davidaulloa/AmericanStories huggingface dataset:
Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-04-13
: New York Produce Market
New York, April

4StW IoiNf APP -.
NHEAT-Spot easy; No. > red win
ter track New York domestic
1924 nominal: No. l northern spring
c f track New York export 134!: NO.
? hard winter do. 1879; No. Manitoba
do. 1884: No. mixed durum do. 1914,
CORN--Spot steady: No. = yellow
and No. 2 white C f rail New York
102. and No. mixed do. 1917.
OATS-Spot quiet; No. white 81
PORK-Steady; mess a75od $500.
LARD-Steady; middle west 1920
@1230.
BUTTER-Steady: receipts $500;
creamery higher than extras 49@ so;
cry firsts, IS to 81 score, 4S@4Ss..
EGGS-Firm; receipts 33,440; fresh
gathered extra firsts 2S@S1: do. firsts
26aM3 so; nearby hennery whites locally
whites uncand.ed extras 36A @37: state
and nearby hennery Browns extras 80
POTATOES-F'irm: New York all
upstate sections round white No. l per
15o-pound sack 273@ S25: bulk per $50
igan per $50 pounds No. | round white
250@275; Long Island Green Noun
tain No. l bulk per $50 pounds $500
$50; new crop per double headed barrel
Nc, ] Florida 1oOo@ 1000; Bermuda
'CcsABBAGEs-steady; New York old
crop white Danish per 100-pound sack
125M1JG: new crop South Carolina per
18-bushel hamper 2500300; crates.
about 100 pounds, 400@475; Holland
old crop white per hamper of about
100 to 10 pounds 250m275.
The raw sugar market was easier to-
day and prices declined &c to the basis
of SIC for Cubas cost and freight, equa |
to 1866 for centrifugal. with Porto Ri
cos at the Same level. There were sa les
Of about 10000 bags of CubaS and 49,
600 bags of Porto Ricos.
The raw sugar futures market was
easier, rejecting the less active inquiry
for refined and the lower ruling of the
spot market. Private adviceS from
Cuba placing the production of sugar
there up to March 31st at 2.755.7S5 tons
were construed as rather bearish and
not altogether in keeping with the re-
cent small crop estimates. and may
also have accounted for some of the
selling. which carried prices Z to II
points below the previous night. There
was slight rally on covering near the
close and final prices were 6 to IA
points net lower. Closing: May $50.
July 6.06, September 6.20. December,
SIS.
The demand for refined sugar was
less active, but the undertone was firm
and prices were unchanged to 10 points
higher with fine granulated now quot
ed at $40 to $40
Trading in refined sugar futures con-
sisted of one lot for May delivery at
9.25. The market closed unchanged to
five points lower.
Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-04-13
Chicago Cattle Market

Chicago, April IL.
CA T L - Receipts $4,000; beef
steers and butcher she stock generally
10 to IS lower: spots 25 off on in-be-
tween grades beef steers and plain
yearlings; top matured steers 1000;
several loads 975 a $50; best yearlings
800: bulk beef steers and yearlings S23
q $50: Gamers and cutters steady. to
weak: bulls steady to strong; vealers
% to 80 lower: strictly good to choice
feeders steady: stockers slow, weak;
bulk bologna bulls &7am 400; bulk veal
calves to packers 700G 500: bulk can
ncrs around $50; bulk beef cows 5000
675: bulk beef. heifers 656@775.
HOGS-Reccpts $4,000; slow, gener-
ally steady to 10 higher than yester-
days average; big packers mostly
steady to 5 higher; bulk 100 to 22D-
pound average S35@I S45: tor, $50: 225 10
325-puund butchers S10d $50; packing
sows largely tbs $40: desirable 10 TO
130-pound pigs T00W750: plain light
kind 615 down; estimated holdover
14,000.
SIIEEP--Roceipts $4,000; fat lambs
steady; top 1860 to packers, shippers
and city butchers; bulk wooded lambs
1925 d 1860: heavies out at 1900; clip.
ped lambs largely 1060G1150; one load
choice S4-pourd average 12cO; clipped
lambs around 1925; sheep around
steady: two loads 106-pound fall clip
ped Texas wethers 900: choice 100
pound clipped ewes held at SO.
Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-04-13
NEW YORK MARKET
Features of the Days Dealings in All
the Leading Stocks

