davidaulloa/AmericanStories huggingface dataset:
The New York herald., 1922-07-13
BIG ASTOR ESTATE
PLOT IN BRONX SOLD
NJ. just Acquires Sherman Av.
Corner as Site for Large
Garage Project.

The block front comprising the north
east corner of 161st street and Sherman
avenue has been sold by the Astor estate
to M. Just through Hall J. How & Co.
The plot is 12S feet on 161st street. ex-
tending through to 162d street and
fronts 292 feet on Sherman avenue.
The purchaser is preparing plans for a
garage and service station. The same
brokers sold to the Al Building Corpo-
ration. M. Just president two lots on
south side of 125th street. 400 feet west
OF Amsterdam avenue, for the estate of
Rudolph Baird upon which the buyers
expect to erect business building. The
plot had not changed hands since 1870.
Joseph p. Day sold to Mr.. Just the
plot. S5xSo. on the east side of White
Plains avenue. being the only vacant
parcel between 217th and 21sth streets.
j. Janss also sold to Mr.. Just the north
east corner Of White Plains avenue and
223d street, 114xS0.
Other Bronx transactions.
SPOTS & Starr. Inc. sold for the
Weewin Construction Company the two
The New York herald., 1922-07-13
APARTMENT HOUSE
MARKET BRIGHTENS
The Northern at 181st st.
Leads List of Big Flats Sold
in Manhattan.

Louis f. Sonmer sold for the Chal-
mers Realty Company, Joseph F. Ber-
naim president, to J. A. Mansell the
Northern. a six story elevator apart
ment house, on plot 7Sx134. at the
northwest corner Of 1S1st street and
Northern avenue. 1t was held at
$3.50, 600.
Slawson & Hobbs sold for the FELTON,
Realty Corporation to the College Hold
ing Company. Joseph Shenk president,
the six story. twenty family apartment
house, on q plot 50x100, at 3 West 10Sth
street. adjoining sthe north corner of
Central Park West. The house was
held at s115,000.
An investing client of Sharp & Co.
purchased from William Sommer $50
Amsterdam avenue, between Ninety
first and Ninety-second street. five
story double apartment house, 25x100.
containing ten suites and two stores. 1t
was held at $4,000.
The Richelieu. a five story apart
ment house, on plot 50x100.S, at 169
and III West Ninety-fifth street. has
been sold by Marie III. Wilcox to the
Reimaw Realty Corporation.
The six story apartment house with
stores, 99.11x100, at the southeast cor
ner> of Eighth avenue and 140th street,
known as the Lourian. has been sold by
the Battim Realty Company to Julius
Cohen.
The MaIatias Educational Society
purchased the five story flat with
stores. 24.sx10o. at the northeast corner
of Third avenue and Twenty eighth
street.
John volz sold to Ludwig Hanf 162
East Ninety-first street. five story
flat, 33.4x100.S.
The New York herald., 1922-07-13
QUEENS BOROUGH DEALS.

]. Albert Johntra has sold for Henry
T.. Des Anges the ten room dwelling with
two car garage at 5 North Fourteenth
street. Murray Hill, Flushing. Charles
w. Lggio Is the buyer.
The Lewis II. May Company leased
the following cottages: At Far Rock
away. L. l., for Margaret M. Snowber
on Healy avenue to Benjamin Loven-
thel for Elizabeth SeidE on John street
to Alfred Il. Beck for Jeannette Ahern
on Nelson avenue TO Henrietta Bren-
ner for Elizabeth Seidt on John street
TO Joseph Dorf. At Edgemere. L. l., for
M. Lowenstein on Bay Thirty-seventh
street to NJ. Ritter: for Jacob Solo
toroff on Hartman avenue to Samuel
Zeinetz for Myron II. Lewis on Hud-
son avenue to s. Tarlash; for Elizabeth
stellges on Bay Twsnty-ninth street to
Jean Tohn.
The New York herald., 1922-07-13
BURROUGHS STOCK DIVIDEND.
Disbursement OF 70 r. c. Declared
Capital Plan Abandoned.

