davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-06-23

Professor Kemmerer presents a table
to show the rise of wages over tina
same period, which shows an increase
OF Ia per cent in union wages since
1919 as compared with IS per cent in
wholesale prices and 46 per cent in the
retail prices of food. 1--WE have now
examined the more important evidence
as to the extent of imitation in the
United States and as to its causes"
Professor Kemmerer concludes, "and
nave found reasons for believing that
fation of the currency and CIRCULATING
credit of the United States since the
war broke out, but more particularly
during the years of 1916 and 1917. and
we have seen how this imitation has
found expression in very great rise
in general prices affecting ali sorts of
commodities"
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-06-23
Regular Declarations

American Manufacturing Company.AQuar
seriy dividends of Ne per cent on the com
mon mon ana Ia per cent on the preferred
stocks, both payable July 1.
Atlantic Steel Company.-Quarter,y div;.
oend of 70 per. cent on the common stock
payable July / to stockholders Of record
June %.
Boston & Providence Railroad Comuanv.-
quarterly dividend of 21s per cent, payable
July 10 stockholders of record June 20.
n, California Electric Generating Company
quarterly dividend of / u per cent, payable
July to stockholders of record June %.
Canadian Westinghouse Company.-Quar.
terly dividend of q per cent, payable July
10 stockholders Of record June %.
Cincinnati Street Railway COMPANY
quarterly dividend of rs cents share, pay.
able July i. '"'
Overwhelmingly dividend of $3.50 !
share, payable July 1 to Stockholders of rec.
ord June Is. - e.
Cumberland Pipe Limo COMMUNICATIVE;
aena OF IS share, payable July is to stock.
holders of record June 29.
General Petroleum Company.-Quarterl,
dividend Of 21s per cent on the comnoy
stock. payable July / to stockholders Of rec.
ord June Is.
Great Northern Railway Company.-Quar.
terly dividend of Sits snare. navahis
August 1 to stockholders of record july 3.
International Mercantile Marine Comparv
.Semi-annual dividend of per cent. nav.
July Is. ie'ofo
,, MeCrory Stores Corporation.-ouarterlv
dividend of ~ per cent on the preferrea
stock, payable July 1 to stockholders Of rec.
ord June q.
Mobile & Ohio Railway Cempany.-pivi-
oend Of per cent. payable June III.
National Light, Heat & Power Comnarx
Quarterly dividend Of u per cent on ~.
preferred stock. payable July to stockholm
ers of record June &c.
New York, Chicago & st. Louis Gas cou-
rany-Quartery dividend of SO cents TIM =
share, payable July 20 to stockholders ~
record July 10. Oh
Republic Railway & Light Comn.nx
Quarterly dividends of l per cent IN ~.
common and " per cent on the prefsrrsJ
stocks. both payable July is to stockholders
OF record July /. ''o'oe1s
virginia Railway & Power Commas.
oemi-annuai dividend of 3 per cent IN ~.
preferred stock. payable July 20 to sto sne
holders of record July /.
Massachusetts Lighting Company.--n,v,
dend OF 81 SO share on the preferred ,tonn
payable July Is to stockhoiders Of rs."r x;
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-06-23
S u S t e n a n c e


Wheat.-The wheat trade is awaiting
the action OF the food administration
on Monday, when it is expected that
the new alignment Of values to he in
effect during the coming season will
be announced. The advance in rail
rates makes this necessary, and it was
thought that some slight differences in
the differentials may be decided upon
Crop accounts at the close of the week
were favorable. The weather was sat-
isfactory for harvesting operations, and
1t IS believed that new winter wheat
as farmers are informed as to the
prices to be decided upon. Advices
from the Northwest were very opti-
mlstic. The spring wheat crop has an
parently suffered no setback, and, while
there is yet the possibility of a de-
terioration from drouth or blight. the
crop is believed to be in q very favor.
able condition to withstand either of
these. Black rust is also to be feared.
but nothing has developed to show that
this is any more probable than DURING
other seasons.
\OAAs itc oPPcoIduCc OF much
cooler weather in the Southwest caused
an early selling movement in the corn
market, which sent prices down NC to
1ac from the previous close. Crop
accounts were highly satisfactory, but
the market was narrow one and when
shorts attempted to cover values again
rallied. The close was rather ner-
vous. with a reaction from the ton
of about cent bushel, and final ouo-
tations were only slightly char ged
from those of Friday. Reports from
the, West indicated a slightly better
cash demand, but the local market was
firm. This appeared to be due more
to lack Of offers than to any improve
ment in the demand.
Yesterdays Previous Year
New York: close close 400
Corn, No yellow .s1.7es4 sf.74s4 s,.ssN,
July ............. t.44le Ia f.sss4
August 1.Asts 1864 LAYS
Oats.--The news of the day in the
oats market WaA Of varied eharacfar
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-06-23
In d u strials
Cotton


