davidaulloa/AmericanStories huggingface dataset:
Evening star. [volume] (Washington, D.C.) 1854-1972, 1916-03-05

Investments by federal reserve banks
in United States bonds increased more
than $4,000 during the past week,
according to a statement of the banks
condition March 5, made public yes
terday by the federal reserve board.
The statement shows:
RESOURCES.
Gold coin and certificates in vault. $26! S22 0cO
Gold settlement fund ::..;;.:..; H'oSo'VVo
Gold redemption fund with united ZOO ~,
states treasurer ...-........'...' i'''o'"V'
Tots, vo,d reserve 1886, 25o. 900
Iep,i tender notes. silver, etc ... 1894 600
Total reserve .......$ 1851 .244. 900
Bills discounted and bought:
Within 10 dsys ...... $3.50, 900
From IL to 80 days..........-. u 3a5 .N no
From 81 to 90 days. 1sl!o'.Mn'
From 81 to 90 days. iaa.SS551i'0 0 0o
over ~ days .-........-..'...- -''-i'o'''
rot., ......................... $50, 4es, 600
United States bonds .............. "a. oSS 0OO
Municipal warrants .............. "o'oSs'oVo
Total earning assets. SIG. 100. 900
reders, reserve note.-net s25, sci. 900
Due from federal reserve banks-net 20. 578. 600
All other resources ,.... 1893, 600
lOtdi resources scAo'1 oo,oVo
LIABILITIES.
c,pitsl paid in ...s 54, s1s. 900
Goyernment deposits 36.O43, 600
Reserve deposits-net .............. 4le, llsUuO
Federal reserve notes-net ,... 1886 900
All other liabilities ................ li.OoV
Total liabilities ~ S51e, 456, 900
Gold reserve against net deposit and note
liabilities ''.-' 70
' Iiabilities ns. . ne. u'po'. ~. 1910
Cash reserve against net deposit liabilities
after setting aside 40 per cent gold re-
serve against aggregate net liabilities
on federal reserve notes in circulation. seV7o
Richmond Reserve District.
Resources and liabilities Of the fed
eral reserve bank at Richmond are as
follows:
RESOURCES.
Gold coin and certificates in vault. 81. t2S GOO
Gold settlement fund. ..........-... loeeo'oV'
Evening star. [volume] (Washington, D.C.) 1854-1972, 1916-03-05
COTTON MARKETS.
NEW YORK.

NEW YORK. March 4.-The cotton
market was comparatively quiet and
irregular today. but an early decline
ing up from 11.50 to 11.64 and closing
at 11.63. The final tone was very
steady, with the general list showing
net gains of from to points for
the day.
ing, and after opening unchanged to
points lower, the local market worked
about 5 to 6 points over last nights
closing figures on the more active
months. July contracts sold of to
11.e9 and October 11.s6 under scattered
offerings which suggested further
liquidation or scattering pressure.
There was not a great deal of cotton
for sale, however, and the market i'm
proved later on local and Wall street
be some trade buying of the near
months. The rally carried July con-
tracts up to 11.S4 and October to 1913
in the late trading. or about to
points net higher. Bullish reports
Indications of increasing activity in
cotton manufacture in neutral coun-
tries probably promoted some of the
late buying. A Manchester cable was
published reporting that orders had
100000 cotton spindles. and, according
to a compilation by a local authority.
four new cotton mills. six wooden and
worsted plants. twelve knitting mills.
seven silk enterprises and six new
miscellaneous mills have been project
ed in that country during the month of
February. The talk around the ring,
however. reflected continued nervous
ness over political and export pros
poets. and the bulk of the buying on
the rally from the early low level was
attributed to covering for over Sun
day, or in anticipation of further re-
action, owing to the steadier tone of
southern spot advices. Fall River ad-
vices indicated an active business in
print cloths, and said manufacturers
had sold SO far ahead that they were
refusing business at concessions
Port receipts today, 1912 bales: for
the season. 1894 bales: exports to-
day. 1890 bales: for the season, s.
56o,S94 bales; stock. 1.509.641 bales.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1916-03-05
TREASURY STATEMENT.

The condition nf the United States
Treasury yesterday was
Net balance in general fund, $780,
405,946; total receipts, $2,262,60S; total
$2,15S,200
The deficit this fiscal year 10 $51,234,-
439 against a deficit of $76,16s,5s5 last
year. exclusive Of Panama canal and
public debt transactions.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1916-03-05
Liquidation Of War Bonds.
Domestic Industry Active.

