davidaulloa/AmericanStories huggingface dataset:
Evening star. [volume] (Washington, D.C.) 1854-1972, 1913-02-16
NEW YORK BANKS.

NEW YORK. February 15.-The state
ment Of the actual condition of clearing
house banks and trust companies for the
week Give days. shows that they hold
So 946 900 In reserve in excess Of legal re-
quirements. This is an increase of $685.
$50 from last week. The statement fol-
lows:
Actual condition-Loans, $1.996, 1913 600;
decrease, 81, 39OOO
Specie, $343, 693, 600: decrease. $4,000
Legal tenders. So, 265 900; increase, s313,-
OOO
$4,000.
Circulation. SAG, $50, 600; decrease, SOL, 600
Banks cash reserve in vault, $685. 1S4,
Trust companies cash reserve in vault
$67,774,OOO.
Aggregate cash reserve, s425,s5s.Oo0.
Excess lawful reserve, sS.946,9O0; in
crease. $689,550.
Trust companies reserve. with clear
ing house members carrying rs per cent
cash reserve, $52.113.000.
Summary Of state banks and trust
companies in Greater New York not in
cluded in clearing house statement:
Loans. $575,20S.000; increase, $10,509,-
400.
Specie, s63.127,20o; increase, s1,639.soo
Legal tenders. s7.soo,soo; increase.
Total deposits. ses4,4ss. 100; increase,
Money on call nominal; no. loans.
Time loans strong: sixty days. Az as
per cent. and ninety days, 4Aa5; six
months, 4Aa5.
Prime mercantile paper. per cent.
Sterling exchange steady. with actual
business in bankers bills at 1925 for
sixty-day bills and at 1875 for de-
mand. Commercial bills, 1921. Bar
silver CPS. Mexican dollars. 481s
Government bonds firm. Railroad bonds
irregular.
The Financier says today:
IAN explanation for the hardening rates
in the money market is afforded by the
weekly statement of the New York clear
ing house banks as made February 10.
Using the weekly statement as a basis,
the banks decreased their cash holdings
by $6O1. 900. The loss in cash was rather
less than anticipated. but the statement
Of the trust companies made independent
ly Of the clearing house exhibit indicated
that the trust institutions are strengthen
ing their cash position the gain in that
item for the week having been approx
mately $3.JOOOOO. The decrease in cash
by the banks was rather more than
counteracted by the shrinkage In deposits
and the result was that cash reserves
rose $3.50. $50. making the present excess
above the % per cent minimum, sS.946,
800"
Evening star. [volume] (Washington, D.C.) 1854-1972, 1913-02-16
NEW ORLEANS.

NEW ORLEANS, February 15.-Cotton
futures opened steady at a decline of to
10 points on sensationally poor cables,
which private advices said were due to
heavy selling by spot houses. The close
was steady at a net decline Of is to %
points. There was a decided tendency in
the local market to take profits on the
part Of shorts after the call, and this
bring about a reduction from the initial
line in the early trading. The weather
over the belt was also called bearish.
The market became very active around
the middle of the morning and selling be-
came general Weak longs let go. Much
bearish comment was caused by the small
mill takings this week, and this feature
appeared to be the real basis for the ag-
gressiveness of bearish traders. But for
the buying of covers by satisfied shorts
the market would have had little support,
as buying for long account did not last
very long after the opening.
The week in the cotton market closed
at a net decline Of "a to q points. The
lowest price of the week was reached on
the closing session as the result of heavy
and world wide selling, which was ap-
parently based on the small mill taktngs
for the week-319,OOO bales, against 40.
600 this week last year. according to
HeSter-mOre than on anything else. The
range of prices was Al to Al points.
The Saturday session was the most
active Of the entire week. Much bearish
sentiment was on display at all times.
but the short side didn't receive much
encouragement until after the weekly
statistics were posted. Then the small
takings had much effect. Hester made
takings thus far $4,000 bales. against
g. Do, 900 a year ago.
In the early part of the week reports
Of an improved spot demand kept the
market steady and put prices over last
weeks closing level. Too much rain over
the cotton region was also bullish fac
tor in the situation. Bullish endeavor
was hampered by the fighting In different
parts of the world and by the pesslmistic
tone I'm the markets for securities. The
SPOT market closed with no net change.
middIing being quoted Il 9-16 at Il 9-16
last week and loss this week last year.
Sales on the spot amounted to 400! pales
against 3o3O last week and 7,S40 this
week last year; sales to arrive amounted
to 1,O36 bales. against $50 last week and
27l4 this week last year.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1913-02-16
Natural Coke and Graphite.
From the Scientific American.

