davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-06-25
THE COTTON MARKET
Bearish Talk, but Only Small
Drop in Prices.

There was an unsettled feeling In the
cotton market yesterday and considerable
bearish talk. but support developed around
II 40c for October. and the selling was not
sufficiently aggressive TO put II TO the test.
II is expected that considerable cotton Will
be rendered on July contract here, but az
there was difference OF about 81 points
between July and october the impression
gained ground that spot interests were Will
ing TO take July against sales Of new crop
months The market appears to be listen
ing to private crop reports. but doing little
OF nothing about them, apparently holding
of for the government report due on July
3. An opening decline, due TO disappointing
cables, some July liquidation, and favorable
weather conditions for the growing crop,
dropped prices to points, but this was
practically recovered, and the close was
steady, net unchanged to 5 points lower.
Southern spot markets were unchanged,
and the local spot market was quiet at 10
points decline to 1l.55c for mddling up
land, with sales OF 100 bales Local contract
prices:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-06-25
TOLEAVE w. PRESIDENCY
Thomas P. Fowler Will Become
Chairman of the Board.

Thomas Powell Fowler who has been
president Of the New York, Ontario &
Western Railway Company since January
90 1890 will soon retire from that office, it
was learned yesterday, and will become
chairman OF the board. Mr.. Fowler, who
was born at Newburg, y. Y, on October
%, 1851. was graduated from the Columbia
Law School in 1874 and admitted to the
bar in the same year. His first railway
connection was formed in 1879 when he
was elected a director OF the Shenango e
Allegheny Railroad Company Of which
he was made receiver in March, 1884, and
president a fortnight later.
Mr.. Fowler is director Of the Temple
Iron Company. the Atchson, Topeka &
Santa Fe Railway Company. the Sonora
Railway Company. the Lehlgh & Hudson
River Railway Company, and other roads,
and is president OF several railway and coal
companies affiliated with the Ontario &
Western. He Is also trustee Of the New
York Life Insurance Company and Of the
English Association Of American Bond and
Share Holders. and a director Of the Me-
chanics and Metals National Bank. For
a number OF years he was actively identi-
fed with local fractions, having been a d.
rector OF the Metropolitan Securities Com
pany and the Interborough- Metropolitan
company He was also president OF the
Hudson River Tricentennial Association.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-06-25
BREAK IN COPPER IN LONDON
Rumors of Hidden Stocks" De-
nied-Price Of 10 Cent Here.

A sharp break occurred in the London
copper market, spot and futures declining
e. Is Cd. equivalent to one-half cent a
pound. on heavy selling, said to be specu-
lative, accompanied by reports that there
were large stocks of the metal concealed
abroad The local market was affected to
some extent by the developments in Lon
don. spot copper being offered as low as
IL. cents. o. One-half cent under the quota
ton which has recently been established.
The principal selling agencies, however, are
almost wholly sold ahead for the next two
months, and thus virtually are out Of the
market.
Leading authorities in the trade said that
there was no truth in the rumors Of con-
Cealcd stocks and took the view that the
fail in price found its explanation I'm the
fact that the quotations had been rising
with practically no setback for five months,
moving up in that period from 1914 TO l1A
..r,s q pound, and that a recession might
.7,llv be looked for at any time under
.rcumstances. The market has been
, Juiet recently. but producers look
for assumption Of activity before long.
StocAy. both domestic and foreign. were
reported on June at the lowest point since
the present system OF monthly statements
was instituted and the July statement Is
expected to show still further diminuton
in the available supplies. 1t IS said that
celers would not he disappointed il the
price should decline to 16ia cents as aSsur-
ing a larger and more stable market for the
metal, but that their belief is that fur
Their advance is more probable than de-
cline
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-06-25
THE CROP MARKETS
Wheat Firm and Higher, Corn
and Oats NominaI-Coffee Drops.

