davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-05-09
WHEAT CROP IS
BELOW AVERAGE
Yield Prospect 100000
Bushels Below Last
Years.

Washington, May s.-Almost half a
billion bushels is the winter wheat har-
vest forecast for this year by the De-
partment of Agriculture in its May
crop report That is l55,000,0oO bush
els less than harvested last year, whom
worlds record crop was gathered
in the United States, but the crop IS
growing on a much smaller acreage and
the severe winter caused heavy aban-
Comment Of the acreage planted last
fall. In all 4,236,OO0 acres were aban-
doned, leaving for harvest 33,030C0O
acres, which is 7,433,OOO acres less than
last year
"The heavies; abandonment oc-
Cured" the department reported, "in
the important group of winter wheat
states extending from Ohio through
Indiana to Illinois, where it reached ia
maximum intensity, and through Wis
consin, Minnesota, Iowa and Missouri.
ranging from Is per cent in Ohio and
This abandonment was due princi-
pally TO late seeding on "A wet and
poorly prepared seed bed, followed by
a winter OF unusual severity. Sleet
and snowstorms in January followed
By severe cold weather formed an ice
sheet that remained in many sections
until April. killing much of the wheat
growth, and a cold, dry spring over the
western part of these states gave little
assistance TO the plant in overcoming
its earlier handicaps.
"The activity of the green bug dur
ing the winter IN Texas, with a severe
winter drouth, caused an abandonment
of 80 per cent of the sown acreage IN
that state; in Montana and Washing
ton conditions similar 10 those in the
Central States caused loss OF % and
20 per cent, respectively California,
also, shows an abandonment of 20 per
cent.
Present conditions OF growth are
poorest in the central group OF states,
where winter killing was most severe,
the conditions ranging from % per
cent below the ten-year average con
dition at this season in Illinois, down
10 10 per cent IN Iowa. In Montana
and Washington the condition is II per
cent below the ten-year average. Else
where abandonment is slightly greater
and conditions poorer than usual, eX-
cept that in Nebraska and Kansas and
a few other important wheat states
il is a trife better than usual.
The Atlantic Coast crop Is gener-
ally fair to good. Acreage abandon
ment i'm the East Central States would
have been probably somewhat greater
except that weather conditions inter-
fered with spring field work, and the
hay seeded in winter wheat is showing
so favorable a stand that many farm
ers prefer 70 accept an Improbable
wheat crop rather than lose the good
catch Of hay"
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-05-09
Wabash A Improves.

An unusual demand for Wabash pre-
ferred A Yesterday carried that stock
up . points 70 41'. only Ia points
under the high Of the year Sales ap-
nroximated 1900 shares. a large turn
over for an issue of this character
Bankers having an intimate knowledge
Of the comrauy's affairs said that earn
rcs for The fiscal year to end June 30
would equal @ per cent on the $4,000
600 outstanding and that the current
rate Of revenues was considerably
larger than the average for the year.
While no definite plans are under way
Tor placing the stock on a dividend
paving basis. II was learned that sew
cr.l directors are in favor Of begin
ming the full rate Of per cent by the
end Of the calendar year The banking
element in the board, which represents
those responsible for the recent reor-
carization plan. may recommend. now
ever. that a more conservative DIS
burseuent be ordered. This would en-
tail no obligation on the company. $
finances. as the preferred stock is
not a cumulative issue. Gross earnings
Tor the five months ended March 81
we're S14.559,946. an increase Of S3'163'-
go. The surplus after charges for the
period was S1,757645, gain OF $685.
b96 over 1915
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-05-09
COTTON UP AGAIN;
BUYING STRONG
Market Hits Price ST Above Low
Level of February-Weather
Reports Good.

