davidaulloa/AmericanStories huggingface dataset:
Evening star. [volume] (Washington, D.C.) 1854-1972, 1912-02-25
new YORK BANKS.

NEW YORK. February A.-The state
ment of clearing house banks for the
week Give days. shows that the banks
hold $50, 81, $50 reserve in excess Of lega
requirements. This Is decrease OF
Sc, O51 600 in the proportionate cash re
serve as compared with last week.
The statement follows: Daily average
Loans. $2.O25, 1854, 900; increase, Sc. 123, 600
Specie, $376, O93, 600: decrease, $5,741,OOO
Legal tenders. $so.s79,Oo0; decrease
Net deposits. s1.ssso5s. 600: increase
Circulation. s51 .oes. 900: increase. $685..
Banks cash reserve in vault, sses, $685..
600.
Trust companies cash reserve in vault
SEA, ST 600.
Aggregate cash reserve, $461 ,972, 900.
Excess lawful reserve. $29.373,35O: de.
crease, $6,O51 800.
Trust companies reserve, with clearing
house members carrying 25 per cent cash
reserve. $61, S43, 600.
Actual condition:
Loans. $2.O21. 100000; increase, s2,6ss..
Specie, 1885, 600: decrease, $s.917, 600
Legal tenders. $50. $4,000; increase
Net deposits, s1.sos. $4,000; decrease
1921, 900.
Banks cash reserve in vault, 1897 564,
COO.
Trust companies cash reserve in vault
SCI, 544, 600.
Aggregate cash reserve, $3.50, los, 600
Excess lawful reserve. $28, 199, 200; de.
crease, $6,OO3, $50.
Trust companies reserve. with clearing
house members carrying % per cent cash
reserve, So. 147,OO
Summary OF banks and trust companies
ronnrfinp m he
New York clearing house:
Loans, $606. 753, 100; decrease, $74S,600
Specie, $63. 75S, 900: increase, $3Oy, 800.
Legal tenders, s11,O62,Oo0: decrease
Total deposits. 1902, 100; increase, ST..
o74. 200.
The Ffnancier will say:
mo changes of Importance were tt
be noted in the statement Of the New
York clearing house banks for the
week ending February "a. The only
feature having a bearing on the cur
rent outlook was a decrease of $780,
900 in cash, this having been brought
about through payments by the banks
slight 81 Int inepease Of ooo and de-
posts fell 1927 900. The loss in cash
was reflected directly in deosNase OF
$8,003.75O in excess reserve the pres
ent surplus above the required 70 pei
cent minimum standing at $28,199,2O0
The separate statement of trust COM
panies also was unimportant. so fal
as changes were concerned. The fig.
ures quoted above are from the actual
condition report OF Saturday. In the
statement based on averages, loans in
creased something over $6.OOO,OOO. The
loss of cash was about 100000
while deposits remained stationary
The excess cash reserve, computed or
the average system, is $29.373.35O. The
loans Of the New York banks and trust
companies are now the highest or
record-this despite the fact that bust
ness is not active. The loan item, how.
ever, shows the influence of foreign
borrowing. This is a decidedly strong
point, since it permits of immediate
reduction and the strengthening of the
situation here. although no necessity
| exists for such reinforcement at thi:
time"
Evening star. [volume] (Washington, D.C.) 1854-1972, 1912-02-25
FRUITS.

NEW YORK, February 4-Eyaporated
apples are quiet and unchanged; on the
spot fancy are quoted at 9Aa1Ox; choice,
S1sa9: prime, 7AaS1k
i Prunes are nervous, but with less pres
sure to sell; quotations range from a.
to II for CALIFORNIA; up 30a40, and S11
to II for .Oregons.
Apricots are dull. but steady; choice.
16Aa17A.
Peaches are steady with fair jobbing
demand; choice, 1O1ka1O&; extra choice,
11a11h; fancy. 111sa12.
Raisins are inactive and about un.
changed: loose muscatels are quoted at
5Aa7; choice to fancy seeded. 6Aa7k;
seedless, 6a7: London layers, 1.4Oa1.45.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1912-02-25
Cattle Receipts at Kansas CITY.