There was only a short session Of the
local grain market owing to the funeral Of
George f. Stone, late secretary OF the
Chicago Board of Trade Trading did not
amount TO much; there was nothing aggrcs-
sive on either side, but wheat shorts were
inclined to be nervous over weather condi-
lions in the Southwest, where harvesting
is going on, and this nervousness made the
market firm, and the close showed an adj
vance Of lSca1i2c over Saturdays final
figures. Corn and oats were nominal as
to futures, cash markets being steady, ex-
port corn closing at Sic, and standard white
oats at 6OI.c.
Longs who had profits In sight on the re-
cent advances in coffee took them yester-
day and the let-up in the buying move
ment was believed to indicate that trade
requirements for the time being had been
supplied The opening was rather heavy
at lH2 points down, and prices sagged
until the maximum drop was points below
Saturdays close. There was little either
way In the foreign markets. but the rec ,nt
large business IN spot had it's effect on de-
liveries, which were 1C4 253 bags, against
TOP last week and $3.50 last year.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-06-25
SAVINGS BANK ASSOCIATION.

The following have been elected officers
of Group " OF the State Savings Bank
Association, composed Of banks I'm the
boroughs OF Manhattan and The Bronx and
I'm Westchester County: President, Andrew
Mills, president OF the Dry Dock Savings
Institution; secretary, George Z. Edwards,
president OF the Dollar Savings Bank. and
treasurer, Edward Young, vice president Of
the Peekskill Savings Bank. Thomas M.
Mulry. president OF the Emigrant Indus
trial Savings Bank; Casimir Tag, president
OF the German Savings Bank, and William
D. Conklin, president OF the Franklin Saw
ings Bank, have been elected members Of
the executive committee.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-06-25
MERCANTILE MARINE YEAR
Earnings Larger than in 1910
Good Outlook for Freight Traffic.

The report OF the International Mercan-
tile Marine Company for the year ended
December g. 1911, has been issued. The
income account, which includes the figures
Of subsidiary companies. shows gross
VOYAGE earnings Of $685. 1s3,5i6, against $685.
sAS2S4 in 1910, and total earnings of }Ss iod'Gid
Operating expenses, including all charges
for repairs. maintenance and overhauling Of
vessels. were s3l, 07O7 1884. against 329.775.39O
and net earnings were sS,0S2560. a decrease
of S2l56i6. Deducting charges and taxes,
1854, 200, and crcditing $29l, 900 transferred
from insurance account. the surplus for the
year was si5O9,27O equal to ST. per cent on
the outstanding preferred stock. Total sur
plus was 81 557,S55, and after deducting 3d.
735. 793 for depreciation Of steamships, the
profit and loss surplus stood at sS2l,O62
against s4S,5S5 on December 81. 1910, and
deficit Of 81, 297, 1856, a year previously
The operations Of the Leyland and Ma
tlonal lines, in which the international Mer-
camille Marine Company has large stock
holdings, are not included in the income
account. Profits OF the former In 1911 were
1881, 995. against f1O1,332 in 1910. and of the
National line, 1895 against f3,Olb.
The general balance sheet shows assets
and liabilities OF s213.62 1871 Accounts pay
able as of December 81 were A,O92,6l3'
loans, bills payable. etc, S,H2,295, tho lat
ter item comparing with S6,976,4sS as OF
December 81 1910. Regarding the Titanic
disaster, the report says:
Your directors. with great regret record
the loss OF the steamship Titanic on April
A. 1912 on her maiden voyage from south
amptOn to New York. The steamer col
lided with an iceberg ana foundered snort
plorable loss of life resulted, for which
your directors record their profound sor-
row; and also their deepest sympathy WIFI
the relatives and friends Of the passengers,
officers and crew to whom thlS ulsds'e'
has brought great bereavement
The directors are so confident that there
will be a very large business to be done
from coast to coast through the Panama
Canal, the report says, that II has been
thought desirable TO retransfer the Ameri-
can built steamers Finland and kroonland
To the American flag and thus make them
available for this traffic
The total volume OF transatlantic pas
senger traffic was considerably less In 1910
there being a material decrease In the num-
her OF first class passengers in both dlrec-
tions and also in the westbound third class
traffic. but there was a large second class
movement and also an increase In the
number Of third class passengers going 10
Europc. In the latter half OF 1911 there was
a distinct Improvement In the ransatah-
tic freight business, the report notes ana
the outlook for 1912 is more encouraging
than for ten years past.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-06-25
CONSOLIDATED EXCHANGE.

