davidaulloa/AmericanStories huggingface dataset:
The Beaver herald. [volume] (Beaver, O.T. [Okla.]) 1895-1923, 1916-08-31

Every woman's pride, beautiful, clear
white clothes. Use Red Cross Ball Blue
All grOcers. Adv.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-23

Unfortunately it is difficult, al
most impossible, to discuss our credit
relations to Europe without produc-
ing emotional reactions. When we
talk of giving credit to Europe we
mean giving credit to the Entente AL
lance, because for certain physical
reasons we have only nominal rela-
tons with the other side. And when
the availability Of the obligations Of
foreign governments to be discount
ed by the Federal banks is spoken
of the question aside is whether or
not the resources of the country's
Federal Reserve Bank system shall
be opened TO the Entente Alliance.
1t is hard 10 keep the finance and
the politics apart. For that reason
expressions of opinion in authorita-
tive places are vague and guarded
TO the point Of being meaningless.
After a conference between the Fed
eral Reserve Board and the Advisory
Council of representative bankers, a
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-23
BANKS HERE TO
BUY WHEAT FOR
GREAT BRITAIN
S25,OOO,O00 To Be Provided
for Financing Purchases
of Canadian Grain

The Corn Exchange Bank and asso-
ciated institutions have granted com
mercial credit of s25.000,000 to the
British government, the proceeds Of
which are to be used in the purchase
OF wheat in Canada.
The transaction involves the organi-
cation OF new corporation, to be
known as the Wheat Export Company
Of Canada, and incorporated under the
laws of New York State, with a nomi-
nal capital of $500. This concern is
to handle wheat purchases in Canada
for British account, and will finance
them out Of the proceeds of the S25,-
100000 credit just arranged
Money will be advanced on demand
notes Of the Wheat Export Company
carrying the guarantee of the British
government. The notes will be Sc
cured by wheat contracts and will run
for an indefinite period at per cent.
1t is expected they will mature some
time next spring. probably in April.
Bankers who were active in nego-
tiating the credit said yesterday that
the personnel Of the directorate Of the
new export corporation will be largely
English. including British citizens
here as we'll az on the other side.
While the Wheat Export Company of
Canada will be organized primarily for
arranging and facilitating the purchase
and shipment of Canadian wheat for
British account. it - expected that
sooner or later it will operate in the
American market as well. Since the
British government took over control
of wheat purchases most Of the buying
here has been done through one or two
houses specially designated
It is stated that a similar credit is
being arranged in Canada. where a
group of Dominion banks will advance
between s20,0OO0O0 and $4,000, 600.
also TO be used i'm the purchase of
wheat for British account Originally
it was intended 20 finance the whole
transaction in Canada. but banks there
found it impossible to carry the full
financial burden involved.
The Greek government is in the
market for substantial tonnage Of
American wheat, it was learned yes
terday, and negotiations now under way
call for the export of 100000 bushels
to that country. The deal is expected
to be closed in New York City by the
agents of the Greek government within
the next day or two.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-23

Taking wheat, corn, oats, barley,
rye, buckwheat and potatoes to-
gether, in one measure, the decrease
of production this year, compared
with last, was IL millions of bush
els, or about 20 per cent. The in
crease in the aggregate market value
of these crops, comparing this years
prices with those Of last year, IS
about II per cent. But the rise In
prices has been very much more than
II per cent. The case is that 20
per cent less produce is worth II
per cent more money. Dividing the
aggregate money value of these
crops by their aggregate bushel
units, we find that the value per
unit this year is about SO cents,
against a value per unit last year of
go cents, wherefore, the rise in prices
has been 63 per cent. And it is still
going on.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-23

Temptations of profit are leading
us into the economic condition of a
country at war, with this important
difference, that whereas in the bel
ligerent countries the functions of
price are suspended when they be-
Gene uncomfortable and the supply
and distribution of necessaries are
regulated by the exercise of arbi-
trary intelligence, in this country
price alone is the controlling mech
anism and there are no checks upon
the incentives of private gain. And
we are impressed, besides, with a
sense of our own helplessness. We
are under the delusion that we have
got to export our credit and our mer-
chandise in unlimited quantities in
order to save kind of prosperity
which in many aspects is beginning
to be unreal.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-23
WAR PROFITS FATTEN
CHRISTMAS DIVIDEND
New York Air Brake Stockhold-
ers TO Receive S25 a Share

