davidaulloa/AmericanStories huggingface dataset:
Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1915-12-15
REGULATIONS TO MEET
RAILROAD PROBLEM.
Needed to Make Lines More Useful
Servants of Country.

Needed to Make Lines More Useful
Servants of Country.
In the meantime may | make this
suggestion? The transportation PROB
lem is an exceedingly serious and
pressing one in this country. Tnere
has from time to time Of late been rea-
son to fear that our railroads would
not much longer be able to cope with
it successfully. as at present equipped
and co-ordinated. suggest that it
would be wise to provide for a COM
mission of inquiry to ascertain by
thorough canvass of the whole ques-
ton whether our laws as at present
framed and administered are as serv-
iceable as they might be in the solu-
ton of the problem. 1t is obviously
q problem that lies at the very fOun-
dation of our efficiency as a people.
Such an inquiry ought to draw out
every circumstance and opinion worth
considering, and we need to know
all sides Of the matter if we mean to
do anything in the field of federal leg
islatiOn.
No ono. am sure, would wish to
take any backward step. The regula-
ton of the railways of the country by
fedora. cGms1lssion has had admirable
results and mas fully justified the
hopes and expectations Of those by
whom the policy Of regulation was
originally proposed. The question is
not, What should we undo? 1t is
whether there is anything else we can
do that would supply us with effective
means, in the very process of regu-
lation, for lettering the conditions un-
der which the railroads are operated
and for making them more useful serv-
ants of the country as a whole. 1t
seems to me that it might be the part
Of wisdom. therefore, before further
legislation in this field is attempted.
to look at the whole problem of cO-or-
dinatiOn and efficiency in the full light
Of a fresh ~ ;essment of circumstance
and opinion, as a guide TO dealing with
the several parts of it.
For what we are seeking now. what
I'm my mind is the single thought of
this message, is national efficiency and
security. We serve a great nation.
We should serve it in the spirit of it's
peculiar genius 1t is the genius Of
common men for self government, in
dustry. justice, liberty and peace. We
should see to it that it lacks no in
strument. no facility or vigOr of law,
to make it sufficient to play its part
with energy. safety and assured sue
cess In this we are no partisans but
hpralds and prophets of new age.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-11-19

no. 1851
REPORT OF THE CONDITION OF
THE NATIONAL CITY BANK,
- New York. Al New York in the state OF
T.w YORK az the close Of business. Novein-
her 10 1913. ,.r,no,-s
Lana and nlscounts. w. $40 vs. ~
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-11-19
LONDON QUIET;
COPPERS FIRM
Issues Dull-Japanese
Bonds Easy-Some Buying
for Investment.

London, Nov. 18.-The stock market
to-day was generally quiet in the
absence of any special stimulating fea-
ture. The usual investment transac-
tions were recorded, but japanese
bonds were easy and international Mer-
camille Marine reacted. Copper shares
were firm on American advices and
rubber stocks improved again. follow
ing the rise in the raw material.
Consols were unchanged at 50. The
new war loan closed unchanged at 96ls.
Except for a moderate amount Of
business in the low-priced issues,
American securities were dull and In
clined to droop on the rise in exchange.
The Bank 4, f England bought fl,50O,-
600 in foreign coin, and shipped f4OO,-
900 in sovereigns 20 Spain, $4,000 to
South America, f57 900 to Canada and
100000 TO the United States, and ear
marked f25,000 for miscellaneous pur-
poses.
Money was in quiet demand. Dis
count rates were steady owing to the
poor bank return. American exchange
was frmer, cable transfers ranging
from 1891 TO 46e&4. Money loaned
at AZ per cent. Discount rates for
short and three months bills were
5ss per cent.
Gold premium at Lisbon was $500.
Paris, Nov. l8.-Trsding was quiet
on the Bourse to-day. Three per cent
rentes closed % centimes lower at 50
francs, 10 confines. Exchange on Lon
dom q francs 1874 centimes.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-11-19

BOSTON CURB CLOSING.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-11-19
RUSSIAN COTTON
BUYERS REAPPEAR
Estimated Sales to These Sup.
posed Agents 35. 1000 Bales
Markets Tone Steadier.

