davidaulloa/AmericanStories huggingface dataset:
Evening star., 1916-03-26
Think TRADE BOOM
HAS A SOLID BASIS
Experts Say End Of European
War Will Make Little
Difference.

NEW YORK. March e5--The ap-
proach of spring weather may be con
sidered an important factor in the in
dustrial and trade boom, which already
has assumed tremendous proportions,
and which is expected to surpass every
previous record. During the past two
months the heavy SHOWS which feli
over practically the entire area of the
United States greatly impeded traftc
and were largely responsible for the
heavy freight blockades in the eastern
territory as well for the curtailed
production of many industrial plants,
which are to some extent dependent
upon clear weather and open yard IA
cilities in order to turn out their max
imum product.
The great difficulty of the wholesale
houses and manufa cturers in recent
weeks has been their inability 10 MI
their present orders, to say nothing or
the rush of additional orders when
they might have for the asking, and.
in some instances. which are pressed
upon them without possibility OF ac-
1eptanCe.
Evening star., 1916-03-26
New York Bank Statement.

NEW YORK, March 25.-The state
ment OF the actual condition of clear
ing house banks and trust companies
for the week shows that they hold
$126, ,262.61O reserve in excess OF legal
requirements. This is decrease of
s7.132,110 from last week.
The statement follows:
Actual condition-Loans. etc. $685.
s66. 900: decrease. s9,55S,000.
Reserve in own vaults. OF which
s4O0,7 900 is specie, s414,oo5,00o; de-
crease, S14,sO0,000.
Reserve in federal reserve bank,
s176.317.0 1000: Increase. SJ,972,00o.
Reserve in other depositaries, So9,-
719, 900: decrease, s1,533,000.
Net demand deposits, s3,39o,261'o 900;
decrease. s2O.s21 900.
Net time deposits, s16o,554,ooo; IN
crease. s4.o47.ooo:
Circulation. S31.629'ooo; decrease
$61 900.
Aggregate reserve. s71O.o6l. 900.
Excess reserve, s1e6,26e,51o; decrease,
! s7.132,110.
summary of state banks and trust
companies in Greater New York. not
included in clearing house statement:
Loans, etc, $500 300; decrease, ST.
9S9, 900.
Specie, s57.776.4oo: increase. s54.soo.
Legal tenders, ss,s6S,5oo' increase
Total deposits. ss7o,7ss.7oo; increase,
s11.3S2,e0
Banks cash reserve in vault, sli'-
533.400. .
Trust companies cash reserve in
vault, S55,211,500.
Mercantile paper, 3aSi4: sterling e0-
day bills. 4121,; demand. 40 5-l6;
abIes 416 1916. F'raucs-Demand,
aeiL. p, hles s95s, Marks-Demand,
71Ia: cables, Il 9-16. kronen-Demand'
|l2.40; cables, l2.45. Guilders-Demand
42Il. ca bles. 4oAs Lres-Demand, 669;
ca bles. SIS. Rubles-Demand. 3i5o;
bles, $3.50 Bar silver, 60is. Mexican
dollars, 46l4. ,.,,
Government bonds steady. Raliroao
bonds irregular.
Evening star., 1916-03-26
Additional $4,000, 900.

There was also issued and sold So
600. 900 per cent bonds of the Philip
pine Railway Company. interest uncon-
ditionally guaranteed by the Philippine
government. with a sinking fund OF u
per cent on outstanding bonds for
twenty years and for the next twenty
years 1 per cent on bonds outstanding
The Treasury Department announced
the acceptance of the bonds as security
for public money in national banks up
to 80 per cent of market value. but not
over 30 per cent of face value. and their
substitution was authorized for any
other bonds except government issues.
The Treasury Department also ruled
that when deposits of public money
were withdrawn. bonds. other than
United States. Philippine. Philippine
railway and Porto Rico and Hawaiian
bonds be first Withdrawn.
The Secretary of War authorized the
insular bureau to accept bids for these
bonds.
This issue OF per cent bonds sold
at az. in 1908 and last week at auc-
tion at -
Evening star., 1916-03-26
COTTON MARKETS.
NEW YORK.

