davidaulloa/AmericanStories huggingface dataset:
The mirror., 1923-11-29
ater Minnesota, Thursday, November %, 1923.
FUNDAMENTALS OF CREDIT


Like all inventions, established customs
and methods of application, the modern
systems of credit, have basic principles of
support. Surrounded as life is by multi
plicity of modern conveniences, credit may
seem to be one of the least In reality it
actually carries the burden of, and makes
possible, the very existence and continu-
ance of civilization. Let us consider
few of its salient features.
Going back little we find that credit
did not obtain its present Importance all
at once. Credit is both a promoter of,
and a result of, civilization. They have
kept pace in development. In the days
when might was right, credit was un-
known and there was no occasion for its
use. As the times of possession by con-
quest gradually gave way to the more
ethical days of possession by exchange
there was a demand for something that
could be passed from hand to hand at
fixed value. 1t is interesting to recall no
farther back than the Colonial days, of
our own country, tobacco was used as
currency. The states of Maryland, and
Virginia grew their own money for near
ly two hundred years.
In the course of time gold and silver
became the standard money metals. Final
ly, even such a. material medium of ex-
change as gold proved inadequate and
credit began to assume the duties so in
dispensable in present day transactions.
As civilization progressed men learned
to trust each other, to have confidence in
one another's promises and in laws up
holding written agreements. As lawyer
would express it: "The growth of civiliza-
ton is the development of man from con-
dition of status to condition of contract"
Confidence, supported by contract, is the
backbone of credit 1t is for this reason
that the basic law of the business world
frowns so severely on every act whereby
the obligations of a contract are disre-
garded. The ideas of confidence and con-
tract have become so closely associated as
to be often expressed by the one word
credit. 1t is neither product of labor,
nor is it capital, yet it accomplishes mar
vels in the world of trade and commerce.
To illustrate:
A merchant in Chicago desires to i'm
port shipment of silk from Canton,
China. He is not willing, however, to
pay for these goods in advance, in fact
not until he has inspected them and re-
shipped to his customers. But the Chinese
manufacturer insists on payment when the
silk is loaded on the steamer. 1t might
take two months to transport this ship
ment to Chicago, another month to reship
and still another to send the money
probably four months before the trans
action would be closed. To comply with
the conditions imposed by both the shipper
and the importer, credit is employed. A
simple letter of credit obtained by the
Chicago merchant from his local banker,
permits the Canton manufacturer to make
a four months draft on London bank.
This he may sell to his banker even before
the ship starts on its voyage. The Canton
bank may use this draft to pay some bills
in London. Upon presentation the Lon
don banker, with a stroke of his pen,
"accepts" the document and it circulates
The mirror., 1923-11-29


at the close of the autumn season for the
fruits of the earth is ageless, and can be
traced back as far as civilization goes.
In Exodus the Israelites are commanded
to keep an autumnal feast, more explicit
details for such feast being given in the
book of Leviticus. The feast was to last
seven days, and on the first day the people
were to gather boughs of cedars and will
lows of the BROOKS 1t may be from this
custom that the decoration of churches
with greens and vegetables arose.
Herodotus mentions this autumn custom
of thanksgiving, and Homer writes that
"cakes and Jumps of dough thrown at the
head of the sacrifcial victim formed
part of the Greek offerings of Apollo, the
sun-god, at the feast of the ingathering."
In ancient times Apollo received the
honors Of the harvest festival, but the
rustics sacrificed to Vacuna, the goddess.
Images of Vacuna were made of straw,
wheat barley, and rye, and were carried
about with singing and cheering. Even
in England images made of straw crowned
with flowers are occasionally carried about
and called Ceres-the goddess of agricul-
ture. Apollo was formerly worshiped in
Britain, and the Maypole is pretty relic
of those days. They decorated it with
garlands to welcome the northward COM
ing of Apollo-the sun-at whose appear
ance the flowers and fruit began to grow.
Various customs, all containing the same
idea, have prevailed in different countries.
In Scotland, when the reapers have fin
ished their work, small package of corn,
called the "Corn Lady," is hung up in the
house. The ancient Egyptians offered
sacrifices and made offerings of corn and
wine to Leith, the mother of the sun.
Wheat, according to both sacred and secu-
lar history, was the most important grain
grown in Egypt, and the mode of har-
vesting it is interesting. Instead of the
usual method the reapers cut the straw
just below the heads. 1t was carried in
bags to the threshing floor, where it was
trodden out by oxen. Sometimes the
wheat was reaped in the usual way and
bound up in sheaves, but oxen were al
ways employed to separate the wheat from
the straw. The chief festivals of the
Egyptians, however, were in connection
with the overflow of the Nile.
The Teutons and Scan (Pags 4, Ool ~
The mirror., 1923-11-29

