davidaulloa/AmericanStories huggingface dataset:
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-05-06
Philadelphia Markets

.., .w,HEAT-Reeslpts. 2aI.s27 bushels. Mar
'Ss''Ss T:d wssr s.Scs1 ri S'i 6,Ss;
Ssccans wses. g. under ss%'eS red win.oP: 81
saaer sndss, No. 2: No. 5 wheat lie under No. =.
auisi uiiEMehsesp,. aSe s ia%. ssSG ,O, bushels ,n Market
!stosNo. TiS72c; No. ,o !. 9oSeie: esRt Nc. Nc.
:. 4:,s esq oec Car lots for local tradc-.No. 2
7SNc. ''"'"' 80"
r0SATs.ReesIpts, 6oo4 bushels. Quiet and
WHIT; iE;q sle 10 oso white ss ~
showed mt!ie ehanrs asoss.,oa. per P,,fss iss
e:ss ssrasS 't$ss $sern iS'i .sss ssf. sS
winter winter ,aS .saS nss.ss ssa wn.r
ss.5S@T.ss; spring patent. 50. Is Q !. 20;
sPsna; iao5t $500 Rrssr Rys Suur f1iS S5S
sets. smoked and sir:dr H led. 4sc Sect tnuek"
na :%sss Ss%s ga sss
ss!:Hss iSGt sSns HrH' ssss sa!ss
Sssss. SSs:. sSs: Isss ,si l7s' Sfssss
cations: Solid-packed creamery. In tubs.
s7e; . s':: Seconds ss's ss'ss
ss,s sweet creamery; sa chc,ss 70 fancy. 400 !.e:
SS;s {. seSs ss'. sgssis' fan', brands
sSnc: seconds. a5a wss,sfn G; ,Ms sx.rs
nrsts 2sc: nrsts. &c: seconds. 23 % 26c
southern. according TO quality. 23 q 2bc:
aSS sSS'H ssasso s. Fis%s'' eess fas
cHEEsE a aSiet SIs: and unchanged. The quo.
tations were as follows: New York. whole
& f9ccy .os held ;sss ss@s'G q i,nss Ss aS
Gals higher; DO. e fair to 't good. s iSH & &iSc:
sss: se Iss Da's ,cSSns H''s sales S}
sx.sanss S s9'LsRixs*'' ,a: fancy fat good ss!
SSs@a sprinns chickens; not Leg
inf ~ az lbs; each. oo@82c; spring
ss1k Or pSs Et .fn M.xhns G say s,
each: % 9SSc;, spring chickens; Leshorss:
iss. each. ls d Sc; sprins chIcEcns. Heshorns.
40f sd TsSf f1s fs hsS. dutHr sHr
ss %e ad set S.:svs IS iss s.: :so,: r:sSSS
IL ID lGc: do. Southern and Western. ,.Sisc:
sssssS ya!s Sse 4Sss'0"'. per
over apiece s4c; xeixhins az lbs. 81 20 sa"; %a
MelFSinE iss Ss% scS; sGSW;ls
over apiece. .s3c: weiEhins Az lbs. 40 n sic:
Mass. % SIC; old BOOSTERS. dry:picked.
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-05-06
DEATHS

