davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-28
FOUR BANKS SHIFT
WALL ST. QUARTERS
New Leases Involve Rentals of
More than S2,00O.00O

New quarters in the Wall Street dis
trict have been found for the Metro
politan Trust Company George c. Van
Tuyl, jr, president), the international
Bank, the Specie Bank OF Yokohama
and the international Banking Corpora
ton. The leases, which were nego-
tiated by George r. Read g. Co., In
volve rentals sggregating moro than
100000.
The Metropolitan Trust Company Is
TO have the entire second floor and half
Of the fourth floor at so Wall Street,
now occupied by the International
Banking Corporation and the Interna-
tional Bank. The international Bank
ing Corporation gets the quarters of
the Specie Bank Of Yokohama in the
National City Bank Building, and the
international Bank finds a new home
in the whitehall Building, on Battery
Place.
On the fifth floor Of the Equitable
Building will be tho new quarters OF
the Specie Bank OF Yokohama.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-28
News Digest
Foreign

London Markets.-London, Oct. 81
The general war news improved senti-
ment on the Stock Exchange to-day and
caused q hardening in first class in
vestment stocks without expanding
business materially. Oil stocks were
firm, Rumanian Issues recovered sharp
ly and rubber shares were steadier.
japanese bonds were weak on the ees-
sation Of purchases for redemption pur-
poses. In the American section the
low-priced rails continued strong. but
high priced shares were dull.
The lists for the French loan were
closed to-day. Applications were re-
ported good, especially from the prov
inces during the last few days.
Money supplies were short and dis
count rates were firm. Money, ) per
cent; discount rates, short and three
month bills, 5h@5as per cent; gold
premiums at Lisbon, "a.
Paris Bourse.-Paris. Oct 27.-Prices
were irregular on the Bourse to-day.
Three per cent rentes, 81 francs 10 cen
times for cash; exchange on London, q
francs SIN confines; per cent loan,
90 francs.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-28
WHEAT BACK TO
SEASONS TOP PRICES
Corn Sells at Highest Figure
Since 1867

Chicago, Oct. Elm a surprising
burst OF strength to-day, the wheat
market scared above all recent high
price records. Traders were largely
influenced by assertions that exporters
and foreign governments had obtained
ownership OF the bulk of deliveries
here until January I. Prices closed
buoyant at the topmost point OF the
session, December at 1876 to 1868 and
May at 1874 to 1S47s, with the market
as a whole 3 to 57sc above Thursdays
finish.
All records in nearly fifty years for
high prices of corn were smashed, No.
2 yellow selling here at S1.10 bushel
This price has not been surpassed since
1867, when the apex was Slip. Futures
closed II TO 1%c higher.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-28
New Zealand Grain Harvests

New Zealand harvested 1884, acres
Of wheat during the 1876 season.
The crop from 32s,017 acres was
thrashed and yielded 7,070,s14 bushels,
or about 2l.56 bushels per acre for the
dominion, while the crop from GLE
acres was fed TO stock. Early in the
seas 1t was reported that 379,s69
acres of oats had been sown in this do
minion. but only 7,4s9,749 bushels were
thrashed from 200, 730 acres. averaging
1871 bushels / the acre, the remain
der having been either cut for fodder
or used for pasturage. The dry season
shortened the crop In some sections.
The outl ok for 1916-17 seems good,
according 20 Consul General Alfred A.
Winslow, at Auckland, and preparations
for large acreage ara being made,
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-28
TEXAS 8 PACIFIC PLAN
OPEN AS TO ASSESSMENT
Scaling Down of Capital Advo-
cated-Earnings Increased

The plan tentatively outlined by
bankers for the reorganization Of the
Texas & Pacific Railway through the
medium OF a friendly receivership
leaves the question of an assessment
on the stock open. Those not in favor
of a levy point TO the increased earn
ings of the road as an argument
against assessing the stockholders.
They insist, however, that some CAPT.
tai readjustment will have to be made,
probably in the form OF scaling
down of the stock now outstanding.
With the admission by the Goulds
and the Missouri Pacific interests that
new money will have to be raised, II
Is already practically agreed that the
S25, 100000 issue of second mortgage
income bonds. owned by the Iron
Mountain system, shall be replaced
by another security which will not
constitute a lien such as the present
issue does. This, 1T Is argued, will
place the company in a position to
proceed with new financing plans.
A banker familiar with the Texas q
Pacifc's financial needs said yester-
day that the new issue of securities
will not be as large as many expect.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-28
Bermuda, It Is English