Extraordinary profits derived from
,var orders prompted the directors OF
the New York Air Brake Company
Yesterday TO raise the annual dividend
TO $3.50 a share and declare an extra
dividend of $3.50 a share, payable IN
five in.talments OF So a share each.
Tho first instalment will be paid on
Dccember % to holders Of record De-
cember and four additional install
mcnts will be paid quarterly up 70
December 81, 1917. The total divi-
dend of s25 a share will call for dis
tribution to shareholders of S2,5OO,OOO,
as the total stock outstanding amounts
to 100000. The dividend rate
heretofore has been 10 per cent
year.
c. A. Starbuck, president, after the
meeting of the board stated that the
net earnings of the company for the
frst ten months of 1916 were SUB
stantially in excess Of 100000 and
that the directors therefore felt II
proper that a beginning should be
made in giving to the shareholders an
extra distribution, a policy which 1t is
expected will be continued. He added,
however, that in view OF the large
amount Of business on the books OF
the company, amounting at the present
time to over sS,0Oo,oOO and the fact
that negotiations are pending which
will further augment the company's
business, tho directors deemed IL ad-
visabls to limit the extra disbursement
to q conservative amount at this time.
The company has cash and current
assets Of approximately slo,ooo,o0o ard
a surplus fund after the payment of
the dividends heretofore declared this
year in excess Of 100000.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-23
Wednesday, November 90, 1915

Without knowing how much OF our
own grain is unsold, or is not yet
under contract for export, and
though it is already suggested that
the Northwest may have to import
seed for the next crop, nevertheless
we lend Great Britain S25,000,000 at
3 per cent to buy North American
wheat. The money is loaned not be
cause it is necessary for us to
finance grain exports, as 1t may be
thought necessary to finance our war
customers purchases Of steel and
copper and high explosives, but be-
cause it happens to be a profitable
use for the banks to make of their
unemployed funds. 1t is said that
the transaction specifically covers
Canadian wheat, but it could and
probably will cover American wheat
as well. Nobody would know the
difference. 1t is nobody's business
to know how much wheat we can
afford to sell, and whether we have
not already sold that amount. 1t is
the business Of a Royal British Com
mission to keep the Allies in wheat.
It's command over the worlds grain
is absolute. Recently it notified some
Baltic firms that if they interfered
with British buying or loaned money
to American dealers to enable them
to keep their grain off the market
their contracts would be cancelled.
The commission has unlimited power
and the credit of the British govern
ment is behind it. Apparently it Is
operating in forehanded manner.
BY figures appearing in "The Lon
don Statist" on November 4, the
amount Of wheat then on passage to
Great Britain from other countries
was 1872 million bushels, against
1872 million bushels at the CORE
spending time of last year. The
stock of wheat in the fifteen princi-
pal ports was u z million bushels,
against III, million bushels on the
corresponding date of 1915, and the
amount of wheat on passage from
Great Britain to the Continent, for
her Allies. also was greater than on
the corresponding date of the year be-
fore. SO it would seem that the Brit
ish Commission is making sure of a
stock of wheat equal to all emer-
gencies. 1t is possible that the idea
Of an American embargo has stimu-
lated its buying.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-23

In the same statement OF views
there was the following about gold
imitation:
Members of the Reserve Board and
Of the Advisory Council expressed the
view that there are no dangers that
need come from further importations
of gold in settlement of our heavy
trade balances, provided proper meth
DDS are employed 20 control the gold
and to prevent undue expansion. The
consensus of opinion is that a gen
eral adherence to a policy Of pru-
dence and conservatism would be the
surest means Of maintaining our
present prosperous conditions.
Again there is vagueness. If
proper methods are employed ito
control the gold and prevent undue
then, of course, no dis
astrous initiation will take place. But
what are the proper methods? What
steps at all are being taken to that
end? Even though the Federal Re-
serve banks did impound the gold,
they could not hold it so long as they
are obliged to pay out gold on de-
mand for Federal Reserve notes. 1t
would require an amendment to the
bank act to give them absolute con-
troll of the gold. There is, besides,
in this statement of views an evasion
of the fundamental question: What
proportion of their production can a
people afford to exchange at any
price for gold, which they cannot eat
or wear?
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-23
CAR SHORTAGE HEARING
AT LOUISVILLE ENDS
Roads Try to Bring Pressure on
Commission, Says McChOrd

