davidaulloa/AmericanStories huggingface dataset:
The evening herald. (Klamath Falls, Or.) 1906-1942, 1916-10-11

noordinan other charter
amendment the votes at
with the
submitted
expression of the will Of the qualified electors is
Where under the provisions OF this ordi
nance filing petition for
initiative Immediately shall be sufficient II the first
notice shall have been made within one week from the
filing OF apy such petition
council shall ordinance,
charter and submit the to the
council shall adopt ballot title
special eecon less than
(3O days from the time the
council Notice the day polling place
be twenty 2o days before holding such
posted In at least two ) public
in the and such notices shall
contain the adopted
to measure referred to
calling such election
council shall by appropriate action provide
holding special shall
nate the and appoint tho judges
and filling the of judges and clerks
not ballot boxes all election
supplies ballots shall make such provisions ~ shall
holding such election not with
the provisions Of this ordinance, III
section special elections held hereunder shall be
Australian ballot Law OF Oregon
bs applied to elections In said city, and under
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-29
NEGOTIATIONS ON WITH
THE BANK OF FRANCE

Paris, Dec. 2S.-The appointment OF
the Bank of England as agent for the
Federal Reserve Bank Of New York
is likely to be followed by the con-
clusion OF similar arrangement with
the Bank Of France. The journal
saws this development demonstrates
that the relations between the United
States and the Entente Allies are more
cordial than might have been be-
lieved at the time the Federal Reserve
Board last month warned United
States banks against the acceptance OF
treasury notes Of the belligerents, the
effect Of which this new development,
it is believed. will 20 FAR toward oblit-
Grating.
The facts as known here are that
BENJAMIN Strong, ir.. governor Of the
New York Federal Reserve Bank, con
ferred with the governors OF the Banks
of England and France in February,
1916. as 10 the best means of establish
ing closer relations with Europe. The
possibility of using sums payable 70
the United States for merchandise
either in the acquisition Of French and
British securities or rs credits was
among the points discussed. Negotia-
tions with the Bank Of France are
still in progress and are likely TO be
concluded successfully q: an early date.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-29
1888 EXTRA FOR
STOCKHOLDERS or
THE WELLS FARGO
Company Distributes SS,000,O0O
of Revenues Derived from
Investments

Directors OF Wells Fargo ( Co.
voted an 100000 cash distribution
20 stockholders yesterday by declsr-
inr an extra dividend Of 1898 a share
on the $24,OOO.0O0 capital stock out
standing. Besides this, the regular
semi-annual payment Of So was de-
clared. Both dividends arc payable
January 90.
The company announced that II has
definitely retired from the banking
business In which it has been engaged
for many years. It's condition on June
so, 1916, showed surplus OF S1O,l95,-
sS3. The company owned investment
securities on that date valued at s24,-
677,064, and It's revenue from invest
ments during The preceding seven
years was ss,913,97A, or nearly $1,000
600 In excess OF tho sum required for
the payment Of the extra dividend.
The distribution just voted is the
first extra distribution on Wells Fargo
stock since December. 1909. when the
express company made a 800 per cent
cash distribution. which carried with
il rights TO subscribe to $4,000, 900 OF
new stock at par.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-29
Other Cities

World Crop Observation-Disclosures,
Dec. 2S.-More exact details on world
crop figures than were contained in
press dispatches from Rome, giving
estimates OF the International lnsti-
tute Of Agriculture, were received from
the institute to-day by the Department
of Agriculture, as follows:
Argentina, wheat, 77,39A.oo bushels,
a decrease Of 55.2 per cent from last
year; oats, 39,6l0,000 bushels, a de-
crease of 5j4 per cent; linseed, $780,
600 bushels, decrease of SOC per
cent
Australia. wheat, 14S,926,000 bush
els. an increase of per cent over last
year.
France, wheat, 2l4,524. 900 bushels. a
decrease Of 81 per cent from last year;
oats, 2S4,396,000 bushels, an increase
of 1872 per cent; barley, 39,405,0OO
bushels, an increase of "a per cent.
Boston COppers.-Boston, Dec. 2s.-
Reaction set in against copper shares
to-day, and nearly every issue lost
strength. The depression was greatest
at midday, when tendencies to strength
developed for time, but weakness
again obtained toward the close. Cop
per Range, "a; Allouez, "a; Osceola,
81: Old Dominion, 90.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-29
Dividends