Special Dispatch to TIE New YoHK HERALD.
DETROIT, July 1.-THE proposed plan
for the reorganization of the capital of
the Burroughs Adding Machine Co. as
presented to the stockholders in the let
ter and notice Of June 27. 1922. has
been withdrawn by mutual consent oil
the company and the bankers. There
were not sufficient shares represented
at the stockholders meeting to make
the plan eff .ctive.
At the meeting Of the directors fol-
lowing the stockholders meeting a div
idend of 25 per cent. was declared on
the outstanding capital of the conf
pany. payable in stock and distributable
August 10 to stockholders Of record at
the close of business July 81.
Application for listing the company's
stock on the New York Stock Exchange
win he made
The New York herald., 1922-07-13
DISCUSS COLLEGE MERGER.
Canadian Educators Take Up Car
negfe Proposal.

HALIFAX. N. s., July 12.-First steps
toward federation of colleges of the
maritime provinces of Canada and New
foundland. as proposed by the Carnegie
Foundation. were taken at meeting
here OF representatives of the various
institutions. The suggestion of the
foundation was that all existing coll
leges move to this city and become part
Of great university modelled on the
Oxford system.
At the meeting here committees were
appointed to consider the details in
volvcd In the federation scheme
The New York herald., 1922-07-13
PLAN LARGE FLAT FOR
PARK AVENUE-CORNE
Builders Lease Site for Opera
tion at Seth Street.

Julius Tishman & Sons. Inc, leased
from Albert Fries the plot on the north
east corner of Eighty-sixth street and
Park avenue for a long term of years.
upon which they intend to construct a
fourteen story apartment house contain
ing forty-two suites to be completed
about June, 1923. The total amount in
voived In the improvement is about
s2.O00.o00.
The same builders are also preparing
plans for the construction of another
fourteen story apartment house on the
plot at the southwest corner Of Eighty
seventh street and Park avenue. 100x133,
diagonally opposite the leased site.
which will involve a total cost of ap-
proximately $1.750,000. This building
will contain fifty-six apartments. con-
sisting Of six, seven, and eight rooms.
e. II. Rapaport, Inc. was the broker.
The lessor was represented by Wolf &
Kohn. attorneys. and the lessees by
Stoddard & Mark.
The New York herald., 1922-07-13


some guaranty that they would be paid
before giving further credits or sending
further goods.
A Steady Flow of Credit.
1t Is not credit by the bucket" that Is
required. 1t is a continuous flow Of
credit, which the writer has called "a
dripping tap" This continuous bond
system evoked so large a response from
the people that it is entitled to>b be called
a popular form of investment. In this
connection there are two striking illus
tratons to-day. During the last twelve
months about 100000, 900 from the
small investors have flown into savings
certificates In this country. And the far
seeing builders of Americas greater
prosperity have been educating their in
vesting public with no foreign invest
ment traditions behind them) to pur-
chase foreign bonds, which during the
last few months have exceeded this
amount. And there have also been
issues of capital for foreign development
of an equal amount.
Thus one can see that the formation
of such national corporations. with guar
anteed capital and investors money.
would supply the required intermediary
finance between the banks short term
accommodation and the long dated capi-
tai issues of the issuing houses.
The New York herald., 1922-07-13
RESIDENTIAL RENTALS.

Porter & Co. have leased for William
F. wightman to Anna Kottenhagen the
four story American basement dwelling
at 301 West Eighty-ninth street.
Douglas l.. Gilman e Co. leased an
apartment in 900 Park avenue to Mrs.
X. M. Gibbs; in 755 Park avenue. COR
ner of Seventy-second street, to A. l..
Newman. and in As East Sixty-hrst
street TO Miss Elizabeth Randolph.
Culver & Co. leased an apartment In
149 East Fortieth street for a term OF
years to Mrs. Duncan Kennedy.
The New York herald., 1922-07-13
American and British
Gunboats Threaten Sun