AKING the times and the fa-
cilities for dinner-giving into
account, the Thanksgiving
feast which loaded the rough
hewn tables of the Pilgrims
was no mean one. Served on
the dainty linen tablecloths
The mirror., 1923-11-29
11h.,,1es;y{j'l?|y@8 8
NO. Called
:. Harvest
:! !ie';'SIl On On, =

HE American Thanksgiving
day is without doubt the off,
spring of that feast which in
England is known as Harvest
Home" and in Scotland is
called "Mell Supper" But the
pivinp of thanks To some god
Evening star., 1923-11-04
OUTLOOK FOR STEEL
PROVES PUzzL|NG
October Bookings Showed
Little Improvement-Re.
view of Other Metals.
By the AssocIs ted Press.

By the Associs ted Press.
NEW YORK. November 3.-The
steel situation has become complex.
with the result that the trade IL con-
siderably puzzled over the outlook.
There appears to be sufficient new
business in sight to justify expecta-
tions OF increased activity, as the
railroads are expected to buy heavily
and exports to japan for reconstruc-
ton work undoubtedly will be large.
Automobile manufacturers are look
ing for supplies, but it Isl admitted
that October bookings showed little
Improvement over September, and
buyers continue to hesitate about
placing new orders. Pig iron. with
accumulating stocks, Is weak, despite
reduced production.
Copper became firmer in the past
week as a result of an improved do
, mestic demand and frmness at Lon
don. later attributed to speculative
buying, and an increased demand for
European consumption.
TIN ruled steady, with dealers the
principal buyers. American deliveries
were 1000 tons larger than the pre-
vious month, and local stocks showed
an increase Of 1917 tons
Lead was unchanged. and In rather
poor demand. although the reduction
Of stocks on previous orders operated
to steady the situation.
In zinc, although consuming de-
mand was light. there was q bettor
,one. due to Inc good business In gal
vani2ed sheets for Japan.
Antimony continued strong at
steadily rising prices. Influenced by
light China shipments resulting from
political conditions there.
Evening star., 1923-11-04
PRODUCE MARKET

BALTIMORE Nd, November 3
Especial Current receipts OF strict
ly fresh native and nearby eggs
have continued extremely light the
past week and the market closed to-
day practically bare Of desirable stock
at 80 dozen. an increase Of S
over last Saturdays quotation. A
good, strong demand prevails for
this character of stock. and. while
there are fairly large offerings of
western and southern so-called fresh,
most buyers prefer to pay the pre-
MUM for nearby goods. Hence liberal
shipments. are advisable the coming
week while conditions rule 50 favor
ably.
The general live poultry market
rules steady under only fair receipts
and demand centered principally on
choice stock, and small fowl. both
young and old, are plentiful and slow
to move out. even at the discount
quoted. Large springers bring "a a
horns are slow sale at Isa22. Fat
old hens continue in better demand
at 24a25 and 18a23 for small to me-
dium, but leghorns are neglected at
l7a1e. Old ROSTERS continue plentiful
at 14a15., The demand for turkeys
10 easily satisfed, and therefore lib
eral shipments are not advisable, and
birds must be fat and weigh at least
eight pounds and over to bring 35a43,
while whn;., small and poor stock is not
The white potato market continues
easy under ample receipts and only
fak demand for No. l grade stock at
1.50 to LIS per 100 pounds and Is to
90 for No. 2. Maryland and Virginia
McCormicks, however, will not bring
over LAO to 1.50, 150-pound sacks
LIS, as TO- quality and conditions
Market for sweets and yams has a
OteAdter tone and the receipts are
running only moderate. and the de-
mand'is better for No. stock. which
runs regular at ESQ to 2.76 barrel
stock selling mostly rs to LOO aud 4-8
baskets Is to 80. -
Native and nearby garden truck
continues In ample receipt. with only
faiF. demand ~ the following quota
Bsets. 800 to 800 hundred. Brocoeii ocoeIi
400 20. SOC hundred. and IS to 10
husasl f9r savoy. Carrots, 500 to
500 hundred csulidower. 100 to
rs 1;as crate ana !. 100 to 800 barrel
Loo bushel. Lima beans. LIS to 225
huaAel. Onions. 400 to s.25 per 100
pounds. Peppern 20 to 60 per 4.S
easks& PumpkinA 500 to 1900 hun
drs9 d9 oysesr pi:nt:, 500 to 700 hum
mssosa 50 to las per % IS basket.
TuFnips. 20 20 20 bushel.
Heoeipts OF native and nearby ap-
pies continue equal to the demand,
and market rules easy at 800 to $50
barrel for ,handpicked. packed stock
Of 4taDdaFd brands and 200 to $50
for No.. :. Bushel baskets bring 50 to
l.4o - to quality and condition. Loose
stock In ample supply, and slow sale
At t.to~to 400 barrel loo to l.2s per
l0o 0oFDound9t % -. ~ huShel and 30 to
- ,pG 49, NASk4t. Native and nearby
hol&9 peaSY p1anslful 1t 36 70 36 per
4-3s eaSkafs Tor t1pA AAd 16 70 Is Tor
Evening star., 1923-11-04
FOREIGN BONDS STRONG.
Several High Marks Reached In
Saturday Trading

