davidaulloa/AmericanStories huggingface dataset:
The New York herald., 1922-07-02
MUTUAL TO CLEAR
AT RESERVE BANK
Manhattan Institution to Re-
linquish Privilege at
Clearing House.

The Mutual Bank will be the first
Manhattan institution to cease clearing
its checks through the facilities of the
New York Clearing House Association
since the latter's new interest rates be-
came effective. Beginning tomorrow
the Mutual Bank will clear through the
New York Federal Reserve Bank. as
do the three Brooklyn banks that re-
signed from the Clearing Association
last week. While the Mutual Bank was
not a member of the New York Clear
ing House Association, 1t cleared
through a member and was designated
clearing non-member.
At the offices of the Clearing House
Association IL was stated yesterday that
the Mutual Bank was actuated by the
same motives as the three Brooklyn
banks in Withdrawing from its Clearing
House affiliations.
The Brooklyn institutions that with
drew last week were the Brooklyn Trust
Company the Reople's Trust Company
and the Nassau National Bank. Their
designations were the direct result OF a
recent amendment to the constitution
OF the New York Clearing House revis-
ing downward the interest rates mem
bers are permitted TO pay on deposits
AS In the cases of the Brooklyn banks
IL Is understood that the Mutual Bank
wishes to be free to pay interest on its
credit balances at whatever rates II sees
At.
It is not believed in official quarters
that any other Manhattan bank will fol-
low the lead of the Mutual Bank.
The New York herald., 1922-07-02
DURANT WOULD ACQUIRE
LOCOMOBILE COMPANY
Present Plan Calls for Pur-
chase at $4,000, 900.

Negotiations looking to the acquisi-
ton Of the Locomobile Company by
Durant Motors, Inc. have been instituted
but have not yet arrived at a point
where 1t can be definitely stated whether
or not they will go through to compile
ton, according TO information obtained
yesterday from interests closely associ-
ated with the Durant company The
Locomobile Company is now In the
hands OF a receiver and the present
negotiations contemplate the purchase OF
the property at private sale for about
50, ,000, 600.
In this connection it was said that
William c. Durant, head of the Durant
Motors and former head Of the General
Motors Corporation. has been castirg
about for some time for a company man.
ufacturing a high grade and high priced
car which would be available 70 hin,
to add TO his string OF automobile manu-
featuring properties. At the Durant Of
fices no information concerning the plans
for the purchase OF Locomobie was
available
The New York herald., 1922-07-02
PUBLIC UTILITY BOND
= EXCHANGE OFFERED
Union Roilway Gas and Com
n1onweoith IN Plan.

The Union Railway. Gas and Electric
co. has made an offer to the holders
Of It's per cent collateral trust gold
bonds. series A, due July l, 1899. Of
plan for the exchange OF their bonds
ON a bond for bond basis for general
lien and refunding gold bonds OF the
commonwealth Power Corporation
Union Railway, Gas and Electric 5s
outstanding are part of an issue OF
& 92s, 900. The bonds are secured by
collateral including sl0.41S,025 Com
r1opwealth Power. Railway and Light
"a 6 per cent notes. due in 1888. The
notes are In turn partly secured by s4,-
noo noo Commonwealth Power unse-
ci,red gold notes. due In 1888. Inc
Commonwealth Power Company is under
agreement to issue in lieu of its s4.-
mo oOo of unsecured notes like amount
~ general lien and refunding gold
bonds.
The Commonwealth Power Corpora
ton owns s1,92s,o00 of the so.92s'ooo
collateral trust bonds which 1t VIII sur
render for cancellation after completion
20 the exchange Holders OF the Union
Tsailway IS are offered for. each $1,000
rnnds one 81. 900 general lien refunding
< ner cent. gold bond of the Common
wealth Power Corporation, SIO In cash
or one $1,000 general lien ana retund.
ing fifty year 6 per cent. GOLD oono Oh
the Commonwealth Power Corporation
due 1872 The offer is made suo1ec'
TO acceptance by all bondholders.
The New York herald., 1922-07-02
Bank Clearings.