r ONDON, July ia Reuter-
dispatch from Canton says
that Sun Vat SENS fleet is
anchored off Shameen. a suburb Of
Canton, having run the gantlet of
shore forts. Suns navy appears
to be limited to four or Ave small
gunboats.
Arriving at Shameen, Sun Vat
Sen was informed that strong ac-
ton would be taken If he fired on
Canton, and as warning British
war craft, the Moth and the Taran-
tula, and an American gunboat, i'm
mediately cleared for action. Sun
promptly undertook not to fire un-
less fired on and now remains
bottled UP at Shameen. where he
is considered out of harms way.
The New York herald., 1922-07-13
MIDTOWN LOFT SOLD.

F. & G. Pflomm sold for Mrs. Alfred
q. Taylor the six story store and loft
building at "a West Twenty-second street
to Frieda Altman. for investment.
The Star Company. of which William
R. Hearst is president, purchased from
J. M. Delaney & Co. the Ave story build
ing, 25x117.3x irregular, at Ferry
street near Gold street.
The New York herald., 1922-07-13
TO ALTER OLD OPERA HOUSE.

Harrison G. Wiseman and Hugo
Taussig, architects. have filed plans for
altering the old Manhattan Opera
House. on WEST Thirty-fourth street, to
accommodate the Scottish rite bodies of
New York Portions Of the second,
third and fourth balconies are to be
removed and two story addition is to
be made on the Thirty-fourth street
side. increasing its height to ten
stories A roof garden will also be
built to accommodate 10000 persons.
The cost of the alterations has been
placed at 100000.
The New York herald., 1922-07-13
CHILD GIVEN MISSING SENSE.

Los ANGELES, July ia sense Of
smell was given to seven-year-old girl
born with defective nose. by an OPP
Grafton before the convention of the
American Osteopathic Society of Oph-
thalmology and Oto-Larynology yester-
day, DIR. T. J. Ruddy of Los Angeles
performed the operation.
The New York herald., 1922-07-13
PLAN 7TH AVENUE BUILDING.

Plans have been filed for the erection
of a sixteen story manufacturing build
ing. 3Sx9S.9x irregular. at 352 and 354
Seventh avenue and 204 and 206 West
Thirtieth street. by the Clemons Realty
Company. J. H. Knubei. architect, esti-
mates the cost at 100000.
The New York herald., 1922-07-13
IN THE DWELLING MARKET.

Hudson p. Rose & Co. have pur-
chased through Brown. Wheelock Com
pany, Inc, from r. T. and d. T. Dana
Company the two three story dwellings
at 23S and 240 West 127th street.
James II. Cruikshank sold to Simon
S. Friedberg, through his attorney.
Charles Fredericks, ia West 127th
street, a three story dwelling, 16.Sx
100. between Lenox and Seventh ave-
nueS.
The New York herald., 1922-07-13
NEW L. I. CITY WAREHOUSE.

Work has been started for steel
warehouse for Egleston Bros. & Co..
iron and steel merchants. Of 166 South
street The structure Is being erected
on Borden avenue. between Mount and
school streets. Long Island City. 1t will
occupy n plot. 2oox225 feet. and will
have a siding from the Long Island
railroad. The Austin Company OF Cleve-
land. Ohio. has the contract 1t Is ex-
pected that the building will be ready
for occupancy by October 1st
The New York herald., 1922-07-13
b. O. LIQUOR PROFIT s3 A HEAD.

VICTORIA, B C. July 12--British
Columbia municipalities will receive as
direct revenue a share OF the last six
months profit made by the Provincial
Liquor Administration, equal to about
N.50 n head. Under the liquor act
municipalities receive one-half the net
profits from the liquor control after a
reserve fund has been provided for.
The New York herald., 1922-07-13
PARAGUAY ATTACKS REBELS.