KANSAS CITY. Mo-, February "a
Cattle 400 head. including zoo
southerns; market steady: dressed beef
and export steers. 650as.00; fair to good.
5. 25a650: western steers, 4.75a6.25: stock
ers and feeders. 4.25a65O: southern steers.
s. Oa6 10: southern cows, 3.oOa5.O0 native
cows, 3.O0a570: native heifers. 4.5Oa6 Is:
bulls, 375a5.4O; calves. 4.0Oa7.5O.
Hogs-Receipts, $500 head; market, B
to 10 lower: bulk Of sales. 590a8.2O:
heavy. 6.1Oa8.2O; packers and butchers.
6OOa6. 20; lights, 5.00a6,O5; pigs. 4.25a5.25.
Sheep-Receipts none; market steady:
lambs, 5OOaR50; yeariings, 4.75a5.5O,
wethers, 4.O0a4.75; ewes 3.50a4.25: stock
ers and feeders, 2.50a3y5.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1912-02-25
Condition Of the Treasury.

At the beginning of business yesterday
the condition Of the United States Treas
ury was:
Working balance in treasury offices.
81. 3S1 $40.
In banks and Philippine treasury. ss4.-
365, SOL.
The total balance in general fund was
sis. 0SO. 953.
Ordinary receipts yesterday were ST.
OO7, OSo. with ordinary disbursements OF
e 01S,O11
The deficit to date this fiscal year is
s24 1861 .324. as against deficit of 49,
S07 ,S25 at this time last year
These figures exclude Panama canal
and public debt transactions.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1912-02-25
COTTON MARKETS.
NEW YORK.

NEW YORK, February 24.-While
more or less irregular, the cotton mar
ket was generally steady today. with
the close steady, net points lower to
relatively easy.
The market opened steady at de-
cline of 4a8 points on the old crop,
while new crop positions We're about /
sponded to lower Liverpool cables more
than expected. and a continuation of
the scattering liquidation noted yes
terday, while later deliveries appeared
to be influenced by reports Of further
general rains in the south. which were
expected to cause a further delay in
farm work, and also by the working
out of various technical or speculative
conditions, such as transferring hedges
or undoing of old straddles.
There was no sign of support from
the leading bulls but Wall street was
considerable buyer to cover shorts,
and the general market worked UP q
few points during the morning in the
absence Of aggressive offerings. clos
ing within point or two Of the best
on all positions. Uncertainty concern
ing the English labor situation still
seemed to be restricting general bust
ness, but the tone of the market was
helped this morning by favorable re-
ports from domestic goods circles and
southern spot advices, indicating that
while demand had slackened, holders
were generally STEADY TO nrm. at prices
above parity with local contracts.
The heavy rains reported in the south
west were not considered altogether
unfavorable. as January precipitation
in Texas was below normal, but, natu-
rally, as spring approaches, increasing
stress is laid on backwardness of farm
work in the eastern belt. Private wires
from Texas points reported a fair de-
mand from eastern and continental
spinners, but less activity on the part
al a irS,n Il
that the interior was Offering little
cotton.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1912-02-25

An exceptionally interesting phase Of
the current stock exchange situation CEN
tiers in the development of q one-man
|leadership-in so far as concerns the max
ing and unmaking of quotations. At
various times In Wall street history
forceful leadership of this same sort has
shown-one operator by himself able to
Evening star. [volume] (Washington, D.C.) 1854-1972, 1912-02-25
DRY GOODS.

NEW YORK, February o4.-Jobbers
had a fair week, with business of goodly
proportions being offered in dress goods
and wash fabrics. Retailers have been
mestics by the hardening of prices in
primary circles. Linens continue firm
and burlaps are in short supply for spot
delivery.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1912-02-25
C0TTONSEED OIL.