For the fifteenth successive week
bank cearings of the country showed
an increase over the corresponding pc
riod of 1921. Preliminary figures COM
piled by the Comercidi aud FinGnct0}
Chronicle indicate that for the week
ending Saturday aggregate bank clear
ings increased 11.6 per cent. The total
stands at $1,000. .920,631, against Sc. 6.54S,-
220.532 for the same week of 1921. A
revival of bushes in the South was
reflected in 20.2 per cent increase in
the clearings at New Orleans. The
most striking feature of the weeks re-
turns, however, was the remarkable in
crease in the clearings at Detroit due
to the unusual activity in the motor in
dustry. Detroit clearings gained Sill
per cent. Other increases were: New
York, 1873 per cent. Chicago, 81 per
cent; Philadelphia, 1912 per cent; Bos-
ton. 1913 per cent. San Francisco, . per
cent, and Baltimore 95 per cent
The New York herald., 1922-07-02
TOPICS OF WALL STREET.
DuIlest Session of Year.

Not only was yesterday the dullest
session Of the year In stocks. but bonds
likewise were turned over in an amount
smaller than on any preceding day Of
1922. Total transactions in stocks ag-
gregated but 2O5.soo shares. tho small
est since Saturday. August 13. 1921.
when trades aggregated only 10000
shares. In bonds the total business yes
terday was $3,755.ooo. which is by far
the smallest day in the bond market
since July 16 of last year. The approach
Of the holiday period and the inclination
on the part Of many traders to begin
their holiday a couple of days in ad-
vance was directly responsible for the
scarcity of business. At the same time
the absence of professional traders
would not have caused such a very low
level of trading II the public had not
been frightened entirely out OF the mar
ket by the breaks of the last fortnight.
The results of yesterdays session indi-
cate, perhaps better than anything else
could have done. the extent to which
professional operations dominated the
business of the exchange in recent days.
The New York herald., 1922-07-02
FEDERAL SUGAR EARNINGS.

The Federal Sugar Refining Company
has issued an income statement cover
ing the fourteen months period between
April 2, 1921, and June s. 1922. showing
profit of s309,644 after the payment Of
s333,722 interest on borrowed money. Its
net income after taxes was $127,450
The payment OF $733,504 in dividends re-
suited in a deficit OF s605,054 to be
charged against surplus. The company's
profit and loss surplus on June was
sT.062,474, against s7,s67.52s on April @.
1891.
The balance sheet az Of June 3. 1872.
showed total assets and liabilities Of
s26.979.020, compared with S24, ,350,4'9
on April 2. 1921. Current assets includ-
ed S2.201.i26 in cash, s5.122,692 in re-
ccivables and s2.611.73S in investments.
while current liabilities included s6.S06,-
546 In accounts and bills payable and
s44. 900 in accrued taxes.
The New York herald., 1922-07-02
Punta Allegro Sugar.

The Punta Allegro Sugar Company Is
planning to acquire the Baragua Sugar
Company at a cost estimated to ap-
proximate Ss,000,000. The stockholders
of both corporations will meet some
time this week to ratify the consolida-
ton plaps. The present plan calls for
the payment of approximately s4,25o,-
600 in cash for the retirement at It's
par value OF 800 of the outstanding
preferred stock of the Baragua com
pany Common stockholders Of that
company will receive in exchange for
their holdings stock of the Punta Allegro
company on a share for share basis APP
proximately $3.50 shares, valued around
$4,000 900. will be required to complete
this exchange. Official announcement OF
the plan probably will be made to-mor-
row.
The New York herald., 1922-07-02
TEFFT. HALsEY & co. NEW FIRM

Two prominent stock exchange firms
were dissolved yesterday and united as
Z single organization They were Hal
sey & Hudnut and Tefft & Co.. and the
consolidation has been effected under the
name OF Tefft, Halsey & Co. The Offices
Of the new firm are located at Nassau
street, with branch Office at 152 West
Seventy-second street The members of
the consolidated firm are Erastus T.
1efft and r. T. r. Halsey. members and
governors Of the New York Stock Ex-
Change Mark w. Reeves, Dewitt C.
Noyes and Walter r. Rrice.
The New York herald., 1922-07-02
LATE RALLY LIFTS
COTTON FROM LOWS
Market Closes Steady, With
Losses Ranging Between
2 to 5 Points.

