davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-11

ment has had to assume the cost Of
raising the wages Of railway en-
ployes, who had threatened to go on
strike for an increase of $3.50 a
week and compromised at length
upon S1.25. They were raised a
year ago, receiving then an addition
Of S1.25 to their weekly pay as a
war bonus" They agreed to abide
by that settlement for the duration
Of the war, but, of course, they were
wrong as to the probable length Of
the war and they were unprepared
for such a rise in the cost of living
as has taken place in the last twelve
months. Public sympathy was with
the men in refusing to stand by the
1915 settlement. The increase they
demanded would still leave them on
the wrong side of the cost of living.
Retail food prices since the begin
ming of the war had risen, according
to the Board of Trade, 90 per cent,
and the cost of living all around had
risen at least 40 per cent, so that
men were not unreasonable who
asked for an increase which, added
to the one they had received the
year before, would represent a rise
of only 33 1-3 per cent in wages.
The government acted as mediator
in the dispute between the railways
and their employees, and earned a
mediator's deserts. 1t was obliged TO
bear the whole cost. 1t will have TO
be added to the war bill. The in
crease is in the nature Of a war
bonus" as the first increase was,
and will be discontinued at the end
Of the war-if the employees will
stand for it.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-11

The psychology of buying is IN
business generally the same as in
the stock market. People over-buy
only when prices are very high. 1t
is irrational and improbable. Many
know better who cannot help 1t.
What everybody does by one emo
tional impulse may be wrong, but
the perverse individual who reslsts,
though he has courage, capital, OBJ
stinacy and intelligence, will often
get run over. Moreover, he will be
called a pessimist. The strength OF
the buying impulse is hard to judge.
Factors are extremely variable. To
misiudge it is disastrous. A man
who continually opposes the crowd
will probably in the end gain less
than the man who goes with 1t and
trusts to his agility and luck to be
able to land on his feet when they
all go over the edge together.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-11
SHIPPING MOT UNEASY
OVER U.53 EXPLOITS
Available Tonnage ABOUT as
Large as Usual of Late.

Shipping interests were more OPP
timistic yesterday and seemed little
perturbed over the German submarine
activity off Nantucket. At the Maritime
Exchange more attention was paid to
the third game OF the worlds series
than to shipping, and the blackboard
space usually given over to indicating
the movements Of vessels was taken up
by baseball bulletins.
Inquiry in shipping circles indicated
that there has been little diminution
of available tonnage as the result Of
the latest German exploit At the pres
ent time there are 236 ships in New
York harbor, including cosstwise boats,
available to shippers. This is consid-
terday that the international Mercsn-
tile Marine has made no change in it's
sailing programme and that one ship is
scheduled TO leave to-day, another
Thursday and another Friday. The
company has only FIVE ships in port
here, four of these British and one of
the American line.
Railroad officials say they do not fear
any congestion of freight at this cen.
ire, even though there should be re-
duction in the number of available YES
sells for carrying freight TO Europe.
Several months ago when a serious
condition of congestion threatened
shippers of munitions and other mate
rails were told they must arrange be-
forehsnd for the ships to carry their
goods away from this port before the
railroads would take charge of the
stuff. This rule is still in force
Shippers TO South American points
have welcomed the establishment OF a
new steamship service freight only,
to be known as the Philadelphia South
American Line, TO run between Phila-
delphia and Brazilian and River Plate
ports. The first sailing from Philadel-
phia has been scheduled for about Oc-
tober Is, with later ones probably at
thirty-day intervals. The project has
been established in connection with
the Philadelphia Chamber Of Com
merce.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-11
HIGH PRICE IS PAID
FOR STEEL PLATES
Shipbuilders the World Over
Place Orders in This Country.

