davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-10-17
MARKET News
AND COMMENT
Final Strength After .
Period of Weakness
Quiet Dealings.
GREAT EXPANSION
IN BANKS LOANS
Surplus Only a Little Lowe, :.
Result of Financing III,
Anglo.French Loan.

In '-quieter market with DEALT.
in large measure those OF pro,... an
traders pr ices yesterday w.r. Va
changed. Ontside Of few i,,u., ~
tuations we're Of no grea, er,.p. :,
represented in THE main the custom s
evening up Of comm 'tments at thu,
end. Business was be smallest ~
Saturday IN four week., less than u.
600 shares changing hands. Bonds yer,
quiet and steady.
Inc opening was uncertain ,.rd tk.-
after a brief period Of better NJ, iee. !,
which Crucible, Baldwin Lora., 4 :.
Westinghouse, Central Lea,ss,
American Smelling and Resnira sAe
out, the market weakened Co,si s.Soe
ed Gas and New Haven vera ,....e
airy IN the earlier part OF The ss..;a.
and prominent in the decline. re- ss"..
the close brisk recovery was r-S''
way that made Up most OF the s,,S;..
losses. Railroads were quiet mil ~.
late upturn. Report Of progress n 80 ~
deal through which the pennsvir. Wv
steel Company was 20 be purchsseS -
interests connected with Pe,rIat
steel did little 10 arouse trading ir,s-
est. though Bethlehem went no's,,
higher 20 a new record. Baldwin Io,o'
motive advanced over Q points. hold.
most Of its gain 20 the close.
The first payment on the Arv,,-
French notes caused even greater Is,
pans.on IN book credits OF clea-;,.
House institutions than had beer sr.
pected. Loans Yesterday morning vsr.
more than Slf9.00000 greater tar a,
the Saturday before and demand "A.
posits increased over sl77O 200 ma
Only one-Guarter OF the amou,,
pledged was due on Friday, but OF la
amount withdrawn here by subscriber,
70 the underwriting a large par, wa,
paid m full, so as 20 receive innedi.
ately the benefit Of the interest on he
notes.
This immense expansion OF liabilities
was so nearly met b. an addition a,
more than S29,000,000 10 the Aggregate.
reserve that the surplus fell OF only
Sl,1ll.0 900. The excess above lecal
requirements was over Slss. 000. 600
Transfer Of funds 10 New York and
imports OF gold direct from France
and Great Britain and b. way Of the
Pacific Coast accounted for the gain IN
actual cash. It is through the strength
Of our international position, OF whea
these gold imports are an evidence,
that we are able 70 extend credit 70
our foreign purchasers.
Sterling exchange was firm yes.er.
day in recognition Of definite announce.
ment that further banking credits
would supplement the work Of the An
glo-Frencn loan in offsetting cur heavy
exports. Such arrangements, OF course.
serve merely 70 postpone for a Will.
the date Of final payment. At pressn.
they have the disadvantage that there
is in sight no counter movement Of
goods or credits such az in normal
times determine the course OF the e..
change market. There is, however. al.
ways the tendency Of international
business 10 reach a balance, and god
and security movements 20 this side
may grow against the foreign pur-
chases of goods.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-10-17
BRIEF WALL STREET NEWS

The Stock Exchange firm of Ward
well & Adams has opened a new branch
Office at 80 East Forty-second Street,
this city. Branch Offices that have been
discontinued are as follows: Feucht-
wanger, Calm & Co.. and Arthur Upper
& Co., at West End. y. j.; Richardson,
Norton & Co., Southampton, Long ISL
and; Post e. Flagg, Berlin, Germany,
and Sternberger, Sim g. Co., Asbury
Park, n. j.
A shipment Of s930,O00 Of new gold
coin is being made by the National
Bank of Cuba 10 Havana.
Harold Hartshorne !. now at Harris
horne & Picabia, Wall Street, and
Arthur A. Fucker. at George II. Levy,
90 Broadway.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-10-17

issues in that market we're Canadi an
Pacific and some American bonds,
which the government was said 20 be
buying as part Of its plan 10 correct the
exchange market. II has been sus-
pected from time 70 time that some Of
The large consiCnments Of American Sc
cur.ties which have been sent here from
London were for British government
account. but rumors 20 this effect could
never be confirmed. Sales such as
these would do much 20 explain how
support has been given 10 the exchange
market here on occasions when there
seemed to be more reason for selling
sterling than for buying II.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-10-17
BANK LOANS SHOW
Sl49,295,000 GAIN
Reflect First Payments on $780,
100000 Anglo.French
Credit.

