The evening world. Newspaper, November 16, 1914, Page 1

4 ; } Possible Extension of Loans for! Legitimate Business Will Ap- , proximate $1,000,000,000. RECEIPTS POURING | IN. No Ceremony Marks Inaugs- ration of New Financial \ System. ‘The Federal Reserve Banke of the , Waited States began business at 10 clock to-day, Secretary of the Treasury McAdoo signed a formal erder in Washington at 9 o'clock and and hour later there was released $460,000,000 in gold and legal tender, forming the basis for a loan expan- gion of approximately $1,000,000,000. In New York City about $160,000,000 in reserves was released. The Secretary sent the following +telegram of congratulation to the Federal Reserve Agent and Governor , Of each of the Federal Reserve Banks: “Please accept my cordial congrat- Glations upon the opening of the F'ed- etal Reserve Bank of your district and my sincere commendation upon the! @ffective work you have*done in pre- Paring the bank for business in the ‘hort time allowed for the opening. I @m sure that the Federal Reserve Banks will serve a great and benefi- ~@ent purpose in the future of our country, and I am sure that this de- @ Dartment and the Federal Reserv Boaré may count upon your loyal co- @peration in the important work and duties which have been confided to) you. My hearty good wishes for your success.” N NO CEREMONY MARKS NEW ¢ BANK'S OPENING. ‘There was nothing of ceremony or ef outward notice to mark the launch- fag of this new system of banking nd currency at the Federal Reserve Bank of New York at No, 62 Cedar Gtreet, largest of the twelve institu- tions scattered throughout the coun- @ry. Only a bunch of roses on the counter ini:cated the dedication, Gov. Benjamin Strong jr. and his force of expert volunteers from vari- ws national banks and trust com- panies took possession of the new sBank, and the wheels of business >‘ “etarted as though long in running order. Pierre Jay, Chairman of the board { Federal agent to represent the } a, interest in the institu. Gen, took station in his office and re- ,@etved a number of callers, Cashier "Gregory, who came over from the Na- tinal City Bank. to act as executive @Micer of the force, supervised opera- tens on the main banking floor. The principal business of the day | | FINA EDITION : PRICE ONE CENT. Copyrig! L Gbe “Circulation Books Open to All.”| 101 ‘The Press oe thee York World). ‘Publishing NEW YORK, MONDAY, NOVEMBER 16, ) FEDERAL RESERVE BANKS | ARE OPEN, $460,000000 READY TO RELEVE BUSINES COTTON EXCHANGE OPEN; PRICE DROPS 3.3GENTS APOUND First Sale Is Made et 7.45 Cents, the Last, July 31, Being at 10.75. First of the exchange to resume business since war paralyzed the trad- ing world at the end of last July was the New York Cotton Exchange, which opened its doors at 10 o'clock this morning. On tho floor was a crush of mombers and privileged visitors who waited with anxiety for the first quotations. Five hours earlier, owing to the dif- ference in time, the Liverpool ex- ghange began business on a restricted scale, with frequent flashes by cable to keep in touch with New York. A minute before the opening hour here, President Roxburgh of Liverpool cabled President Cone {n New York: “On behalf of the Liverpool Cotton Association, congratulate you on re- opening of your market and wish you continued prosperity.” New York promptly cabled back: “We sincerely appreciate and thank | you for your congratulations and good wishes.” Then the Chairman of the exchange gave one sharp rap with his gavel and the great game of cotton trading and speculation etarted off with a wild shout from @ hundred brokers jammed in the circular pit. The whoop of joy was almost in- stantly interrupted with sharp stac- cato cries of bids that confused them- selves into an indistinguishable bed- lam. Gradually, out of the shouts of numbers, there dominated the words “forty-five, forty-five.” And then fol- lowed a cheer as a broker nodded an acceptance and the first sale was made, Broker Hartshorn, representing the firm of Henry Hentz & Co., purchased 500 bales of December at 7, The last quotation for December cotton at the closing of the exchange, July 31 last, was 10.75, The price of cotton, therefore, has fallen 3.30 cents per pound in the Interval. In a few moments there followed offering: bids and sales of other months, and there was posted on the bourd this new schedule of