davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-12
TRADE IMPROVEMENT
IN SOUTH AMERICA

Revival Of business activity in South
American countries is indicated by sta
dstics and commercial items compiled
~ the foreign trade department of the
National City Bank, some of which fol-
low:
Argentine State railways show a profit
of $4,000 in the first half Of 1916.
against q deficit Of t1.4s5, 900 In the cor
responding period Of 1915.
August Custom House receipts OF Brazil
and Argentina show marked increases over
earlier months. indicating increase in i'm
portAtions and general business activities.
Argentine import for the hYst half Of 1915
were 3loi 900. 900. and expora t246 .ooo.-
900; exports more than double the imports.
United States exports 70 South America
for the eight months ended with August,
1916. tl3s. s3o.iz7. against 1864. iS2 for
the corresponding months In 1915
A new steamship line from Valparaiso TO
New York. with passenger capacity Of 100
steamer IL 70 begin operations in May OF
next year.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-12
MAKERS
BUY STEEL FOR 1917

Automobile manufacturers are active
ly in the market for soft steel bars for
shipment over the first half Of 1917.
Much difficulty is experienced in hav-
ing contracts accepted. Several of the
Detroit manufacturers are now in the
market for about 10000 tons Of bars
in the aggregate, including various lots
of $4,000, 5000, 5000 and 5000 tons.
Agricultural implement manufactur-
ers also continue active in the market,
buying to supplement previous heavy
purchases.
The railroads are beginning to cover
their requirements for 1918, and thus
far contracts for about 100000 tons
have been closed in relatively small
lots by half dozen different roads.
Ii is understood that some of this
business has been taken on the basis
of $50 a ton, f. o. b. Pittsburgh, but
several Of the independent mills. it is
reported, are refusing to take orders
from domestic roads except at further
advance.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-12
RUSSIA SUSPENDS
LOAN NEGOTIATIONS
Japan Takes Payment for NUM-
tons in Treasury Bills.

Negotiations between New York
bankers and the Russian government
for a s50,00O0 900 loan TO the latter
have been suspended. No official ex-
PLANTATION for the failure OF the trans
action TO materialize was given yes
terday, but in quarters familiar with
Russian methods of financing the
statement was made that Russia con-
sidered the terms Of the loan too
onerous in view Of the comparative
ease with which she has been raising
funds in Japan by the sale Of treas
ury notes.
A few weeks ago bankers interested
in the proposed new Russian loan pre-
dicted its early consummation. State
ments of this character were followe1
by substantial rise in the dollar
value of the ruble. At one time II
was quoted above "a cents, or level
that would have given an exchange
profit on the s50,OO0,0OO ruble credit
arranged last June. The loan, which
has now failed, was to have been SINH
lar TO that transaction.
While Russia has been spending
large sums in this market for rail-
road material, she has been buying
heavily of war supplies in Japan
This may be due to the difficulties
she has had in the contracts made
with American and Canadian NUM-
ton makers.
Russia has found Japan more will
ing to accept her treasury bills IN
payment of supplies than the United
States. Only recently s35,OOS.OOo OF
one-year per cent Russian treasury
notes were sold in Japan. This oper-
alton was arranged solely for the pur-
pose of meeting Russian obligations
with japanese munition makers.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-12
1000 LOCOMOTIVES
ORDERED BY RUSSIA

Contracts for 1000 locomotives. it is
reported, have finally been placed by
the Russian government with Ameri-
can shops. In turn, the locomotive
builders have placed contracts for a
little over 100000 tons of steel plates,
bars, shapes and forgings. Most of this
business is understood to be the exer-
cising of options given some time ago.
The heavy demand for locomotive boil
er tubes continues, some manufacturers
having sold their entire output for
delivery up TO March. 1917. One or two
of the smaller mills which have re-
served tonnage have been reaping a
harvest in making sales at higher
prices for this years delivery.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-12
FARM PRODUCT PRICES
ARE STEADILY RISING
Principal Crops Now 27.6 Per
Cent Higher than Year Ago.