The cotton market was quiet again
yesterday, receding about Is to 25
points in its first hour on further scat
tered liquidation, which, while poorly
absorbed at first. met a better demand
late In the session. A late rally left The
market steady at its close, off to 5
points. Little or no new interest was
displayed the market coming under the
influence Of several more private condi-
tion reports, which only tended to fur
ther confuse sentiment with regard to
the probable showing OF to-morrow's Of.
fcial Government report The New
York Comm eroidps estimate was III
per cent. of normal, with an indicated
yield Of 11,115,0OO bales: the guess OF
members of the New York Cotton Ex-
change was 1872 per cent. and the New
Orleans Times Ptcdyune,s estimate was
1913 per cent. against IS per cent last
month.
There was little incentive to buy con-
tracts. The official weather map was
favorable, no rains of Importance fall
Ing west of the Mississippi Precipita-
tion included fall of 92 at New Or
leans; 30 at Thomasville: .32 at Charles
ton and .Oi at Atlanta. Weekly dry
goods reviews were less optimistic and
sales at Fall River showed a marked
falling off for the week, being placed
az 1000 pieces.
The local element was an important
early seller. Buying at the outset was
confined to a little scattered short COW
ering and perhaps an occasional order
from the trade. Movements generally
were narrow in the second hour. but
tho trend was upward from the days
low. 1t was evident that not few
shorts were uneasy and were tighten
ine commitments.
The local spot market as steady.
points net lower at 22.O5 cents a pound
for midding The New Orleans spo,
market was net unchanged at 21.50
cents. Its sales were 645 bales.
The New York herald., 1922-07-02
Silk stocks Rise.

The recovery of the silk industry, as
reflected in the recent rise in the shares
of II. r. Malinson & Co., has been fur
ther shown by the strength in Julius
Kayser stock. The latter stock was not
active. but sales were made yesterday
at a fractional gain over the closing
prices in the previous session. The silk
industry was hard hit in February, 1920,
and depression reigned in the. industry
up until recent months The situation
in the trade now, however. Is consider
ably improved.
The New York herald., 1922-07-02
Corners Arc Firm.

The more cheerful sentiment now rre-
vailing in. the copper market Is reflected
in the firm tone displayed by the copper
stocks. While the market for the stocks
Is not very active, most of the copper
issues showed good account of them
selves in recent sessions. Fractional
advances were sprinkled throughout the
copper group yesterday. 1t is generally
felt that sooner or later there will be an
unprecedented demand for copper as
supplies OF the metal all over The world
have diminished rapidly. II is said tina.
large consumers are beginning to buy
ahead at current levels. which would in
dicate that they expecs higher prices.
The New York herald., 1922-07-02
GENERAL MOTORS CHANGES.

]. G.. Weiss has retired from active
duties as general manager Of the Hyatt
bearings division of the General Motors
Corporation on account OF his health. but
remains in the Hyatt Company in ar ad-
yisory capacity II. ]. Forsythe. for
n1erly assistant general manager, Hyatt
bearings division. has been appointed
general manager. B. G. Koether. in adj
dition to his duties as vice president in
charges OF sales. becomes assistant gem
cral manager.
The New York herald., 1922-07-02
Pneumatic Tool Earnings.