Attention Is called TO the fact that
English Is the language spoken in Ber-
muda, and that many American manu-
facturers when seeking to introduce
their goods into the colony write let
tiers In Spanish, assuming that to be
the language OF the colony. Also. many
letters are received bearing insufficient
postage. II is easily understood how
these small matters initiate very
strongly against the success Of any
firm thus offending in attempting to
form trade connections in Bermuda,
and because the points are so simple
they should certainly not be over
looked.-Consul Carl X. Loop at Ham
uton. Bermuda -
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-28

Mr.. Wilson may know his eco
Monies, but he has received his fig
ures. They were probably furnished
by Mr.. Redfeld. They will not scan.
There is not IN existence any proper
estimate Of the ratio Of foreign TO
domestic trade. Mr.. Wilson, on his
received statistics, says it is less
than 4 per cent-that foreign com
merce does not equal 4 per cent Of
our total domestic commerce. In the
last two years there has been a re-
vival in domestic commerce such as
was never imagined before. Now"
he asks, "is per cent creating the
SO per cent? Is II reasonable 10
suppose that It ISL" II Is not. The
per cent Is wrong. The excess
of our merchandise exports-the
amount Of goods we sell above the
amount we BUYS now running at
the rate Of $4,000, 100000 a year.
II that Is Z per cent Of our produc-
ton Of goods for the satisfaction
OF human wants, then the total 600
per cent) Is $4,000 100000. Hav-
ing exported $4,000, 000,000 worth,
we should have a remainder for our
own use Of 500, 000,0OO,00O That
would be 1850 worth Of goods year
for each man, woman and child in
the United States. Or, take II an
other way. There Is an average Of
four and a half persons a family
in this country. Therefore, in our
population Of 10o,000,0OO there are
q, 222, 222 families. II you divide
SOC, 900, 900, 900 of goods among that
number Of families you have $4,320
worth Of goods a family. That is
simply prepos;srous. According 10
the Federal ins2ms tax returns,
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-28
BRAZILIAN TRACTION
NOTES ARE SOLD HERE
Loans to Other South American
Companies Are Expected

The Brazilian Traction, Light and
Power Company, it was learned yester-
day, has sold to William A. Read & Co.
S7,500,O00 three-year per cent secured
notes. The company does the street rail-
way, electric light and power, gas and
telephone business in the cities Of Rio
de Janeiro and Sac Paulo, Brazil, and
adjacent territory.
The banking firm Offering the Bra
lillian traction notes has formed a syn.
dictate for the purpose of handling
other foreign public utility loans they
expect will be placed in this market
in growing amounts. The Brazilian
traction notes will be offered at price
to yield 62s per cent.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-28
Cotton Spindles

The growth Of the worlds cotton in
dustries is shown in the annual cotton
handbook, Of London, the latest issue
of which Is reviewed by the Textile
Mercury" Of Manchester, England. The
present total of the worlds cotton
spindles is Isl, 667 900, compared with
94,bGS, 5000 twenty-one years ago. The
greatest advance has been made In the
United States. Since 1904 there has
been an addition of more than 10000
600 spindles throughout the world, and
since 1895 about 100000. There arc
now e,519 cotton firms in all cotton
spinning countries, 1904 Of these being
IN Great Britain. The number OF cot
ton loom. is estimated at 2,S52,sT. In
commenting on the figures presented
the Mercury" says:
II appears strange that the United
States, with considerably smaller num-
Der of spindles. should be using nearly
twice rs many bales OF raw cotton rs we
arc .nd that India, with only 6,S49.OOO
half tho bales that we dispose OF with
6OOO0.00O spindles. Writers arc pointing
out that comparatively we are going back
but tho difference in spindleage and con
sumption Is so obvious that we must look
elsewhere for an explanation OF our posi-
ton. II we are remaining practically sta
tionnry in consumption, with mn increase
In the number Of spindles and of speed, it
Is clear that we IRE forging ahead in the
quality Of raw material used. The pre-
dominance Of the ring frame abroad &C
count, 70 some extent for the apparently
enormous consumption. But our place lies
in the use OF better qualities, in dovoting
moro time 20 the spinning Of given
quantity for the production OF higher
counts), and in much less waste. This IS
the direction in which we continue TO lead.
and it is what we have TO think about in
discussing the problem OF growing cotton
for our purpose in our own empire. In
this respect our attention Is now frequently
directed to India, but our supplies from
this country are so small and the call from
other countries so great that we cannot
hope to get any satisfaction from India
for long time 10 come. We must also
look elsewhere.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-28
AMERICANS TO
MAKE CANADA
A TRADE BASE
Branch Factories Operat.
ed in Dominion Enjoy
Tariff Privileges
BY 8. ROY WEAVER
Toronto, October 26.

