davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-19
Women to Take
Active Part in Next
Liberty Bond Sale
Plan Nationwide Organiza-
ION to Work for Success
of I5sue

EASHINGTON, Aug. 1s.-The Won
as Liberty Loan Committee, appoint
ID BY the Secretary Of the Treasury to
erect the activities of women in the
ale Of the Liberty bonds, has inaugu-
nted a nationwide campaign for The
uomotion Of the next issue Of the Lib
trty Loan.
For purposes of organization the
committee has made each state unit
o. organization. Each state has a
chairman, who will serve upon the eX-
tsutive board Of the state division OF
the womans committee Of the Council
Of National Defence, representing Lib
,rty Loan interests there. This state
chairman will have active charge and
ditetion OF all Liberty Loan activities
lzong the women in her state, under
he general direction Of the national
committee. She is 70 appoint chGirmon
icr each county, who In turn will pei
FEET their county organization.
n addition 20 the state chairman
each Federal Reserye banking district
Of the United States has woman
Asirmsn. who will act in an advisory
apacity 10 tho state chairman IN her
titrict and serve as AMBASSADOR from
re Womsn's Liberty Loan Committee
= The Liberty Loan Committee OF her
Federal Reserve Bank Board.
The Woman s. Liberty Loan Commit
Tee has also established an advisory
touneil composed Of the executive
Presidents Of women's organizations Of
hstion-wide membership. There are
slso Liberty Loan chairmen for Alaska,
Cuba, Hawaii. the Philippines, Porto
Rico and for foreign countries not en-
tsgsd in war
The committee is organizing 2 LIB.
srty Loan League, 70 be composed Of
both men and women buyers Of Liberty
bond, o. the first issue, who viii be
cone promoters Of the sale Of the
bonds Of the second issue when II shall
V announced by the Secretary Of the
Treasury. The committee is also ar
1nging through the ONCE Of the
United States Commissioner Of bduca-
hon 3 plan for interesting the school
children OF the country in the Liberty
ban; and, through the Extension Divl-
son Of the Department Of Agriculture,
plan 70 interest the farm women Of
ne nation IN the cause. Through
ssrs o. The great mail order houses
ne committee is arranging 70 send out
circular information 20 millions Of
vomsr
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-19
Steel Buying Is
Mostly All for
Nations Needs
Shipbuilders Get Materials
for Construction Of
Cargo Boats

Business in steel products is princi-
pally confined TO government orders,
placed either directly or indirectly by
manufacturers having army and navy
contracts. In the aggregate such or
Gers are large. although few individual
orders are of magnitude. Outside OF
heavy forgings for artillery and plates
for shipbuildng, current buying for the
manufacture Of war munitions includes
sheets, pipe, tin and terne plate, boiler
tubes, shafting, strip steel and small
products; but the placing of additional
orders for railroad equipment for
France and the acceptance by the
United States government of the offers
made by the wire manufacturers about
one month ago to furnish 10000 tons of
wire and rods for Italy means the dis
tribution, sooner or later, of large or
ders for steel bars, plates, shapes, rods,
forgings and castings among the vari-
Gus steel companies.
Other large orders for railroad equip
ment, agricultural implements and ma
chnery for Belgium, calling for the ex-
penditure of Sl00,000,000, are expected
to be placed soon.
s50,OOO,OoO for Big Guns
Much interest centres in the efforts
of the government TO increase the man.
ufacture of big guns by calling upon
machine tool builders and other steel
working concerns. Additional orders
for ordnance, calling for the eXpendi-
ture of s50,000000, have been placed
with many of these concerns.
The Federal Shipbuilding Company,
the new subsidiary of the United States
Steel Corporation, has placed contracts
amounting to about 100000 for
dredging, pile driving and construction
of docks and great buildings, and is
buying 100000 worth of shop and
power equipment to build 9,000-ton
boats for the government.
Ship Contracts Placed
The Foundation Company, in conjurc-
ton with the Liberty Steel Products
Company. has taken a large government
contract for completed ships. The Har-
riman interests, controlling the Chess
ter Shipbuilding Company, and the
Merchants Shipbuilding Corporation,
row building ways at Bristol, Penn,
ere TO construct forty cargo boats for
the Emergency Fleet Corporation, and
expect orders for forty more boats
soon. The steel for all of these boats
will be furnished on government con-
tracts.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-19
Want Underwood
To Head St. Paul,
Says Chicago Report

