davidaulloa/AmericanStories huggingface dataset:
Evening star., 1912-11-10
The World of Finance and Trade.
Washington; New York; London

tive deals which are directly prohibited
by the law, and safe business has been
conducted for years in the really illicit
employment Of trust funds for speculative
purposes. 1t is a rank abuse and Will
eventually be stopped This is a very
sensitive point for Wall street and has
thus far escaped the active attention or
the reformers at Washington. 1t is one
of the things that Mr.. Untermyer and
his reform associates in and out of Con-
gress seem to have been blind to. There
are others, however. who are well quail
fed to turn on the light and who are
anxious for a chance to do so.
The bulk of high-c.ass opinion is that
the rise in prices following the election
will not be permanent. Agitation for
early tariff revision is one of the dis
quieting features that cannot be le1t out
of the account. Then, again, high rates
of interest and the Likelihood that easy
money will not be seen again for many
months must continue to act as an ele-
ment Of repression. The banks, which
have hundreds Of millions of dollars
loaned on stock exchange securities,
would like to see stocks higher, and viii
give such assistance as they can without
extending their loans too much, but at
the same time they recognize the pri-
mary obligations they owe to the Dusl-
ness community at large over Wail
street There may not be money enough
to finance broad speculation. and that
point is being continually called to the
attention of spectators. 1t Is one OF the
things the impatient bulls are compelled
to take into account. 1t is the one great
thing which influences immediate specu-
lation and it may compel postpone
ment of the grand bull campaign which
everybody is looking for and taking
about.
For the moment. however, underlying
sentiment is very bullish. General pros
perity is here beyond any question IL
business is left alone and not knocked
in the head by bad politics or some
other cause. the outlook is for contln-
uation of business improvement in al It's
important branches and classiticauons
Fundamentally, conditions are sound IL
looks as though nothing short of poison
or bludgeon could stop protracted I'M
provement.
Evening star., 1912-11-10
TONE IS UNSTEADY STREET IS SATISFIED
Developments Regarding War Markets Satation to Election
in Balkans Reflected Here. Returns Is Optimism.
CENTERS UNEASY LOOKS FOR PROSPERITY
Apprehension Among European Business Crop Only
Bankers Affects Market Entitled to Consideration
AMERICANS OFF IN LONDON BROKERAGE FIRMS ACTIVE
ties There ing Now Busy.
Developments Regarding War
in Balkans Reflected Here.
FINANCIAL CENTERS UNEASY
Apprehension Among European
Bankers Affects Stock Market.
OFF IN LONDON
Drop Of One to Two Points in Securi-
ties There Causes Similar
Course Here.

NEW YORK, November 9.-Latest
diplomatic developments arising from the
war In the Balkans brought serious un-
settlement to the local stock market to-
day. Advices from authoritative foreign
sources pointed plainly to a feeling of
acute apprehension at leading financial
centers, and the precautions taken by
Europes bankers in the way of cur
failing private discounts until the exist
ing situation assumes a more favorable
aspect are in themselves indubitable evi-
dence of the nervousness now pervading
the eastern hemisphere.
American securities were off one to two
points in London, and initial quotations
here showed losses of a point in leading
issues. including Canadian Pacific. the
Harrimans, st. Paul, Reading and the
Coppers. Later the selling extended to
United States Steel, which became Almost
the weakest of the speculative favor1teS:
Lowest prices were reached in the hnal
hour and in numerous instances the
gains made on Wednesdays bull move
ment were entirely effaced.
Steel Makes Some Recovery.
Steel almost alone made some recovery
from the extreme low on its remarkable
statement of untitled tonnage for Octo-
Der. This represented total Of 7.594,S3 81
tons. a gain of 1.O42S74 tons over the
preceding month, of 3,694.32S over the
corresponding month of 1911 and rec
o d-breaker in the history of the corpora
tion.
The bank statement showed substan-
tial actual decrease in loans approxi-
mating s., 600 600 instead Of the expected
small gain, and a gain of $3. $50 In the
cash reserves, materially strengthening
that item over last weeks SENDER mar
gin.
United States 2s declined Is per cent and
the 3s registered u per cent on the week
Total sales of bonds today, par value,
81, OPS, 600.
Evening star., 1912-11-10
Owned by Large Interests.

