davidaulloa/AmericanStories huggingface dataset:
The weekly times-record. (Valley City, N.D.) 1912-1922, 1915-07-01

Mr.. George P. Jones. states attor-
ney, appeared on the program Mon
day afternoon and entertained the au-
dience with choice group of serious
and humorous readings. Mr.. Jones
was listed to give an address later on
in the week, but was suddenly called
on to contribute his share Of enter.
tainment yesterday. Not wishing to
give his address, which is in course OF
The weekly times-record. (Valley City, N.D.) 1912-1922, 1915-07-01

PROGRAM THURSDAY
500 to 12:OO--Lectures and Demon
strations-Farm Boys and Girls
CONTINUED on Page ~
Evening star., 1915-06-20
Should Help Market.

These disbursements should help the
local security market, just at present
as near neglected. SO far as investors
are concerned, as possible All the life
seems TO have gone out of the public
utility shares, no one is pressing to
sell, while the only evidence of less
support in the Washington railway
shares is in the lowering bids and in
disposition to continue acquisition-the
chief feature for months past of the
whole market.
There are attractive investments in
the bond list and the stock list, invest
ments that have proved their stability
and are likely to continue reasonably
steady, even II inactive Money is SO
plentiful that few borrowers are turn
ed away. especially if they have any
claim to consideration.
Perhaps one reason for the dullness is
because the offerings of bonds are very
light. The banks have not been sell
ers of late. keeping their holdings for
investment.
Washington investors do not take
much stock in the "jitney" craze. and
seem content to hold on to their trac-
tion shares.
The end of the first half Of 1915 is
approaching and shareholders of Wash
in gton OBSERVATION-DISCLOSURES of them,
thousands perhaps-are without any in
formation as to the earnings Of the
to take shareholders in the confidence
Of onlcials and make public earnings
occasionally has met with practically
no response. Perhaps some attention tc
1t would be q distinct aid to the mar
kef
Evening star., 1915-06-20

fair demand. the satisfactory increases
in net earnings having a very favor
able effect upon the railroad issues.
The railroads seem to be reaping the
benefits of revival i'll business. If
Ihe industrial situation has improved
nearly as much as the prices Of many
industrial and mining shares railroad
earnings Will soon show large gains
over last yea Copper. lead and zinc
are selling at prices that should bring
the output OF every real min" up to
full capacity.
The mining regions of the west are
also sheep and cattle country and the
price of wool is relatively as high as
copper or lead The ranges are in
good shape. having received more snow
and rain than usual. and the whole in
termountain country is more prosper
Gus and hopeful than in many years.
This means long and profitable hauls
for the railroads and larger purchases
Of dry goods, furniture. lumber and
mining machinery from the east. In
the grain belt the farmers sold last
years crops at high prices and have
in sight crops equally promising.
The winter wheat harvest in the south
west is in full swing and the yield is
satisfactory. For mixed farming re-
cent rains have done more good than
harm by improving pasturage and oats
even if corn is backward. In the south
Evening star., 1915-06-20
COFFEE MARKET.

NEW YORK. June 19.-Reports of q
further decline in the rate of Rio ex-
change on London and the somewhat
larger primary receipts seemed to in
spire some scattered selling in the mar
ket for coffee futures this morning. and.
after opening at a decline of ) to IL
points, the market eased another or
points. with the close showing a net de-
cline of to Is points. Sales. including
exchanges. 12.250 bags. June. SIS: July.
$50: August. 6.73 September, 6.73; Oc-
tober 6.7S: November, 67s: December.
e.1S: January, 6S1; February. 6.s3
March. $50: April, 6.s1 May. $50.
Spot-Quiet; Rio No .. IN; Santos
No. 4. 9as Cost and freight offers from
Rio were rumored to be q shade easier.
with quotations ranging from about
100 to 7.16, for Is.
Rio exchange. 7-32d lower Rio, 10
reis lower Santos unchanged. Brazilian
port receipts. $4,000 bags: Jundiahy.
1900 bags Rio reported clearances Of
$4,000 bags for New York and $4,000 for
New Orleans.
Evening star., 1915-06-20
NEW YORK BANKS.

