davidaulloa/AmericanStories huggingface dataset:
The Seattle star. [volume] (Seattle, Wash.) 1899-1947, 1922-01-09

SPECIAL S1.5O-Yokes formed
OF Nalertiennes lace. organdie
embroidery and rows Of shir-
rings top lovely Chemises at
this price. with shoulder straps
OF lace. and narrow lace edge
trimming the drawer part.
Plain tailored styles in pink
Windsor Crepe are also fea-
tured at this price
The Seattle star. [volume] (Seattle, Wash.) 1899-1947, 1922-01-09

the year 1921. according to reports
received from the extension service
OF the state college.
The Seattle star. [volume] (Seattle, Wash.) 1899-1947, 1922-01-09
Mrs. C.. Attic Will
War on Poll Tax!

this flivver 10 the garage and yet 'cr
frightened up"
"Wbcng" Mrs. Attic repeated with
authority. for Lizzie In hers and G.
Attic ought 10 know by this time that
he has nothing to say about II,
when I have time. Of course. And
I'm going to be very busy from now
on. You know about the petitions 20
repeal the poll tar
The Seattle star. [volume] (Seattle, Wash.) 1899-1947, 1922-01-09
GOING. To
LIVE IN OPEN

Yes" C. Attic admitted whats
that got 10 do with getting this fiiv.
Yer fixed so we can buzz around the
country In 'er soon nH the weather
warns up7 You know we planned on
getting the seat cut down for n bed
right away. and we're going to live In
the open next summer"
Mrs, Attic sighed and got out OF
the ear.
That's true" she said. but I've
got scheme. I'm going 10 run LIZ
ale ragged this spring getting SIM.
erF for those petitions. I haven't paid
any poll tax yet. and I don't intend
to-"
Going into politics. chr" c. Attlo
The Seattle star. [volume] (Seattle, Wash.) 1899-1947, 1922-01-09

For something tasty. serve Boldt's
French Pastry. Advertisement.
The Seattle star. [volume] (Seattle, Wash.) 1899-1947, 1922-01-09

DIAM TAILORED styles for those who prefer them and lacy ribbon
affairs abundance-a priced considerably below their
regular value.
The Seattle star. [volume] (Seattle, Wash.) 1899-1947, 1922-01-09
Bleached Muslin
s s;sl tic Y Yas

"A n opportunity brought
4 \ about by January
White Displays. this very
low price on Bleached Mus
lin of excellent quality, free
from starch. Thirty-six
inches wide, special 17f
yard.
The Seattle star. [volume] (Seattle, Wash.) 1899-1947, 1922-01-09

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New-York tribune., 1922-06-11
Cotton Mill Trade
Retarded as New
Material Advances
Squirt in the Fall River
Market Appears to lndi-
cate That Buyers Real.
ize Low Prices Are Past
sp,cial phpoich 10 The Tribune

NEW BEDFORD, Mass, June TO-
Exceput for a slight spurt in the Fail
River cloth market toward the close Of
the week trading in all cotton manu-
featuring markets was greatly retarded
as raw cotton continued in its sensa-
tional upward price movement.
The improved demand in Fall River
has not been long enough extended 20
definitely reflect Us meaning, but II
appears 10 be significant in indicating
that buyers have come 10 the realiza-
tion that low-priced goods are a thing
Of the past. Cotton goods now give
promise Of exceeding the price ad.
vances that were predicted several
weeks ago. The oportunity 10 get goods
for less money will not return even II
the volume OF buying continues on an
equally restricted basis with the last
two years.
From every section Of the industry
comes the view that raw cotton has by
no means reached the peak price.
Brokers freely predict 25-eent cotton
within a short time. The absence Of
hysteria in the advance. quite aside
from the concrete factors existing,
rather strengthens the view that cot
ton is established on something other
than quicksand. The mills arc some
what more conservative as 20 what will
finally happen. but they do not deny
that highter levels are going TO rule
on cotton.
Yet mills are not buying cotton. They
maintain the issue rests with the cloth
buyer in his willingness 20 meet the
new cloth prices. This the converter
has so far failed 20 do any appreeia-
bic extent. The advance on basis cot
ton has amounted 70 about 30 per cent,
while some types Of extra staple are
AZ more OF premium. In the same
time cloth has ranged in a Is 10 % per
cotton and finished goods now Is in the
cent advance. The holder Of both raw
cotton and finished goods now is in the
commanding position. The cotton posi-
tion Is sustained b. the threat Of world
shortage; the goods by mounting cot
ton costs. Neither Is anxious TO sell
in his respective field, and offerings
belo~y the market have ceased to exist.
The sales Of print cloth in Fall River
for the week are estimated at 10000
pieces. Business was directed especial
~ 90 narrow cloths. but a wide range
OF styles figured in the market talk.
Fine goods have reacted from the
improvement they experienced two or
three weeks back. Yarns are still de-
pressed, this class Of goods never ap-
pearing 20 have recovered from the
southern competition. Tire yarns have
disappointed throughout the Spring.
only a small amount Of the improve
ment expected having developed.
There has been no change in the
operations Of the mills 0nly a few
are running full time. The operations
are usually spotted and activity exists
IN some f.he most unlocked for
places. The mills that are producing
novelty materials are the most active.
New-York tribune., 1922-06-11
Period 3

