davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1922-10-29

N the last year or two the canry
Fader. who was once known MS the
BOY plunger," has been exploited in
lagazines and In the newspapers more
nan before. 1t will be interesting To
now whether Mr.. Livermore purposes
capitalize his reputation by regu-
ariy underwriting and distributing
'ecurities publicly or whether he will
continue to rely mainly on his judp-
ment and remain a speculator whose
stock In trade is his ability to forecast
the future and Its effect on the nricas
Of individual securities.
Albert w. Atwood, whose writings
about the human aspects of finance
and business have been sinpnlar,v
luminous has temporarily taken
up residence in the West. he Is
now in Tucson, Ariz.. and, on his
arrival, was showered with iaviah
press notices and invitations Co make
addresses. All Of which compelled Mr..
atwood to remark in personal note.
! think the East Is really a bettar
place to live; y keeps one modest
AS member Of the staff. Of sThe Sat.
urday Evening Post" Mr.. Atwood viii,
probably write extensively during the
next few months regarding Western
economic conditions. Unless there is
a change in his program, he will not
return to his permanent home at
Princeton, N. j., for a year.
New-York tribune., 1922-10-29
What Retailers
Are Buying
By Alfred FansI

With year Of prosperity ahead.
everybody working and nearly every.
body spending, spring fashions have
already perched on winters knee and
the American people appears to be
about ready to indulge its taste for
luxuries while emitting ITS we'll
known outcries against newly rising
costs of living.
Meanwhile, unprecedented demand
for winter coats he's prevailed for a
fortnight, with the better grades pre-
ferred and request divided between
medium dressy coats that are fur
trimmed and those that are self-col-
Jared. Sport coats, too, are selling in
double faced and plaid back materials.
Already there Is shortage and prices
are firm. Coats in group lots, how
ever, afe still obtain able. and visiting
buyers say that such groups possess
excellent selling force.
Picture hats, which swept like vast
blanket over femininity earlier in the
tall, are giving way to more moderate
dimensions, with oil er and gold effects
conspicuous. The wholesale trade finds
strictly winter hats running to slipper
SATIN with fur trimming an attractive
feature. In dress hats, Paris, as usual.
is approaching the need for harmoni-
Gus adjustment to the ruling Costume
Lines, and the classic band which it has
adopted is also appearing here, with
ornaments of lace and jewels.
The advent of the very short coat
has proved the opportunity of the skirt
in which camel's hair, all wool worsteds ;
and heavy plaid homespuns Gpure
largely, both for warmth and for style
consistency.
New-York tribune., 1922-10-29
by Merryle Stanley Rukey.er-

Messrs. Eugene Grace and Ebert r.
Gary called attention last week "a 81
'hortage of unskilled labor. These
seneraiissimos Of the steel industry
testified that there was an undersnn.
ply OF men willing to work with tn,
PICK and shovel. Both attributed the
condition TO the presens laws restrict.
ing immigration. From several stand
points these statements from the em.
pire of steel constitute interasting bp
man documents. In the first place
they INDICATE how far business revival
has gone in the last yesr, having start.
ed at point in the trade cycles when
was a serious and men
acing national problem Secondly. II
reminds all of us that the battered
buffeted and too frequently abused for
eigner ls great economic asset to
America, not dangerous creature to
De ostraclzed and Stunned. The pr;n-
c'pie OF selective immigration, In so
far as it prevents the American Iahor
market from being oversaturated with
unassimilable immigrants, NAV ner.
naps De defensible. but the time ha.
come Tor readJuating the quotas. I'm
migration should not be used as a
source OF supply Of labor which will
accept less than decent living wage
or as means of exploiting workers
already In the United States. But an
adjustment should be made which will
not leave labor idle and unemployable
IN the Old World at a time when
american industries are undermanned.
New-York tribune., 1922-10-29
Belgian Cotton Mills
Booked Far ahead