NEW YORK. June 19.-Today's New
York bank statement showed the fol-
lowing actual condition:
Loans, etc, s2.474,507 900. increase.
s13, III, 900.
Reserve in own vaults, of which 1899,
4s2, 900 is specie, s4S3,14 900; increase.
$2, $4,000.
Reserve in federal reserve bank.
i$126 456, 900; decrease, s1.121. 900.
Reserve in other depositaries, $685.
177,O0O: decrease, $3,40l,000.
Net demand deposits, $2.412. $40, 900
increase, $13.7O4.000.
Net time deposits. s137,s7s,Ooo; de-
Circulation. ss7,s5o.ooo; decrease.
$4,000.
Aggregate reserve, sS17,77so00
Excess reserve, $200.400,1s0: increase.
s5.243.6S0.
Summary of state banks and trust
companies in greater New York, not
included in clearing house statement:
Loans. etc. $576.562. 500, increase.
$685. 800.
Specie. s4s.2l2,l00: decrease. s243, 400
Legal tenders, $9,2S7.9O0; decrease,
s30s,1O0.
Total deposits, s715.l5s,loo; increase
s3.013,2OO.
Banks cash reserve in vault. sl1.2ri.-
100.
Trust companies cash reserve in
vault. s47.2s5,3 800.
Evening star., 1915-06-20

July disbursements in Washington
on account of interest and dividend
payments for which checks will be
sent out. very largely. on the evening
of June so. will total more than
s1,05S, 900.
Securities listed on the shington
Stock Exchange will pay this amount
to their shareholders and bondh olders
In addition all savings banks, trust
companies and the savings departments
of national banks will credit to their
terest on deposits. which will bring the
disbursements above the sl,258,00C
mark.
The first days of January and July OF
each year are always the occasion of
the largest disbursements on account
of interest and dividend of any months
in the year.
The Capital Traction Company will
p.ty the largest dividend amount and
slso the largest interest, items calling
$4,000 in the aggregate.
The Potomac Electric Light and Pow
or Company will send out checks for
$4,000 on account of interest on its
while Mergenthaler Linotype Company
will according to estimate, pay te
Washington investors about s110 600
A total of 100000 will be paid out Oh
account of interest. Banks and trus,
companies will pay their shareholders
s.75.o40 in dividends. the American
Security and Trust Company heading
The list with $4,000 and the Union
Trust Company and the Bank of Wash
l.ington with $4,000 and $31 800, respec-
lively.
In the following table there has been
no separate indication of the quar-
terly and semi-annual dividend pay
mentS.
Some of the payments are estimated
as the allotment due to local invest :
ors. while in the case of the Farmers
and Mechanics National Bank OF
Georgetown the regular dividend is
given. The directors have not made
their announcement as yet, but the reg
ular dividend is certain. and, as in the
past few years. there will be something g
extra for the shareholders of the in
stitution-
Evening star., 1915-06-20
Washingtonians to Graduate

NPe7Hl DsDa tch TO The S'Ar
Ann ARBOR. Mich, June le-Don
AID A stroh and Porter r. Taylor OF
Washlngton. D. C, and Paul 8. Arm
n.,. or kensinston. Md. are to grad
.. ua.e from the michigan State Agricul
tural College at Lansing at the annual
commencement to be held there next
tuesday morning, June 20. They will
nave conferred upon them the degree
Tb. I'll 'aenslor san Of science in agriculture
given by David Starr Jordan of Leland
Stanford University.
Evening star., 1915-06-20
Preparing to Pay.

Attention has been called before this
70 the large amount of securities held
abroad which the owners appear to be
satisfied to carry for some time to come
movement has been inaugurated in
France, and may be followed in England
also. for the purchase OF n part of these
securities by the government for the pur-
pose Of putting them UP as collateral
on this side for a loan.
II will be recalled that tho Pennsyl-
vania railroad issued and sold In France
S%S.0o0.000 Of 80 per cent bonds In 1906
interest payable in London and Par1s, also
Evening star., 1915-06-20
TREASURY Statement.

The condition of the United States
Treasury at the close of business yes
terday was: Net balance in general
fund, S25,519.973: total receipts. s.
ss7.241; total payments. $1,s8s, ,223.
The deficit this fiscal year is S94.-
324.254. against a deficit of S2S.253 03O
last year, exclusive of Panama canal
and public debt transactions
Evening star., 1915-06-20
DRY GOODS MARKET.

NEW YORK. June 19-Cotton goods
markets today were quiet and steady
Yarns were dull, linens firm and bur-
laps strong. Underwear was in light
demand, but there was an active de-
mand for spot hosiery.
Evening star., 1915-06-20
Bank Stocks as Investments.

