davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-21

1t is suggested that the British
Treasury will presently undertake a
mobilization of British securities, in
GLIDING railway, corporation and mu-
nicipal issues, much in the same way
as the English holdings of foreign
securities were modified, and for
the same purpose. But if Great
Britain should begin to export Brit
ish securities, as she has exported
foreign securities, it would not mean
necessarily that she was selling her
self out. She would be only chang
ing the form Of her investments. She
would be raising funds with one
hand and lending them with the
other. Loans to her allies represent
an investment Of colossal proper
tons. This year alone they will
amount perhaps to pa billions of
dollars. The principal borrowers
have been France and Russia. The
figures are not available on which to
base the definite assertion, but it is
very probable that Great Britain is
lending more than she is borrowing.
Her lending is in large measure in
voluntary. She has to finance her
allies. But, on the other side, the
Indebtedness of all non-Teutonic Eu-
rope TO Great Britain at the end Of
the war will give her a command Of
trade and exchange greater than she
ever had before-provided, of course,
she wins the war.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-21

would be prepared TO lend on those secu-
rite. would be that amount less, and the
sum that might otherwise be available lot
sub.crirtion TO the new loan would be re-
durcd accordingly This question oil de-
prcciation T. Of great importance 10 the
b.nt. tru-t companies and other large
holders. and many Of them believe 'hat
the government might have borrowed
money for tho war on a much lower bass
than & per cent. even for three years.
some arc Of opinion that even nov ,
pcr cent loan. tax free, with sinking
fund applied annually by drawings. wouli
meet the needs of the situation.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-21
The Dollar in Foreign Exchange

Exchange on Switzerland continued
its recovery yesterday and checks SOLD
at SIS around midday. This sent the
Swiss franc to premium for the frst
time since the war broke out. German
marks were weak and checks declined
to 6s7s cents. A new low record was
established by Vienna exchange at
113l Russian rubles were under
pressure.
Exchange on Argentina was not so
strong, dropping to IL pesos to the
American dollar. compared with 10O.75
on Saturday and par Of 1885.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-21

The fact that no new railroad Sc
curities have been issued this year,
or almost none, is supposed to prove
the case that investors have lost con-
fidence in the railroads. In a sum-
mary Of what took place at the spe-
cial meeting of the Chamber of Com
merce of the United States called
to consider the railroad situation we
read:
Bearing out Mr. Thom's statement
of the lack of confidence in the rail
roads as expressed by investments,
Harry A. Wheeler, of Chicago, frs.
president of the Chamber of Com
merce Of the United States, pointed
out that since August, 1914, business
men Of the United States have in
vested more than S2,000,000000 in
foreign securities. In this country
during the last year there has been
invested in industries s900,000,000,
but none in the railroads.
But the fact is that more railroad
securities have been bought in this
country in the last eighteen months
than were ever bought before by in
vestors, banks and institutions all
together in a corresponding period
OF time. Reporting on the investiga-
ton he had made of the liquidation
in this country of American railroad
securities held abroad, Mr.. Loree,
president of the Delaware e. Hudson,
on October 20 last said: "My own
inquiries have shown that between
January 81, 1915, and July 81, 1916,
American investors repurchased not
less than $1,288, 773 ,801 in par value
Of the securities of their own rail-
roads which had been owned by resi-
dents Of foreign countries" The
market value of those securities had
heen at least S1,000,000,000. In
seventeen months, that is to say, our
investment in American railroad Sc
curities was increased at least
81 ,000,000,000 Surely there is no
suggestion there of any lack of con-
fidence. Men who have watched this
foreign liquidation as it crossed the
floor of the New York Stock Ex-
change have marvelled at the ca
pacity of the American investor to
absorb railroad issues from abroad
without the exciting aid of specula-
tors. 1t is all the more remarkable
when you allow for the competition
of industrial capital, on which profits
have been running very much higher
and in which there has been very
enthusiastic speculation.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-21
Other Cities

Hearings of Harvester and Steel Suits
Set for February 26.-Washington, Nov.
20.-Reargument of the Federal suit for
dissolution of the International Har-
vester Company was to-day set by the
Supreme Court for February 26. On
that day the court also will begin
hearing the dissolution suit against the
Steel Corporation. The questions in
volved in both cases are similar, but
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-21
U. S. Treasury Finances

