davidaulloa/AmericanStories huggingface dataset:
The New York herald., 1922-12-27
STATE TAX ON BONDS
OF U. S. NOT UPHELD
Supreme Court Officials Ex.
plain Decision That Caused
Apprehension.

WASHINGTON, Dec 26-Reports that
Tax Commissioner Halanan of West
Virginia had ordered assessors In that
State to assess all United States Gov
ernment bonds for State, county and
municipal taxation. and the receipt of
many Inquiries as to the exact nature
of a recent Supreme Court decision on
the question, caused court officials to-
day to direct attention to what they
said had been widely circulated mis-
Interpretation of the courts ruling.
The decision was rendered in a case
brought from Oklahoma by the Peo-
pies National Bank of Kingfisher.
which sought to have reversed a ruling
of the Supreme Court Of that State
holding that in determining the value
of the shares of stock of national or
State bank for the purpose of taxation
no reduction would be made on account
Of the capital, surplus and undivided
profits of the bank invested in securi-
ties that are otherwise exempt from tax
alton.
Court officials pointed out 1T had been
reported that the court had held that
Liberty bonds and other Federal tax
exempt securities could be taxed by
States. This, they said. had not been
the purport of the decision. In expla-
nation they declared the Supreme Court
of Oklahoma held that in the case of
the State assessing State or national
banks the tax was against the corpora
rion upon it's moneyed capital. surplus
and undivided profits. but was levied
against the shares of stock In the hands
of stockholders. 1t held further that
the officers Of the corporation act as
rkAyA Aa.c hot IN
listing the shares OF stock for taxation
and in paying the taxes levied against
the shares of stock.
In declaring that the shares OF stock
in State or national bank are to be
assessed at their true value the Okla
homa Supreme Court ordered that in
determining the value of shares of stock
in a national or State bank for the pur-
pose of taxation no deduction is to be
made on account of the capital of the
corporation invested in securities which
are exempt from taxation.
The United States Supreme Court did
not prepare formal opinion but merely
announced that 1t affirmed the action of
the State court, citing Van Allen versus
the Assessors, 3 Wall 573. and National
Bank versus Commonwealth, Wall
$50. $50. as authorities on which it based
its decision. 1t was pointed out that
the question related to the rule to be
followed in determining the value OF
bank stock for State taxation purposes
and that the highest court had adhere
to the ruling announced many years
ago that for such taxing purposes the
banks are not entitled to make deduc-
tions from their capital to correspond
to the amount of such capital invested
in tax exempt securities.
The New York herald., 1922-12-27
INVESTMENT NOTES.
Chicago and Western Indiana.

well secured railroad bond that
can be purchased at price to yield
slightly less than 6 per cent is Chicago
and Western Indiana Railroad Com
pany consolidated As due in 1912. This
company Is controlled through stock
ownership by a number of important
roads entering Chicago. 1t owns about
So miles of main track and 492 miles
of second and miscellaneous track. part
OF which constitutes belt line around
Chicago. The company also owns valu-
able real estate in Chicago. including
the Dearborn station. These bonds, OF
which there are about s4S.000,000 out
standing, are secured by a mortgage
on the entire property of the company.
All the property of the Chicago and
Western Indiana Railroad Company. ex-
cept the belt line division. is leased for
800 years to the Chicago and Eastern
Illinois Railroad. the Chicago and Erie
Railroad, the Chicago. Indianapolis and
Louisville Railroad, the Grand Trunk
Western Railway and the Wabash Rail-
way. Each Of these companies owns
one-fifth OF the capital stock of the
Chicago and Western Indiana Railroad.
The rental paid by the foregoing roads
is 20 per cent. in excess of all bonds
outstanding. The belt line division is
leased to the Belt Railway Company of
Chicago. The stock OF the Chicago and
Western Indiana Railroad Company Is
also held by the Atchison, Burlington,
Rock Island Chesapeake & Ohio, Illi-
nois Central, Pennsylvania and the 500
line
The New York herald., 1922-12-27
Average Bond Prices
Tuesday, December &c, 1922.
BOND NEWS AND NOTES.

