davidaulloa/AmericanStories huggingface dataset:
Evening star., 1923-05-05
CUBA BRANCH BANK
PLAN AGAIN RAPED
Atlanta Would Lose $60,09o,G00
Lending Power if Boston Re-
serve Opens Office.
By the Associated Press.


ATLANTA, Ga, May 5.-The lend
Ing power of the Atlanta Federal Re
serve Bank would be curtailed by
about $4,000, 900 if the Cuban busi-
ness were taken away from 1t. John
X. Ottley, q director of the Atlanta
bank. stated In further explanation
of his opposition to the proposal of
the Boston Federal Reserve Bank to
establish a branch in Cuba.
In other words he said. the
Cuban reserves are so large that thej,
give the Atlanta bank an additional
lending power of that amount $50
100O00). which II would lose if the
Cuban reserves were shifted to Bos-
ton"
Jacksonville is two days nearer to
Cuba by mail and express than any
other point, and this fact alone makes
Jacksonville the logical point through
which to supply the Cuban require
ments, Mr. Ottiey asserted.
The Atlanta bank serves primarily
an agricultural section" Mr. Ottley
lengths to assist the farmers than any
other bank in the system. If the
Cuban business is transferred to Bos-
ton to crafty the ambition of Mr..
Harding, head of the Boston Reserve
Bank, the farmers of this district Will
be the principal sufferers.
1t would be just as logical for the
Atlanta bank to propose to establish
an agency in Nova Scotia as. for the
Boston bank to propose 70 establish
an agency in Cuba"
Evening star., 1923-05-05
Sugar, Cotton, Iron and Steel
! And Oil Shake Stock Market
Changed Conditions Giue Bears Desired
Opportunity to Smash Prices and Cause
Heaviest Losses of Present Year.

while new buying has fallen off with
the consequent danger of a rather seri-
Gus overproductiOn.
The steel mills are still very busy
prices of several months ago. but con-
sumers are baking at the new and
higher schedule of prices and are slow
In putting In new orders.
Still another case. of course. is the
acknowledged oversupply in the oil
trade. Radical measures have been
taken to correct this through curtail-
ing the output and the shipments or
low priced California crude, and there
is reason to believe that in the end
these will be successful. But in the
meantime the fact must be faced that
in four leading lines-sugar. cotton.
iron and steel, and oil-conditlons are
quite different from what they we're
when Wall street was in the midst OF
its eXuberant buying movement two
and three months ago.
Break in stocks Unwnrranted.
These ou@side business changes un-
doubtedly have been important enough
to check the ovcreIthus!astic Specu-
IN tion of the winter. and to compel an
adjustment in stock exchange prices
in keeping with the reduced estimates
which must be made of corporation
earnings But they have not been
sufficiently important to warrant
break in stocks. which. taking the
average. has more than wiped out tne
entire advance since the hrst OF the
year.
The only ground upon which SO
extensive a decline could he justlhed
would be the assumption that II was
preparing for a much more serious
trade recession later on. For TINS
view there seems no reasonable basis.
Had there been any strain upon
credit, had merchants and manufac-
turers stocked up too heavily with
high priced goods. and had the price
advance itself been excessive, then
would have the essentials from
which the business slump OF 1920
1921 proceeded. But in none OF these
ways does the present situation at
all resemble that of three years ago.
But the point is that while Wall
street in March went altogether TOO
far In it's calculations of an indus
trial boom. ii has gone during the
last few weeks to quite as much OF
an extreme on the pessimistic side.
Foreign Developments Small Factor.
The stock market of the past week
has not been in any sense measure
of sober judgment regarding the
commercial outlook. The decline
simply acquired such momentum and
went to such lengths that many
spectators, large and small. carrying
their stocks with borrowed money.
were forced to sell regardless OF con-
SiderationS of value.
Such matters as t.ermanyS s latest
reparations Offer and it's rejection by
France have not counted in the
security markets. The only refec-
ton has come in the shape OF
newal of the pressure against Ger
man marks. under which they have
sold close to their record low.
Copyright 1879
Evening star., 1923-05-05
WEEK SEES BUTTER
IN GREATER DEMAND
Market Broadens Out. But Prices
Go Lower-Stocks Closely
Cleaned Up.
Gy the Associated Press.