Washington, Nov. 2O.-The condition
of the United States Treasury at the
close OF business to-day was: Net
balance in general fund, 1881 .o60. 343;
total ordinary receipts. 2.108,8 08;
total ordinary payments, S3.412.5O6.
The deficit this fiscal year is $685.
GAP. Poi. against deficit OF S49.0Oo.2s9
last year. exclusive OF Panama Canal
and public debt transactions.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-21
Relevant
Information

Miami Copper.-This issued proved
an exception to the rule in the copper
shares Yesterday, and closed | point
up, at 4sA. after advancing to 492s
The~turnover was 10000 shares. There
are 747,114 shares of Miami outstand-
ing, having a par value Of So. Last
year the company produced 1882, 900
pounds of copper. at an average cost of
s.76 cents a pound, and earned s4.56 a
share, against sl65 in 1914. with divi-
dends paid of 1925. Latest figures
place Miami's productive capacity at
$4,000 900 pounds. The property is To-
Gated in Arizona. At the end of last
year ore reserves were estimated al
35,1400O0 tons. running 1.S2 per cent
copper, making the proved life of the
property twenty years.
New York Air Brakc.-These shares
made another new high record for the
current movement. going as high as
1856 yesterday and closing 6& points
up at 1873. Two years ago Air Brake
was around so. Current strength is
based on the expectation of an extra
dividend at the meeting of the direc-
tors tomorrow. A cash or stock dis
bursement OF from % to 40 per cent
has been talked in official circles. The
company has been making large profits
from war contracts and from its rail
way equipment business. Its capital
ization is small, s10,000,000 Of an au.
thorized issue Of $4,000. 900 outstand.
ing, on which regular dividends are
now being paid at the rate Of 10 pei
cent R year. The company's earning:
have fuctuated widely over a period
Of ten years. running from 2.44 pc,
cent in 1908 to DAB per cent in 1911
6.55 per cent in 1918. cal per cent in
1914 and 13.43 per cent In 1915. Earn
ings so far this year have been esti
mated as high as rs per cent.
New York Ccntral.-An advance In
New York Central shares carried the
stock y points up 10 close of 1881
on dealings Of 1900 shares Central.
earnings on the s249 $4,000 OF
stock outstanding are now running a.
a rate of nearly 20 per cent year
compared with lilo per cent actually
returned in 19l4-'l5. The stock hai
been on a 5 per cent basis since 1912
Recently the directors authorized tn,
issuance Of $4,000, 900 of new stock. t
be offered TO the stockholders at par
At the time il was said that this in
crease in stock would take the plac,
of an increase TO 6 per cent of th'
present dividend rate of 5 per cent
, Recently. however, there has been a re
inewal of rumors of an increase in tn,
rate early next year. President Smith
a short time ago estimated that thu
new cight-hour law would cost the roaC
approximately s2,5oo.ooo a year.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-21

merger will be effected TO make them
at once more valuable and more ac-
cessible, so that people once more can
afford both to buy and sell them.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-21

Boston Bank Statement.-Ihcw week
" bank statement shows cash excess
of $4,000, decrease of $4,000; ex-
cess Of cash with New York agents,
s19.OO9,OOO, an increase of s1,49S,00o,
and excess with the Federal Reserve
banks, S7,553, 900, an increase of 81
$4,000. Loans and discounts totalled
s455, 4O2 900, a decrease Of s6,467 900
from the week before
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-21

London Money Market Comment
In view of the anticipation generally
entertained in London Of the issue Of
a new British war loan at an early
date, the question has been raised as
10 the desirabilty of reduction in
the Bank Of England rate being made
TO precede il. In this connection The
London Times" says:
1t is argued that the policy Of issuing
loans in the United States from time to
time is certainly the most effective means
of controlling the exchange. and that such
loans are infinitely more beneficial TO this
country than the policy Of maintaining
money rates at a high level in order 70
induce neutrals TO keep large balances
here For one thing. the balances may be
called on comparatively short notice, and
perhaps at an inconvenient time. Moreover
the reduction OF bank rate would tend to
raise prices OF securities and thus render
il possible to float the loan on more adj
vantsgeous terms. Unless the loan is raised
on the most economical terms there must
inevitably be further large depreciation
in existing stocks. which would involve a
corresponding diminution in the credit
resources OF the country. n. say. depre-
citation OF 100 millions was caused by the
issue Of q loan on too favorable terms to
the investor. the amount which bankers
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-21