New York, ARril 12.-Today's
stock market opened irregular,
turned dull on subsistence of sell
ing pressure on the Oil group and
then strengthened materially in re-
Spouse to a buying demonstration in
rubber, independent steel and Il few
selected industrial specialtieS in the
last hour. Othr financial and COM
modify markets also showed an i'm
proved tone, wheat, corn and sugar
prices amounting to new high rec
ords for the year while cotton open
ed strong but forfeited a good part of
its gain before thVclosc.
Failure of the averages to break
through their lows of last week and
the relatively small amount of forced
liquidation resulting from the recent
professional attacks CONVINCED many
market observers that the secondary
reaction, which has been in progress
for several days, had run its course.
Most of the large commission houses
advised buying of selected stocks on
today's reaction and many orders
from those houses were reported in
the late dealings.
Oil shares, which were the hardest
|. hit in the recent wave of selling,
y
gains ranged from 1 to 9 points
but many of these were shaded later
when the Ohio Oil Company an
nounced a cut of 10 cents barrel
in crude prices. Among the issues
to close a point or more higher were
PAN American A and E. General
Asphalt, Marland and California
Petroleum.
Spcculativeb clicf that the rubber
and tire companies will benefit ma
terialIy from the record breaking
motor car production brought frsh
buying power into that group, Kelly
Springfield leading the advance with
a gain Of II points. U. ;. Rubber.
Goodrich. and Lee closed l IL to z
points higher.
independent Steel and Equipment
shares also made good recovery, net
gains of l to points being recorded
bv Gulf States. Bethlehem and CRU
chile Steels. Baldwin, American and
Lima Locomotives, Pullman, Ameri-
can Car and New York Air brake.
Similar progress was made by
chandler. Studebaker, Stewart
Warner Stromberg Carbureter. Will
Tvs Overland preferred, Mack truck,
American Wooden, International Pa
per, Associated Dry Goods and OTIS
Elevator.
No explanation was forthcoming
for the six point drop in American
Express. current earnings of which
are reported to be satisfactory. Jer-
sey Central broke 8 points on two
sales. Other rail shares showed mixed
changes.
Gail money opened at five per cent,
eased off to a IL during the noon
hour and thence to 4, where it closed.
Short term loans were arranged at
5 IA per cent but bankers are still
holding out for Il for the Pnser
maturities. Commercial papet was
Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-04-13
Banking Power.and Industry

With the life blood which loans
have given to these industries, the
United States has become the greatest
manufacturer and greatest exporter of
the world. The people who habitu-
ally borrow such proportion of their
financial requirements as circum-
stances may suggest, know the pro-
cesses by which loans can be made
from the banking power, on s.ooks,\
bonds, or other similar securities,
notes, "acceptances," etc, and so the
flow of money into and out of the
banks keeps the wheels of industry
and business moving.
Even this vast banking power" of
$40, 0OO00O,000 and actual loans and
discounts of something more than
O00,00000O does not by any means
measure the total value Of all the CIR
culating media Of various sorts con-
stantly passing from hand to hand
among the people Of the United
States. This real circulating medium
includes the checks. drafts and other
pieces Of paper BY which business men
transfer from hand to hand their
claims on the wealth deposited in the
banks of the country, for only an
extremely small part on the actual
business transactions in the United
States are represented by actual cash.
If bank makes loan to an indi-
vidual based on his note or other Sc
curity it seldom hands him the actual
Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-04-13