NEW YORK. March 25.-The cotton
market was very quiet today, with fuc-
tuations correspondingly narrow. July
contracts, for instance, sold at 11.91 at
the start. rallied to 1902 and closed at
12.01. with the general list closing
steady, net unchanged to points lower.
The market opened steady at a de-
cline of to points in response to
relatively easy cables. May sold at
1195 and October at 1909 on the call,
but the decline seemed to meet little
renewed demand from trade interests
below - cents for July contracts. while
there was also some buying here for
Liverpool account, and the market soon
became steadier. The idea Of local
map readers that barometric conditions
pointed to clearing and cooler weather
over the southwest may possibly have
tended to restrict offerings, as the light
scattering rains in Texas have not gen.
orally been considered sufficient to re-
lieve drouthy conditions. 4 compare
lively small increase in the amount of
cotton on shipboard awaiting clear
ance as reported by a local statistical
authority probably had some influence,
but trading was not active enough
either way to suggest any fresh senti-
ment, and after the rally to 11.91 for
May and 1914 for October. the market
showed practically no feature. The re-
views of the domestic goods trade indi-
Gated continued activity, and advices
from Fall River said that the business
of the past week might have been twice
as large had manufacturers been will
ing to accept orders for forward de-
livery at prevailing quotations. There
has been little disposition to question
bullish estimates of domestic mill con-
sumption in the trade here, however,
and conflicting views as to the end
season statistical position result from
differences of opinion with reference to
the export movement. 1t is felt also in
many local circles that the end-SeaSon
course of prices will depend largely
upon war news or early new crop pros
poets. and some of the traders around
the ring here a-tr but I'd most of the
days small business to the evening up
of scattering accounts while waiting
for fresh developments.
Port receipts today. 1889 bales; for
the season, 5,952,142.
Exports today. 1928 bales; for the
season, 3,S66.356. Stock, 1.43445s
Evening star., 1916-03-26
l Will Sell

$1,000 Capital Traction Sc at I0,.
s.'n s:.o Wash. Rwy. & EIec. so at 81.
sSsUW Potomac Con. SO at 100.
- Capital Traction at 30 ex div.
. Wash. Rwy. 4 EIec. com. mt Ssi..
w Wash. Rwy. d Elec. pfd. at So
lOO Wash. Nir. Rwy. com. ibid wsuteA,.
% Washington Gas at 20.
U. Georgetown Gas mt I4O
400 Washington tilftfes mt p
10 MersenthsIer Linotype.
% Lnnston mt so.
30 Farm. & Mech. Nat. Bank mt 80.
TO- American Nat. Bank at 100.
20 McLachlen Banking Corn.
Munsey Trust at 49,.
80 Bank Com. & Sav. ibid yyanted,
300 Miller Train Control
100 Stark Car Coupler at 6,s.
10 Gayety Theater at $50.
100 Mct;han Patent Scanoldiug at a
GraphOphOne pfd. at I3O.
25 FusseIl Ice Cream at 42h
20 American Paper Can mt 81.
= ROslyn supply ibid wa7tedD.
; Wash. Investment Co. ibid wantedl.
10 Ontario Apartment ibid wantedp
= Wash. safe Deposit ibid wanted,
- Warrington Storage.
Evening star., 1916-03-26
NEW ORLEANS.

