davidaulloa/AmericanStories huggingface dataset:
The New York herald., 1922-06-23
SIX COMPANY STEEL
MERGER PLAN DR. 0PPED
Only Republic-Inland-M -MidUale
Group in Union.

Negotiations looking to the inclusion
Of the Brier Hill Steel Company. the
Steel and Tube Company of America
aid possibly the Trumbull Steel Com
pany i'm the Inland Midvale
Steel consolidation have been dropped
entirely, according to official announce
ment made yesterday. The Brier Hill
and Steel and Tube companies withdrew
because of the objections made by their
chief stockholders.
It was stated further that the three
company consolidation TO be known as
The North American Steel Company will
be carried through to completion. So
far however. no meetings of share
holders OF the companies concerned
have been called for the purpose OF
ratifying the terms in Difference TO the
Federal Trade Commission. The prepa-
raticn of data bearing on the affairs
of the three companies and the trans
action which will bring them under
Cne management is rapidly nearing
completion. 1t will be submitted to the
Federal Trade Commission next week.
Pending the commissions formal action
no further steps toward carrying out
The merger will be taken.
The New York herald., 1922-06-23
MONEY MARKET.

THURSDAY. JUNE %.
Renewals. NAM. 2aslLast .............
Hish............. 3 Years high ...... q
I.ow.............. 2%lYear's low ....... %;
TINE LOANS.
Mircd collaterals. 90 20 30 days..
Mixed collatcrals, 20 mouths... al.
fndustrials. 60 20 90 days. ...........
fndustrials. 20 months. d4A
COMMERCIAL PAPER.
Rest names, to months. .......... fd4ii
Other names. TO months hs...... 4HQfl5
DISCOUNT RATE, RESERVE BANK.
Commercial paper. -i5 days, 4 60 10
20 DAYS. 4. Liberty bonds and Victory notes
- days. 4. 10 20 90 days. 4: bankers
arcepianccs. 10 10 90 days e.
sFixed June -. Previous rate A. fixed
November .. 1921.
OPEN MARKET RATES.
Call loans and acceptances. .......... oNo,
Discount rates on prime bankers accept
ances eligible for purchase by Federal re
serve banks:
Hsd. Ask Bid. Ask
- DAYS, 5!;s 2 20 days .... alt g.
CLEARING HOUSE STATEMENT.
Clearing House exchanges s755 200 900
balances. SI7T00. 900: Federal Reserve credit
balances, $50. .oo0. 900.
SILVER MARKET.
official bar silver In New York. domestic.
nostc.. unchanged; foreign. f07kc. unchanged
London. 35std.. unchanged; Mexican dollars,
Range Of silver prices this year:
r.cndcu .... s!xd, May 70 s.'sd.. reb. 2s
New York...., I3Nc.. May 22 cv%c.. Feb. 2s
~
The New York herald., 1922-06-23

largest Of all sales organizations serv-
ing the general fruit and vegetable In
dustry. The arrangement Is affected TO
give the Federated Fruit Growers mem
bers the advantage OF an experienced
sales service Immediately.
Arthur r. Rule, vice president and
general manager OF the North American
Fruit Exchange will become general
manager of the Federated Fruit Grow
ers. Inc. beginning January /, 1923. Mr..
Rule has had a wide experience in the
marketing OF pcrishables. In the con-
ferences which resulted In these arrange
ments. II developed quite clearly that
Mr. Rule and his associates had In mind
the same ideals as the Farm Bureau
Committee
At the time the North American Fruit
Exchange was organized Mr.. Rule urged
fruit and vegetable growers TO form
national grower owned and grower con-
trolled distributing and sales organiza-
tlon. He was, however. unable to sell
this idea to the growers at that timo.
Then he organized the North American
Fruit Exchange as private corpora
ton. operating on basis Intended tc
nav only salaries and a fair return on
the money invested.
The New York herald., 1922-06-23
GROWERS OF FRUIT
GET SALES SERVICE
Organizations Agree on Co.
operative Marketing.

CHICAGO, H., June 22.--The American
Farm Bureau Federation announces that
the Federated Fruit Growers, Inc. es-
tablished at the recommendation OF Its
fruit Growers Marketing Committee OF
2t, has completed arrangements for the
establishment of nationwide sales and
distribution service for its members. A
contract has been signed with the North
American Fruit Exchange whereby the
force and effectiveness OF the two or
ganlzatIons are brought together under
;he name OF the Federated Fruit Grow
ers. Inc, effective January I. 1923.
The North American Fruit Exchange
has been operating as nationwide, nom
speculative sales agency for fruit and
vegetable products since 1911 and n be-
ing used by large number of coopcra-
tive associations and Ii said 10 be the
The New York herald., 1922-06-23
AUSTRIA TO HAVE
NEW BANK OF ISSUE
100, ,OOO,O 900 SUiss Francs to
Be Capital, Vienna Decides.