The action of the cotton market yes
terday was more suggestive of even
ing-up for over the weekend than of
sny fresh sentiment around the ring.
Fluctuations were due to the execution
of comparatively small orders in the
absence Of general interest, and the
ruling of the market was irregular.
Near months were relatively firm early
but relatively easy later, with July
and August showing net declines of 8
to 10 points at the close, ard later de-
liveries were 8 to 5 points higher and
the final tone steady
The market opened at decline of
to points. Some of the local map
readers thought they saw prospects
tor slightly lower temperatures in the
Southwest, probably accompanied by
scattering showers. This led to selling,
but the offerings were readily absorbed
around the initial figure, and rallies
followed the Western belt forecast,
which suggested cooler weather, with
showers for Arkansas, but generally
fair for Texas and Oklahoma July led
this early advance, selling up to 1915,
OF "a points net higher, compared with
advances of 15~to 20 points in the later
months. There was some Southern buy
ing of the near month, believed to be
covering of hedges that had been put
cut against actual dealings on the
break of last May, and there may have
been little trade buying of new crop
deliveries. But as soon as the more
urgent demand from shorts had been
filled the market eased off again under
realizing.
Weekend reviews of the goods trade
indicated that business had again been
restricted by the uncertainties of gov
eminent price fixing. Fall River is stifl
complaining of scarcity Of labor, and
the curtailment of production showed
an increase presumably rcfecting the
situation in this respect. According to
Washington advices official announce
ments giving the result of Fridays con-
fdence on the price-fixing proposition
were to be expected before che reopen
ing Of the market on Monday morning.
The hope of increased trade demand
after the price-fxing uncertainties have
been disposed of is still in evidence and
probably helped to steady the under
tone Of the market. 1t is rLmored that
allotmen.s of freight room ior July and
August sailing from New York are
relatively heavy, and that some of the
certifcated cotton her will be shipped
out There was no change in the news
from the Southwest. Complaints are
coming in from some sections that high
temperatures have checked growth and
that the pant is ANAL. "
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-06-23
Live Poultry

Broilers.-Colored. via express. 45e;
white Leghorns, via express, 4oc;
Western, via freight, 45c: Southern.
via freight, 45c; ducklings. Long
Island, h., 40c; Long Island breeders
ID, SOC; fowls, via express, soc; via
freight, soc; old boosters, via freight.
21c; turkeys. via freight. 25c; ducks.
Western, via freight or express, 26c;
geese, via freight or express, I7c;
guineas, per pair, via freight, e5c@$l;
live pigeons, per pair. via freight, ~
nS0c
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-06-23
Active Securities
Other Oil Stocks

Sales. Open. Hinh. Low. Last
1900 stAm Vent OIL 10 10 II 10
$4,000 sTAppal OIL. g 10 10
5000 |Barnett o & G IL IL % Is
5000 "tBost-Wyo Oil ~ Fl Fl Fl
1900 Elk Basin Pet 6Is eNs ga 6Na
$500 stEsm Oil Cor. 8
500 Federal Oil go 2sb Eva 2ss
1900 +Glenrock OIL. 4I2 4Ea 4as VA
$50. Hanover o e. 2E 2 2Ns
1900 sHouston OIL 70 1914 II 1874
1000 Imperial Con = ~ Z, n
$500 'Island Oil & r A34 Az 4sa Az
1000 merritt OIL :. 28Is 1884 % 28sh
500 Metropol Petrol liz 1g Tx ia
100 *Mid-C OIL
5000 'fMdwest Oil. .116 1f6 115 115
1000 sdo pf ..... va va Va w
80 Midwest Ref .113 115 113 ia
300 I'm Y Chino o. a. a. a. ~
1000 "fOklahoma Oil. eve ~. IVA IVA
zoo Oklahoma p & II 733 73a W. W.
1900 Okmulgee P g. r s g 4M AZ
500 tOmar Oil & G 80 SO 80 80
$50 sPenn-Ky OIL. So 6M 6 6Na
/ 1000 "tRice Oil 80. 90 81 rs %
1000 Sequoyah &R "a Il X ~
1900 'Stanton Oil >. 1914 ~ w IA
$500 sfTexana o & r 81 80 81 80
5000 +fTnxpam Star. 2E. Eva ~, ",
500 Vacuum G & r. "a Va Va Va
800 sVic Oil new. 3sA 334 334 3M
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-06-23
Special, Dividends

