davidaulloa/AmericanStories huggingface dataset:
Evening star., 1923-05-26
BRADSTREET'S REPORTS
BUSINESS "SPOTTY"
By the Associated Press.

NEW YORK, May 26.-Bradstreets
today says: Trade, crops and indus
trials present a more irregular in
fact, spotty condition, with. on the
whole, a shade more activity in re-
tail trade, but with less driving force
visible in several lines of industry.
An excess of rain in some areas, not
ably the south and southwest, and
rather better weather noted at some
northwestern and western points, are
probably responsible for the varia-
tions visible In retail trade, although
the backwardness of the season as
whole has tended to keep final dis
tribuuon below expectations. Whole
sale and jobbing trades show small
changes on the week.
Whileo industry has as whole
shownIq fairly rapid progress, the
building trades. partly because of
strikes, have slowed down at the
largest, rcenters, while the indisposi-
tion to go ahead freely on the pres
ent basis OF material and labor costs
is responsible for fewer new con-
structions being planned or entered
upon
Evening star., 1923-05-26
Violent Slump in Stock Market
Is Held to Haze Been OuerdOne
Bear Propaganda Forced Out Man,
Weak Traders--FIOOd of Ne,v Issues
FactOr--FinanciaI Outlook.

, reduction in prices. 1t was a reac-
tion that was altogether healthy and
desirable.
The signs now indicate that the
prices has been pretty well com
pleted in most lines This is not
true, OF course. of building con-
struction and it may not be entirely
true of steel. But it seems to be the
case in the metal trades and the
rubber market, which had a partic-
ularly violent relapse.
AS for the grain and cotton mar
the result Of the seasons crops. The
decline of the last month and a half
in wheat has sufficed to measure the
falling off in the export demand.
while cotton prices at their low un-
doubtedly exaggerated such curtail-
ment as had occurred or was likely 10
occur at the mills.
OutpOur of New Securities.
4 complicating factor in the recent
Wall street decline was the huge is
sues of new securities placed on the
market during the last year and q
half. For the twelve months of 1922
the total brought out in the New York
district was $5,400, 900 900. The out
pour continued at about the same
rate during the first quarter of the
present year.
A while ago the president of the
New YORK stock Exchange made the
Interesting statement that at the
height of the big speculative cam
paign in the autumn Of 1919 the ap-
proXimate value of listed securities
was $33. 4S7 600. 900. Despite the great
shrinkage in prices, the total at the
bottom of the decline in August 1921.
was higher by over $4,000, 100000, or
9.l5 per cent. On March /. 1923, the
increase as compared with November,
1919. was $s,S11. 100000, or 26.61 per
cent.
Issues Tax Investment Resources.
This tremendous addition to the
supply had two results. First, Ii so
taxed investment resources that it
became Il question whether the in
crease in securities offered for sale
had not outstripped the increase in
capital savings. Second, it tied up
good deal of money in carrying
undistributed stocks and thereby
weakening the buying power brought
into play on the decline of the last
two months. Undoubtedly the out
put of new stocks and bonds last and
during the early part of this year was
eXtravagant.
The necessity of protecting these
new stocks which had not been sold
to the public was an aggravating in
iuence in the markets decline.
copyright. 1921
Evening star., 1923-05-26
FARRELL D|SPELS
/. DEPRESSION FEAR
Us S. Steel President Sees
Business Boom in Spite
of Present Let-Up.
BY j. &. ROYLE.
Special Dispatch to The Star.

