davidaulloa/AmericanStories huggingface dataset:
The sun., 1915-05-16
ITALIAN LIRE TAKES
JUMP ON EXCHANGE
Brokers Unable to Explain
Sudden RecOvery-Market
Generally Firm.

business IN foreign exchange was
light yesterday and OF pre- holiday
nature. The striking feature OF the
market was the sharp recovery in the
price OF Italian lire from 5.9l II, the new
low reached on Friday. to 5.s3. Brokers
We're somewhat at loss to explain this
advance, some saying that It was caused
by feeling that the King OF Italy
really intended to support the Salandra
Ministry and that his calling Parlia-
ment was only to give the Italian peo-
pie chance to take an undivided stand
for war or peace as they wished. Quo
tations In lire. however. were purely
nominal, the market being OF so erratic
u nature that brokers refused to do
business.
The exchange market was as a whole
generally firm, demand closing at 4.79i..
unchanged from the day previous, while
cables were quoted at 4I9a, an advance
Of lis of cent in the pound. Francs
were stronger at 5S3ia for checks and
5.33 for cables as compared with 5.34
for checks and b.32ia for cables on
Friday. Austrian kronen advanced from
1885, Fridays closing price, to 1850.
Foreign exchange brokers were dis
cussing yesterday the possibility that
several banking institutions would he
forced TO carry millions In German ac-
ceptances for considerable time In case
this country goes to war with Germany
II was said that several large institu-
tions had been heavy buyers OF Ger
man aCceptances, feeling that at the
present low rates OF exchange they were
a conservative Investment and one that
would be paid promptly at maturity.
With a possible war with Germany In
sight, brokers said that these insttu-
tions would be forced to carry these mill
sons Of acceptances throughout the war.
There were reports yesterday that
Brazil was seeking loan In this market.
The amount wanted by that country was
said TO i've approximately $4,000. 900 and
would probably be only for short
time. None OF the details OF tho plan
have been worked out as yet-ba mixers
said that they were merely being
sounded by agents Of the Brtziian Gov
ernment.
The sun., 1915-05-16
COTTON MAN FINED
FOR SHOUTING "WAR"
Sellers. an Englishman, Pays
$40 for Outcry on Ex-
change Floor.

The international political situation
appeared on the floor Of the Cotton Ex-
change last week. AS result Norrie
Sellar. an Englishman, who is mem
her OF several good clubs here and is
known socially. has been fined $40 by
the committee OF the board OF managers.
There are various versions OF how the
AFFAIR started. One is that Mr.. Sellar
was prominent about tho ring on Friday
as n heavy seller OF cotton. Somebody
asked him why and In the excitement OF
the trading Mr. Sellar shouted back:
War, War. War"
There Is rule on the Cotton Ex-
change that the circulation Of unfounded
rumors Is punishable by fnes and some
OF the members Of German sympathies.
II is reported, went to the floor COM
mittee OF the board OF managers with
complaint.
There were differences OF opinion yes
terday among authorities on the Cotton
Exchange as TO the rule under which
Mr.. Sellar was fined, but all agreed that
he had been fined.
Another version Of the incident was
that Dr. Dernburg had become topic
Of acrimonious discussion.
Mr.. Sellar could not be reached yes
terday afternoon. At II East Sixty-ffth
street, his address IN the Social Reg
lister. II was said he was not known.
The sun., 1915-05-16
MONEY AND EXCHANGE.

The New York Federal Reserve Bank
rates were 4 per cent. for thirty TO
ninety days and per cent. for longer
bills.
open market discounts, prime accept
ances. maturing up 10 ninety days. 2ts
d2L per cent.
Commercial paper rates vera az n
per cent. for sixty and ninety days
bills and for four to six months best
names; 4a as per cent. for others.
Time money was only moderately ac-
tive with quotations steady. Rates were
3 per cent for sixty and ninety days
and 3ia per cent. for four months, 81.
d3a, per cent. for Ave months and
4 per cent. for over the year.
Call money on the noor OF the Stock
Exchange last week ranged between ! /.
and 2ia per cent.
Domestic exchange on New York: St
Louis, Zoe premium; San Francisco,
soc premium; Minneapolis, 3oc. pro-
MUM. Chicago, par. Cincinnati, par.
Montreal. s5.93& premium.
Can money In London was ~ al Il
per cent. short bills, 2hs per cent,
Sterling exchange was steady. Final
quotations were: Demand, %.79L.
cables, 47e%.
Bar silver in London. % ll-lsd. in
New York. soc.
New York Clearing House statement
Exchange, s3O0,026,339, balances. sls,-
''SS7,556. Sub-Treasury debit balance,
S3S5.O6O
The sun., 1915-05-16