Home conditions offer every reason
for further encouragement Many lines
of industry and commerce continue at
their recent rate Of activity. with prices
of most products at highest levels quot
ed in many years- Metals are holding
at or going above quotations of the
early year and the buoyant state Of
the copper industry was reelected in
the larger dividends declared by i'm
portant producing companies. Railroad
earnings were less remarkable than
those presented in the final months of
stantial net gains.
Efforts to relieve freight congestion
Evening star. [volume] (Washington, D.C.) 1854-1972, 1916-03-05
/ Will Buy

rs Capital Traction ut ~.
Is Wash. Ry. 4 Elec. pfd. ut s0Ss.
rs Wash. Ry. Il Elee. com. 1T aS1.
20 Warrington Gas At 1884.
10 Mergenthaler at 1853.
10 Lanston ut 60N.
10 Franklin National Bank at IFS.
70 National Savings and Trust at 3eo.
20 Continental Trust At 1874.
10 N. and w. Steamboat ut $50.
100 Warrington Baseball Club ~ I$h.
Subject to previous acceptance or
cancellation. All executions for cash.
Buying and selling orders on all listed
stocks and bonds solicited.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1916-03-05
LONDON WOOL AUCTION.

LONDON. March 4-There was
quiet demand for the miscellaneous Sc
lection of 400 bales offered at the wool
auction sales today. Crossbreds declined
n to 10 per cent; Withdrawals were
Evening star. [volume] (Washington, D.C.) 1854-1972, 1916-03-05
CHICAGO
DRY GOODS MARKET.

NEW YORK March cotton goods
markets were steady, but more quiet to-
day. Yarns were steady. Wool goods
markets were firm, with full demand.
Linens were firm and higher. Burlaps
were higher: knit goods active.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1916-03-05
LIVE STOCK MARKETS.
NEW YORK.

NEW YORK, March 4.-Beeves-Re-
ceipts, 319 head: no trading; calves. re-
ceipts, 319 head: steady; veals. 10.Ooa-
1850.
Sheep and lambs-Receipts, sl7 head;
no trading.
Hogs-Receipts, Liza head; no trading
CHICAGO.
CHICAGO March 4.-Hogs-Receipts
$4,000 head; weak: bulk. s.90a9.10;
light, S.65a9.15: mixed. s.75a9.20: heavy,
S.65a9.20: rough. S.65aS.S0: pigs. 795a-
S.35.
Cattle-Receipts, 200 head: steady:
native beef. steers. 1.25a9.70: stockers
and feeders. 5.15a7.So: cows and heifers,
345as.45: calves, S.50al1.25.
Sheep-Receipts. 1000 head; steady:
wethers. S2OaS.S0: ewes. 5.90aS.50;
lambs, S.60a11.40.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1916-03-05
Large Orders for Cars.

The railroads also ordered 1880 cars.
including $500 for the Bessemer and
Lake Erie, 1900 for the Chicago and
Northwestern and $50 for the Wabash
Pittsburgh terminal. Locomotive build
ers took orders for 113 engines. includ-
ing fifty for the New Haven. sixty five
for the Baltimore and Ohio and several
miscellaneous.
There was a sudden and marked re-
vival In steel building and bridge work
in the east and central west, the fab
ricating shops booking orders for 49,
900 tons of shapes. lncIuding $1,000
tons for railroad bridge work. The
largest contract was IA, 900 tons for the
Bessemer and Lake Erie bridge. Orders
also were placed by the Baltimore and
Ohio, the Philadelphia and Reading. the
Erie and the New YORK Central. Con-
tracts were awarded for seven loft
York city calling for ABOUT $1,000 tons
of steel. Similar work Is pending.
shipyards Overwhelmed.
Shipyards are overwhelmed with in
build before 1918: consequently there
is a feverish demand to purchase ves-
sells now on the seas or under contract.
Sales of 10000 tons of marine shapes,
plates and bars. to cover the construc-
ton of twenty boats, were placed for
delivery during the second quarter OF
1917.
Prices Of wire products. sheets. pipe,
light rails, boiler tubes and merchant
steel were advanced from 50 to 81 per
ton. The United States Steel Corpora
ton bought 100000 tons of steel scrap
in the open market. Pig iron sales
amounted to 175, 900 tons.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1916-03-05
WEEKS RANGE OF PRICES.
Corrected to the Close of Business March a, at
the Office of The Evening Star.
Railway and Miscellaneous Shares.

