davidaulloa/AmericanStories huggingface dataset:
The Washington times., 1911-08-13
IN LOCAL FINANCIAL CIRCLES
By I. A. FLEMING.

Material enhancement in the value Of
municipal bonds has resulted from the
establishment Of the postal savings sys-
TEN and, at the same time, an en-
largement of the gratuitous services OF
local banks and bankers for the sole
benefit of outside correspondents.
Under the law, with Senator Cum
Minis amendment. all banks, State and
national, have an equal right to a dis
tribution of the postal savings, originat-
ing in their district, prorated according
to the capital and surplus of the banks.
1t is necessary to deposit municipal
bonds, backed by the taxing power,
as security for the deposits, and in
terest is required at 21s per cent.
The minimum amount of bonds that
can be deposited with the postal saw
ings trustee is 5000. increasing as the
savings deposits are enlarged.
Applications have been very numer-
Gus. and the buying has greatly helped
the municipal bond business. Many
banks are putting up their minimum de-
posits that will probably not receive, in
the natural order of business, anything
like an equal amount of savings.
There are many small institutions in
sections where the people know the
banks and bankers to the extent of
maintaining a close personal relation
ship. Many of these institutions pay as
much as per cent on minimum bal
ances now, and where there are three
or four banks in a small town the
chances are against the securing of
materially important postal savings.
When the investment in 4 per cents,
frequently costing above par, is con-
sidered, together with the per cent
interest that must be paid, some
bankers will hesitate over the pos
sible advantages to be gained by a
loan at a stiff rate of the original
$1,000 or whatever sum greater than
this may have to be deposited.
One thing is certain. and that is
that bankers are entering on an era
where they will be obliged to pay in
terest on much money that they have
charge. other than incident to hand
ling.
Local bankers have generally filed
their applications with the trustee of
the funds. although Washington has
not been designated as a savings city.
but IT will not be long before it will
be named by the Postmaster General
Nearly 1900 cities and towns have
been tabled" and additions are be-
ing made at a pace that promises to
put the entire country into the line
before many week.
Nearly forty frst-class offices have
been selected. including New York.
Chicago. Boston, and ST Louis. Cities
in about the same class as WaSh1n gtOn
that have been designated are Mime
apolis, st. Paul. Cleveland. Milwaukee,
Memphis, Nashville, and Galveston.
Bankers generally have quickly
qualified in cities that have been des-
ignated and nearly $4,000, 900 Of
bonds are held by the trustee. while
The Washington times., 1911-08-13

regard its developments as Of an unfa-
Vorable character. Thus 1t ignored en-
tirely the highly favorable report Of the
Copper Producers Association showing
a substantial reduction in the surplus
supply of copper and the excellent
showing of the Steel Corporation Of
223O21 tons. Any development Of an un-
favorable character on the contrary
seemed to appeal to the temper of the
district, and in consequence the railway
labor situation on the Union Pacific
road, which Is none of the best. came in
for great deal of discussion and served
as further depressing influence.
Union Pacific. as a matter of fact,
held the center of the speculative stage
for the entire interval. which was Who'll
ly natural in consequence of the q point
decline which the stock has sustained
within period of about two weeks.
Following advices of more reassurlng
character concerning the threatened dtf-
ficult!es with its shopmen, came the un-
expected announcement of the reslgna-
ton of Henry c.. Frick from the direc-
torate of the company. Though ex-
planned on the thoroughly reasonable
ground that Mr.. Frick's larger interests
in the Atchison road, competing cor
poration, rendered II inadvisable for him
the Street made mystery of the action
and evolved story of internal dlssen-
sion within the company itself, which
had a harmful influence upon the stock
and upon general sentiment.
Money Market Affairs.
At the outset of the week, distinctly
nrmer tendency developed in the money
market ard time loans advanced about
Il per cent for the longer maturities,
with five and six months money loaning
at per cent. Commercial paper also
advanced, the rate on prime six months
bills moving up to "A and AZ per cent.
AS liquidation progressed. however. the
money market showed an easier tone,
which was naturally attributed to the
unsettling influences Of the stock mar
ket declines. The bank statement of the
day reflected the liquidation of the week
to a pronounced degree.
In the statement of averages, loans
showed decrease of $27.J6,O1O and de-
posits were reduced SIS. .609, 600 Actual
cash holdings increased but SSSi,0OO, but
the heavy reduction of deposit liabilities
resulted in a gain Of $6,04S,3jO in surplus
reserve The actual cash reserve In the
banks and trust companies is now 1885,
I9O, 900 or $21. .592. 800 above legal require
ments. II liquidation has accomplished
nothing else II has certainly resulted in
the banking position of
the city.
The Washington times., 1911-08-13

