davidaulloa/AmericanStories huggingface dataset:
South Bend news-times., 1917-10-07
FINANCIAL
BANK EXCHANGES
HIGH. SAYS jUN
Trouble in Industrial ProduC-
ton Shows Less ACuteIy,
According to Review.

DUu's weekly review OF Chicago
trade. published hy r. q. DUN d.
Co. says.
Though the troubles I'm indus
trial production and forwardine
show bat little less acuteIy than
heretofore autumn demands are
stimulated ass expected. and the as-
gregate Voiumc of commerce
makes Favorable comparison with
this time last year.
Bank exchanges again are
strikingly high and the healthy
credit position is reflected by fall
ures and liabilities below normal
Barrins caution as 20 making com
mltments for the future and the
problems as 90 securing adequate
supplies and labor. basic conditions
impart strength and the general
situation IN manufacturing di5tri-
button and finance indicates sea
sonal activity
with an early completion OF 49,
price fixing program operations
should soon measure up 10 highest
anticipation. Despite further large
Withdrawals OF workers for mill
itary service, outputs in most metal.
brass, electric. leather and wood
working lines continue AT the high
est for this district. and the pros
perity is attested by the eagerness
10 obtain more hands and capacity.
and by increased wages for many
thousands employed in iron and
steel
Money For Crops.
Prospective needs of business
expand and may involve an extend
ed use Of money soon. but it is not
evident that drastic changes iu de-
pOsits viii happen. Easing i'm the
present high rate Of discount is de
pendent upon successful market
ings of the enormous crops and as
that operation is most probable the
accretion of new wealth is likely 10
have a favorable effect i'm an chan
nels
Just al this time the calls for
accommodation are wider than us
ual. an Indication that business as
whole is running strong ENLARGED
currency shipments 90 the interior
and a notably good absorption of
funds Tor the distributive branches
are features OF the bank dealings
with the cooler weather gen
. eral merchandising has become de
sirably stimulated. with most retail
trade advancins even better than
was looked for, although the buy
ing is mainly confined 20 actual
necessaries and rises slowly I'M lux
uries. The flow and variety of road
and mail orders for textiles and
other staples indicate that stocks at
many outside points now are under
replenishment
Merchants Arc Buying.
Visiting merchants make SUR
prisiEgly good attendance fu the
wholesale sections. and more de-
mand has developed for prompt
shipments of holiday goods. foot
wear. clothing. house furnishings.
silverware, cutlery and food prod
ucts There is very little complaint
as TO western collections.
Bank clearings S510.TS1.197.
exceed those of corresponding week
last year by 161 percent. and con-
pare with $24O.S64.1S6 in 1915.
Failures reported i'm the Chicaso
district numbered %. against "A
last week. "a in 1916 and So in
1915 Those with liabilities over
$1,000 number s. against last
week. Il in 1916. and is in 1915"
South Bend news-times., 1917-10-07

NEW YORK, Oct. "a floor
trader who is a close observer of
market movements and who has
been endeavoring to trace the
source of liquidation of recent days
and 10 determine the character of
the buying says that as far as the
selling is concerned he believes ac-
tual investment liquidation Of the
rails has been widespread, but that
the greater part of the offerings of
the industrials has come from spec
ulators rather than from investors.
Regarding the buying, he believes
from his observations that accumu-
lation has been going on for the ac-
count OF some of the strongest in
terests i'm the street, and that there
even has been buying at the low
prices by rich outsiders, who are
gambling on the very extent OF the
decline 20 bring about a sharp ral-
Iy in which substantial profits may
DE obtained. Opinions in speculative
quarters are not in agreement re-
garding the immediate course of the
market but in many circles the idea
is growing that for the period of the
Liberty loan financing at least the
big" men In the financial district
viii throw support into the market
i'm the event Of further liquidation
or aggressive professional operations
for lower prices.
a leading financial news bureau
gives prominence 70 a statement
that an organized bear party headed
by a trader who made millions in
the December and February slumps
lis operating i'm the market This
group has centered its attention on
steel common and Bethlehem &. At
the close Of business on Thursday it
was said that this group alone was
short Of 25O, 900 shares Of Steel COM
mon. No figures were available for
ehem stocks. One bank was
credited with buying 10000 shares
of steel on the way down from 110
and q large trust company was
credited with supporting the mar
ket I'm Bethlehem B. IL is common
talk that there was some hedging by
underwriters OF the new Bethlehem
3 stock by selling the 3 stock on
the exchange. and the big buying.
therefore. may have been short COW
ering
Tn this weeks liquidation OF stocks
the shares Of three Companies
New York Central, st. Paul and Bal
timore-have suffered the most.
Here is a list OF bonds OF these three
companies showing the high price
for the wear with the low which
was touched this week.
South Bend news-times., 1917-10-07

