davidaulloa/AmericanStories huggingface dataset:
Evening star. [volume] (Washington, D.C.) 1854-1972, 1912-12-15
NEW YORK PRODUCE.

NEW YORK, December 14.-Flour-
Quiet; spring patents. 4.4Oa4.65; winter
straights, 4.40a455; winter patents. 4.65a
500: spring clears. 4.15a4.45; winter ex-
3.95a4.O0; Kansas straights. 4.OOa4.1O. Re
ceipts, $1,000 barrels; shipments, 5000
barrels.
Rye fiour-Quiet; fair to good, 36Oa3. IS:
choice to fancy. 3.9Oa4.O0.
Buckwheat hOur-Quiet, 23Oa3.JO.
Cornmeal-Steady: fine white and yell
low. '1:35a1. 10; coarse. 1.30a1.35: kiln dried,
3.35.
Rye-Steady: No. western, 61a8s elf
Buffalo.
Barley-Steady; feeding, sou elf. New
York: mailing, 58a70 c. L. +. Buffalo.
Wheat-Spot steady: No. red, LOT
nominal elevator, and los nominal TO. b.
afloat: No. 1 northern Duluth. 06h fob.
and weekend covering due to steady
ca bles. reports Of unsettled weather in
Argentina and firm cash markets. closing
unchanged to Nc net lower; December
closed 91A: May, 96ha98 5-16: closed. 06h.
Receipts. 600 bushels; shipments. o.
600 bushels.
Corn-Spot steady; export. 541s fob.
af1oat to arrive; receipts. $1,000 bushels:
shipments, 5000 bushels.
Oats-Spot firm: standard white. 393a
nominal: No. 5, SO; No. 4. s71sa3s1s: nat
ural white. 37a39h; white, clipped. asa
An; receipts. $1,000 bushels; shipments.
$4,000 bushels. .;=.-..->
Hay-Quiet: standard. LOS: No. 1, 1.1Oa
1.1211: No. 2, 9711a1. 0o:rNo. 3. S5a95.
Hops-Quiet; state common to choice.
1912. 2fa32: 1911, 12a15: Pacific coast, 1912.
15a23; 1911. 15a17.
Hides-Easy, Central America. 2sA;
Leather-Firm; hemlock firsts, 2sa29:
seconds. 27a2s: thirds. 24a25; rejects. 10
ago.
Pork Steady: mess. 1s.25a1e.75: family.
2sooa24@: short clear; e &C ooa "a
24.O0a25.00: beef hams, 30.00a32.OO.
Cut meats-Quiet; picked bellies. 10 to
II pounds. 12Aa12z; picked hams. la
Lard-Steady: middle west prime. 10e5a
10. Is; refined easy; continent, II 80; South
America, 1915: compound, 7HaSh.
Tallow-Dull: prime city hogsheads. 81
asked; special. Z; country. 6a8%.
Cotton seed o a. s;. prime crude ,s,
low. oae.40: January. 623; March. 6.s2;
Petroleum-Steady: refined New York
bbls.. $50; refined New York bulk. 40;
40.
Wool-steady; domestic fleece Xxx Ohio,
31a32.
Rosin-Quiet: strained common to good.
Turpentine-Firm: machine bbls., Az.
Rice-Firm; domestic, 3%a6: Patna, 6Ha
Ga.
ENTHUSIASTICALLY: New Orleans open
kettle, 35a55.
Raw sugar-Steady: muscovado, 50 test.
3.42: centrifugal. 90 test 1892: molasses
sugar. 50 test. BIT: refined sugar. steady:
cut Loaf. SO: crushed. 500: mold A.
5.25: cubes, 5.15: xxx powdered. sos:
powdered, 500; gnanulated fine, 4.9O: dia-
mond "a" 40: confectioners' "a" AIS:
No. 1. 4.65: No. q 4.6O; No. 3. ass: No.
4. $50: No. s. 445: No: 6. 40: No. 7.
435: No. 8 40: No. Q. 4.25: No. 10. 40:
No. II. 4.15: No. II, 40: No. ID, 4.06;
No. II, 4O5.
Potatoes and cabbagos-Steadya and I'M
changed.
Freights and peanuts-Unchanged.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1912-12-15
The World of Finance and Trade.
4 Washington; New York; London.
derwriting is waterlogged right in stock
exchange banking and brokerage offices.
Effect on the Market.