opening prices: Dec., 7.45; Jan., 7.85; March, May, 0, The July closing were: Dec., 10.76; Jan,, 10,70; March, 10.79; May, 11.10. ‘was receipt of deposits made by var- fous member banks in the New York ‘opening. ‘TIONAL CITY BANK DEPOSITS TWENTY-ONE MILLION, he National City Bank, largest of 4B national banks, sent in $21,000,000, ca in gold, representing and $5,000,000 was in Government cur- gency, which was an optional addl- @ional deposit. Other national banks @leo deposited more than the law re- (Continued on Second Pi ————— \f region. Some of the local institutions | ghout 100,000 bales. im order to avoid the rush contributed | their quota of required reserve de-j rallied to 7.30. posite last Saturday, but there was! @ne etriking transaction soon after! i wer than the opening, but the mar- @ obligatory payment! During the first hour sales of cotton ‘or the various months amounted to Prices sagged later as low as 7.28 for December, but Prices for the day closed somewhat et was steady. President E, K.Cone f the exchange said after the close of the session: “Business to-day was normal and quotations fluctuated in normal manner, This is the result of admirable work done by the com- ee having the corporation and ndicate affairs in hand. All of us are extremely pleased with the first day's business.” Similar conditions were reported from the New Qrleann exchange which fopened {ts doors and continued along porallel lines with the New York ex- change. ———E ki o FOR RACING ORE OPORTING PAGS scSit AL Mca Bi tdi tes eae GERMANS DAMAGE THR OF GREAT BRITAIN’S CHANNEL FLEET SIEGEL’S CASHIER |” TLLSHOW STORE DRANED THE BANK Witness for State Says He Passed Money Over Under Orders, “KEY” TO THE LEDGER. Merchant’s Former Aide Now & Being Grilled by Lawyer For Defense. (From a Staff Correspondent of The Evening World.) GENESHO, N. Y., Nov. 16.—Frank 1, Champion, cashier of the Four- | | teenth Street Store private bank, to- Gay resumed his seat on the witness stand when the trial of Siegel for larceny was continued this morning. Champion's testimony showed that @ $688,000 loan to various stores by the private bank and a total debt of various enterprises to the bank amounting to more than two millions|, / were not included in the statement to the National’ Bank of Commerce, Feb. 1, 1913, Also that in nine years Cham- pion was in Fourteenth Street Store Bank only six or elght check transac- tions were with stores by direct check, others by split checks. Defense in cross-examination sought to put all up to Vogel, who is dead. Mr. Train began by asking Cham- plon about the receipts he had receiv- ed for the money be paid out upon telephoned orders from Siegel or Os- car A. Prall. Mr. Stanchfleld then made a blanket objection to cover all testimony as to the accounts of the bank which the court over-ruled. Q. Did the books show the amount of loane to the several stores? A. No. Q. Have you computed the indebt- edness of the several Siegel enter- prises to the bank on Jan. 81, 19137 A. Yes, and posted in the private led- wer of the bank. Q. What was the indebtedness? A. $2,470,102.48. Q. Are these the total loans and dix: ....2? A. Yes, and cash items, too, TELL® WHAT THE STORES OWED THE BANKS, Q. What is the total of the louns to the enterprise on Jan. 81, 19137 A. $1,756,849.93, Q. What was the indebtedness of the Simpson-Crawford Company on Feb. 1, 19187 A. $1,067,908.03, Q. What were the loans to this store up to Jan. 81, 1913? A. $366,- 178.41, Q. What was the grand total of Indebtedness of the two New York stores and the Boston store to the Siegel Private Bank? A. $2,313,067.91, Q. What did the Fourteenth Street Store owe the Siegel Bank on Jan. 31, 19127 A, $871,194.89. Q. What was the Fourteenth Street Store's indebtedness on Jan. 31, 19137 A. $516,061.29, Q. Those are the amounts which appeared ow the private ledger of the bank? A. Yes, as I posted them. Champion had before him on the witnesses’ table the private leiger of the Siegel bank and it was from this that he read the amounts in an- swer to Mr, Train's inquiries. Champion's testimony showed the |manner in wi the private bank had been drained for tho sake of the enterprises, how hundreds of thou- sands had passed through the cash- ler’s wicket from the 15,000 depositors and then gone in @ golden stream to the Siegel stores in New York |and Boston, On Jan, 31, 1913, the {total