davidaulloa/AmericanStories huggingface dataset:
The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-10-04
GOSSIP OF WALL STREET.
The Crux Of the sItuntIon.

Whenever the question OF resuming
business in the securities market IL
NruuEht uD the most acute problem that
presents Itself Is the situation as regards
bonds held as collateral for loans I'M
I'll some way Is found Of preventing a
wholesale calling OF such loans there can
be no serious talk of reopenIng the ex-
change \ return to the conditions In
the Investment market that prevailed
prior to July 30 would solve the prob.
lem hut that is not to be looked for The
European war has brought now price
Tor capital aud securities will not sell
at the prices they did when capital WAS
more abundant. Sumo depreciation i'm
prices even OF the best securities must bc
expected as long as money rates re-
mann Whcre they are. But this does not
mean that the situation Is homeless II
~ rather an abnormal one and must be
met in an abnormal manner After. al
Iowanco Is made for the higher price of
capital nigh grade securities must not
hr permitted to fail below an actual fair
value becaus" Of abnormal causes on
th' contrary they must he supported One
way 10 do this would Ice for the banks to
suspend the usual margin requirements
on loans on the best bonds This could
ne done under the supervision OF spe-
'lai committee of public safety composed
or one or two Of our biggest mon This
would not be as dangerous a proceeding
as might appear The banks would sim
ply refrain from calling or demanding tho
remhiglning Of loans on high grade So
'ufitIes. Before the war good bonds were
accepted as collateral for loans on a mar
gin OF 20 per cent. The margin consti-
'uted reserve to be drawn upon in case
OF emergency Ike the present Now. A.
ter everything unfavorable that could has
happened, margin of say per cent is
quite as good protection for the bank ns
was margin of 90 per cent. two months
ago There Is. therefore. no reason why
we should not begin to work on that basis
a strict adherence to the customs OF or
d'n'ry times just because they arc Gus
toms does not h,,p things. or cours,
~ is not suggested that this ro,ov,tior
should extend to more than the standard
bonds '''
The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-10-04
London Proposni,.

IN London also the authorities are busy
ueNSlhi possible ways and means for a
resumption OF business Tho Economist
says 'Ncgotiations are going on between
the treasury and the Stock Exchange
ana banking circles for the evolution of
some scheme whereby credit can be helped
sun further on to its legs. but 80 FAR
no satisfactory conclusion has been ar
rived ai. The proposal cnunclated here
fortnight ago to the erect that bank
ors should permit loans to stand az at the
end NJ July, with its necessary corollarv
or the carry over account also running
Tor some fixed duration OF time. has been
the basis " the pourparlers \ certain
section favors the idea that loans should
be renewed under some kind Of Govern
mont guarantee. provided that extra mar
gins are furnished in the shape OF cash
ur approved securities. Il is suggested
that the borrowers should put up FUR
Their per cent. margin on ConsolS. -,
per cent. on Colouials and - per cent.
on everything else. with time limit for
these loans at Ia" lengthy period OF three
years as n maximum The big lenders
naturally rotort TO this that II would
ho casonabi" to expect them 10 keep
their money locked mp over any eNtcudcl
per!od Of time. Since. however.
II is thcs" big lenders who stand 20
lose most by any step that might pre-
ripitate iudiscrim nate liquidation II IA
rs much tn their interest MS 10 that OF
any other class OF the community IA
maintain credit even AT some sacrifice 10
themselves
The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-10-04
BUSINESS IN COTTON
GOODS IMPROVING
Demand for Blankets and Heavy
Fabrics Is on a Record
Scale.
NEW ECONOMIC PROBLEM

