davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-10
Out of Cars.

A feature Of the bituminous trade
that demands special mention is the
growing car shortage. The supply first
showed signs of irregularity about
three weeks ago. and since then has
grown steadily worse. Even the New
York Central, which has long been
noted for it's ability to give mines their
full allotment when other roads were
running behind, is not living up to its
reputation at the present time. On
other lines the situation is as bad, or
worse. Unless there is a change for
the better, the tightness in car supply
is bound TO be reflected in higher
prices before long. As it is now, the
market is gradually strengthening so
far as buying tonnage for shipment is
concerned, and any further restriction
on the supply will accelerate the up
ward movement.-Coal Trade Journal.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-10
Wednesday, august 8, 1916.

Wall Street, Wednesday, Aug. 9.
For once, perhaps for the first
time, the railroad brotherhoods will
believe what is said in Wall Street.
1t is said that on the announcement
by Mr.. Garretson that the four
brotherhoods had accepted the prin-
ciple of mediation-not arbitration
the stock market during the after
noon advanced in a highly relieved
manner. They will believe this be-
cause it ascribes to them ire
mendous power. They will be sur
prised, indeed, at the varieties of
relief exhibited in the stock market,
for, besides such advances in rail
road shares as 6zS points in Read
ing 21a points in Union Pacific and
/ to points in various other active
transportation issues, there were
gains of even more in such dissim-
liar things as United Cigar Stores,
United States Steel common, Cruc-
ible Steel, United States Industrial
Alcohol, Maxwell Motors and Stude-
baker. But alas it is probable that
they have been fooled again. Wall
Street is never so much to be dis
trusted as when she tells you what
you want to hear. That the broth
erhoods accepted the principle of
mediation probably had nothing
whatever to do with the rise in
prices. There had been no fall on
fear of a strike; therefore, rise
could not logically take place on the
news that a calamity never really
expected had been postponed if not
avoided. Any pretext for a rise
would have served almost as well.
Actually, perhaps, more stocks were
bought on the possibility of an early
announcement of a British loan Sc
cured by dollar collateral than for
any other reason.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-10

So ruefully do the English regard
the exchange of their accumulated
wealth for the goods consumed in
war, as now, for example, to be
swapping American railroad shares
and bonds for foodstuffs and NUM-
tions, that some truth is found in
the boast of Germany that her money
is spent all at home. The financial
editor Of the London Outlook"
writes: 1.-THE crux Of the matter is
that, hampered though Germany
may be, she is practically self-sup-
porting. She has little chance Of
being anything else. She is
prevented from exporting her cap
ital. On the other hand, this coun-
try is sending vast amounts abroad,
expending lavishly not only in sup
porting ourselves, but supporting
our allies. Vast sums are perma-
nently lost" But what if England
could not export her capital?
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-10
Nobody Can Stop.

To say that the limits of actual
production are being touched is not
to say that we have reached the peak
Of profits. Prices could go on rising
Prices have risen faster than the vol
ume of business. That is generally
true. In places where commercial
loans are running % per cent over
those of last year, as in Chicago, the
expansion is in two terms, namely.
the expansion which represents
financing an actual increase of bust
ress and the expansion which repre-
sents financing all business at a
higher level of prizes. The proper
ton, speaking roughly, is as two is
&c five. That is to say, Of a %
per cent expansion in commercial
bank loans, two-ffths will represent
an actual physical increase in the
amount of business doing and three
fifths will represent general Use
il prices, requiring just so much
more credit to transact a given
amount Of business. That is the
ratio in the Northwest, too, and it
holds for the most part throughout
the inland.
Credit has been extremely avail
able owing to the change in bank
ING methods which accompanied the
introduction of the Federal Reserve
Bank system. Nearly a billion col
lars Of reserve money was thereby
released, and this was bound to lead
TO tremendous loan expansion.
Herein lies another uncertainty. The
attitude of the Western banker
toward the Federal Reserve Bank
system is one of suspended judg-
rent. One should say, perhaps, that
this is the attitude not toward the
system itself, but toward the man
agement Of II. II has exercised a
powerful. though an indirect, cheap.
ering influence upon the price of
credit. The Federal Reserve banks
have steadily increased the stock of
credit at time when already there
was an excess supply. Every banker
knows that the time will come when
for the sake of general solvency it
will be necessary not only TO restrict
the use of credit but to curtail the
supply for the purpose of inducing
liquidation" 1t is an ugly word.
connecting disagreeable experiments;
yet it never fails that after very
enthusiastic and optimistic use of
credit in business the necessity will
arise for a borrower to pay not by
borrowing more but by giving in
something on account and reducing
! is liabilities Now. the question is.
will the Federal Reserve Bank
Board have the moral courage to act
in this way, or, under political pres
sure, will it go on making credit as
cheap and as accessible as possible
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-10
Money