NEW YORK, February 24.-Cotton-
seed oil was practically unchanged
from last night in absence of new
features. The bulk Of the trading was
in March. the demand being from be-
lated shorts. Crude markets remain
5.55a5.56; April. 5.60a5.61; May, 5.65a
5.66; June. 6.6Sa5.71.
Prime crude. AGO sales: prime summer
yellow. $50 bid: prime winter yellow and
summer white, 5.75 bid.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1912-02-25

dominate. It was SO back in the days
when jay Gould traded with his quiet
effectiveness back of the buncombe out
bursts OF his man Friday. Fisk. II was
so for time when Charles Woerishoffer
declared his Independence Of Henry VII
lard. 1t was SO over and over again,
though always spasmodically. when Adj
Olson Cammack went slashing around
upon the bear side, with no confrere
courageous enough to follow in his foot
steps, with no opponent that wasn't glad
to get out of the way. 1t was SO. and
splendidly so, when Roswell P. Flower
yentured into the open to turn the after
math of the 1898 panic into a. market
buoyancy which before it ended was
spectacular In varied respects beyond any
precedent. And notably it was SO when
first tho sugar trust and afterward the
steel trust came into being and needed to
country-James r. keene at these juno
lures displaying leadership winch
brought him not only fame and the profit
OF millions, but gave him such potent
place In the security market as to con-
stitute him almost q yeritable dictator.
Rapid Rise to Fortune.
But those were former days. That man
ner Of leadership has not been in evidence
in any latter time-till now. of a sudden,
a relatively young man finds himself &C
claimed in comparisons with the old
school.
Wall street can be forgiven for it's en-
thusiasm in this regard-so long has lead
ership been lOnged for. He who is now
the toast OF the street was not much more
than dozen years ago a brokers' clerk
without personal fortune or influential
connections. having come from the south
with scant capital beyond ambition.
Thomas F, Ryan discovered him and
featured him just when the tobacco trust
was forming; but he had then already
become the protege of James r. Keene,
and from that time forward he has
mounted into prosperity until now Ber-
nard NJ. Baruch, scarce past two score
Of years, has millions Of his own-enough
millions to give him the Independent pow
err which Wall street comes suddenly to
recognize and bow before in so far as
price movements upon the stock exchange
are involved. In this weeks market
volume 1t is even estimated by brokers
operations have surpassed those of most
Of all the rest Of the professional traders
put together.
Mr.. Baruch's transactions last week, SO
far as they can be judged specifically,
have been chiefly upon the bear side. Some
of the wise commentators are sure that
this portends bad things for the market
But Mr.. Baruch himself doesn't talk that
Way-to those with whom he Is intimate
He is quite the interesting figure that all
the fatterers announce, but with all his
activity, with all the influence of his
dashing raids. he isn't bigger than bust
ness conditions-and this is precisely the
way he himself states 1t.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1912-02-25
Large Sales Of Bonds.

In the stock exchange district the one
bright spot is the bond market. The big.
private banking houses report large sales
to investors who until recently have kept
out Of the market. Europe has been a
buyer of railway issues upon a large
scale, while some Of the chief financial
institutions OF our own country, notably
the insurance companies, have been TAX
made since the Hughes insurance in
vestigation time. 1t Is notable. moreover.
that reports are agreeing that banks
throughout the country have been buyers
upon q large scale. some OF the interior
gage bonds. but short time notes .ex-
tenSively.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1912-02-25
Passing the Word Along.

Hundreds of ambitious enterprises are
brought into the street ever year and
turned down because they do not ap-
peal to those who have money of their
own TO invest and who are intrusted
with the investment of the money of
other people. The propositions do not
come up to requirements or the men be-
hind them fall short in some particular
Where an investigation into the merits
of a project has been made and the re-
suit in unfavorable the whole street
finds 1t out. 1t is as though the paying
teller of a bank had run across a doubt
full bill in going over a package of thou
sands. Something in the touch would
make him lay ii to one side. 1t is so
with an enterprise presented in Wall
street that does not come up to require
ments. There is a something about it
that arouses suspicion. and il it cannot
meet with approval the first time 1t is
submitted, the chances are against It's
adoption without modification or correc-
ton where weakness has been shown.
There Is no conspiracy or money trust
I'm such blacklisting. 1t is usually mere
~ matter of diffusion of confidential
information among those who have a
keen sense of news and the training TO
know what to do with 1t when they
get IT.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1912-02-25
CHICAGO STOCKS.

American Can common. I1s;: do. prefer
red. 92A; Illinois Brick, 50; Swift & Co.,
1021a: Chicago Elevated Railway prefer
red, a@; Chicago Railways series z. .S41si
Peoples Gas, 106
Evening star. [volume] (Washington, D.C.) 1854-1972, 1912-02-25
Iron and Steel Industry.