Delaware & Quarterly dividends
OF "a per cent. payable follows: March
20 to stock Of record February 26 June 20
TO stock Of record May %; September 20
to stock of record August 2S. and December
20 10 stock OF record November 81, 1917.
Delaware, Lackawsnna & western.-Regu-
lar quarterly dividend OF 2ia per cent, paya-
bic January to stock Of record December 30.
Norfolk & western.-Regular quarterly
dividend OF per cent on the preferred stock,
payable February 10 70 stock Of record JAN
uary 81.
Inspiration Consolidated Copper.--ousrter-
IL dividend Of g. a share. payable January %
to stock OF record January II.
Chicago Pneumatic Tool. Regular quar-.
terly dividend Of ] per cent. payable January
IS TO stock Of record January Is.
Wells Fargo & Regular semi-annual
dividend OF 50 and an extra dividend OF
1888 a share. both PAYABLE January 20 u
stock Of record January 8.
New Jersey Zinc.-Ektra dividend Of 10
per cent, payable January 10 20 stock OF rec
ord December 80. Also. regular quarterly
dividend of per cent, payable February 10
to stock Of record January 81.
Mohawk Mining.-Dividend Of $40 q share
payable February 1 TO stock OF record Jan.
uary 6.
Holly Sugar Commandments quar-.
terly dividend OF Ia per cent on the pre-
ierred stock, payable February l 10 stock Of
record January 10.
Illinois Central Railrosd.-Regular quar-.
terly dividend Of N per cent. payable
March TO stock Of record February 5, 1917
Bay State Street Railway euj-annua
dividend Of Sc share on the first preferred
stocs. payable February ] TO stock Of gecor,
January 10.
Mount Holly Paper Mills Regular semi
annual dividend Of "a per cent on the pre-
ferred stock. payable January 1.
Globe-Wernioke.-Regu quarterly div
idend Of y per cent, payable January u
to stock OF record December 30.
American District Manufactured,
dividend OF l per cent. payable January II
to stock Of record January l.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-29
LITTLE NEW RAILROAD
MILEAGE BUILT IN 1916

Chicago, Dee. 2s.-Although the year
1916 was one Of record breaking tranic
and earnings, new mileage built was
the smallest, with the exception OF
1915. since the Civil War, according
to review Of the railroad situation
which will be printed in to-morrow's
edition Of "The Railway Age Gazette
In 1916 1903 miles were constructed
compared with 993 the preceding year.
The second track mileage OF the year
was 1856, or a miles less than in 1915.
In Canada only 200 miles OF new track
were laid. compared with 7ls in 1918
and 97s in 1914.
New mileage projected IN the United
States is 727; that being surveyed,
2126. and that being actually built
1860.
New rolling stock ordered increased
The orders call for 10000 freight cars
2.94o passenger coaches and 1898 loco
motives. The freight cars ordered out
number those on the preceding year by
$4,000. Freight cars sold abroad IN
creased 100 per cent. and locomotives
nearly 400 per cent
There was a small reduction In the
railroad mileage in receivers hands
81 railways. with a mileage OF 34,b5s.
At the beginning of the year this milo
age was 1861.
"The outlook for greater prosperity
for the railroads and affiliated lndus,,
tries and for a larger expansion OF
railway facilities during the next rev
wears seems promising concludes the
review
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-29
NEW CANADIAN CAR
AND FOUNDRY OFFICERS
Organization Strengthened at
Request of President Curry

W. w. Butler has been appointed a
vice president and managing director OF
the Canadian Car and Foundry Com
pany, and f. A. SHELTON, the secretary
treasurer Of the concern, has also been
made a vice president These appoint
ments, it is announced, were made at
the request of Nathaniel Curry, presi-
dent, in order 20 strengthen the organ
ization and put the company in better
position 10 handle the large contracts
which il now has booked at its various
plants.
President Curry during the last two
years has devoted nearly all his time
70 the work Of carving out the shell
contract with the Russian government.
and has made his headquarters in New
York.
Mr.. Butler. the new managing d.
rector. has been for many years an out
standing figure in the car Industry Of
the Dominion. He established the Do
minion Car and Foundry Company. and
was its head until it's absorption by
the Canadian Car and Foundry Com
pany. Mr.. SHELTON was formerly con-
nected with the Canada Car Company.
and has been closely associated with
President Curry since the consolidation
was effected.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-29