Special Dispatch to The star.
NEW. YORK, May 26.-"There is not
going to be any business depression
That was the answer James A. Far
rell. president of the United States
Steel Corporation. made today to in
quiries as TO what the steel manu-
facturers of this country thought of
the apparent business let-up.
Things have let up little, il is
true" Mr. Farrell continued. THAT
is because of the check to building
operations. That tendency has not
affected the steel industry at all.
There are enough orders now on the
books OF the steel companies to keep
all of them busy. The volume OF
these orders is such that it will not
even permit the production to catch
up with deliveries.
Go0d business Ahead.
Even when they do catch up there
VIII be no chance for lull, for the
let-up in general business will end
very shortly. The causes behind the
calling off of projected business pro-
grams, the reasons for which all
know. are going to be irnncd out and
Aroned out quickly
Mr.. Farrell was asked if these rea-
sons related to the unusual demands
lof wage increases. especially in the
building trades. ''Nou can take my
statement as il stands aud put your
own Interpretation upon it," he an
swered
The steel industry is so diversified
IN its activities he continued. that
not only will the orders on the book :
keep mills busy, but even a check
In one line, for example structural
steel, will allow plants to divert their
activities TO other products, such as
automobile sheets. rails. plates and
bars, for which there is an insistent
demand.
Il have no idea, nor any reason for
having an idea, that this country
must go through another period Of
defation"
Summer Showdown Expected.
Every word of the above was sub
mitted for discussion TO over thirty
steel manufacturers still in New
= York after the meeting of the Amer
can Iron and Steel Institute and not
Single man failed to agree with
Mr.. Farrells attitude in every es-
sential particular.
IL was agreed that there would be
the usual summer slow down, but all
asserted that this would be succeeded
by business in the fall eQualing or
exceeding that prevailing at the pres
ent time. Even during this expected
sloW-oown, they said. business would
be fully up TO average. They declared
III the fall business would be right
back
Prosperity now in evidence" con-
cluded Mr.. Farrell. "is built on u
solid foundation. | look for d CON
tinuance of that prosperity through
out the present year at least
Backs Up Gary's Views.
With regard TO the slump in com
modify prices. especially the fall in
copper, Mr.. Farrell said There is
no reason for nervousness on the part
more copper being sold today than
there was two months ago"
Mr.. Farrell confirmed strongly the
statement of +. II. Gary, chairman of
the board of directors of the United
States Steel Corporation, that there
was nothing in sight to indicate sub
stantial diminution of the demand for
finished steel in this country within
the next six months.
Evening star., 1923-05-26
BY WILLIAM Il. HEFFERNAN.

NEW YORK, May 2e.-Stocks main
tanned their strong tone during to-
days brief session, with active buy
ing again in progress in the oils.
The upward movement continued in
number of special industrials, while
the mining group displayed more ac-
tivity than in some time. with most
stocks reaching higher levels.
Evening star., 1923-05-26
NEW YORK CURB MARKET
Received by Private Wire Direct to The Star Office.

While advances in the Standard OILS
We're comparatively small, 1t was eVi-
dent that buying by important inter
ests was still going on. Maracaibo
among the independents reached a
new high record on a large turnover.
Todd Ship Yard was. strong spot
in the industrial section, gaining 2
points before the rise was checked.
while Universal Pipe preferred, after
opening down 2 points. rallied some :
what Independence was a leader OF
the mining stocks.
Evening star., 1923-05-26
HAYNES STOCKHOLDERS
APPROVE BIG MERGER
BY the Associated Press.

by the Associated PresS.
KOKOMO, Ind, May 26.-Stock-
holders of the Haynes Automobile
Company at a meeting here approved
the. proposed merger of the Haynes
company with the Winton Automo-
bile Company of Cleveland and the
Doris Motor Car Company of St.
Louis. The new company will be
known as the Consolidated Motors
Corporation and will be capitalized
at S19,OOO,000 under the laws Of Della
ware. Holders of Haynes common
stock will receive five shares in the
company for each Haynes share and
Haynes preferred stock will be trad
ed at the ratio of one to three and
three-fourthS.
In addition preferred stockholders
will receive 25 per cent of the par
value In cash plus accrued dividends
up to June 80. The principal plant
and offices of the new company will
from $500 to $1,000 viii be u manu- anu
factured.
Evening star., 1923-05-26
BY STUART y. WEST.

Special Dispatch to The Star
NEW YORK, May 26-The princi-
pal conclusion to be drawn from the
past weeks Wall street movement is
that the stock market, in the shape ii
soIutely misrepresented true judg-
ment regarding the business situa
tion outside. Speculation for the de-
cline was carried to excess and unfor-
tunate operators and speculative syp-
dicates We're forced to throw over Il
great many stocks involuntarily.
knowing full well that they were SELL
ing at a sacrifice.
Under these circumstances prices
were bound to go below what the
great majority of individual stocks
were really worth. The usual sequel
dermined speculative accounts and the
offerings of short sellers were finally
taken over by strong hands the mar
ket has had very sharp rebound.
Investors Not Frightened.
If the object of the bear cam
paign" was to spread uncertainty
about the soundness of the trade posi-
ton and frighten investors into SELL
ing their stocks, it failed completely.
Between the high points of March and
the lows Of last week there was an
average difference of something over
IL points. But there is no @yidcrce
that this violent downward plunge
brought about any liquidation from
real investors or that ii had the ef-
feet of intimidating sentiment in
business circles.
There was, as Chairman Gary of
the Steel Corporation said in his Fri
day address before the American
Iron and Steel Institute. a well de-
fined propaganda intended to create
the impression that a serious down
ward turn in business was at hand.
This propaganda was as vicious in
motive as it was unwarranted in
fact.
Reserve Warning Needed.
The truth was that expansion was
going ahead altogether too rapidly
at the close of the winter. There
was danger of a runaway price
movement and there was danger of
production costs becoming every
where as extravagant as they have
in tho building industry. The Fed
eral Reserve Board sounded a warn
ing as to the consequences, which
was at once needed.
A reaction set in, involving some
slackening of output and "A fair-siZed
Evening star., 1923-05-26
GETS ENGINE ORDER.