The bond market was moderately
active yesterday. with United States
Government descriptions we'll bought
and all generally higher. The new
Treasury 4As touched par for net
gain of 6 cents while other active
issues showed advances of from 90
IL cents. No particular feature developed
in any group due to the fact, perhaps.
that business was pretty evenly dis
tributed. The foreign government list
was steady, fractional losses at times
about balancing slight gains. The gilt
edge rails were rather firm, and the
so-called speculative issues narrowly
irregular. A good deal Of pressure was
exerted against International and Great
Northern adjustment 6s, which fell more
than i point under Fridays sclose.
Obligations of the Interborough Rapid
Transit Company were in demand DUR
ing the early part of the session. The
days total turnover was about $11,-
100000.
The New York herald., 1922-12-27
Kayser & Co. Notes.

The rapid recovery in the silk industry
has revived interest in the securities of
the companies engaged in the manufac-
ture of silk goods. Among the few
prominent issues of bonds in that par
ticular line is julius Kayser & Co. twenty
year first mortgage sinking fund per
cent. notes, due in 1912. These notes are
selling at prices to yield the investor
about 6.57 per cent. They are secured by
first mortgage on all real estate plants
and equipment owned by the company
subject to very small prior lien. There
are s4,O00,00 Of the notes outstanding.
while the combined property accounts
of the company and its subsidiaries are
carried at approximately $7,000,000
The business Of Julius Kayser & Co.
was established in 1880. These bonds
are redeemable at prices ranging from
110 down to 1924.
The New York herald., 1922-12-27
Commonwealth water 8 LES.

A. new issue of s1,500.000 OF first
mortgage, twenty-five year, 5h per
cent. gold bonds. series A, of the Com
Inonwealth Water Company is being
offered by syndicate composed of p.
w. Chapman & Co.. Hoagland, Alum
e. Co. and Goodwillie & Co. at $3.50
and interest to yield about 5.S5 pet
cent. The bonds are dated December
/, 1922, and due December /, 1947,
principal and interest being guaranteed
by the written unconditional endorse
ment on each bond by the American
Water Works and Electric Company.
1nca They are redeemabe as whole
or in part on any interest date, to. and
including December l. 1892. at 105 and
interest, on succeeding interest dates
TO and including December /, 1945. at
102 per cent and interest, and there
after at par and interest. The company,
which is New Jersey concern, will
pay the normal Federal income tax not
IN excess Of 2 per cent.
The New York herald., 1922-12-27
United stores Realty Corp.

bond issue guaranteed principal
and interest by the United Cigar Stores
Company of America by Endorsement is
United Stores Realty Corporation twenty
year sinking fund debenture 6s, due in
1912. These debentures are quoted
around par In the New York Stock Ex-
change, yielding straight income of
per cent. They are a direct obligation
of the company, but are not secured
by mortgage. No new mortgage can
be placed on the property Of the United
Cigar Stores Company or any OF its
subsidiaries unless these debentures are
secured equally and ratably with the
lien. The United Stores Realty Corpora
tion was organized to acquire the exist
ing fees of real estate formerly held
by the United Cigar Stores Company.
The New York herald., 1922-12-27
SECURITIES INCOME HIGHER.
Utah Corporation shows Gain Dur
ing November.

The Utah Securities Corporation and
subsidiaries for November re"or' gross
receipts OF ssos.o37 and net ~ ONE.
after taxes. Of s4i7.iss. compar,
gross OF s72s.f25 and net OF sss2,5is ia
November. 1921.
Eleven months gross totsled ss.7ts.-
s4q. from which net Of s43is,oss was
saved after taxes. IN contrast with
ss.sss.5S3 and s4.106,S43 respectively In
the first eleven montss OF 1921.
The New York herald., 1922-12-27
spokane Improvement Bonds.

The bondholders protective committee
OF the Spokane (Wash) Improvement
districts. representing large amount
of Spokane (Wash) local Improvement
district bonds that are now in default,
has been formed. Holders who have
not yet deposited their bonds with the
committee are urged to do so in cir
cular letter just issued.
The New York herald., 1922-12-27
Lexington ana Eastern Railway.

The Louisville and Nashville Rail-
road Company guarantees to pay both
principal and interest on the $3.50, 900
1st per cent bonds of ,the Lexing-
ton and Eastern Railway Company, due
in 1865. The two roads were merged
in 1915. These bonds underlie the
Louisville and Nashville Railroad Com
.pany 1st and refunding mortgage They
have very high investment rating and
yield a little more than s per cent. at
current prices quoted on the New York
Stock Exchange The Lexington and
Eastern Railway affords the Louisville
and Nashville access to extensive coal
fields in southeastern Kentucky. 1t is
reported that the investment of the
Louisville and Nashville in the Lexing-
ton and Eastern Is approximately S10,-
100000. These bonds were assumed by
the Louisville and Nashville in 1917
They are secured by first mortgage
on 213 miles of road from Lexington to
McRoberts. Kentucky and branches. The
bonds are legal investment for savings
banks in large number of States.
The New York herald., 1922-12-27
United states Steel bs.

