davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-30
Friday, September 20, 1916.

Steel common again was enor-
mously bought and enormously Sold
and closed at a new high record.
Lessec steel stocks were sympathet-
icallv stimulated. Railroads were
relatively weak. There has been
very heavy liquidation Of railroad
issues on this rise for foreign ac-
count. The limit of the markets ca
pacity to absorb liquidation is yet
unknown. The buying is Of two
kinds-that which aims TO acquire
the actual stocks, and that which
aims only to acquire a profit from
them. The proportions vary. The
actual buying Of people who intend
TO keep their bargains IS perhaps
larger than was ever the case before.
The speculative buying, If not act
ually of new dimensions, is certainly
better sustained, deeper winded and
more widely distributed than any
corresponding phenomenon In the ex-
perience Of Wall Street.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-30
Money and Credit

The ruling rate on call money at the
New York Stock Exchange was I'M
changed at 2A per cent. Loans were
placed, however, as high as 3 per cent
and as low as 2is per cent.
While there is no quotable change In
rates OF time money on brokers' Stock
Exchange collateral, there is a tendency
among lending institutions to exercise
greater caution on account Of the sd-
vance in the stock market More dis
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-30
Distribution of Bank Deposits.-Pre

liminary returns compiled by the Con-
troller of the Currency from the latest
national bank call, as of September II,
show that there were ffty-eight ma
tional banks in the country on that
date carrying gross deposits in excess
of S25,OO0,OOO OF these thirty-six
showed increases, while twenty-five re-
ported losses, as compared with the
previous call on June go The largest
gains were made in deposits outside Of
New York City. Chicago banks led,
while San Francisco banks also expert
enced large growth in this item. On
the other hand, the majority Of New
York banks reported decreases. This
shifting of deposits to the interior is
interesting, as il indicates that in the
current heavy speculation in the stock
market securities have been purchased
and taken away from Wall Street, thus
transferring the loans elsewhere. a
striking feature of the market of late
has been the reduction of stock loans
by important Wall Street houses. At
the same time interior banks have been
lending considerable amounts of time
money in New York
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-30
The Dollar in Foreign Exchange.

The pronounced strength of French
exchange is attracting attention in the
foreign remittance market at the mo-
ment. Yesterday cable francs sold late
in the day as high as 5.S2. the best
price since January. They closed a.
5.s3. Their rise is associated with
the S50,0O0,000 Paris loan arranged
earlier in the week by the New York
bankers.
Russian iubles moved up another peg
in response to larger inquiry. Marks
were steady with not much change.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-30
Other Cities.

Boston Coppers. Boston S ,ss priss
This was another day OF N.Y. msrks'
for copper shares in the loe ns,S levsi
Trading was at general advSnsss' issss'
and covered wide range " Rsar'
The close was strong, CopPsn;o Il
72is: Allouez, 7li1; old p0m'"''
CRANKY. 9li..
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-30

dustry, trade and transpOrtaa ~. - ,
high ard rising prices eonsa" 49,,
source Of complaint and csu;. .- ~
hesitarcy in forward eomm,.i,s
but the purchasing power IS $500 w., |.
by tne full employment Of VOTE. ...r,.
advanced wages and signs ., W. .,r,.
ton in consumption are we
filn.n
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-30
REORGANIZATION Plan Efeeti,ssv Ne

Reorganization Plan In es,.s Ne
reorganization of the AssoeinS 81 'Cools
chants Company and United NJ ni..cenbsf
Companies under the plan OF Dssss.is,
2s. i9l5. has been declared ~ bod
over % per cent Of the stock .,.S a unds'
companies having been deposl'ss ~ tn
the plan. In circular issusu !. ssii
reorganization committee ding Z
that earlier statements Ill b.
bright outlook for earnings
moro than justified.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-30

Below is given the current exchange
value Of foreign money in dollars and
cents, together with the intrinsic gold
parity as calculated by the United
States Mint:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-30
ANDREW ]. MCCORMACK ,,,,,.
REGULAR AUCTION SAFE
STOCKS AND BONDS
by ADRIAN II. MILLER q CIV
OFFICE, NO 50 WILLIAM Sy'
WEDNESDAY, OCT. a iats

