davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-11-06
FUNDS FOR RESERVE BANK
Member Institutions Pay Sub
scriptions for Stock.

All but three of the member banks
of the Federal Reserve Bank of New
York have paid their first subscription
TO its capital stock. Benjamin Strong,
jr., governor Of the bank, said yester-
day that the amount due from those
institutions was $4,000. Formal an
nouncement may be made to-day Of the
decision of the directors to have the
permanent quarters Of the bank in the
Offices st GO Cedar ST. now occupied by
Harvey Fisk & Sons. The choice Of
vice-governor and cashier also may be
made public.
Because Of the large influx Of funds
from the interior the New York banks
continue TO turn back to the Sub-Treas-
ury the emergency currency taken out
soon after the war broke out. The
amount retired yesterday was S5,500,-
600. of which S2,500,000 was retired by
the National City Bank. Since the pres
ent movement began the New York
banks have retired more than $685.
100000 of their emergency notes.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-11-06
FINANCIAL RECORD
HERE AND ABROAD
Short Term Notes i'm Good
Demand - Increasing
Excess of Exports.

The financial district yesterday con-
tinued TO present evidences Of improve
ment following refusal of the nation to
give q vote of confidence in the federal
administration. Dealings through the
Stock Exchange clearing house were
again in good volume in stocks and
bonds, although stocks are being rig
idly maintained 10 the closing prices
of July 80. Purchases of bonds over
the counter, which have been fairly
good for the last two weeks, also i'm
proved. Short-term notes were heavily
purchased by financial institutions and
investors. the New York City notes
changing hands at the best prices since
their recent issue.
The foreign exchange market was
quiet, demand sterling ruling a shade
under Wednesdays level. Estimates
from Washington of an export balance
of around S60,000.0O0 for October
showed the extent of foreign purchases
of grain and munitions of war that
have dissolved the deadlock that two
months ago seemed 70 require such alb
normal remedies. At the end Of August
il was found that imports for the
month exceeded exports by some $780,
100000, and September's favorable bal
snce was only about Sl6,000000. Pur-
chsses Of wheat for shipment con-
tinue in fair amount, though prices
yesterday were about a cent lower,
proft-taking by spectators and re-
ports of growing stocks on hand
checking the advance. Closing the Chi
cage stockyards because of the foot
and mouth disease may lessen for a
while shipments by packers 20 whom
the European war has brought much
new business from Europe.
The Bank of England's return showed
reserve over ga per cent better than
the week before. The present figure of
nearly 33ls per cent, while low for this
season in normal times, compares with
around 10 at the beginning of the war.
This weeks improvement was princi-
pally due TO a gain of over s7,5000O0
in bullion in which the transfer
of Russian funds to London played
an important part. Loans were only
slightly increased in spite of the end
ing of the moratorium. and deposits of
idle money were more than S13,50O,OOO
greater.
Here the necessity of putting to
work the funds that are accumulating
in local institutions caused fairly free
purchasing of mercantile paper, but
with emergency currency outstanding
on which the banks are paying 332 per
cent brokers were unable to place
notes at less than 6 20 Ga per cent for
best names. Time accommodation was
offered at per cent, with little bust
ness done in the longer maturities.
Call loans, as announced by the Con-
troller Of the Currency, were made at
6 per cent, save special instances where
it was felt that the nature of the col
lateral warranted higher rates. Insti-
tutions here were far from pleased
that federal officials should consider it
within their province TO make sugges--
tons as to interest rate they should
charge for collateral loans.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-11-06
CONFIDENCE BACK,
M'ADOO REPORTS
Financial Tension Much
Relaxed, Controller of
Currency Adds.

