davidaulloa/AmericanStories huggingface dataset:
Pine Bluff daily graphic. (Pine Bluff, Ark.) 1893-1942, 1916-04-27
COTTON NANIFACTURtRS MEET

Boston, Mass. April 26.-The Na-
tional Association of Cotton Ma 1T
facturers. at the first session of the
annual meeting. held here today, lis
ened to addr sses by Albert G. Dun
can, CT this. city. president OF ;Ae
crganization:.. F ank \, Nanderllp'
president Of the National City bank
of New YORK City; Edward S. Chap'n
of this city, -eonard ". Cronkhlte, OF
his city: and Herman \. Metz OF Ne"
York. Tie principal topic was the
scarcity Of dyestuffs.
A new 6,ooG-mile coal basin Is he
ing opened UP by a 3oo-mlic tAten-
sion to the Siberian railway.
Pine Bluff daily graphic. (Pine Bluff, Ark.) 1893-1942, 1916-04-27
PHILIPPINE IMPORTS.

Washington, April 26.-The United
states is now supplying - per cent
oi the imports of the Philippines,
while imports from Europe show a
heavy decline. the American CONNER
cial agent at Manila informs the
commerce department
Pine Bluff daily graphic. (Pine Bluff, Ark.) 1893-1942, 1916-04-27
ACTION Is NATURAL.

P. S. Meehan., Hancock. Mich.
writes: Il have given Folev Ca'har-
tlG Tablets a through trial ana can
positively state they ar the best
laxative ever used Their action is
natural. no Pain o. gripping. and they
clean tie sysfcr. IN fine shape
stouj persons say tho hu want, free
feeling they bring is a biessins. Mann
Pharmacy
Pine Bluff daily graphic. (Pine Bluff, Ark.) 1893-1942, 1916-04-27
BULGARIAN LOSSES.

Athens. April 26.-Thc losses sui
fcred by the Bulgarian army during
the war are eetimated by Bulgarian
reports received here to aggregate
s. 900 killed and 50,e00 wounded u!
MISSING
Pine Bluff daily graphic. (Pine Bluff, Ark.) 1893-1942, 1916-04-27

The Turkish garrison revolted and
slew all its German offictrs before
Russians captured Trebizond.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-14
Porto Rican Shipping Increases

Ships entering Porto Rican ports have
increased in number during the two
wears of the war, despite the curtail-
men. of various shipping services. In
creased facilities for furnishing sup
niles 10 vessels at San Juan are credit
ed with attracting many new vessels TO
that port. A new modern coal dock
Just completed is equipped with me-
chanical loading and unloading devices.
Fuel oil tanks with capacity of 2,00o,-
600 gallons have been built al the port
Of Ponce, while similar tanks are under
construction at San Juan.
During the year ended June 80, 1914,
the total number of ships entering
Porto Rican ports was S3s, of which
$50 were steamships and $50 sailing
vessels. In the period ended June 30,
1915, the number OF ships was $50, an
increase of so vessels. OF this number
60i we're steamers and 2s4 sailing ves-
sells. For the year ended June 80, 1916,
there were 95S Porto Ricsn arrivals, an
increase OF 20 vessels over last year
and al increase of 40 vessels over the
year before the war.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-14
SHIPPING CONDITIONS
FOR ARGENTINE TRADE

The United States Exporters Asso-
citation. which was formed some weeks
ago in Buenos Ayres for the purpose
Of closer cooperation and self-protec-
ton among the local representatives
there of export and commission houses
in the United States, has adopted gen.
eral conditions in connection with
orders taken for goods to be shipped
from the United States TO Argentina
as follows:
In the case OF orders based upon c. l.
quotations, the price includes the cost OF
the merchandise placed on board ship at
port Of embarks.lon, the freight marine
Insurance and other petty charges up 70
port Of destination. The obligation OF the
shipper "a regards delivery ceases once the
merchandise is shipped. The goods travel
for account and risk of the buyer. and the
shipper assumes no responsibility for their
arrival at port of destination or for any
damage sustained on the voyage or during
unloading.
The clauses of the bills OF ladng and
policies of insurance covering the goods de
tailed on the ticket are incorporated In the
conditions OF tie transaction and form .
part Of the order.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-14
Marine Insurance Declines

