eubjoined table:
The New York herald., 1922-01-05
LONG LIQUIDAT TON STOPPED
BY BOOM MAKES OLD YEAR
EVENTFUL IN BOND HISTORY
United States War Loans Come Back, Revving Invest
ment Confdence-Tmn Follows Reserve Re-
discount Rates Fall in November
Flotations $4,000, 100000.


1884, ana when redistribution
period Liberty
auiously
Indicated
Of
mot
npJataA
The New York herald., 1922-01-05
rates could not keep pace with the invest

rates could not keep pace with the invest
meDt appetite. which sought satisfaction
In the old outstanding and per cent.
railroad bonds. which advanced stead
ily. The successful settlement OF the
railroad strike In October and tho turn
for the better in railroad affairs gen.
orally gave the final impetus to railroad
bonds. On July l the cut in wages on
the railroads went into effect, and the
monthly reports Of the carriers began
to reflsct that decrease in operating
expenses. The following table shows
the extent OF the rise in the railroad
bonds in 1921 with comparisons:
The New York herald., 1922-01-05

In tho Industrial list, as In the rail-
road list. fluctuations in 1921 were wide.
but bonds did not get up to their highest
records. although certain issues ad-
vanced to within easy range of their
tops. Public utility bonds. particularly
Issues Of telephone and power and light
companies. appeared to be especially
favored. Foreign Government bonds
were tho laggards In the 1921 bond
market and they finished the year with
disproport1onateiy high yields, partly
because Of their newness In the Arneri-
can investment market and partly be-
cause Of the large number Of them
placed on tho market during tho year.
Despite the high coupons carried BY for
eign Government and foreign municipal
bonds. investors displayed no inclination
TO buy them while domestic bonds with
a reasonably high yield were to he had.
Tho disturbances. both political and
financial, I'm Europe during 1921, and
the Generalization OF the European ex-
changes operated against foreign Gov
ernment securities. Nevertheless, tram
sactions IN foreign Government bonds
were very large and advances in prices
substantial. as the following table
shows:
The New York herald., 1922-01-05

sDecernber, 1921. estimated. mot compiled
because OF strike.
Appended is a table giving total OF
the annual production for all producers
u,,th that of 1921 being partly estimated:
The New York herald., 1922-01-05
Rrrnrll Rrntlrra
Jnblir Afilitu 6rrnriitss
Ill Rrnahmay. n. 3.

We are diUdVs prepared
to buy and sell the stocks
OF the foIioUing Companies:
Adirondack Power & Light Co.
American Gas & Electric Co.
American Power & Light Co.
American Public Service Co.
Carolina Power & Light Co.
Central States Electric Corp.
Colorado PNSer Company
Cvm-wealth Pr.yRwy. & Ii. Co.
Dayton Power & Light Co.
Northern States Power Co.
Republic Railway & 1t. Co.
Tennessee Rwy. Light & Pr. Co.
Western States Gas & Elec. Co.
The New York herald., 1922-01-05
Rapid Liquidation starts.

The second quarter OF 1921 saw the
surface indications Of whirlwind prog
ress of liquidation and OF preparation
for the completion Of the liquidation
period. Several situations which re-
quired concerted banking effort to save
disaster arose. but cooperation was at
hand and nearly an the dIficuities were
solved without publicity. Tho period
was featured by price recessions almost
The New York herald., 1922-01-05

In the table the salient items presented OF
corresponding OF $50 and with the last week
in 1921. r,
The Lake County times. [volume] (Hammond, Ind.) 1906-1933, 1922-01-28
In Memoriam

In loving remembrance of our dear
beloved husband and father Theodore
w. Boblen. who departed two years
< today. January 2sth. 1920:
The month OF January again is
here,
To US the saddest month of the year
1t was a bitter message.
4 shock severe,
To part with you. we loved so dear.
Two long years since that sad day.
When the one we loved was called
away.
God took him home, 1t was His will.
But in our hearts he liveth still.
Dearest father, how we miss you.
No one here can ever tell
But the Saviour loved you best dear,
And took you home with him TO
dwell.
Sadly missed and silently nourned
Your Loving Wife and Children.
1-2S-1
The Lake County times. [volume] (Hammond, Ind.) 1906-1933, 1922-01-28
Two Bomb Explosions
In Two Weeks

a second bomb explosion IN two
weeks which rocked the South IL for
several city blocks last night, ave the
Gary police nothe Black Hand nays-
terry 60 solve today.
The unknown bomb thrpwer hurled
the bomb two buildings at
i6fs-45 Jefferson St. badly damaging
both of them. Breaking window pains
and rocking buildings in the neighbor-
hood, the explosion caused considerable
connection I'm the neighborhood
The nrst Hoor at 1s4a Jefferson st. IS
occupied b va coiored man by the name
Of Adams. who operates a lunch room.
The recond floor is occupied by Anna
Estes. The building at 1915 Jefferson
st is occupied by an Italian family by
the name of Guevorn. None of thf
occupants were injured.
The Lake County times. [volume] (Hammond, Ind.) 1906-1933, 1922-01-28

