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

conada,s ships and the United States
hos almost monopolized this country
inland shipping trade. From lsoo 10
1914 Canadian shipyards on the Great
Lakes constructed some thirty-t"o
shins and some smaller craft, at an
aggregate cost Of 100000, but these
represented only a small proportion OF
the tonnage on the lakes. Before the
war United States vessels carried about
% per cent of the traffic on the Grea'
Lakes. Moreover, Canadian vessels
carried only about one-ninth OF all the
tonnage to and from Canadian ports.
The war has made the showing even
more unsatisfactory from the point OF
view Of the Dominion. Forty-eight
ships Of British registry which for
merly piled in Canadian inland waters
had been removed from the Canadian
lakes up to July, 1915. These and
nearly as many vessels Of Canadian
registry have been required for war
purposes or for merchant service else
where, and, for the most part, need not
be reckoned with. As result, there
is even less Canadian and British COM
petition to-day against United States
shipping than there was before the war.
The war has engendered a new spirit
l. hay
intensified the old spirit, and the ap-
peal of the shipbuilding interests for
protection is not likely to 60 upheard.
The Dominion occupies a position OF
strategic advantage between Europe
and the Orient, and may yet gain
proud position in the carrying trade
as we'll as have Canadian ships to
transport Canadian products
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-10
MANY Rails Wanted Abroad.

France and Italy have succeeded in
placing contracts with American mills
for about 5000 tons of steel rails, run
ming from 60 to 100 pounds to the
yard, for shipment during the second
half Of 1917. New inquiries have come
to the rail mills in the last few days
for shipment to these countries,
amounting to approximately 100000
tons. Russian and Canadian rail in
ouiries are still unsatisfed. In the ag-
gregate probably 10000 to 10000
tons are still under negotiation for for
eign shipment. The difficulty is to Sc
cure shipments before the last quarter
of next year.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-10
Money and Credit

After opening unchanged at 2A per
cent money on call at the New York
Stock Exchange rose to per cent in
the afternoon, the highest since mid
July. Money brokers reported some
calling of loans by New York banks.
apparently for the purpose Of strength
enng their position against any pos
sible difficulty that might arise as
result Of the latest German sumbarine
raid. A number Of out-of-town banks
which have been loaning on call in this
market of late all withdrew. In all
about 100000 loaned at per cent,
while most of the loans, about s15,000,-
900 in all, were placed at 3 per cent.
Time funds on brokers stock ex-
change collateral were somewhat
steadier, but there was no such change
as developed in the call money market.
Rates for industrial loans were 3%
per cent for over the year and for
mixed money ga per cent for the same
maturity.
Ruling rates on money yesterday
compared with year ago were as fol-
lows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-10

The use of intelligent speculation
in securities by those who are COM
petent to handle capital in that way
is easily argued. The use of mar
ginal gambling in fluctuations by the
casual, conglomerate public is hard
to defend. It's reaction upon the
stock market is always dangerous
and sometimes disastrous. The trite
defence is that it serves to get stocks
distributed. Out of the great con-
fusion a certain proportion of stocks
sold on margin to people who had
hoped TO beat their fluctuations will
stay sold. That man who has
bought stock on margin to 90 up,
and has been disappointed, will some
times become an involuntary inves-
tor may be admitted, but if Wall
Street as a distributing institution
relied upon that kind Of buying it
would soon weary of the business and
put its own capital in savings banks
to draw simple interest. Take the
case Of Pennsylvania. The amount
Or that stock which since the begin
ming Of the foreign liquidation has
passed through the Stock Exchange
into the possession of the Individual
investors of this country is excep-
tionally large. Over and over the
Pennsylvania specialists have mar
yelled at the unfailing demand. 1t
existed naturally, without the aids of
speculation. And with what result?
With other railroad stocks in which
there had been activ. speculation
falling points between sales, Penn
sylvania was but nominally affected
and stood out as a solitary exception
70 the general arrangement Of prices.
The buyers Of Pennsylvania had
bought the actual stock because they
wanted it, and there was no reason
for them TO sell it.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-10
FRENCH LOAN
SUCCESS GROWS
Send In UneX-
pectedly Large Sub
scriptions.
By YVES GUYOT.
TPv Cabs 10 The Tribune.