Money on call on the Stock Exchange
was in liberal supply yesterday MoS'
os tho loans were made at 2 per cent.
Time loans on Stock Exchange co..
lateral we're unchanged. The market
continues in state Of comparative
ease. Mixed loans are quoted pa 10
per cent for sixty days, to ga per
cent for ninety days, ga per cent for
four months, 3si per cent for five and
six months. Industrial money Is lend
ING in moderatcs at rates 4 per cent
higher.
The commercial paper market is feat
urcless. The moderate amount OF OIL
ferings is being absorbed at 3A per
cent for January and per cent for
February paper. Western centres, par
ticularly Chicago, evince greater dis
position to buy, and paper there is
moving generally at 3A per cent.
Official discount rates in each of the
twelve Federal Reserve districts are;
Maturity in days
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-10
The Neutral Banks.

Now let US take the neutral banks.
The Bank OF Spain increased its re-
serve from s22OO0.OOO to SAP 10000,
the Swiss National Bank from $4,000
600 10 G1O,OOO.000. the Bank of Sweden
from e5.750000 to e9,250 900, the Meth
erlands Bank from e13.00O,O00 to f4S,-
600 900, the Bank Of Norway from g.
$50 900 to e6,5OO 900. the National Bank
Of Denmark from si000,0O0 to fS,500,-
900. The nuetral banks, therefore, have
had an increase of i67 100000 in their
gold reserves. ! do not refer to Ru-
mania and Greece among the neutral
countries, nor to Belgium and Servia
among the belligerents, because from
the point Of view Of gold they have lit
tie or no Importance.
i, is well known fact that the lions
share Of the addition to the reserves Of
central banks has come from England,
France and Russia. We know that Ger
many has bought goods from the Sean
dinavian countries, but most Of it has
been on the basis of exchange of COM
modities for commodities. On a liberal
estimate it is difficult to concede that
more than GlO.00O.Oo0 came from Ger
many. We are not likely to be far
wrong in concluding that $4,000, 900
came from the Allied countries.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-10
GERMANY'S VITAL
SPOT IS FOUND
The place to Give the Mortal
Thrust Is in the
Metallurgy.
By FERNAND ENGERAND'
French Deputy writing in The Lon
don Outlook

We must strike at German metal
lurpv because Germany has made
metallurgy the means OF dreauiu III
war. and should her metallurgy remain
unimpaired, it would constitute con-
slant menace to the peace of the world
England has every interest in guaran-
tceine the metallurgi cal development OF
France. so that France, IN company
with noble Belgium, should constitute
an the loft bank of the Rhine a coun-
,or-balsnce to the metallurgy of the
RIGHT hank. A metalurgical constitu-
,ion must exist between the three coun-
tries which will take in all the elements
of iron smelling, giving them equal
share and power. and which will defin-
;tclv eradicate the bad business
methods Of former years.
France can only hope to be metal
lurgical power if she has coal; the coal
question must head the list OF peace
settlements. We are, in regard TO coal,
in an impossible position; perhaps
owing. on the one hand, to our own
errors in the exploiting of collieries
which always limited their diminishing
OUTPUT, but also, on the other hand,
owing to a very old mistake on the
part of English politicians. Within our
natural limits we had an Incompatible
reserve of coal in the region Of the
Sarre. in Lorraine These coal mines,
actually the property of the Prusslsn
Treasury. were prospected under Napo-
leon by our own engineers. who started
them in full activity and who fixed the
boundaries of all concessions. In 1915
it was England who brought Prussia
to the left bank Of the Rhine, and al
lowed us to be robbed of our coal Of
the Sarre; by this measure our indus
trial activity was compromised for a
century, to the advantage of Germany.
Was it not England. too, who. in
1871. allowed Germany to seize with
our Lorraine the principal element of
her metallurgical expansion? We must
never forget that of 100000 tons of
ore extracted from this German soil,
more than 81 100000 are obtained from
Lorraine II is this twofold error on
the part of English politicians which
has given Germany the opportunity of
Selling hold of the metallurgicsl power
which she has turned against US so
cruelty to-day.
When peace is signed England owes
il to herself to make reparation for
these errors of 1915 and 1871, and TO
take part in our claim to Alsace. to
Lorraine. and 10 their necessary ad-
junct, the Sarre. We must dominate
German metalurgy. England alone can
not succeed in this endeavor; she needs
a Continental ally; that ally can only
be France, with the cooperation of Bel
GUM. II is only a metallurgicsl en-
tente between England. Belgium and
France which will be capable of donli-
mating Germany, and guaranteeing a
lasting peace TO the world.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-10
Allied Banks Alone.