Estimates of the Chicago Pneumatic
Tool Company's operating results for
the frs. half of 1922 indicate ret .arn-
ings of approximately s250,000. or 2 per
cent. on it's $12,3oe.o00 stock. after
charges. including a depreciation caarge
for the possible decline Of exchange
iates on funds in foreign countries. Last
year the companys net income available
for dividends was S11S.364 or 81 "A
share. The dividend of Sc paid required
S617.651 and brought the years final
deficit up TO s499.2S7. A yeaT ago the
annual rate was cut from IS to 81
share.
The New York herald., 1922-07-02
FINANCIAL NOTES.

The New York Trust Company has been
appointed registrar OF the non-par value
stock Of the Hayes Wheel Company.
The Manufacturers Trust Company has
been appointed trustee of SoI5.000 Issue OF
the Peerless Wire and Fence first mortgage
sinking fund ~ per cent gold bonds due
July I. 1912.
The Mexican seaboard OIL Corporation has
made application TO the New York Stock
Exchange for permission TO list its stock and
voting trust certificates.
W. y. wolirnan 90. have is,ucd . July
bond circular describing Issues OF municipal.
railroad, Industrial and public utility bonds.
The New York herald., 1922-07-02
No. f221a
TREASURY DEPARTMENT
nEr-TCr nUr

No. f221a
TREASURY DEPARTMENT
OFFICE OF
COMPTROLLER OF THE CURRENCY .
Washington. d. O., juno s. 1o23.
WHEREAS by satisfactory evidence pre-
scented to the undersigned, It has been made
THE CAPITOL. NATIONAL BANK OF
NEW YORK
IN the CITY of NEW YORK
has complied with all the provisions Of the
Statutes of the United States. required 70
be complied with before an association shall
be authorized to commence the business OF
Banking;
Now therefore, I. D. r. CRISSrNGER.
Comptroller Of the Currency. 90 hereby
THE THE CAPITOL NATIONAL BANK or
NEW YORK
IN the CITY OF NEW YORK
In the County OF NEW YOI.K and Beo&e
of NEW YORK
Is authorized 10 commence the business eS
Banking rs provided In Section Fifty one
hundred and sixty nine of tho Revised 6tat-
utes OF the United States.
In testimony whereof. witness my henc
and Seal of office this FIFTH day %
JUNE. 1922.
(signed) d. r. CRIssINGEK.
Comptroller Of the Currency.
The New York herald., 1922-07-02
Burlington's Plans.

The Chicago Burlington &c Quincy
Railroad has started surveying for its
seventeen-mile Frederick-Vermond in
Illinois to eliminate the well-known
Browning Hill. The cutoff will have
four tunnels and maximum grade of
3-10 per cent Advices from the West
state that the Burlington management
may interest itself in the construction
of a connecting line between Teapot
Dome and the Salt Creek field and Cas-
per, Wyoming. 1t is believed that the
oil traffic from those points into Casper
would soon pay for the building OF the
line.
The New York herald., 1922-07-02
THE MEXICAN EAGLE OIL COMPANY.

(Cia. Mexicana de Petroleo 'Ei Aguila" SAD
A dividend OF 1850 in respect OF the elk
months ended December 31st, 1921 (couiva-
lent to 1895 cents per share) has been de-
clared payable on and after June 30th. 1927.
Said dividend will be paid by the American
Exchange National Bank, 12S Broadway, New
York, on presentation. subject to verification,
OF Preference Share Coupon No. rs ana
Ordinary Share Coupon No. 10.
For WHITEHALL SECURITIES CORPORA-
TION. Ltd. (London Financial Agents.l
New York. June 30th, 1922.
The New York herald., 1922-07-02
DIVIDENDS.

Stock Of
Record. Payable
Kenlatex OIL CO mo tes. June 30 July
Exports from New York yesterday: Oats,
81 T3A bushels. flour, 1855 sacks beef, $50
barrels lard, 1854, ,2ls pounds; rye. i2s,37s
bushels alcohol, i56 barrels; hscon, 462, 500
pounds iubricating oil. s3,256 gallons
The New York herald., 1922-07-02
UNITED STATES TREASURY STATEMENT.
at close Of business June 90.

speeio, Dispatch to THE NEW YosKH
New yorkH Herald Bureau
C., 1
The New York herald., 1922-07-02
DIVIDENDS AND INTEREST.
Guaranty Royalties
Company
GEL Dorado)

The regular 20 monthly dividend has hs~s
declared payable July IS, 1922. to stock a
record June 80, 1922.
W. L. HUGHES, sec1r Treos.
The New York herald., 1922-07-02
FAR EAST.
SOUTH AMERICA.
CANADA.