A report from Chicago that the d.
rectors Of the St. Paul road, recently
appointed to select successor TO A. D.
CARING as president of that system,
were trying hard to gain the consent OF
F.. D. Underwood, president OF the Erie,
TO accept the position, excited good
deal Of comment yesterday in Wall
Street. q.
At the Offices of the Erie Railroad 1T
was said Mr.. Underwood was making
an inspection trip over the company 3
lines and would probably De IN CHICAGO
within a day or two. In his absence
other officials Of the road refused 10
discuss the possibility of Mr.; Under,
wood becoming head Of the st. Psul
system.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-19
The Dollar in Foreign Exchange

So far as outward indications 60 the
foreign exchange market during the
last week was little affected by the
peace proposals Of the Vatican. pui-
ness was the principal feature Of the
market, rates showing no slgnlhesnt
fluctuations.
Russian rublss were weak for time
esrlv in the week, falling TO new rec
ord of around 20i1 cents, but recover
ms frsctionslly later on. Rates for
Italian and French exchange were
slightly easier, but the movement was
of small proportions.
Rates on the Scandinavian countries
we're hrmer as q rule, with crown
checks on Sweden advancing 70 50
cents. Gold exports to Spain continued
on a moderate scale, while pesetas
showed no great change in value,
II YOU calculate the cost OF the dollar
in terms Of foreign money--thst is, as
Il YOU were buying dollars with pounds,
marks or franct--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, 1917-08-19
Shippers Asked to
Keep Cars Moving
Railroads War Board Offers
Suggestions to Prevent
Freight Congestion

WASHINGTON, Aug. ls.-Because the
demand for freight cars is greater to-
day than ever before in the history OF
the country, and is increasing daily, the
commission on car service of the Rail-
roads War Board has issued second
appeal, asking still further cooperation
from both shippers and receivers oil
freight. The commission states that
the ability Of the railroads TO move
crops depends largely upon the fuu
loading of cars and the elimination OF
all delay in loading and unloading
them.
The movement of lumber TO the cam
comments and the shipping yards mas
monopolized the use of more than iVo'-
600 cars and made serious lnroads into
the supply that under normal condi.
tions would handle the movement or
crops and food products. To Offset this
handicap and secure the maximum
amount of service from the cars that
the nation is dependent upon for the
TRANSPORTATION of food supplies the fol-
lowing suggestions are made TO SNIP
pers and receivers:
Unload promptly all loaded cars re-
ceived.
Load promptly all outgoing cars and
release them Immediately TO the rail-
road.
Anticipate disposition of freight be-
fore its arrival.
Do not order special types OF cars
when ordinary types will serve.
Eliminate use of railway equipment
when tonnage can be handled by motor
trucks or wagon.
Load all cars to their full carrying
capacity. .--
The Commission on Car Service
points out that there are six ways in
which the loading OF cars 20 their tull
carrying capacity can be achieved, as
follows:
More careful supervision of loading
Producers and buyers agreeing TO
disregard established trade units ana
increase the units as a way measure.
Waving rights in regard 10 minimum
weights under tariff and traffic reguia-
tons.
BUYERS increasing their orders so as
TO Till the car, and producers dlsposing
of their output on basis OF tull carry
ing capacity of equipment furnished.
Buyers who cannot handle larger
quantities clubbing together with other
buyers TO make full capacity cars.
Showing customers who desire, merely
as matter Of convenience, smaller
units than maximum now they can help
the general situation by enduring in
convenience.
Reports from practically all parts Of
the country indicate that the movement
of grain and food products is going to
be especially heavy during the next few
months. As more than 100000 recruits
for the draft army will have 10 he
transported 70 the cantonments next
month, and as similar unusual traffic
movements produced by the war arc
pending and threatening severe conges-
ton, the Railroads War Board feels
that every one should cooperate IN the
movement Of fire ght.
Keep the cars moving with a full
/ load and settle Differences Of opinion
! afterward," is the War Boards advice.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-19
Bank Amalgsmation
Important for Ireland

The amalgamstion, recently an
nounced. Of the Belfast Banking Com
pany with the London City and Midland
Banking Company is considered the
most important development Of joint
stock banking that has taken place m
Ireland The opinion is expressed, ac-
cording 70 the American Consul al Bel
fast, that Irish coa--nerce and industry
are certain 70 be greatly benefited b.
tire changes in banking transactions
and in the increased facilities for hnau-
cial and business operations which viii
now be available. The London City
and Midland has a subscribed capital
of f22,947,S04 s111675,490), q paid-up
capital Of G4,7s0, 7)3 1923, 265,730l. = re-
serve fund Of 100000 lsl9 a66,000),
and assets totaliing f194 ,18s,540 s945.-
O18,53Oj. It's net profits for the year
ended December 81, 1915, were 81, 429.-
36l (s6,955,9s5J. r. has branches or
agencies in the principal business CEN
tres Of the world.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-19
Relevant Facts

