davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-28

were only S12,24O,OOO less than in
October, 1913, the year before the
war 1t was not freak month. The
rise in exports has been consistent
and uninterrupted. Allowance has
to be made, of course, for the fact
that IN these comparisons money
value is expressed. The rise in
prices has affected money values.
But in many instances actual guam
titles are rapidly increasing, espe-
cially of cotton and woollen goods.
In a state of war, importing her raw
cotton at very high prices from the
United States, England is holding
her old foreign trade in cotton piece
goods. We have hardly touched it
comparatively. We sell the cotton as
before and British labor converts 1t
into fabrics as before for the mar
kets of the world.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-28
WHEAT TUhBLES, BUT
PARTLY RECEIVERS LOSS
Fear of Submarine Activities
Causes Holders to Sell

Chicago, Nov. 27.-After a whirlwini
Of selling that caused an extreme set
back of 9ss cents bushel in the wheat
market to-day. prices made something
of a rally, owing TO an unexpected de-
crease in the United States visible sup
ply total. Possibilities Of an armistice,
Of submarine hostilities near the Unit
ed States and OF an embargo or export
shipments Of foodstuffs were all factors
in bringing about the smash in values.
The close was weak, 81 to AZ, cents
lower. with December at sl.T3h 10
SI.73% and May at $50 to sl.s0i.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-28
Money AMI Credit

The local money market was adverse
ly affected yesterday by the unfavor-
able bank statement of Saturday. De-
spite the resumption of gold imports
from Canada rates were firmly main
tanned all around, and call money at
the New York Stock Exchange rose to
the highest level since last July. In
the afternoon the rate advanced sharp
ly to 81 per cent, and approximately
$500, 600 was placed at that level. A
few small odd-lot loans went at per
cent. The close was 4 per cent. Most
of the days call loans were placed at 5
per cent, compared with 4 on Friday.
Time money on brokers' Stock Ex-
change collateral held firm, and on in
dustrial securities Az per cent was
named as the minimum rate, while Dor
rowers were bidding per cent. Mixed
collateral loans were 81 to 3% per
cent, with a somewhat more active in
quiry.
Ruling rates on money yesterday,
compared with a year ago, were as
follows:
Yesterday. Year ago.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-28

The more or less unconscious reac-
tons Of finance to war developments
are significant. Coincident with the
success of the Teutonic forces IN
Rumania. the money of both Ger
MANY and Austria has fallen in the
international foreign exchange mar
ket 70 the lowest value touched since
the beginning of the war. Normally
one would expect military achieve
ment TO cause a rise in the value OF
the money and credit of belligerent,
but the converse effect has been pro-
Guced almost invariably by German
success in the field. The implication
is obvious. Finance does not think
Germany can win the war. There
fore. the more she wins the more she
will ultimately lose and the longer
the war will be. There is very little
business doing in German marks on
the exchange market because Their
is no merchandise trade with Ger
many. Fluctuations in their value,
therefore, are to a considerable de-
gree determined by sentiment. If it
be said that unfriendly spectators
sell the mark to depress its price,
and time their malice to coincide
with German victories, the case Is
not much altered. That would merely
imply that friendly spectators were
rot as much moved to buy marks on
account of German successes as the
others are to sell them in spite OF
them.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-28
MARKETS AND ~ M M X Z

tina Yesterday amounted 10 sl,3OOOOO.
The Guaranty Trust Company is ship
ping S75O,O0O by to-day's steamer and
has arranged for further shipments
later on.
At the moment the demand for in
surance Of gold going to South America
has caused considerable furry in the
insurance market, and brokers who
were asking fve-eighths to three-quar-
ters of per cent a short time ago have
advanced their rates to l per cent and
higher.
Reserve Bank of Chicago.-The Fed
eral Reserve Board has approved a
rate Of 3l2 per cent on trade accept
ances for the Federal Reserve bank OF
Chicago.
Gold to Spain.-Gold coin to the
amount of 100000 was withdrawn from
the Sub-Tressury yesterday for ship
ment 20 Spain.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-28
Official Exchange Rates
in Germany Advance