Eject on the MARKET
The way in which this underwriting
handicap has affected this weeks market
is not hard to apprehend- They who are
nterested-comn,itted- dead-center I'M
derwriting propositions. have, of course.
been carrying active stocks. The fact
of this became effective Underwriting
contracts getting under suspicion pre-
cipitated calls for large margin contrdbu-
ton. And these were only producible
through sales Of stocks which had quick
market. On this account volumes of
stock have been sold this week-sold by
holders who have been obliged in this
way to provide themselves with resources
wherewith to make good their underwrit-
ing obligations. to keep good their credit.
Scores of more interesting tales may cir
culate. But herein is the actual explana-
ton Of what has been the most forceful
liquidation element in this weeks de-
moraHzatiOn.
1t is. only natural, OF course. that fol-
lowing devastating liquidation there
should be quick recoveries-even II not
lasting ones. Thus We have at present
a market which, while likely to fall mate
rally lower, is entitled to rally almost
every time there is severe depression.
Upon every hand Is to be heard the coun-
sci that liquidation has SO far proceeded
that stocks must be now a safe purchase.
This is OBSERVATION-DISCLOSURES - al
ways to be heard every day in g. devei-
oped bear market. 1t is advice danger
Gus to follow. Every stock that has been
weak can be still much weaker. TINS Is
a. time to find much more comfort IN
watching than in acting.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1912-12-15
new YORK BANKS.

NEW YORK, December 1.-THE state
ment Of the condition OF clearing house
banks and trust companies for the week
shows they hold $S.O74. $50 reserve in ex-
cess Of legal requirements. This is an in
crease Of s., O59, $50 from last week.
The statement follows:
Actual condition
Loans. s.. ss9. 325. 600: decrease. s.. 735. 900
Specie. $296. 526. 900; increase. So. $4,000:
se5. 90. ''
81, sie. 900.
Circulation. $4,000. 900: increase. s144. 900
Banks cash reserve In vault, $685.
600.
Trust companies cash reserve in vault,
$50. 473. 600.
Aggregate cash reserve. 1913. 1O7 900.
Excess lawful reserve. $S.O74. $50: in
crease. $5.O59, 40.
Trust companies reserve with clearing
house members carrying % per cent cash
reserve, $45. $780, 900.
Summary Of state banks and trust com:
panies in Greater New York. not included
In clearing house statement:
Loans, $572 800. 800; decrease. $7.011. 100.
Specie. $61 ,19S, 100; decrease: So. 432, 100.
Legal tenders, $685. 900; decrease. $11s.-
600.
Total deposits. se1s.7oo,eoo; decrease.
The Financier will say: The clearing
house banks OF New York city made an
exceptionally strong showing Saturday,
the weekly report based on actual condi-
lions having indicated an increase OF
81, 81, 900 in cash. and an expansion OF
s. O59, 40 in reserve, bringing the aggre-
gate surplus above the % per cent re-
ouirement to $SO74.65O. The gain In
cash was larger than anticipated. while
the decrease Of s7.135.OOO in loans was
smaller than the weeks liquidation In
the stock market seemed to foreshadoW.
Depo sits fell of $4.519!OO and this also
strengthened the reserve position. The
statement figured on the system OF daily
averages reflected the operations OF the
previous week rather than of l-.e present.
which accounts for the heavy decrease OF
about $2O.OOO,OOO in loans and deposits
reported.
The gain in reserve, taking the system
of averages as a basis. was $5,539. 600.
making the present excess cash reserve
IS. 465 400. The weekly statement Of trust
companies made independently OF the
clearing house statement showed some
rather interesting and unusually large
changes, the loans of these institutions
having decreased $16.53S. 100. while cash
fell of $0641 800 In view OF the slacken-
ing crop movement of money. it is only
natural to infer that the reserves OF the
New York banks from this time on will
show a rising tendency, although money
promises to be firm weA over the first
of the coming year. Preparations for
the January dividend and interest dis
bursements, the largest of the twelve
months, are already under way.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1912-12-15
LONDON STOCK MARKET
Decline Of Union Pacific and
Other Securities Proves Sen
Sation of the Week.