Copper shares having become con-
pested by their own prosperity so
that they are too valuable either to
buy or sell, it is rumored that a
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-21

foreign money in terms of the Ameri'
can dollar. You buy an English pound
sterling for s4.755s; the intrinsic par
ity is s4.S6ss per pound. Thus, you
say either that pounds are at a dis
count or that dollars are at a pre-.
MUM, which is owing to the fact tina.
in England the demand for dollars
with which to settle accounts in this
country is greater than the demand in
this country for pounds with which 20
settle accounts in England.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-21

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, 1916-11-21
Federal Reserve Advisory Council

Federal Reserve Advisory Council
Observation-Disclosures Nov. 20.-Proml-
nent bankers from nearly every sec
ton of the country. composing the Ad-
visory Council OF the Federal Reserve
Board. met here to-day for the coun-
cils quarterly conference. They dis
cussed foreign credit. discount rates.
the gold situation and business condi-
tons generally. and tomorrow Will
submit recommendation at Joint con-
ference with the Reserve Board.
w. P. G.. Harding, Governor OF the
Reserve Board, speaking of the steady
flow Of gold into this country. said
there were no signs Of slackening and
that some of the strongest banks were
protecting themselves by accommodating
short-term commercial bills and obli-
cations put out in foreign countries.
Boston COppers.-Boston, Nov. 20
There was no stop to the boost IN
copper shares to-day. Prices broke
through old records in several in
stances on jumps of 4 and points.
Allouez. Mohawk, St. Mary's and Arr
IONA Commercial made new high
marks. All metal issues advanced.
The volume of trading was great;
Copper Range, S61a. Allouez, 81; Old
Dominion, Slls.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-21

the Department of Justice opposed pre-
senting two such important cases at the
same time. The court, however, took
the date suggested by the company's
lawyers.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-21

London Markets.-London, Nov. 90
The stock market to-day recorded
the usual number of weekend orders.
The tone was good on the war news,
and the miscellaneous section attracted
the most attention. Otis Steel was
prominent in the metal section, with
a rise of 10 points to &c. Argentine
rails were weak on unfavorable crop
news. and the French loan was heavy,
but British and Japanese bonds were
maintained. American securities were
idle, with the exception of United
States Steel, which was a strong and
active feature.
Money and discount rates were quiet.
Short dated treasury bills were in
good demand. Money, Az per cent;
discount rates, short and three-month
bills, 5lz05ss per cent; gold premium
at Lisbon, 100.
Paris Bourse.-Paris, Nov. 20
Prices were steady on the Bourse to-
day.
Three per cent rentes, 81 francs 10
confines for cash; exchange on Lon.
don, 81 francs 811s centimes; per
cent loan, 81 francs rs centimes.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-21
News Digest
Foreign

Cotton Rise Causes Excitement
London, Nov. 20.-An advance of a
halfpenny in American cotton and
three halfpence in Egyptian cotton to-
day occasioned temporary suspension
of business on the Manchester ex-
change. the Exchange Telegraph Com
pany reports.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-21

Gold to the Far East.-The Sub
Treasury transferred 100000 to San
Francisco yesterday. OF this the Yo-
kohama Specie Bank is shipping ST.
100000 gold TO Japan.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-21

Bank Of Germany.-Thc statement OF
the Imperial Bank of Germany, issued
November 10, shows the following
changes, in marks:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-21

Sub Treasury. - New York banks
lost to the Sub-Treasury SlS,O0O.
SIlver.-Bars in London, 343s pence;
New York, 1918 cents; Mexican dollars.
551z.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-21
Money AMI Credit

Money on call at the New YORK
Stock Exchange was somewhat frmcr
Yesterday, with ruling rate of 2'2
per cent. Some loans were made az
high as 81 per cent
The market for time money on brokers
stock exchange collateral was irmer'
The tendency was due to the $4,000
600 cash loss reported by the Clearing
House banks on Saturday. In two weeks
the cash surplus over reserve require
ments has fallen nearly S45,OOO'oVV'
Loans placed on Industrial collateral
were !. of per cent higher than last
week. Ninety days, four, five and SIX
months loans arc 3si to 4 per cent.
Mixed money shows practically no
activity and the rates are nominal.
Ruling rates on money yesterday
compared with a year ago, we're rs
follows:
Yesterday. Year ago;
Call money!. 2I4o. 1s4%
I Time money:
co days. 3 @SI4% 2I4@212%
80 days.. 314@3Ia'o 2Ia@2549o
months. e. 3Iaoo 234'93 %
) to mos. 3Ia9o 234g5 %
Commercial Paper.-The situation
in this market shows very little
change. Offerings are scarce. SIX
months paper is moving at 3la per
cent.
Bank Acceptances.-Member bank
eligible bills are 25s per cent for
sixty days and 2% per cent for ninety
days, while non-member bank eligible
bills are . per cent higher. Nom
eligible acceptances arc quoted at
27kf31s per cent.
Official rates of discount at each o.
;he twelve Federal districts are as fol-
lows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-21
Finance Economics

GARET GARRETT Editor
WALL STREET OFFICE: Telephone.
Building, is Broad ST. Hanover ool4
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-21
'i5-day paper.