New York funds IN Montreal, holiday:
Montreal funds In New York. $3.50 discount
a ~ 900.
The New York herald., 1922-07-02
MONEY MARKET.

IlME LphINos
Mired ooliaterals so 10 no days..
MfYed coiiaterals, 4 TO q months.... 64H
Iolustrials, 60 10 20 days. ............
Industrials. 4 20 8 months. .......... 84k
COMMERCIAL PAPER.
Best names, 4 TO 6 months. ......... 84h
Cther names, 10 months. ........
DISCOUNT RATE, RESERVE BANK.
Commercial paper. 'i5 days. 4; GO Ia
no deyr. 4; Liberty bonds and Victory notes,
1b..days, a; 10 70 90 days, 4; bankerS
srrepfances. is 20 10 days. T.
DFixed June 81. Previous rate, AZ. fixed
November ., 1921.
OPEN MARKET RATES.
Cal loans and acceptances. ............... 4
Discount rates on prime bankers accept
ances eligible for purchase by Federal Re.
Bid. Ask, Bid. Ask
g Ssys day. az ! iso days. dsys..... az
CLEARING HOUSE STATEMENT.
Clearing House exchanges, Si,123. 700. 900:
haiances, sn5. 100. 900; Federal Reserve credit
bhiances, S5o. .6Oo.00o
SILVER MARKET.
Official bar silver In New York, domestic
pnMc unchanged; foreign, T0'kc., up isc
London. 36ssd., up I'D; Mexican dollars,
Range OF silver prices this year:
Highest. Lowest.
Ycndon. ....... 31ssd.. May - 52ild., Feb. -
NswrAYork..... 7SEc.. May ~ 62%c.. Feb. 70
The New York herald., 1922-07-02

july Included
The New York herald., 1922-07-02

1922.
Year to date. e......................... .13s422295
The New York herald., 1922-07-02

r--ls-2.- cClosng.o Div
High Low. Bid. Ask ms sales.
The silver state. [volume] (Winnemucca, Nev.) 1909-1925, 1922-07-27
WEATHER FAVORED
CROPS AND RANCE

The United States Department of
Agriculture weather bureau report
of weather, crop and range condi-
tons in Nevada for the week end
ing July 25 says:
The past week has been ex-
ceptionally favorable for agricul-
tural interests. After a month of
abnormally warm and dry weather,
there was change to much cooler
on the 10th. followed by moderate
to heavy showers over the entire
state. The temperature continued
slightly below normal during the
remainder of the week. The fol
lowing rainfall was reported: Reno
0.3 inch, Winnemucca 0.34 inch,
Monticello 0.6S inch, Schurz 0.24
inch, Tonopah 0.S4 inch, and Mo-
dena 0.53 inch.
The change to moderate tenn
perature was favorable for potatoes
and grain crops. The high tenn
peratures of the past month did
not seem to harm POTATOES, but
they are now in the critical stage
of development, and the cool nights
are particularly beneficial for the
growth of the tubers. The present
condition of this crop is reported
to be excellent in all the potato
growing sections of Nevada. Wheat,
barley, oats, and alfalfa are in good
condition in all irrigated districts.
Wild hay reported to be lighter
than normal in the Humboldt Basin.
probably due to the lateness of the
spring followed by abnormally high
temperature. Showers damaged un-
stacked hay to some extent. Ranges
were greatly improved by the rain
fall. Cattle and sheep were re-
ported in good condition in the
north, and fair to good condition
in the south. All crops were in
excellent condition in Lyon coun-
ty, and potatoes were reported to
be in much better coalition than
year ago. A local hail-storm did
some damage in the northern part
of Smith Valley.
The silver state. [volume] (Winnemucca, Nev.) 1909-1925, 1922-07-27
OIL FIELD NOTES FROM
THE FALLON DISTRICT