Mrs Frank c. DeminE delightfully."-
entertained the adde's OF the Maya
zine Club on THURSDAY at a luncheon
at her home On South Holman street.
The small tables were beautiful with
silver baskets of spring flowers, jon
dutls. n~arcts91s, tulips, sweet peas and
pussy Willows. \ dainty and delicious
course luncheon was served twenty-
four guests. among them Mrs W. D
Webb, Mrs. H. +. Sharref, Mrs. Vic
tor Dyer. MIS-. RANGES Kingsley. Mrs.
Y. S. Reiter. Mrs. b. L. p. Bell, Mrs
Ralph Dean and Mrs. j. G.. Ibach. Jr.
n afternoon vas greatly enjoyed So
eial1y.
Mrs Roy Fudge ch~arrningly c--er-
aimed the members of the Thursday
2fternoon Bridge Club yesterday at a
-uRcheon at her home on South Hob
man street. The table was lovely with
q hat centerpiece OF orchid and pins
s"est peaS and a silver candelabar WITH
lighted pink tapeFs. An eyquisitely
appointed luncheon was served after
which bridge was played at two tables
me honor were made by Mrs. p. G.
Moorhead and Mrs. Frank r. Befz, ant
the club Will be entertained in tw,
weeks By Mrs. William Hastings q
her home on Hyslop Place.
So
r Blanche Strong. who has heei
the house guest OF Mrr and Mrs. New
ton Renzbrof OF boty street for IN,
past three weeks. has left for her hom,
IN Oregon. Iii.
Mrs. o. T. Klooz or Webb stree
heard Sir Harry Lauder this Afternoon
at the Great Northern.
Miss Carolyn Delaney very charm
tngiy entertained the members OF tn
Edone Club at her home on Eatot
street Thursday evening. Five hun
cred was played at three tables and tn
honors were made by Mrs. James Rid
er and Miss Margaret AUstgen. A de
aicious course luncheon was served i
the dining room. where the table wa
ssinty with y silver basket OF Ameri
ean beauties. Miss Freda DeRoif Wi
entertain the club in two weeks In he
Sczne on Highland street.
Miss Marian McAleer or webb stree
is the house guest OF eriasives in val
paraiso-
The Lake County times. [volume] (Hammond, Ind.) 1906-1933, 1922-01-28

Thomas Hammond VIII return home
from St. Johns Military Academy this
evening, TO spend the mid-semester
period with his parents. Mr.. ana Mrs.
Frank Hammond OF Glendale Park.
With her teacher al her side, Flor
ence Gostiin. the little daughter Of Mr..
and Mrs. W. H. Gostlin OF South II h.
man street. yesterday afternoon in
twenty minutes time penned a fare
well poem TO the Washington school.
which has sponsored her developments
in part. from kindergarten inr ugh
seventh grade. Great credit is due the
teacher. Miss Morris. as well as the
little girl. for the poem has unusually
good metre and diction for 8 chilo's
mind 10 create Miss Florence is ~
years old, and her compliment - the
school -
In Hammond, Indiana on Williams
street,
Stands Washington school. where
children meet
TO study and learn Of historic men.
OF reading. arithmetic. music and
when
TO use an adjective, adverb or noun
We know the location OF every town.
We Sevenths have gone thru every
grade,
All necessary marks nave we made
And now when in this world we take
higher parts,
Washington viii always be dear to
our hearts,
For there IL was that we first knew
the drift Of the world. TO us SO new.
FLORENCE GOSTL1N, Age ~.
Mrs. Emma Yeschupz delightfully."-
entertained yesterday afternoon In her
home on Hickory street in honor Of her
birthday. Bunco was played at tive
tables, and the honors we're made by
Mrs. Roberts and Mrs. Pilling. After
a most enjoyable afternoon the hostess
served a delicious basket of Columbia
roses and a candle-Ht birthday cake
Mrs. Yeschupz was the recipient of q
I, number of beautiful gifts, together
with many good wishes cf her friends
Mrs. Nrilism II. Fehrnan. Mrs. w
II. Davis. Mrs. b. W. Chidlaw and
Mrs. H. f. Allison ATTENDED matines
Wednesday when they saw Nice PEG.
pie" at the Cort.
Miss Dorothy Crumpseker OF Chica e
has spent the past week with he
mother. Mrs. Peter Crmpacker O
Webb street.
Mrs W. D. webb delightfully."- enter
tanned the adies Of the Marquette clul
at a luncheon yesterday afternoon a
The Lake County times. [volume] (Hammond, Ind.) 1906-1933, 1922-01-28
MAYOR
TODAY

Mayor r. Q. Johnson of Gary. who
left for indianapolis Thursday night to
~ansact important business matters at
the state capital. is expected TO return
today. when he will probably announce
the many changes made in the per-
sonel of the Gary police department BY
the board of safety at their reguia-
meeting yesterday. Rufus East. secre-
tary TO Mayor Johnson and secretary
of the board of safety. stated tina the
changes would not be announced until
the mayors return.
The Lake County times. [volume] (Hammond, Ind.) 1906-1933, 1922-01-28
T. OF
RICHES AGAIN

A large number OF weIl-known Gary
men who own a 160-Rcre tract of land
and a 3.1O0-foot dry well In Drumright,
Okla, and a mile from the spot whsre
a 5,ooo-harrel oil gusher was truck
last week are ~snxiously awaiting the
details of the big oil strike. Several
years & when the well was sunk. the
property was believed to be worthless,