davidaulloa/AmericanStories huggingface dataset:
The New York herald., 1922-11-23
STEEL BUYING KEEPS UP
WITH LARGER OUTPUT
Independent Sheet Mills
ShoU Record Production.

Despite the Increased rate of output
the current review OF Iron Age says con-
sumption of iron and steel Is keeping
close step with production. Continued
activity by the railroads has resulted In
the addition OF from 175 TO 225 locomo-
tives and almost 1000 freight cars to
pending lists.
structural steel activity has added
21. 900 tons in actual business and $1,000
tons to inquiries. Automobile companies
sse still liberal buyers of steel lars on
which some deliveries cannot be made
before late In the first quarter of 1923.
The Iron Trade RevieU says:
Operations are working close to so
per cent. the best record in two years.
At Pittsburgh the Jones & Laughlin
Steel Company. for the first time In two
years. Has all It's twelve blast furnaces
In commission The last furnace OF the
Carnegie Steel Company group Mt
Youngstown is going In. Independent
sheet mill output has been lifted to the
highest point ever reported statistically,
scoring almos % per cent. In October.
THE seasons letdown In new struc-
turaI undertakings is more gradual than
usual Iron ore on hand at furnaces
and lower lake docks November 1 was
5000. 900 tons more than on the corre-
spending date In 1921.
"The Iron Trade Rcvtcto's weekly
composite OF fourteen iron and steel
products is Salts. compared with $42.4l
last week and s42.72 two weeks ago.
The New York herald., 1922-11-23
ANOTHER SEASONAL
RECORD IN LOADINGS
Freight Car Total at New
High Mark for Second
Week in November.

Car loadings for the week ended No
vember II totaled $4,000. according to
the car service division OF the American
Railway Association. which notes that
the total Is a new high mark for this
time of year in the railroad industry.
The total was 1es,1S2 cars more than
for the same week last year and 26,323
above the level two years ago. Com
pared with the preceding week in No
vember the loadings showed a decline
OF 4o,91s due to election day and armis-
tice day.
Loadngs Of merchandise and miscel-
laneous freight reached level of 563,0F
cars a decrease Of 1880 from the pre-
ceding week. Other classes OF freight
which showed a loss In loadings included
ore which at 3e,3S3 cars was 1853 be-
low the previous week; coal, a. 1SS.312
cars off 5,765 from the week before and
livestock, off 1,730 cars to level of
38.001.
There were increases In loadings OF
grain and grain products which at 52.501
cars showed a gain Of $50 coke. UP 632
cars to level OF 1928. and forest
products, which at 60,392 cars showed
a gain OF 379 over the previous week.
With the seasonal decline In freight
loadings the demand for cars by ship
pers showed a decline for the week
ended November y OF 4.741 from the
previous week. the total being 174,49s.
The report shows a slump in demand
for all classes OF cars, the demand for
box cars being 90.244 in excess Of the
supply. decrease Of 795, while the
-. IT,
decline OF 1.7ai in the same period. The
stock car shortage amounted to 1896. a
decline Of 621, while the shortage OF coke
cars was 33s. about half of the total at
the end OF the preceding week. The
surplus of freight cars in good condl-
tion was 1890. an increase OF 1874 over
the October 81 figure.
The New York herald., 1922-11-23
PUBLIC SERVICE COMMON
ON 8 PER CENT. BASIS
Jersey Corporation Plans
Change in Preferred.

A quarterly dividend Of 2 per cent. on
the common stock has been announced
by the Public Service Corporation OF
New Jersey. In addition 10 placing the
common on an per cent. annual basis
instead OF per cent, the regular quar-
terly dividend OF 2 per cent. has also
been declared on the preferred stock.
Both dividends are payable December
30 to stock % record December is.
The company's authorized issue Of
preferred stock Is s50.o00,000. OF which
s1s.5O0. 900 IL outstanding. The stock
IL redeemable at the option OF the cor
poratIon at 110. The directors. feeling
that this prevents the stock from reach
ing its proper market value, will recon-
mend that the corporation waive Its
privilege OF redemption. Alteration Of
the corporations charter will be sought
IN order TO allow the $4,000 900 author
ized preferred stock to consist OF s25.-
900, 900 Of 8 per cent. preferred and
SCI, 600 900 Of 7 per cent. preferred
The New York herald., 1922-11-23
U. s. EXPORTS BEST
SINCE MARCH, 1924
October Total Up $28,O00,000
Over Last Year-Import
Figures Delayed.

