davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-26

The above rates express the cost OIL
foreign money in terms Of the Ameri
can dollar. You buy an English pound
sterling for S475A; the intrinsic par.
ity is s4ss@ per pound. Thus, you
say either that pounds are at dis
count or that dollars are az pre-
MUM. which is owing to the fact that
in England the demand for dollars
with which 10 settle accounts in TIN
country is greater than the demand j.
this country for pounds with which
settle accounts in England.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-26
The Governments
Financial Year

Washington. Nov. 25-The great in
flow Of gold into The country during
The past fiscal year increased the
Treasury holdings of the precious
metal 90 SO3,4e3,e33 on June 80 last,
an increase Of s42O. 5sS,s48 over the
previous year, according 90 the United
States Treasurer's annual report, made
public to-day. Gold imports were
N9f,009,801 and exports $50 ,249.54s.
Money in circulation in the United
States az the close Of the fiscal year
aggregated s4,O24 ,o97.762, an increase
Of S454,S7s1ss over the previous year
There was a remarkable growth in the
gold coin and certificates in circula-
ton, the increase being S3s8,o9l,123.
The gold and silver coin trust funds.
held 90 redeem outstanding notes and
certificates, increased sSs7. 9s7,4o2 dur
ing the year and a. It's close amounted
10 s2.057.409.39l. The increase in gold
in the trust fund was 1891 .691 800,
while the silver decreased $3,7oS,s95.
The governments ordinary receipts,
totslling S77s, 664 1852, were an increase
Of ss7,1s0,1 07 over those Of 1915; ordi-
nary disbursements, s72a, 4e2,es9, were
$3.50 1913 less than tho preceding year,
and the surplus on ordinary transac
tons. s55,17l.b54. Panama Csnsl
transactions showed net excess Of
disbursements OF s14,eS3,73 paid out
OF The Treasury general fund, and the
total net balance expended out of the
general fund and reimbursable from
Panama bonds not yet sold is S22s.-
0,200.
Receipts and disbursements on &C
count OF the public debt showed a net
excess Of receipts Of $33,7s3,4s9.
The balance Ia the general fund on
June 80. including $55.00O,000 70 the
credit Of disbursing officers, was $685.
1886. The Treasury distributed 20
sub-treasuries and banks $l,oeS,74s,-
o25. 1886. 100000 increase over the
previous year.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-26

What emerges from all this dis
cussion is clearly the fact that every
body wants what he buys 10 stop
rising in price and wishes what he
sells to be left free 10 20 on rising.
Our enormous exports of manufact-
ures are creating a scarcity Of goods
and labor, so that prices and wages
rise; normal exports of foodstuffs
out of a short crop cause food prices
20 rise very rapidly. Therefore,
those who produce wheat and buy
manufactures talk of an embargo on
the export Of industrial products and
those who produce manufactures and
buy wheat wish an embargo TO be
placed on the export of foodstuffs.
Roughly speaking, the industrial
part of the population wants cheap
food and dear manufactures; the
agricultural part of the population
wants TO be able 10 exchange dear
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-26
Tickling the Soil Obsolete

With land at It's present high value
with farm crops bringing the cash re-
turn they DO, no farmer can afford
from a purely economical point Of view.
70 limit the capacity Of his farm b.
tickling i, with pretence fer = plough.
nor By trying 20 harvest a crop with
obsolete and outgrown machinery. The
cost OF new machine actually may be
covered by the difference in yield on a
single crop il the farmer only could be
made to see it--Inland Farmer.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-26
Dividends
and Steel Manufacturing.

American Iron and Steel Manufacturing
Regular quarterly dividend o. ~ per cent
on the preferred and IA per cent on tho
common stock. both payable January 10
stock OF record December 20.
Atlantic Coast Line Of Connecticut
Regular quarterly dividend Of $50 share.
payable December ii 70 stock Of record No
vembcr -.
Swift 4 Co.--Rezular quarterly dividend
Of per cent. payable January i 70 stock
Of record December ?.
psnnsylyanis Water and Pover.-Regulsr
ouartcriy dividend Of IL per cent, payable
JNnusry 20 stock OF record December 10.
Chicago a. Northwestern Raiiway.-Regu-
lar quarterly dividend Of per cent IN the
preferred and IL. per cent on the common
stock. payable January 20 stock Of record
December /.
Mckinney sh-ssvsss Mines.--Regular
quarterly dividend Of per cent. payable
January 1 to holders Of record December ?.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-26
U. S. Treasury Finances