lowest and closing prices
the year 1914 and
the year1 to
Evening star. [volume] (Washington, D.C.) 1854-1972, 1916-03-05
EVANGELICAL AND OTHERWISE

ers ahead that have not been sensed by
the fraternity, and the lecture OF DR..
Willis Is sure to draw q large audience
and to be decidedly entertaining.
Training Bankers.
It is safe to say that Frank A. Van
derlip, president Of tho National City
Bank. is sponsor for tho plan to have
certain Of the leading colleges of the
country select bright young men for a
years practical work in the National
City Bank. as part OF tho collegiate
course
The progress Of the students will be
carefully watched with a view of spe-
cializing their training, after which
they will be given opportunity for ad-
vancement.
Mr.. vanderlip has long been the
cessful mon trace their start and en-
couragement to his sponsorship.
These college students. once they are
thoroughly drilled in banking and its
issues. exchange. foreign exchange.
credits, commercial geography and the
become foreign agents, couriers of
finance and trade in the interest OF the
National City Bank in particular and
the United States. generally.
Trained men are needed and the Ma
tional City will be the very best school
of practical training.
This is one course that will be great
ly desired by students, as 1t insures po-
sition and place after graduation.
Financial Notes.
The value of German export trade to
tho United States decreased SIG. 1888
in 1914 as compared with 1915.
Applications Of four national banks
for charters under the New York state
law have been filed with the state su-
perintendent of banking. They are the
First National of CORTLAND, $125.000
capital and $4,000 surplus: Second
National of Utica, 100000 capital and
100000 surplus: First National OF East
Aurora and the Citizens National of
Patchogue. both ffty-thousand-dollar
banks.
A Russian loan in the United States
of 100000. secured by bonds on rail-
roads. has been about completed.
December earnings Of the Bethlehem
Steel Company were 100000 net.
Midvale Steel is said to have q work.
| ing capital Of over $34,000.000.
Net operating income Of the railways
of the United States during the month
of December. 1915, increased $3.50 a
mile as compared with the same month,
1914, or 1928 per cent.
Henry Clews sees nothing but pros
perity, but does not believe that stocks
| can meet prosperity with satisfactory
action and advancing prices until COM
plications are settled. and American
politics is one important disturbing
element.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1916-03-05

by the removal of tonnage at import
ant terminals met with partial sue
cess, but the car shortage continues as
a serious problem.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1916-03-05
DIPLOMATIC TANG[E
FACTOR IN MARKET
Trading Largely Confined to
Professionals, and Even
They Are Wary.
EARLY GAINS NOT ABLE
TO CARRY REST OF LIST
Heaviness Is Specially Notable
Among Seasoned Railways and
Some of the Industrials.

NEW YORK. March although
there were no developments during to-
days short session of the market,
influences resulting from the situation
at Washington. Trading was light to
the point Of utter apathy. and alto
gether of professional origin. Even
that element hesitated to assume a
definite stand. and the net result. which
included variable losses and a few
gains, was due not so much to fresh
buying or selling as to the usual week
end settlement of outstanding con-
tracts.
In the first half of the session few
specialties. chiefly petroleums. tobaccos
and coppers. were manipulated to high
er levels. but the balance of the list
failed to respond to this movement.
Later the market began to droop in all
quarters. with special heaviness in sea-
soned railway shares and some of the
prominent industria1s. Little remained
of early gains and the tone at the close
was irregular to heavy. Total sales
amounted to $4,000 shares.
Raw Materials Scarce.
General news of the day included the
weekly reviews Of the mercantile
agencies, which reported a steady for
ward movement in many lines of COM
mercial enterprise. scarcity Of raw ma
terials to such an extent that it, has
been found necessary to withdraw
statesmen from the road because of
oversold conditions and the widespread
car shortage.
The annual report of the Corn Prod
ucts Company, showing substantial
gains in income and surplus, offered
partial explanation for the recent
activity and strength of that stock, and
additional statements of railway earn
ings attested the maintenance of large
tonnage on main systems.
Selling on London Account.
The international list was moderate
ly higher in London, but some selling
for that market was reported here,
mainly Of minor rails and metals. Ex-
change markets denoted no material
change from recent steady conditions.
The bank statement was without
especial feature aside from a decided
contraction-almost $4,000, 000-in ac-
tual loans. This was accepted as
gauge of the weeks liquidation In Sc
curities. The cash loss was small. with
a nominal gain in excess of reserves.
Bonds were steady, with total sales
(par value) Of 1920, 900
United States coupon So advanced u.
registered So and As Y, and Panama
coupon 81 " per cent on call during
the week.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1916-03-05
WEEKLY FISCAL, STATEMENT
OF FEDERAL RESERVE SYSTEM

