davidaulloa/AmericanStories huggingface dataset:
The Washington times., 1922-10-26
BONDS
DROP SURPRISE
TO BANKERS
Deny Banks Are Responsible
for Weak Trend ot
Prices. n
BY MUNROE ROBERTS.
tcepyrisht. 1922, BY Cosmopolitan News
sF'tt N kf's service.) ~

tcepyright. 1922, BY Cosmopolitan News
.fF'tf M ~ service.)
NEW YORK. Oct. z6.---It Is a we'll
known law of the physicai realm that
liquids Of all kinds find their level
and will unerringlyf now. from .
higher plane to q lower plane. Like
a rowing Arab, water, when placed
in any receptacle, will take, advan-
tage or any opportunity TO find its
way out and establish itself In new
surroundings. In many respects, In
vestment capital has the same, prop
erty, and shrewd investors are always
looking around for the most advan.
tageous form and method Of employ
Ing their capital.
The bond market is always In
competition with investment fields
OF other description, such as the
stock market, mortgages. accept.
afiees, business or underwriting par
ticipation,a ETC.; and quite often tr.
regular conditions IN the bond mar.
ket may be traced to the more at
tractive conditions prevailing In
other channels OF investment rather
than to any general weakness In the
bond market itself. II 10 this con.
dition which in the opinion Of in
vestment banking experts has re-
suited in the decline In prices Of
high-grade bonds over the past few
weeks, and In the general desire OF
a large number Of investors to nqui-
Gate the bonds which they have held
closely for q year or more. :
] Perhaps the biggest topic for
consideration in the investment
situation, at the present time IL
the SURPRISINGLY erratic market ac-
ton of Liberty bonds OF every class.
Liberty bonds led the advance In
prices over the period, from the
early part Of 1921 to the summer
OF 1922 but they have also figured
quite prominently in the reaction
which has characterized the market
in recent. weeks and some Of these
issues sustained losses Of more
than three points.
! II was commonly supposed that the
'liquidation OF the big banking insti-
tutions was largely Responsible for
the weak price trend Of prices Of Gov.
ernment bonds. but the managers Of
these institutions indignantly reject
any such assumption. and state their
willingness to prove, by figures. that
their holdings OF war bonds have in.
creased rather than diminished. In
the last six months institutional sell.
ing, II such has been indulged. In.
has had it's source, they say, In COM
rmerciAl and Industrial. rather than
financial. organizations. 4 "., .
The Washington times., 1922-10-26
FREAR IN new
AT,TACk0NB|Cl
oil DIVIDEND
Mellon Taking. q DefenseIsss
Position in Approving
Deal. He Writes.
By unlyersal service.

: Congressman James A. Prear, Re
publican, Of Wisconsin, last. night
launched his third attack within a
week on Secretary OF the. Treasury
Melons ruling that the ( proposed
division of Standard Oil and United
States Steel accumulated surpluses
In great stock dividends are not sub
ject to the special surtax provision
in section 220 ofgthe revenue law.
Charging that Secretary Mellon is
taking IAN apparently defenseless
position" Frear declared in a letter
to the Secretary:
Your action may involve a serj'
GUS economic and political mistake,
apart from its failure 10 perform "a
plain official duty required OF you
by law" = 81
In making public the letter, tbe
Wisconsin Congressman said hun
tireds of1miIions OF dollars In taxes
annually and penalties are involved.
according to those who believe the
1921 revenue law passed by this Ad-
ministration should be enforced"
Obviously limiting at contemplated
Congressional efforts to force Mr.
Mellon TO change his decision. Frear
said OF his controversy. with the
Secretary: -. a +l.,-I - :
whether the records to be con.
fined to letter writing will depend on
circumstances to be indicated here
after" ~
Referring to section 220 as d.
signed to reach large surpluses e
cumulated by. corporations to evaSe
the. payment Of individual surtaxes
and the projected distribution tf
more than $1,000. .000.0 900 in accumsI-
lated profits by the Standard Oil
Company and $500, 900, ,000- By tthe
United States Steel Corporation I'm
stock dividends, Frear wrote:
There can be no reasonable ques-
ton about the meaning Of the law
- nor of the fraudulent pur-
rose to evade Individual income tax
payments through 4tha issuance Of
stock. dividends. -1-.s. -. !. II
The Washington times., 1922-10-26
new HOME IS
..F0UNDEORD.C c.
RENTAL BOARD
Quarters Located at Last at
a Sixth and B Streets tor
!, Is s, @a Commission.