Trade reports at tho end OF tho week
from both foreign and domestic quarters
were sufficiently optimistic TO afford
moderate degree of encouragement. and
for this reason. largely, there was more
optimism IN cotton circles yesterday re-
gar1ng the outlook. The overflow Of
textile business from Great Britain and
France alone has furnished some very
heavy orders for American cotton manu-
facturers Cotton blankets for use In
tho winter campaign now coming have
been ordered by hundreds OF thousands
and arc being shipped as rapidly as pos
siblc. Business In certain classes OF cot
ton ducks has been on "A large scale ow-
ing to the tremendous destruction Of tents,
tarpoullns and other camp equipment.
Moreover Tie bagRing manufacturers
who use a. great deal OF cotton In turning
out their product have been operating on
fun time schedule in order to meet the
requirements of customers. The practical
suspension of juto shipments from India
has forced all consumers OF bagging to
turn to cotton boggiug. nnd the result
has been that manufacturers have turned
their machinery into new lines in certain
instances In order to meet the demands
OF a trade that has been monopolized by
burldps. 1t Is estimated that the increased
call for heavy fabrics for bagging pur-
poses VIII mean d consumption OF at least
100000 bales of cotton where jute for
merry WAS used.
The local trade is somewhat surprised
tn learn the cotton mills OF Lille, Rou-
baiN, 81 Die, Muelhausen and other tex
tile districts ia the heart of the war
zone have been operating with only mod
crate interruption. German spinners have
been fairly busy, ana as result Of the
Increasing scarcity OF raw material mid
ding cotton in Bremen mas sold as high
as 10 and IL cents. American manu-.
facturers OF staple LINES OF cotton goods
are only moderately busy. They have
suffered enormous losses owing to the fact
that many OF them were supplied with
cotton bought at high prices and have
been forced to sell goods on the basis
or close 20 the naslS-Hof prices now pre-
Va.liug for cotton in tn" South. Tn
touh',dly American sr.uu,rs would be
free buyers around m. prosan M level II
81 We're not for the fact that their imam
cill plight is almost as serious as that
of the southern cotton grower, although
n is not calling forth the sympathetic
publicity that hns been elected by tn,
situation Of the producer.
The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-10-04

Mr. w llace's statement Yesterday wa
a. follows
The statement made that the commit
tee II which | am chairman was formed
hv or with the cooperation Of the Reid
Moore interests Is absolutely false and
there Is no warrant for such reckless
charge. The committee has acted who'll
IN the Interest," 81 the b'ndh1lders mo
the composition OF the committee ls 70
guarantee OF it's good faith.
"a few days before the attack Nj
I-ntermycr called upon me and expressed
his approval In principle Of the commit
tees plan for the distribution Of the
Rock Island stock to the houiholders
In that conversation he outlined his
scheme 10 form committee 10 represent
the stock when distributed, and ais
wished 10 impose some condition uron
the committee Of which I am chairman
declined 20 listen 10 his dictates anu
refused the invitation he then extended
me TO ioin his committee. His attack or
the committee followed,
"Tn regard 70 the alleged claim TO-
$500. oO0 growing out Of the sale Ct
the FIf-Cu stock. no request vs. evo'
made that tho Trust company should NJ
tempt is enforcement. and counsel od
yised that the result Of any action by T.
would have been II Impose uUucccss2f'
expense upon the bondh5ders, h'cau-'
before such action could have been De
termiued the pledged stock W MD hay
been sold at foreclosure sale and su"E
action would then fill, The claim II
valid. can be enforced by the purchase.
of the stock AZ the foreclosure sale"
The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-10-04
THE GRAIN MARKETS.
Foreign situation Keeps wheat
stronr-Coar.e Grain Higher.