Fifth Avenue National Bank-A spe-
cial dividend Of IS per cent has been de-
clared in addition to the quarterly divi-
dend of 1914 per cent, both payable July
to stockholders of record June 20.
Great Western Sugar Company-A
special dividend of 10 per cent has been
declared in addition to the regular
quarterly dividends of IL per cent on
the common and preferred stocks. ali
payable July 2 to stockholders of rec
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-06-23
; Commodities

but, after showing early we..n...
prices rallied with corn ana 49,
ABOUT steady, at net unchsnred =
cent lower. The cooler weafhs.
looked upon as distinctly favorahi. w ~
ene new crop. Kansas CITY rs S.c g!
oners OF new oats for ten DAYS 49,
ment, and Chicago stated thst ~. snnIes
was some selling there ara;ns, 'sefe
crop offers. The export d eraana new
very slow; in fact, exporters Ist !. Vas
known that they were ont of ~ y -
Aee, having filed their presents rsa. msr-
New York: closa rsvioas Yer
y Chicago ss white IS 81 ~.
August Aug s... ~ ssas RI .ssx
Rye.-Market dull.
Newt Yesterdays Prevlou. -.
New ork: close clos~ Ies
Cash. No West. .si.sf ISL .sses.
flour and Meal.-Quotatiop. v.
New York. esday's Previous yes,
p TOUR; MINI, sps. pat STOP sff.o0 &C.,
Cornmeal. yellow. gran. 6.f2N s.fSn 10 -
kiln dried.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-06-23
Fresh PouItry--Dressed

Turkeys. - In barrels, dry pickeds
young toms, average best, 30@31c:
young hens, average best. 32@S3c;
poor, 25@2sc; old toms, 30@32c.
Chickens.-Fresh bills. dry packed,
Phila. and Long Island fancy broilers,
3 to lbs. to pair, 60@65c; Phiia. and
Long Island squad broilers. 2 to 2is
lbs. to pair, per pair, 90cGs1; Vir-
GINA broilers, to 4 lbs. to pair. h., So
@6oc; Western broilers, h.. 45@5oc;
fowls, fresh, boxes, dry packed, Vest
ern, 81 lbs. and over to dozen, 35c:
4S to Sc lbs., 35c; As to AZ lbs, SAC
34hc; 36 to AZ lbs, 33@34c; 80 to 80
lbs, 32@33c; under so lbs, 81 @32c; bbls,
Western, dry picked. lbs and over.
SAC; 4 lbs. 34c; 31s lbs. and under, 32c;
Southwestern, to A lbs. esch, S2@
nc; in bbls., iced. dry pickeds
prime, lbs and over, sac;
lbs, CSC; 81 lbs, 32c; lbs. and
under, Soc; scalded, prime, mixed
weights, 32c; old cocks, fresh, dry
packed. bbls.. dry picked, No. /. 26c;s
scalded, 24@25c; spring ducklings,
Long Island, lb., 35c.
Squabs.-Prime, white, to 10 lbs.
and over to dozen, $3.50@sS; dark, per
dozen, $2@$2.50; culls, per dozen, 81
@$150.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-06-23
Money Expands
Forty-hve Per Cent

