davidaulloa/AmericanStories huggingface dataset:
The New York herald., 1922-07-15
THE EQUITABLE
TRUST COMPANY
OF NEW YORK
MERCANTILE MARINE
NET EARNINGS DROP
Pamphlet Report ShoUs $40
a Share on Common for 1921.

The pamphlet report of the Interna-
tional Mercantile Marine Company COW
ering operations for 1921. made public
yesterday. shows net earnings of the
parent company and it's subsidiaries. in
cluding the American Line, Red Star
Line, White Star Line. Atlantic Trans
port Line and Leyland Line, Of $5,797,-
SAT. which compares with $9.905.959 in
the preceding year. This is equivalent
to $40 a share earned on the common
stock after preferred dividends, com
pared with $13.64 a share earned on the
Junior issue in the preceding year.
The earnings of the Marine company,
which include earnings from its own
operations and receipts in the form of
dividends from its subsidiary companies,
amounted to $5,176.749. compared with
$S,307,283. In the first compilation,
showing the combined earnings of the
company and subsidiaries, the pronts
OF the British companies were converted
into dollars at the rate Of $4.S5 per
pound sterling for purposes of compari-
son. In the second compilation the
dividends received from foreign sub
sidiaries were converted at the market
rate of exchange on the date received.
The consolidated balance sheet shows
current assets of $72.677.0S7 and cur
rent liabilities of $49.960.121. The total
OF cash was nearly $10.000,000. while
loans payable amounted to $500, 900
Accounts payable of S29.146,911 included
reserves for United States and foreign
taxes. Marketable stocks and bonds
were carried at $47,717,190.
The New York herald., 1922-07-15
TOPICS OF WALL STREET.
Crude OiI Cut Coming.

interests identified with the oil In
dustry admitted yesterday that cut In
the price of crude oil. particularly Mid
continent crude, Will be announced In q
short time. possibly to-day. This ac-
counted for the weakness in the oils in
the early trading yesterday. The selling
was overflone. however. ana most Of the
oil stocks on the big board" rebounded
with a snap that put them materially
above the closing prices of Thursday.
Strangely, the curb oil stocks. particu-
lariy the Standards. remained weak
right through the entire session. Whereas
Standard of California on the big
board" advanced 2A points on the day.
the Indiana, kentucky and New York
shares, and Imperial. International.
Penn-Mex. Prairie Pipe Line and others
Of that group on the curb declined
sharply. Although the probable cut In
crude prices Is not an unexpected de-
velopment. 1t is nevertheless unsettling.
It has been known for some time that
the high rate of production would be
certain to force lower prices unless con-
sumption went beyond all bounds.
The New York herald., 1922-07-15
CHARGES CONSPIRACY
TO CONTROL B. AND M.
Stockholder Alleges That NY.
Central Is in Plot.

BosToN, July IA petition for an
injunction restraining officials Of the
New York Central and Boston and
Maine railroads from carrying out an al
legged conspiracy to elect Alfred II.
Smith. president Of the former road. as
chairman of the board of directors OF
the Boston and Maine has been filed
with the Supreme Court, Edmund c.
Goldman announced to-day at a meeting
of stockholders of the Boston and Maine.
Mr.. Goldman said the petition. which
he filed. also asked that the directors of
the Boston and Maine be enjoned from
counting the ballots cast for directors at
a recent meeting of the stockholders.
on the ground that the New York Cen
trail had conspired to obtain the proxies
OF small stockholders in order to elect
Mr. Smith.
The petition alleged, Mr.. Goldman said.
that the attempted election of Mr.. Smith
would give the New York Central an H.
legal control of the Boston and Maine.
After stockholders and officials In at
tendance at the meeting had been served
with formal notice of the injunction pro-
ceedings adjournment was taken until
Thursday. July 81. A hearing on Mr..
Codman's petition will be held Tuesday
In the Supreme Court
The New York herald., 1922-07-15
WESTERN UNIONS HALF
YEAR INCOME HIGHER
ShosOs Net Gain Over Same
Period in 1921.

