davidaulloa/AmericanStories huggingface dataset:
The New York herald., 1922-05-10
STEEL INGOT OUTPUT
IS INCREASED AGAIN
Gain Recorded for Fourth
Consecutive Month.

The fourth consecutive monthly in
crease in steel ingot production was re-
corded in April, when 2,439,246 tons
were produced, according to the month
ly report of the American Iron and
Steel Institute. covering thirty COM
panies which last year made about S4.2
per cent. OF the total for the country.
This compares with 2.370.751 tons in
March and with S03.376 tons last July.
the lowest month on record. The April
figures for the thirty companies are at
tho rate OF si,746,000 tons year for
tho entire country.
Total production for the first four
months as complied from these monthly
reports was S,148.501 tons. or at the
annual rate OF 2i,445,503 tons. which
compares with total production last
year OF 16,S26.946 tons. Indications
are, however. that the progressive in
crease will be maintained at least for a
time and that as tho year progresses
the rate OF production will work grad
ually higher.
The New York herald., 1922-05-10
INVESTMENT NOTES.
Chicago Union station.

Unusually interesting terminal bonds
can be found among the Chicago Union
Station Company's outstanding issues.
These bonds. besides being first mort
gage on all its property, owner or to be
acquired. are guaranteed uncondition-
ally, principal and interest. by the Chi
cago. Burlington and Quincy Railroad.
the Chicago Milwaukee and st. Paul
Railway, the Pittsburgh. Cincinnati.
Chicago and St. Louis Railway and the
Pennsylvania Company. The four guar
antor companies own Jointly the Chicago
Union Station Company. comprising an
extensive station and terminal property
in Chicago. With the Chicago and Alton
Railroad, these companies contracted TO
use the property and pay as rental in
terest on bonds. taxes. per cent. on
stock and a proportionate share of ex-
penses and maintenance. There are
outstanding. out of an authorized issue
of 100000, 900, s46,s50, 900 bonds, divided
into series A. b and c. The bonds
are 4hs. .the Bs 5s. and the Cs 6hs.
The first mortgage C Gas are due IN
1868 and can be obtained at prices TO
yield more than $50 per cent. 70 their
maturity.
The New York herald., 1922-05-10
Oswego Falls SIS.

AS pointed out in this column. inves-
tors who are not too particular about
marketablity and are seeking perma-
nent investments often can find desir-
able bonds among the comparatively In
active issues outstanding in small
amounts. A good example OF that class
of security is the Oswego Falls Cor
poration's first sinking fund IS. issued
early this year at 80. They are quoted
at around par, offering to investors
straight income of per cent. year
Few good bonds can be bought on such
favorable terms. Tbe corporation Is
new concesn, formed in 1922 as con-
solidation Of the Oswego Falls Pulp and
Paper Company, the Skaneateles Paper
Company and the Seabright Company
Inc. 1t owns and operates three paper
mills manufacturing newsprint paper
finished specialized paper products,
wood pulp. &C. and a hydro-electric
power plant on the Oswego River az
Fulton, N. Y. This issue. amounting TO
$3,O00,OO0, is the company's only FUNDED
debt. 1t is secured by mortgage on
all the conipany's franchises, property
and assets. AS Of October 81. 1871, the
property covered by the mortgage was
valued at $4,349,24s.
The New York herald., 1922-05-10
Union OIL 6s.