sTRAUcH..A1ey 8, BARBARA trss Kcsr. i;ss.
sna Funeral ,in NJ y, fRs% Re.uI.m ssp
mss. mae r'1Bi 81. 1Bonifaee Church. o A. NJ. Inter-
ment ST. Peters Cemetery.
supHoP.-Msy 3. ANNA n; Daughter .,,sa Of o;
'eSS 4. 8. u ". invited to iane.s! services;
h. M ss G:% T:nSs Ss'a cali s:n
THoMAs.o@n On Nay d,: 1na: HEsEccA R.Iss;cs: A,ss;d 81
wsoT rIsSS, 0s sre Invited to the service on
"ssoa eS Ih 's''f fn,:imsn. a mt DS
ss.ssSS s. jo Msz ia
ksia,ssawn ss,s,y b.p,,.s sg F:SSs .%p:S:;
and Sun II s:s H. Ts's.a T.
snce. ssit Mccslium ss =, ,to hit lr,
Mon. morning. Mt convcniehce OF tne iamns'
ter Of Aiexander and Annie Thomson. Hela-
lives and friends invited to services; Mon; sn,s
ESQ F. IIx.ts Nj parIXHii Xriins,on Gem. Friends may
call Sun. eve.
THoRNEzAt the HON: os ne. laughter;
Mr. Mr.; q ,d:a M fsfT!S1GM Eniz% MtRRAY *s sTocKToS e
IS Sifs s.ars. Of the Ne;ics si % of funeral later.
yHMEEnkAKE Rsais, M"y and %H0IAs f4isnd,
sisn.m.n sI:S ssT?osssn ..,yS.:
S5S.A't sen. Del: !'Gs' Ss ri "a. IN: F:fnseed Gem
@!ss$$; @4!sss$sSM "a. Ss" Sifs ss':s, ,:a.
attend t.nsss sss SsSH ssS al
spls%n %ns. csarch % feqS'e Io
The lH%S'IiSIS H%S IsiSpuleSrs eetD Gem o"''." ~ " "
T.s;s.. f sdna Tsf'S S: hS:s '%o M
cous! Pace 1 No IL 5 g. e. and d ali 'sansr o,Ssr
sosets' sosc = M. i late residence. $500 Il 9TH st:
intermcnt ife private. at convenience of the
AWXiL.-May 4. SUSANNA, widow Of Jo-
ssph Wall FunsSsi us.S . s.rvis;' nv,ard Mon2 F. ~;
isss Hss. csdsr H,li Gem. friend. may call Sun.
wIsR %HRssd%M.sS. sSd Ns!ny e'sfs'i
and fris1a: 'nS.ted ts fs.sence fsnssss
FFI.nMkin F Mi fso" st Int H orsssmcu"s Gem. Esiend;
%ssSoTTsyH Tj.ns: yHassIRsnd asRd" &s:eas Ss9aaH Re p
stiVss and friends. and all organizations Of
Y'eyM H. the nTe.ssnce. 5sc? "a? ". Taeor ra: oln.S.
Sonasy. ssSSsss:: i:sS T. Il sdsylIsst :ayinsj; i:
Stp AT tiOn. lO:4O a. NJ. (Standard tlme),
WHiTE,-May 2. ELIZABETH. wife Of
,s "Inte James White. Relatives and friends
ire Invited TO attend funeral. Sat. ! p. NJ.
rom her late residence. 1910 :. 2sth st.
ssrYices at Memorial Chapel Of the Holy
Sommunion 9 p. NJ precisely. Friends may
view remains Fri. to 10 +, NJ Int. Mt
:.ss N.Y.: ;sss %:s H:so Il ss ss"i
kGG3TstfG%:2l :2l.fxRP9 n!Sss sSsssisr = i. S =:
pansr., 2; X wsISd wsnsuFd.y % from Ssr',sr her ss.
attend the services. lntsrment Woodlands
eeWWIILS.-Fifth-day. 4th. 1922. sALLIE
q WILLIS aged o3. Services at tho resi-
dcnce Of her brother. Alfred s. Wills near
Rancocas. N. J., Second.Day. sth. at 3 p.
~ daylight savinE). Autos will meet i2:2s
r. IL train standard time) from Phila,. at
woSbHSMsE;IAN,y NyoN%3,H;xn. oHSG,ss,oxn. n J..
Funeral Sat-. 8 7; NJ. late residence az ".
Main ST., Moorestown. ~. j. Int. Baptist
Gem.
WoRTH.--On May I. 1929 J, SHARP.
LESS WORTH at HIS home, on Whltehorse
Hill CoateByilie. Chester Co.. Pa. In the
I'D year q his age, Funeral from hts resi-.
ard timeI Interment private.
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-05-06

Feature ON CURB
largs.scals Liquidation lndi-
Gated In Some Groups.
Motors Steady