BUENos AIRES. July 12 ASSOCIATED
rress) ).-Paraguaya Government troops
began an offensive against revolutionary
bands this morning. says dispatch to
La Ndcion from Asuncion. The often
sive was begun from Ita. twenty-five
miles southeast Of the capital The
enemy was said to have been offering
stout resistance
The New York herald., 1922-07-13
pELoRME GOES TO ASYLUM.

QUEBEC, July 12.--Adelard Delorme
will be interned In BEAUFORT Asylum.
near here, until such time as the Lieu
tenant-Governor Is advised that he Is fit
to be tried for the murder of his half
brother. Raoul last winter. Delorme, a
former priest, was recently pronunced
insane and incapable of understanding a
trial. ~
The New York herald., 1922-07-13
PLOT SALE ON JUMEL PLACE.

The l. Langner Holding Corporation
purchased for $45.ooo from Francis w.
Aymar, as executor, the plot. look
17610x irregular. on the east side OF
Jumel place. 30.4 feet north OF 18TH
street and extending through to Edge
combe road.
The New York herald., 1922-07-13
I'm THE AUCTION ROOM.
"a vesey street.)
NV ATTrT. Ay,X

East Goth st, 2fo n 9, oe0 n W OF Second
40 1Ox1O05 story tenement with stores !:
axecutor's sale. To George Will. Jr. fof
eJg,yvt eJT,orsyth st. 81, W cor Hester st. 25x50,
: storv tenement with stores executors
sale. TO IIyman Posynsky for $4,000.
PIT at. Al, cor Delaney ST.. 25x75,
/, atory tenement with stores: executors sale
,ro Annie Dintcnfass for $3T, 200
Henry st, 40. n s. 240 II W OF Market st,
o5xsO, story tenement executors sale. To
Abraham Malowe for $16.s50.
BY BRYAN l.. KENNEL1.y.
Eleven lots on warburton and Odell avs
Yonhcrs, N " voluntary sale. To Thomas
Healy, restauratcur, for S11 .225.
The New York herald., 1922-07-13
DEAL ON MARBLE HILL.

The Mester Builders. Inc. sold to
Frieda Aronson the northwest corner
of Terrace View and Adrian avenue,
vacant plot, 105.1x133.sx irregular.
The New York herald., 1922-07-13
BELGIUM SEEKS TRADE.

SANTIAGO, Chile. July IA Belgian
commission arrived here to-day on a
tour Of Spanish-American republics OF
foster industrial. commercial and finan-
cial relations.
The New York herald., 1922-07-13
National Organizations
Suggested to Finance Ger
man Reparation Bonds.
A TRANSFER OF CREDITS
Could Be Used for Restoration,
Turning Dead Asset Into
Living One.

This Is the fourth OF series of arti.
cies by prominent English economists on
the subject OF international credits. The
first two, published in THE NEW YORK
HERALD, were written by Hartley
Withers, editor Of the London "Econo.
mist" The third and the present article
are by Sir Drummond Drummond-
Fraser. Others will follow.
by SIR DRUMMoND DRUMMoND-
FRASER, X. b. E.. M. Com.
Copyright IN all countries reserved.)
Special Correspondence to THE New YoRK
HERALD.
LONDON. July War demands for
unproductive war necessities have un-
balanced the trade of the world The
Allies could not pay for goods by
goods, as their own productivity was
diverted to war instruments. When
Great Britain required war material
from America she modified her dollar
securities, either through her Govern
ment or through her nationals in ex-
change for those of the British Gov
ernment. She also borrowed dollar
securities and other eligible invest
.nents to enable her to raise dollar
loans.
This method Of borrowing for un-
= productive war purposes may be
called unhealthy borrowing, although
its war results were successful
Healthy borrowing is borrowing for
productive uses. such as that Of Amer-
lea from Europe forty years ago, when
America was developed by means OF
loans from Europe. America and the
British Dominions were built up by
the ordinary issue of capital by the
London issuing houses.
The New York herald., 1922-07-13
PERSONAL AND IMPERSONAL.