Bank Exchanges.-Th days clear
incs at New York and other cities:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-21

Official rates Of discount at each o.
.he twelve Federal districts are as FOL-
lows:
The Brattleboro daily reformer. (Brattleboro, Vt.) 1913-1955, 1916-08-10
NEW LONDON LOOKS
FOR THE BREMEN
Believes That German Undersea Mer-
chant Vessel Is to Discharge
Cargo There.

NEW LONDON, Conn, Aug. 10. -
People here are deeply interested in the
coming of the German submarine Bre-
men to this port.
The sister ship of the Deutschland is
expected at any hour to come throuqb
Long Island sound direct from the At
lantic ocean, either by way of the
Grace or passing in by Block Island
and entering Long Island sound via
Fishers Island sound.
There is plenty of deep water for an
under-sea boat to reach this harbor sub
merged from the ocean and if need be
keep beneath the surface until she
reaches the new million dollar state
pier, which is reported to be the Brem-
eli s destination.
Certain circumstances give what must
be considered conclusive evidence that
a portion of the state steamship pier
at East New London has been leased for
q period of one year by the Eastern
Forwarding company, the corporation to
which was consigned the cargo of the
first submarine on her voyage from
Bremen
While the leasing of a part of the
state terminal is vigorously denied by
otficlals connected with it, nevertheless
preparations were being rushed there
TO clear the surface of the pier in readi-
ness for the construction of great cor
rugated iron bonded warehouse 500 feet
long and 30 feet in width, which will be
utilized for the storage of outgoing car
goes of future submarines.
Paul Hilken, son of Henry G. Hilken,
American agent of the Eastern For
warding company; F.. Lewis and Capt.
r. Hinch, the latter master of the in
termed German steamship Neckar, now
lying i'll the harbor at Baltimore, spent
three days here, and from developments
which have arisen their presence is re-
garded as practical assurance that the
submarine is expected here at any mo
ment.
1t is reported from Baltimore that
quantities of nickel and rubber to form
the Bremen 5 return cargo are being
shipped here, and while it is stated that
the freight in question has not arrived,
there are certain circumstances which
indicate that if it is not in New London,
it is very near. The arrival of several
trunks on the New York boat yesterday
morning bearing the names of persons
connected with the North German
Lloyd line was regarded as significant
IN view Of current events.
The Brattleboro daily reformer. (Brattleboro, Vt.) 1913-1955, 1916-08-10
OVER 100000 CAPTIvEs.
DR.. Mott Tells What He Has Learned
at Europe's Prison Camps.

NEW YORK, Aug. 10. = More than
o,OOo,OOO prisoners are now confined in
camps of the hclligcrent nations, accord
ing to DIR. John r. Mott, general secre-
tarv Of the war relief committee of the
Young Men s Christian association, who
arrived here yesterday on the Danish
steamship Oscar III from Copenhagen.
pr. Mott left here in May for Russia
and has visited the prison camps of
nearly all the countries at war. DR..
Mott said that of the prisoners Ger
many has the greatest number, approx
mately l,750,000. Russia with about L.
100000 comes next, then Austria with
100000, followed in order by France,
Italy, Great Britain, Italy and Turkey.
Russia s prisoners, he added, are rapid
~ increasing, more than 10000 having
been added to the camps since the be-
ginning of the last Russian drive. In
six weeks, DIR. Mott added, 100000
passed through Kiev.
81 found,'' DIR. Mott said. 'sthat re-
ports about the treatment prisoners of
war were receiving have been greatly
exaggerated. In all of the countries
the prisoners receive virtually the
same food and care that the armies
of their respective countries do. Every
thing possible is done for their com
fort and health.
We have 40 American secretaries
working among the various armies and
hope to increase this number short
ly. The work is the general army
Young Men S Christian association S
work, looking after the men 5 mental
and physical wants. We have been
accorded all the cooperation and as
slstance we could reasonably expect by
all the countries except Turkey, where
as yet we have not been permitted to
enter, and our efforts are not only well
received, but aPpreciated.'
The Brattleboro daily reformer. (Brattleboro, Vt.) 1913-1955, 1916-08-10
GREEN RIVER.