By the Associated Press
CHICAGO, May 5.-Although real
confidence was lacking. this weeks
butter market temporarily assumed a
firm tone in comparison with the mar
ket Of the previous week. Buyers
operated more freely in order to re-
plenish depleted stocks held at a min
imum for weeks.
Sentiment was for lower prices. but
while advances were hard to effect
and maintain because of lack of con-
fidence. 1t was also quite difficult to
bring about declines. Stocks were
kept SO closely cleaned up that any
irregularity in the movement Of ship
ments to the markets or slight in
crease In demand brought about an
actual shortage Of butter.
Instead of the sharp increases in
make expected. it appeared that the
season is somewhat retarded, and
that production of butter Is making
only small gains from week to week.
Prices have been lowered to a point
where consumptive demand was en-
coura ged. Retail prices were lower.
and large distributors reported wider
outlets
The closing on 90 score stock at
Chicago was Al Il, gain Of 11s points.
Evening star., 1923-05-05
COMMODITY NEWS
WIRED STAR FROM
ENTIRE COUNTRY

CLEVELAND, Ohio, May 5.-Con-
sumers Of steel today are urging manu-
facturers to rush deliveries. but never
theless there is less inquiry for iron
and steel products than fortnight ago.
Steel men. however, say business now
in hand is more than ample to carry
them through the fall
FREELAND. Pa, May 5.-The forest
fires which swept over the section of
the state between Shepptown and Har-
. wood. covering an area of seventy five
square miles. did tremendous damage
10 the huckleberry crop, and the sup
ply sent to the cities will be short
this year.
ST. PAUL. May 5.-Double the
amount Of lumber was cut in Nfinne-
sofa this spring as in 1922.
CHICAGO, May 5.-Sales of both
hides and leather have increased de-
cidedly In this market and asking prices
today are moving higher.
HOUSTON, Texas. May Both cot
ton and corn farmers In Texas have suf-
fered heavily from the excessive rains
recently and replanting will be neces-
sary In many cases. In districts i'm
nnui,e from high water. however. chop
ping has already begun today.
Evening star., 1923-05-05
SUGAR PRICES FIRMER.
Heavy Selling Appears to Have
Steadied Futures Market.

NEW YORK, May 5.-A much frmer
feeling prevailed in the local raw
sugar market today. There was a
sale Of $4,000 bags of Cubas, May
loading. at go f. o. b. Cuba. to an
outport refiner, equal to slightly
above 900 cost and freight here, or
7.7S for centrifugal.
The raw sugar futures market was
f1rmer and closed at net advances of
% to q points. The recent heavy
liquidation evidently left the market
in a f1rmer technical position, and
there was covering today which evil
IDENTIFY found comparatively few con-
tracts for sale. Trade buying was
also reported. and final prices were
within 8 or s points Of the best OF
the dav. Closing: May. 500; July
SOS; September. G15: December, 5.62
There was no improvement in the
demand for refined sugar, and the
little fresh business seemed to be
through serond hands. where lower
prices than those asked by refiners
prevailed. List prices were $50 to
$50 for fine granulated
Evening star., 1923-05-05

cured any of the powders from him
At length she concluded not and re-
iuctantly left him to finish his great
work alone, as he SO urgently de-
sired She threw herself down on
her bed. but not to sleep. though it
was long past the midnight hour.
i Poor grandfather! l shall be glad
/ when this work is over: the strain is
too much for him" she sighed. Part
ing the curtain ever SO slightly, she
| peered out.
Instead of being at his bench. he
stood in the center of the room, gaZ-
ing intently at her corner. AS She
looked. spell bound. the blood seemed
to curdle in her veins. The light
from the swinging lamp revealed q
partially filled glass which he was
just about to raise to his lips. The
devil fish, hanging sidewise on the
wall instead of straight, told it's own
story-he had searched increasingly
until he had discovered the place she
had secreted the powders and was
about to help himself copiously.
God help him in this moment when
temptation had overruled his better
Judgment in the moment when sue
cess was almost assured-aye. sc
nearly won.
In a moment the unhappy girl
cleared the space which divided
them. with one blow striking the
glass with its contents from his hand.
You're too late!" he screamed with
maniacal laugh; I've already had
over half Of it. I meant to finish it
She was beyond tears when she
saw the state her grandfather was
in. Remonstrance was useless now.
She tried another plan: to attempt to
soothe him, and coax him to sleep
it of. This he refused TO do.
FH.l IL
he declared. Il got what [ needed
to make the few final strok
Jil-Bett saw all too plainly that,
although his words were brave, his
hands were twitching cruelty At
last. after he had promised her so
solemnly that he would soon retire,
Jil-Bett, against her better judgment,
had trusted to his word, and flung
herself down on her cot, believing he
would soon follow her example. She
nature had asserted itself. and she
was soon lost in a world of troubled
dreams
Her grandfather had become aware
of this by listening to her soft, steady
breathing.
Now to finish my work" he ex-
claimed, taking the ruby from his
pocket. placing il carefully in posi-
ton on the bench, drawing his stool
closer. 1t was an oppressively warm
night. or perhaps it was his nerves,
strung to their highest tension. that
caused the unusual moisture to
gather on his forehead and to blur
the powerful magnifying glasses over
his eyes and moisten his hands.
With an impatient frown he raised
the shade he had pulled down so
carefully over the window and threw
up the sash foot or more. a gust
Of wind set the devil-fish on the wall
awry, and at the same time scattered
small heap of grayish powder on
the floor behind the old man. A
sense. of uneasiness agitated him.
He wished most heartily that he had
not sent Jil-Bett off to bed. In a
quavering voice he called her name.
but the sound did not carry to the
girls sleep-closed ears-she did not
hear. nor answer. With faltering
steps he crossed the room to her
Evening star., 1923-05-05
By ART r. WEST.

