davidaulloa/AmericanStories huggingface dataset:
The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-10-28
DIRECTORS CONFER IN CAR
More designations Thought to Have
Been Discussed.

Directors of the New Haven were In
session all afternoon Yesterday. The con-
ference was continued last night in tn.
private car in which the directors left
at o'clock for New Haven to attend
tho annual meeting Of stockholders to-
day.
II IL understood that the directors had
under discussion further designations OF
members of the board who were mtmbe 8
under the old regime
1t Is expected that at to-day's stock
holders meeting the resignation Of Sam
uel Rea, president of the Pennsylvania "a,
and OF u. Newton Barney will be an
bounced.
Two officers OF the company now d.
rectors. are also expected TO resign +
De witt Cuyler. director OF the Penn
sylvania. will represent the latter's In
terest in New Haven upon Mr. Rea's
resignation.
~ Steps are to be taken. il is understood.
TO reduce the board 20 = members The
four exp. cted designations will reduce
the board to II, leaving three places -
be filled
The trolley properties ware handed over
20 the trustees yesterday, IL Is under
stood. the Boston and Maine transfer to
trustees having already taken place.
Proxies have been received by tho
management il Is understood I'm sufrl-
cient number to enable It's plans to be pu.
through.
The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-10-28
ROCK ISLAND SALE DELAYED.
Judge Mayer Permits stock holder
to Appeal From Decision.

The long impending foreclosure sale n
the Central Trust Companys suit against
the Rock island road was held up again
yesterday by an order signed by Judge
Mayer in the United States District Court
The order permits VI, L. Ams,er Of
BOSTON, Mass, ono OF the minority stock
holders OF the Rock Island, to appeal
from Judge Mayors recent decision re-
fusing Amsters request to intervene in
the Central Trust ConpanN's suit
Judge Mayer recently signed the fore
closure decree and ordered the sale Of
the collateral securities deposited under
the mortgage agreement. having first dis
posed Of the Amstcr motion and IA similar
motion made in behalf Of the holders OF
81, 900 900 OF tho bonds OF the Rock Island
| company,
These motions for intervention were
made on the grounds that the proposed
sale Of the collateral securities was in
equitable to tho bondholders who had not
deposited their bonds with the bondhold.
ers protective committee
The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-10-28
A borrowers Fund.

AN sums so paid, together with all in
terest earned from the Investment Thereof
shall constitute "A mutual borrowers guar
antee fund, to be used % for the pay
ment OF expenses Of administration. which.
II Is estimated, will in no event exceed
= Of per cent of the loan fund created {:
90 to make UP any deficiency In the
amount available for payment of the
class y and Class b certificates with in
torcst. resulting from losses sustained by
reason Of any loans made from the said
loan fund or otherwise; the balance. in
Guiding all interest earned thereon. shall
be returned pro rata to the borrowers
The cotton loan committee shall con-
troll the guarantee fund so created and In
its discretion may invest all or any part
thereof In Glass \ certificates herein pro-
vided for
An applications for loans shall be made
not later than February /. 1915. and all
loans made shall mature on or before Feb
ruary /, 1916 provided, however, that the
central committee In It's discretion may au-
thor2c the cotton loan committee TO ex-
tend any or all loans for Il period not 10
exceed six months after February 1916.
II IN tn" Judgment OF said central COM
mittee conditions at tina; time Justify
such extension.
Calls for payment OF subscriptions 10
Glass y certificates shall be made as
nearly pro rata as posS BILE. In the event
that on February I. 1915, applications for
loans shall not have been received TO the
extent OF the full amount subscribed the
fund shall nevertheless be closed at the
amount then applied for and loaned. and
class y subscribers thcreupon shall be
r'lcased from tn" payment of the balance
OF their subscriptions which have not up
10 that time been called for Provided
always that the fund shall not he con-
strued to have been established for any
purpose until Glass a subscriptions shall
have been received to the extent OF $780,
10000
AS moneys become available for re-
payment 10 the subscriber they will be
applied against both class A and class
II certificates. but the percentage Of re-
duction in the case OF class b certificates
shall be one-half of that in the case OF
class certificates until the amount of
the latter outstanding shall be reduced
to tho amount Of class II certificates then
outstand ng. after which the percentage
OF reduction shall be the same
For example, II a payment is made on
the class certificates to the extent Of
10 per cent. Of the face amount Of such
certificates then outstanding, a payment
shall at the same time be made upon
the class II certificates TO the extent of
per cent, of the amount then out
standing"
The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-10-28
INDICTMENT OF
NEW HAVEN MEN
EXPECTEDSOON
Attorncy-Gencral Confident
Grand Jury Will Report
on Monday.
OFFICIALS LOOK FOR
IMMUNITY FOR SOME