Washington, Nov. 25.-The condition
Of the United States Treasury at the
close Of business to-day was; Net bal
ance in general fund. s13o,s9l'S24;
total ordinary receipts. s2,o76.e42; total
ordinary payments, st,4si,277. ,,oo
The deficit this fiscal year is sV,,
o98,ol2, against deficit OF $500 70 .
last year. exclusive OF Panama Canal
and public debt transactions.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-26

The annual cereal food require
ments Of the American population
are statistically known. The produc-
tion of 1916 and the carry-over from
preceding crops constitute our stock
Of wheat, and that, too, is stats
tically ascertainable. Sales to for
eign buyers are the unknown factor.
The record of exports is not conclu-
sive, for wheat may be put under
contract for export and left in stor-
age. Steps should be taken to deter
mine, first, what the surplus of
wheat over domestic requirements is
and then to limit sales for export to
that quantity. That would meet the
question of supply. The price could
be left TO take care of itself.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-26

4 rise in prices is a dynamic phe-
romenon. Business derives a certain
momentum from the expectation Of
higher prices. At the heart of the
economic mechanism there is a
throttle by which prices may be
controlled. It's name is credit.
And no one dsres to touch it. If
notice were served on the country
that the throttle had been moved to
the notch marked Stationary
Prices" so that the rise were at an
end, buying in the next twenty-four
hours would slump. Nobody knows
how much it would fall off. At a
guess it might shrink 10 per cent.
This seems a contradiction. People
everywhere are pretending to com
plain If rising prices, and yet if
they knew positively that the rise
were over they would lessen their
buying and begin very soon to COM
plain of the state of business. The
concern that had been willing to
cover its wants for three or six
months ahead would reduce its orders
Immediately. Just the idea Of higher
prices is a tremendous stimulus to
buying. in all leading branches the
rush 10 cover future needs con-
tinues,' says Dun's Weekly Review
Ct Trade, and steel and iron, tex
tiles, hides and leather and footwear
have gone still, higher, with no sign
even now that the crest has been
reached Certainty that the crest
had been reached would stop a rush,
and we should begin at once to talk
Of falling off in orders.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-26
MeGarrsh on the Financial Situation.


Gates ". McGarrah, president Of the
Mechanics and Metals National Bank
in discussing the financial situation
says we cannot prudently absorb all
the gold that we have recently re-
ceived. To exercise caution in finan-
cling new enterprises and at the Anne
time permit proper expansion free
rein is, he says, the special duty OF
the bankers Of the country to-day
Their duty, he holds. is one Of ultra
conservatism. notwithstanding the fact
that by extending credit and taking up
the money market slack" they would
be enabled 70 name more remnuerative
rates for their funds in the future.
Bank EIchanges.-The days clear
incs at New York and other cities;
Exchanges. Balances
New York. sos, 52S,3S3 s43,425,oso
Baltimore ..... 1912 6o4,621
Boston ...... 4o,22a,594 5,t1s,47t
Philadelphia go. 47,166,4s5 6,so5, 495
Sub Treasury. 49, New York banks
lost to the Sub-Treasury s2,o76,o00.
Silver.-Bars in London, Boa pence;
New York, 73ss cents; Mexican dollars,
56R.
The New British Internal Loan.-Ac-
cording to Srinivas Z. Wagel, plans are
being formulated in England for the
issue of a loan for s5,OO0,00o,OOO, with
! interest in the neighborhood Of . per
cent He says:
II the present plans prove succesSiul I ms
v-ill be the largest issue in the world. me
,,overnrneut is anxious 20 start with A
clean slate. and fund and distribute all me
floating debt The floating debt at date'
amounts TO g. 100000. England eN-
meets TO distribute at least slO0,VVO'oVV
worth OF treasury bills in the United states
AZ FAR as possible, every effort viii be
n,sde 20 distribute the balance OF the
! ,ressurv hill, in the British colonies The
success OF the loan will depend upon me
. ability Of British banks TO keep down ule
interest rate. If. however, market conol-
tons necessitatc the payment or hlShei
rate Of interest. the issue Of the loan VII
he postponed 70 a future date. Develop
rnents in the several theatres OF war with
IN The next two or three weeks wlll decide
the nature and date Of the issue.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-26
News Digest
Foreign

