davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1919-06-15
New York Banks
Short of Legal
Reserve Standard
Wiping Out of Surplus the
Cause of Rise of Money
Rates to the Highest
Level i'm Three Years

For the first time since the estab-
llshment of the Federal Reserve sys-
tenn, in the fall Of 1914, the reserves Of
the New York Clearing House banks
against deposit liabilities yesterday fell
below the requirements set by law. At
the close of business the banks showed
aggregate reserves of $547,339,0 900, a
decrease of $32,373, 900, compared with
the week before, and $656,050 less than
the legal reserve requirements. The
preceding week the banks had reported
an excess of $37,455,1 100 over the
amount of reserves required by law
The wiping out of the surplus re
serves of the banks during the week
explained why call money rates shot up
to II per cent on Friday, the highest
level in more than three years, and
caused a sharp decline in the stock
market. The selling movement in the
stock market made further progress
yesterday, and further substantial de-
cllnes were recorded in the leading in
dustrlal issues on dealings running well
over 100000 shares.
The greatest surplus reserves re-
ported by the Clearing House banks
was in September, 1915, when their re
serves exceeded the legal requirements
by 1924, ,122, $50 At the end of last
week the loans and discounts of the
banks totalled S5,135,419, 900, an in
crease of $21, ,057,000, while net demand
deposits increased $43 3,034,000 to $4,136,-
$4,000. United States government de-
posits decreased from 1862, ,656,0O0 to
1858, ,0S7 600
The cause of the great expansion in
loans and deposits Of the Clearing
House banks and the disappearance Of
the surplus reserve, bankers said, was
to be found in the unusual demands
made upon the banks during the week
as result of the heavy tax payments
the second instalment on the Federal
taxes falling due on June 16. At the
same time the government made heavy
Withdrawals of funds. This condition,
it was stated, will be only temporary,
and the funds temporarily withdrawn
will tend to return to the regular
money market channels during the
coming week.
The Federal Reserve Bank of New
York reported gold of S428 ,246, ,522. com
pared with $456,O52 ,173 the week be-
fore. Discounts against government
war obligations aggregated $630,111,-
584, decrease of S4500,00O.
New-York tribune., 1919-06-15
The Human Machine

One would guess that forty-seven
consecutive mlllion-share days, q new
record in the history of the Stock Ex-
change, with many of those days near
er two million than one million, must
necessarily put an enormous strain on
the Wall Street machine. Ones guess
would be correct. The strain has been
not alone upon the mechanical devices.
such as the ticker and the tubes and
the telegraph and telephone, but on
the multitudes Of poor human ma
chimes. A floor broker will feel like
a wreck at the end of the day. mad
some of them are unequal to their
task, Houses complain that they can
not get reports from specialists on
whether orders in certain stocks have
been filled and at what price. But
one Of the curious and hopeful as
poets has been the remarkable manner
IN which the machine has adjusted it.
self to this business. hTc clerks of
one house last Thursday afternoon
were all cleared up at G o'clock, with
only two errors in the odd lots. Three
months ago, when present activity had
Just started, they worked until 8 and
10 O'Clock at night. While the busi-
ness of this house has increased about
30O per cent, its clerical force has been
increased only one-third. 1t illustrates
not only how greater business will
force the adoption of quicker and more
emclent methods but how individuals
can accustom themselves to greater
work and accomplish twice as much in
the same amount Of time, if condi-
tions make it necessary.
New-York tribune., 1919-06-15
A Bank Deficit

After the close of yesterdays stock
market came one of the most remark
able bank statements Of the year.
Loans went to the highest total in the
history Of the Clearing House, reaching
$5,135, ,419,000, an increase of S21,O57,-
900. But the most striking thing was
the deficit of $656,05O, in place of
surplus reserve. This is the rst deficit
since the days following the outbreak
of the war. October, 1914, had wit
messed the last of those decits. The
money tension may become even worse
on Monday, when income tax install
ments are due, but from Tuesday on
there should be q tendency to ease,
especially as an issue of certificates of
indebtedness natures on Tuesday. The
bank statement indicates that the II
per cent call money rate was brought
about by real shortage of funds, or,
more accurately, an excess of loans,
for, though the total reserve was $547,-
100000, lowest since February 21, that
reserve has not been as high as $780,
100000 this year. What we have is
legal, not an actual, decit. But it does
great deal to justify the Federal Re-
serve Boards recent warnings.
New-York tribune., 1919-06-15
Loans by individuals

