davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1919-06-30
The Blame

There seems to have been e wide
spread tendency to blame the entire
furry in call rates during the week
to preparations for the July | dividend
and interest disbursements. But this
Is highly distorted view. Those pay
ments are nothing more than mar
glnal factor. You pour a cup of water
into bowl already full and the water
overfiows, but it is no more the fault
OF the final cup poured in than of all
the other cups Of water previously
poured in. The dividend and interest
disbursements took the place Of that
hnal cup of water. 1t is not the last
straw that breaks the camel's back.
but the whole mass Of straws, In a
oowl already empty, the dividend and
interest disbursements would have
passed unnoticed But the bowl was
full; the banks were already loaned
up. And the loans with which the
banks were already filled were Just as
much causes Of the tight money dur
ing the week as the necessary calls to
meet the payments. They were causes
just in proportion to their size, which
makes them greater causes than the
disbursements. The July / payments
are estimated to total s314,ooo,coo. The
certificates Of indebtedness which the
banks stip hold amount to several
billions Of dollars. Stock Exchange
loans at present outstanding have
been estimated at $1,000, 900 900.
New-York tribune., 1919-06-30
New Foreign Trade Bank,
With Sylvester as Head

With the opening of the French
American Banking Corporation, which
formally begins business at 65 William
Street on July /, another bank organ
lied specially for foreign trade enters
the international banking field here.
The new institution was organized by
the First National Bank Of Boston. the
National Bank of Commerce in New
York and the Compton National
d'Escompte, of Paris. 1t is capitalized
at $2,0OOO00 and has surplus of
$500,0O0 Maurice Sylvester is presi-
dent, +. Abbot Goodhue and John T..
Rovensky, vice c-prcsldents; Roger p.
Kavanagh, vicc-p president and treas
urer, and Thomas E. Green, secretary.
New-York tribune., 1919-06-30
Money

The money market proved again
spectacular last week but it is doubt
full whether it was regarded so serious
a stock market factor as in recent
weeks. More Importance seems to
have been attached by spectators to
news and expectations of Germanys
action. This was evident on Tuesday,
when the stock market declined in
spite Of per cent money; on Wednes-
day. when the stock market was steady,
though both mixed and industrial
loans went to Is per cent; on Thursday
when the market rose though loans re-
newed at and 91s per cent. 1t may
be that spectators foresaw then that
the worst had passed. Such foresight
would have been justified by the re-
markable ease of Friday, when call
loans renewed at and 5ls per cent,
and closed the day at Az and 514 per
cent. That was thought to indicate
that the banks had completed their
preparations for meeting July dis
bursements, and that it was even pos
sible that that day itself might pass
without untoward incident.
New-York tribune., 1919-06-30
The Interior Banks Part

The effect Of the July disburse-
ments was great because of the volume
Of Stock Exchange loans outstanding.
Interior banks had funds here on call.
one estimate places the total of out
side funds in New York at s30O,OOO,-
600 to 100000 900. These banks not
only wanted to meet interest diyburse-
ments, but TO replenish their reserves
1t their local Federal Reserve banks.
It 8 estimated that they withdrew in
the past two weeks about slOo, 900 900.
But these demands came at the time
that the New York banks wanted to
do the very same thing.
New-York tribune., 1919-06-30
The Markets
Stocks

Stocks
The stock market last week was
mainly interesting in the response it
made. or rather failed to make, first
20 the acceptance of the peace treaty
by the Germans, known on Monday,
and finally by the actual signing, which
was not known to the market until
shortly before the close on Saturday,
The response on Monday was decline;
then the market became dull, but was
firm and even strong. toward the end
of the week; the response on Saturday
was increased activity, but little
change in prices. Nevertheless, the
small fractional change on Saturday
sutticed to bring the average price of
thirty industrial stocks to 109.27, sur
passing the previous high price of
l0S.93 three weeks ago, and establish
ing not only new high price for in
dustria stocks for the year, but for
the history of the Stock Exchange
Railroad shares again Jagged, closing,
on the average, point lower than
last week.
The markets Indifference to the
German acceptance and the actual
signing of the peace was q natural re-
suit of the fact that the objective Of
the markets rise in the last four or
five months has been precisely that
event. 1t will be interesting to see
whether this mornings market ind-
Gates an agreement on the part of
spectators throughout the country
with the professional response on Sat
urday
New-York tribune., 1919-06-30
Texas Scene of Wild
Speculation in Leases
Money Pouring Into lev Oil
Districts, From All
Over Country
Financial Burcd,,
.Crcc.nI

