davidaulloa/AmericanStories huggingface dataset:
The New York herald., 1922-06-10
COTTON MARKET
AT SEASONS HIGH
July, October and December
Go Over the % Cent Level
Despite Realizing.

Although called on to absorb huge
realizing sales. yesterdays cotton mar
ket overcame all obstacles and climbed
10 another new high level for the season,
with the July. October and December
deliveries all above the % cent level.
Net gains at the days highest level
amounted to So to ~ points, the close
being somewhat under the best, at an
advance of 81 to 40 points. The market
vas evidently under the influence of a
bullish spirit that not only eentered
among the speculative element but
among trade interests as WELL 1t is
seen plainly that as the market ad-
vances. spot holders in the South are
becoming more and more independent
and unyielding.
If reports from the belt are correct, it
is extremely difficult to buy the actual
cotton on the contract basis. so that
spinners are turning to the futures mar
ket for their future supplies. The mar
ket acts at times in total disregard OF
slight betterment In weather conditions,
as 1t is only too well realized that 1t will
take an unprecedented reversal in
v Gather from now on to make anywhere
near normal crop. The official weather
map was bullish, but not extraordin-
arily so. The weather was unsettled
over much of the Central and the East
ern belts, but clearing conditions were
noted in the greater portion OF the West.
The lack of Liverpool cables was due
TO another Whitsuntide holiday abroad.
Statistics played little part in deter
mining the course of values. Preliminary
Fall River advices placed total sales
of print cloths for the week ended with
last night at 10000 pieces. Wholesale
dry goods trade reviews were all in
bullish vein. Spinners' takings of Amer
lean cotton for the week were estimated
at 207, lbs bales, contrasted with 22S,9s1
bales in the last previous week. The
amount brought into sight was 1877, SiS
bales.
The local spot market was strong, so
points higher at 2255 cents a pound for
mddlng. The New Orleans spot market
was 90 points higher at % cents. Its
sales were of 1,797 bales.
The New York herald., 1922-06-10
INTERIOR RECEIPTS
BANK OF AMERICA AND
ATLANTIC WILL UNITE
Merger to Become Effective
on July IS.

The consolidation of the Bank of
America and the Atlantic National
Bank, rumors of which have circulated
in Wall Street for considerable time,
was announced officially yesterday. The
directors of both banks have approved
the merger, which will become effective
about July 15 The two institutions will
consolidate under the name of The Bank
of America
The Atlantic's business will be con-
tinued in 257 Broadway opposite the
City Hall. as the Atlantic branch of the
Bank of America. The formers active
executives will remain<in the Atlantic
offices of the Bank of America, with
the exception of the Atlantic's president,
Herman ID. Kountze. who. with several
of his associates. will become directors
of the Bank of America.
The Bank of America was founded In
1912 as the successor of the first Bank
of the United States. the renewal of
whose charter had been refused. IN
1920 the Franklin Trust Company
merged with the Bank of America. The
bank has n capital and surplus of SILL
100000 and through the consolidation
will have resources OF more than S125,-
900, 600.
The Atlantic National Bank was
founded in 1929. 1t has deposits OF
SIT, 100000.
The New York herald., 1922-06-10

