davidaulloa/AmericanStories huggingface dataset:
, 1922-05-25
SHORT COURSE IN BoSDs-So. 4.
BY John u. Fish

II may be well 10 touch on a third
class. which are external bonds Is
sued by one government and payable
in the exchange OF another govern
ment. which ultimately find their way
into the hands OF n investing public
in n third govenmcnt- Examples Of
this r h japanese government 4
and "A per cent cans OF 1891 and 1875
respectively, which are payable at the
normal rate of exchange on pounds.
francs and marks; also the Brazilian
government RECESSION 4 per cent bonds
change in pound sterling. many Of
country. Chile. Argentine and the
Netherlands also have such cans out
standing that are in the hands OF in
vestors in such n third government
Probably the most universal type Of
investment in this country arc railroad
bonds. These are OF many kinds and
classifications. but by grouping them
under a number OF general heads with
subheads. I believe that they r most
easily understood.
Ffrst-RoiIing stock bonds and notes
which are usually designated As
trust An Equipment
trust may be issued under one OF two
general plans; first. the Philadelphia
plan where title to the rolling stock is
vested in n trustee. The method pur-
sued Is as follows: Presume that the
New York Central railroad buys from
the Baldwin locomotive works sl0,-
900 900 worth OF locomotives. The
railroad would pay down two and one
half million dollars on such purchase.
Then the title to such locomotives,
purchased at a cost of ten million dol.
lars and on which there is still due
v and one-half millions. is vested
We will say IN the Girard Trust com
pany OF Philadelphia who will Issue
for The New York Central railroad sew
en- and one-haif million dollars worth
OF Equipment trust notes. sccured by
ten million dollars worth OF locomo
tives and lease tho locomotives to the
New York Central ut an annual rev
enue sufficient to retro the notes
when they come duo and to pay the
interest on all outstanding obligations
issued under such n trust. This form
Of security usually is of n serial nature
maturing annually in from five to fiji
teen years from inc cato OF ISSUE NJ a
rate OF redemption rapid enough so
that h equity represented, after a
reasonable depreciation is taken. re
mains the SANE. The second form is
the New York plan. which is identical.
ly the same except title TO M prop
erty is vested in the railroad itself
rather than the trustee. and the rail
road is liable by endorsement for out
, 1922-05-25

standing notes In 10th instances. III.
equipment trust investor has a mort
gage on the property Represented.
which property Is proS scted against
loss from fire or accident by insur.
ance- This is considered 10 be a VERY
desirable form OF investment as the
owner has a movable asset which. II
the railroad fails TO maintain its pay
ments. may be sold at Euction at a
figure generally sufficient to compen.
safe the investor dollar for dollar
Two-Terminal bonds. These bondz.
arc secured generally by property
owned in fec simple by the railroad
and art issued in amounts consid-
erably lower than the value OF tho
real estate and improvements placed
thereon II tho terminal property in
question Is utilized by more than ono
road. it is customary for each of the
reads so using to guaranty both joint
" or severaIiy or in pror-a such
bond issue. Examples q this are tho
st. Louis Union Depot guaranteed by
n group OF roads utilizing tho o
ty; the Chicago Union Depot AZ and
81 OF 1851 guaranteed ny five rail-
roads and a number OF other typical
examples. This also is an exceedingly
safo and satisfactory form OF invest
ment.
, 1922-05-25

NEW YORK. May 25.-continu.
ance OF the heavy demand for invest
meut securities vas demonstrated to-
day when the subscription books for
the ss5. 600 900 bond issue OF the New
England Telephone and telegraph
company were opened and Immediate
" closed at the office OF j. p. Morgan.
and company. The bonds. which bear
five per cent interest. run for thirty
years and are non-callablo before
.une 1. 1919. They are offered at s7s
TO yield Sis per cent.
, 1922-05-25

NEW YORK. May ss.-Net corpora.
tion income of s22. o65. 399. IN Increase
of s2.971.s15 yer the previous year
was shown in the pamphlet report of
tho Northern Pacific Railway com.
pany for 1891, issued yesterday.
In his remarks to the stockholders,
Chairmen Howard Elliott said that
expenses had been heavily scaled and
that the saving thus effected over
balanced "a very poor yea for the
railroads. particularly In the country
between Lake Superior and Puget
Bound"
A saving of more than s2s, 900 900
achieved by scaling down ex-
penses from 800 ,sS3. s74 in 1890 to
ST.. $40 1857 for 1921. Total gross bus
mess was ss4. 5ss. o5s compared with
s113. os4 .4o7 in 1920.
Incorporating income wa ;es, 55...
, 1922-05-25
WHEAT DEMAND
IS UNCERTAIN
May Slumre. Then Receivers
and Closing Is Unsettled
Today.

