davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-29
SOME QUESTIONS FOR
CONGRESS TO PONDER
Portland, Me-, October rs.

P0fttdnd, NC, OCtOOei 90
Before the Economic Club of Port
land tonight Frank Trumbull, chair
man Of the Railway Executives Ad-
visorv Committee and chairman Of the
Board Of the Chesapeake & OHIO Kali
way. discussed certain phases OF the
railroad situation, and said:
II Congress has the power 10 prohibit
decrease in wages, has II the power TO pro-
bibit increase? II II has the power 10
regulate wages. must the wages be JUST
and easonabe-similar 90 the provision m
regard 10 the regulation OF rates-and II
"a. shall Congress determine what are just
and reasonable wages for all railway en-
ploye, instead OF for trainmen only WIN
Congress attempt to regulate all these
things directly or through commission !
II through a commission. will its hndlngs
no mandatory alike upon the employees ana
unon the companies Is railway capital
enlisted" in the public service, and VIII
railway employees also be enlisted II
Congress or "A commission raises al rail-
way wages, will il raise the rates stimuli
tnreously. or will investors have Ia wait
for tedious hearings before various COM
,nissions2 II capital. which - huid hows
In other and more attractive directions
how will new facilities be provided II wage
demands are 10 be acceded 90 without m
ve.tiQation7 Will the equivalent be MADE
mn To investors by taxation or by guaran-
tees. or howl These are only few OF the
many interesting questions that VIII IN
doubtcdy be logically raised
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-29
BETH. STEEL BONDS
BOUGHT BY SYNDICATE

Brown Brothers g. Co. and Clark,
Dodge & Co., of this city, to-
eether with +. W. Clark & Co.
and f. Lowber Stokes, of Phila-
delphia. comprise the syndicate
which has bought from the Penn
svnvania Railroad S16,Ol6,OOO Bethle-
hem Steel Company purchase money
and Improvement mortgage per cent
twenty-year sinking fund bonds. These
bonds were taken by the Pennsylvania
Railroad in lieu Of cash in settlement
for its holdings Of Pennsylvania Steel
Company stocks, which were bought
carly this year By the Bethlehem Steel
Corporation.
They are part of total issue OF
s3l.?4l $50 made to cover acquisition
of the Pennsylvania Steel properties
which have been merged into tn.
Schwab concern. About S4,750,OOO OF
the total issue of bonds were taken
and are held by the Reading Iron
Company, which also holds larg-
blocks of Pennsylvania Steel stocks
The balance of the issues is in the
Bethlehem Steel treasury.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-29
WHY TEXAS 3 PACIFIC
IS IN RECEIVERSHlP

A statement issued from the Offices
of the Texas & Pacific Railway yester-
day explained the appointment OF re
ceivers for the property as follows:
The appointment Of receivers of the
Texas a. Pacific Railway Company by the
United States District Court AZ shreveport,
La. WAS the outcome OF action taken by
the board Of directors AT recent meeting
at which the financial position OF the COM
pany was carefully considered. IL has been
recognized for years that the rigid imam
cial structure Of the Texas & Pacific Kali
way has prevented il from raising money
to enable IL 70 reap the beneht OF its eN.
cellent location, large gross earnings anu
limited fixed interest bearing debt. Inc
continued use of It's substantial net earn
ings FOR additions and betterments IA inju-
rious Il, the income bond holders and an
unnecessary burden on the stockholders.
II is clear that with enough money pro-
yided to meet public requirements ana Sc
cure economical operation an early fead-
justn,ent will be for the good Of all classes
OF security holders. Counsel advised that
il would not be practicable Co accomplish
such a readjustment without lhdiclal pro
ceedings. The subject became imminent a.
this time because some Of the suits on IN"
company's overdue note, aggreYaung
about So 600 600, which the company IL UNI
able 10 pay, were on The eve Of trial.
Furthermore. proceedings are pending on
behalf OF income bond holders 10 enforce
their claims. IL seemed inadylsahe To
enter into n period OF expensive litigation
simply 70 defer n receivership which in all
probability would eventually be unavoida-
bic. inasmuch a. the interests of the stock
holders and creditors could better be safe
guarded by q financial readiustment The
board was advised that plan OF readjust-
ment was under consideration. the details
of which would be submitted 20 the stock
holders at early date.
The reorganization plan is being pre-
pared by Kuhn, Loeb e. Co. and Blair
& Co.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-29