This phase % tno cycle was witnessed
IN recent years In November. 1905 Decem-
Der. 1909: December. 1919. and NoNein-
Der. 1919
According to the theory. Il is at this
stage that the time comes for taking a
positive bearish position on stocks;
This is the typical period Of active bull
manipulation TO distribute stocks. Bust
ness expansion. with increasing prohts,
extra dividends, "melon cuttings ana
other familiar paraphernalia are used
70 induce the public 10 buy. But stock
prices have discounted all these.
The activity IN the basic industries
has now spread TO virtually all lines
OF business and the outlook seemingly
is excellent But the credit supply Is
falling rapidly.
Since absorption by the stock market
and business has reduced the credit
supply below tho normal level, the
stock market, which has already. ab-
sorbed all it can, is cut of from
further supplies. This happens when
security prices are at the top and
while business continues 20 absorb
credit. Thus We come to
New-York tribune., 1922-06-11

The theory which underlies the
study, graphically presented IN the iol.
lowing Illustrations, has been evolved
from centuries OF observation and was
long ago tersely expressed in the say
ing, Money makes the mare go. Inc
theory is this: That the underlying
force behind all broad movements IN
the stock market and business IS the
supply Of available credis.
Neither the stock market nor busi-
ness can prosper unless the supply is
.large enough. Neither will remain long
IN a state Of depression when there IS
credit enough 70 finance expanding
volume. The credit supply is the ulti-
mate and underlying cause Of change.
Great wars, catastrophes, booms, psnies
all find reflection therein. IL IS a
mirror as well as q compass OF eco
nomic events.
Thirty years Of charted experience
for wcnhave carried the data back for
that period-demonstrates beyond rea-
sonab!e doubt thai q condition OF plent-
iful credit precedes every upward
movement in the stock market and
every broad increase in business vol
ume. And credit stringency Is the un-
failing precursor Of every great down
ward swing in security prices and busi-
ness activity.
There is, therefore. sound reason FOR
saying that the following photographs
illustrating the theory are drawn from
actual history. IL should be remem-
bered that We are dealing only with
long time trends, not with mere huctu-
ations and minor movements.
There must always be starting
point. so We select a time following the
complete liquidation Of the securities
markets and general business as the
beginning Of the cycle, or
New-York tribune., 1922-06-11

tion and have flowed back into the
banks.
Now, experience shows that sus-
tanned upward movements OF the stock
market are financed by surplus credits
that is, by an excess Of deposits over
loans in more than normal amount
That is why the tube connecting the
stock market, represented by the
smaller vessel in the center Of the
illustration, is at the middle or normal
level Of the credit reservoir.
On the other hand, business absorbs
credit at all times 70 some extent.
Therefore the tube connecting the
voir is at the bottom.
The absorptive capacity Of the stock
market and business is represented by
q sponge in the bottom Of each vessel
capable Of great longitudinal expan-
sion.
When the condition illustrated by
the above graph obtains, IL Is, accord
ing 20 theory, time for taking a posi-
tive bullish position on stocks for the
long pull, for with the credit supply
plentiful and with business and stocks
both liquidated there is only Cne way
for stock prices to 90.
On the business side commodity
prices are low, with little demand, and
trade prospects, on the surface. look
black, indeed But fundamentally
sound conditions have been restored
by the preceding liquidation, and the
first harbinRer Of recovery in business.
the beginning Of rising stock mar
ket. is seen.
With the money reservoir full and
the pressure OF business liquidation
removed credit begins TO flow back into
the stock market and business, thus
bringing US TO
New-York tribune., 1922-06-11
Fewer Cotton Spindles
i'm Lancashire District
Number of Looms, However,
Shows an Increase Over
Last Year