LONDON, December 14.-American Sc
curities provided the sensation Of the
week on the stock exchange. The de-
cline Of 16 points in Union Pacific with
out a definitely known cause beyond
heavy New York selling put the market
in a state Of chaos for q time. For
tunately dealers here were principally
spectators, but the market fears the out
come Of continental selling in other Sec
tions to meet losses in. the American de-
partment. Amalgamated Copper and
Canadian Pacific also slumped badly, but
the rest Of the list remained compare
lively quiet and closed from to points
lower. Canadian Pacific lost 8 and Union
Pacific II points.
The general market was fairly steady
until the end Of the week. when the con-
tinent developed nervousness on rumors
of Austrian-Servian complications and
other unconirmed reports. Paris and
Berlin sold heavily here to meet losses
sustained through st. Petersburg and
Vienna liquidation.
Home Rails Decline.
Russian, German and Turkish bonds
and the continental favorites broke
sharply. and home rails fell on reports
of labor unrest. Consols declined 11
points, owing to continental and local
selling, dear money and the announce
ment Of an early issue OF a fifteen-mil-
non-dollar New South Wales loan yield
ing per cent. Some repurchases and
the absence Of a confirmation Of the con-
tinental rumors helped the recovery to-
day. but the market closed very unset.
tied.
Discount dealers raised rates sharply on
the heavy gold exports. while continental
uncertainties made the directors of the
Bank of England longer than usual in de-
Gliding on the bank rate. which was final
ly announced as unchanged. Provided
there are no fresh continental develop
ments and the peace negotiations proceed
satisfactorily, a per cent bank rate may
yet be avoided.
.!@ PARIS.
PARIS, December 14.-Prices were gen.
orally firm on the bourse today.
BERLIN.
BERLIN. December 1.-THE bourse
was depressed and weaker today.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1912-12-15
NEW YORK CATTLE.

NEW YORK, December 14.-Beeves-
Receipts, 055 head; no sales; dressed beef.
slow, at 10 to 10; Texas beef, s to 1Oix.
Calves-Receipts, 80 head: steady: yeais.
9 to 1880: culls, s: city dressed veals. 10
to 10: country dressed veals. IL to IL.
Sheep and lambs-Receipts, 3,S43 head:
sheep steady: lambs weak; sheep. $50 to
4 10: lambs, rs to 200.
Hogs-Receipts 1888 head: steady: state
and Pennsylvania hogs, 30 TO 40.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1912-12-15
COTTONSEED OIL.

NEW YORK, December 1.-THE cot
tonseed oil market was inactive. but
steady, with narrow price changes.
The demand was small, but the firm
ness in the crude position discouraged
selling. although moderate hquidauon
was l to points net lower. Prime
crude, 527a5.34: do. summer yellow
spot. 6.20a6.40: December. 6.27: jan
uary, 6.2s; February, 6.25; March.
$50: Ap-I, ga; May, 6.42; June. SAB:
Jmiv 6'46. Prime winter yellow. 6.40a
80: brine summer white, 6.30aS0
Evening star. [volume] (Washington, D.C.) 1854-1972, 1912-12-15
CONDITION OF TREASURY.

The condition Of the United States
Trea surv mt the beginning Of business yes
terday was: Working balance. $01. $50. 34S;
in banks and Philippine treasury. $29.-
962.O41: total OF general fund. N42. 2g.-
452; receipts yesterday, SCISSORS: dis
bursements. $3,293,32S.
The deficit this fiscal year is $4.11. 461.
as against a deficit Of So, lis, 2J6 last
year.
The figures for receipts. disbursements
and deficits exclude Panama canal and
public debt transactions.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1912-12-15
CHICAGO CATTLE MARKET
NEW YORK. December II.

CHICAGO. December 1A-Cattle-Re-
ceipts. 200 head; market dull. weak:
beeves, 555a11.OO; Texas steers, 4.4Oa565
western steers. nominal, 5.SOa15o; stock.
ers and feeders, A4Oa7 90: cows and
heifers, 2.Soa765; calves. 7.O0a1O.7 70.
Hogs-Receipts. 5000 head; market
7.O5a745: heavy. 7.OOa74S; rough. IOOa
7.15; pigs. 5.OOa7.0O; bulk Of sales, 7.2O
a7.4O.
Sheep 1000 head: market
strong; native, 4.25a5.2S: western. 4.3Oa
o.25: yearlings. 575a7.15; lambs. native.
i 6OaS.60; western, 0.60aS.6O.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1912-12-15
CHICAGO PRODUCE.

CHICAGO, December 14-Assertions
that the peace outlook had improved
brought about considerable selling of
wheat today in the last hour. AS a re-
suit the market closed heavy, Y to
Aa% under last night. Corn and oats
both showed loss OF y to Y net. In
provisions the outcome varied from y
decline to an advance OF 5.
Wheat displayed moderate strength at
first, on account of Buenos Aires re-
Evening star. [volume] (Washington, D.C.) 1854-1972, 1912-12-15
KANSAS CITY CATTLE.