NEW YORK, Oct. s.
Avera ge-LoanS increased S65544.O0O;
demand deposits increased $50 600:
time deposits increased S666OOO; reserve
increased S1690j.9SO
Actual - Loans increased Sl6O99OOO;
demand deposits decreased S12.5-2 600;
time deposits increa sed SS.J94OOO; re-
serve increased S69I1 43O.
South Bend news-times., 1917-10-07

An explanation for the sharp de-
cline of Chicago, Milwaukee and st.
Paul preferred shares 10 below par
was forthcoming yesterday. This
had been regarded as a high grade
investment stock 1t was learned
that a big English investor holding
a very large amount is marketing
his holdings of st. Paul preferred.
Necessarily the throwing of a big
block Of St Paul preferred on the
market at a time when investment
conditions are as unsettled as they
are at the moment caused large
depression in the market price.
A vacancy on the board Of direc-
tors of Chevrolet Motor CO. has
been filled by the election of r. F.
Mclaughlin, president of the Chev-
rolet Motor Co. of Canada.
Advances in the prices Of Gig
arets including most Of its pop
ular brands and averaging in the
neighborhood Of II - percent
were announced by Tobacco Prod
ucts corporation.
There is a general movement
among traders to have their respec-
tive exchanges closed not only on
Columbus day, but on the next day,
which is saturday. To date the
New York cotton and the coffee and
sugar exchanges have agreed 10 this
ARRANGEMENT.
United States steel corporation
will furnish about 10000 tons of
a total Of 100000 tons Of finish
ed steel products, 10 be taken by
the government up to next July
according TO Pittsburgh advices. The
total takings will be about one
third of the country's production.
A new 20, 900 barrel well has been
brought in by Empiree Fuel and
Gas Co, a cities service s@)sidiary,
in the Eldorado district.
While not denying that changes
may eventually be made in the
personnel Of officers Pres't Byram
Of the St Paul. declares that there
will be no general house-clean-
inE" on the road for some time,
anyway II was reported that there
would be a wholesale shifting of
officials but Pres't Byram denies
this
There is considerable activity in
second hand copper in the outside
market Brokers received no Off
cial instructions consider that the
25 II cent figure does not apply 10
these transactions. and sales are be-
ing made for delivery in the current
quarter at prices ranging from 26
- TO - cents a pound.
A further drop Of cent yes
terday carried the price OF bar
silver i'm the New York market down
20 81 is cents. The London quo
tation vas 46 lid.
IL is understood United States
steel corporation is gradually ac-
cYmulating treasury certificates a
Indebtedness. its purchases so far
being large enough 20 meet wal
taxes on earnings already reported
The corporation viii continue 10 ae-
South Bend news-times., 1917-10-07
TOLEDO GRAIN.

" WHElAI-JaSn N--II
CORN-Cash S2.Oi; Dec $121j May
81 17l2.
OATS - Cash 62M Dec 6154; May
635Sc.
RYE-No. . S1S6
CLONERSEED - Prime, cash. old
S14.1O: new aud Oct. S14.5O; Dec. S14fIl4;
Jan. S14j7Ia: Feb. S146J. March S14.60
ALSIKE-Prime, cash and Oct. Sl3.2J {;
Dec Sl3 20: March $3.50.
TIMOTHY Prime, cash, old S3.65, new
and oct. S3Sj; Dec S95; March S4.OJ.
South Bend news-times., 1917-10-07
PROVISIONS.