indebtedness of the stores to \the bank was $2,319,067.9), Mr, Train reac trom the account as (Continued on Second Page) aes eat ease eee peal en’s Relief Work in London— Mrs. John Astor Looking On & “eh oy ¥ {I vgs | ww Vee PaNcHae, shor : RESIN St Se TRONS LCA, LADY NR Quant ow ETEGTIVES IN ALL COURTS WATCH FOR BOMB THROWERS Police Fear Further Attempt to Place Machines —Tombs Court Mystery Still Baffles Score of Sleuths Sent on Hunt. Inspector Faurot of the Detective Bureau and a corps of picked men continued to-day the discouraging work of seeking to locate the person who planted a lghted bomb in the Centre Street Police Court in the Criminal Courts Bullding Saturday morning. With only a piece of pic- ture wire, such as may be bought at hundreds of etores, as a clue, the aleuths confessed that they had made no progress. The bomb planter has all the ad- vantage over the police. He selects his theatre of operations, To-day every court In the city was closely guarded by plainclothes men and court officers. Only the most reckless assassin would attempt to blow up @ court of a Judge under the elrcum- stances. The police anticipate that the next bomb—they fully expect an- other soon—will be placed at @ point where there is little or no anticipa- tlon of violence. The doors of the Criminal Courts Building were not opened to the pub- Ne until 9 o'clock to-day. A score of| detectives entered the building at & o'clock and scattered around the va- rious floors. The police court spec- tators were watched. Magistrate Campbell was trailed by dctectivas from his home to the court \nouce. He said that he had recelved| many letters of congratulation on his| lucky escape of Saturday, but no threatening letters, At tho time he sentenced nearly 200 I. W. W, rioters }last spring he recelved many letters) |threateniog him with bodily harm and) was often followed on the streets. Police Commiasioner Woods denied ‘to-day that revolutionists had threat- ened to blow up Police Headquarters ‘The custodian of the bullding, Lieut. McAuliffe, he said, had given orders| Egg leading. to keep the north door of the build-| miles 5 la) ing closed 05 certain times pegauge Breten in 1912, there are hour#when the police guard in the building ts amail. “No threatening lettera have reached me nor anybody else con- nected with the Police Department,” sald the Commissioner. “We are try- ing to discover who is setting off these bombs. We recognize that the situation {s grave and wo are trying our best to meet it. This is no time for conversation. It ts time for ac- ea eae x hope that the results of he work of the detectives wil for themselves.” i saa) Patrolman George O'Connor, who carried the bomb out of tho court- room on Saturday was on hand again this morning with a prisoner in the person of Sebastian Lore of No, 212 Hlizabeth Street, O'Connor arrested Lore last night after Lore had fired two shots into a crowd of boys, Ma- gistrate Campbell took occasion to compliment O'Connor again on. his apparent propensity for being right there when anything required his at- tention, —-- > SIX-DAY RACE SCORE AT SEVENTEENTH HOUR, Goullett and Grenda Moran and McNamara. Fogler and Hill Root and Clarke Ego and Verri......... Lawrence and Magin Piercey and Cavanagh Cameron and K dell and Bedell... Le in and Drobach Ryan and Wohirab Thomas and Hanley Walthour and Haletead Mitten and And Dupuy and Seres Linart and Madonna Kopsky and Hansen 383 388 388 388 388 388 338 388 388 388 388 388 388 388 387 387 Former record, by 1914. ALLIES BLACKWELL SS KNOFKAVEMEYE AS HIMEBREAKER “Gentleman Farmer” Wants| $200,000 Damages From John Mayer Jr. ¥ | Papers filed in the Supreme Court | late this afternoon revealed that Will- jam B. Rlackwell, prominent in New| York society and known as the “Gien- tleman Farmer” because of a large Jestate he has at Morristown, N. J., has filed suit for $200,090 for alienat- | ing the affections of hia wife against John Mayer jr. a grandson of H. O. Havemeyer. Mra. Blackwell, it ie said, has left her husband and |s living at the Rits. Carleton. Hlackwell ia making hi home on his Morristown estate. The wtenation eult was filed sev- eral days ago and this afternoon Mayer, through the law firm of Crocker & Wickes, filed an answer in| which he made a géneral denial of! the oharges against him. Blackwell) says in his complaint that last June Mayer bexan stealing the affections of Mrs, Blackwell, who ite several| years younger than her husMiind, Finally) Mrs. Blackwell left her) }homa, Blackweil tried to effect a ree | | conciliation, and, fatling in his efforts, filed suit against Mayer. $1,000,000,000 and 1,000,000 MEN ARE VOTED BY THE BRITISH. LONDON, Noy. 3 thin ev 2! | 16.