davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-22

foreign money in terms OF the Amer
lean dollar. You buy an English pound
sterling for si75%; the intrinsic
parity is s4S6Ss per pound. Thus, you
say either that pounds are at dis
count or that dollars are at premium
which is owing to the fact that in Eng
land the demand for dollars with which
TO settle accounts in this country 10
greater than the demand in this coun-
try for pounds with which to settie
accounts in England.
II you calculate the cost OF the dol
lar in terms Of foreign money-that
is. as if you were buying dollars WIN
pounds, marks or francs Its value
Yesterday and a year ago would De
about as follows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-22
Monday, august 21, 1916.

The stock market was strong on
lines of least resistance, that is to
say. in the shares of mining and in
dustrial companies. The great pre-
miums at the present time are on
metals and manufactures of metal.
United States Steel common touched
sos a share, which is the highest
price at which it has ever been
quoted. Its highest previous price
was $94.8712 per share in the wild
bull speculation of 1909 In view of
the present amazing abnormal earn
ings. the wonder is that impetuous
speculation so far has been re-
strained. This is a stock in which
ephemeral profits always hitherto
have been enthusiastically capital
lied in the form of Stock Exchange
quotations. This happens, however,
to be only a notable case. Specula-
ton in general has been kept well in
check, thanks to the measures taken
by the highest financial intelligence
in Wall Street. 1T has been one of
the elements Of good fortune in our
war time experience says A. d.
Moves in 1.-THE Evening Post" chat
the tendency to turn our economic
advantage into extravagant specula-
ton has been firmly checked. In the
view of many experienced fnanciers,
the possibility of such a prolonged
and excited outburst was the great
est single danger which confronted
American finance after the turn Of
1915" The danger is still present.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-22
To Holders OF
n CLARIFIED COAL A
IRON COMPANY
First Mortgage 5 Bonds

n T Aa
Notice Is hereby given ass provided n
Article 3 OF the lndenture dated June Is.
1896. securing the above bonds that sealed
offers will he received up 90 10 A " on
Thursday. September u. 1915 by 'he
GUARANTY TRUST COMPANY OF NEW
YORK az its Office. 40. 1870 Broadway.
New York. for the sale % % as Trustee az
the lowest price az which such bonds shall
be offered. not exceeding 1867 and accrued
interest. OF sufficient Of the above bonds %
exhaust the sum 81 Seyenty-six Thousand.
Three Hundred Seyenty-tWO Dollars ani
nine cents s76.372.O9).
Offers shall be sealed and endorsed
OFFERS for the sale ~ Jefferson & Clear.
field Coal q Iron Company So Bonds %
Sinking FUND.- and addressed 70 TIE
TRUST DEPARTMENT
JEFFERSON e CLEARFIELO COAL <
IRON COMPANY.
BY GEO. "A. cLUNE. Treasurer
Dated Rochester. y. y. August J. 1915
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-22

Foreign Comment. - "The London
Economist" calls attention to the curl
Gus effects produced in the London
money market by the Treasury's war
borrowing: Our present system OF
financing the war by daily sales of Sc
curities inevitably has this effect OF
making the state of the money market
dercnd almost entirely on the rapidly
or slowness with which these sales pro-
coed, and the consequent waxing or
waning Of the amount of cash held by
the government. Small applications for
Exchequer bonds and Treasury bills in
one week make the government pay out
more than it takes in, and so money
becomes easy, and stimulates the sale
of securities, and then money becomes
tighter"
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-22

Mr.. Wilson in his telegram to
George Pope, president of the Ma
tional Association of Manufacturers,
said he proposed that nothing be
conceded except the eight-hour day,
to which the whole economic move
ment of the time seems to point"
To the railroad managers he said:
"The eight-hour day has the sane
ton of the judgment of society in its
favor, and should be adopted as the
basis for wages" Wages, of course,
is the point of the matter. Waive
that. The controversy lies between
the four train service brotherhoods
and the railroads. The brotherhoods
represent about 20 per cent of the
total number of railroad employees.
The remaining so per cent are for
gotten. Why should the benefit of
"the sanction of the judgment of So
ciety" and the weight of the whole
economic movement of the time be
limited TO 20 per cent Of railroad en-
ployes? If it is a principle that may
properly be insisted upon, as Mr.Wil-
son has insisted upon it, then it
should be applicable to all employees,
as "basis for wages" but to suggest
its unlimited application would at
once elevate the discussion to a plane
of sociological theory. Why should
not all wages be raised at once
throughout the land? Indeed, the
brotherhoods would be perhaps the
first to discourage the thought of
putting the other so per cent on an
eight-hour schedule for purposes of
wage calculation. The more the
others get the less will be left for
them.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-22

