davidaulloa/AmericanStories huggingface dataset:
The New York herald., 1921-05-17
Moy Collect Checks
On Non.Menber Banks.
special Despatch 70 THE NEW YORK HERALD
New York Herald Bureau,
Washington, ID. c., May 16.

Washington, ID. G.. May l6.
The Supreme Court decision to-day
holding that country banks in Georgia
had grounds for relief in their allega-
tions against check collection methods
by the Reserve system will not inter
fere with the present check collection
functions Of the Reserve banks, which
will continue to collect checks drawn
against banks on the par list.
The issue before the court was one
as to whether the Federal District Court
or the State courts had Jurisdiction and
as to whether proper ground had been
shown for decision and relief by the
courts.
The Supreme Court decision upholds
the Federal Reserve banks contention
that the District Court Of the United
States has Jurisdiction of the case, but
denying the Federal Reserve banks mo-
ton to dismiss the plaintiffs complaint.
The suit was brought by a group of
non-membcr country banks to en5oin
the Federal Reserve Bank from collect
ing checks drawn on the country banks.
the complaint alleging that the Federal
Reserve Bank intended to undertake
collection OF such checks by presentation
and demand OF payment In cash for the
purpose Of injuring the banks on which
the checks were drawn.
As the issue before the Supreme Court
was merely whether. rs a matter OF
pleading. the plaintiffs bill OF complain.
stated a cause OF action. the decision of
the Supreme Court is not a final de-
terrnin alton of the litigation and the
case will now be sent back to the Dis
trict Court of the United States FOR
the Northern District OF Georgia for
trial.
The opinion of the Supreme Cour,
does not deny the legal authority OF
the Federal Reserve Bank to collect
checks on non-member banks, by maxi
ing presentation thereof at the counter,
but holds merely that non-member
banks may be entitled to relief II they
can prove that the Federal Reserve
Bank malevolently intends to accumu-
late checks and present them In an
oppressive manner for the sole purpose
OF injuring the banks on which the
checks are drawn.
The New York herald., 1921-05-17
TREE PLANTED IN HONOR
OF ALAN SEECER, POET
Killed in Action While With
Foreign Legion.

The memory of Alan seeger. who
fought for two years with the Foreign
Legion In France and was killed In
action July 4. 1916. was honorcd by the
Writers Club Yesterday when a young
oak tree was planted in front of the
house In which he once lived at 81
Washington square South. Two months
before his death SceEer wrote the poem
Il Have Rendezvous With Death"--
one OF the most striking bits OF verse
which the war called forth.
The tree, which IL the first registered
on the American Forestry Associations 3
honor roll Of memorial trees. was
planted by Francis ID. Gallatin, Park
Commissioner. Walter Hampden. the
actor, and w. A. Roberts spoke briefly
OF his life.
Seeger joined the Foreign Legion in
Paris in August, 1914. Eighteen months
later he refused transfer TO a regular
French re gimens where the chances Of.
death would ne fewer
The New York herald., 1921-05-17
MELLON FORESEES
PROSPEROUS TREND
Return Slow, but Period of
Good Times Will Be Long,
Secretary Predicts.

Specidl Despatch 10 The NEW YolK HERALD.
New York Herald Bureau.
Washington, ID. C., May 10.
A slow return TO another long period
OF prosperity is foreEeen by Secretary
OF the Treasury Mellon and Gov. Har-
ding OF the Federal Reserve Board
Business and financial depression have
reached bottom. in the opinion of Sec
retary Mellon, and general upward
trend can be looked forward to.
Gov Harding prepared series of
charts to-day showing the financial
uosition OF the Federal Reserve system
and explaining the relation between re-
serves and assets and currency. One OF
the features OF the charts Is an explain
alton OF earnings OF the Federal Reserve
banks. Upon the basis of capital. the
banks earned something like los per
cent. last year, but the charts indicate
that the capital is merely the nominal
sum put in by the government and that
on the basis of working assets OF the
banks earnings were at the rate OF
slightly under per cent. for the year.
Rediscount rates at all OF the Federal
Reserve Banks are now under per
cent. and Secretary Mellon said to-day
that the day of per cent. rates was
over unless something unforeseen oc-
CURED.
The present position of the reserve
banks indicates probable drop In all
rediscount rates below per cent the
reserves are now about rs per cent and
the curves of rediscounts, workable as
sets and currency are declining sharply.
They have all come down rapidly since
last Christmas.
Gov. Harding's charts indicate the
necessity for the recent high rates The
per cent rate came in 1918, when
credits were going up at an angle OF 40
degrees. The upward trend was checked
and held until the depression Of last fall
came, the volume Of reserve bank credit
staying up long after the decline IN
prices began.
Gov. Harding will leave here to-mor-
row for a two weeks tour in agricul-
tural and industrial centres OF the mid
die West and South to more fully ac-
quaint himself with the individual prob
lens of those sections.
The New York herald., 1921-05-17
ALDRIDCE SWORN IN
AS PORT COLLECTOR
Kracke and White Also Take
Offices.