The weekly statement OF the Clear
ing House banks yesterday reflected the
first payments made on Friday by the
underwriting syndicate on the $780,
100000 Anglo-French war loan. There
was an increase IN the loan item OF
Sl49.295,000, due largely TO borrowings
20 pay for bonds withdrawn for In
vestment, as well as 10 meet the first
instalment OF 25 per cent on the bonds
that are being offered publicly.
A gain of Sl77,712 900 in demand de-
posts was the result Of the crediting
TO the accounts OF those who made
payments on the bonds Of the amount
Of their borrowings The excess Of
deposits over loans was thought TO be
due, 10 a large extent, 10 the transfer
Of funds from other cities 90 New
York banks.
While estimates ranging as high as
S200.0O0,000 were made regarding the
response Of the local institutions on
the first days payment Of the loan.
the Clearing House figures indicated
that a very considerable amount Of the
bonds was paid for IN full. Only about
S75,OO0.OO0. il had been estimated. was
actually due from the New York insti-
tutions on the first payment Of % per
cent.
Notwithstanding the heavy increase
In liability shown az the end Of the
week. the strength Of the banks posi-
tion was only slightly impaired, as
indicated by decrease in surplus Of
only S1,ll1,000. This was due 10 the
fact that there was o large increase in
cash holdings, and the aggregate re-
serve was increased S29,1S1 .046.
Following the departure Of members
Of the Anglo-French Commission yes
terday for England and France, n mem
Der Of J. p Morgan & Co. said that
half the proceeds OF the S500.OOO,0 900
loan would be placed 20 the credit Of
the British government and the other
half to the credit Of the French gov
eminent. This statement was made in
response 20 inquiries whether Russia
would be directly beneficiary.
Commenting on the printed reports
that Russia had entered into commit
ments in this country in excess of the
amounts allotted TO her by committee
sitting in London. this member of the
Morgan firm said he had understood
that Russia had credit here sufficient
10 meet all her purchases. and if that
government had disregarded any order
of the Allies committee supervising
the purchases OF war supplies, he was
not aware Of H. He estimated the
amount of cash deposited with New
York banks by Russia to he in excess
of S25.00O.O00
II was learned yesterday that Mau-
rice Cassenave, president Of the Bank
Of Hayti, in which French interests
are large, will be associated with Oc-
tave Homberg. the representative OF
the French government. who will re-
main here with Basil p. Blackett. Of
the British Treasury. TO arrange with
American bankers the establishment Of
additional credits for France and Eng
land.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-10-17
TOPICS OF DAY
IN WALL STREET
Traders at a Loss When
Week Ends to Foretell
Course of Market.
BUSINESS PROSPECTS
BRIGHTER THAN EVER
p.ymerts for Anglo-French
Loan Make Big Changes IN
the Bank Statement.

Traders at the end Of the week VIZ
-. . predict the immediate tut
M aye Of the stock market Many % o.
. u's :, answer to their customers. IN
o rSi' or in debating market Ie', Ia
took refuge in the safe sia, ZEN GOOD ZOO
he next few days woole .s SEQ Srlsved
trsGer saf ,'c and expressed themselves .S
s.'l bu tG,S for the long gqi To-, To t ,5s
lust now hat one Is b sdme thing 5G1 as as
long - pDa.i; ~, always has" when some one !, :.
saying s, +, /. going to rain. Eyerybod.y
i 1sSs FOR better prices the only i% 1GSe
lion is whether they are CONN. 80 he nre-
e c.so5 iy that readjustment Of indus s.
,rSsl security prices that Is 50 esIllt 49,
sought by some stock ETSh iIaSsT SI'y was
] ne wee s.-,inc because it gave no eleW.
on q's" 6Ily results. so far as predictions
,rere concerned. were negative
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-10-17
Sailing 70 south America.

Fxpor,s 10 South America in S.teptemT-
her according 20 figures compiled by
the foreign trade department Of me
national CITY Bank. showed hand
some Increase over those Of a year ago,
The figures apply only to the exports a,s
tbrongb the Port Of New York, but
thew ney'I represent about IS per cent Of
he total shipments from this country
This September their value was Sss-
55o 3oS: a year ago it was s5.75s,6l6;;
The largest increases, both in actual
dollars and in percentage, we're IN the
exports 70 Argentina and Brazil. snip
ments 70 Argentina we're valued al 81
lO4.55O. against S2167,448 a year ago,
and those TO Brazil reached total OF
e. ns1.15n acainst Sl.23I, lll.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-10-17

