davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-25
Friday Norenber 81, 1916

Il n
There is a new dimension in the
world. It is the unlimited. The
bellieerent countries Of Europe have
committed themselves to a policy OF
unlimited liability on account of the
war. which is to say that they Will
borrow unlimited amounts and pile
10 unlimited debts This country has
committed itself 70 the policy Of Civ
ING unlimited credit. It's well known
r that the demand for goods IS unlim-
tied. Prices also are unlimited. Why
should anybody worry? Have We not
provided ourselves with the miracu-
lous cruise from which credit may be
extracted In unlimited amounts!
Such is the popular notion. We have
got a panic-proof, greed-proof, time
proof banking system. II can never
fail the borrower. Such also is the Of
fetal notion. Mr.. McAdoo says 1t. Mr..
Williams says it. Mr.. Hamlin, mem
her of the Federal Reserve Board, In
an address before the Institute OF
Accountants, said: Under the Fed
eral Reserve System part Of the re-
serves Of every member bank is
stored i'm the Federal Reserve Bank.
4 bank may put in million dol
lars and. in time Of necessity, it may
take out ten or fifteen or any num-
Der of millions of dollars I'm
limited A bank may put in a mil
lion dollars and take out any num-
Der. If it were true that would not
be banking. 1t would be pure magic.
And il is a member of the Federal
Reserve Board who says this before
an audience of expert accountants .
He did not stop. He said; Never
again will a business man who de-
serves credit have to be turned down
by any bank which is a member OF
the Federal Reserve System. &.
We never again can have a universal
COLLAPSE Of credit. We never
again can have a currency panic
such as we have had in the past
Those are not statements Of fact,
They are statements of opinion.
And it is very bad opinion, as Mr..
Hamlin himself must know. The
amount of credit expansion possible
to take place under the Federal Re-
serve Bank System is a matter OF
arithmetic. 1t is very large, but 1t
is limited. 1t is multiplied by every
addition of foreign gold to our rising
hoard, but the amount Of gold in the
world has not yet gone into the
dimension of unlimited. Mr.. Hamlin
might say that he did not mean these
things to be taken literally. Never
theless, they are taken literally and
they do a great deal Of harm. They
blind people to the physically and
metaphysical impossibility Of I'M
limited lending, even to an unlimited
borrower.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-25
SOLVES HIGHER LIVING
COST FOR EMPLOYEES
Central Trust Company Grants
PropOrtionate Wage Increase

The Central Trust Company of this
city has evolved a practical plan to
maintain the purchasing power Of its
employees wages. This was outlined
yesterday in the following statement
by James N. Wallace, the president Of
the company:
Following an investigation into the high
er cost OF the necessities of life. the trus-
tees of the Central Trust Company OF New
York have authorized the payment 10 en-
ployes of a certain percentage of their in
come above their regular salaries 70 cover
the increased expenses Of living. This eX-
ira payment figures out in the neighbor-
hood Of 81 per cent and will be made in
monthly instruments beginning immedi-
ately.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-25

The American Telephone and Tele-
graph Company will raise $780,
100000 Of new capital, partly by the
sale Of stock and partly by the sale
Of bonds, with which TO pay for new
construction and Improvements,
which is work, as it says with an air
Of apology, that has 10 be done, no
matter what the cost may be. II has
to be done. for instance, whether cop
per is 80 cents a pound, as it now is,
or 20 cents. as it was a year ago.
The railways are buying equipment
on a scale never before equalled, at
The highest prices on record. For
awhile" says The Railway Age
Gazette, ""the railroads held off from
purchasing, primarily because they
hoped for a decline in prices. 1t is
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-25
Henry CIews & Co.

II, IS. Is. IL and 10 BROAD ST
MEMBERS y. Y. STOCK EXCHANGE
Stocks, Bond, and Investment seesribs
bought and sold on commission. Also earned
on conservative terms. Deposit Account, re-
served subject to cheek at sight.
Interest paid on daily balance.
BRANCH OFFICES
800 Fifth Ave- $50 Third Ava
l122 Broadway IS Warren 81
IS Union Square IS Court ST. Dkys
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-25
borrower.