A variety Of factors will contribute
to great expansion in the trade Of
the Dominion during the next few
years. While Canadian business men
have not yet realized, as they should,
the opportunities which the war has
opened to them, United States COM
panies operating in Canada have done
so, and arc preparing for tho future.
It Is generally believed that the Do
minion will have q preference In the
markets Of the Empire, while the coun-
tries of the Allies are favorably dis
posed toward Canadian products, and
closer trade relations are certain to
result. The suggestion Of a customs
union between Canada and the West
Indies has met with some approval.
The Canadian banks already are
strongly established in the West
Indies. Moreover, the products Of the
two countries are 50 different that
there would be practically no eompeti-
ton between them were such . customs
union contaminated. jamaica Is the
only large colony not . party to the
present Canada-West Indies prsferen-
tial trade agreement. Certainly the
foreign trade outlook was never
brighter for the Dominion.
Canadian Products To Be Favored
There is not the slightest doubt that
Canada is going to be a basis for ex-
port for many large United States
manufacturing companies. 1t Is ad-
mitted that several Of the biggest
branch factories of American concerns
recently located in Canada have been
SO located principally for this purpose.
Your correspondent has seen the copy
for large advertising campaign
planned among American business in
terests, pointing out the great oppor-
tunities offered by the Canadian home
market and also emphasizing that
msde-in-Canads products will have a
distinct preference in most OF the mar
kets Of the world after the war. Amer
lean companies already possessing sub
salaries in the Dominion are extend
ing their Canadian plants. Moreover,
there is a decided dsinclination on the
part Of many Of the largest American
owned companies in Canada to be
known as United States concerns. New
branches are being established in the
Dominion by American manufacturers
who hitherto have paid little attention
to Canada or have been content to
compete In the Canadian market only
through their factories in the United
States. Canadian branches of Amer
lean companies already enjoy the full
trade privilege afforded by tho Do
minion's tariff arrangements with the
West Indies, France, Italy, etc. A
great extension Of those privileges, due
indirectly to the war, is certain to
appeal to capitalists south Of the
boundary.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-28

PFGIrIAR AUCTION SALE,
STOCKS AND BONDS,
nv ADRIAN II. MULLER son,
OFFICE, NO. IS WILLIAM ST.
WEDNESDAY, NOV. I, 1915,
al 1890 o'clock, az the
EXCHANGE sALESROOM.
NOS. ia AND Is VESEY STREET.
FOR ACCOUNT OF EXECUTORS
a. abs Mechanics Bank. Br l}n.
? shs. whitney by-the-Sea, e.
. shs. Brooklyn Academy Of Iuslc
100 shs. Pinelawn Cemetery Land Pun
chase Fund.
400 shs. Federal oil Co: ,,,
ZOO shs Green Monarch Mining n MIL
30 shs. Goldneld Consolidated Mines Ca
1000 shs. Diamondfeld Black Butte heof'
ganlzed Mining Co.
As shs. Trout Lake Ice co.
20 shs. Trout Lake water supply CO.
1ls shs. Kensington Gold Mines Co.
2 shs r. s. Burnhsm co.
shs Newport Beach Bath HOUSE, 60.
1900 Calumet Club OF y. 7. city SO Notes,
100 shs. Cumberland Gold Mining Co
20 shs. ocean Navigation Pier CO. GIL
$4,000 y. J. southern r. r. /" Mtg con'd.
7es BIDS. due 1908.
IL shs Richheld Springs Bath Hou"
shs. Richneld Country Club.
FOR ACCT. OF WHOM 1T MAY CONCEhi,rn..
500 shs. Interstate Chemical Corporsuon
Of Virginia prefd.
100 sis. Curtiss Aeroplsns Motor
Corpn. prefd.
Is shs. Canadian Top Co.
500 shs- International Tungsten Corpn'
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-28
fewer than 100000 families have in
comes above $4,000 a year each.