NEW ORLEANS. March 25.-While
the cotton market here was steady to-
day fluctuations were extremely mar
row. and trading was small in volume
Weekend covering by shorts furnishe ed
much of the demand. The close was un-
changed TO | point down. compared
with yesterdays final prices.
The market opened at the decline in
sympathy with lower cables than due
and the small spot trading in Liver
pool In the early business prices lost
to points. which carried the market
to the lowest levels of the day. The
failure of rains to extend into south
Texas and somewhat better accounts
from interior spot markets created un-
easiness among holders of short con-
tracts and on buying from them the
market recovered and, late in the
morning. stood unchanged to ] point
higher than yesterdays close.
Very moderate buying for long ac-
count was stimulated by the forecast
of fair weather for the western half of
the cotton region and kilograms from
interior points saying holders of un-
hedged cotton were as Indifferent as
ever to the course of the market
Evening star., 1916-03-26
Treasury Statement.

The condition of the United States
Treasury yesterday:
Net balance in general fund, s1co.-
742,551: total receipts, S2,050,2l2: total
payments, $ssS.632.
The deficit this fiscal year is s54.-
e7o.SS5. against a deficit of ss6.455.s5o
last year, exclusive of Panama canal
and public debt transactions.
Evening star., 1916-03-26
DRY GOODS MARKET.

NEW YORK. March 25.-Cotton
Goods we're higher today with a firmer
tendency in warns Wool goods were
Arm. Labor troubles were reported
in textile manufacturing centers and
constant complaints were received IN
the market about delays In delivery
due to congested transportation.
Evening star., 1916-03-26
U. S. Steel's Earnings.

The United States Steel Corporation,
in rs annual report. shows gross sales
and earnings in the sum Of $s26,6S3.5ss.
an increase OF $16s.2se.ss6 over 1914.
surplus net income for the year to-
tailed $4i.26o.575. The totsi undivided
surplus on December 81 last. exclusive
Of profits earned nv subsidiary com
psnies on inter-conpany sales Of prod :
ucts on hand in inventories, was $50
o25.5.3
The statement Of Phelps, Dodge &
20. for the year ended December 81 last
reveals total net receipts from the com
nanies' operation of Sl0.1S1.5l2, which
compares with Ss,66i.S39 the previous
year After dividends "A balance of ST.
as1.s12 remains. whereas in 1914 il
amounted only to $364.s39. President
Evening star., 1916-03-26
Local Securities.

There have been indications of spurts
In the local security market during the
last week that may develop in the next
few days into actual trading.
Railway common has been nearly
nominal, but the reduction OF the diff
ference between the asking and the
bid prices to relatively closer figures
may give promise of some business in
this one-tine leader in activity. The
preferred stock has many friends at So.
i.anston may come to life after ac-
tion on the dividend, although further
advances are likely TO induce profit
takiug After the stock crossed so last
year il dropped quickly to the SOS, and
was slow IN recovering II the directors
Of the company would make positive
statements OF earnings and outlook at
Tuesdays meeting IL would be well
coined by shareholders.
The squirt of strength in a number
Of bank and trust company stocks has
added materially 10 the activity of the
last few days, and Is interesting from
the standpoint Of indicating "a revival
Of interest of investors in these shares
for the frst time since before the 1907
panic.
The bond market has been reason
ably active for weeks. and the demand
has only been temporarily checked by
the advancing trend in prices
Washington Gas and Capital Trac-
tion shares are neglected, at least for
the present.
The change of the meeting hour of
the daily sessions Of the exchange to
l:iJ am. has been given a trial and
has worked satisfactorily. When the
listing committee of the exchange re-
ports on new stocks and bonds for the
Evening star., 1916-03-26
Steel Mills Overloaded.

This is particularly true of the steel
trade which, though running at rec
ord capacity. has been booked so far
ahead on its orders that il is unable TO
guarantee deliveries in some instances
for a year in advance. The demand
for raw material is excessive, and be
cause of the large volume of rush
orders on the books of manufacturers
in the middle west IT has been difficult
for many concerns to obtain needed
supplies.
This condition. added TO the serious
car shortage and the difficulty of OBJ
tanning supplies for the mills, has cur
tailed business in the retail centers
and has caused shortage in some of
the goods for which there has been
AN active demand. This gives further
emphasis TO the fact that though our
foreign exports have been extremely
heavy. il is the domestic trade that con-
tiuues to form the bulwark of our busi-
ness. American manufacturers are
selling twenty times as much goods to
home concerns as they are selling to
foreign customers, and for that reason
the abrupt termination of the Euro
pesn war will have less effect upon
their business than many people think.
Evening star., 1916-03-26
Purposes Of the Loan.

