davidaulloa/AmericanStories huggingface dataset:
The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1915-06-21

FURNISHED by " !-uxJ
CALIFORNIA APRICOTS.Per Gratis.
CALIFORNIA PLuMs-Per crate. $50
BANANAs--Extra fancy. per Ib.. &c;
fSF% sE NsMpiI IS e crate. s2.7s
k tfMAsBFar bax' si'as crate s22'-
PfNEAPPLES~ crate. $500.
IMPERIAL VALLEY CANTALOUPES-
FIELD LETTUCE-Per basket, Csc.
CALIFoKNIA -CABBAGE-Best Grade.
CRYsTAL WAX oNroNs-Per bu.. s12s.
TEE fPEmf d6z DOS Sc zoe Der - bu
GEEKS TdMSSoEPssrssssss basket; , sOc a.
CUCIMdBERs-fer doz.. 3od35c; 70 bu.
S SHM SpfS ~ + su Sic
DfAToNp BAsK Gs; seeh nf bu. basket.
Is. peck Baskets pe9 do2sh 5cp per dos
RADISHLs Large punches. per dozen.
GREEN oNIoNs-Per doz. aoc IN
CARRoTGPer doz.. zoe.
=. cABBAGE PtANTsSEanqqiy;; Jersey jef Wake.
5sId per 400 sse X, per Eariy
Early summer: per 100 sc: per Der 1 90 e =
TOMATO PLANTs-Ea y Tree. 0ef 100
53c' per Per loo 100 SO "a ~ Kansas Standard
CiAmr, l, per leo 35c: per Lode SsS@a Ut
r Early Iy Dwarf stone, per 100 35c: per 1,oo6
POP CORN-Per lb.. 3Ac. In 3r,gi M;
sacks; ocSSntSa I1g 100 lbs, per h. 31sc.
low; per bu.. s1.J0: white per bu.. ~ N
CHEESE-Per h.. 1S61giLc
HohoEtADisH-Per doz. bottles 9oc.
Topeka Hay Market
Topeka, KAN June ~
The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1915-06-21

Wheat is in fire condition, four feet
high; harvest Will begin about July 10;
barley and oats good; corn backward
weed and poor stand
Exports from the United States and
Canada Friday were 437, 600 bushels of
wheat, 81 900 barrels of flour, $1,000 bush
els of corn and $4,000 bushels of oats ;
wheat and flour combined, $4,000 bushels
A report from Salina. Kan, says: BLACK
rust has developed in some of the wheat
fields of this county. 1t is fungus
growth just beneath the heads and is the
result of unfavorable weather.
A cargo of Argentine corn was pur-
chased Friday to come to the United States,
according to reports from the seaboard.
The price was said to be about z cents
cheaper than the Chicago price. plus
freight.
The Canadian Pacific railroad estimates
acreage of wheat in Canada at 12,s0900o
year; pats $685., 600 acres, last year s, a37,-
900 acres; barley 1924 900 acres, last year
1,967, 900 acres; flax $4,000 acres, last year
1,O05 900 acres.
The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1915-06-21
Chicago Produce Market.

steady, creamery, ss@37e: -''- ne
EGGS-Market steady. At mark, cases
included, 16@1TAc: ordinary firsts 166
16alc; firsts. liz @1TAc.
POTATOES-Market higher. Old, Michi-
gan and Wisconsin white, 25@30c; new
Texas sacked Triumphs. 70GS5c; Virginia
Cobblers. So. 25@2. 80.
POULTRY-A1ive, higher; fowls, 131ac.
The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1915-06-21

1.-THE following sales were made this morn
ing at the Stock Yards, Kansas City, and
reported over long distance telephone di-
rect to the State Journal by Clay. Robin
son & Co, live stock commission mer-
chants with offices at al markets --
Kansas City, June 21.-CATTLE-Re-
ceipts $500 head Market strong and DC
HOGS-Receipts 1000 head. Market
strong and DC higher Bulk of sales, $50
SHEEPEReceipts 5000 head. Market
The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1915-06-21

st. Joseph, June -HoGS-Receipts
1900. Market steady Top, $T.60; bulk of
sales, 81. Asa 80.
CATTLE@Receipts 1000 Market steady
to Zoe higher. Steers, s7.50@9 % COWS and
SHEEP-Receipts 1000. Market steady
Lambs, $S.00G950.
The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1915-06-21