In the early future course Of the mar
ket an element entitled to special consid-
Grafton and which may even become po-
tent beyond anything else represents the
disposition Of rich men who own stocks.
1t is favorite view in Wall street that
the great volume of our corporation Sc
curities are in the hands of "strong inter-
ests," that they are owned more largely
outright than ever hitherto-a theory
started by the undoubtable record that
margins less stocks than has been the
average at any time for decade and
more. Auxiliary to this view is the belief
effective efforts to make securities at
tractive, to make prices buoyant, to in
duce public buying-in word. to make 1t
possible to get out Of the rich man.
strong box into the public's ownership the
vast volume of marketable stuff.
Along with such theory proceeds the
suggestion that during the next three or
four months We are bound to have a
be able to round out it's bull mission be-
fore March 4. But all this is guess
work of rampant sort running into ex-
cesses. What undoubtedly is true of most
stocks quoted upon the stock exchange
is that they already have prices that
fully reflect intrinsic value, as represented
by earnings and profits and dividends. In
some notable instances there are laggard
quotations, market figures materially be-
low what official financial statements
warrant This is true particularly in
three or four of the industrial groups
In the fertilizer properties and In the car
equipment companies. 1t is not true in
the metal stocks. Every one In that group
has been doomed and boomed-boomed to
the limit Of the power of poo.s that over
loaded themselves year ago have been
irving ever since to get even and get out,
ton may sound) is particularly true of
steel trust stock.
To the Speculation what the present
market offers would seem succinctly to
be: II quotations rush upward 1t is
sign to sell. II quotations are jammed
down suddenly. equally sure is it sig
nal to buy.
Evening star., 1912-11-10
COTTONSEED OIL.

NEW YORK. November 9.-The cot
tonseed oil market was firmer, closing a,
a net advance Of BALL points. Shorts
were good buyers on firm crude markets
and the advance in cotton and there
was considerable new buying for outside
account Prime crude, 4.94 sales. Prime
summer yellow spot. 5SOa5.s7; november
5S3; December. Cos; January, GA; Feb.
ruary, 6.1S: March, 6.25; April, 8.27; May
834; prime winter yellow, 6.30a7. 90; prime
summer white, 6.1Oa6.SO.
Evening star., 1912-11-10
CONDITION OF TREASURY.

The condition of the United States
Treasury at the beginning of business yes
terday was: Working balance, s93, 74S. .06s:
in banks and Philippine treasury, S30-
g21: receipts Friday, $2,ss6.997: dis
bursements, S2,?o0.512 The deficit this
fiscal year is S1.37O.3 3s6, as against a
deficit of $21, AT go last year.
The figures for receipts. disbursements
and deficit exclude Panama canal and
public debt transactions.
Evening star., 1912-11-10
CHICAGO CATTLE MARKET.

CHICAGO. November 9.-Close: Cattle
Receipts. 500 head: market slow, weak;
beeves, 52Oa1O.65; Texts steers, 4.4Oa5 80;
western steers. 550a9.25; stockers and
feeders, 4.15a7. 10; cows and heifers, 275a
Evening star., 1912-11-10

7.40; calves, 675a1O75.
Hogs-Receipts. 1900 head: market
weak, 1Oa15 under last night; light. 7.35a
7.95: mixed, 7.45a& 10; heavy, 730as 10;
rough, 7.30a7. so: pigs. 4.75a69O: bulk of
sales, 7.7'la795
Sheep-Receipts, 1000 head; market
steady: native, 3.40a4.6O; western, 3.00a
4-5O; yearlings. 4.75a5 S5: lambs, native.
5.3Oa7,50; western, 5.76a7.4O.
Evening star., 1912-11-10
Spectators are Active.
Closes With Weak Undertone.

Money was scarce and discount rates
were steady today. Fears Of complica-
tions arising from the Balkan situation
impaired a weak undertone to the stock
market and with realizing prior to the
settlement caused a sagging tendency in
prices. Consols lost three-sixteenths and
home rails from half to a full point, while
most of the continental favorites fin
ished lower.
American securities opened lower and
later the entire list declined under realiZ-
ing. The closing was easy, with prices
from Is to Is lower than Fridays
New York closing
Evening star., 1912-11-10
FRUIT MARKET.

NEW YORK, November 9.-Evaporated
apples easy with increased offers: fancy,
SAB: choice 7a71a; prime, 6Ea6%.
Prunes firm; apricots quiet; peaches
steady; raisns firm.
Evening star., 1912-11-10
DRY GOODS MARKET.