Summarizing the statistical evidence,
Professor Kemmerer says: "Our index
number of the growth of business
showed that from 1913 to 1917 business
increased 81 per cent. During the
same period the amount of money in
circulation increased as per cent. and
the country's supply of gold money
outside of Federal Treasury vaults in
creased 76 per cent. Although the pro-
portion of the country's total money
supply exclusive of that held in Fed
eral Treasury vaults), which was out
side of bank reserves, and therefore in
active hand to hand circulation, de-
clined slightly from 1918 to 1917,
namely Sc to 81 per cent, the absolute
amount outside Of banks increased 40
per cent. II all exchanges were ef-
fected by means Of money, and if
money were no more and no less eff
cient in 1917 than in 1918, an increase
of 40 per cent in the money supply ac
companied by an increase of only 81
per cent in the physical amount of
business done would represent imitation
and find expression in higher prices.
AT this particular time, however.
there are reasons to believe that the
dollar in active circulation was be-
coming more efficient. This was the
period of the revision Of our Federal
banking system and the inauguration
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-06-23

and the War Finance Corporation, on
loans to non-essential industries and
on the Hotation by such industries of
new securities; the inauguration of a
rationing policy, and the resort to
taxes in an increasing degree as COM
pared with bond issues as means of
securing funds. Imitation as delibera-
ate national policy should be tolerated
only as last resort"
In seeking to gauge the extent of in
flation in this country Professor Kem-
merer commences with study of trade
development from 1914 to 1917, using
such barometrical things as the pro-
duction of pig iron, bituminous coal,
petroleum, copper, silver, building sta
tistics and freight statistics for basis.
Building up an index number, with
the average figures between 1910 and
1914 as 100, Professor Kemmerer de-
velops the following table of trade
growth measured in other ways than
by money value:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-06-23
Curb Market

Note.-The Tribune assumes no RESPONSE
bility for the accuracy or authenticity Of
curb market quotations. Transactions and
prices Saturday were reported as follows.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-06-23

Following arc yesterdays prices. compared w
those OF q year ago:
Yesterday. seR ~
100 b. .$i4.5o @sH.sa sii.se 0sts@
ORES ed beef. f..x
sides. ID. -. III q as .i6M@ III"
100 b. ...... 1900 q 1850 1875 Q itSs
D. city. lib. 's'''. .ss .2sM 20 Q ~
Live ewes. 100 ,aa
h. .......... 500 q 1880 eW y WV
ls p9,S.. f 10 t. t. 1900 400 1906 g ss
D's'd mutton. ID 20 q Is .Ig ~
Dr's'd lambs. ID "a % "a .H aW
Hogs, 100 ID. :. f7.5o d i7.75 4.zS 9 10y
Dressed hogs, ba- ,,n ,ts4s
Mes5 pork. Dbl. Asoo q -- ti.se 90
Mess beef Dbl. $500 @ $500 5O,Vo q S''s'
''i i. s'a- "es'. sso $500 si.os s's
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-06-23
Produce Markets-Cu-~....

butter.-Receipts amounted to - On.
packages yesterday. Creamsr7. b;sss.
than extras, per lb. 45@ 45As: srt.s
es2 scorel, AK @44h; firsts fss ID q,
score), 42h@44c; seconds (8S ~ o.
score), - 39@42c; thirds, 37aasnc.
creamery. unsalted, higher than eytr.s
90 n s041c; extras, 45h04ec: frs.s'
10 !s'04oc; seconds, 40Ma3c: ststs
DAIRY, tubs, finest, 44c; Food -
PRIME, 4oh @43Ac; common to fair
SoS94oc; renovated, extras. aozns
nrsts, S7o'3sc; lower grades. 34Sasc.
im,tation creamery, frsts, 35lsa3sc:
sa current make, frsts, 04635c:
seconds so,3 s3c; lower grades, SLID
ENC; packing stock, current maxi
NO. l, 33S3lG3S'Ac; No. 2, orc; lower
Cneese.-Receipts were 6,267 boxe.
state whole milk. fresh, fats. snec;aIs
coalored, per lb. 1874 @24c; white. asa
f@24c; average run, colored. asEc.
white, 231zc; lower grades. 21Sasc..
twins. specials, 2ShG23Nc: ayerss.
run, 23@23A; lower grades. aoHS
Zzhc; single daisies, 24t124kc: donbIs
dalsles, 24c; Wisconsin whole mill,
fresh, twins, 23A M23he: x;ncis
daisies, 24@241kc; double daisies. ass
@24c; young Americas, 24024gc:
state, skins, fresh, specials, 171s@1sc.
prime to choice, 16h@17c; fair to
good, 11G16c.
Eggs.-Receipts were 23,7es cases.
Fresh gathered extras, per dozen, 3sh
'94oc; storage packed firsts, Btu case;
regular packed extra firsts, s71sa39c:
regular packed firsts, 35@37c; seconds,
30034hc; fresh gathered dirties'
storage packed 31@S2c; No. reeula.
packed: 30k @311sc; No. 2, ana poorer.
25@29sc; fresh gathered checks. good
to choice, dry, 27@29c; under grades.
l5a26c; state, Pennsylvania and near
by Western hennery whites, fine to
fancy, 49@51c; ordinary to prime, 42Gl
4ac; gathered whites, ordinary to fine.
4294sc; state. Pennsylvania and near.
by hennery browns, 40@43c; gathered
brown and mixed colors, a4tG3sc.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-06-23
Dividends
Extras