Washington, Nov. 5.-Steady and
marked improvement In financial condi-
tons In the United States Is reflected
in reports TO the Treasury Department,
according TO statements made to-day
by Secretary McAdoo and John SHELTON
Williams, Controller of the Currency.
Secretary McAdoo said that the finan-
cial situation was nearly normal in tho
light of the effects Of the war. and that
there was evidence that confidence was
being rapidly restored. He called at
tention to the improvements in cotton
exports. and added that the financial
scare that was caused by the outbreak
of hostilities had passed.
"The reports TO the Controllers Office
from all sections of the country indi-
cate an emphatic relaxation of financial
tension" said Mr.. Williams. AN in
creasing supply of loanable funds and
steady and uninterrupted progress tow
ard normal conditions are noted"
Cotton shipments from the principal
ports Of the United States for the week
ended November 4, aggregated 1895
bales. as compared with II ,O53 bales for
the preceding week. The cotton ex-
ports were the largest for any week
since war was declared.
The Controller also reported the
rapid retirement of Clearing House
certificates. He said:
"In New York the Clearing House
loan certificates have already been ma
terially reduced and are being gradu-
ally retired. In St. Louis the amount
still outstanding is about S2.500,000.
Boston reports less than Sl0,000,O00
outstanding, and almost all still held
by the banks TO which they were orig
inally issued In Philadelphia the
amount outstanding is less than 49,
100000 In Baltimore II Is about 3d.
100000. and In Louisville less than
81, 800 900"
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-11-06
CRUCIBLE STEEL'S YEAR
Decrease of S3,966,529 in
Gross, Deficit After Dividends.

A decrease Of s3,966,529 In the gross
profits of the Crucible Steel Company
for the year ended August 81 is shown
in the company's annual report. The
surplus available for dividends was
s1,015,039, and after the payment of
s1,750,0 900 on the preferred stock there
with q surplus the previous year OF
s3,155,ss6. Tho report says:
Earnings suffered much from the
depression and stagnation OF general
business at home and from the recent
complete cessation Of export ship
ments and payments abroad, but IL
was felt reasonable TO assume that,
with the improved conditions due TO
the excellent crops at home and fair
freight allowance given to the rail-
roads by the government, restoration
of normal business should soon fol-
low"
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-11-06
MONEY AND EXCHANGE.

CALL MONEY-Tunds were offered fairly freely
Rates, Per cent - - ,,--,.. IA .....
nomiually pvr cent. , ,,,, -.
MERCANTILE PAPER was quiet Rulins rate.
nar cent for best names and os7 per cent for
o',1IIF AIRING HOUSE sTATENfENT-EIchsnges.
s25iisij2O balance $1,000 go fhs s .is Treas
nv ,yas a debtor 20 the amount OF si5i,ofo. ~.
VI SSf'R -ri,FAST' RY-NeW York banks lost 70 the
Sub. Treasury SslOi.oOO. and lost since Friday
"1nNiFsTIC EXCHANGE-Bston. par; Cincin-
,sH S5. premium; Minneapolis. soc premium -
iiS1is Soc premium bid. acc premium asked Chi-
0'EfANK CLEARINGs-Bos exchanges s2t. 2l9.-
ga balances 81 07s.972. baltimore exchanges
s6io.iss' balances 81 osse$i chleaso exchanges
S9I.Sso'o<9i 40 400 balances g.. 5lS. St Louis
SHcLsHses tlS 9is4s7 balances 81 iSZ' 100 sa,,
oeI an ounce. up 5-i6d. New YORK ouotAuon was
~ rtsGSnEiRGt Observation-Disclosures was quiet and
rates were slightly easier Cable s,e,lns i'V 49,
Ge lnd f,s1cs' Sra Gable marks. ssh demand.
$50
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-11-06
FLOATING MINES
CAUSE FOR WORRY
Foreign Exchange Men Con-
cerned for Atlantic Traffic
French Bills High.