with an office in the Chambers street
Battery section and business men I'D
town. This would seem to indicate
that a removal uptown, while II might
take n business man away from his
particular class or profession circle
would have a Nucleus of bus ness ad-
vantage In his new location at once
For these reasons--and because Of the
great part the telephone may play In
mans business-I am inclined To ne
Heve that congestion in traffic in the
Chambers street Battery section might
reach such an irritating and uncom.
portable point that the Office building
man would prefer to move uptown.
why, one reason New Yorks trans
portation problem IS not now unbear-
AMY acute may be CLEANED from the
fact that every day New Workers
take 100000 trips by telephone
We all have noted. and some
times with bitter comment. thai
New York has T. suffer straphanriug
for years before transportation catches
up. And II takes so long TO catch VI
that when transportation service il
inaugurated. increase OF traffic IL i'm
mediatcly so enormous that strap
hanging begins again.
This is directly the reverse OF the
telephone policy that has 10 do with
future needs. The telephone company
is constantly planning and building foi
the future. so that wasteful dupica
ton Of work and unnecessary tempo
rary construction can lie prevented
But here IL what | would emphasize:
Scientific studies are made 20 meet the
continual shifting OF population cen
tres and to anticipate the growth In
these different sections OF the city
and their probable social and CONNER
clal Intercourse a score of years hence
The size and location OF the com
nany's buildings are planned years in
advance SO they will be ready for what
Is demanded OF them when needed
The equipment to he installed, the pole
lines and suhWays for underground
wires that will have 10 be built alons
lines where the studies Indicate the
growth Is likely all are planned and
provided for In advance. Only in this
way are we able 10 meet the demands
of the service before they arise.
There are now 56s, 900 telephones
IN the city, Studies prepared by tele-
phone engineers indicate that there
Will he S7l 900 telephones in New York
by 1890, in 1880 there will be $50 600,
in 1888, the scientists say, the number
win be 100000. So we have allowed
and are arranging for a telephone
traffic OF 90O0OoO messages daily
twenty years from now"
The sun., 1915-05-16
VAST INCREASE IN
BANK DEPOSITS
More Than $4,000, 900 Put in
Each Of 80 Institutions
In This Country.
MANY EXCEED AVERAGE

Statistics compiled by Dow. Jones &
Co. from the reports Of the national
banks Of the country in answer to the
call Of the Comptroller of tho Currency
for their statement Of condition a. Of
May Of this year show that there
are about nfty banks in the country
having deposits Of more than s25.ooo,-
900 each The statistics also show that
there has been q notable increase in
deposits as compared with the pre-
vious cali a. of March 4. This may
in some cases be due to tho fact that
the call was nxed for the first OF tho
present month, when several large finan-
cial transactions had been completed, in
addition to the regular monthly settle
ments. The New York institutions es-
pecially caught the full effect of tho
special financing. such as. for instance.
the 50 per cent payment on the $780,
100000 New York Central bonds. The
Chemical National Bank gives 4 strik-
ing example of this, its gross deposits
increasing from S25, 5,ssi 900 on March
I to Ss7,515,o00 on May 1.
A comparison with the figures Of June
30, 1914, reveals the tremendous growth
In deposits OF some OF the great insti-
tutions, which was partly the result OF
the accentuated business depression and
partly to the transfer of foreign funds
to this country as the result OF the war.
The National City Bank ranks first in
this regard. showing the tremendous
increase OF Ss9,ss2.0oo Other banks
showing large increases were the Con-
tiental and Commercial National. Chi
cago. 35,31l,0o0: the First National,
New York. S24.243,ooo. and the National
Bank Of Commerce. New York, S14.7ss,-
900.
Following 10 a list Of banks reporting
gross deposits OF moro than S25. 100000
on May 1. compared with the amounts
they carried on March 4. 1915. and
Juno 80. 1914. The three final ciphers
ara omitted
The sun., 1915-05-16
FOUR TERED SUBWAY URGED TO RELIEVE
CONGESTION IN LOWER MANHATTAN