Wichita, June 21.-HOGS-Receipts 200
Market higher. Top, $3.50; bulk of sales,
81. 4OG755.
CATTLE-Receipts 500 Market strong.
Native steers S6.00@9.00; cows and heifers,
500: stock cows and heifers, S4.5O@7. %
bulls, S5.OO@6.5O; calves, $7.OOdS.75
The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1915-06-21
NG STOCK BUTTER-17c.
TOPEKA Grhin NinrkVt

-, he'd by j. 3. billiard. corn-r Kan.
sass Ave and ru--is St1
Topeka, Kan, June 81
CORN-7Oc.
OATS-44c.
WHEAT-$1.00
The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1915-06-21
Poultry, eggs and Butter.

Furnished Dy tbs. TOPEKA i'arh 90. com
any. corner l.srrent and Madison
Topeka, Kan, June 81
POULTRY-Hens, all sizes, Zoe; broil-
ers, 1 to lbs, 1Sc; ducks, Sc; geese &c !:
young Tom turkeys. 13c; old Tom tur,
keys. lie;
EGGS-14c.
tACKING STOCK RI;TTER-17c
The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1915-06-21
THE WEATHER RECORD.

Following observations of the United
States weather bureau for the twenty -four
hours ending at Z o'clock this morning:
L.
The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1915-06-21
Chicago Grain Market.

Chicago, June 21-WHEAT-Close: July
S1.02A September, 991ac; December,
S1.025s.
CoRN-JaIy, 73e: September, TN @72asc !;
OATs-July, 1880; September. 3sn@
PoRK-July. $3.50; September, s17.25
LARD-.July, 1927; September, 1855.
SHORT R1BS-July, S10.25; September,
S1O55.
The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1915-06-21

Chicago Grain Market.
THE range Of prices for grain futures on
The Chicago Board of Trade as reported
by This. J. Myers. Broker. Columbian
Blog.l
The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1915-06-21

Liverpool, June 21.-WHEAT-Spot
quiet: No. 1 Manitoba, lis sd; No .
lis Id; No. B; lis; No. 1 Northern Duluth
lis lad; No hard winter, los 11Hd.
CORN-Spot quiet; American mixed
The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1915-06-21

[Close of prices for the leading stocks on |
the New York Stock Exchange as re-
ported by Thos. J. Myers. broker. Colum-
bian Bldg.l
The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1915-06-21

Topeka, Kan. June II
CHICAGO EGGS-17A M1T1ac.
NEW YORK EGGS-19G2Oc
CREAMERY BUTTER-Chicago. &c;
New. York, 2SA @2s12c; Elgin. &c; Topeka
wholesale. 2Sc.
The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1915-06-21

lBy special wire to I. j. Myers. Column
bian Building.1
Elevator stocks of wheat in Kansas City
decreased 163,oo1 bushels last week and
corn stocks decreased a, 073 bushels.
A report from Atwood. Kansas. says !:
The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1915-06-21
Wheat Market
Butter and Eggn
FURNISHED by Shawnee Milling Co.

FURNISHED by The Continental Crear
Co, Topeka. Knn.1
The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1915-06-21
Chicago, June 81.

Kansas City Grain Market.
THE range of prices for gram futures o.
The Kansas City Board Of Trade as 70.
ported by Thes. J. M.ers, Broker. Colum
bian Bldg.l
The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1915-06-21

Topeka Hay Market.
PRAIRIE HAY-Sies sune IL
AITAI4kA-Slzoa
The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1915-06-21

ON account of high water we are unable
to handle live stock. Farmers will please
telephone us before bringing it in 4
The Sauk Centre herald. (Sauk Centre, Stearns County, Minn.) 1886-current, 1915-11-11
THE FIRE MARsHAL's WARNING
State Official Urges Teachers to In
sist on Regular Fire Drills in
All Country Schools.