chandise are low, that basic industries,
like iron and steel and copper, have
shown but consistent Improvement, that
the foreign trade situation is really bril-
liant, that crop prospects are by no
means as unfavorable as Wall Street
tmagines, and that additional railway
equipment is being called into use daily.
There IS 10 boom in business, TO be
sure. and there is no little likelihood OF
one developing while affairs continue as
unsettled as they now are. This, OF
course, is unfortunate and highly dis
appointing to the manufacturers and
merchants who have been looking for
industrial revival during the coming
autumn, but, at least, there is some
comfort in the fact that jobbers' shelves
are not overstocked and that ware
houses are not bursting with unsoId
merchandise. In other words there has
been no false start in business. The
liquidation that has been in progress IN
that quarter will not have to be re-
peated. and ii must be evident that
most things are close to rock bottom
Crop Conditions.
OF the actual developments of the
week the most important, no doubt,
was the August report of the United
States Department of Agriculture. To
wall street, WnlCn eaTleT III lle season.
had counted upon bumper harvests, the
showing as TO corn and spring wheat
was highly disappointing. For corn the
deterioration during the month amounts
to 1614 per cent, meaning the sacrifice
Of 1896, ,O0O, 900 bushels from the July fig
ures. Spring wheat during the same IN
terva! lost IA per cent, which is equiv
alent to $4,000, 900 bushels The total in
dicated yield of corn Is for a crop OF
2,620, 221 900 bushels or 5u5,OOO,O0 bushels
bellows the harvested crop of 1910 The
indicated yield of spring wheat Is for a
crop Of 209, $500 bushels or 100000 be-
low the final yield of last years short
crop.
Extensive as are these revisiOns of the
harvest prospects and regrettable as II
is that so many persons engaged in ag-
riCulture have lost not only large per
centage of their crops, but also their
labor and the expenses of cultivation.
the condition does not spell disaster to
the country as a whole. The Increased
area under cultivation has saved the
situation. and If there is no very serious
setback between this and the final har-
vesting, both corn and wheat, counting
spring and winter wheat together, will
make final crops about on a par with
ten years average for these cereals.
Metal Conditions Better.
Wall Street was in such frame of
mind during the week that it seemed to
The Washington times., 1911-08-13

the postal deposits, as yet are under
the $1,5oo, 900 mark.
1t. will be decidedly interesting to
watch the development of the postal
savings system in this city.
7 1t would seem that the speedy en-
actment of a law making the sigma
ture of husband and wife obligatory
in the assignment of wages to secure
money borrowed from loan sharks"
would reduce the business of this
class of lenders 25 to so per cent
After all it is the wife who suffers.
Where actual necessity demands, the
wife would not object to signing. The
great majority of shark notes signed
by married men are made without
the wife's knowledge
The financial world is watching and
waiting for the denouement in the
National City Company case. 1t has
come to be very generally known
that the Attorney General in this in
stance handed down an unasked- for
opinion in the matter, Iaboring under
the halucination that he had discov-
cred something new. Had he con-
suited with either the Secretary Of
the Treasury or the Comptroller of
right and informed that there was
nothing to it.
There has been disturbance enough
In the financial and Industrial world
without further upsetting of condi-
tiOns because of the activities of the
legal department of the Government.
That the Secretary of the Treasury
is not obliged to act on upsought the
opinion, is the view held in financial
circles.
President Glover, Of the Riggs Ma
tiOnal Bank. came down from the
Maine GOODNESS for a day or two last
week, but managed to get away with
out his return being generally known.
Values on the local exchange have
shown little shrinkage. nothing Of i'm
Dortance during the past week. At the
same time the volume of trading was
not heavy, although the let-up was
nothing more than an ordinary late in
the summer dullness.
Washington Gas was the leader in
steady tone within a range of IS of a
point. Economies are being pressed
home, and the work of putting the COM
mercial department in shape for active
campaigning in the interest of con-
sumption of gas is being pushed stead
lily.
Next to Gas, Lanston was well to the
fore. although there was really more
interest in Railway common, the latter
advancing to 40 from an opening at 441a
and being well maintained at that flg-
ure. Philadelphia friends of the new
president, Clarence P King, are re-
ported as being in the market for stock
Bank stocks have shown no decided
change and the volume of trading was
restricted.
Bonds were slow, but $4,000 face
avlue being traded in, but thev were
decidedly firm. especially the oPtomao
Electric issues, at 102 for the Com
solidated and 10Sb for the preferred.
The Washington times., 1911-08-13

THE STOCK MARKET OF THE WEEK

following
prices 1910 and
-Weeke ding Aug T.
The Washington times., 1911-08-13
Business Conditions Sound.