BOSTON, June 9.--The Commercial Bulletin
will say tomorrow: while the market at
the Eastern seaboard has been only moder-
ately active II has nevertheless, been very
firm. In the West the new clip is moving
steadily at firm prices also. The woollen
mills are generally we'll occupied, while the
worsted manufacturers stlii find business
rather slow. The foreign primary markets
are bit easter on topmaklng merinos, while
good combing wools are firm. Yorkshire re-
fleets the same condition Of affairs, tons
being down penny 70 81 pence for Sep
tember- October delivery"
The Commercial Bulletin will publish to-
morrow wool quotations as follows: Ohio
and Pennsylvania fleeces--Delane un-
washed. 5Tn5S: fine unwashed. 46d4s; u
blood combing, so. y blood combing 46ff
Is. Michigan and New York fleeces--Deiaine
unwashed. 5cM5l; fine unwashed, 1904;
y blood unwashed, i7Gis; X blood unwaahed
asa t6. y blood, unwashed. 1894. wis
consin. Missouri and average New England
* blood HIS: "a blood, 4i645; \, blood. IL
6i2. Secured basis. Texas--Fine f2 months
$1,000 20 fine. mouths, 81 ,iomi 20 Call
fornla-Northern, Si.3odi 81; Middle County.
81 COOLIES. Southern, eJc. .TSi 90. Oregon
Eastern No. /. staple. si.3oa1 81: fine and
combing si.20Gpi %; Eastern, clothing, ~ 10
Ti20; Valley No. 1. $li0Df %. Territory
Fine staple choice. si30d135 y blood
combing. S1.12Gfis: u blcod comblnE, $50
DOC; u blood combing. T5d7sc. Pulled--Dc-
laine. si.15at,25; IA, s1i0d1.i5; A supers.
Sf.f0Gf.1b. MohairE-Best combing, 55G58c.
best carding, 5Dq55c.
The New York herald., 1922-06-10
ADVOCATES TO PUSH
! FORD'S NITRATE BID
House Military Committee
/ men, Unable to Agree, File
Three Reports.

WASHINGTON, June 9.--Enactment OF
legislation designed to bring about de-
velopment of the Governments power
and nitrate projects at Muscle Shoals
by private enterprise was recommended
to-day to the House in three reports
flled By members of the Military COM
snittee.
Each Of the reports admitted that the
committee had been unable to agree
upon details for the development. and
expressed belief that the task should be
performed by the House itself.
The report presented by Acting Chair
man Mckenzie (Ill) called for the ac-
ceptance of Henry Ford's proposal as
amended by the committee to eliminate
the Gorgas Steam Power Plant from the
properties.
Representative Wright (Ga., Dem.)
and seven other committeeman asked
that the House accept the Ford offer in
the form it was submitted by the De-
troit manufacturer without amendment
or modification.
Representative Parker IN. j.. Rep)
believed the Ford tender should be ma
terially altered If accepted in any form
or the shoals properties should be re-
turned to the jurisdiction of the War De-
partment and Secretary Weeks author
lied to dispose of them under terms ap-
proved by Congress.
Majority Leader Mondell said that
while he was anxious for early con-
sideration of the measures it was i'm
possible to say how soon action could
be expected. He indicated that it was
necessary for the members first to have
an opportunity to study the reports.
Proponents of the measures. it was
understood, do not intend to permit
those In charge of the House legisla-
tive program 10 forget the pending bills.
Action will be demanded before ad-
1ournment and efforts made to bring
In special rule if that procedure is
found necessary to force considera ton
before Congress adjourns.
Southern members appeared per-
picked to-day as to what they should
do when the conferees bring in the
army bill for a vote on the Senate
amendment appropriating H,500,000 to
continue work on the Wilson dam DUR
ing the next fiscal year. Should the
House concur in the Senate amend
ment, it was explained, the appropria-
ton would be assured to Muscle Shoals.
Some hesitation was expressed among
the Southern DELEGATIONS, however, as
to whether they should vote for the
appropriation. They pointed out that
while there was a general sentiment in
favor of taking some remedial action
with respect to the Shoals there also
was a tendency to postpone considera-
tion of the Mckenzie and Wright bills
II the $1,500,000 was appropriated.
The New York herald., 1922-06-10
URGES ADVANTAGES
OF FUTURES TRADING
f. b. Wells Sees No Benefit to
Public-Hearings Will
End on Monday.