The Union Oil Company of Califor-
MAS need of fresh working capital to
take care Of expansion has given to in
vestors an opportunity OF obtaining a
high yielding oil obligation surpassed by
few other oil bonds. The company re-
Gently sold an issue OF $10.000.000 OF It's
twenty year non callable per cent.
bonds at 101 and interest. These bonds
have advanced a point. but they yield still
about 5.S4 per cent. The company Is one
OF the oldest and most firmly estab-
lished oil companies in this country,
combining in it's activities producing.
transporting, refining and marketing of
petroleum and its products. 1t owns in
fee. or mineral rights in fee, approxi-
mately 100000 acres and has under
lease approximately 100000 acres. The
company and its controlled companies
produced last year In California a total
OF 10,217,S35 barrels of crude oil. The
company owns and operates ref1neries
having q daily capacity of about CO.,
COO barrels. Its balance sheet on De-
cember ~ showed assets OF Si04,615, ,637
after deducting reserves for deprecia-
ton and depletion of $26,655,9 ,967. Its
current assets were $34.299.132 In con-
trast TO current liabilities of only
$S,2S5,919. For the year ended with De-
cember 81. the company's net income,
after taxes, interest, &C., was S10,52S,-
207, or in excess of the amount OF this is
sue. These bonds will be a direct'obliga-
tion of the company and. with sS.662.-
600 closed prior Aliens, will constitute It's
sole funded debt outstanding in the
hands OF the public Through the opera
tion of their respective sinking funds
all prior lien bonds will be retired by
1881.
The New York herald., 1922-05-10
New witherbee-sherman Bonds.

Dillon. Read e Co. are offering ST.
100000 of Witherbee, Sherman & Co.
first mortgage per cent. sinking fund
gold bonds, dated May !, 1922, and due
on May 1. 1914. at 9sLa to yield about
els per cent. Witherbee, Sherman G.
Co. have owned and operated for longer
than seventy years large iron ore de-
posits, comprising the biggest iron ore
development in the East and one of
the greatest in the United States. The
bonds are direct obligations of the COM
pany. secured by first mortgage lien
on it's fixed property. now owned OF
that may be acquired. It's tangible as
sets were $50, ,4l0.6s5 and its net tangible
assets. after deduction of all liabilities,
including reserves. slS.526.534 as Of De-
cember 81. Its current assets, which
totaled $2.S03,61. included inventories
written down to s1,s93602. or approxi-
mately 100000 less than their present
value, based on markets. The bonds are
callable as a whole on any of their in
tcrest dates at 1071s and interest.
The New York herald., 1922-05-10

Still larger yields are required from
taxable bonds to equal the yield from
Federal Land Bank bonds in consider
ing the additional value of State and
local tax exemption. For example, in
New York State there is a State in
come tax of l per cent. on incomes
up to $4,000: per cent. on excess OF
$40 900 and up to $4,000. and per cent.
on more than $4,000. The table below
shows yields which must be obtained
from taxable bonds by residents of New
York TO equal the yields from Federal
Land Bank 4Ls.
The New York herald., 1922-05-10
TO OFFER I.R.T. NOTES
FOR $1O,5OO,OOO
Syndicate of Bankers ]
Formed to Underwrite
New Issue.

A syndicate composed of Kidder, Pea
body a. Co., the Guaranty Co., ]. w
Seligman & Co. and Grayson p. Murphy
& Co. has been formed to underwrite
the new issue of $40 100000 Interborough
Rapid Transit Company 6 per cent
ten year notes to be issued under the
readjustment plan of the lnterborougf
and Manhattan Elevated.
This financing is in connection with
the recently announced plan for extend
ing local transportation facilities and
improving the service. Public offering
of the notes will be made soon. The
total amount authorized is $l5.000,00o, oi
which sl0.500 900 of bonds will be Is
sued at this time.
The New York herald., 1922-05-10
sc,oOO.oOO OIL FIotaion.

The Equitable Trust Company and
Hayden. Stone & Co. will offer to-day a
new issue of s2.000.000 of the Valvoline
Oil Company's fifteen year per cent.
gold debentures at 90 and interest to
yield 40 per cent. The bonds are dated
May 1. 1922. will mature in 1897 and are
redeemable as a whole only at 110. They
are callable by lot for the sinking fund
at 10i and interest on thirty days
notice. The sinking fund will retire
about $4,000 of the bonds annually.
The company Is one of the oldest inde-
pendent refining units in the world and
was established in 1868.
The New York herald., 1922-05-10
Illinois Central Project.