Crane. Paris & Co. in their June cir
cular give the book value of bank stocks
As based on the last statement to the
controller Of the currency, and the rate Of
return to the investor at the current
prices on the Washington Stock Ex-
change
Evening star., 1915-06-20
French Need Exchange Change.

french exchange also shows the need
OF some form of credit being estab-
iished in this country. While hold
ings in France of American securities
are not large, they are not available
for resale back to this country because
OF the change In form that was insiste ed
upon by the French government at the
time they were sold in the French mar
ket. In order to collect taxes from
these securities. the French minister of
nnance insisted that they be issued in
french denominations in funds pay
able Ia France Such action of course
did not contemplate such change in
the world market conditions as have
IN fact taken place since the war be-
gan At the present time plans are be-
ing considered to offset the disadyan-
tAge that has thus arisen. The plan that
seems IN greatest favor is the exchange
OF these American securities for securi-
ties held under the unliQuidated settle
ment OF July last and the transfer of
the French securities thus released to
new YORK to constitute collateral for
loans whose proceeds shall be devoted
TO the payment of supplies purchased
oy france from American manufac-
tureTs and producers.
AT the beginning OF the war Ameri-
can hnanciers. and especially the man
aSers OF our stock trading exchanges,
lived in mortal terror lest the Eu-
ropean owners of American securities
should de!uge this country with their
holdings and thus completely demoral-
ize our markets. In fact, it was for
this sole reason that the New York
stock Exchange remained closed for
hye long months. But their fears proved
to be groundless and the war has only
accentuated the desrability OF Ameri-
can investments compared with the sc :
curities OF stricken Europe. The Eu-
ropean governments are anxious for
= liquidation of these American in
vestnents. for such u process would
be an added feature in protecting their
exchanges, and IL IL even intirnat led
that they may impose O. severe tax
upon them, in order to compel liquida
tion- II this should happen America
10 in such an excellent financial con
dition that she is quite prepared to
aosorb all the securities that might
be thrown back On her markets and
In the last analysis. surely ii would be
better for Americans TO own their own
securities and have the interest paw
ments made here Instead OF in PARIS
or Berlin or London. II would be
one more plank In the America for
Americans platform
Evening star., 1915-06-20
WEEKS RANGE. OF PRICES.
Corrected to the Close of Business June ~ at
the Office of The Evening Star.
Railway and Miscellaneous Shares.


and
to
1871, Week ending
Evening star., 1915-06-20
Stock Market and Business

The war stocks have been some
what Irregular and spasmodic, and
despite the fac that some new high
records have been made these issues
are nevertheless q very uncertain quan-
rity and make excellent material for
bull and bear campaigns for quick
turnover. AS investment for the
general public. they are extremely un-
satisfactory Standard railroad and
industrial stocks and bonds are in
Evening star., 1915-06-20
jMARKET'SLEADERS
HAVE AN OFF DAY
Issues of Minor Interest Only
Engage the Attention
of Traders.
DEBTORS OF THE U. S.
HAVING A HARD TIME
Steel Mills Consider Position Strong
Enough to Justify Advance
in Prices.

NEW YORK, June 19-The negligible
character of the weekend session on the
stock exchange may be Judged from the
fact that such shares as Baldwin Loco
motive and Distillers' Securities consti-
tuted it's most prominent features. Both
of these issues made new high records.
Baldwin at 66la and Distillers' at 2Sl2.
Other war specialties and a few incon-
spicuous industrials rose l to 2 points,
but the usual speculative favorites were
at no time in real demand. Some of the
railway shares included in tho investment
class were not traded in at all. United
States Steel moved within narrow limits.
its sluggish course being in no wise de-
flected by reports from Washington, in
dicating an appeal from the recent court
decision in its favor.
Total sales amounted to 11s.50o shares,
the smallest half session in many weeks.
More Gold From Canada.
General news of the day included an
other batch Of $2,500,O00 worth of gold
from Canada, making a total OF $47.o00,-
600 received from Ottawa by special ar
rangement since May l, and total Of
$s3,00O,0O0 from the Dominion since
January l. From all foreign sources. in
GLIDING the orient, imports Of gold to
this country since the beginning OF the
year now total $112,250.000.
Demand sterling fell back to its recent
low record Of 4.76h, and continental ex-
changes. including marks and lires, were
weaker. at fractions from recent record
rates.
The metal markets were lower. lead
falling to 57a cents. break of 4 cent
overnight. Lake Copper was quotably
unchanged, but subject to recession on
large orders.
With it's reserve expansion of slight
" over s5.0O0,00O the excess reserves
Of local clearing house institutions are
now above the s2OO.OOO.0O0 mark. The
bank statement discloses an actual
loan increase of $1S,7l1.0 900, while the
large gold inflow of the week is re-
fected in a cash gain of over $l3,-
500. 900.
The bond market was steady and
dull Total sales tpar valued aggre-
gated sS06,00O.
United States bonds were unchanged
on call during the week.
Debtors Are in Trouble.
The new level for virtually all forms
of foreign exchange at New York in
spite Of inflow of gold in unprecedent
ed volume shows the difficulties of
this country's debtors in meeting their
obligations to us. The gold replenish-
ment, coupled with the moderate de-
mands on the domestic money market,
brings up the bank reserves of local
Evening star., 1915-06-20
Good Crops Will Help.