Most activity I'm the market on the Con
soIidated stock Exchange developed In the
carly trading, when prices broke rather
sharply. The volume of business leSsened
at the lower levels. with the market harI-
activity showing The bears in the open
Ing dealings made capital out OF the p0ili.
cal confusion resulting from the launchlhB
of the new Roosevelt party at chicago De
cided interest was taken throughout the
day in the Bryan maneuvres preliminary
10 the assembling Of the Democratic IA
tional Convention. The announcement OF
g 10000 expectation of gold did not seem
10 arouse any uneasiness. New Nork, On
tario q Western sold at SAN, the only trans,
action in that stock reported IN w an
Street in the day AmalBamated ana Ana
cOnda were sold on reported weakness III
Inc conner metal market at London. Com
mission houses handled large business
In Lehigh Valley. Detailed operations foI-
lou
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-06-25
MINING
MONEY AND EXCHANGE.

THE MONEY MARKET on call
opened at 2at per cent; highest. per cent;
lowest 2M per cent; closing, "a per cent
ruling rate "a per cent Time money
opened dull What business was done was
at the offered figures. Rates. per cent
for sixty days; 3d3h per cent for ninety
days; 3l2 per cent for four months, 31zp
3a4 per cent for I'VE months, S4q4 per cent
for six months, and 4q4i4 per cent for Jan
uary and later. Mercantile paper was IN
fair demand, but at full rates. Some at
tractive material was seen. Rates, per
cent for sixty and ninety days; 4gfs per
cent for choice four and six months single
names and 4A per cent for others.
FOREIGN EXCHANGE.-Th foreign eN-
change market opened easier for francs on
the 100000 In gold engaged for shipment
TO Paris to-day. Sterling was not quotably
changed from Saturdays final figures. The
market closed rather quiet but fairly
steady in tone. Final quotations were: De-
mand sterling 4S735: cables, 4SSO; sixty
day bills, 484756t4 SiSO; short francs, 5.lHs
less l-l6d5I7lz less S-G4, and short reichs-
marks 95AQ95h plus 1-64.
paukerS' Dosted rates follow:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-06-25
OEMURRAGE RULES OPPOSED
Interstate Commission Gives AS
sent TO More Liberal Rates.

Washington. June "a - The Interstate
Commerce Commission announced to-day
that It had tentatively approved the re-
vised national car demurrase rules recently
adopted by the American Railway Associa-
ton
The action is important to shippers be-
cause, as the commission says. "the causes
for the refunding of demurrage charges by
the carriers have been made in several par
ticulars more liberal for tho consignee.
When the condition Of the weather during
the prescribed free time is such as to mako
&c impossible TO employ men or teams in
loading or unloading the free time is eN-
tended until n total Of forty-eight hours
free from such weather interference shall
have been allowed"
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-06-25
c. REPAIR CASES DISMISSED
-Four Former Officials Charged with
Fraud Escape Trial.

Chicago. June "a. go Indictments against
four former officials OF the Illinois Central
Ralroad-Frank g. Hartman, John NJ
Taylor. Charles L. Ewing and Joseph b.
Buker-who were alleged 20 have been i'm
plicated in car repair frauds, by which the
road was sWiIdled out Of $l,50O,0O, were
dismissed to-day I'm the Criminal Court
Absence Of indispensable witnesses forced
the dismissal. according 10 John II. North
iup, Assistant States Attorney. u. II. Pol
ley Of sierre Madre CAL was said TO
nave refused 20 come TO Chicago TO testify;
Henry G. Cstermann could not be found,
and F. II. Niles was reported Ill at Rich
Eund, Va. civil proceedings, which had
also been begun, were settled out OF court.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-06-25
BANKS SEEK LOWER INTEREST
Institutions Say They Cannot Pay 3
Per Cent on State Funds.