From the ScfentiHc Amerfcan.
Coke is made in nature as we'll as IN
brick ovens. When hot volcanic material
comes into contact with coal bed under
the proper conditions 1t makes very good
coke indeed although not In sufficiently
large deposits to be commercially valu-
able. Such natural coke is often found
by the geologist or the prospector.
Graphite is also manufactured out OF
coal by volcanic heating. and in this case
the product Is commercially important.
Graphite Is nearly pure carbon. In geo
logic examinations of the deposits OF tho
Ration coal fields in New Mexico Geolo-
gist Lee found some excellent examples
where coal had been metamorphosed
into graphite by comparatively recent In
trusions Of hot volcanic rock. the combus-
ton of the coal being prevented by the
absence OF air. Man is now manufacture
ing graphite as well as coke out of coal
Evening star. [volume] (Washington, D.C.) 1854-1972, 1913-02-16
COTTON MARKETS.
NEW YORK.

NEW YORK, February 15-Today's
cotton market was nervous and unset
tied owing to continued rea izing or liqui-
dation and mole aggressive selling by
local or southern bears. The close easy. at
net decline Of Is to % points.
The market opened barely steady, at a
decline Of 10 to IL points in response to
lower cables than expected Offerings
were comparatively heavy, but they were
well absorbed at the start, and prices
rallied or points from the lowest on
covering Of shorts for over the week end
and support from leading trade interests.
This buying seemed to be limited. how
ever and as soon as the demand from
realizing shorts became less active prices
developed renewed weakness under con-
tinued selling for both accounts. AS the
market worked off a number Of stop or
ders were uncovered, and there was a
very sharp break In the late trading on
rumors that the spot situation was be-
coming easier and predictions that the
lquidating movement would extend from
futures to the southern markets for ac-
tual Closing prices were at practically
the lowest Of the day.
Some of the bigger speculative longs
We're supposed to be among the heaviest
sellers both yesterday and again today,
and there was considerable selling here
through houses with southern connec-
that holders Of small lots of spot cotton
who had been demanding higher prices
had given their brokers orders to sell al
the market this morning, and this may
have Increased the bearishness of local
sentiment to some extent. The Mexican
news was considered more favorable, but
there appeared to be no improvement in
the Balkan situation. and private cables
from Liverpool reported heavy CONT
mental selling in that market as well as
of slack demand. Weekly reviews of
the dry goods trade were considered en-
couraging, particularly with reference to
business among the western distributors.
and the early trade buying here was ac-
companied by reports that spinners were
becoming interested in the market around
111s cents for October contracts.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1913-02-16

those who have money to invest in small
or moderate amounts and whose first
thought is income and security as we'll
are turning in numbers to dividend pay
ing stocks that will yield them per cent
or per cent on their money.
The spirit of the masses of people has
been to save money and the accumulation
of this kind of capital has been enormous
in the aggregate Its owners do not take
kindly to the savings banks or the vari-
Gus kinds of associations framed to look
after the interests of the common peo-
ple.' This buying has been the back
bone of the stock market. Without 1t
there would no doubt have been glut OF
securities and very much lower prices.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1913-02-16
MARKET UNDER FIRE
Reforms for Stock Exchange
Now Seem Certain.
PUBLIC LONG ITS VICTIM
Moral Guilt for Securities in Which
Values Are Doubtful.
MEXICO DISTURBING FACTOR
Wall Street Fears American Prestige
May Be Seriously Undermined
as Result of Disorders.
PUBLIC LONG ITS VICTIM
MEXICO DISTURBING FACTOR
BY w. G. NICHOLAS.