PROVISIONS.
Corrected Daily by +. ". Mueller. 2i7
4. jefferson Blvd.)
VEGETABLES abbage, paying, Ic.
selling, 2Q3c; new potatoes, paying S1.JJ
bU. selling, Sl1J per bu.
FRLII-OrauLea czss $50. selling
4OdGOc per doz. lemons, case S4uSS
selling 10000 per dOZ
RUITEK AND EGGS-Country but
ter. paying 2JM 4Oe. selling go iJc ,
creamery butter. paying 45c, selling. 6Oc
Eggs strictly fresh. Iayins 4Dc, selling
4JQGOc.
South Bend news-times., 1917-10-07
MARKETS
PHTTsBURGH LIVE STOCK.

PITTSBURGH. Pa. oct. CATTLE
1910: prime S13dI3TJ: good S11-JOd
20; tidy butchers Sl0JOd llJO; fair
s. JOdS1O: common S7@S.JO; common to
good fat bulls S6d9 common to good
fat cows SSG9 helferS $500 1923; fresh
COWS and springerS SJ0d90; veal calves
$3.50: he,rvy and thin calves S1M 1910.
SHEEP AND LAMBS-Supply light;
market steady; prime wethers, Sllt1;
good mixed $1,000 l150; fair mixed,
S9@S1O; culls and common, SJ@ 40 (;
spring lambs, SIS.
HOGS - Receipts 10 double decks;
market active 15c higher; prime heavy
hogs S1915d1925; mediums Sl9.l1u
10 p; heavy Workers. S19d 10 >. light
Workers S17.jO0S1S; pigs Sl1.2JQ ITO; /;
rOughs S1JG1S.jO; stags SlJ@ 1880
South Bend news-times., 1917-10-07
CHICAGO LIVE STOCK.

UNION STOCK YARDS. Ill. Oct g.
HOGS Receipts: 1000 market slow and
- lower mixed and butchers. S179Od
1850: good heavy, S1T90g1S15: rough
heavy. S1790d1S15 light. S17sOG 1880;
picS. S14d1T.15: bulk. S1S30d 1875.
CATTLE-Receipts; 1000; market
steady. beeves. S67. .200 17.6J; COWS ana
heiferS. S515d124O: StOCkers and feed
ers S6 2Jd11JO: Texans S63JdS15,
calves. 80 JOd 1925
South Bend news-times., 1917-10-07
EAST RuFFALO LIVE STOCK.

EAST BUFFALO, \. Y. oct. Q. =
CATTLE Receipts 600 head; market
prime steers S14d 1850; butcher grades
S61 12.25
CALVES-Keceipts 20 head: market ac-
tive Gull to choice S5d16.J0.
SHEEP AND LAMBS-Receipts 600
head: market active; choice lambs SlS.2J
G1SJO: Gull TO fair S13J0d l7.15; year
hLgs S14d15; sheep Sjd 12.2J-
HOGS-Receipts 1S00; market active
Workers S1S.jOd1965; pigs S1IJ0d Il. % ;
mixed $4,000 1910; heavy $la6Jq 1910; ;
rOughs S1Sd1SJ0; stays S16G11.
South Bend news-times., 1917-10-07

SEEDS.
Corrected Daily by Warner Bros, seed
store l14 l. Wayne 81
TIMOTHY -$fd4J0
RED CLONER-S12OO
WHITE CLOAEk-S-5 per bu.
ALSIkE- -$1ZJOQ 1850
ALFALFA-S1Os l250
SWEET CLONER-Si2Ql5.5O.
COW PEAS=SI05
SOY BEANS S5Q45O.
BLUE GRASS % per bu.
FIELD IIA~-, - dJ per bu
MILLET- JOQ$3
GERMAN MILLET-S2 JOd3OO
JAPANESE MILLET-S2 80 per bU.
HUNGARIAN MILLET-S2. T5d3 > Der
Ou.
VETCH S9Q115O.
MAMMOTH CLOVER -Si2JOQS15
South Bend news-times., 1917-10-07
TsH.