Statisticians who have looked the
matter up report that the national Con-
gress and state Legislatures have on
nctcd $1,000 laws IN the last five years.
which is said 30 be 10000 more than
the British Parliament has enacted dur
ing the same length Of time. Is II any
wonder that tho over-rogulatcd. hec-
tored and bullyraRged business public
has been known 10 pray that Congress
and the Legislatures everywhere might
adjourn and stay adjourned for an in
definite term Of years Manufacture
ers' Record
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-29

Mr.. Patterns opinion that we have
already sold all the wheat we have
available for export is interesting
and perhaps important. The facts
ought to be officially ascertained. II
what Mr.. Patten says is true, for
eign purchases should be discon-
tinued. else it might cease to be a
matter of price only and become a
question of wheat enough to 60
around. However, any suggestion OF
restraining the price Of wheat is Of
fensive to the farmer. 1t might
have important political conse-
ouences. 1.-The Northwestern Miller"
an organ Of the milling industry,
might be thought to have an interest
in keeping the price Of wheat down.
but it says, instead:
It is to be observed that the idea
of an embargo on exports Of wheat,
being put forth as panacea for
present high prices, still finds favor
with minds which are inclined nat
urally toward fallacies Of reason
ing. The impossibility Of inducing
Congress TO take a step which would
bitterly antagonize every farmer in
America, and inevitably send each
3 and every Congressman who voted
for it back to private life, there to
remain indefinitely, seems slight to
the fervid and mistaken protago-
3 nists of this absurd movement.
Beyond this absolute impossible
itv there are other reasons against
the unprecedented step Of forbid
ding wheat exports, not even to
mention its unconstitutionality. If
bakers desire TO perpetuate the
present conditions for another sea-
son, they could find no better way
in which TO do it than by limiting
the farmers market TO domestic re-
ouirements. With such handicap
facing him, he would largely aban-
don wheat growing, and turn his at
tcntion to other crops not subject
TO a hysterical embargo.
Probably the truth is that nobody
dislikes high prices except those who
pay them.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-29

especially as her resources have in
creased considerably.
If you calculate the cost of the dol
lar in terms of foreign money-that is,
as If you were buying dollars with
pounds, marks or francs-its value at
the close of last week, as compared
with a year ago, would be about as
follows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-29
S600,OOo,o0o GOLD
HELD BY FEDERAL
RESERVE SYSTEM
Total Reserves and Mem
Der Bank Deposits Show
Increase for Week
Prom The Tribune Bureau. J

Washington, Oct 2s.AGains of over
sI3,000,000 in total reserves and in
net member bank deposits and large
increase in the amount of acceptances
held by the Federal Reserve banks
are indicated by the weekly bank state
ment issued to-day by the Federal Re-
serve Board. Gold reserves show ar
increase for the week of S13,700OOO.
Aggregate gold holdings of the sys-
tenn, including the amounts held by
the Federal Reserve agents against
notes issued. are now S6l7, 4Sl 900, a
gain Of nearly Sl25,000,0OO for the
last six months, and OF over $4,000
600 for the last year.
All the banks. except Philadelphia.
Chicago, Dallas and San Francisco, re-
port larger gold reserves than the
week before. Boston reports an in
crease of $2,9OO,0O0 in its gold hold
ings, the result of liquidation of ac-
ceptances and warrants, also of the re-
duction in the balance due from other
Federal Reserve banks. New York's
gain Of gold for the week. Sl3,s00000.
is due chiefly TO transfers 10 its ac-
count on the books of the Gold Set
Element Fund of balances due from
other Federal Reserve banks and. to a
smaller extent, to increased govern
ment and member bank deposits. The
reductions in gold reserve noted re
suit chiefly from transfers Of gold to
other Federal Reserve banks through
the Gold Settlement Fund, and in the
case Of Chicago from net Withdrawals
OF member bank deposits.
Transactions in United States Sc
curities are reported by nine banks,
resulting in decreases of S866,000 in
the amount of bonds and Of 1882 600 in
the amount of Treasury notes on hand.
Liquidation on a large scale of ma
tured warrants is mainly responsible
for the decrease of S2,653.00 in the
total holdings of municipal warrants.
Total earning assets are given as
slightly over slS9, 100000. which is 339
per cent of the total paid-in capital
of the banks. as against 34l per cent
shown the week before. OF the total
earning assets 45.5 per cent is reDre-
scented b. acceptances. PA per cent
by United States bons'. 1873 per cent
by warrants, 11.2 per cent by dis
counts and 81 per cent by Treasury
notes.
Government deposits increased 3d.
$4,000. all the banks except Boston
reporting larger government funds on
hand. All the banks except Boston and
Chicago report considerable gains IN
net member bank deposits.
The total Of Federal Reserve notes
issued to the banks by the agents IS
S234.s76,O 900 net, or S4,073,00O in excess
of the total shown the week before.
Against this total the agents hold S2ls,-
$4,000 of gold and Sl5,Sl7,OOO of com
mercial paper. The banks report a
total of S214,622 900 of Federal Reserve
notes in actual circulation and aggre-
gate liabilities Of s11,966,00O on notes
issued to them by the agents.
The Federal Reserve Boards state
ment of condition of the Federal Re-
serve banks at the close of business
October q. made public yesterday
ebo1vs.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-29
News Digest
Foreign

