davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-24
WHEAT,COTT0N,
FLOUR ALL JUMP
Worldwide Shortage of
Supplies Is Cause OF
Excited Buying

Wheat made another sensational
fight yesterday, carrying the nour
market up with it
Prodigious buying accompanied the
advance. Estimates that tho worlds
crop was 25 per cent under last years
total lent emphasis to the shortage In
the United States, as did dwindling
receipts in the Northwest, on both
sides Of the Canadian line.
Further big gains in prices at Bue-
nos Ayres strengthened belief in the
reports which have been coming from
Argentina lately TO the effect that the
growing wheat crop had been seriously
damaged by drouth.
Closing prices in the Chicago mar
ket showed net gains Of IA to AZ
cents, with December wheat at s1.74's
and May selling at s1.74% to s1.74%.
GOOSE" Wheat at 81
Five thousand bushels Of No. durum
wheat sold in the cash market at Min
neapolis at 81 a bushel. The wheat was
purchased for local milling purposes.
Several cars of Montana durum, to
arrive, sold at the same price.
Minneapolis -four prices were In
creased 20 to so cents a barrel, with a
strong foreign demand In evidence on
the advance.
Fancy patents which sold on Satur-
day at $685. were quoted yesterday at
1856. This grade of -four has increased
65 cents a barrel in one week. First
clears sold at $3.50, an increase Of 80
cents, while second clears sold at S.,
an increase of 50 cents q barrel.
Cotton Makes New Record
There was also a renewal Of bullish
activity and excitement in the cotton
market yesterday, with all deliveries
making new high records for the season.
January contracts sold up to sl9.22,
while May touched s19.47, or more than
$3.50 n bale above the closing price
last Saturday. Final transactions were
at about the best prices for the day.
Rumors Of falling off in ginning
returns reduced estimates of the crop,
the big advance reported for Egyptian
cotton abroad and bullish advices from
the goods trade inspired fresh buying
for the rise, especially by spectators,
who recently took their profits and
were in a position to play the market
with the other fellows money.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-24
Neu's Digest
Foreign

London Markets.-London, Oct. 3D.
The stock market started the week IN
dull fashion to-day in the absence Of
any improvement in the Balkan situa-
ton. Gilt-edged securities declined q
fraction, but it is hoped the demand
will increase when the lists for the
French loan are closed next Friday.
Industrials, especially Marconi, were
firm and shipping shares were support
ed. American securities were moder--
ately active, with United States Steel
strong. Canadian Pacific was easy on
labor fears.
Money was in strong demand and
discount rates were steady.
Paris Bourse.--Paris, Oct 23.-Trad-
ing was quiet on the Bourse to-day.
Three per cent rentes, 81 francs 20 CEN
times for cash; exchange on London, q
francs SIN confines; per cent loan,
80 francs.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-24
"HETTY GREEN ROAD"
IS UNDER.CAPITALlzED
l. C.. C.. Gives Out First Reports
on Railroad Valuations
Washington, October %.

w GShtngtOu, OCtooo' ~"'
Railroad "bsiters" were handed
mild Jolt to-day when the Interstate
Commerce Commission announced the
completion Of the physical valuation OF
two small railroads, showing that one
of them, instead Of being over-capitai-
lied, was actually under-capitalized'
This particular road, the Texas Mid
land, was shown to be worth, according
to the commissions experts, approx
mately 25 per cent more than the total
face valuo of all its stocks and bonds
put together. The other road, the At
lanta, Birmingham & Atlantic, was
shown by the tentative figures to be
very much over-capitalized.
The Texas Midland, sometimes called
the "Hetty Green Road" which is Ill
miles long, was given valuation OF
s2,527,417, while the total bond and
stock issues of the road amount to only
$2,l12,OO0. Allowance was made for
depreciation in fixing the present value
of the road, but it was expressly stated
that certain land holdings Of the line
were excluded in determining the total
value.
The Atlanta, Birmingham & Atlantic,
however, with total Of $54,57i,l76 OF
combined bonds, stocks and debts, Is
given a valuation, less depreciation, OF
only s1s.07l, $50, or, without allowance
for depreciation, of s22,7l6,s66. The
roads property is mainly In Georgia
and Alabama.
Despite the great secrecy surround
ing the work of revaluation, informa-
ton has been seeping out that the
final result would show that q great
many railroads in this country were
undercapitalized rather than over
capitalized. The information has been
particularly to the effect that many OF
the Eastern trunk lines would be shown
to have a reproduction value far in ex-
cess of the total Of stock snd bonds
issued.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-24