That air Of suspense which. like a
storm cloud, has hovered over the do.
main of the District Rent Commits.
sion in, the. Hooe building, 1880 F
street northwest, was dispelled to.
day. ....r.. ...
Despite overcast skies. the commits.
sion today creates It's own sunshine,
and the click-click Of busy type.
writer's Ia ifite the song Of little
brides. IN" '.t
y For the Rent Commission, by grace
Of the Public Buildings Commission
Is no longer. uncertain of It's home.
The rent fixers were threatened
with splendid isolation In the +
street building. from which the pro.
hibition unit and other, Government
bureaus are moving. In pursuance
OF the plan to remove Federal bu-
reausr from rented offices into Gov.
ernfnent-owned buildings
For days, scouts OF the buildings
commission sought space. for the
rent judges. They had to hustle,
because the .Hooe building Is to be
vacated by November 4.
To-day the search ended. In glee-
fuI tones, Ed. Clark. secretary OF
the buildings commission tele-
'phoned the news to Chairman A.
lLeftrioh Sinclair, OF the rent
board r. ~ ~. w.
] .sWsll. 2 i've found, IT," an.
noupced Ed. Ne W.. - j,
Mr.. sinclair bresther q fervent
prayer Of Thanksgiving.
eewhere7" he asked. recovering
.BuiIdlng D. at Sixth and b."
,rhymed nd. when can yos
By Next Tuesday. anyhow
So that's settled. Selahi
The Washington times., 1922-10-26
DIVORCES MATE SHE W
2 MARRIED HERE IN 1899

Chief Justice Mccoy. yesterday 10
Equity court awarded Mrs. 'Maude
w. Merryrnan an fnterlocutory de.
cree of divorce from Benjamin. F,
Merryman. whom she married In this
city November 90, 1893. IT was al,
legged by the wife that her husband
deserted her many years ago and
took up his residence In this city
with another woman whom he held
out, to the public as his wife. -.
Hearing OF the case occupied but
q few minutes, the testimony ot
police officers showing that Merry
man and the alleged, correspondent
were arrested on a statutory charge
Attorney Raymond Neudeciter sab
peared for the wife and Mefryniar
was, represented by Attorney. Newtof
Donaldson. The husband offered nj
defense, s,F ~ y. ~,
The Washington times., 1922-10-26
FINANCIAL COMMENT
ecopyritht. lssa. BY co.mopoilt.n New.

tCopyrBht. lSzz, by Cosmopolitan, News
seryice.l %
NEW YORK, Oct. 26.--Traders,
who are somewhat disappointed over
the failure Of the public to show an
interest In the. Industrial stocks,
which apparently have been boosted
without attracting much OF q follow,
ing, are returning to- the railroad
stocks. In the belief that they will
take a more prominent part In the
upward movement before <he close
OF the current bull market. This Is
not to say that the rails have NOT
given a good account of themselves
during the past two months. when
indeed they have, been the anchor
to windward In q generally reaction
ary movement of prices. But II is
generally believed that they-haye not
yet fully. discounted the remarkable
Transformation in their financial
status which the next year or two
Of general prosperity Will bring about.
Figures complied for the inter-
state commerce commission show
that during the last two years, or
since the general rate increase be-
came effective. ipG6eptember. 1920.
the net earnings OF the railroad
systems were, at the rate of 3.47
per cent against the per cent
contemplated in the Transportation
Act. But II must be considered
that in the intervening period they
had q great deal TO contend with In
the way OF handicaps imposed from
without. Conditions are improving
and many lines which earlier In
the year were not earning their
running expenses have gone over
the top and are able to report a
moderate surplus. =. -, - ',---
The reports of the most important
systems from January ! OF this year
to August 81. show the following
percentages of earnings. to fixed
charges In the first eight months
of the year: u.
The Washington times., 1922-10-26