Special Gable to TIE New YORK HERALD.
Copyright. 1922. bV THE New YORK HERALD
Vienna, June 22.-The establishment
OF new bank of issue for the Austrian
republic. with a capital of 100000. 900
Swiss francs. has been definitely decided
upon. Sixty millions will be subscribed
now and 100000 later, the bank syn
dicate cooperating with the Government
guaranteeing the subscription of the
first &C, 100000.
A comprehensive financial reform
scheme for raising tariffs and taxes and
cutting expenses will be presented in
Parliament to remove the greater por-
ton. and possibly the whole, of the
deficit The feeling is very hopeful.
The New York herald., 1922-06-23
COTTON SPINNING INCREASES

WASHINGTON. June 22.-The average
number of cotton spindles operated In
May was 32,502,674. compared with 30.-
921. .09i in April. the Census Bureau an
nounced to-day. May totaled 7493.491.- :
COL, compared with 6,635. .969 in
April.
There we're 36.SS4.133 cotton spinning
spindles In place on May 81, of which
3f.653.061 we're operated at some time
during the month. II was asserted. COM
pared with s1.3S9.256 for April. and
s1.s74.4os IN March.
Based on an activity OF twenty-six
and p half days allowance being made
for Memorial Day observances in some
localities. for 81 hours a day. the ave
rage number of spindles operated at
ss.1 per cent. capacity single shift basis
The New York herald., 1922-06-23

Special Gable 10 THE New YORK HERALD.
Copyright, 1929, ~ THE NEW YORK HERALD
New York Herald Bureau,
Paris. june 22.
4 great stimulus to French business is
expected from the commercial treaty
signed with Spain and that pending with
Belgium. Since Spain abrogated her
commercial relations with France last
November there has been a complete en-
barge on French goods. affecting prin-
cipally wines. textiles and automobiles.
This was in retaliation for increased
duties that France had placed upon
Spanish products.
Both countries have now arranged
their differences so that the wines of
each will bear a minimum tariff. as will
also French silks and motors, jewelry
and other de luxe expectations. The
conflict has cost France 10000, 900
francs in customs duties on articles
usually imported from Spain, while
Spain has lost TO the extent OF only
about 46.000.000 francs.
The Belgian accord will affect princi-
pally the new metallurgical industry of
Alsace-Lorrsine. which has been Ian
gushing since the war on account of
prohibitive customs imposed by Belgium
to protect her own output. The treaty
aims at equality of treatment and IT, as
expected. the open door policy results in
stabilization of market values, il IL con-
sdered certain that the agreement will
be extended to cover vital necessaries
as well.
Madrid. June 22.-The list OF mutual
tariff concessions given by France and
Spain In the new commercial treaty ar
ranged between the two countries, indi-
Gates that Spain's interests have been
amply protected by French concessions
regarding Spanish wines and fruits and
a few other commodities II is expected
tho French Governmentson Saturday will
authorize the French Ambassador to sign
the treaty which will go into force
July l.
The New York herald., 1922-06-23
vances not to exceed sac, 600, 600 for In.

vances not to exceed SSo, 900 for the
purpose OF financing the orderly mar
keting of tobacco in these States was
announced to-day by Director Meyer.
Director Meyer said It was expected
that only a portion OF the amount
approved would be advanced by the
Finance Corporation and that banks In
the interested districts would do con-
siderable part of the financing. The
advance. he added. would be made on
the basis Of so per cent. OF conserva-
tive valuation Of the tobacco.
The New York herald., 1922-06-23
Loss ron ROSARIO MINING.

The forty-hrst annual report Of the
New York and Honduras Rosario MIN
ing Company for the year ended De-
cember 81 last shows total operating
income of S444,011 and expenses of
$527.362, leaving an operating loss OF
sS3.35o. The total net loss for the year
after all other expenses was s110,S6S.
After appropriation for reserves the
deficit carried to surplus account was
SlS4,t20.
The New York herald., 1922-06-23
WE WILL BUY

so Ward Baking Common
100 Republic Ry. & 1t. Pfd.
100 Gen. Gas & Elec. Cum. Pfd.
IS Amer. 1t. & Tract. Com.
100 Chattanooga Coke & G. Pfd
$4,000 Lucey Mfg. IS
400 United Hotels Pfd.
WE WILL SELL
100 Lucey Mfg. A
100 Industrial Finance Pfd.
so Ward Baking Pfd.
rs Amer. 1t. & Tract. Com.
5ORepublic Ry. & 1t. Pfd.
100 Shuts Bread Co.
100 CIinchfield Coal
Daws0n,LyOn&CO.
SO Pine St. New York
pbonc JoIn os54
The New York herald., 1922-06-23
DIVIDENDS.

