davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-07
r O N. HEARING WILL
TAKE FORM OF TRIAL
Charge Made Road Was Solve"
When Put Into ReceiverShip

Roston, Nov. 6.-Charges Oh 1rauu
and breach of faith on the part OF 'ne
directors of the Boston & Maine kaii-
road brought by minority stockholders
in connection with their protest agaihs-
tho roads receivership will be heard IT.
tho limited States District Court on De-
cember 5. Judge Morton to-day an
ropnced that the hearing would take
Tho form of a trial, with witnesses ana
evidence TO be produced by both sides
The matter came up on the question
Of making permanent the present TEN
norarv receivership Of the road. Deci-
sion on this point will be deferred
nending determination of the charges
filed by minority interests.
When asked by the court whether the
;.or;+v Stockholders would be Obliged
% seek in the corporations books PROOF
If their allegations. Attorney Conrad
w Cracker stated that evidence sum-
cient to sustain them was elready a.
hand. but that other issues OF fraua
might be developed by further invesu'
CATION.
Counsel for the Boston & Maine con-
,orded that if the majority stockhold-
ers should be found to be disqualihed
from representing the corporation q
third party should be appointed to act
o tho roads representative, as the MI
nority stockholders we're not eh''''ea
- do so II was asserted by counsel
for the minority stockholders that
should the majority interests be dis-
qualified the right of representation
would revert to the minority. DIS
Qualification of the majority control
would he followed by an attempt 10
Gust the present management Mr.
Croker announced. In their several
nathan, IN the case the minority. IN
,erest, contended that the roads d.
rec,ors. through asserting to the re-
ce,vership. acted In manner equiva-
lent TO defrauding the minority stock
holders. II was a breach Of trust, they
alleged. The road. they declared, was
solvent when placed in the hands Of
receiver
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-07
War; Activities
Bring Pfosperity
To Italian Cities
Turin. Itdlu, Oct. 16.


All through Italy the lack Of visitors
is felt, but in many of the cities this
loss is more than balanced by the ex-
IRENE activity of the harbors and the
industrial centres. Turin and Genoa
are more alive than ever. Even Pisa
has received benefit, in that many
soldiers are quartered there, and there
is heaps of money in circulation. Even
during the war the country is adding
to her mileage Of electrified railways.
From Mont Cents to within a short
distance of Turin the power is cleo
tricity, and many miles in the vicinity
of Genoa also. Many fields are now
closed to Italian labor, and the coun-
try is taking advantage of the situa-
ton in a big way. Italy will never
be compelled to use large proportion
of her available men. Her fighting
line is too short to necessitate this.
Since Italy has always been and al
ways will be the paradise of tourists,
it is time that some Italians go to
work and prepare guide books of the
country. Those now on sale are all
German or French and are filled with
the most stupid and senseless libels.
Contrary to all the guide books, it
is perfectly safe to nose your way
through every nook and corner OF
every city in Italy at any hour OF
the day or night. And this even now,
when the illumination Of many Of the
cities has beon reduced. Cabbies, shoe
makers, walters, bankers and street
railway employees are but classes, that
do not show a great difference in any
part of the world, and you are no more
likely to be short-changed by waiter
in Italy than you are in any other
country.
The alleged dirty condition of the
Italian cities is made by short-sighted
folk. as e rule. There is as much dirt,
probably a lot more, in London, New
York. Chicago or Berlin as in any large
city in Italy.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-07
Monday, November 6, 1916

Three kinds of people bought
stocks, especially United States Steel
common. They were: Those VINO
thought Mr.. Hughes would win, those
who thought Mr.. Wilson would win
and those who did not care. The
odds on Mr.. Hughes declined as
prices rose on the Stock Exchange,
and this confirmed the opinion of the
cynical that politics had nothing to
do with the stock market. There
were some enchanting theories, as
that the Hughes people were putting
I'D prices as a foretaste of satisfac-
tions TO come in the event of a Re
publican triumph, and that the Will
son people, not to be outdone, TOOK
the market out of the hands of those
and made it 60 higher still, as
demonstration of the Democratic
party's proprietary interest in the
symbols Of modern prosperity. 1t IS
said that prices have always gone up
on the Monday preceding election.
They should. The reversible picture
of national ruin is then complete. You
look first upon this side and then
upon that. Then you 60 out and buy
a few stocks for the sake of what
may not happen.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-07
News Digest