+. \. Barry was in Springfield, Mass,
last week.
Floyd Whitney of Greenfield was in
town Sunday.
Ray Gates is the owner of a new
Saxon runabout
There will be church services next
Sunday at the usual hour, 3 p. m.
Mrs. Luella Lake is at Mrs. Elsie
Gates 5 and calling on old friends.
Archie Burnett was a guest of his
father, wv. w. Burnett, over sunday.
Mrs. Ella Fife entertained party
of II from Brattleboro at dinner sun
day.
Wilbur Burnett of Brattleboro was
with his family over Sunday, returning
Monday.
d. D. Franklin and sons have cut the
grass and put the cemetery in order
for the season.
Mrs Earl Jaqueth and little son are
spending a; few Days With. her mother,
Mrs. Minnie ProqtF. -
Mrs. D. d. Franklin ana son. Forrest,
visited her mother, Mrs. Monroe
Thompson, last week.
Mr.. and Mrs. Crandall Harris and
George Wrisley visited their uncle,
Luke Wrisley, Sunday.
Miss Ruth Weatherhcad, who was
home a few days, has returned to her
work in Bristol Conn.
Mrs. Sarah Franklin has returned ia
her home in Gill, after a two-weelzs
stay in the home of her mother, Mrs
Thompson.
4. G. Gallup's and George Watson s
vehicles collidei in Green River bridge
q few days ago. Mr. Watson s buaCq
was damaged, but no one was hurt.
Mr.. and Mrs. Leon Starkev and son
Stillman, motored from Deerfeld Sun.
day to visit Mrs. Starkey's parents
Mr.. and Mrs. A. $. Gallup, at Barney
hill.
Mr.. and Mrs Frank Rice and three
children and Mrs. Emma Stanclift of
Bernardston motored to George I.vnde 5
Tuesday. Mr.. and Mrs. Rice ana chill
dren returned the same dav, Mrs. Stan
cliff remaining for a longer stay.
An automobile party from Docrfeld
was entertained at Henry Stowe s
Sunday. The party consisted of his
niece, Mrs. Jennie NJ. Tucker, formerly
of Halifax, Crandall Harris and Mrs
Harris of Deerfeld and Crescent civ
Florida, and Mrs. Harris 3 brother
George Wrislcy.
The Brattleboro daily reformer. (Brattleboro, Vt.) 1913-1955, 1916-08-10
GOMPERS ASSAILS
HUGHES'S RECORD
Brings Danbury Hatters' Case Against
Him-Letter Given Out by Demo
cratic Managers.

WASHINGTON, August 1O.-Demo-
cratic party managers here yesterday
gave out q letter from Samuel Gompers,
president of the American Federation
of Labor to Thomas H. Nichols of AL
lance, o., reviewing the attitude of
Charles +. Hughes, the Republican
presidential nominee, in supreme court
cases involving the interests of labor,
particularly the Danbury hatters' ease.
Mr.. Gompers was out of the city, but
the Democratic leaders gave out the
letter as having been written from
headquarters of the American Fedora
ton of Labor in response to a request
for Mr.. Hughes record
Mr.. Gompers letter reviews the Dan
bury hatters case, which resulted IN
unanimous decision of the supreme
court in which ex-Justice Hughes con
Cured, holding the hatters of Danburg
must individually pay d. L. Loewe &
Co, some 100000 damages under the
Sherman law for the celebrated hatters
boycott. 1t also referred to the court s
decision holding unconstitutional the
Arizona anti-alien labor law. Mr.
Hughes wrote the opinion.
In that decision. - wrote Mr.. Com
PCS, justice hughes TOOK the posi-
ton that the injunctive process applies
to personal relations. Mr.. Hughes has
taken an unequivocable position. He
endorsed the abuse of the writ of in
junction against which wage earners
have vigorously protested, and which
they have tried to correct by remedial
legislation in order that they might en-
JOY the rights and opportunities of free
citizens.
= The above is accurately the infor-
nation which you asked and, ! take it.
viii be of Importance to YOU as we'll
as the working people and Hberty-lov-
ing citizens all over the country, On
abling them to understand the mental
attitude of Mr.. Hughes. who now is a
candidate for the presidency Of the
United States