Record. able
81 - .......... ........ Aug. Aug II
American Radiator Co..
a, Si...........r......... Sept. Is Sept 30
s1.75 ...................... July is Aug. ]
Battery Park National Bank.
SEA. SO. ................... June % July I
a.. $50. ............ July 81 Aug. II
Cartier. Inc. q. pf.. si.T5. July IS July 81
Continental Insurance, s.-a.,
~ per cent 49,. ........... June 20 July II
50 !. 80: :,......'.July July Is
Central r. r. Of n. j.. a.,
SO .::....;....;. ;....".. Aug. 3 Aug. II
Elmra Water It, X. II. Co..
o.. Isl pr. sl.75. -: juno 10 June 30
Elnira Water 1t. n. II. Co.
q. "a pf. si.25: =. 49,. June 10 June 30
Fidelity international Trust
Co. a.. $3.50. June % June 30
Garfield Natl Bank, O., So. June 20 June 81
Laurcntide Co., g.. $3.50 June 20 July 5
Nash Motors CoH pr, a.,
si,75 :. ......... .......... July ~ Aug. I
Nash Motors Co. s6....... July 20 Aug. ]
s-a.. s., ................ June % July I
Naumkeag steam Cotton Co..
OK, s5..........,......... June 2t July I
New York Trust Co, a.. 81 June - June 80
New York transportation,
a.. boc..................... July July H.
New Nlauero Sugar Co. pf.
Caccuml, $3.50, .. .-....... June 20 July I
pf., 81. .......... $50. June % July (
r. II. n, a., stEo.. ...... June - July :
Washington, Halt. a An. Fl.
r.. r., a., Si............,... June ~ July
wciabath Co. Ia. $3.50 Tune - June ~
Welsbach Co.. ant s2...,...J June "a June 30
The New York herald., 1922-06-23
FRANCE ELIMINATES
SPANISH EMBARGO
Commercial Treaty Agrees on
Minimum, Tariffs.

Special Gable to THE New York HERALD.
Copyright, 1929, ~ THE NEW YORK HERALD
New York Herald Bureau.
The New York herald., 1922-06-23
SOUTHERN PACIFIC
INCREASES ITS net
Company Shows Income Gain
in May of 1,893,839 Over
Same Month i'm 1921.

The Southern Pacific Company in May
met a shrinksge of s22l,S02 in its gross
operating revenues with cut of $685.
243 in its operating expenses. particu-
larly transportation charges. with the
result that its net operating income
showed an increase of s1,S93,S $40 over
May. 1921. In May the company saved
net operating income of s3,656,066 out
OF gross operating revenues Of $21. .123.-
915. contrasted with $1.762.227 in net
and s21.S45,2 217 in gross for May. 1921.
The following table gives comparisons:
Freight revenues. 49,. .si44S0.6i1 ts4279o0
Passenger revenues. 4,I0l.I9i i2096l
Gross oper. revenues. 2I.I2S.sI+ 22l ,3os
Maintenance OF way. 3.016.025 56l, ,i9S
Maintenance OF equip. 3,957,029 2e65Is
Transportation exp. 1,42i .469 l,3a9,6tl
Total oper expenses. II. I0s, 100 2,32S 243
Joint rents. .....,.. 1866. .Oss 1898 $50
increase.
For the five months ending May 81
1922, the company reported aggregate
net operating income of s12.047.S2
saved out OF gross operating revenues Of
s97.2S0.12O. These figures represent a
decrease of s9.974.0l6 in gross and an
increase OF S1.S69.120 in net earnings,
as compared with the corresponding
five months OF last year. In the five
months period expenditures for main
tenance of way were. decreased S1.7SS.-
IA maintenance of equipment S1.S69.-
30l and transportation expenses $S.S16.-
72l with the result that operating ex-
psnses as a whole amounting to S76,-
200. .lo3 were S12.970.7l5 less than those
o. the corresponding period in 1921.
The New York herald., 1922-06-23
No. f2213.
TREASURY DEPARTMENT