According to an analysis Of cotton
machinery just made by the publishers
Of the Lancashire Cotton Spinners' and
Manufacturers' directory for 1922, and
forwarded 70 the Department OF Com
merce by Consul Holiday, Manchester,
the number OF spindles for spinning
and doubling is 59,7i2,303, against 60.
O53.246 a year ago. The number OF
looms is given as 10000, as compared
With 790,3e9 same time last year. Dur
ing the last ten years there has not
been much change in the amount OF
cotton machinery in Lancashire. but in
1906 the figures were IS, 322,684 spin
dies and 6ss,sll looms.
Oldham is, Of course, the biggest
spinning center with l7,l6s,050 spin
dies. but compared with a year ago
there is a decrease Of l5o.i26 spindles.
Next comes Bolton with 7,5i2,73i spin
dies, an increase since last year OF
57.2Os spindles. The Manchester area
has 3,505,9iS spindles, an increase Of
22,6s6 spindles since a year ago.
New-York tribune., 1922-06-11
Period Z

This phase has been wl;nesssa In rssss.n.,
Years In March. 1905. September, isili
January. 1918. and June. 1871
This is the time for again taking a
positive bullish position on the stock
market. for the long pull.
Business is still under pressure but
the cid Of liquidation is in sight. The
credit supply has been restored 20 the
normal level and such further liquida-
tion as will take place will refill the
reservoir.
Stock prices have already discounted
complete business liquidation, and hav-
ing fuctuated without definite trend,
for months, now begin TO anticipate,
months in advance. the inevitable busi-
ness recovery. For business, as has
been said. is in the final stage Of liqui-
dation and after period OF dulness'
will begin 10 move toward prosperity
again.
Thus the cycle is complete. This
question remains 10 be answered, how
ever: "Where do wo stand to-dayT
The answer is. Somewhere between
periods and g." In other words, II
the theory is sound, and we in this or
eanization as least believe that IL Is,
the prospect is that, disregarding
minor movements and temporary set
backs. the trend Of the stock market
will remain upward for some time 20
come and that business improvement
will continue until we have full
measure OF prosperity
Copyright. is2:. STANDARD Statistics Com
pany Inc.
New-York tribune., 1922-06-11
German Auto Industry Healthy
Passenger Car Registration Equals That of 1914;
Active Export Policy Pursued; Home Trade
Well Protected Against Competition

The revival Of the motor vehicle
manufacture in Germany 70 an extent
which compares favorably with pre-
war production marks this industry
ss one Of the country's healthier en-
terprises at the present time, according
10 reports received by the Department
O. Commerce. For example, the pas
tenger-car registration in Germany,
which. on February l. 1920, accounted
for $1,000. on July /, 1921, had sd-
vanced 20 point equaling that OF
1914. when over $4,000 cars were in
use.
Much has been said about the super
iority Of German passengers cars be-
fore tho war, but complaint has been
heard from postwar foreign buyers
that the pre-war efficiency OF the high
Grade German car has not been main
tained. Some prominent manufactur-
ers. however. are reported 20 be build
ing "for export only" a better car
than is sold 70 the domestic buyer.
Germany thus seems TO be striving
hard 20 get a footing in foreign mar
kets.
Motor Trucks In Demand
The growing demand for motor
trucks in Germany is the direct result
Of their adoption in agriculture and
industry. The present registration Of
30.424 represents an increase over 1914
bv more than 800 per cent. Another
factor lending stimulus 20 theu sc Of
the motor truck as a carrier is the
- arwkf an "a
man railways, which tends 70 make
transportation by truck cheaper than
By rail despite the continuing price
increases Of motor trucks, accessories
lad motor fuel. German firms have
been able 20 transport merchandise
from Hamburg % Bremen by motor
truck 80 10 per cent reduction in cost
over rail transportation. besides saw
inc three or four days in the loading,
transit and the delivery 20 ship side
or 10 other receiver. as well as elimi-
mating the cost of transit from freight
yard 20 ship.
The motor truck has been Of great
service also TO the Technische Nothilfe
(the well known Emergency Aid Serv-
icc") in breaking railway strikes. Dur
sne the strike IN February. 1922. this
service ran schedule between Berlin
md Hamburg, carrying mails 10 Ham,
burg and food 20 Berlin.
BuT.ness in motor trucks was so
.1eavy last year that manufacturers
were behind in their orders. the one
and two ton trucks being the most in
demand. with the four and FIVE ton
trucks second; the three-ton trucks
were not popular az all. The inability
20 deliver promptly, coupled with ris-
ing prices, created demand for used
cars. Some concerns tried 20 renew
outworn army trucks. but met with
slight success on account Of the rising
costs Of labor and material.
Motorcycle Trade Growing
The growth % the motorcycle in
dustry reflects an Increasing popu-
larity Of motorcycle sport in Germany.
New-York tribune., 1922-06-11
Period 4

