davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-01
SWISS Do NOT FEAR
SHORTAGE OF OILS
Supplies To Be Obtained in u. S.
Instead of Rumania.

Rumania's appearance as bel.iger-
ent power probably will not seriously
affect economic conditions in Switzer-
land, nor is it likely to afford any con-
siderable extension OF American COM
mercial activity with the Swiss people,
except, perhaps, in mineral oils, Consul
Schulz, at Berne. reports.
Since the outbreak of hostilities in
Europe not only Russian but Ruma-
man grain and cereal shipments to
Switzerland have reached insignificant
proportions. Switzerland long ago
was compelled to cover the shortage by
increased purchases in the American
market, as the 1915 import figures am
ply establish It will doubtless CON
tinue to do so, and the sale is true OF
It's purchases of petroleum, benzine and
unrefned machine oils. which have been
entering the country from Rumanian
sources in unprecedented quantities.
II Rumania's entrance into the war is
felt at all by the Swiss people II will
be felt in this particular field.
For the immediate future no fear OF
a shortage in petroleum is felt in Swiss
circles. As matter of fact, the coun-
try has replenished its exhausted re-
serves of petroleum in most salts
factory manner, according to reports.
1t was able TO do so by Withholding all
unnecessary stocks from the market
during the summer months.
Steps to insure future supply from
the United States are already Under
way, aud public statement on the
MIL Il necIcl anon
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-01

Take the figures in their order.
There is first statement Of the
average condition of the New York
Clearing House banks. Then there
is a statement of the actual condi-
ton of the same banks. The two
statements are always Unexpectedly
different, and that is perhaps the
only reason why both appear. The
Average condition is the sum of daily
conditions divided by six. The actual
condition is the state of the account
as at the close of business Friday
night. Formerly there was only the
areraCe. 1t was so VIGOROUSLY mis-
leading at times that the Gctuot was
begun. For a while it was proper
TO continue the average fer purposes
of comparison, but that purpose long
ago was quite satisfied, and the
printing of both now is mere con-
fusion. Next is the weekly state
ment Of the Federal Reserve Bank
with which the Clearing House banks
may have been swapping reserves
during the week. Then there is the
statement of the trust companies,
which wash the hands of the banks.
Next is the statement Of the non
member banks and trust companies
and state banks, which are all the
institutions outside of the New York
Clearing House. This is the least
important statement so far. Now
YOU come to the Federal statements
issued at Washington. There is first
the statement of the Federal Reserve
Board for the system as a whole,
end then one statement for each OF
the twelve Federal Reserve districts.
In each of the twelve districts there
j.. as in New York, Clearing House
lank statement that IS quite lnde-
pendent of the Federal Reserve Bank
statement. The crown of all this
confusion is the fact that several
times each year the Controller OF
the Currency calls upon the national
hanks for a statement of condition
and publishes it over the head of the
Federal Reserve Board, although
every national bank is necessarily a
member of the Federal Reserve Bank
system.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-01

There was apparently large eX-
pansion in New York bank loans
during the week. There was appar-
entity a decrease in surplus reserve
of nearly S25, 100000. This was APP
parently owing to one of several
transactions or causes, of which you
might choose Stock Exchange specu-
lation, arrangements for the $780,
OOO.OO Paris loan or deferred reflec-
ton of events past and forgotten.
In short, the amount of guessing
that has to be done about the weekly
changes in the banking resources OF
New York is wildly absurd. The
figures have become now so inaccess-
ible to any theory of cohesion or
coherencv that few people try to
do anything with them. Intelligent
discussion Of the weekly bank state
n,ent, you may have noticed, has al
most entirely ceased, for the simple
end adequate reason that it is I'M
possible to be intelligent about unin-
telligibility.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-01
FINANCIAL MEETINGS.
CHICAGO. SAINT PAUL. MINNEiP0u
AND OMAHA RAILWAY 90.