London Markets.-London, Oct. 2s.--
This was a holiday on the Stock Ex-
change to-day.
Bar silver, 32hd per ounce; money,
per cent; discount rates. short and
three-month bills, 51zM53s per cent;
gold premiums at Lisbon, So.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-29

The rise in cotton has created un-
easiness in the most unexpected
place; that is, in the mind of The
Manufacturers Record" whose dar-
ling South for once may receive more
prosperity than is good for it. 1.-The
great danger to the South in this sit
uation," says this economic oracle,
will be that its farmers may be
tempted to abandon diversified farm
ing and concentrate all their interests
on cotton growing. Another danger
is that this money may beget wild ex-
travagance and speculation. 1t
should be used to wipe out the in
debtedness Of Southern planters TO
their merchants, and of Southern
merchants TO their bankers, in order
that this section may be on a sound
financial basis, able TO meet any
storm that may come in the future"
There is no evidence, according to
Mr.. Patten, the wheat exploiter, that
the price has in any way touched the
demand. People are eating as much
white bread as ever. Steam users
are willing TO pay the prices" says
"The Black Diamond" speaking OF
coal, "because they have so much busi-
ness at profitable prices that the fuel
bill is no item" The trade reviews
all speak Of the eagerness Of buyers
10 buy and Of their anxiety lest the
supply Of goods should fail. That IS
the first concern. The price IS sec
cndary. This is TO say, with prices
where they are, and rising, people
appear 10 be buying and consuming
more goods than ever before. Thus,
when we say that prices are high we
do not mean necessarily that goods
are dear. You cannot say that goods
are growing dearer if people can
afford 10 buy increasing quantities.
you can say only that prices have
risen. The money with which 10 pay
these prices has been increasing, TOO.
During the week $J0,000,00O for
eign gold was received and an addi-
tional credit 10 the amount Of $780,
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-29
New York

Ohio Copper Reorganization. Stock
holders protective committee has pro-
posed a plan calling for the formation
of new corporation, with authorized
capital stock of S3.700OO0 per cent
preferred stock, par value 800, and
1000 900 shares Of common, no par
value. Under the plan each asserting
stockholder is TO deposit with the Cen
trail Trust Company 50 a share with
each share of stock.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-29
Other Cities

Brisk Drygoods Trade. Chicago,
Oct. 2s.-Marshall Field Co. in their
weekly review of the drygoods trade.
say that wholesale drygoods distribu-
ton for the current week shows large
gains over the corresponding period Of
I9i5. Road orders for immediate and
future shipment have been in heavier
volume than for the same week of
past years. Merchants have visited he
market in much larger numbers. Col.
lections for the week are in excess 81
the same period last year.
Boston Coppers. Boston, Oct. 2s,-
Conner shares advanced to-day. The
inward movement was fairly general
Continued on page
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-29

INC WVV'- I''7V7 ~ ~ w ~
foreign money In terms of the Ameri
can dollar You buy an English pouni
sterling for s475il; the intrinsic par.
ity is $AS6% per pound. Thus, you
say either that pounds are at a dis
count or that dollars are at pre-
MUM. which is owing 10 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, 1916-10-29

Below is given the current exchange
value Of foreign money in dollars auc
cents, together with the intrinsic gold
parity, as calculated BY the United
States Mint;
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-29
Cost of one dollar.

Continued weakness of Russian and
Italian exchange was the feature of
Yesterdays market Rubles went TO
81 cents.
L
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-29
.s651.f36.OOO
Total liabilities go.