Ill, IA 1915.
A. / * :. +. Ry. co. al MIG sou w. ''
unstamped: 81. ..,. 4. 1895.
a. T 4 5. + r.. Co. Eastern Oklahoma D''
Atlantic s panyille Ry Co ist m's 8 g /. 'osi
A. c l. r. R. Co |. q y. ro.i q s l., :" Ia, 4"
b 4 o. r r. co. > D. gold 3i.. 1925.
B Il o r. K Go. c0nv fi.s 1888. an
r. & O. r. r. Co. Isl mtg ,0 year god - ~
siss. 1925 ..
B. q %. r. r Co.. F.. L. +. 4 W. Va N''-'
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-22
COLLATERAL OF
BRITISH LOAN
Five Hundred Different Is
sues of American Cor
porations.
NO STEEL SHARES
IN LENGTHY LIST
Aggregate of Dollar Secu-
rites Is 100000; Sep
arate Sums Not Given.

How wonderfully England's investors
in American securities have responded
to the mobilization call of their gov
eminent is shown in the list of dollar
collateral behind the s250,000,00O 5 per
cent loan which was made public yes
terday by the syndicate of which j. P,
Morgan e. Co. are the managers.
The stocks, bonds and notes Of
American corporations, constituting
one-third of the $500, 100000 collateral
back of the loan, make list of approx
imately FIVE hundred items. 1t includes
issues familiar to investors because
they are actively traded in on the
Stock Exchange. Many, however, are
little known, principally because they
have no active market, or are securities
of subsidiaries of the more widely
known holding companies.
Steel common does not appear in the
list of industrial shares. On the Stock
Exchange yesterday Steel common sold
at 95, a price never before touched
One of the conspicuous features OF
the statement made public by the syn
dictate managers was the absence of fig
ures representing the amounts Of the
various issues comprising the 100000
600 American collateral. The securi-
ties are named, and their aggregate
market value is s100,000,OO0 but one
cannot tell what amount of any partic-
ular thing is pledged. This list is
known as Group I. No detailed state
ment regarding Groups II and III will
be made until more information has
been compiled as to their character.
II is understood that the formal pub
lie offering will be made on Wednes-
day.
Following is the full list of American
collateral:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-22
The Dollar in Foreign Exchange

The stability of foreign exchange
rates on this level is very remarkable.
1t shows how perfectly the situation
is in hand. There were only minor
variations. The closing rates were rs
follows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-22

After the close of the stock market
the list of $1OO,OOO,OOO American Sc
curities pledged as one-third col
lateral for the new British loan was
published. 1t contained no United
States Steel shares. This was taken
as confederation of the belief that
large quantities of that stock had
been taken over privately in Wall
Street from English holders. The
British loan is now to stand the test
of a public offering. There is no
doubt of its success. 1t has been
very beautifully handled.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-22
United States Treasury Finances.

Washington. Aus. 2l.-The condition o. the United
state Treasury at the close Of business to-day.
Net balance 900 general fund. s2l3t930o2. total
ordinary receipts $242t.455. total ora pay
mcnts S4t1.2o2
THE d,aat This fiscal year is s2O527. oSS ssanS
deficit OF Sgi e5i4s0 last year. exclusive Of Psa-
80 ~---s 1870 ->as .sAassaiians
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-22
Opportunity for American Soap.

There have been inquiries at Alden
for samples and prices of American
soap for washing purposes.-Vice-C Con-
sui Ws,sNH 81 Alden, AFahlA
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-22
Maturity in days.

Other Cities.-Call money at Chicago
is to Az per cent; at Boston, Al TO
5 per cent; at Philadelphia, per cent.
Time money is 4 to y per cent higher
than call money at each of these points.
Bank Exchanges days clear
ings at New York and other cities:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-22
British War Finance.