Ths cotton market showed continued
irregularity during yesterdays trading.
but the undertone was rather stsaeisr.
The close was steady. at q net advance
OF to IL points. January contracts.
which had sold at ll.60 early, rallied
70 Ills and closed at li.7l, with other
deliveries showing similar fluctuations.
Near months were relatively easy under
scattering liquidation. The same
brokers who were credited with buying
for Russian interests during Thurs
days trading were buyers yesterday.
IL was estimated after the close last
night that the demand from this source
had taken contracts for fully $4,000
bales out of the market here in the two
days. This buying was supposed to be
against the forward requirements OF
Russian spinners, who consider con-
tracts for spring and summer delivery
here relatively cheap, as compared with
southern spot markets and carrying
charges.
Other foreign interests who are not
IN position 20 undertake immediate
importations are also supposed to have
purchased considerable lines Of con
tracts in the market here recently. The
demand from these sources has helped
to absorb the Liverpool straddls selling
or tho liquidation Of speculative long
accounts. General business, however,
was again quiet, and local traders ap-
pear TO be waiting for a more conclu-
sive view of the crop or spot market
developments before undertaking fresh
commitments on any important scale.
The market opened steady at q de-
cline of 70 5 points In response 20
relatively steady cables, but quickly
rallied on covering and local bull sup
port, with prices selling about 10 to II
points net higher during the middle Of
the day. The further advance in seer
ling exchange and unfsvorable weather
in the South helped the upward move
ment, which was also encouraged BY
talk Of an improving spot demand. De-
mand failed 10 broaden, however, and
the market later reacted several points
under realizing and rather aggressive
selling by some Of the brokers with up
town connections.
Private cables reported very quiet
market in Liverpool, and houses with
Liverpool connections were moderate
sellers here during the morning Local
commission houses reported very few
Southern orders either way. Southern
spot markets as officially reported were
IL points higher TO ID points lower;
generally unchanged Exports were
1920 bales, making I,666,337 30 FAR
this season.
The local market for spot cotton was
quiet and points higher at Il.76;
sales, 200 bales.
Range of prices:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-11-19
TOPICS OF DAY
In WALL STREET
Good Buying of the Rails
the Chief Feature of
an Irregular Day.
BROKERS CALL THEIR
ACTION IMPRESSIVE"
Congress and Labor Disturbing
Factors-Big Railroad Earn
ings in the Northwest.

Good buying of railroad stocks was
the chief feature Of yesterdays ir-
regular market. Most Of these issues
closed either at the top or close TO
it. The chief deterrent to activity in
the rails thus far has been foreign
liquidation, but foreign liquidation has
been headed in the bond market, and
there are many influences at work to
Offset it in the stock market. The
chief Of these Is the rise in sterling
exchange, which is cutting down the
premium on foreign sales OF "Amerl-
cans" Another influence that may
have been OF work yesterday is the
report that the British government will
gather up q quantity of our stocks and
bonds held abroad and use them as
The basis for loan here. Then, the
large earnings OF the railroad COM
panies may have made Just such an
appeal to the imaginations of their
foreign stockholders as they have to
American investors. At any rate, brok-
ers were prone to call Impressive the
strength Of such securities as Union
Pacific, Southern Pacific, the Fries and
the Northwestern group. Atchison was
an exception TO the general rule OF the
rails. 1t showed, at one time, an ad-
vance of y, but this was lost, and
more, too, In the late dealings.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-11-19
Big Railroad Earnings.