NEW YORK, November 9.-The cotton
goods markets were Arm today Yarns
were higher. JObbers did a steady re-
order trade for quick shipment. Woolen
goods ruled steady.
Evening star., 1912-11-10
WEEKS RANGE OF PRICES
Corrected to the Close of Business November at the
New York Stock Exchange.


1911 and the year
1927
Evening star., 1912-11-10
STOCK MARKET
Opens Firm and Higher, But
Closes the Week Irregular
and Heavy. :

LONDON, November 9.-The stock mar
ket opened firm and higher last Monday.
and continued on an upward course with
a cheerful undertone for the greater part
of the week, but closed irregular and
weak. Bear covering and fresh conti-
mental buying based on the belief that
the powers would arrange the near east
ern question tremendously, caused a
gradual hardening in values in all sec
tions.
Consols advanced three-eighths, and
home rails were benefited by the gov
ernments statement that a bill will be
introduced in the house Of commons per-
mitting the roads to raise freight rates,
while diamond and copper shares and
continental favorites felt the effect OF
more confident Paris and Berlin pur-
chases. but the Improvement was lost at
the end OF the week on realizing induced
by fears of international complications
arising from the attitude of Austria and
Russia regarding the Balkan situation.
Spectators are Active.
Spectators were especially active in re-
ducing their commitments, and the mar
ket closed today uncertain and much be-
low the best point. Consols lost five
sixteenths of the early gain.
American securities were stimulated by
vigorous Wall street support and fully
participated in the early improvement,
but this was negatived later by the un-
certain continental outlook and fears that
the election of Gov. Wilson means a
downward revision of the tariff. United
States Steel lost two points ON the latter
factor, and Canadian Pacific fell three
from the best talk of strike and
Berlin selling, while Chicago, Milwaukee
and st. Paul was exceptionally firm at a
net advance of six points
Evening star., 1912-11-10
come Brokers Uneasy.

Some OF the numerous congressional in
vestigations into the questionable prac-
tiees in Wall street have been striking
close to the abuses and have created
great uneasiness among those who have
been profting thereby. There Is in reality
deep concern in the street and a decided
division Of opinion as to the merits and
Gemerits Of further probing has arisen
Sentiment for rugged reform in Wall
street methods is growing in the financial
district as well as throughout the coun-
try at large. Rigid enforcement of the
laws for the prohibition of overcertifi-
cation OF checks. of overextension Of
banking credit TO individual SPECTATORS
and gambling pools would go long way
toward purifying the stock exchange and
Wall street The enactment of laws for
the elimination of the subsidiary secur-
Ities companies allied to the strong banks
would also be exceedingly purifying.
These concerns are used by the insiders
IN the big banks as agencies for specula-
Evening star., 1912-11-10
LOOKS FOR PROSPERITY
Business and Crop Results Only Are
Entitled to Consideration.
BROKERAGE FIRMS ACTIVE
Those Which Did No Business Dur
ing Past Year Now Busy.
Some Expect Boom.
BY n. ALLoWAY.

NEW YORK, November 9.-Wall
streets salutation to election returns is
an outburst of optimism. No party spirit
shows. Nothing like faction, PARTISAN
ship, prejudice of any kind is anywhere
discernible. Everybody seems Of a sud-
den possessed of the idea that the coun-
try is far entered upon an era of pros
perity-that nothing but crop results and
business conditions are entitled to consid-
GRAFTON in the making of security market
opinion And the result is that within
twenty-four hours after the polls closed
the New York Stock Exchange records
market value gains running high into
tens Of millions Of dollars.
This accomplishment is not, however,
free from opposition. At the very out
start Of Wednesdays market there was
large professional selling of securities.
attended by that pressure against quota
tions which the art of manipulation can
always produce. For an hour or SO the
market staggered. 1t looked as If there
might be severe recession. But of a sud
den, In actual spontaneity, there came an
thrush of buying orders on a stupendous
scale-till at the end Of the day it was
shown that the record for the session
had surpassed any recent approximated
total, had ran materially beyond a mil
lion shares. The exhibit exerted tonic
effect in every quarter. They who had
started in with mournful outburst Of pes
simism were even conspicuous among the
converted.
Adding to the joyous atmosphere were
expressions Of opinion issued by every
news agency in Wall street. quoting al
most everybody on the bright outlook side
even j. ]. Hill, Thomas f. Ryan and ].
Pierpont Morgan being included in the
group of communicative enthus-as asts. So
pleased We're all in the rank and file that
nobody stopped to question the authentic
ity of any part of the bubbling cheerful
ness.
Brokerage firms that executed no bust-
ness for year past became of sudden
active, and those houses which have had
but quasi relations with the market
loomed all at once into prominence, even
as leaders. The word ran around that
the public was coming back, that outsid-
ers were buying-that the day actually
had dawned for duplication of those
dear cd times when before 1907 things
went booming
Evening star., 1912-11-10
Moderation in Buoyancy.