The purpose of the new loan is two
fold: first. refunding of one-year notes
in the amount of s25,o00.Oo0 due on
August 1; and second, making provi-
sion for the regular internal needs of
the Canadian government for the pres
ent fiscal year. No more Canadian
loans are to be offered in the United
States this year, and 1t is therefore
moro than likely that the demand for
these bonds will be so great that they
will be oversubscribed in very short
order.
1t will be remembered that in August
of last year the Morgan syndicate pur-
chased an issue of s40.O0O.0OO fve-year
5 per cent notes of the Dominion gov
ernment, and that when offered for
public subscription there was not
nearly enough to supply the popular
demand for them. A 5 per cant invest
ment secured by the good faith of the
Canadian government is so very far
above tho average municipal security
that investors are not slow to take ad-
vantage of the opportunity to secure
all that their surplus funds will cover
W. S. COUSINS.
Evening star., 1916-03-26
| Will Buy

Capital Traction at Ssi4 ex div.
10 Wash. Ry. Il EIcc. pfd. at 81.
23 Wash. Ry. 4 Elec. com. mt 80.
- Washington Gas at .4i..
10 MerSenthaler mt 1876 eN div.
25 LanstOn at S7ip.
American NAT. Bank Mt 1884.
10 franklin Nat. Bank at I2S.
10 National Savings and Trust at .SS.
10 Continental Trust at I2I.
so Washington Base Ball Club at 49,.
Subject to previous acceptance OF
cancellation. All executions for cash
Buying and selling orders on all listed
stocks and bonds solicited.
Evening star., 1916-03-26

an American syndicate headed by the
Morgan company to market a loan OF
SIS. 600. 900 to the Canadian government.
These bonds will bear 5 per cent. will
mature In five, ten and fifteen years.
and will be offered on an investment
basis slightly in excess of per cent.
The public offering will doubtless be
announced next week
Evening star., 1916-03-26

Finger nails grow more quickly in
summer than in winter, The one on
the middle nnger grows the fastest.
and the one on the thumb the most
slowly.
Evening star., 1916-03-26
WEEKS RANGE OF PRICES.
Corrected to the Close of Business March Is, a,
the Office of The Evening Star.
Railway and Miscellaneous Shares.

closing
of
1914
10
Evening star., 1916-03-26
Term It Peace Scare"

Rumors OF peace in sight and "end
of war which found their way TO the
inapcial district this week are con-
sidered by some people in the light of
a peace scare that affected them al
most as violently as the war scares"
of former days. Though there will nat
urally be a readjustment in the char
acter of some of the goods sent abroad,
we should never forget that Europe at
peace will be a much better market for
American goods than Europe at war:
and that in any case. prosperity built
upon the destruction OF nations stands
upon very insecure foundation.
The proper attitude, therefore, from
a commercial as well as a humanita-
rian standpoint, is that of welcome to
any peace propaganda that has in il
the elements that will terminate the
fearful carnage that is now laying
waste the fruitful fields of Europe.
Commercial experts say that with the
ending of the war we would lose but
a fraction of our foreign trade, and
that only temporarily. In very short
time our foreign business would be
making new records which would
eclipse our best previous records and
place the United States on better
and firmer footing Of real prosperity.
Evening star., 1916-03-26
FINANCIAL.
FINANCIAL.
The Steady and Definite
Policy of This Bank.