them this wealth Is directed b. haas
into channels Of usefulness. Il is
brought together in small and large
quantities from all classes of persons
who do not Immediately need it and
who do not have the facilities to loan
it directly"
Americas Banking Power
The banking power" whose use.
fulness is thus multiplied by the
credit instruments above referred to
is far greater in the United States
than in any other country. Muf,all
puts the banking power of.the United
States in 1870 at $2,l41, 100000, out Of
an estimated world total of $7.7ee-
100000, our total at that time being
= slightly less than that of the United
Kingdom but vastly more than that Of
any other single country. By 1890 CUR
total was. according to the. same au-
thority, $5,0l2,000W0, and slightly ex-
ceeded that OF Great Britain; while
Webb, in his Dictionary of Statistics,
puts the worlds total in 1908 at $45,-
100000, 600, of which .$l7,5l9,0O0OOO
CHlStCu ia tHC CnltSu sdtCS, Yil.lS@,-
100000 in the British Empire ard
S., 500OO0,0O0 in Central Europe. No
estimate Of world banking power Las
been made since the beginning of the
war period, since the fluctuations in
the values of the respective currencies,
especially in recent years, render, an
estimate for the world extremely dif-
fcult. Our own total, which has
grown Horn S3,0OO,O00.OOO in 1880,
$l0.6S5. 600 900 in 1900. $4,000, OOO, 900
in 1910, S24.34i, 100000 in 1914, and
$50, HsW0,0C0 in 1922, now apparently
forms about so per cent OF the world
total.
The London Stock Exchange Gazette
in its issue of May rs, 1922, remarks
that the resources of the banks of
the United States are now "approxi-
nlately equal to those of all othe,
states combined"
The relative growth of the bank.
ing power Of the United States a.
Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-04-13

railroads earned a return equal to only
3.73 per cent on their valuation in FEB
ruary, according to reports just MED
with the interstate Commerce Commits
sion.
Despite a record breaking volume Of
freight and traffic for the month, the
February return was the lowest in ~
months In February year ago, the
roads earned ASS per cent. Unusually
high operat expenses are blamed 1or
the low rate of return for February OF
the current year.
Operating expenses arc now being
reduced and traffic is steadily increas-
ing. The return for March. when 1T IS
reported, will show. big advance, 1t IS
believed.
owners of railroad securities are be-
ing brought to the belief that the rate
of return will ascend to the legal limit
of SIS per cent during the next few
months.
The volume of freight being offered
to the roads Is growing so rapidly that
rail managers are preparing tor roc
Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-04-13
n fair demand With prime names

in fair demand With prime names
selling at Ii per cent.
Foreign exchanges held iairly
steady around yesterdays final rates.
Demand sterling eased off a quarter
of cent to $4.65 "a in the late
dealings and French francs advanced
9 l. points to 6.6S IL cents. Silver
exchanges showed marked imp ove-
ment.
Bond prices moved irrcgularly in
today's relatively dull market. The
trend was uncertain and changes
generally were unimport ant.
Active u. S. Government bonds
showed firmness but fluctuations
were small Foreign government is
sues closed at prices changed but
little from Yesterdays quotations.
There was some active selling
among the steel and sugar comp"ny
liens. Punta Allegro Sugar IS au-
vancing 2 points and Brier Hill
Steel 5 1-2s, 2 Is. Union Bag and
Paper 6s were up /.
Trading among the railroad mort
cages were irregular the changes,
except a point drop by Hudson and
Manhattan income IS being confined
to fractions.
Total sales (par value) were 3d.
$4,000.
Management of the Missouri Kan
sas and Texas Railroad Company
announced that on and after tonOr-
row it would make interest payments
due during the past few months, on
the following obligations: Katy
first mortgage per cent bonds;
Missouri Kansas and Oklahoma first
mortgage per cent bonds; Boone
vile Railroad a per cent mortgage
bonds: and Dallas and Waco first
mortgage per cent bonds and would
pay also the coupons due February
!. 1923, on Kansas City and Pacific
first mortgage per cent bonds.
Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-04-13
Boston Produce Market

Boston. April IT..
REEF-Choice whole cattle $50 IA.
BUTTER-EXtras 500 81; firsts 40
$50.
firsts pagan.
CORNING. yellow 101 q 102.
EGGS-Nearby hennery brown ex-
tras 35 136; white and mixed extras 81
I34; western extras - W33.
ELOUR-Spring patents. 196-lb:
sacks. special short 7S5 q S25; standard
7.30 n S.00
HAy-No 2 timothy 25G26.
LAMB-Spring 20G %.
OATS-Forty pounds 63@ Ga.
PORK-AIedium backs 2615 q 1900.
POTATOES-Gree Mountains 1850
o40 per 100 pounds.
SUpAR-Amcrican Sugar Refinery
quotes $40 cents in 100-barrel lots less
> per cent. for cash.
SEAI-7M
Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-04-13