Albany, June IA movement mas pee"
started by banks holding deposits Oh S'd''
funds to secure a reduction from 10 : per
cent in the rate Of interest paid on such
funds by banks and trust companies. Inc
matter has been referred by the New YORK
State Bankers Association 70 its executive
council
The bankers contend that the reducuon
should be made in view Of the prevailing
low money rates and the lack OF deinanu
for loans at present. New York CITY pahhs
are compelled to keep reserve OF % per
cent against these state funds on deposit
while upstate bankers are required to Keep
a 10 per cent reserve.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-06-25

OILS-Linseed oil unchanged. Refined Pc
troleum steady at $500 for standard "hiIe'
in barrels. at New York
RICE-Steady 10 nrm
SUGAR-List prices were lowered 10 basis
OF 5.10c net less per cent for nne gran
ulated, but this was not really a decline. as
sales have been made for some time at 0'iVC
net, less per cent cash. Raw was STEADY
at the close, with buyers of late shipment but
not Of prompt shipments: sales were 10000 bags
including Cubas at . e, cost and freight ana
Porto Rico at 3.S0c, basis % test, June anu
July shipments. Spot prices were 3S6c Tor
SO test, centrifugal, $500 for 50 test musco-
vado. and Bile for 50 test molas5es suyd p.
In London beet sugar was dull and q q y i
lower. with June at lis AID and July ana
August at lis 5Ad. The late cable was about
1l.n lower Ihan nnLod annND.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-06-25
mixers posted rates follow:

DOMESTIC EXCHANGE.-Boston. par;
Chicago, 25c premium; New orleans, com
ynercisi 5c discount, bank 81 premium; St
Louis. 25c premium bid, soc premium asked;
Minneapolis. SOC premium; Charleston. buy
ing par, selling lilo per cent. premium; San
Francisco, sight &c, telegraph &C. vo.r ~
changes slS6, 40, 2S9. balances 1910 III; Bos-
ton. exchanges $18,613,070, balances S,O6, 80;
Chicago, exchanges So 976, 2o1 balances 81.
9l3 7g7; Philadelphia. exchanges SOlOi, 7is,
balances N,722.95S.
SILVER MARKET.-Commerc bar sill
YER. 62c: Mexican silver dollars, 4Sc. Bar
silver In London closed at Is 9-l6d.
MEXICAN EXCHANGE - Mexican ex-
change on New York is quoted at 20lh.
IJB-TREASURY.-The Sub-Treasury was
creditor 10 the Clearing House for s9J1,05j
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-06-25
BOND DOTS.

There was increased activity IN trading
Of bonds on the exchange last week, which
was due TO the large volume OF transac-
lions in Wabash Is. This ono issue cor
nercd more than one-fourth OF the total
business on the board for the entire week.
Trading in other issues was light. only one
other of the more active bonds going over
the 800 go mark
Piandome. y Y. will offer for sale to-
day $500 bonds for construction Of q city
hall.
The National City Bank OF New York has
drawn for payment f2,400.ooo state OF $40
Paulo. Brazil. per cent loan bonds.
Troy. n. Y, will offer for sale on June q
500 900 per cent four month certificates Of
indebtedness, dated June q. 1912.
Amesbury, Mass. will receive bids unit!
go D. m. June q, for the purchase OF
$4,000 4 per cent sewer bonds, dated July
I. 1912
An Offering OF sl.ooo.0co first mortgage 6
per cent bonds OF the Eastern Car Com
pany last week, In Canada al par. was
oversubscrIbcd.
Negotiations arc under way between Gov
.rnor Walter +. Frear OF Hawaii and the
government officials at Washington looking
toward q Hawaiian bond issue.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-06-25