! will deal solely with the Allied CEN
trail banks and the central banks of the
neutral countries of Europe. There is
little use in dealing with the banks Of
the Central Powers, because we have
too little data to base judgment upon.
The Bank of England had e3s, 100000
just before the outbreak of the war;
after moving M to 100000, 900 the total
of gold stands at f54 100000 in the
last report II is conceded that gold
kept in Canada, South Africa and Aus
tralia has been considered as reserve
Of the Bank of England. It is also
well known 20 economists and bankers
that the total of gold available in
Great Britain has never been more than
il30,000,000 OF this total less than
half has been in the shape of coins in
circulation and the reserves, not only
Of the Bank Of England, but of all Joint
stock banks. England alone of all the
countries of Europe has control over
the largest part of the gold supply.
Out of the sol 100000 worth of gold
produced in 1914 all but f34 900 900 was
obtained in the British Empire. the
United States producing $40 100000.
The Bank of France increased its
gold reserve from G16O,OOO,OOO, just be-
fore the outbreak of the war, to $751;
100000 in the last account. Besides
this reserve, the Bank of France held
f40,000,000 abroad in October, 1915, al
though this reserve has now been re-
duccd to s23,5OO, 900. The Russian Bank
had e159 100000 at the outbreak of the
war, and has only sl53,0OO,D00 at pres
ent. But its reserve abroad is now said
to be fl49 100000, while only last 0c-
tobcr it was f3,3O0,OOO The Bank Of
Italy had f55 5000, 900 at the time Italy
declared war on Austria. At present It
is only $4,000. 900. Thus, exclusive of
the reserves held abroad by France and
Russia, there is an increase of s3l ,000,-
600 in the combined total of the gold
reserves of the Allied banks.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-10
The Outgo.

Now let rs consider the outgo from
the Allied countries during the last two
years. M this connection it is needless
to state that England has acted as the
fiscal agent for the Allies. After ac-
counting for the gold that was sent
from the United States in the first few
months OF the war, We have a net total
OF gl45, 900 in gold. which has been
sent here on the Allies account. Japan
has taken part of her reserve, amount
ing to about 100000, to Toxic; the
outgoes on other accounts have been
unappreciable, and may as we'll DE
ignored altogether.
We have now 10 account for $780,
100000 OF export to the United States
and Japan. f3l 100000 increase in the
central bank reserves of the Allies and
s57,50O,000 increase in the reserves OF
the central banks of the European neu-
trial countries, or a total of s23S,500,'
600, apart from the French and Russian
reserves held abroad. The total pro-
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-10

foreign money in terms of the Amer
ican dollar. You buy an English pound
sterling for $i.75 lilo; the intrinsic
parity is s4s69s per pound. Thus you
say either that pounds are at DIS
count or that dollars are at premium
which is owing to the fact that IN Eng
land the demand for dollars with when
to settle accounts in this country Is
greater than the demand in TINS coun-
try for pounds with which to settle
accounts in England.
II you calculate the cost OF the dol
lar in terms of foreign money that
is. as if you were buying dollars with
pounds, marks or francs-its value
Yesterday and year ago would DC
about as follows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-10
DIRECT RECEIPT OF
SOUTH AFRICAN GOLD
First S3,000,OOO May Be the Be-
ginning of a Large Movement