WASHINGTON, May 9.-The Illinois
Central Railroad asked the Interstate
Commerce Commission to-day to au-
thorize the issue by It of $10,929.000 in
preferred stock. which IL will sell TO
procure funds for beginning electrifica-
ton of its lines in and around Chicago.
The total cost of the work wlOh the
railroad has decided to put under way.
the application said. would be $685.
600. 900, a part OF which would be
financed by preferred stock issues and
the balance taken from earnings.
The New York herald., 1922-05-10
Protective comittee Formed.

A protective committee, Ludwig Ms
sen. chairman. has been formed in the
interest of holders OF the first lien 7 per
cent. serial gold bonds of the National
oil Company (N. JO. The company
defaulted in the payment. of the INSTALL
ment of the principal and also on the
interest due on the bonds on May l.
Bondholders are requested 10 deposit
their bonds with all matured coupons
annexed with the New York Trust Com
pany, 100 Broadway. from WHICH copies
of deposit agreement may be obtained
later
The New York herald., 1922-05-10

Continued on Following Page.
The New York herald., 1922-05-10
FOREIGN MARKETS.

LONDON. May a.--TradIng was quiet and
prices steady In the Stock Exchange to-day
Quotations follow:
Bar silver. 35xd. an ounce.
Bar gold. 03e I'D.
Money. " per cent.
Discount rates: Short and three months
bills. 2h02rs per cent.
2h per cent. consols, bSk.
British 2 per cent. war loan. o0h.
British dis per cent. war loan, o6h.
DE Beers, IN.
Rand Mines. 2b.
The New York herald., 1922-05-10
TO pUY INT0 WYOMING PIPE.

The Texas Company has concluded
negotiations for the purchase of ma.
jority OF the stock of the Wyoming Pipe
Line Company, which Is to complete a
line from the Salt Creek field TO re-
fnory which the Texas is to build al
Casper, Wyo. A large part OF the funds
required I'm the construction OF the new
pipe line will be advanced by the Texas
The New York herald., 1922-05-10
As.ume. Car Trust Liability.

Tho Chesapeake and Ohio Railroad
Company has been authorized by the
Interstate Commerce Commission to as
sumo liability for the payment of
s7.635. 900 of the Chesa peake and Ohio's
equipment trust certificates, issued by
the Commercial Trust Company of
Philadelphia. The. certificates will be
sold at not less than 9s and their pro-
ceeds used 20 finance purchases of new
ealipment
The New York herald., 1922-05-10
100000 GOLD ARRIVES.
81 900. 900 IL I'm old Russian Mon
nrchist Coins.

A million dollars worth of Russian
gold in the old monarchist coin arrived
here Yesterday on the stavangerfjord. 1t
was consigned TO the Guaranty Trust
Company OF New York.
Two million dollars in gold coin and
bullion reached the United States yes
terflay when the Oscar III. dockcd I'm
uobokcn. The gold was consigned TO
the National Bank OF Commerce In New
York. The purpose or history Of the
CONSIGNMENT was not known. although
The New York herald., 1922-05-10
Cook County Issue Being Sold.

A syndicate composed of the Guaranty
Company of New York, Stacy & Braun.
Ames Emerich & Co. and Marshall Field,
Glore, Ward e. Co. was awarded an
issue OF $2,000,0O0 OF Cook County. ILL.,,
Forest Preserves Az per cent. bonds, to
mature in 1923 to 1941. inclusive, at
1922. The bankers are offering the
bonds at prices to yield 4.3O to 4 per
The New York herald., 1922-05-10
Fedora, Land Bank Bonds.