visions was closed and prices were nominal
PORK-steady; mess, $50 5O4S2 family, $50
1S2I: short clear SO 254s2t. BEEF-Mess.
Sl56s16 so: family, SIS SIS 80; packet, slI 90
SIT 90; extra India mess, S2S9S31. BEEF
HAMS-Duu. S2sd S3l. DRESSED HOGS
MEATs-Pickled bellies dull; lgll1sc; IL
I2X G12Ic TALLOw-speciaI. csc; city,
exc; country. 81 g0hc. LARD-Quiet; mid
die West. 1O.5OQ l06 0c; city steady, lOA c. re-
fined South America, 1210c; Continent II. use;
sTEARINE-Oleo. role city lard. l2i.c
METALS-COPPER-S weak; spot.
10 soc bid June and July, l6.SIh oil. go;
August, 17a17.37hc: September, 1L1bg
1850. Local sales, IS tons August at 17.25c.
and rs tons September at 1712Ec. Arrivals
IS 96l tons. Lake copper. lI4 4l7Hc; cleo
trolytc, l7'ic; casting, LAG nc London
copper firm; spot, III 5s; futures t7S % Sd
TIN-Easy; spot 4s.G7h &c asked; June, 47.7o
q As. SOC. July, 44SO@ soc; August, 1869
Il 25c; September. IL So q i3.50c; october.
~. q AZ. zoe. Local sales; % tons July at 46c
London tin nrm, spot, f2O6 15s; futures, fl07
LEAD-Dull and unchanged at 44Og l.6oc for
New York and 435a445c for East st Louis
delivery. London, III lss cd. SPELTER--
Dull; New York. 1859 15c and East 81
Louis. 8.0Oa710c. London. f25 lbs. ANTI
land warrants. 56s IN London. Locally steady:
No 1 foundry Northern, No l Southern and
soft, s15 5OaSlj Is; No foundry Northern
Si5Gs 90.
COTTONsEED OIL~-Was heavy especially
for new crop positions. The volume OF business
ish owing to continued inactivity In spot and
favorable reports on the crop outlook. Final
prices were lac points net lower. Local con-
tract prices
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-06-25
WOOL FOR LONDON SALES.

London. June 24-The listing OF wool for
the third series Of auctions closed with 90.
days arrivals as follows: New South Wales.
$1,000 bales, Queensland. 1900; Victoria,
NJ 600: South Australia. 1000, West Austria
liza. 1000; Tasmania, 1000 New Zealand.
$4,000. and Cape of Good Hope ana Natal.
$4,000. % these arrivals $4,000 bales Of Aus
tralastan and 81 900 Cape OF Good Hope and
Natal ere forwarded direct 10 spinners max
ing the total available for the sales (lnciud-
ing 10000 old stocl) 26S, 900 balea
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-06-25
woe7HINeToN NOW HEADS ALTON

The directors OF the Chicago & Alton
Railroad Company yesterday accepted the
resignation OF Theodore r. shonts as presi-
dent and elected as his successor b. A.
Worthington. who few days ago retired
as receiver OF the Wheeling Lake Erie
]. Steuart Mackie, secretary OF the conf
pany. resigned as a director and member
OF the executive committee, and Mr. Worth
ington was elected to succeed him In both
nflces
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-06-25

Dividends have been declared as follows:
Railroad Securities Company illinois Cen
tral stock interest certificates regular
semi-annual 2 per cent, payable July !;
United States Industrial Alcohol Company,
regular quarterly 1ai per cent on the pre-
ferred, payable July 10, ottawa Light, Heat
and Power Company regular quarterly 12i
per cent. payable July /; Shawinigan Water
and Power Company, regular quarterly IL
per cent on the common payable July 20,
and Canadian Consolidated Felt Company,
regular quarterly ~ per cent on the pre-
ferred, payable July 2.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-06-25
CONSIDERING L1GHTERAGE CASE
More Testimony on Charges at New
Work. Int Decision Reserved.

washington, June 2i-The Commerce
Court has been asked to take additional
testimony in the Federal Sugar Refining
case. which involves lighterage charges
from New York Bay points to New Jersey
terminals.
Counsel representing the government to-
day moved that further hearings be dis
pensed with and that the case be sub
mitted on argument. The question was
taken under advisement by the court.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-06-25
CASH QUOTATIONS.
GENERAL MARKET REPORT.