Acceptance dealers have again IN
creased the rate on bankers saccept-
ances, tie; An per cent rare now
prevailing being the highest In over
six months,H and representing -four
successive ADVANCES in that, period.
The real necessity for the latest ad.
vance is found in the apathy of in
yestors toward acceptances, at any
rate as low as 4 per cent when such
good opportunities are TO. be found in
other Investment channels The banks
ers' acceptance IN ,tne most. Stable
and substantial form Of commercial
credit and the instruments created
by this process are a desirable form
OF investment for savings banks,
trustees and fiduciary institutions
OF all kinds -. =. ~. '.-...-Ilk
The Washington times., 1922-10-26
AUTO HIT BRIDGE PILLAR,
DISTRICT SUED FOR LOSS

. The District OF Columbia was
named defendant in suit filed yes.
terday in the District Supreme Court
by Joseph A. Berberich for $1,000
damages. for the alleged loss Of his
automobile November "a. 1920. when
u was demolished by striking a pillar
supporting the Baltimore and Ohio
railroad viaduct on Rhode Island
avenue northwest.
Plaintiff. represented by At
torneys Tobriner and Graham,
alleges, that the pillars are dangerous
to pedestrians, as they are painted
black and not properly lighted at
night. - 1I..'. ..... .'1
The Washington times., 1922-10-26
AIumnae Holds Reunion.

The aiumnae association Of the
former Washington SEMINARY held a
reunion today at wardman Park Inn.
Mrs. Mabel Mills Kirkbride. Of Nor.
ristown. Pa. was elected president.
More than 100 delegates are in at
tendance. After the business meet
Ing today there will be a card party,
followed by q reception, at the home
of the former principal, Mrs. George
T. Smallwood. .,
The Washington times., 1922-10-26
BROKERS' EMPLoYE !!
TOOK. soc, 900, CHARGE

NEW YORK.. Oct 26.-Irving
Miller, Jersey city, was arrested.
charged with the theft Of $500
In Great Northern HALLWAY stock
certificates from the brokerage
firm sof Clark, chfIds e. Company
last June. 8 s ~
Miller has confessed. detectives
say. to giving the securities. to a
man who promised him $4,000 for
the first batch of stock with, which
the firm intrusted him.. A former
manager of a branch Of the bank
rupt brokerage ydrm of e. d. Dier
a. .eC6., was arrested yfveral, weeks
ago, when he attempted to- cash
one of the stolen certificates!
The Washington times., 1922-10-26
BARRED FROM APPEARING
BEFORE WAR FRAUDS JURY

Justice Stafford of the District
Supreme Court yesterday sustained
the motion of" the Government to
strike out part Of the plee in abate-
ment filed by Everly NJ. Davis and
Alexander w. Philips. Of New
York, indicted with Ernest c.
MSrse. formerly sales agent OF the
War Department. and charged with
conspiracy, In connection with the
sale of the old Hickory, powder
plant at Jacksonville, Tenn.
The portion. stricken out related
20 the effort Of Davis and Philipps
ID be permitted before the special
grand jury. which Investigated the
ale. - -. -. L-E- -
The Washington times., 1922-10-26
G00D"DEMAND
lsSHD|aNfOR
RAAs STOCKS
Y. 8, Steel Studebaker, and
Other adets Subjected 10
Heavy Selling Pressure. II
by w. s. COUSINS.
tcopyrishts sisss. BY Z icosmopoiits
.,ys Nav. sarvice.l.N