1t is not surprising that investors dis
played eagerness to buy the recent large
block Of the Federal Land Banks new
Az per cent. bonds. The value OF their
exemption from Federal income taxes is
indicated by the following table, based
on 1922 tax rates and showing yields
which must be obtained from taxable
bonds to equal the yield from Federal
Land Bank 41ss. due in 1912. at 100 and
inf
The New York herald., 1922-05-10

The Wyoming agrees to deliver at Cas-
per more than 5000 barrels of Salt
Creek crude daily, reserving 1000 bar
rels for shipment to a refinery in Omaha.
The new refinery TO be erected by the
Texas will have daily capacity OF
5000 to 10000 barrels.
The New York herald., 1922-05-10

PARIS, May o.-Prces improved in tho
Bourse to-dsy. Quotations follow:
The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1922-02-26
HISTORY OF PENSACOLA
BY CAPT. J. c. PATTERSON

peaIed to by the Spanish governor TO
aid him in defending Pensacola from
an impending attack by the English
men and their Indian allies. Prompt
ana hold inaction Bienville at once
advanced to Mobile with 100 canadi-
ans TO assist the Spaniards. but no
conflict occurred, for after few days
of hostile demonstration the enemy
abandoned their enterprise owing TO
the want of necessary supplies.
Such were the friendly relations no
listing between the Florida SpaniaTds
and Louisiana French up to 1719, be-
ing the year after Bienville had come
to the city of New Orleans. relations
which must be borne in mind to en-
able us to form an enlightened Judg-
nent upon the actions of the men en-
gagged in the bloody drama which was
ushered in by the 10 years OF kind
officers and the good fellowship which
had been mentioned.
ITO Be Continued.)
The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1922-02-26
COTTAGE HILL

Mr.. and Mrs. Casper are enjoying
visit from their daughter, Mrs. Law
renee, and little granddaughter, Ray
Marie, from southern Illinois.
Mr.. Hinton is building a garage and
will soon be ready for the trade. Mr..
Prize will assist him.
The young folks, assisted by some
Of the older ones. are preparing a play
to be given March II, for the benefit
OF the photograph fund.
The people CT the community will
meet Wednesday afternoon to i'm
prove the school yard.
Miss Myrtle Manning. who has been
nursing in hospital In Chicago the
past two or three years. is expected
home for visit this week.
The farmers are busy planting po-
tatoes Qrish) and getting ready for
spring work. The very heavy rain OF
last week delayed them some, as well
as washing out some OF the potatoes
that were planted.
The Bowersox and Casper families
motored over to Magnolia farm sun
day.
The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1922-02-26

Certain-teed Products Corporations
annual report to stockholders for the
year ending December 81, 1921, shows
full dividends on both first and second
preferred stocks having been more
than earned for the year, after all
charges, including inventory losses
and taxes. A feature Of the report is
the complete liquidation of all bank
loans. Ratio of current assets to
current liabilities is 42S to 1, which re-
fleets a very strong position.
Total net income amounted to 1856, =
995, but after deducting inventory loss
of s315,59s and setting aside reserve OF
$4,000 for federal taxes and adding a
small credit arising out OF surplus adj
Justments, the net amount available
for dividends was s415,1 After pay
ment of dividends the net credit to
surplus amounted to s16.114.
Robert NJ. Nelson, secretary-treas-
urer and director OF the corporation,
issued the following statement:
Considering the handicaps facing
us at the beginning of the year, we
think that the showing made at the
finish should be more than satisfac-
tory to our stockholders. We inherited
potential losses from the previous year
on contractual obligations for raw ma
terials, and during the first half of the
year these losses were somewhat in
creased by further shrinkage of mar
ket values. The building industry was
In state of stagnation in the early
part Of the year, and while improve
ment was manifest during the last six
months, the total volume of business
was considerably less than in 1920.
"Ths retrenchment which the condi-
ton necessitated was made promptly
and effectively. BY process of elimina-
ton our organization was brought to
point where we had only picked men
chosen for their proved ability. This
organization has steadily maintained
production and sales at lower costs.
AS a result. the company is in a very
satisfactory position.
Notes payable of the consolidated
The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1922-02-26
CERTAIN-TEED REPORT SHOWS
FULL DIVIDENDS WERE EARNED