On days subsequent to the first follow
ing election there has been considerable
moderation in the spirit of the buoyancy
-coincident with the revelation that not
all the names used were used with au-
thority in Wednesdays exhilarating quo
tations (Mr Morgan, for example, not
knowing that he was indulging in ecstat-
ics); with some qualifying influence In
duced by reiteration of the expectation
that an early extra session OF Congress
will be convened. 1t has been pointed
out in this review for some time past
that in STANDARD Oil circles the possibi--
ity of Congress in action before in the
ordinary course it is due a year hence
must be reckoned with as an important
security market factor. Wall street
capital represented by Standard Oil ex-
preston, doesn't banker after a special
Congress session. Indeed, 1t can be re-
corded that many who are important in
high financial circles will regard an extra
session as a signal for hesitancy If not
for liquidation. Actually, though. it is
difficult to find, even through diIigent
search, any other bear argument" All
the pessimistic prophecies that were vol
leyed three months ago have fallen fiat.
Nothing bad comes into the records.
We were to have excited money markets
because of crop moving exigencieS; we
were to be upset by foreign political
complications: we were to find ourselves
unable to withstand the liquidation of
American securities by foreign investors:
we were to be embarrassed, all market
stability sacrificed, for reasons in variety.
Yet the registered result is that the crop
movement is financed; that European
war has been fought; that foreign in
vestors have had their panic-and not
once has any shadow disturbed United
States serenity.
Above other operating factors, far be-
yond all, stands what is written by the
crops of 1912 The vote that is forceful-
est, that tells more than any other votes
possibly can tell, is the vote that the
farm acres of the country have cast.
Wheat, corn, cotton-all the staples-rise
to figures phenomenal. And what seems
strange to experienced students Of the
situation Is that only just now are statis-
ticians coming to an appreciation Of the
fact that in their calculations and their
they have been steadily
ignoring crop upon crop of magnitude 1t
is but a few years since any statistical
presentation consented to include hay as
an annual wealth element. Only in the
present year are We getting recognition
for poultry-tho Ugh poultry products now
reach the point where they amount to the
very highest figure Of any single annual
productionr-this year even passing the
corn crop In market value. In the bigness
Of American things a two billion yearly
crop has been ignored from year to year
as If it were inconsequential-a fact that
to considering minds has import farther
reaching than has been popularity appre-
ciated.
Evening star., 1912-11-10
BUSINESS BELIEVED SAFE
Assurance That Honest Methods
Have Nothing to Fear Brings Joy.
RESPONSIBLE FOR CRITICISM
Stock Exchange Dealers Not I'm
passive to Attacks Made on
Manner of Trading.
BY w. G. NICHOLAS.

NEW YORK, November 3.-The market
jumped right up through the roof after
President-to-be Wilson gave earnest as
Surances that men who are conducting
business honestly would have nothing to
fear from the administration. The street
was throwing bouquets at itself in ap-
propriating the honesty description, but
il did so in all seriousness. To the minds
of the cynics that is what makes it so
funny. However. let that pass and con-
slider the application of the election re-
suits to immediate business as repre-
scented by the quotations on the tape
The market paused for two or three
hours Wednesday, but when Mr.. Wilson
hastened to give sacred assurance that
he would not run amuck and that such
medicine as he would have to administer
would be sugar coated and the remedies
applied gradually, so as not TO hurt. then
a change in sentiment was almost instan-
taneous. In less than an hour the specu-
lative stocks jumped two to four points,
and during the days session more than
1.oc0D0 shares were traded in. The DEM
onstration revealed the fact that the
market had been heavily oversold by a
strong beariSh contingent imbued with
the idea that the election of Mr.. Wilson
would be followed by an awful smash in
prices. London was quicker to appreciate
the election results as bulish than was
the home talent, a though a majority OF
the really important people in the finan-
cial district had long since made up their
minds 10 accept Wilson as a safe man
not the best man in the world for their
purposes perhaps. but not wholly unde-
sirable. being built on conservative lines
and by education and training not given
To going off half cooked.
The sudden and earnest agitation for a
special session of Congress to take up
tariff revision and get through with it is
a very disconcerting feature, however.
Leading men in Wall street believed
they had it straight that Mr.. Wilson
would not call special session of Con-
gress, but would postpone tariff action
until the regular meeting of the next
Congress, fifteen months hence. Acting
on that theory, they passed the word
along softly and confidentially that Wilson
was "all right and that they were for
him because there would be nothing
rash permitted to transpire. In vain Vt
was pointed out that the candidate had
been very careful not to commit himself
on the special session issue, and that the
insiders who thought they knew his
plans might be mistaken. They were
very confident, however, and there the
matter stood The street had the
"hunch" that there would be nothing
doing on tariff for another year, and
acted accordingly. They advised their
friends to vote for Wilson, and were cock
sure they were right in their tip. Their
inside information" was of exactly the
right sort to inspire confidence.
Evening star., 1912-11-10
BERLIN.