Accomplishment the drec
When opnd this bank had definite have
consistently pursued definite policy order reach
We wanted to have bank that combined the of with the
complex would embody
the ndearng qualities capable
dividual.
Banks often lose personality until they
machines the handling and funds This
o
has large all feel and
look upon their friends
Evening star., 1916-03-26
Force Entrance to Clearing System

When the governors of the twelve
regional banks of the federal reserve
system meet in this city April ~ they
will be asked to discuss with the re-
serve board the question of inte' lis
trict clearings. obligatory on all mem
ber banks.
This is one measure that all the
small national banks in the country
have endeavored to avoid, and many
Of the largest banks have sided with
them, holding for the retention of their
collection charges which have long
contributed to fatten the annual profits
Washington national banks recently
neglected an opportunity to place this
city on par with other leading cities
with regard to collection Of checks
New York offering, under certain con-
ditions. reasonable and easy, to collect
checks drawn on Washington banks at
par.
The effect of the enactment of a
law forcing compliance by member
banks in the federal system with the
interdistrict plan of collection, should
il be ordered. is difficult to foresee.
Many small banks might resign from
the system and there would be no Co
operation on the part Of state banks
and trust companies. these being in di-
rect opposition to the collection plan.
Evening star., 1916-03-26
FINANCE AND OTHERWISE.

trading list It is possible that there
Will be a revival in the local invest
ment business. Investors are numer-
Gus, but the temptation is lacking
Evening star., 1916-03-26

James Douglas. in his report. states, IN
part. that the total production OF all
the companies for 1915 amounted to
14o,41S.003 pounds. an increase of e.
S15.619 pounds from company and GUS
tom ores over the output for the pre-
viouS year. This large output was Sc
cured. although the production, whlch
had been lowered in 1914 by reason OF
the Stagnation of the markets. was
still curtailed for two months of 1919.
and was further affected by the strike
which closed down the Detroit mines IN
September until after the close OF the
year. The Mexican troubles also re-
peatedly paralyzed railroad transpor-
and compelled us to close the Nacozarl
plant for l35 days
Loans to Foreign Governments.
The return of !. +. Morgan from
London has revived the rumors of ad-
ditional loans to the allied govern
ments Mr.. Morgan reports that the
British treasury had been signally sue
cessful in its ''mobilization" plan, and
that so far as he knew il would not be
nece ssary to contract for further loans
outside of the British empire. NO new
credits against the American securities
mobiliZed in London had been arranged
by him for the entente allies, nor does
he think that our banking organiZa-
tious will be again called upon to per-
form a service similar to the half-b1l-
lion dollar credit put through last year.
Meanwhile. announcement mas al
ready been made of the formation of
Evening star., 1916-03-26
On the Proposition.

An Alabama banker. McLane Tilton,
jr., belonging to group 8. Atlanta re-
gional district bank. in a letter written
some time ago to the controller of the
currency. protesting the intention of
the federal reserve board to force col
lection of checks at par said:
The apparent intention of the fed
eral reserve board to force us to clear
at par through federal reserve banks
will likewise deny to group bankers
source of revenue, that, with many of
them. constitutes a large part of their
net earnings. The result of this opera :
ton in the majority of instances will
merely increase the profits Of group |
banks In the collection centers.
IF the law permits these things il
should be speedily amended; IL II does
not permit them they should not be
done. II done. lawfully or unIawfully.
it is the equivalent of driving hun
dreds of banks out Of the system"
Evening star., 1916-03-26
Answered Right Off the Reel.

From the Boston Transcript.
WaEgish Individual-Tve heard You
ministers called fishers of men"
Minister-Yes.
Waggish Individual-wha kind OF
tackle do you use?
Minister-Line upon line.
Evening star., 1916-03-26

Mica deposits sufficiently large to de-
velop exist in twenty states.
Evening star., 1916-03-26
Deduction of Fixed Charges.