CHICAGO. May c5.-In a general
rush to sell wheat today prices under
went a new tumble during the early
dealings. Buyers were scarce until
fhrn had been a decided fall in values,
Most OF the comment favored the
view that the big operations in May
wheat were at an end. and that with
n Of a m~onth-end squeeze Of
shorts having beer thus greatly re,
duced the hear side Of the market had
been given a material advantage. De
ifve1ea here on May contracts this
morning totalled $4,000 bushels, and
there were fresh receipts here Of 52s
carloads fhe opening which ranged
from = to aikc lower with MAY Si.3ois
TO yI.sl and July IL. TO sl.s2h, was
followed by successive breaks that car
ried May down 10 s1.es and July
.i.2oZ.
The market later descended another
half cent. May touching 1-27h. but
then profit taking on tho part OF bear
Sp,-uiatnrS led to moderate rallies. 4
steadyine influence was h fact that
the Liverpool market had failed TO
follow declines on this side OF h At
lantic. Tho close vas unsettled Il TO
4Xo net lower vita May s13s 20
81 .2Sis and July s1.21% to H-2fE.
Corn and oats went down grade In
line with wheat After opening n
shade to sc lower. July ss% TO CSC.
corn market continued 10 sag
smaTlness Of offerings to arrive
here tended substantially 20 rally the
corn market. Tho close was steady
at a shade net lower to &c advance
with July SIC to s3kc-
Oats started &c lower TO &c ad-
vance. July ssS to 5s% and then suf-
fored a moderate general setback.
higher quotations on hogs gave
firmnoss to provision values.
, 1922-05-25

some seven suits. Five other suits be
tween other parties are stll pending
in court at shelby.
Announcement OF the organization
OF the Gordon Campbell Royalties com
pany. capitalized at $500 900, was one
Of the first developments following ad-
Justment Of differences Directors in
clude Gordon Campbell. Harry L. Wi
son OF Billings. ex-Congrezsman Thorn.
as Stout o. Lewistown. NJ. r. Smeitz
and L. p. Jackson OF Roundup.
A test Of the Gordon CampboIi-Lev-
in syndicate well near Kelvin is ex.
psctcd at An early date. this action
and further drilling having been de
layed while the property was tied up
in h courts. 4 second well is being
started BY this syndicate.
Il feel that the settlement means
much TO the Kelvin field" said Camp
bell. within the next 60 days there
should be a pronounced Increase in
development OF the district
l. c. Stevenson OF Grcat Falls re.
ports that California capital has been
Interested in n test to be made this
year OF the vtmy Ridge structure west
Of Fort Benton in Chateau county.
wncrs II 900 acres of leases are held
in n single block.
AbsarokA well No. . has hem
snudded in north OF Ingomar with a
Pinch hole TO permit drilling to a
depth Of 1000 feet IL necessary to
make a thorough test Of its proper
ties.
, 1922-05-25

Complete development OF the Duthie
On company leases on section 3-39-79
in the Salt Creek field will be con-
Quoted this summer under the direc-
OF ]. II. Merrill who is at present
working on the sixth well to be put
down by the company on the lease.
The other wells drilled by the com
pany are in h oil sand, two are ce-
mented above production and No. 5 is
awaiting completion being at a depth
of 2525 feet.
, 1922-05-25