NEW YORK, February 1J.-Never since
the day it was born has the stock ex-
change been in a state of greater turmoil.
1t is being dragged over the Goals and
bludgeoned by merciless enemies and
critics and is in fair way to get what
is coming to it-a delayed and much-mer-
tied course of discipline. 1t has been
guilty of many sins and misdemeanors
and until now has paid lofty disregard
to attack and criticism
1t has been a law unto itself and has
arrogantly assumed to hold the position
of being above and beyond the laws gov
erning the rest of mankind. 1t has been
deaf, dumb and blind to every suggestion
of reform in it's methods and of a
changed attitude toward the public. 1t
Is having a great awakening and is I'M
der the harrow as never before.
The greatest abuse of the public by the
exchange has been touched upon SO lar
very lightly, but it is one of the things
which will be used with deadly effect be-
fore the agitation is over. 1t is the per-
sistent recklessness of the exchange au-
and thereby giving them the moral stand
ing of open Endorsement and support. So
long as security promises to be active
and fruitful of big commissions. the ques-
ton of it's merit receives scant consldera-
ton, or none at ALL The exchange has
never acknowledged the slightest respon-
sibility to the public for securities tnat
have gained it's approval to the extent OF
being traded in on the floor.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1913-02-16
Navy Yard "Scrap Expert"
From the Brooklyn Eagle


The decision Of the Navy Department To
appoint for each navy yard one scrap
expert" who Will devote himself exclu-
sively to looking over all waste. espe-
cially the metal scrap waste. with a view
to saving all that is OF value, may have
depressing effect on the business OF
some Brooklyn junk dealers. Yet II is a
decision that ought to have been arrived
at many years ago I'm the interests OF
economy.
In such a vast plant as the Brooklyn
navy yard the little carelessnesses mount
up to q very large annual expense. The
metal waste is of value to somebody, or
Il would not be- sold. That II is of moro
value to the government than what is
got for il as waste is q reasonable prop
osition, since those who buy IL sell u at
n profit Uncle Sam has better facilities
than individuals for making use of re-
melted metal
The 'scrap expert will have no sine
cure. If he does his duty he will be worth
his wages every yeaI
Evening star. [volume] (Washington, D.C.) 1854-1972, 1913-02-16

cent times has been conservative even to
extremes. Manufacturers have restricted
output almost to advance orders. Mer-
chants have preferred half-flled shelves.
The ordinory citizen has pursued the
theory of John W. Gates, that last years
coat is more comfortable than tight
new one. and that to break in pair OF
shoes is really no work for patriot.
OF course there Is basis for the Ia
ment that more people have automobiles
than used to possess them Some folks
have babies, too, that didn't have them
in their grandfather's time.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1913-02-16
CATTLE MARKETS,
CHICAGO.

CHICAGO, February 15-Cattle-Re-
ceipts, 100 head; steady: beeves, 65a
s.lo; Iexas steers. 5.OOa5.S5: stockers and
1eeuers. 4.'oa %; cows and heifers, 3.1Oa
100; calves, 675a1O25.
HogSReceipts. 11,OOO head; firm: light.
oWao.5o; mixed, S.OOaS35: heavy. S5a
S,oV, rough, 7.S5aS.OO; pigs, 6.5OaS. 10 ;
.sheefoReceipts. 100 head; steady: ma
tive muttons, 5.OOa6 so: vearlines g *.
500; native lambs O0aa 10 100
Evening star. [volume] (Washington, D.C.) 1854-1972, 1913-02-16
CONDITION OF TREASURY.

The condition of the United States Treas
ury at the beginning Of business yester-
day was:
Working balance, $74, so. 72S; in banks
Of general fund, $147. 731 .049. Receipts
yesterday, $2,263, 21S; disbursements, s., :
S92. OFT. The surplus this fiscal year Is
1881, 7S4. as against deficit of $25.s $685.
446 last year. The figures for receipts.
disbursements, etc, exclude Panama
|canal and public debt transactions.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1913-02-16
FALLS OFF TO 118
Prospect of Treasury Stock Issue in
Part Responsible.
TROUBLES IN MEXICO FELT
Uncertainty in Situation Depress-
ing Infuence-Copper Is
sues Are Strong.

NEW YORK, February 15.-Railroad
stocks sold off sharply in the last five
minutes OF trading today, after it was
made known that representatives on the
eastern roads had rejected arbitration on
the terms proposed by railway managers.
Previous to this time the movement had
been narrow and unimportant, with a
heavy tone at intervals.
Lack Of definite information from Mex
leo and concerning the prospects for a
strike of firemen had restricted specu-
lation to small proportions. There was
no pronounced selling pressure until the
final drive, and as bear operators seemed
in no haste to cover, the market was
di
Evening star. [volume] (Washington, D.C.) 1854-1972, 1913-02-16
DRY GOODS MARKET.