The Baltimore & Ohio Railroad Com
pany pipes dismal note when il plays
the music Of immigration statistics
Prior 20 the declaration Of the war, II
says. 1907 .0sl immigrants had come
here in twelve months. but In the
twelve months that followed only 2l7.-
2S6 came through our ports. Not only
have fewer foreigners Of the working
classes come in, but more have gone
out. leaving their occupations here 20
become soldiers in Europe's armies
Many Of these. Of course. will never
come back The railroad sees with ap-
prehension the situation that is arising.
Passenger earnings Of the railroads
have been curtailed by millions Of dol
lars. and they will probably feel a
greater loss as time cones on. But be-
yond that there will be check placed
on the material development OF the
United States through the scarcity Of
immigrant labor and through the
slower growth Of population.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-10-17
Mining Ii in the Bud.

The Butterick Company is not will
ing 90 be put into false position 20
help a stock market speculation. G. W.
Wilder. president Of the company, dis
GUESSING the report that the company's
earnings have benefited through les
sened competition from France, says
plainly that IL is not so. The total Of
the company's European business has
fallen of. and though merchandising
business in this country is satisfactory,
advertising receipts in the company's
American publications have been re-
duced. 80 that earnings have been
maintained only by severe reductions
in expenses. There is nothing in the
present condition Of the compsny's
business" says Mr.. Wilder, "that war
rants a rise in Butteriek stock" II is a
pity that some other companies. whose
stocks are more eonspicuously specula-
tive balloons, canno, see with equal
elearness their duty 20 the community
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-10-17

In IFS current issue "The Financial
Chronicle" again takes whaek at the
war stocks. "War orders 1t says, are
looked upon as the magic lhhueu0e nc
v,;il transform moribund concerns into
money-making properties. Out Of tins,
belief gambling mania has developed
whose limits have not yet in all proba-
biIitv been reached" And it goes on TO
saw that the bubble in the war stocks
will inevitably collapse, as 1t should
do. when it's insecure foundation pc
comes apparent. Speaking Of the rail-
road stocks il says: 1T remains as
true to-day as at any time during the
last forty years that there can be no
general prosperity so long as our great
carrying industry remains IN the
dnmps. II IS 70 be hoped, therefore,
that the interest that has been enlisted
on the stock Exchange in the railroad
properties will be continued and the re-.
sulting dement's follow in due course.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-10-17
DEAL NOT COMPLETED
yice-President Ward Says Negotia
tions Are Still in Progress.

J. II. Ward. vice president OF me
Bethlehem Steel Corporation: denleu
yesterday the authenticity OF report
from Philadelphia that the sale OF tne
Pennsylvania Companys holdings III
the Pennsylvania steel Company 70 Ihe
Schwab interests had been competed
"The negotiations are san IN prog.
ress,' said Mr.. Ward, '2nd nave no.
yet been completed. The Germs OF she
deal mentioned in Philadelphia o.S,
patches arc premature and ShcotrecI,
Bethlehem Steel sold up TO 4o4 yes
terday, an advance of 7 points ana
new high record.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-10-17
Movement of Specie.

imports OF specie at the Port Of New York ,ror,
oStouet "a 70 October is were Gold s. OsT osl
80 h4ef sAtON5j, making a total OF fs an sSs
Iain.i total Of s5.ls9.S02 IN the PRECEDING we.t
e. sS,s.st m the corresponding eeek lAs' wear
-, s''se SnuAy ! The imports Of specie s,not,n,sd
$3.50. s3l. against tlfs7s.468 lAsi yeSr
-, ~ go , oi silver were silver siO5l Sgs and
-, s'vy,V,o making total o. s. 65l Ses axains,
seef -, f'so.@h sold and silver Ast wceE Snd
iss sl,.l m Ne preceding week last year SIM
80 ! "lofe q gold amounted 10 sri $40 Ia
and 'si09S.5s4 silver In 1914 ''-''4V''eIi solc
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-10-17
Gold Deposited at Assay Office.

There was deposited az the Asssy
Office yesterday Sl,250000 gold N me
form of English sovereigns, which az.
rived on Friday from Liverpool on ,ns
Lapland. The shipment was part oil :
total of S2,s92 900. and was conslsnsa
to the Guaranty Trust Company
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-10-17
Central Vermont Report

The Central Vermont RAILWAY &, ;..
report Tor the year ended June 80 last
uisoIoses gross earnings Of si,2l0.4ll,
compared win S4'5Ss,779 for the previ-
Gus year. The surplus was Sl5.4is In
1914 the eompany's charges consumed
It's net income % the dollar.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-10-17
STOCK EXCHANGE FOR THE WEEK

the the
the together tho
the week ana the mig" an" WV
the of the year i9i'
I7253OO, against 33So week aso soo
year ago the Stock Exchange From January to date ~
again n
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-10-17
CLEARING HOUSE
LOANS GREATER
Expansion of Over 1000, 600
Surplus Reserve Drops
Only Sill 600.