A further sharp advance at the open
ing OF the cotton market yesterday at
tracted heavy realizing. July contracts
sold at 1850 on the call or practically
lie a pound above the low level of last
month and fully 81 a bale above the
low level reached on the break of last
February. As the bulk of this advance
has occurred during the last three or
four days, profit taking was natural,
and there also appeared to be consid-
cradle selling for reaction. Trade
interests were active and persistent
buyers on a scale down. but support
from this source remained in evidence
right UP 10 the close. Prices gradually
eased of. with July selling down 10
1272c and with the final tone barely
steady at net decline of 10 points
for the day.
There were a good many buying or
dors around the ring ct the opening,
having accumulated apparently since
the close of Saturday. First prices
were 3 to ~ points higher in conse-
auence, with the more active positions
selling 10 TO Is points above the clos
ing figures Of last week on or immedi-
ately following the call. The weather
in the South was very favorable over
Sunday, promoting the tendency to
take profits, and as prices eased off
from the best the disposition TO sell
for a reaction became rather more
prominent. This was due not only 10
the extent and rapidity Of the recent
advance. but to a feeling that the
higher prices might lead TO increased
acreage and also TO increased offerings
of old crop cotton. At the same time
81 81 N o.
here, and the buying by trade interests
gave the market rather a steady under
tone, although closing prices were at
the lowest point Of the day.
Various theories were advanced in
attempts TO explain the persistent buy
ing by some of the larger spot houses.
among them being a conjecture that
these interests might be influenced BY
some special view of international con-
ditions. The more general idea APP
peared to be. however. that between
the possibility Of peace and the some
what irregular start of the new crop
people who had sold goods or cotton
for forward delivery we're becoming
uneasy and were buying hedges against
their commitments.
Weather conditions in the South had
been considered very favorable since
the beginning OF last week. The crop
was supposed TO have made good prog
ress, but selling on such improvement
as NAV have occurred in the outlook
was restricted by a feeling that any
less favorable turn in weather condi-
tions would cause rehuying by many
longs. who have taken profits on the
advance since the beginning OF last
week
Southern spot markets. as officially
reported. were unchanged 20 - points
higher. with large sales at several
points. Exports for the day were
i7.723 bales. making 1857, $50 so far
this season.
Range OF prices.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-05-09
RnIlronds Up as Peace Stocks.

Another effort was made yesterday
10 bid up the railroad shares, and with
some degree Of success, the argument
being that they were prominently
peace stocks. The upturn began in the
early trading hours. Reading leading
the list. with Erie and Union Pacihc
trailing after in point of activity.
Some setback was met around noon.
but the reaction was not sufficient 10
prevent gains being generally shown
on the dav. with the exception Of Ere,
which lost =. Union Pacific went as
high as 1885. but reacted before the
close TO l34l2, @ net gain OF = over
SATURDAYS last sale. While the de-
mand for the stock was al its best ru-
mors were heard that at Thursday $
meeting OF the board an extra dlvl-
Jeud of . per cent might be declared
thus restoring the rate to 10 per cent
or that existing before the company
distributed its Baltimore & Ohio hold
ircs 10 stockholders. Directors main
tanned their usual reticence regarding
what action would be taken at the
meeting dav after tomorrow. but Cos
Sin in brokerage offices had II that
while the extra . per cent might be
declared then, the distribution might
he scattered over several months.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-05-09
Market for Week Irregu-
lar, with Marked Trend
to Improvement.
VERDUN SUCCESSES
STRENGTHEN PRICES
French Economists Show Need
of Clearing House to De-
velop Use of Checks.
BY YVES GUYOT.
tH'hlnlstsr Of Public works. Editor Of "l'Assnes
Eesnenlous 81 Flnsneiere"
H. l.ht. n. Is-Iuo.
lBJ Gable 10 Tho Tribune. ]