WASH ISGroN Oct 2T.-Attorney-Gen-
cral Gregory Is confident as result OF
communications to-day with the attorneys
IN New York that the Federal Grand
Jury there will vote a batch OF indct.
ments on Monday against directors or
ex-directors OF the New Haven railroad.
Mr.. Gregory had conversations over
the telephone to-day with James NJ. Os-
born, who had charge OF the presenta
ton OF the Governments evidence to the
Grand Jury. and 1t Is believed that later
In the week Mr. osborn with Frank NJ.
Swacker and his other assistants will
come TO Washington for a conference with
officials of the Department Of Justice
The Grand jury adjourned yesterday
after an investigation extending over sew
eral weeks, announcing that II would meet
on Monday. In official circles II is under
stood that the Grand Jury regards lts
investigation as practically concluded, and
Il is believed that indictments will be
voted at the next meeting.
II became known to-day that the efforts
OF the representatives OF the department
before the Grand Jury have been es-
pecially concerned with several directors
upon whom ex-Attorney-General Nc
Reynolds at one time thought immunity
might bee conferred by the Interstate Com
merce Commissions Investigation OF the
New Haven
One Of the men whom Attorney General
Nclieynolds sought to keep from obtain
ing immunity through the commission
Investigation was ex-presldent Charles
Aiellen. Mr.. Mellen appeared before the
commission. however. and testified at
length In regard to the Information Of the
New Haven merger Later he appeared
before the Grand Jury In New York The
Department OF Justice II is reliably stated
now Is reconciled to Melleus immunity.
Atorney-Gcneral McReynolds in his let
Ter TO the commission pointing out tn,
possibility that the calling OF New Haven
directors might give them immunity, men
Ioned william Rockefeller. George Me
Culough Miller. Charles + Brooker.
Edwin Milu-. George T. Baker Edward
II. Robins and Lewis Cas- Lcdyard.
The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-10-28
US. TO BE LIBERAL
ON SECURITY LOANS
Comptroller Willing to Accept
July 80 Prices as a
Basis.

WASHINGTON, Oct 27.--There has been
no new policy adopted by the Comptroller
OF the Currency In regard TO loans o the
stock Exchange securities by New York
or other banks. Comptroller Williams has
however. deemed II necessary recently Ia
emphasize the liberal stand which he has
taken on this matter ever since the Stock
Exchange closed on July 80 last.
Recently a complaint came to Comptrol-
Ter Williams that New York bank had
called loan on the basis OF the quota
tons on the curb, some Of which are CON
siderably below the quotations OF the July
80 close.
No definite instructions have yet been
visabe. The Comptroller has no author
has reiterated to the bank examiners that
the Department Will adopt a very liberal
attitude In the matter ~ prices OF securl-
ties upon which loans have been made by
the banks
No hard and fast rule has been adopted
tho examiners being permitted to use their
own discretion, hut II Is known that the
disposition on the Part of tho Comptrol-
ler's office Is To accept the closing prices
Of July 30 last until means are afforded
for obtaining other properly recorded quo
tations. In other words Comptroller Will
Jams does not intend to permit such quo
tations as are obtained in the unreRulatrd
New street trading to influence him.
New York bankers Interpreted Comp
troller OF IN" currency Wlliamss state
ment REGARDING recognition Of the July 80
prices az the basis fo- loans by national
banks rather than the new lower gutter
market" prices as meaning that the
Comptroller will give the stamp OF official
approval 10 banks following this course but
will in no sense try To- compel such obser-
walton or interfere with any more conserva-
tiVc basis Of loans the banks consider ad-
Tisahle, The Comptroller has no author
The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-10-28
Loans for Customers.

