davidaulloa/AmericanStories huggingface dataset:
The sun. [volume] (New York [N.Y.]) 1916-1920, 1918-09-22
FEDERAL BOARDS
BANK STATEMENT
S1,146,367,000 Of Bills Dis
counted Secured by Govern
ment War Bonds.
SpecinI Despatch to THE suN.

WASHINGTON, Sept. 21.-Further in
crea.es in loans supported by Govern
ment war securities in connection with
the s60o. 900. 900 issue on September II
Of Treasury certificates. also substantial
additions to outstanding note circulation,
are indicated by the Federal Reserve
board weekly statement issued as at the
close OF business on September 20.
The statement for the first time aggre-
gates war paper from other discounts.
The former Includes member banks
notes and customers paper secured by
Liberty bonds and Treasury certificates
and the latter holdings of all other se-
cured and unsecured paper discounted
that whereas the holdings Of war paper
increased about $lb.00o.0o0 during the
week other discounts on hand fell OF
$2S.l00.000. Acceptances on hand show
an increase Of Sl0.sOo. 900, largely at the
New York Reserve Bank. The Increase
Of 100000 In United states short term
securities 10 made up largely OF one year
Treasury certificates deposited by the re-
serve banks with the United States
Treasurer to secure bank note 'circula-
ton. Total earning assets show an In
crease of S64.7o0,O00.
Net Withdrawals of Government funds
totaiied ss7.soo.ooo, Minneapolis and
Poston -seportins the largest reductions
The sun. [volume] (New York [N.Y.]) 1916-1920, 1918-09-22
Financing of Trade Expansion.

Answering the question as to how re
world will finance the great expansion
OF enterprise that Is expected every
where after the war the americas says:
THE leading manufacturing nations
will probably divide their first years
energy OF production between the re-
Mobilization OF Europe, the renewals and
betterments necessary in existing plants
the big national projects now talked o.
and the furnishing of capital in the form
OF surplus manufactures of capital
goods and incidental supplies TO the de
veloping countries. The most important
element in their relative power 10 pro-
duce the surplus will be the organ'za-
ton of their industries and taeir fnan-
cial facilities.
Before the war England had an ar-
nual income estimated at sSVOUO0,QV0
from foreign investments Between
Neymark and Guyot. French authorities
the French foreign income from srcuri-
ties was estimated at about $500, 600 0U0
year. Germany's estimated foreign
security holdings should have produced
upward OF $500, 900 year. If as pro-
ductive as the French. Thesa estimates
were all based on partial information.
There was very large resale and dis
tribution OF British and French ho.d.ags
Of foreign securities early in tn war
German authorities stated before the en-
try OF America into the war thai he
Germans still held the largest part ..
their foreign investments.
The sun. [volume] (New York [N.Y.]) 1916-1920, 1918-09-22
COTTON CONTRACT
PRICES AGAIN DROP
Governments Declared Inten-
ton to Fix Rates Results
in Heavy Selling.

The apparently definite statement APP
rearing in Washington press advices that
II had already been decided that the
Government would fix the price of cot
ton and control Its distribution. caused
great excitement and heavy general SELL
ing In the local cotton market yesterday
with a break of approximately a cent
and one-half a pound in prices. Recent
announcements and rumors had prepared
cotton traders for Government action Of
some sort with reference to cotton, but
II had been the general impression that
a decision whether prices were to be
fixed would depend upon the result of an
investigation that was not unlikely to be
prolonged and which might not he COM
pleted until the size of the crop had been
more definitely established. The report
consequently caused surprise and con-
sternation among remaining long inter-
ests and led to heavy liquidation.
The market opened at a decline of rs
TO 100 points. with the selling accelerated
by unconfirmed rumors that an an
nouncement was expected from President
Wilson naming prices for both iron and
cotton. Later rumors. also unconfirmed,
denied that such quick action was prob
able and there were rallies during the
early trading. Liquidation continued
heavy. however, and the market soon
weakened again, with October selling off
to 3120 and January to $3.50, or 143 to
$50 points net lower and approximately
6 cents a pound below the high records
established on the end Of August crop
indication.
The local market for spot cotton was
steady and 1870 points lower at S2.65c.
for middling upland; sales nil.
Southern spot markets follow: Gal
weston steady. unchanged at 33.35c.;
sales, S35 bales. New Orleans dull, I'M
changed at 32.75c,: sales. 954 bates. Sa-
yannah nominal. unchanged at 32c.;
sales, $50 bales. Wilmington steady
100 lower at 30.50c.; sales nil. Augusta
steady. 113 lower at 30,S7c.; sales. 1871
bales. Memphis steady, unchanged at
335Oc.: sales, 1000 bales. Houston
steady, 1875 lower at 31.75c.; sales. 6.403
bales. Little Rock steady. unchanged
at 33. soc: sales. 76 bales.
Range OF prices: Fri
The sun. [volume] (New York [N.Y.]) 1916-1920, 1918-09-22
steel Conn on.