Special Dispatch to The Star
NEW YORK. May 5.-The move
ment OF stock prices during the last
week has raised the question more
pertinently than ever whether stock
exchange movements nowadays are
fulfilling their supposed function of
appraising changes in the business
world. For six weeks between the
middle of last October and the end
of November. Wall street had mar
ket precisely like it has had since
the first of April this year. In specu-
lative circles there was much dis
cusson then about trade recovery
having been overrated and of this
being the reason for the decline in
stocks.
d, What followed is too fresh in men,
ory to need much recalling. The mar
ket started in at the outset of De-
cember with an advance which was
scarcely interrupted for over three
months. and SO far from the business
development being disappointing. the
country ran into the most rapid trade
expansion ever known.
Sugar Prices Decline.
1t must be recognized that certain
things have happened in OUTSIDE in
dustry during the last few weeks
which have ncen calculated to take
the edge off the enthusiasm of two
months ago. i he best opinion still is
that while there Will ue no actual
shortage in sugar this year. output
and consumption will run very close
together unless the appeal to restrict
buying meets with success.
other words. the statistics may
have justified the rise in prices. bat
there is the possibility that the at
tempted boycott viii be effective. The
sugar market has recognized this in
the decline of the past week.
Cotton IpsysiRE OverdOpe.
The upward movement in cotton
was plainly overdone, when, taking
advantage of the small carry-over,
The price was put across so cents. The
mill demand pc, sist. d To an eXtr:tor-
dnary degree, for the public were
willing to pay coInmensurately higher
prices for cotton goods.
But within the last fortnight more
thought has been taken oil the prob
ability of a substantial increase in
the crop of 1923. he result has been
that consumption has fallen off as has
demand for raw cotton at the mills.
This has involved naturally. along
with the speculative disturbances
elsewhere. sharp break in the price
OF the raw staple.
buyers of steel Also BnIk.
These are two instances in which
the business situation has been alter
ed during the last month. Another
and equally important one involves
the status Of the iron and steel in
uustry. Pig iron output has con-
tinued at Il record breaking pace,
Evening star., 1923-05-05

The story thus far:
Jay Marmaduke Smith, engaged TO Clairena
VAIL Is made drunk at his bachelors dinner
by Edward Thorne, his rival, who starts TO
take him tc Clairena's house. They are held
up and Smith Is thrown by robbers into an
arplane that takes him across the ocean and
leaves him. senseess. on the Arabian coast
at katar. where hammock, a gem expert. and
his Eranddanghter. Jil-Bett. live. Lifany's of
New York had sent their man Staples to ind
Hammock to engraye priceless ruby with the
word ,'Mizpah." Staples gives the ruby to
BaEnock to engrave, with 81 600 to begin with.
Smith had intended the ruby as n gift for
Clairena. Jil-Bett discovers the senseless Jay
Smith. who. under her at the hospital,
regalns consciousness. His memory is gone.
Her care of Jay causes great jealousy on the
part of IN Arab official. Ben-Al. who wants
to marry her. follower Of Ben-Al is killed
by falling Jil-Bett's dagger in struggle
with her Ben-Ali, who sees the struggle, tells
Ji-Bett he will swear she did it unless
she marres him Immediately on his return
fr r)rn trip away. Sine Jay at the hos
ptal and perSuades him 10 become a pearl
fisher. Jil-lSett falls in love with jay and
ia heart tbroken when he tells her he is leaving
by steamer for America.
Evening star., 1923-05-05
REFUSE INCREASES
ON BUILDING LOANS
BY the Associated Press.