As we are committed to the policy
of lending an unlimited amount Of
credit to borrowers who are COM
mitted to a policy of unlimited bor-
rowing, it is possibly gratuitous TO
notice the fact that the method Of
credit giving next to be adopted will
make it impossible to keep count
British and French treasury bills
will be sold as the money market will
take them, at the prevailing rate OF
interest. They will have maturities
Of thirty days 10 six months. They
will be carried in the loans and dis
counts Of the banks, where they will
be TO the outer view indistinguish-
able from domestic loans and dis
counts. Because the Federal Re-
serve Board and its Advisory Coun-
ell of private bankers have spoken
Jointly with mild misgivings Of the
practice Of investing the resources Of
commercial banking system heavily
in notes that are "open for long
period of renewal" as all of the for
eign notes 50 far placed here are, the
fiction will be respected that these
British and French treasury bill are
not open 20 renewal" 1t is true
that they will be paid off as they
come due. But they will be paid off
with the proceeds Of new bills. Thus,
the amount in existence will pyramid
steadily. To call such bills CONNER
cial or Self-liquidating paper would
De absurd. They can be liquidated
only with other notes. That is act
ually 70 renew" them, though tech
nically the dollar may intervene. A
new note is sold for dollars and the
dollars are used 10 pay off the old
note.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-25
The Dollar in Foreign Exchange

Business IN foreign remittances was
somewhat more active yesterday. Rus
sian bills went lower again, this time
70 1910 cents. compared with 1910 tho
day before. Lire checks on Italy we're
weak and declined quite sharply for
time. other exchanges generally held
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-25
PARIS TO HOLD TRADE
FAIR IN NAY, 1917

A fair, known under the title Of ia
Foire de Paris" will be held in Paris
from May TO Is. 1917, Consul Cen
eral A. NJ. Thackara reports. It's OBJ
ject is to afford French manufacturers
an opportunity 10 show samples Of
their wares 70 local and foreign buy
ers. no foreign exhibitors being ad-
mtted. 1t is held under the auspices
OF the municipal and departmental au-
thorities. The fair will occupy the
Esplansde des Invslides, in front Of the
Invalides, and the avenues and ad-
jseent quays along the River Seine.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-25
Other Cities

Boston Coppers.-Boston, Nov. "a
The copper shares market was irregu--
lar to-day, with tendencies to renewed
strength. Copper Range, selling ex
dividend, was a strong feature. The
close was high. Copper Range, s2ls;
Allouez. 81; Old Dominion, 70.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-25
Railway steel Springs.-The common

Railway steel Springs.-The common
s,ock advanced "a points 70 % yester-
dav on dealings Of about 5000 shares
While the market was in session the
directors declared a quarterly dividend
of ~ ner cent on the s19,50O,oOO OF
common stock outstanding. This IS tne
first payment on the common since the
disbursement Of per cent, in 1915
The company has sl3,5OO,OOO of 7 per
cont cumulative preferred stock out, on
which the full dividends have been
maintained since 1903. Latest available
earning figures show 800 per cent re-
turned on the common in 1915, COM
pared with a deficit in 1914. Over 4
period Of ten years the company has
shown average annual earnings Of 1886
per cent on the common after deduct
inc the full per cent on the preferred.
Unofficial estimates published recently
indicated that the current years opera
tons would net the company the best
returns in its history. Untitled orders
on the concerns books run well into
next year. Much of this business is
for foreign delivery.
Atlantic, Gulf and West Indies.-rhe
directors declared an initial dividend
of s. share on the common stock
yesterday. Dealings in this issue to-
tailed 1000 shares without any net
price change. Atlantic, Gulf and West
Indies is a holding company with sl4,-
$4,000 of 8 per cent non-cumulative
preferred outstanding and s14,963,i 400
of common. 1t was organized in 1908
and now controls through stock owner
ship seventeen steamship concerns
operating along the Atlantic coast and
TO points in the West Indies. Among
its subsidiaries are such well known
concerns as the Clyde Steamship Com
pany, the Mallory Steamship Company,
New York and Cuba Mail Steamship
Company, New York and Porto Rico
Steamship Company and the Southern
Steamship Company. In the eight
months ended with August the COM
pany's earnings were at an annual rate
of 1924 per cent on the common,
against 4.59 per cent actually shown in
1915. That the company's current rev.
enues are abnormal is indicated by the
fact that from 1910 TO 1915 the earn
ings on the per cent preferred aver
aged only 1854 per cent annually.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-25