Berlin, Nov. 81 via London).- The
official rates of exchange to-day caused
a general increase in the value of cur
rency. That Of all the neutral coun-
tries Of Europe and the United States
advanced from one to five points.
American exchange led with an ad-
vance of from SAC and 5.5l to $50 and
$50 per dollar. Holland exchange ad-
vanced points, Scandinavian IA
points and Switzerland point.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-28
Our Foreign Trade

Over SS,5OO,OO0 worth of hides came
into this country through the Port of
New York for the week ended Novem-
Der II, as compared with s745,55S for
the corresponding period last year. In
the same week imports of rubber were
1881 ,9S9, against s1,2s1,235 a year
ago; cocoa, 81, ass, 655, against S596,S49;
coffee, s1,e79,392. against S2,111,i33,
and sugar, s2,964,6Ol, against $780,
6s5.
Exports for the week ended Novem-
Der % included the following items:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-28

The above rates express the cost
foreign money in terms of the Amer
can dollar. You buy an English pound
sterling for si.755s; the intrinsic par
ity is s4S69s per pound. Thus, you
say either that pounds, are at 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 thu
country is greater than the demand j.
this country for pounds with which e
settle accounts in England.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-28

England has good reason to con-
graduate herself on the state Of her
foreign trade. Others might call it
miraculous. Consider the simple
statement that the value of Great
Britain's exports of merchandise to
foreign customers in the month of
October was normal. 1t seems in
credible. Her merchandise exports
for the last four years have been as
follows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-28

Why shouldn't the Royal British
Commission accumulate the largest
possible store of grain? It's respon-
sibilties are very great. 1t cannot
afford TO take risks. Better that
England should have too much wheat
than a bushel less than enough. 1t
will not spoil. To have too much is
merely to risk a decline in price in
the event of the war coming sudden
~ to an end, but to have less than
enough might be disastrous. The
cost is not TO be considered. The
commission would very probably re-
solve beforehand TO err on the safe
side. II is quite within its rights.
We keep a free market for wheat,
Just as in normal times London keeps
a free market in gold, where any
buyer may satisfy his wants with
out limit merely by paying the price.
The commission is apparently per-
forming its functions in highly eff
cient manner, 1t is not obliged by
any rule or moral precedent to think
of the American supply or to stop
buying at the point where we could
i'll afford TO sell any more. That is
our business. We should know how
much we require for ourselves and
when TO stop selling. We are not at
tending to that problem at all. No
hndv else will.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-28

A decree fixing the rules for the inn
portation of British coal into Italy
states that special licenses will be
necessary from the central committee
in Rome upon whose proposals the
of Industry will fix the whole
sale and retail prices. Special rules
are made for the supply of bunker coal.
The decree enters into force in Deem
Der.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-28

II is evident that Great Britain is
stocking up with wheat. The figures
of her foreign trade in October have
lust been received. They show that
imports of wheat into England dur
ing that month were 1914 millions
of bushels, against only 8ls millions
in October, 1915. They show also
that during ten months to the end of
October imports were 1877 millions
of bushels, against 74la millions in
the corresponding ten months of last
year. Stocks of wheat in the prin-
cipal English ports are double what
they we're a year ago. The Royal
British Commission, charged with re-
sponsibility for keeping the Allies in
wheat, began its work in October.
It's agents are operating in all parts
of the world, and their activities in
the American grain markets have al
ready been very important. AS the
largest single buyer of wheat, with
unlimited means and arbitrary
power, this commission is a factor
such as has never appeared before in
the grain markets. 1t probably con-
ducts its business as an individual
dealer would, only, of course, on a
much larger scale. A dealer with a
commission 10 buy a great quantity
of wheat would be both buyer and
seller. He would chose the psychology
ical moment to sell heavily for the
purpose of depressing prices and
then buy all that came into sight on
the decline. Twice recently a vio-
lent break in American wheat prices
could have been nationally explained
on the supposition that the British
commission, through its agents, was
operating in precisely that manner.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-28