WASHINGTON. Oct. 2S.---Belgian
cotton spinners are we'll occupied,
and although receiving less current
business they are fully occupied
for some months ahead, according
to cable received by the Depart
ment OF Commerce from Acting
Commercial Attache Cross. idle
spindleage around Braine l'AlIeud,
in Brabant, varies from 10 TO 20 per
cent on account OF the acute laL 81
shortage. Most OF she cotton weav-
ing mills have orders which will
keep them busy until we'll into next
wear, and because Of this advanced
boo~-g recently experienced diff
ficnlty in securing large American
towel contracts. The volume of
business in East Indian cotton Is in
creasing on account Of falling
prices resulting from the favor
able settlement Of the Near Eastern
difficulty. Yarn stocks in Belgian
mills at present approximate
1880 metric tons, and cotton yarn
production Ia about So per cent
capacity.
New-York tribune., 1922-10-29
Reasons Behind Price Recession
I'm Il. S. Government Bond Issues
Ups and Downs OF Liberty Bonds

The Liberty bond prices which year
ago reached its maximum during the half
In that month the excepting
Liberty 3ss which sold at their recently
recorded The points
extended instances
Since then there has been group
which did not however become abrupt s5o0o0oooo
October This issue has within the joined the downward
swing ard has already sold a full point par.
The following table fluctuations
Liberty
prior and subsequent to the offering of the
New-York tribune., 1922-10-29
The Strongest Influence

Ihese considerations need emphasiz-
ing occasionally since they are so com
monplace as to be very generally over
locked. In the cotton trade. AZ the
moment, the strongest influence for
keeping prices at present levels is the
uncertainty In the European situation
with all that implies. E'luctuating ex.
changes compel caution on the part
OF European buyers Of the crop, b 4
snch was the comprehension Of the
peculiar present situation by both for
elgn ana dome site cotton users th~t
no sooner was the harvesting of small
crop this season settled than they
a1spiayed confidence in the future by
taxing the present crop from the pro-
queer at an unusually rapid rate and
at advancing prices II is ESSENTIAL
to keep in mind that this Ia the time
OF the annual "autumnal dip; in other
words. the seasonal period of distress
selling" and that this operation was
TINS year accomplished at an unusually
early date, consequently such supplies
as are now in the primary markets
are for the most part in unusual v
strong hands. 1t is, therefore, not
surprising that prices are advancing.
notwithstanding an unusually early
and free movement of new crop pro-
duction.
1t is unfortunate that too much AZ.
ttentlon is paid to thu price of the day.
y is also .regrettable that trade con-
ditions and the statistical position are
juggled. One phase or another of the
world situation is stressed or subdued
to influence cotton owners to hold or
sell as the case may suit the book of
the giver of the advice. It requires
scarcely, moments reflection to be
convinced that difference of few
hundred thousand bales is not worth
a second thought. Yet, it is common
or such paItry factors to be magnified
thrown into the limelight so effective
ly that they do have an influence alto
gether out of proportion to their real
Ansign ticance.
1t is difficult to believe that the
world can for long get along with as
small supply of cotton as has been
taken for the last few years. Indead
here, are present indications that de
mand is slowly increasing, althougl
4 will be some long time before the tax.
'ngs, reach anything like the pre-war
level. Last year the imports of raw cot
New-York tribune., 1922-10-29
Long View Factors I'm the Action
OF the Market for Raw Cotton
Consumption and Demand Are Steadily Increasing; Pro-
ducon IL Far Below the Pre-
War Normal

already stated, consumption is inerA..
ing with nothing In sight to indi,
that the direction of the currsnt s..,s ~
change. In the domestic rnarkat -
though up to October 90 spinneys, ,sl a.-
ings had been appreciabfv less .s.s
during the same per cd II the nrsvSas.a s.aa
season, the last few days have xfsefasus
quite o. change in the attitude "a ~.
mills. II is almost fxed hab;f ,,;ss
the user Of the fibre to refuge =, sn hnn
except from hand to mouth whsn ~
raw material is cheap Witness the sbn'. s
bale" agitation Of few years aeo
when even the tgro in the cotton = sn,
ufactuffng trade ought 60 have 49,
buying all his financial resouscs. es s
production needs would allow. a'e
While present exports ara h.,.
those OF last year, they wera .s'ow a.s
$4,000 bales greater thar the ia,p 's.i.a s..
ord OF the previous month. and aon.ss
tic mill takings were s. little 80
the average of the preceding sGo sIoss
months. shs
In the foreign spinning field ,ha
American cotton section of the fasss
shire yarn trade has been m sSsss
time. That, however, will soon H. /,
the past, and its influence on ths 4.
mand FOR and price of the rev e,",
cannot be other than In the dir.,.isIp iop
OF higher figures In Germany ~
merly an excellent customer r., w, ".
American fibre, there is hope tha. .hs s
recently reported accord Of Frsnce ~ ~
England viii result in some ;mnrovs ~sa
merit in industrial and financ al COW
ditions that will set the spindies -
that country to turning again a;ts
some degree Of regularity. Accord;na
to Polish cotton spinner who ls in
the United States to bay cotton. no,,Is
there are working twenty-sour bonrs .
day. with three shifts Of employees and
with nothing to indicate a reduction In
demand. ~''0n !"
New-York tribune., 1922-10-29
Say Farmers Still Ruv slowlv