duce one without diminishing the
other. The National War Savings
Committee has issued an appeal TO
all householders to conserve our
coal supply by restricting their
consumption Of coal, gas and cleo
trio light. Coal is so essential to
the war and so valuable an article
of export that this appeal should
be responded to readily by every
patriotic citizen. The food prices
committee is also urging US to re-
duce our consumption Of meat, and
it is suggested by Sir Hedley lie
Bias in a letter to "The Times" that
a special day should be named for
abstention from meat, since this
system would be more convenient
to dealers and caterers. All these
appeals help to remind the public
of a neglected duty, but they have
been so oft repeated and so in
effective that sterner measures
seem to be the only remedy.
Apparently nowhere in the world
has the rise in prices checked con-
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-24
MILL CONSUMPTION OF
COTTON SETS A RECORD
American Manufacturers Used
7,278,529 Bales In Past Year

Washington, Oct. 23.-Cotton manu-
facturers exceeded all previous records
during the cotton year, which ended
July 81, and the unprecedented activ-
ity Is continuing. A preliminary re-
port by the Census Bureau to-day
placed the total consumption of cot
ton in American mills at 7,27s,52e
bales. OF that quantity 6,397,6l3 bales
were lint, and ss0,916 bales linters.
Use Of linters showed an enormous in
crease over the previous year due to
their manufacture into explosives. The
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-24

increase was 46e,o71 bales, or 1883
per cent. Cotton used also Increased
SOC, 231 bales, or 14.3 per cent The
number Of cotton spindles active dur
ing the year was so ,So5 1888, an increase
Of 90 per cent over 1915.
Massachusetts, retained Its place as
first cotton manufacturing state, US
ing 1.4e2, 1888 bales, compared with l.
2s2. s37 bales In 1915. North Carolina
was second, using l,oe7,2ss bales, COM
pared with 910,154 bales.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-24

Chino Copper.-This stock was one
OF the most active Of the smaller cop
pers, closing Il points up at ssh on
dealings Of 10000 shares. Chino's pro-
duction is estimated now at $4,000 900
pounds q year. It's cost Of production
averages 7A cents q pound, so that
earnings on the basis Of present prices
for the metal may be estimated at
more than SIT a share on the $4,000, 1000
of capital stock outstanding. Last year
So a share was distributed In dividends.
The company's mines arc located In
New Mexico. and at the June meeting
of the directors s1,250,0o0 was appro-
printed for the enlargement OF milling
capacity. It's ore reserves were esti-
mated in December at 9o,o0O,0O0 tons,
running It's per cent copper The
daily average of tonnage treated dur
ing the quarter ended in June last was
S,665 tons.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-24
Dividends

Central Railroad Of New Jersey.-Reaular
quarterly dividend OF per cent. payable No
vember / to stock OF record October y.
New Central Coal Of Now Jerssy.-pivi-
dend OF per cent. payable November l to
stock OF record October p.
Farmers' Loan and Trust-Regulsr quar-
terly dividend Of 1911 per cent payable No
vember | TO stock of record October "a
Canada Ccment.-Regular quarterly divi-
dend Of | per cent on the preferred stock.
payable November 10 to stock Of record De-
tobsr 81
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-24
New York

Morgan Bond Man Returns.-Arthur
NJ. Anderson. head Of the bond depart
ment of j. P. Morgan Co, returned
to his desk yesterday following trip
to England. He was in London several
weeks and assisted II. P. Dawson and
j. P. Morgan, it is understood, in ex-
aiming the securities that will form
the collateral for the next British loan.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-24
Money and Credit

Call money at the New York Stock
Exchange ruled at tx per cent COM
pared with on Friday.
Responding to the favorable bank
statement of Saturday, time funds on
brokers' Stock Exchange collateral
opened the week easy. Borrowers are
bidding mainly for FIVE and six months
industrial loans, offering Sh per cent,
34 per cent and per cent according
to the character Of the collateral.
Ruling rates on money yesterday
compared with a year ago were as fol-
lows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-24
The Dollar in Foreign Exchange