Greenpoint National Bank-An extra
dividend Of per cent in addition to
the regular semi-annual dividend of 8
able July1 l. f'
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-06-23
Metals

The advance of the price of ore as
cents after June 80, agreed upon by
the War Industries Board and repre-
sentatives of the American Iron and
Steel Institute, was greeted with salts
faction in the trade. There was disap-
pointment in some quarters, however,
that steel prices were not advanced
also.
Government orders this week have
been exceptionally heavy, particularly
for railroad equipment and shipbuild-
ing, the bulk of requisition being for
plates, shapes and bars. Orders for
fabricated steel during May reported
by the Bridge Builders and Structural
Society were equivalent to 60 per cent
of shop capacity. or 100000 tons, nearly
all on government account, against Sd
per cent, or 10000 tons, in April
United States Steel Corporation plants
are producing at the rate of 93.47 per
cent capacity. Other producers arc
presumed to be equally busy.
Iron is distributed to consumers
closely in accordance with the new
regulations and in proportion to their
requirements for essential products.
Production is heavy, but deliveries
leave no surplus. The producers lead
committee has decided to fix the price
of lead at 1921 cents, New York, and
7.75 cents. East St. Louis. 1t is likely
that the prices fixed by the committee
will soon govern the entire market.
y, Spelter is firm and advancing steadily.
It is now held at S1s to 8.37lk. New York.
Tin is quiet at irregular prices.
Consumers are we'll supplied at the mo-
ment and show little interest. Spot
tin is quoted at 90 to SO cents, New
York.
Current prices for the principal
metals, compared with those prevailing
year ago, follow:
Current A year
price. ago.
Pig iron, Bessemer,
Pittsburgh ....... .*$36.15 $685.
Copper, electrolytic, lib. *.23@ SO
Tin, lb............... 80 1894
Lead lb. ............ .o57s .12
Spelter, East st. Louis,
lib. ................ .oeH .o94
Government prices.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-06-23
Mining Stocks

Sales.
4400 tAlaska-Br C M,
900 +tAmerica Min.
11400 *Am Tin & Tung
300 stAtlanta ....
1890 Big Ledge Cop.
1000 fBost & Mont.
1900 *fCaledonia -.
$500 *Calumet & Jer.
100 Canada Copper.
200 "CerSM&M (ap).
200 Coco Riv Min.
900 Con Ariz Smelt
1900 *Con-Homestead
200 Cooper Valley.
500 *fEl Salv Silver
5000 "Emma Con-.
800 Eureka G M Co
200 First Natl Cop.
100 *tGolden r M.
$500 +fHattieGM (ap)
500 Hecla Mining :.
1000 +tHypothM&M..
5000 AfInter Mines
1900 *fJim Butler.
5000 *Lampazos Silv.
1900 *fLiberty S IA p)
1000 sfMagna Chief.
1000 sfMarsh Mining
5000 monster Chief.
1000 "tMother Lode.
1000 'fNatl Leasing.
1000 *fNatl 2 & l..
200 *New Cornelia
5000 Nixon Nevada.
500 +Ohio Copper. :.
1000 *Onondaga M.
10000 +Pac Tungsten.
100 fray Hercules.
200 RED Warrior.
1000 Trek Con Ming.
1900 Chichester Com
300 Rochester M. :.
100 Seneca Copper.
700 +Silver f Silver
10000 Silver K of A. :.
1000 "tSilver Pick. :.
300 Standard Sid.
1900 Stewart .......
400 +SupC opM Ia p).
500 *Tonopah Ext.
1000 4fTroy-Ar
100 I'm Eastern.
$500 .tUSL&Z(a p)..
1000 *Un Verde Ext.
5000 "fWard M g. M.
100 West End Con.
500 White Caps NJ.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-06-23
Standard Oil