There is little bit of talk that in
dividuals have taken to lending their
own money to Wall Street, recalling
the days of Russell Sage. If this prac-
tice were adopted widely it might prove
of advantage to individuals personally,
who, instead of letting the banks get
per cent or more on their money,
were to decide to get it themselves.
But when an individual does this, he
does not increase, but lowers, the
actual supply of loanable funds, and
he lowers it by a vast amount. An
individual having 100000 in cash can
lend only 100000. A bank having the
same individuals 100000 in its vaults
can use it as reserve against which
to lend half million. That would not
apply where individuals or corporations
now have their money outside of banks.
New-York tribune., 1919-06-15
The Dollar i'm Foreign EXCHANGE

Removal Of the embargo on gold eX-
ports from the United States last
week furnished the most important de-
velopment in the foreign exchange
market This action on the part of
the Federal Reserve authorities re-
stored free market for gold, and the
lifting Of the war time restraints was
followed by heavy outflow of gold.
arrangements being made during the
week for the expectation of approx
mately $2o,ooO,OO0. Most of this gold
will go to South America.
Bankers considered the removal of
the embargo the most important step
toward rehabilitating international
finance that has been taken since the
armistice was signed. The United
States now becomes the only important
country in the world that permits the
free movement of gold over its bor-
ders.
Exchange rates last week moved
against London and Rome. French
exchange, on the other hand, displayed
better tone. Swedish exchange was
helped by the successful Offering here
Of $25,000,000 per cent twenty-year
bonds of the Swedish government
If you calculate the cost of the dol
lar in terms of foreign money at cur
rent exchange vaue-that is, if YOU
were buying dollars with pounds,
marks or francs--its value at the close
of last week, as compared with year
ago, would be about as follows:
Cost of one dollar
New-York tribune., 1919-06-15
SWidish Bonds and Trade

The prospectus of the S25,0OO,OO0
Swedish government 6 per cent gold
bonds announces that "the entire pro-
ceeds of these bonds are to be used for
the purchase of commodities in the
United States" The Swedish kroner is
now at only a slight discount It's par
value is $3.50 cents, while demand
checks are now 1886. In view of this
comparatively small discount, there
has been surprise in some quarters
that Sweden should have TO borrow
here to make her purchases But the
reason is revealed III our foreign trade.
For the nine months ending March, we
sent to Sweden $40,OO0,0OO Of goods,
and received from her during that
period only $4,300,O00 worth. The COM
parlson is even more striking if we
take March alone. We sold to Sweden
then $18,000,000 of goods, and got back
less than $300,000 worth in return.
This is an astounding reversal of
March, 1918, when we sent to Sweden
but 100000 of goods and received
from her $883,000 worth. The extent
to which our present unparalleled ex-
ports are due to an accumulated de-
mand is shown not only in these March
figures, but in those for the nine
months. In the corresponding period
Of 19l7-1918, we were able to ship
Sweden only $2,881, 900 worth, com
pared with $4O,ooo,OoO this year, be-
cause our energies. were given to the
was and our Allies. That figure was
sub-normal for the three previous
corresponding periods, the average was
$50,000,000
New-York tribune., 1919-06-15
Il. X. Saierlee Chairmen of
NY. Savings Bank Assn.

E. X. Satterlee, president of the
franklin Savings Bank, was elected
chairman Of the New York Savings
Bank Association, Group 4, which in
cludes forty-two banks in Manhattan.
Westchester and The Bronx, at the an
nual election of officers held csterday
at the Hotel Astor. Williapl f. Stevens
was appointed secretary and Edward E.
Young was elected treasurer.
Constant NJ. Bird, president Of the
Manhattan Savings Institution; Clar-
ence 0. Bigelow and William E. Trot-
ter were elected to the executive COM
mittee.
New-York tribune., 1919-06-15
The Markets
Stock Movement