RICHMOND, Va, May 26.-The
local plant of the American Locomo-
tive Company received an order for
five locomotives for the Central of
Georgia railroad, to cost about s375,-
600. Orders for a total of 160 en-
gines have been placed here since
January /, sufficient to keep the
plant at capacity for this year. Three
thousand men are employed.
Evening star., 1923-05-26
FIRST RURAL CREDIT LOAN.

The first loan has been made un-
der the new intermediate rural cred
its law, according to an announce
ment by the Federal Farm Loan Board,
which states that the Springfield, Mass,
Credit Bank has concluded a loan to the
Farmers Fund, Inc, of Rochester, N.
Y. The loan aggregated $4,000 and
the money will be supplied TO farm
ers at 6 per cent interest.
Evening star., 1923-05-26
INDESTRIAI.S.
Washington Stock Exchange.
SALES

Capital Traction-2 at 9Ss4. = at 90.
Washington Rwy. & Elec. pfd-10 at 72E
10 at 725a.
Riggs National Bank-10 at $40. 10 at $40.
Washington Loan and Trust CO.. at 333
Lanston Monotype-10 at 1914, at 79I.
10 at 1914. 10 at 1914, 10 at 1914, 10 at 791.
) at 1914.
Mergenthaler Linotype at 1871, at
15312, at 154, 10 at 154.
AFTER CALL.
Washington Rwy. & Elec. com-1OO at 64
Washington Gas 5s-S1, 200 at o.
Evening star., 1923-05-26
DIVIDENDS.
BOSTON STOCK MARKET.

BOSTON, May 26.-Following is a
list of today's highest, lowest and
closing prices for the most active
stocks dealt in here:
Evening star., 1923-05-26

NEW YORK, May 26-Following is
an official list of bonds and stocks
traded in on the New York Curb Mar
ket today:
Evening star., 1923-05-26
BUSINESS AT GLANCE.

-oANoKE. Va, May 2s.-The vir-
gin1a Iron. Coal and Coke Company
has contracted with the Southern
Coal and Iron Corporation carrying
an option for a ten-year lease Of the
7.600-acre Catawba properties and
the ten and one-half miles of rail-
road right of way owned by the
Southern Company near Roanoke
wAYNESvILLE, n. c.. May 26.-
Plans have been launched for a large
hydro-electric power development
hlong the Pigeon river by the Pigeon
River Power Company, capitalized at
$4,000.
ABERDEEN, Nd, May 26.-The
Maryland Finishing Company. will
complete it's $4,000 plant for bleach
ing, dyeing and finishing cotton cloth
by July l.. The company was or
ganized a few months ago.
GRANITE, N c., May 26.-Engi-
neers representing the Powhatan
Mining Corporation, organized re-
Gently with capital of 100000, will
investigate actinolite and tremolite
properties in this section with view
toward developments on 1000 acres
I'm the state and Virginia.
Evening star., 1923-05-26
CHICAGO STOCK MARKET.

CHICAGO, May 26.-Following is a
report of today's sales, high, low and
closing quotations at the Chicago Stock
Exchange:
Evening star., 1923-05-26
Money to Loan

Prevailing interest and commission.
Joseph /. Weller taS GlSr Wash sss L g Us.
New Britain herald., 1923-05-17
25 Fears Ago To-day
tfsksR from Herald ef that dalsl