London Markets.-London, Nov. g.
Money was in good supply and moder-
ate demand to-day. Discount rates
were quiet.
The feature Of the stock market was
the strength in investment stocks,
which were in small supply at improv-
ing prices. The war loan was a strong
spot. on the belief that it will soon be
exchangeable for a new issue. Other
British stocks were strengthened BY
reports that the government may
utilize them under a scheme for regu-
lating exchange. The French loan was
in good demand and a few rubber and
oil shares were supported, but the
other sections, including the American,
were idle.
Money. per cent; discount rates,
short and three months bills. 81 to
5ss per cent; gold premium at Lisbon,
800.
Paris. Nov. 6.-Prices were IN
changed on the Bourse to-day.
Three per cent rentes. 81 francs 10
centimes for cash; exchange on Lon
don. 81 francs STA confines; per
cent loan. 81 francs So centimes.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-07
GERMANS BANKS PAY
COUPONS AT A PROFIT

Reuters Agency is informed that ar
rangements have been made in the case
of coupons of a number of American
companies held in Germany for their
payment by German banks. the coupons
so paid being cancelled and kept in
Germany until they can be sent to
America.
However. the German holders Of
these coupons. IL is said. are becoming
greatly incensed at the profit which the
German banks are making out of them.
owing to the depreciation in the value
Of the mark on exchange transactions.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-07
GREECE FIXES RATES
ON FOOD SHIPhEN1s

The Department OF State ~ 80
ington Is in receipt OF infen
from the American Minister ~ -"
that the Grecian government prev
to take the requisite steps to W.
tho country with -four. sugar 80
wheat. which will include eon''
for the transportation OF the" -
modities at low rates. IL /" go
stood that shipments made 70 v =
through any other channel -
subject to requisition ct ne
fixed by the government wishess ~
encs to the current eommsre'A
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-07
U. S. Treasury Finances

Washington, Nov. s.-The condition
Of the United States Treasury at the
close OF business to-day was: Net bal
ance in general fund. $t4e,723.323:
total ordinary receipts, S2,443.3e5; total
ordinary payments, 1926, 1853. The
deficit this fiscal year is $79,612,23s.
against a deficit of $38, 1903 last
year, exclusive Of Panama Canal and
public deb. transactions
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-07
NATIONAL CITY BANK
OPENS GENOA BRANCH

The National City Bank Of New
York has opened branch bank in
Genoa. Italy, with a capital of $780,
900 lire (si,235,ooo), according to q
renort from United States Consul
Arthur c. Frost. This is said TO be
the first American national bank to
operate in Europe. and its opening is
regarded as an important step in
bringing about closer financial rela-
tons between the United States and
Italy and in the development of trade
between the two countries.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-07
Relevant
Information