Outside Of strength In Swiss and
Russian exchange the market was with
out special feature. Russian rubles
sold as high as 31.45 cents, against
low last week Of 81. Sterling and
francs were steady.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-24
Other Cities

Boston Coppcrs.-Boston, Oct. 23.--
Copper shares acquired strength dur
ing to-day's trading, which started I'M
certainly. Advances were not great,
but were so nearly general as to show
positive strength. The close was
steady. Copper Range, IN; Old Do
minion, 70; Allouez, IL.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-24
NORWAY BUILDS
AND BUYS SHIPS
Its Mercantile Fleet Is Be-
coming a Big Factor
in World Trade

Norway Is preparing to be an I'M
portant factor in the worlds mercsn-
tile marine activities after the war.
She has already expended large sums
in this country for new ships and is
expected to spend much more. To
finance these contracts credits estab-
lished with New York banks have been
drawn upon to the extent of many mill
ions Of dollars. One banking institu-
ton admitted yesterday that it had al
ready paid out $25,OoO,oO and expects
to turn over an additional s25,Ooo,0oO
70 American shipbuilders In the near
future for the account Of Norwegian
shipping interests.
The suggestion made by Norwegian
bankers, who arrived here Sunday, that
purchases Of vessels be financed in part
by loans is regarded by New York
financial interests as logical in view OF
the heavy expenditures that shipping
construction requires.
Since the war brought them great
prosperity, Norwegian shipping inter-
ests have been using their surplus
earnings on q large scale to add to
their fleets, mainly because their own
government has placed big tax on the
excess profits. By diverting their cash
resources to new construction work the
companies not only have avoided pay
ing a large part of the government levy,
but at the same time have placed them
selves in q better position to compete
for world trade after the war.
Great Activity In Ship Yards
The American Consul at Christiania
recently reported that shipbuilding and
shipping in Norway have never known
such activity. Old shipyards are being
extended and new ones established.
Shipping companies are being formed
almost daily, old concerns have in
creased their capital and vessels keep
changing hands at unusually high
prices. Old vessels have been pur-
chased in all parts Of the world and
new ones contracted for not only in
the United States but in England, Den
mark, the Netherlands and other coun-
tries.
Gross profits Of the Norwegian ship
ping countries for 1915 have been esti-
mated at s134, 100000 and for the frs.
six months of 1915 at about the same
figure. OF purchases in the United
States and other countries the Ameri-
con Consul at Christiania says:
Materials for shipyards have been pur-
chased In the United States by Norwegian
interests and many orders have been placed
there for new ships. The secondhand ton
mage bought In 1915 amounted 20 $4,000,
as compared with $4,000 and $1,000 tons
In 1913 and 1914. respectively. or the
old tonnage purchased $1,000 were obtained
from Greece. $1,000 tons from Sweden.
$4,000 tons from England. $4,000 tons
from Spain. $4,000 tons from the Neither
$4,000 tons from other countries. AL
though large prices were paid for these
vessels. the great profit that Norwegian
owners are making enable them TO write
down the book value OF their vessels and
at the same time TO set aside large sums
TO reserve. thus placing themselves In a
strong financial position.
As high as 5000 a ton on the dead
weight, it is reported, was recently paid
by a Norwegian firm for q new Japan
ESQ steamer.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-24
CORPORATION Returns

1916. Increase.
scptemb.r gross .St5,ts7.75o si.so6. o32
Net after taxes $50. 5.732.5o7 s94.A32
Public Service Corporation Of New Jersey.
The September report shows an increase IN
total business of s423.477. or 49, per cent
over the same month In 1915. The balance
for the month available for amortization.
dividends and surplus was $562.IO7. gIin
OF s9S,i3
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-24
Express Company Earnings Up

Washington, Oct. pa 400 per cent
increase in the operating income OF
the nine principal express companies OF
the United States for the fiscal year
ended last June was shown to-day in
the Interstate Commerce Commission
report on their revenues and expenses.
For tho twelve months the companies
had total operating income OF SlO,oo0,'
coo. against S2,556,2l2 tho previous
year.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-24

Southern cities annually buy from
the North sSO,OOO,OOO worth Of dair,
products.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-24