NOTICE OF ANNUAL 81 E.llsD
The Annua. Meeting of tHs S'.esh,tr
OF the Chicago. Saint Pau. Aul.af
and Omaha Railway Company SOD. Do bel
al the office Of the cDmpa 1897. ln ODE 81
Hudson. Wisconsin. on Friday. oc.oee' .
1915. al nine O'Clock A. 81 fr lhe efe'
~ director ana the transaction = -
other business as may come before a.
meeting
Transfer books viii be- closed on h''
day. September IS. 1916. af the c'S
business 90 hat day and $3.50 ue rsc9'''
on saturday. October y. itif
Dated september T. 1915
JAMES T. CLARK. Presitehi
JOHN p CALDWELL. Secretary
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-01

The central extraordinary fact
about the money market is that New
York bank loans have increased only
nominally since the first Of the year,
Notwithstanding the enormous pee
ulation on the Stock Exchange and
The placing Of large foreign note Is
sues. The explanation is that the
loans Of interior banks have been ex-
banding rapidly. Western banks, it
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-01
Saturday, September so, 1916.

Wall Street boasts of the great
width and depth of the stock market,
of its power 70 resist the evil Of
liquidation, of its wonderful, mar
vellous reckless strength, and then
it turns out to be so fragile thing
that it runs off three or four points
on the discussion in Germany of
whether or not all the implements of
ruthless warfare are being employed.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-01
Contracts for Eleven Schooners.

The high rates for ocean freight now
prevailing and the assurance Of fair
minimum return for some years after
the war on investments in wooden ships
constructed in the coast provinces Is
having the result desired. Contracts
have already been let for eleven big
wooden schooners and other orders are
pending. Three OF these ships will
take the water before the end OF the
year and the others will follow quickly
Six Of the number are under construc
tion opposite the city Of Vancouver
and two are being built at Victoria.
Most OF the carpenters engaged OF
these vessels are elderly men who
learned their trade two decades ago IN
the yards of Nova Scotia and New
Brunswick. The ships themselves are
being constructed of Douglas fir, an
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-01

deposits. Philadelphia gain OF s66O,ooO
in total reserve is due primarily to in
creased deposits, Offset TO large eX-
tent By decrease in its net balance
due to other Federal Reserve banks.
Acceptances on hand show a de-
crease of about s., 100000 following the
liquidation of considerable amounts Of
bankers paper by the four Eastern
banks. OF the total bills, including
acceptances on hand, 4l.9 per cent ma
ture within thirty days and 3i3 per
cent after thirty but within sixty days.
Transactions in government securi-
ties are reported by nine banks, re-
sulting in a decrease Of over Sl,oOo,-
600 in the amount of United States
bonds and of 81 100000 in the total Of
Treasury notes held. The total of mu-
nicipal warrants in the hands of the
banks underwent but little chang,,
though almost all the banks report
transactions under this head.
Aggregate earning assets decreased
about S7,200,000 and constitute at pres
ont 332 per cent of the banks paid IN
capital, as against 345 per cent the
week before. or the total earning as
sets 43S per cent is represented by ac-
ceptances, 25.3 per cent by United
States bonds, l4.1 per cent by dis
counts, 10 per cent by warrants and
3.S per cent by Treasury notes.
Government deposits show decline
of about 100000, Chicago, Kansas
City and San Francisco reporting con-
siderable net Withdrawals of govern
ment funds for the week. Net member
bank deposits increased about $780,
600, all the banks except Boston, New
York and San Francisco showing larger
net totals than the week before.
Federal Reserve Bank notes in cir
culation are now in excess of $1,000
600 The total of Federal Reserve
notes issued to the banks is given as
S2139G7 900, an increase of S4,lS9,OOO
during the week. Against this total
the agents hold s197,572 900 of gold and
S17,054,OOO of paper. The banks report
total of sl96,5SS, 300 of Federal Re
serve notes in actual circulation and
aggregate liabilities of $l3,2l6,0OO on
notes issued to them by the agents
The Federal Reserve Boards state
ment to-day of the combined resources
and liabilities Of the twelve Federal
Reserve banks on September % fol
lows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-01