CrucibIe SteeI.-The common stock
was strong yesterday. advancing IN
points TO 93h on turnover OF 42,soo
shares. The company has just made
public its report for the fiscal year
ended August 81, which shows net
profits Of sf3.223, SOS after paying divi-
dends Of S2,125,QpO on the preferred
end charging off s1.9i5,24o for depre-
citation and other fixed charges. ms
was equal to $3.50 per cent on tne
$4,000, 900 of common stock outstahu-
ing. compared with J.39 per cent earned
in 1915, nothing in 1914 and 1854 per
cent in 1913. The balance sheet at the
end of the year showed an unapproprl-
ated surplus of s9,543,606 No dividends
have ever been paid on the common
Dividends were resumed on the pre-
ferred a year ago at the full rate OF l q
per cent. Accumulated dividends on the
preferred now amount to 20 per cent
the company having paid 4% per cent
on this account since the first OF the
year. The company has been doing a
large war business, having taken on
.overo, orders for large calibre shells.
Central Leather.-On dealings OIL
AZ. 500 shares Central Leather common
advanced yesterday to a new hign fec-
ord of 1o3h, and closed AZ points up
AZ 1o2x. This compares with low for
the wear of 40 and low for 1919 OF
32G. In the three months ended sep
tember 30 the company earned net OF
ss147.5s5, compared with s1,754,esS IN
the corresponding quarter OF i'io'
After allowing for the quarterly diVi-
dend on the preferred-1% per cent Oh
s3s.2es,O5O outstanding-there re-
manned a surplus equal to 6.4s per cent
on the s,7O1 900 common, against 20
ner cent in the same quarter last year.
Earnings, therefore, are running at al
annual rate of approximately 20 per
cent on the common. Earnings for the
first nine months of the year amounted
to $685., 700, as against s3,946,0So IN
the corresponding period OF 1915.
American LocOmotive.-This was the
strongest of the railway equipment
shares yesterday. advancing Sh points
on dealings of 36,sOO shares. The COM
pany is now paying dividends on the
s25.000,000 common at an annual rate
Of 5 per cent. From 1908 to 1915 moth
ing was paid on the common. The COM
pany has improved its financial posi-
ton greatly during the last year oy
large profits from war business. In
August It was announced that total war
contracts taken on amounted to $685.
900 900. In the fiscal year ended June
30 last American Locomotive earned
1908 per cent on the common, against
nothing in 1915 and 100 per cent in
1914. The surplus amounted to so,ols'-
42s. compared with deficit Of sS'Z4l'-
$50 in 1915.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-07

turn. Latterly it has been ques-
ton. not of credit, but of the rate Of
interest. If the railroads will meet
the competition for capital and pay
an attractive rate of interest they
will be able to sell their bonds fast
enough
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-07

The foreign commerce OF the
United States for the year 1916 will
amount to s billion dollars. That is
the estimate of the Foreign Trade
Department of the National City
Bank. The increase over 1915 will
be so per cent, and the increase over
1914 will be 100 per cent. The eX-
cess of exports over imports will be
approximately billion dollars. The
contradiction of our time is that a
people whose reckless consuming eX-
travagance is a byword in the world
have actually been putting by a
urodigious amount of wealth. No
people ever before produced and sold
on credit in one year billion dollars
worth of surplus merchandise. 1t is
saving. To produce more than you
consume and lend the surplus is to
save. We have not reduced our own
consumption. On the contrary, we
have increased it, but we have in
creased our production very much
more; hence the gain. Attention is
called to the interesting fact that
materials for use in manufacturing
constitute A per cent Of our exports
and manufactured merchandise 81
per cent, while materials for use in
manufacturing constitute only II per
cent of our exports and manufact-
ured merchandise CT per cent. That
is to say, we have been buying more
raw material and selling less; buy
ing less finished merchandise and
selling more. Or, if you can think of
labor as a commodity, we have been
importing the unskilled labor which
enters into the production of raw
materials and exporting the skilled
labor which enters into the produc-
ton of finished merchandise. That
is the most profitable exchange that
has ever been discovered-for those
who export the skilled labor.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-07

The above rates express the cost Of
foreign money in terms OF the Ameri-
can dollar. You buy an English pound
sterling for s4.75ii; the intrinsic par
ity is s4.s6Ss per pound. Thus. you
say either that pounds are at dis
count or that dollars are at a pre-
MUM, which is owing TO the fact that
in England the demand for dollars
with which to settle accounts in this
country is greater than the demand in
this country for pounds with which to
settle accounts in England.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-07
Money Wanted F.'
Additional Produeiiea

An automobile manufaefwu
company of Detroit, Miehis.t
which is now and has been ~
past several months prodsc'se
and shipping cars, desires a6@
tional capital to increase pfods''
ton to enable Company to ~:
ply its demand. Personne' "
officers and directors Al.
p. c. KLOHR,
1917 Corn Exchange Bank BIds- ~
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-07

Italy has entered into an agreement
to send $500 head Of cattle for Swiss
consumption yearly, receiving an equal
number of Swiss cattle for breeding
and agricultural purpossa
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-07

Below is given the current exchange
value of foreign money in dollars and
cents, together with the intrinsic gold
parity, as calculated by the United
States Mint:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-07
Money and Credit