New York. May 8.--An unsettled
condition was shown in the trading in
many stocks on the curb today, several
ISSUES being offered in large blocks.
There were indications in some groups
OF efforts to liquidate speculative lines
on a large scale. Mexican Seaboartl.
which yesterday was a strong feature
when It sold above AZ. attracted most
attention BY heavy selling which car.
ricd II down to 42A before the end Of
the first hour. Mexican oil moved in
the sane. way, selling down to 3M, a
loss of about point from yesterday 3
high level. Salt Greek issues were
fairly we'll held. Salt Creek Producers
ranging from 103s to 1Sss and the Com
solidated stocks sold at a..
Motor stocks were steady and with.
out important change In their trading
position. Durant Motors sold at 34Ii
to 80 and Hudson Motor was traded
In at 21 to 2O5s. Cleveland Auto held
firm with sales at 3ON to 81.
Glen Alden Coal, which was a fen
ture yesterday, continued in good de.
mand with trading at 81 to 501s. philip
Norris was again actively traded in,
selling at In and 17N. Radio com.
mon sold at On and 5as.
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-05-06
FINANCIAL

roCAHONTAS CONSOLIDATED COL
LILIES COMr;AANS,Y,, ;AS, ,,rE rIENC9EI3RAIED
Notice is hereby given. pursuant to the
t,rms Of the Mortgage dated July I, 1907,
iist the undersigned as Trustee will re-.
~ ~ s.h day of June. Io.s. for the sale 10 Il
n bonds as above described. suhicicnt to use
IL sum Of s45. .83?. 50. The UNDERLINED
Vserves the right to reject any or all tenders,
6 whole or in part.
Y THE NEW York TRUST COMPANY,
Trustee
BY A. G. DOWNING, JR,,
Assistant Secretary.
new York. May 4. 1922
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-05-06
''u gain IN BANK DEPOSITS
s'sa's In States Institutions Since
ssember 81 Totals $3.50 ooo

a. GS.n,sSonrg.. May G.-Dcposits in tho
tis banking institutions coming mndcr
iSnsS supervision Of the State Bankina
Si's7at SiSsS7stmsnt men are shown to have risen TO
i1 nits ,s4S,5iO by the summary Of re-. e.
An,,, q the call for statements n. ~
Ms Mef s Oh banking John ". Morrison
|ssin ngares show this to have been n
Y rnReermber 81 report. In The same same
thc thc humber OF depositors % rose
I'm t''ooo,052 to 4,425.7 III.
(c,s ,op report covers 30 banks. 36O
privs,sso s companies, ten savings banks m iio
IicS,e IiS,e banks and 03 national hanks M
IL W. 1eE are noS shown to have assets Of 81. :,
Do 00);Oo,5Soo, IN ,5, gain Of about $14 .OW'
ts,st - three months. The assets ~ ths
m 'aa0o aS0ompanies are given as 81 ,45S :.
IOWA H,US', =, The report on trust funds
kA,ss,n an aggregate Of ST $50. .iI3G I7I
i2Hn q SS6 900 900. The trust com,
, naye Ola, 4O3, ,5Ss, the rest
n, divided between State and o. na.
banks handling such business,
SIr.s summary gives the detail of the
s OF trust funds and assets bv
showing general gains.
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-05-06
Special MsetlnsS
y TO the Stockholders and BondhoIders a.
QUEsNELhE II;H HIDRAULIC GOLD