The arrival at Baltimore this week
of 100000 in gold bullion. fresh
from the mines of South Africa, sug-
gosts interesting possibilities in the
way of a sustained movement Of the
metal from that quarter Bankers here
can recall no previous gold shipment
Of importance direct from Africa, and
the opinion IS expressed IN financial
circles that the British. in financing
their war purchases in this market, are
finding IT more 10 their advantage %
send the metal direct TO us from the
mines instead of shipping it first 70
London, as has been done IN the past
Whether any large amount Will come
forward from Africa IN the future Is,
however, another question.
Gold production in the rich Trans
vaal district Of South Africa has been
running at a record rate for more than
a year now. The mines are again op-
Grating under normal conditions. The
unscttlcment that followed the out
break Of the war has passed. LaboreS
al work in the Transvasl mines M
creased steadily last year. At the END
Of 1914 l64,65O men were employed m
these mines. At the end Of last yesf
the number had increased TO 20sVV''
Africa turned out in 1915 lO,59s'Nl
ounces Of fine gold. worth $22o,ooOoov'
a record. and an increase OF 1ss''''
fine ounces compared with 1914 me
largest part of this was prcductd N
the Transyaal Total gold produt son
TO- the whole world last year va ~
O63,673 fine ounces. worth St76,7Y'"'o.
Since the European war begant s''u
imports into the United States fro"
all sources have exceeded $685., 0RV'o
So far this year the influx has brouse;,
$3.50 900, 900. England has shippeS vs.
direct Si2O,OO0,OOO. Exports from the
United States during the two years
have aggregated approximately S2t-'
100000. so that the balance IN or
favor approxima;es s5000OO,0oO. WIN
the movement still in progress. Gcd
imports have come from almost every
country of Importance.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-10

1t is taken for granted that the
forthcoming British loan will be Sc
cured by dollar collateral, and that
is why it will be treated as happy
augury for the stock market. A
great mass of securities now hang
ing over the Stock Exchange will he
impounded for a definite time. The
selling pressure which hitherto has
been so constant all through the
international list" will be removed.
II it is true. as there is much evi-
dence to show, that there does exist
in the stock market a repressed i'm
pulse to rise. this transaction would
all at once give it the freedom to
act. Probably, before the loan
actually is brought out, il will he
the subject of many premature
rumors and minor disappointments.
England is in a position to bide her
time. There is not much really to
be arranged. The preliminaries
might be very brief. The amount
will be governed by the bankers
estimate of what they can safely
take, ani so much as that we are
obliged TO take. So long as England
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-10
AIS WEALTH MARKETS AND COMMERCE rs

duction Of gold in the British Empire Is
about s56 5000 900 a year. Granting that
every ounce Of gold produced in the
British Empire has been turned over 20
the government, they will still have
only f1l2,000,OO0 for the period under
review. The likelihood is that not more
than f100,OO0,O0O could be safely
counted upon. Russia produces about
IS 900 900 a year, and the Allies might
also count upon another s3,OOO,OOo oil
the worlds production. This will give
another $4,000, 900 for the last two
voars A norton Of the gold that went
from the United States via the Pacihc
Coast has been taken over by England
and the total from this source 49,
roughly, 100000 for the two year,
We thus account for fl24,Ooo'ooo'
Where did the balance OF the f23o,ooo'-
mn come from? We know that IN
France plate and jewelry were melteo
and the gold turned over to the gov
eminent; also that a great deal OIL inc
circulating money in England came
hack 70 the Bank Of England, and some
of !, impounded. As the total supply
available in England has never eH
coded sl3O 900 600, and as some hoard
ing is inevitable in these times '"e
noost liberal estimate of the gold turned
in apart from the banks present re-
serve. can hardly exceed s5o'oVo'oVV'
France does not produce gold, ana 'ne
increase is altogether due to the peop'e
turning in their gold to the govern
ment. But, then, we have allowed ioi
s31 900, 900 increase in the reserve anu
Goa. 900 900 in the reserve held aoio""'
On q very liberal estimate we can anu"
another f5o,OOO,OOo as having come
from the peoples stockings. Even nv"
We have accounted for only EZZs'VVo'
ooo while the actual outgo has pee"
s23s. 500 900. This. accounting IS on tne
assumption that on August l this year
not a cents worth of gold Is Ieit !"
canada South Africa and Australia
which, of course, is not correct
Where Are the Reserves!
Another extraordinary position is the
rossrves of the Bank of France ana the
prssian State Bank. One would ike 10
Lnow where the s23 100000 of France
cold and s149,OOO,OOO of Russian soio
are kept. The accounts make II spe
cial point to count these as goid pai-
snces. and, in the case of France IN
omount is included in the reserve ioi
the notes in circulation. We know tna'
there is no appreciable amount heio y
the credit of France or Russia IN 'he
limited States. In such case 'he''
would have been no need to arrange
nou, credits here for small amounts
W. know. also. that there is no other
nlace but London where these balances
could be kept How, then does LonuO'
do il? Has it any gold earmarked As
ros.rve for these balances? The SLUT
ton is extremely complicated ana one
can hardly reconcile the more OF ie''
contradictory statements.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-10
DIVIDEND NOTICES.
GREENE C,N,NEa COPPER GO.