The demand for wheat during yester-
days short session was persistent. Gains
Of close to cents were easily registered
because of the diminished offerings from
first hands and speculative interests.
Export business was not large, although
II was freely commended that further Inn
portant transactions would have been con
summated had quotations remained down.
Assertions were made that foreigners
bought 100000 bushels OF wheat In tho
past week This induced some fresh out
side buying. Local authorities adhered
to the view that there was eNaggeration
in the estimates of the export sales, not
withstanding the admission that there was
a great demand The advices from the
Northwest yesterday indicated that tnere
was also "A liberal amount OF -four being
sold abroad
Vague reports OF fresh victories for the
German army fired speculative sentiment.
Tho Liverpool market refused to follow
our decline Of Friday, which was lScw1ss
regarded as bullish. II Is gencraH
agreed that the French wheat crop next
sea son is TO be dangerously small and inn
portations abnormdlly heavy, not to men
ton the position OF Germany and tho
dual empire. A correction was made in
BrddStrccrs statement OF the weeks flour
and wheat exports the amount being
Increased by 100000 bushels 10 totll Of
0.0OO, 900 bushels. This was a record
showing
The farm movement has shown an nd.
dit.onal dimnutlon, yet the aggregate re.
Ccipts from day to day are large and an
Increase OF about 100000 bushels IN
Mondays visible supply showing is OK
! pcOted. Tho interior movement for the
week totali"d iG.7Gl 600 bushels against
16.S95,00) last week and $3.50, 900 year
ago. Shipments FOR the corresponding
/ period were S,G92 900 bushels. 9.7I2, OOC
and $500 900 bushels.
/ Corn.--A sharp recovery took place to-
/ day The advance was accelerated by the
( improved technical position Of the market
| Many operators have been selling short
on the weather. prospects Of bearish
Government report on October and on
the theory that the war abroad will not
| aid a bullSh movement on corn. Con,
sidcrhalo buying was In the nature OF
evening up Of contracts. There Wer,
prospects OF wet weather for tho belt
which, however. should not cause alarm
unless there are rains for several days.
Oats-The market was strong from III,
outset. feeling the influence OF the upwar'
trend of other grain Cash houses an,
shorts bought Mt frequent intervals som,
new outside demand was occas'oned 10y
the rumors Of continued export IN
Quiry. reduced farm movement neN
week IL expected.
1'roylsious--A very firm tone was mani
fest. due TO support from packing Interest,"
and from the short interests Efforts arr
still being made in some quarters to slim
ul1te speculative trade. Hog receipts ar
light. The list also felt the influence o
the strong grain markets.
ChiSggO priCegs
The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-10-04
CHEAP COPPER FAILS
TO TEMPT BUYERS
Manufacturers See Opportunity,
hut Still Take Metal
as Needed.
MORE MILL CURTAILMENT

There was a small demand for copper
metal during tho past week. Consumers
who have been guided in their PURCHASES
entirely by the amount OF orders on their
books for finished materials we're not
tempted by new prices. Manufacturers
admit the cheapness OF copper metal and
the probability that II win be q good In
vestment at ~ cents pound, but
they do not see their way clear at the
moment to buy beyond their actual re-
quirements
The outward movement OF copper con-
tlnued good, and aside from the interna-
tonal controversy relative 10 the seizure
OF American exports in neutral bottoms
and consigned to neutral ports the eN-
port end OF the industry presented the
most cheerful appearance.
In the prices for copper commodities
there has been downward revision 10
conform with lower metal quotations.
with a total Of l2,7lS,7G1 pounds OF
COPPER cleared through the port OF New
YORK. las. week registered tho second
heaviest tonnage reported for export since
the European war started. Two weeks
preceding there was cleared from tha'
port l3.45S,Sll pounds, which compares
faVorably with the average weekly snip
mcuts thus far tuiS year. Again Eng
land led in the total amount OF copper
taken, position taken carly IN August
with the cessation OF all shipments tc
Germany ard smaller constituents tc
Holland \ feature Of the past weeks
movement was the clearance Of 345b.4OC
pounds 90 Rotterdam. against 4.2+Nllt
pounds clearing for Liverpool Two
weeks befur, there was shipped for Rot
terdam 4.S29.650 pounds.
The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-10-04

The work Of the Wallace protective
committee In trying, 10 devise plan
Of REORGANIZATION has received the strong
approval Of thoughtful men in the fnan-
cial district as an EFFORT directed along
right lines to solve one Of the most in
,r!cate ard difficult problems a roorran'
cation committee ever has been called
upon 20 settle
\ plan was early proposed which WI
recognized by financial experts "a tho
most equitable 20 al parties concerned
that could he devised under the d.hiou.
conditions existing. Its drastic measures
whic, were partly responsible for the t7'-
urc T. obtain sufficient bondhold'rs' sur
port. We're recognized az necessary h'
uuproiuiiced financial men. Mr. Wallac'
and the members ~ IN" commit'o" have
been IN the fullest accord throughout ~"
Rock Island negotiations
The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-10-04
SPECIE EXPORTS AND IMPORTS.