fJtltENfN
AUSTIN. Ten. June Rcno,+.
from different parts Of the state SHOW
that leases Of Gil rights on lands arc
c9,h1ianglng hands on rising market
with the pouring into Texas of enor-
nous sums of money for the purpose
properties has stimulated prices to q
wonderful degree.
In territory 300 to 500 miles distant
from the nearest producing Wells
leases s3 . are are selling readily at price Of
- f;an 10 20 an acre, while nearer loca-
1lons, say within fifty to scventv-fve
miles of proved field. $40 to SO an
acre are paid by excited investors r.
test well is being drilled anywhere
near leases go soaring, often selling
TOR as high as 500 an acre. With the
coming Oh settled weather and better
over the country, there is no tellinr
where the boom viii end. .
New-York tribune., 1919-06-30
Lack of Shipping
Facilities Retards
Work i'm Mexico
Government Estimates Sum
of $l,8OO,OOO,OOO Is
Needed to Exploit Petro.
leum Measures of Country
Ne1D York Tribune
Financial Bureau
Special CorrcspOnderce

Spec'dt Correspondence
MONTEREY, Mexico, June 29.-Ac-
cording to statement just issued by
the Department of Commerce and In
dustry Of the Mexican government,
drilling operations are being carried on
in the different oil fields of the Tam
plco region with marked success, not
withstanding the reported inactivity of
the industry. During the first five
months of the present year eight pro-
duclng wells were drilled, with total
daily flow of 584,79S barrels. This was
an average output of more than 10000
barrels day for each we'll.
If facilities were at hand for market
ing this new available production it
would mean total monthly shipment
OF IL ,o34,94O barrels, compared with the
present monthly shipment of about
100000 barrels. In the absence of
pipe line, storage and transportation
facilities the vast surplus Of crude
petroleum in these and other wells is
kept stored in the ground, pending an
Improvement in conditions. The report
says:
1He only obstacle to the fuller de-
velopment of the Mexican fields is the
iack OF transportation Facilities, as the
Duik OF the oil is exported to foreign
countries. A vessel is said to be nov,
under construction in an English ship
yard which will be the largest one of
It's KIND IN existence. 1t will have a
capacity of carrying $4,000 tons of
petroleum, and will Ue built in three
compartments, having a speed of 1919
th; nnots & an hour. 1t is expected that
TINS vessel will be followed by others
OF like capacity
The shipments of petroleum bv
railway in tank cars have Increased
considerably recently, and large ouan-
tltles are going to the Federal District
AEguascalentes, Torreon, Monterey
Puebla and other points where it is
needed tor industrial purposes. MANY
establishments have thus been able to
renew their activities. which had been
suspended owing to the inability for a
time to obtain fuel oil.
An approximate calculation of tho
amount needed to exploit the notro.
!eum measures Of the country has been
made for the Department of Commercn
and Industry 1t is placed at ST.
500, 100000. The amount already in
vested in development is calculated a.
about $500 100000, most of it in sink
ing wells and installing pipe lines.
New-York tribune., 1919-06-30
Rush to
New Texas District
Texas Company Brings in Fair
Sized Producer Near
ShelbvvilIe
Financial RMronl