The subscriber 10 Glass u certificates
applying for loan for customer viii
not he required TO indorse the note Of such
customer and shall not ba entitled or per-
mltted TO receive from such customer the
payment Of any commission on account OF
obtaining such loan.
AN such loans shall first be approved
by the proper local committee, by the ap-
propriate State committee and by two
members OF the cotton loan committee
Whom applications for such loans have
been approved the notes evldencing the
same, together with the collateral required
under the terms OF this plan, must be
forwarded TO the office OF the cotton loan
committee with instructions as to the dis
position OF the proceeds. and must ms
stated, be accompanied with the subscrip-
ton OF the bank or banker forwarding
The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-10-28
To Release sss,aIo.sIs in New York

In New York city the reserve OF %
per cent. required on l,25S.595,495 total
net deposits is s3l3.39S,s5s The re-
serve required under the Federal reserve
act will be IS per cent on demand de-
posts and 3 per cent. on time deposits,
thus releasing Z per cent. OF the former
and 20 per cent OF the latter. The total
amount OF reserves thus released under
the new law In New York city will be
sSS,3l5,9ls.
In Chicago the reserve OF rs per cent.
Is required on $34S,302,l25 total net de
posits. The reduction In percentages of
reserves required on demand and time
deposits. which is the same as those for
New York city, Will release SEA .O32
Of reserves
The total net deposits In the st Louis
banks which are also subject to tho re-
serve requirements Of the central re-
serve city are Si00,i7l 900. Of which
sSi.2is,00O IL In demand deposits and
f6,222,O0O in time deposits. OF the lie
mand deposits $6.S974lO win be released
and of the time deposits {l,244,O00
The total net deposits OF other reserve
cities amount to 5,3Sl,09S, of which
% per cent formerly was required 10
be held In reserve. The reduction of the
reserve requirement on demand deposits
to 10 per cent. In these cities and on time
deposits 10 five per cant. will release
$500. S79,5J5.
! The requirement for reserves in coun-
| try banks has been reduced from - per
cent. fiat on all deposits TO l2 per CEN,
on demand deposits and 3 per cent.
on time deposits. The total net depoa',-
! I'm these banks are s3G25,15 Of
which s543,77377i was required to b.
/ held in reserve. The reductions in re-
serve requirements will release Sl4L145.-
/ 5S7
The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-10-28
A Six Cent Basis.

AN loans shall he evidenced by notes
In form approved by the cotton loan COM
mittee and shall be secured by cotton
on the basis OF cents q pound for mid
ding in addition to the guarantee fund
hereinafter described
AS evidence OF the security offered
each note rendered with an application
Tor loan must be accompanied by re-
celpts OF an approved warehouse and by
evidence or proper insurance. All cotton
accepted as security mus. be located In
warehouses or other buildings under the
ownership and control of some person
hrm or corporation other than the Dor
ROVER and In approving such loans the
local ana state committees shall respec-
lively pass upon the sufficiency OF such
warehouse receipts and insurance and
shaH be satisfied that such cotton Is free
from all Hens except that created by the
loan or loans from the fund to the Dor
rover for which such cotton IL pledged
as part security for such loans and the
committees approving such loans shall
likewise be satisfied that the cotton Of
fered MS security Is OF the grade or quail
ity specified In the application.
"All expenses such as warehouse
charges and insurance premiums shall be
borne by the borrower
Tn addition to the security hercinbe-
fore specified every applicant granted n
loan from the fund shall nav 10 the
cotton loan committee sum equal to
3 per cent. OF the face amount OF tn.
loan granted and the applicant shall
authorize the cotton loan committee TO
deduct or withhold this amount from the
proceeds Of such loan
The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-10-28
NEW LAW RELEASES
S88,S16,918 IN N. Y
Comptroller Williams Shows
Many Millions Are Affected by
Federal Reserve Measure.
COUNTRY BANKS BIG SUMS

wAsHtNGToN. Oct. s7--Comptroller OF
the Currency John SHELTON Williams made
public tonight detailed statement Of
the reserves which will be released by
the national banks In each OF the twelve
Federal reserve districts when the new
currency system goes into operation on
November 49, The statement Is basel
upon the deposits OF the banks as shown
in their last reports to the Comptroller
dated september IL.
According TO one OF the Comptroller's
tables the reserves then held by the
banks in all OF the districts totalled
1856, 600, 900. This was $4,000, 900 IN
excess OF the amount required under the
old law and $3.50 900 900 moro than Will
be required under the new law
The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-10-28
Must Raise 100000 900.