The following bulletin has been is
sued by State Fire Marshal Harga-
dine, relative to fire drills in the
schools:
Recently Fl little childreun were
burned to death in school house fire
at Peabody, Mass.
"This department wishes to issue a
warning that such terrible accident
could happen in some of the school
houses of Minnesota. This statement
is not made for the purpose Of caus-
ing uneasiness for the parents of Min
nesota school children, but to again
impress upon all persons concerned
the necessity of eternally being on
their guard for fire prevention.
I'm saying that it could happen we
do not wish to convey the idea that it
will, but the possibilities are there
just as sure as the following rules for
school buildings are neglected.:
Keep conducting fire drills. If the
children become panic-striken when a
fire drill is called, repeat the drill
often and the pupils will become ac-
customed tn leaving the building in
an orderly manner.
keep all combustible material
either in fire-prcof receptacle or re-
The Sauk Centre herald. (Sauk Centre, Stearns County, Minn.) 1886-current, 1915-11-11

=
fuse to have them in the vicinity of
the school house. Keep all stairways
clear. Keep all doors and windows
leading to exits and fire escapes al
ways unlocked DUNG school hours.
Keep handrails on both sides of stairs.
Remember, the first report of the
Peabody school fire was brought by a
pupil. Teach the pupils the necessity
of always being prepared to prevent
fire by having them report to the
teacher anything which they deem
hazardous-in this manner the chill
dren will feel that thy are being de-
pended upon to prevent accidents
and they will appreciate the conf
dence bestowed upon them" Il
The Sauk Centre herald. (Sauk Centre, Stearns County, Minn.) 1886-current, 1915-11-11
THE GRAND AND PETIT JURORS
Residents of This Section Will Serve
at December Term of Stearns
County District Court.

The names of good men and true
selected for grand and petit jury ser
vice at the December term of the
Stearns County District Court, which
will open at St. Cloud Dec. 6, with
Judge Roeser presiding, were drawn
by the Clerk of Court few days ago
Several from the vicinity of Sank
Centre were chosen. The complete
list follows:
GRAND JURORS
Geo. A. Quale, Fair Haven
VIM. Seiben, City of Sank Centre
JOS. Emmel, Spring Hill.
Anton Bentfield. Ashley.
H. j. Kicker, Wildwood.
Ben Imdieke, Raymond.
Ben Hinnenkamp, Melrose.
Henry Herzog, Wildwood.
Henry Bierman, Crow River.
Peter Meyer, Eden Lake.
Martin Betchel, st. Joseph.
N. X. Stein, Luxembourg.
Joseph Doerner, st. Cloud.
Mike Hummer, Wakefield.
VIM. Hollenhorst. City of St. Cloud
John H. Schultz, Wakefield.
Ralph Lynn, Maine Prairie
John Krutchen, Rockville.
Christ Karels, ST. Martin.
Joseph Rutland, St. Cloud.
Adam Schaum, City of St. Cloud
John Neutzling, City of st. Cloud.
John Schlagheck, st. Augusta.
PETIT JURORS
JOS. Mueller, Lynden
Geo. r. Christen, Albany
Frank Wedl, City of st. Cloud
Julius Payne, Village of Waite Park
William Schroeder, Jr., Paynesville.
Charles Kramer, City of Melrose
Charles Dicks, City of Sank Centre
Math. Jonas, Collegeville.
Barney Maus, Maine Prairie.
John Seifert, st. Wendell.
Thomas Kollas, Vii. of Waite Park
H. J. Loesch, Rockville.
Frank Boos, City of st. Cloud.
3 ]. P. Goedert, City of st. Cloud.
VIM. Hoppe, Oak.
Martin Finneman, Maine Prairie
Henry Hendrickson, Crow River.
Paul Bauer, Wakefield.
Paul Phillipa, Luxembourg.
Mike Gully, Zion.
Henry Praman, Fair Haven.
p. r. Herter, St. Augusta.
Peter Wuertz, Lake Henry.
F. j. Thielman, City of ST. Cloud.
John Haehn, Holding.
John Hammesch, Munson.
Herman Thielen, Melrose.
Math Kuefier, Lake George.
Andrew Thull, Grove.
JOS. Braun, st. Joseph.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-10-04
GREAT WESTERN SHOWS LOSS
Year Most Trying in Company's His
tory, Saws FELTON,.