Representatives Of the iron and steel
industry are working themselves into a
frame of mind to do something for their
better protection. The mills of the coun-
try are doing the largest aggregate bust
ness on record. yet the enormous volume
OF production Is yielding thin profits. The
producing capacity has not yet been
grown up to. and will not be for a good
while, yet the manufacturers feel that
they ought to be a getting better net
returns on what they are producing.
The steel trust was making as high rs
sI6 per ton net at one time. 1t is now
Evening star. [volume] (Washington, D.C.) 1854-1972, 1912-02-25
NEW ORLEANS.

NEW ORLEANS, FeDruary 24.-Cotton
futures opened steady at decline of /
to points on poor cables. The market
closed steady at net advance of to
points. Immediately after the call some
selling orders came in because of pessi-
mistic reports concerning the labor stu
very unfayorable. This supported the
new crop months and finally gave the
whole list better feeling.
Toward the middle of the morning re-
assuring cablegrams We're received from
England. This and the forecast Of more
rain In the cotton belt over Sunday en-
couraged buying for long account and
caused general covering movement
among shorts.
Spot cotton-Steady, unchanged: mid
ding, 10 7-16: sales on the spot, 1.7OO
bales: to arrive, 800 February. 1850.
March. 1851: May. 1854: July. 1860;
August. 1854; September, 1850; October,
1O.47; December, 1850.
In spite of the fact that this was a
much broken up week in the cotton mar
ket, due to the two holidays, and that no
great volume Of business was done. prices
held very steady and closed at an ad-
vance OF IA to ID points over last weeks
final prices. Toward the end of the weel,
the market was much of q puzzle. even
to professional traders.
The threatened coal strike in ENGLAND
was one Of the main bearish influences of
the week. but bears were unable to use ii
to much advantage, and at no time did
they put prices under last weeks close.
At the lowest the trading months were
still 3 to 5 points over last weeks close;
at the highest they were % to % points
over that level The range Of prices was
only 10 to % points.
Toward the last OF the week the wealth
er played an important part In the trad
ing. Wet weather was reported over the
larger part Of the cotton region, and
along with 1t came complaints Of serious
delay to farm work. The new crop
months particularly were STRENGTHENED
by this news. At no time were the bulls
aggressive and on several occasions they
were credited with having taken profits
in rather large way.
The spot market was quiet but closed
at a net advance of 1-16 Of q cent q
pound. middling being quoted at 10 7-16,
against lOS last week and IA 7-16 this
week last year. Sales on the spot amount
ed to 8, 100 bales. against 7,S4O last week
and 6S6 this week last year; sales to ar
rive amounted to Abs bales, against
Alta last week and 1885 this week last
year.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1912-02-25
Alleged Money Trust.

Another thing which tends to soothe the
nerves Of the finanGers in Wall street
was the refusal of the House to engage
In wild raid on the money trust. Not
that there is much danger Of uncovering
anything tangible as result of any such
raid. but Wall street is extremely sensi-
tive to unnecessary spotlight notoriety
just at this juncture 1t Is not usually
modest and rather encourages publicity.
but there Is such a thing as getting too
much Of the desirable. Even Wall street,
gluttonous appetite for attentions is sur
feited. The practical operation of the
alleged money trust would in all prOba-
bility be found to be entirely within the
Jaw and to consist merely in passing the
word along the line that certain enter
prises and certain individuals are unsafe
and undesirable. and that prudence de-
mands their avoidance. Certain great
banking interests or certain persons of
standing and influence decide to turn
down enterprises that do not fill the re-
quirements or that may not be consid-
cred well managed. knowledge of this
decision spreads among the big men of
the financial world, and others follow the
lead of those who made the original in
vestigation and reached the unfayorable
decision. Candidates for money and favor
who are thus turned down, conclude that
they are the victims of a conspiracy
whereas it is case of the lending COM
1nunity of hundreds or thousands of men
acting on the Judgment of leaders of
acknowledged sagacity and experience
Such a result is unfortunate for the vic
Tins, but there is no law which can com
pei capital to go where it doesn't want to
or to refrain from following the lead of
the kings of finance, i'll whose Judgment
it has learned to repose confidence Men
come into the stock market in whom the
gambling instinct predominates: they are
rich and reckless and become disturbing
factors ndersirables." NATURALLY, theil.
credit is not of the highest. and when
their quick collateral runs thin, they are
liable to extingushment. When the tide
goes against them, they go broke, or re-
tire cripples. The history of Wall street
is full of such cases, especially during the
last ten years.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1912-02-25
WEEKS RANGEOF PRICES
Corrected to the Close of Business February "a at
the New York Stock Exchange.
Railway and Miscellaneous Shares