Notice is hereby given that a special m..t.
OF the stockholders Of the 0uesneiie
hydiauc Gold Mining Company will be held
~ pdysr pr,re!Gai Grsen ONCE boy. Of the company
nth day Of May. 1022. at / o'clock p. ?" M NJ
~ the following purposes: "A'
TO take action on the following rssolu,,on,
ssSped BY the Board OF Directors Of omss.
"a Hydraulic Gold Mining Company a.
ss,:sns ~ 81 held IN Philadephia on April is.
BE 1T RESOLVED BY The Ho: "A -,
Directors OF ouesnelle Hydraulic Gold Mn.
ns COMPANY that IN the Judgment OF Xxi.
/. the benefit Of this Company thai ~ ifIse ~ @ hor
Z, solved and me ofYicers and dirsc,ooee.o 90 ois; =;
! 'lhis corporation are hereby authori.aS Vs Vs
Cn such action as shall be necess,sv
!s9er sncer ths law to effect said dissoiution
By IT FURTHER RESOLVED ,,..
yesstinx Of tina. stockholders OF Saia co,' =
lorstion be and II hereby II ca,i.do COZ
held at the principal ONCE of said Comnn"0 :" %
tSeated at 1921 Dover Green. povsy,.
"Ssi; oeiccH Gn = che MI pinth p dsy Of My iosa.
tais resolution and to transact aDY S upon
ness which may be pertinent ana iSnoiHHsi: hHsi,
sesrsto. and that q notice OF the sHen.snns
th!s resolution shall be mailed t'paoh 10 saon
eSx"o'nsr %sM.ns ~. ana IKE notice inserted In
/ sni!sdelphia and in Kent County H.! o!
ence q week next preceding the tina S
stnsss1,dr SntsG dor the holding Of said nesting of
sesr!y come before said meeting may
.AssfI AssH'F is. o. iSsa iSs Board Of DlTsctoi.
j. HENRY scATTERGoop,
Secretary,
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-05-06
|EEIsO sMQKELEss COAL COMPANY

kEISU sMQKELESS COAL C0MPANY
Notice Is hereby given that pursuant 10 the
linking Fund provision Of tho Mortgage
Ated July .. 1909. Nine (0) OF the above
lends each for $500. have been drawn for
pdemption on July l.. 1929. at 1O2h q
- accrued interest to that date.
The bonds drawn and numbered as below,
= presented for payment at the once of
y Commercial Trust Company. Trustee,
Qy Hall Square. Philadelphia. on or after
~ !. 1879. when all interest thereon will
I? 81 1oi 115 17s 19c co4 c7s
NUMERICAL TRUST COMPANY, Trustee.
lE JOHN II. MASON. President,
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-05-06
De,,atbs :,