Gold reserve against net deposit ana
note liabilities. ITO per cent
Cash reserve against net deposit and
note liabilities, 1913 per cent
Cash reserve against net deposit La
bilities. after setting aside 40 per cent
gold reserve against aggregate net liza
bilities on Federal Reserve notes In
circulation. 1875 per cent.
In the above statement the principal
items compare with a year ago as fol-
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-29
Diamond Imports

American imports of diamonds from
Amsterdam. Holland. In the September
quarter we're valued at 5000 iJ4 IN
ne frat nine months Of the year the
imports tOtsiled value Of 1926.
Ds5, against 1J,Jl7Ss1 IN 1915. The
ineresss ~ due chiefly ~ the transfer
70 Amsterdam of the business done in
Antwerp, Belgium, before the war
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-29

Copper zine. lead. Tin, anthony and
aluminium - value of glilOOO. 900
we're recovered ii 1918 in the United
Sistes from scrap metal, gwecpings,
skmmings and drOss.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-29

New York Reserve Bank CALL
Deputy Governor X. II: fireman has
notified cashiers Of member banks that
the next instalment OF reserves VIII be
due November Is.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-29
Money an | Credit

The actual condition of the New York
Clearing House banks on Saturday vas
fnlln.r..
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-29

Total gold holdings, 2,5oS,otooO
marks.
Bank Exchanges-Th days clear
ings at New York and other cities:
Exchanges. Balances.
New York;. S594O90,36t s22, $4,000
Boston ....... 36,50e,200 5,561,434
Philadelphia o.. 43,6fe,s24 4.F64.7e9
Sub-Treasury. - New York banks
gained from the Sub-Treasury ST.
$4,000.
Silver.-Bars in London, 32h pence;
here in New York, G758 cents; Mexican
dollars, 51B@557s.
New York Federal Reseve.-The
condition Of the Federal Reserve Bank
Of New York at the close of business
Friday, compared with the previous
week, follows:
Resources
Geld reserves 10, lSo,ofS 9lof'oSf''70
Legal tender
money 49,. $4,000 5,155,eot
Total tS3.427.s3o s16e.55o,34t
Discounts .... 25.637,376 25,oe6, 100
Investments fo,253,999 1o,924,95e
Federal Res've
notes metz. 1o,749575 1881, I'D
Due from other
Fed Reserve
banks metz. .......... 2o'34o
sonrces 2177ee 174,435
Total res'cess23O2 8s,547 s214,e47 1893
Liabilities
Capital ....... stt,9o8,55o st1,eO7,oo
Member bank
deposits -. 2o3,6s3.e3e 2oo,131,774
Gov. deposits.. 4,177,553 2,6oS,55S
Due to other
Fed. Reserve
banks metz. 105t6,805 .......
Total liab'ts. $3.50, 2s6,547 s214,e47, 1893
Fed. Reserve
notes out
standing -. Sol,o5O'olo Sfs'osG'olo
Secured as fol-
lows: Gold
deposited
with Federal
Res agent. st,s3o,s15 7e,es2,ot5
Gold Imports.-The receipts of $751;
100000 in gold from Canada brought
the influx for the week to total OF
s495OO 900 and $SO,OOo,oOO since the
movement began, on October II. Total
gold imports since January l now
amount TO Si65.OO0,0O0.
OF yesterdays arrival S1O,oOO,OOO was
deposited at the United States Assay
Office for the account of j. p. Morgan
& Co. The remaining s5,OOO,OOO was de-
posited at the Clearing House for the
account Of the Federal Reserve Bank
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-29

Besides the shortage Of cars and
boats to move the coal and the COM
petition of war industries for pos
session of what fuel is available, it
is a further explanation Of the pres
ent situation that during the sum-
mer 100000 tons a month were ex-
ported that ought to have been stored
in the East. Now the exports to for
eign countries have stopped, but the
coal is gone. 1t cannot be burned in
two places at once. There may be
a serious fuel crisis this winter, not
crisis in price but a crisis in sup
ply.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-29

In spite of an expansion of S34,S45,-
600 in loans and an increase OF $40, 5S2,-
600 in total deposits, the surplus Of the
Clearing House institution underwent
another substantial improvement. The
increase this week amounted TO ST.
356.27O in the actual condition, which
restored that item once more above
sI0O,00O.OOO, the exact amount being
$ll0,7S1.S30.
This Improvement was due to the
heavy gold receipts Of the week, which
enabled the banks to show an increase
of S19,4S4,0OO in their reserve. How
ever, this only partially effects the
gold inflow of the week, which, both
here and at Philadelphia, aggregated
S50,0OOOOO.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-29