WASHINGTON. Nov. 22.-Exports dur
ing October amounting to 1912, 90
were greater than for any month since
March, 1921. when the total was $751;
100000. according to foreign trade re-
ports issued to-day by the Commerce
Department.
The compilation Of figures for imports
Of merchandise under the new tariff law
from September % to October 81. the
Department said. has been much delayed
owing to many changes In classification
and rates of duties and Imports will be
published as soon as the reports are
completed.
For the ten months ended with Octo-
Der exports totaled s3,109. 100000, rs
compared with $3,S95, 100000 for the
same period in 1921.
Imports Of gold during October aggre-
gated S21,000.000. compared with s47.-
100000 In October, "a year ago, while
for the ten months ended with October
the total was $23,000.0 900. compared
with s60s. 100000 during the correspond
ing months a year ago.
Exports OF gold during the month
aggregated $4,000 900, as compared
with $1,0O0,0O0 In September were the
greatest for any month since November.
1920. Gold exports for the ten months
period aggregated $31,000.000 against
$21. 100000 year ago.
Imports Of silver during October were
81 100000, as compared with s7,000.000
in October. a year ago, while for the
ten months silver imports totaled $751;
o00. 900 against $52,o00.000 last year.
Silver exports for the month were
SO 100000 against s5.000.000. and for
the ten months amounted to $4,000
900, compared with $4o.000,0o0 last
year.
Total exports for ten months and i'm
ports for nine months of the year are
as follows:
The New York herald., 1922-11-23
CUTTING PACIFIC ROADS
SEEN AS BLOW TO COAST
kruttschnitt Says Big Inn
proven,enfs Would Halt.

WASHINGTON. Nov. 22.-The Southern
Pacific Railroad II allowed to retain
control of the Central Pacific Lines in
the West, will embark Immediately
upon an extensive program of ex-
pansion and betterment. julius Krutt-
schnitt. chairman of the Southern Pa
cihc board, testified to-day before the
Interstate Commerce Commission. On
the other hand, the witness declared,
II the merger is dissolved, as the Su-
preme Court has ordered. the growth
of railroad facilities along the Pacific
Coast will be at least temporarily
checked.
Both arguments were advanced to
support the application by which the
Southern Pacific hopes to retain the
Central Pacific under lease until pro-
posals for consolidation of all major
railroads in the country are worked out.
Mr.. Kruttschntt closed the direct
testimony for the merger corporations.
but the way was left clear for argu-
ment from tho host of interveners rep
resenting Western States communities.
traffic associations and stockholders.
N. A. Scandrett. counsel for the
Union Pacific. which is opposing the
Southern's application. attacked Mr..
Kruttschnitt's position in cross ex-
animation.
Mr.. Kruttschnitt srid the CLOUD on
the title" held by his company to the
Central Pacific had held up terminal
cnlargements, depot construction. double
tracking and roadbed reconstruction for
several years, but that the Southern
was now prepared to finance all these
operations. He produced exhibits tend
ing to show that separation OF the
companies would increase transportation
expense by more than 100000 an
nually. and require capital investments
of more than s20.0O0,O0O to duplicate
existing facilities which the companies
now share.
The New York herald., 1922-11-23
"A New Kind er Uptown Office

n T the corner of East Sixty-third Street
"A and Madison Avenue-almost exactly at
New York's Social Center"-the Bank of
New York and Trust Company opened
branch Office on November 20, 1922.
An attractive Colonial house of red brick and
white marble, presenting of the usual
features of bank, except half-hidden protec-
tive grilles, yet containing every convenience
for the transaction of financial business; with
an entrance hall carefully designed in the style
of the Adam period with tastefully furnished
rooms for men and for women opening from
the entrance hall; with safe deposit vaults of
the latest type and handsomely designed
coupon rooms, conveniently located; such is
the Uptown Office which the Bank of New
York and Trust Company has provided for its
uptown friends-old and new.
The Office is under the management of
Ernest H. Cook, Vice-Presidcnt who has been
for many years identified with uptown bank
ing institutions, with Ralph M. Johnson as
Assistant Manager and Owen H. Smith as
Assistant Secretary.
The New York herald., 1922-11-23
MORE MELONS ARE
SERVED FOR SLICING
Eight Stock Dividends Range
Between Is and 400 Per
Cent. on Capitals.