It is highly fortunate that with so
much that is disturbing to sentiment
financially, that the general Industrial
situation is sound and that business is
proceeding along conservative nom
speculative lines. Wall Street OBJ
servers, deeply concerned with their own
special disturbances, are prone to over
look the fact that the banking situation
is very strong, that stocks Of mer-
The Washington times., 1911-08-13
Metal Conditions Better.

Wall Street was in such frame of
mind during the week that it seemed to
The Washington times., 1911-08-13
Stocks In Abundant Supply.

Naturally for each seller of stock
there must be a purchaser to complete
the transaction. and l have no doubt
that scaled buying orders were placed
in the market during the week by some
of the important banking interests.
while the lower level of prices unques-
tionably attracted some purchases both
from at home and from abroad; never
theless the bulk of the buying orders
which sustained the market from time
to time came from the professional
traders themselves, and aside from this
and the exceptions noted liquidation ran
on almost unchecked.
The abundant supply Of long stock in
the market representing securities of
the very best character such as Union
and Southern Pacific. Northern Pacific,
and Great Northern. st. Paul. Atchison,
Reading. and United States Steel, got
very much on the nerves Of the rank
and file in the finarcial district before
the end of the week Unable to trace
the effective selling TO a definite source,
brokers and their CuStOme re s well en-
gagged in cOnjeCtures and as 4 result
Wall Street was simply NfoOded with
unDl"aSant rumOrS of large operators or
biz pools caught in an extended posi-
tiOn,- ard Of large blocks of stock SAL
Vaged or taken over by banking inter-
ests and the like.
The Washington times., 1911-08-13

the postal deposits, as yet are under
the 81, 500, 900 mark.
1t. will be decidedly interesting to
watch the development of the postal
savings system in this city.
The Washington times., 1911-08-13

4EN-UIN INIUFIIU n -.
Total sales for the week, 4,22,6OO.
The Washington times., 1911-08-13
WALL STREETS DEPRESSION PERIOD -
AND THE OLD STORY OF INFLUENCES
Steady Liquidation With Short Sellers Only Buyers
That Have Aided Dscouraging Holders
Crop Damage Distressing
BY JOHN GRANT DATER,
Munsey

NEW YORK, Aug. 13.-Upon several
occasions during the week in wall
Street professional stock traders, who
have been bearish to the last man, ar
gued that the declines had gone so far
and had proceeded so rapidly that
stocks were entitled to some recovery.
Acting upon this theory many OF them
retired their short commitments and
went long of the market for a rally.
In each instance, as they now admit,
they experienced no difficulty in COW
ering their short stock and prices ad-
vanced a tritle, but the expected recov-
cries failed to materialIze.
The hard spots created by the trad
ers' covering operations were utilized
by some one for purposes of liquidation,
and. the professionals who tried the ex-
pertinent of sounding the market to
find Its bottom, switched their positions
repeatedly, now buying for a rally and
then >closing out their long lines and
going short again AS result the gen.
eral security list. after each recovery,
resumed the process of decline and
reached a lower level on each new
downward reaction than upon that
which preceded II.
Tulsa daily world. [volume] (Tulsa, Indian Territory [Okla.]) 1905-1919, 1911-09-22
CELERY ON THE FARM