George ". Aldridge. veteran political
leader of Monroe county and who In
years past has held State office In
Albany, became nominal resident OF
New York city Yesterday when he was
sworn in as Collector OF the Port Of
New York. He will not move his legal
residence from Rochester nor will he
move his family. His friends say he
would resign the office IL any such re-
quirement should be imposed.
M- Aldridge, whose salary is $1,000
a year. succeeds Byron r. Newton, who
retires to become a member OF the firm
of kardos 4 Burke, bankers.
Thomas w. Whittle was sworn in as
Surveyor OF the Port to succeed Thomas
u. Rush. and r. J. H. Kracke took oath
as Appraiser of the Port In succession
10 John X SaEue OF Poughkeepsie. In
each case the oath was administered by
Federal Judge Julius NJ Mayer. The
three new officials went to the Custom
House. where Mr.. Krackc paid courtesy
calls on the Collector and the Surveyor.
whose Offices are there. He then went
up 10 his Offices In the Appraisers stores
in Washington street. Senator Calder
called on him there.
The New York herald., 1921-05-17
P0RTERS NOT U. S. OFFICIALS.
Government Not Liable for Actions
of Rail EmpIoyeea.

WARRINGTON. May l6.-Raiiroad por-
ters were not public officials OF the
United States" when the railroads were
under Government control, the Supreme
Court decided to-day In reversing the
conviction OF Harry Krichman in tho
District Court OF New York on charges
of alleged attempted bribery Of a Penn
sylvania Railroad porter
Krichman, a fur dealer. was charged
with having offered the porter SIS to
turn over to him a trunk full OF furs be-
longing to another dealer. The Govern
ment contcnded that the attempted cor
ruption came under section 30 Of the
Criminal Code, prohibiting bribery OF
public official.
The New York herald., 1921-05-17
COMPTROLLER CALLS
FOR STATE BOND BIDS
$4f 800, 900 Issue to Be Ex.
empt From Taxation.

James A. Wendell. State Comptroller.
arrived here yesterday and issued call
:or bids on the al. 900 State OF New
York per cent. bond Issue, which is
TO be exempt from taxation. or that
amount 100000 will be used 10 pay
the soldier bonus These notes will ma
ture seriallv from March l. 1922, 70
March 1, 1916. The remaining 81 800 900
IS to be used for state improvements
and will mature scriahy from March /,
Ig22. 10 March I. 1871
or this latter sum 100000 will be
used for the Improvement OF state high
ways, 100000 for the acquisition OF
.ands for the State forest preserve and
81, 500 .o0o for the construction OF BARGE
canal terminals. Mr.. Wendell announced
that no bids viii be accepted for less
han per.
The New York herald., 1921-05-17
NET PROFITS s2.1s A SHARE.