Steel is considered the premier secur-
ity. not only in the Street. but by inves-
tors in all parts OF the country. and II is
not surprising that reports are heard of
the large volume OF Steel being pur-
chased and taken out OF the financial
district. An important house calls at
tention to this in its current resume Of
the market and says; steel common
has gone into the hands of those who
can hold IT, The outstanding feature
of the situation is confidence All can
now see that the end Of the war is
appreciably nearer. and bat for money
restrictions stocks would be rising more
rapidly, to discount coming peace. The
chief buyers are those who are prepared
to pay for stocks and take them out Of
the market. With the world safe for
democracy. as now seems a reasonable
possibility. great opportunities in trade
and industry are opened. Peace stocks
are being quietly absorbed. and some
day We will see another sharp bulge,
followed by still more bulges. Activity
soon or late springs out of dulness."
The sun. [volume] (New York [N.Y.]) 1916-1920, 1918-09-22
Labor and Copper.

"A survey of the market leads to the
conclusion there Is growing shortage in
the supplies of highly pure electrolyti-
cally refined and lake copper such as ia
required for munitions making and that
there are numbers of customers who
gladly would pay more than the fixed
price of 26 cents per pound for quanti-
ties of such metal" says the weekly re-
view In Walkers Copper Letter. "On the
other hand, casting copper seems to be
quite plentiful Those producing COM
panies whose furnace product Is pure
enough to pass muster as casting copper
of course prefer to sell ii in that form and
avoid the expense and delay OF having
It refined. the fixed price for this grade
being the same as for lake and electro
lytic. Apparently the electrolytic re-
fineries are beinN operated at less than
10 per cent capacity. The mining COM
panies have conceded generously the re-
quest of the refiners for the privilege Of
making such advances In their char es
as will permit them to conduct their
operations profitably. This has enabled
the refiners to advance wages: but It
does not seem to have had any influence
to overcome their labor shortage. They
still are unable to get enough men to
run their plants near full capacity and
as a result considerable surplus of
copper bullion has accumulated and is
waiting to be refined. This primarily is
responsible for the scarcity OF highly
pure copper such as is required for war
purposes"
The sun. [volume] (New York [N.Y.]) 1916-1920, 1918-09-22
Exports From New York.

Exports from New York yesterday in
cluded Wheat, bushels, 391,675; barley,
bushels, 44,640; flour, barrels, 1877.
The sun. [volume] (New York [N.Y.]) 1916-1920, 1918-09-22
Higher Traction Rates.

Recent additions OF cities which have
granted increased fares to traction
corporation bring the total to 270. ac-
cording to figures compiled by the Amer
lean Electric Railway Association. These
include cities In Canada as we'll az in
the United States. and of the total
twenty-four cities have given local street
railway companies higher rates since
July last. Previous to that date 246
cities had been granted increas ed fares
The majority Of the increases since July
were to six cent fares, though one,
Norristown. Pa. is eight cents and Ave
cities on a seven cent basis. The NUM-
clpally owned lines in Tacoma charge a
straight ten cent fare, while those oper-
ated by the city at Edmonton, Ala.
charge seven cents
The sun. [volume] (New York [N.Y.]) 1916-1920, 1918-09-22

FOR the week: members reserve deposits
Increased 35i.900.o0O and net deposits
100000,
Gold reserves declined about $1,000
600 and total cash reserves 81. 700 OOo
Considerable shifting OF reserves away
from New York and Minnea polls, largely
In connection with the transfer OF Gov
eminent funds, is noted. The banks re-
serve percentage shows a decline for the
week from 53.7 TO 529 per cent.
Large Withdrawals of Government de-
posits accompanied by substantial in
creases In demand deposits are indicated
In the boards weekly statement show
ing condition on September 10 of 734
member banks In leading cities The
statement:
The sun. [volume] (New York [N.Y.]) 1916-1920, 1918-09-22