Washington. Oct. 1l.-Prices Of farm
products continue to rise. Producers
were being paid ?7.6 per cent more on
October than year ago, the Depart
ment Of Agriculture announced to-day
in its monthly statement of the level Of
prices on principal crops. That level
increased l3 per cent during Septem-
Der, compared with a decrease Of about
3 per cent during that month in the
last eight years. October | two years
ago prices were 1919 per cent lower
than on that date this year, and the
average for the last eight years on 0c-
tober 1 was 23.8 per cent lower.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-12
FLOW OF MONEY TO
INTERIOR IS HEAVY
High Record for National Bank
Deposits Reached.

Washington, Oct. IA new high
record for resources and deposits and a
wider distribution of money than ever
before will be shown by complete re-
turns from the national bank call Of
September -, in the opinion of Treas
ury officials, after examination of fig
ures reported by fifty-ive reserve cities
and country banks in several states.
Most Of the big Eastern money centres
have lost materially in deposits since
the call of May l, these figures show,
and there has been more than an Off
setting increase in smaller cities and in
country districts.
The decrease in New York City since
May amounted to 1922 ,0OO, 900; in Bos-
ton it was s36,OOO,000 and in Philadel-
phia s13,OOO,OOO. San Francisco re-
ported a gain of more than s35,000,000,
Kansas City nearly s24,000,000, Pitts
burgh s21 100000, Cleveland s1s,O00,-
900, Omaha s14,50o,OO0, Houston 49,
100000 and Chicago more than $1,000
900, while gains of more than s2,000,O00
were made also in Indianapolis, Co.
lumbus, Denver, Los Angeles, Mil
waukee, Cincinnati, Richmond, Wichita,
st. Joseph, Baltimore, Dallas, San An
tonic, Detroit, Seattle, Lincoln, At
lanta, Washington and Oklahoma City.
Increases in country deposits are
shown in the case of each of ten states
from which returns are complete. Ohio
leads this list with country banks
showing a deposit increase of $780,
600 600
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-12
Nickel Loaf Extinct.

II is very difficult to change the Gus
som Of years, but there comes a time
when even tradition must be swept
aside ruthlessly if thereby a great eco
homie advantage can be secured. The
baking trade is now facing such q revo-
luton. Custom has long prescribed the
fve-eent loaf Of bread as the unit. This
was based originally on the cost Of the
materials entering into II, which was
sufficiently low TO afford the baker a
varying. but, on the average, a fair
profit for his product. Such basis for
the hve-cent unit has ceased TO be. 1t
10 ss hopelessly extinct as the dodo,
and the baker who attempts desperately
10 cling 10 II will follow suit. unless he
speedily meets the conditions Of the
time and changes his price unit
Miller.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-12
BANKS COMPLY
WITH NEW LAW
Act Prohibiting lnterlock-
ing Directorates Forces
designations.

To comply with the terms Of the
Clayton act prohibiting interlocking d.
rectorates eleventh-hour changes were
made yesterday in the boards OF two
big national banks in the downtown dis
trict. Francis L. Hine, president Of the
First National Bank, retired from the
board of the Chase National Bank, and
William H. Porter, of ]. p. Morgan &
Co.. and A. D. Juilliard, Of A. D..
Juilliard & Co., resigned as directors Of
the Chemical National Bank. The lat
ter were succeeded by Frederick A.
Juilliard and Ridley Watts, of Watts,
Stephens & Co.
The law, which was modified some
what by the Kern amendment, becomes
effective next Monday. Under this
amendment the applications Of l34 New
York bankers 10 sit on more than one
bank board were granted, forty-eight
were denied. That the Federal Reserve
Board holds that many of the impor-
tant banks in the downtown section are
ain substantial competition" with each
other was indicated By the changes an
nounced yesterday.
The Federal Reserve Board has never
made public the names of the New York
bankers whose applications to sit on
more than one bank directorate were
denied. In deciding upon these appli-
cations the board announced that il
would consider each case on its merits,
but would take the general position
that "the mere purchase by two banks
of commercial paper in the open mar
ket, or the making of demand or time
loans on collateral securities having a
wide market, or the purchasing Of such
securities, need not necessarily be con-
sidered as indicating substantial COM
petition within the meaning of the
Kern amendment"
Several New York bankers, upon noti-
fcation that they would have TO limit
their banking directorships, expressed
determination to contest the arbitrary
power vested in the Federal Reserve
Board. 1t was limited yesterday, how
ever, that no definite proceedings would
be taken until after the Clayton act be-
came effective.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-12
THE LET-UP TN
GOLD IMPORTS
Banker States British Gov
eminent Was Requested
to Stop Shipments.