"The London Economist" which
had not erred on the side of optimism
in its criticism of the British govern
ment's financial policies, prints an
interesting review of war finance 70
date. From the first of August,
1914, to the end of July, 1916, the
expenditure for war had been II ,410
million dollars. This figure includes
loans to Allies and Dominions. The
writer pauses to express his own
amazement at the magnitude Of these
financial operations:
That such a sum should have to
be spent on fighting and destruc-
tion by any nation within two
years is an astounding, almost an
appalling, fact. That its spending
should have been accompanied by
little hardship, and that confined
to comparatively small classes, and
prosperity, is an astonishing proof
Of the productive power Of the
country.
The amount raised toward the cost
Of the war by taxation, though act
ually very large, had been relatively
insignificant:
During the same period the
government has raised by taxa
ton approximately COS millions,
from which We must deduct 400
millions, as roughly representing
peace revenue, leaving 20S millions
as the taxpayers contribution to
the cost Of the war as far as it
has gone. This figure looks small
when compared with the gigantic
total of the outgo. and also when
compared with the 800 millions of
war taxes that are expected to be
gathered from the taxpayers peck
ct during the course Of the cur
rent financial year. 1t is very
much greater than any other war
ring power has taken in taxation;
but, on the other hand, it must
be remembered that France has
suffered from the invasion Of her
richest territory, while Russia and
Germany have had their export
trade TO a great extent cut off. Il
finance we certainly have shown
strength that has astonished both
our friends and foes, but in the
matter of taxation the govern
ment felt its way with a timidity
that did little justice TO the readi-
ness Of the nation to bear the bur
den of war.
The two internal war loans, the re-
course afterward to current borrow
ing on short term issues and the
placing of loans in this country mot
including the one now offering), are
taken up in order:
The gap between revenue and ex-
penditure has been filed by Dor
rowing. and on our borrowing
methods the critics of government
finance have been loud, and some
times mutually destructive. The
first war loan was offered on terms
which quite failed to recognize the
difference that war on this scale
had made to the price Of capital.
Practically on a 4 per cent basis
and offered with little or no special
effort 20 bring it before the notice
Of patriotic investors, il was fol-
lowed by the Az per cent issue,
which was severely criticised as
being TOO favorable to the lender,
and has since been equally heartily
condemned as having been too dear
IL was accompanied by terms of
conversion for the first loan and
for Consols and other pre-wsr Sc
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-22

Sub-Treasury. - New York banks
lost to the Sub-Treasury S726,000.
Silver-Bars in London, 81 7-16
pence. Bars in New York, 66 cents.
Mexican dollars, 500. and 543. cents.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-22

have included the earnings up to octo-
Ter IA total Of $50 100000. IL we de-
duet from this estimate Of earnings the
amount proposed to be paid in cash 10
the bondholdcrs, namely, s377bo,ooo,
the assets will be:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-22
DIVIDEND NOTICES.
SOUTHERN PACIFIC COMPANY

81. QUARTERLY DIVIDEND ~ uHe Dollar Al
fifty cents l50l per share on Poe CAPITA stoe.
of this Company has been der.l rei. p4yabe /"
the Treasurer Odice. No l6T Br1sdsV Ne'
York. y Y. on October D. 1916 % suckhodei'
ot record at O'Clock T. " ol Thlndp. Algi"
81. 1916 TIE stock transfer in..s VII neg y
closed for the payment " This dividend lnee4'
viii he mailed only 20 Stockholders aho have lel
permanent dividend ORDER
A X Van DEYENrER. Treasurer
August 10. 1916
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-22

The railroad brotherhoods under
stand the Importance of public opin-
ion. They combat the idea that to
strike would create widespread dis
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-22

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, 1916-08-22
Daily Imports and Exports.
lmpolts. Exports.

UdIIy IWpOIIa dUU tApOIIS OF general
merchandise at the Port Of New York
were:
Imports. Exports.
Monday. Aug 2I S3,65Z66l Sl6,3S2. SIS
Saturday, Aug. 10. l,SO3O79 9,909,6l1
Friday, Aug. 49,. 4,125,10O -629s, 200
Thursday. Aug. Il i,69j,02j 6.32i.657
Wed'day, Aug. l6. 5,OlO,3Oi s,S7O,O7S
Tuesday, Aug 10. .2,72l 1868 1898, 29O
Monday, Aug. Il. 2,629,633 1896, 1863
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-22
Fractional Lot Service

Orders executed in any amount of
Stocks and Bonds for cash.
We carry 10. 20 or so share lots Of
seasoned. safe stocks, dealt in on any
of the Exchanges, on margin.
On the Consolidated Exchange all
our orders. reports and quotations are
transmitted by signal, afording in
Simultaneous service.
Certified accountants statement OF
audit of our books published quar-
terly.
Wilson & chardon
Members Consolidated stock Exchange Of y. y.
So Broadway, New York
Telephone Broad 1886
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-22
Railroad Shares.