War risk insurance rates dropped
sharply yesterday. and in some in
stances the decline amounted to 80 per
cent as compared with the rates quoted
last Monday, after the sinking on Sun
day of merchant ships of Nantucket By
German submarines. The drop was due
to the fact that the rsiding submarines
have failed TO make any further
demonstrations.
In some instances brokers quoted
rates from 2 to 2h per centfor trans
atlantic war risks, as compafed with 8
per cent and over quoted last Monday.
Brokers quoted ! per cent TO South
American and British West Indian
ports.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-14
B. Q N. TRUSTEES SUE
PUT OFF STOCK SALE
Tell u. S. Court They Cannot Get
Fair Prices

Stating they had found it impossible
TO sell the holdings of the New York.
New Haven e. Hartford Railroad Com
pany in the Boston & Maine and It's
leased lines at fair prices, the trus-
tees. Marcus p. Knowlton, James h..
Doherty, Henry Y. Day, Charles T.
Hall and Frank 7. Carpenter, have peti-
toned Judge Julius Vi. Mayer, in the
Federal District Court, TO extend the
time for the stock sale for two years.
The dissolution decree in the govern
ment's suit against the New Haven
fixed January /, 1917, as the time limit
for the sale Of the stock.
The New Haven joins in the petit
ton, pleading that forced sale would
create q large deficit in its balance
sheet. and delay the time when the
New Haven could hope to pay div
idends.
The petition is opposed by Asa P.
French and Conrad ". Croker, stock
holders, who charge in letter 70 At
torney General Gregory that the trus-
tees are acting in the interest Of the
New Haven in asking for the time ex-
tension.
Judge Mayer set the case for hearing
on October 20.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-14

In the experience Of last Monday
there is a strong lesson. Brokers
customers, gambling in fluctuations
like lot Of professional floor trad
ers, seized all at once with an i'm
pulse TO sell out and limit their
losses, swamped the facilities Of the
Stock Exchange. The absurdity of
the performance was only half in
the manner of selling stocks; the
other half had been in the ,manner
Of buying them. People had bought
Historically, for no better reason
than the hope Of their going up,
and then they had sold them for no
better reason than the fear of their
going down. Disaster was averted,
not by anything inherently present
in the situation to cave it, but by a
fact OF proportion. Out of the same
materials might be constructed a
situation which would cause a ire
mendous panic.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-14
SAVING ON SECONDS"
HURTS FOREIGN TRADE
Philadelphia Museum Calls At
teution to Unfair Practice

The Philadelphia Commercial! NUS
cum makes the charge, based upon
recent investigation, that group CT
American manufacturers in a certain
industry have adopted g policy OF mar
keting Seconds" in foreign countries
without labelling the goods so buyers
will know they are not standard grace
This plan, it is predicted, will result
in the injury of the good name ana
products of other manufacturers III
tie same line who, by diligent effort
have succeeded in educating buyers
abroad to the use of the highest grade
articles obtainable. The Museum says:
1.-THE, manufacturers would not put
these seconds on the domestic market,
and, if offered, It is doubtful If pur-
chaser. could be found"
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-14
HEAVY TONE IN
LONDON MARKET
Shortage of Labor Due to
Recruiting Causes
BeariSh Feeling
By FRANCIS W. HIRST.
IBy Casle 70 Tia Trtbuna

London, Oct. 13.-The stock mar
kets opened to-day with q heavy tone
and general decline. The process OF
combing more men from trade for
the army is again operating.
Tin plate traders are asking for
larger and better export facilities,
especially for India and Spain. Tin
shares are active. Oil shares have
suffered from the military situation.
Despite the labor shortage, large
factory extensions in the Midlands
are reported. One effect of the ex-
cess profit tax has been the reequip-
ment and enlargement of the plants.
A sharp battle is developing be-
tween the Free Traders and Protec-
tionists over the appointment of the
official committees for reporting on
trade after the war. The Tariff Re-
form League is to reopen its cam
paign, and | expect there will be q
lineup and clean issue. The Lib
erals complain that the fiscal COM
mittees have been packed.
The opening days of Parliament
confirm the view that the political
apathy toward the spirit of criticism
abroad is evaporating. The chief
event so far is the duel between Dick
Holt and Lloyd George over the
knockout interviews. The Hughes
declaration on the Black List is an
unpleasant surprise. The British
public's information about American
opinion is probably less correct than
what you can gather about ours.
The Indian trade is prosperous.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-14