NEW YORK, November 3.-Atten-
tion in today's bond market was CEN
tered largely in the secondary rail-
road mortgages and some OF the for
eign government bonds; the volume OF
transactions continued large despite
the half-holiday session. Net changes,
however, were small for the most
part.
New high prices for the year were
established by the Belgian IS and the
Republic of Colombia 6Hs. and some
of the French issues found better
support Stable buying orders for
the Seaboard Air Line Adjustment bs
pushed these bonds up nearly points
to 40, q new high for the year. The
closing price was SIS up more than
a point on the day. Other rails which
participated in the advance included
Frisco, Louisville and Nashville, st.
Paul, Denver and Rio Grande and
Chesapeake and Ohio. High grade In
vestment railroad mortgages also
displayed marked improvement
Trading In industrial and public
utility liens was within q narrow
area, net changes barely shading up
or down In q majority of instances
the closing prices of yesterday.
Active United States government
bonds held firm In relatively dull
trading.
Evening star., 1923-11-04
January COTTON
GETS UP TO 2.1S
Saturday Market Scores
Further: Advance--Buyers
: Become More Cautious.
By the Associated Press.

NEW YORK. November 3.-A con-
tinuation of yesterdays excited buy
Ing movement In cotton sent the price
OF January contracts up to 32.ls dur
ing today's early trading. or 5s points
above yesterdays closing quotation.
and all months made new high
records for the season. Reactions fol-
lowed under heavy realizing. with
January selling of to ,31.S0 and clos
ing at 31.S5. The general market
closed steady at net decline of 8
points on December. but generally 10
to 80 points net higher.
Advance At Opening.
The market opened firm at an ad-
vance of % to SIS points on present
crop positions and OF 10 to 20 points
on the next crop. There were many
overnight buying orders around the
ring and within the first half hour
higher. with December advancing to
$3.50 and March to 32.33.
Buying on yesterdays small crop
figures was stimulated by the strong
showing OF Liverpool and reports OF
continued rain in the south. The lat
private advices claiming further dam
age to the. grade Of cotton, II not to
the quantity OF the yielding. Accord
ing to one OF the reports received
from Dallas, even II the crop amounts
to 100000 bales it's spinning value
will not be equal to more than $500, :
900 bales In an ordinary grade ses-
sion.
Further Trade. Buying.
Buyers became q little moro eau
tious above tho 32-cent level. how
ever, and AZ the demand tapered of
the market yielded more readily to
realizing sales or southern hedging
message received here from New
Orleans said that there had been a
good deal Of hedge selling there dur
ing the morning. which some Of the
local traders took as suggesting that
southern spot holders were willing
to sell freely at the present prices.
Further trade buying was report
ed on the late forenoon reactions of
some 80 to 60 points and the mark ct
showed a steady undertone at the
close, which. however, was within
a few points of the lowest. Private
cables reported that trade interests
were buying actively in Liverpool
and that Lancashire demaud Tor
actual was increasing.
Evening star., 1923-11-04
ABANDONED COTTON
ACREAGE Indefinite
Department Of Agriculture Fore.
cast Used Tentative Estimate,
It Il Announced.