Atchison. Topeka santa lie Railway Co. ptd.
Atlantic Coast Line Railroad Co. CON.
baltimore 4 Ohio Railroad Co. com.
baltimore q Ohio Railroad Co. pfd.
chicago & Northwestern Railroad 90. CON.
chicago h Northwestern Railroad co. p'd.
Chicago. Milwaukee It. Paul Il. r. Co. com.
Chicago. Milwaukee & 81 Paul X. r. Co. pid.
Cleveland & Pittsburgh Il. r. co. guar. stock.
Detroit. HillsdAle southwestern X H. GO. stock.
Ede a Pittsburgh Railway Co. stock.
Erie Railroad Co. lat pid.
Great Northern Railway Co pid
Illinois Central Railroad Co stock
illinois Central Railroad 60. leased lines stock.
Lshzh Valley Railroad Co. stock
Lou syllle Nashville Railroad Go. stock.
Minneapolis. St Paul K :. ;. NJ. Rs. CO. com
Minneapolis. 81. Paul q :. = VI. r.. Go. pil.
NJ. ~. +. 4 ). s NJ Ry. Co. leased lines stoca.
Manhattan Ry. Co. stock.
Mobile q Birmingham Railroad 20. pid.
Morris & Essex Railroad Co. com
New York Central Railroad Go. stock
Norfolk 4 Western Railway Co. com.
Norfolk Western Railway Co. pfd.
Northern Pacific Railway Go. stock.
Pennsylvania Railroad Co. stock.
p. Fl. ". & G Ry. Co original guaranteed stock.
p. Fl W a {. Ky. Co. special guaranteed stock.
Reading Co. Isl pid.
Reading Co "a psd.
81 Louis Bridge Co. lst I'D
southern Pacific Co stock.
Tunnel Railroad n ~, Louis stock.
Union Pacific Railroad 60. com.
Union Pacific Railroad Co. pa.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-22
Assets and Liabilities.

II this plan is adopted the liabilities
of the company on October will re-
main as under:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-22
STUDY OF THE
|. NJ. MARINES
REORGANIZATION
Its Success Depends Upon
Continuation of War
time Earnings.
BY SRINIVAS X. WAGEL.
SECOND ARTTCLED

The moment there was default in the
payments Of interest on both the 411
and per cent international Mercan-
tile Marine bonds the necessity for re-
organization became urgent. Inc
amounts owing on the bonds, including
interest. totalled S7S,oOO,OOO. The cost
Of the properties was estimated at
1884 900 900. The company had paid no
returns on the common stock. 1t owed
over rs per cent on the preferred.
Although there was known to be no
cause for alarm, there was reason to
be concerned early in 1915, when Ju-
dicial proceedings were undertaken and
a receiver was appointed by the court.
The possibilities of the next few
months and the chance of earning
large returns were not understood at
the time The very nature of the bust
ress precluded a proper computation Of
the assets. The different committees
the bondholders', the preferred stock
holders and the common stock hold
ers'-began TO estimate incomes and to
value properties in just the manner
they wanted to. and not on the basis
of defnitive facts. The plan of the
Wallace preferred stock committee Of
August 8, 1915, was not palatable, for
the very valid reason that both the pre-
ferred and common stock holders were
unwilling TO pay assessments, and, as
they thought, throw good money after
bad. The extraordinary and unexpected
increase in the earnings prevented
foreclosure of the property, and the
total loss of the holdings of the com
mon share holders. The judicial pro-
ceedngs and the courts rulings have
had an important bearing on the final
plan of reorganization. Under a differ
ont ruling the bonds might have been
entitled only to the interest amounts
overdue.
The Plan.
starts with the assumption that the in
creased earnings and the possibility Of
the present freight rates continuing
Tor some time will enable the company
70 become solvent again. The bond
holders, however, have the legal right
TO demand payment. The total of the
balance of the earnings is insufficient
to pay the bonds in full. The proposal
is 10 issue new twenty-fve-year bonds
fer $4,000 900, dated October /, 1916,
at per cent, in exchange for the old
bonds, for refunding purposes. and pay
terest, in cash. The cash is to be OBJ
tanned out of the balance of earnings,
and the inducement to bondholders to
take the new for the old bonds is the
higher rate of interest. The position
Of the company remains unchanged in
ether respects, and the directors are
left 20 tackle the back dividends on
preferred. amounting TO $40 900 900. at
a future date. The directors obtain
authorization 70 issue an additional
slO,OO0,0OO bonds. 10 be used for build
ing new ships and other Improvements;
power is also obtained to issue per
cent serial notes 20 the extent Of
Sl0,O00,OOO.
Assets and Liabilities.
II this plan is adopted the liabilities
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-22
GROUP I.