If the crops turn out well business is
sure to feel the cumulative effect Of
the sale of farm produce at remunera-
tive prices year after year. The farm
ers are buying automobiles on the
strength of last years crops. With
another good crop the farmers Will buy
other things in the same generous way
if the goods are offered to them Re-
tailers will make great mistake II
they do not prepare in time for fall
and winter trade. Their conservatism
is holding things back, but this will
make little difference in the long run
axren, tn themselves 1t is significant
that the mail order houses and the
manufacturers Of tobacco and other
trade marked goods are pushing their
advertising and selling campaigns with
unusual energy because they have al
ready felt the revival of business from
the Atlantic to the Pacific. Business
is spotty partly because some mer-
chants are overcautious. whiie those
in other sections are pushing trade
W. S. COUSINS.
Evening star., 1915-06-20
| WILL SELL

$4,000 Capital Traction Sc at 100.
$4,000 e. Il. r. Tel. Ist SO Of Va. st %.
$4,000 Washington Gas Sc at 1916.
$4,000 Georgetown Gas Sc at 1O3.
$1,000 Potomac ConsId. SO at IOI,..
u Wash. Rwy. pfd. at -.
80 Wash. Rwy. com. mt ~.
l0S Washington Gas at -.
Is MerKenthaIer at IS41s.
100 LanstOn at g..
National Bank OF Washington at 21e
10 Munsey Trust at 81.
20 Wash. & Southern Bank at 100
20 Inion Savings Bank ibid wanted,
ID McLachlen Bankn. COrpn. ibid
wantedD.
80 Cap. City Labor and Commercial
Bank bid wantedb.
10 Federal Nat. Bank At I4I,
70 Heurich's Brewing At IOS.
ID n. 4. w. Steamboat at 10S.
Columbia Theater and Building Co.
at 1OI.
liz Real Estate Trust at Is.
100 Washington Baseball Club at 10.
10 Gayety Theater at 100.
Columbia Hotel Co. at 1000.
| WILL BUY
70 Capital Traction at ssh.
70 Mashington Railway pfd. at S31a.
IS Washn. Railway com. at 8On.
rs Warrington Gas Mt 73.
10 MerRenthaler at IS2H
10 Federal National Bank at I3S,
20 Farmers and Mechanics Bank at z4S.
NATIONAL Bank Of Washington at 800.
10 Washington Baseball Club at I7h.
D n. d w. Steamboat at I4S.
SUBJECT to previous acceptance or can
ceilation. All executions for cash. Buy
ing and selling orders on all listed
stocks and bonds solicited.
deliveries for cash at your own hank.
Thomas Hume RroLrar
Evening star., 1915-06-20
New York Gets British Gold.


New York Gets British Gold.
Early in the war the Bank Of Enc
iand established an agency in Ottawa,
~here gold was received both from the
United States and from Canada in set
tlement of obligations that existed
prior to the outbreak of hostilities
With the general change in the trade
SITUATION most of this gold has been
returned, and since the first of the
year New York has received s15,6S5,-
ooo OF this metal, in addition to S33 :
V0o. 900 from other sources
Were the supply of loanable funds
In the United States at present at a low
ngure, this influx of gold would be
welcome But the situation is exactly
reversed. and with an excess supply OF
money in all the principal financial cen
ters the gold imports may now be con-
sioered as drug on the market The
new York City Clearing House banks
alone, according to last weeks officiaI
statensnt. are carrying a reserve of
$lso,loo,ouo in excess of the legal re-
Qulrements. Az amount out of all pro-
portlon TO former records, and compar-
ing with si',ls1.950 in the same week
last year.
1t Is expected that in order to solve
tnis problem Of foreign exchange spe-
eiai terms VIII be offered to American
investors VINO may desire to subscribe
10 the new $1,000. 900, 900 British loan.
the proceeds of which will be largely
devoted to the purchase of supplies In
this country. such being the case,
new credit will be automatically Great
90. against which American conmodi-
ties may be supplied to the English
markets. When Mr.. j. =. Morgan went
TO London in the spring. it was gener-
ally understood that ne had in mind
The arrangements of British credit in
New York. Nothing further was heard
e. 10 rafn
ever. but il became known that some
OF the large joint stock banks at Lon
don had been granted large credits at
this center. and 1t was believed that
these transactions. in fact were on be-
half of the British government, design
ed to pay for the purchases of war sup
plies for itself and it's allies that Great
britain IS being called upon to finance
Evening star., 1915-06-20
To Send Fiscal Agent.