The Saturday two-hour session was
highly irregular. On the whole the
market was inclined to be "soft." But
there were a few advances in leading
issues, notably United States Steel,
United States Rubber and Interna-
tional Mercantile. None of these
gains went beyond IL points. There
were declines of points and more in
some tobacco issues, the Royal Dutch
issues fell off 212 and 23s points, and
few of the other oil shares were
weak.
New-York tribune., 1919-06-15
Div en- q s
Extras
Cnrhnn Stec

Carbon Steel Company.-Extra dividend fo
per cent has been declared, in addition to
the regular quarterly Of : per cent, both paw
able July 10 to stockholders OF record July
American Gas and Electric Company
Extra dividend of 25 per cent has been de-
c!ared on the common stock, payable July /
dividend of ~ per cent on the common opyrim1
stock, payable October l to stockholders
of record June 20 in common stock. also was
declared. The regular quarterly dividends of
cent on the preferred also were declared the
common payable on July to stockholders Of
record June 20 and the preferred August 10
stockholders of record July Is
National Bank Of Cuba. Extra dividend
of l per cent has been declared in addition
TO the regular semi-annual dividend of per
cent. both payable July | to stockholders of
rncord "
New-York tribune., 1919-06-15
Bid and Asked
Quotations

The following table gives the closing
bid and asked quotations for stocks
listed on the New York Stock Exchange
but not traded in yesterday:
New-York tribune., 1919-06-15
London Money NJ,

London Money Market.-LONpON,
June 14.-Money, 2A per cent. Dis
count rates, short bills, 3h per cent;
three months bills, 3ss per cent. Gold
premiums at Lisbon, 10000.
New-York tribune., 1919-06-15
Regular Declarations

seamans OIL Company.-Repular quarterly
stockholders of record June 20, ~
Emivrant Industrial Savings Bank.--Seui
annual dividend of per cent has been de-
clared.
New-York tribune., 1919-06-15
lnvincible Issue Subscribed

Underwriters of the Invincible Oil
Corporation stock yesterday announced
that the Offering was oversubscribed.
1t is understood that the securities will
be traded on in the Curb Market for
the first time tomorrow. The new cor
poratlon is merger of oil properties
IN Texas, Louisiana and Oklahoma.
dealing with production, refining,
transportation and distribution.
New-York tribune., 1919-06-15
L oreign Government ane,
unterest To BE Aaaeo}
Municipal E5onus
'rk Stock Exchange Cuotar,ors

VI fUtA1|
IN, F,rai,r,, c. blu. ASKED,
-4n2lo-l'rench Extern IS i2cS, o73% t2L%s
argentine Intern IS 1915. 94 |9 -
10 1926 - l'~i''''''' 982sa oo24
40 1881 ''''''''''' S794 soI4
@hlneSe Gov Hu Kug Ry IS 1851 62I1 %
cuba Extern IS 1944... 99a:. .o|a
40 5s series A 1918. So "a.
dominican Ren Is io;9 ''''''. o3/a 6498
uity Of IVons I've pe'9S fS 99 f91d d'l9'. ssTs JY>4
oity Of Marseilles 6s 1919. .... 99IS S ss%4
Clty of Paris 6s 1871 TIs 7'/4
zap Govt 412s strlg In 1925. ~ % @ @sf%t
10 I'd ser 1925 - 9I/2
40 Is sterling loan 1881. Is,/, S[,s/
Slty Of Tokyo 5s 1Jo2, ,0lE 994q7a
G b & [ 3-yr 5l5s l9lg g05s w..
40 5-yr 5l2s 1921..... 9osSS aS54
40 2O-year 512s l937...... 995ss yo24 9,,,,4
New-York tribune., 1919-06-15
Liberty Issues
tApDroXmate investment yield at the

tSales of Liberty Bonds on the New York
Stock Exchange carry interest to the date
of sale, and the seller receives this interest
in addition to the sale price
New-York tribune., 1919-06-15
Money and Credit

Discount Rates.-The following table
gives the current rates of the twelve
Federal Reserve banks on commercial
paper for all periods up to ninety days:
New-York tribune., 1919-06-15
DIVIDEND NOTICES
OTIS ELEVATOR COMPANY