The above rates express the cost OF
foreign money IN terms OF the Ameri-
can dollar. You buy an English pound
sterling for s4.75ll; the intrinsic par
ity is s4.S6&s per pound. Thus, you
say either that pounds arc at dis
count or that dollars are at a premium,
which is owing to the fact that in
England the demand for dollars with
which to settle accounts in this coun-
try is greater than the demand in this
country for pounds with which 20
settle accounts in England
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-01

exceedingly tough FIR, which ai'al'
great dimensions in the coast forsss
Nearly q million feet vii. 80 INTO -
construction of each vessel The o0'-
will cost under 100000 each and paw
been given a thirtcen-year al rah, .
at Lloyds. Most OF these ships vi" "
launched and Quilted with $40 ho'"
power Diesel engines, bat az least 90
will be operated entirely under -
until the engines, which row cost '',
bic the normal price, can be pur'a'''
advantageously.
II is estimated that II the p's''-
level Of freight rates is maintained y
schooners will have paid iof "'.
selves in three years. They are in'sD'
cd for trade with tn markets Of -.
tralasia, China and Africa. and a'''' u
the eargocs have been sold in Aa''i', -
for loading early IN 1911 Nine o. :
vessels. when completed. vil ea'p
the aggregate 100000 feet Of .a''' I,
a year. worth. with outward i''''
earnings, about 100000.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-01
DIVIDEND NOTICES.
,.ATioSAI rApyn COMpAN

New YORK.. Sep'smb.r ~. isis
The Directors have tnis oar 0sclJ,d .
1ly,d.r1 ~ ono per cent ~ On the Pre-
f.,ts0 Cspitsi stock 81 this Company. pay
ali. Ocf1ber 10 1915. 20 stockhOldsfs ~
sseora ct N. close Of business october 1.
WV AwEg SHEPHERD, Treasurer
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-01

Below is given the current exchange
value of foreign money in dollars and
cents, together with the intrinsic gold
parity as calculated by the United
States Mint:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-01

Gold reserve against net deposit and
Lote liabilities, ia per cent; cash re-
serve against net deposit and note La
bilities, 1913 per cent; cash reserve
against net deposit liabilities, after
setting aside 40 per cent gold reserve
against aggregate net liabilities on
Federal Reserve notes in circulation.
1876 per cent.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-01
REyIVING WOODEN
MERCHANT FLEET
Canada's Oldtime Ship
building Industry Takes
on New Life.
By $. ROY WEAVER.


The revival which the war has caused
in shipbuilding activities in Canada is
directing considerable thought to the
possibilities Of putting the industry on
an adequate peace footing. The ship
builders hope, with government assist
ance, to make permanent the prosper
ity which has been theirs during the
past two years. IL may well be that
one of the richest legacies from the
war period to the Dominion will be
shipbuiiding industry of generous pro-
portions.
Some thirty or forty years ago there
were many shipyards in the maritime
provinces and Quebec, where wooden
shipbullding was a leading resource,
and not a few fortunes were made in
the construction and operation OF
wooden vessels. When iron ships re-
placed the wooden to a very large ex-
tent Canada's industrial organization
was not equal to the new demands. De-
preston came and the industry OWN
died. At Bath, Me-, and other ports
south of the boundary small tonnage
wooden vessels were still built and
operated, but the business was almost
entirely abandoned in the Atlantic
maritime provinces of Canada and
along the st. Lawrence. The workers
who had been engaged in it turned to
other employments which afforded an
easy and ample. if not bounteous, liv-
ing. The skilled shipbuilders we're
gradually absorbed by other occupa-
tions and the industry was gone, appar-
entity never to return.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-01

is known, have been very large par
Elephants in foreign loans and they
have also financed a very consldera-
BILE part of the stock market specula-
ton. They have done this by lend
ing money out in Wall Street and
by taking over collateral loans which
lad been formerly carried in New
York. The loans of New York
Clearing House banks have increased
since the first of the year less than
$4,000. 1000. Their gold holdings,
Notwithstanding the huge importa-
tons. have declined nearly S3O,OOO,-
900. The gold, too, has gone inland.
1t seems probable that the resources
Of the Western banks have been us
ing faster than those Of New YORK.
Western banks have had the real
prosperity, they have now the gold
and their problem is how to lend
their money. They lend it on the
New York Stock Exchange, they put
il into commercial paper, they BUY
foreign loans, they finance trade and
production at new high levels, and
thev are still uneXhausted.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-01
Old Shipyards ReOpened.