KANSAS CITY, December 14.-Cattle--
Receipts. 400 head. including 200 SOUTH
efns: market unchanged.
Hogs-Receipts. 1000 head; market
steady; bulk OF sales. LOCALS heavy.
7.25a7. 32k: packers and butchers, 7.l0a
7.3O; light. 6.90a7.2O; pigs. 6OOa6. %.
Sheep-Receipts, 500 head: market un-
changed.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1912-12-15
SCORE OF BAD ELEMENTS
Concentration During Present Week
Felt by All Traders.
LOOKS FOR TINE LIKE PANIC
Hartman Stocks Break and Steel
and Copper Shares Take Plunges
Downward.
By II. ALLOWAY.

NEW YORK. December 14.-Wall street
tries hard to maintain show OF nerve,
but the task is not trifiing. A score OF
in-natured elements seems to have con-
centrated into the present week. Read
ers of the current general news do not
require q catalogue Of these develop
ments, including determination by the
United States court that Wall street
bankers who overcertify are not entitled
to any special protection. including Sc
quels to the United States Supreme Court
ultimatum that the railroad power which
E..H. Hartman ran into the skies must
be torn down, including revelations In
the bank investigation which upset even
the equanimity of hardened stock ex-
change veterans, including the uprising
of all the politicians in New England In
Indictment of a monopoly railroads per-
formances, including disclosure (savagest
lab of all to professional Wall street,
that more than one group Of heroic spec
uIators have been skating on thin Ice.
have put themselves into dangerous stu
atoms. have created wobbly conditions
and are threatening a wholesale liluida-
ton i'm high places; including-but. as
already recorded. there is no need for in
dex or catalogue for those who keep
themselves in ordinary course familiar
with the news columns Of our daily pa
pers.
On some days during the week almost
panic has. seemed to be impending. One
of the Hartman stocks, for example,
breaks more than a half dozen points
off hand, steel trust common falls to a
level almost twenty points below, while
only little while ago it was being en-
Enthusiastically bulled: copper trust shares
and various allied properties plunge
downward, many stocks touch bottoms
not for a long while recorded. All this
Is brought to view. moreover, without
show of any particular activity or effort
upon the part of any important bear in
terests. Not raids, but liquidation has
done the work.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1912-12-15
DEALINGS FALL OFF BIG DROP IN STOCKS
Speculation Djminishes Large But Prices Are Higher Than
" in Short Session. Ten Months Ago.
OPENING TONE is STEADY TRADERS FEAR SENSATION
Unfavoaby Indications Point
Some Shares Yield Easily Something Dissolution
SENTIMENT STILL CONFUSED RECALL STEEL CONSOLIDATION
proach of the Supreme Of
decision Day" Mysteries O Age.
OPENING TONE is STEADY
Market Influenced Unfavorably as
Some Shares Yield Easily.
SENTIMENT STILL CONFUSED
Restraining Influence Is the APP
proach Of the Supreme Courts
decision Day."

NEW YORK. December 14.-Speculative
activity in stocks diminished largely to-
day. and during most Of the session move
ments were inconsequential The tone OF
the opening was steady, but the market
was Influenced unfavorably by the ease
with which some stocks yielded on mod
crate offerings. Late in the session stocks
were offered more freely, and prices or
a number Of the standard issues fell.
Selling was heaviest in Reading. which
lost nearly 2 points. Union Pacihc,
Southern Pacific, Lehigh Valley, St Pau;
Northern Pacific, Baltimore and OHIO ana
Amalgamated dropped point under yes
terday's closing.
Trading was restricted by the usual re-
luctance to enter upon extensive new
commitments at the week end, and also
by the fact that speculative sentiment IS
still confused, and it Is yet to be shown
whether the market has definitely re-
covered its poise after the recent severe
decline. Another restraining influence
was the approach Of the Supreme Court 8
decision day."
Evening star. [volume] (Washington, D.C.) 1854-1972, 1912-12-15
NEW YORK METAL MARKET.

NEW YORK, December lathe metal
markets were dull and practically NOM
inal Lake and electrolytic copper. 17.62ia
a17S7h: casting. 17.25a17.371z. Iron UNI
changed.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1912-12-15
Underwriting of Recent Date.