DENVER. Colo.. May 2:.--catue
receipts. $500: market steady: beef
steers s6.T5@S.a5; COWS aud heifers,
s. O0@s7.75; calves. sS.1uEps li so
bulls. ss.oo@s4.5o; stocksrs and ICED
ers. $500 "a $40.
Hogs-Receipts. $500; market loo
higher; top 5000; bulk. 10000
$1o.25.
Shecp-Receipts $500; market 25c
higher; clipped lambs, $1,000 a $1z.T5i
ewes, $7.ooG$s.5o; spring lambs,
$14.00 a$14.5o.
, 1922-05-25

CHICAGO. May 25.-OUnited States
Bureau of Markets Cattle-Receipt
IL 900; market active; beef steers
steady to slow; top s9.25; on heavy
steers and yearlings; bulk of beef
steers ssGs.75; fat h stock and
lockers about steady; Gamers weak:
bulls and calves strong; early sales
veal calves to outsiders at 100000
II; packers bidding ss.5O9s.75 for de-
irable light vealers.
Hogs Receipts $4,000; market
fairly active; mostly SC to o higher
han Wednesdays average; big pack
ers doing little; top $1,000; bulk
s1o.3o@1o.75; pigs about steady; pack
ing sows strong to loo higher; heavy
weight s10.5001o.65; Medium weights
s1o.6OQ1o.S0: light weight s1o.75@
1880; light lights, s1o.15q1o.70; pack
, 1922-05-25
Livestock Mart

Associated

OMAHA. Neb., May s5.@Unlted
States Bureau OF Markets.@iIogs-
Receipts il 500; active. mostly 11c to
15c higher; bulk $50 to 24o-pound
butchers. slo.4O@1O.45; top. 1880;
bulk $50 to 325-pound butchers, 1910
G1o.35; packing grades. 5000.
~Cattle-Receipts 5000; beef steers
lower; 10 to csc lower: top yearlings
ss.75; she stock steady TO 15c lower;
other classes of stock mostly steady.
Sheep - Receipts 4.500; clipped
lambs 15c to Zoe higher; early top
$3.50; some held higher; no choice
spring lambs here. sheep and feeders
steady; eve top. s6.75.
, 1922-05-25

NEW YORK, May 25.-The daily
average crude oil production OF the
United States increased 1900 barrels,
totaling 1929, 200 barrels for the week
ended May 20, compared with 1.42e..
400 barrels the preceding week. ac-
cording to the wkly summary OF the
American Petroleum institute.
, 1922-05-25
Metals.

NEW YORK. May 25.-copper
firm; electrolytic spot and futures
1sS 914c- Tin firmer; spot and fu-
lures ss1.i2. Iron steady; prices I'M
changed. Lead firm; spot s5.5o@5s5.
Zinc firm; East st. Louis spot and
nearby deliveries $500. Anthony
spot .5.57d5.50.
, 1922-05-25
oils SOLD Off
IN STOCK MART
Many Prominent Issues Under
Pressure on New York
Exchange.

. NEW YORK. May .5.-High-grade
rails and popular steels and oils were
under constant selling pressure in the
course OF today's w stock mar
ket operations. Sales Appropriated
I zoos. 900 shares.
Buying OF low priced rails. especial
andy Lake Erie and Western com
mon and preferred. Wheeling and
Lake Erie preferred. Chicago Great
Western preferred. and Minneapolis
and st. Louis at n TO two points
gain sniivened the later dealings. The
closing was irregular.
NEW YORK. May s5.-Narrow
price changes characterized the dull
and irregular opening Of today's mar
ket. The 10 per cent freight reduc-
o announced yesterday by the inter
state commerce commission was with
out further effect upon rails. where
changes were limited TO a half point
gain in New York Central and a re-
action OF the same extent in New
Haven. Independent steels and secon-
dairy equipments reflected pressure.
however. Midvale AMI Pressed Steel
Car losing one point zach. arhc for
eign oils. as well as Industrial Alec
hol. Allied Chemical. Dawson Chemi-
cal. Utah Copper and American Smelt-
ing featured the markets stronger
side. Preliminary foreign exchange
quotations continued firm on more
cheerful advices from Paris.
Tho less favorable aspects OF the
proposed steel merger provoked steady
liquidation among those issues during
the morning. Crucible. Lackawanna.
Gulf States. Republic. Sloss Sheffield
and Vanadium sustained loss Is os one
to : points. Most of the domssuc oils
and several OF the foreign group re-
acted TO some extent and coppers.
chemicals. %shippings and food special.
ties lost ! to IL points. Among rails.
Pacif,cs. coaiers and several of the
eastern trunk, lines including New
York Central. were under pressure.
The only shares TO show a strong tone
were the tobaccos. American Ice com
mon and preferred. Industrial Alcohol.
and Brooklyn Union Gas. Partial raj
lies before noon were led by Mexican
Petroleum. Call o opened at 4
per cent.
Revival OF speculative interest in
SnhrcS winch are not ordinarily very
prominent in tho dealings caused
some notable advances. Meantime the
recognized leaders f1uctuated within
a very marrow radius but with the
undertone steadier than in the morn
ing. Burns Brothers A and New
York. Chicago and st. Louis first
preferred improved 4 points each.
New York and Chicago and st. Louis
second preferred Az. WHY'S Overland
preferred AK, Lima Locomotive and
Emerson Birmingham preferred ~
and United States Realty. Brooklyn
Union Gas. North America. Sears
Roebuck, Union Oil, Phillips Petro-
leum and one Brothers Tea III to
~. Wabash common and preferred
A were extensively bought and
gained a point each.
, 1922-05-25
Sugar.