Paris, May 8.-The Kaiser's re-
Spouse to the nerican note has not
influenced the Bourse, which, though
irregular, showed better tendency
during the entire week. To-day the
successes of our troops against yes
terday's great Verdun attack gave
prices new firmness.
Means of replacing the enormous
amount of bank paper was the i'm
portant subject introduced 10 the
Political Economy Society by Charles
Ricot, director of Industrial and
Commercial Credit, who showed the
reason why the usage of checks has
not developed in France as it has in
England, and states that it is due TO
the lack Of a clearing house for the
exchange bank paper. In normal
times gold is clumsy compared to
checks.
NJ. Deschamps, chief of Economic
Studies for the Bank of France, ex-
planned that the increase Of paper in
France is only 1853 per cent, while
it is much greater in Germany, Rus
STA, and even England, TO the sur
prise of those who attributed the rise
in exchange to the amount of our
paper.
AS president of the meeting, | said
] did not consider that the paper had
influenced the exchange rate. There
is another and simpler cause. We
buy heavily in the United States and
in England and. boarding our gold,
pay in paper, little Of which is re-
turned, because we have little mer-
chandise TO export. Bank of France
paper is of no Importance to foreign
ers. They want the means or pay
ment which suits them, and of which
our supply is small.
What we must fear is an increase
Of bank notes after the war. The
governments first duty will be to re-
imburse the Bank of France for its
advances, allowing it to reestablish
gold circulation. 1t will be the banks
business to replace as quickly as pos
sible superannuated currenc3 and
paper payments by checks and clear
ing house methods.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-05-09
Public Fails to Appear
with Lessening of Ger
man Tension.
DIVIDEND HOPES
HELP SOME RAILS
paid Across Mexican Border
Has Only Limited Effect on
Security Prices.

The passing Of the acute stage Of the
German crisis brought the commission
houses no important addition of buy
ine orders from the public at the be-
ginning Of .hc week. so the market was
largely given over 20 the operations Of
the professional speculative element,
who took profits on last weeks rise
and advanced some favorites. While IL
appeared 10 most persons that Ger
many c,i not desire TO add this coun-
NV 20 tho list Of her active enemies.
il was not certain that this would be
sufficient Go prevent improper attacks
On merchant vessels with Americans on
hoard. Should lives Of our citizens be
vsntor.v uut ~ jeopardy. The question
Of a severance of diplomatic relations
and or a declaration Of war on further
proyoc.uon would, 10 was argued. not
res. with Berlin. Still. some such
possibility has confronted us for more
;han twelve months. and should Specu-
lstion be turned into issues that COM
mand public confidence Q broader par
ticipa,iou in the trading Is not too
much 20 expect
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-05-09

The unfavorable turn in the Mexican
news Yesterday had its worst effect on
Mexican Petroleum ar the opening.
Market observers attributed this not
only 20 hurried profit taking. but 10
those who sold the stock short IN the
belief that the latest Developments
dong the border would cause reac-
zion from Saturdays sharp rise OF 617
points. Before the market closed
however. new high on the present
move of lO9% had been reached, the
tnal price being l08, or half point
,boye Saturdays last sale. Brokers
tsid the afternoons recovery from the
earlier reaction was undoubtedly accel-
Grated by the repurchases Of those who
had hoped 20 cover their short sales
a. profit. American Smelling and
Refining was not greatly affected by
the news that another town near the
Mexican border had been raided by
outlaws. ITS low Of 97is was only J 2
points below Saturdays close. while
the last sale showed a net loss for the
dav Of only 20
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-05-09
AM. INTERNAL. RUM0RS
Charles n. Sabin's Resignation Only
One for Present.

Rumors were current in Wall Street
yesterday that three other directors Of
the American international Corpora
tion closely identified with the same
interests as Charles n. Sabin would
resign in the near future. Those named
were A. II. Wiggin. president Of the
Chase National Bank; John d. Ryan,
OF the Anaconda Copper Company, and
William +. Corey, head Of the Mdysle
Steel and Ordnance Company.
Both Mr.. Wiggin and Mr.. Ryan de-
clared they had no intention OF with
drawing from the American lnterns-
tional board. az least for the present.
Mr. Corey could not be reached.
IL was definitely learned that Mr..
Sabin has submitted his resignation as
a director, although il has not yet been
formally accepted. The president OF
the Guaranty Trust Company had not
returned 10 his desk from Boston yes
terday. but is expected back to-day.
Reports that Castor. Williams &
Wigmore. Inc, Of which Mr.. Sabin ia
chairman, have been buying into the
Atlantic, Gulf and West Indies steam
ship Lines were officially denied.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-05-09
EXCHANGE ELECTIONS QUIET
Regular Tickets Reelected on Both
'Big" and Little" Boards.