Foreign exchange dealers have been
making hay while the sun shines, but
some of them said yesterday that they
were afraid the end of their fair
weather might come sooner than had
been expected. A mine or two encoun-
tered in the ocean highway between
the United States and the British Isles
would be enough, they said, 70 stop
practically all the traffic to England
from American ports. 1t would be
likely, too, to stop traffic TO Norway
and Sweden and 10 the Mediterranean
countries. And a mine or two IS eX-
actly what some of them expect to hear
of, who have been reading about the
German exploits on the Irish coast
and the reported escape OF tho Ger
man feet into the North Sea. .
Yesterday exchange rates reflected
these apprehensions. but though there
was a good supply Of sterling bills Of
fering prices held pretty firm. Cables
closed 490Ss and demand at 4sO1s.
Marks at the close were oS1f for cables
and 1855 for checks.
French exchange continued 70 rule
high. There was comparatively little
supply and a considerable demand, the
latter being due to the partial expira-
ton of the French moratorium. Franc
cables were Gil, and 512 was paid
for checks at the close. There are
a large number of finance bills and
acceptances which have TO be met In
France now, with the moratorium no
longer protecting many of the debtors.
One of the curious developments OF
the war Is the action of some OF the
foreign bankers, who before the war
bought acceptances payable in coun-
tries with which their own countries
are now lighting They are forbidden
TO have any transactions with the
enemy and it is doubtful in most
cases whether they would get their
acceptances paid even if they present
ed them. So they are asking Ameri-
can institutions TO take them over
and to present them. Before the war
large numbers Of German acceptances
were sold to French banks and quenti-
titles of English acceptances 70 Ger
man banks. Left 20 themselves, the
banks holding these claims would be
unable to collect upon them.
The banks which subscribed 70 the
city note issue are not looking for an
other call for partial payment until
around the 18th Of the month. The
necessity for accommodating exchange
against that demand, however, was
said yesterday to be one Of the causes
of firmness in the sterling market.
So far not quite s3O,000,OOO has been
collected from the banks TO pay some
$50 900 900 Of revenue warrants ma
turing abroad at intervals up to the
first of next year. Nearly five-sixths
of these payments, or s23, Gao 900, have
been made in gold and the remainder
in exchange, but 1t is expected that
nearly all the future payments will be
made in exchange, because demand
sterling is ruling close to 4.9O, the
price at which it may be delivered TO
the syndicate managers. In the course
of November the city has TO meet &c.
225,OO0 revenue warrants in London
and 35.550,000 francs in Paris.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-11-06
Railroad Earnings.

The following railroad reports for
September were made public yester-
day:
Denver & Rio Grande-Gross. s22ss. 20 De
crease SEQ 1892; net. Sl7.8l3. decrease, Slo'S1
81. Louis Iron Mountain q southein-eio ss
81 20 100: decrease. 5000 200; net after tsieS'
sos $50. decrease 1872 los ~. a. go "A.
Chicagoi Burlington 4 Quncy-Gross IS ts'Syyt
decrease $40 $50: net after taxes 'Soo'V'O' 'e'
N5nnrapois & ST. Louis-Gross, s975, COS. IN
crease SIS e54. net amer taxes. sSl2ols: increase
'-Creat Northern-Gross. oS2i decrease
s7Ss'i2l: net after taxes. NSSS.ls2' Increase
Tor, Worth & Denver City--GrosS 1853. 2e8; do
crease S. O29. net after taxes SlSS25l' increase
'yWassiern Pacihc-Gross. $3.50 sSs; decrease 'SS.-
"a net Sl82l3o. decrease SlS.ois ..
% ~ 10 & Alton-Cross 81 S0T $50. decrease.
coo sSi ne, as,ef taxes 1927 $40; decrease sos
S'Wsbssh pittsburgh Terminsl-Gross s92. 1856 de-
crease. 1881. net after taxes. S25olli de'
cIe1sig. Eastern nlinois-Gross s.. 27T SOS
a.cIesss si95 $685. net after taxes. s27s.SoI' IN
81 Louis southwes,eTn-Gross. ;Ssl Isl dS-
.,ees. s246 1873. net after taxes. Sl2o'Sse' &C.
slSg Sls.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-11-06
BUSINESS REVERSES