Gold redemptton fund sos. 900
Total gold reserve. SIS. sl2. 900
Lesal tender notes. silver. etc.... 10000
Total reserve ...................sl e. Oh. 900
Bills discounted. members. ......... $685. 600
Bills bought in open market .... 10000
Total bills on hand. .............. 1892, 900
'nS :. ); sssd. .,.........-.. ,,s,ces CO
Municipal warrants ............... s1,OOo
rot., earning assets. .......... ,7.s4a, 900
1 net from o.a.. i.o.l .... ~ sl.eo1 900
ALI other resources. $1,000
Total resources ......s 25, 81, 900
LIABILITIES.
Capital paid in. :................. g. ss7. ooo
Reserve deposits, net 11.027 900
Esae osh. re's.ys notes
Total liabilities Observation-Disclosures . 81 900
MEMORANDUM.
Federal reserve notes issued to the
Federal reserve notes in hands Of
Danks olo,VUV
Federal notes in circulation. I'll ,7s2 600
Gold and lawful money with agent. 81 ,s2S, o0o
Reserve Agents Report.
Accounts of the federal reserve agent
at Richmond are as follows:
Federal reserve notes:
Received from the controller. 81, 900, 600
Returned to the controller. 1905, 600
agent -....................S SIS, 1876, 0Oe
In hands Of federal reserve agent. 2.S00.O00
Issred TO federal reserve bank,
less amount returned to federal
reserve agent for redemption. S12, 3e6, 900
Amounts held by federal reserve agent:
In gold redemption ... s47B, 900
With federal reserve board. $3.50 900
As security for outstanding notes:
Commercial paper ................. 100000
Total So 1895, 900
reserve agent ................... s5,3a 900
Evening star. [volume] (Washington, D.C.) 1854-1972, 1916-03-05
BY I. A. FLEMING.

From all over the country come un-
mtstakable evidences OF increasing
commercial and industrial.
Railroad earnings are making very
showings. the best In re-
cent years, and the full effect Of econo-
mics in management. which cannot all
be continued. are being evidenced.
The situation with the steel mills has
rarely been anything like eoualed.
Manufacturers can pick and choose
their customers and those who must
have material are willing to help them
selves with bonuses and premiums.
shipbuilding is being pushed in all
private yards-not alone for vessels OF
war, but for commerce carriers. ocean
rates being higher than ever. vessels
paying for themselves in a few trips.
Money is in great abundance, ana
rates are such that funds may be used
to excellent advantage in manufactur-
ing and commercial enterprises.
Corporations are paying larger divt-
bends. many that were forced a year
ago to suspend payments have restored
the usual distribution and some cor
porations have placed their stock on
a dividend basis for the hrst time.
rent year will show a great increase,
federal agents in all parts of the coun-
try reporting a large increase in the
number Of income taxpayers ana large
In 1912 the total wealth Of the United
states was about $18S.O00. 100000. From
1904 to 1912 the annual increase was
about $4,000. 100000. On this basis the
ooo, 900, 900. Bank deposits have In
creased to nearly $4,000, 900, 900.
1t is interesting to note that the
wealth of Great Britain was estimated
Heilferich Of the imperial treasury
placed the wealth of Germany. includ.
ing investments in foreign lands, at
$50. 900, ooo. 900.
The United States is adding to It's
fore. Every industrial wheel is In
operation. Railroad freight cutters
terminals. Constructive effort Is sue
cessful.
The leading nations Of Europe are
engaged in destructive efforts that are
resulting in the loss Of millions Of dol
lars every hour in the day.
Stocks and Bonds Slow.
And with all the favorable conditions
enumerated, the security markets Of
the country are weak and inactive
This is nothing more than natural
however, in view of the uncertain con-
ditions at home and abroad.
Because Of this uncertainty investors
hesitate; they do not want to take
chances Of unfavorab1e developments,
and recognising that conditions are
satisfactory and prices relatively much
lower than for many months past. they
are not inclined to sell, the result be-
ing that operations are left almost en-
tirely to room traders.
Dangers of home politics and foreign
complications have put the brakes on
the security markets and the full ben
eft of favorable conditions will not
prevail until these obstacles are re-
moved.
The action of the markets in the
meantime is likely to be temporarily
The action of the British authorities
in calling on their bankers to demand
payment of loans secured by American
railroad stocks is a movement in has
tening the mobilization of securities
for liquidation on the American market.
Mexican Petroleum's New Gusher.
These are the days of petroleum and
it's products. Oil stocks have demon
strated their value as speculative ia
Evening star. [volume] (Washington, D.C.) 1854-1972, 1916-03-05
Trading in Stocks Halted
by Issue Over Submarines