The earnings statement OF the Ihl'
cago Great Western Railroad Company
for the year ended June 30, 1915, shows
total operating revenues Of $13,"ZO,oo4
a decrease of $429 .O53. The years OPP
Grating income was S2,Ss9.931, a de-
cline OF S27 400. The surplus for the
year was SsGS ,l9l, equal to 1913 per cent
on the amount Of preferred stock out
standing. In his remarks 70 stock
holders President Samuel VI. FELTON,
say:
1.-THE year just ended has been the
most trying one for ,hl- comp any IN
many respects since Us organization.
The opening month. July, showed de-
crease Of $l2l, 900. or 1908 per cent in
operating revenue, as compared with
July. 1913. Following that there was a
decrease in operating revenue every
month Of the twelve except the last,
June, in which there was slight in
crease. amounting TO $4,000, or lao
per cent.
THE movement of traffic was most
irregular, so much so that no estimates
could be made In advance so as TO So
cure It's most economical handling.
Therefore, it was fortunate that the
management was able to reduce the OPP
Grating expenses in an amount greater
than the loss in total operating reve-
nues. Especially is this so when 1t is
remembered that the maintenance Of
the roadway and equipment Of the com
panv was not neglected during the
year"
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-10-04
Benefits Exchange and
Facilitates War Finance,
Expert Says.
ENGLAND PAYS HIGH
FOR ACCOMMODATION
Manchester Guardian Con
trasts 7 Per Cent in New York
with Az in London.
BY FRANCIS W. HlRST.
Editor o. Tho Econonist
lgp-,1L Cable 20 TIE Tribune ]

London. Oct. 8.-The conclusion
Of the Anglo-French loan is regarded
with satisfaction here as certain to
benefit exchange and facilitate war
finance. We are not surprised to
hear that the loan is proving very
satisfactory on your side. "The
Manchester Guardian" points out
that. allowing for taxes, commission,
etc. our government must be paying
T per cent for accommodation in
New York, as against Az per
cent in London. On the other hand,
intelligent critics here realize that
the high rate was necessary, for they
understand your financial situation
is difficult, because during the year
YOU have been repurchasing securi-
ties from Europe and lending far
more money outside the United
States than usual. Special circum-
stances of the moment undoubtedly
make the loan extremely valuable to
the Allies. We are glad to learn
that subscriptions are pouring in.
The successes in France and
Flanders have given much encour-
agement here. The military situa-
ton in Russia looks better.
The adjournment of Parliament
will enable the Chancellor Of the
Exchequer TO improve his budget
proposals. The war profits clause
needs revision and the project Of
deducting income tax from interest
paid on deposits may perhaps be
dropped. Withdrawal Of the duties
or commercial motor cars, plate
glass and hats makes a big hole in
the prospective revenues. Our piano
manufacturers have already raised
prices. and motor cars, old and new,
are dearer.
Neutral reports from Germany
indicate depression and yearnlng
for peace among the people at large.
The movement for the annexation OF
Belgium is said 70 have collapsed.
Our bank return showing a fail
in private deposits points to a con-
tinuation of dearer money.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-10-04