The Western Union Telegraph Com
pany for the first six months of 1922 re-
ports net income of $5.6s2.SSs after
fixed charges, compared with $4,31S,721
In final income for the corresponding
half Of 1921. It's gross revenues. includ-
Ing dividends and interest, reached
total of s50.517,562. against $51.522, ,066
a year previous.
Maintenance charges, including repairs
and reserves for depreciation. totaled
$S,276,727, compared with $S.S53,393,
while other operating expenses. embrace
ing rentals Of leased lines and taxes.
amounted to $35 ,404,542. a decrease Of
about $3,200,000 from the same period of
1921, the balance before deduction Of
fixed charges amounting to $6,S36.293,
compared with a balance Of $4.9s4,s46 a
year before.
The New York herald., 1922-07-15
Cali Money at It's Low.

Predictions that the furry in call
money rates late last month and early
in July was but temporary and that
when the midyear interest and dividend
funds had gone through their regular
channels the rate in Wall Street would
be once more at the low figure war
ranted by the condition Of the general
money market. were borne out yesterday.
Call rates on the floor of the exchange
touched 2% per cent. the lowest since
June 22 and the low point of the year.
No further tightening OF money rates is
anticipated by those who keep in touch
with the situation, except a temporary
stiffening which may occur from time to
time as loans are called or big Govern
ment Withdrawals are made. Time
funds still hold at Az per cent. for
shorter term obligations and AZ per
cent. for six months. but indications are
that there also will be a substantial re-
cession Of the rate for time funds in the
immediate future.
The New York herald., 1922-07-15
Kahn and the warburgs.

The financial community was deeply
interested yesterday in the announce
nent that Otto Kahn, Felix Warburg and
Max Warburg. all members of the firm
of Kuhn, Loeb & Co., were in The
Hague, and 1t was intimated that their
meeting there might be of Significance
in connection with some big piece OF
international financing. At the New
York offices of the firm 1t was said.
however, that there was nothing sig
nificant in the presence of the three
members of the firm in the Dutch city,
nor does 1t mean anything. 1t was de-
clared. that all three should be in
Europe at the same time.
The New York herald., 1922-07-15
MILLER.s, OUTLOOK.
FRIDAY, JULY IA, 1922.


Special Dispatch to TIE NEw YoRx HERALD
CHICAGO, July a. Modern MHlcr's
outlook on grain Is as follows: Rain de-
layed harvest work over considerable
areas of the winter wheat belt, but no
damage of consequence resulted. The
quality may be affected temporarily and
the movement retarded. Threshing re-
turns are generally satisfactory In re-
ports from Indiana and Ohio. but are
more irregular In States west of the Mis-
slssippi. Complaints of disappointing
Yields are rather numerous from Mis-
souri, and Nebraska. Few localities in
Texas yielded over ten bushels per acre.
Spring wheat Is filling nicely in the
northern portion of the belt. but the crop
is more uneven In the southern part"
The New York herald., 1922-07-15
Great Northern Tramc Gains.

Freight shipments on the Great
Northern Railway In the first six months
of 1922 totaled 1855 cars. an increase
OF 1851 cars. or about 10 per cent,
over the corresponding period last year.
Its loadings in June reached an aggre-
gate OF S5,904 cars, a gain of 35 per
cent. over the same month in 1921.
Shipments Of iron ore during June in
creased SO per cent. to a total OF $4,000
cars Lumber loadings Increased from
1854 cars to 1888 cars live stock in
CT eased from 1.771 cars to 2.15S grain
and grain products dropped from 6.94S
t, 1904; coal Increased from 2,409 to
1850. and merchandise and miscellanc-
ous freight from 1885 cars to 21.3S3
cars.
The New York herald., 1922-07-15
More Gold From England.