ABEND.-May 3. 1922. JULIUS ABEND.
SsdSE H. ..s
DRAM. widow Of John D. Atwood. Reis,ives RIMs
and friends arc invited to the service. on
sFGsSG Bas s2G cSssa. cssss st. . ins
termert private.
,sM A1HHcHsE n xrsh AtIcH Jt sI.,:s Tts 2, w
s. Int. private. Viewing Sun. to 3 )
,APPEL-on May 4. MARY (nee Lex).
and friends invited to funeral services ias'Ves on
ss$ bsren a, nsr "s Sor,s csSs1
evening.
o, Hss:s s.s1 .. .os as5 5o.S .s.d
.,L IL: /: e.. 2; 3 4; ,,s, Ara : T. Rc,s SOM: q:
ne residence Of his brother. Charles Baar.
x. n. Int. Calvary Gem. "''' ~
BAILEY.-spdasniy. May 2. 1922. ED
beth Bailey. aged 81: .Rsiatvs. and friends
are invited to attend funeral. Sun. $3.50 p.
NJ s.r tsS% sSs h; in 'Fs es 1925 Brew"
BALpwIN-Mr.a LILY j., wife Of VIM.
!. 1922. Funeral. Monday. 2 r. Nj.
ciH4HoN sAhssEow"sy Vito ey h.nKs4STaa K4Tanb.Ss
+ S$s d$:ssE +
Who's Is Ss%:' H'f HsssIs'nfs Sum- s''s
widow q Charles B.ssfoft. Rsist!Sss and nd
ny,sH .sdene, 'S tus;1s ss sSsSsn.
i:'%H"' +. n private Viewing Monday to 0
ri HhgMnERooss 0Sssaad as5s Sss May
FIsi.hmaa FsSsas MemoSlal baptist charsS are .S: q
TeMs to a, ss: saso1s as"tss n cs MSp a:ss ass
!$06 N s'h st. Int. private. Viewing Sun
noy+EM,M,Sy ,dN,. O. d:i%an.a EMEL.NE w,sGw @ Of
Due notice.
BRADrIELpp:a;MagS g,,s,.it 3; LOUISA e. e.
Sat. ESQ p. n. from residence Of deors:
HsmsI s1mSskINAAY.Msaad:ny A,e.less; pa; May 3. JOHN A.,
Mon.. ssn o' T K. H. from parents residence. ssSS
(. "u'i" H. Int. Holy Cross Gem; XmerieaS
e.9n Post NO. 5o Ssc1 %ma al ether inv;ts societies
Hampton, spn n, va Es; y MAY
invited to attend funeral. Sat. $50 r. 81,
from the residence Of his niece Mrs. Thadius
Andrews, bO5 Chambers ave-. Gloucester, N.
j. mi Ssse1 $'%SS Mss ,, 1922 WILLIAM.
1.s and Of na Hoas. Ris No.
I6s. +. and, A. ~, and all other orsani-
x.S xISn; 10 Of ,hs s"ss hs ~s su %ees In
at 9 o'clock. at his late residence. 34o2 N.
Stn st. Interment At Northwood Cemetery.
Fr!cEGvs, FrE!cEEGvs,SmEs|yCMny msy Ma :. RAY M H.. dsnshtcr of
Margaret and the late Samuel Deyine. Rela.
lives and friends, also employees Of Baush q
!sss ss:s &0"a y dad 81. mi, psisa,e S 'dsnSi %crias
Gem. Friends may call sun: eye
nrodSS DGSAMSida Midow Of Felix bonaSue. H. R.s. Sas:
na ..ssSs nE'a Free s .H"'ss Solemn M0n r.
ouiem mass Church Of Our Lady of Mt Car
n%'1 mel o:so 4. N. precisely. Int. Cathedral
SsSniNsTi s ssa:ssa si jennie 1ssi Borne, DGS {ss:
EsR'G sna Govd RFI%axs' s"a %S" orefs: E
sn SsmI osss No 49, IS 70 Of wand ana
indspSnasni' iSnslsi ssrTics s Mon so nv'sa
hls alto residence. ~ shoemaker ave,
May Euss! i ss s.,s. sAs 3;
funeral VIII b; given 5To from funsEal nel pariors
wife af William puny: Relatives ana friends
are invited to attend funeral. Tues. s;s0 4.
IH% her rds.m S,f T'',asns' a2s
Church i0A;; ~ Int. Holy Cross Gem; ,,,,,
SON Of the late William and Nancy Ann
Elderton. Services, and Int. private.
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-05-06
Dtyidends
SoRrH PHILADELPHIA TRUsT
CnNIn NU ~SoA

hs Board 81 othmIIadeiphla, May 2. 1929.
fIfed a, OF Directors has this day IA.
~ quarterly dividend OF AZ, payahIs
CAsck. wiz 70 s stock of record May 1. 1927
. HARRY p. coRBErr. Secretary
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-05-06
EASY TO UNDERSTAND RADIO

Its Simple as a G. There's nothins
ins Henry III Sssiy's daily .Tsdic SrtIsi.::
% that any one can understand. Start read.
Ing "Radio In the Home In the EvENINo
Habit. ."-AdV.
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-05-06

BLUMBERG.--of 1879 N SGD st.. May 8.
FREDERICK. husband Of the late Anna
Biumberg. in his S5th year. Members Of
yited 10 attei d funeral services. Mon. $3.50
p, NJ. at parlors OF Che rles r, MulliEan.
1900 N. Sth st. Int. private. Viewing Sun
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-05-06
Annual MeetIues

|&F. CAMBRIA STEEL COMPANY
- =. Ihe Annual Meeting OF the Stockho,d.
IA ~ !, 'fs tso Cambria n,,,i Steel Company viii 3.
x.osnsr Building. Juniper and ~. cS..,t,nnx9e tnx9
~ rniladeIphla. Pennsyivania. on T,,.ss
q ::etioni -; vii ipsS: 4. At 2 o'clock z. NJ. when
ssfSe iS Tor the term OF three yesrs ~ .,,n
=" "0se whose term will then eypire,
rF p. r. BURTiS,
Asst. Secretary
New-York tribune., 1922-11-05