NEW YORK. May 25.-Sugar fu-
lures closed stedy; approximate sales
1880 tons. July s2.70; September
$3.50; December s2.ss; March s2.s4.
Refined sugar inquiry good with one
refiner advancing prices 20 points to
S5.5o@5.eo for fine graduated.
, 1922-05-25

The Clark Producing & Refining
company's test well on section 1886
62 of the Old Woman Creek anticline.
near the Lance Creek field will be shot
soon at 400 feet to determine the pos
sibility OF production in a sand pene-
trated for 60 feet n found to contain
oil
, 1922-05-25
Crude Market

ing sows. smooth. ,s.45@s.s5; pack
ing sows. rough. S9.15Ge.5o; killing
pigs, s9.25@1o.25.
Sheep Receipts 1900; market
slow: steady to CSC lower; inbetween
shorn lambs very dull; California
spring lambs $3.50 @15.75; s ma
tive springs 1880: best shorn lambs
unsold; others s11.25913.25; top ma
tive ewes 81.
, 1922-05-25
CARD OF

We wish to thank Captain Black
and the boy o SUPERINTENDENT
Slade and the school board for their
heS and also the Eagles, the Auxil.
iary and friends Of Casper and Glen
rock for then kindness and the beau
thul flowers sent us during the Illness
and death of our father, y. r. WEIGH.
Mr.. AND MRS. NOBLE WEIGH.
or -
, 1922-05-25

New York interests r preparing
to start a test well in the Mountain
View district near Lyman Uinta
county. Wyo.. according to announce
ment Of r. j. efferson who arrived
there this week and deposited n for.
TO guarantee drilling on the struc
ture.
, 1922-05-25

ese for 1921. compared with 1926, 213
for 1920. the large increase accounted
for by the jump OF more than SIT .00o,-
900 in divident income received large
ly from h Northern Pacific's hold
ings in the Chicago. Burlington and
Quincy
, 1922-05-25

NEW YORK. May 25.-Great Bri-
tain demand 4.44E: cables AS. So
day bills on banks 4.42&. France de-
mand 9.13A: cables 9.13%. Italy de-
manS SIS; cables 5.25h. Belgium
demand ss3h; cables s44 Germany
demand 34%: cables 34z Holland
demand 1854; cabes ASS. Norway
demand 1880. Sweden demand $3.50.
Denmark demand 21.60 Switzerland
demand -. 05. Spain demand 1885.
Greece demand AIS. Poland demand
.o21k Czecho-Slovakia demand 100.
Argentine demand 5e.37. Brazil de
mand 1887. Montreal 99M.
, 1922-05-25
Hcmestcake Forms Subsidiary.

The Handbook oil company has been
formed at Great Falls. Mont. to de
velop $50 acres secured by the Home
take OIL company in the Salt Greek
field It is n subsidiary oncern and
will be capitalized for $500. 900.
, 1922-05-25
MARKET GOSSIP AND FIELD NEWS.
kelvin LITIGATION IS Adjusted.