Great Britain, Italy and Japan have
put out several new inquiries for some
unfinished steel, as well as for
plates and shapes, in the last two days.
One inquiry from Great Britain for
43, 900 tons Of steel includes $4,000 tons
of ship plates. Japanese shipbuilders,
after placing q contract for 5000 tons
of ship plates at 8 cents a pound, I. o. b.
Eastern Pennsylvania mills. for ship
ment this year. are asking for $500
tons additional for as early shipment
as possible.
Italy is still in the market for $4,000
tons OF plates, and the Victorian gov
eminent, Australia, is aoking for prices
on 5000 to 1000 tons. The Chinese in
quiries, noted a week ago as coming
through British sources, have not been
satisfied. In the aggregate foreign in
quiries for shipbulding material are
little short Of $4,000 tons.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-11
Neus Digest
Foreign

London Stock Market.-London Oct
Money was in better demand and
discount rates were quiet to-day. Inc
stock market was quiet, and about the
only feature was the weakness IN Amer
lean shares on possible complications
arising from the submarine warfare.
The declines, however. merely reflected
Wall Street, and owing TO the absence
of speculation there was no excitement.
The rest of the market was dull ana
uncertain. as dealers are holding on
pending statements in Parliament IN
connection with a vote of credit Nj
gerian tin and rubber and diamond
shares were good features. and oil
stocks were steady. American securi-
ties closed easy.
Money. Az per cent; discount rates
short and three months bills, be 20
$50 per cent; gold premium at Lisbon,
$500.
Paris Bourse.-Paris. Oct 10.-Trad-
ing was dull on the Bourse to-day.
Three per cent rentes 81 francs 90 CEN
times for cash; exchange on London, y
francs slle centimes; per cent loan
90 francs.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-11

The wheat markets fear lest the
activity of German submarines on
this side Of the ocean play havoc
with exports was relieved by a
message from Broomhalls, the au-
thority of the English grain trade,
saying that the British government
had officially announced its decision
to take over the whole business of
wheat importation. 1t will requisi-
ton freights, and intends, appar-
emily, to assume all the risk, from
the lading Of the grain on ship
board. The price of wheat on this
news rallied. The British govern
ment ought to have taken this step
long ago. 1t has been large buyer
Of wheat for military purposes in
competition with private buyers, to
the disadvantage Of both and to the
recurring delight of the Chicago
Spectator. In England there has
been a lot Of bitter recriminatOry
discussion which everybody perhaps
has come TO be somewhat ashamed
Of. The rise in the price of the loaf
was treated emotionally. Private
persons were accused of buying and
storing wheat to forestall rise in
price. Private persons probably
were doing this, in the regular way
Of trade, as had been their custom
always, but the government was do
ing it, too, and at the same time, so
that the buying was abnormally
competitive. In September two and
a half million bushels of wheat were
found stored at Manchester, and this
would have proved the case against
the private monster of greed, fat
ttning upon the necessities of his
fellow countrymen, if it had not been
discovered that two-ffths Of it was
the property Of the British govern
ment, which is the largest single
wheat customer in the world at the
present time, over whose operations
and morals there is no jurisdiction
whatever. With other food articles
it has been the same way, especially
bacon and hams and commodities
that keep. The government and pri-
vate dealers have been competing
with each other, both in buying and
storing.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-11
LONDON WATCHES
SITUATION HERE
Follows Closely All Finan-
cial and Diplomatic
Developments.
By FRANCIS w. HIRST.

London. Oct. 10.-The new situa-
ton produced by the German sub
marine operations along the Amer
lean coast is being widely discussed
here, but pending full knowledge OF
the facts speculation is rendered
empty and futile. The fall in the
American security list hardly CORE
spends with English press reports of
a panic on your side.
Some writer's here regard this eff
fort as the German reply to Lloyd
Georges knockout" interview and
as meaning that henceforth fright
fulness' will admit Of no reserva-
tons.
Neutrals from Germany say the
food shortage is general and most
people are more or less hungry all
the time. Nevertheless, no public
yeace offer has been advanced by the
German government, so far as this
country is aware.
More about the British policy
doubtless will be known tomorrow,
after the Premier has introduced the
rev vote of credit. Meanwhile Lon
don's chief interest has shifted to
New York and Washington, where
financial and diplomatic develop
ments are being eagerly watched.
The nominal value of British over
sea trade for September equals the
pre-war figure for that month, but,
owing to the rise in prices and low
cred purchasing power of currency,
real trade probably was about one
third less than the normal amount.
The figures, however, are called rela-
lively satisfactory after over two
years of war.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-11
SOUTHERN RY. NOT
READYTO PAY DIVIDENDS
Earnings Last Year Reflect I'M
proved Cotton Trade.