No. f22f3.
TREASURY DEPARTMENT
OFFICE OF
! COMPTROLLER OF THE CURRENCY ,
washington, d. c.. June 8, 1927.
WHEREAS. by satisfactory evidence pre-
;snssS Sc sr1esr g the ist pas '''n "s
THE CAPITOL, NATIONAL BANK O.
NEW YORK
IN the CITY OF NEW YORK
has complied with all the provisions Of tbs.
Statutes Of the United States. required 10
be complied with before an association shall
be authorized to commences the business Of
Banking;
Now therefore,~I. D. n. CR1ssINGER-
Comptroller OF the Currency. do hereby
THE CAPITOL NATIONAL BANK OF
NEW YORK
IN the CITY OF NEW YORK
In the County of NEW YOs.K and State
OF NEW YORK
r. authorizeds TO commence the business OF
Banking as provided In Section Fifty ons
hundred and sixty ninc of the Revised stat
utes OF the United States.
In testimony whereof. witness my. hani
and Seal Of office this FIFTH day OF
JUNE. ia22. -
(slsned) H. n. CRIssiNGEn.
Comptroller Of the Currency.
The New York herald., 1922-06-23
$50, 900, 900 TOBACCO
LOAN IS APPROVED
War Finance Corporation Fa-
uors CroDers' Plea.

WASHINGTON, June 22.--Approval by
the War Finance Corporation of the
application OF the Tobacco Growers Co
operative Association ~ Virginia, North
Carolina and South Carolina for ad-
The Redwood gazette. [volume] (Redwood Falls, Minn.) 1873-1940, 1922-08-09
Four Legged Wealth

Mrs. William C. Mudd of Yorkshire,
England, celebrates her golden weG-
ding by winning another butter-mak-
ing prize. In the last 40 years her
butter has entered 1888 competitions
and "copped off" ATT blue ribbons,
gold medals and other prizes.
Mrs. Mudd is one of the worlds
greatest butter makers-so expert and
skilled that she was once summoned
to display her art before Queen Vic
toria.
Your mind runs from butter tu milk,
and it occurs to you that childhood and
even the whole of civilization would
have a mighty tough time of it, with
cut the faithful old cow.
Bessie is one of our forms of origin
al wealth that We take for granted,
without pausing to think and analyze.
But our ancient ancestors were un-
der no delusion about the value of the
cow. If you ever study the origin of
languages you will find that "cattie,
schatteP' and capital" all came from
the same word, back in the days be-
fore money, when mans wealth was
measured in the number of cattle he
possessed.
The accumulation of great fortunes
originally began with the domestica-
ton of cattle. Primitive man was a
rover. He could not take his crudely-
titled land with him, but he could drive
The Redwood gazette. [volume] (Redwood Falls, Minn.) 1873-1940, 1922-08-09
ANOTHER SIDE

r. ROM time immemorial it has been customary
II to "cuss" public utility companies on general
principles, and designing politicians have
found it profitable theme to harangue With
out doubt there has been much justification for
this attitude in past days. Yet every thinking
citizen must realize that public utility companies
perform valuable and necessary services for the
public, and should, so long they deal fairly
with the people, be accorded the same just treat
ment that is given individual citizens.
Fortunately, many of the utility concerns
are making such an attitude on the part of the
public easier, by dealing open-handedly and with
candor with their customers. Such company is
the Northern States Power Company, which is
not only one of the most efficient utility organiza-
lions in the country, but which is also of the
first to practice the principle of square deal
with the public.
1t has not only dealt fairly with it's custom
ers, but it has wisely taken the public into its
confidence and interest in such a way as to win
the respect of the people. 1t represents very
| country, and it serves their interests by serving
the public interest. Frankly and openly disclos-
ing all it's dealings it invites public support by its
honesty and fairness. 1t has tremendous
success by this policy. If every utility company
in the United States pursued the policy of the
soon be an end to the cheap political demagogy
which tries to infame the public mind against
| orporations.-Fred Hadley.
The Redwood gazette. [volume] (Redwood Falls, Minn.) 1873-1940, 1922-08-09