Earnings Of the Northwestern rail-
WAYS are running far ahead Of expecta-
tons. Not only is eastbound traffic alb.
normal, but there is a big volume OF
freight moving Westward. Officers OF
the ST. Paul have been surprised by
the rapidity with which the lumber
trade has revived. Great Northern
officers say their road is doing a record
freight business. So the story goes all
through the Northwest. It's an i'll
wind that blows nobody good and the
CONGESTION at Atlantic seaboard points
has brought harvest to the Western
lines. for freight Is going to the Pacific
Coast from points as far East as Pitts
burgh that would otherwise be ey-
ported through Atlantic ports. In
rluded in this traffic are considerable
amounts of guns and ammunition des-
tined for Russia.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-11-19
MONEY AND EXCHANGE.

FEDERAL, RESERVE DISCOUNT RATE.-For
paper maturing IN ten days or less. per cent: up
70 nins;y days. per cent.
CALL MONEY opened At tx per cant: highest, ?
Der cent: lowest II per cent: closing. per cent;
renewal. ia per cent.
THE MONEY was In free supply. Rates, 2is per
cent for sixty days 2+Gs per ont for ninety days.
four fge and sin months,
MERCANTILE PAPER was quiet. Ruling rate
zLas Der cen. Tor best names bank scoeptsnces.
2A G2A per cent.
CLEARING HOUSE TRANSACTIONS 60 81
changes. t52s s7I. sos: balances. &s0.2sl.9I5. Tbs
sub-Tressury VAS creditor 10 the extent Of
soc; 59
the Sub Treasury ,loi5. oco and gsined since Fri
day si2.2ss. 900
FEDERAL RESERVE DISCOUNT RATES ELSE
WHERE B0,cnp i9I Yen d. I'd 9'9 D.; 1 Gsn 70
Cleveland FOR ten days ~ Pr efnti up 70 n5 1 y
psf cent chicago. " 70 .sr'y day'., per cent.
4 Der cent, Dallas 4 per cent: san Fran
cisco. for ten days per cent. for thirty DAYS 2.1
,or thir,J TO hIiy DAYS. Z. for 'I'y to Ninety
DOMESTIC EXCHANGE --BosLon. par; Chicago.
l0c disoOunt. - Louis lOc discount pa. tAf
s,ksd. san Francisco. go premium hinneapohi'
l0e premium.
BANK CLEARISGs. Baltimore. exchanges. ts q
az 1857 balances tsg1.1fG. Boston. erchanses 49,
.:sssI balance ,z,ss tss ch,sas: sIsnanss ,
change. SIS 3g2,2f9. balances. ss755,lt5, 81
Louis exchanges. tls.OlsTis. balances. u.i2i.e55.
su.NER MARKET Bar siiTe; ~ Lordon wn
"a if.fsd, en sdsaooc 81 Liza. New York quo
fs,ioa Vas 5lHc. q gaia o. Asc MeIicsn silver
dollars 1sH9f2c.
PoaETCS EXCHANGE Sterling ruled sifors
and f0se 70 4ssN for demand. closing at Tie top.
Cabk and ilghi rates. LOndon-cable. go de-
msnd fgsB Pars-cable. 5Sl. check. 5.g2
Beriin-CAbls 80 1915; check. s0h. Itdy--Cabe.
gt7. ehock. sIt Oftcos-Csbls. 1910; cheek.
1875 SHY and ninety dsy bins London. bank
,rs', sir,y days. 46sh ninety days. t6A
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-11-19
LOAN AIDS EXCHANGE
Transfers at 4.ssA in London-Italiar
Quotations Higher.

London, Nov. 1s.-American exchange
responded further to-day to the resi-
dent credit arrangements, and trans
fers rose TO 469I1 and 4.69% on the
knowledge that the committee Of bank
ers which is endeavoring TO arrange
a credit in the United States TO re-
lieve thu exchange rate soon will have
substantial sums TO deal with the prob
lem.
The ordinary check rate rose TO
Attn and the Stock Exchange check
rate to 4.72% and Alb.
The plan to mobilize American Sc
curities in this country as collateral
for further financial aid is much dis
cussed, but repeated inquiries have
failed 10 disclose details. either from
bankers or exchange houses.
Quotations on the Italian and Dutch
stock exchanges to-day were much
higher. Those on the former were
influenced By heavy purchases in the
United States.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-11-19
Seeks Americas Money.

