davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-30

It is possible that the behavior Of
the train service brotherhoods,
wherein it has seemed headstrong
and gratuitously antagonistic, would
be more easily understood if we
knew what took place in the first in
terview with President Wilson. The
railroads have insisted upon arbi-
tration as a principle. The brother
hoods have refused to submit to
arbitration their central demand,
namely, the eight-hour day. But
from the statement that issued from
the White House after the first con-
ference between the four brother
hood presidents and Mr.. Wilson, 1t
is possible to infer that they were
supported in the idea that the eight
hour day was not proposition to
be arbitrated. In his public state
ment Mr.. Wilson said: 1.-The eight
hour day now undoubtedly has the
sanction of the judgment of society
in its favor and should be adopted
as a basis for wages" That upon
which society has bestowed the sane
ton of its judgment is morally be-
vond arbitration. Whether society
is of this mind as to the eight-hour
day is for the present a matter OF
opinion. 1t has not formally pro-
nounced its judgment. Moreover,
it is admitted on every hand that
under present conditions the work
of the railroads cannot be performed
in eight-hour days. Therefore, the
eight-hour day in this case is merely
a basis Of wages. But when the
President had once said that the
weight of society's judgment was on
the side of the brotherhoods, they
were fortified in their obstinate re-
fusal to accept arbitration, and the
railroads were put in the wrong.
What the President said to them
verbally may have been even strong
or. That is the unwritten part of
the story-the secret diplomacy of
the case.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-30
The Dollar in Foreign Exchange

There was further rise in the Rus
sian ruble to "a cents. against 30A
cents week ago. There is very ac-
tive speculative interest in the ruble,
arising from the commercial transac-
tons in exchange and also from the
buying Of Russian internal war bonds
for Americans who are attracted by
the possibility Of large gains, above
normal interest, in the event of rise
in rubles to somewhere near their in
trinsic parity.
German marks this week have
touched a new low point at 7O5s. which
means 707s cents for four marks.
That is the way American exchange on
Germany is quoted The closing rates
on the principal foreign centres were
as follows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-30
Tuesday, august %, 1916.

A stock market that gazes stolidly
and without emotion upon the spec
tacle of the President appearing be-
fore Congress with the urgent re-
quest that it enact an eight-hour
law for those who move trains in
interstate commerce, that it approve
beforehand an increase in rates to
reimburse the railroads for the eX-
ira wage disbursement entailed, and
that it place in his hands the power
TO take over the railroads for mill
tary purposes in the event of
strike, in order to avoid "a traglcal
national calamity" in which "cities
will be cut off from their food sup
plies, the whole commerce of the
nation will be paralyzed, men of
every sort and occupation will be
thrown out of employment and
countless thousands will in all like
lihood be brought, it may be, to the
very point of starvation"-a stock
market that is unmoved in such a
crisis is one to be remembered. Such
nominal declines occurred as, in
Atchison, Y; Baltimore & Ohio, p;
Chesapeake and Ohio, u; St. Paul,
Is Erie, y, and Pennsylvania, "A.
Northern Pacific was unchanged.
1t shows how little speculation there
has been in railroad shares for the
rise. Industrial shares were weaker
than railroads. 1t shows also how
far financial thought has become
reconciled to the increasing respon-
sibility of the government for both
the solvency and the operation of
railroads. Only one thing more can
happen to them really. That is for
/ the government to take over their
assets.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-30
BRITISH PRICES
RISE 50 PER CENT
Eggs and Fish Doubled in
Cost Since the War
Began.
RUBLE REFLECTS
RUMANIA'S ENTRY
Improvement Indicates Co.
operations Value to
Russia.
BY FRANCIS ". HlRST.
Try Gable 10 Tie Tribune. ]