Fairfax Harrison, president OF the
Southern Railway, reading from the
company's report for the year ended
June 80 at the annual meeting OF stock
holders Yesterday, said:
The industrial characteristics OF the year
in the South have been revival and expan-
sion. The march OF progress. which was
interrupted at the outbreak OF the Euro
pean war by the depression in the price OF
cotton. has been resumed. This fact is re-
fected in the revenues OF the Southern
Railway. During the months Of July,
August and September. 1915, those reye-
nues continued 70 be on the footing OF the
conditions which obtained during the pre-
vious year. but, beginning with October
they swelled progressively until they
reached a volume greater than at any sim
liar period in the history OF the company.
Gross revenues of the road last year
totalled s69, 997,67 slightly less than
for the year ended June 30, 1914,
which still marks the high record. Ow-
ing TO economies in operation and re-
duction in other expense items, the
income over all charges was s9,245,703,
or s2,215,73S more than in 1913, the
last previous record. A comparison
of last years income account with the
previous twelve months follows:
1915 fnI5
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-11

When prices on the Stock EX
change have already gone up great
deal it is argued upon technical evil
dence that they must go up a great
deal more. The evidence is that
stocks are Of increasing scarcity
each day, whereas the demand for
them is growing rapidly, and the
purchasing power of the people
wanting them is seemingly unlim-
tied. Thus, the apparent capacity
of the market to take, receive, digest
or swallow up stocks seems never
so great as at the top. In the very
act of gorging itself it looks infinite
ly capacious. In the commodities
and merchandise markets it is the
same. With prices high and every
one clamoring at once for goods, 1t
is absurd to voice warning against
over-buying. The retort is obvious.
Are not people all greatly worried
lest they be unable to obtain goods
at all? How, then, shall it be said
that they are over-buying? But
they do, nevertheless, over-buy at
the top, even as people do who trade
in stocks and fall under similar
delusion that the supply may give
out. The special organ of every
trade at the present time is "bull"
on its market, tells Of the difficulties
of procuring goods, talks Of higher
prices still, and in every way encour-
ages the buyer TO abandon himself
to his impulses. This is in exactly
the temper of Wall Street writing
at an advanced stage Of bull mar
ket in securities. 1t is never until
afterward that over-buying shows.
and then the extent of it is likely to
be a matter of general astonish-
ment.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-11
REPORT ON STEEL
TONNAGE A SURPRISE
Falling Off In Untitled Orders
Last Month Is Shown.

A sold-up condition Of the mill. and
a greater proportion of deliveries were
named yesterday as the reasons for
falling off of 137,773 tons in the orders
booked by the United States Steel Cor
poration during September. The COM
pany's monthly statement showed the
total untitled tonnage on the last day
of that month to be 9,522,584 tons.
against 9,660,357 tons on August 81
and 5,317,61S tons on September 80 a
year ago. The decrease as compared
with the August figures caused surprise
in financial circles. as a moderate gain
had been predicted
The record of monthly untitled orders
of the Steel Corporation this year
previous to August follows
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-11
Money and Credit

Money on call at the New York Stock
Exchange ruled at 81 per cent, clos
ing at . TO pa per cent. Some loans
we're made as high as 81 per cent and
az low as 2.
Time funds on brokers stock ex-
change collateral remain unchanged.
The effect Of the slight contraction in
supply is offset by the falling off in the
demand. due to the liquidation of stock.
Money is being borrowed in moderate
amounts on industrial collateral for six
months at 80. per cent Mixed money
is quoted at per cent for sixty days
and 31s per cent for ninety days, four,
five and six months.
Ruling rates on money yesterday
compared with year ago were as fol
lows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-11

The above rates express the cost OF
foreign money in terms Of the Ameri'
can dollar. You buy an English pound
sterling for s4.755s; the intrinsic par
ity is s4.s6S. per pound. Thus. you
say either that pounds are at a dis
count 90 that dollars are at pre-
mum. onicL IS owing to the fact that
IL .ue 500, the demand for dollars
w.: ,hrr 20 settle accounts IN this
country 81, 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, 1916-10-11
The Dollar in Foreign Exchange.