I companies November i, 1920, the date
of our taking over Thos. Potter Sons
Sc Co.. Inc, of Philadelphia, were
$3.50, 500. On December 81, 1920. the
amount was reduced to s1,497, 500. By
June 80, 1921, borrowings were $685.
90 and during the last six months of
the year. when the program of econ
omy was taking full effect, all of the
remaining notes were liquidated. a
portion of them being called before
maturity. We think this demonstrates
very forcibly the remarkable 1iquidat-
ing powers of the corporation.
1--WE are entering the new year with
a clean slate. We have no contractual
obligations of any kind at prices high
er than market, and inventories are
valued at cost or market, whichever
is lower. The Potter nnoleum division
has been on profitable basis for sew
eral months.
prices of nearly all building mater
ials, including our own, have been ma
terialIy reduced since 1920, and if
wages in the building industry are
lowered to more reasonable figures we
can expect a considerable volume OF
new building in 1922. Even though la
Dor rates should continue on about the
present basis, however, the deflation
in our company has been so complete
that we can more than hold our own
on such miscellaneous new building
and repair work as must inevitably
go on under any conditions"
The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1922-02-26
BENNY LEONARD HAS
EDGE ON PAL MORAN
New Orleans Boxer Shows Up Re-
markedly Well, Winning Two
Rounds.

RTNGsIDE. NEW ORLEANS, Feb.
25-Benny Leonard, lightweight cham
pion of the world, had the better of
Pal Moran of New Orleans in their
10-round no-decision bout at the Lou
isiana auditorium tonight. The match
had been postponed from Friday night.
Moran made a remarkable showing,
sticking his chin out to the champion
on several occasions and rushing
Leonard at times. Moran had the bet
ter of two of the rounds and held the
champion even in another.
Leonard fought most of the battle
with his left hand. He said after the
bout he had injured his right hand by
hitting Moran on the top of the head
in the first round. Leonard seemed
as fresh as a daisy after the bout. Mo-
ran seemed strong, though a little
weary from the terrific pace.
The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1922-02-26
NEWSPAPER PUBLISHERS
MEET IN CHATTANOOGA
Csy The AssoeIstet Prsss)

CHATTANOOGA, Tenn. Feb. ss.-4
The mid-winter conference OF the e.
ecutive committee Of the Southern
Publishers Association,
will be held here next Monday. the Of Z
Ulcers and directors and past presiN
dents to attend. Among subjects 10
receive attention will be the formula
ton of plans to push an intensive ad-
vertising campaign in behalf Of the
south and southern newspapers that
was inaugurated six years ago. The
place and time for the next annual
convention will also be agreed upon.
The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1922-02-26

children and Mrs. Boemunda, OF Pen.
sacola, were pleasant visitors OF Mr.
and Mrs. A. H. Bailey. Sunday, last.
Mr.. Nelson was a Pensacola bust.
ness visitor, Friday.
Mrs. j. f. Pierce and daughter, Ell.
sic, called on Mrs. A. H. Bailey last
Saturday.
The many friends OF Lonnie Hurs,
are glad to know that he is improving
The little daughter of Boot Malone
has been very III with pneumonia.
MIR. and Mrs. Hnuard Bailey have
returned from Crestview. where they
had been visiting Mrs. Bailey's pa
rents, Mr.. and Mrs, William Davis.
Misses Lillian and Leila Davis, OF
Crestview. are visiting friends and rel
atives here and in Pensacola this
week.
Mr.. and Mrs. Thomas Bailey and
children, Of Houston. Texas, are ex-
pected to arrive here in a few days, as
they will drive through the country in
a 7-passenger StudebaSer, which Mr.
Bailey has purchased to make the trip
Mrs. j. 4. Pierce made trip to Cot
tage Hill, on business, Wednesday.
The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1922-02-26
Gases
Acidity

and then IF you should eat something.
which doesn't agree with you, IL wha
you eat lays like lead, ferments ans
sours and forms gas; causes headache
dizziness and nausea; eructations o.
acid and undigested food--remembei
as soon as Pape's Dlapepsin comes fn
contact with the stomach all nidiges-
ton yanishes. It Is the most efficient
antacid known-the certainty and ease
with which II oyercomes stomach and
digestive disorders lie a revelation to
those who try It.
The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1922-02-26