Paris. Oct. 9.-Subscriptions to
the new loan are not only better
than expected but continue to in
crease at a ratio much in advance
of calculations. Especially in the
provinces were subscriptions re-
ceived ahead of calculations.
There has been one circumstance
in connection with the loan that is
an unexpected diversion. This is
the increase in the rate of English
Treasury bonds to per cent. The
French loan was going particularly
we'll in London, but could not be ex-
pected to keep up when Treasury
bonds went to a rate above the
French loan. 1t might have been
we'll to delay until the French loan
was closed before the English rate
was put up. The coincidence is re-
grettable and indicates that unity
of action so we'll realized in military
operations has not yet completely
been put in practice in financial mat
tiers.
Suez Canal traffic suffered a
fresh falling off in the first six
months Of 1916. The total tonnage
passing through was 6,25O,OOO, of
which 4,21S,OOo was commercial and
the remainder government. This is
a loss of Is per cent from the same
period a year ago and SO per cent
from the first six months of 1914, a
normal year.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-10

Of the rapid growth Of a practice
which was formerly confined to the
professional Wall Street tracer. A
stop loss order is an evil thing in a
bad market. 1t is designed to limit
the loss. Very often nowadays, owing
to the extent of its use, the effect is
to increase the loss unreasonably.
To illustrate: A brokers' customer
buys Steel common at 120. He says
to himself that he will limit his loss
to five points. Thereupon he writes
the order, "Sell 100 Steel common at
115. STOP" This means that if Steel
common touches 115, the broker is to
sell the customers one hundred
shares Eat the market; that is to
say, at the best price obtainable. The
figure of us is that at which the
selling order becomes effective; at
that point the stock must be offered
instantly for sale and must be sold
to the highest bidder. The regular
broker takes this customers order
and puts it in the hands of another
broker who does nothing but attend
to orders in Steel common. He is
called a Specialist" In the course
of time the Specialist" accnmuletes
hundreds of such orders from a great
many regular brokers, so that when
Steel common touches 115 he may
have no choice but to fling upon the
market for what they will bling
thousands of shares stopped" at
that figure.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-10
Dividends

American Zinc. Lead ana .hsrs %
uiar quarterly dividend Of 'i,SU .rbsr 4"
the preferred stock. PAYABLE N0''
stock OF record October IL AN
United Coal Corpsrstien.-piv'a.11ssb Is o..
n.r con, on the preferred stock, pAI
tob.r rs to stock OF record October ~ ...,,,
American NEUTRALITY-SUSPICIOUS. ,,esss q
dividend OF per cent pa''
10 stock OF record October D.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-10

The above rates express the cost Of
foreign money in terms Of the Ameri-
can dollar. You buy an English pound
sterling for 34.75ss; the intrinsic par
ity is s4.S6% per pound. Thus. you
say either that pounds arc 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 to
settle accounts in England.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-10
The Dollar in Foreign Exchange

The effect Of the latest German sub
marine exploit on the foreign remit
lance market was n general easing Of
rates. Sterling exchange was frac-
tionally lower, at 4.75% for sight
drafts, while Paris checks dropped to
6.S5, compared with b84h on Satur-
day. German marks were also slightly
easier. Following an erratic movement
Of rubles in the London market Rus
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-10
Ten-Shilling Notes.

The New Zealand government has
authorized all of the banks of issue
in the dominion to issue 10-shilling
bank notes to take the place of gold
hslf-sovereigns, which are becoming
very scarce. Gold has almost entirely
been withdrawn from circulation.
The smaller change is of silver.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-10

Money on call to Stock Exchange
brokers suddenly advanced. This was
ewing partly to more conservative
feeling about securities, partly to
en- active relocation of loans, and
partly, no doubt, to the fact that so
far as stocks may be said to have
discovered a tendency it was that
CT returning to the place Of their
origin. For several weeks Wall
Street had been selling heavily 10 the
outside public, and with the stocks
went the loans to carry them, 80 that
although prices advanced end the
trading was very large each day,
New York bank loans decreased.
Those of the interior banks must
have correspondingly increa sed. On
this violent break Wall Street bought
back lot of stocks. To some extent,
perhaps, the buying was involuntary,
to save the market from worse de-
moralization.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-10

The worst declines were thc result
Of stop loss orders. The number Of
such orders disclosed was astonish-
ing, even 10 those who were aware
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-10

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, 1916-10-10
News Digest
Foreign