The surplus Of goods which we
are exporting is much more than 4
per cent of our total production. The
fallacy of dividing the statistical
record Of domestic commerce into
the value of goods exported to de-
termine the ratio of foreign to do
nestle trade is quite obvious. The
statistical record Of domestic COM
merce contains endless repetitions
the record Of foreign trade contains
mono. Take, for illustration, any
article Of merchandise which is pro-
duced in the Same way either for
domestic use or for export-say, a
ton of steel rails. The finished rail
represents a great number of sep
arate transactions in domestic COM
merce-the cost Of producing the
ore, of transporting it to the fur
mace, Of converting It into steel with
fuel which also had to be mined and
transported, Of rolling the steel ingot
into the rail form and Of shipping
1t to the final buyer. Each ono who
buys or sells the materials entering
into the manufacture Of the rail
makes his charge, and It is added
to the sum Of domestic commerce.
Every one who adds labor to the
material charges wages for that SER
vice, and the spending of these
wages for all manner of goods in
creases the sum of domestic COM
merce. And now, when the rail is
finished it may be delivered to the
Erie Railroad. at Dunkirk or sold
at tidewater for export to France.
In either case it has left long trail
of transactions in the statistical
record of domestic commerce. If it
is sold to the Erie one more trans
action is entered; but if 1t is ex-
ported it is entered once for the
first and only time in the record of
foreign trade, as if it had fallen ready
made out of the blue sky. A ton Of
rails, valued at $50, may be repre-
scented in the repetitions of domestic
commerce by transactions to the
sum of many times that amount. A
ton of rails exported is represented
in foreign trade simply by the final
selling value Of $50. Thus, to COM
pare the money value Of merchan-
disc exported with the grand total
money record of domestic exchanges
is absurd. The article exported con-
tains a large number Of domestic
exchanges. The only test is to think
of goods in the ultimate form. The
value of goods exported is now run
ming, as has been said, to more than
S4,000,000,000 a year, and that is
much more than a per cent of the
amount of goods produced for the
final satisfaction Of human wants in
the United States.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-28
STOCKS CONTINUE
DULL In LONDON
Prices Giving Way Slowly
Interest in Foreign Pol
icy of U. S. Candidates
By FRANCIS w. HIRST
IBy Cable 10 TIE Tribune

London, Oct. 27.-The stock mar
kets remain depressed and in AN un-
satisfactory condition. The lack of
buying orders retards business, and
prices give way slowly. The Indian
loans have fallen fiat. Brazilians
are strong. Rumanian oils are re-
covering to-day. Viscount Greys
emphasis on the league for peace
increases interest In the foreign pol
icy outlook Of your candidates. On
this point the views of Charles E.
Hughes are not clearly understood.
The new American loan is well
coined as a proof of our financial
stability. The industrial situation
is unchanged, save that the press
ure increases with the military calls
on labor. Belfast Is about the only
industrial town where the supply is
adequate. Merchant ship building
proceeds apace there. Tho Irish
linen production, however, Is only
two-thirds normal, owing to tho
high price and scarcity Of fax.
Despite the labor shortage and
the high prices Of materials, tho
Nottingham lace trade is exporting
freely to both North and South
America.
The new coal and freight limita-
ton scheme for Italy and France
will go into operation on October
80. This will increase the maxi
mum price Of shipments to the Al
lies and decrease the exports to
neutrals. The growth Of American
tinplate exports is attracting atten-
ton.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-28
VEAL MARKETS AND COMMERCE a.

900 Is indicated from the reported
movements Of currency during the
week, according to Dow, Jones G TO-
Gold imports, Monday 70 Friday inclu-
sive, totalled SS9 100000.
Silver.-Bars in London, a2h pence;
here in New York, SIS cents; Mexican
dollars, 61A@55A.
Fifteen Millions More Gold.-The IN
Aux Of British gold continues. fester-
day sl5,Ooo,00o arrived from Ottawa
OF this $4,000, 900 was deposited at the
Assay Office and the remaining so'ooo'-
900 went to the vaults OF the Clearing
House. The latter deposit was made
for the account Of the Federal Reserve
Bank, which was allowed storage space
by the association. While the officials
of the Reserve Bank declined to com
ment on the transaction, it is under
stood that the metal was purchased
from ]. P. Morgan & Co. and lodged
temporarily in the Clearing House
vault until the congestion resulting
at the Assay Office from the recent
heavy receipts of tho METAL Is relieved
This is not the frst transaction OF
the kind. In June, when there were
heavy imports of gold from Canada a
considerable portion was purchased
from the Morgans by the Federal Re-
serve Bank. One of the reasons given
was that the gold, in being taken by
the Reserve Bank, would tend to keep
down imitation. Had the metal been
taken by local banks, 1t was pointed
out 1t would have been possible to
have expanded It four or Ave times as
the basis for credit As II IL, the Fet-
ersl Reserve Bank can only Issue
notes against the gold. dollar for dol
lar.
Total gold imports from Canada
since the current movement began, on
October IT, now amount to s66,ooo'ooO
Another 100000 was transferred
by the Sub-Treasury to San Francisco
yesterday and will be exported to
Japan.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-28
Ready-to- Wear Trade