The steel making machine and the
transportation machine, both work
ing at the limit of capacity, are
making additional demands upon
each other. There is serious car
shortage. The steel mills cannot do
any more until they get more cars
with which to move their stuff. The
railroads thereupon place large or
ders for new equipment. But the
builders of cars and locomotives can
not do any more until they are able
to obtain materials from the steel
mills. The steel mills have a d.
lemma back of this. Even if they
could get more cars they could not
fill them, because they are at the
top of their mill capacity. To en-
large their capacity would require
more steel, which they are unable
to make, and which if they made
they could not move for want OF the
additional cars and locomotives
which the equipment makers cannot
produce until they can get more
steel. It is not as dizzy as it sounds.
What is happening has happened
before. We reach the limit of pres
ent facilities for doing business, and
those facilities cannot be increased
fast enough to keep up with the de-
mand. A machine cannot be eco
nomically enlarged while running at
full tilt. Under these conditions the
cost of doing business rises very
rapidly. Thus the brakes are auto
matically applied. Business reacts,
the facilities are enlarged, and pres
emily the experience is repeated on
larger pattern. But this situa-
ton is beyond experience, for the
reason that the demand Of war is
what makes prices rise, and prices
70 this customer are no object.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-14
RUSSIA PROTECTING
ITS SURPLUS WHEAT
War Teaches Government Need
of Constructing Elevators

The large surplus OF wheat that has
piled UP in Russia since the war and
cut of shipments from Black Sea ports
has taught the government the need
of constructing grain elevators. An
Official statement recently published
showed that while on January 1, 1915,
there were only eighteen government
elevators, with a capacity of 6,oO0,0 GOO
bushels, being operated in Russia, the
number had increased to tnirty-three,
with a total capacity of 1900 900, on
January /, 1916.
The State Bank of Russia finances
the construction and directs the sub
sequcnt operation of the government
elevators. Those put up within the
last year or 30 are Of the larger type.
having a capacity OF about 600 900
bushels, and are located In the more
important grain growing centres.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-14
STEEL WILLS
SHOW EFFECTS
OF THE STRAIN
A Decline in Actual Pro-
duction, the Enormous De-
mand Notwithstanding

It is increasingly evident that the
steel and iron industry is falling con-
siderabty under the theoretical limit
OF its productive capacity. Although
the demand for steel products has con-
tinued undiminished, and although
orders have had to be turned away,
actual production has been probably
less in the third quarter than in the
first or second of this year.
In the light of the September ton
mage statement of the United States
Steel Corporation il is possible 20
make a closer estimate of the net earn
ings- during the third quarter of the
year. Shipments OF rolled steel prod
ucts by the various subsidiary COM
panies during July, August and Sep
TENDER are indicated to have been be-
tween 5000, 900 and 100000 tons. The
net earnings per ton are understood to
hav. been approximately $50. which In
dicates total net earnings Of little
over sso,oOo,0o0. Shipments during
the third quarter were between 100000
and 200. 1000 tons less than during the
second quarter and between 100000
and 100000 less than during the hrss
quarter Of the year.
II will be recalled that because OF
excessively hot weather in July and
August it was difficult to operate
plants within Is to 20 per cent Of the
maximum operations in March. Even
during the first half of September the
furnaces and mills failed to recover as
much as had been anticipated Car
shortage and accidents to plants as
well as temporary disaffection among
the laborers initiated against full
operations during the third quarter.
In the last few weeks, however, the re-
covery Of the production has beeT
gratifying, although it is improbable
that output in October will reach the
high level Of March, when l,S9o,oOV
tons Of ingots and 100000 tons OF
rolled products were produced. The
September output was about 1,45O.ooo
tons of ingots and little over 1,1oC,-
900 tons of rolled products. The total
production Of ingots during the third
quarter of the year is estimated to
have been 100000 tons and of rolled
products 100000 tons, whereas in the
first quarter of the year 5,25O,OoO tons
of ingots and 100000 tons Of rolled
products were turned out.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-14

None Of the railroad equipment
now being ordered can be produced
in time to relieve the existing car
shortage, and yet it is perhaps bet
ter to place the orders at advances
of 3 to 10 per cent over the prices
prevailing last year than to lose the
time. The existing dilemma is the
result of railroads having lacked the
courage and imagination to buy
new equipment freely in 1914 and
1915, when it was cheap. In the
first six months of this year they
have ordered 2,044 locomotives and
68,289 freight cars, against 663 To-
comotives and 1882 freight cars in
the first half of 1915. The buying
they do now is in competition with
the railroads of Europe, which are
calling upon the American equip
ment makers to help repair the wear
and tear of war upon its transporta-
ton machine.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-14
FIXED CHARGES EARNED
LAST YEAR BY E. q E. |.