All Glass \ subscriptions shall be con-
tingent upon the receipt OF subscriptions
OF that class aggregatlng Sl00,000.O 900.
Glass subscriptions shall be made by
banks or bankers located or residing In
the cotton producing states above men
toned and as E-reinaGer more particu-
larly explained. no Glass II subs ,rirtions
"A loan or loans To be made out of the fund
to be created, and in such event subscrip-
lions shall. not be required to exceed rs
per cent. of the amount OF the loan APP
Piled for
Each subscriber shall upon the pay
ment IN whole or In part OF the amount
subscribed for receive a participation Ger
tihCat.. transferable on the books OF the
committee. showing on its face tho class
OF subscription represented thereby and
specifying the terms under which the
owner will be entitled 10 share in the dis
trlbution OF the moneys realized from the
loans made from the fund c.ated
An Glass \ and Glass h certificates
shall! bear interest at the rate of Der
cent. per annum, payable quarterly
The cotton loan fund will b. admin
isterci un.er the direction OF a commit.
tee TO BE- XII WIN AS tn. central committee
and 10 be composed OF individual MEM
beers Of the Federal Reserve Board. The
central committee shall appoint com
mittee for the general administration OF
the fund to be known as the cotton loan
committee and shall delegate to such com
mittee such powers as may be necessary
to properly carry out the purposes of this
plan.
The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-10-28
Conditions of N35, 100000
Cotton Pool Made Public
Subscribers Divided Into Two Classes One From NOnPrO
ducing States to Raise 100000 OOO-Board
Named to Handle Fund.


wAsHrNoroN, Oct. a7.-The Federal
Reserve Board made public to-day de-
tailed memorandum outlining the Wade
plan for a sI35.ooo.0 900 cotton pool, which
was approved by the board october "a
The memorandum. which was submitted
TO the Federal Reserve Board by bank
ers' committee from New York and st.
Louis, sets forth the conditions under
which subscriptions are to be made TO
the pool and under which loans shall be
made to banks in the cotton producing
States
The fund is TO be administered under
the direction OF the individual members
OF the Federal Reserve Board who shall
place the task of the general administra-
tion on a cotton loan committee.
Here lis the statement OF the Federal
Reserve Board:
1T Is proposed TO create in tho man
ner hereinafter provided "a fund of APP
proxlmately sl35, 100000 TO be known as
the cotton loan fund and to be used for
tile purposes herein stated Subscribers
TO this fund shall be divided into two
classes. to be designated respectively az
Glass \ and Glass Il subscribers. Glass a
subscribers shall consist OF banks or other
corporations. firms or individuals located
CT residing in other than the cotton pro-
Florida. Georgia, Louisiana, Mississippi,
North Carolina, oklahoma, South Caro-
lima. Texas and Tennessee.
The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-10-28
Cotton Action Aid. situation.

officials expressed the belief to-day that
the declaration Of Great Britain that she
would regard cotton as non-contraband
would further assist the financial situa-
ton The declaration already has faoili-
tated the insuring OF cotton shipments
against war risks. according to reports at
the Treasury Department.
Secretary McAdoo expressed tho belief
that the marketing Of the cotton crop at
present would he materially accelerated
had the Administration shipping bill been
The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-10-28

passed and feet OF merchant vessels
made available. He said that unques-
tonably II would be easier to supply the
German and Austrian demand for cotton
had we American merchant ships avail
able
Reports have reached the Treasury De-
partment that the number OF Greek Dam
ish and Scandinavian bottoms available
for transportation Of cotton to Germany
Hnd Austria may not be sufficient to meet
the demand. Officials regard as OF great
porting to Germany the 1900, 900 bales Of
cotton for which she Is believed to be in
the market
The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-10-28

tion Of not interfering with shipments OF
cotton as contraband of war were trus
Acting Secretary of State Lansing gave
assurances that the reports were author
lied.
Since there is no blockade OF German
ports cotton may be shipped directly to
Germany from United States ports, pro
vided II Is sent in neutral bottoms a.
Holland has declared an embargo on the
expectation of cotton from It's territor,
into Germany cotton cannot be- sent to
Germany via the Netherlands.
The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-10-28

