The Birmingham age-herald., 1922-03-24
Shepard & Gluck of New Orleans Exchange Are Forced to the Wall
By Associated Press


 New Orleans, March 23,-AnBounce- ment was made at the local cotton exchange today of the failure of the spot and futures cotton brokerage firm of Shepard & GIuck. Consid- erRbIe excitement prevailed on the tlinte effect of which was n drop of about 10 points. While the firm is regarded as n large and important one, it was stated by local cotton factors that its commitments in the market at the present time are not large. The concern has extensive wire system throughout the south, together with Chicago and New York connections. Nothing was given out regarding liabilities and assets.
 Chicago. March 23.--The firm of shepard & Chuck has been under i'm NestigatiOn of late by the Chicago Hoard of Trade. The inquiry was based on charges that the firm had refused to execute trades made through E. W. Wagner & Co.,, which recently suspended business The Chicago board. of which Mir. GIuck is member, had requested the New
 
 cure the firmfs customers against losses on the Wagner trades. It was contended by shepard & Gluck that they were without responsibility for the trades in question.
 Chattanooga, March 23.-A general creditors bill was filed today against the w. T. Green Furniture company asking receiver to wind mp the bus- fnREa inc Cnu Iur L. ties are said to be $IOO,000 but out- standing accounts nnd other assets will cover this amount.
 Knoxville. March 23.-M. D. Arnold, retired merchant and capitalist of this city, died this morning after a brief illness of pneumonia. He was for many years engaged in the wholesale shoe business.
 Washington, March 23.--Insestiga- tions of the conditions in the coal mining industries by n special com mission to he appointed by the Press ident. is called for in n bill intro duced today by Representative Bland, republican, Indiana.
 Pine Bluff, Ark, March 23.-Re- duction of seven cents per hour in wages of street car employees here, effective here April i. was announced today by the local cnr company, fol- lowing reduction of street car fares yesterday from to cents.
 Youngstown. o., March 23.-Indc- pendent steel manufacturers of the Youngstown district today announced increases effective immediately of &2.50 per ton on slabs; $2 on small biI1ets and sheet bars, and $2.50 on heavy btllets. Prices are f. O. b. Youngstown.
 Washington, March 23---ships fly ing the American flag operating from gulf ports are carrying 50 per cent of tho cotton exported, com- pared with 15 per cent 8 year ago. Vice President SmuII of the shipping board announced today.
 of IF concerns manufacturing wire bound boxes and other types of con fainers, was announced here last night by John A. Grace, an officer of the Detroit wire-bound box con,- pany, one of the firms in the mcr- ger. The new concern, incorporated in Delaware as the General Box cor pOrntion, will have headquarters in Chicago. The merger. it Is said, will materially reduce production and dis tribution costs.
 Washington. March 23-Exports of cottonsccd piI- during February fen off slightly under 10 per cent from the same month n year ago. the de- partment of commerce reported to- day. Exports last month were D. 0e5,37 pounds, valued at S7g4,3O0, compared with 3o.6S9.206 pounds. valued at S4,276.772 in February, 1921.