Another shipment of gold, valued at
100000, arrived here yesterday from
London on the Mauretania consigned to
j. P. Morgan & Co.. making the total
received on the present movement to
the Morgan firm $9500,O00 Two other
shipments of 100000 and $2,50O.oO0 on
the Adriatic and the Homeric, respec-
lively. are expected to be in by next
Tuesday. bringing the total UP to
$l4.00,000. The bankers here are still
without instructions as to the purpose
of the shipments. but 1t Is generally
assumed that they represent part OF
S125,000,000 which Great Britain will pay
as interest on her war debt in this
country, due in October.
The New York herald., 1922-07-15
TRADE DISPUTES SETTLED.

Sir William Priestley of the Bradford,
England, Chamber of Commerce, called
yesterday at the New York State Cham
ber of Commerce to thank Charles L.
Bernheimer. chairman of the arbitra-
tion committee, for his efforts in salts
factorily settling more than score Of
commercial Disputes growing out of
Cancelled contracts last year. These can
called contracts involved several millions
of dollars. Sir William said that the
results of The cases have strengthened
commercial relations between Bradford
and New York.
The New York herald., 1922-07-15
studeb.ker Climbs Again.

Motor stocks were strong features
again yesterday and nearly all of them
scored substantial advances. Stude-
baker led the group with new high
record for the year at 1881. The per-
sistent strength Of Studebaker, which
has resulted in a series Of almost daily
new highs. has given color to the report
that the division of opinion on the board
concerning the advisability Of declaring
a big extra dividend at this time has
been eliminated and that 1t has been
definitely decided to make such dis
bursement at the next quarterly meet
ing. Officials and directors of the COM
pany remain reticent on the prospects OF
an extra distribution to stockholders.
The New York herald., 1922-07-15
Nickel Plate Merger Plans.

The next move in what appears to be
the gradual formation Of a trunk line
railroad system under the management
OF the Van Sweringens of Cleveland
will be the acquisition by the Nickel
Plate of the right Of joint operation
over the Toledo. st. Louis and Western
stock control of which was recently
purchased by the owners OF the larger
road. according to Cleveland advices
which quote w. A. Colston, vice.
president and general counsel of the
Nickel Plate and the Lake Erie and
Western. The contract for joint opera
ton with the Glover Leaf probably will
be similar to that made with the Lake
Erie and Western for a four year period.
1t Is believed the plans Of the Cleve-
land interests foreshadow the ultimate
consolidation of their three railroad
properties with either the Delaware.
Lackawanna and Western or the
Lehigh Valley Railroad.
The New York herald., 1922-07-15
COLORADO AND SOUTHERN.
Net Income I'm 1921 Equivalent to
$3.50 ON Common shares.

The pamphlet report Of the Colorado
and Southern Railway for 1921 shows
net income of s1.550,155 after taxes and
charges, equivalent after preferred dlvi-
dend requirements to $3.50 a share on
it's $31, 100000 common stock. Its sub
sidiary. the Fort Worth and Denver
City. shows surplus after dividends
amounting to $2.075,079. virtually all of
which represents an equity Of the parent
road. 1t is equal to $3.50 a share on the
common stock of the Colorado and
Southern and brings the years real
earnings on that stock up to s9.49 a
share.
The New York herald., 1922-07-15
AMER. TELEPHONE
INCOME INCREASES
Net Earnings for Half Year
Slightly Lower q Share,
However.