There is much significance in the
amendment TO the British finance bill
which would exempt future bond issues
of Great Britain in the hands of for
eien holders from the operations OF
the income tax. Great Britain, financ-
ing her owns needs and much Of her
allies, is bidding for the worlds
money. There is more available for
her uses in the United States than any
where else, or in all other countries
combined. Evidently she intends to
leave no stone unturned to get 1t:
Thanks to the activity Of Austrian and
German agents in the United States,
the mischief making among workmen,
the destruction Of munitions factories,
the incendiary fires on ships leaving
American ports, to say nothing OF the
submarine atrocities, there is grow
ing disposition in this country to think
that the Allies fight is not only theirs,
but Americas; or so it is believed IN
the financial district. Once the idea
is spread broadcast in the Unite,di
States that the Allies must and VIII
win, there is likely to be considerable
diversion Of our surplus funds INTO
British government securities.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-11-19
IntrospectiOn's Day.

In the current stock market Clark,
Childs & Co. sec plainest of all a dis
position of operators ITO get down once
more to rock bottom facts and TO give
less attention to tales which are plain
ly the work Of vivid Imagination
They look forward to n decline of bust
ness and a period of introspection, Of
which they say the market is greatly in
need. In their opinion this will mean
regrouping of securities with respect
to the prospects of future movements
of income and prices, and with particu-
lar reference to the meaning Of Eu-
ropean peace on the affairs of vari-
Gus corporations. "The safest section
of the market" they say, appears to
be the low priced railroads. which have
managed to show their fixed charges
earned in recent years Of business de-
preston and government antagonism,
end are now beginning to show heavy
gains in revenue"
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-11-19
Famine of Labor Near.

Labor troubles promise to demand
more and more consideration as time
goes on. Munition factories have been
Stealing men from one another, often
M an advance of rs per cent in wages.
In number Of manufacturing estab-
iiebnents around New York, many Of
.heu pIaces whose output is Of staple
acods there IL regular famine Of
soboy In Newark, where there are
,sorks Of the Coats Thread Company.
he Westinghouse Electric, the Cru
chile Steel and other big manufactur-
ing concerns, the local newspapers have
bnsn aooded with advertisements for
iabor but the demand continues in
sJs,ent Employers tell of taking men
~ the streets and paying them rood
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-11-19
BANK REPORTS.
mo. 2s.l
REPORT OF THE CONDITION OF THB
FIRST NATIONAL BANK.

- York ci,y. in The State OF New 7
RESOURCES.
st-..,,rfg tlOl Tl5. stssg
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-11-19
Nobjlizing Americans"

That there will be some favorable
effect on our securities markets II the
British government carries through its
Milan to mobilize American securities
borrowing them from their owners and
using Them as collateral for supple
mentary credits here's not TO be
doubted. OF course the government IS
not likely to get even a majority OF the
Americans" still held in Great Britain
nor. in all probability. will it desire to;
Nevertheless, the plan. If effected, WIZ
make a considerable diminutioni IN the
liouidation from abroad that otherwise
would continue here until victory 1or
the Allies was in sight.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-11-19
MINING.
COPPER MERGER PLANS
Will Increase Kennecotts Capital to
Exchange Shares.

With the plans nearing completion
for the amalgamation OF the Kennecott
Copper Company and the Braden Cop.
per Company. and the taking over o.
the Guggenheim Exploration Com
pany's holdings in the Utah Copper
Company, il became known yesterday
that a meeting Of the Kennecott share
holders will be called shortly to au-
thorize an increase in the compsny's
capital stock.
II was understood in the financial
district yesterday that the Kennseots
capital will be increased from the pres
ent authorized issue Of 100000 shares
TO $780, COO or 100000 shares. me
increase is to provide suineient steen
FOR exchange for shares Of the bradeh
comnanv ard the Guggenheim Explora-
tion's holdings in Utah Copper. IL Is
expected that a syndicate Will be
formed 10 urderwrite the r"rr"r Nav.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-11-19
CHICAGO PROVISIONS.