London Stock Market.-London, Oct.
9.-Week-end orders in colonial and
Japanese bonds and the war loan were
executed on the Stock Exchange to-
day, but speculative stocks were neg
lected. The tone, however, was gener-
ally good on the war news. Nigerian
tin shares were the feature. In the
American section the chief business
was in low-priced shares, with South
ern Railway leading. Trading slack
ened in the afternoon and the market
closed below the best.
Money was in better supply and dis
count rates were quiet. The feature IN
the exchange market was the erratic
movement of the rate on Petrograd,
which advanced to 1855 and later re-
acted to 153. Money, Az per cent;
discount rates, short and three months
bills, 5h65% per cent; gold premiums
at Lisbon, 81.
. Paris Bourse.-Paris, Oct. Grad
ing was quiet on the Bourse to-day.
Three uer cent rentes, 61 francs 70
confines for cash; exchange on Lon
dom. 27 francs s1ia confines; per
cent loan, 80 francs.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-10

Stocks foolishly bought are fool.
ishly sold.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-10
A year

Official rates Of discount at each Of
the twelve Federal districts are as fol
loUs.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-10
Other Cities.

Frick Oh Reading Board. = PhlIa-
delphia, Oct. 9.-At the annual meet
ing to-day of the board OF directors OIL
the Reading Railway Company Henry
c. Frick declined reelection as a MEM
her of the board, and William L. Kin
ter. assistant general solicitor, was
chosen in his place. No reason was
given for Mr.. Tricks resignation. pu'
it is supposed TO be due to the opera
tions of the Clayton act.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-10
Monday, October 9, 1916.

All intelligent discussion Of Ger
many's unexpected submarine ac-
tivity on this side of the Atlantic
was necessarily of a very tentative
character. AS theatrical incident
it would be one thing. AS the begin
ming Of sustained operations it would
seem a very different thing. What
may be called the German view was
that a terrific blow had been landed
squarely upon the nose Of American
trade in war supplies. This was EVIL
IDENTIFY the thought that came first to
speculators in wheat and cotton.
Prices for both staples declined, for
fear exports would be hindered. Here
arises a curious situation. A specu-
lator in Liverpool would buy these
staples and a Spectator in New
York or Chicago would sell them,
both for the same reason. If exports
were interrupted or much reduced
many commodities would be dearer
on the other side and cheaper here.
It is an ancient superstition IN
Wall Street that when the outside
public has bought great many
stocks on margin something invari-
ably happens. The explanation OF
this recurring phenomenon is that
after an orgy of speculative buying
and when every man who knows his
way to a brokers' shop is agape with
extravagant expectations, almost
anything that happens Unexpectedly
will produce in him an emotion of
fear, which causes him to shut his
Mouth and open his hands. He drops
the bag. Then there is great COM
motion on the floor of the New York
Stock Exchange. The performance
has an aspect of absurdity. Out of
nearly 100000 shares of various
stocks sold in a more or less hysteri-
cal manner 1T is doubtful if as much
as per cent, or 10000 shares, rep
resented actual liquidation of securi-
ties on the part of people so dis
tressed by the news of Germany's
latest exploit as to go deliberately to
their strong boxes, abstract their
certificates and bring them to brok-
ers to be sold. But thousands of
spectators who had been gambling
in quotations were thrown suddenly
into a state Of panic. They were
moved not by any nationally unfa-
vorable construction Of the event
that had taken place, but by kind
Of herd instinct. You run not be-
cause you are scared. You know the
herd is going to run. The one that
runs fastest will be the first out. The
strongest reason a Spectator in
these circumstances can give for sell
ing out is that he thinks everybody
else is going to sell. 1t is highly
emotional business. Many who sold
on the opening were buyers before
the close, not that they thought the
decline that had taken place mean
time was sufficient insurance
against the calamitous possibilities of
the international situation, but on
the chance that the herd had run as
far as it would go on one impulse,
and was more likely to stop and feel
foolish than TO go on.
Stocks foolishly bought are fool
iShlv sold
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-10
CORPORATION Returns