mean so many more levels. II will
take very nice planning and arrang
ing tn accomplish this, but the en-
gineers will do It all right and, honey
combcd as lower Manhattan may be
with tunnels, business will not be dis
turbcd and transportation facilities
will be increased many per cent"
You don't think then, Mr. Malthie
that as the theatres have moved up
town. and the department stores have
moved up town, and the wholesalers
have shifted. and the clothing men
have shifted, that there may come a
day when many other businesses may
shift up town and the civic centre az
city Hall become nothing more than
any other public square Of the city?"
II certainly do not. The day will
never come when you and |, or those
who come after us, will see City Hall
treated as mere incidental stop for
subway trains So long as there Is
New York l feel sure the Chambers
street Battery section will embrace
all that is representative OF the city in
the big things. Transportation prob
lens Will never alter the fundamental
character of the district. The prob
lens will he solved so as to accommo-
date the district. The district Will not
change TO solve the problem"
According TO telephone officials
managing New Yorli's wire talk SER
vice the future telephone needs Of the
city have long been made the study cf
a distinct department. Facts and
figures are compiled along scientific
lines IN order that the system may
always he "ahead of the game" These
figures, and the figures themselves,
seem to prove that Mr.. Maltbic may
he little too sanguine as to tho un-
likelihood that office removal will
result from congestion of traffic IN tho
Chambers street Battery section.
H. w. easier OF the New York Tele-
phone Company, discussing this phase
Of the question, said: The fact is
that Were II not for the telephone taxi
ing such contemporancous part in the
wonderful increase Of New YorlS's pop
ulation and New York's business one
of two things would have taken place
long ago affect ng the Office building
population of lower Manhattan. Either
All'i' N'Nih lltNf W bt> ~ u
ton service triple or qundruple that
uf now. or hundreds OF thousands of
business men would have removed
their offices uptown.
"'Take the case of a man who has an
office at, sav Rector and Church
streets, Another man in the same
profession or business has his office at
Park Row and Spruce street. Are
these mon crowded down in a con-
gestcd district simply because they
want to he able to walk or ride to each
Others office al particular occasions? =?
Take away the telephone and you get
an answer, If they were compelled to
brcart the crowds on lower broadway
every time they wished to talk bus
ness they would move uptown ont Of
sheer disgust, They endure ccrtain
amount OF congestion morning and
evening for the purpose of being in
what they think is their particular
business circle. But they endure It
because the huretne is limited. The
telephone has limited il.
THE telephone also shows that there
Ia no end OF business transacted every
day--in fact, every hour and every
minute-betNeen the business man
The sun., 1915-05-16
COTTON STEADY AT
MODERATEGAI
Some short Covering Over
Week End in O Sold
Out Market.
CROP OUTLOOK BETTER

There was moderately active but
rsady market in cotton yesterday and
nbcss closed at net gain of about
"A co,n,s. Liverpool was steady and
.sou, sh English points higher than
aus epot sales, as usual on Satur-
d.v ware small. with the tone dull.
There was enough covering of shorts
ov.- the week end to send prices about
IS 70 II points over Fridays closing.
M, local selling toward the close re-
,yesd this gain. 1t Is not at all un-
yk.ly In the event of a conciliatory
,,ply from Germany that cotton prices
otll advance sharply. The market sell
,-,rn has given evidence Of a more over
.,d condition. considering the size OF
,hs market. which at present is not 4
large onA
The visible supply statement con-
,,lpsd no features OF importance. Spin
nsrs talsings for the week were about
al 900 bales. against 100000 last year.
The total for the season Is 1l.143.000
hales against 12,636.0o0 last year. The
Chroricie places the amount of cotton
on shIpboard not yet cleared at 191 1000
tales, against $4,000 last year.
Brudstreets summary of crop condi-
tons states that cotton has been bene-
a,ed in the eastern half OF the belt by
rains and helped in Texas by their ces-
s,,ion. Much replanting was necessary
IN the flooded sections of Texas. There
is said TO he tendency to. scale down
.lrller estimates of large decreases in
cotton acreage.
The usual weekly cable from Man
chester to the fertile Manufacturers
Journal says:
"Dearer cotton. stiffening yarns. but
demand Is restricted mainly confined
10 coarse counts These are I'd. higher.
Cloths unimproved and irregular. India
cables report some improvement. but
buying here IL limited China Is low.
Hopes are entertained that an improve
ment will follow settlement of the Japan
difficulty Reported that the British
Government will possibly prohibit Brit
ion Arms from trading with Germans in
China Argentina better; indications
OF moderate orders. Best of South
America poor"
Ftitures closed steady
The sun., 1915-05-16
Continued from Fourth Pags.