The exports OF specie from the port OF
<eT York for the week ended October
were. silver, so25,O52, a total Of S925-
052. aFains, a total OF Sss9,b66 gold ana
silver-f1yt week and $6S2.946 IN the cor
responding week last year Since Janu-
AIRY l the exports Of gold amounted 10
Sl275qs9ls and silver, 1885. OGG,
against sGo.Tsl.3li gold and t37,4io,ifI
silver in the corresponding period last
year.
The imports OF specie al the port Of
New York for The week ended October
3 were: Gold, S279,4S6 and SNi129 sill
yer, making to,al of s3G7.2l5. against
a total OF SETTLES in the preceding week
ana SS2l,44i in the corresponding week
last year Since January !, Slilll.7S2,
against $2h70G0 65 in the corresponding
period last year
The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-10-04
CHANGES OF STOCK FIRMS.
New Partnership I'm Place of old
some Branches Closed.

Stock Exchange firms have discontinued
branch offices as follows H. Content q
Co. West End, y j.. Hornblower q
Weeks. Hartford, Conn. and Newport.
X l.. and Harvey Fisk g. Sons. Chicago
Carpenter d McClavc have opened a
branch office in the Ansonla Hotel
Harold Tappin has retired from tho
firm OF Duryea, Tappln & Co.
Announcement Is made OF tho dissolu-
tiou of the partnership Of Davies, Thowp-
sor 4 Co. and the formation OF new
partnership under the name OF Davies,
Thomas n co. The members are Fred
erick NJ Davies. James 4. Thomas and
Devices W. Dllworth. the latter being tho
board member
The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-10-04
Not Responsible for Debt.

IN the financial community, effort o.
the Rock Island hondholdcrs' minority
COMMITTEES TO fastcn upon MIR. wallace
and tho protective committee respond
hl!itv in the matter Of the debt OF 81
500 yp0 Of the Chicago, Rock Island and
Pacific Railroad Company TO the Rail
way Company fell fiat. The history OF
the debt and the way il was incurred arc
50 patent to all financial men that any
Implication that Mr. Wallace or Other
members OF the protective committee wer'
In any way connected with II Is regarded
as absurd.
Mr. Wallace IN his statement further
more presented the commonsense answer
20 the LAWYERS charge that the committee
waa derelct IN falling n bring action
to collect this money. by showing that "
would have been frutless 10 have done
anything else than walt for the Tore
closure suit to make the claim.
The charge made by tho lawyer IN,
the Wallace committee wluked at tn
alleged old Juggling" OF Rock Island az
fairs was thoroughly resented ny IN
financial community most closely In touch
with the Rock Island situation and most
capable OF Judging THE SuN here cor
reefs a misstatement In its publication NJ
the court action, printed on Saturday
wherein q headline read that the lawyor
accused Mr. Wallace Of Juggling" "
statement ~ this kind was made ny the
! lawyer.
The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-10-04
FRANKLIN TRUST BRANCH HERE.
Institution VIII Have OHiccs In
Bank Of America Building.

The Franklin Trust COMPANY Of Brook
Ign will open New York offices at - wall
street. I'm the Bank OF American Building.
The offices Of the new branch mr." 10 bc
located on the ground floor OF the build
t1g and viii be provided with every modern
facility fur the transaction OF business
The company has also announced tho
election of two new officers who will he
stationed AZ the New York offices They
are Edward c. Dclafcld. vice-pres idcut
and c. Carlton Gelly, assistant secretary.
Arthur King Wood IL president OF the
Franklin Trust Company.
The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-10-04
COTToNSEED OIL.
Market Holds stcady-scIiing Pres
sure Limited.