Eight corporations took steps ycster-
day looking to the payment OF stock
dividends Directors of Standard Mill
ing Company declared stock dividend
of co per cent. on it's s7,431.942 out
standing common stock, payable De-
cember % to stockholders OF record De-
cember 5. II was announced that In
view Of the company requirements for
capital investment the board has no In
tention of increasing the aggregate
amount of dividend disbursements at
this time.
In preparation for the declaration of
25 per cent. stock dividend the Hamil-
ton Brown Shoe Company has called a
special meeting of its stockholders to
authorize an increase in its capital
stock from S4,000.000 to s5.000.00o. It's
directors also declared a cash dividend
Of / per cent. payable December 1 to
stockholders of record November 90.
which brings the total payments for
the year up to . per cent.
Directors of the United States Qua
rantee Company declared a stock divi-
dent of 120 per cent on It's s250.00d
outstanding capital stock. payable De-
cember 20 to stockholders Of record De-
cember IL.
Stockholders OF the Maryland Casu-
atty Company have ratified an increase
OF si.500.000 In its stock, which will be
distributed In the form of n stock divi-
on December to holders OF record No
vember 81.
The Missouri State Life Insurance
Company has declared 100 per cent
stock dividend on its 81 900. 900 out
standing capital stock, payable to
stockholders of record November 10.
The Lawyers Mortgage Company has
declared a stock dividend of 25 per
cent. on it's $4,000. 900 outstanding stock.
payable to stockholders of record No
vember %.
Shareholders Of the Borne-scrymser
Company. n member of tho Standard
OIL group of oil companies. have ap-
proved an increase In Its stock from
100000 to s1ooo,0o0. the new stock to be
distributed as a 400 per cent. dividend.
Stockholders of Piggly wiggly Stores.
Inc, will meet on December to vote
on a proposal to Increase its class A
common stock by 10000 shares to be
offered to the class A stockholders at
s43 a share In the ratio OF one new
share for each two shares held as OF
December a. The present capital con-
sists of 10000 OF class A common stock
OF no par value and 50o0o shares OF
class r. stock OF no par value. all Of
which is outstanding.
The Kellogg Switchboard and Supply
Company. manufacturers of telephone
and radio equipment, declared a stock
dividend yesterday OF Is per cent. The
company has IS, 500, 900 capital stock out
standing The dividend Is payable De-
cember 2l to stockholders of record
December !.
The New York herald., 1922-11-23
NEW PARTNERSHIPS
TO LIFT TAX BURDEN
Wall st. Firms Said to Be Re-
organizing SO as to Be I'm
der State Control.
TWENTY CONSIDER STEP
Knauth, Nach0d & Kuhne Plan
to Become Joint Stock
Association.
TWENTY CONSIDER STEP