WASHINGTON, June Culture trad
ing regulation by States and the Fed
eral Government and the fear of ex-
tension of the control has reduced the
volume of trading upon the grain ex-
change at least one-third. Frederick b.
Wells of Minneapolis, Mimi. repre-
senting the grain trade and the ex-
changes. to-day told the House Agri-
culture Committee. which Is considering
amendments to the future trading act
to meet the recent decision of the
Supreme Court.
Recent legislation has made grain
markets very unsatisfactory for hedg-
ing by grain producers. he said, and
the uncertainty of the validity of con-
tracts is driving out the traders. with
the result that the insurance against
violent fluctuations has been taken
from the exchanges. He insisted that
future trading was of great impor-
tance to the producers through keep
ing the public In the market and stabil-
izing prices.
Deprecating manipulation. which he
said was possible only in abnormal
times, MIR. Wells declared hedging
through future trades was necessary to
protect the interests OF the producers
Future trading. he added, required a
large volume of business to have the
desired effect of stabilizing prices, and
this was being destroyed by the agita-
ton of regulation.
Mr.. Wells said the effect of the bill, If
passed. would not be to facilitate the
flow of grain from the farmers to the
consuming public. but would be con-
fined to the control of transactions on
the exchanges. There had been no
charge, he added, that future trading
in grain had lowered prices to the
producers
After voting to end hearings Monday
the committee decided to hear on that
day o. b. Jacobson. a State Commits
sioner of Minnesota in charge of grain
matters, who asked to be heard in op-
position TO the measure.
The New York herald., 1922-06-10
WHEAT RECEIVERS
AFTER POOR START
Bearish Crop Report Brings
Early Selling-Export Buy
ing Helps Advance.

CHICAGO, June 9.-Wheat scored ad-
vances in price to-day chiefly as a result
of improved export demand. The close.
although unsettled was 1sc. TO nc.
net higher. with July LIS to 1.15h and
September 1.141s to LAX. Corn closed
rs to 2%c. UP, oats % % 1ac. off. and
provisions unchanged to &C. lower.
1t was announced that 100000 bushels
of wheat had been worked to-day for
export. and that vessel room for $4,000
bushels of wheat had been chartered
here largely for shipments to Georgian
Bay Shipping sales here included 100,-
900 bushels of No. hard wheat to ex-
porters at &c. over July C. !. +. Buffalo.
and 1t was said cable messages from
Great Britain had been received asking
for offers of hard wheat. There was
also gossip current that domestic millers
were after supplies here. Seaboari
messages asserting that 100000 bushels
of new American wheat and 10000
bushels of Canadian wheat had been
bought back from Europeans at &c.
below an American parity failed to
weaken values.
Bearish sentiment resulting from the
Government crop report had only a
transient influence on wheat traders.
Although the market opened lower and
soon underwent an additional sag
strong interests were busy picking up
the offerings, and with corn showins;
unusual buoyaney, the upturn in wheat
was readily achieved. Profit taking at
the end of the session was responsible
for clipping off part of the gains.
big bulge in the corn market was
startad by heavy commission house buy
ing based on opinion from a leading
authority that corn supplies weic iio
Ione er a burden and that every beariSh
factor had been exploited to the fullest
extent
Oats We're depressed by the Govern
ment report indicating larger yield
than had been expected.
Provisions held steady owing to corn
market strength and good export calls
for meats.
The New York herald., 1922-06-10
Handkerchief Trade Quiet.

Aside from novelties the handkerchief
manufacturing trade Is quiet and what
little business Is passing is limited to
filling In purposes. Demand seems to
be centered on low end handkerchiefs,
the 1864 to 60-64 counts, selling at 5
cents, moving with regularity. An
awakening call for 10 cent sellers Is
reported. Pongee handkerchiefs are
said to be less active than formerly,
In novelties manufacturers have been
finding steady revenue for many
months. High colors with plain hems
are in greatest demand. Fine lace
trimmed grades are suffering a slight
abatement in their call. Manufacturers
look forward to substantial Improvement
in business about August believing that
at that time retailers stocks will COM
pei freer replenishment than that now
prevailing
The New York herald., 1922-06-10
BUSINESS NOTES
AND TRADE NEWS
Umbrella Sales Gain-Hand-
kerchief Demand Quiet
Gray Goods Advance.