me position OF purchasing agent for
the allies in America has been offered
10 u. A Thomas. an English multi
millionaire coal. magnate, who will
probably accept. MIR. Thomas is OK
pected to deal directly with makers
OF arms and ammunition in Canada
and the United States, eliminating the
Iilddieman and thus saving money and
time. His headquarters will probably
be In Ottawa and New York.
The sending Of government agent
10 America is expected to result, in
severance of relations between the
Srltish government and tho firm of
chasing Of war supplies is concerned.
Financial Notes.
While generally expecting an ap-
peal in the United States Steel case,
the street would not be much sur
prised If the matter was permitted to
go without appeal.
Joplin. Mo. Is enjoying q new craze.
With ore at $185 q ton, and refined
zinc metal at $500 a ton, tho profits
are dazzling. At big band concert
Monday night. June Il, cigars were
llHhtec with big and little bills. which
we're quickly saved and donated to q
worth cause.
The great activity in munitions has
oshoA Ahos oI IEAuS, ASSthB 90
stimulant to the return Of general
prosperity.
The Baldwin Locomotive Company
mas received an order for $4,000 car
mounted on axles. This la the largest
| order OF the kind ever placed here.
! DOW. Jones Co. say that the Dis
tilers Corporation Is on the eve of
ciGsins very large contract for al
cohol-the largest ever made Powder
companies are the buyers
Inc exchange situation and the Cor
man reply to the American note are
market factors. tending toward dull
ness on Wall street
' Marshall Field 4 Co in its weekly
revie" declares that business is better
than wear ago at this time
Evening star., 1915-06-20

the only thing to worry about is the
possibility of having too much cotton,
the weather having been SO nearly
ideal in the last six weeks.
Evening star., 1915-06-20
Financial Centers Can Accom-
modate All Borrowers
Literally.
NEW METHODS NEEDED
FOR FOREIGN TRADE
General Business Looking Up
War Stocks Irregular and
Spasmodic

NEW YORK, June 1s.-New low rec
ords in the price of exchange on Lon
don this week emphasizes the magni-
tude of the problems now confronting
international bankers on both sides of
the ocean. With sterling exchange at
+.76i4 for demand bills. tn lowest
point in q generation. ana with con-
tinuous influx from ottawa of gold that
is not needed. reports have been cur
rent of an effort to steady this inipor-
tant market by the establishment of d
formal credit for Great Britain and
France in this country. Foreign ex-
change. the same as any other COM
modify. must obey the incxorable law
of supply and demand and should
American exports continue on the pres
ent basis with no corresponding i'm
ports. it would seem a natural infer
ence that rates for sterling exchange
will seek still. lower level.
Briefly, the situation may ue sum
married as follows: Due to the changed
conditions uShcrcd III by the war. in
Europe, the nations at war are unable
TO ship to US the many commodities
heretofore consumed by American trade,
while, on the other tund tine e.- ,:c... .t;a..
Tor American goods. especially food,
cotton and war materials. n;I, cnor-
mousiy increased. " iIen America ana
Europe are each sending their special
products to the other they build UP a
system of credits which provides for
mutual payment without the actual
transfer OF money, except as may be
necessary to settle an existing balance.
But when the nations on one side sud-
denly cease their part of the business
and Increasingly demand the commoGl-
ties of the otner, they must either pay
Tor the goods they receive in cash
tgold) or establish Il special credit for
the purpose. The fact that American
merchants are unable TO import foreign
goods means that they are not indebted
to foreign merchants and hence are not
In need of foreign exchange with which
TO settle foreign obligations Absence
OF this demand is reflected in the low
quotations for sterling. which condi-
ton we now have to deal with.