Coffee Was easy during the early operations ms.
pricos being 20 I points lower. owing 70 iurtnef
Audiences OK weakness IN Brazil. but during tho DAY
teveloued hrrnness and at the close was 70 ~
points ne, higher. Total sales were 10000 bass.
n. advance was due 10 aggressive buying on the
r.rt ., operators who have recently been active on
10 selling side ard on general covering as well as
,orne new buying Tor outside account.
Trade Interests sold quite freely on the oulgs. ou,
toward the close OF the day the demand vas Of
sufficient volume 10 absorb The offerings me oB
Ing movement was due largely 70 rumois mat some
iess favo..ble crop news had been received rom
Urazn and on The theory that the technical posi-
lion was stronger as result o' the recent hqulaa-
ton. .,-A. -,.. ....
go oS.-ed ,n the cost and freight market e
. Zoe. Is and 4, at ease. Is at s.0y9s lse. and
X a, s6Oc london credits while Rio IS we're
here At 7aT 05c. American credits
The local spo; market was inaeuse and nonMay
unchanged at fs6f;.c fos Rio Is. Range OF prices
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-11-19
SHIP TRUST COMMITTEE

John ". piatten, president Of the
United States Mortgage and Trust Com
psny, is forming q committee to rep
resent the common stockholders Of the
International Mercantile Marine Com
pany. The members Of the committee
will be announced soon. Mr. Platten
will act as chairman.
Il was understood in the financial
district yesterday that the Platten
committee will cooperate with the pre-
ferred stockholders or the Wallace
committee in the formation Of a reor-
ganization plan 70 supplant the one
presented by the Barnard bondholders'
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-11-19
Miners Want More Money.

In January the coal miners will hold
their convention, and frame an agree
ment TO be proposed instead of that
which expires on April I. There is
thought 20 be little likelihood OF their
not getting their demands in shape by
that time, because there Is pretty
definite idea among the men in the
anthracite region that 20 per cent in
crease in wages and a decrease from
8 TO hours a day ought to be sought.
Miners of bituminous coal, too, are ex-
pected TO ask for betterments in their
wage scale. So Ear, however, there is no
indication that the mine owners are
prepared TO make any concessions.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-11-19
ON THE CONSOLIDATED.

While the railroad shares were adj
vancing on the Consolidated Exchange
the general market sagged. Anaconda,
after changing hands at 90ss, declined
to sS%. Crucible Steel opened at 10.
which was its highest. American Loco
motive touched II and then fell back
to So. Union Pacific did not get above
1A1ca
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-11-19
What Nav Happen.

II the war is truly war OF attrl-
tion. il does not take much imagination
10 see that victory for the Allies may
be due TO our own Federal Reserve
banking system, whether the system
wills il or not. For practical purposes
il does not make much difference which
pocket a man takes his money out or
lie has the same amount OF money
whether il is in two pockets or one.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-11-19
Office for z. A. Potter.

Il IL a. Potter. Of Potter, Duer n Girls
40 &c, vas elected president Of the As
49,. ~. SssllzAtI0n Company yesterday 20
$3.50 .. ~. y. Murphy, who was
shtly made yice-president Of the
s5sfsnty Trust Company. Mr. Murphy
-. resigned o. treasurer, but will
.sln On the executive committee and
~ sreeitors' eommitt1s.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-11-19
PRODUCE AND
GRAIN PRICES
Wheat Market Has Ner-
vous Undertone, | 1-3 to
16sc Higher at Close
Sex York. November IS. 1915.
WHEAT.