A large number of Wall Street houses
now conducting business on copart-
nership basis are considering dissolu-
ton and reorganization on the basis of
joint stock associations or incorpora-
tions. This step was first taken by
Blair & Co. about two years ago, and
this year that example was followed
by three other concerns, namely, Gold
man. Sachs & Co.. Dillon, Read Il Co.
and Bond & Goodwin. The first two
changed into joint stock associations
and the last named firm became in
corporated.
The largest house now considering re-
organization as a joint stock associa-
ton, ii was learned yesterday, Is
Knauth. Nachod & Kuhnc, bankers, at
120 Broadway. 1t Is believed that fif-
teen or twenty other houses engaged
in the banking and brokerage business
are considering or already have de-
cided to make such change in their
capital status.
one of the chief reasons for the de-
sire TO dissolve the old partnerships. 1t
is said, is to escape the heavy burden
of taxation borne under that head. CO.
partnerships are not taxed as corpora
tions, but as individuals, so that each
partner is compelled to pay taxes on
all profits earned. whether distributed
or undistributed. These taxes are at
the regular income tax rates and have
been known to amount to 30 or 80 per
cent. on individual incomes.
Partners in joint stock association
are all liable for the company's debts,
but that form OF partnership Is taxable
as a corporation, which means that only
1919 per cent. Is paid on earnings The
profits of the year can be distributed or
kept in the treasury at the discretion
of the partners in the firm. DIVIDENDS
that are distributed are not subject 10
the normal tax. but only to the surtax
Another objection to the copartnership
is that or the death OF partner
complete reorganization is necessary.
The chief obstacle to incorporation Is
that concerns taking such steps no
longer can be members of the New York
Stock Exchange. This consideration has
kept several houses from becoming cor
porations. II the Stock Exchange per-
mited incorporated firms to become
members 1t would Immediately place it.
self under State control and would not
have the unrestricted powers 1t now has
in the matter of supervision of stock
quotation tickers, &C.
The concerns that do seek incorpora-
ton are compelled to transact their
stock exchange business through other
members. In the case OF a house whose
business is mostly In bonds this Is OF
little consequence. as the bulk OF the
bond business Is done outside of the ex-
change, but houses depending almost
entirely on stock brokerage business
are faced with a serious problem.
The New York herald., 1922-11-23
RECORD RESOURCES
FOR TRUST COMPANIES
Total in u. S. June 80, 1922,
Was $12,z39,62O,733.

The annual publication of the United
States Mortgage and Trust Company OF
New York, Trust Companies Of the
United States" just issued for 1922.
shows substantial increases in trust
company resources in various States and
throughout the country. This year
marks the Tooth year of trust company
service in the United States.
The total resources for the year end
ing June 80 were $12.739.62o.733. new
high record. against S12.323, ,4so,513 last
year, and aggregate deposits for the
first time exceeded $4,000. 000.0 .000
New York State reported total OF
S3.556,356.51s, for a gain of over
S227. 900. 900.
The States showing the largest gains
for the year are, In order: New York,
s227.757.O 900; Illinois, s109,000.000 Cal
ifornia. s77,292.0 900; New Jersey. s53,-
$4,000: Maryland. S34. 4.222 900 {; Massa-
chusetts, s33,214.000; Rhode Island.
S15.257 900; Virginia. s15,254,000. The
North Atlantic and North Central States
showed the largest sectional gains.
The New York herald., 1922-11-23
PURCHASES INTEREST
IN UTILITY COMPANY
Syndicate Takes Stock in
Western Concern.

Eastman, Dillon & Co.. n. p. Stevens
and John T. Harrington OF youngstown,
Ohio. have purchased from Harrison
williams and associates their interests
in the Republic Railway and Light
Company. which, through It's sabsidi-
aries. Pennsylvania Ohio Electric and
the Pennsylvania Ohio Power and Light.
owns and controls the entire electric
light. power. local and interurban cleo
trio railway business In the Industrial
district between Pittsburgh and Cleve-
land. The territory served comprises
about 600 square miles with population
of more than 10000.
Directors Of the company at meeting
yesterday elected Herbert l.. Dillon.
Henry L. Bogert. Jr.. and Walter II.
Nash of New York. and John T. Har-
rington and John II. Rowland of
Youngstown to succeed Harrison Will
Jams. r. T.. Breed r. l.. Dame, Edwin
Gruhl and Robert Lindsay as members
OF the board. No changes either In man.
agement or policy are contemplated.
The New York herald., 1922-11-23
ELIZABETH, N. j., BANK
TO CUT 100 p. c. MELON
National State Proposes
$3.50, 900 Capital Increase.