By Gable 60 Tie Ifipuhe.l
London. Aug. 29.-"The Nation
quotes a ministerial prediction that
the war will last two years more.
Lord Haldane declares that we have
reached the end of the chapter. In
fact. nobody knows whether the war
will end soon and suddenly or drag
on through the autumn and winter.
The determination of the railway
men TO secure an extra big raise IN
wages in shown by Saturdays reso-
lutions. The pressure of high prices
makes the agitation Ineligible. 1t
will be possible to measure It's
strength next week at the trade
union congress.
To judge from the recent lists
the average rise in food has been 5O
per cent since the beginning of the
war. Eggs and fish have doubled in
cost in most places and sugar has
more than trebled.
If sugar should be made gov
eminent monopoly it would be an
unfortunate fact for the Socialists,
who clamor for more state terrier
ence. and would persuade the igno-
rant world that prices can be con-
trolled by the government.
The City is marking time. The
weather is unsettled, but the harvest
being gathered is so far in good con-
dition.
Rising wheat prices indicate mar
ket expectations of shortage in the
worlds crop. Rumania's entry,
however, should hasten the end OF
the war by bringing the Central
Powers to conditions which will be
acceptable to the Allies, with such
guarantees for a lasting peace as
Premier Asquith indicated early in
the war.
The ruble improvement reflects
the value of Rumanian cooperation
to Russia.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-30

Wagel, in his monthly bullion clrcu-
lar. saws: purchases of silver by the
British Mint continue TO be steady, al
though the volume is slightly dimin-
ished. France has stopped buying, tenn
porarily. and Italy is still waiting TO
come into the market. A further
LIST. 900 ounces were shipped from
Shanghai to Bombay during the week.
making total of 100000 in the last
fortnight The market in Bombay IS
steady. and the Indian bazaars have
been nibbling. As crop conditions IN
India are very satisfactory, the pur-
chases are daily increasing in quantity.
In spite of the very heavy purchases
from China by India for coinage, the
silver reserve in the Indian Treasury
has once again begun to decrease. The
market in China continues to be bear
ish. and the stock in Shanghai is un-
changed in spite Of the two heavy
shipments 10 India. This is mainly due
to the political situation, which still
necessitates Chinese keeping their
stocks in the treaty ports. The ex-
change rates in Hong Korg and Shang-
hal have undergone practically no
change, and remain below parity"
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-30
CARNEGIE. BOND
PURCHASE FINISHED
Steel Corporation Now Holds
All Scottish Foundation Issue.

The United States Steel Corporation
il was learned yesterday, through j. p.
Morgan g. Co. has recently completed
the purchase of its first mortgage 5
per cent bonds held by the Scottish
Carnegie Foundation until they were
turned over to the British Treasury
last winter in accordance with its mo-
bilzation plan.
Last February the Steel Corporation
purchased 500 100000 of those bonds.
and it has since obtained the s., 20O,0 0O
additional. closing the transaction. The
bonds were paid for from the cash re-
sources of the company and we're pui-
chased for sinking fund purposes.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-30

but, in fact, they would hope to win
more by arbitration than by private
compromise. The brotherhoods re-
fuse arbitration, not because they
disbelieve in it as a principle, at
least, not necessarily that. but be-
cause they are afraid they might
not win their demands in full. There
is a third party that believes in ar
bitration. That is the public. 1t
does not care which side has the
weaker case nor which side wins,
so long as transportation continues
to be regularly supplied. 1t is a
selfish world mainly.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-30
Money and Credit.

Call money at the New York Stock
Exchange ruled at pa per cent.
Time money. loaned on bankers
collateral. was dull at the former rates,
namely. pa to 3 per cent for 90 days,
. to ~ per cent for 80 days, and 3&
per cent for six months, with "A per
cent added where the security is all
industrial.
Commercial Paper Offerings o.
commercial paper in Wall Street are
not heavy. Tie demand is fair The
rates are 3i2 to 3s4 per cent.
Official rates of discount at each of
the twelve Federal Reserve banks are
as follows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-30

The above rates express the cost OF
foreign money in terms of the Ameri-
can dollar You buy an English pound
sterling for S4.75al; the intrinsic par
ity is s4.S62s per pound. Thus, you
say either that pounds are at dis
count or that dollars are at a premium.
which is owing to the fact that in Eng.
land the demand for dollars with which
to settle accounts in this country Il.
greater than the demand in this coun-
try for pounds with which to settle
accounts in England.
If you calculate the cost of the do!
lar in terms of foreign money-tha.
is. as If you were buying dollars with
pounds. marks or francs-its value
yesterday and a year cgo would be
about as follows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-30

Markedly, the question between the
brotherhoods and the railroads is
one of wages. The railroads are in
the position of insisting upon prin-
ciple, namely, that of arbitration;
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-30