~ Br0sdHaT. New York.
The Board N Directors of the Greene Csnas
Copper Company has declared a dividend ~ SEA
per share upon ifs Capital stock ~ the par rsig.
n $4,000 per share. payable August IS 1918
10 the Folders Of sucl shares Of record ar -
close ~ business az 3 O'Clock = II Friday A..
yist m. 1916. Tie dividend Is payable only upsr
lie $4,000 shares in'0 which the Capital Siocf
IS divided AL stockholders who lave NOT con.
rcrtcd their holdings into shares - 500 90 psf
value should DO So without delay in order thai.
hey may receive their dividend promptly.
TIE transfer books viii not 10 cio,ed
:. ". ALLEN. Treasurer.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-10
To Holders 81
JEFFERSON & CLARIFIED COAL a
IRON COMPANY
First MOrtgaEe 8 bonds
~ Z - - ~ 1911 L

NINNINF FINI NTII|I
Notice Is hereby given as provided I,
Article OF the Indenture dated Jun, IS
1895. securing the above bonds that sealed
offers will bo received up % 10 A n On
Thursday. September a. 1916 by m.
GUARANTY TRUST COMPANY OF NEW
YORK. al its Office No 40 Broadway,
New York. for the sale 20 n as Trustee AZ
the lowest price Al which such bonds shall
be offered not exceeding 1850 and accrued
interest. OF sufficient Of he above bonds %
exhaust the sum Of Seventy-s.v thousand
Three Hundred Seyenty-two Dollars ana
nine cents iS76.3T2.O9b.
Offers shall he sealed and endorsed
"Or,rs for tho sale Of jefferson & clear
field Coal & Iron Company So Bonds %
sinking Fund" and addressed 20 "a.
TRUST DEPARTMENT
JEFFERSON & CLEARFTELD COAL 4
IRON COMPANY
By GEO Il. CLUNE. Treasurer
Dated Rochester. y ". August g. 1915
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-10
IT. S. Treasury Finances

Washington, Aug. 9.-The condition
OF the United States Treasury at the
close of business to-day; Net balance
in general fund, s222,75l, 796; total
ordinary receipts to-day, sl,942,247
total ordinary payments to-day, s4,-
272,9l2.
The deficit this fiscal year is Sl2,.
$1,000, against a deficit Of sl4,69l 32e
last year, exclusive OF Panama Cana
and public debt transactions.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-10
CENTRAL ARKANSAS RAILWAY &
LIGHT CORPORATION.
Preferred stock Dividend No. H.

- Wv tUTl.' .tUgust y, TIIb,
The Board Of Directors has this day de-
clared the fourteenth consecutive quar-
terly dividend OF one and three-qgarters
Per Cent on the Preferred Stock OF tie
Central Arkansas Railway * Light Cor
poration. payable September I. 1915. 10
the Preferred Stockholders OF record as q
the close Of business August Is. 1918
Checks will De mailed. Books Tor the
transfer Of the Preferred stock o. the
Company will not be closed
J. D!'\HIII Trea.urrr
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-10
}. DUNHILL. Treasurer
NORFOLK & WESTERN RAILWAY co.

lie N0afd 0' Dlre0f0Ts has leCTlr0T 4 quar-.
terIy dividend " one per cent upon The Adjust.
ment Preferred stock of tie Company. pIab..
al the Office ~ the Company. Commercial rrls,
Building. Philadelphia. Pa. on and amer Aggls
10. 1915. 90 the Adjustment Preferred Stnckh0d-
ers as registered az the close OF business Jsy 81.
1916.
T. n ALDEN Sezear7
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-10
AMERICAN HIDE & LEATHER co.

dividend Of FIVE PER CENT on be Pre-
ieried Capital stock N The Company has his fs'
ooeh declared. payable September D. 1916 % re
Tered stockholders - record a. tho clos. 4
business August L.. 1915
GEORGE 4 HILL Treasurer
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-10
Chicago Money Market. John
The Dollar in Foreign Exchange

The foreign remittance market was
extremely dull. Sterling rates held
firm. Francs were somewhat easier.
Italian exchange was weak
The closing quotations were as fol-
lows.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-10

1t is foregone that the eating price
of wheat in the world will be higher
in the coming year than it has been
in the last twelve months.