Outside Of further decline in Rus
sian exchange there were no important
changes in the foreign remittance mar
ket yesterday. Rubles. which have
been weak for several days of late,
dropped another peg, to 3l.30, com
pared with $3.50 the day before. Re-
Gently they sold as high as "a on spec
ulative purchases, which have since
ceased. Italian exchange underwent Il
moderate decline, while sterling and
French exchange remained steady.
1.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-11
Pugh Stores Sells Stock.-Green.
Other Cities.

Boston Coppers.-Boston. Oct. 10
The tone of the Boston copper market
was strong to-day, and trading was
fairly active. Copper shares were up
two or three points over yesterdays
quotations. American Zinc was =
strong feature. The closing was firm
Copper range. 66h; Allouez, 6sls;
CRANKY, 90i2; Old Dominion. 69Si.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-11
To Appeal Political Contributions

Case.-W ashington, Oct. l0.-Counsel
for the Louisville & Nashville Railroad
notified the Interstate Commerce Com
mission to-day that they would appeal
TO the Supreme Court from the decision
of District Of Columbia courts that the
road officials must answer questions Of
the commission regarding what contri-
buttons have been made by the road for
political purposes.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-11
Tuesday, October 10. 1916.

The Stock Exchange has new
toy. Suddenly the market turns
weak. Steel common declines from
hl3 TO 1922. This bulletin goes
forth: There is a rumor that some
ships are sunk"
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-11

Stockholders were told by President
Harrison that the board of directors
had determined not TO begin payment
Of dividends on the preferred stock
until the company's resources had been
further strengthened and a permanent
plan for financing existing and future
capital requirements had been worked
out.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-11

Sub-Treasury.-New York banks lost
TO the Sub-Treasury s1.647,0OO.
Silver.-Bars in London, 32h pence;
here in New York, 67lz cents; Mexican
dollars, 52d55.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-11

Cotton is now used more extensively
than all other vegetable tibres COM
bned. In round numbers, the worlds
supply of cotton is estimated at $780,
900 TONS
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-11
WEALTH MARKETS AND COMMERCE l@

value of foreign money in dollars ana
cents, together with the intrinsic gold
parity. as calculated by the United
States Mint:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-11
Corporation Returns

Western Union aph.--Report for the
nine months ended September 80. 1916 tSep-
TENDER estimated. compares follows:
1916. 1915.
Total revenues .. s45.75i.o67 s37.sS2.i 100
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-11

The cost OF war rises in many I'M
expected ways. The British govern
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-11

Bank Exchanges.-The days clear
ngs at New York and other cities:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-11
A year
Yesterday.

Commercial Paper.-Sales of com
mercial paper are light, owing to the
few offerings. The tone is steady and
the rates for prime regular maturties
are 312 to 3% per cent.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-11

Maintenance repairs
and reserved for
depreciation ..... $6.224. ios $6.oe2.os
Other op. exp. inc.
rent OF leased lines
and taxes ........ 2s.eso.6o7 23.s5i .o57
Total expenses s35.2i4.7i5 s2e. sA3.t4s
Balance ........S io.536. 352 N.s9s. sSI
Deduct interest on
bonded debt ...... 1000. ss7 1907 tS
Net Income ..... ts.sso.$e5 Se.sss.s4S
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-11
AMERICANS BUY
INTO THE WHITE
FUEL OF NORWAY
Chemicals Can Be Made
There and Imported
at a Profit.