Values were maintained in the oil mar
ket yesterday. Bcarish cotton figures In
the recent Government report failed to
materially depress crude Oil At the
Southeast crude was quoted AZ 35c i'm
mediate shipment. Scattered short cover
ing yesterday was based on the firmer
lard list and on the disposition 10 even
contracts over the week end Tenders
for 500 barrels were issued
The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-10-04

SATURDAY. October
Receipts OF b-eyos we're &c cars or IN
head, mainly consigned direct 70 local
slaughercrs No trading on i've weight
feeling generally steady Dressed boot
quiet and unchanged At l2I16isc por 10,
for ordinary 10 choice native ridrs.
Receipts 90 calves wore 20 h,sd. includ-
ing II for the market. FoelinE atCady; no
prime state NeaIs offered. virginia ycals
sold At {i0Vtl2, culls s., grassors and f"d
calves s. 7bgN Dressed calves steady,
city dressed yeais selling at ,liTlN'sc''
per ID, country dressed Nonls. l2p VIC.
Receipts OF sheep and lambs SO head;
So cars on sale Trade dun AZ Just about
steady prices The pens were not quite
cleared sheep (cwesi sold - SO 30 81
per 100 lbs Ycarlings s. todfi7s; lambs
sS76Tss culls 1850. Dressed mutton
steady At 80 Tic. per IN. dressed Lambs
SLOW at lsd -.
Receipt. Of hogs were $50 head al for
.iaughterors direct Feeling nomintllv
steady Country dressed hogs UNCHANGED
at l2ulSc. per b. for medium 10 Lsht
wsdghtA
The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-10-04
THE SUGAR MARKET.
buyers Are Disposed 10 wait for
Lower Pricrs.

The last week has been an exceedingly
dun period IN the local sugar market.
There was no change In refined sugar
quotations, and In the raw market husi-
ness was very light An inquiry from
Great Britain for moderate amount OF
refined sugar failed 10 develop into bus-
ness because the rctncrs did not regard
the price bid as attractive.
Domestic buying has been light stocks
in iohhcrs' hands are SIN moro than
ample for Immediate needs. There IS a
general disposition tu hold or In eXpocta-
ton ~ lower prices
The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-10-04
UNTERMYER CHARGES
DENIED BY WALLACE
Assertion Of Domination by ora
Rock Island Interests
Called 'CFalse."
COMMITTEE WORK UPHELD

James " Wallace, president OF the Cen
trail Trust Company made vigorous reply
yesterday TO the attack upon him by
Samuel Cnter1nyer ina court action In
Rock Island affairs on Friday. Mr. Wal
lace characterized as absolutely false the
lawyers assertion that the Rock Island
bondholders' protective committee, headed
by MIR. Wallace, was dominated by the
same interests that had caueed the shrink
age OF the values OF the Rock Island ne
curitics.
Tho financial district saw much OF per
sonal feeling In the attack upon MIR Wal
lace IL was pointed out that MIR. wallace
is probably the most prominent figure In
Wall Street IN the work OF corporation re
organization. in which field he is regarded
as one OF the most able mon in the com
munity In the reorganization OF corpora
tons which have been run down through
acknowledgement. misfortune or bad iluan-
cling with which tho reorganizcr has hat
nothing TO do Il falls to his lot and tha'
Of his committee to plan reorganization
measures which are necessarily drastic, "
tho assets OF tho corporations being
handled are 20 he conserved at all Finan
c'al men who have been In close touch
with difficult reorEpn!za.ions pointed cut
that for this reason the rcoigauiZer ~
constantly open to attack by a disgruutl"d
minority, which mny or may not be nctn1
In sincerity and are frequently seeking .
selfish advantage for themselves and not
the good OF the whole
The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-10-04
American Malt Corporation

Is Exchange Place. Jersey city, y, =.
Dividend 40 3 OF ono per cent ON the rr'
ferred stock IL payable November 4 lSl4 70
Stockholders Of record Of October -. ''lt
Transfer books close a. 7 II '.h"
l6, 1914
HENRY BGGERKING Treasursr.
September 50. 1siA,
The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-10-04

BUSINESS OPPORTUNITIES.