Group consists of stocks and bonds
of American companies, and is TO be
made up of the issues shown below.
This list, as given out, is subject TO
verifcation:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-22
Finance Economics

GARET GARRETT Editor.
WALL STREET OFFICE: Telephone;
Building, Broad Hanover ooli.
The Richmond Virginian. (Richmond, Va.) 1910-1920, 1916-12-02
BUSINESS FINE BUT
PRUDENCE EVIDENCED
business on Last Lap Of the Mo.<
Prosperous Year I'm Hi~tory-Car
Shortage stu Felt.

New York. Doc 1.-Dun's Weekly
review of Trade will say tomorrow:
Business enters on the Anal stage
OF It's most prosperous year with ac-
uvity undated aud the rise in prices
continuing. yet with clear evidence Of
communicable Judgment and prudence
In many quarters. Wholesome con-
servat'sni Is increasingly apparent in
industrial channels. as In banking cir
cies, and the doubts as to the eco
nomic changes that much ultimately DO
experienced nre reflected in the dis
position to provide against possible
contingencies In the future. 1t stiu
is a noteworthy and reassuring feature
that producers In many instances en-
deaVor to discourage demand. rather
than 10 stimulate II. and some inter-
ests have virtually withdrawn from
tho markets In an effort to check the
.anux OF orders which they can't han
Ole, or are disnclned to accept under
present conditions. Buyers, however
are impelled TO cover far-forward
needs because Of apprehensions that
the paucity Of supplies now witnessed
IN some lines may later become more
general. though signs multiply of the
restricting influence Of the extreme
living costs on consumption. Yet the
further wage advances. in most cases
voluntary. act as a partial offset TO
the high prices. and distribution at
retail remains OF record volume. with
early holiday shopping reported in
many sections with few exceptions,
mercantile collections are more prompt
than usual and the commercial NOR
tality Is relatively light for the period.
while other statistical exhibits are
highly gratifying. gross railroad earn
ings for three weeks Of November be-
ing 81 per cent in excess of the UNI
precedented revenues in 1915. The
movement of raw materials and Of
merchandise to points of destination,
however. continues hampered BY car
shortages and there Is much complaint
of delayed deliveries. ocean Transport
/, tation also still being hindered by the
scarcity of bottoms
The Richmond Virginian. (Richmond, Va.) 1910-1920, 1916-12-02

few dispatches. but with early 40
tive holiday demand and new wave
Of wage advances reinforcing tho alb
normally large current business. COM
plaint from this source 10 at mini
mum. Something like a revolt Of con-
sumers was Witnessed In the markets
for food this week and Thanksgiving
demand for poultry and other lines was
disappointing to dealers at some cities.
In grain and hog products talk OF a
food embargo and resulting declines
in prices have fostered the belief that
prices have their zenith for time
at least, but on the other hand new
high prices have been reached for cat
tie and sheep. and In the great ma
jority OF manufactured staples as In
all raw materials except possibly lum-
Der there is still a wire edge on de-
mand. and prices. and some observers
can only see still higher quotations
for iron and steel, the other metals.
leather and it's manufactures. wool. to-
bacco and, in fact. raw or manufac-
tured materials in general In regu-
lar staple lines demand has been free.
and jobbers. wholesalers and manu-
facturers. are all straining to keep up
with current demand. while orders
tend to bank up The car shortage
trouble tends to grow even more
acute. although local and State ac-
ton Is said to have been helpful in
causing coal spectators to unload and
thereby release some cars.