American interests associated with
the Union Carbide Company OF New
York have organized under the laws OF
Canada the Electric Furnace Products
Company, Ltd, and are building large
plant at Saude, Norway, for the manu-
facture of calcium carbide and other
electro chemical products for sale IN
this market. Edgar F. Price, an officer
of the Union Carbide Company, is pres
ident of the new concern, which expects
to have its plant completed for the be-
ginning of shipments by 1918.
Cheapness and accessibility of water
power has attracted the American CAPT.
talists to the Norwegian field. They ex-
pect TO be able 70 manufacture calcium
carbide and other products Of similar
character at a price that will make 1t
possible to compete successfully in the
American market.
Some interesting details of the UNI
dertaking have been received by the
Department of Commerce from Maurice
p. Dunlap, the American Consul in the
District of Stavanger. Norway. The
power for the factory is to be supplied
by the Saude Falls Company, Nor
wegian corporation financed by Nor
wegian capital. A lease Of forty to
fifty years for the use of the power has
been taken from this corporation by
the new concern and the Norwegian
corporation already has more than 25O
mon at work.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-11
New York

American Hide and Leather.-Nego-
tiations are understood TO be under
way for a REIMBURSEMENT OF the com
pany's financial structure. Swartwout
& Appenzeller, members of the Stock
Exchange, have suggested plan OF re-
adjustment and have approached the
management of the company. They are
proceeding with view of getting all
factions together in support of the
plan.
New Bank Directors Chosen.-Ogden
L. Mills and James b. Mahon have
been elected directors Of the Bank of
New York, n. B. A.
Stock Exchange Seats Up.-A seat
was sold yesterday for $4,000, an ad-
vance over the last previous sale Of
$4,000. This also marks the high rec
ord for the year 10 date. The name of
the purchaser will be announced to-
day.
Pugh Stores Sells Stock.-Green, Col
Inns & Co., bankers, of Chicago, and
Michaelis & Co., OF New York, with as
sociates, have underwritten s5,000,000
par value Pugh Stores Company capital
stock, par value SO a share. The Pugh
Stores Company was incorporated Feb
ruary 10, 1915, for the purpose OF own
ing and operating a combination OF
| 900 chain stores, supplying merchan-
disc of every character, together with a
general mail order business.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-11
Finance Economics

GARET GARRETT Editor.
WALL STREET OFFICE: Telephones;
Mills Buliing IS Broad St Hanover 6ol4
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-11
Site for New Village.

A site for the new settlement has
been made available in the valley at
the end of the ford near the factory.
Thi. valley is about one and one-half
miles wide and runs about ten miles
into the mountains. Alphabetically and
scenically it is one of the finest IN
Western Norway. Streets and a VII
lage green have been laid out, covering
from 100 to 200 acres overlooking the
ford. Provision will be made for $50
families. There is already small
farming settlement in the neighbor-
hood, and the new town will be under
the same municipal administration. Ar
rangements are being controlled by a
regulation committee from the present
town. The timber and other material
for the new buildings will be purchased
so far as possible in Norway.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-11

Official rates Of discount at each Of
the twelve Federal districts are as fol-
lows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-11
Power Near Seacoast.

ROVER wear OtdNohois
In having hydro-electric power so
readily available at the seacoast Nor
way has an advantage over most other
countries, where such development
must usually be inland. There are
three sources for the power now to be
used. each of which will come from
1.OOO-foot head In all they will gem
crate a total Of 10000 horsepower.
Later the tail water will be carried in
a total cut Of nearly FIVE miles through
the mountains TO a place where 1t Will
fall into the salt water OF the fJord.
This will generate another 10000 10
$4,000 horsepower. Although this end
OF the ford is about seventy miles
from the sea. the water is so deep that
large ocean steamers can come direct
to the company's docks and take the
goods for shipments TO the United
States. The new factory is being built
At the edge of the ford, and docks and
barracks have already been constructed.
To lease its power from the Saude
Falls Company the American concern
had TO secure a concession from the
Norwegian government under the
terms Of which all materials possible
for building and operation shall be
purchased in Norway, and Norwegian
citizens are 70 be employed whenever
thev are available. Such articles as
rails. locomotives, cars, cranes and
steel work for buildings which cannot
bs obtained in Norway are being or
dered from the United States.
Site for New Village.