THE income from these foreign
sources which remains will he 0. g,ca.
benefit to these nations in financing Their
supplies OF raw materials aud to a GER
tain extent in foreign reinvestmcut It
Will give a basis for foreign credits. j..
Is expected the Allies will continue ~
some form the financial cooperation 1t
present In existence during TIE early
period OF reconstruction in order that
their purchases and sales of needed sup
plies may be made on a basis approac.-
ing par. But there is bound to bee a
great deal of speculative activity over
the world. beyond the reach o. inter-
government control when the moral rc-
straint OF war time emergency Is re.
moved"
The sun. [volume] (New York [N.Y.]) 1916-1920, 1918-09-22
Oils Again Lead.

This investment demand for issues
which are most likely to benefit In a
substantial way in the post war period
was again illustrated in yesterdays brief
session in a number OF issues. The oils
were again the leaders, and despite the
fact that reaction Is due In Mexican
Petroleum, on the theory that its recent
advance has been too quickly accom-
plished. the buying carried It to new
figures This ia also true Of Texas
Company, though investors interest
might have been revived by the 10 per
cent. exemption allowed producing Oil
concerns on their income taxes under
the revised revenue bill. In somewhat
smaller degree the shipping shares were
also in demand. though the buying of
Marine preferred is credited to those
who feel that the end of the British
tonnage negotiations Is near
The sun. [volume] (New York [N.Y.]) 1916-1920, 1918-09-22
GOSSIP OF WALL STREET.


A two hour session yesterday closed q
week during which prices, as q whole,
showed a healthy recovery from the low
levels Of the previous week. with a num-
Der Of speclalties at record high figures
for the year. Mexican Petroleum. Texas
Company and Burns Brothers all reached
new tops, and though there was moder-
ate profit taking they yielded very little
ground. In the steels and other stand
ard shares further progress was made
without any expansion of volume, and
II - becoming evident to even the most
hardened bears that the securities mar
ker IL In a remarkably sound position
Yet It Is difficult for professional shorts
to change theiy spots. and there Is con-
siderable outstanding short interest, &C.
cording to representative houses.
The sun. [volume] (New York [N.Y.]) 1916-1920, 1918-09-22
The Financial Garden Of Eden.

One of the Streets most successful OPP
orators attributes the present demand for
stocks by investors to the psychology Of
having been advised they should not
purchase securities the public wanted
and which they were told they should
not have. He added that It IL the old
story Of the apple and Adam and Eve
who were more or less Indifferent until
they were forbidden to touch the fruit
when they suddenly acquired a craving
for IL Biblical history Is not often as
ISOLATED with the money markets. but
this man based his operations in recent
weeks on the analogous situation Of the
Garden OF Eden episode and the money
committees warning against the public
adding to their liabilities and on the de-
cline was heavy buyer. As he antici-
pated 1t did not take the modern Adam
long to satisfy his appetite for what was
denied him and the recovery of security
prices has been due almost entirely to
outright buying by the moderately
wealthy class.
The sun. [volume] (New York [N.Y.]) 1916-1920, 1918-09-22
AFTER WAR TRADE
DISCUSSED BY BANK
National City Believes Amer.
lea Will Be Able to Help Re.
habilitate Europe.
TO STABILIZE CREDITS
Great Development of Electric
and Gas Power Is An
ticipated.
TO STABILIZE CREDITS

Tho United States will be In strong
position to assist in the rehabilitation
of Europe after the war provided there
are no political experiments with the.
oretical business control to weaken the
nations power. according to the Amer.
tcos, published by the National City
Bank.
In a discussion on How Will the
World Finance Its After War Business
Rsviva"? this authority states that
speculation has been the fywheel Of
commerce. and continuing says:
"If In the we'll meant attempts to
make the necessary war time control
Of all business an opportunity for re-
forming all business the elimination Of
speculative activities goes too far, there
Is the grave chance that when the world
gets back to the time when free com
petition is restored the vitality Of Que
or two nations'y business organizations
may be found to have been seriously
undermined
The National City Bank believes that
enormous development Of electric an
gas power will be outstanding feature,
in the after war business revival and
that national credit will play a very
important part in the development O.
industry and commerce following the
shining Of peace. A continuation OF tho
close financial cooperation built UP be-
tween the Allies is looked for in order
to stabilize the credit of the countries
that were devastated or greatly weak
ened In the war during the process OF
restoration.
The sun. [volume] (New York [N.Y.]) 1916-1920, 1918-09-22
London Money Market.