Industrial bonds which can be recon-
mended to conservative investors are
United States Steel Corporation ten to
sixty year sinking fund 5s due in 1868.
These bonds are secured by a lien on
all the property. bonds. stocks. &c. of
the United States Steel Corporation sub
ject only to the fifty year 5s of 1851.
At present prices they yield little less
than 5 per cent. There are outstanding
little more than s172,o00 900 of these
IS and s50.0o0,o00 OF them are held
10 exchange for preferred stock. They
are redeemable at 110 and interest. 1t
has been calculated that the sinking
fund will retire this entire issue of
bonds at 110 and interest prior
to maturity All money in the sinking
fund is applied to their redemption by
lot at 10.
The New York herald., 1922-12-27
County Bonds offered.

George B. Gibbons e Co. are Offering
s545.000 of Westchester county sewer
bonds. due serially from January l..
1897 to 1882, inclusive, and $4,000 of
Az per cent county building bonds duo
September /, 1852 to 1854. The bonds
are legal for savings banks and trus:
funds in New York and New Jersey.
The New York herald., 1922-12-27
U S Pan IS sI,Baltimore & o,
Alaska Gold M
dah A A u

S....... 5h
Am Ag Chem
The New York herald., 1922-12-27
COTTON SEAT AT sa7,o 900.

4 rhe second New York Cotton Ex-
a .anee membership OF r. p. McEnany
has been sold for $4,000. off $4,000
from the last previous sale.
The New York herald., 1922-12-27
Cleveland Land Bank IS.

A new issue Of si.000.000 OF per
cent. bonds Of the First Joint Stock
Land Bank OF Cleveland is being Of
fsred at f03 and accrued interest by A.
Il. Leach & Co., Inc.
Evening star., 1922-11-10
FOUR RUNNING STARS
SUSPENDED BY A. A. j,

NEW YORK. November 1o.-Four
long g-distance running stars have
been suspended by the Metropolitan
A. A. U. Association. 1t became known
today. for failure to attend a meeting
of the registration committee yester-
day. at which an investigation was
begun into alleged professionalism in
connection with race planned for an
early date.
The suspended athletes include Will
lie Ritola of the Finnish American
A. c.. victor in the recent national
ten-mile championship race. The
others are Cliff Mitcell of ST. Chris
topher's Club and Victor Erickson and
1lmar Prim of the Finnish American
Club.
Details Of the investigation and tn =
proposed race were withheld. but the
registration commission issued the
following statement:
From the statements made by the
athletes who were summoned before
the committee we have reason to be-
lieve that long distance race was
contemplated for which prizes were
to be other than prescribed by the
A. A. U. rules. The committee with
holds action for further tnvestiga-
tion."
Evening star., 1922-11-10
Facts About Foot Ball;
The Best Play to Use
by SOL METZCER-
Copyright. 1927

Q. Player behind goal line, on
TkIrth down, with ball put in play on
1-yard line, attempts forward
pass. Ball strikes goal posts, re-
bounds into end zone and is caugnt
by player who passed it. He is thrown
. in end zone, but before ball is dead
one of the men who tackled him
wrenches his neck. Is a safety scored?
Just what is the decision?
A. IL Is q touchback. Rule =. Sec
II a player commits a foul behind his
opponents goal line. which would
give the side defending the goal pos
session of the ball had the foul Oc-
CURED on the field of play, touch
back shall be declared" Inasmuch
MS a foul was committed against the
team putting the ball into play In this
Instance the play must be declared a
touc
Q. Is a punt called out of bounds at
bpot 1t crosses side lines if ball blows
back into field of play before striking
ground?
A. No. The ball Is not considered
IN being out of bounds unless 1t
touched the ground or some object
that Is out of bounds. Rule 9, Sec
hon o.
O. Suppose on a regular formation
End plays at end, but on certain other
Formations he plays at tackle, inside
the end. Has he right thereafter on
regular formations to move into
Ibackfeld less than five yards behind
QsQe and later return to end?
1 A. Once an end changes with a CEN
her he must thereafter conform to all
Of the obligations placed on a line
man. II he is taken back of the line
ito run with the ball or make inter-
|ference he must be Mt least five yards
back when ball is put in play. Rule
b section 4.
Q. Team we play has center who
punts. When he goes back to punt
IN end takes his place at center and
passes him the ball. This end also is
run with ball. If he Is ever brought
back after playing center once. has
he right to return to the line on Of
fense?
A. Yes, end may interchange with
|center n often rs he wants to. How
ever, once he has played center he
cannot he interchanged as a back un-
Hess he goes five yards in rear OF his
Iline OF scrimmage. Rule 0, section 4.
| Q. Is the coach of a team allowed
Ito be its representative to come on
the field during the game in case of
Injury to one of his players?
| A. II the coach has the permission
I0f the referee or umpire he may come
|on the field to see how badly his play
Ter II hurt. However, 1t IL q bad pol
Ifcy for an Ofiicfal to allow the coach
lon the field except in rnre instances.
la man other than the coach should he
lon the side lines ready to attend an in
|jured player. Rule -. section 3.
Evening star., 1922-11-10