BERLIN. November 9-The bourse was
listless today. Traders lacked confidence
and their transactions were limited.
Evening star., 1912-11-10
PARIS.

PARIS. November 9.-The bourse was
heavy today owing to the European po-
litical situation.
Evening star., 1912-11-10

Now they are not certain. The in
sistency of Representative Underwood
and others Of free trade leanings to have
special session and get through with
the tariff revising at the earliest possible
moment is evidently intended to impress
Smyrna times., 1912-04-17

Charles W. Horn, a native of
Vermont. who was engaged in the
carriage building business in Dover
at one time died in Wilmington,
April Z, aged 80 years.
Smyrna times., 1912-04-17

were reelected as follows: Charles
E. Pugh, W. Hayward Myer, Henry
Tatnall, Samuel Bancroft, Jr. &, Henry
P. Scott, w. W. Atterbury, Hiram
R. Burton. Willard Thompson, j. B.
Hutchinson, Frank Ehlen. John S.
Gibbs. Hugh L. Pope and c. Howard
Lloyd. The board reelected the
officers of the company. In his an
nual report, President Myers said
the last year had noted a rapid
growth in the business of the !, 1,057
miles of railway and steamboat
lines. Notwithstanding this, the
report also safes that there is a net
deficit of 50, 763.O oil.
Smyrna times., 1912-04-17

Since March 1st, the office of the
Secretary of State has issued 1,O24
automobile licenses and l, O89 oper-
ators' licenses. The revenue alone
from the machine licenses amounts
to more than $40. 600.
Smyrna times., 1912-04-17
GAME HOGS ARE WARNED
Law Necessary to Protect Birds Pass
ing Over Delaware

A federal law prohibiting all
spring shooting seems to be the
only means of preventing the event
ual determination of migratory web
footed wild water fowl. Forty
States favor federal protection for
these birds, and several States have
put a stop to spring shooting with
out waiting for the government to
act. In Maine, New Hampshire,
Massachusetts and New York, ducks
and geese that have weathered the
dangers of the fall shooting on their
way south, and also eluded the gun
ner througout the cold weather
months while sojourning in the
south, are safe from guns as they
wing their way north in March and
April: whereas in New Jersey,
Pennsylvania, Maryland and Della
ware, more ducks are killed in the
spring fight than during all the
other months of the year. Shooting
is permitted as late as April 10 in
New Jersey, Pennsylvania and Mary
land, and until April Is in Della
ware. Ducks are well along in
their housekeeping preparations by
that time, and every duck killed
will mean the cutting off of next
fall's supply to the extent of about
six birds, to place it at very low
average: and this, too, at a time
when the promised increase is
practically in sight. 1t is because
the ducks are engrossed by theil
mating interests that they are sucl
easy marks for the unscrupulou
gunners who kill them in March ant
April.
Smyrna times., 1912-04-17

Wesley M. E. Sunday School,
Dover, has elected the following
officers for the ensuing year: Super
intendent, Ed William; Assistant.
Prof. E. L. Cross; Secretary, Hub
bard Clements; Treasurer, William
S. Haman; Lady Superintendent,
Miss Mary Salisbury; Chorister,
Miss Kate S. Haman; Pianist. Miss
Miriam Kirk; Cornetist, John Downs ;
Librarian, Miss Cora Clark; Infant
Department Superintendent, Miss
Elizabeth Roe; Assistant, Mr.. Wat
son Broadway: Organist, Miss Cora
Lee Moore.
The seventh annual meeting of
the Maryland, Delaware and Virginia
Railroad Company, subsidiary
company Of the Pennsylvania Rail
road, was held in Wilmington on
Thursday, April II. The directors