LONDON, Sept ei.--Clos!ng-Money 3
per cent Discount rates-Short and
three months bills, 317-S2 per cent.
Gold premium at Lisbon, 1900.
The sun. [volume] (New York [N.Y.]) 1916-1920, 1918-09-22
Weight of Investment Buying,

This operator had some interesting
views on the general securities market
and gave all the credit for the long
swings in stock prices to the owner OF
securities. THE day to day fluctuations
reflect the shifting operations of the pro-
fessional trader" he said. but It is the
man outside of Wall Street. who owns
his stocks outright. who dictates the
trend Of the market When that man
Ia buying stocks and putting them in his
box prices gradually swing upward;
when he Is selling stocks from his in
vestment holdings prices give ground
In the last analysis he determines tho
broad course of market movements and
his buying or selling reflects the chang
Ing conditions In the commercial, indus
trial and business world. II Is tho
weight OF investment buying or selling
that lifts prices or depresses them and
the operations OF daily traders cannot
turn the tide from its course"
The Chattanooga news. [volume] (Chattanooga, Tenn.) 1891-1939, 1918-02-12

Of the only principles on which an
honorable peace can be concluded
it is our duty to prosecute the war
with all the vigor we possess.
Confidence in Army.
II have full confidence that nv
forces in the field, in close Coop
GRAFTON with those of my faithful
allies, will continue to display the
same heroic courage and my peo-
pie at home the same uns, ish de-
votion, that have already frus-
trated so many of the enemy's de-
signs and will insure the ultimate
triumph of the righteous cause.
Il have summoned representa-
tlves of my dominions and my
Indian empire to a further ses-
sion of the imperial war cabinet
in order that may again receive
their advice on questions of mo-
nae ment It. affecting ne In, eth the common inter-
Gentlemen of the house of
commons, You will be asked to
make suitable provisions for the
requirements Of the combatant
services and for the stability Of
our national finance.
- MY lords and gentlemen, the
struggle, in which we are engaged
has reached critical stage which
demands more than ever our
united energies and resources. I
confidently commend to your pa
triotism the measures which will
be submitted to you and pray
that the Almighty may bestow
His blessing upon your labors."
The Chattanooga news. [volume] (Chattanooga, Tenn.) 1891-1939, 1918-02-12
of the Italian race and tongue now
under the Austrian yoke.
Example of Her Guarantees.

of the Italian race and tongue now
under the Austrian yoke.
Example of Her Guarantees.
The premier declared that Ger
many's violation of her agreement not
go move troops from the eastern front
had to be borne in mind when there
was any discussion of terms of peace,
because it had n real bearing upon
guarantees. The situation had been
changed completely by those REIN
forcements, he asserted.
The premier requested the Louise not
to press the government regarding the
arrangements made for countering the
coming blow of the Germans. Upon
the decisions of 1.-The supreme war
council, the premier reminded the
house, depended millions of gallant
lives, the honor and safety of the
country and the war aims upon which
the future Of the world was dependent.
IL information in this particular We're
to be given to the endmy he would
prefer that the responsibility be
placed upon other shoulders.
The change in the military situation
brought about by the sending of Ger
man troops from the east to the west
was a factor which must be consid-
cred, the premier said. and IL was es-
sential that the whole strength of the
allied army OF France, Great Britain,
America and Italy should be made
available for the point where the blow
would come. Arrangements should be
made under which the allies would
treat their army as one to meet the
danger and menace, wherever 1t should
come.
Scene Precipitated.
A scene occurred during the pre-
mier's remarks in which he declined
to divulge the decisions OF the su-
preme war council-information which
the enemy would pay any money 70
get. Amidst the cheering, former
Premier Asquith rose to protes In the
strongest terms against the insinua-
ton that he had asked for such infor-
nation. He only desired to know in
what respect the functions of the
council had been permanently en-
larged, he said.
Mr.. Lloyd Georgc said he rejoiced
in repudiating any ~ersonal imputa-
ton, and that he desired to withdraw
anything which seemed to support
such suggestion.
The Chattanooga news. [volume] (Chattanooga, Tenn.) 1891-1939, 1918-02-12
WILSON WENT TO
HEART OF ISSUES
London Press Sees Advantage
in U. S. Reply Coming as
Parliament Opens.