ONLY Democratic evening Newspaper In
pruEprruur mHnurl curing community ~
over 100, 600 Established forty year. ana n
money maker, Needs practical man. Present
owner will sell right Address TROY. box
as. sun office
The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-10-04
BUSINESS TROUBLES.

FOWLER & WELLS ca. phrenoloEicsl pub
lications and supplies. IS East Twenty
second street, assignment 10 Michael H.
PieTcy. The business has been estao-
lished seventv-six years, and the present
company has carried It on Tor, thirty Years
The company was Incorporated In lsNt with
capital stock OF $50. 900. James Stewart
was president and Jessie a. Fowler, daugh-
She signed the deed OF Assignment flcd yes
arm Of Fowler & Wells in ls3S They
made sensation az the time by phreuo-
logical examinations They also published
a CHRONOLOGICAL journal and books on
MADAME EsTELLA. INC, gowns. Ga Yves,
Forty sixth street. assignment 10 Isidore
fcrnted in isi: Es, sDIP Ipmsn 1 Is pTes
dent
Petitions in Bankruptcy,
BUYERS SELLERS AUTOMOBILE co.
lNc., loo, broadway, assignment To
Charles j. Greenfield A petition In bank
raptcy was also nled ssaInst the company
pornted in 1912. with capital stock. 81 900.
Isaac conn IS president and treasurer
lNG CoMPANY, 100 Nassau street. pc.
tiilon in bankruptcy filed by credit
Pratt receiver bond $1,000 Liabilities,
$1,000; assets, $4,000. The company
was ipI'o o,, oo ON July 90 1905. with
JOSEPH =. GOULD and Herbert G ban,
Croft $50 riverside Drive. Dresden, and
Complain, exporter and Importer. I'D.
lso West Thirty-second street, hava Med
separate petitions IN bankruptcy. MIR
Gould's liabilities are 3l5.9?j and assets
10 shares - stock of the company,
Nhch are NJ no value as the company
N.ed u petition in bankruptcy on August
81. Mr.. Baucrofrs liabilities are {lb,32O.
The company went into bankruptcy on
account Of the war.
LOUIS AHRENS salesman, 81 seventh
avenue Med petition In bankruptcy,
liabilities $4,000, no assets. The debts
we're contracted ten years ago in chicago
as a partner Of the firm Of DeEginCor &
Aarons, cloak manufa cturers AhrenSs
name was subsequently changed from
Aarons 20 Ahrenr
Schedules In Bankruptcy.
/ LOUIS LENUSSONE, manufacturer ~ hair
goods l62 Third avenu,; schedules show
Liabilities ~ tl7.ig7 and assets Of s6,62'.
FRANK hIcHARps LAUNDRY SUPPLY
COMPANY 4A0 West Forty-siNth street;
schedules show liabilities 81 Si7.53g and
nominal assets Of 1e4,258. The comp,uv
owns tho land and building a. 4iO West
! Forty sixth street, mortgaged for $4,000
/ YoKKVILLE pLUMBERS' SUPPLY DEPOT
me- 1918 First avenue; schedules show
llabilities OF illNA0 nnd ntseLa Of iaA. A6g
The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-10-04
THE BANK STATEMENT.

The weekly statement OF the Clearing
House shows the average condition OF
tho banks, with the changes from the
previous week:
o.
The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-10-04
SUB. TREASURY STATEMENT,

FRIDAY
paid hv sub Treasury 10 bHhka. 'l.Nt ~"
Paid boy banks 20 Sun-rredsury -,-i'p'p
~" ,or. y" -. ,Ss7, 900
hGs ,o 10 w sskNs Sa". $3.50 $4,000