The Chicago & Eastern Illinois Rail-
road Company reports gross earnings
for the year ended June 80 last OF
sl6,e9s,404, an increase Of s2,b97,632
over the previous year. Operating in
come increased s1,315,H7, the total be-
ing s3,3OS;647. The net operating sur
plus for the year after all charges vas
s2,923 ,597, al increase of S2,470,7e7.
William ]. Jackson, receiver, stated
ia the report that the company began
20 reap the benefits Of the country's
prosperity about the middle of August,
1915. For the fiscal year he said the
property earned all fixed charges, both
those payable and those MOI payable
under orders Of the court, with sur
plus Of sS6,579. The years income ac-
count compares with 1915 as follows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-14
RAILROAD EQUIPMENT
IS URGENTLY NEEDED
Traffic Congestion Stimulates
Demand for Cars and Engines

Reports of car shortages in various
districts and the tendency toward ac'
curulation OF freight at different
points are causing railroads to re
double their efforts TO secure mere
equipment. In the last few days con-
tracts have been placed for forty-four
locomotives, and further inquiries are
in the market for 155 engines. The
largest inquiry comes from the chi
cago & Northwestern. which is asking
bids on seventy-seven engines.
Railroads are also placing more or
ders for rolling stock. The Soc
Line IL understood TO have released
orders for 900 freight cars and the
New York Central hes ordered trucks
for 1000 cars, in addition to the car
contracts recently distributed.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-14
Friday, October IS, 1916.
With the daily sales on the New

With the daily sales on the New
York Stock Exchange under one
million shares, attention relaxes and
there is time for reflection. Atten-
ton, says the metaphyslcian, acts
by NATURALIZATION and enumera-
ton. Just so. You pick your stock
and count your profits beforehand.
1t is an ecstatic performance. Re
Election. on the other hand, still ac-
cording to the metaphysician. acts
by decomposition and analysis. You
decompose your previous emotions
for purposes Of examination and
begin 10 analyze the experience. 1t
is Christening procedure, and some
times very profitable, though the
profit is nothing you can spend.
Many would forego it entirely for
the sake of the metallic kind. What
comes of it chiefly is wonder. Why
60 stocks always stop going up
when one buys them? Why do all
the experts agree that the earnings
of the Steel Corporation for the Sep
TENDER quarter will be s9S,O0O,0OO
and then a week later change. their
minds and unite in the guess OF
s9O,OOO,OOO, though nothing has
positively happened except that the
price of Steel common has fallen II
points? And is it not likely, by the
law of contradiction, which governs
all things, that when one has sold
ones stocks they will stop going
down?
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-14

A correspondent has written a
letter of complaint about the man.
her in which a broker executed an
order on the wild opening of last
Monday. 1t was an order to sell
100 shares of United States Steel
common "at the opening" He says:
Considering the panicky condition,
! did not expect the top price, but
il was reasonable and fair to eX-
pect a price between 100 and az,
which was the actual range at the
opening. My broker reported the
sale of my stock at 10812, and upon
being questioned in the matter stat
ed that it represented the average
price he received for 3,50O-shafe
lot, and that all customers were
treated alike" An order to sell
stock "at the opening" is, in the
first place, a thing in which the
client theoretically takes all the
risk. But he doesn't. He is enti-
tied to hold the broker only for the
exercise of due diligence, but, in
practice, besides, if the results are
bad, the client will hold the broker
for imbecility, fraud, manslaughter
and sacrilege. What happens in this
kind Of case is that the broker has
in his hands more orders than 1t is
physically possible to execute sew
orally within a reasonable time. AT
the opening" or "at the market" are
instructions which leave him no
discretion, and yet he must exercise
discretion. If he tried to execute
lot of little orders one by one 1T
might take hours, and then there is
a question of who shall be first and
who shall take the last. He makes
a rapid estimate of the aggregate
of his orders, punches them, and
sells the lot wholesale. This broker
says he made one lot Of $500 shares,
sold it at an average price of 1882
and then pro-rated the result. In
doing so he probably did what IN
der the circumstances was the best
possible thing to do, and, moreover,
discretion so exercised by number
Of brokers, all keeping their heads,
will often prevent hopeless panic
and confusion.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-14

"The Wall Street Journal" can
imagine, purely as consequence OF
hysteria among mcrcurial holders Of
margined stocks, a panic comparable
20 that Of May Q, 1901. 1t offers the
following suggestion:
Might II not be possible for the
committee 20 provide In an active
market a maximum and minimum
range, changing from day 70 day,
~ tho preponderanee OF legitimate
buying and selling warranted, 20
that upon the offering down Of
stock, lei W cay FIVE points, would
automatically put that stock out Of
the market for the remainder Of
the dsyi II is easy 70 zee com
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-14
FINANCIAL MEETINGS.
.yFR,C,> LOCOMOTIVE CoMPAyY.