following
and
Evening star. [volume] (Washington, D.C.) 1854-1972, 1912-02-25
No Revision the Tip.

In one sense the inspired news from
Washington for the last few days has
been rather quieting. 1t has been to the
effect that there will positively be no
tariff revision by this Congress: that the
President has made up his mind definitely
to veto any bills which may be put up to
him having democratic origin. The re-
ports are fiat-fOoted that the administra-
ton has decided that nothing will do but
scientific revision kind of revision
that cannot be born in the lower house of
Congress while the democrats are in con-
troll. Only the brand springing from Mr..
Taft's personally appointed tariff COM
mission can fill the bill. If these reports
be true. and they come in such a way
that Wall street believes In their accur-
acy and authorization, then it would APP
time in doing anything else beyond pass
ing appropriation bills and attending to
the necessary routine legislation for
carrying on the machinery of the govern
ment. The tenor of Washington advices
gives the people in the financial district
hope that Congress may realize the in
evitable and go home before the meeting
of the conventions in June. 1t must be
confessed, however, that those expert
enced in Washington ways, and who are
in a position to make safest predictions,
do not encourage the theory of an early
adjournment. Congresses have fallen into
the habit of returning to the seat of gov
eminent after national conventions in
order to play q little politics.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1912-02-25
Money to Loan.

Secured by First Deed Of Trust On Real Estate.
Prevailing Interest and commission. n;
Joseph 1. Weller, Coz F St. NV.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1912-02-25
Business Reports Encouraging.

While security quotations have weak
ened. business reports from all over the
country are encouraging Nowhere is
unsettlement registered. Normal condi-
lions seem generally ruling. There is
no boom anywhere-neither is there
disturbance or discomfort in any quar-
ter. Business affairs generally are
about on an even keel This isn't any,
thing to worry over-this is something
to be content with. even to be proud of
for according to most Of the self
anointed prophets 1919 was going to
start in trouble and drift continuously
into worse and worse. The truth is that
|times-not hurrah times-but times that
are good enough to yield satisfactory
profits to those who are sanely using
their capital. 1t isn't buoyant specula-
tive year. It's an old-fashioned dividend
year. The difference betwixt the two
is a difference worth while-a difference
wholly upon the side that is agreeable.
In conversation a couple Of days ago
with one of the most important manu-
facturers in the east-one who is at
the head of great New England COM
mercial enterprise was told this:
I'VE are on full time at all Of our fac
tories: at few We are obliged to run
overtime. We are obtaining prices estab-
iished two or three years ago as salts
factory. Our profits are substantial. We
have actually no grievance against any
thing. either against trade conditions or
political situations. We have factories in
three of the New England states. and
at every one of them our employees are
satisfied. In fact, though we hear of
labor difficulties in prospect we know of
none now existing. for what is true in
our own business seems to be true gen.
orally of the business Of our neighbOrs.
And as veteran manufacturer. one who
has had two score of years of intimate
experience, I realize that it is never pos
sible to have q surer index of whether we
have good times and can expect to have
future good times than is indicated by
the labor attitude. Unfortunate Difficult
ties have developed in some of the cotton
mill towns, but that situation is excep-
tiOnal-what Is true of the general in
dustrial situation not only in New Eng
land but throughout the Atlantic states
generally is agreeable both to capital
and to labor"
but I ventured. "Wan street pro-
fesses mono the less to be worried over
labor difficulties. either now here or
ahead"
We'll" came the unsympathetic re-
Spouse. wall street is the only place
in this world that has ever thought the
easiest way to make q cent was by
playing the Blamed fool"