at 1880 o'clock. at the
EXCHANGE SALESROoN
NOS. IA AND Is NESEY STprrr
For Acct. OF i. ID. Fest. 20 IVES, s. !,
Default "
Il shs. lnterocean OH CO. "A mat,
80 shs. Gnteroce-n Oh co. commos
5000 shs. Sunshin, Copper Co
90 shs. Consumers OF Co. ofNy
mon. W.
&c shs. Consumers OIL Co Q, n,
pref y"
For Acct Of Whom I, May con,.,.
II shs. Central Bank Of We,,e,..,.
County. White Plains. "
% shs. Rye National Bank. Ry, ,
20 shs. Lawyers Westchester uo,,...
4 Title Co S''
100 shs. National Bank Of Conn,,c.
so shs. NJ. & c. Realty CO.
200 shs. Morton Truck a Trse,,, =.
common.
3.4oo shs. Black HIS Copper Co
sl2, 900 Big Horn Power Co. lu M, A.
BIDS. 1915
100 shs. Urban Water Supply Ca
ESQ shs. Urban Water Supply Ca
80 shs Entz Motor PATENT c.,,.
common Trust Ctf.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-30
sOUTm POkIO RICO ,rGAh 70.

The Board = Directors hare us az .sc,.s
quarterly dividends u I'd. on the PrSeTE So''
and So on the Common stock. putsk q vs1'
Der .. 1916. o. stockholders q rcon ses's-ss
r.. DILLlNGHAM ser-r1
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-30
Willys-Overland. The I

Willys-OverIand.- The foI!o ,' ,,,.i.
munication, from John y. "liiys r..sy
dent of the Willys-Oyerlsnd SOJ .s,ss.
has been received BY a STOCK ~ I, ,soufsi
firm in reply to an inquiry; y 'I y. !.
POSSIBLY il would be well for ~ IL,
take the opportunity to drop yy, Gu or ~r
and advise you that the ~; -. rr
land Company is not INTENDING y, ..
money for new properties. II 80 b,-
tention 70 have very strong shs
ance and current assets, so 'n 81 vird
the war is over. and II al ~ =. Cou.
should blow the Willys-Overis,nsS,S 4
pany will be in a position 10
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-30
FINANCIAL MEETINGS.
CHICAGO, SAINT PAUL, 1lNNEaP0LE
kNh n.fAH. RAILWAY 20.

NOTICE or ANNUAL Nk.IiAo,
Tho Annual Meeting Of the S,ockhof.n
~ the Chicago. Saint Paul. Nlansapes
and omaha Railway Company VII = lss
A. the office OF the company IN ne ev q
Hudson. Wisconsin. on Friday OclooG "
1915. al nine O'Clock A. ", for the e.'ea. ..
Of directors and the transaction OF ~.
other business as may come os'''s 49,
transfer books will be closed On Na,
dav, September IS. 1915. a. ne e.on !.
business on that day. and will 10 Fso's'"
on Saturday. OCTOBER y. 1919
Dated. September l. 1915. ,.,
,arr~- =. Hkr MUIR I. Secre'ary
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-30
Advance in Meat Prices. v

Advance in Meat ffiee Ts, sninsls>
ton. Sept. %. Prices OF ness .rsns--s'
hogs, cattle. sheep and sn',u.t Is y
creased Al per cent from A ,h an ssef
September 10. compared WIN n, SAT-
age increase OF 90 per cent ~ Dspsr
period the last six years. IA te-dc
ment of Agriculture announce
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-30
Daily Imports and Exports.

Daily imports and exports of general
merchandise at the Port Of New York
were:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-30

In view of the large orders begin
ming TO be placed in this country by
Europe for railroad equipment, to
make good the wear and tear upon
her war-ridden transportation ma
chine. and the probability that such
orders will continue so long as the
war lasts. the belligerents being too
busy with the manufacture of NUM-
tons properly to maintain their own
railroads. a new development of spec
ulative interest in the shares of
equipment companies seems very nat
ural. Yet, the appreciation of
American Locomotive, Baldwin Loco
motive. American Car and Foundry,
Pressed Steel Car and New York Air
Brake was too sudden TO be wholly
spontaneous. What happened ap-
parently was that enough buying to
start quotations upward was much
initiated. Some Of these shares were
overbought last year on the strength
of munitions contracts which turned
cut to be less profitable than was
hoped for. There is more profit, or
at least the greater certainty Of
profit, in equipment than in shells.
II will be observed that with but very
few exceptions the companies pro
ducing basic materials required by
war have prospered more than COM
panies fabricating the materials &C
cording TO foreign specifications.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-30
Meeting All War Orders.