Louisville. Nov %. Hearings which
have been in progress here for the last
two weeks in connection with the In
terstate Commerce Commissions in
vestigations into the questions sur
rounding the exchange and returns of
freight cars by the railroads of the
country were brought to close late
to-day.
The investigation will be continued
in Washington, though it is probable
no more hearings for the taking Of oral
testimony will be held. All carriers,
however. will be required to continue
sending to the commission at Washing
ton the daily reports of car movements
which have been required of them since
the hearings began.
Just before the adjournment of the
hearings Commissioner {. c. McChord
notified representatives of the Balti-
more & Ohio it was the desire of the
commission that embargoes against the
movement to points in Michigan and
west Of st. Louis OF coal in cars owned
by that road be Immediately lifted.
Disapproval Of efforts to bring
pressure to bear" upon the Interstate
Commerce Commission was voiced by
Commissioner c. c. McChord.
81 find some shippers have been cir
cularizing their customers" he said,
"and as result the commission is be-
ing bombarded with letters from all
parts Of the country, all of them Of
much the same character. This will
do no good. Nothing can be accom-
plished by a mere effort to bring press
ure TO bear upon the commission.
though information or sugges lions of
a definite character will be appreci-
ated"
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-23
Money and Credit

There was a sharp furry in call
money at the Stock Exchange in the
afternoon yesterday, when the rate
rose to per cent, the highest in sew
eral weeks. A few odd lot transactions
were made on per cent basis. Sew
eral banks called loans and withdrew
from the market temporarily.
The tendency Of the market for time
funds on brokers' Stock Exchange col
lateral continues toward increasing
frmness Rates were so, per cent
bid yesterday, with most of the bust
ness done at 4 per cent, the ruling rate
for four. FIVE and six months indus
trial money, with 9i9 per cent to S@4
per cent for shorter rates.
Some banks are reported unwilling
20 make loans for the longer maturities
at prevailing rates, in expectation of an
early offering here of British Treasury
bills at more favorable rates.
Ruling rates on money yesterday,
compared with year ago, were as
follows:
Vce4ardov Naarag
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-23
ENORMOUS TONNAGE FOR
SHELL STEEL PLACED
Allies Pay High Price for Metal
for Shipment in 1917

Orders for she'll steel amounting to
not less than 100000 tons have been
placed for export to the Allies through
J. p. Morgan 4 Co. 1t is understood
that considerable part Of the tonnage
was closed at $50 ton, as against $50
to $40 on similar contracts for the first
six months of next year. The new
purchases are for the latter half of
next year.
Pittsburgh, Nov. pa new high
price for Lake Superior iron ore was
reached here to-day. when $4,000
tons for delivery in 1917 were sold at
s5.05 gross ton. This is an increase
of sl.50 above the price asked last sea
son, and. according to local steel
manufacturers, is the highest paid
here in years.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-23
News Digest
Foreign