o111,I 11y1,,r SPccldt Correspondence
u,SI SilEhb l, ", VlLlE. Tex, .Lunc %
hen the Texas Company brought in y
we'll two miles east Of here WITH n now
OF about AGO barrels a day it was tbc
signal Tor rush of oil operators and
speculators to tho scene. MANY thou'
sands Of acres OF land for miles around
inc well have been leased at prices
from 500 to $500 an acre. Sew
etal H. Oh tnc larger oil companies have
obtained extensive HOLDINGS in tbn
prospective new field. PROSPECTING for
oil near Shelbyvillo has been in nroyl no.
rcsa Tor some time. There wcro scvcn
shailo producing wells in this localitv
at tho time the Texas Company brough.
IN u, 'ta larger. producer. The scene of
thc latest oil strike is about tvcntv
miles from the Louisiana stato lima on.;
only about sixty miles from the Caddo
on he'ds or Louisiana. The oil Is Of
high grade. -
New-York tribune., 1919-06-30
National Bank Resources
Increase of Nearly Ten Billions
i'm Last Six Years

WASHINGTON, June 29-Resources
of national banks reported under the
call Of May II were announced to-day
as S2o,S25. 100000, an increase of SS07,-
100000 since March a and nearly slO.-
ooo.0o0,oo0 in the last six years. De-
posits on May IL amounted to S159Os,
100000. an increase since May 10. 1918.
of S1.b1s.ooo,000. Since March 4. 1919,
there has been an increase in deposits
of $92,ooo,o00 in the country, $634 .oo0,-
New-York tribune., 1919-06-30
Bring in New Cushers
In Oklahoma Field
Activity Revived by Discovery
of Flowing Wells Near
Beggs
Financial Bureau
Cnr~;oI Corr.,,o.,J,

NpcCld1 COTTeSpONdeNce
TULSA, Okla, June 29-With sush-
CT wells again coming in around the
l1tlc city of Beggs, there has been
revival of interest in the Oklahoma oil
situation.
Tho Ross and Scott, Well No. 3,
Sallie Bell farm, is making $500 bar
!cls natural in sand found at 1900
.eet. The particular feature of this
af mile from a deep, dry hole
The +. r.. Black well made better
than 800 barrels from sand found at
1900 feet and is over mile from
production. Acreage offsetting this
property was sold to the Iron Noun
tain Oil Company for 81 900 an acre.
New-York tribune., 1919-06-30
Market Barometers
Stock Exchange Transactions

Rail Other All
stocks. stocks stocks.
Last week. 665,20o 5,366,eoo $685. 600
Week bef. .791, 400 6,G35,8OO 7,427, 200
Year ago. .407, 700 2638,30O 1850
January I to date:
1919. II, ,o62 800 11o, o,5o6, AGO 1877, 7,25a,3oo
1913. 9,6S0,20O 65,471 800 75,101, 300
1917. ,233, 900 9O,225, 100 101k458, 100
Bonds
Week Year
Last week before. before.
U. S. .g.s36, 100000 $50 ,4e5, 900 S31 ,772, 600
R'lrds. 3,953,COO 4985,o0 2,035, ,0Co
Oth'rs. 8,C52,000 9,361,0o0 S,7o5, ,0O0
All kids 48,495,o0 52,81 900 40,512. 900
January I to date:
1919. 1918.
US. gov'ment$1, 1887 900 SAP, 1852, 900
Railroads -. 127,496, 900 1885, 900
Others. ... 338,325,OOO 172O24, 900
All bonds u. 4,5s4,619,o00 7o3 1857 GOO
New-York tribune., 1919-06-30
Texas Storage Tanks Not
All Overlooking With Oil
Financial Bureau

FlNdnciul Bureau
Special Correspondence
AUSTIN, Tex, June 29.-According
10 reports filed with the oil division of
the State Railroad Commission. there
was total of 7,3Ol,5S2 barrels of
crude petroleum in storage in Texas on
June l, with room for additional stor-
age amounting to 4,066,9S0 barrels un-
filled. Notwithstanding the untitled
storage in some of the fields the
demands for additional storage tanks
IN the Burkburnett and some of the
other Central West Texas fields is
very urgent, it is stated.
New-York tribune., 1919-06-30
The Future