Meeting All War Orders.
1t appears that during the early
months of the war Chicago manufactur-
ers refused war orders because they
considered it more important to retain
regular home customers than TO pay
attention to stray orders bringing IN
/ large profits. AS the months rolled by
they were able to increase their pro-
ducing capacity, and manufacturers
have since been able TO meet all war
orders. In this connection a Chicago
manufacturer told me that such an at
titude has helped immensely. He also
stated that New York by adopting a
contrary policy and paying more at
tention to war orders has lost many Of
its regular customers TO Chicago"
But the subject of special Importance
is the part that Chicago banks have
played in financing Europe. There was
much complaint that, when the first
d
October, it took great deal of persua-
sion to make Chicago participate in it.,
and Chicago's part in it was compare
lively small. There is no doubt that
the novelty of 1t was against any en-
thusiastic participation. At the same
time, the main reason, according TO my
informant, why Chicago was not en-
thusiastic at first was because there
was no certainty that there would be
sufficient funds to invest in the foreign
loan. This fact, | am told, is proven
by later happenings.
Many Foreign Securities Absorbed.
Ever since the beginning of this year
Chicago has been active in interna-
tional finance. 1t is stated that, long
before il was possible to establish cred
its for England or France in New York,
Chicago took British Treasury bills,
considerable amounts of which are in
the hands of banks and manufacturers.
The British and French owned Ameri-
can securities have been purchased in
large blocks by Chicago banks, and the
latter have been successful in distrib-
uting them widely. The later French
and British collateral loans have had
enthusiastic support from Chicago
banks, which absorbed the total that
was allotted TO them. Several of the
small credits for England and France
that were privately arranged in New
York have been possible because of Chi
cago's support
1t appears that at present the fnan-
cial institutions of New York are count
ing upon Chicago more than any other
centre. Boston is the only other CEN
tire which has large liquid funds to loan
out. and it is believed that Boston is
chock-full of securities and has no
more funds to lock up. Banks in Chi
cago are flooded daily with injuries
regarding participation in loans and
credits to the Allies on the best pos
slble securities, at rates averaging
from 6h to 6%. per cent. At first. the
Chicago banker was surprised that
business yielding such returns at a time
when money was drug on the market
should be put in his way by New York.
As one banker put it. "One cannot
make head of tail of it." Later on the
hanks were satisfied that the business
rut before them was good business"
and have been willingly investing their
money in such securities.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-30

Russian gold coins 90 the value OF
100000 roubles have been prepared at
the japanese government mint in Osaka
for the Russian government
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-30
,..,.-...o and Nnrfh Me.lern RaIlvay 9

NOTICE OF ANNUAL MkEII,S' -
The Annual Meeting Of the stoesn's.. 1T
Of the Chicago and North western
way Company Will DE- held at ne ona .
The company 20 r,st Jackson Bos s,s.
in the city Of Chicago. illinois On - -,
day, october -. 1915. az eleven .' ~.
A. NJ. FOR the election OK Diteess .,.. n
the transaction n such otnel ON
may come before said meetlng' y..,,,
transfer books VIII Dee closed on Ssss.
september Is. 1916. 40 The close Of ~, ~.
on that day. and VIII be reopehea " ~
day. October 20. 1916.
Dated. September ]. 1915. .,,.,,
RICHARD II ASHTON. Prf'''
JOHN d. CALDWELL secretH
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-30

French Loan Subscriptions r. ~
Bros. & Co. and 4. lselin "a, hs
nounce that the French govefnHI...t hss
made a special arrangement WI" \. his
for receiving subscriptions -, ess
country TO the new French
national loan.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-30

The Weeks Money Currents.-Ac-
cording to Dow, Jones & Co., the re-
ported movements of currency this week
indicate gain in cash by the banks of
about s12,OOO,OOO. The gain from the
interior was S3,3OO,O00.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-30
News Digest
Foreign

London Stock Market.-London,
Sept. 20. -Money continued tight to-
day, recessitating borrowing from the
Bank Of England. Discount rates
were srm.
ne stock market is still suffering
fIom the prospective attractiveness of
the new Exchequer bonds and a fur
Their revision of values of existing in
vestment issues gave a heavy appear
ance to the old Exchequer bonds to-
day. The war loan was the most af-
fected. although home rails. colonial
bends and Argentine rails were
marked down in sympathy. Grand
Trunk shares were firm and rubber
stocks steady. American securities
reacted with Wall Street. United
States Steel was firm exception.
Money loaned at 4i2 per cent; dis
count rates. short and three months
bills. 5is ass per cent; gold pre-
MUM at Lisbon, $500.
Paris Bourse.-Paris. Sept %
Trad nc was quiet on the Bourse to-
day. Three per cent rentes, go francs
- centimes for cash; exchange on
London. 81 francs SO confines; 3 per
cent loan. 90 frglcs.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-30