originally drawn, and the mere dif-
ference supplied in cash,
So it turns out that an extremely
large percentage of the actual day
to-day business of the country is
transacted by the use of checks,
drafts, bills of exchange and other
forms of Credit currency" and very
small per cent in actual cash. Studies
made by the United States Comp
troller of the Currency twenty-five
years ago indicated that apparently
20 per cent of the transactions in the
cities and larger towns tl,en occurred
in the form Of credit currency and
it is probable that the proportion is
new much larger, peshaps IS per cent.
Since the outbreak of the war there
IS been an enormous increase in the
Use of credit which has resulted in
more or less imitation throughout the
entire world. 1t has not increased
wealth." but has lent itself to the
Increase of banking power. Through
all Of this, the position Of the United
States has been sound, and today we
represent approximately SO per cent
OF the banking power of the world,
as against u per cent in 1870.
The use of this credit currency"
consisting of checks and other pieces
Of paper utilized in the payment of
day-to-day transactions of the coun-
try. forms an extremely liquid" cur
rency which readily adjusts itself to
the daily activities of business, and
as the life of the check is at the best
but brief and its place takeH by 9TH
crs representing other similar trans
actions, the total of the sum thus rep
resented may be not improperly des-
ignated as huge revolving fund"
f1uctuating in size and speed of move
ment from day to day and season to
season but representing in these days
Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-04-13

may with safety to their depositors
as we'll as 70 themselves loan out a
certain percentage of the deposits
placed with them, and it is this COM
bination OF capital, surplus, circula-
Z ton, ard deposits which the business
world recognizes as "banking power"
Just what proportion of this grand
,o.al OF banking power" is actually
loaned out by the banks cannot be
stated In exact terms, though the fact
that the loans and discounts of all
banks in the United States in 1921
appropriated $3OOOO,OO0,OOO at
Tx tlxed d, date, June 80, as against $4S-
O0o,WC,0OO'o of banking power" at the
same date, at least suggests that ap-
pI,roxlmately two-thirds of the actual
banking power" is in the form of
loans and discounts which form the>
life blood" of the actively moving
industry Of the country.
Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-04-13
Notice of First Meeting Of Creditors

In the District Court Of the United
States for the District of Maine.
Frank Wallace slim In Bankruptcy.
son, Jr., Bankrupt. J
To the creditors of Frank Wallace
trict. Bankrupt:
Notice is hereby given that on the
25th day of November. 1922, the said
Frank Wallace Stimson, Jr was duly
adjudicated bankrupt; and that the
first meeting of his creditors will be
held at the office of the Referee. 100
Water Street in Augusta in said Dis
trict on the eth day of April, 1923 at
ten O'Clock in the forenoon, at which
time creditors may attend, prove their
claims, appoint a trustee, examine the
bankrupt and transact such other BUSH
ness as may properly come before said
meeting.
FREMONT ]. c. LITTLE,
Referee in Bankruptcy.
~ - 10y ~ aDr1 2d1tet
Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-04-13

oats down a@s to &c, and provisions
at to 5G7c advance.
Much of the buying of wheat was
due to upfavorable crop reports. Ad-
vices indicated that the Nebraska yield
would be poor enc. that a large part
of Die Kansas crop was deterioratlng
and that considerable damage had been
done in Ohio. Besides prospects in
Illinois and Missouri were said to have
been lowered. On the other hand. rain
in Oklahoma and Texas had some bear
ish influence and there was comment
that today's advance at Liverpool was
less han had been looked for in view
of Yesterdays price bulge on this side
of the Atlantic.
Assertions that the wheat market ad-
vance here had been too rapid received
particular attention after the season
topmoSt price had again been sur
passed Proft-taking sales became
larger on every upturn. and especially
Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-04-13
). -~@aee~~ss >eA

ord year. New equipment is being
added as fast as it can be obtained. Old
equipment is being repaired rapidly.
Between 500, 900 and 100000 cars are
now being loaded weekly with freight.
This is close to the loadings of the
peak period of the year which usually
occurs in october. In October last
year the volume OF freight offered to
the roads totaled more than 100000
cars during only one week. 1t is not
impossible that this record of October
1922. will be passed during the next
few weeks. The spring of the year is
ordinarily low point in the volume Of
freight traffic.
Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-04-13
Chicago Produce Market