New York June ., lDI2
GRAIN-WHEAT-Th local grain market
closed at / O'Clock. Chicago, Toledo and Detroit
we're closed all day and tho other markets closed
at noon all out Of respect for George Y. Stone.
secretary OF The Chicago Board OF Trade, whose
funeral took place. The volume OF business was
small with absence OF aggressive operations,
but prices were very firm. closing AZ an advance
Of lh8lHc. Private reports from Kansas We're
highly favorable, and the trade as whole was
somewhat nervous regarding deliveries on July
contracts No 2 red wheat here 81 1917. do
nestle basis and export. 81 IS . ahoat. 10
l Northern Duluth. 81 24i4. o anoat. CORN
Largely nominal but the undertone was steady.
Export corn here. Sic, ahoat. OATS
Nominal Os .ar as futures were concerned, but
cash markets were steady 10 firm. Cash oats:
standard white. CQc. elevator: No p 6O'sc' No .,
5eHc. No T. 59c. natural and white clipped ORG
Rc on track RYE-NOmuRL BARLEY
STEADY: mailing, 81 '@dGl q. Buffalo.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-06-25
NEW YORK PRICES.
INTERIOR RECEIPTS
SEABOARD CLEARANCES.


FLOUR AND MEAl-Flour dull: prices
nominally unchanged. Sprisg patents. 50 7OgSb;
IS 5ORs5 70; spring clears. 81 1895, extra No |
winter 81 4O6S4 20. No ., 81 2oaS 30; kansas
stralghts 50 2OIS5 So fancy spring patents, ~ 80
qs7 Is RYE FLOVR-Steady fair to good,
81 T5qS5; choice 20 fancy, 50 lOqs5 -. CORN
MEAL-Qulet. kiln dried. 81 20 BAG MEAL
Fine white and yellow. 81 7OQsl 20; coarse u 20
lniddling. S27 90; hour do. So: red dog. S32 90,
city bran, S24 40 bulk. S@5 sacks m!ddling $50
$40 so: red dog S33 homny chop SIS 6OpS29
bulk. $50 7O4S30 20 sacks. oilmeal, S37q$37 90.
COFFEE-Buy!ng Was less active ana IN
consequence there considerable LIQUIDATION
Prices at the opening were lg2 Points lower
and during the day the undertone was rather
heavy the market closing barely steady at lqS
points net lower Havre unchanged TO = franc
higher Hamburg unchanged to !. ptennig ad-
vance and Rio 30 reis higher while Santos was
unchanged TO 90 reis advance on tho regular
cable and firm with Is 80 reis higher, on the
special Spot unchanged, on tho basis OF 14%c
FOR Rio No Z. Local contract prices:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-06-25
NASHVILLE, TENN. BANK MERGER.

Nashville. June A.-Directors OF the First
and Fourth National banks, two Of the
leading financial institutions in Tennessee,
voted to day TO consolidate under the name
Of the Fourth and First National Bank of
Nashville The capitalization will be 81, 100,-
o. Stockholders will meet July Sto ratfy
tbe acton,
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-06-25
ITEMS OF THE STREET.

Foreign houses sold about 1000 shares q
stock IN this market. principally Anal
gamated Copper and steel common. Pur-
chases were tri7ng in amount.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-06-25

NOLASSES AND SSRtPs-syrups dull and
Unchanged. molasses steady but quiet
NAVAL STORES Spirits turpentine steady
10 firm and fraction better In the matter Il
quoted prices. Rosin quiet and tar dun