With the arrival of S10,00O,OOO OF
British gold three weeks ago, imports
of the precious metal, which up TO that
time had been running at the rate OF
approximately s5O,0Oo,Oo0 a month
over a period of four months, sud
denly ceased. More than s3OO,oOO,oOO
was sent here by Great Britain in pay
ment of goods bought between May
and the middle of last month, the
movement eliminating in the record
influx of s87,OOO,O00 in the first three
weeks of September. The popular
Wall Street explanation of the abrupt
cessation of the movement has been
that Great Britain in the fotation OF
the $3.50 100000 collateral loan IN
August obtained sufficient funds here
to meet demands on this side for lhe
time being.
A banker associated with the group
that has been handling the international
credit situation as between England
and the United States said yesterday,
however, that this was not the trne
explanation Of the cessation Of the gold
flow. He made the positive statement
that Great Britain had stopped send
ing gold 70 the United States at the
request Of American bankers, who
feared the heavy influx of the metal,
if it continued at the rate at which
il was coming, would result seriously.
In other words, the local bankers let
il be known that no more gold was
wanted here for the time being, and
the British government acted accord
ingly and stopped shipments.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-12
COMBINE OF ENGLISH
AUTOMOBILE MAKERS

Light Car and Cyclecar," the we'll
known trade paper of London, says:
An important item OF news is the state
ment that several big muntion concerns
are about to pool their capital to the extent
OF $50, 900 900 (slf5. 995 000). and sink
their identity in a combine. That this will
embrace section of the motor trade is
almost certain. and as the object is 10 COM
bat foreign trade after the war. its innu-
enee upon the motor industry Is obvious.
II will be suggested that such a pooling OF
interests will enable the problem of the
cheap car with gigantic output 20 be
tackled rs has never before been possible
but so far as We can ascertain at prcscn. il
does not seem 10 any apprcciablc extent TO
affect the manufacture of light cars. which
is likely 90 be the biggest side OF the motor
industry after the war. IL is early yet to
speculate on the ultimate result. however.
and the scheme will be watched with the
greatest interest
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-12
Wednesday, October II, 1916.
War profits. which had been so

War profits, which had been so
easily capitalized on the Stock EX-
change and snapped for money with
the imaginative public, turn out to
be not magically exempt from the
law of vicissitudes. Many surpris-
ing things may happen to them. One
DAY it is a rumor of peace. Another
dav it is a German U-boat's raid on
shipping. There is one day of rest,
snd then it is a new thing entirely.
Great Britain and the United States
have disagreed as to how a neutral
should behave toward belligerent
submarine. The disagreement is moro
than a month old when it is dlscov-
cred, but that fact is in itself signiil-
cant. Then, as if it were not enough
to have to wend ones way through
the psychology of a Wall Street
banker, the German Admiralty and
the State Department, each having
done an unexpected thing, there
comes the announcement that the
British government has suddenly as
sumed control over the movements of
every English ship on the Atlantic
seaboard. This departure, if accu-
rately reported, might mean that
the British for the first time were
minded to save their ships, or it
could be construed as subtle and
perhaps effective reply tC the Lam
sing note defending the right of a
belligerent submarine to the limited
hospitality of a neutrals waters. For
British ships to tie up in port would,
Of course, interrupt the delivery of
supplies to the Allies, but it would
ct the same time interrupt the Amer
lean war trade most abruptly. Fancy
a Spectator having to find the right
answers to all of these questions in
order to determine intelligently
whether to hold his war stocks or
sell them. But, of course, he doesn't.
If they are weak he sells them and
if they are strong he holds them.
They were weak. Therefore, he was
inclined to sell them.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-12
Imports from China Increase.