ges,ed condition OF traffic In the vi
cinity of City Hail morning and eve
ming would cause them to move. 1t
would take something more detrimen-
tai to their business to force a shift
on them.
"Jamming In the subway has MOTH
ing to do with the success OF a man
in his business. He might move to
gain new business or TO prevent a
loss OF what he had. But heavy travel
in the subway does not prove change
Of office expedient
ut is true that there are business
and amusement centres springing up
and enlarging in all Of the boroughs.
They will form the nucleus, no doubt
OF trade, transportation and amuse-
ment assembling spots OF future I'M
portsncs. But I mink such spots
will always remain local.
IF anybody wants the real big man
or the real big thing of the entire city
or the professional men who are Of
the greatest reputation in the NUM-
cipality. he will he apt to find them
south OF Chambers street In Man
haitian. Where will you find a great
lawyer with his Office uptown? Aren't
lawyers located away from the City
Hall district handlers OF simply local
matters, that is, matters local TO the
district courts they are near?
"The shifts OF the large department
stores uptown may not have been at
all caused by an inconvenience such
as you suggest the office building pop
ulation OF the Chambers street Bat
terry section may md unbearable.
Perhaps a store, perhaps the pioneer
store in the uptown move. may have
found its quarters inadequate for its
business. The question of building n
larger store came up. lf a larger
store was to be built perhaps there
was not room enough on the old site.
This compelled the consideration of
change in location, But II was not
a matter of inconvenience or conges-
ton. In my opinion. that started the
removal innovation.
plans for the different subway
levels OF the future? No, / have only
said that they will he necessary TO
the solution OF the transportation prob
lem OF the future, as ! see II, You
know there are already different sub
way levels In operation, At Brooklyn
Bridge the local trains to city Hall
loop under the South Ferry and
Brooklyn express train tracks. And
at Ninety-sixth street and Broadway
the Lenox avenue and Bronx Park
trains pass under the Broadway
route tracks. These levels have been
in operation from the opening Of the
subway system. They show the pos
sibilit,es OF the double. triple or quad
ruple level The New York Cen
tral system has several levels in sue
cessful operation at the Grand Cen
tral Station.
Multiply the levels and you will be
able to meet the greater demands of
transportation. From New Jersey to
Long Island there will no doubt be
several bores through lower Man
haitian In decade or So These bores
will have to cross the north and south
bores OF the up and down Town sub
way system, which, In turn win have
additional bores on different levels.
very likely. To get the north and
south routes by the east and west
routes and not cross at grade will
The sun., 1915-05-16
GERMANS GROW WAR SUGAR.
Expect to rrodsce 5000. 900 To.s
This Season.

Advices received by the Federa, 6uear
Refining Company from their German
correspondent indicate that, given nor
NAL weather conditions. Germany will
produce about 100000 tons Of raw
sugar during the 1856 season. The
statement OF the Federal Sugar Re-
hning Company's German correspondent
added
Since all communication between
Germany and Chile has been intcr-
rupted our Government has worked with
industrial and agricultural interests to
promote the production OF azotic fer
tilizers from coal and from the nitrogen
OF the air. Notwithstanding there are
some complaints from farmers Of the
scarcely of fertilizers.
Lack of labor In considered In some
quarters to threaten the crop Yields, but
as far as can be Judged to-day II seems
as " IL would be less serious eventually
than the want OF fertilizers. The latest
reports from all beet districts say that
preparation Of the soil has commenced
generally and no complaint IL heard
about deficiency OF labor. The wheat
and rye fields look as promising A
usual
1T is estimated that Austria Hungary
will produce only 1.100. 900 tons Of raw
sugar. or about 100000 less than In
former years"
The sun., 1915-05-16
THE SUGAR MARKET.
Raw Advances-weath Reports
Are BuIlish.

Foreign buying again resulted IN .
return of activity and strength to the
raw sugar market during the past week.
The entrance of England into the New
York market for refined sugar and pur-
chases OF about $1,000 tons of raw sugar
at Cuba dislodged refinsrs from the
waiting position. Several hundred thou
sand bags were taken by local renners,
and on this business the spot price of
raw sugar was advanced to 4.ss cents
duty paid New York. an advance Of
more than quarter Of q cent within .
week Weather reports were bullish. It
was stated that conditions were unfavor-
able to operations and that only 1S4 cen-
trails were grinding.
The refined sugar market was hrm,
with all interests asking cents for
standard granulated. Sales Of about
$4,000 tons OF refined sugar were made
to Europe in the local market, and there
waS some new inquiry from domestic
consumers. There was a fair demand
for Withdrawals on old contracts.
The sugar futures market at the Cof.
fee Exchange was quiet and steady
Saturday. Total sales were %5o tons.
Prices were;
The sun., 1915-05-16
HEAVY PRODUCTION OF COAL.
>aostantisl Decline In April of
stocks At Tidewater.