ABRAHAM NJ CHOPPER. - Petition
against Abraham NJ Chopper. clothing dealer.
OF 1874 Stanton st.. by James C. Hogan. $3.50 ::
NJ. Simon, $3.50. and Max Dorm. $3.50. lie
made an assignment Wednesday. Liabilities
are said TO be $50 900; assets. $4,000.
SAMUEL GOLDBERG.-Petition against
Samuel Goldberg. retail butcher, doing busi-
ness under the name Of the Rose Market, 50
2794 Eighth av, by Isaac Heyman, $1,000 {;
Morris & Co, S106. and Abe Morris, s237.
Liabilities. $1,000; assets. $4,000. He began
business in December, 1918.
NATHAN SOLOTOREVsKY Petition
against Nathan Sootoreysky. manufacturer
Of muslin underwear, at 80 Allen St. by
David schofer, 500; Abraham y, Kaufman.
$3.50. and Sam Borden. t2is lie made an
ISAAC SIMCHOViTZ- against
Isaac Simchovtz, Wholesale butcher. OF i52
pany. OF New York, s2,667, and New. York
butchers Dressed Meat Company. s,s7S.
Liabilities. 5000 assets. $4,000 lie made
an assignment "Wednesday
c W JEAN COMPANY Petition against
the c W. Jean Company Inc, manufacturer
Of cor ug baths and cloths. az ll6 Nassau
ST.. O.. Charles W Jean. creditor for SS0e.
Liabilities. $4,000: assets. $500
LOUIS ONIG-Petition by Louis Honlg
salesman. OF 5i1 East 1lth St. with liabilt-
ties 1870 10 butter and egg merchants and
AUGUSTUS A. sTANHoPE-Petition by
9th st, with liabilities sl623 no assets. He
owes two department stores 1912.
SCHEDULES FILED.
RAUCH BROS. COMPANY. INC.--sched-
ules Of Rauch Bros. Company. Inc, manu-
facturers Of tables and furniture. a. 4i3 East
sth st, show liabilities s6124 and assets
5000, consisting Of stock. $500 machinery
s735; accounts. 1852. and wagon, So.
RECEIVER APPOINTED.
ELMER PLASS-Judge Hand appointed
James ID BOYD receiver for Elmer Plass
grocer, at staatsburgh: bond, $500. Liabili-
ties are $4,000
ASSIGNMENTS.
SUPERIOR FLOWER AND FEATHER
COMPANY sellers Of ostrich feathers, at s
West 80 St. made an assignment 70 william
Blau. II was Incorporated In 1912 and Max
Schapiro Is treasurer
CHARLES AND MAX AsCH. dealers in
mems furnishing goods. at COZ Tenth ay
have made an assignment TO Jacob Silver
alV
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-11-06
PUBLIC UTILITY NOTES
General News and Earnings of
Various Corporations.

The Virginia Trust Company, Of
Richmond, Va, which WAS appointed
receiver for the Richmond & Henrico
Railway Company on June 3, 1918, on
application of the Union Trust Com
pany of Toronto. Canada, yesterday
sold 20 +. Randolph Williams, counsel
for the Virginia Railway and Power
Company, as representative Of the
Gould interests, the company's prop
crty for consideration Of 100000
The company has an authorized cap
ital stock of sl,250,000 and $500 900
first mortgage D per cent bonds. Re
ceivers were appointed for tho com
pany following its default in interest.
Louisville Gas and Electric.
Through the sale of S450.O00 three
and one-half year per cent notes of the
Louisville Gas and Electric Company,
recently offered. the company will be
prepared to carry on its plan of i'm
provements. which calls for important
extensions and additions to the prop
erty, one being the enlargement of the
principal generating station TO serve
the increasing electric load and also
TO retire floating indebtedness. With
the introduction of natural gas from
West Virginia, the Louisville Gas and
Electric Company, which represents
consolidation of all the gas and cleo
trio service properties of the city eff
fected In 1912, has gained business
rapidly, electric customers having In
creased 26 per cent and the electric
connected load II per cent during the
fourteen months Of operation ended
September So
Pacific Telephone and Telegraph.
The quarterly statement of the Pa
cifc Telephone and Telegraph Com
psny, controlled by the American Tel e.
phone and Telegraph Company. for the
three months ended September 80,
shows a falling off in net income OF
over $4,000 from the corresponding
quarter in 1913, because of larger eX-
penditure made for operating expenses,
which amounted to $3,S03 500, or s249,-
COS greater than last year. Gross re-
turns amounted to S4,907,S65, an in
crease of nearly per cent over 1913,
interest charges increased from s542,-
726. to S5s5,39S, leaving balance of
s51s,92S, decrease of S75,3S6. The
surplus after deducting dividends was
s3S,92s, as compared with Slli,3l4 in
the year preceding
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-11-06
LIVERPOOL COTTON
TRADING RESUMED
Market Opens for Restricted
Business at Minimum Prices
No Change Here.