This condition obtained In April. 1907;
March. 1910; January. 1917, and April
1920
At this stage, the bear movement in
the stock market actually begins. Busi-
ness continues to expand on the credit
supplied by the liquidation in stocks.
but the credit supply is. nevertheless.
nearing the point of exhaustion. The
strain soon will become so acute that
the business tide will begin to recede.
IL is period Of stiff money rates.
This period, il vii lbe noted, is
marked by forced liquidation in the
stock market TO supply the funds for
continued business expansion. Stock
prices, Of course, reach q neak and
begin 70 fall as the liquidation
proceeds.
This process goes steadily on, until
Ue reach
New-York tribune., 1922-06-11

two being the youngstown Sheet and
Tube Company and the Steel and Tube
Company OF America.
In coke supply the consolidation Will
be substantially self-containcd, as
most Of the companies have large coal
mining operations and holdings Of coal
lands.
when tho United States steel Cor
poration was formed II acquired the
Rockefeller ore holdings on the MesaDa
range and also the Oliver interests IN
the Oliver Mining Company. There
are no outside holdings available 70
day apar. from those Of the Mesaoi
Iron Company and Of various merchant
ore firms A. Cleveland.
The Mesabi Iron Company has very
large deposits Of magnetic on the
Mcsaba range and has built an 81.
tensive sintering plant, which IN me
past two years has made u iactor
In the merchant ore .rade. lts prop
critics have been estimated 20 repre-.
sent 500 900, 900 % 00,000000 tons.
Tho Midyale company IL now pre-
sumed 10 have some interest IN the
Mesabi Iron Company, five Of is d.
rectors being on the board Of the
latter. Midyale also has some 3OO,-
900 900 tons Of ore in the Buena visa
group on the northeast coast o. Cuba,
similar 70 the Mayari ores Of the
Bethlehem Steel Corporation. but
nothing has been done thus far IN
their development.
Large Ingot Capacity
The rated ingot capacity OF the three
companies is slightly In excess OF
5000 900 tons annually, compared WIN
% 700 600 tons for the United states
Steel Corporation. The earnings OF
tho three comIInies, exclusive Of Md
vale's Nieetown plant, applicable 20
dividends on the preferred and COM
mon stock. as compiled from the an.
nual reports for the ten years ended
December 81, 1921, averaged S20,452'-
2ts. despite loss Of Sll ,552,4f5 last
year.
Since 1915 the three companies have
oxnended more than Sl20.0O0OOO for
improvements and additional facilities,
40 greatly increasing capacity ana re-
ducing operating costs, officials declare
that the earnings reported for the last
decade do not fully reflect the earning
power as now situated.
Il is estimated that upon consumma.
ton Of the merger plan the hHed
charges OF the North American Steel
Corporation will amount 20 S3,sl3,0e5
annually. or about - cents ton Of
rated ingot capacity, and the preferred
stock dividends 10 s3,523,2o3 per an
nun, about s. cents ton Of rated in
got capacity.
on completion Of the plan each hold
or OF one share OF stock OF Midyale
will receive three-fourths Of share
Of the new common stock and one
fourth Of a share Of the stock OF the
corporation which is 10 take over the
Nicetown plant. Each holder Of one
share Of stock Of the Inland company
will receive S2375 in cash and seven
tenths Of share Of the new common
stock; each holder OF one share Of Re-
public Will receive one share Of new
preferred stock and an amount Of cash
necessary 20 provide for the unpaid
dividends on the preferred and one and
seven.tenths shares Of new common
stock.
New-York tribune., 1922-06-11