18th st. ano 1llb Ave, y. Y. &.
TEs quarterly dividend Of 81, 80 ner sn.va
"a the Preferred stoek ana sizg per snars
PIP. 70 Stockholders OF record at the close
business on Jnns 30. 1919 chscks win
70 En&iIsd. 40
n. n. PEPPER. Treasurer.
New-York tribune., 1919-06-15
Bonds

Following is a complete record of all
transactions in bonds on the New York
Stock Exchange yesterday:
New-York tribune., 1919-06-15
Wealtfn-Market ts-nvest strmen
Federal Reserve Bank OF New York

inc weekly statement of the
June 10 compares with that preceding
New-York tribune., 1919-06-15

The Federal Reserve Bank Of Now
York has put in force the FOLLOWING
schedule of rediscount rates. which
apply to bankers acceptances: Maturi-
ties up to Is days, 4 per cent; 16 to 60
days. inclusive, "a per cent; 81 to 80
days, inclusive, ~ per cent.
New-York tribune., 1919-06-15

Bank Acceptances.-Rate we're un-
changed yesterday as follows:
Thirty Sixty Ninety
spot de days. days. days.
livery: Per cent. Per cent Per cent
Eligible
member
banks ...,4i@4 414@4@ 4{s@4A
Eligible
nOn-mem-
Der banks 4}s@4 4+s@4A 43a@4fs
Ineligible
bank bllls.5A @4Ia 5I4@4lIa 5I4@4a4
For delivery within thirty days:
Per cent
Eligible member banks. ks........ 4IS
Eligible nonmember banks. -. 4I2
Ineligible bank bills. 6
New-York tribune., 1919-06-15
Bank Ciearings.-Bank clearings yes.

Silver.-London, 54Ad; New York,
s1.11B; Mexican dollars, s6@@ss4c.
The true Democrat. [volume] (Bayou Sara [La.]) 1892-1928, 1919-04-19

Washington officials declare there Is
neither money nor authority for the
enforcement of prohibition July [
The true Democrat. [volume] (Bayou Sara [La.]) 1892-1928, 1919-04-19
ANNUs MiRABllis

Il John Dry den, the English poet
sha sought 10 commemorate THE
Year OF Wonders 1865 by writing
a poem about thn above heading. we're
tivaE today he would find IN the year
just closed theme worthy Of his
gruus bat one that should ~ treated
only IN superlatyes The Great Fire
that swept away old London Ia that
ycar Nas a very Emall af'air compared
Wth the Couaagration 81 both human
lives and property which has deya
stated the large part Of continent
Tor fnch has the greatest af all wars
been ta Eurup. Md the Great Plague
which claimed So many sic'lms In Lon
don was limited 10 a small area. while
tho rpidomic Of influenza, shieh is
slill affecting many places has spread
over The whole earth
The true Democrat. [volume] (Bayou Sara [La.]) 1892-1928, 1919-04-19

NJ \ II McGeher has returned
from pleasant visit ta her cousin
Nlss nalle Brandon Ia NeH Orleans.
capt ] " Brandon N u with his
UIlp il visiting his mother Mrs j
" brandon after year'r absence
gusd he had q little rest at the cha
rt,r lbere Since the armistice was
team of The Divine sara and is look
Hr Hne
rs. are about Ia bt connected again
with the outside world b> phone from
ruckuryytlc to "Naysidt" ou the line
from WoodylIle ia ~ ADAMS
"l'rrlr sam ls about 10 give us
back ear uthef hoy, Private Robert
Tnules Percy he Is near bordeaux
and e expected home now very soon
The true Democrat. [volume] (Bayou Sara [La.]) 1892-1928, 1919-04-19
PARISH DEMONSTRATION NOTES.
4 Il BENTON. lR Ags1t
fof West Feiriana
GOOD SCHEME BLACKBOARD

The demonstration agent has placed
"a blackboard IN the corridors of the
Court House oa which he Is listing the
articles for sale and the articles want.
I'd by farmers ia this parish II vii
pay yoa when ven are in town to see
what Is wanted aud what there is for
sale Mr. Benton thinks that there
Is no use for any farmer 20 order q
bull or a hog from distance when Ne
have the same for sale here Ia our
own parish
rs an example, one Of our farmers
recently ordered lot Of velvet bean
seed from Alabama and paid the
express charges 10" that distance, and
after he had received the beans, he
found that his closest neghbor had
several bushels Of velvet beans OF The
same variety for sale Let Mr. Ben
ton know what your wants are
The true Democrat. [volume] (Bayou Sara [La.]) 1892-1928, 1919-04-19
HELPING 4 GREAT WORK