China Short Of Silver.-Amoy. emma.
Nov. 22. Business is seriously affected
BIZ the scarcity OF specie, due TO the
heavy exports of silver to India. Bank
currency, usually at 2 per cent pre-
MUM, is now at per cent discount.
London Markets-London, Nov. u
The Rumsnian situation was response
BILE for to-day's easier and slack stock
market. The death OF the Austrian
Emperor had practically no effect.
Home funds sagged from lack OF sup
port and shipping. metal, rubber and
Rumanian oil shares finished lower
under realizing. American securities
were idle. with the exception of Steel
issues. which we're firm.
Money was in short supply and dis
count rates we're steady. Last weeks
revenue returns included El5,00O,OOO
from the sale of treasury bills and tlZ,-
600 900 from Exchequer bonds. and the
sum of G4,000,000 was gathered from
excess profits.
Money. "a per cent; discount rates,
short and three months bills, 59 10
SIS per cent; gold premium at LISBON
1900.
London WOOL MARKET LNciteu'b"
don. Nov. % The wool market was
strong and excited to-day, owing TO the
stoppage Of exports from Australia Tor
various reasons. Private advices indi-
cate the question of expectation OF
bury woods to America is still IN aoey-
ance Rumors are current that the au-
thorities intend 10 commander the
entire New Zealand clip. The fact that
orders for 20,000,000 yards of cloth
have been placed for both the British
and Russian governments lends color
to the rumor, which, il confirmed, would
indicate that America probably would
get considerably less than the 10000
bales OF New Zealand crossbreds al
lotted last season.
Prices In the London market were
forced up 10 TO Is per cent above the
previous closing quotations, and tops
we're correspondence dearer at Brad
ford.
Paris Bourse.-Paris, Nov. 22.-Trad-
ing was quiet on the Bourse to-day.
Three per cent rentes, 81 francs III
confines for cash; exchange on Lon
don, 81 francs s1i2 centimes; 0 per
cent loan. 81 francs so centimes.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-23
STEEL INDEPENDENTS
RAISE WORKERS WAGES
Nearly $4,000 in Youngstown
CO., District Are Benefited

Ten per cent wage advances were
announced at Youngstown, Ohio, yes
terday by the Youngstown Sheet and
Tube Company, Republic Iron and
Steel Company. Brierhill Steel Com
pany. Struthers Furnace Company and
Ohio Iron and Steel Company. Nearly
$4,000 iron and steel workers in and
about that cit, benefit from wage ad-
yances announced BY the independents
and the United States Steel Corpora
tfon
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-23

The above rates express the cost OF
foreign money in terms Of the Ameri-
can dollar. You buy an English pound
sterling for s475ss; the intrinsic par
ity is s4.S6ss 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 the demand for dollars
with which to settle accounts in this
country is greater than the demand in
this country for pounds with which 20
settle accounts in England.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-23
Dividends

Cincinnati, New Orleans & Texas Pacific.
Regular quarterly dividend Of / Il per cent
on the preferred stock, and the regular semi
annual dividend of per cent and ga per
cent extra on the common stock, all payable
December IL on stock of record December |.
Previous extra dividend On the common stock
was 2l2 per cent. declared May %.
American Bank Note.-Regular quarterly
dividend of li2 per cent on the preferred
stock. payable January to stock Of record
December 10.
Boston & Albany Dividend OF s2.25
share. payable December 30 10 stock OF record
November 80.
American Locomotive.-Re Regular dividends
Of u. per cent on the preferred stock and
IA per cent on the common stock. Preferred
Continued on page IS. column
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-23
Relevant
Information

Union Pacific Union Pacific was
one of the weakest of the railway
shares yesterday, declining 4 points,
to a close Of 147l2. The road reported
large gains in operating revenues for
October. Gross increased s1,7O9, 38l
and net 81 ,156,359 over the correspond
months ended October 81 Unions net
operating income has shown an in
cresase Of s3,S54.353 over a year ago.
Earnings, therefore, are running in the
current fiscal year at more than Is per
cent year, compared with 1856 per
cent actually returned on the 5000 ,29l,-
500 of common stock in the fiscal year
of 1915-16.
American Beet Sugar. This stock
went TO new high record of i0812
early in the session yesterday, but sub
sequently reacted and closed at 2ii
points down. at l05 u. In 1915 this is
sue sold as low as 1914. Dividends on the
S5,000,000 of per cent cumulative
preferred have been maintained at the
full rate of per cent since 1900. Divi-
dends were resumed on the S15,000,0 900
of common stock last March, with the
declaration of 6 per cent, payable in
quarterly instruments. In the fsca!
year ended March 81 last American
Beet Sugar earned 1870 per cent or
the common, against $50 per cent in
1915 and 1.01 per cent in 1914. Over a
period of ten years the company
showed average annual earnings on the
junior stock issue OF $40 per cent.
The current year has been a record
breaker in respect to production ard
prices. 1t was estimated in August
that the company's production this
year would amount to 2,2S0,000 bags.
an increase of 30 per cent over the pre-
vious year.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-23
New York