Studebaker shares declined 8
points on rumors that stockholders
would have the privilege of subscrib-
ing for new stock. On the denial
that such fortune would overtake
them the prices recovered.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-30
RAILWAY sTEFL-sPKI>G CoMpAN',,'ii

30 Church 81. New lork1 Alt - 40
quarterly dividend ~ oNh "a
THREE-QU PER CENT ~.
mas This day been declared on thr ~
serrod stock Of this COMPANY, pay
sep,ember goth. 1915. 20 stockhoiesIns.
record September End. 1916. a, yors
Trust Company. Is wall street NeN
City. -,...a
RAILWAY sTEEI-SPRfNG COMf - -
~ naIla--.l-k- T<~AS=
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-30
DIVIDEND NOTICES.
UNITED STATES
STEAMSHIP COMPAN'

August -fIlf - -
An extra dividend Of oae-haif ~ gns M -
cent has been declared on the capIts ss,s
OF this Company. payable october - Ia
60 the stockholders Of record on nc %
81 This Company Al the close on 01s'
on September 10th. 1915. ..-.,,.,
y" \ n Campbell. Treasure.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-30
KELLY.SPRINGFIELD TIRE Gu y

=, I.reIerrei stock 81 this Company - ~.
declared payable October 1915. % 60 IN
N record al the close Of business ~ -,
1916. FKEphbl,h y HiNNN-'
New York August %. 1915
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-30

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, 1916-08-30
Henry CIews & 60.

n. u, j. y and y BROAD ST.
MEMBERS y. \. STOCK EXCHANGE
Stocks, Bonds and Investment Securities
bought and sold on commission. Also car
ed on conservative terms. Deposit Ao-
counts received subject to check at sight.
Interest paid on daily balances.
BRANCH OFFICES
100 Fifth Ave gI3 Third Ave
1922 Broadway s6 Warren St
go Union Square is Court St. Bklyn
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-30
Finance Economics

GARET GARRETT, Editor.
Telephones,
Building, St. Hanover COLA
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-30
FOREIGN CREDIT
IN NEW YORK'S
DOLLAR MARKET
Some New Conditions That
May Affect Pounds,
Francs and RubleS.
b. SRINIyAS K. WAGEL.

After several months of very dull
trading. the rapid improvement OF the
franc rates is but a prelude to an
exciting market. We have passed
through the stages of uncertainty, and
the several steps recently taken to
maintain the Allied exchange rates
give US a basis on which TO formulate
judgments.
The bulk of the trading is, OF course,
in sterling; the rates have been COM
pletely under the control of the British
Treasury, and have been pegged, so
far. The market feels that the con-
troll has existed for an unusually long
time and thrt the means devised to
stabilize it have spent themselves Be
ginning with the last Anglo-French
loan Of 1915, the devices adopted were
the sale Of securities, the import Of
gold, and, finally, collateral loan.
This loan plan indicates that for a
tire, at least, sales of securities will
be postponed, as long as possible, for
obvious reasons. In the meanwhile,
purchases continue heavily. Great
Britain had, up TO now, not only TO
finance herself, but also her Allies.
Even French purchases were settled
through London, at least, a very large
part of them.
Relief for England.
Now several events have taken place
which contribute to ease the burden of
Great Britain. The interest in Russia
in this country, and the comparatively
heavy sales of Russian bonds relieves
England of portion of her burden
The authorization of the French gov
eminent to advance SAT 500, 900 francs
to all the Allies, excepting England
and Portugal, is taking a great load of
England. England has been supplying
Italy with large amounts up 10 now:
and France is now relieving England.
The recent arrangements by which
French credits are opened here also
make the task of England less difficult.
Consequently, for the moment at least,
there is every reason to believe that the
maintenance of sterling rates will not
require heavy imports of gold-even
supposing that England had gold 20
send to this country. In spite of all,
however. the question is whether the
adverse trade balances of England each
month are not too large 10 keep ex-
change steady. 1t is stated by respon-
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-30