40 Church 81, New YORK sept. -Ist IsIf
The annual meeting Of the stocknoc.i
CT this Company viii be held az tne g.
~ The Company az 30 church Street Mes
York city. on Tuesday, tho 18th Coy q
October. 1915. al twelve o'clock noon, ~
tire purpose Of elecung 10 Director, 20
the term Of three years, and Tor the irsns
action OF such other business =. may prop
erly come before the meeting. me po.'
viii omen AZ twelve o'clock noon and re
main open for one hour.
Tho stock trancfer books % the Con
pany will be closed from the 18Th cay
Septern Der. 1916. a. three o'clock N w.
afternoon. until tho ibth day ~ Oct0'e'
1916. at ten O'Clock 81 tho forenoon.
BY order OF the Board ~ Directors.
". SPENCER ROBERTSON. secrsis'!
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-14
News Digest
Foreign

London Stock Market.-London, Oct.
13.-Money was in strong demand and
discount rates were steady. To-mor-
rows holiday and the superior attrac-
tion of the Exchequer bonds tended to
restrict business generally on the Stock
Exchange to-day, although the war loan
continued to be freely repurchased by
recent sellers. Consols and Brazilian
issues were easy and neglected. Rub
Der shares sagged, especially Javas, on
rumors that the Dutch government pro-
posed to impose an excess profit tax on
companies in Holland and the colonies.
Several Kaffir and Colonial stocks ad-
yanced. American securities barely
moved IN the absence of lead from
Wall Street
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-14
Money andCredit

Money on call at the New York Stock
Exchange was easier, and while rul-
ing rate OF 21s per cent compared
with 2% on Wednesday, the last loAn
was made at per cent. The close was
. bid. with offers at 2it.
Little change is noted in the market
FOR time funds on brokers' Stock Ex-
change collateral. The volume of bust
ness is moderate, with most Of the
activity in industrial loans.
Ruling rates on money yesterday
compared with a year ago were as fol-
lows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-14
TIE INCREASED COST OF
RUNNING A RAILROAD

Attention is called 10y "The Railway
Gazette to The higher cost Of materials
used for railroad maintenance aud also
Of various units Of equipment. The ad-
vances in the last two years in most OF
the staple supplies range from 20 to 10
per cent as shown below:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-14

here In New York, e77s cents; Mexican
dollars, 521s@53A.

Movement Of Currency.-According TO
the estimate Of Dow, Jones & Co., the
reported movements Of currency this
week indicate a loss in cash By the
local banks Of approximately s25'ooo'-
900, largely occasioned by collections
through the Federal Reserve Bank. Inc
loss TO the interior was $3,l47,ooo.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-14

The above rates express the cost Of
foreign money in terms Of the Ameri'
can dollar. You buy an English pound
sterling for s4.755s; the intrinsic par
ity is s4.s6ss per pound. Thus. you
say either that pounds are at dis
count or that dollars are at a pre-
MUM, which is owing TO the fact that
in England the demand for dollars
with which to settle accounts in this
country is greater than the demand IN
this country for pounds with which to
settle accounts in England.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-14

NOTICE OF ANNUAL Nt- To-. ...,
Tn. Annual Meeting ~ the Stockh'p,s -
=. the Chicago aid North " eSiern -
way Company viii be held - ne oni.s
lac conf any. 226 west jackson bou. rt,,..
IN the CITY Of Chicago. Illinois on isH.,,
Gay. October %. 1915, a. eleFen ~
= n, Tor the election 81 Directors
,he transaction Of such other oE4pe'
may come before said meeting. ,,,.,
transfer books will BE- closed on Nyui-.
September IS. 1915. az the close OF e.' ~.
on that day. and VIII be lcopenea VI
day. October %. 1915.
Dated. September I. 1875. .,
RICHARD " ASHTON. Presos''
John = ChLDW ELL secretary