The annual election OF governors and
officers of the Stock Exchange was held
Yesterday without opposition to the
regular ticket. II. G. S. Noble was re-
elected president, C. NJ. Newcombe
treasurer and the following members
Of the governing committee, to serve
four years: Winthrop Burr, II: T. B..
Jacduelin, II. c. Lawrence, Eugene
Meyer. jr., II. X. Pomroy, 5. 5. Prince,
Edward Roesler, +. T. Teft, ). II.
Wainwright and B. +. Williams.
Rudolph Keppler was elected trustee
Of the gratuity fund to serve five years
and II. B. Swords to serve one year
Mr.. Keppler has already served as
chairman OF the fund for one year
and therefore has four more years 10
serve.
NJ. f. de Aguero was reelected presl-
dent Of the Consolidated Stock tx
change for the fifth consecutive term
at Yesterdays annual election. As on
the big board" there was no oppcsi-
ton to the regular ticket. The other
officers reelected were w. T. March
first vice president; William ), SIX
worth. second ce-president; Marcus
Helm, treasurer and Valentine Motp
chairman
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-05-09
MONEY AND EXCHANGE.

FFDTpAL RESERVE DISCOUNT IATL -fof
psuer maturing IN ten DAYS or lees. pei cent Up
70 ninety days per cent
CALI, MONEY opened At ~ per cent highest 8
rer cent lowest "a p<r cont. closing "a per CENT
renewal. ~ per cent.
TIME MONEY was frm Rats. J per cent tor
sixty and ninety days aw5A per cent lo lo"'
months 9X@3z per cent Tor I'VE ana ia uon'N'
MERCANTILE PAPER VAS steady. Ruling rates
SO 81. per cent Tor best nance. bslA AS"PAloe''
2N2A per cent
CLEARING HOUSE TRANsACIloN -- - ~
cb.nges $3.50 gss. $40. balances. s2o.olos4s NE
S1b Treastry was creditor 20 the amount Of Slo5f-
$50.
SIR TREASURY New York banks lost 10 ne
sub Treasury sii0. 00O and lost since FRIDAY VI
C95. 600
FEDERAL RESERVE DISCOUNT RATS ElsL-
sVIIFRF Bf~t0n for ten days. pr cent. ven 70
ttirfy DAYS 81 ID 10 ninety DAYS. I fhiisdelrhA
tea ds,b per orut. up 10 ninety days. I 't's
i1rd lei days -. per cent NJ 70 SHY dSs
shty 10 ninety dsys. 81 Richmond up 70 uhsy
dan. 4 per cent. Atlanta up 70 ninety dtys' ~
cent. Chicago. 81. 4 and "a per cent. ~ L'ss'
and 4 PER cent Minneapolis. Up 20 sIy 90, Gas
Der cent: sixty TO ninety days. "a Kansas Wy. tsl
DAYS 4 per cent. up 10 ninety GAYS, "a pa,.- s
4 r.sr cent: san Francisco zen da)s' . Pei .'Ht,
thirty DAYS, 81 thirty 70 shJ days y sHO "
ninety DAYS. "a.
DOMESTIC EXCHANGE-St Louis eIchanse
i5c discount MD ioc discount ashed' Che Aso. ca
change BE- discount. san Francisco exchange -V'
premium
BANK CIEARINGS baltimore Eioh,nees "
--t as balances. S5sT sal. Boston EiehAnses'
"a ogg STS Chicago Exchanges. fo1. oF'.a-o nsi-
ne. "a 9Sl9lI Phiiadeiphia EnchAnFrs' e'-''
ses. sos balance 33s57.iSs
SILVER MARkkT.-New Yogs ouc'knon' ha@
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-05-09
Wars Insurance Losses.