AS 10 the future of the money
market, the dividend and interest dis
bursemcnts ought % make their way
back to tho banks in II week or two.
The announcement that the United
states Grain Corporation, whch is
handling the crop again this year, has
total Of $I.150 900, 900 at its die
posal for financing the purchase and
carrying Of wheat ard viii not call
upon the banks, should alter conccp-
tionS Of the large crop demands TO be
made this summer. And approximately
every two weeks large issues Of out
standing certificate. Of indebtedness
now held by the banks will mature. On
the other hand, these maturitics arc
likely to be met by reissues Of Ger
New-York tribune., 1919-06-30
Reserves of Cushing Oil
Are Rapidly Disappeayi,g

TULSA, Okla, June 29.-The once
large amount Of Gushing oil held in
storage is rapidly disappearing. There
remains something like l9,50O,oOO bar
rels of oil in storage, with daily pro
duction of only around 10000 barrels
from the Olton, Drumright and Sham
rock districts, which comprise the
Gushing field. The estimated pipe line
runs from storage are 100000 barrels
week more than is produced in the
Cushing district
New-York tribune., 1919-06-30
Harrison To BE Manager
OF N. Y. Savings Banks Assn

Milton Harrison, secretary Of the
Savings Bank Section Of the American
Bankers Association since May /, 1915,
has resigned that Office 10 take the
position Of executive manager of the
Savings Banks Associa ton OF the State
OF New York. The resignation becomes
effective September l. Mr.. IIarrison's
headquarters will be in New York City.
New-York tribune., 1919-06-30
In Other Years

II the serni-annual dividend and in
terest disbursements we're the cause
Of tightness this year, that result
would have been apparent in other
years. In the last week Of June in
1918 call loans ruled between 4 and 3
per cent, though they went 10 6 per
cent IN the first week Of July. In
June, 1917. the range for the month
vas from to 6 per cent, with the
final quotation 8 and AZ In June,
1918, the range for call money was
2A 70 per cent. In June, 1915, it was
and per cent!
New-York tribune., 1919-06-30

Bank, Ltd, here, has been appointed
agent to succeed John Cone, who re-
tires from active service to-day Mr..
Harding has been associated with Mr..
Cone in the management of the agency
for many years and is an expert on
foreign trade matters. William NJ
Dawkin will continue to participate in
the direction Of the agency in his ca
pacity of sub-agent
New-York tribune., 1919-06-30
Observation-Disclosures

tiflcates of Indebtedness, and It Is pos
sible that the government may even
have to provide additional borrowing
to meet new expenses. The extent Of
European financing Is difficult to meas
ure now, but no one believes 1t will be
small. Borrowing by business has
been steadily increasing.
New-York tribune., 1919-06-30

"r $4,000 for the lease. The Cosden
Oil and Gas Company paid S1,25O an
acre for 160 acres otfsettng this we'll
New-York tribune., 1919-06-30

of last
n1 81
res ba.cdo
New-York tribune., 1919-06-30

900 in the central reserve city banks
and $l4S 100000 in other reserve cities.
Loans and discounts on May -
amounted to $9,994 100000. an increase
Of 1913, 100000 since March 4.
New-York tribune., 1919-06-30
Harding Succeeds Cone i'm
Anglo-Soutll American Bank

Frederick C. Harding, formerly sub
agent of the Anglo South American
The Ocala banner., 1919-08-29
THE VALUE OF THE DOLLAR