Goat skins valued at $2872,06S were
imported from China during the first
six months Of 1916, according to invoices
certified at the United States Con-
sulate General at Shanghai The. total
exports from that port to the United
States increased in value from Sl2.-
4i8,Ssl for the first six months Of
1915 TO $l7Ss5, Os9 for the like period
this year. or gain Of $4,000
Among the items showing increases
were: Goat skins. $500 .005; raw silk.
S1.7O5, 300; waste silk, S523,osS hides,
s772, 06G; albumen and egg yolk. $751;
$50, and indigo and dyes, s35S,34Q
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-12
Fresh Movement Expected.

Now, according to this banker, gold
is being accumulated in Canada and
in London at q rate that makes it highly
probable that a fresh movement may
be expected to begin at any time.
Whether there would be objections
from the American banking community
in the event that heavy imports Of
gold start again was not stated.
In addition to providing payment for
goods bought here, one of the inceI-
tives of the British in shipping such
large amounts of gold TO the United
States has been to keep the money
market here in such an easy state as
to create more favorable borrowing
conditions for Britain.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-12
NeUs Digest
Foreign
London Stock Mark

London Stock Market.-London, Oct.
11.-While investment business on the
Stock Exchange is generally slack pend
ing financial statements in the House o.
Commons, the old war loan was bid for
to-day and the price jumped a point on
the idea that a new loan with CONVEX
sion rights is nearer than expected.
Consols, however, declined. Business
in the other sections was eonnned |"
rubber and shipping shares and nome
rails at steady prices. American seeur,.
ties recovered a part OF yesterdays
losses and closed firm.
Money was in increased demand sno
discount rates were firm. Money, -
per cent; discount rates, short sno
three months bills, 5i2@54s per cent
gold premiums at Lisbon, 62.
Paris Bourse.-Paris, Oct. ll.-lIso'
ing was active on the Bourse to-oa5,
Three per cent rentes, 81 francs !"
confines for cash. Exchange on Lon.
don. 81 francs, 81 Y centimes. FIVE per
cent loan, 80 francs.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-12
Money and Credit.

Money on call at the New York Stock
Exchange was easier, with a ruling
rate Of %. per cent, and low of ,.
The demand for tine funds on brok-
ers' stock exchange collateral contin-
ues in moderate volume and the tone
is firm. Lending is chiefly for four
months, at 32i per cent for industrial
money.
Ruling rates on money yesterday
compared with year ago were as foi-
lows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-12
One Way Ont.

A few women Of Rockingham County.
w., started in 20 help solve the labor
problem early IN the season, and now
scores Of them in that neighborhood
discover that they have led 70 the solu-
ton Of two problems. Their presence
In the harvest fields attracted a number
Of young men from nearby villages
men who hitherto had not been able 20
Iscsts eongenisl work-snd something
voYth while has been accomplished
~ I~ISS/ HA~eAa
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-12
Yesterday.
Commercial Paper.-Unusually quit

Commercial Paper.-Unusually quiet
trading prevails in the commercial
paper market. However, brokers have
no difficulty In disposing Of the small
supply of first grade paper they have
on hand at 31z@3Afo for prime reg
ular maturties. The buying is for
the most part restricted TO a few large
banks and trust companies.
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, 1916-10-12
FISHER RODY CORPORATION.

Al regular meeting OF the Board Of Di.
rectors. held on the 10th day of october. 1915
an initial quarterly dividend OF lxqs was de-
clared on the preferred stock Of the corpora.
ton, payable on November Let 70 the stock.
holders OF record at the close OF business on
Tuesday, October 18th, 1916.
A. MENDELSON. SecretaI
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-12
IpSPIRITIO CONSOLIDATED COPPER CO.