Forgan on Money.-Chicago, Nov. "a.
James B. Forgsn, back from Wash
ington, says:
Ever-inereasing demand for money has
eAused banks OF Central West 10 be pretty
closely loaned mp and 70 withdraw TO great
extent from market We should not care
AZ this time TO sneroach further on our re-
serves. On Pacific Coast and. % some ex-
tent IN Southwest there ia stin some sur
plus Of funds. J suppose more gold i'm
ports may be expected when foreign e1-
change situation requires them or when it
becomes necessary 20 see that interest rate
In this country do not advance 20 a point
which might interfere with foreign fnane-
ing. "A 10 further foreign loans assume
that from time 10 time. A. occasion de-
msnds. there viii be offerings Of British
and French Treasury bills or possibly short
term notes. Zach loan. "A II comes up. will
have 70 be considered on its merits Rate and
terms viii have important bearing. will.
say. however. that have invested my own
money In foreign unsecured loans and that
do not consider am running any rick.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-25

tiers tend to Offset the advances in prices
of necessities"
Commercial failures this week in the
United States are 313, against 283 last
week. Failures in Canada number 32,
against "a last week.
Valuation of New Orleans, Texas &
Misunderstanding to the report of
the Interstate Commerce Commission
on the valuation of the New Orleans,
Texas e. Mexico Railroad, director Of
the railroad company states anony-
mously that
The capitalization mentioned In the pub
lished statement was the old capitalize
ton, covering the entire mileage owned
and controlled by the New Orleans. Texas
& Mexico Railroad Company. which oper-
ated approximately 1000 miles Of lines.
whereas the valuation given by the Inter
etats Commerce Commission covers only
26O miles of the New Orleans, Texas &
Mexico Railroad Company situated in the
State OF Louisiana. The New Orleans,
Texas & Mexico lines include mileage both
In Louisiana and in Texas. the latter mile
age, aggregating about $50 miles. being
operated by Texas subsidiary companies.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-25

London Markets.-London, Nov. "a
The stock market developed a better
tendency to-day. In the glt-edged sec
tion buying did not increase, but few
bids were sufficient to raise values.
Argentine rails continued weak on the
crop outlook, but rubber stocks were
firm with the commodity. The other
sections were uninteresting. American
securities were reactionary on the de-
cline in Wall Street yesterday. The
closing was dull.
Money was in strong demand and
discount rates were harder. Money, "a
per cent; discount rates. short and
three months bills, ga TO 59s per cent;
COLT premiums at Lisbon, 1900.
Paris Bourse.-Paris, Nov. 24.-Trad-
ing was quiet on the Bourse to-day.
Three per cent rentes, 81 francs 10
.ort;r,e. for cash. exchange on Lon
don, 81 francs 6lh centimes; per
cent loan, 81 francs 80 centlmes.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-25
Northwest Easy About Seed
MinnennoLis. Norember

VI WtHcII OVItol .NUttVIUtT ~
James J. Farley, president OF the
Bank of Valley City, \. D., is conf
dent that the spring wheat seed prob
lem of 1917 will be solved without re-
course to heavy importation. Mr.
Farley looks for a big wheat acreage
in the Northwest next year.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-25
Money and Credit

Money on call at the New.York Stock
Exchange ruled at 4 per cent yesterday.
Toward the close, after the loan re-
quirements Of the Street for over the
weeks end had been filled, some Of the
banks offered money on call at substan-
tisl concessions, and the rate fell to 2
Per cent. The close was 2lz.
There was no quotable change in the
market for time funds on brokers
Stock Exchange collateral, rates hold
ing firm at the levels Of the day before.
Ruling rates on money yesterday,
compared with a year ago, were as
follows;
YoS4ordav Yoarapo
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-25

Commercial Paper-Sentimen in
this market favors higher rates. Trad
ing is dull, and the best names are
moving at 3I4 to 3% 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, 1916-11-25
rs WEALTH MARKETS AND COMMERCE rs

collections through the Federal Reserve
Bank. mainly on account OF disburse-
roents in connection with the last Brit
isb loan. Gold exports amounted to
ee ana 000
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-25

Gold TO South America.-Gold coin to
the amount Of S215O,O0O was withdrawn
from the Sub-Treasury yesterday Tor
shipment TO Argentina. The National
Bank % Commerce withdrew 100000
for shipment 70 Montevideo, Uruguay.
The transaction is for the account Of
the Uruguayan government
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-25

Below is given the current exchange
value of foreign money IN dollars ana
cents, together with the intrinsic gold
parity, as calculated by the United
States Mint:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-25