The actual Clearing House statement
showed a decrease in surplus Of ST.
III 900 to Slss.263,720. Demand de-
posts increased S177.772,000, time de-
posits increased S5,742,000 and loans
increased sl49, 295,000. Reserve IN
vaults and in the Federal Reserve Bank
increased s27. $50 900. while specie in
vaults increased Si6,0S6,000.
Surplus reserve in the average state
ment increased S1,606,470 TO Sl89, POS
$50. Demand deposits increased S74,-
O63 600 time deposits increased Sill
6S3. 900 and loans increased S66,832 600
Reserve In vaults and in the Federal
Reserve Bank increased sl6,O9S,O 900 and
specie in own vaults increased SILL
90
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-10-17
MONEY AND EXCHANGE.

FEDERAL RESERVE DISCOUNT RArY-For
paper maturing 81 ten DAYS less. per cent. VI
10 ninety days. per cent
CALL MONTY during the ~oek. ~ a? per cent
FEDERAL KESEByE DISCOUNT RATES ELsK-
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-10-17
NEW YORK STOCK EXCHANGE
SATURDAY. OCTOBER Is, 1915.

$4,000 against sSSzoV roa ~ d,.
closed ago FROM January "
a
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-10-17
Britain Buying Americans

1, was significantly reported from
London yesterday that the only strong
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-10-17
DAILY IMPORTS AND EXPORTS

Daily imports and exports Of gen.
eral merchandise AT the Port of New
York were:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-10-17
p,osperity in the Making.

Everybody looks for better pI It.it9
eventually. because there are are C ceiSSj,t
$50 about the country that nooouy
ia l. -, "oD. even If there was disposl-
can can ' 70 ipnore them. The crops, taken
s Alto are the greatest on not re Teah
md for once big crops 90 no. nee me-,
mall r- nriccs. because never was nj
s .lorc - a demand for our agricultural Il
mora o. m the part Of Europe than mar,
here IS now or than there will d be- tie
IRON production, index Of oom' The
t' 'U rs making new figures. ne
Rus,,v1 rsilroads are already showing
L lcs,osrsable Increase in both gross ana .
net earnings. and the Weston '.,os.a5 ro oar,
have the crops and the incfvsSt 80 look
81 10 swell their traffic. Bank clear clear
; io - are gaining. showing that more more
iasincss f. being done. Money , Is easy, easy,
and the banks ability TO eNpanu si, 80
crodit ;oarinc facilities, because OF t n''
Fodorei Reserve system. are greater by
for .ben ever before.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-10-17
Loan PAYMENTS Reflected.

Roth the bank statement snd the
Clearing House returns yesterday
fected ne they were expected 70, 'ne
oreat transfer # funds incidental 70
ne financing Of the Anglo-trenen Ioa .l
oneration. Clearings and balances
y1ade new high records, and ban 6ol lo onn
increased no less than sl4S'zSo'OUo'
There was. OF course. more tnah cor
responding increase in deposits, pc
cause the great bulk Of bank loans are
uttered as deposits TO the creulI ~
The borrower. The reserve was nelpeo
tv imports Of gold during. the week, 80
mat the decrease in surplus was IT5e-
tveiv trifing only $1.1ll'OOC. pc
cause incorporated banking insIllu-
ions which subscribed TO the loan
underwriting were permitted 20 Keep
heir subscriptions on deposit the pay.
r,ent of their % per cent instsIihent
Gid not figure in the Clearing house
,eturns. though it was factor IN ,he
~ statements. For these BANKS the
INSCRIPTION was merely a bookkeeping,
,neration. But for the bond houses IL
n'oant an actual drawing and clearing
of checks
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-10-17
NEW YORK CITY BONDS.

interchangeable. registered or eou'0o-
:Reslstered
The Lexington intelligencer. [volume] (Lexington, Mo.) 1901-1949, 1915-04-16
SMALL FARMERS TRADING.