Commercial Paper.-A broader de-
mand on the part of local institutions
is noted in the commercial paper mar
ket, giving the market an easier tone.
The volume moving is still compare
lively light on account Of the restrict
ed offerings, and rates are unchanged
at 3]2(d3A per cent for prime regular
maturities.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-30

To a degree not always allowed
for, speculation creates resources to
its further qualification. Profits are
not distracted from the market, ex-
cept in very rare instances. They re-
main in the game and become pyra-
mided. The Spectator who sells out
his stocks at a large gain does not
abscond with the loot. He stays by to
watch. Almost before he is aware of
himself he is in again. There is no
excitement comparable to that Of
playing the game with profits.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-30
rs WEALTH MARKETS AND COMMERCE rs

elimination is being shown in accept
ance of loan collateral. Much of the
funds now offering are coming from in
terror institutions. This is significant,
as it reflects an accumulation Of funds
at points outside of New York.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-30
FLOOD OF GOLD
STILL TO RISE
Director of u. S. Mint
Looks for Additional I'M
ports of S400,0 100000.

Kansas City, No, Sept 29.-Gold i'm
ports from Europe and Canada that yet
may be expected TO come into the
United States were placed at 100000
900 by F. J. II. Won Engelken, Director
of the Mint, Washington, who spoke
here to-day at the closing session Of
the annual convention of the American
Bankers Association. He declared
these figures had been given to him
by financial agents of the Entente Al
lies in this country.
ave are melting up and turning into
American money millions of dollars
worth Of English sovereigns and French
2O-franc pieces" said Mr.. Won Engel-
ken.
The increased financial demands
being made by the present prosperity
we're shown by figures indicating that
the minting of small pieces Of money
had more than doubled within the last
year. These were said to indicate the
increased spending capacity Of the
country.
A recommendation for the reduction
Of the reserves of country banks from
u to 10 per cent of their capital was
PASSED by the convention.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-30

Sub Treasury. New York banks
gained from Sub-Treasury S3,09S,O0O.
Silver.-Bars in London, S2is pence;
here in New York, 69li cents; Mexican
dollars, $3.50 SOS cents.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-30

The extent to which the outside
public is participating in stock mar
ket speculation has been perhaps un-
derestimated. Some idea Of 1t may
be gained from the huge volume OF
odd-lot dealings occurring daily on
the Stock Exchange, but not reported
on the tape. Individually they are
small but in the aggregate they
reach large figures. For instance, in
last Mondays market, when the
turnover exceeded 100000 shares,
the total of odd-lot business was es-
timated at another 100000 shares,
which went uncounted, because the
ticker tape carries only the transac-
lions in amounts Of one hundred
shares or multiples thereof. In or
binary markets a large part of the
odd-lot buying comes from persons
who take the stock away as an in
vestment. In times like the present
the ratio of speculation to the total
of odd-lot business rises.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-30
Some Interesting Figures.

Mr.. Hirsch gave some astonishing
figures as TO the results Of demonstra-
ton work carried on in the south. He
said:
In 1914 the principal experiments con-
Quoted with the great staple crops Of cot
ton and corn show that on 1892 farms,
with total Of 1924 acres. Southern de-
monstration farmers averaged l,0ii.1'
pounds of seed cotton per acre. against
623.7 pounds general average; while
1860 demonstrations conducted on no. 4oS
acres planted to corn show an average of
Si.s3 bushels per acre. against an average
yield of 20.7 bushels produced in the
Southern States. In 1915 over 10000
Southern farmers employing demonstra-
ton methods on 2ls,000 acres produced an
average yield of l.lS0 pounds of seed cot
ton per acre, and $1,000 farmers employ
ing demonstration methods on $4,000
acres produced an average yield OF 3ii
bushels of seed corn per acre. Figuring
lint cotton at 10 cents the pound aad corn
At 80 cents the bushel. the cotton Demon
strations show increased value OF ap-
proximately $4,000, 00o, and the corn ex-
periments AN increased value of 5000. 600
over the average productions Of cotton and
corn on equal acrcages. Demonstrations
in oats. wheat. rye barley and other staple
crops show equally amazing results.
In 1918 over $4,000 pure bred and grade
animals were brought into the Southern
States due 20 demonstration agents inf'u-
cnce. over LOO farm clubs have been
organized with total membership OF
nearly $4,000. The agents made over $780,
goo visits TO farms travelling over 5000
900 miles. Over $4,000 meetings were
held. with n total attendance of l,2OO,VOO
farmers. while over 100000 government
bulletins have been distributed by county
agents. Over 900 visits were made TO
Southern schools by agents. and there are
now enrolled in the Southern Boys Cotton
Corn. Pig and other clubs over $1,000 boys.
while there are over - 900 girls enjoying
the benefits OF the home demonstration
work.
The 1917 convention of the associa-
ton will be held at Atlantic City, y. j.,
IL the executive committee of the asso-
citation adopts the recommendation
made by the general convention.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-30
Action Against Sound Banking"