BY the Associated Press.
NEW YORK. May 1.-Leadirg
mortgage underwriters revealed to-
day that they would not increase the
fixed amount of their loans 70 meet
rising construction costs. Thirty per
cent has been allowed for increased
costs since 1916. but no further al
lowance for higher wages of union
workers and for inVeased costs of
materials will be made, it is stated.
One Of the largest mortgage houses
is reported to have refused applica-
tions on the ground that the margin
of safety for building loans has been
reached.
Evening star., 1923-05-05
AMERICAN FACES TRIAL.

LONDON, May 5.-Mrs. Virginia
Brain, said to be the wife of Stand
ard Oil official. is to be sourt-mar-
tailed at Saloniki today. says an
Athens dispatch to the Daily Express.
The charge against her is not
known, the dispatch adds. but it is
the outcome Of street incident con-
cerning which Mrs. Brain was ques-
toned by a gendarme, whose face she
slapped for alleged impertinence.
Evening star., 1923-05-05
DRY GOODS MORE ACTIVE,

NEW YORK. May (SpeciaD -
There was d better tone to tOday's s
dry goods market. due to the strength
shown Friday in cotton. but there
was little business done. Buyers
still want to see a further settling
of the cotton market before they do
any real business. Print cloths were
unchanged today at 1925 for GA by COS
and IL for IS by 72s.
Evening star., 1923-05-05
CHILE COPPER SURPLUS.

NEW YORK. May 5.-Operating in
come of the Chile Copper and EX-
ploration companies in 1922 totaled
s19,5T6.634 as compared with s1.s34,-
149 the year before. according to the
annual report made public last night.
Operating profit is given as S7.907,-
S1S and miscellaneous receipts as
S6S0,531. making a total of SS.5SS.549
Charges against income totaled So
7o1,395, leaving net income carried
10 surplus account of s4,SSS,954.
Evening star., 1923-05-05
BAR SILVER QUOTATIONS.

LONDON. May 5.-Bar silver, 80
1916 pence per ounce. Money, 1A
per cent. Discount rates-Short bills,
1%a1H per cent; three month bills, 2
per cent.
NEW YORK, May 6.-Foreign bar
silver, 67&; Mexican dollars. SIS.
Evening star., 1923-05-05
ROAD SEEKS BOND IssuE.

The Central Railroad of New Jersey
asked the Interstate Commerce Com
mission today to approve an issue of
$3.7b0,0OO In per cent equipment
trust certificates. The petition said
the road proposed to spend $4,Ss4,00O
for rolling stock.
Evening star., 1923-05-05
rODAY'S INSTALLMENr.
MIDNIGHT PLANS.

n YEITHER the words nor the ac-
tions Of the girl told Jay that
" she had more than a friendly
Evening star., 1923-05-05

Happy is the woman who is
pleased with everything. including
herself.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1923-05-19


~ Jay Marmaduke Smith. engaged to clairena
Vail, is thrown by robbers into an airplane
thai that takes him across the ocean and leaves
daughter. Ju.Bett. live. Lifrsny's o. New
n York had sen. their man Staples to find Ban
as gift Tor clairena. Ji-Bett discovers the
the hospital. regnins consciousness. His mem.
ory Is gone: Her care of Jay or Jack. as he
is now called. cause. great jealousy on the
to marry her. il-Bctt falls in love with Jay.
and is heart-broken when he tells her he is
works far into the night to hnish his work
on on the ruby: Ben-An watches him .,calthily
in part payment. disappear. When Hammock
discovers his los: he thinks Jack Is the thief.
to put IN psuon
Of her. Ren-Ali meets him and suggests that
gethere. that people are talking, Hammock. in
wild frenzy. confronts Jack. who marrtes Jll-
nett to save her from Bnnnock.s wrath Then
friend. Mrs. Nudge. while Jack mnkese prepn.
rations to take her to America. Mr.. Nudge
turned up. Jack and Jil-Bett both see Ben
All descend TO the ocean led with, box to
hide It contains the stolen ruby Early in
to recover it. is empowering her. They sail
AWAY TO America. Jack totally indifferent to
his bride. Their ship passes one bearing
Staples to Arabia TO reclaim the ruby from
Rannock. He asks Nudge to tell him Of Ran
nock's death and Jtl-Bett's disappearance.
Staples thinks Jfl-Bett must have stolen II and
cables to America to arrest he. But in
IL having trouble. Meantime Jack neRlecis
Jill Bett through sheer indifference. Jil-Bett
and Jack open the box and when Jack sees
the ruby memory returns suddenly to him.
He is Respondent Vhen he remembers Clairena
and realizes that his marriage will forever
comfort him
Evening star. [volume] (Washington, D.C.) 1854-1972, 1923-05-19
new BUYING HELPS
OUT WEAK STOCKS
Fairly Good Support Shown at Bot.
tom of Recent Ten
Point Decline.
By the Associated Press.