He is Under Serious Handicap Com
pared With His Bigger Competitor,
Prepared by the United States depart
ment Of agricultural
A matter which threatens the pros
perity and even the existence Of the
small farmer is the handicap under
which he finds himself in buying and
selling. The big farmer who can buy
and sell in large quantities and also
employ expert talent in buying and
selling and in securing credit has an
advantage over the small farmer who
must buy and sell In small quantities
and give his time and attention mainly
to the growing Of crops rather than to
selling them.
Much Of the supposed economy OF
large scale production, even in mer.
cbandising and manufacturing. is
found upon examination to consist
wholly in an advantage in bargaining
that Is, buying and selling. When it
comes to the work Of growing farm
crops, as distinct from selling them and
buying raw materials. the one family
farm is the most efficient unit that has
yet been found.
But the big farmer can best the indi.
yidual small farmer in buying and sell.
lag. 1t would seem desirable, from the
standpoint Of national efficiency, to pre-.
serve the small farm as the productive
unit, but 10 organize a number Of small
farms into larger units for buying and
selling. Thus we should have the most
efficient units both in producing and in
buying and selling.
If this is not done the only farmers
who can enter successfully into the
production Of agricultural s~pecialties,
where the problem of marketing is
greater than the problem Of producing,
will be the big, c~apitalistic farmers.
The small farmer may hold his own IN
the growing Of staple crops, in which
field the problem Of efficient production
Is perhaps greater than that Of success
full marketing.
The reason for this is that there Is a
well organized market for staple crops
and the problem Of marketing is there
fore somewhat less difficult than in the
case of agricultural specialties. But
even in the growing of staple crops the
small farmer viii have a hard time Of
it If he is forced to compete with the
big farm when it is cultivated by gangs
Of cheap labOrers.
The two worst enemies of the small
farmer are the opponents Of eO-opera.
tive buying and selling on the one hand
and the advocates Of enlarged immigra.
ton to the rural districts on the other.
The latter would help the big farmer
in the buying Of labor for his farm
and reduce the price Of the small farm
er's own labor when he undertook to
sell it in the form of produce.
The Lexington intelligencer. [volume] (Lexington, Mo.) 1901-1949, 1915-04-16

as well as to learn the why and
the wherefore Of the products in
the stores of their town.
Teachers who attend the sum-
mer session of the University
this year will be allowed to OBJ
serve the pupils Of this school
study. Last summer more than
so persons visited this elemen-
tary school every day. Any par
ent in the state can enroll their
children although the number
this summer will be limited to
100. This summer there will be
a model play ground in connec-
ton with the work, as Mr.. Mer-
lam believes that well-directed
play is a part Of elementary edu-
cation. This playground will be
a laboratory Of those teachers
who are interested in the play
ground problem. The little stu
will have a track, swings, teter
boards, and grounds for base
ball and basket ball.
The Elementary School is a
part Of the School of Education.
It's purpose is for the study of
problems relating to public ele-
mentary schools. 1t is also used
as a school for experiment and
observation.
The summer session will be
from June 10 to August 6. The
Elementary School will be open
from June IA to July 16. The
school is in session form 9 to II
O'Clock in the mornings.
The Lexington intelligencer. [volume] (Lexington, Mo.) 1901-1949, 1915-04-16
HOW CHILDREN A
IN UNIVERSITY SCHOOL
Elementary School is Conducted
at University of Missouri
for Study by State
Teachers.

A number of little boys and
girls stood in a grocery store at
Columbia, Mo-, under the super
vision of a teacher, they had
just completed an examination
of a few of the products on the
shelves.
ooh, there's a tin can like ma
mas got at home" exclaimed a
six-year-Old girl. The grocer
took the tin from the shelf and
the little students examined it.
Then while they returned to
their school room, for they were
students of the elementary
school of the University of Mis-
souri,, the little girl who had dis
covered the "tin can like ma
mas" was permitted to 60 to her
home and bring the can to the
school room. 1t contained a
spice. The teacher immediate
ly turned to sections of books
which told about spice, its value,
where it comes from and how it
is shipped. This is one of the
ways the little folks study in this
school which is used as a labOra-
tory for those University stu
dents who are preparing to enter
the teaching profession.
j. L. Merriam, professor of
school supervision at the Univer-
sity, believes that little boys and
girls should study in this way.
g''The reason that studies in our
grade schools are so hard for
many pupils" said Mr., Merriam,
"is that the subjects are not a
part Of their daily lives. When
the little folks are taken to the
grocery store, the blacksmith
shop, the mill, and the meat mar
ket, they at once see something
that interests them. 1t is better
then, to have them study this OBJ
ject at once than it would be to
take it up as it happened to come
in the geography, or some other
book"
Mr.. Merriam believes that the
school life can be brought closer
to everyday life. He thinks that
the little folks can learn some
thing of arithmetic by figuring
up their mothers grocery bill,
and this is one of the duties of
children in the elementary school
at Columbia. They are taught
to see the business side of things