Stocks Steady in London--London,
Nov. 25.-The stock market was gen.
orally steady to-day. Business was OF
the usual Saturday dimensions, con-
sisting chiefly of home funds and cop
per, rubber and shipping shares at
hardening prices. The decline in Ar
gentine rails was checked. American
securities improved under the lead OF
United States Steel and closed steady.
Money and discount rates were in.
clined to harden and rates on New
York are being carefully watched.
Money, AZ per cent. Discount rates,
short and three-month bills, 5isd5S
per cent. Gold premiums at Lisbon, 20.
Paris Bourse Inactiye.-Paris, Nov.
25.-Trading was quiet on the Bourse
to-day. Three per cent rentes, OIL
francs 10 confines for cash. Exchange
on London, q francs S1is confines.
Five per cent loan, 81 francs S. CEN
times
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-26

food for cheap manufactures. This
is all question of price. There is
another question. It is one of sup
ply. 1t is possible that we shall
without knowing it sell more grain
for export out Of the short crop Of
1916 than we can afford TO sell at
any price. Therefore, one who is
neither German in sympathy, indus
trial in pursuits nor agricultural in
point of view may talk Of an en-
barge on the export of wheat for a
sound economic reason, concerning
all Of US alike.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-26
Other Cities

New York Produce Exchange Com
plains OF Freight Rates.-Washlngton,
Nov. 25.-The New York Produce TX
change complained to the lnterstats
Commerce Commission to-day that rs
members are subjected TO unreasonable
and discriminatory charges by rail-
road tariffs that apply TO domestic
freights. rules and regulations on ship
ments actually exported. though rot
originally consigned for export.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-26
Canadian Banks Extend Wheat Cred

its.-Montreal, Nov. 20.--A syndicats
Of Canadian banks has arranged TO cr-
tend credits Of s20.000,000 for six
months 20 the Royal Wheat Commits
sion OF Great Britain for the purchase
OF grain in Canada. it was announced
here to-day by +. l.. Pease. president
Of the Canadian Bankers Association.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-26
Saturday, November 95, 1916

II was officially announced last
week that the most important war
industry of Europe will open a
branch on this side of the Atlantic.
It is the money printing industry.
Beginning on December 1, British
Treasury bills will be printed in New
York and sold at the prevailing rate
Of interest to American banks, in in
determinate amounts. This is a
form Of money. The bills will be
discounted by the banks and the pro-
ceeds, in the form Of currency, will
be paid over TO those who sell war
goods to Europe. In the same way
Great Britain finances her purchases
of war goods at home.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-26
American Agricultural Chemical

American Agricultural Chemical
Revival of speculative activity in
American Agricultural Chemical dur
ine the last week carried that issue
from IS TO 1Ol. The stock closed ll%
points up on the week, at 99%, and
is now selling at the highest level in
the company's history. There is $ls,-
100000 Of common stock outstanding
and S27.55s, 200 Of 6 per cent cumula-
tive preferred The common stock
was placed on an annual dividend basis
Of 3 per cent in September. This COM
mares with 4 per cent paid from 1912
70 1915. inclusive. The preferred has
received full dividends since 1900. The
companv earned in the year ended
June so last 2O.57 per cent on the COM
mon stock, compared with 1897 per
cent in 1915, and 1853 per cent in 1914.
In the ten year period from l9O7/to
1916 annual average earnings on the
common stock, after allowing 6 per
cent on the preferred, were 9.16 per
cent. The company is engaged in the
manufacture and sale Of fertilizers,
glue, gelatine, bone black and other by
products. Important discoveries Of
potash salts were made in Spain dur
ing 1914, and in that year this company
obtained from the Spanish government
some large concessions in the territory
affected. The company owns extern
sive phosphate properties in Florida,
comprising 10000 acres and esti-
mated to contain 100000 tons Of
II l.. -.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-26
Rosfon ConDers-

Boston COppers.-Boston, NOV. 70
Although trading on the local exchange
was only OF moderate volume during
the short session to-day. advances vera
general throughout the list. Increase
in copper and zinc shares ranged from
fractions to over points. The market
closed dull but firm. Allouez, 81 ~
Old Dominion. so; Copper Range. s2's.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-26