Officials of the Syndicate Oil
company have devlared their abso-
lutte confidence that they have a
producer in the making. Difficult
ties were encountered last week
when the drill stem became wedged
in the 6 3-4 inch casing. 1t is
being pulled out but the process is
slQw on account of the gerat depth
and the danger of a break. There
are continued good showings of
gas and oil. The Syndicate has
made arrangements for the use of a
standard rig should they need it and
it is reported as quite probable
that the standard rig will be used
in completing the well.
The Lahontan and Calneva COM
panies are proceeding confidently
with drilling operations. The Cal
neva is rapidly nearing the depth
at which fine showing of oil was
found in the old well of the Fallon
Oil s& Gas company. No authentic
log of the old well is available
and it is therefore impossible to tell
exactly at what depth the Calneva
will hit the oil sand.-Standard
The silver state. [volume] (Winnemucca, Nev.) 1909-1925, 1922-07-27

ginia, where she will visit for some
time. Mrs. 0rr's mother is re-
ported very i'll and it is for that
reason that Mrs. Orr is planning
the trip for this time.
Geo. Ferris was a recent ar
rival here from his mining inter-
ests near Mill City and is looking
for a place to locate. Mrs. Ferris
is expected to arrive from Yakima,
Washington, within a few days.
Mr.. and Mrs. Ferris we're former
residents of this city.
Mr.. and Mrs. P R. Kelsey and
E. ID. Thomas of Golconda were
arrivals here last night from Col
conda.
George Noble, mining man from
the jackson Mountain mining dis
trict, was an arrival here yesterday.
Geo. w. Baccus of Rebel Greek
was an arrival here yesterday.
B. A. Beatty, forest ranger from
the Rebel Creek district, is in town
for a few days.
Mrs. L. L. Sewers and infanN
daughter were taken to their home
in this city this morning from the
hospital.
Clovis, Pinson is in town today
from the Bull Head ranch in Para
disc Valley and is securing supplies
for that place.
John Goodward, an old soldier
who has been visiting in this city
for several days, left this morning
for the Old Soldiers Home in Rock
Springs, Wyoming.
Miss Dorothy Noble of Fallon,
niece of Mrs. A. D. Dern, is visiting
at 1.-The Dern home in this city for
a few days. Miss Noble is on her
way to Lafayette, Indiana, to make
her home for the present.
Gene Stowe, mining man of the
National district, was an arrival in
this city today and is spend his
time looking up old acquaintance.
T. H. Murphy and Peter Larcen,
mining men Of the National mining
district, are spening few days in
this city.
The silver state. [volume] (Winnemucca, Nev.) 1909-1925, 1922-07-27
BADGER INFLICTS
SERIOUS INJURIES

Hortan Haight, of Twin Falls,
Idaho, was the victim of an attack
by a badger early last Tuesday
morning. Hr. Haight, who has a
contract for hauling ore from the
Bullshead mine at Spruce, was
camped at Jasper siding in company
with a number Of other men. Early
on Tuesday morning he was wax
ened by what he said he thought
was boxcar falling on him. How
ever, he soon learned that it was a
badger which had firmly fastened
itself to his nose. 1t required
some time and effort for his COM
panions to pull the animal from
his face after which it was dubbed
to death. Mr.. Haight was rushed
here for attendance by DIR. Olmsted.
It was found that his nose was
very badly mutiliated being almost
torn from his face.
This is probably the first time
such a thing has ever happened as
a badger has never been considered
fighting animal unless cornered.
There is no doubt that the animal
was rabid by the manner in which
it was beaten up precluded the
possibility of having an examina-
tion made.-Wells Herald.