Commercial Experimentation in
commercial paper show no particular
change from last week. The volume of
turnover is limited and is moving at
3k03% per cent.
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, 1916-11-28
New York

Investment Bankers Meeting.-The
board of governors of the Investment
Bankers Association at meeting in
the Waldorf-Astoria Hotel voted to
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-28

Last October, therefore, British
exports Of merchandise, not includ-
ing military supplies sent abroad,
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-28

Below is given the current exchange
value of foreign money in dollars aud
cents, together with the intrinsic gold
parity, as calculated by the United
States Mint:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-28
New York Shipbuilding Sale Ratified.

Stockholders of the New York Ship
building Company at a special meeting
at Camden, n. j., yesterday ratifed the
sale of the property to the American
international Corporation.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-28

Indebtedness, most of which has long
been outstanding, has been paid Of.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-28

To Have Paris ACKNOWLEDGEMENTS
has been made to the State Banking
Department by the Guaranty Trust
Company for permission to establish a
branch in Paris.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-28

Bank Increases Stock.-The State
Banking Department has approved OF
an increase in the capital stock of W.
r. Grace e. Co.'s bank from 100000
IN $500 600
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-28

The report of the Interstate Com
merce Commission on the Kansas City
Southern is the most important that
body has yet made on railroad valua-
ton. The road was originally built,
mostly with Holland capital, as a short
line between Kansas City and the Gulf.
II promised a great deal, but soon
went into the hands of receivers. A
few years after the receivership of
1900 f. II Hartman became interested
in the road and was elected chairman
of the board. He held that position
until the foreign security holders made
up their minds that he was running the
road in the interests of the Union and
Southern Pacific. Mr.. Hartman was
then asked to resign. He declined,
and was then forced out.
Although no dividends have ever
been paid on the s30000,000 common
stock outstanding, S21 100000 of pre-.
ferred stock has received 4 per cent
annually since 1907. During the year
ended June 30 last, surplus earnings
above 4 per cent on the preferred stock
were equal to 2.97 per cent on the
earnings reported thus far for the cur
rent fiscal year it is estimated that
the balance available for the common
will equal about 4 per cent.
On the capitalization (including
bonds and stocks) for which the Inter-
state Commerce Commission says the
road could be reproduced new, 8.3 per
cent was earned last year.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-28
Southern Railway Financing

Southern Railway Financing.-Form
notice is given to holders of develop
ment and general mortgage per cent
bonds of the Southern Railway of the
plan for the creation of a new re-
funding and improvement mortgage
which includes proposal to exchange
the present bonds for the new Ans.
Holders of the general mortgage Is are
advised to deposit their bonds with the
Bankers Trust Company.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-28

Gold Imports Resumed.-Gold ship
ments from Ottawa, Canada, were re-
sumed yesterday with the arrival of
s7,50O.000 in bars for the account Of
j. p Morgan & Co. This is believed 10
be the forerunner of further large ship
ments. Yesterdays arrival was the first
since November and brings the total
influx since January to $4s3 100000.
Gold TO observation-disclosures with
dgawals Of gold for export TO Argen-
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-28
Finance Economics

GARET GARRETT Editor
WALL STREET OFFICE: leepnone;
Building, is Broad st hanover ooI,
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-28
Rockefeller Interests Buy Steel Prom.

hcChelclier interests Duy steel Prop
erty.-Cleveland, Nov. 27.-The Hy-
draulic Pressed Steel Company, of this
city, has been sold to Standard Oil
Company interests for S270 a share,
part cash and part stock, il was an
nounced to-day. The Hydraulic Pressed
Steel Company is one of the largest
producers of steel forgings for shells
in the United States. The cash pay
ment will amount to sl08 a share and
the stock distribution will be 1852
share. The common stock of the COM
pany which will be taken over amounts
to S245000 There is also 1000, 900
preferred stock outstanding.
Pere Marquette Plan Submitted Ian
sing, Mich, Nov. 27.--The plan to re-
organize the Pere Marquette Railroad,
which has been bankrupt for several
years and operated by receiver, was
to-day submitted TO the State Railroad
Commission for final action. IL was an
nounced that the plan has been APP
proved by majority of the creditors.
The plan as submitted to the rail
road commission provides for the issu-
ance of new securities amounting To
more than 100000. These assets,
with securities which the railroad is
said TO own, would make the capitaliza-
ton Of the new company Sl05,000,0 900.
IL is claimed that the road will have
cash balance Of sl6,000.000 after the
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-28
Relevant
Information