VI, dear Mrs Robinson
received your letter Just US ! was
starting for Angola last week, and the
hoN 81 magazines etc referred To was
waiting fer ne upon my arrival there
I caaHel tell you how mach yogF kind,
ness mean to the prisoners am
sure il is all appreciated, and your
friends and yourself will certainly be
rewarded by our gracious heavenly
Father
Was pleased to note the favorable
comments Of our institution In the
True Democrat OF last week, and be
Iieye that VI ali the efforts being made
for the benefit Of the prisoners were
truly set forth the people Of the State
would appreciate the good manage
meht Of Manager Fuqua and Warden
Rryau believe these gentlemen are
doing the best possible for those com.
mitted Ia their care.
Again thanking you ard with all
good wishes
am. Yours truly,
II s JOHNS Chaplain
The true Democrat. [volume] (Bayou Sara [La.]) 1892-1928, 1919-04-19
TIE FINAL CHORDS

Ii .Iaad rhal iiAll tbe great
uastrI composer ohe suddenly CO..
tered a ram ahsre Is Young g.rl "as
performing apon fhs mtHa She SO
So ofaaerd by fha ppn atra Of Ia
Master chat sbr lrfi the instrument
In ,onf Io lIa said nothing bUl pro
,pedod quietly to fhr instrument
where b. played the auai chords Of
me music she was PLAYING and Thus
faadr It complete
Nuuds} ApnI Il begins the sale
Of he bonds ol the Fifth Liberty Loan
the yicior loan the PLAYING Of the
final chords shIth ptl make IA" syn
phuHl al a GLORIOUS victory CemPlel'
III. plete hats breu veil played 30 far
h, the American people but he tiaai
chard. are stil nplayed However
much the pe9pie may congratulate
Themselves thai their part hes h"eh
ulla and weIl performed in the last
tvo wears the ear attuned 10 perfect
harmony await thr final chords which
make fitting dnalr to the paeau OF
,tctory
In other words this remaining toan
must b" contaminated bs popular sub
scripitnn before the work Of victory
.s indeed finished The enormous eN
lseuses incurred hv the United state.
in the gaining Of victory must be met
and II should he "a matter Of pride for
otep American IS ho can possibly do
go 10 bus one Of thes bonds, as sisi
bile stsu Of the hare each has ih the
hnal task
West FeEictauas quota is go 2sa
less than ia the Fourth Loan bot still
quite large enough to demand eur best
endeayorv Let all SET tu vork Hot
merely the appointed bal every ons
who can either by purchase. or the
persuasion aI some one else 10 hy
aid Ia putting the quota through
las the final ehords
The true Democrat. [volume] (Bayou Sara [La.]) 1892-1928, 1919-04-19
GET READY FOR SHIPMENT OF
LAMBS

Have just received a letter from
the commission firm on the market
and they advise me that our lambs
VIII sell the best when they weigh
more than sixty pounds In order to
GET this weight. We will not be able
To ship our lambs before middle or
last Of June AZ that time OF the year
tine market requires that lambs be
doeked, oasirated, and clipped Lambs
not coming up 20 these requirements
cell At one to tgo dollars per hundred
less than the kind The market wants.
Therefore profit by his advice and
attend TO this docking. ,astrating. and
clipping at once II you need help
along these lines, call on Benton Let
him know how many lambs you have
10 sell. and bow much wool YOU viii
have
The true Democrat. [volume] (Bayou Sara [La.]) 1892-1928, 1919-04-19
NOTICE

the undersigned, am applying for
pardon
1918 CHARLES DIXON
The true Democrat. [volume] (Bayou Sara [La.]) 1892-1928, 1919-04-19
NEWS ITEMS OF WORLD
INTEREST