STATEMENT or THE OWNERSHIP ~ -.
agement. Circulation. E'c, he4sli % o. "
Act OF August "a. 1912. 81 NeW io.e ,or
published Daily 40 New York, y l. ~
October !. 1915. ~. IA q,
New York. Managing Editor. "conIeyc
sons. rive y Y. General Manager, N
Rogers. 86 Gramercy Park Ne" feiN. 80.
Usher. The Tribune Association. NsI CIV
Corporation. i5f Nassau e.. New J t oIH 7foS
Owners. THE TRIBUNE ASoo~iN''>
"a Corporation). 1874 Nassau - LA.
Names and addresses OK stockholders nov :,
ing | per cent or more OF totAi t il, VA.
stock. Mrs Elisabeth Mills Reid t9t ' 1'1i
son ave New York. Air. ogden M.4ls t,nis
81 West 53d S.. New YORK, Nj os1g" s1ns'
% Broad s.. New York w. N-leh - rooscos
Is BROAD ST.. New YORK. Estate ~ jos
y Reach. Iitchaeld. Conn. SIR Henry y
Sackett. Tribune Building Sew ioiS, -" I'd
D. + cheney Idtchncii Conn f.rla- -
William walter Phelps. 100 brc.4"
York: Estate OF j. G. Aver. L'"eli' "a c,her
Known bonlhoidcrs. mortgage az, ,,ore
security holders. holding ] 81. feit vl ,,sr
~ ,ntsf a.r,o-,rf az bonds. mortgage. or v',,,
securities. Nra Elisabeth Niis KEN, ff
Nrdlsou ave. New York. ~. ogifi Ml',
Nrosl ~ New York. Mr.. ogden MNia 49,
Tribune Building New lofh. Seain""
for Savings. Sew YORK.. .s ,..ea q,
Average number ~ copies ~ each is'.s,,,s
,bis ratification sold or distributed, ihieuss
the malls or otherwise. to paiI ~ sa,s
during the six months preceding Wv
''''' az \ ROGERS. Treasarsi.
sworn 10 and subscribed before ne w yrP
end day OF october. 1919. va - Rronx
Notary Public. Bronx County, 30, go. nsA
county Reeirter's 80. 6f2 cefti.,s.' yo,S
I'm New York County NO. ~ NvS Ms
countv Register so 62Q3. Wy
sion expires March 80 1910.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-10-04
RAILROAD EARNINGS.

Gross earnings of United States rail-
roads making weekly returns TO "Dun's
Review" continue to show improve
nent. the total of all roads reporting
TO date for three weeks in September
amounting 20 s25,55s,4li. an increase
Of Is per cent as compared with the
corresponding period year ago. Gains
while small. are now quite general the
onlv noticeable exceptions being MIS-
souri, Pacific, Missouri, Kansas & IexaS
and few less important Western ana
Southwestern systems. On the other
hand. the expansion that is taking place
i'm the South IL especially noticeable.
Following are given gross earnings
Of United States railroads reporting for
three weeks in September, and gain as
compared with earnings of the same
roads for the corresponding period a
wear ago: also for roads that reported
for the same weeks in the two pre-
ceding months, together with percent
ages Of gain or loss, compared with
last year:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-10-04
PRINT GOODS
MARKET STRONG
Manufacturers Chary in Taking
Orders for Future at
Current Prices.

Fall River, Oct. 3.-The market here
for prin. cloth grades continued very
strong and firm all through last week
The weakness in the cotton market
caused a softcning in the demand, but
there would have been heavy sales dur
ing the early days of the week If manu-
facturers had been willing to sell
freely. The total sales were only mod
crate.
Prices on all goods embodied in last
weeks trading have advanced six
teenth 10 an eighth OF cent above
prices o. the week previous. Az inc
new prices some manufacturers were
not willing 20 trade N contracts when
call for deliveries through the remain
ing months Of this year. Some manu-
facturers were willing 20 sell nearby
goods when they had on hand the cot
ton needed TO make them.
When il came TO question wnere
cotton had 20 be purchased 20 make the
goods, millmen were not willing 10 take
on new BUSINESS at current prices.
Some manufacturers who have good
supply Of cotton on hand IN their store
houses declined 20 sell. The demand
for the week was not so general as
during the preceding week. Bidding
was chiefly for vide and medium wide
goods.
The call for twills and sateens was
fair. and IL is reported that encourag-
ing business was done in these styles
The demand for narrow goods was not
active. because the mills are making
wide styles. Fine goods manufacturers
report that they are beginning 10 take
on some new business, and the outlook
seems fairly good.
The total sales for the week are esti-
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-10-04