Corrected Daily bs the Eastwood Fish.
Poultry and see Food Market,
W. Washington AV.)
FRESH FISH-Dr. No 1 trout. 21lac
ID: halibut. 22hc H.; dressed Lake Erie
ciscoes. 1870 10; large perch, 1s12c d.;
pickerel, 1879 10.
SMOKED FISH-SalmOn, &9l2c To-. (;
white fish. 21l2c lb.; fancy salt mackerel.
l 10. each. 20c; bloaters, 2M3 los. each,
25c; boneless salt Goldfish. 2Jc IO. chubs,
2Oc 10.
South Bend news-times., 1917-10-07
Topics of a Day in Wall Street

ing or crediting hire OF equipment,
rental Of joint facilities and similar
operating items The Missouri
Kansas and Texas net operating in
come increased $462,OS9; for the
eight months the increase has been
s.. 655. 900.
a favorable point for American
railroads is that refunding opera
tions in 1918 will be less than so
percent of what may be termed the
normal average. Next year Ameri-
can railroads will have but 1000,
600 of maturing obligations, aside
from such short-term notes as they
may have issued within the last two
years. This compares with nearly
$500, 100000 this year and over
$17O.OOO.OOO in 1919.
Six mining companies-Utah.
Kennicott. Ray, Chino. Nevada and
Butte and Superior-in sending out
dividends recently emphasized that
half represented dividend de-
clared out of surplus net earnings
accrued since March /. 1913, and
the other half a capital distribution.
Half the dividend is nothing more
than a distribution OF cash, in liqui-
dation or, in other words. a return
TO stockholders of part Of the COM
panys capital. The directors OF
these companies interpret the in
come tax law of Sept. S, 1916, to
permit this return of capital accu-
mulated in reserve and depletion ac-
counts. The other half represents
a dividend from surplus net earn
ings in the current year and is there
fore taxable.
Headquarters for the worlds sup
ply Of copper is now located at so
Broadway. A committee of repre-
sentatives OF the big companies
meets in an Office in that building
daily A census of the supply is be
ing taken, and the entire production
is to be pooled and apportioned
among consumers according TO the
urgency of requirements. The gov
ernment needs, c. course, will come
first, and il is reported that 10000,
600 pounds have been named as the
amount needed for immediate ship
ments TO plants having government
business on their books
A much smaller amount OF capital
was involved IN the formation OF new
war companies during September,
authorized stock tOtalling S6,1OO,OO0,
against S35. .400.0 .00O i'm August last
Since Aug. 1, 1914, authorized capi-
tai of new munitions and aeroplane
companies has been $222. .575,OO0, OF
which amount S6S,076. 600 has been
contributed since the entrance OF
this country into the war So far
this year s75.S9S.O0O has been de-
voted 20 new war companies. com
pared with $50 1925 600 in the entire
year of 1916 and SS3.235.OO0 i'm
1915.
\ compilation made today esti-
mates that the standard oil Co. Of
Indiana will pay as excess profits
tax equal 10 - percent estimated
net earnings on S43,99O.O 900; that the
Atlantic Refining will pay 229 per
cent on S12,4SO.00O and that Prairie
oil and Gas will pay 1s.S percent
on S1S.2OO.OOO.
improvements in the rails was the
best sign OF the day. The impres-
sion had gained weight that banks
were favoring rail stocks 20 indus
trials. There appeared 10 be par
ucular ground for this idea
Trustees OF the Equitable Trust
Co decided 20 apply for member
ship in the federal reserve system.
4 better feeling prevailed in the
street and the belief was general
that the market would do better
after the adjournment OF congress
South Bend news-times., 1917-10-07
MONEY AND EXCHANGE.

NEW NORk, Oct. 8. = SterIing eN-
change was quiet with business in bank
ers' bills S4.75h for demand Si-I1l2d
4.71A for 6O-day bills and $4G9i2 i.69ai
for 90-day bills.
South Bend news-times., 1917-10-07
South Bend Markets
GRAIN AND FEED.
,rrNctPd Daily by W e Starr Sta

NThNIN ANIF n
Corrected Daily by W. b. Starr, Starr
Mills, Hydraulic Av.)
WHEAT-Paviug. 500 per bu.
OATS-P8ying. 60c; selling. 1Oc per
on
CORN-Paying. SIS: selling s. per
bu
RYE-Paying. 81 90 per hundred.
BRAN Selling. S2.20 er hundred.
MIDDLINGS- selling S2.GO per hun
dred.
CHOPPED FEED-Sening $3.50 per
cWt
SCRATCH FEED - Selling. $3.50 per
cWL
South Bend news-times., 1917-10-07
Profits on % ~ Cent Cobper