According TO cable received here
late yesterday, the Liverpool Cotton
Exchange will reopen for restricted
trading in May-June contracts this
morning. Liquidation of old accounts
and fresh buying orders will be per-
mitted, but fresh selling will not be
allowed, and minimum prices have been
fixed until further notice at 4.25d for
American and 6.95d for Egyptian. Orig
inally the interest left outstanding in
Liverpool when the exchanges were
closed last summer was concentrated
into the January-February delivery, but
was transferred to May-June yesterday
morning, and the effect of opening the
market 10 fresh buying orders Is cx-
pected to accelerate liquidation, par
ticularly as the price fixed is consid-
cred we'll under parity with Southern
spot values. Rapid progress is also
reported in the plans for reopening the
local market, and the conference COM
mittee yesterday was securing the sig
natures of members to the Corporation
Syndicate agreements. These include
statements as TO the exact amount of
cotton that will be turned over at &c
for December; guarantees for the
banking interests who propose to ad-
vance S1,500,000 for financing these
contracts down TO TIC, and the agree
ment of members to tax of 50 80
contract on future trading to reimburse
the corporation. Meanwhile the liqui-
dation Of the old straddle interest re-
mains at standstill. Yesterdays
cable from Liverpool reported that
100000 bales had been liquidated in
that market on Tuesday, releasing 50,-
900 bales of the straddle interest for
ballot here, but the price was equal to
only &c for December under the cid
agreement, and local traders have
agreed not to ballot below isle.
Advices from the South indicated no
material change in the spot situation.
Spot offerings have not increased, and
local brokers reported generally steady
prices. Southern spot markets were
unchanged to 1sc higher Exports
amounted to $4,000 bales yesterday,
making 655,slS bales, against 2,866,39l
last year. The date most talked OF in
local circles for reopening of the New
York futures market is November Is.
Local market for spot cotton nomi-
nal. Southern spot markets.: St. Louis
&c higher at 71sc. Galveston steady at
1850; sales, 1889 bales. New Orleans
quiet at 3-16c; sales, 1870. Mobile
lie higher at 7hc. Charleston steady
at &c. Wilmington steady at 7c- Mem
phis steady at &c; sales, 1900. Hous-
ton steady at Use; sales, 3,l65. Little
Rock quiet at csc. Savannah quiet at
TIC; sales, 1881. Norfolk steady at
TIC; sales, 81. Augusta steady ct
7 slice; sales, 2,l37 bales.
Liverpool, Nov. 6.-Cotton-spot-
fair business done; prices unchanged;
sales, 1900 bales, including 9,400
American, on the basis of 4.55d for
middling. Imports, 700 bales, all Amer
lean.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-11-06
CASH QUOTATIONS.
GENERAL MARKET REPORT.
New YORK.. November S. 1914.
GRAIN