sible parties that collateral loans Tor
additional amounts will be issued very
shortly. The securities needed for col
lateral are already modified. The
maintenance of exchange under such
conditions will depend upon the money
market here. SO far our resources have
been large enough to absorb all loans
issued There is, besides, imitation OF
currency due to excess of gold, which
helps to keep money rates down. Inere
are, however, the dangers inevitably
connected with imitation, and the pos
sbility Of the excess of money creating
reckless credit and unhealthy enter
prises. There are already signs of this
expansion Of credit. Moreover the nat
ure of our trade has been such as TO
export capital to a small extent; recent
happenings like the purchase Of Rus
sian bonds mean an outflow of capital
Distribution Of Loans.
Even in connection with the loans
and credits it should be remembered
that the distribution is not as wide as
is generally supposed. The necessity
for wider distribution has not arisen
as yet, but it may all of sudden, and
drive money rates up very high. The
maintenance of sterling exchange,
therefore, depends altogether on the
money rates here. 1t is believed, on
good authority, that any large issues
of credits or loans in the near future
will tend to depress sterling rates.
The strength in francs, after a con-
siderable period Of comparative weak
ness, appears to have sound basis.
The fact that France, in spite Of all
of her burdens, is able to advance
large sums to her allies is rightly taken
as a criterion of financial strength. The
trade position is not, however, very
favorable. The French imports during
the first six months of this year to-
tailed 4,459 100000 francs, and exports
were only 1,7l6,OO0,OOO francs. The
strength Of French finance arises en-
tirely out of the government control.
As. however, most of the imports into
France come from England. the recent
arrangement with regard to exchange
has removed the disabilities which kept
francs down. Further, the credits
granted here are helping materially.
Therefore, it appears that francs will
acquire even more strength than at
present. How long this state Of af-
fairs will last is, however, a point on
which there is considerable difference
of oplnion. IL is stated that, beginning
from July, France has been making
serious endeavors to reduce her i'm
ports. If she succeeds, there is no rea-
son why franc rates should not i'm
prove. If, on the other hand, the mill
tary necessities do not permit of re-
duction in imports, then rates must
once again weaken. In any case, France
can only have one of two alternative
either improvement or maintenance at
the level that has prevailed during the
last two months.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-30
The Ruble.

More interesting than any is Rus
sian exchange at present. The
strength in rubes has not merely been
due to Russian military successes.
During the last three weeks Russian
internal bonds to the value of 100000
a day are being disposed Of, and those
in charge of the selling hope to do
even better New loans are in the
air, and every effort is likely to be
made to provide funds for Russia.
Therefore. ruble exchange is growing
stronger than ever. At the same time
direct Russian purchases are increas-
ing in volume, and that may initiate
against the strength derived from
other sources.
1t looks as if neutral exchanges
have already had their fling, and for
a considerable time there is not likely
to be much interest in them. This is
principally due to the tightening Of
the British blockade, which makes it
impossible for neutrals to trade. The
political situation again is so tense
that all these countries are not in a
mood to do much trading. With the
heavy stocks of gold in their posses
sion. and the fear that they might Of
fend one or another of the parties by
doing large business with either,
there is little prospect of any large
business in Scandinavian exchanges
for a considerable while.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-30
Maturity in DAYS.

Canadian Observation-Disclosures
ing the efforts of the Dominion gov
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-30
Salisbury Steel & Iron COMPANY

To Holders Of Certificates Of Deposit. credl''" ~
other Security Hold,r.
Tie undersigned Committee hereby gives e.
thai /, has approved and adopted = plan and ~
ment OF reorganizatlon and has lied copies -
plan and agreement With the Hudson ltlN -
pany. dsposl,sry. lill Broadway. y. y. ,iy =.
Copies OF the plan ard agreement mas y
talnel from the deposltay -
THEODORE J. GRANsos. chsfn"
EUGENE A. OEnoNEL
HANS p BENDER. con@M"
Dated. New York. August H. 1918
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-30

Sub-Treasury.-New York banks lost
to the ub-Treasury 1927 900.
Silyer.-Bars in London, 81 1916
pence. Bars in New York, 66zs cents.
Mexican dollars, 5tR@55la cents.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-30

Bank Exchanges. The days clear
inps at New York and other cities:
Mountain advocate. (Barbourville, Ky.) 1904-1935, 1916-04-21
Preparedness.