Generals Wood Scott and Chamber
lain oppose the proposed changes la
the courl%martlal trail
Five persons we're injured and heavy
damage caHspd hy q tornado which
truck Icues county Mississippi Tues
day afternoon
The German delegates to 'hr ppar
congress we're summoned to meet the
Allied coulefees in Versatile Am.I
-
Communist foreos in Munich recap
inred FROM The government troops q
numh"e Of imrortan, buildings Of the
Bayaraa capital
The sGiiFbajldiHg 1T paseagugla Ia
sol,ing about g5na workers ended the
men getting pfadb alls nh they sought
unhed States aaty airplanes VIII
not attempt to 1hu Atlantic uu
III MAY
The departur, 'rau France of mine
mare transports. heavily laden With
American troops T. announced
prnsl,lcui Wilson sua his fght FOR
III" protection Of zee uaafn, Doctrine
ia the League Of Nation covenant
The Lloyd George government was
dealt severe blow w b" election bs
an Asquitb Liberal IA a parliamentary
hSe election
The Mexican government officially
announced that Emtljano Zapata 70
mons bandit leader had been Killed
THE arrest of seventeen leaders pre-.
vented the proclamation If a Soviet re-
publtc Ia the Ruhr district Of Germany
Delegates from America Irish so.
eieIies arrived IN Paris 20 appeal 70
the Peace Conference for the future
al Ireland
Frank u sullivan vus the cheice #
organization leaders les succeed the
late Captain John Fitzpatrick uf New
oritaus a. taN collector
fhe CouncH Of Fanr defntcl, dcfia
ed to grant France She Saar Valley ia
pvfpetuits
ArlbenaHs @ete Tive chief victims of
talto molrs la teu laY- rtutiug seven
OF the thlft, eight bIlloa being at that
nationality
The minister at Nar Of Savoo, uas
murdered "a, aJ-eBuiEad soldiers in
Dresden
Precedence viii De- given the Jews.
historical claim upoB Palestine
seeroiar elias. announced 'hr N.e
ter, Loan would b. a -Hn Uana ma
turing Ia fouf wears drawing { pr
cent interest and Iafllaib taKahte
The recent mutas al american
lroops IN Russia vas tas lireris -
l'alshc' ii propaganda
PLANS in for the lobu p1baH Neu9
sal hospital for he care ~ tul.sr
cglar patients were completed
conservative estimate placed the
value og ipdepeudent oll and ~. mold
inEf in Louisiana 1T slhaotn5H
The true Democrat. [volume] (Bayou Sara [La.]) 1892-1928, 1919-04-19
SPELLING TESTS, WAKEFIELD
SCHOOL

Eth Grade Thelma Furnish, Too
Frank Stirling "a Bertram Bahers
a6
9Th Grade Mae spillman 100 Ed
Jackson. ass feltus Stirling, s0.2
Sfh Grade Eldridge Babers, loo,
tncilr nampf los. Elma Wildblood
loo Sarah Wtldblood. ~. Frank
Roberts. ge.g. Lille Stirring sis
MISS ELLA LEE DANIEL,
Principal
The true Democrat. [volume] (Bayou Sara [La.]) 1892-1928, 1919-04-19
NOTICE TO THE PUBLIC

Notice il hereby given to all tax
payers that ! will complete the listing
OF all property ia this parish for as
sessment purposes on or before Satur'
day April II, 1919 The Assessment,
lists will be open for inspection by the
public for twenty days beginning Mon
day April II, and ending Saturday
May 3rd Ali taxpayers are notified
that the assessment list will be sub
jeet So examination for this twenty
day period as required hy law
II HARALS0N, Assessor
The true Democrat. [volume] (Bayou Sara [La.]) 1892-1928, 1919-04-19

An electrical storm. accompanied by
strong eiad aud hail fell about three
o'clock. TUESDAY The hail vas larger
than peas and fell thIekiy for awhile
Happily the storm lasted only short
time. though Il pretended some
thing serious ~ first The aftermath
N uf course con Siderahly colder wea.
Their
The true Democrat. [volume] (Bayou Sara [La.]) 1892-1928, 1919-04-19

ueR Rarhlps would join Admiral
AaFu fleet ahen II returned frun
Guantanamo Rat
fuF lhf third this year the Spanish
cabinet tcaded hy Premier Roma
punes rendered It's resignation
President Wilson has been urged %
prevent prohibition b. proelamins be
fore lals that rehabilitation has been
con plesed