wHEAr-Ths European demand for whss, has
In no way abssed and sales to-day were esil-
total 80 FAR this week up to about 5000. 900. Il
seems LIKELY. however that cearance5 from this
country may BE- curtailed b. scarcity Of ocean
fregh! room. which has recently been reflected IN
sharp advance OF rates from Atlantic and Gulf
ports. Europe seems willing 20 psy these rates as
berth room and fun cargoes diminishing stead
~. Notwithstanding the large export business
the market mos, OF tho day gave an exhibition
OF h.aTiness. and prices at the close we're at the
lowest point of tho session and 's8lc below the
FINALS o. Wednesday. This action Is duo primarily
20 continued heavy offerings from the country
Farmers far west as Central Kansas are now
receiving as high as 81 a bushel for their wheat
and this price apparently Is acceptable they are
selling freely. The movement frUm ,ne farms has
kept UP At remarkable pace. and interior re-
copts 50 far this week, notwithstanding the hoA.
with s&5{ 900 last week and 5.6ll 900 for the
responding timo last year Liverpool IL strong and
there were further complaints OF frost In Argentina
No5.hsfn Duluth. silss 30 EoT.hsrq, Manitoba.
porterB were again In the market and sales amount
ed to about 10000 bushels. The weather was
and as new corn is being offered in larger volume.
prices we're easier closing = q &c net lower. Phi.
yate estimates placed the crop at 2Ii.oO0 900 and
2.6s4,00o, 600 respectively. while The amount IN
farmers hands estimated at O.. 900 600 aud 55.-
600 900. compared with lSS 900 600 last year ship
ments from Argentina we're estimated az $4,000
bushels for the week. compared with 3,2s2 900 last
week and 1853. 900 year ago. Cash No yellow
corn was quoted at SIC, 1 T. 20 arrive. and prime
Argentine az $50 nominal delivered OATS-EH-
port sales OF oats during the last TWO days amount
ed 70 1880 900 bushels. but receipts at primary
points continue large and prices were easter under
profit taking closing a a l1c net lower. Cash mar
ket steady; standard quoted at 5Sl5 Gj5c. No .
55a55hc. No 3. 5ig5inc: No 1. ssh a Sac; fancy
clipped. 56G5Ic, ordinary clipped. 55c. all ele-
,ator RYE-Flrmer. with export sales Of 100 900
bushels; No Western. 81. 1 Z. Buffalo. BAR
LEY-Steady Feeding 65asss. mailing. 7o9S0c.
c T. Buffalo, BUCKWHEAT--Firm. japanese.
81 So niIed. 81 70; silver hull. 81 70.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-11-06
Bank of New York to Move,

Owing to the proposed construction
Of a new subway station at Wall and
William SITS, the Bank Of New York,
which has occupied the northeast cor
ner since 1898, will probably seek a
temporary home elsewhere. An officer
of the bank said yesterday that the
plan to move was still under consider
alton and that no decision had been
reached regarding the location OF the
temporary quarters.
The Bank of New York was organ,
lied March Is, 1884, and was chartered
on March Il, 1871. Last July IT PAID
its 261st consecutive semi-annual div
idend. II was founded by Alexander
Hamilton, in whose brain was con.
ceived the first monetary system Of
this country.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-11-06
GRAINS LOWER IN CHICAGO
Realizing Sales Drive Prices
Down-Provisions Advance.

Chicago, Nov. 5.-Lively profit TAX
ing. due to the fact that prices had
risen TO a higher level than at any
time since early in September, brought
about a decided downward swing to-
dav in wheat. The market closed
heavy, 7sc TO lc under last night.
Corn suffered a net loss Of &c TO 4:
and oats of &C to &c. Provisions
wound up unchanged to zoe higher.
Holders of wheat were prompt to take
advantage Of a new upturn to-day in
prices. Offerings came out freely al
the start, but for while bullish en-
tbusiasm over the huge export sales
Of the previous day acted as more
than an Offset. Gradually, however,
The weight OF realizing sales began to
count. and the finish was at the low
point Of the session. Range of
prices:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-11-06
BRIEF WALL STREET NEWS

Directors of the Buckeye Pipe Line
Company have declared quarterly
dividend Of 50 a share, payable Deem
Der Is to holders Of record on Novem-
Der "a. Three months ago a dividend
of SO a share was paid and six months
ago 81. In 1912 and 1913 dividend dis
bursements were $50, or 40 per cent
on the $50 shares.
The New York Stock Exchange has
elected Warren W. Erwin to member
ship.
Funds have been deposited with the
United States Mortgage and Trust
Company in the amount OF sls,264 for
the purchase Of first mortgage 41s per
cent bonds of the Consolidation Coal
Company, up to noon. November II.