markets Of neighboring consuming CEN
ters and abroad. -,
MANY engineering surveys have been
,,ade and nroiects drawn up and pre-
sc,,ed "a Congress for the building OF
sycb roads through various natural
nssscs in the mountains, which could
be nrolonced on the Argentine side 70
connect With existing Argentine rail
,,avs hut IN TO the date Of the signing
~ the present agreement no project
bad heen approved or location definite
ly decided on.
or Doubtful Value
As outlined az present. the agree
ment. subject 20 ratification by tne
eonsyesses Of both nations, calls for the
confirmation within three years OF q
railwav in the north across the Cordil-
ieras from Salta, Argentina, 10 Anto-
,,,asta on the Chilean coast, when
r,iil rive an outlet for Argentine prod
ucts 10 the Pacific and 10 the excellent
markets afforded By the Chilean nitrate
nampas. which, because Of the unpro-
ductive character Of the soil, are at
present entirely dependent OF the cen
trail and southern provinces OF Cnile
for their food supplies. -,
The Argentine provinces when VIII
be served by this railroad are rieh IN
cattle. sugar and agricultural products,
and the advantages 20 be gained by
that nation arc easily apparent, but
from the point Of view OF Chile the
value OF the undertaking seems TO be
somewhat doubtful. since II VIII be
many years before sufficient nitrate. IS
shipped over this route 10 Argentina
10 offset the loss OF IFS monopoly OF
the markets in the north.
Another line is 20 built, II approved
hy the Legislature. in the south, from
the coal regions Of Chile 20 Zapala'
Argentina. By way Of Lonquimsy. ms
road will be Of greater advantage to
Chile. since II Is claimed that market
can be obtained in Argentina Tor
Chilean coal, and also through It's con-
struetion the railway will open up a
rich agricultural and mineral section
in the neighborhood OF Lonquimay'
which has hitherto lain fallow through
lack Of transportation facilities.
In this region il is believed that
netroleum will be discovered, since
there are known 70 be deposits OF btu
mon. and also copper and lime.
New-York tribune., 1922-06-11
Period 6

frhf. phase has been witnessed In recent
war, in December, 1901. June. II. No
veuib.r. 1911. and December, i'so-l
Brokers' loans are reduced TO mini
mum and rs result. this period is a
typieal one Of prematus bullishness on
the stock market
The demand for basic commodities Is
falling of rapidly. There il decreased
output and unemployment results. In
turn that means decreased buying
power; so retail trade begins TO de-
cline. In other words. along with fall
ing commodity prices, business reae-
tion bemoees acute.
The banks. it will be observed, apply
pressure on business TO restore the
credit supply. with the result that the
credit current is reversed, passing from
business into the banks The stock
market remains depressed. awaiting the
increase in the credit supply 70 the
normal level. or in other words, the
return Of
New-York tribune., 1922-06-11


knowledge that insiders" will be
able to acquire these large blocks Of
the common stock at so low n figure has
had a moderately depressing influence
on the price Of the new shares no~
being traded in on the New York CurD
Exchange on when issued basis.
Apparently Il was the original inten'
ton OF those making the market IN
the stock to hold the quotation around
80 for n time and later 10 advance the
pricc as part Of the campaign OF rais-
ing s2O.O00.0 900 cash working capital
Aside from the human interest Phase
Of the testimony brought out by Mt
Jntermyer little has been said regard .
ing the material advantages expected
from the merger and the variety OF
products produced by the three com
panies. The advantages OF the combine
were summarized in a letter sent last
wcek by the respective chairmen OF the
companios 10 the stockholders. Some
az the essential reasons for the pro-
posed unincation Of the properties were
stated as follows;
Increased economy resulting from
the mining Of larger tonnage ot ore
coal and limestone under one control
tocethcr with the economic advantage
Of better distribution for the use OF
such products.
Stronger management through the
combined ability Of the principal OF
scers Of the respective companies 70
direct the operations.
Enabled 20 Effect Savings
with plants located a. Johnstown,
Pa: Coatesville. Pa; youngstown
Ohio; Niles, Ohio, and Cnichgo' III
and with facilities for steel production
in the southern field OF Birmingham
Ala. the North American steer Cor
poration-the name given the new com
bine-will be in better position 70 serve
the consuming trade with larger a.
ycrsitv OF products and 10 eheet sup
stantial saving in the selling ana aa'
ministrative costs. -
BEFORE the unihcation Of the proper
ties Midvale will place its Nieetown'
Pa. plant and certain assets ana ia
billties connected with its operation
in n separate corporation, the STOCK OF
which will be distributed pro tata
among the stockholders OF the com
panv. This will be separate cor
noration 20 continue tne man
Of ordnance. armor plate and speels'
steel products to which 1t Is adapted
Like the Bethlehem-Laeka"aain,nA
combine tho three-company eonsolida,,
lion will be an important producer OF
s,cel rails through the Midyaie ana
Inland companies. Midyale already mas
rail mills and Inland is now compie'-
nc mill which will figure IN the
trsdc OF 1922. All three have plate
mills. the most important OF when ~
The shearcd plate trade being tne
Coa,esville mill Of Midvale. strueturaI
shapes are rolled by Midyale are among
,be leading producers of bars. lnland
also has considerable bar capacity, as
well as being a considerable producer
OF sheets.
Sheet and Wire Mills
Republic Iron and Steel in 1919 ae.
ouired the sheet mills Of the De forest
sheet and Tin Plate Company, OF Niles'
ohio. In wire products the Cambria
works of Midvale have hgured IN an
innortant way. In wrought pipe ne,
nublic is one Of the three largest o.
the independent producers the other