A great deal Of celery is now being
grown on the farm, more than ever
before, as farmers find this crop not
difficult and always salable,
Where but n small quantity Is to be
stored for winter sale or use in the
family it can be banked up with earth
where the plants are grown.
The earth should be placed around
the base Of the plants to hold them in
good form and where they can remain
without further banking until there
is danger of hard frost.
The earth should be turned up to
the very tops of the plants almost
covering them, and then as the
weather becomes colder the ridge
should be covered with coarse stable
manure, straw or corn fodder held In
place by means Of boards fastened
with sticks.
A very good method for the farm
Is to dig a pit, say "a inches deep,
three feet wide and of the necessary
length. The soil in the bottom should
be loosened to form bed in which
the roots of the celery may be set
Pack this trench with fully grown
plants, placing the roots close to-
gether, with considerable soil adher-
ing to them
As the celery Is placed IN the trench
It should be well watered and then
allowed TO remain open long enough
for the tops to become dried off
Unless the soil Is very dry at the
time Of storing, or extended warm
weather should follow, It will not be
necessary to apply and more water.
Place 12-inch board on edge along
CrOss-Scctlon Of Hotbed Pit used
for storage Of Celery on small scale.
one side Of the trench and bank up
the surplus earth on the outside;
cover the trench with a roof Of
boards sash straw on poles, or corn
stalks from which the tops have been
removed, placing the stalks across the
pit with one end resting on the board
and the other on the ground; spread
over this a Hight covering Of straw or
other material which will pack close,
and as the weather becomes colder,
increase the covering to keep out the
frost.
Celery stored In this manner Will
keep until late In the winter, and
while the method is too laborlous for
application on large commercial
scale 1t is to be recommended for the
use Of the farmer and small grower
because OF its simplicity,
The unused pit Of a permanent hot
bed may be utilized as a storage place
for celery by removing the surplus
earth and substituting a covering OF
boards for the sash.
The celery Is stored in the same
manner as in the trench. and the bed
may be covered with any material
which will keep out frost.
Tulsa daily world. [volume] (Tulsa, Indian Territory [Okla.]) 1905-1919, 1911-09-22
Fleetwood 81 PWCami'S
T@QIk

II it is a good home you are wanting,
we can supply your wants. We have them
for sale an sizes good new s.room
modern house in the South part Of the city,
ON an east front, high level lot fine sur.
rounds and complete home Price 81, $50.
Terms.
One Of the best Bungalows on South
Boulder, modern in every respect, east front
lot 81 feet, basement cistern, beautiful
lawn and an ideal location. The price we
will furnish on demand It's right Also
one Of the good two-story houses on this
popular street on the best block ia the
city. II you desire one Of the best homes
in the city, at low price, see this,
II it is money you want to improve
your lot or on lot all ready improved we
can supply this on very short notice. No
red tape or worry.
II you have property not covered by
INSURANCE, Of the protective nature, you
should see us at once. As We can furnish
you with the GOOD" kind
II you have a good piece Of city property
which you would like to exchange FOR
good farm, well improved and in a good To-
cation, we can supply this want
We also have business block worth
$4,000 to exchange for a farm Of equal
value in oklahoma or Kansas.
FLEETWOOD 81 PUClNl
THIRD and MAIN. PHONE 262
Tulsa daily world. [volume] (Tulsa, Indian Territory [Okla.]) 1905-1919, 1911-09-22
GOOD Cider Vinegar

1t is not enough to simply grind the
apples into cider, then roll under the
shade of a tree or into the cellar and
patiently wait till the vinegar Is made.
To make good vinegar the apples
should be about ripe but not mellow,
and when ground and pressed the
cider should be strained into clean
barrels
While apples should be clean, il is
not best to wash them before grind
ing, and no water should be used IN
the cider.
1t is well known that the changing
from sweet cider to vinegar begins as
soon as the juice leaves the apple and
continues through the various stages
from six to eighteen months, the time
depending on conditions and treat
ment.
If the cider is kept I'm a warm cellar
or other convenient place and "A cake
Of yeast dissolved in water is added
for every five gallons, 1t will hasten
the fermentation SO that it may be
completed within two or three
months.
Not until then should vinegar
mother" be added, but when 1t loses
the bitter taste and begins to get sour
It should be racked off and the barrel
washed out, or II should be put into
a clean barrel and some old vinegar
and mother put in.
The bung should be left out all of
the time till the vinegar is made, and
a piece Of cloth tackled over the hole
to keep out the flies and dirt.
When conditions are ideal, the bar
rels left in place where the tempera-
ture is high for the first three months.
or as long as the weather is warm,
yeast is added to hasten fermentation,
old vinegar and mother" used as
starter, good vinegar may be made in
six months.
But, If the barrels are stored in a
cool cellar and no attention paid to
them, It will take from year and
half to two years to produce mer-
chantable vinegar.
Tulsa daily world. [volume] (Tulsa, Indian Territory [Okla.]) 1905-1919, 1911-09-22
THE MARKETS.
.sscs.s:s....ss..:o
Prices Inclined TO Drop.