The Directors have this day declared q
dividend OF 81 per share. payable Monday
October 80. 1916. 10 stockholders Of record
at 800 o'clock p. m. Friday. October u.
1915. j. W. ALLEN. Treasurer
New York. y. T.. September rs. 1919
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-12
DIVIDEND NOTICES.
UNITED FRUIT COMPANY
NO. SO

A quarterly dividend OF two per car,
1.-TWO dollars per shsrel on the capital ,,oet
OF this Company has been declared. paw.
bic on October IL. 1915, 10 stockholdsr, a,
record at the close OF business septsnS.,
30. 1916.
The transfer books DO not close.
JOHN w. DAMON Treasurer,
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-12

world. Then we might be able to
conserve our gold and use it in such
channels as may prove beneficial to
the country. ,. X. W.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-12
American Telephone & Telegraph Co

A dividend OF Two Dollars per share viii
be paid on Monday, October is. 1915 10
stockholders OF record At the close Of bust.
ness on Saturday. September 80. 1918
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-12

than ever before" That is obviously
going to be true, provided it Is not
too long postponed.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-12

Gold to Far East.-The SubTreasury
transferred $1,000 900 yesterday to San
Francisco for the account of local
banks. The gold is for shipment to
japan.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-12

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, 1916-10-12

Sub Trcasury-New York banks
gained from the Sub-Treasury ST.
$4,000.
Silver.-Bars In London, 32'. pence;
here in New York, e7as cents; Mexican
dollars, 52055.
Bank of Germany.-The statement of
the Imperial Bank Of Germany, issued
October 7, shows the following changes
in marks:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-12
Other Cities.

Protest Livestock Rates.-,M, ssa,oss
ton Oct 1.-THE National Liyes.0 ..,
Exchange complained TO 'he ln .sa, he
Commerce Commission to-day . .n;~rsipsl
rates charged by eighty-six princes .st,v
railroads on stock. feeder cattle, . son
and hogs, were unjust and u TissS IS
ner cent of the rates charged On
tened stock intended for slaughter
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-12
The Dollar in Foreign Exchange.
Week

The market was dull, with a narrow
movement in rates. Russian rubles
were steadier.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-12

The above rates express the cost Of
foreign money in terms of the Ameri-
can dollar. You buy an English pound
sterling for s4.75ts; the intrinsic par
ity is s4.s6% per pound. Thus. you
say either that pounds are at dis
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, 1916-10-12

NOTICE OF ANNUAL NIL INI.
The Annual Meeting Of ths stockholders
OF the Chicago and North Western Ran.
way Company will De held al the ONCE 81
the company. 22s West Jackson BOULEVARD.
In the City Of Chicago. Illinois. on Thurs.
day October 10. 1915, at eleven O'Clock
a. NJ, for the election Of Directors and
the transaction OF such other business 40
may come before said meeting.
transfer books will BE- closed on Monday.
September IS. 1915. at the close OF bushes
on that day, and will be reopened on FRI
day. October 20. 1915.
Dated. September l. 1915.
RICHARD II. ASHTON. President
JOHN D. CALDWELL. Secretary
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-12
FINANCIAL MEETINGS.
CHICAGO, SAINT PAUL, MINNEAP0LIs
AM OMAHA KAlIMAN CO

NOTICE OF ANNUAL MEETING.
The Annual Meeting OF the Stockhoders
Of the Chicago. Saint Paul. Minneapolis
and Omaha Railway Company will be held
al the Office OF the company. In the city Of
Hudson, Wisconsin. on Friday. october 30
1915. at nine o'clock A. NJ. for the election
of directors and the transaction Of suea
other business as may come before said
meeting
Transfer books will be closed on Mos.
day September IS, 1916. at the close Of
business on that day. and will be reopened
on Saturday October 81. 1916.
Dated. September !, 1915.
JAMES T. CLARK. President
ynuN n CAI.DWEII. SECRETARY
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-12
New York

Favor Bond Ticker Seyice-it
announced after the meeting OF .ne
governing committee OF the STOCK -.
change yesterday that It has o...
definitely decided 20 have sePsi
bond ticker for reports OF TRANSFORM.
in the bond crowd. The time i0i w.
installation of the service has not w.
been decided