Harold A. Watson, formerly with
Cross C Brown Co., Is now associated
with Adam & Co.
Robert w. Jackson has resigned as
head of the country department of Ladd
G. Nichols at Great Neck, l.. l.. to go into
business for himself. Sydney e. Brews-
ter will have charge of the Long Island
business. The Great Nec. Office OF the
firm will be in charge Of " E. Hender-
son.
The New York herald., 1922-07-13
Investing Abroad.

The British and other European peo-
pies were gradually educated to invest
their capital in American and Domin-
ion undertakings, because they were
taught to realize the rich harvest they
would reap in return through the prod
uce Of these new countries and because
they had faith in the character and sta
bility Of the issuing houses and their
plans for the evolution of these coun-
tries.
Now the position Is reversed. The
countries of Europe who invested i'm
these securities are obliged to become
the borrowers. In order to reap what
America and the Dominions reaped from
their borrowing. they must become
"good' borrowers by pledging their ma
tional assets and by borrowing to obtain
essentials only. e., the goods which
will recreate their own exports. They
are not required. as Great Britain was,
to part with their gold and dollar
wealth. They are only asked to pledge
their securities. To achieve this requires
time. The banks cannot give sufficiently
long credits. They borrow money from
depositors, which is payable practically
on demand On the other hand, the war
stricken countries. are not In position
to borrow money on. loKg dated loans
which issuing houses are in the habit of
placing before investors.
The New York herald., 1922-07-13
A Suggestion Made.

midway between the two. The writer
suggests the formation of national cor
porations to finance exporters who can
provide satisfactory guarantees that the
importers will be able to pay. These
corporations could also finance German
reparation bonds and other inter-gov-
ernment debts. In the case of pros
porous country like Great Britain the
finance Of German reparation bonds and
inter-government debts would replace
other government debt. Just in the same
way as the British Government Is to-
day borrowing and creating new debt
against that borrowing to replace statu-
tory obligations for the redemption Of
other debt
This, being a transfer of credit does
not add ono penny to the dead weight
of the country In cases such as that
of France. where money is required to
restore devastated areas. the money
would be used for reproductive purposes.
1t would thus turn e-dead national asset
In the shape Of German reparation bonds
into live, reproductive asset. In both
cases the Government would be liable
for the capital and interest represented
by the German reparation bonds. They
would however, be covered by the Ger
man payments for this interest and com
pulsory sinking fund controlled by the
reparation commission.
Investment Corpora tfons.
These corporations. unlike the pro-
posed corporations with Government
guaranty, would have capital guar
anteed by substantial guarantors
and not paid up. One might call
them Investment corporationsf' They
would not like the proposed corporations
rely upon the Government guaranteed
~ \
cause the money Is TO be used for pro-
ductive enterprises covered by approved
securities and because Of the guaranteed
original capital In the background
The guarantors would be attracted to
guarantee, because their guaranty
would be the restoring point of the
credit circle OF international trading on
pledged assets and because they would
receive a percentage of the profits. Thus
the guaranteed capital OF. say 100000
900. would attract four or flve times that
amount of investors money, while the
proposed corporations with the same
original capital would not be sufi-
ciently large to restart the credit cycle
of trade. The great inducement to In
vestors In the corporations suggested by
the writer In contradistinction to the
proposed corporations would lie in the
fact that they would receive their money
PACK lnthCt piuS interest, without the
fear OF the fluctuations of the markets.
In fact their money would be held on tho
same terms as the deposits OF the banks,
except that It would be repayable at
fixed periods.
The book credits which are the main
outstanding liabilities of Importance to
exporters, would have their restrictions
removed. These book credits In normal
times were kept alive by the constant
flow OF goods and payments. But as
The payments were not Forthcoming,
The New York herald., 1922-07-13

Childs & Humphrles placed loan Of
$4,000 on TAT Tenth avenue: also on
sos East Fourteenth street, loan for
$4,000; $4,000 on II First avenue for
Celia f. Paschkes; $1,000 on 154 West
1920 street for Ann s. Heavy and $751;
900 on 110 East 116th street for Louis
Hymann.
The New York herald., 1922-07-13