Philadelphia Company. - Ihls STOCK
was unusually active yesterday, and on
dealings of 1880 shares advanced q
points 20 a close of a.. The Philadel-
phia Company is Pennsylvania public
service corporation, owning extensive
plants and equipment for the produc-
ton and distribution of both natural
and artificial gases, electric light and
power and oil, as well as the trac-
ton system of the Pittsburgh Railways
Company. It operates in Pennsylvania
and West Virginia and is controlled
through stock ownership by the United
Railways Investment Company. The
Philadelphia Company has Sl,442,450 of
per cent non-cumulative preferred,
$50 par, outstanding; $6,763,55 of new
6 per cent cumulative preferred, $50
par, and S42,943,0 900 Of common, also
with a par value of $50 a share. Divi-
dends are being paid on the preferred
issues at the full rate. The common
went on a z per cent basis last April.
This issue has been paying dividends
since 1901, never less than 534 per cent
a year. Earnings from April to Sep
TENDER 30 last show net of S5,736,627,
against s4,99s,173 in the same period
of last year. In the year ended March
81 last the company earned SCI per
cent on the common, against SOC per
cent in 1915. This concern is planning
TO undertake the manufacture of gaso-
lene from natural gas by process sim
liar to that in operation on the Colum-
bia Gas and Electric properties.
Montana Power-The common stock
of this company was weak yesterday,
declining from los to 102 and closing
AZ points off al 104. There is S9,671,-
500 Of per cent cumulative preferred
outstanding and s26,907 800 OF common.
An additional s22,5OO,O0O of common is
deposited under voting trusts. Latest
information available shows that the
company has hydro-electric plants de-
veloping 279,430 horsepower. Besides
this it has water powers in reserve ca
pable of developing 1862, 400 horsepower.
The extent of the company's transmits
sion lines is 1928 miles. Dividends are
being paid on the preferred at the full
rate Of per cent. Last May the COM
mon stock was placed on 4 per cent
basis. It was stated in August that the
demand for power for mines and smell
tiers in Montana had used up all the
surplus power of the company and new
construction under way would produce
$4,000 additional horsepower. The
company sells power TO the Chicago,
Milwaukee e. st, Paul Railroad for OPP
Grating a portion of the latter's new
electrified division.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-28

Paris Bourse.-Paris, Nov. 27.-Trad-
ing was quiet on the Bourse to-day.
Three per cent rentes 81 francs 10
centimes for cash; exchange on Lon
don, q francs 81ls confines; per
cent loan, 81 francs So confines.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-28
Other Cities
Rnstnn Copners.-B

Boston Coppers. Boston, Nov. 81
Reactionary tendencies ruled the local
market for copper shares to-day. Ex-
cept in a few issues recessions were re-
corded. The close was weak. Copper
Range, 1871; Allouez. 50; old Domin-
ion, 1871; Osceola, 101.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-28

hold the next annual meeting at Balti-
more some time between September 10
and October 20, 1917.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-28
News Digest
Foreign

London Markets.-London, Nov. 27.-
The Rumanian situation had depress-
ing effect on the Stock Exchange to-
day. Rumanian oils were weak feat
ures, and gilt-edged and Allied bonds
were mostly lower, under the lead Of
consols. Argentine rails again ad-
vanced. but Brazilian stocks were weak
with exchange. American metal stocks
and rubber issues had a good tone, and
Cunards were firm in the shipping Sec
ton. American securities, apart from
the steels, were dull.
Money was fairly plentiful and dis
count rates were quiet. Money, 4A per
cent; discount rates, short and three
months bills, 51s to SIS per cent; gold
premium at Lisbon, 1900.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-28
COULD REBUILD
ROAD FOR HALF
OF ITS CAPITAL
|. c. C. SO Indicates in
Valuation Report on
Kansas City Southern