Manhattan Electrical Supply Com
pany's 1920 report shows net pronts.
after expenses and taxes, Of s1ss.o4l. or
s2.1s, a share, earned on the 10000
shares OF its capital stock outstanding.
against s7o2.s10. or $40 a share, In 1919
on the then outstanding stock. Net sales
for 1920 were s7.2ss,44S against $S.-
e62.sss in 1919. and the cost OF its sales
,5.sos.475 against s5.o52.o55 in 1913. In
1920 the company's other income
totalIed s12.s46 against $14,076 In 1918.
and it's expenses and Federal taxes
s1.53T.sT5 against S1.222.00s in 1919
The New York herald., 1921-05-17
City Is Barred in
so Cent Cos Fight.
Special Despatch TO THE NEW YORK HERALp
New York Herald BurcAn.
WaAhinKtOu ID, c., May I6.

SpcciQs DcSpufcH TO IiiK NEW YORK ftknALD.
New York Herald Bureau.
WashinEton. ID. c.. May 10.
New York city by action of the United
States Supreme Court to-day finally lost
its right to intervene in the fight Of New
York gas companies on the statute OF
the State limiting the price OF gas to
eighty cents a thousand cubic feet In
certain portions of the city.
The Supreme Court dismissed for want
OF Jurisdiction the city's appeal from a
decision OF lower court denying II the
right to intervene. No written opinion
was filed, the action being announced
by Justice McKenna as an order Of the
court. The appeal was argued before
the court about three weeks ago.
The action does not affect other cases
pending in the court which will deter
mine whether the eighty-cent gas law
can be enforced since costs OF operation
have increased.
In lower courts the city claimed II
had the right to intervene because the
company was attacking another law
which hxed the maximum rate at seven
ty-five cents for gas sold to the city
government as differing from the law
applicable to charges imposed on ci.i-
Court denied it was attacking the
statute IN question.
The other cases will not be argued
until next term.
John p. OBrien, Corporation Counsel,
said yesterday the decision OF the
United States Supreme Court In the
Brooklyn Union Gas Company case, In
which the city sought to intervene as a
codefendant while adverse to the city.
does not prevent the city from being
represented in the fight against In
creased rates.
1T merely keeps US from coming in
by the front door, he added. I'VE al
ready are in by the back door,
Mr.. OBrien explained he meant the
city can have its say through the Dis
trict Attorneys who already are in the
case. The fact. however. that the new
Public Service Commission has declined
to become a codefendant in the gas
cases. he continued, makes It more inn
portant that the city have actual repre-
sentation, and he will make another
move In that direction.
The question Of the constitutionality
of the so cent gas law, Mr.. O'Brien said,
was not passed on by the United States
Supreme Court. which merely held It
was without Jurisdiction. The test Of
comtitutonality Is expected to come
before the high court next October II
upon the appeal Of the Kings County
and other gas cases, in which the Cor
poration Counsel expressed confidence
Of convincing the court the law Is con-
stitutional and that the so cent rate
fixed by statute is binding.
The New York herald., 1921-05-17
18TH AMENDMENT IS HELD
IMMUNE TO COURT ATTACK

basis resting upon experience rather
than anticipation.
From every point OF view, the tax in
question must be sustained. We inti-
mate no opinion upon the effect OF the
act with respect to deductions from cost
values of capital assets because OF de-
probation and the like: no question OF
that kind being here involved"
The New York herald., 1921-05-17
Appreciation Not Allowed.

The principal line OF demarcation--
that based upon actual costs, excluding
estimated apprcclation-fnds reasonable
support upon grounds Of both theory and
practice, in addition 70 the important
consideration OF convenience In a de-
cision already adverted to- There is a
logical inconsruity In entering upon the
books OF n corporation as the capital
value OF property acquired for permanent
employment In its business and still
retained for that purpose a sum corre-
spending not TO it's cost but 20 what
probably might be realized by sale in
the market.
1T is not merely that the market
value has not been realized or tested by
sale made, but that sale cannot be made
without abandoning the very purpose for
which the property Is held, involving a
withdrawal from business so far as that
particular property Is concerned But
certainly. Congress in seeking general
rule, reasonably might adopt the cost
The New York herald., 1921-05-17
CHICAGO PRICES.