Underwriting has in the past half doz-
en- years not figured largely upon the
stock exchange-not until within the last
twelve months. In this later period,
however. there have been crowding exem-
Publications. Department stores petro.
1eum properties. typewriter corporations,
mail order enterprises, Widely varying
commercial activities, have deluged Wall
street Now the procedure is something
like this. roughly stated: A is q person
with going business; B IS banker. A
can show large profits; b is invited to
capitalize these profits. A doesn't claim
to have any great basic ownership In his
plant: B Is asked merely to regard net
earnings A, having built up his business,
having happy annual balance sheets and
an all-round feeling of prosperity, offers
TO Banker the opportunity to partici-
pate in affiuence by floating on the stock
exchange a company whose shares shall
be valued upon the basis Of what they
will pay upon their dividend return. The
proposal Is seductive. The banker enters
the deal. He feels sure that the public
can be relied upon to take at par a stock
which shows 10 per cent immediate earn
ings, with twice as much in prospect.
Therefore what more reasonable than
that the banker should agree to under
write the entire issue OF so peg cent of
par He has the financial connections in
plenty. He invites participation
The group subscribes for the capital
! en- block Henceforth what has to be
done is TO give to the new stock seductive
appearance. This means the execution
OF large and continuous orders upon the
stock exchange. intended to indicate that
. the world at large is hurrying to avail
itself of the opportunity to absorb the
gilt edge security before Of a sudden il is
disclosed that not a single further share
: OF IL is to be bought. Sometimes-many
!. times-this finds splendid success.
But 1872 is not handing out any such
record. Underwriters this hav
only been disappointed. sorely. haze failed
to find market for what they offer.
however attractive their NSospectuses:
but In virtually every banking Office on
wall street now Is the staring record that
the public has been so shy that under
written new stocks are almost totally still
lodged In the hands of those who have
been trying to hand them out to the
public. Underwriting instead of being
lifted into the envy of every observer is
19l2s most eminent cripple.
- It's within bounds to estimate, I be-
lieve, that more than $3000oO.0OO Of un-
Evening star. [volume] (Washington, D.C.) 1854-1972, 1912-12-15
Activity in Foreign Exchange.

There was unusual activity for Sat-
urday in foreign exchange rates, demand
rising forty points. The movement may
have been Influenced by unfavorable adj
vices as to the European financial situa-
ton.
The effect Of liquidation In stocks was
recorded in the weekly bank statement in
reduction Of more than $2OOOOOOO In
average loans, although in the actual
table the shrinkage was only $685. 600.
Instead of the predicted small loss in
cash there was a gain Of $4.6OoO00. and
the excess reserve was increased by $5,-
100000.
The bond market was irregular. and
fluctuations were narrow. Total sales par
value. 100000.
United States bonds were unchanged on
call on the week.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1912-12-15
Condition Of Some Consequence.

Some effort has been made by profess
sional explainers and exploiters to induce
She view that this market upset is in
consequential for the reason that it rep
PRESENTS only adverse speculative manipu-
1ation; ut fair observers realize that
fhis il untrue. We have schooled our
selves for long while to believe that
very few stocks are being carried, either
In or out of Wall street. upon margin.
Undoubtedly 1t Is true that a larger per-
centage Of American securities are today
owned outright than ever before; but
what is similarly certain is that specula-
tive holdings are In some quarters-and
these are millionaire quafters-vaster than
hitherto has averaged. The public isn't
carrying partly paid for stocks as for
merly: but men on the roster Of high
finance are in for doubled, quadrupled,
commitments. This does not apply. it
may be, to the general market as a
whole 1t is undeniable as to many Sc
curities that have speculative conspicu-
BUSINESS - true in the Hartman railway
quarter. true as to issues which were
captained UP to his death by Edwin Haw-
ley. true In the metal and mineral groups
true as to lis: Of new promotions. which
= have within the last year SO galloped
into the stock exchange, some of these
capitalized stupendously-for. as in this
review was SUCCESSFULLY cited some time
ago. a billion of new securities have been
introduced into the United States since
last New Year.
In this particular part Of the market
is the rawest spot. Amazing figures are
brought out in the Pujo-Untermyer in
vestigation indicating how some of these
new stocks have been furiously manipu-
lated-over 100000 shares Of one oil stock
being sold" in a single month. though
its total is barely 100000 shares. 1t
would be difficult to overestimate the
amount of bunko so involved. This eff
fort To- seduce the public into buying such
new stun through exhibiting wide mar
ket is unfortunately not an isolated case
To what extent the public has been land
ed may hardly yet be discoverable.- Tn
doubtedly there has been some substantial
distribution by this hippodrome Of new
Ventures. But 1t can be safely concluded
that promoters are far from being salts
fed with what they have accomplished
What Is obvious. though, is that great
blocks of stocks intended for the public
still stay unsold-great masses on the
HANDS of bankers and spectators who for
the recompense of big prospective COM
mission. are pledged c"hooked') as n
derWriters
Evening star. [volume] (Washington, D.C.) 1854-1972, 1912-12-15
Mystery Operation IL Condoned.

Why that stupendous operation should
be condoned, and really giorified as an
honorable transaction. while the peniten-
tiaries are full OF men who have ''put
across get.rich-quick schemes Of lesser