NEW YORK. February 15.-Cotton
goods trading is Of moderate volume.
with prices holding generally steady. job
bers are doing a good business for the
season. Underwear and hosiery markets
are firm. Yarns are easy.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1913-02-16
Pennsylvania Weak.

Pennsylvania was one of the conspicu-
ousIy weak issues. selling down to 11S.
the lowest since 1905. 1T was Influenced
not only by fears Of d strike, but by the
reiteration of unconfirIned reports which
have been circulated recently to the eff
feet that a large block of the road S
treasury stock will be sold. The tota.
unissued capital stock which is free to
be offered to stockholders is $50. $4,000.
Although it was reported that leadins
selling interests had fixed their price Of
refined copper for future deliveries at 10
cents, the copper stocks did not reflect
the weakness Of the metal market. They
showed strength at times, owing pre-
sumo b1y to covering.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1913-02-16
Improved Bank Statement.

No pronounced changes in the money
situation were indicated by the bank
statement, which was a marked improve
ment over last week. The actual table
showed only a nominal cash loss of 5000.
co., and there was a small gain In ex-
cess reserves.
The weekly trade reviews were fairly
optimistic. Despite cross currents in
trade and disquieting events in various
parts of the world, it was asserted that
conservative expansion Of business con-
tinueS.
The bond market was irregular. Total
sales, par value $964,OO
United States As coupon advanced u
and Panama IS declined Is on call on
the week.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1913-02-16
No Foreign Capital Here.

This phase of the situation has impor-
lance beyond whether American securi-
ties held abroad will have to be liqui-
dated. poured back into our own mar
ket for absorption and support. 1t at
least makes it undoubtedly certain that
for many day to come there is going to
be-can be-no new investment of Euro
pean capital here.
This signifies beyond any passing stocn
market element or huctuation: it has tc
do with the chiefest feature of OUT parI
in international finance-withdraws, can
even cancel and for the time forbid what
has come to be regarded as intrinsically
of the greatest moment to our corpora
tions-the availability of foreign capital
whenever we have a new security issue
TO finance, for 1t is in these later days a
fashion that has seemed to become even
an essential TO locate new issues, tenn
porarily at least, in the hands of ''partici-
pating" banking interests abroad For
eign capital will not this season be SO
readily commanded Europes own prob
lens bristle with acute dangers-not re-
mote, but right at hand and so actual
as to demand concentrated watchfuiness.
with readiness to face crises beyond conn.,
parison with aught known since Bis
marck's day. Upon the surface Balkan
Turkish peace is being acclaimed; but
they who are familiar with the cunning
of the chancellories know better than i'm
plicitly to trust news that is officially
issued.
Otto Kahn Operating head of Kuhn.
Loeb & Coz, returning this week from
Eng land. gives a terse hint The Balkan
trouble disconcerts financial Europe. be-
numbs it, would be description none too
strong.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1913-02-16

ceipts at primary points were liberal and
rain had visited the Punjaub.
Despite alleged scarcity Of forage south
west corn eased Off with wheat. and be-
cause Of limited shipping demand more
than 5000 cars Of corn were reported as
being held back from elevators here by
a blockade on the belt line. Selected in
vestors lifted oats trife, but subsequent
ly the market was slow to absorb the Of
ferings.
Provisions averaged higher throughout
the day. Most of the impetus came from
an advance at the yards.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1913-02-16
WEEKS RANGE OF PRICES
Corrected to the Close of Business February - at
the New York Stock Exchange

highest and olng Esshange
given for the year l9l- ana Tue "
Evening star. [volume] (Washington, D.C.) 1854-1972, 1913-02-16
Vital to Wall Street.

MeXico's imposition upon the United
States can hardly long be put aside as
negligible in Wall street-for however our
national political course may shape there
has already eventuated financial situa-
ton capable of most harassing sequels.
IT is glibly recited that much American
capital is variously invested in Mexico
and requires protection, which. of course,
at some time in some way Is sure to be
afforded. But more immediate in chal-
longing attention-and action-is the fact
that vast proportion of these imperiled
investments are in Mexico under the
sponsorship of American banks. They
are not loans subject to call They can
not be Cancelled or withdrawn at option
here. At no time till now has there been
any apprehension that the majority of
loans for Mexican interests (whether
established or in course of Development
were extra hazardous. OF sudden sthey
have been rushed precisely into that cate
cory. And for oracles in Wall street to
pooh-pooh status like this is foolish
and worse.
IN our home business situation there is
no provocation TO worry The great crops
that have been marketed, the factories
running overtime the merchants who re-
port improved trade-these commercial
fundamentals are reflected and cert fled
In the earnings which the railroads show,
for while We are bomba rded continually
by corporation managers who cutlery that
there mus be higher traffic rates or ruin
ensue. the official figures that go upon
record month after month afford ample
refutinS reply, for ruin is not spelled by
railway income where gross totals in
crease in virtual uniformity, with net per-
centages showing better still. One thing
the matter with the corporation is seri-
Gus euouSh-too many SeCurity-isSung
boards of directors seem to adopt the
view once succinctly stated by Calvin S.
Brice, that railroads were not built to
carry freight but to carry bonds
Evening star. [volume] (Washington, D.C.) 1854-1972, 1913-02-16
NEW YORK.