ton Of reserves gives a dangerously
false impression of the condition of
the banks. IF the reserves Of the
national banks were nearly 25 per
cent, as the Controller says, there
would be yet room for a tremendous
further expansion of credit, wherein
lies the root Of all human happiness,
according TO the money doctrines en-
braced by him; but the reserves OF
the national banks actually are not
rs per cent, nor the half Of IS per
cent. and to make them appear so,
and thereby sustain the illusion Of
unlimited credit in the country, the
Controller counts nearly 100000
900 Of those Fictitious reserves"
which are disallowed by the Federal
Reserve Board In its own calcula-
lions, and which will become posi-
lively illegal in the autumn Of 1917,
II not sooner. The only reserves
that may properly be counted by the
national banks are their deposits
with Federal Reserve banks plus
the legal tender gold money in their
own vaults, and, so calculated, the
proportion of reserve to the de-
post liabilities of the national
banks was on November II, 1916,
only liz per cent, against 11.9 per
cent on the corresponding time Of
the year before.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-29
News Digest
Foreign


London Expects Fresh War Loan
London. Dec 28.-Dealers on the STOCK
Exchange show little inclination TO
make fresh commitments pending the
turn Of the year or Developments IN
the war theatre. In the meantime Cos
sip is reviving that fresh war loan
Is imminent, which, perhaps, was re-
sponsible for an easier feeling IN the
gilt-edged section to-day. Russian Sc
curities, Rumanian oil issues and ship
ping shares were steady, but otherwise
there was little Of interest TO the deal
ings. American securities were idly
steady.
Heavy maturities OF Treasury bills
keep the money market easy. Money,
AZ per cent. Discount rates-Short
and three-month bills, 5laq5Ss per
cent. Gold premiums at Lisbon, 5000.
Paris Bourse.-Paris, Dec. 2s.-Tred-
ing was inactive on the Bourse to-day.
Three per cent rentes, so francs 90
confines for cash; exchange on Lon
don, 81 francs TX confines; per
cent loan, So francs 25 centimes.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-29

Worse is the positive misrepresen-
tation of the reserve position of the
national banks. "The total reserves
held by the national banks as of
November IT," says the statement,
exceeds by $lS5,OOO,OOO the great
est reserve previously reported. The
proportion of total reserves TO de-
posts November II, 1916, was 24.7S
per cent, and on November 10, 1915.
1854 per cent This representa-
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-29

State Bank Report.-Albany, Dec. 2S.
The 2O4 state banks of deposit and
discount in New York State had total
resources OF 1901 ,S45.2iS OF November
%. last, according to reports filed with
State Superintendent OF Banks Eugene
Lamb Richards, in accordance with the
last bank call issued by the New York
State Banking Department. On Sep
tember 20. 1916. the resources OF these
Institutions totalled o,7o4 ,2lO, show
iRg a. increase from September 20 to
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-29

Tho above rates express the cos. OF
foreign money in terms Of the Ameri'
can dollar. You buy an English pound
sterling for .475i; the intrinsic par
ity is s4SeSs per pound. Thus, you
say either that pounds are ct a dis
count or that dollars are at pre-
MUM, which is owing to the fact that
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 to
settle accounts in England.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-29
Money and Credit

Money on call at the New York Stock
Exchange ruled yesterday at per cent,
unchanged from Wednesday. The low
was 2ih per cent and the close 2H
per cent.
The general tone Of tho market for
time funds on brokers' Stock Exchange
collateral is distinctly easier. There
has been a considerable increase in
offerings in the last day or two. The
aggregate of business continues small,
however, and is confined principally TO
loans based on industrial collateral.
Mixed loans are now quoted at AZ per
cent for all maturities.
Ruling rates on money yesterday,
compared with year ago, were as
follows:
Yesterday. Year ago.
Call money. 3 % 2 %
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-29
New York
Kings County Power Bonds To B,

Kings county POWcr BOnds TO DC
Issued.-Directors Of the Kings County
Electric Light and Power Company have
decided TO issue the remaining g., 100000
Of the $4,000 900 per cent convertible
debenture bonds authorized in 1912.
The bonds will be convertible into
stock at the option Of the holder, and
will mature March l, 1926. For every
share Of stock the holder will have the
right to subscribe to S15 Of the debent-
ure bonds.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-29
Thursday, December IS, 1916