Sergeant Frank Clark of Company l was in tswR today on a fRrleugh,
 "GaPtainH ?, R. CoN's water spaniel, because of age, was ehleEOfoFmed last evening, Captain was a wise deg and n his youth performed q number of tricks
 Miss Eleanor Fmmet is visiting for 2 few days in New York city with friends.
 William Middlemss arrived in taAR last evening with basket Af trout which is the envy of all fishermen whe were ahle to see them laid aul on plalters, The fish were captured in a legitimate manner by hack and line, and represent several hours Of hard and skillful work,
 The delegates from this city ta the state fiFeman's convention include John 0'RrieR, Thomas Henehy, James Grove and Michael souney,
 Miss Rhada Mecahe is the guest of friends in New York for a few weeks,
 Charles F, Swain Of this city was one of the applicants for a dentists license examined by the dental com. missieners in Hartford yesterday
 William Gilligan of Fremont street was struck over the head with stone yesterday and was stunned for a mo. ment, He suffered severe sash on the bridge Of his nose.
New Britain herald., 1923-05-17
,.MILI.nIANfIe REOnYERs.p

Under the ahoye heading the
 e0prsRi says editerisllE, this morn,
 inE, There is no harm, We hope, ih
 esllips attention 10 the fact as shown in The conrsnt' 0f yesterday, that
 Wililmaniie has shifted from ads vaReed to ssshdsFd time"
 Nc, there is na harm, of course This modest mental sttituds of the cenranL indicating almost a desire 10 crave pardon for its 'T told you se' reference, is most becoming as il is sisTllinEly unusual, No, there is no harm in calling attention to Willimantie's taliitnds-oF rather to the attitude of mind of some i4h people out of its something over sI,- eaN population, who voted for such return to Standard time, But quite possibly there would he prepFiety in using the expression regarding such action, Important if true"
 But that is not the point Some time ago thls newspaper suggested that the eeurant state what il thought of bill to punish the public display Of clocks if those clocks if those clocks showed any time other than Standard. The courant hss maintained significant silence in that regard, and the additional aues- ton might well he put now is any community to blame for throwing up its hands and eapitulating to the 1 standard timers since it has been seen that their "representatives" at Hart ford will so to my lengths to make it as uncomfortable as possible Tor those who want 10 have clocks tell them what time it is according 10 their working schedule?
 And possibly 1t might be we'll to the fact that the Independ- ent. n thoughtful publication which ieplores the growing tendency to- ward regulation of individuals. char ,cterizes such legislation aa "assi- nine"
New Britain herald., 1923-05-17
HARDING AND SMITH.

President Hardings letter regard ing the necessity for action by every state in obedience to the law of the land, which is the constitution the- oretically opens a way out for Gov ernor Smith, of New York, in his em- barrassing position in regard to sign ing the bill which would repeal the New York state prohibition enforce ment act. Theoretically it gives Gov ernor Smith the chance to say that since the President predicts conflict between State and Federal authorities If the state enforcement act repealer is signed by him he should not sign such repealer. He might take the broad stand that since all states must abide by the constitution, and the state enforcement act was inspired by the Volstead law, passed to make the amendments effective. he should not allow that state act to be erased from the books. That is what he might l do. But will he? Incidentally it i might be stated that said volstead act 1 is at the bottom of all the trouble. ! not the 18th amendment.
 Anyone who says that Al Smith was not elected by his great plurality because he was considered wet" does not know what he is talking about. His reputed "wetness" did more to elect him than anything else. If he refuses 4o sign the repealer he will be taking dry stand Those who voted for him because he was wet including all Tammany Hall. will never forgive him. They will accept no explanations; they will not be
New Britain herald., 1923-05-17
HOUSE TURNS DOWN
 WOMAN JURY PLANS
Senator DOty's Measures Killed
 on With Dispatch

Hartford, May 1.-The house to- day refused to receive under rules et suspension the women jury bill which
 was offered by Senator Dety in the
 upper body yesterday, The vote to suspend the rules and admit the bill as new business was iAs for and ss against, a twesthirds vote being needs ed, which would have heen lls,
 The motion to receive the bill was made by Mir, Rell of Salisbury .and was opposed by house Leader Ruek- icy and MF, narhie of killingly
 The issue was largely whether or not the house had had fair chance to consider the subject, the house having accepted the nnfaverahle Fs- port on the previous bill without dis- eussisn Of the bill itself. Mir, Bell claimed it was only fair to give the bill a chance,
 Senator nsty's new bill making women eligible for jury duty struck s snag when 1t reached the house. Mfr. Darbie of the judiciary commit tee said it seemed as though the gen. erai assembly had given sufficient time to the discussion Of this aues- ton. He told of the hearings on tho original hills and substitutes. He said the new senate bill was out of order and should not he received. He so moved.
 Minority Leader Fenton argued for | the reception Of the bill. and he said precedent had been established hy the standard time bill.
 Speaker Nickerson ruled that the chair could not arbitrarily decide whether the bill could be received or not. He ruled it was new business. did not come from any committee and on proper motion by a two-thirds vote of the house the rules could be suspended and the bill received. Mir. Bell of Salisbury moved suspension of the rules and reception of the bill. Mir. Meech of West Hartford support ed tho motion. but house Leader vigorously opposed it. He ,aid the house had once accepted the report of the judiciary committee. which he said was against all legis- alton for women to do jury duty no natter how that legislation might be yorded.
New Britain herald., 1923-05-17