Settlement of litigation affecting a large area of land in
the Sweetgrass arch field of Toole county, Montana. near
the Canadian border. has been greeted by plans for re-
newed activity. L. c. Stevenson and Gordon Campbell,
parties to the litigation which threatened to tie up drilling
for a long period of time. have signed a contract Diminishing
, 1922-05-25
Buttm. FCrs. Ponltu.

CHICAGO, May 25.-Butter lower
creamery extras sac; firsts 3193Shc;
seconds 2sd soc; standards "a.
Eggs unchanged. receipts $4,000
cases.
Poultry alive lower: fowls CSC; broil-
ers 4e65Oc: ROSTERS lac.
, 1922-05-25

NEW YORK. May a5.-Call money
steady; high 4; low az: ruling rate
4; closing bid 3; offered at az; last
loan 81. Call loans against accept
c&-es az. Time loans firm; 60 days
90 days AZ; six months Az a
"A. Prime mercantile paper AZ q
, 1922-05-25

Alcohol vas first distilled by the
Arabiansi and when we talk about cot
fec and alcohol we are using Arab
ian words.
, 1922-05-25

LONDON, May 25.-Bar silver 37Sd.
per ounce. Money * per cent. Dis
count rates. short and three months
bills 2 ZIG per cent.
, 1922-05-25

NEW YORK. May 25.-Foreign bar
silver 72hc; Mexican dollars 55hc .
, 1922-05-25

CHICAGO. May rs
Open. High. Low. Close,
, 1922-05-25

ONE
rem
The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1922-10-22
Gilda Turned Her
Back AS Neatly and
AS Broadly AS
Though 1t Were Quite
the Thing to Do.

Gilda was more dismal disappointment than
ever before The reviewers twitted her The
manager talked to her In brutal candor. The fatal
htle piece of paper was showed under her dressing
room room door me next Saturday night And orSslonday
m' FMhsworth sent ont carefully word& notes
10 the newspapers that her daughter had decided
10 retre from artistic activities because OF the
press OF social obligations.
~, substitute was engaged at less the week than
Gilda spent lingerie and she PLAYED the deb
fole with satisfactory results thereafter
1t was in this play that Crandall Hall surren-
uered 10 MS worship OF Pansy, which had accumu.
lated until It now went over the top and asserted
itself to her. PAusy had discreety made herself
dece1tiy difficult burt soon yielded to a luncheon
plea oringing her author (the only woman she
could CAL on who might not spill the social beans
and make her papably ludicrous) as a chaperon.
Thereafter, she had been more free. though never
improperly lax, with Hall, whose hook squrmed
Itself more and more deeply into his blue-blooded
guls, until at last the great moment came--Cran.
dali Hall invited her to dance at the Forty Club
The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1922-10-22

t"'s p"''er than any other woman on the Amer
lean aage'---
=, "on the stage-perhaps; that is, you act the
IDEAS or people who have never seen society as
to what society looks ike"
m And you act society as # ls but II don't look
IKE II; so you're as far off In my game as | am
IN your, ! guess we both need a helping hand
can put you over. You can put me over. Is It
a dea?"
II don't quite comprehend You will helm
me IN my career II | coach you in the ways OF
real people?'
Coach nothing. III coach you-that's what ~ou
need III coach myself What want is somebody
TO take me into give me the same crack at Firth
Avenue that you've got at Broadway I'll make
line"
You think you will. And IL you think will
leopardize my position by introducing you aud risk
making myself laughable, that alone proves how
niue you know OF the requirements In our set. l
am not interested IN your offer, thank you"
. All right You had your chance and you tossed
IT, was going to lead you by the hand and fatten
Eon mp and ease you by--you'd never amount to
anything but you'd scratch In. AS II is I'm the
leading woman OF this company and I'll run YOU
Iassed III upstage YOU and cover you up and
uroNn YOU and show you MORE tricks than you ever
dreamt could be- haven't been in this busln. 80
twelve years--playing seasons I'm stock and ON tho
road, opposite some Of the most expert stage hogs
ia history without learning few twists. Wait till
the opening night"
Gilda gave her an imperious sneer and Walked of
In a Queeny hun But Pansy made good BEFORE
lhe opening she took away every bit OF fat" that
hudh might nave had In her part by demanding
lhls onange ana that this olison and that And
when the curtain rose, Pansy smothered the dlzzv
society grl, not only with her lncandescent per.
sonaltty, but with every known "nside" stratarer,
that could be worked. ee"'
The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1922-10-22