In forecasting a cotton production
Of 1o.24s.ooo bales for this year on
the condition of the crop as Of Octo-
Der rs. the Department of Agricul-
ture. it was announced yesterday,
used a tentative estimate Of the acre
age abandoned, which was placed at
81 per cent of the acreage in culti-
walton June %. -.
Z A statement supplementary to the
cotton report. issued at the Depart
ment OF Agriculture, said:
The average yield of 1881 pounds
OF lint cotton per acre is computed
figure. derived by dividing the total
forecast production by the June rs
estimate Of preliminary acreage in
cultivation on that date. Since the
acreage abandonment figures are
tentative and subject to revision on
the percentage of acreage abandoned
has always been announced, the de-
partment has not published an esti-
mate OF the net harvested acreage for
the 1923 crop.
The department.. therefore. has not
plica BILE to the acreage in cultivation
as of June 25. The estimated yield
per acre Of 1881 pounds. therefore. is
lower than a yield applicable to the
harvested acreage, RnQ Is not strictly
comparable to the final estimate Of
141.3 pounds for the crop of 1892. and
ten-year acreage yield of 164.3
pounds per acre. An estimate of the
yield per acre applicable to the har-
vested acreage will not be made un-
til the regular date. December 12."
The tentative estimate of the acre
age abandoned by states is given as
follows, with the ten-year (1913-22)
average acreage abandonment:
Texas. 2.3 per cent, compared with
81 per cent, the ten-year average;
Georgia, 1l.s and rs; North Carolina,
0.5 and l.S: South Carolina, l.5 and
1.s; Alabama, 4.0.A and %; Mississippi,
go and 2.5; louisiana. ST and 80; Ar
kansas. 10 and 2.3; Tennessee. SO and
1.S; Missouri. so and 3.6; Oklahoma,
so and SO.
Evening star., 1923-11-04
Winters Approach Heralded
By Changing of Stars in Skies

In the midst of the autumn season
the approaching winter consultations
begin to displace those of the sum-
mer skies now passing from view;
Venus. after having been in the
morning sky since the first Of tho
year. will be moving eastward faster
than the sun. Toward the end Of
November II will be seen in the
southwest at sunset It will be
easily recognized because Of its ex-
treme brilliance. It will be very
much brighter than Vega. which Will
also be Visible In the evening.
Mars will be slowly dropping be.
hind the sun In this motion eastward,
therefore Mars will rise earlier from
morning to morning and by the end
of the month will be well up In the
sky.
The giant planet Jupiter will be In
conjunction with the sun on Novem-
Der e.. 1t will not be visible at any
time during the month. This great
planet of our solar system Is again
in the astronomical .fimelight as q
recent observation furnished the DO
sition of the Red Spot Hollow"
which locates it in longitude 22s.s
degrees, center. The Red Spot seems
again involved in the forward part
Evening star., 1923-11-04

Of the dark region. known as the
great South Tropical Disturbance"
whose motion in decreasing longitude
Is swifter than the Red Spots motion.
The motion of those phenomena ~on
the disc of the giant planet is at
present the center OF Astronomical
interest. When those objects ap-
proach. at hrst the Red Spot is re-
tarded. then its motion forward ID
accelerated.
Saturn will be a short distance
northwest OF the sun during the
month OF November. It may be OBJ
served q few hours before sunrise.
During the month, the planet with
its rings will be seen very near
Spica.
Uranas Near Meridian. :.
Uranus will be near the meridian
Of the heavens during November. II
will therefore be visible for evening g
observation. 1t will be In the con-
stellation AQuarius.
Neptune Will be IN the opposite
part of the sky from Uranus and
will be. on. the meridian ct sunrise.
It will be In the constellation Leo. q
short distance northwest from Re-
gulus.
Those who enjoy q study of the Po-
sitions OF the planets ana constella.
tions can find no better season OF the
year than during the month OF NO.
vember.
Evening star., 1923-11-04
new HIGH LEVELS
IN BUTTER PRICES
Shortage and Decreased Output
During Week Cause Of Ad.
vance in Charges.
BY the Associated Press.

CHICAGO, November "a shortage
OF fancy. fresh butter, due to de-
creased production. sent prices to new
high levels for the season. according
to the Weekly Review OF the federal
bureau Of agricultural economics, is
sued today.
Wholesale prices for 90 score but
ter on November 1 had advanced to
sou at Chicago, 81 at New York. SO
at Boston and 51H at Philadelphia.
AS a result Of the scarcity Of fancy
fresh butter demands for intermedi-
ate grades and storage butter in
creased.
The report Of the American Cream
cry Butter Manufacturers' Assocfa-
tion showed production decrease in
the make at 10S plants for the week
ending October 81 of 4.03 per cent.
compared with the preceding week.
and an increase Of only LIT per cent
over the corresponding week last
year. For the same week the Minne-
sofa Cooperative Creamery Associa-
tion, Inc. reported q decrease in the
make of 200 plants Of 81, compared
with the preceding week.
Evening star., 1923-11-04
LIVE STOCK MARKETS.