Improvement In the sale Of umbrellas
Is reported by manufacturers. The re-
cent reduction of s1.10 dozen because
of lower steel frame costs and stretch
OF rainy weather have quickened the
movement from retailers TO manufae-
turers. Mems umbrellas retailing for
$1.50 to SIS and those for women. SELL
ing for $3.50 to $3.50 are enjoying ar
enlivened demand. Silk fabrics are
said to be moving faster than are those
of cotton or mixtures. Women are de-
manding umbrellas with a ring or loop
strap to hang on the wrist Umbrellas
with just a plain straight handle are
described as dead item. Those with
amber handles or handles in colors to
match the silk are selling readily. Pre-
dominating colors are navy and red and
dark green and black also are favored
Demand for canes is tagging. although
manufacturers report a fair demand
from retailers catering to college STU
dents.
The New York herald., 1922-06-10
MAY MERGE RENT CASES.
Term Court for Liberal
Reading OF Law.

A decision that is expected to be of
time saving value to landlord tenant
litigants was handed down by the Ap-
pellate Term of the Supreme Court in
Brooklyn yesterday. The court, con-
sisting of Justices Cropsey. Faber and
Lazansky, held that in his endeavors
to obtain a rental held to be reasonable
a landlord may join all the tenants as
defendants in one suit.
The S. &c l.. Company commences
proceedings against seven tenants OF
1928 Woodbine street, Ridgewood
Queens, for increased rent. The land
lord sought to sue all the tenants to-
gether Justice Hetherington ruled
against him. An appeal was taken and
the reversal resulted.
The New York herald., 1922-06-10
Cray Goods Market Rises.

Following the trend of raw cotton
yesterdays local gray goods market went
up about * cent on standard descrip-
tons Many mills withdrew their lines.
preferring to await future developments.
Buyers continued to demand goods at
lower prices, but their efforts were un-
rewarded, according to local brokers.
Standard 64-64 asa inch print cloths
advanced to sss cents. buyers holding
out for 81 cents. The 6S-72s COM
manded 93s cents, but few sales at that
figure were reported. The mails of the
last few days have contained many
orders from jobbers throughout the
country. What effect the new prices
will have on the status of those orders
when the jobbers learn of the rise is
problematical, leading commission
house said
The New York herald., 1922-06-10
Seek Reform in Prisons.

with the view OF instItuting reforms
which will fit prisoners for useful
work In which they may earn an
honest living when released a joint
committee on prisons will be appointed
next Thursday in a special meeting OF
the International Association OF Gar
ment Manufacturers executive COM
mittee. Other associations which have
agreed to cooperate In this work are
the National Association OF shirt
Manufacturers. the National Associa.
ton OF Boys Blouse and Shirt Manu-
facturers the Central Cotton Garment
Manufacturers Association. the Union
Made Garment Manufacturers OF
America. the Work Garment Manufac-
turers Association and the Heavy Car
ment Manufacturers Association.
The New York herald., 1922-06-10
WHEAT STOCKS DECREASE.
Worlds supply to BE Lowest in
Several Years by July 1.

WASHINGTON, June 9.--World wheat
stocks by July 1 will be lower than for
saveral years, according to an analysis
of the situation issued tonight by the
Department Of Commerce.
Both Argentina and Australia, the de-
partment explained, have consdera bly,
less wheat than last year. the United
States carryover will be light and only
Canada has considerable stocks on hand
a larger demand than last year, II was
declared, was indicated by the upward
trend OF European consumption, while
the prospects are for a smaller crop.
Until next February" the depart
ment said. the international trade will
be largely dependent for supplies on the
surplus OF North America and limited
quantity from India. With Russia en-
tirely out of the export trade. North
American wheat is in relatively strong
position
The New York herald., 1922-06-10
Clothing Converters Inactive.

Labor controversies and higher wool
yardage costs have combined to exert
an unfavorable influence over the
clothing converting trade. With labor
trouble in the shops regarded as inmi-
nent cutters feel less inclined to pro-
vide for their future requirements and
are buying only in restricted quantities.
Buyers do not appear to have taken to
the higher prices on material which con-
verters have been compelled TO make to
meet their overhead expenses. Until
the labor atmosphere has cleared and
buyers have become educated TO the ad-
vanced values there Is little prospect for
any appreciable improvement soon. in
the opinion OF a prominent converter.
The New York herald., 1922-06-10

- ~
Pnc Gas a. Elec
gen A 5s 1919
7..... 30
Pacific Tel a. I
.--.
The New York herald., 1922-06-10
MINI & st l.