And what dancer she was! Society is only be-
ginning to catch the OF the stage at the Jazz
oonvolutions and the fox.trots, though II long since
sanctioned and admitted them.
Half way through her first trot, Psnsy 'saw
Gilda
And Gilda saw Pansy
Pansy was by nature of a cocksure disposition
But she felt little nervous ripple run down into
her toes. II was one thing sitting top Of the
world and laying down the law TO Gilda In a dress
ing room but It was quite another to meet her here
where she was on the inside looking out-on her
home grounds
1t struck Pansy at that moment that Gnda might
Know few tricks, too. Surely, this society racket
must have technique as complex as playacting
Most surely 1t must have, for here was this same
amateur who had been such mark in Pansy's
game, gliding about and acting anything but the
embarrassed hoob.
Pansy knew just what she would have dona ~
the cases had been reversed-she had only 10 think
pack at what she had done when they we're She
hau sent Glda so far up in the air that she hGd
The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1922-10-22

bT-TIIliu. IS rcrhaps no fuob aa pronounced ia
tho chauotoristcs ns ono who hates the
'Io"o" oUagcs FOR being able g. DO some
htr which mo rgpoior ono would DO bui cannot
n thif 'o1uia iuioIyod lol ua illustrate the geuer
a.,fg with 'Ha apesidt instance. ~
DHda raruruorh wns sure enough Society" by
brood aul ro.IHon. But sho had u passionate urge
for f.n r'arU. Without any talout.
pauHy IaHfu-d was well inuonghcd ns n heot
r'oai .ome5.a. Dat ZIG suffered from crave for
The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1922-10-22

society," tu which Hne hal not boon
born l1d IN which Tho didn't "be.
long
Therefore Gildo resented panay
with "a cold contempt for her proten
siona and a not hatred for hor nc
comp.s1monte And, whereas ransy
oorljnt hurt Gildu much IN her tho.
niric1l ambitions. because they wore
already beyond the pulmotor. Glldl
could alIll do lltuo propaganda
against pansy IN tho walks whero
Tho brilliant young prIma donna
itched 10 mako her way.
pansy had beauty. Now. beauty
rs what almost any unthinking girl
would name M tho first requirement
and almost tho last-for getting "A
The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1922-10-22

~ -
\ known TO everyone
Sut had been seen by
few. 1t consisted OF
forty bachelors OF the
first families, who
once every month
entertained formally.
Because the hosts
were men, unmarried
men withal, the re.
strictlons were neces-
sarily even closer
. than at the conven-
tional functions. Ma.
irons of honor vised
the invitation lists
scrupulously. A n d
when Miss Lawford's
name was presented
II was not challenged
because all OF us,
even those who live
by the stage and on
It. still are victims Of
It's illusions, and the
ladies vino passed on
Miss Lawford had
such pleasant memor.
les Of her drawing.
room department In
the parlor plays-they
never gave a thought
TO questioning her,
the more since her
sponsor was the ire.
proachable Crandall
Hall.
Pansy knew how 10
dress. OF that she
had made a fine study.
II er selection in
gowns, head attire
and pumps was prob
ablysmore punctilious
than that Of those
who set the'standards
which she so cannily
adopted and adapted.
She arrived with
Hall after the theatre,
and a buzz Of unspok-
en- admiration filtered
from the constitutions
ally unemotional aris.
tocrats. In a rich,
simple gown OF black
that draped precar-
iously over her round.
ed white shoulders,
and a dazzling fore
head band Of set
that on anothsr brow
might have been 70.
coco, she swept in.
The introduttions and
little preliminary Ger.
emonies consummat.
ed, she waited into the
first dance with Hall.