The above rates express the cost OF
foreign money In terms OF the Ameri-
can dollar. You buy an English pound
sterling for s4.75it, the intrinsic par
ity Is ,4.s6% per pound. Thus, you
say either that pounds are at dis
count or that dollars are at pre-
MUM. which is owing to the fact that
in England tho 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, 1916-10-24

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, 1916-10-24
Relevant
Information

Union Pacific. - On q turnover OF
As. 900 shares Union Pacific sold up TO
1929, the best price since 1t went on
an 8 per cent dividend basis in 1914.
In 1910 it sold at 2o4% as 10 per cent
issue. but that was before it divorced
itself from its control Of Southern Pa
cific. In recent months there have been
rumors Of an extra distribution on the
1929 ,291, 500 common outstanding. Earn
ings have been running large, with
1850 per cent earned on the common
in the fiscal year ended June 30, COM
pared with 1923 per cent In 1915. In
September It was stated that the COM
pany had a surplus of more than $780,
100000 invested in bonds and stocks
and one-third of its earnings In the
past year came from these investments.
1t has been presumed that the company
carried this largo liquid surplus in
order to buy control of the Central Pa
cifc should the governments suit to
take that road from the Southern Pa
cifc be decided against the latter Last
year the Union expended s3,500,00o for
betterments, against sl,oS3,o0O in the
preceding year, and still had sl3,5l2,-
40 to add to its already large surplus.
The company has s99,543,5O0 Of nom
cumulative preferred limited to 4 per
cent. It's funded debt totals 1884, 022.-
265 in bonds.
Crucible Steel-This Issue closed 2
points up at SO after selling as high
as COZ. No dividends have been paid
on the s25,000,000 Of common. Accu-
mulated dividends on the S25,000,0O0 OF
7 per cent cumulative preferred are
being slowly paid off and now amount
to 20 per cent Dividends were re-
sumed on the preferred at the full rate
Of 7 per cent about a year ago and
since then there have been several
small extras declared on account OF
back dividends. Tho company has
taken on considerable war business,
including an order for $4,000 9-inch
howitzer shells, from the British gov
eminent, involving between S4,b0O,0OO
and ST 100000. An analysis of the
company's operations over period OF
fifteen years shows that as a whole the
per cent preferred dividend has been
earned by a fair margin, although it
has not been regularly paid. Since or
ganization the company has paid 70A
per cent, or ST. ,636,s52 in cash for pre-
ferred dividends and s2,443,650, or 10
per cent, in per cent scrip, which was
issued in 1910 to cover dividends In
arrears, of which s5l2,222 has been re-
deemed. The conservatism Of the d.
rectors in the matter of payments on
the back dividends has been attributed
to expenditures for new plants and
improvements.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-24

Silver.-Bars in London, a2A pence;
here in New York, GIN cents: Mexican
dollars, b2h@5bh.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-24
Boston Banks.-Changes In the leas

ing items Of the Saturday statement
disclosed an increase Of $S,6e1,o IN
loans and discounts and . decrease Of
s7,256,0O0 in total reserves.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-24

Commercial Paper.-Quoted rates re-
main unchanged, being shGS% per
cent for the next regular maturities
and 3$@4 per cent for names not 80
well known.
Official rates Of discount at each OF
the twelve Federal districts are as fol-
lnWa.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-24

To Deal In Foreign Securities
Baruch Brothers have opened depart
ment for foreign securities, special
izing in Russian, Argentine, French,
Italian and Japanese issues. l..
Fraenkel will be in charge.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-24

The only reason the United States
Steel Corporation continues to re-
main in the market as a potential
seller of steel products for future
delivery is an altruistic reason. This
sounds like nonsense, but it is news.
One must not be too quick to libel
news. The uncertainties of the
future at the point where new bust
ress could begin to be Joined t. the
untitled tonnage on hand are so great
that the United States Steel Cor
poration would prefer majestically
to retire from the market as q seller,
but if it did so the effect upon prices
would be perhaps extremely intoxi-
eating. There is no telling what
would happen. Buyers would prob
ably be thrown into panic.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-24
Monday, October IS, 1916.