me Coal Age says: "Thc official
nsures OF the anthracite shipments for
"Wl more than sustained the predic-
"ons OF heavy production, the move
.'eH' having established new high
g'ord Tor that month. In addition to
uN ngures also show a substantial de-
,'"" IN stocks AT Tidewater but IN spite
v 'hls apparently encouraging techni-
% position OF the market the trade
moving general slowing up in all
s,'e lhe'e Is decided paucity OF orders
y, 'IHE some shippers, while concessions
Sc' ana loo are necessary TO move
to' % ana general curtallment Is an
'pa'ea m the immediate future. The
"'Net s,at ls particularly weak on the
.am sizes and large concessions are
,ns reported on pea coal, In addi-
,o, H 70 this the Western movement is
"'' particularly large"
The sun., 1915-05-16

GYPSUM, Kan, May l5--Fourteen
years ago when Charles M'lleson, farm
cr near Gypsum, paid his harvest hands
he missed II $40 hll, and concluded that
he had been robbed, The other 0hy
Mrs M.,lcson picked UP an old pocx.--
book the children had been PLAYING with
for ten or twelve years, nud between tho
lining and the pocket the missing $40
was found.
The sun., 1915-05-16
SOLVING OVERFLOW PROBLEM.
Flood Losses Overcome by Planting
Pecan and Other Nut Trees.

Houston, Tex. May 15.--That the
bottom lands along the principal rivers
OF Texas be utilized for growing pecans
and other valuable native nuts Is u part
Of a practical solution Of tho overflow
problem offered by Il. w. Kirkpatrick
OF Mckinney, Tex, president Of the
Texas Industrial Congress.
by cutting out the sharp river bends
and widehing the streams OF the Colo
rado Brazos. Trinity and Guadalupe
rivers" he said. 80 as to cause the ex-
cess storm water to fiow more quickly to
the gulf, a large part Of the problem
would be solved.
Instead Of building dikes close to
the river bed they should be built some
two to three miles back. The bottom
land. lying within these dikes II planted
with pecan trees. would become far more
profitable than corn and cotton lands
could possibly become. and at the same
time would not be hurt by the overfows
The trees would help prevent the soil
from washing" -
The sun., 1915-05-16
THE BOSTON MARKET.

Boston. May 15.-There was a sub
stantial rally throughout the mining
shares list. Algomah. American Zinc,
Copper Range and Alaska Gold were
the more active shares. Tho close was
firm. showing gains OF fraction to
more than points, Industrials and
railroads were dull and steady. The
summary:
The sun., 1915-05-16
o. s. ISSUES WEAK IN LONDON.
Selling Net Hsavy-CanaAian Pa
cfAcs Flat.

LONDON. May 1.-THE market for
Americans was nervous ana weak IN
sympathy with the attitude betrayed
on your side. Selling was not heavy.
Canadian Pacifics were nat.
In other departments the tone was
steady In the main. Gilt edged secur1-
ties had a mixed appearance. Home
rails were firm- Foreigners reflected a
waiting attitude. Argentine rails were
lower. Rubbers improved.
The sun., 1915-05-16

KRrLANn. Onto, May l5-Fire has
destroyed tho o.i Mormon Bank, n land.
mark built h" Joseph Smith, founder OF
the Mormon religion, when he decided
u make kirkland the headquarters rar
his scot
The sun., 1915-05-16
THE CHICAGO MARKET.

sr,ncAoo. May l5.-While there was a
AERIAL wase falling on in trading prices
pos, stronger in this market. Sears
,,uck and Stewart showed a sub
an''al ,sl Improvement. Other issues
-,r e,eady The bond department was
'u'l The summary
The sun., 1915-05-16
THE PHILADELPHIA MARKET.

PHILADELPHIA, May 1.-THE stock
market was quiet, with a moderately
firm tone. Cambria Steel gained 2. !;
Electric storage Battery, point !;
United Gas Improvement. y. and Lake
Superior, a. The summary:
The sun., 1915-05-16
C0TT0NSEED OIL.

The offerings were not heavy and
values improved slightly. Shorts bought
on the better feeling prevalent as TO
political conditions. There were no ad-
ditional tenders. Exports Of cotton oil
since September 1 amount to $4,000
barrels, against 3s5, 900 a year ago.
The sun., 1915-05-16

spot cotton at New York was quiet.
10 advance; middling, s.s0c. Southern
spot markets were unchanged, with
New Orleans, &C.: Galveston, 9.20c.
Savannah, 9Lc. Houston. &c. 4; Augusta,
she, and Memphis. 9.l2c.
The New Orleans market closed
steady. Prices we're:
The sun., 1915-05-16

Federal reserve notes outstanding
amount TO s29.440, 900, against which
there Is deposited with the Federal re-
serve agent s1s1,3O0 In commercial
paper and $50, e,25s,7OO In gold and law
ful money.