The net earnings Of the American
Telephone and Telegraph Company.dur
ing the first six months of this year,
with June results estimated. aggregated
s32. 80. .1SS. which Is equivalent to $5.75
share earned on the outstanding capital
stock after deduction OF all charges.
including interest. This compares with
$26 .512. 100, or $3.50 a share. on the stock
then outstanding for the corresponding
period Of last year.
The following table gives . corppari.
son Of the salient features Of the in
como account for the six months period
with that for the similar period In 1871:
Dividends received. sci. .ss7 ,is.1ia4o7 S1
Interest received. 6.480.110 6.402.S7e
revenues. .......... 81 .sss.s42 ss.55e.7ii
Expenses, including
taxes ............... 19.ose,e10 17.o4s. .72e
interest .............. o,2oo,o18 S.S66,U22
Net earnings. .......... Sz,So4slS5 <6.o1S,l0S
DIVIDENDS ..........-.. Z3.2S5S4I iS,95S,o96
SURPLUS ......... ...... TsV1o,Soo IsoIo,oU8
III. b. Thayer. in statement to stock
holders accompanying the six months
statement. sets forth the company's
policy Of giving constantly better
service at such cost as will give the
corporation fair return and OF having
its customers financially interested in
the welfare OF the company. He de-
clared that the interest of the company
and the interest Of the public demand
that telephone subscribers who pay for
the service shall be financially inter-
ested in the company.
ITO that end" he said, I'VE have
promoted and are promoting a demand
for the stock Of the company by small
investors. There are now 10000 stock
holders Of the American Telephone and
Telegraph Company. With the same
obetct in mind. as we'll as to provide
locally larger part Of the capital re-
quired for new construction, we have
encouraged limited sales of their pre-
ferred stocks by the associated compa-
MES"
The New York herald., 1922-07-15
DETROIT EDISON EARNINGS.

The Detroit Edison Company reports
net earnings for the first six months of
1922 at $1.s23,741 as compared with
s1,420.019 for the corresponding period
In the preceding year. The gross rev.
enue amounted to $12,S76.744 as
against $11,624,400 In 1921. Net in
come, after deducting taxes OF $9.163,-
s51. aggregated $S,713.393. while In 1891
q net income OF $S.os5.7ss was reported
The New York herald., 1922-07-15
s5,4oo,ooo Equipment order.
The Western Pacific Railroad Com

TIC WcsterH FacInC KaIIroad CONF
peny has closed contract with the
American Car and Foundry Company
for 1000 refrigerator cars at cost of
approximately s5,400.0O0. The purchase
probably will be financed through the
sale of bonds under the first mortgage
OF 1916 The necessity for the new
equipment arose from the refusal of the
Pacific Fruit Express, Jointly owned by
thc Union Pacific and the Southern
Pacific companies, to renew its con-
tract with the Western Pacific at the
clcse Of 1921. Much of Western Pa
ciflc's eastbound freigh. consists OF
flesh deciduoas fruit, which It has here
tofore handled with equipment belonging
to It's competitovu.
The New York herald., 1922-07-15
Listing the Independent steel..

Dispatches from Youngstown declared
yesterday that important interests in
the Brier Hill Steel Company and the
Trumbull Steel Company were in favor
of listing the stocks of those two corpo-
rations on the New York Stock Exchange
and indicated that steps might be taken
with that in view in the near future. So
far no application has been received by
the exchange to list either of these issues
and the listing committee will, Of course,
have no knowledge Of the companies
intentions until such application Is made.
The New York herald., 1922-07-15
Equipment Market Looking Up.

The belief prevails In steel and
equipment circles that the railroads will
haze to enter the equipment market on
larger scale In me near future in
anticipation Of heavy grain movement
in the fall ard the big movement of
Goa. which will necessarily follow the
end OF the coal strike. Together with
continuing increases in other classes of
traffic freight tonnage in the autumn is
expected to assume record proportions.
Present inquiries call FOR 10000 cars
and 200 engines. Car orders placed so
far this year total 100000 cars. which
exceed the total purchases of the en-
tire years Of 1921 and 1920. A favor
able sign Of reviving business is seen
IN the pending inquiries for locomotives
by industrial companies and contractors
who do construction work of various
kinds
The New York herald., 1922-07-15
MONEY MARKET.