—The House of by unanimous | Ww vote of credit :900,000 men re-| vote, and ‘thy questes iy by Premier A CHICAGO, Nov. 16. 4 Chicago tow n the field coeupie ig turkey. Thi on- & challenger d by the Thanks- givi oy Were grown in he Southwest and are mere © walgh only fitty hey were offered for sale wt 60 cents pound, live weight larburger, former heriff, fled to-day for | Front urt, leave Pas widow, Mra. Le i= eatate 1p ip excess of $10,000, canvas 14 PAGES EE MORE SHIPS — GERMANS REPORT | now stretches to the south of Dizmude to a point Gve kilometres (three —— REPULSED, British Cruiser Brilliant, De- ~ stroyer Falcon and Sloop Rinaldo Have Been Disabled Off Belgium. ALLIES FLOOD CANAL; WIPE ~ OUT GERMAN REGIMENT In the Argonne the German offensive continues it is declared. The fighting along the coast has diminished in violence, it is stated, owing to the weather. Snow and sleet falling and a high wind is All of the vessels reported 4! small and old ships. The Brilliant. Her largest guns are two 4.74nch guns, eight tubes, Sho carried a crow of The Rinaldo is a gunboat tender. There are two Falcons, one a destroyer quated gunboat attached to the torpedo range. German Regiment Wiped Out By the Flooding of Canal ~ PARIB, Nov. 16 (United Press).—The French official report to-day ebows that an entire German regiment was destroyed north of Bixscheste when the allied troops again flooded the district in which the bitter Aght- fag for the line to the coast bas been in progress for the last month. About five miles bave now been added to the flooded area. The fa- undated district heretofore has extended to Dizmude, but {t is now south. of that point and continues to within three miles of Bixechoote, oF to the Forest of Houthurst. It was there that the Germam regiment was destroyed in the rash of water which éwept through the trenches, The renowal of the attack upon Dixmude during last week was mage pesstble for the Germane by the receding of the waters which poured over the lowlands when the Belgians first flooded the district. More ground is now being inundated as a part of the defensive measures, In addition to the floods caused by the allies snow, rain and gales have increased the terrors of war, Snow in West Flanders is said te te ankle dcop. In some places the Germans have been washed out of thelr trenches, ‘The text of the official report of the French War Office follows: “During the day of yesterday, along the Yser Canal from Nieuport te the country up the river from Dixmude, the fighting was limited to artillery exchanges. “The country having been further inundated, the submerged territery miles) to the north pf Bixechoote. “The forces of the enemy which endeavored to cross the canal between the region of Dixmude and Bixechoote all were driven beck beyond the bridges. A German regiment was completely destroyed at « point to the south of Rixschoote. “To the southeast of Ypres two other German attacks were repulsed. On our part we have taken the offensive and reconquered certain points of support which the enemy some days ago succeeded in capturing. “Between the Lys and the Olse there have been only operations of minor importance and partial progress made by our advance positions. “In the region of the Alsne and In the champagne country there Reve bwen artillery exchanges without result, A “In the Argonne the town of St. Hubert has again been attacked Gy the Germans, but without success. “In the region of St. Mihiel e surprise attack undertaken by the enqmy against Apremont resulted in failure, teal “There has been little activity in the Vosges.” a A eemicofficial explanation of the French postition im the Forent.@¢ Argonne was given out in Paris this afternoon. It said: “The fighting line has not changed perceptibly in the last two monte The French and German trenches aro seperated at some points by @ die tance not excceding fifty yards. Infantry fire !s constantly going on, walle Gl] the expedients of siege operations are boing utilised. This slege sesame digo greatly thet of: mebagtongl Dally spengemente coeus, ressiting