their requests are granted. thi,
YOU'D surely result in at least two
sunday games in New York CITY dur.
ing d great part of the season. Now
tnat the Giants are not barred from
,ne Polo Grounds on certain date.
because the diamond is leased to
rlVai club, they will ask to have idle
sundays at Philadelphia and Boston
transferred. The Yankees are ex.
pecteo 10 request similar favors.
BROOKLYN also may ask for a trans.
Ter OF games. although the Robin.
ana the Giants will not conflict any
more than is necessary. However, Il
can happen that there will be three
major league contests in Greater New
YORK on Sundays next season. The
question now is being asked, whether
the city can stand that much base
pail as a regular thing.
There have been no conflicts OF
dates In this city since the old days
OF base ball war. Chicago has played
conflicting games. but conditions in
that city are different The North
Side grounds of the Cubs and the
South Side park of the Sox are far
separated and the two sections OF
the town are almost as far apart as
two separate cities. In New York the
Polo Grounds and the new Yankee
park are but short distance apart.
Evening star., 1922-11-10
NOT IN SHAPE
TOF|GHT At PRESENT

NEW YORK. November 1o-Benny
Leonard's name and fame caused
some excitement uptown when the re-
port went around that he had signed
to fight Mickey Walker in a node
cision bout over in Jersey. Nothing
to it.
Where the wires got crossed was
On a remark Of Billy Gibson's the
other night that Leonard is willing
to accept a bout in Newark. So
Leonard is. But not yet a while.
He is in no condition to do battle.
he says. because his gums, which
were infected as the result of the
efforts of a western dentist to repair
a split tooth, are not yet sufficiently
healed to warrant taking chance
in the ring.
AS a matter of fact. Leonard just
now is devoting all his energies to
the theatrical business. He had a
show on the road. but either the
actors all suffered or the scenery
fell apart: anyway the show crashed
the way an airplane does nose dive
to EARTH
So Benny has turned his attention
to another act He is even rehears-
ing a song. When IT is well oiled
he will take 1t out some place where
they use only blank cartridges and
try it. Then if all goes well it will,
get a place in the new Winter Gar
cen show.
Evening star., 1922-11-10

Team has ball at end of game,
neither side having scored. fourth
down, oppOnents' 3-yard line, goal
line TO gain and ball within seven
yards OF side line. Here is a difficult
problem. indeed, as this team is handI-
capped by not having both sides of
the field open for attack; neither can
IT score by goal from the field, as
the angle IS too great.
Split bucks are fine plays here. The
interference should fake to the short
side of the field and the runner step
that way one step and then come
back to the center of the line at TOP
speed, the ball being handed to him
by the quarterback. In this play the
success of 1t depends upon the play of
the offensive line.
1t should use the charge of half of
the opposing forwards to open a hole,
the other half Of them usually cfarg-
ing in the direction of the fake. A
wide gap is thus opened and a hard.
driving back will get across the goal
line. Straight bucks, end runs and
passes are difficult plays to get of
successfully at this point
Evening star., 1922-11-10