100000 was written down in our
books subject to the cheques of Great
Britain. This gold and this credit are
to buy war goods with.
There are two reasons why the
fact that the Federal Reserve banks
have begun to pay ought not to be
boosted of. One is that any kind of
bank could be made easily to pay in
such times as we have had. The
other is that the Federal Reserve
banks ought not to have been run
with view to profit. The only way
a bank can make dividends is to sell
credit, and there was already too
much credit in the country. Charles
S. Hamlin, member of the Federal
Reserve Board, naively tells the
truth when he says: "The operation
of the Federal Reserve banks has
been necessarily guided by the ne
cessity for earnings, rather than the
necessity for assistance TO member
banks" But where was the neces-
sity for earnings? The Federal Re-
serve banks did not have to pay.
More sensational than the rise in
wheat and cotton is the rise in the
price of fuel. The Black Diamond,
organ of the coal mining idustry,
says: "The panic in the coal market
has reached a point where it is be-
yond precedent. In some places prices
have risen 80 cents in a day. In
other prices they have risen rs cents
to 81 in few hours. This is due
to the fact that the car shortage is
greater than ever, and came at the
same time when the demand is ire
mendous."
The normal price Of coal at this
time of year and the present price
are compared thus:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-29

Bank Of Germany.-The weekly state
ment Of the Imperial Bank OF Germany,
issued October %, shows the following
81 apOps in N, rks.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-29
Finance Economics

GARET GARRETT Editor
WALL STREET OFFICE - Telephones,
Mills Building, Is Broad ST hanover ooia
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-29

100000 was written down in our
books subject to the cheques of Great
Britain. This gold and this credit are
to buy war goods with.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-29

During the week $J0,000,0OO for
eign gold was received and an add
tional credit 10 the amount Of $780,
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-29

Total gold holdings, 2,5o3,+otooC
marks.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-29
Boston I opp
Conner shares

Continued on page 9
Arizona republican. [volume] (Phoenix, Ariz.) 1890-1930, 1916-04-21
A Definition of MansIaughter

wanton disregard of the laws and of warnings
which the Republican has frequently sounded has
produced another probable fatality resulting from q;
horrible automobile accident Center Street on
Tuesday night A driver of a motor car travelling it
said at rate fifty miles an hour naturally
lost control of it, 1t would have been strange if he
had retained control. a is lying the point
of death and mutilated in consequence of this
fragrant violation of the law.
In of the death of the woman it might be put
little stronger, by quotation from the penal code:
"Manslaughter is the unlawful killing of human
being without malice: i two kinds:
"D-voluntary-Upon a sudden quarrel or heat
of passion.
"t2)-Invountary-In the commission of an un-
lawful act not amounting to felony"
Here we have probable killing preceded by the
unlawful and directly the result of the unlawful
act
The driver of this machine was not the only vo-
later of the law. Others may not have been driving
at speed of fifty miles an hour but drive
along Center Street any lay without encounering
an hour which has been agreed upon the limit of
safety that much travelled thoroughfare.
We trust that this incident will be made the oc-
casion by the officers Of the law lesson which
will be observed and forgotten by reckless
drivers.
Arizona republican. [volume] (Phoenix, Ariz.) 1890-1930, 1916-04-21

inclusive of the Hayden schools won
the penant for > months for good at
tendance. The girls of the classes who
were losers in the contest will give d
picnic to the boys on Saturday April -.
There were 101 present at the Sunday
school who expect to attend a picnic
in the near future.
Lefty Plezer left on Monday for
Salt Lake City to attend the funeral
services of his sister who died or
Sunday.
There will lie moonlight dance at
the Noe Var grounds on Thurs
day evening. Music will he furnished
3y the Noe Var orchestra.
Mr. and Mrs. Chester Cox expect
% leave in a few DAYS for the coast.
All win miss "Chesty.'
Tic knights of Pythias celebrated
their second anniversary in this town
at ODD Fellows hall on the tenth in
slant ]. A. Kelly and Percy Williams
were initiated into the rank of knights
Refreshments We're served later.
The BABY Dolls were not SO great
a success at the theater last Monday
and Tuesday as the managers had
hone', They were here last year.