NEW YORK. March 4.-The political
and diplomatic crisis at Washington.
arising from a revival Of the submarine
dispute with the central powers. was
the overwhelming feature Of the week
in the securities market. Quoted val
ues were much unsettled while the
controversy ragged. but recovered in
part later on the tabiing Of the Gore
resolution in the Senate. Wall street
accepted this as proof that the adj
ministration's policy will be further
sustained should the situation become
more acute.
Shrinkage Of prices was made the
more easy by reason OF the markets
technical condition. There still remain
ed a large and more impaired bull &C
count. especially in vulnerable special
ties. These issues felt the force Of the
instances declining below minimums
established in January.
Liquidation Of War Bonds.
Extensive liquidation of the Anglo
French war bonds also helped in con-
siderable measure to undermine the list
This issue made a new low minimum of
esh but improved with other securities
toward the close Of the week. 1t was a
matter of comment that investors were
viewing foreign loans with more de-
tachment and the terms Of new under
takings Of this character will be view
ed with unusual interest.
American bankers are known to have
under consideration an individual loan
to the French government. and a Rus
sian negotiation in the form of bank
acceptances to run for two or three
years is said to be near completion.
The latter project. according to re-
port. is to be secured by high-class
railroad bonds.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1916-03-05
Mexican Petroleum's New Gusher.

These are the days Of petroleum and
it's products. Oil stocks have demon
strated their value as speculative ia
vorites and, to those who got in early,
as investments also.
The Mexican Petroleum Company is
said to have struck OH through a
gusher that yielded $4,000 barrels of
Oil, measured, in one day. just before
it was closed in, and the flow con-
trolled. SO that it will not be necessary
for the company to sell more oil than
the market will stand. something pro-
ducers are not given to doing in these
days Of advancing prices. 1t is a con-
trolled product.
Moreover this gusher is in the center
Of 52.000-acre tract with the nearest
boundary line i've miles distant
Evening star. [volume] (Washington, D.C.) 1854-1972, 1916-03-05
Washington Investments.

With Washington stocks and bonds
the situation is entirely different.
There is no speculation here. Imitation
has not been in evidence in the values
Of any local securities ior years. Prices
are not far from s TO per cent basis
on many good utility shares and money
is going begging at per cent, and
perhaps a little lower. though bankers
are slow to admit it.
A sentimental influence is evident,
however, for investors are the same
the world over. and when they hesitate
in one line they will not in another.
Physical valuation of the utilities
and resultant action when these valua-
lions are obtained Is probably the
handicap on the Washington market
this and the limited list Of stocks in
which activity might develop.
There will be bank stocks for sale
and some market for them with the
advent of the ides of October when nu-
merous directors and vice presidents
will have to retire from their positions
and others be chosen to flll vacancies
Two or three suits that might have
some effect in the local security market
have been before the courts for many
months and may como down almost
any day.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1916-03-05

This is a decidedly interesting subject
one that will interest all bankers. Prob
ably no one is better equipped to discuss
this subject than DR.. Parker H. Willis,
who has chosen it as the topic of a lee
ture which he will deliver before the
postgraduate class Of the local chapter
Of the American Institute of Banking.
DR.. Willis has given his special atten-
ton to the postgraduate class ever
since it was organized. and through his
efforts the members have been very sue
cessful.
The federal reserve board. of which
DR.. Willis is secretary. has given him
leave Of absence. and he will sail April l
to accept the presidency of the Bank of
the Philippines.
The chief problem of Washington
bankers SO far this year has been to
keep their money employed to advan-
tage-
They have also been worried at the
efforts of the federal reserve board to
force them into the collection system in
augurated by the Richmond regional
bank.
Tho possibility Of a reduction in the
capital Of the reserve banks. as we'll as
that Of reducing the reserves required to
be carried with the regional bank, also
interests bankers.
There may be. and probably are. break
Evening star. [volume] (Washington, D.C.) 1854-1972, 1916-03-05
Call Late This Time.

Many bankers are surprised that the
controller of the currency has not
called" for a statement from the ma
tional banks (and other institutions in
Washington before this. The last call
was December 81 last. Over two
months have passed.
If made in the near future the call
probably will show larger deposits by
many millions of dollars. Many of the
banks are near high-water mark in
their deposits.
Rarely have local bankers complain
ed of having larger deposits than they
cared for, but some Of them are doing
1t now. in view Of the difficulty in get
ting the money out where it will yield
returns.
Personal Matters.
Charles J. Bell. president of the
American Security and Trust Company.
returned yesterday afternoon from
two-week vacation on the Florida east
coast.
Joshua Evans, jr.: F. B. Devereaux, F.
s. Wolf. Harry V. Haynes and one or
two other junior bank officers attended
the annual dinner Of the PHILADELPHIA
Chapter of the American Institute of
Banking at Philadelphia last night