Holders OF the capital stock OF tn.
National State Bank OF Elizabeth, ". j.,
were informed yesterday that the board
of directors has recommended an in
crease in the capital from s350,0OO to
100000 and the declaration of a stock
dividend of 100 per cent, payable from
the banks surplus and undivided profits
A special meeting of the shareholders
has been called for December 20 to vote
on the plan.
II the directors recommendations are
adopted this will be the first time In the
institutions history that It's capital
structure has been changed by the
declaration OF n stock dividend. The
bank was founded In 1912. On Septem-
Der Is the bank had total resources Of
S11,435,240.
The New York herald., 1922-11-23
NEW TYPE FOUNDERS STOCK.
Preferred Issue for &430.4OO Is
oTered Mt 800 a share.

Frederick II. Hatch G. Co. are offer
ing S439. 400 Z per cent. cumulative pre-
ferred stock OF the American Type
Founders Company at par. being the
balance of the authorized Issue OF s3.-
100000. par value 500.
The whole of the preferred stock issue
is subject to call at los and accrued
dividend after three years from the
issue thereof on thirty days notice. 1t
has priority of dividends at the rate OF
per cent. per annum and for its full
par value. together with accrued divi-
dends. in event of distribution of assets.
1t has equal voting power with the COM
mon stock. The proceeds will be used
to provide working capital.
The New York herald., 1922-11-23
NATIONAL SUGAR DIVIDEND.

Directors OF the National Sugar Re-
filming Company yesterday declared n
quarterly dividend OF si.75 a share on its
SIS. 900. 600 outstanding capital stock. pay
able January to stockholders of record
December H. The stock was recently
increased from 100000 by 80 per
cent stock dividend. The same quarterly
rate was paid on the smaller amount
of stock.
The New York herald., 1922-11-23
MANILA ELECTRIC EARNINGS.

The Manila Electric Company's pre-
liminary report for October. shows net
earnings. before depreciation. OF s153.-
000 This is the largest for any one
month ever reported In the history of
the company. The company has no float
ing debt. except few current accounts.
and has about s50o.o0 in cash. 1t Is
expected that after depreciation and
taxes the company will earn for the
year 1921 about 20 per cent. on the
tommon stock.
The New York herald., 1922-11-23
WILL OFFER CENTURY RIDBoN.

J. & w seligman & Co. and Hayden,
stone & Co will soon offer S2,000,0O0
per cent cumulative preferred stock
OF the Century Ribbon Mills, Inc. which
a. 10 take over the business OF Ernest
and Herman Levy. A separate Offering
vim be made Of $4,000 shares no par
value common stock.
The New York herald., 1922-11-23
MONTHS DEFICIT sose.112.

The report Of the New York Consoll-
dated Railroad Company for October
shows gross revenues Of s1,9s7.613 and
deficit after charges of ssss.112.
The New York herald., 1922-11-23
pHoTosTATIc REPRODUCTIONS

niue and Black Prints. Court Exhibits.
Deeds. Bills Of Exchange. Wills, record
Cards Powers nf Attorney. PFOGRESslNb
pHOTO-pRINr Co, 80 Ann. Boekman 1864
The New York herald., 1922-11-23
DIVIDENDS.


Stock Of
Record. Payable.
American Multgraph. a..
2Kre .....................N Nov. Fl Dec. i
American Mutigraph. a..
1A%. pf...................D Dec. 20 Jan.
Baton Rouge Electric Co..
s.-a., 5% .................Nov q Dec.
Baton Rouge Electric Co.,
s.-a.. so. pf. f............. Nov. y Dec. l
Boston Elevated Railway
Co., a., s1.50.............De 81 Dec. 10 Jan. ?
Boston Elevated Railway
Co., s.-a.. 81 (fst pf) Dec. 10 Jan. 2
Boston Elevated Railway
Co.. s.-a.. $3.50 cd pfJ. Dec. 10 Jan. 2
Chiids Co, O., 2es.........N Nov. ~ Dec. II
Chiids CO., O., 1%B. pf.. Nov. 81 Dec. II
Chicago Yellow Cab. NTH.
80 t-3es .................No Nov. "a Dec. l
yellow Cab Mfg. Co..
NTH, 50c............... Nov. - Dec.
Lawyers % Mortgage, 25qs stk. Nov. % ........
Mackay Co.'S a., 1Meb...... Dec. o Jan. .
Mackay Cos. a.. 1q6. pf Dec. Jan. 2
Montana Power, O., Nj Dec. 13 Jan. .
Montana Power, O.. 1Nss, pr Dec. II Jan. 2
Nat Transit Co.. a., Roc. Nov. ~ Dec. 10
Mat Sugar Ref. a., 1Me6. Dec. III Jan. .
N. " Air Brake, a., si....Dec. ii Jan.
Albert Pick & Co. a..
1875, pf...... .............,.De II Jan. !
Procter Gamble Co.. a., =,
udli%sy liSS pf steel spring a. % Oe' %
ses Observation-Disclosures. Dec. 10 Dec 80
Railway steel Spring. q,
Union Carbide Carbon,
a., vi ...............s...s jan.
The New York herald., 1922-11-23

