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Newspaper Page Text
York. The greater part of it emptied
into that section of the city included
by the name of Wall street
One of the reasons for the money
spending New' York ig witnessing
daily and nightly may be found in
these figures, showing the price of
certain stocks at the opening of the
exchange today contrasted with the
price two years ago:
American Beet Sugar 30
American Can 25
Amer. Car and Foundry. .43
American Smelting ! 56
Central Leather 35
General Motors 86
International Paper 8
Marine ... 1
This table explains in part'
SPECULATORS-ROLL IN WEALTH NEW YORK
A MODERN BABYLON
BY LOWELL MELLETT
(United Press Staff Correspondent)
New York, Dee. 12. New York is
rolling, reveling, rollicking in. wealth.
This is a "never before in history"
New York banks today hold re
serves of $316,794,200 and from
every quarter of the globe money is
pouring in actual yellow gold by
the millions to be changed from the
coin of other nations into the coin of
the U. S. A.
Wall street has become a gambling
table onto which is being thrown
money from the earnings, winnings
and savings of Americans and money
from the coffers of kings.
While the large majority of New
York's six millions are fighting the
universal desperate battle with the
cost of living, on the surface it ap
pears that everybody has money to
spend. They are spending it for ne
cessities and luxuries.
Forty or more blocks in Manhat
tan are given over entirely to that
ancient trio, wine, women and song.
War bride dividends have given night
time .Broadway a new life. Men
whose business it is to take money
from spenders say they never were
able to take so much of it before.
Ancient Babylon could be set down
inside New York-'s winter pleasure
grounds without being noticed; Ne
buchadnezzar wouldn't have a repu
tation outside his own block.
Cabarets have sprung up like
mushrooms and dance halls thrive as
In any new gold camp.
"Business is three times as big as
the biggest we ever saw before this
season," said the manager of the
largest cabaret in the city.
New York is spending itg money
and getting what it can for it
But it keeps pouring in. From
farmers in the west to at least one
monarch on .a European throne they
are sending their money to New
Morgan & Co. will not miss their 50
per cent of one year's salary bonus
to employes this Christmas and the
dozens of other big houses will not
miss similar gifts they have an
SUES THE EXAMINER
Adolph Ackerman, painter and
decorator, today filed suit for $10,
000 against Hearst's Examiner. He
says that his wagon was hit by a
speeding Examiner auto truck at Di
vision and Robey, that the collision
killed his horse and threw him to the
street, severely injuring him.
U. S. TRANSPORT SAFE
New York, Dec. 12. U. S. trans
port Sumner is ashore off Barnegat
N. J.- Went ashore in fog last night
Expected to be floated again ;bef ore
evening. Sea is light.
During the last ydar 79,281,735
short tons of sand and gravel, value
of $23,846,999, were dug out in the