III { News service:1,N
NEW YORK, Oct. 26.--Buoyed
up aby the excellent demand for
railroad stocks the market pre-
sented q much more firm and steady
aspect IN sfhe early trading today
lnan II Otherwise might have had.
Practically every other division Of
pt the speculative list was under
Aquidatsoii, with prices retrsating
steadily. though only In exceptional
Eases were there any wide breaks
IN prices. K, .@s.t; y1'i - 3,t
The widely accepted view that the
railroad stocks have still a, long
distance to 60 before they have
edequately measured the prospects
ior the pewI prosperity of the carrier
system in the Forthcoming season
nasied to quite steady accumulation
oLSthese stocks. and. whatever real
Vitality was in evidence In today's
market, centered about the rails.
New York Central and Western
maryland, which are regarded as
looming the basis of a new anal.
gamation, were the most active Of
the rails with. Reading. and Great
Northern preferred In active competi.
ion, ,pAt I01 New York Central
was only fractionally below It's best
Previous record. - s.+ + 1.
Leaders Drop. .a,..r,.
indugtrials were again subjected
TO heavy selling pressure, and United
States Steel. Baldwin, Consolidated
Gas. Republic Steel. Studebaker and
other Of the prominent market lead
ers made no show of resistance
against the aggressive selling orders
which poured in ffom all directions.
Gonsoi. dated Gas lost abouts ~
POINTS at 1873, due to sell ng. Of in
Nestors who believed that no divi-
dend s,readjustnent" would be made
by the directors at their meeting to-
day Repnbljc Steel broke through
50, at which price 1t was, only three
points from the low of the year, hav-
ing dediped steadily from its high
at 7S% Il Cyucibie losts3 points at IS.
AtIant Gulf was again pushed be-
low 22N and Mfxine preferred to
around "a, only one point from the
Studsbaker> broke, through l25
for a. lpss OF three points. Lima
Locomctive was sold when the di;
rectors placed the stock on an
per cent basis instead OF the ex-
Dbcleui Il sPGT Ctflt.s ,Cttiuti ftaAAH,
like New Haven and ,St.sPaul pre-.
sented an Irregular appearaiiee. and
MeFteag 0tls tSereS. pcandedr, down
frah the sstaat 5, =, . -, =: :, :, 5. s.
~ Ssaxa. moderate z. react son
around 106. the independents did
not fare so well and Bethlehem
Cractbie- sLackawafna and Raphb
lics sustained losses Of poin: or
The steel business OF the country
viii be fully reviewed at the meet.
inks OF the American, Iron. and
Steel institute TOMORROW, and II, is
generally Believed that, this survey
will sho& that the, big, Steel com
panies /; are headed toward more
prosperous conditions x .,.y,
N6fwithstan nding the easier rate
for call loans the market continued
hesfvy. and irregular up to noon,
when a number of rails Joined in
the decline."s ... .-g
The Washington times., 1922-10-26
Foreign Exchange.

NEW YORK, Oct. 26.--sterling
4.4sN; cables 4.44k. French
francs demand ! .0ss3k;. cables
.oss3g New le22 lowt Lire de-
mand .ossesf cables c.o3s7 new
1922 iow). Belgian francs demand
,oe345I; cables :oss5 tiew 1929 low,.
Marks .00asH Greek drachmas de.
ma nd .020s; cables OIL. Swiss de-.
manl 1909: cables 1904 tnew 1922
,ow,. GuIiders demand $500: cables
10 90: pesetas demand 16.1sH; cables
1s.21is. Sweden kronen demand
es.7I: cables 1915. Norway demand
1875: cables 1857 Denmark demand
1904: cables 2o.0sS
The Washington times., 1922-10-26
Vote for, Better School.

AT a meeting of 1.-The 'Landoyer
Community Club, of ,Landover, Nil
held at the home OF Mrs. J. Lynd.
bam, IL was voted to purchase ad.
ditional books and other supplies for
the town school I. An increase In
the pay aUf :tanitors also was voted,
The club will give a dance next Sat,
tTday night at Holmes Hall in Land.
The Washington times., 1922-10-26
BUSINESS BRIEFS
by cesmepesit.. Ssw. service.