official bar silver in New York, domestic,
aoitc unchanged: foreign, 64iso.. off nc.
London, 32fd. off nd; Mexican dollars.
i0Ac., off &c.
The New York herald., 1922-11-23

mos end. sept.s2. 1874, so. .7ei si.s72. soc, 400
- mos. end. Dec. ...... 2,JOe, ,i4T, $40
The New York herald., 1922-11-23

SILVER MARKET.

Clearing House exchanges, seed, 900 600 .
balances, $7l 900. 900 Federal Reserve credit
halo ncea 40 coo 600
The New York herald., 1922-11-23

Gail loans and acceptances. .......... 4ibss
Discount rates on prime bankers accept
anues eligible for purchase by Federal Re-
serve banks.
Bid. Ask. Bid. Ask
20 days . az 20 days. ~
GO days. -. 4H 100 days... ~
The New York herald., 1922-11-23
OPEN MARKET RATE.

Commercial paper. 10 days. 4 90 to 90
days, a: Liberty bonds and Victory notes. i5
days. q; 10 to 90 days. =; bankers accept
anrrs IN 20 10 DAYS
The New York herald., 1922-11-23

Best names. TO u months. s.......... 4,
Other names. 4 to q months ........... a
pfSCOtINT RATE. RESERVE pAvu
The New York herald., 1922-11-23
TIME LOANS.
CONTniERCIAI pApER.

Mixed collateral. 60 days. Al.
Mixed collateral. 90 days........... ~
Industrials, GO days. s.................... Al
Indnstriala. 90 DAYS. ys..........,. Az
The New York herald., 1922-11-23
MONEY MARKET.

WEDNESDAY. NOVEMBER %.
Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1922-03-13
CH0l!C!|'I]|AI|I'N TRIBE.
BADLY IN need
OF OF EDUCATION
Investigator Reports In
& dians In q Deplorablc
MN, MN gs State

Muskcgee, Okla, March 11.--Fo,rr.
t4hn hundred members Of the Choc-
tIiMSs Indian tribe residing IN tho state
u tMaAiississippi , in a deplorable cor.
d44ttsc>n,, N the opinion Of Peter D.. Hud-
aG an OF Iuskahoma, member of tho
Choctaw tribe, who has re-
Mississippi Indians. Mr.. Hudson a
andtsthe late Monseigneur w. ii. Ket-
chan oflOklahoma. City were de,egat-
edany Indian Commissioner Burke TO
MAKE an investigation Of the condi-
ten Of the tribe in that state. Mon
!sefgneur hKetcham died suddenly AT
Philadelphia. Miss, Willie engaged, in
the work. q
The 1900 mississippi Chootaws are
divided into ten clans and they are
constantly quarreling. according to
NE. Hudson. Originally their an
. ceAtDrs were members Of the Choc-
taWitribe that migrated to Indian Ter
rttory in the early 30's. They have
100 years. Mr.. Hudson says. and he
declares their greatest need is cduca2
ton. Their sole occupation is farm
lng.and as such they are tenant farm
ers, of whites. NJ.
81 am firmly convinced that by edu4
catiot alone can the customs and bar
riers OF a hundred years standing
be broken, says Mr.. Hudson. ITO in-
press the Choctaws with the rcspon-
sibilities or citizenship. Today they
exercise no right OF franchise and
are, not on terms of social equality
With TIE white citizens OF Mississippi"
S."lt will require many years to bring
ahf,. the education OF the young
t OF MiSsissippL