When trouble with Berlin seemed
most threatening there was good deal
Ct consideration, without open discus
sion, of the possibility Of damage here
bv German sympathizers. Already, &C
cording TO fire insurance men, millions
of dollars worth Of property has been
DESTROYED around munition works and
so on beyond what the customary risks
of the business would normally account
for. The standard fire insurance policy
does not allow loss from invasion, riot
or instruction. This would permit
claim to be made for fire set by an in
dividual fanatic, but would bar pay
ment should the flames start through
demonstration in force.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-05-09
CHICAGO PROVISIONS.
COFFEE.

The coffee market was extremely auiet,
total sales amounting 20 only $3.50 bags. but
after showing some heaviness around the
opening under local selling, prices hardened.
and at the close OF the day were points net
higher.
The Brazilian markets were firm and not
disposed TO make concessions. No fresh cost
and freight offers were received. but there
were old offers here on the basis OF 1850
Tilc for Santos Is. and new crop a. were
being offered az 9i,c for August shipment,
o b Santos. which IS equal TO about lOl.c,
cost and freight
The worlds visible supply showed a de-
crease during April OF 425.303 bags, COM
pared with a decrease last year Of 61l,1Ol
bags.
The spot market was very inactive. and
prices were steady and nominaily unchanged
at 90. C Tor Rio 70. Range Of prices:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-05-09
PROVISIONS.

The provision market was frmer early on
scattered buying by commission houses ont
subsequently an easier tone developed IN
sympathy with grain and on decline IN the
market for live hogs. Receipts Of hogs IN
Chicago were A. 900. estimated for Tuesday,
ii. 600. Kansas City received 1900 and
Omaha $500. PORK steady mess. S25.5OW
SOS: family. s26m s2s; short clear. s2Sg
500 BEEF firm; mess. $lI.j0H$ls; family
si9m 800 packet, slSHSl9; extra India
mess. S29m $50. DRESSED HOGS barely
stoadv bacons. 13t,c: $50 10. 1850: 1850 To-.
i8i,c: $40 10. 1889; pigs. lac. CUT MEATS.
picked bellies. steady: 10 To-. l6c II ID. lec :;
ia IN. l5c picked hams. firm. l6l2g lie.
TALLOW firm: special. lie: city. lOAc;
country, l04ml0@c. LARD firm; Middle
West $4,000 l3.4Oc; city lard, steady, l8@sc !:
refined lard. firm; continent 4A5e Brazil
kegs. l5.65c; South America. l4.65c; COM
pound. quiet. lTsdl2hc. STEARINE firm
oleo. l2nl2i,c; city lard stearine, Alsc.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-05-09
c. & o. SIS Go Lower.

Further selling Of Chesapeake &
Ohio convertible IS took place on the
curb yesterday following the announce
Nent by the underwriting syndicate
hat only Z per cent of the s40000,000
ssue had been taken by stockholders.
The sales were unusually heavy, to-
falling Sl500,O00, and the price got as
low as 90. compared with 943s on Sat
erday and a high Of 9712 last week
Bankers connected with the underwrit~
mr did not express surprise that such
large amount Of the issue had been
'cft with the syndicate. They pointed
Out however, that undertakings in
Wall Street are not always so success
FOL as some critics like 20 think The
londs were offered 10 shareholders at
'lig. convertible into stock at 70.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-05-09
Nov ..... e4S e.43 e.3s $3.50 eSs $40
Dec ..... 9.35 9.36 o.28 esq 921 $50
METALS

Conner was firm. with eectrolytic quoted
AZ 2Si. N zoe for August and later delivery.
On the New York Metal Exchange tin was
quiet. with spot in five ton lots quoted AZ
5Od5lc Lead was easy; New York spot
7.2OQ7 .40c, and East st Louis t.l5q 900.
~ louis SPOT II Csc asked. The American
Smelling and Refining Company quotes lead
at 7.5Oc for New York delivery and az
142ic East 81 Louis. Lead in London
closed at g34 IS for spot and at f83 los ior
futures and spelter spot SOS and futures -
Tin in London closed at 5000 los for stand
ard spot and at glg9 los for futures, with
sales Of 80 tons spot and 40 tons futures.
Copper, standard spot. Glio. aud futures
fl38. with sales Of 100 tons spot and % tons
futures. Electrolytic copper IN London e'ose'
a. fl52 for spot
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-05-09
NEW YORK PRICES.
CHICAGO PRICES.
FLOUR AND MEAL.