Is 1888
4..... .Ssi4
1...... IS
Mo Kan & Tex
5s ser A 1902
when issued
The New York herald., 1922-06-10
NEW MANILA REGULATION.
Must Supply Extra Bill of Lading
for Customs Purposes.

Cable advices received yesterday by
Funch. Edge & Co. from Manila said
that under new regulations shippers in
order to effect delivery had to supply
a copy of the bill of lading for Gus
toms purposes in addition to the two,
negotiable copies ordinarily carried.
Beginning with the sailing of the
steamer Ajax. scheduled ror July J..
Funch. Edge. & Co.. agents for the
Ocean Steamship Company and the
China Mutual Steam Navigation Com
pany, will supply shippers non-ne-
gotiable copy of the bill OF lading for
Philippines customs purposes. 3"
The New York herald., 1922-06-10
Less Returns In waist Trade.

The war on trade abuses being
waged by the bureau of business
ethics of the United Waist League or
America Is producing favorable re-
suits. according to its officers. There
has been slow but steady decline in
the number OF cancellations and re-
turns in the waist industry I'm the last
few months. which indicates that the
bureaus persistent propaganda has
inculcated into chronic returners and
cancellers' minds the belief In the In
justice OF that practice. II is expected
that with continuation OF support
given the bureau by members OF SIX
trade associations of the women's ap-
parel industry that unethical practice
will be crushed soon.
The New York herald., 1922-06-10
YALE CREDITS LAW WORK.

New HAVEN, June 9.--Some changes
in the courses in the Yale Law School
were made public by Dean T. w. Swan
to-day One credits thirteen hours of
first year law work toward full WORK
for senior year either for the B. A. Or
Phi b. degrees in place or the recent
allowance to college seniors of ten of
fifteen hours as credit toward the senior
year in law
The New York herald., 1922-06-10
wash Goods Going Better.

The present warm spell has Increased
the demand for wash goods. according
to large jobbing houses. The heavy
call on retail stores has melted the sap
ply and retailers have been forced into
the market for replenishment purposes.
Although they are not buying IN
discriminatory, there seems to be an In
clination TO anticipate their requirements
with more freedom than formerly Win
continuation of favorable weather
business is expected to expand. Tissues,
ratines and dotted swisses are in steady
demand There is also improvement in
the call for ginghams. Values are un-
changed and there is little likelihood OF
Immediate advances, notwithstanding
higher piece goods quotations.
The New York herald., 1922-06-10
Business Troubles
prT,ryoNs IN nANNRrpTcY.

Petitions IN bankruptcy filed yesterday In
United states District Court were;
NcckrI, RILEY CO. WILLIAM A.
sHEERfN. JOSEPH 4. MCINTYRE.
WILLIAM T. MCCALL. WALTER r
FLAfIERTY and FRANK r. McCRAKON,
stock brokers. 20 Broad street. .--1nvolun-
tary by Metropolitan Advertising Co., S17n;
sorge Printing CO.. $500. and George A.
The New York herald., 1922-06-10
COTTON STATISTICS.
CUSTOM HOUSE RECEIPTS.

Receipts for duties at the Custom House
yesterday were 1892 ,4S7.T6, of which S2SI.-
:s1 AT was for merchandise withdrawn from
bonded warehouses and siiS. .206.29 for re-
cent importations
The New York herald., 1922-06-10
IMPERIAL CHINESE GOVERNMENT