James Boyd has placed a first mort
gage of $780, 900 on the northwest corner
of Broadway and 135th street, six
story elevator apartment. with eight
stores on the ground floor on a plot -25x
100; also $4,000 on 112 and ia East
Fourth street: $4,000 on 1923 Fast
Eighty-sixth street and $4,000 on 271
and 273 West 150th street.
Edwards, Dowdney & Richart have
placed the following first mortgages !:
S145,000 on the northwest corner of
Sherman avenue and 165th street: S37.-
900 on the northeast corner Of Weeks
avenue and 174th street; $25.70o on the
northeast corner Of Crotona avenue aid
176th street. and $4,000 on the east side
of Valentine avenue, rs feet north OF
1S4th street.
f. Osborne Smith, Inc. have placed .he
following loans: on three family horse
at 1856 Anthony avenue. $4,000: or a
one family house at 1855 Franklin ave-
nue., $4,000: on a one family house on
the east side of Holland avenue. 200 feet
south of Rhinelander avenue. $4,000: on
a taxpayer on the south side of Fast
1880 street, east OF Park avenue. s15,-
900: on 1859 Sedgwick avenue and 1901
Sedgwick avenue. two one family houses
$4,000 each.
William A. N&Se & Sons have
placed a mortgage loan OF s600.000 at
per cent interest for ten years with
Peabody, Houghteling e. Co. Inc, on the
plant Of the Pittsburgh Gage and Sup
ply Company. Pittsburgh. Pa.
The New York herald., 1922-07-13

naturally the exporters wished to have
some guaranty that they would be paid
before giving further credits or sending
further goods
The Cordova daily times., 1922-08-03
BOOST THE HONEST MAN

If you want to learn the value of truth, try to transact the busi- ness with liar, gargles McDuff.
The Cordova daily times., 1922-08-03
THURSDAY, AUGUST 3, 1922
BANKERS ACCEPTANCEs IN FOREIGN
 TRADE

Further development of the use of bank CTS accept;nces in the foreign trade of the United States is made possible by the regula- tions recently issued by the Federal Reserve Board, according to the National Bank of Commerce in New York. In the May number of it's magazine, Commerce Monthly, the bank points out tbat these regulations allow reserve banks greater discretion in determining the eligibility of bills for redscount thereby i'm proving their facilities for granting accept ances in competition with foreign banks
 IL has been thought that the relatively rigid requirements for eligibility at Federal reserves banks, which were established under the reg ulations of the series of 1920, have tended to restrict the volume of acceptances, and to place American bankers at a disadvantage as comp. rcd with European bankers in the grant ing of acceptance facilities. The position of American bankers in this competition is no doubt strengthened by the fact that this coun- try is at present the only free gold market. However, 1t is worth noting that further ad- vance Of about eleven per cent in the quota tion for sterling exchange would enable Great Britain to draw upon our own vast store ot gold and thus permit the speedy re-estabIish~ ment of free gold market in that country.
 The regulations now promulgated by the Federal Reserve Board will permit greater elasticity in meeting the competition of for eien banks and will at the same time main tain an effective control of the quality of Am er"can bank acccntances. The principal change effected by the new regulations as the elimn- aton of the virtual requirement that all bills which may be accepted in import and export transactions must be documentary or secured, in order to render them eligible for rediscomt.
 This liberalization of the Boards regula- tions does not imply any change of view on the part of the Board as to the meaning of the statute or as to the principles which should govern the granting of acceptances. Its effect is in general to give the Federal reserve bank greater discretion in determining the eligibili tv for rediscount or purchase of any particular bill instead of subjecting all bills to rigid tests prescribed by formal regulation. In so far as former rulings have been interpretive of the law or have laid down board general princi- ples for the proper conduct of the acceptance business, they may be said to exist for the gen eral guidance of those concerned and thus to retain their directory if not their mandatory character.