By the Associated Press.
NEW YORK, May 19-Intermittent
short selling took place in this weeks
stock market with the main body Of
stocks holding around the bottom Of
the level reached in the recent ten
point reaction from the years high
figure. New low records for thu year
were established by several score
issues. including many of the leaders
in the oil, steel and equipment groups
but the volume Of forced foundations
was relatively small. and good buy
ing was forthcoming when tho SELL
ing pressure became threatening.
Curtailment of demand for steel
products and the spread Of the move
ment to cancel or suspend building
projects, particularly in non-essen-
tial lines, was the sentimental In
f1uence in the selling of the steel
shares.
One of the most interesting de-
velopments Of the week was the pub
lication of Department of Commerce
statistics showing that March i'm
ports exceeded March exports by more
than $60,000.00o, the first excess Of
imports since 1914 and. the largest
monthly excess on record.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1923-05-19
BUTTER MARKET
IN BUYERS FAVOR
Stocks Pile Up During Week
Ahead of Demand-Danish
Product Is Factor.
By tne Associated Press

BIZ tne Associated Press
CHICAGO. May 1e-Under the
weight Of increasing supplies, the
hutter market closed this week more
unsettled, although advices at the
opening of the week indicated firm
market. Trading was hardly wen
started when it became apparent that
stocks would not be cleaned up at
the current level OF prices. The re-
mainder Of the week found the mar
ket In the buyers favor. Confidence
generally was lacking, and as a re-
suit speculative demand Jagged. I'M
minence Of the season Of flush pro-
auctions kept all operators nervous.
The week was marked by a tendency
of prices on different scores to spread
out, due to the larger percentage OF
undergrade butter. Spring defects
were more prominent in the receipts
on all markets.
Danish unsalted butter tended to
relieve the demands for that stock
made by ice cream manufacturers.
Ninety-two-score stock at Chicago
closed at 40h. a drop Of one point.
Closing prices at New York, Boston
and Philadelphia arrived too late Tor
tabulation.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1923-05-19
Serious Business Depression
q Declared Unlikely at Present
Good Profits Ahend-LuU in Building
: Hating Wage Advances-HeaDy De-
n,and for Goods to Continue.

The writer still thinks now that il
every industry were situated the
way the building industry Is the posi-
ton would be precarious. But the
Piled in time. Aside from certain
materials entering into building con-
struction. the scarcity has been re-
lieved and prices have come down.
from its high, steel on the average
between $3.50 and 50 a ton, copper
2 cents a pound. and SO on through
the commodity list. This check to
the rise. in commodity prices will
effectually circumvent any further
general demand for wage increases.
Consequently the problem OF operat-
ing costs has lost the ugly look 1t
wore two months ago.
Reasonable Profits In Prospect.
When the steel mills get farther
along toward using up old orders on
operations. But steel trade repre-
sentatives would much prefer to have
this occur than to continue overtaxed
as they have been with an inadequate
supply Of labor clamoring for higher
pay.
The serious consideration. as it ap-
peared two months ago. was that the
labor shortage would force sucn an
increase in wages that the margin OF
profit, not only in steel, but In other
Now with a diminished production In
prospect, but with solution OF the
labor problem thereby entailed. the
outlook for reasonably profitable busi-
ness Is distinctly brighter.
Gold Exports a Good Thing.
The record breaking excess OF $751;
600, 900 in merchandise imports over
exports for April has started again
discussion of the possibility OF gold
shipments from this country. Most
financial critics are agreed that this
would be q good thing both as tending
to avoid the danger Of imitation at
home and to help Europe to get on
it's feet. On the other hand: the Sec
rotary Of Commerce and others VINO
have been talking about our losing
some of the excessive gold surplus 40
not explain just how this Is to be
done.
In spite of the trade balance having
turned heavily against the Cnited
States sterling is quoted around $46s
whereas the normal gold point Is 4:es.
The interesting test for the sterling
market will come very shortly now
when Great Britain has completed her
preparations for the next payment on
the war debt. and. when relieved or
this special handicap. the value OF the
pound will be able to better rehect
the exact position in the international
balance sheet