The depreciation of the purchasing
power of the dollar cannot be laid to
the door of any "fat money or free
silver" craze
My, my!
Suppose Bryan were president and
had issued greenbacks (fiat money,
so-called), or had restored silver to
clrculation-to it's rightful place
alongside of gold-and the doubling
OF values had followed, what picnic
it would have Afforded to our Single
gold standard" friends.
Without any money imitation, With
out any ''fiat money" or 'free silver
craze, we are witnessing doubling
OF values almost equal to Continentas
and Confederate times, and yet our
gold standard friends are as mute as
wooden images.
Had greenbacks been issued in.
stead of bonds the government would
have been saved an enormous inter
est debt and the imitation Of values
could scarcely have climbed up more
rapidly than they are now climbing
So it can no longer be said that the
imitation of values is due to "free sill
yer" or ''fiat money"
Our gold standard" financi9rs are
beholding all their cherished theories
gathered to the scrap heap.
There is one thing that is beyond
dispute, and that is that the imitation
OF prices cannot be attributed to
old time theories.
The Ocala banner., 1919-08-29
Mr.. HARRIS LABOR oAY AD-
DRESS

Perhaps as many as twenty years
ago or more Labor Day was ceIebrat-
ed in Ocala, and the editor Of this
paper was invited to address the
gathering.
AS Labor Day is to be celebrated
at Silver Springs before another issue
of the Banner is printed, it may not
be inappropriate to reprint what the
editor said on that occasion.
The author does not recede from
his then view of labor, but from the
present disturbed condition of the
country, he is persuaded that organ
lied labor should not be permitted t6
become a menace to our institutions
and a peril to our inhabitants.
While freedom is accorded 20 the
press. certain restrictions and IiInjta-
tions are thrown around it, so in like
manner organized labor should be
hedged about with the same restric-
tions and limitations.
The freedom OF the press does mt
give the newspapers the license 0t
an unbridled tongue; they cannot
preach sedition aud treason; they
cannot take undue liberties witG ones
good name, so organized labor should
not be given the right to put itself in
restraint OF trade" by patalyzing
traffic which, il long ,ntinued in,
would put both life ami property in
jeopardy.
Every one should Oa accorded the
right to labor without let. hindranca
or restraint from int'viduaIs or labor
unions.
Laws should app'v to labor unions
the same as to other combinations
when they put themselves in re
straint of trade" or otherwise block
the processes OF orderly government
Neither capital nor labor should be
given a club with which to bring
about disaster. fl
All alike should be amenable to law
and the government should not brook
intimidation.
If the government is to be overawad
and intimidated by the threat that
Mr.. GOmpers has under his control
six millions of votes which he can
throw to either political party that
he pleases. then our winning the
world for democracy" has been in
vain. One man is invested with pow
er as absolute and dangerous as that
of the Hapsburgs and Ffohenzollerns
and orderly government will perish
from the earth.
The Ocala banner., 1919-08-29
tbs ocALA WEEKLY BANNER. oc4LA FLORIDA

and then by q vote of 83 to 70, and it
was not until May of the following
year, 1890, that Rhode Island gave
her allegiance to the new covenant.
In every state its ratification met
with violent, prolonged and bitter op-
position, so one need not be surpris-
ed that the league OF NATIONS, that is
desiued to play as big part in
changing the history Of the world as
has the constitution Of the United
States, should have obstructiOnfsts in
its pathway.
The Ocala banner., 1919-08-29
PROPOSED INCREASES IN RATES

The following notice Of proposed
increases in freight rates has been
received by the Marion county board
Of trade. The matter has beer re-
ferred to the transportation commit
tee of the organization.
Proposed Increase in Freight Rates
In May, 1919 the barriers made
application to the railroad admins
tr8 tion to be allowed t. increase
strough rates between eastern trunk
llue territory and souther~ territory
BY the following AMOUNT, il cents
per hundred pouads:'
Increase : IS i Is 3 8
The basis Of this request was that
as trunk lire carriers had been OIL
lowed to increase their local rates
BY Il per cent. there should be ap-
proximateIy the sane Increase in the
proportions OF those lines on through
traffic to aud from tho southeast.
This commission went to Wash
ington or June 18th ana made q
strong fight against the proposed tu-
creases, which resulted in a promise
from the administration that before
any actuon was taken fthey would re-
fer the matter to the Interstate com
merce commission. This has been
done and the interstate commerce
, commission has set the matter down
for hearing in Washington or Sep
tember 18th
We expect to &c to Washington Z
and continue the fight before the in
terstate commerce commission
We want the help Of shippers. ship
The Ocala banner., 1919-08-29
AMERICAN A LEGION