Il is now the habit Of the Con
troller of the Currency at Washing
ton TO issue from his Office a new
summary Of the condition Of the ma
tional banks, as Of certain date
and TO make it so interesting that
the newspapers will have to print 1t
prominently, preferably of the inan-
cial page. Later-several weeks
later, perhaps-the usual official aD-
stract is available for those who
wish to analyze the figures and make
their own deductions. Analysis IS
uninteresting. The mind Of the
Controller works alphabetically. lie
gives YOU an idea of how the banking
system OF to-day would look If you
could stand it up alongside the
Woolworth Building IN Broadway or
scale its present giant proportions
against the puny, undemocratic and
shivering thing it was before the
Federal Reserve act was passed, be-
fore John Shelton Williams was
Controller of the Currency, before
there was, in fact, much Of any
thing to boast of on this continent
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-29
U. S. Treasury Finances

Washington, Dec 2S.-The condition
Of the United States Treasury OF the
close Of business to-day was:
Net balance in general fund, S1fs,-
5,o73.
Total ordinary receipts, s2,s26,2SS.
Total ordinary payments, s4,52o,6o9.
The deficit this fiscal year is $751;
1923, against a deficit Of S48,s66,6o2
last year, exclusive Of Panama Canal
and public debt transactions.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-29
Pere Marquette Reorganization.-Th

REORGANIZATION managers OF the Pere
Marquette Railroad have called the at
that after to-day the rights Of purchase
as set forth in the reorganization plan
will not be further extended. The sub
scription rights, which are al present OF
become valuclcss
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-29
The Dollar in Foreign Exchange

The foreign exchange market con
tinued quiet yesterday and there were
no important changes in rates. German
marks were a shade firmer.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-29

Commercial Representation In
the commercial paper market are Writ
ually unaltered. The easier tendency
continues, but rates are unchanged, re-
manning at 4 TO "A per cent for prime
regular maturitiea
Official rates Of discount at each OF
the twelve Federal districts are as fol-
lows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-29


Loan. and discounts. .Inc$1 1900, 600
Deposits Inc I,ooE,VNO,ONO
Reserve, including cash
in vaults Of national
banks and their de
posts with Federal
Reserve Banks. .... Inc. 224o4o, 600
The striking fact In this exhibit is
that the increase in deposits has
been much greater than the increase
in loans and discounts. II is the
bankers business TO receive de-
posts and then, after having set
aside a certain reserve, 10 lend them
out at interest, or to invest them.
Above we see that national bank
deposits increased in twelve months
1882, 100000, whereas loans in
creased only s1,112,0OO,O00, and the
reserve set aside against deposit la
biities increased only S224,040, 900.
The sum Of the increase of loans and
discounts and the increase Of reserve,
added together, is $1,336,040,O 900.
The increase in deposits is $685.
100000. The difference is nearly
81 900, 100000. Where is that diff
ference? What have the national
banks done with the balance Of their
deposits? Mr.. Williams's subordi-
mates evidently forgot to put in the
item that would explain it. The diff
ference Of nearly one billion dollars
was not loaned by the national banks
but invested, mainly, no doubt, in the
securities Of foreign governments.
The item Of investments is omitted
from the narrative, and that is Il
great pity, because the investment
of national bank funds in the war
loans of belligerent countries had
reached a point at which the Federal
Reserve Board felt obliged publicly
10 express its nisgivings. That is a
fault Of omission.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-29

Sub Treasury. - New York banks
gained from the Sub-Treasury 49,
$4,000.
Sllver.-Bars In London, ssh pence;
New York, 75as cents; Mexican dollars,
5siA cents.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-29

Below is given the current exchange
value Of foreign money in dollars and
cents. together with the intrinsic gold
parity, as calculated By the Unit~e
States Mint:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-29

Virginia Carolina Chemical Drec-
tors Of the Nirginia-Carolina Chemical
Company declared an initial dividend
Of 70 cents a share on the common
stock yesterday. The regular quarter
~ 50 p share disbursement on the pre-
ferred was also announced. The COM
mon stock dividend came as a surprise
in Wall Street. as r payment on this
issue was not expected until next
spring at the earliest The company
has SPOOL, s18 Of 8 per cent preferred
stock outstanding and s27 ,es4,4o0 Of
common. Tho preferred dividends
have been maintained at the full rate
since organization in 1895. After pay
Ing per cent in dividends on the com
mon for q series OF years the company
reduced the disbursement In 1913, 10
IA per cent, and subsequently, in 1914.
passed it altogether. Tho dividend
declared yesterday marks the resump-
ton Of payments after lapse Of three
years. The company's income state
ment for the year ended May 81 last
disclosed earnings OF 1899 per cent on
the common, against 7.59 per cent IN
1915, S.99 In 1914, and OBS in 1918.
President Morgan Of the company told
the stockholders at the annual meeting
In September that the years turnover
Of sales amounted TO S67s99,4A, an IN
crease Of s5,6sl, 1866 over the preceding
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-29
Relevant
Information