"Pape's Diapepsin" relieves stomach
distress in five minutes. You don't
want slow remedy when your stom-
aeh is bad--or an uncertain one--or a
harmful one-your stomach is too val
liable: you mustn't inJufe It with dras-
tic drugs. Pape's Diapepsin is noted
for its speed IN giving RELIEF, its harm
lessness, its certain action in regulat-
ing sick, sour, gassy stomachs.
Keep this perfect stomach doctor IN
your home-keep II handy-get a large
sixty-cent case from any drug store,
The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1922-02-26
PIERSON FOUND GUILTY
OF NUMBERING WOMEN

CLEARWATER, Fla, Feb. 24-Car-
ter Pierson, said to be wanted by the
Danville, KY, authorities on a charge
of murder, was found guilty in cir
cult court here today of second de-
gree murder for the killing of Eston
Durrence and Mrs. r. B. Pierson, his
sister-in-law at Safety Harbor, near
here, about two months ago.
The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1922-02-26
KLONDYKE

The services here which were held
and conducted by Rev. Robert Davis,
of Pensacola, were excellent, as was
also the special music. A song was
sung by Mr.. Clark, OF Fig City, ac-
companied by Mrs. Clark, which was
extra good.
The two daughters, Maxeen and
Katie, OF Mr.. and Mrs. p. c. Dawkins,
have been very III for the past week.
Mr.. and Mrs. w. p. Brewton and
The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1922-02-26

A ton of soft coal produces 10000
feet OF Illuminating gas.
The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1922-02-26

A six-pound mackerel produces
!. 100000 eggs at time.
The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1922-02-26
WALTON GIRLS WIN
FROM LOCAL SQUAD
DeFuniak Players Take Revenge forT
Last Defeat by Score of % 20
In Good Game.
CBY WILLIAM woLFD

Intensive training given TO Pensa-
cola girls last week by Miss WafTe
failed to balance other odds, and yes
terday in DeFuniak Walton won back
the game lost in Pensacola several
weeks ago. The score was Is to 3.
The p II. S. girls were doubly handi-
capped. being on a new court and
away from home. The court was only
20 feet long, while P. II. S. girls have
been playing on a 90-foot court and
were unable to recover from Walton's
strong lead.
Both teams played we'll. The pass
work OF Walton's forwards was won
derfu1. Bell and Wolfe broke up some
passes but It seemed like the game
was doomed for p. II. S. from the be-
ginning. Clifford Clark kept Walton's
star center. Viola Bush, almost inac-
tive. Lineup:
P. H. S. (s) Walton g5)
Forwards
Wentworth s1~~-s- .--.---...s<s Crawford
Thompson Jackson
Running Center
Clark --......-........... Viola Bush
Jumping Center
Davis .--a............... Elma Mum
Guards
Bell ......... .i...a.......... Storrs
Observation-Disclosures Altman. Otis
Manning, Lucia Tryon.
Scoring-Thompson s, Wentworth !,
Crawford 16, Jackson 9.
Timer, S. d. Podgett; referee, Miss
ellis; umpire, Miss Tervin-
Evening star., 1922-12-25

White Plisse Crepe, 2z-inch;
an excellent quality that
launders without IRON CSo
ing. Yard.............
Lingerie Nainsook, 36-inch;
a fine, close weave with silky
finish. Tuesday only, CSo
yard ..................
Colored -Poplin, B-inch;
highly mercerized. Black and
white, besides dark and S0c
high shades. Yard.... W.
Dress Ginghans, 32-inch, in
checks, plaids and stripes. An
extra special value at, 48c
yard ..................