Reports TO a buying Office here rep-
feseniing large number of small gen.
eral stores in the agricultural d;s.
triets Indicate that these small mar.
chants do not anticipate any great in
erehse In business this fall. Thew re-
port that the farmer Is still in a non
oa. .ng mood. although his financial
POSITION 10 slightly better than 1t was
tas. year at this time Some oil the
.etaHers VINO are located in small In
hnssa, sowhs. however, are more
ouosan' IN their attitude and already
rfpor' COCO fall business due ts the
pickup In industry In general. s
New-York tribune., 1922-10-29
Selling Insurance

occasionally we have commented IN
TINS column on the desirabili.y Of life
insurance Accordingly, IN aren. called
upon us Friday to let 1t be known that
ne would not be averse writin, q
poiicy Tor u.s. Having ., or twice
before seen an agent, we found IL nee.
sssafy 70 turn this one down. but his
method of presentation was SO logical
intelligent and persuasive that, wtsh
New-York tribune., 1922-10-29
Corporation Selling

Corporation selling has prebah,v
been more general than selling bv the
eaaks- Business is improving and.
with IL. corporations are conFron,e3
with greater need for cash than a few
months ago.
Corporations have preferred to liout.
oate their holdings of bonds .c borrow.
Ing at their banks The banks, ON their
part, have been able to meet the sea
senal demands from agriculture ana
trads without resort To eonAi,.eratyie
unioading Of their security holdings
and without greatly increasing their
discounts at the Federal Reserve Banks
The money markets have gradually
armed up. The advance In rates as
compared With the period Of maximum
ease last summer has been approxi-
Rafeiy per cent This development
has been natural consequence Of the
Increased demand for money. lnevi.a
bly. Il has had sts reflection in the
bond market. where gislds beax q dirses
New-York tribune., 1922-10-29
BY William Whitsarn

ME average cotton spinner,
who Is the cotton growers
customer, buying the crop to
turn 1T into yarn and cloth, Is very
busy individual. He is intensely oc-
cupied with the complicated task of
making goods which will show q
profit when sold at ruling prices. He
must keep an intelligent eye on the
present position and gauge the prob
able future Of all the outlets for his
own products.
Factory production costs have to
be constantly observed. Ever rest
less organized labor has to be
handled with tact and Judgment. He
must keep In the good books of his
banker and he must keep his plant
in good order yielding full produc-
ton.
There is great range Of articles,
machinery and many other things to
be bought with discrimination. There
~S "ioo eaSu HhatteES HB taxes and in.
surance to be looked after. These are
few OF the duties he must perform
with reasonable ability If he is to keep
directors and stockholders satisfied
and hold his job, 80 that, although
ludlcious cotton buying is major
function he has little time for q
critical study Of the many and world
wide influences which must be con-
sldered before a reasonably safe fore
cast, Of the future behavior of the
market for his raw material can be
made. Hence, his habit ia to follow
the market advices of others whose
principal concern is the course Of
events from day to day.
,o1. The long view, so essential to the
cotton spinner, 10 all too often but
lightly and carslessly considered by
the, after interests, for, after all. their
main consideration is the daily gyra-
tions Of the market out of which they
get their living. Traders incomes are
necessarily derived from paper con-
tracts Of short duration. Quick ac.
tion 10 as essential as long waits are
profitless.
New-York tribune., 1922-10-29