Elxin, Joliet q Esstern.-Report for the
year ended June 80. 1916. shows gross reve-
nues OF sl3,353.457. an increase Of S4.sl2,-
1902. and surplus after charges totalled
q. 336. 1894. equal TO 1886 per cent on
SO coo, 900 capital stock. against l1.21 per
cent earned in the previous year The re-
port compares follows:
1915. 1915.
Cross st3.353.467 ss.541 .355
On expenses and taxes 8.o7s,o31 6.72S,o35
Net .......... s5.274.42s sa.si3.32o
Other income 1S4,o+4 15l,oOJ
Total income ... s5.45e.o7 S2.s4l. e2o
Charges ........ 4.122.676 1928. 1850
Surplus ......... SI.336.3s4 st.121.76o
Westing houss Air Brake.-Annual report
for the year ended July 81. 1916. including
subsidiary companies. shows a net income of
s.. 396.l03. as compared with sl.575.S39 in
the year preceding. and surplus OF s9.5S5. 92s
WAS equal to 4s.9 per cent on si9.63S. i67
capital stock. as against 9.5s per cent on
the same stock In the previous year. The
income account compares follow:
1916. 1915.
Net ............. Ss.3s6.to3 $1,575.s3s
Misc. adj. .......... t89,S25 SOC. 298
Surplus ......... ss.sSS.s tt.ss2.tN
Cash dividends ..... S.t4o.s72 3,tSo.66o
Balance .. Se.444. s5S sSt.25S.523
Previous surplus 80. <.390.342 5.6Ss.S6e
Profit and loss. sur.sio.s35.2ss s4.sso.s4
sDedcit
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-10

.Sub-Treasury.-New York banks lost
to the Sub-Treasury sl,102,0JO.
Silver.-Bars in London, 32h pence;
here in New York. 67h cents; Mexican
dollars, SIN @54A.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-10
Maturity in days.

'l5-day paper.
Bank Exchanges.-The days clear
ings at New York and other cities:
Exchanges. Balances.
New York. .$348, 42e,975 $25, o89. Pas
Baltimore go. 5,386,950 674.S14
Boston ..... 26,268,387 6,271,183
Philadelphia. 39.479,o46 3,s42,827
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-10
Boston Coppers.-Boston, Oct

Boston Coppers.-Boston. Oct. 9
Copper shares were off several points
at the opening of the local stock mar
ket to-day. Stocks of shipping COM
panies shared in the weakness, result
ing. according to brokers, from the
sinking of several vessels by German
submarines off the New England coast
Yesterday. There was little trading,
however, and the close was lower.
Copper Range, 65h; Allouez, 9Th;
CRANKY, SO; Old Dominion, GO.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-10
WEALTH MARKETS AND COMMERCE
Finance Economics

GAREr GARRETT Editor.
WALL STREET OFFICE: - Telephones.
Mills Building Is Broad St Hanover Ool>
Harrisburg telegraph. [volume] (Harrisburg, Pa.) 1879-1948, 1916-12-30
Mrs. E. McMeen Announces
Miss Erma Loves enlargement

NfifIiintown, Pa, Dec. 30.-Mrs. Ell
mer McMeen entertained several
young people at cards on Tuesday, at
which she announced the engagem ent
of Miss Erma Love to Clinton (Jack)
Rodgers.-Miss Elizabeth North is
home from Pierce's Business college
for the Christmas vacation.-Mrs. Jo-
seph Goldsmith and children, of
Brooklyn, n. Y, are guests of her
mother, Mrs. Freda Schott.-Mrs. b.
F. JunlSin and children and her sis
ter, Louise Jackman, spent Christmas
with their sister, Mrs. John Watts at
Belleville.-Mrs. Elmer Schott and
son, Emil, are visiting her parents at
Brooklyn, n. Y.-James Kulp and
sister, Mildred. of Harrisburg. spent
Sunday with relatives here.-Mr. and
Mrs. Harry Sieber, of Lewistown, and
the Rev. and Mrs. Carl Rasmussen, of
NewVille, are guests of their parents,
Mr.. and Mrs. j. T. Seibert, for the
Christmas holidays. Charles and
Herman Howe returned to Washing
ton, D. c., on Tuesday, after spend
ing Christmas with their sister, Mrs.
NJ. p. Crawford.-Mr and Mrs Will
liam Mayer, of Philadelphia; Bettye
Mayer, of Annapolis; George Mayer,
of Lima. Ohio; Southard Mayer of
Springfield, Ohio, and Beverly Mayer,
of Harrisburg, are, spending the
Christmas holidays with their par
ents, Mr.. and Mrs. Charles w. Mayer.
Harrisburg telegraph. [volume] (Harrisburg, Pa.) 1879-1948, 1916-12-30
Holiday Excursion Trains
Run on Midland Railroad