Sales. Omen. Hi1b To-
'vyS 10 .sts Oil ~ IS y 10" 7s 77eSM 2 1s
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-06-23

With the exception of slight decline
in 1914, when the war started, the fore
going figures show moderate growth
of business each year from 1910 to
1916 and striking growth in 1917.
Comparison of 1913, the last peace
year, with 1917 shows a business
growth of 81 per cent. If stock ex-
change. transactions, which have fluc-
tuated tremendously during the war
and which are perhaps not such good
indices, the following table of trade
growth can be developed:
Index of the Growth of Business
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-06-23
Bonds

Sales looms omitted) Dozen H;ob r.o, 80
81 Am Tel & T rts. 'A"e I
2 @do Tyr 6s :. :. 1854 eesS $685. eess
ID sArmour&Co 6s'21 9652 96sS oS52 oss5
5 Edo IS 1924. 80. 95 95S OK az
beth S IS 2-y n. 98N 98H, ssIL os,Z
IS Federal FL IS wi. 1o2E 1917 1922 1857
2 .GenE IS 2-y n'19. 1ooIs iooT 1ooT iooGs
Is Sinclair Gulf IS. 70 80 rs so
'unlisted. tsell cents per share.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-06-23

Hay and Straw
Yesterday
(Per toni A year aka
Timothy No 1. S
large bales. . S27 0o02e. 90 s22 oo@ -
No. / clover mxd 20 0OM22. 90 Is. o0SD19. So
Rye straw. No. 17.ooQts.0o 5000 -
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-06-23

"This shows" the writer says, IAN
increase in the total monetary circula-
tion for 1917 of 45 per cent over that
of 1918, while the volume of business
in the same time increased 81 per cent
if one excludes from the business in.
dex the item for number of shares sold
on the New York Stock Exchange, and
it increased 26 per cent if one includes
that item. On either basis, therefore,
the figures show that since the last
year Of peace the amount of money in
circulation in the United States has
increased very much more than the
physical volume of business to be
DONE"
The increase in the circulation of
gold and gold certificates, as is shown
by the next table, was very large:
Circulation 0f Cold md CnJI CnrAlo
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-06-23

Consolidated Exchange
unit Of trade On this exchange, 10 shsrssl
transactions and prices yesterday for the
more active shares follow:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-06-23
Coffee, Sugar, Tea and Cotton
seed Oil

Coffee Futures.-Hol as Usual -
Saturday.
Cott6nseed Oil Futures.--A siteasx
easier tone prevailed in the market yess
terday owing to disposition TO nqu.
date June holdings. The only opsss
tions, however, consisted Of exshanf
Of 500 barrels of June to JAY ~
points difference. There wsrc
tenders of 100 barrels.
Contract: close - xs&$e =
July ............ 20.5o@ sssssTXtel
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-06-23

A study further of the cash reserve
against bank deposits Of all CONNER
cial banks and Of the twelve Federal
reserve banks shows that from 1918
to 1917 cash reserves increased 81 per
cent and business 81 per cent or 26
per cent (if stocks are included) and
the total monetary circulation in
creased 45 per cent. An analysis of
bank deposits, which Professor KEN
merer also uses in pursuing his study,
shows pronounced growth in bank de-
posts since 1913, and that growth is
roughly the same for the national
benks and for the state banks and
trust companies. For the period 1913
1917 the increase was 65 per cent for
national bank deposits and GO per cent
for the combined deposits Of the ma
tional banks, state banks, trust COM
panies and the government deposits of
Federal Reserve banks.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-06-23
Index of the Growth of Business
item for speculative trans.

This index shows an increase of 26
per cent since the pre-war year of
1913. Professor Kemmerer thinks 81
per cent Is nearer the truth.
The next study in the paper consist
ed of an analysis of the growth Of
monetary circulation during the same
cd Anl
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-06-23

Hay and Straw

virginia, Dbl. new.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-06-23

listed. tSell cents per share.