When the world gets wiser men will
interest themselves in insurance and
VIII buy II on their own initiative, Just
as they acquire theater tickets, paste-I
boards for football matches and ciga-
rettes. They will not wait until by az.
cident some STRAY insurance agent hap
pens 20 catch shsm OF their guard.
New-York tribune., 1922-10-29
Boy plunger's" Ne,c Roie

eesse Livermore, whose fame ls h.-
ing perpetuated in delightful fction
recently appeared in the new role 81
vehder of securities. Wall Street i
wondering whether his sponsorshin q,
mammoth OIL will mark his entrance
.a'0 lhe heid Of marketing securitie.
- permanent vocation or ayocasio,
New-York tribune., 1922-10-29

ton into the twelve principal cotton
consuming countries were 4.412,os9 900
1918. The falling OFF in production By
the six leading cotton growing coun-
tries was no less rema rkable, being
24,630,000 bales In 1914 and 1880 600
bales in 1921
New-York tribune., 1922-10-29
The Carry-O Ouer

Another influence which liz not 10 be
lost sight Of is the carry-over. Last
seasons carry-over Of more than nina
million bales dropped TO less than Ave
millions this season. and should the
world consumption Of the crop now be-
ing harvested equal that Of the last
year the carry-nver al the and Of ths
seascn now beginning will be again
seriously ssducsd; And. 20 haa bssn
New-York tribune., 1922-10-29
he Crotver's Position

the cotton grower Is In a good posi-
!lon; FOR, whereas year ago, his crop
~ the farm market was bringing only
anous ;nn ~ cents pound it Is to-day sell
ing at we'll over 22 cents. 1t is re-
merkable that In all the chief farm
Is downward. The cotton farmer foy
tne moment, Is relatively the prince
among American agriculturalists-a no.
sit1on ne has seldom occupied and ney
ter for long. Even so, the officials ~
ms organization are clamorinr fnr
higher, prices, contending that the av.
erage bulk lire cost of growing cott,n
throughout the belt this season was
laM cents per pound; that selling
price OF sOh cents average of all grades
would give the grower only q small
tion.
Now, let US see how the cotton grow.
er stood in August, when the price Of
MS crop. was much lower than it is
now. The Department. Of Agricuitnrs
estimates on this years crop at August
prices showed that the wheat grower
would receive 5& per cent less than ha
got for his 1921 crop, ard the position
OF the producer of the four other larg
est crops Is shown by the estimate TO
ns @ Snat the corn grower will receive
PSi SeHt more, nay per cent mora,
ana the producers of the whole line Of
seventeen chief crops will get COX per
cent more than last year. But, the cot
Ton grower, on the same basis, will re-
ceive no less than 200 per cent more
snan he did for his last years crop.
nevertheless, while the cotton pro-
duoer Is thus shown TO be relatively the
better off, the American farming COM
menity is in q far from enviahle posi-
sion This is shown in bulletin Of
the Bureau of Agricultural Economics,
which points out that the purchasing
power Of the farmer has lately dropped
to just about it's lowest point since the
war, and that the quantity Of farm prod
ucts that would buy $100 worth of other
things in 1918 will now y only ss4
worth. This will necessarily be adverse
~ reflected In the demand FOR. masu sac-
tured products, although the peculiar
position of cotton at this time will In
crease the purchasing power Of its pro-
ducers.s
New-York tribune., 1922-10-29
.S,citch to Neao Bonds

From many standpoints switch to
the new bonds was advantageous and
the selling to provide cash for sub
scrtptions was on a substantial scale.
Liberty bond prices. already uncertain,
turned downward more sharply. There
we're other considerations TO hasten
the decline. Underlying railroad bonds
had been push, d TO a point where they
yielded only around 4.40 per cent. In
consideration Of their tax exemptions
the Treasury AIS offered return
equivalent to nearly 4.s0 per cent on
this type Of security. Railroad bonds
were sold in recognition Of the fact
that they were out Of line. The list
New-York tribune., 1922-10-29
Bunk Holdings