Sterling and franc exchange were
steady after the announcement of the
loan Sight drafts on London during
the week sold as high as 4.79 in the
pound. Early last month they had
fallen 20 "A price Of $50. Bills were
still withheld from the market in eX-
poctation Of level, nearer metallic par.
4s6% I'm foreign exchange circles
some figured that the fun effect of the
credit had been discounted in the rise
already experienced, others prophesied
a gradual advance and then steady
markets al from A.78 10 1.75 until the
credit was exhausted. This would b.
for from six 70 nine months. il was
figured. depending on the amount or
gold shipped, the rate OF return Of our
securities and the volume Of our
exports.
Prophecies. Of course. were made
with the usual qualifications. The war
broke suddenly. 1t has been full of
surprises and may end as suddenly as
il began. The new vigor Displayed by
the Allied forces in France NAV result
not merely In slight advantage OF posi-
tion, but in successes that may deter
mine the result of the war.
For the five full days of the week
trading in securities was az the rate OF
around 100000 shares day, with
speculative enthusiasm al a high pitch
The advance In railroad stocks that
marked the end Of the week before haC
aided 10 make the upward movement
more convincing. This broader trading
was, however, not continued, the wal
stocks coming into prominence again
with reports Of mergers Of steel anC
allied concerns and Of chemical pro
ducers swinging speculation into thes,
/ issues.
Gains OF 10 or more points day il
favored stocks brought out furious buy
ing. but at the same time profit takinl
was heavy and operations for short &C
count were persistent. Commission
houses warned their customers that IN,
rise was too hectic 10 last, and N,
continued refusal of the banks 10 len,
anywhere near the market prices Of in
fated industrials caused some reac
tons. As one set Of stocks fell bacl
another took us place and the pace wa
stupendous one. taxing Stock TX
change machinery 20 accommodate tn
business The immense foreign loai
we were arranging was almos, matche,
in the scale OF market operations.
Money Market Undisturbed.
This week brings the season Of i'm
portant settlements IN mercantile lines
No particular difficulty is looked for
trade prospects being good and lendiul
institutions iu excellent condition q
furnish all the accommodation re
qu.red. The end Of the month passed
with no stiffenIng Of money rates and
call loans on Wednesday were made M
] p per cent the lowest for some time
Time loans on collateral, in spite Of the
increase in business due 10 greater ac-
tivity in the security market, was
steady al low rates OF the week before.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-10-04

Deposits Of more than S2l3.000000
are shown by the report OF condition
Of September p Of the Bankers Trust
Company The deposits passed the
5000 600 600 mark shortly after the last
Banking Department call for state
ment. but this is the first time that
this institution has shown the figure
al the time Of a call There are now
three New York institutions having de-
posits OF 5000. 100000 or more the Ma
tional City Bank. the Guaranty Trust
Company and the Bankers Trust Com
pany.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-10-04
REVIEW OF THE
FINANCIAL WEEK
Loan of S500,000,000 to
Great Britain and France
Attracts Buyers.
SECURITY TRADING
ON IMMENSE SCALE
High Return Offered on Notes
Means Better Distribution
Money Rates Easy.

The last week made contribution 70
financial history in FIVE days Of trading
on the Stock Exchange, in which deal
ings reached around a million and q
half a day and in announcement Of the
$500. 5000 loan TO Great Britain and
France. The excited speculation on the
Stock Exchange furnished work and
commissions 10 brokerage houses, pro
duced much noise and turmoil and Will
take rs place IN the list Of million
share days for future comparisons. The
first great foreign loan to be placed
here will make easier the continuation
OF our export trade that has stimulated
our whole national business. II may
lead the way TO our assuming position
in international finance that, when we
framed our new banking law, seemed
20 lie as a possibility years in the
future.
TO arrange this great international
credit, the largest external loan ever
placed and the first Of any magnitude
which this country has taken, was no
simple task. Il was necessary for our
bankers 70 interpret 70 our visitors the
temper Of our investing public and 70
convince them that favorable terms
were necessary 10 make the fotation
success. II Is an open secret that the
Anglo-French mission came here GER
tain that a larger borrowing could be
arranged for longer term az lower
cost.
10 was 10 their advantage, however,
as well as to our own. that the securi-
ties offered should have a broad popu-
lar appeal. The country has an i'm
mense amount Of banking credit avail
able. The Federal Reserve law, which
brought together resources Of our ma
tional banks, made it unnecessary for
them 20 hold such high percentage of
reserve as we had required when each
bank stood by itself. Slackened bust
ness had caused idle funds TO pile up,
and the economy that followed last
summers upheaval added to the accu-
mutation.