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, 1916-11-26

Gold reserve against net deposit ana
note liabilities, 72.5 per cent.
Cash reserve against net deposit and
note liabilities, 75.3 per cent
Cash reserve against net deposit la
bilities after setting aside 40 per cent
gold reserve against aggregate net la
bilities on Federal Reserve notes IN
circulation. 76.1 per cent Z
In the above statement the prlnclpal
items compare with year ago as fol-
lows:
Total gold reserve o.. Inc si3s,S67 900
RiUs discounted. ......Inc. 73,o2OoOO
Member bank deposits Inc. 23e, 10000
Net liability for notes.-the. sll'ooo
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-26
Paris Bourse INACTIVE Paris. Nov.
New York

Tennessee Copper Plan Operative.
j. ). Bache & Co. and Adolph Lewisohn g.
Sons, syndicate managers, announced
yesterday that sufficient deposit cf
stock of the Tennessee Copper Com
pany has been made to make the plan
Of readjustment operative.
Telephone Collateral.-It is under
stood that the collateral which will DO
deposited behind the new sS0,000,00O
issue of American Telephone and Teie-
graph Company bonds will consist al
most entirely Of subsidiary stocks. As
OF September 80 last. they had a par
value OF S40s,2s9 900. or the total
1924 $4,000 in unpledged.
New Baldwin Locomotive Directors
Directors Of the Baldwin Locomotive
Works have been elected as followsi
Guy K. Trip, chairman Of the West
inghouse Electric and Manufacturing
Company; Sydney f. Tyler, chairman
of the Fourth Street National Bank, OK
Philadelphia; William +. Corey. presi-
dent of the Mdvale Steel and Ord
nance Company, and Sydney i. Hutch
inson. On account Of the Clayton act,
John G.. Shedd, +. 7. Stotesbury, i. De
Witt Cuyler and Otis II. Cutler recent
~ resigned as directors OF the COM
pany.
New Third Avenue DIRECTOR. A.
Manice, of L. A. Manice & Co, has been
elected a director Of the Third Avenue
Railway Company, 70 succeed George
W. Dawson, vice-president Of the Gen.
trial Trust Company.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-26
Money and Credit
ederal Reserve Banks
Nnshin1ion. .Nou. :

Washington, Nou. -.
Further gains during the last week
in deposits, resulting in substantial
increases Of the gold and total re-
serves, are indicated by the weekly
bank statement Of the Federal Reserve
Board, while the larger demand for
liquid funds, as reflected by the higher
money rates in the New York market
during the week, apparently accounts
for the considerable increase in the
acceptance business Of most Of the
Federal Reserve banks.
Aggregate gold reserves show a gain
during the week Of s2A3OO,O0O, all the
banks except New York and st. Louis
sharing in the increase. The New
York bank reports large gold transfers
in favor of the other banks on ac-
count of the final reserve instslment
due on November 16, and these trans
fers are largely responsible for the
decrease of s12,OOO,OOO in its gold re-
serve. Cash reserves other than gold
increased about sl,4OO,OOO, mainly at
the New York bank.
Total earning assets stand now at
$195,353, 900. an increase OF about
100000 for the week, and constitute
35l per cent of the banks paid-in
capital, as against 335 per cent the
week before. OF the total earning
assets 523 per cent is represented by
acceptances, 2o.2 per cent By United
States bonds, 11.3 per cent By war
rants, 10.5 per cent by discounts, and
81 per cent by Treasury notes.
Federal Bank notes in circulation
show a slight decrease. A further in
crease by $2,S79,OOO in the amount Of
Federal Reserve notes issued is shown
the total outstanding being now $685.
Os1 900. Against this total the agents
hold S241, $4,000 of gold and sl6,s4s,-
600 Of paper. The banks report total
Of S240. 44s,OO0 of Federal Reserve
notes in circulation and aggregate liza
bilities of sl4,296.OO0 on notes ISSUED
TO them by the agents.
The Federal Reserve Boards state
ment of combined resources and liabili
ties of the twelve Federal Reserve
banks at the close of business Novem-
Der "a follows:
RESOURCES
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-26
Finance Economics
GARET GARRETT, Editor

STREET Telephone:
Mills Building, Broad 81.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-26

United States Steel.-Out of S,954,-
600 shares traded in on the New York
Stock Exchange last week, United
States Steel common contributed to-
tai of l,Sls,90O. Steel's price move
ment ranged from a low Of l2i to Il
high Of 1919, the latter yesterdays
closing level. The gain on the week
was 2% points, Of which 2h points
were recorded yesterday. A year ago
Steel was selling around ST.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-26
ost Of one dollar.