blu ONlDN dIuS htOpSH'hs
The war brought a change. The
scarcity of tonnage and the demand for
bottoms have caused the reopenlng of
old shipyard areas. the establishment
o. new yards and the construction Of a
class Of small wooden vessels. Old
time builders, many of them long past
military age, and who had part IN the
great activities Of former days, are
now busy in shipyards at almost all
the Atlantic and Bay of Fundy ports,
where conditions are favorable. Scores
of vessels are on the stocks and launch
iugs take place almost every week.
There is profit in the business at pres
ent war prices The effect of the war
on shipping values is too we'll known
20 require elaboration, but Canadian
Illustration will indicate the extent TO
which wooden ships, even, are IN de-
msnd. Thirty years ago the steamship
City Of Client was brought from Eng
land 70 Nova Scotia and employed in
the coastwise trade. For three years
the vessel had been idle in Halifax
harbor until recently, when it was
taken to England under its own steam
and sold for 500 more than the ship
cost in the first place.
Pacific Coast Situation Relieved.
On the Pacific Coast somewhat
similar development has taken place.
The lumber interests there were hard
hit by the war, which resulted in
shortage Of ships and greatly increased
rates. There had been growing dis
satisfaction for some years by reason
of the unequal compel ton with Wash
ington and Oregon lumber interests,
which. in the majority OF cases, had
their own vessels. This handicap had
already cost British Columbia the
trade Of the Australian market. Ten
years ago British Columbia supplied
the larger part of e lumber imported
by Australia; now it supplies only
about per cent, Washington and Ore
Jon providing the rest.
The war made the situation worse,
and tonnage could not be secured ex-
,ept at almost prohibitive rates. To
relieve the situation the owners of the
Coast lumber mills appealed to the
provincial government, with the result
that the aids to shipbuilding act was
PASSED. This legislation provides for
mortgage loan or the first twenty-five
ships built in British Columbia equal
to 80 per cent of their cost. The gov
eminent guarantees that the ships will
return 10 per cent yearly on the cost
of their construction for a period OF
ten years, payments OF a subsidy to be
made up to So per ton dead weight
capacity OF the vessel, but no subsidy
to be paid on ships earning more than
- per cent in any year The first in
stalment becomes due the first year
after peace is declared. Under the
terms of the act all outward bound
carCoes of ships so subsidized must
be Canadian. The government OF Brit
ish Columbia also stands ready TO
guarantee the bonds of shipbuilding
plants up to 55 per cent of their as
certained value.
Contracts for Eleven SchoOners.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-01
Influential Men interested.

The Canada West Coas. Na''s'" ~.
Company. which has given eon''~ -
for eight OF the vessels. includes ~
known lumber and steamship -.
headed by James Carmthefa " 50
ronto. Indeed. the business 49,. .,,.
OF the men interested in the ca, :.
prise suggests a development !"
rortant a Il is picturesque p /.
Columbia is showing keen lh''', :,
is coming wooden merchant ,'',l,
and places much hope on i'' 80 "a.
fir sehooners, no, only for the sNFY 's;,
tion Of lumber, but also for ''' -.
mens Of grain. With the 'Ta',t Lin.
ton problem in prospect Of 49, -, ~
plans are now being considered ~ ,,su
veloping foreign trade in the prov
OF the Canadian West.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-01

One of the significant features OF
the heavy speculation in stocks OF
late has been the rise in the ratio
Of pure gambling to the total ouSi-
ness transacted. Final evidence OF
this has been seen in the wholesale
use of stop-loss orders. On more
than one occasion recently the exc,
crtion of such orders on unexpected
declines has impaired special mo-
mentum to the fall. This particular
kind of order is a device calculated
to limit losses in the event OF a de-
cline of a person who buys a stock
ard fixes a limit at which his broker
is to sell in case the market goes the
wrong way. Traders who stop
their losses are merely gambling Oh
rricc fluctuations. They are bet
ting on the market to go up or down
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-01
WEALTH MARKETS AND COMMERCE rs

ton to this from 100 to 200 individuals
have made investments in the common
stock of the company and in its bonds
and coupon notes. This showing WINE
not startling. is regarded by officials oil
the company as a fair beginning. II
prompted the company 20 adopt the
general policy of selling securities IN
the home territory OF the utilities man
aged wherever il is possible to do so.
For instance, the San Diego Consol-
dated Gas and Electric Company,
Byllesby property, a few months ago
issued $4,000 in per cent preferred
stock and offered it 10 the residents OF
that city, upward OF one hundred OF
whom purchased the securities at the
time.
In Colorado there are now about 3oo
investors in the securities of the Arkan-
sas Valley Railway, Light and Power
Company and other Byllesby COM
panies.
The partial payment plan has been
adopted with a view TO stimulating IN
yestment in the company's securities
by those of smaller means, thus obtain
ing q more representative list OF STOCK
holders in a community.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-01