The -four market was inactive. with pOy,
ers inclined 10 hold of for concessions ana
very little business was reported. ~ = =
III or-R steady: fair 10 good. s5.40d $3.50 ;
choice TO fancy. s5.60G 1913. CoRNMEAL
quiet; kiln dried, s4.25. BAG MEAL quiet
fine white and yellow. sl.s5 coarse sl.oa'
FEED. city. easy bran. bulk. S22; 10 loo ID
sacks. s2375: heavy middings do. SESoV
flour middlings do. $50 red dog flour. lao 10 10
sacks. $3.50: Western. easy bran. 100 ID
sacks' So. 6OGI s22.75. standard middlings do.
s2s; -four middlings do. S2s; red dog -four
ilO 10 sacks. 5000. oil meal, s8l5On So.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-05-09
PRODUCE AND
GRAIN PRICES
Wheat Closes "a to IS Cent
Off in Feverish Market
Corn Lower.
GENERAL MARKET REPORT.
New York. May 3. 1916.
WHEAT.

Underlying sentiment In the wheat market
was divided and prices moved feverishy
within range Of about lAc. Early in the
day the tendency was upward on scattered
buying by commission houses and on numer-
Gus complaints regarding the spread Of Hes
sian fly in Kansas and the need of moisture
IN the extreme Southwest On the advance
however, several leading commission houses
sold heavily and this was followed By gen
eral liquidation, which sent prices down rap
IDLY. There was also more or less evening
up Tor over the government report, and at
the close OF the day the market was about
steady at IA sc net decline. The govern
ment report showed a slightly higher condi-
ton for winter wheat than expected. but the
loss in acreage was about in line with pre-
dictons. The condition was s2.4 per cent.
and on the acreage standing 10 harvest Of
33.O2O,0OO the indicated yield f99.-
$50 900 bushels. compared with the final crop
last year OF sos 045, 900, and Is the smallest
indicated yield since 1912. when the total
crop was 399. 900 bushels. The Liverpool
market was dull and easy on larger ship
ments TO the United Kingdom. and worlds
exports for the week were II. so. 900 bushels.
against ll.sl3.o0O the previous week and
II, 4s. 900 last year. The export demand was
very quiet and sales for the day amounted 10
only about 200.000 bushels. In the local cash
market No durum was quoted at Sl.29is
No hard. si.24ig No l Northern Duluth.
sl.34, and No ] Northern Manitoba. sl.32&s,
b New York.
CORN.
The corn market was steady early and
prices showed gains Of ssm &c on scattered
buying There was considerable talk Of
the prospects Of congestion in the May posi-
ton in the West. but on the advance leading
Western commission houses sold heavily, in
GLIDING May, and the market broke over &c
and closed easy, with net losses Of AulSsc.
Tho weather was generally favorable for the
new crop, and larger shipments from the
country were predicted soon as farmers
finish with their spring work In the local
cash market No 2 yellow corn was quoted al
soc, c I New York.
OATS.
The oats market was only moderately act
I've. and after a steady opening prices eased
OF with wheat and corn and owing 10 favor
able weather conditions. closing ia @sc net
lower The local cash market was easy
standard quoted at 5lai M523ic No 3 white.
5Im5lIc: No white, Boa 50hc: fancy
clipped white. 53AM5lAc; ordinary clipped
white. 50lEd52Ac. all elevator.
RYE.
Market quiet. No Western. Sl.O5,
New York. The government report ndI-
Gated Weld Of 40. 500 900 bushels, compared
with a final last year Of 49,l9O00O bushels.
NEW YORK PRICES.