times business men have been imposed
upon by self seekers. Outside pub
licity agencies often claim to have q
magic formula for Landing items in
the newspapers, and we would be the
last to affirm that press agents are
without gifts that produce copy. How
ever, it is important, in the public in
terest, for corporation and bank Of
ficials to know that items and an
nouncement of news value will receive
attention from financial editors Of
newspapers il they are sent directly
on the stationery of the institution in
volved. As matter of fact, this di-
rect means of imparting information
to the press is preferable to most
others, since it adds authority to
statements and plainly indicates their
source. The newspaper writer would
in all except purely routine matters
rather have personal interview with
the fountain of news, because such a
meeting gives him a chance to ask
questions and to develop stories. Per-
sonal contact often gives flesh and
blood character to news which other
wise would. have been lifeless.
New-York tribune., 1922-11-05
The Recent Reaction IL, Bonds
Should Not Disturb Ir1uesfOrs
Agussi5 Sees Better Times ahead
For American Copper in Europe
BY r. l.. A9assix

caaemt ana Hsca Mining Company; President Copper
Export association; President Copper
Dung my six weeks in England saw nothing to
disturb belief that one of the
sume OF American On the contrary optim
Tic over the situations in fact have been
at any time during the trying three
just passed through Not stands but
even better times be ahead.
Last year Germany largest
per- with the Far East England fourth
ey the same conditions apply to the first
year ihe French practically working
rate BUSINESS good and the feeling copper be
IN th next SIX months than the half
people working and while they disappointed failure
OF Germany to live not
etng w deter them from energetcay facing their problems
Paris there much municipal and private going
and business generally is in encouraging condition
The sentiment in England extremely optimistic is
feeling that there will be marked
there in the future This largely due
been made for the elecfaton OF the larger
England H OF much cheaper than country
sh brass industry manufacture
United States
did visit Germany but consumption there will
be greater this year than it 1921.
New-York tribune., 1922-11-05
WY Copper Industry Lags
behind the Building Reuiual
What Retailers Are Buying
BY Alfred Fantl

~has. -, winter coats continues Buyers in the
~assse hed nave been In cases virtually arnorn
for delivery The shorter popularity with
Navy astrakhan blouse
aeauestes with and without are much in
"as remarkable month demand
garments of the tier grades ~ ~ NN AA'o'"s
asasufe applies with
isa h year that cassea
a 'na sn Is cast variety the
worn soadta and kid have
s IN the upward movement Ermine had
'n's year. while chinchila has
'oe. lays claim to be the among fancis
,ahuscurers are showing holiday
IN the embroidered
sleeves But delivery
th, as IN most other holiday
recorders Tor ths
gooo are not being filled with
he race OF rising demand The
prove rather painful object improvements In trade
habits in " " ~
sweaters show tendency TO overproduion
wool
all
Holiday merchandise In silk
by all
turers require from four to ak for
The thing in mind
winter have the and who miss
This tho Ntnsh Of seriss Of eek York vhos-
ssss markets BY Mr. Fant
New-York tribune., 1922-11-05
T%HE silk trade, which has
passed through more ups and

passed through more ups and
downs than any other trade in
the last few years, and whose swings
from prosperity to depression are
wider than in most other industries,
again is on the upgrade, this time
with q more solid foundation under
the rise than was apparent in the
other upward swings that have taken
place since the big drop in 1920.
This main cause of most of the
troubles in silk lies In speculation. In
the big boom in silk in 1919 and early
in 1920 speculation was rife both in
raw materials and finished goods. The
recurrent ups and downs Of the trade
since then have washed away many OF
the spectators In finished goods and
have checked the speculative tendency
of those who remain in the trade. In
the raw material end, however, specu-
lation apparently is going ahead with
undiminished ardor.
For the information Of those who are
not familiar with the ramifcations Of
the industry and in fairness to the
great silk goods producing trade in
this country 1t must be stated that
this speculation Is taking place in
Japan, the. principal source Of supply
Of raw silk, and not III this country.
To the credit OF the American silk men
1t also must be said that they have
earnestly endeavored, SO far without
success, to curb this speculation, and
ND he xp,1f
tempts toward eliminating II, or at
least curtatlinp 1t
New-York tribune., 1922-11-05