ny Sysusopyfss." 49,
. Loading of revenue freight
amounted to ySS,47O cars In week
ending October II, according to
American Railway Association This
was an increase Of 1854 over Same
week in 1921. ..
Reduction of gasoline price of IA
e ,s a gallon by Standard Oil Of
l. II Jersey, today in its domestic
market Is expected to be followed
by Texas Company and Gulf Oil.
Territory affected covers most. OF
the Atlantic Seaboard south of New
York. ... , IS ~. = -
According to the American Rail.
way Association, demand for freight
cars In excess Of supply fotaled 156,:
500 cars October 15, an Increase OF
i5,057 over October 81 H.. ~
In quarter ended September so,
Reynolds Spring. Company. earned
from its spring business alone s133,-
600 after deducting depreciation.
Earnings for first six months were
az rate Of 80 annually. ..,r
The Washington times., 1922-10-26

This being, 50, nothing is more i'm.
portant them that al interests strive
conscientiously to keep prices down
70 the lowest feasible level. Unless
the utmost self,restraint and moder.
ation be exercised by sellers during
the4next few months. the whole i'm.
movement which has been and still
u under way in business could easily
be wrecked, +~
The Washington times., 1922-10-26
N. Y. Cotton Market.

NEW YORK, Oct. 26.-The cot
ton market was steady at the open
ing today. December opening at
24.ls. off /; January, $3.50, off 8;
March. 1884. Off 8; May, 1884,
off Ia. sl.' .....
The Washington times., 1922-10-26
B USIN S.A N D-.FINAN g F D $ssHaasEH
Local Stocks.
aAIEs.

washington Railway and Electric
preferred. lo@77. i0@77.. 19@77. So
After cali washington Gas 7h's.
s500@l04N
The Washington times., 1922-10-26
Curb Market.

Furnished by W. B. HIbbs Z Co.
The Washington times., 1922-10-26

Sale of stocks up to-I-
II Am. ~ noon 1p.m. pm.
ss7 500 530. 100, -,
Sgl SaieNof bonds up to- "A
f1Sa.m. IL noon. 1p.m. pm.
e.s2s.ooo 6.s56.OOo l ~
- - fS 4.
The basic truth Is that salaries
Ind wages are not. as n whole. ON
n level permitting liberal buying at
adyanting prices. Nor is our agrf-
cultural population In opposition to
purchase manufactured hoods at a
rising scale Of prices.
Every evening, Wilmington daily commercial. (Wilmington, Del.) 1878-1928, 1922-07-14
maintenance MEN
INSIST ON STRIKE,
VOTED FOR WALKOUT
Bring Strong Pressure to Bear
on CRADLE to Call 400, 900
Members Out.
WANT TO AID THE SHOPMEN
BY Associated Press to Every Evening.

BY Associated Press TO Every Evening.
Chicago. July 1<.--Strike threats by
maintenance OF way employee, over
shadowed the last 10 days by tho chop
mems strike. broke out again today
bringing the rail strike TO n new
crisis as II ncared the end OF it's sec
ond week.
Fresh outbreaks OF violence. notably
In Texas, Oklahoma and Missouri.
President Harding's determined steps
to'keep the mails moving. and informal
negotiations for n settlement Of the
shopmcn's strike on II roads in the
northwest were among other import
ant Developments OF the last twenty
four hours.
Pressure by many Of his general
chairman upon r.. r. Cradle, president
or the United brotherhood Of Main
tenance of Way Employees, and rail-
way shop laborers. pushed the common
labor problem 10 the front again. Mr..
CRADLES action in Withholding strike
orders after maintenance Of way en-
ployee voted to Join the walkout. did
not please many OF the organization =
general chairmen. who paesed on 10
| their chief the persistent denaa nds for
concerted action
Mr.. Cradle arrived In Chicago while
| threate TO disregard his refusal n ioin
tho walkout came from within his or.
ganization. The general chairmen. he
asserted. had no authority 10 call q
strike. and nc indicated an intention tc
remain firm in his refusal 70 sanctior
/ n strike.
The maintenance mems chief dc
clared thats no especial signifcanc.
was attached TO his midnight con.
ference last night with y. NJ. Jewell
tho shopmen's strike leader. Mr.. Ora.
bic stopped in Chicago en- his return
from Kansas City after conference
with his chairmen there. and asserte,
that he had no further grievance
at present to take before the Unite,
states Railroad Labor Board. who's
chairman, Ben w. Hooper and w. /
McMenimen, one Of the three labo
members through mediation, pre-
Continued on page g.
Every evening, Wilmington daily commercial. (Wilmington, Del.) 1878-1928, 1922-07-14
MOTORISTS ACT
AGAINST CONSTABLE
Extortion Charge Against Whit
tington, Result of Sunday
Arrests.