20 Of on
of
be
South Bend news-times., 1917-10-07

In the case Of two. special reasons
may be- given for this years decline.
I'm the case OF -. Paul the company
has only recently reduced its divi
de0d. and the prospects are that
there will DE another reduction.
That is because II. Paul is having
the trouble which might have been
expected from its new mileage in
new territory. Baltimore & Ohio Is
paying the bill for having bought in
the hankrupt Cincinnati. Hamilton
81 Dayton system after having been
cautioned by its own trustworthy
officials 90 give that property "a wide
berth
South Bend news-times., 1917-10-07
HAY. STRAW AND FEED.
Corrected Daily by the Wesley Mile
Flour and eed Co. 42O =.


Flour and Feed Co, 42O =.
Michigan ST.
HAY-Paying $17QS1S; selling. S20a
S24
STRAW-Paying, s. per ton; selling.
SO per ton. or 00c per bale
OATS-Paying. Coo: selling. 70d I5c
SHE'LL CORN-Paying. s.; selling
S21JQ220
lar CORN-Paying. s.; selling
SZl5Q220
TIMOTHY SEED-Paying $3.50 DsF
bu selling. $50 per bu.
ALFALFA SELL -tMontana grOwDl-
>euhug sI@.uO per bu
CLOVER SEED-S13QS
South Bend news-times., 1917-10-07
,uYCAcO CASH GRAIN.

CHICAGO oct 6.-CORN-No. > corn
mixed SI95Ml96: No yellow S196@
1861 No. yellow Sl9G
OATS-No. mixed JSl2; No. white
6U6GOIA No. 4 white J9I standard
61h@Ac
South Bend news-times., 1917-10-07
LIVE STOCK

LIVE STOCK.
Corrected Daily by Major Bros, - Lo-
gan St, Mishnwakal.
HEAVY FAT STEERS-tsir TO good.
"a Sc: prime. 9QlCC
HOGS-1OOG 120 lbs 13c; 1206130 lbs.
1ic; 130d1J0 lbs, 1413c, 1GOd2OOlbs., l0c
South Bend news-times., 1917-10-07
TAIIoM ANn HIDFs.

TALLOW AND HIDES.
Corrected Daily by :. ". LiDpmau. 2Is
~. Main ST.
TALLOW-ROugh 2d3c: rendered. No
l. 5Q6c
HIDES Green. No. l. lOd1sc: calf Sk,s
l0d 25c
South Bend news-times., 1917-10-07
POULTRY AND MEATS.

POULTRY AND MEATS.
Corrected Daily by Jlmmie's Market.
I2S T., jefferson Blvd.)
POULTRY-Old chickens, ISc; springs.
24c
VEAL-Paying. lie: selling 15d35c.
BEEF-Roast. 25c; boiling, 2Oc; porter
house. 5Od6Oc; sirloin, 4J4J0c.
HAM-Paying. 26c; selling. 204JOc.
LARD-Paying, 26c; selling, 3Dc
South Bend news-times., 1917-10-07

Two OF the pleasant incidents Of
the dav were the Delaware < Hud-
son and the Missouri Kansas x Tex
as August reports The Delaware &
Hudson net increased S29S.1S7. The
net operating income was SS61.S17.
an increase Of S334.462 Operating
income is the balance after deduct
South Bend news-times., 1917-10-07

Some Of the most active floor
traders on the New York exchange
were reported as believing the mar
ket somewhat oversold, and as "a
consequence. were looking for bet
ter prices
South Bend news-times., 1917-10-07
Notes Of the Financial World