If Tommy gets by Wienert in good
shape, he will next be called upon to
meet Bill Brennan. Slowing this big
fellow away. Gibbons will be in line
for Dempsey. AS to the chances of
the two, there is no feeling that Tom
my can beat Jack, but at the same
time every one seems to think that
the bout would be corker because
of the st. Paul mans cleverness. 1t
is figured that some time would be
required before the champion could
get to Gibbons, and that he might not
be able to reach him over the fifteen
round route.
He might not, but. on the other
hand. since the ring is surrounded
by ropes and it Is against the rules
to jump over them. the chances are
that Tiger Jack would find a way
to corner his elusive opponent be-
fore the fifteen rounds we-e ended.
Amy way. 1t would be an interesting
fight to watch
That was = wise action Of the Brit
ish home Office, announced today, in
barring the Beckett-Siki fight, sched-
uled for December Z. in London. Skis
actions OF q Jack Johnson nature i'm
mediately after his defeat OF Car
pentier have been followed by his
unwarranted attack on the manager
Of a boxer at the end of the Prunier-
Balzac fight Wednesday night.
The Senegalese claims he didn't
come from the jungle. but his record
since beating Carpenter leads to the
remark that he should take a trip
there to learn a few fundamental
rules Of sportsmanship.
Evening star., 1922-11-10
"A COLLEGES TO TAKE
PART IN RIFLE MATCH

NEW YORK. November 1O.-A
shooting match in three fortnightly
stages will be held during February
and March among the fourteen COL
leges and universities affiliated with
the intercollegiate Association of Af-
tiliated Rifle Clubs.
Trophies will be awarded the win
ming team and the best individual
scorer and on the basis of the re-
suits ranking list will be pub
lished.
Since the war small-bore rifle
shooting has been included as a
minor sport at many American COL
tegss most Of which arc not yet
members of the intercollegiate as
sociation, which was formed last year
by Princeton. Yale and Columbia.
The association plans international
collegiate contests and also expects
to be represented In future annual
national matches at Camp Perry,
Ohio.
Evening star., 1922-11-10
enc Deprive Sikh of LgHeauy Title Nenp York Clubs Clash Sunday
OLYMP|CS WILL OPEN
WITH WINTER SPORTS
By the Associated Press.

By the Associated Press
PARIS November 10.-Winter
sports will open the seventh revival
of the Olympic games In 1924
The winter competitions V. be be-
gun January 20 on grounds yet to be
designated.
Foot ball will follow in May and
polo in June, at the same time as
rife practice and fencing,
The formal ceremony opening the
games in state will take place July
S. after which track athletics will al
ternate with wrestling, rowing and
swimming
Boxing will be begun July Is, which
date also is set for the tennis matches
to start.
Cross country horsemanship and
other equestrian contests. together
with cycling. both road events and
stadium races, will open July %.
The games will be officially closed
July q with the distribution of prizes
and an elaborate nighttime festival.
Social events will include ban
quet July to the sporting fedora
tions. banquet to the late national
olympic committee July 13. the night
festival at the stadium July 27 and a
banquet to the various olympic COM
nittees July 20.
There also will be festival to COM
memorate the thirtieth anniversary Of
the re-establishment of the Olympic
games. decided upon at the meeting
of delegates from the different ma
tions in Paris in 1894. an evening at
the opera and congresses of the in
ternational federations representing
each Of the sports on the program for
the games.
Evening star., 1922-11-10

All the trouble of the big Senegalese
Fighter is due to his having entered
the ring Wednesday night and struck
the manager of Maurice Prunier. a
j7niddleweight, who had knocked out
Ercole de Balsac, the French cham
|pion, in whose corner Sikh was acting
las second.
British Authorities Act.
by the Associa ted Press.
LONDON. November 10.-The home
.office has intmated 10 the promoters
Iof the Battling Siki-Joe Beckett fight,
Isheduled for December I, that the con-
test will not be allowed to take place
The articles of agreement between
ISiki and Beckett call for a twenty
Iround contest for the heavyweight
of Europe, to be staged
la Albert Hall
The authorities state that the bout
Twill not be allowed in any place in
|the United Kingdom, holding the view
THAT "in contests between men of
|color and white men, the tempera-
|ments of the contestants are not COM
parable, and, moreover, all sorts of
|p.Issions are aroused.
II The home office takes the further
|view that there is such large num-
fber Of colored men in the British en-
[pire that such contests are consid-
ered against the national interest, and
khey tend 10 arouse passions which 1t
Is inadvisable to stimulate.
AS precedent. the officials point
10 the action of the crown law officers
IN 1911, when they interviewed in the
contemplated match between Jack
johnson and Bombardier Wells.