The subject of Congressional author
ization of branch domestic banks
brought on a spirited debate, but res
olutions were adopted against the
branch bank plan. "The branch bank
means the deathknell of the individual
bank" J. W. Bailey, Ex-Governor OF
Kansas, declared. James K. Lynch, Of
San Francisco, said, after the vote had
been taken, that the action went
directly against good, sound banking
principles"
The annual election Of officers re-
suited in the election Of P. w. Goebel,
Of Kansas City, Kan, president, and
c. A. Hinch, of Cincinnati, vice presi-
dent. Oliver J. Sands, of Richmond,
Va, was reelected chairman of the in
surance committee. The executive
committee reelected Frederick f. Farms
worth, of New York, as general secre-
tary, and f. VI. Wing, of La Crosse,
Wis, treasurer.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-30

Bank Exchanges.-The days clear
ings at New York and other cities:
Exchanges. Balances.
New York. ..s719,910,9 s45,e9o, 1865
Baltimore ... 5.593.825 614,645
Boston .... $685. 1879 4,t4?, SOB
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-30

Official rates Of discount at each OF
the twelve Federal districts are as
follows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-30

Ruling rates on money yesterday
compared with a year ago were as fol-
lows;
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-30
Z. ". BLISS COMPANY

Borough Of Brooklyn New York
September 2s 1915
The Board Of Directors OF this Comps-
has this day declared a quarterly divides.
Of one and one-quarter per cent l.s
and an extra dividend Of one hundred -
cent 10000 on the Common Stock o. 4.
Company. 20 be paid from the sccgns
lated net earnings Of the Company e
October "a next. n holders u the Coz.
mon Stock Of record on the books 0, III
Company at the close o. business Sep,sr.
Der 10Th next Transfer books VIII \
closed September 27th 10 Goth, both data
inclusive. HOWARD g. SEAMAN
80 Traa
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-30
Finance Economics

GARET GARRETT, Editor.
WALL STREET OFFICE - Telephones.
Mills Building, 10 Broad s. hanover ooI9'
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-30
Farm Uplift Movement.

Agricultural development of the
United States, designed to inculcate
ideas of crop diversiication, road con-
struction, county far demonstration
work and the upbuilding of rural COM
munities, was discussed during the day.
Speakers urged the bankers to aid in
the better farming campaign, and plans
-rere made to continue the work in
W the associations agricultural
commits, d. has been engaged for five
years.
The report Of the commission read
by Joseph Hirsch. Of Corpus Christi,
Tex, stated that bankers are cooperat-
ing in a great measure in the rural
work.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-30
Maturity in days.

"l5-day paper.
The Yale expositor., 1916-03-09
LANSING NOTES

Lansing-Judge Clarence w. Ses-
sion's decision in the Ann Arbor rate
case in the United State district court
UNFOLDING the two-cent fare law is
thought here at the capitol to preclude
the possibility that the next legisla-
ture will be called upon to tackle the
question of repeating the two-cent
law.
The decision of Judge Sessions in
the Ann Arbor case, while admitting
the legality of the railroads move,
found as a matter of fact that on both
the passenger and freight business the
road was making per cent on its in
vestment
There have been rumors, and most
of them based upon statements of
the railroad men, that they intend to
take a hand in the next legislative
primaries and elections. to get as
many representatives and senators in
the 1917 gathering favorable to their
cause as possible. But Lansing Is
satisfied now that the Ann Arbor de-
cision has put crimp in this plan.
The Duluth, South Shore g. Atlantic
rate case is still with the master who
took testimony, and there is no evil
dence here Of any sudden termination
of that case, although the masters de-
cision may come at any time.