Anglo-Frcnch Bonds.-The Anglo
French per cent bonds sold at a new
low record price on the Stock Tx
change yesterday at 92Is This com
pared with a high for the day OF 93
Dealings totalled more than 100000
Union Pacific Earnings Of the Union
Pacific system last month were the
largest for November in the history OF
the property. OF gross earnings Of
SI0,75O,6S2, an increase of 14.5 per
cent over the corresponding month Of
1915, freight revenue contributed 49,
260,795, an increase Of 17.S per cent,
and passenger revenue s1,652 ,307, an
increase OF 3.9 per cent. The only
change of importance in the operating
expenses was the increase of s54s, 657,
or PAT per cent, IN transportation ex-
perses, due 20 the heavier volume Of
traffic. Net earnings OF the Union Pa
cihc were S4,628,276, an increase Of q
per cent over November, 1915. Five
months gross Of the road has in
creased 1871 per cent over a year ago,
and net 24.9 per cent. Last year earn
ings amounted to 1856 per cent on the
common stock. This year so far they
have been running at the rate Of sp-
proxmately II per cent
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-29

Bank Exchanges.-The days clear
ings az New York and other cities:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-29
wEA1TH MARKETS AND COMMERCE @

November 20 Of Sc, 141, O3s. During
tho same period the total deposits
increased from S739,O3s,716 to 1885,
el5.675. a gain Of s57,57G,s5s. Other
increases included: Cash on hand
t24O7S.S52; stocks and bonds, 1884,
ges; loans and discounts, Sz2'os6,46s;
due from banks and trust companies,
S6,4S6,175.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-29

From the Controllers romantic
narrative Of the rise of American
banks, written on the occasion Of re
porting the condition of the ma
tional banks as of November II last,
the following comparisons are OBJ
tainable:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-29

II Is set forth that the resources
Of the national banks alone are now
greater than the resources were OF
all state banks, savings banks, pri-
vate banks, trust companies and ma
tional banks combined as recently as
the year 1904. Well, that is very
wonderful. of course, but banking
resources have been growing, as we
all know. and those of other institu-
tons have been growing perhaps as
fast as those Of the national banks
alone. positively in some directions
faster. But there is a more won
derful thing. The aggregate re-
sources of the national banks tex
coed By about one billion dollars the
combined resources of the bank OF
England, the Bank Of France, the
Bank of Russia, the German Reichs-
bank, the Bani, of Italy, the Bank Of
Spain, the Bank of Netherlands, the
Bank of Denmark, the Swiss Ma
tional Bank and the Imperial Bank
of Japan" Wonderful, indeed The
casual reader is greatly astonished.
But it IS statistically old, and might
better have appeared in an after
dinner speech. 1t has nothing what
ever to do with the condition OF the
national banks as Of November II
last, That is really news. Rhetori-
cal. statistics might wait. But for
news the Controller has no dispas-
sionate enthusiasm. He leaves it to
a subordinate. There is no other
way Of accounting for the omission
and Misrepresentation Of essential
facts.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-29

Bank of England Bank Of Eng
land reported a decrease for the week
in gold coin and bullion holdings Of
e42.SS5. Proportion OF reserve to Ia
bilities is now 1850 per cent. against
20. 65 last week. Other changes report
ed for the prcsen. week are as follows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-29
Bank of France. Bank Of France
Rank NJ Germany.-The statement Of

Bank OF Ucrmany"Ihe btaIeWtHI OF
the Imperial Bank Of Germany, issued
December 20, shows the following
changes, in marks:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-29
Finance Economics

WALL STREET OFFICE: Ieephone'
Mills Building, Is Broad ST hanover 'oI'
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-29

Change from cor
responding date
Of wear before.
.Inc$1,112,0oo,o 900
Inc 2,3S2,oCo,oo0