Notwithstanding that as q result of
active buying new high price records
for the season were reached today by
wheat, corn and oats, the fact that
wheat showed a rise of seven cents
within a week led to reactions and
made the wheat market lower. taken as
a whole. The finish in wheat was UNI
settled at &c net decline 23c advance
with May 124s to 1242 and July 1874 to
1929. Corn closed unchanged to &c of,
Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-04-13

cash but informs him tina the sum in
question stands to his. credit in the
bank and he may chez k against it as
he may desire. He draws checks in
payment of the various sums which
he desires to pay, sends them through
the mails, and the recipient at his con-
venience passes thin into the hands of
his own bank or utilizes them in max
ing payments in his own business
transactions, and when they get back
to the bank on which they were drawn
several days later they are charged
against the balance created by the loan
and represent just that amount Of
business transacted. In very recent
years in which banks have multiplied
and the use of the telephone and auto
mobile has put the farmer in close
touch with those with whom he does
business. the use of the check in the
agricultural regions has greatly in;
creased.
Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-04-13

This assertion that the loans and
discounts made by the banking power
Of the country form the "lfe blood"
Of many active industries and lines
of trade is quite justified. The farmer
must have at certain seasons of the
year. especially at seed time, harvest,
and the marketing period, a much
larger sum of ready cash than at other
Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-04-13

side appeared to be slightly at a dis
advantage, at least for the time being.
Shorts. however. covered freely in the
late trading and this circumstance OPP
Grated TO prevent any decided setback
IN values.
Corn and oats reflected the changes
in wheat prices, country selling of corn
was reported to have increased q little
as compared with what had been the
rule of late.
Provisions wep frmer in line with
Gcg values
Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-04-13
Tongues

The speech of the poet
Is as Il riddle
To him who has not dreams
in his soul:
And his words
As opaque
AS life without dreams,
To the poet 49,.
lie Baron Cooke in Forum.
Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-04-13
View of Wall Street Reading from the right Trinity Church.
New Stock Exchange extension P Morgan Co., directly
in front Of Stock Exchange Extreme left National City Bank

.lus, note circulation, and deposits of
the banks of the country. The paid
up capital belongs to the bank to uti-
LIE as it may see fit, so does the sur
plus and other profits which have not
been distributed to the stockholders,
SO does its own bank notes which are
put in circulation, while long expert
enee in banking lines shows that banks
Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-04-13
The United States Treasury, Washington. D. c. which is
back Of the banking power of the United States

of big business perhaps as much as IS
per cent OF the total business transac-
tons of the country.
Credit" says a modern writer on
this subject, "rests ultimately upon
the fact that many persons possess
funds who have no present use for
1t, and are willing that it shall be
employed by others. The banks are
reservoirs of credit. In these are
gathered claims upon the unemployed
wealth Of the country and through
Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-04-13

FURNISHED to the Kennebec Journal
through the courtesy Of J. A. Carnage
~ Co. of Augusta and Watervillc).
Washington, April II. - Principal
Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-04-13

importance of Credit Currency

The bigger the transaction the more
certain It is that it will be tempo
rarilv represented BY check or other
"credit instrument" Even these
checks when they finally reach the
bank on which they were drawn are
not usually paid in cash but passed to
the clearing house" in which the
claims. of TIE various banks at which
they were deposited are offset by
those of the bank on which they were
Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-04-13
By OSCAR P. AUSTIN
ysaii,teion. The Nationol City Bcnk Of
New York.

A modest paragraph that appeared
in the annual report OF the Comptroller
of the Currency, just issued, puts the
"aaaaking power" of the United States
in 1922 at S50,l75,000,OW against $24,-
34lOO00o0 at the beginning OF the war.
slO,6Ss,00O,0W in 1900, $5,7OO,0OO, 600
in 1890, and approximately $2,l4l ,OO0.-
90 in 1870. Our share OF world bank
ing power is now estimated at appr oxi-
n,ately 50 per cent, against 27ls per
cent in 1870 Our banking power in
1922 is more than double that at the
beginning OF the World War.
What Banking Power Is
What is this mysterious something
which we call banking power" and
the equally mysterious and even less
tangible economic factor which we
rail- credits which are closely re-
lated TO banking power? Banking
power" is usually defined as the sum
Of paid up capital, reserves and ser-