FRIDAY. JULY ~. 1922
Renewals. Last.............. 2%
High. 3 Years high. ..... 9
TIME LOANS.
Mixed coiiaterals, GO to 90 days. 64n
Mixed colaterals, 4 TO q months. .... 4H64h
Jndustrials, 60 to 90 days........... 6i4L
Industrials, TO months. ......... 4hn4h
COMMERCIAL PAPER.
Best names. 4 TO, o months. ......4 @4t
Other names. to months. ~
DISCOUNT RATE, RESERVE BANK.
Commercial paper 't5 days, 4; 60 10
90 Gays. 4: Liberty bonds and Victory notes
eeptances. IL to 90 days, 4.
Fixed June q: Previous rate. ~. fixed
November .. 1921.
OPEN MARKET RATES.
Call loans and acceptances. ....... 2x%
Discount rates prime bankers accept
ances eligible for purchase by Federal Re-
fcrve banks:
Did. Ask Bid. Ask.
80 days....... 3k 2 90 dsys...... 3M 2
20 days...... 3h 3 l120 days.. 3h .
CLEARING HOUSE STATEMENT.
Clearing House exchanges, s12f 900, 600 .
balance, Ss3 300. 900: Federal Reserve credit
balances. s64. 100000.
SILVER MARKET
Official bar silver In New York, domestic,
f9tsc.. UNCHANGED foreign. roc, up SC Lon
con, 35Ad., up I'D. Mexican dollars, 537tt.,
rp &c.
Range OF silver prices this year:
Highest. Lowest.
Jscndon.. ...... 37ssd.. May 20 3ozd., FEB. 2s
New York.. F3%c. May y b2xc.. Feb. 70
The New York herald., 1922-07-15
FAR EAST.

New York funds In Montreal, &t0.5f pre-
MUM n 81 900; Montreal funds in New York,
Sf021 discount 81 900.
The Hickman courier. [volume] (Hickman, Ky.) 1859-current, 1922-12-14
Bed Cross Symbol.

The Red Cross symbol is exclusive
" reserved for sanitary formations
conveying wounded soldiers or sailors
and for the Institutions engaged In
the treatment of such cases by a law
PASSED In France In 1913 and strict
enforcement of this law IS being car
ried out. The directors Of French
Red Cross societies. noticing that va
rious pharmacists and laborers' first
aid stations had put up the Red Cross
sign, decided 10 demand the removal
Of all such eInblems where unauthor-
ICED. As result the courts are busy
prosecuting the various drug stores,
which refuse TO take down the sign,
alleging that 1t is perfectly justified
because In reality they are flrst-aid
stations. However, a decree has been
issued stating that the law of 1913
must be observed.
The Hickman courier. [volume] (Hickman, Ky.) 1859-current, 1922-12-14
"REMINISCENCES
FIFTY YEARS AGO

There were $50 cases Of smallpox in
Memphis.
The Mississippi river was lower than
remembered by the oldest Inhabitants.
a good many entertainments are 10
come off in Hickman during the hoii-
days"
"Our euterpri~ing friends Overton X
Steele. have bought themselves a steam
boat and propose 10 put it forthwith
regularly in the trade between this
point and Cairo
"'rhere is 10 be grand ball at the
CITY Hall Tuesday evening, December
81. bv Theodore Nargran. teacher of
the Hickman brass ana string bands"
Robert 4 Faris and Mrs Phoebe y.
Weaver were married ar the home of
the bride 10y Esquire j. w Mdyes.
John W. Prather and Miss Annie T.
Winston were married az the residence
of the brides family, Rev. +. II. RoulhaC
performing the ceremony
The scarcity of water, though some
what relieved by the little rain Tues
day night still greatly Inconvenience
the farmers
The Mayhcld band have engaged IN,
services sf Prof. james. formerly lead
or Of the Hickman band as teacher n,
| is one of the best T. flat blowers in tht
/ West"
The Hickman courier. [volume] (Hickman, Ky.) 1859-current, 1922-12-14
Christmas
DiOlefS 2 &c !: :
By NAM
Or. Iszz. western -v~spsVer -,

HAROLD had been told by his
IL mother that big cities were fun
Of designing women. Harold did not
know whether his mother was right
or not. But he dld know that IN his
city boarding house there was one OF
the dearest little girls who had ever
lived
Harold was not selfish. He was far
from being a miser. His idea Of a
miser was chap he had known in his
home town. He had never spent any
money which he could possibly avoid
spending. He always ate with his
friends and rarely paid for meal. He
was always out OF cigarettes and so
smoked his friends cigarettes.
He had made good living and
never failed 10 talk of his poverty.
He had been accused Of worshiping
money and he had replied: Not a bit
The Hickman courier. [volume] (Hickman, Ky.) 1859-current, 1922-12-14
AND THE FlREMEN LAUGHED
But Perhaps All Of Them Didn't, Al
though Mrs. Blank Undoubtedly
Meant Well.