Heigh here Preparedness, you
double-faced old daughter of
deviltry and deceit. You man.
nerless, graceless, clumsy. I'M
kept slovernly slattern. You
muddle-brained marauder and
pig-headed prevaricator, posing
as a political issue. You've Jump
ed the reserve fence of common
sense. | was about to compare
you with the Devil, but come to
think about it, he don't go about
in disguise-he don't offer to
scatter hell all over this land and
call it by some other name.
You're born in the murky
valley of political conspiracy.
your head pillowed on the bosom
of J. P. Morgan's political in
terests You yawn for devasta-
ton, sorrow and ruin, bloody
war, death and hell. You're con-
ceived in iniquity and born in
disguise, nursed by cruelty and
embraced by crime. You are
Gods worst enemy and the
Devils best friend.
Preparedness, you are an lille
gltimate-born bastard of the har-
pines of greed and gall-cold =
hearted cannibals of industrial
freedom who would sell our
national peace for a penny and
throw in their risen Lord to boot.
Old gal. we don't want you!
The Lash.
Mountain advocate. (Barbourville, Ky.) 1904-1935, 1916-04-21
Taxes Raised
Bv State Board.

The State Board of Equaliza-
ton has given notice that they
have raised the valuation of the
farming lands Of Knox county
12laf6, and set the hearing for
Thursday, April Goth, so last
Wednesday Judge Hammons, DR..
W. c. Black, Assessor C. B.
Williams, Judge John H. Catron
and w. H. Mcdonald left for
Frankfort to try, if possible, to
have this raise taken off.
The lands of Knox county are
not now as valuable as they were
when we had our unbroken
forests of fine timber. 1t has
been cut away and sent to all
parts of the country, and some
of our most valuable coal opera.
tons have worked out their
property; the many hard rains
that have fallen upon our cleared
hillsides has impaired the value
of them, and it is not expected
that we should increase every
year.
Just what these gentlemen
will do We cannot say. but it is
hoped that they will prevail with
them and at least get a good
portion of this raise taken off.
Mountain advocate. (Barbourville, Ky.) 1904-1935, 1916-04-21
DON'T FORGET

That the Mcdonald Garage is
now open, in the store room
formerly occupied by l.. II. Jarvis
on Main street, and ready to re-
pair any car, no matter how you
bring them in. The work done
in this shop is absolutely guaran-
tee ! to be done right. We are
ready to repair your cars with
out experimenting on them. Mr..
Cody, the mechanic, is able to
take care of the business for you
and will do SO in a workmanlike
manner, He comes highly
recommended to us by reliable
sources. The following is q letter
Of recommendation given " BY
Mountain advocate. (Barbourville, Ky.) 1904-1935, 1916-04-21

Mrs. Minnie Riddell has opened
up the old stand and has again
started the Riddell Hotel.
The street parade was headed
by a Ford automobile driven by
j. Lynn Golden, local agent.
Hon. Joe Jones of Pineville
passed through here Sunday on
his way to Manchester to attend
court.
Miss Rosa Parker, teacher in
Barbourville High School, who
has been away for some time on
account of bad health has return
ed to her school.
Mr.. M A. Gardner, manager
of the contest for the Mountain
Advocate, has returned from
Harlan where he closed contest
for the Enterprise last Saturday.
Hon. w. l.. Moss and Calson
Bingham were admitted to the
bar here last week. They are
two Of Pineville's brightest
young men and will make their
marks in the world as lawyers.
In the abscense of Rev. Brom-
ley, DR.. Franklin will fill the pull
pit at the First M. E. church
Sunday. Subject, morning, He
Is Risen;" evening, pilot Be-
fore Christ. Special music by
Miss Maxey.
We have for sale ono Ford Au-
tomobile in good condition. New
tires, new crown tenders, silver
plated V shaped radiator. stream
line hood, silver plated head
lights, side and tail light, Splits
dorf magneta and switch trans
former, transformer on head
lights, DINNER. gasoline gauge,
speedometer, jack, pump and all
necessary tools including a lin.
Moreroom steering wheel, good
top and side curtains. Call and
see it or write us.
Mountain advocate. (Barbourville, Ky.) 1904-1935, 1916-04-21
Swan Lake.

Mrs Matilda Powell and child.
rem were the guests of Mrs. r. NJ
Jackson Sunday.
Quite a few of our people at
tended the big show at Barbour
vile Monday.
Mrs. Elenor Terrell and daugh-
ter called on Mrs. d. 3. Sears
Monday afternoon.
Misses Ivah Jackson and Mar
tina Terrell returned Tuesday
from q weeks visit with their
aunt and uncle, Mr.. and Mrs.
J. B, Logan, at Clate Ky.
Bob Stansbury. of Barbour