Why should a Spectator deal In
anything but Steel common? All
else is vanity. At one time perhaps
the suggestion that speculation in
all other stocks be abolished IN or
der to simplify the business OF Wall
Street would have been met with
the objection that it was ponder
Gus stock, likely to become inert and
sluggish, and therefore unsatisfying
to lively natures. That objection no
longer lies. Steel common has be-
come as volatile as a speculative Sc
curity ought to be. In three weeks
its major movements up, down and
up again have amounted to more
than 80 points. What does one ask
for? Formerly, no doubt, 1t was an
objection to Steel common that there
was too little mystery about it. One
could not speculate in it without be-
ing harassed by the arithmetic of
PEOPLE pretending to be able to pre-
dict fluctuations by dividing one
quantity into another, subtracting
the product from something else and
marking off three points of decimals.
One does not want to be bothered
With decimals when one is in the
ecstasy of pure speculation. That
objection now is entirely invalid.
The value of Steel common cannot
be related to the earnings of the
United States Steel Corporation by
the stupid science Of numbers. 1t
is not question of what it is worth
but of what it will do. That is as
the question should be.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-24

Everybody must cheerfully bear
q little denunciation. 1t reforms
nothing, but it does no harm, and
may ease the feelings. Take a
specimen at random: "Transporta-
ton initiative has been killed.
Even the instinct Of self-preserva-
ton is dormant. Whether the finan-
ciers did it or whether the laws did
il is not question here. The fact
alone remains. The railroads are
no longer responsive to the demands
Of the nations growing business"
That is from the "Black Diamond"
1t is voicing the grievance Of those
who produce coal. They have an
unlimited market at fancy prices
and they cannot get cars. The rail-
roads need not take all the blame.
The shippers, as every one knows,
ere very wasteful Of q freight cars
time. But a new thing has hap
pened. Ships have incontinently
abandoned the shipper. "There
would be no car shortage" says Mr..
Woodwork, chief operating official
of the Northern Pacific, "were the
railroads not obliged to carry, in
addition to their own traffic, the
enormous coast-to-coast tonnage
which was carried through the
Panama Canal by ships which have
wholly deserted this trade to seek
greater profits elsewhere" Only in
a dream where everything was up
side down could you have imagined
the railroads complaining Of having
to carry more than their own traffic.
Facts try ones ingenuity. The
London Board Of Trade committee
appointed to investigate the rise in.
prices during the war has reported
book Of riddles. For instance, it
says: Large amounts Of American
bacon have been sold in England
this summer at loss TO the Ameri-
can packer, and the British con-
sumner was buying in July an impor-
tant brand of Canadian bacon at
lower prices than the Canadian ba-
con eater" Why? For a reason
you would never guess. at is curl
Gus TO note" the committee contin-
ues, "that Londoners in general will
not buy American bacon, but will
buy other kinds at higher prices.
The public demand at present is
mainly for the best cuts of bacon,
and it is difficult TO sell the cheaper
parts, such as hooks and collars,
even in the poorer districts" The
public demand at the present time
is for the better cuts! This is at
the end Of two years Of war, and
with great outcry in England
against the rise in the cost of liv-
ing. The worst cuts are hard 10
sell, even in the poorer districts.
The most difficult civil problem ap-
perently is how 10 control waste in
England. Says "The Economist:
Initiation and extravaganza 20
hand in hand. and we cannot re-
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-24
Finance Economics

GARET GARRETT, Editor
WALL STREET OFFICE: Telepho nn,,
Mill, Building Is Broad St. hanover ooi'
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-24
'15-day paper.

Bank Exchanges.-The day
The daily Gate City and constitution-Democrat. (Keokuk, Iowa) 1916-1922, 1916-04-27
A Missouri City Marshal.

KANSAS CITY, Mo-, April IL
J. c. McBeth, city marshal of Cabool,
Mo-, appeared at the union station
heavily armed and looking for moon
sinners A muzzle loading civil war
rifle was slung over his shoulder.
with FIVE pounds Of ammunition
strapped to it's barrel A bag tied
to his waist contained provisions. He
carried another rifle in leather
case in one hand and violin case In
the other. The marshal appeared to
be about 70 years old and said he
would Just take a turn around the
depot for that "moonshiner" who
sold him some white mule whisky In
Cabool. A search Of twenty minutes
did not uncover the moonshiner and
McBeth left on another train.
The daily Gate City and constitution-Democrat. (Keokuk, Iowa) 1916-1922, 1916-04-27

Fort Madison Democrat: o. c. Ril-
ey, r. NJ. Hueston and A. l.. Parsons
of Keokuk spent Tuesday in Fort
Madison on business.