whsu hosed A. upward tendency throughout:
yesterdays operations. and ~ the close % ne cay
,cns vas rather nervous. however and 1, vas ,p-
parent that the trade :. large was somewhat ap-
prehensve OF Developments In Europe. sspecialD 10
Reports thu, the British government anticipated
assuming control OF the freight situation resolved
eul1sh Interpretation Ia ssne quarters and bad
y Wa also rEled that such action would doubt
lesa eauie lower prices IN tie United kingdom;
would not help tho situation much in regard 20
shipments 70 tbs Continent. which is the biggest
Erpor, orders were IN evidence during N. DAY
but Wills !. was rumorsd that sales would prob
ably amoun. 70 fully 4 million bushels and would
through Gull ports. the reports were not fully con-
trned. and some local exporters said that business
had been small
The Liverpool nMke, vas easier. owing TO lager
arrivals snd favorable reports regarding the crop
outlook IN Argentina and Australia In the local
{ o B New YORK. 40 / Northern Duluth, sl.09A
and No Northern Manitoba. !l.ll c { Bufalo
CORN
Corn was hrner turing The Uestar par, ., the
dsy. and a, the close prices we're To li.c net
higher. Weather conditions we're ess favorable aud
adgiees from the West indicated that huskins re-
POOR quality u the new crop Receipts al primary
points were moderate Country offerings from some
sections were larger ard II va. thought tina, tic
future. In the local cash market Nc yellow corn
vas quoted at '5se prompt shipment
CARS.
Tee marie; FOR oats was frmsr largely On
count Or the sfysnce IN wheat and corn. although
receipts AZ primary points smaller The local
cash market vas h-mer; No white quoted At AZ.
"a t2sc: No white 40i. dilkc ordinary 10
fancy clipped. 4oA ii'.c all elevator
RYE.
harks' steady No Western. 81. O5'. c : New
Norl.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-11-19
COUNTRY PRODUCE MARKETS.
New York. November IS. 1915.
BUTTER.

New lOfhs november 10 AsASs
BUTTER.
Receipts. 5 i2i packages The shortage Of hish
srade fresh creamery hiss not been relieved, ana
prices we're further advanced with quito nrrn
tone Perhaps there u Little more picking VS.
AZ The under grades but there Is lafse duanuo
OF these and prices have not ehlr.sa m teh.
creamery. extras (s2 seorel. sl4 2 SIC; hishsI
scoring s2i, q S3e: irsts 2Tis430e. seconds .9S
.Tc. thirds go. 2ii.c. creamery. held s1xss
o. seorei ssS39c. HIGHER scoring. ~ 4 S~.asi
irsis asae7ise state dairy nlest. 20 sys' soca
to prime 2sie q 1sc. cofamou 70 fs.r z5e.oc In
vsted ertras gsi58 sc. nrsts. -J's 80. .SSs3
grades. 2l9s3c. initiation creamery; Its. -.
"a I.tles current make. hr5ts. --8 -t1S' -
onds Die: lower grades. 1915 . -oasc; pAeAihs se
luna maize nne alc current futAf. me WV
no 2. zoe; lower grades. 1878
CHEESE.
nsce,pt, Las bores The mrlet rs n' ~,
,c5s Eruort inquiry mere active ane ill1er ~.
tos.i ,,.ss 40 iakns hold better STATE 10,
i ioon u..' .re.i.ls' Isxr. average. fancy. Dt3
ic' ,ir-,n, MAKE fsts. specssi, y oc. Fe,sse'
t.~n.(,i. ttil SiTc: all styles under sIs1e'. y
N ga itx,s.a,.tu " N. Dasiel ltG ldisri tslns'
I'D Young Americas. les. BiIe. state, skins.
- ....lsl, l3Fi3tc. rurrent mahf. spsclAs.
, ,s. ,,.S choice iah . i2ac. fair 70 good. l0b
ffisc. common. ss9ssc'
EGGS.
Receipts. G 49, cases Irssh gathered ssss ees,-
nns' err snd arm ,nTsd qualities Of frssh
ard .'s'e r-~r- 10y sfis'r IN s''n- md -" N''l
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-11-19
Federal Reserve Fund.

Washington. Nov. 1s.-More than
800, 100000 now is held by the Federal
Reserve Board in its gold settlement
fund 20 the credit Of the reserve banks
and reserve agents The fund has
been in existence Just six months to-
morrow.