NEW YORK. February 15-Beeves-
receipts. lo5O head; steady: dressed
sides; Texas beef, 9a1Oh.
Calves,Receipts. u head: steady: good
veals sold 1880 per 100 pounds: culls
$50; city-dressed veals. firm at 15a19
country-dressed do, 11a1S
sheep and lambs-Receipts. 953 head
steady; sheep. 4.5Oa6.OO: culls, 8OOa4 IS
lambs. S.OOa9.60: culls. 6.5Oa7. 80.
Hogs-Receipts. 1880 head: weak to q
shade lower. All weights sold at 50.
KANSAS CITY.
KANSAS CITY, February 15.-Cattle-
Receipts. 500 head. including 600 south
ems; steady; native steers. 7OOaS rs
southern steers, 6.OOa7 90; southern cows
and heifers. 4O0a6.5O; bulls, 5.25a6 so
calves, 65Oa1OOO.
Sheep-Receipts. 700 head; steady: NUT
tons. 4.50a8.25: Colorado lambs, SOFAS 20
range wethers and yearlings, 5.25a7 60
range ewes, 3.5Oa5.75.
Hogs-Receipts. 1000 head; steady
bulk, 7.95aS.05; heavy. 7.9OaS.OO: packer.
and butchers, 7.95aS.05; light, 7.85aS.O5
pigs, 6.75a725
Evening star. [volume] (Washington, D.C.) 1854-1972, 1913-02-16
Great Flood of Securities.

Tens OF millions of new stocks and
bonds roll into Wall street monthIy-a
hundred millions a month was last years
record. These fresh issues are intended
for the investing public. and eventually
those that solid will find stronghold
resting places. But at the start they do
not get beyond banking institutions and
underwriting syndicates. Today's volume
OF such undigested stuff is beyond COM
putation.
1t is not that our financiers are UNEQUAL
10 the task of caring for these raw Sc
curity aValanches; they are strong
enough, and skillful enough But they
are not themselves Intentionally perman-
cnt investors; they make money by turn
ing over money. And, at least, il can be
appreciated how jus; now they are not en-
Courag1nS expansion, may even be ex-
Cused for a disposition to check il
Ado is made over legislative plans to
discipline and curb the stock exchange
II is treated in the talk of the statesmen
as II II were a band of bandits, and the
outside public can scarcely be expected
10 fall in love with the idea that every
thing is going to be lovely again because
brokers are in handouts. For the stock
exchange the rumpuS is unfortunate.
largely by reason. however, of its own
petty struts and pretenses of superiority.
There is no place in the world where "A
BUSY man can make wages so big and at
risk so scant by the use OF so little brains
and EFFORT. Pomposity commits suicide or
Is attempting IL, anyhow, in good earnest
fashion
Evening star. [volume] (Washington, D.C.) 1854-1972, 1913-02-16
Speculation Not Ended.

Ii is curious mind. however, that con-
ciudes that speculation in securities is
out OF fashion forever. Wall street has
had just such seasons before. Talk of
hay crops in the streets round about the
stock exchange has been a typical Jest
every dozen years since brokerage be-
gan.
Especially is there foolshness in recita-
lions that recall what happened around
1S3-wIen panic times and a changed ma
tional administration arrived The rail-
roads OF America were broke then. try
ing to hide II. The railroads are prosper
Gus today. and trying to hide II. We
were at the end OF a giant speculative era
then: now we look back over years of per-
sistent economy. Some orators are pro-
claiming that the public is living too we'll,
squandering too much. Ascertainabe
facts refute the representations. The
whole policy OF business America in re-