New American Telephone and Teie-
graph Stock Issue.-A new stock issue
of approximately s40,000,000 was au-
thorized by the directors of the Amer
lean Telephone and Telegraph Company
at a meeting yesterday. The new
stock will be offered to shareholders
at par in the ratio of one share of new
for every ten shares now held. The
stock will be paid for in four install
ments on February 1, May l, August
/ and November !.
Theodore n. Vail, president. an
nounced that the purpose of the new
stock issue was to provide funds for
development work throughout 1917.
The total authorized stock of the COM
pany is s50O,OO0000. of which $685.
e9O,800 is outstanding at the present
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-23
Other Cities

Boston Coppers.-Boston. Nov. e.
To-day's market for copper shares
backed and filled in irregular manner.
The result was defation of the recent
boom, with losses almost through the
list. The close was generally easier.
Copper Range, s6h; Allouez, 81; Old
Dominion. so: CRANKY, 1903.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-23
Finance Economics
GARET GARRETT. Editor

statement Of views was issued. We
read:
The council announced itself as in
entire accord with the views already
expressed by the Reserve Board, sug
costing caution and moderation in
the use Of those credits which, being
open for long period Of renewals,
lose their character q essentially
self-liquidating transactions OF short
maturity.
Now, you would hardly guess that
this refers to the eligibility Of the
promissory notes of foreign govern
ments, called foreign loans,' TO be
discounted by members of the Fed
eral Reserve Bank system. Practi-
cally none of the obligations of for
eign governments are self-liquidat-
ing, as the meaning of that phrase
is. They are nearly all open for a
long period Of renewals" wherefore
there is danger, as every one knows,
in taking them wholesale into the
"loans and discounts" of CONNER
cial banking system. Even the $780,
100000 wheat notes just announced,
Endorsed by the British government,
are open to renewal. They have no
definite maturity.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-23

New York, 72T. cents; Mexican dollars,
The Dollar in Foreign Exchange

The foreign remittance market was
dull Yesterday. Russian rubles worked
higher and the Teutonic exchanges dis
played greater stcadiness. Exchange
on Argentina was somewhat easier.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-23

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, 1916-11-23
Commercial Paper.-This market

Commercial Paper.-This market re-
mains quiet and unchanged. The best
SIX months paper continues to move
st Slz per cent. with occasional sales
at 81. per cent, Of particularly good
names.
Ofioal rates Of discount al each OF
ne Twelve Federal districts are as fol-
low:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-23

In an article regarding the reported
merger Of copper companies, Dow,
Jones & Co. stated yesterday that II. p.
Dawson. of J. p. Morgan & Co., called
on President Wilson last Saturday by
appointment and opened the question
as TO whether the government would
countenance such combination. Mr.
Davison's comment on the Dow, Jones
story was as follows:
There can be no authority for the
statement that | discussed any copper
combination during my interview with
the President on Saturday. There can
be no basis for any such authority"
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-23

TO Depositors % stock Of METROPOLi-
TAN STREET RAILWAY COMPANY
Under Protective Agreement.
The Stockholders Protective Agreement
dated Decer Der no., 1907 = hereby termi-
mated For information respecting distri-
button among dcposifoIs apply to Bankers
Trust Company. 10 Wall Street NeA York
fify. Or Fidelity Trust Company. 5-1 Chest
uuf street Philadelphia. Ia.
JOHN T. WATERBURY,. Chairman
~ stockholders Protective Committee.
New York C8y, November 20. 1915
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-23
French Municipal Loan Quickly

Taken Participation in the syndicate
underwriting the s6O,000,O00 three.
year per cent loan TO the cities OF
Bordeaux, Lyons and Marseilles,
France, has been heavily oversub
scribed. Allotments, it is said, will
be less than 80 per cent. of the sppli-
cations
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-23
Marine Insurance Up.-There

Marine Insurance Up.-There was a
sharp rise in marine insurance rates
here yesterday as result of the sink
ing of the Britannia. Shipments for
the British Isles are now quoted at a
fat rate of per cent and cargoes to
Bordeaux are being taken at 2la per
cent. This is the first advance that
has taken place since the activities Of
the U-53 along the Atlantic Coast.