BALTIMORE, Md, November 3
(Special).-The general live cattle
market rules quiet and easy. with
prices mostly In buyers. favor. there
Ss4as Ss,9s ana ampes only iisRt demand that Is
centered on first-quality stock. Ar
rivals by boat mostly of ordinary
grade and slow to move out even at
Concessions in price. Quotations to-
day at Light street wharf:
medium, lb.. s to 6. Bulls. as to quail
ity. H., 4 to s. Cows, choice to fancy.
lb., to 6: common to fair. lb.. 3 to 4.
Oxen, as to quality, h.. AZ to 5h.
Milk cows. choice to fancy. head. 5000
to 1900: commonsto to fair. head. 5000
to 5000. Calves. veal. choice. ib.. IL
to l2h: ordinary to medium lb.; 10 to s
Sheep. choice. lb.. s to 8. Old bucks.
lb., I to AZ: common, h.. 3 to :.
Lambs, spring. choice, lb., II TO -;
fair to good, lb.. 10 to IL; common,
+ thin. lb.; 1 8 to 3, 3; Hogs strsisht' D.;
boars. H., 8 to 4. Live pigs. - TO siss
and quality. lb.. 8 to >. Shoats. a. to
size and quality. h., to J.
NEW YORK, November Seattle
*: sss:'sss state fsa ssiis. cow: IL:
Calves-Receipts, 500 head; STEADY.
veals. 1f.00a14.5o; cuiis and little
calves. 6.60as.00 grasssrs. 4.eoat.0e. .
Sheep and lambs-Receipts. 500
eesss sses ss:afs ismss sss'sR RRssss ssss sall: sa
to medium weights. 7.6oa7.75; pigs.
7.ssa7so; heavy hogs. 7.2sa7.4o;
Evening star., 1923-11-04

extent that investors will not freely
buy railroad stocks and bonds.
1.-The responsibility for this state of
affairs" continued Mr.. Herr, rests, In
the last analysis. on the shoulders OF
the public. To restrict the railroads
seems to have been an avowed object
of public policy for the last hfteen
years." Lack of full appreciation on
the part of the public of what def
cient transportation means is primar-
lily responsible. Mr.. Herr reasons.
Efforts on the part of some union
officials of New York city 10 organize
the bank clerks of that metropolis
appear to be petering out, according
to reports emanating from there. 1t
is understood the clerks are ioath TO
consider any such proposition with
out the support of the personnel OF
the larger institutions. where Ihou.
this support is, apparently, lacking.
A similar movement has been
broached in certain institutions here,
but the idea has never taken root.
This is partly due to the wide inter-
est manifested in the American insti-
tute of Banking. which. ns body, is
solidly set against unionism. The in
stitute here makes a speciality of OBJ
tanning everything possible for Its
members, and officials believe that
banking world do not grow from for
chile methods.
The Washington Chapter Is perhaps
one of the best organized bodies In
the national association. A monthly
publicat ton. Dollars and Sense, Is full
of wholesome and instructive matter
for those aspiring to positions In the
banking field.
The second-year class of the stand
ard course has nominated candidates
for class offices, which will be voted
on following the meeting on Noyem-
Der s. Nominations are: President,
j. Paul Foley. Liberty National Bank.
and Donald Cameron, Federal-Ameri-
can National Bank; vice president,
Katherine Kreig, Riggs, and Clarence
E. Curtis, American Security and
Trust Company; treasurer, Otis NJ.
Hester. Federal Reserve Board; Flor
ence Senge, Federal-American. and
William S. French, American Secur-
ity and Trust Company; publicity
manager. Garrett M. Van Hoesen.
Second National. and Charles Fade
ley, Riggs. Nomination of Julian 0.
Cardin of the Northwest Savings
Bank goes uncontested.
Prices of UnIisted Securities.
The following bid" and asked
prices for securities on the unlisted
department of the Washington Stock
Exchange is quoted for the guidance
| of holders of these securities:
Evening star., 1923-11-04
COFFEE FUTURES UP.

NEW YORK. November 3.-The mar
ket for coffee futures was higher today,
owing to higher Brazilian cables, cover
bIes showed an advance of 1.64 pence
in Rio exchange on London, with de-
cline Of 20 reis in the dollar buying
rate. The Rio market was 200 to 375
reis higher and Santos showed an ad-
vance of 200 to 1850 reis. As yesterday
was a holiday in Brazil. there were no
crop movement figures available