Call money at the New York Stock
Exchange ruled at "a per cent, com
rared with 2ia per cent on Friday.
Offerings of time funds on brokers
Stock Exchange collateral continue
large. and the tone is easy. The favor
able bank statement of Saturday made
for increasing eage yesterday. Activity
centres chiefly in the longer industrial
maturties.
Ruling rates on money yesterday,
compared with a year ago, were as fol-
lows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-07
The Dollar in Foreign Exchange

The market for foreign remittances
was quiet at the opening Of the week
and there we're no important changes.
Week
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-07

Commercial Paper.-Little interest
was shown in commercial paper. Rates
continue unchanged at 3h@3% per
cent for tho best regular maturities.
Official rates Of discount at each OF
the twelve Federal districts arc as fol-
lows.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-07
AN ORDINANCE CALLING IN roR ~.
DEMPTION BONDS OF THE
CITY OF SAN ANTONIO

Be II ordained by the commissiooss Il
the City OF San Antonio:
WHEREAS bonds OF said city are ss,.
standing. as follows:
Issue. Purpose Amount TO mPL4
Impts. etc. .......iss.o ooW Feb. l. 49,
Impts. ..,...,.... u,sooW Jan. LII,
July /. 1889 stree, -.
July i. 1889 side
walk Impts. -. 100000 Jsa. L. ili
Str Bridges. ioc,ooow Mar. iLmi
cert erty &C Condemned. 7s.oeoo Ma, M ir
walk Impts.. io.ooso Mar. H. u;'.
fmpts. -. So.ooo.as Sept Is. in;
Fire Alarm. -. 1900" Sept I Dr.
Sept. IS. 1880 School ..,
said bonds being payable IN thirty ~,
years. and redeemable at the option q ~
City after twenty 600 years. and oeihs =
denominations OF One thousand DohAn -
bearing nve 80 per cent Interest ssoy
Public improvements issue OF 1853 wn,n -
for Five Hundred Dollars each and bear |"
90 per cent interest; and
WHEREAS said City now desires
ercise its option and redeem all OF said ooss''
49,
The City OF San Antonio calls 10 ssie 49,
for redemption and all holders thsrea w
hereby notified 10 present the same lor - -.
payment OF all principal and intsree ~
thereon. on the dates TO Re Paid 80 -
set forth. either at the Treasury Of ssia M ~
or at the NATIONAL BANK " 49,, 80
MERGE, Of New York City, when 80,
designated as the New York Fiscal AZ
OF said city OF San Antonio for the e.'s r.
OF said bonds as herein provided ana -
and after the respective dates herein ~,
fixed for the redemption Of said oones. !. -,
City shall not be chsrseabls with OF psyc
interest on said bonds. And the Nv
ia hereby directed 10 cause the publicatoe y
this ordinance without csrtincsts tnrS Ss,-
each in two newspapers IN New fors -.
one I'm Chicago and one In san AnIon 1870
PASSED AND APPROVED this sou e'
OF October, A. ID. 1918. -, 49,
ATTEST:
FRED FRIES. City Clerk.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-07
PIERCE.ARROW MOTOR
UNDER NEW CONTROL
Charles Clifton Is to Succeed
George K. Birge, President

Buffalo, Nov. 6.-Control OF the
Pierce-Arow Motor Car Company OF
Buffalo will be taken over before jan
uary 1 by J. & W. Seligman & Co.,
New York City bankers, and other
banking interests Of New York allied
with them. IL was announced to-day.
The New York bankers will acquire
controlling interest in the company at
a price which is not made public.
George X. Birge, now president Of
the Pierce-Arrow company, will retire
from the presidency and will be sue.
ceeded by ColJlel Charles Clifton.
present treasurer of the company. In
other respects the present organization
VIII remain unchanged.
The new Pierce-Arrow corporation, Il.
Is understood, will have 100000 shares
OF per cent convertible preferred stock
and 100000 shares of common, no par
value. Arrangements have been made
Tor the retirement of the present COM
pany's s1,250,000 S per cent bonds on
February l, 1917 A syndicate has been
formed by ]. e. W. Seligman & Co.
to underwrite. the securities Of the
new corporation. The new preferred
stock will be redeemable at 1875 and will
be convertible into the common share
for share. 1t is also provided that for
every dollar in dividends paid on the
common stock in excess Of IS a share
there shall be set aside 81 for the pur-
chase Of preferred stock.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-07