5cs IIUKUANG RAILWAYS SINKING FUND
GOLD LOAN OF 1911.
Notice n hereby given that In conformity
with the terms OF the Loan Agreement the
first annual drawing was effected et ths
office OF the Hong Kong & Shanghai Bank
ing Corporation, . Gracechurch street, Lcp-.
don, r. G. 3. England. on the 6th day %
December. 1921. A list OF the bonds 50
drawn. amounting nominaily TO 200. 200. may
he obtained at the offre Of the UNDER
signed upon application. These bonds with
the exception of those OF the German issue,
rcGa rdcd by the Chinese Government ns
Invalid. become due for payment at par on
the 18th Of June. 1922. when the interest
thereon will cease to accrue. Such drawn
bonds should be presented NJ the offices %
the undersigned, complete, with tho coupons
earing serial number % and all subsequent
coupons attached. u
j. p MORGAN & co.
KUHN. LOEB g. COMPANY,
FIRST NATIONAL BANK,
NATIONAL. CITY BANK
The New York herald., 1922-06-10
Cotton Good. Condition strong.

Fundamentally the cotton goods situ-
alton is much stronger than 1t was In
1919 and 1920, and the textile trade has
its feet on solid ground. according TO
Munds &. Winslow. They believe that
the consumer can and will buy goods
based on justifiable raw material con-
siderations. provided that distributors.
particularly the retailers, are content
with reasonable profits. Before the
new season is we'll under way" reads
their letter. "the supply and demand
situation in raw material will reach a
crisis. Buying for protective purposes
will disclose much stronger situation
in finished goods than is evident on
the surface Already the New Eng
land strikes have curtailed the output
OF goods to the extent of 2OOOoO.OOo
yards. Production in the last five
years Is approximately 100000 bales
short Of the raw cotton output for the
half decade previous. or equivalent TO
the loss of a bumper crop"
The New York herald., 1922-06-10

Tho following judgments were file
terday, the first name being that
debtor.
The New York herald., 1922-06-10
POST OFFICE AUCTION SALE.

The usual auction sale of unclaimed
articles which have accumulated in the
mails will be held next Tuesday at $3.50
A. NJ. in the main Post Office building.
The articles will be open for inspection
in Rooms 5-M and 6-M. mezzanine floor
en- Monday.
The New York herald., 1922-06-10
CHICAGO PRICES.
NEW YORK PRICES.

WItEAT--No. . red. Sl.31h; No. hard.
durum, s1.344 c. /. +. track N. Y. to arrive.
CORN-No. yellow and No. . white.
79ssc.: No, mixed. 7s7sc. c. |. I. N. Y.
OATS--No. white. 4shc.; No. white.
47Wi7hc.; No. white 45745kc.; fancy
clipped white, 53Go5c.; ordinary clipped
white, 49I5ic. all elevator
RYE-No. Western, 81 .05 I. o. b. N. ",
and 81 i.03is c. L. (. export
BARLEY-Malting. 75k9Tok c. /. (, N. Z.
HAY-No. l.. 3i@35c.; No. 2. 2oq3lc. No,
g. o6612Sp: slipping .lmogc
The New York herald., 1922-06-10
SPANISH-AAiERICAS IRON COMPANY
FIRST MORTGAGE 20-NEAR SINKING
FUND Ges GOLD BONDS DUE 1927

Pursuant 10 terms OF Mortgage dated July
], 1907. s137. 600 OF said bonds as follows.
have been drawn for redemption by Sinking
Fund at par and interest as OF July I, 1922,
"a hnf, al In .,lz
The New York herald., 1922-06-10
ASHORE ON ANTICOsTI ISLAND.

CHARLoTTETowN. p. Z. l., June "a
large steamer, believed to be the Saifna,
which left Barry on May "a fol Mont-
real, is ashore on the island of ANTI
cost at the mouth of the st L.aNrencs
River. according to a wireless message
picked up here to-day by the Dominion
Marine Department.
The New York herald., 1922-06-10
DIVIDENDS AND INTEREST.
|. | Case I h[eshing Machine Co.

Racine Wis. u 8. A.. May ~. 1922.
The regular quarter yearly dividend OF one
dollar and eeventy-fivc cents SiT5l per
share upon the outstanding PREFERRED
STOCK of this Company has been declares.
payable July |. ta22 10 tho holders OF Pro-
ferred Stncl OF record at the close OF tusi-
ness Monday. June ~. i0..
NNl Z GAMYEE. eecrntary. /