tho application TO an amount of Glass II
certificates equal 20 20 per cent Of the
amount applied for.
In order to make the subscriptions TO
Class b certificates Immediately available,
each subscription accompanied by an ap-
phcation for loan must be accompanied
by New York draft OF the bank or bank
ers through which the application In made.
drawn to the order OF the cotton loan fund
or In such manner as the cotton loan COM
mittee shall designate, said draft to be
Tor an amount equal to 25 per cent OF the
loan applied for, and upon the granting Of
such loan Glass r certificate for this
amount shall be issued. In this manner
70 per cent. or each loan will be provided
by the fund obtained from Class A sub
seribers and rs per cent. from the Class
IL subscribers
The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-10-28
Figure. on Reserve Money.

Tn" following table shows the amount.
of reserves held by the banks OF o, IN
district on September q and the amounts
In which these totals are In excess 90 the
requirements Of the old ana new law:
Total reserves held by banks. Septem-
be. u. 1914:
The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-10-28
MENoCAL CONTINUES PREMIUM.
Special Gable Despatch 10 The Sur.

HAVANA, Oct Disappointing tho
coinage law. President Menocal dccread
to-day that Spanish and French gold
called for in contracts made prior TO the
PRONUNCIATION of the law shall continue
to have the per cent fictitious premium
heretofore enjoyed.
The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-10-28

Another table complied by the Comp
trui!"rs oih.c by comparing the reserves
required under the old law with the re-
quirements under the new law shows the
amour. released by the latter
The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-10-28
GERMANS ASSURED ON COTTON.
Embassy at First Doubted Reports
of BrItish Lining ban.

WASHINGTON. oct 27.-The German
Embassy inquired at the State Depart
ment to-day II the press reports that
Great Britain had announced her lnten-
The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-10-28
Cation Market Affects Rosd..

ATLAHrA, Ga, oct. 27.--The Georgia
RAILROAD commission on November IS viii
pass on applications of railroads to take
or fourteen trains because Of loss Of bust
mess due Ia the European war. Sagna-
= ton IN the cotton market is greatly felt
baby the roads
The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-10-28
stron. IL Preparing statement.

At a meating between the members Of
the Federal Reserve Board and the Brit
lsh representatives last week Benjamin
Strong. Jr governor OF tho Federal Re
serve Bank OF New York, was instructed
TO set down IN writing n statement of
the points in the international situation
which both sides agreed could properly
be discussed further In the hope OF reach
ing some more definite conclusion.
Mr. Strong Is now engaged in this un-
dertaking in New York and II is expected
that his statement will be ready for sub
mission at the meeting OF the conferees
here on Friday. Sir George Paish, who
was the week end guest OF Comptroller
Williams at the williams country home
In Virginia, returned to Washington to-
day.
The belief that the international situa-
tion IL gradually and certainly working
out Its own solution Is based on many con-
siderations. Most Importance IL attached
TO the announced intention OF individuals
and corporations having largo obligations
IN Europe 10 meet these obligations with
out recource to governmental sources for
advice or assistance.
Treasury officials point with much sat
isfaction to reports from the Collector of
Customs at New York showing a weekly
margin ~ several million dollars % eX-
ports over imports
The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-10-28
NO NEED OF PATSH AID
Is M'ADOO'S BELIEF
All Signs Point TO Return Of
Normal Conditions in In
ternatiOnal Finance.
CONFIDENCE COMING BACK

WARRINGTON, Oct. 27-Secretary Of the
Treasury McAdoo said to-day that there
were many Indications that normal con-
dltions are rapidly reasserting themselves
IN the credit relations between the United
States and European countries. He laid
stress on tho drop in tho exchange rate
from sos. which was the high water
mark OF the war crisis. to $50. at which
It was quoted to-day. and pointed out that
the normal rate IL only few points be-
low to-day's quotation.
Mr.. McAdoo's informal statement sub
stimulates the view entertained by high
Administration officials that the problems
of meeting American obligations to Great
Britain will work themselves out so rap
idly that no definite official measures may
be expected 10 result from the confer
ences with Sir George Paish and Basil
Il. Biackett, representatives OF the British
Treasury.
officials who hold this view believe that
tho most valuable result to be looked for
from the international conferences is the
establishment Of better understa nd ns
between the two countries.