Lawson Purdy, secretary OF the
Charity Organization society. said at
a reception I'm New York:
Some people run down the charity
expert-the man or woman who studies
charity and makes IL his or her pro-
fession, but why shouldn't we have
Charity experts as well as medical ex-
perts' law experts or military experts
Take collecting, for iustance-col-
lecting for charity. The expert knows
how TO do II, and the greenhorn. be-
side him. is Ike Mrs. Blank.
Mrs. Blank was the chief pillar Of
a home for stray cats. The home was
In very bad way. In fact, rs credi-
tors said they'd forecIose on II If it
didn't settle up at once.
Late one night, tossing sleepIess in
her bed. heartbrOken over the homes
coming ruin, Mrs. Blank had sudden
brilliant Idea. She rose. ran 10 the
telephone and sent In fire alarm
when the firemen, breathless and
wild-eyed. dashed up with their en-
gines and hose and ladders. Mrs Blank
met them at her door.
"'Boys,' she said. with gay laugh.
there isn't any fire really. I've just
brought you here because you've sim
ply got TO subscribe 30 cents apiece
to my stray cats home"
The Hickman courier. [volume] (Hickman, Ky.) 1859-current, 1922-12-14
Columbus With a spy-ulasa

The medieval painter who in a pic
ture Of the crucifixiOn Of Christ repre-
sented a Roman soldier armed with q
blunderbuss must have a descendan,
in the British post Office department.
According to al indignant writer iG
the BULLETIN de la Soclete AstronO-
miaue de France" the English govern
ment for its possession of Saint Kits
or Saint Christopher, one Of the West
India islands, has provided q stamp
showing Christopher Columbus survey
IN the horizon through a spy-glass.
But Christopher Columbus discov-
cred America I'm 1892, while the spy
glass was not invented until lis years
sfterward. But what Joy that stamp
must be TO coliectorsl
The Hickman courier. [volume] (Hickman, Ky.) 1859-current, 1922-12-14

told him Of a person she had known
whom she considered miser, and she
had told him Of a joke upon this
"miser." For he had hargaincd with a
little shop dealer and had obtained an
article marked a dollar FOR fifty cents,
and then had walked down the street
a little farther on and had seen the
same article in another window for
twenty-five cents. And finally he had
seen Il ia ten-cent store for a dime
well. he had almost considered life
useless. while everyone else haG re-
joiced that II had been a good one on
the "mlser."
one Of the reasons that made him
feel that she thought perhaps. he was
mean was because she knew others
who were generous Or. az least, one
other.
Every Saturday she had received
flowers. She had taken a card out Of
the box as they had sat ~ the board
ing house table at breakfast The
other boarders teased her about her
admirer and she seemed 10 enjoy II.
Only he felt uncomfortable and could
say nothing.
And Helen. whom he called 20 him
self the dearest little girl, had been
receiving these flowers for quite q
few weeks now.
Finally he could stand II no longer
His mother needn't tell him anything
more about the city's designing worn-
en-. He was not going TO lose ths
dearest little girl, If there was vet q
| chance, because Of his mothers warn
| ings 20 keep TO himself.
And. besides. Christmas was coming.
and Christmas was time of year
when everyone felt happy. He was go
| ing TO make a tremendous fight 10 Do
happyl
And he sent her yiOlets. beautiful
deep purple yiOlets. with d pink rosa
| In the center.
Never had he seen her so happy a
she was over his vlOlets. How differ
emily she acted about his than about
the others. And then he asked her u
she would take a walk with him. SO
far, they had had all their talks In the
| boarding house.
III wonder" he said. IF you'd think
II was awfully sudden II I made a lit