ceive per cent non-cumulative divi-
dends and to share equally with me
common in any disbursements in excess
o. per cent on the entire stock cap
itai IN any one year. The first diy;-
dehd paid on the preferred was I per
cent N 1851 followed in 1885 by re-
ducti6n to 4X per cent. After that the
rate fuctuated and did not reach Z per
cent again until 1893, since which year
i mas remained constantly at that
figure. s''
An initial dividend of per cent was
paid on the common stock in 1897. ris-
ing gradually to Z per cent in 1905. In
1917 the rate was reduced to per cent,
where 1T has since remained. In view
OF the raridity with which earnings
have increased this year and the prob
ABILITY OF continuation Of the present
satisfactory situation, q return to the
per cent rate before many months
have elapsed would not be at all un
likely.
Margin of Safety of Earnings
The following table gives the mar
gins of safety earned above interest
and dividend payments over period oy
years. These margins are calculated
on the basis of the percentage that in
come available for interest and divi-
uenus could decline and still leave
sufficient to cover the necessary re-
quirements. In 1921, for example, to-
tai income was just sufficient to cover
fixed charges, preferred dividends and
the Z per cent payment on the common
stock. This is indicated by the zero
mark in the common dividend column
Of that year.
In 1913, total income could have de-
clined per cent and still left enough
to cover fixed charges and preferred
and common dividends. But if it had
declined 36 per cent, only fixed charges
and preferred dividends would have
been earned. A decline of IS per cen.
would have left just barely enough to
cover fixed charges and nothing for
either of the two stock issues.
The year 1921 reflects the serious
traffic depression that hit the country
at that time and which was felt with
particular severity in the Northwest.
The minus figures indicate that in
order to cover fixed charges in that
year, total income would have had to
increase IL per cent; or 45 per cent If
| fixed charges and preferred dividends
we're to be earned; or "a per cent in
order to cover fixed charges and divi-
dends paid on both classes Of stock.
New-York tribune., 1922-11-05

ice Bureau; A. L. Smith, general man
ager Music Industries Chamber Of
Commerce, and O. B. Towne, secretary
treasurer Waxed Paper Manufacturers
Association.
The definition, It Ia to be observed,
expressly labels as Illegal any organisa-
tion of or for an industry that has
anything. to do with dividing territory
Of distribution, fixing prices or limit
Ing production" This definitely places
recognized trade associations beyond
the field of operations which the inves-
LEGATIONS Of the Lockwood committee
ganizations--an infnitesimal percent
age of the number Of true trade asso-
Citations in the country--in the build
ing trades.
The definition also, correctly inter
preted, excludes such organizations as
the National Association Of Manufac-
turers, which consists of "manufac-
turers of miscellaneous commodities
not connected with specific industry"
Its Interpretation does not exclude
such organizations as the Railway
Equipment Association, the Motor and
Accessory Manufacturers Association,
the Association Of Ice Cream Supply
Men, the recently formed Chemical
Equipment Association and other
groups representing the supply and
equipment ends Of leading Industries,
the members Of which are manufac-
turers Of miscellaneous commodities.
but CONNECTED with a specific indus
try" Such supply company organiza-
tons for market expansion, educational
work, publicity, research, credit pro-
lection and prevention Of trade abuses
is one of the most interesting current
trade association trends, according to
F. Stuart Fitzpatrick. representing,
with D. A. Skinner. John N. Wander
Vries and Alvin 7. Simonds, the Cham
Der of Commerce of the United States
at the Buck Hill Falls convention.
The relation Of the trade association
necretary or manager to his industry
Is matter of industrial and general
concern that has interested practical
economists, legislators, business men
and general observers, also, with little
of definite precedent to guide. The
vocation-or profession, as it may be-
Of conducting the aEairs of trade
association Is comparatively new, its
exact limits are uncertain and the Gu
mulative influence it excrts upon in