The retail trade throughout the
country this week was generally re-
ported as brisk, although, according to
"Nugents Bulletin" the demand has
become more and more pronounced for
certain types Of garments. In conse-
quence retail stocks are somewhat un-
balanced.
The demand for more staple lines
has been large. The knit wear branch
in particular has had more business
than IL could cone with.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-28
Money and Credit

Money on call at the New York Stock
Exchange ruled at 2ll per cent, with a
low Of 2.
Time funds on brokers' Stock Ex-
change collateral are in liberal supply
without any expansion in demand.
Rates show no quotable change.
There is a growing tendency on the
part Of interior banks to transfer funds
to the London market, where they can
be employed to better advantage. In
stitutions in the South, as well as in
the Middle West, have done :his on a
comparatively large scale Of late.
Ruling rates on money yesterday
compared with year ago were as fol-
lows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-28

For purposes Of Democratic poll
ties, our immense foreign trade is
like a barbed wire fence. However
you get over and back, you are very
likely to tear your logic. Mr.. Wilson
SAYS It Is nothing, or almost moth
ing:
II you take the figures Of our
eommerce. domestic and foreign In
eluded, you will find that the for
sign commerce, even upon modest
reckoning Of our domestic commerce.
does not equal I per cent OF the
total.
And vet you must not belittle for
eign commerce, for 1t has been ex-
trenely profitable, as he sets forth
In the next paragraph:
And in the meantime, what have
We donei 1t was estimated that at
the beginning Of the war about four
thousand million dollars worth of
American securities were held on
the other side Of the water. In
these two years We have bought
back again, It 10 estimsted-for II
cannot be accurately determined
$4,000, 100000. We have actually
been able to take back into our own
hands half Of what we have Dor
roved from Europe, and we have
accumulated in that time $685., 000,-
900 OF gold, which is one-third OF
the gold supply Of the world. If the
war goes on another year we shall
probably have half the gold supply
OF the world.
The dilemma Is how 10 claim all
the war prosperity there is and then
ascribe it to the prescience Of the
party in power.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-28
Friday, October 81, 1915

Dun's Review reports dispassion-
ately on the state Of the chase. The
pursuit continues, because 1t cannot
be abandoned, and there is nothing
TO complain Of in the tactics OF de-
mand. but the villanous supply IS
nm able fugitive. Some ground has
been lost. The gap has widened:
DisprOpOrtiOn between demand and
supply is more pronounced than at
any previous time, and the rise In
prices continues space. Widely di-
verssnt lines exhibit steadily In
ere,sinx strength, and though most
commodities are already at an ex-
treme position, there Is no sign that
the crest has yet been reached. In
steel and iron, in textiles and IN
other branches the eagerness Of buy
ers is regarded as foreshadowing
still further advances, the growing
scarcity Of materials and products
impelling urgent efforts TO cover far
distant requirements. Evidences OF
expansion are visible on every hand,
but many manufacturers and mer-
chat with eommsndabls judgment
and prudence. endssver to repress
demand rather than encourage II,
and credits are closely scanned.
There were 2S9 failures during
the week, against 2s7 the week be-
fore. Doubtless those were the skep-
tics. They did not buy, or bought
too late.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-28
Distribution Of War Profits.-A


number Of important corporations an
nounced extra distributions 20 stock
holders yesterday. The Scoville Manu-
featuring Company, maker Of brass
goods, fuses and shrapnel, declared an
extra dividend OF 10 per cent on the
100000 of common outstanding. So
far this year this company has paid out
% per cent in dividends. The Solvay
Process Company, soda manufacturers,
with plants at Syracuse and Detroit,
declared per cent, extra, besides the
regular quarterly dividend. The Scmet
Solvay Company, which is controlled
by the Solvay Process Company, also
declared per cent extra. The By
Products Coke Corporation announced
an extra disbursement Of per cent, in
addition to the regular III per cent
quarterly. Directors OF the Yale &
Towne Manufacturing Company, lock
and hardware makers, declared 5 per
cent extra.