The returns submitted by member
banks to the Federal Reserve Board
show the following weekly variations
in government bond holdings from the
nrst Of August until mid October. the
iate"t date tor which figures are avail.
@ aoie for the country and for New York
City:
New-York tribune., 1922-10-29

his permission, we are reprinsing here
with his foot rule for measuring how
much insurance the man with family
needs. He has chart, with this cap.
tlon: my Family Would Have These
Resources II We're to Die Tonight
The prospective insured is then asked
to supply the figures which reveal his
own personal finances, aa follows:
New-York tribune., 1922-10-29
Crops AbroaI

Although the government report at
the beginning of this month cut the
previously estimated crop of this coun-
try by about 100000 bales, the Depart
ment of Agriculture says in tentative
and hesitating way that the world crop
this year shows every indication of
being greater than last seasons. (Re-
ports from India. the second largest
producer. indicate 8 per cent in
crease.) This, however, is not 80
reassuring In the face Of another state
ment by the same authority tc, the
effect that the foreign consumption o
American cotton Ia &c per cent greater
than year ago Indian cotton is not,
as some carelessiy assert. outside the
range. OF influence on the American
growths. II competes with our liver
grades and shorter staples. Just as
Egyptian cotton is an active competitor
in the manufacture of not few prod
rcts with our longer staples Of indig-
enous varieties as well as with the
new Pima or American-E Egyptian cot
ton.
This being so. It Is instructive, In
view Of the reduced outnut of Ameri-
can cotton during the last few years
and the agitation over the inability of
our planters of Pima TO compete with
Egyptian in the matter of cost of pro-
1nced in Egypt is gradually falling off.
Ihls, according to the cotton research
board, is attributable to the ravages of
the pink boil worm and to the other
eact that the old brown cottons have
run out in Lower Egypt and have been
-erlaced with the Sakellerldes variety.
which yields about 7 per cent lower
than the variety it superseded and that
~ the ginning there is per cent less
lint per 100 pounds Of seed cotton: thus
ne new yields Is per cent less than
he old
As to the current crop of this admit
-edly "freak" season In the United
tates the quantity ginned has hean
lmost record breaking thus far. TAX |
ag che five.year average 1909-'13 as
w the amount ginned this year prior
September 25 Is placed at 1871. In |
eed, it is agreed that this crop has
cen ginned very much faster than
ny in recent years with the exception
- 1916, nor can there be doubt that it !
as moved out of the farmers hsnas
auch more rapidly than the ''holding"
Propaganda would have led one to ey-
'ct. Some have expressed surprise
9at these unusual circumstances have
OF retarded the upward trend al
ices, overlooking that the effect Of
7e quick movement into sight of a |
mall crop is too we'll understood 70 he !
1allable as depressing influence ON |
,alues and that under these cireum.
stances weather conditions at this time
tne year have lost their usuaI
ootency as bear argument
New-York tribune., 1922-10-29

relation TO straight in,eres, resprns on
loans.
This Ii the picture Of the situation
that holds good up TO the time Of an
nouncement Of the new United States
government thirty-year Nv per cent
bond issue. The entire bond market
had been wavering for more than a
fortnight and Liberty bonds were well
off from their top quotations. Closing
prices for the session Immediately pre-
ceding the loan offering, however, were
still above par, This was on October 2.
The new financing for minimum
Of S500.000,o00 came In direct com
petition as to rate with the outstand-
ing issues of ~ per cent Liberty
bonds, Il presented a United States
government obligation with compar-
able, II not equal, tax exemptions and
with minimum term fourteen years
longer than was assured for any of
the Ijberty iosn issuea
New-York tribune., 1922-10-29
Railroads Earning Power
No. ll--New York Central

propert, which II operates, notably In
the securities Of other railroads With
cat attempting careful estimate of
proclamation Of value Is readily ascer.
tainable, better than $50 share could
he added to the equity value Of New
York Central stock, bringing II up to
around $3.50 share.
the value Of those incorporating assets
but simply taking some Of the more
important among them where an APP
Growth OF Revenues
Gross Net after Tota,
Year Rever ne. Taxes, Inc.
millions OF Do!lars-------~
.,saa ,s1a, saso', saso1 sss'Ss ssss,s
inc t%).... 2o1 11s 70