The outstanding feature OF 'ne
nool.lv hank return was the decrease OF
S24944,56O in the surplus reserve item
anI che increase Of s31 $4,000 in loans.
curnlus reserves are again under $780,
noo ooo. The loss in cash IS partially
,xpIained by the fact that October l
disbursements are unusually large. The
increase in loans was not unexpected,
considering the activity in the security
markets.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-01
Finance Economics

GARET GARRETT. Editor.
WALL STREET OFFICE; - Telephone
Bull ling 10 Broad St. hanover ooia
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-01

Silver.-Bars in London. 327s pence;
here in New York, 69is cents; Mexican
dollars, 53@s q 569s cents.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-01
Paw Bills with Coupons.

Another public service corporation to
adopt the plan OF making its customers
also holders Of securities is II. l..
Doherty G. Co. In Denver large num-
Der of citizens, it is said, own stocks or
bends OF the utility properties operated
in that city by the Doherty organiza-
ton. Dividend checks and interest
coupons sent cut by these Denver COM
panies are frequently returned in pay
ment of gas and electric light bills.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-01
Money and Credit

The actual condition of the New YORK
Clearing House banks on Saturday was
as follows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-01

Changes in rates yesterday were
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-01

New York Federal Reserve.-The
condition of the Federal Reserve Bank
Of New York at the close of business
Friday, compared with the previous
week, follows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-01

small and unimportant. Francs con-
tinued TO display strength.
Ottumwa tri-weekly courier. [volume] (Ottumwa, Iowa) 1903-1916, 1916-01-25
MOVES TO
CENTRAL ILLINOIS

Peoria, ILL.,, Jan. 24-With the Illi-
nois river still rising, residents along
the lowlands today are fleeing to safe
ty. Hundreds have been rescued from
their homes by boats. In many places
dikes have broken and valuable farm
land Is inundated. Reports indicate
enormous damage to farm property
and live stock has resulted. Scores
of dead cattle and horses are to be
seen floating down stream.
Water began pouring into the plant
of the Central Illinois Light Co., today
and interruption OF light service is
feared unless the rise is soon checked.
Hundreds of cabin boats along the
lower river have broken from their
moorings and either sunk or floated
away.
From Lewiston and Havana come
reports that the countryside around
those towns is flooded. The Spoon
river at Lewiston is reported out of
its banks, covering farm property to a
depth Of four or Ave feet. The stage
of the water is at the highest point on
record. Railroad traffic is said to
have been discontinued out Of Lewis
ton.
Ottumwa tri-weekly courier. [volume] (Ottumwa, Iowa) 1903-1916, 1916-01-25
TURKS TO ADMIT
T0RPE ED0|NG THE
STEAMER PERSIA
UNOFFICIAL ADvlCEs INDICATE
THAT SULTAN MAY ASSUME
RESPONSIBILITY.

Washington, D. c., Jan. 24.-Un-
official dispatches from abroad indicat-
ing that Turkey might acknowledge
that one of her submarines sunk the
British liner Persia promise to revive
the diplomatic features of that dis
aster.
State department officials had no
dispatches on the subject today from
Ambassador Morgenthau. Neither
had they received any official word
from Ambassador Penfield at Vienna
transmitting Austria's Official disavow-
al Of any connection.w the disaster.
reported unoficially last week.
Until the intimation came that Tur-
key might assume responsibility 1t was
generally assumed in official quarters
that the cause Of the sinking of the
liner would be numbered among the
mysteries of the war.
There is no indication Of what turn
the case will take in the light Of the
latest information. None Of the Teu-
tonic allies except Germany and Aus
tria have been included In the Ameri-
can governments correspondence on
submarine warfare.
It was indicated today that any in
quiry which might be directed to
Turkey would not be sent until after
Vienna has been heard from.