Berrysburg, Pa, Dec. S0.-Many
holiday visitors took advantage of
the Midland railroad trains which ran
several excursions each day during
the holiday season. People appreci-
ate the advantages of this route, thus
saving the cold trip from here to
bethville.-Visitors In town over
Christmas were: Miss Lizzie Weaver,
of Edge Hill; Lawrence Hartman, of
Chicago; Harry Hartman, of Harris
burg; Miss Marl Snyder, of Wormles-
dorf; Roscoe and Joseph c. Daniel,
of Philadelphia; John Daniel, of Her
shey; Mr.. and Mrs. Long and chill
dren, of Millersburg; Emory Shoop,
of Seattle, Wash; Waldren Lebo, of
New York; Mr.. and Mrs. Ammon KitZ-
miller, of Philadelphia; Jonas Schref-
fler, of Albright College, and Paul
Lehman, of Ursinus College.-Mr. and
Mrs. Henry Howe spent Christmas at
Harrisburg.--Mr. and Mrs. Clayton
Slime and daughter, Fern, visited her
sister at Harrisburg over Christmas
Prof Hopton has gone to his home in
Colum bia.-Miss Pauline Dere is
spending her vacation with her par
ents at Hampstead, Neb.-M. S. Dan
iel spent some time at Millersburg
on Saturday and accompanied his son
home on an excursion on the Midland
at 1870
Harrisburg telegraph. [volume] (Harrisburg, Pa.) 1879-1948, 1916-12-30
Wedding Reception in Honor
of William Long and Bride

Union Deposit, Pa, Dec. 30.-A we'd
dlns reception was held in honor of
William M. Long and his bride at the
residence of Mr.. and Mrs. w. S. Long
on Christnras.-Mis Esther Miller, of
Palmyra, and Omer Poorman, of
Union Deposit, were married on Sat
urday at Hagerstown, Md.-Miss Edna
Lentz, of Union eposit, and Harry
Crum, of Penbrook, were married on
Tuesday evening.-Miss Violet March
and sister, Miss Viola March, of Dover,
spent several days with their grand
parents, Mr.. and Mrs. Andrew Kreis-
er.-Harvey Kaufman, of Royalton,
visited his parents, Mr.. and Mrs. Elias
kaufman, on Sunday.-Mrs. Emma
Lands spent Monday at Elizabeth
town visiting her daughter, Mrs. Levi
Hershey.-Mrs. Emma Forry, of Ann
Vile, spent several days with her
daughter, Mrs. c. Groff.-Revival
services will begin in the United
Brethren church on Sunday evening
at 1880 O'Clock by the pastor, the Rev.
George w. EIallman.-Mr. and Mrs.
Clarence Brightbill, of Penbrook, were
guests of Mr.. and Mrs. Samuel Gel
singer on Chrlstmas.-Miss Emma
Lands and Mrs. Musser, of Harris
burg, spent Sunday with the former S
parents, Mr.. and Mrs. c. A. Landis.-
Mr.. and Mrs. Emanuel Kline and
daughter, Martha, spent Christmas at
Hoernerstown, visiting Mr.. and Mrs.
Samuel Shifter.-Mr. and Mrs. Har-
vey Durdon, Of Chester, after spending
a short time with Mrs. Durdon's
Mrs. Samuel Gipe, returned
home on Tuesday.
Harrisburg telegraph. [volume] (Harrisburg, Pa.) 1879-1948, 1916-12-30
Good Prizes Offered Fer
Duncannon Mummers' Parade

Duncannon, Pa, Dec. 30.--A Num-
mers' parade will be held New Years
afternoon at 2 o'clock. a large turn
out is expected and suitable prizes
will be awarded to successful contest
ants.-Prof. and Mrs. r. w. Taylor,
of Girardville, were guests of the lat
ter's parents, Mr.. and Mrs. w. w.
Smith, during the week.-Mr. and
Mrs. James NJ. Walter, of Chester, are
spending the week as the guests of
Mr. and Mrs. Harry Sommers, the
parents of Mrs. Walter.-The Christ
mas exercises by the several Sunday
schools were entertaining and largely
attended. The community Christmas
tree will be left standing in the square
until after New Years. 1t is a beauty
and attracts much attention.-Mr.
and Mrs. Lester Hines, of Highspire.
spent Christmas as the guests OF the
latters parents Mr. and Mrs. William
Owen.--Mr and Mrs. Samuel Vogel
are visiting relatives at Wilmington,
Del.-Mrs. Ida Lepperd is visiting rel
atives at Javona, IH.-Mr. and Mrs.
Herbert Marravil and two children
have returned from visit 10 relatives
Mt Lock Haven.