Chicago, Sept offending the
outcome of the reciprocity vote, wheat
dealers today almost exclusively con-
fined themselves to evening up trades.
As a natural result, prices were in
clned TO drop, and the close ranged
from the same as last night to 3-S
below.
In corn. the finish varied shade
down to IA up.
oats were IA off to Ia higher and
hog products not more than five cents
either way from twenty-four hours
before Nearly everything else was
lost outsidr Of the wheat pit except
the latest gossip about the Canadian
election.
The few spectators who bought Of
other stocks found reason for un-
easiness because Of the demoralIzed
condition Of the stock market, and on
account Of the bank rate advance in
England, France and Belgium. To off
set this. there were liberal export
clearances. Besides the local flour
trade was good, with prices up ten
for spring wheat grades. At no time
during the session, however, did the
market react to more than Is above
Yesterdays close.
Corn, despite not being directly in
volved by the issue Of thu Canadian
election. felt the effects through syn
pathy with other grains. on the other
hand a fair weather forecast tended TO
help prices In favor of the scattering
complaints Of too much dampness.
Buyers Of oats were noticably in
clined to go slow until definite re-
suits were reported in Canada. 1t was
a fair index Of the state of the mar
ket that December kept at top and
bottom limit, 45 5-S045 with the
night at IS IA. Shorts covering and
local packers buying rallied proyis-
ions late In the day. After trading
ceased. pork was 1-2 points higher.
lard continued to 1-2 up and ribs
a shade off to a nickel advance.
Tulsa daily world. [volume] (Tulsa, Indian Territory [Okla.]) 1905-1919, 1911-09-22
LOW RECORDS 70
A Quick RALLY
COTTON CLOSES STEADY Al A
SMALL ADVANCE.
OFFERINGS ARE HEAVY
Mills Reported Holding Off-Canad-
ian I.c,lion Holds pit In
Chicago.

Now York, Sept 21-Thr cotton
market was less active today and after
making new low records early rallied
ON covering and a renewal OF bull
support which followed reports that
IL, South Was offering spot less fav-
orahlE at the dgcline. The close
was very steady at a net advance Of
1 TO points on full months and Of b
TO . points ON later positions.
The market opened steady At n de-
cline OF one point on October but
generally 90 4 points higher IN re-
spunse To rather better cables and
private predictions Of rains in East
ern ana Central sections OF the belt
where there Is believed to be great
deal of open cotton. In the first, OF
ferings Were heavy. the early trading,
prices worked quite sharply lower,
owing to a continuation of the move
mcnt around 1867 for October and
December, aud 1866 for January or
about to 10 points under the closing
iisWrs of yesterday There appeared
TO be less cotton for sale and the
market developed a reactionary ten
dencN which gradually carried prices
up 10 a net gain of about 8 to points.
Weakness in the stock market caus-
ed some Wall Street selling during
the early afternoon, and with South
ern selling orders. though much
smaller than yesterday showing a
tendency to increase ON the bulge,
prices dropped back to about the clos
ing figures Of last nights, but rallied
again later in the day on support
from of the old bulls and renewed
covering and reports that spot hold
crs in the South were resisting the
decline and that spot offerings were
Tulsa daily world. [volume] (Tulsa, Indian Territory [Okla.]) 1905-1919, 1911-09-22
LOST AND FOUND.
FOR SALE.

FOR SALE OR TRADE-oNE HOTEL,
,wo rent houses; viii rent for s35 per
arming lands in Oklahoma. Address r. q.
uaughlin, Haskell, Ark.
Tulsa daily world. [volume] (Tulsa, Indian Territory [Okla.]) 1905-1919, 1911-09-22
MI aUo GLASS 81 Co.

over Princess Theater. Phone 1884.
Tulsa daily world. [volume] (Tulsa, Indian Territory [Okla.]) 1905-1919, 1911-09-22
ILOOIkl9 LOOIbz9

Here is bargain for a home or
an investment that viii pay lG per
cent on your money a bungalow
six large rooms, closets and bath,
modern in every respect. Corner lot
paved street, and walks paid for
This property is rented for $40 per
month as It is within walking dis
tance of the business center Price,
with 5000 cash; balance like rent
$1,000 See us at once, Blair Bros
2l9-A S. Main, Phone 1879.
Tulsa daily world. [volume] (Tulsa, Indian Territory [Okla.]) 1905-1919, 1911-09-22
NOTICE OF SALE OF REAL ESTATE.

In the County Court Of Muskogec County,
State OF Oklahoma.
In re Guardianship Of
Pearl Hill