Marks declined further yesterday
with checks falling to $50 The mar
kct was generally dull.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-26
New York Federal Reserve

Wall Street, Norentber Is.
Tho condition Of the Federal Reserve
Bank Of New York at the close Of busi-
ness Friday, compared with the previ-
Gus week, follows:
RESOURCES
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-26
Relevant
Information

Atchison.- Publication Of AtchisonS
excellent operating statement for last
month brought no response in the
stock yesterday, which closed un-
changed. Earnings set a new high rec.
ord for the month. Of October, with
gross revenues Of 1851 1893, an in.
crease of s2.2O7 900 over a year ago.
and net income Of S5,5l6,442, an in
crease Of $1,76l ,829. Net income fof
the first four months Of the new fiscal
year increased s5,163.737 over the
corresponding period Of 1915. Atchi-
sons earnings are now running in ey-
cess of Is per cent on the S214,19O,0OO
common outstanding, compared with
1890 actually returned in the fiscal
year ended June 30 last.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-26
~ ,isbilitiess2s7,42a2s2 s244,45a,O47

Clearing House sntement.-1he act
raj condition Of the New York Clearing
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-26

international Nickel. ms issue ad-
vanced a fraction yesterday on a small
volume Of business, closing at 462s
Two weeks ago Nickel was selling
around 50. There is s41 ,s34,6oO (par
500 common outstanding, and Ss,912,-
600 (par 5000 of per cent non-cumu-
lative preferred. Dividends of per
cent are being paid on the preferred
and So a share on the common. The
latest official report on earnings COW
ering the six months from April to
September 80 shows operating income
of S7,211,249, compared with S6,2l5,-
G29 in the same period of last year. In
the fiscal year ended March 81 last
Nickel earned 27.34 per cent on the
common, compared with 1882 per cent
in 1915, and 11.20 per cent in 1914.
On September il was stated that the
company was turning out about 5000
600 pounds Of nickel a month.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-26
WEALTH NJ A r KETS

House banks on Saturday was as fol-
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-26

s1ssa7gsRlsEEs EzsSzssazsEFE
The Catholic bulletin. [volume] (St. Paul, Minn.) 1911-1995, 1916-03-25

Some people say they do not
subscribe for Catholic publications
because they have no time to read
them. A poor excuse is better
than none. If they refused to sub
scribe because they were too poor
to pay the price, one could SYM
pathize with them. For the one
who is too busy to read Catholic
papers there are hundreds and
thousands hungry for the truths
they contain. If some Of these
too-busy people would subscribe
for papers to be sent to their less
favored brethren, their charity
would not go unrewarded, even in
this life. None of these people
would miss the paltry amount Of
the subscription and the recipient
Of their bounty would be forever
grateful. Why not put the idea
herein suggested into practice dur
ing the holy season Of Lent?
The Catholic bulletin. [volume] (St. Paul, Minn.) 1911-1995, 1916-03-25
BIBLE STUDY CONTEST.

At the request of a number of
subscribers, we have opened the
Bible Study Contest to all our
readers who desire to take part in
lit, on the conditions set forth else
where in this issue. These who
have not already entered the list
should enroll at once and do their
best to secure a prize. But even
If they are not so fortunate as to
be among the successful competi-
tors, the knowledge Of biblical
events acquired in the effort to
solve the problems will be Of ines
Unable value. 81 am taking
great interest in the contest, y
writes subscriber, "and | know
more about the Bible now than |
ever knew before" Another sub
scriber expresses himself as fol-
lows: Il have read the Bible
closer and more than at any time
before. II [ do not win prize,
| have won one thing, and that is
q better knowledge of the Bible. "
Extracts like these could be null
tiplied indefinitely to show the
good which the contest is &C
complishing among our readers.