Washington. Nov. 27.-The Inter
state Commerce Commission report TO-
dav on the valuation of the Kansas
City Southern Railway shows that the
road. capitalized at s99,O52,000, includ-
ing s51, 100000 in stock and s4S,O62,OOO
of unmatured bonded debt, could be
reproduced new for s46,274,363, or re-
produced less depreciation for $685.
900.
The report makes no inventory OF
roadbed and structures abandoned by
relocation Of line and grade, Of which
there is considerable The cost Of the
road to date, the report says, cannot be
ascertained, as it had to be virtually
rebuilt.
Excellent motive power and other
equipment have been provided" the re-
port says, land while the property has
not recovered from the results of its
earlier management, it has come to be
one of the substantial and effective rail-
roads of the country"
The estimated cost Of reproduction
of the railroad includes equipment, but
does not include an estimate Of $500
600 for land, s2,7OO,OOO for materials
and supplies and a comparatively small
sum for assessments for public i'm
provements. The report says that the
records of the Kansas City. Pittsburgh
e. Gulf, a subsidiary, apparently show
that s45,279,O 900 in securities were is
sued against an actual money outlay of
s15,2SS,751.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-28
Boston Bank Statement wee

Philadelphia Bank Ststement.-There
was decrease of s7,3s6,OOO in surplus,
according to the bank statement. Loans
and discounts increased s5,299,O0O.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-28

Sub Treasury. - New York banks
lost to the Sub-Treasury $685. 900.
Silyer.-Bars in London, 35is pence;
New York, "a cents; Mexican dollars,
567s.
Boston Bank Statement.-The weekly
return of the Boston banks showed a
decrease Of S6,995,OOO in loans and dis
counts. Total excess reserves increased
S766,O00.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-28
Corporation Returns

Central Of Georgia
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-28

Twin City Rapid Transit
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-28
Bank Exchsnges.-The days cl

'i5-day paper.
Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1916-12-21
RHODES SCHOLAR CHOSEN.
APPOINTMENT, Goes T." Thoon> IA. rcnui-
man, MiddIcburH Coilcrsc Vim.

Thomas Kenneth rcnnirau. who VAS
graduated with tho class OF 81 from
Mi1dichurN college, ~ - meeting; Of the
Rhodes scholarship committee Of this
state. held n tho Hotel Vermont Tues
day, was awarded the Rhodes scholarship
from Vermont AT oxford l-n,versitN,
England, for tho three Years beginning
October, i9l1, Tcuuman WIS chosen from
four candidates who passed the qualifying
examinations.
The members # tho committee present
were President Guy Potter Benton of the
University of Vermont. President John
Nj Thomas OF Middlcbury College. and
Bishop \ &. 4. Hal
Thomas X. Fonriman, who WAS app
pointed TUESDAY, was graduated from
Middiebury College with last years class
of the Phi l}cta Kappa society and Delta
Kappa Epsilon fraternity, and at the
present time holds the position Of principal
of tho high school at Conway, Mass. lie
is the son Of Thomas and Mary Pcuniman
Of Mcrdcu, y. H. The other candidates
who appeared yesterday were Carroll 6.
Ross of Pcacham. Middisbury College. IS:
Frank ~ Tousley, a former Nermonter,
a graduate from Tufts College and who
is now studying law at Columbia Uni
versity; and phil Il. Johnson Of st.
Albans. Junior at the University OF
Vermont
Peuuirua. viii take up his studies at
oxford ncXr october The two men from
Vermont now there arc james H. Wilson.
class Of l9i1. and Raymond l.. Grismer,
class of 1915, University of Vermont