off his cattle. Being movable and in
ternationally valuable, it was the real
wealth, from the days when the cave
man stopped milking the Giant Slotn,
so big that its heel-bone was Is inches
long, and began tanning the wild cattle
that roamed the earth.
Milk cows in our country total about
24,000,0 00-or, roughly, one for each
Az Americans. They are worth about
$50 a head.
The faithful old American cow last
year produced nearly 99,O00,000, 600
pounds of milk.
1t will amaze even many farmers
that the dairy cow gives the nation
more wealth than wheat, corn or cot
ton.
Over near Vaudreuil, Quebec, a
Holstein cow named Dekal Plus Segls
Dixie recently smashed records by Civ
ing in one year 1868 pounds of milk,
which yielded 1 ,439 pounds of butter
fat. That is nearly eight times as
big as the average.
The city man forgets Bessie, but the
farmer doesn't. Constantly he IS
striving to improve the breed of cattle
better cows, also better milk and
butter and more of 1.-THE Rural
Weekly. ,..-..--
The Redwood gazette. [volume] (Redwood Falls, Minn.) 1873-1940, 1922-08-09

Dr. Richard Burton, head Of the department
Of Literature at the University of Minnesota, re
Gently wrote as follows in an article published i
the Literary Review
For quarter of century now I have
spoken on the Bible, up and down the land,
in schools, colleges and to clubs innumerable,
giving single lectures courses on the sub
ject, and everywhere and always with the
same warm reception. I do not believe there
was ever time when people in general were
so quick and glad to welcome Bible study,
Bible culture, right now. They are no
longer, speaking by and large, interested in
it as theologic framework preferring to
leave that side to the specialists. But the
Bible as Book of Life, of ethics, of spiritual
aspiration and of magnificent expressional
values they are deeply concerned with, and it
is tonic to find this out, as l have, by prac-
teal test. am not discussing theory, but
giving fact"
The Redwood gazette. [volume] (Redwood Falls, Minn.) 1873-1940, 1922-08-09

"The legislature ought to abandon the crazy
closing hour of and end the voting at o'clock, :"
says The Duluth Herald.
By all means. There is neither excuse nor
reason for the outlandish hour of closing. Judges
are kept in the booths from early morning until
9 O'Clock. They wearied and worn out. They
cannot conduct the count expeditiously or as
accurately as they could if the closing hour were
earlier AS the count is delayed until the early
hours of the morning, the chances for error and
for crookedness increase. Thousands of election
officials and newspaper men work at serious
disadvantage; delayed returns mean trouble for
everybody. And the advantage is not apparent.
1t is contended that the voters need the night
hours. 1t is just as likely that people postpone
voting all day, only to find that forgotten engage
ments, or disinclination to leave home, keep them
from voting at all. If they had a shorter time
in which to vote, the chances are that they would
cast their ballots early in the day. Even o'clock
is too late. Six is late enough anywhere. Other
states able to get their voting done in twelve
hours or even less. Minnesota ought to do as
well.
The Redwood gazette. [volume] (Redwood Falls, Minn.) 1873-1940, 1922-08-09

ont the state law would in large measure pull the
teeth from the Volstead act.
"But it is not at all likely that any member
Of the legislature will be so foolhardy as to III
troduce bill designed to repeal the law referred
to. He would not get very far with such an ul-
dertaking The newspapers OF Minnesota would
riddle the measure with the most severe criticism
The defeat of the bill would be foregone con-
clusion. "-Mankato Free Press.
The Blue Earth County Enterprise, speaking
on the same subject, says;
"The light wine and beer propaganda is not
making much Roadway in paving the way for the
return of the saloon The camoufiage is poor
one-so transparent that it is not decelvlng any
one other than a few old toppers whose love OF
"the wine when it is red' and "the froth on the
mug" is such as to befog their Judgment. Some
of these shipwrecks have been led to believe that
there is chance to again enthrone King Alcohol
and they are accordingly digging up their hard
earned dollars to provide the necessary funds to
pay for nice offices and fat jobs for such organlza-
lions as the Sanity League and similar societies.
Leaders of these organizations know there is not
ghost of a show to bring back the saloon but
sense in the situation opportunity to secure
comfortable income for few months and they
are accordingly working the shell game to the
themselves as the big brewers and distillers with
very few exceptions have entered other business
and having no longer any interest in the liquor
traffic are glad to be free from it's odium and dis
grace.
The Redwood gazette. [volume] (Redwood Falls, Minn.) 1873-1940, 1922-08-09

Some of our exchanges think that if the Re-
gion editor goes to the legislature he will in
ject some humor into that body. If we do
make the grade the first sidesplitter we intend
to introduce is bill calling for straight Jail
sentences for drunken auto drivers with their
licences taken away for year.-Baudette Re-
gion.
We hope the Region editor will make the
sentence long enough so that it will be unneces.
sary to bother about the license at all. That, il
our opinion, will be the real "joker'.