From these earnings Were deducted
interest on bonds and notes OF sub
.idiary companies amounting to So
432.se6.Io. leaving s22.47s,s1215. The
following appropriations were made:
Provision for extinguishrnent OF mining
investments. amortization OF patents.
etc 1888. $685. provision for depre
citation OF other properties and accru-
ing renewals. S4.311 900. total OF ST.
1899 81. leaving net income for
the year sl7.762.s .sl2.sl. as compared
wiki $500 .026.is for 1914 The orders
10 SI75.432.ss5ls against $4s.513 1895
on the corresponding date in 1914. The
average number OF employees in the
United States in 1915 was -. .063.
against 1856 in 1914 Wages paid in
1915 amounted TO S2l.S00. .66i.la, against
si4312.sis.76 in 1914.
g NJ Schwab chairman Of the boa rd,
in the report. said that at the begin
-uIry OF the year 1915 the steel bust
ness OF the United States was much
depressed, due 10 some extent to the
European war This condition was
rapidly changed. however. by the very
large orders for steel products placed
IN this country by the various Euro
uean governments and by an increase d
demand for domestic consumption. ThIs
com ubined foreign and domestic demand
has created an unusual condition in
The steel industry, and today there ex-
lists an actual shortage OF steel-mak-
ing capacity in this country. These
conditions coupled with the difficulty
~ obtaining certain raw materials and
an Increase in the price OF la Dor. have
resulted ia rapid increase in the price
OF steel products.
Evening star., 1916-03-26
Evidences of Increasing Wealth.

Evidences of the increasing wealth
and prosperity OF our larger and more
important industrial organizations are
being added TO the records each week
as annual reports are submitted for
public scrutiny. One result of the re-
Inarkable increase in earnings of these
companies has been the return of many
TO the dividend" class. and the in
is no feature that so popularizes an in
can investor as the fattening of the
dividend check; in this respect there
has been ample cause for qualification.
This is further shown in the increase
in quotations in the stock OF twelve
Leading industrials on the stock ex-
change in the past year. The exchange
records show that whereas the average
oS these stocks one year ago stood a
81 The same stock commanded mar
KEY of l25 Saturday of last week-an
increase Of IS points, or 29 per cent.
one of the most popular of the stock
exchange industrials and one that has
brought much gratItcation TO those
VINO were fortunate enough to pur-
chase their holdings at the low levels
= Bethlehem Steel. From the annual
week we find that the total net earn
ion and its subsidiary companies. aft
or deducting expenditures for ordinary
and extraordinary repairs and main
teuanCe tapDroNimately S4.3sl.oVO).
amounted 10 s23.S2l. iOS.e5. as compared
with Sqs.a s611l in 1914
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1916-10-05
L.C.C.MAY DRAG OUT
POLITICAL GHOSTS
Justice Stafford's Decision viii
Throw Wide the L. and N.
Closet Of Specters.


A parade Of politioal ghosts unrivaled
IN bIstory NAV resuIt ~ the deoision of
I,,..,sa u.ss, n ut. ro.d - ,ha ME-
susuce "ehuelI T. o'aiioru, Vi VIC rs
trict Supreme Court, dering PRESIDENT
Milton H. Smith, Of the Louisville and
Nashville railroad. to answer questions
=, ,ha I.,or.,a,o T,or,merce Commission
VI uhS
10 upneid.
Railroad and Federal experts agreed
tot,av that I'm case the Supreme Court
=, ,bo Waited states Ia IN agreement
with Justice Stafford. skeletons of the
railroad family, undisturbed for years,
may be brought to light.
Charges of political string-pulling by
railroads throughout the country-par-
ticularly with reference to, the eight
hour law, but also with reference 10
campaign contributions-have been mace
unofficiallv In the present campaign.
May Revive G0ebel Case.
N .he -
II is reported that II Smith Is mace oy
the Supreme Court TO ansT or all OF
the comm, ssion's questions. the Goebel
coo y,htoh dtsr,ptod {, on,ucLy noi,ti.s
Sose' ""i'" uioi up'eu po''i %
Tor years. VIII again pc Drought INTO
the limelight-' tn perhaps other cases
TO follow.
cision was to give the comm ssion power
to examine all railway finances. includ-
ing political contributions. This power
never has been admitted by the rail-