| The next regular meeting Of Ma
riou County Post No. I, Of the Amer
lean Legion. official organization of
the men who were il the army, navy
and marine corps during the world
war. will be held in the board Of trade
room OcaIa, oa Thursday. 6eptem-
ber 4, at D. n Ia addition to steps
that have to be taken incident to get
ting the local post under way. several
bills now before congress affecting
the aen vino were in service vii!
come up for Consideration at tbs
meeting
One of the bills TO be considered is
the Sweet DILL aaanding the war risk
insurance act. The bill proposes four
major changes il the present law.
These ares
l. An increase In the period Of aU-
tomato Insurance.. This amendment
Automatically tnsures any person who
entered the serviee prior TO Novem-
ber II, 1918, for 120 days after Ell.
trance in the active service.
. An Increase in the basis OF
awards in compensation cases to $65.
when disability is total and tempor
ary, and to $100 when the disability
is total and permanent.
8. An increase In the class Of ben
eficiaries of insurance to include un-
cIes, auuts, uieces, nephews, broth,
ers-iu-Iaw, sisters-tn-taw, and persons
in loco PARENTS.
4. The payment of converted n
surance, at the election of tie insur-
ed, either in one lump sum, or in 36
or more iustaIIments
It IS believed by. the national exec
utjve committee Of the American Lee
gtor that the proposed amendment
should pass aud that IN addition
thereto the law should be amended
as follows:
To permit lung sum payments for
term insurance as we'll as for con-
verted insurance, and TO place term
insurance exactly on the same basis,
as to payments, Rs converted insur-
ance, thus enabling a man who can
not now afford I'd convert his insur-
ance to have the same advantage as
the man who is Immediate able to
convert.
Another bill to be considered is
that Of Congressman Morgan, provid-
ing homes for soldiers. The bill pro-
poses to create a government corpor-
alton of $toO,OO0,OOO capital, sub
scribed by the federal government.
The corporation i'd to be authorized to
make loan UP to $4,000 to any hon.
orably discharged soldier, seaman or
marine to be used in the purchase of
home The loans may run for Pc
riod of not exceeding SO years, with
interest at 1-2 per ce1:, the princi-
pal to be paid by annual payments On
the amortization plan. This biz is
in opposition to the plan Of Secretary
Lane, which provides only for farm
| homes
The Ocala banner., 1919-08-29

The president will take his appeal
for the ratification b of the treaty of
peace, which includes the league of
nations, directly to the people. He
will soon start on. campaign which
will be extended to the Pacific coast.
The Ocala banner., 1919-08-29

Senator Hitchcock is right when
he says that the matter of reserva-
tions and interpretations is a bridge
that the senate has not yet reached
and that ''the thing before us is to
get the treaty out Of committee"
The Ocala banner., 1919-08-29

pers' associations, boards of trade
and perishable growers of the state
The thing most needed is direct tes-
timony, based on facts, as to why
these increases should not be allow
ed. If you cannot go to Washington
to testify, you can back up the com
mission by strongly written and gen
orally signed protests against these
advances. Such protests should bs
forwarded to the office Of the COM
mission at Tallahassee. TO reaci
there by September 6th.
This is matter Of considerable
importance TO this state. and the com
mission asks that you take prompt
The Ocala banner., 1919-08-29

The weaklings of the earth seem
to gather fresh courage from the
coming Of universal peace. The
Turks who yesterday were broken
and shivering sipplicants are today
defytng the supreme council of the
victorious allies. and Mexico seems
to fancy herself another Ajax and is
challenging the strength of both
Great Britain and the United States.
Columbia State.