The holiday abroad checked the for
eign interest in yesterdays cash grain
market and no important demand de-
veloped. Exporters were interested In
the despatch that four vessels were un-
able to clear at the Gulf because OF
lack Of men. The -four market showed
little indications of any revival of In
terest and the domestic and the ex-
port -four trade were slow.
NEW YORK PRICES.
WHEAT-No. . red. 31.67h; No. hard.
91.73h No. 1 Manitoba, 81 say: No. mixed
durum, $1.62h, c. 1. Z. track N. y, to ar
rive
CORN-No. yellow. and No. 2 white.
70hc.; No. . mixed, roc, c. I. I. n. Y, 10
days shipment
0ATs---No, l white, Ole; No. 2 white. sola
951c.; No. 3 white, 48h14Sc.; No. 4 white.
ssha947c.; fancy clipped white. 54go4hc.: !:
ordinary clipped white. 50I53c. all elevator
RYE-No. Western, 41.56&, I. o. b.. and
BARLEY-Fsedins. s7@7ac.; mating, ITO
HAY-No. /, s2saso; No. 2. s2sas2s; No.
8, S2aQ25: shipping. $2od2t a ton.
STRAW-No. I rye. 92s123 a ton.
The New York herald., 1921-05-17
TORONTO STOCKS,

Special Despatch 10 THE NSw York HEnLD.
TORONTO. May 16. - Following Is a
summary OF transactions on the Toronto
Stock Exchange for the week ended
May IL:
The New York herald., 1921-05-17
! budget for 1921 Handed Down.

BY far the most important develop
pnent of last week in Canada was the
handing down of the 1921 budget in
Ottawa. Most business interests have
taken a favorable view OF the new trade
laws, especially the abolition of tho
much dsiked business profits tax,
which has been a deterring force ever
since II was enacted. The manner in
which IL is proposed to raise necessary
yevenue, however. Is criticised. as II
The New York herald., 1921-05-17
MONTREAL STOCKS.

Special Despatch 70 THE NEw Yosx HsnALp.
MONTREAL, May l6-Followin9 is a
SUMMARY of transactions on the Mont
real Stock Exchange for the week ended
May IA.
The New York herald., 1921-05-17
ART EXHIBITION

USEFUL PRESENTS FOR EVERYBODY.
Ladies kindly invited for inspection two days
only, "wednesday. ~. ThursdnS, 70. al Herald
equare Hotel. it8 W. oath st. entrance hail.
The New York herald., 1921-05-17
NEW YORK PRICES

Yesterday. ...... $4,000 sas,uw -ioW"
Last week.. $4,000 2,sos.Mn .'''
Last year....,.. 42.OOp soo'Voo ''''
FLOUR.
New York.
Spring patents. ss.5oaa; spring clears,
"a sn66T 20: soft winter straights, UNt 30.
Sard winter straights. ts.2ygs.15 Rye flour
firm; fair to good, $s.ooTs.,5 choice 70
fancy 90. sOQf9. White corn flour inactive
si s5dpo 100 lbs.
Minnea polls.
Flour unchanged. Shipments. 4s,oIp bar
rels
The New York herald., 1921-05-17

LESS than ~ 900 lots.
Total tsales-Listed shares, e.e35, unlisted,
1876. war bonds, 81 .23f 900.
The New York herald., 1921-05-17

Special Despatch 70 The New YolK HERALD.
New York Herald Bureau.
Wsshinxton, ID. C., May 10.
Pueblo chieftain., 1921-08-13
T0OAyS EVENTS

Centenary Of the birth Of Henry
Martyr Dexter. famous clergyman
and author
Centenary OF the birth Of Thomas
T. Kinney. Reward newspaper pub
fisher and owner of one of the finest
private art collections in America.
Dr. Felix Adler of New York. the
founder of tho ethical culture move
ment. celebrates his 10 birthday an
niversary today.
Leaders in the dental profession
thruout the United states will arrive
In Milwaukee today to attend the
silver jubilee convention of their ma
iional association.
To-day the Roman Catholic church
turnout the world will observe the
300th anniversary of the death of St
John Berchmsn's. who passed away
at Rome August IA. 1921
Pueblo chieftain., 1921-08-13
Clyne Theater Tonight