Weeks Money Currents.-Move-
ments Of currency this week indicate
a loss in cash by the banks of about
s26.OoO.oOo. according 70 the estimate
Of Dow, Jones & Co. This has been due
largely 10 a continuation Of the adverse
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-25

Gold 10 Englsnd.-The Chase Nation
al Bank is shipping $4,000 In double
eagles 10 London. The consignment
represents q special transaction, made
on instructions received from London
bank. Five similar shipments have been
made in recent weeks. making 3 total
of $500, 900.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-25
News Digest
Foreign

Chinese Senate Approves Loan
Peking, Nov. 24.-The Senate to-day
approved the loan arranged with Chi
cago bankers. There was slight oppo-
sition to the loan.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-25

Christmas Island. IN the India Ocean,
$50 sea miles from Singapore. is suffer
ing from the war. Its sole wealth con-
sists In phosphates OF lime, and exports
decreased from 10000 tons in 1913 TO
25,70o In 1918. Formerly Germany and
Austria took large quantities Of it's
phosphRtes; in 1915 the whole export
went 10 Australia.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-25
Relevant
Information

United States Steel.-The turnover
in Steel common was large again yes
terday. with total OF 100000 shares
or about one-sixth OF tho aggregate
dealings on the Exchange. The stock
closed at the top. 126's, where u
showed a net gain Of pa points. The
Street is now talking earnings for tho
Steel Corporation in 1917 at the rate
Of 100 per cent a share on the common
Earnings in the current year, based on
the operations in the first three-quar-
tors. arc estimated at more than ~ per
cent. compared with 1896 per cent ac'
,uaIIv earned in 1915. Dow. Jones q
Go discussing the outlook for Steel
ouoted a bank president as saying tnat
ordorq on hand. business in sight ana
prices 10 be secured assure the oOee.
cornoration for the calendar year OF
1917 enough profits TO take care OIL all
sinking funds. fixed charges and pre-
forred dividends. provide for turtner
r. nor cent advance in wages and cover
the s5Og. 900 600 common stock at par
dollar for dollar. They added;
No one would have believed two years ears
ago that the steel Corporation Woulu 90 80 !,
500, 060. 600 net in 1915. yet this mas I no.
only come TO pass. but actual net a,ais 81
Tor 1916 will exceed unbeievaDe toI I,.oj
, "l Yea yssrs ago by Sl32.OoO,0oo. United
State G Steel in 1916 will earn close 10, 70
SSSs 0oO, ZOO net Net earnings IN me o SI'
rent quarter may be in excess Of zlo9, ,so.o
6o0 and il may be as easy 70 expand mel
10 $4,000 600 as 1t has Geen 70 ~
s95 GOO No, GOO or $4,000 900 to $lOo'oOo'OOo
in a quarter
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-25

Canadian Bank Statement.-Follow-
ing are the principal items in the
monthly statement of the Canadian
chartered banks:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-25
Restrict Australian Wool Sales. L

Restrict Australian Wool Sales. Lon
don, Nov. 24.-The sale Of wool or
sheepskin has been prohibited in Aus
tralia without the permission OF the
Prime Minister. according TO a Mel
bourne dispatch 10 Reuters. A Fed
eral regulation to this end has been
issued, to have effect until further
notice.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-25

foreign money in terms of the Ameri
can dollar. You buy an English pound
sterling for $4755s; the intrinsic par.
ity is s4.S65s per pound. Thus, you
say either that pounds are at 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 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, 1916-11-25

Sub Treasury. - New York banks
gained from the Sub-Treasury $3.50, 900.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-25
BANK STATEMENTS
THE COAL AND IRON
NATIONAL BANK
OF THE CITY OF NEW YORK

STATE VI e Mt
At Close Of Business Nov. ~. fsis
CONTROLLERS CALL
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-25
Finance Economics

GARET GARRETT, Editor
WALL STREET OFFICE; ieephone;
Mills Building IS Broad ST. hanover o0''
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-25

Silver.-Bars in London. 35ig pence,
New York, 1914 cents; Mexican dollars,
561t.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-25
'i5-d day paper.

Bank Exchanges.-The days clear
ncs at New York and other cities:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-25

Yesterday. 1ear ago.
Call money. 60. 40 134oo
Payette enterprise. (Payette, Canyon Co., Idaho) 1909-1935, 1916-11-02
PRESBYTERIAN CHURCH.