Judge Hastings in City Court this
morning granted the request for
continuance made by George. Whit
tington. n county constable. charged
with extortlon. The date OF the trial
was fixed next Wednesday. Ball was
fixed Mt 800. Wilmington was arrested
In Magistrate Stradley's offices shortly
after o'clock last evening by Police
Officer Blackiston. The warrant for his
arrest was signed by George NJ. Peirce.
a local real estate agent
Mr.. Pelrce is said to have been one
of a number OF motorists who were
stopped by Constable Wilmington
on tho road between st. Georges and
Delaware City last Sunday and sub
jected to fines without trial. He was
charged SO and claims to have the con-
stables receipt for the amount. A
magistrate, who was present at the
time. refused to sign receipt. 1t Is
said.
Numerous complaints have been re-
ceived by the Delaware Automobile
Association from motorists who were
sub bjected TO the same treatment M
Mr.. Peirce and Il IL expected that con
siderable evidence Will he presented
when the case comes up. The Delaware
Automobile Association is backing th'
charges.
Every evening, Wilmington daily commercial. (Wilmington, Del.) 1878-1928, 1922-07-14
DRY AGENTS RAID HOME
OF NATHAN HAMBURG
Say They Found a Still and
Liquor, in Addition to Ar
resting the Man.

In a raid at o'clock this morning.
Frank z. Haley, agent Of the Law and
Order Society. assisted by Federal
agents. arrested Nathan Hamburg,
living on a farm along the Boxwood
Road near Beste Lane. seized a horse
and buggy, two complete stills and
conhscated 32 quarts Of what is be-
lieved 70 me spurious liquor.
Hamburg. according 10 Mr.. Haley,
was arrested as he was driving
through the lane. presumably on his
way 10 this city. a search Of the
wagon revealed l6 quarts OF the stuff.
the agents said. Turning back, the
officers say. a raid Of the premises on
state warrant. resulted in the find
ing Of a 15-gallon copper still con-
cealed in a stable, together with a
barrel Of what Is believed TO be mash. "
In the house. the agents say, they
found a 25-gallon copper still and 16
quarts Of suspicious liquid.
Hamburg is married and has two
small children. According 10 the
agents. who have been investigating
the case, he is suspected of having
transported whiskey TO this city fol
some time.
When arraigned before Magistrate
Stradley at noon. bail was fixed al
$500 for a further hearing next Wed
nesday. on charges of transporting
and possession Of liquor.
Every evening, Wilmington daily commercial. (Wilmington, Del.) 1878-1928, 1922-07-14
\, BURTON SH|PLEY
WILL NOT RETURN TO
DELAWARE As COACH
Announcement to This Effect
Made by President Hullihen
of University.
DERBY Is ALSO OUT

Coach II. Burton Shipley will not re-
turn to the University OF Delaware
for the next year. This announcement
has Just been made by DR.. Walter
Hullihen, president of the university.
DR.. Hullihen declined TO make any
statement relative to the matter other
than the announcement that Coach
Shipley Will not return.
At the meeting of tho board of
trustees, during commencement, last
month, It was announced that the mat
ter of athletic director for the next
year had been referred TO the com
mittee on instruction, OF which Henry
Ridgely of Dover rs chairman. with
power to act.
At tho came time 1t was announced
that owing TO lack of funds. S. r.
Derby. who In the past university
year coached football and track at the
university, would not be engaged to
coach those sports for another year
1t Is likely that the university will re-
turn to the one coach system. at least
for the next year. because 81 lack OF
funds for athletics. One general coach
Continued on page II.