London, Feb. 12-President Wilson'S
address is given the same prominence
that all his utterances receive in the
morning newspapers, but the text
reached the newspapers too late for
more than perfunctory comment on a
few outstanding sentences. The pres.
.ident's attitude toward the speech of
Count Won Hertling receives the main
attention and in this the president is
regarded as having gone to the heart
Of the matter.
In the address the Times sees an i'm
portant refutation of "the bolshevik
illusion that Prussian militarism can
be exercised by rhetoric" and COM
mend the serene confidence with which
President Wilson adheres to the belief
that the war will not. end without es-
tablishing the reign of right and JUS
tice.
The Daily News believes that it was
not an accident that the presidents
reply to Won Hertling and Count Ger
min was delivered on the eve of a new
session of the British parliament and
thinks that it's significance will not be
lost on the house of commons, in view
of conditions which arise generally
from the gravity of national affairs and
specifically from the vague and dis
quieting situation created by the last
Versailles conference with its menacing
suggestions of another reaction in the
direction of a knockout blow"
The Chattanooga news. [volume] (Chattanooga, Tenn.) 1891-1939, 1918-02-12

London, Feb. t2.-Addressing the
house Of commons today, Premier
Lloyd George said he had read with
profound disappointment the replies
given to President Wilson and to the
declarations Of the British government
by Count Won Hertling, the German
chancellor, and Count Czernin, the
Austro Hungarian foreign minister.
Tho premier added it was perfectly
true that as regarded the tone there
was great deal of difference between
the two speeches and he wished he
could believe there was a difference in
substance. He feared Czernin was ad-
amant as to the real demands of the
allies.
Mr.. Lloyd George said the govern
ment stood by the considered declara-
ton made at the meetings with the
trades union representatives early this
year.
The government, he said, did not
ioSSbo w thc iedSt IToHt war aims
as they had been stated. II was no
use, he said, crying peace when there
was no peace.
Regarding the supreme war council
Mr.. Lloyd George said it was impos-
sible to make a statement as to the
decisions it reached without giving in
formation to the enemy.
Explodcs No Annexation Claim.
The premier said he would like any
member to point out anything in the
speeches of Count Czernin or Count
Hertling which could possibly be re-
garded as proof that the central pow
ers were prepared to make peace on
terms which could be regarded as just
and reasonable.
Germany's action regarding Russia
the premier pointed out. proved that
her declaration regarding no annexa-
tions had no real meaning. No answer
had been given regarding Belgium
that could be regarded as, satisfactory,
he declared. No answer had been
given regarding Poland or France,
with her legitimate claims for the
restoration of her lost provinces; not
word had been said about the men
The Chattanooga news. [volume] (Chattanooga, Tenn.) 1891-1939, 1918-02-12
KAISER REV0ICES DESIGNS AS
WILSON FORECASTS THEIR FALL
ASSOCIATED Press Reviewl

ASSOCIATED Press Review
Announcement of Americas purpose
to emancipate the world from the
threat and attempted mastery of sell
fish groups of autocratic rulers by
President Wilson comes at almost the
, same time that the German emperor,
exulting over the collapse of opposi-
tion on the eastern front, excIaims
that peace will come but the victory
OF German arms must first be recoa-
rized."
In reiterating the intention of the
American people to continue the war
until a new international order devoid
of government by intrigue and force
is realized, the president answered the
statements made recently by Chan
cellor Won Hertling for Germany and
Foreign Minister Czernin for Austria
Hungary. A proposal to end hostli-
ties only on German terms is seen in
Won Hertling's utterance, while Count
Czernin, the president said, spoke in
friendly tone, seeing the basic ele-
ments of peace with clear eyes.
The German emperorss reply to con-
gratulations on the peace agreement