At the Clyne Theater today ooth
matinee and night. the ever popular
wallace Reid viii be the attraction in
one OF his best productions. Away
Audacious" In this movie play Mr
Reid portrays two roles-those Of Perry
Danton, a wealthy club man ana
dilettante and Slim Attucks, crook.
Both men were born on the same daN
crook conceives the idea Of doing
away with his double and assuming
his place in society and in the husi-
rcss world He causes Danton TO he
shanghaiSi and with the aid of con
fe6eratcs personates him successfully
ii,t1 Danton turns up determined 10
regain his own. How this Is accomp
l!shed makes a highly interesting story
and the climax is one OF the mos,
amazing ever seen in q motion picture
There will also be an episode nf Wrl
ard Duncan's great serial, t1Ehtins
Fate" and Hal Roach comedy
Pueblo chieftain., 1921-08-13
Wool Market

Boston, Mass. Aug. l2.-The COM
mercial Bulletin tomorrow Will say
An increasingly optimistic tone per-
vades the wool market and trading
between dealers in secured woods con-
tinues while the mills are buying more
or less steadily of the finer descrip-
tons Prices on the grades which are
in demand are steady with slightly
flrmer tendency on one or two scarce
grades.
The foreign primary markets are
steady with demand continuing good
at about recent quotations. while the
situation in England is no worse al
tho still very unsatisfactory.
Secured Basis-Texas. fine. "
months. s5G15: fine. months. 5oQ 50.
Territory-Fine staple choice. son 80
one half blood. combinE. ssdf2. Three
eights blood combins, isna: one
quarter blood combins. $40; fine and
tino medium clothing. 609e3; fine and
fine medium French combings. $50
20
Pulled-D.Iaine-As SIS; \ a 75aSo; A
supers. 5000.
Mohairs-Best combines. 27G5o: best
oardinE .1G2S
Pueblo chieftain., 1921-08-13
CpIc>Co LIyEsToCK

Chicago. Aug. 1e.-U. s. Bureau of
Markets)-Cattle receipts 5000.
steady quality plain. bulk beef steers,
s. 00Ta50: bulk fat cows and heifers.
Si00G50o: Gamers and cutters largely
s. 5oG3.5o. bulls mostly. N.toN 500.
bulk good and choice light veal calves.
SIS .OoTs.5O: heavies. Si.00GS,oo; stockers
and feeder steers mostly so.5ons.5o.
Hogs 81 900: generally a5 to So cents
higher than yesterdays average spots
UP more; practically all better grades
sold up to 100: bulk light and light
butchers. si0S5d 1le0: bulk packing
sows. ss.25ds.s5: pigs mostly 80 cents
higher. bulk desirable pigs. $500
1000
Sheep receipts 5000. over aalf re-
ceipts packer direct: few on sale steady
to strong. all natives. packer lamb,
top, si0.25. most desirable kinds. 5000
Gi0.25. culls mostly $500: few hesv.
and medium weight fat ewes. s5.e5d
$50. no choice lambs here.
Pueblo chieftain., 1921-08-13
Critcher Theater Tonight

Eileen Percey. one OF the William
Fox stars will be the attraction at the
Critcher theater. on Sorthern avenue,
today-Matinee suc nisht-in the
comedy drama. Maid OF the West.
A western COW girl may not know
how to act-may not know all the fine
points of New York society euuuett--
but when she meets a couple OF crooks
liz any society she knows what to DO.
with neatness and dispatch she
dreams about gong to New York on
her goth birthday. until handsome
aviator in the person OF William scott
drops into the ranch in his airpiane
Then she tries to .iope with hlfn'
but her willy uncle wont get his part
OF the girls fortune under her
fathers will II he doesn't send her 10
her aunt in New York. TO be entered
ia society and married TO a man OF
tho aunt's choosing So he has his
cowboys rope .he airplane while he
puts the girl on train.
When society crooks begin their work
the airman * near to help the girl
They do the job in fine western stNle
and the aunt is forced TO acquesce IN
T.tty's choice of hurband-the hand
some airman
Pueblo chieftain., 1921-08-13
FINANCIAL AND
MONEY MARKETS