cumulate these certificates, and il
is expected that it will be in "a
position to meet the full years riK
on profits without drawing on
banks.
A comprehensive digest of the
federal war revenue tax law has
been prepared for general distribu-
ton by the Northern Trust Co. The
pamphlet covers the points of gen
eral interest in the bill
St Paul stock had steadied
around so. as was thought might
be the case. However. it is being
figured that the road cannot con-
tinue to pay dividends on the com
mon shares at the present rate, If
at all. Based on earnings and ex-
penses to date the road should for
the current calendar year earn
about $3.50 a share on the COM
mon stock. some observers are be
ginning 10 doubt whether even this
preferred dividend is now regarded
as in a rather uncertain position.
II is said the United States steel
corporation is gradually accumulat-
ing treasury certificates of indebted
ness. its purchases thus far being
large enough 10 meet war taxes on
earnings already reported. The
company will continue 10 accumu-
late these certificates, and il is ex-
pected that it will be in a position
10 meet the full years tax on
profits without drawing on the
bank.
Bethlehem Steel corporation in the
current year is expected TO earn
substantially 100000 availa ab1e
for the common stock after war
taxes. This would be equivalent 10
more than $40 a share. An inter
est in the Bethlehem corporation
says the $30.000,OOO paid for the
new preferred stock will earn much
in excess of the S percent dividend
in the year 1918. The money spent
this year is just beginning 70 realize
profit for the company. The cap
ital stock OF the Bethlehem con
Germ amounts, at this time. 20 ap-
proximately $500. 100000 More
than this sum is declared to have
/ been added 10 the property in the
way Of new construction and work
ing capital during the last fen
! years.
Hartman corporation stock has
dropped TO 81, against high Of IS
earlier IN the year. In September
the company paid It's second divi-
dend. and at that time earnings
were running we'll ahead OF the cor
responding period in the previous
year. Advices now from those in
close touch with the corporation :
/ affairs are 20 the effect that dur
| ing the last two months the com
pany has been obliged 10 curtail its
| business owing 20 the difficulties
met with shipping.
Some Of the most active floor
/ traders on the New York exchange
were reported as believing the mar
| ket somewhat oversold. and as "a
! consequence. were looking for bet
South Bend news-times., 1917-10-07

II is understood United States
steel corporation is gradually ac-
cumulating treasury certificates Of
indebtedness. its purchases so far
being large enoush 20 meet war
taxes on earnings already reported
The corporation viii continue 10 ac-
South Bend news-times., 1917-10-07

a further drop OF cent yes
terday carried the price OF bar
silver i'm the New York market down
10 81 Is cents. The London quo
tation vas 46 lid.
South Bend news-times., 1917-10-07

improvements in the rails was the
best sign Of the day. The impress
sion had gained weight that banks
were favoring rail stocks 20 indus
trials. There appeared 10 be par
ticular ground for this idea
South Bend news-times., 1917-10-07

Trustees Of the Equitable Trust
Co decided 20 apply for member
ship in the federal reserve system
South Bend news-times., 1917-10-07

\ compilation made today esti-
mates that the standard oil Co. Of
Indiana will pay as excess profits
tax equal 10 80 percent estimated
net earnings on S43. 900: that the
Atlantic Refining will pay 229 per
cent on S12.4SO.OO0 and that Prairie
oil and Gas will pay 19.S percent
on S1S.2OO.OOO.
South Bend news-times., 1917-10-07

4 better feeling prevailed in the
street and the belief was general
that the market would do better
after the adjournment OF congress
The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1917-03-07
DOUBT BREAK
WITH AUSTRIA
Austrian Subs Not Likely
To Bother U. S. Ships,
Austria For Germany
BY ASSOCIATED PRESS.

Washington, March 6.-Austria's
reply to the American request for a
clearer definition on her attitude in
the submarine situation, it is stated,
officially, leaves the door open for
further negotiations, delaying tempo
rarily at least a break. The communi-
cation, in substance, upholds and de-
tends unrestricted German warfare.
1t is couched in friendly terms and
points out the Austrian submarines
are solely operating in the Adriatic
and Mediterranean seas and encroach-
ment on American interests is hardly
to be feared.
The United States will reply to the
note and unless en- overt act precip.-
tates a rupture that both sides are
apparently anxious to avoid, the Uni
ted States is not inclined to force the
issue at present. Germany is credited
here with trying 10 force Austria to
a step that that country does not wish
to take Austria is placed in q deli
cate position, either sacrificing bene-
is from a continuance of diplomatic
relations or of appearing to be not
fully supporting her ally.
1t is believed she made her note
as strong an endorsement of Germany
as possible without making it impossi-
BILE for the United States to continue
negotiations.