We win not let the last Sunday
in the campaign pass without fac
ing Christian citizenship. We. as a
church, will do nothing to turn
elections, but We will try and add
something to the momentum of tenn
perance reform in the way of stop
ping the liquor traffic. The morning
sermon Will speak of "The wound
ed Man on the Jericho Road" In
the evening we will have a testi-
mony meeting. Not personal testi-
mony but what the courts might cali
dispositions" Miss Columbia win
call the representatives of various
occupations, who win in one way
or another, tell us how the drink
business has affected their business.
We have made inquiry concerning
the Lines-Huggins evangelistic party
who are holding meetings in Emmett
at present and will come to Payette
in couple of weeks. We get only
good reports of their work and so
are glad 20 join in the campaign
which they will inaugurate after the
political matters are disposed of for
the present.
Payette enterprise. (Payette, Canyon Co., Idaho) 1909-1935, 1916-11-02
CHRISTIAN CHURCH NOTES.

Rev. Joel Brown preached two
splendid sermons last Sunday.
The Rosenberg family leave for
their new home in Astoria, Oregon,
this week. We will miss them all,
in the choir, the Endeavor Society
and the Bible School. We commend
them to the good people OF AS
toria, for what is our loss is their
gain. A farewell reception was hadd
at the church on Tuesday afternoon
Tor sister Rosenberg.
Plans are about perfected for the
chicken and duck dinner and supper
that the NJ. S. w. society will serve
on Election day, in the basement of
the church. Arrange to dine with the
ladies and get good meal for Csc.
We can announce to the members
and to the public at this time, that
new minister, whose name is j.
r. Ballow, has been caIel-and Will
be here ON the 18th of November. He |
comes from Modesto, Calf, and is |
very highly recommended. We hope
that every member will be present to
greet him.
In letter We just received from
Brother Smerly, the man who is to
help dedicate, he tells us he can't
possibly reach here from the town
n Missouri where he will dedicate
,hurch on Thanksgiving Day, by the
'rd of December, as We expected,
70 he will be with us on the 10th
instead of the 3rd.
Payette enterprise. (Payette, Canyon Co., Idaho) 1909-1935, 1916-11-02
RUM MAGE SALE.

The Portia Club will hold a Rum
mage Sale Friday and Saturday after
moons, Nov. 3rd and 4th, in the
Chase building, next to Mr.. Satoris'
store
Everything will be in good order
used things, good things and new
things for men, women and children.
Shoes, hats, overcoats, dresses, un-
derclothing, trousers, coats, etc. All
at very low prices. 1t will pay you
to visit the Rummage Sale.
Do you want carpet-rags or pieces
for patchwork?
In the china-ware you might find
the pieces you are looking for.
Come examine new line of
Christmas gifts.
Payette enterprise. (Payette, Canyon Co., Idaho) 1909-1935, 1916-11-02
CITY COUNCIL
CALLS ELECTION
TAX PAYERS WILL Be GIVEN
OPPORTUNITY TO VOTE ON
WATERWORKS PROPOSITION.

AT an adjourned meeting OF the
City Council Monday night the prop
osition to vote bonds in an amount
not to exceed $4,000, for the improve
ment OF the municipal waterworks
system was submitted to the resi-
dent taxpayers of the city.
The matter of securing the right
of-way for a direct pipe line from
the city pumping plant to the reser-
yoir, as Well as a perfect title to
the ground occupied by the present
reservoir and that TO be occupied by
the proposed addition, was reported
as having been satisfactorily ar
ranged for by the Waterworks Com
mittee, and all the necessary steps
were taken by the Council to OBJ
ain definite estimates on the cost
Of the proposed improvements, bel
ore final action was taken in the
natter of submitting the propositionl
o the voters. The election was call
ID for December 18th.
Payette enterprise. (Payette, Canyon Co., Idaho) 1909-1935, 1916-11-02
UNION REVIVAL MEETINGS.

Four denominations have already
decided to Join in a union meeting
under the leadership OF the Lines
Higgins Byangelisic company. This
company is now in a meeting at
Ammett, Idaho, where they will con-
tinue for few days longer. A re-
port came from one of the pastors
in Emmett some time ago, to the
effect that 125 had already been con-
yerted or reclaimed, and that among
them were some who had passed
the age of three score and ten years.
The meeting in Payette will prob
ably begin about the middle of Nov
ember. 1t is hoped that before that
time all the churches in the city
will have voted to join heartily in
the effort.
All possible plans should be made
to eliminate or postpone every I'M
necessary hindrance to giving entire
attention to the meetings while they
are in progress in our city