bothered Eigh consideration ef me iheoFy ef thf mastaE FRey nill l00k si Whsl he has dane aRd they Will judge him hY its The Governor Is placed in a dilemma which eomPels him Co stand hF his reputation fer NsiRsss snd honesty, or ie hedge v And that is 2 aissgFssshls place ts hs iR, i may be predicted that he will sign ihR FepesleE dangerous % his Roli'iesl prospects as such action would hs, This, because the man thiRks a great deal of his word, spoken or implied,
New Britain herald., 1923-05-17
Irish Deportees Arrive
 Back in England Today

Holyhead, Wales, May l7.-The hundred or more persons who were rounded up in England in the Irish raids last March and deported to Dublin arrived here today. Their re- turn is the result of the recent suc- cessful application of Art O'Brien, one of the deportees for a writ of habeas corpus, The government of the Irish Free State furnished strong military escort from the jail to the steamer. Except for singing and cheering there was no demonstration.
New Britain herald., 1923-05-17
TIE COMMON eorNen.

Many matters calling for extensive
 discussion were presented al the ses-
 sion of the common council last eVe-
 ming, The Mayors message showed
 Mayor Paonessa's adherence 10 the
 policies already declared by him, and
 its reading inspired honest esnres'
 sion of appreciation Of the successes
 he has helped 10 achieve in the first year Of his administration, II is evi.
 dent that members of the common council at least have faith in his in. tesrity and honesty Of purpose. Per.
 haps the outstanding feature Of tho
 message was his reiferation Of the need of new. two.story city build ing. 10 house all the city departments. There Is no question but that this will come eventually. The wisdom Of it at present however seems aues- fionahle.
 There was, as here predicted. an attempt 10 put over for one month. action upon the proposed ordinance 10 safeguard the New Britain milk supply in spite of the fact that 1t was shown such action must be taken at once if the herds are 10 be prop erly tested so that this new protec- ton may be had by January 1, 1924. Over 11.oo0 quarts of milk coming from questionable sources now come into the city daily. It was suggested at the session that postponement for a month was only showing courtesy to the milk dealers. Where public health is involved. "courtesy" should not be carried too far. The Mayor, in his message, favored action in this matter. It was proper to do as the council did and seize this chance Immediately to make the milk supply of the city safe.
 The waiting station for trolley pas sengers. referred to by the Mayor in his message, is one which has been discussed considerably, and little en- | couragement has been received from | the Connecticut company. Whatever is done in regard to it will probably have to be done by the city.
 A typical incident showing the Jealousy with which some. members o< tba council puard the powers of that body occurred when the request of the water board was presented. asking that it be allowed to buy a Ford truck with its own money. The Ford truck was what the board wanted, and the board is presumed to know what it needs and how large a truck will do its work. Not so, however, according to the action of the council. The matter was re- ferred to the garage committee, not with power" to buy what the water board wanted, but to get prices on trucks, to see whether or not the water board wanted what it said it wanted and whether the truck the board asked for would do the water boards work-and then report back to the council.
 Other important matters discussed deserve and will be given separate comment.
New Britain herald., 1923-05-17
JOINING GOLD HUNTERS.

Montreal, May 1.-The Duke of Manchester and his daughter Lady Mary Montague who recently an- nounced their intention of joining the gold hunters of the north sailed yes- terday from Northampton. England, on the Empress of Britain, scheduled to reach Quebec May 23.
New Britain herald., 1923-05-17
TABS" SHOW RFHEARsALs.

Rehearsals will be held every eve- ming and on Sunday afternoon by the cast and chorus of "The Little Mill lionaire," the production selected by the Y. NJ. T. A. & B. society show committee for this years offering. Director Charles Sinclair reports ex- cellent progress. Urban T. Callahan and Miss Loretta O'Connor take the leading roles in finished fashion.