New York, Aug. 12.-Selling of stocks
vas resumed today and for a time the
decline made further headway The
movement was checked however, be-
fore it attained wide proportions and
in the late dealings, the market stiff
fened with the closing steady safes
10000 shares.
AS has been the case recently pres
sure was directed against the indus
trials, and the standard rails We're
comparatively steady In the early
decline Bethlehem Stee., General Elec,
tric Royal Dutch, Sears Roeouck ana
various other shares were marked
down one point or more Ihe snort
apparently were none too sure OF thei
position, however. AM hes'tateu ,co 70
press their advantage. a tentative
drive at the coppers and motors IN tne
afternoon gave this result but the last
hour brought A moderate recovery.
Rails, oils. equipments. and shippins
shares were in demand on the late rise,
In which there was considerable snort
covering.
Although the movement as whole
vas of small proportions, weakness de-
veloped in a few spots. American
writing paper preferrea, dipped 10
20 IT, the lowest since 1915
Central Leather common. and re
ferred Welded about points each'
and these issues. together with utah
Copper. Continental. Can and ohiteu
States Alcohol reached low points
Influences governing the trend OF
speculation were not changed in i'm
portant particulars by the days de-
velopments The improvement in the
action of the market in comparison
with Yesterdays steady weakening APP
reared to be due to nothing moro thah
the stronger technical position, in con-
sequence of recent selling
Heaviness predominated In the oonu
market although, several of the weak
features of yesterday made recoveries'
Central Leathe 5's. Chile Copper IS.
Nercan ntile Marine SIS, Central Georgia
SIS. and Oregon Short Line Refund,
ing As. st Paul Refining 1-2s and
Ches & Ohio, Convertible l-2s, ana
IS lost substantial fractions,
Total sales. par value. sI.sSoooo.
ForeiaN exchange rates we're irresu
lar with a narrow range. Call loans
carried over until next week at per
cent.
Pueblo chieftain., 1921-08-13
FREE DANCING
At The PARK

Park offers enjoyable entertainment
for Pueblo Young folks. No storm
can interfere with the dance prog am.
IT the rain comes the open air psvtl-
ion can be quickly converted into n
storm-proof ball room.
The merry go-round. roller coaster.
roller skating rink. bathing beach and
ell other FIRE, concessions make an
evening at the lake "a delightful out
ing for the entire family Along TIE
psth the electric lamp dolls. tn wheel
OF fortune. shooting gallery amt the
parlors. where lunches,
cold drinks and confcctions are served
provide ideal conditions for pleasure >
seekorE
Pueblo chieftain., 1921-08-13
CHICAGO GRAINS
AND PROVISIONS

Chicago Ill. Aug. 10 -Bearish crop
estimates from Franco and Canada
tended somewhat to depress the wheat
market today. Prices closed unsettlei
lie to &c lower, with September
Sl2S l-2 to si2S S-4 and December
81 % 10 to s12S 3-4.
Corn lost 1-2cm5-Sc to 1c and oats
g. &c to 7-Sc to 1c.
In provisions the outcome varied
from Acc decline to a rise of : l--v.
Iownturns in the pf.ce of wheat took
plac. chiefly during the last hour OF
trading, the market earlier haVlns
heen steadied by commission house de-
mand based to a large extent on the
assumption that, sooner or later' ~
port business would develop in sufii
cient volume to absorb all the wheat
.urnlus in this country and Canada.
Confidence in this view however, re-
ceived an unexpected tolt from state
ment by the French minister OF aEri
culture, putting the yield of wheat TINS
season in France and forty mlllloh
bushels above current trade figures
and asserting that foreign purchases
had exceeded the corntry's require
ruents ty 2S. .OOC 900 bushels The tan"-
dian crop was officially estimated at
two hundred and eighty eight millioh
bushels as against 2S3,o00,OOp husheiS
harvested last year.
Late reports from New York, that
England had bought 100000 bushels
failed to rally the market. and so toe
did announcement that exporters mao
taken 100000 bushels here LIBERIA
offerings weakened corn. De
crmber touching the lowest leNet this
season, Oats like corn lacked suppor.
Provisions averaged lower as re-
suit of scattered selling, which more
than counterhalanced the effect OF
higher quotations on hogs.