gained from the Sub-Treasury So
10000
Silyer.-Bars In London, 32A pence;
New York, $50 cents; Mexican dollars,
SO.
Increased offerings from the United
States have tended to hold down silver
prices, according to the Wagel bullion
letter. The stock in China remains I'M
changed. Exchange rates in Hong Kong
and Shanghai are at parity, the market
there being very strong. The Chinese
markets expect higher prices. Stocks at
Bombay have been reduced consider
ably, although prices have not I'M
proved. A shipment Of 100000 ounces
of silver was made last week from San
Francisco to Calcutta. Shipments to
London from New York aggregated
9S3,431 ounces.
BOSTON Bank Statement.-Tho week
~ statement Of the Boston banks dis
closed an increase Of $3,S49,oOo In
loans and discounts. Cash reserves de-
creased s726,OoO. while surplus re-
serves decreased $4,000.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-07
New York

The Rise in COal.-"The Black Dia-
mond" says: Notwithstanding rec
ord quotations I'm all markets. produc-
ton has not increased perceptibly. In
this connection il is interesting to note
that mining operations in the Pitts
burgh district at the present time are
estimated at only 63 per cent. as COM
pared with % per cent on the corre-
spending date last year. This is char
acteristic of the conditions prevailing
in all mining centres. The most siren
spurred on by the urgent needs Of the
market. have met with little success.
due TO the shortage of cars and the
scarcity of mine labor. The shortage
OF supply occurs at time of maximum
consumption for steam making and do
nestle uses. and when little or no
progress has been made in sccumulat-
ing stocks against the season Of ham
pered TRANSPORTATION and distribution.
The statements of shipments of an
thracite. as compiled by the Anthracite
Bureau of Information at Wilkes Barre.
show that from April 70 September
80 the production in 1916 was 2,o75.0oO
tons less than in the corresponding
months Of 1915. This decrease has been
due almost entirely to the shortage in
the labor supply in the anthracite
region"
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-07
OBSERVATION-DISCLOSURES
E1pss ss4s!S:secAN

AZ Broadway, New Yevh
Stocks or Bonds may be Dur.
chased through US. In ,ay
amount, either
Outright for Cash
on Conservative Margin
or under the
Partial Payment Plan.
Upon request, we will seN
booklet fully explaining a.
method Of purchasing seeun.
ties in any amount under IA.
Partial Payment Plan.
Ask for Booklet X-2
Members
New York Stock Exchange
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-07

Frisco Bond Offering. Lee, Higgin-
son & Co. and the Guaranty Trust Com
pany have purchased and formed a syn
dictate to sell $s,5i6,O00 st. Louis 4 San
Francisco Railway prior lien S per cent
bonds. They arc part Of the 100000
issued under the prior lien mortgage in
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-07

Bank Exchanges.-The days clear
ings at New York and other cities:
Exchanges. Balances.
New York. .$365, ee2 900 S26,03e,o12
Roston . 26,322,486 5,021,967
Baltimore ...... o,9Ho,4so 1tos1
Chicago .. 76,757, 482 4,076,66o
Philadelphia -. 41,8o9,ooo 4'o'S'f<'
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-07
Finance Economics

GARET GARRETT, Editor
WALL STREET OFFICE: Telephones,
Build Broad St Hanover oolt
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-07

Sub-Treasury. - New York banks
gained from tho Sub-Treasury So
$4,000.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-07

Continued Oh page II
Bryan daily eagle and pilot. [volume] (Bryan, Tex.) 1909-1918, 1916-12-25

u. l.. Donaho, New Orleans
p. S. Park. Jr.. Houston
J. W. Sphinx. New York
Henry Schradel. Jr.. Dallas
c. V. Love and wife. Beaumont
J. L. Chadwick, Brennan
Z. ]. Boone, Waco
Mis- Helen Moore, Waco
Mrs. Walker. Waco
Billy Davis, Waco
J. X. Carr. Houston
A. Z. Lundell. Houston
II. II. Zuber. San Antonio