Magma Copper Company.-Operating
profits for the first six months OF 1917
amounted to s785,959, equivalent to ap-
proximately 1907 share on the 100000
shares outstanding. Operating prohts
in the corresponding period Of last
year we're equivalent TO about s239 a
share. The latest statement compares
with the previous year as follows:
June 80, June 80,
1917 1915
Pounds Pounds
Copper produced. .. 5,355,1S3 4,2l6,l2o
Av. price copper. 27.77c. LS:3ic:
Operating profit. S736,959 s515,226
Az. monthly profit 1885 1851
Butterick Company.-Profts amount
ing to s2O6,3O9 fer the six months end
ed June 80 last we're s4,595 larger than
for the corresponding period OF 1915
The balance shee showed cash on hand
of sl"6.39s. which is S61,752 less than
a yea- ago. Profit and loss surplus on
June 30 totalled s1,s44 PAP, an increase
of S206,319.
CrucibIe Steel.-Herbert Du Puy,
chairman of the board, said that direc-
tors did not declare dividend on the
common stock at their meeting last
week, ain order to conserve the COM
pany's working capital and TO meet the
costs Of Improvements required to meet
government demand"
Bethlehem Steel.-It was reported
Yesterday that the bankers who will
undertake the financing Of the Bethle-
hem Steel Corporation in reference TO
its immediate needs for working CAPT.
tai arc the Guaranty Trust Company
the Bankers Trust Company and J. &
W Selieman e. Co. representative
of these institutions and the private
banking firm held conference with OF
fcials OF the company on Friday at
which its requirements were discussed
hut no announcement was made as 70
the nature Of the pending financing
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-19

no corporation which hoped to stay
solvent could afford to pay.
If the proposal TO subject the in
come from the bonds TO the super
tax on incomes, war profits and ex-
cess profits taxes is adopted, it
seems likely that the effect of the
higher rate on the values of existing
securities will not be drastic, though
failure to impose taxation on all in
come derived from the bonds will
probably exert an unfavorable in
fiuence.
Bond values have already declined
tc a point where, generally speak
ing, the yield is higher than it has
been for many years, and the ten
dency of prices seems to be steadily
downward. The demand for in
vestment purposes at this time is
confined mainly, if not almost
wholly, to short term securities
which have the advantage of big re-
turns without committing capital to
definite position. That is, an in
vestment in one or two or three
year notes at this time yields an ex-
cellent return and at the same time
leaves the investor in such circum-
stances that he can shift his funds
according as conditions may dictate.
Owing to the nearby maturity,
prices of good short term notes sell
dom fall to a substantial discount.
The investors capital loss-assum-
ing payment at maturity-cannot be
large. On the other hand, the one
who invests in standard, long term,
low yield bonds may face a serious
impairment of capital if he should
have to dispose of his holdings few
years hence, because the price for
long term securities fiuctuates with
the price which the world is bidding
for capital. As the cost of money
rises the security bearing fixed
rate Of return drops, there being an
almost automatic adjustment of the
yield to conform with conditions
which may obtain at given time.
What the government does now in
the matter of war finance is there
fore not merely of Importance for
the duration of the war. Many
years after peace is restored it will
be a vital factor in the investment
markets. Billions of dollars Of gov
eminent securities can be sold-no
one doubts that they will be--but
that is not to say that they will be
digested The floating supply is
bound to be Of enormous proportions
at all times, and that means that
they will dominate the security mar
kets. The return on government
bonds will be the yardstick for meas
uring the return on other securities.
The bidder for new capital will have
to base his bid on conditions de-
termined largely by this dominating
factor. The holder Of existing Sc
curities will nave to readjust his
statement of assets TO conditions de-
termined in the same way.
And this is only one Of the many
things which have TO be considered
in making an investment. Is it any
wonder that the market for invest
ment securities is at standstill?
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-19

man mark. it says, is now so per cent
French exchange has only fallen aI.nlsi n
per cent and British 1872. Comp'S AL,
inc Of the inadequacy Of German wan
t tas the "Frankfurter Zeitpng
points out that in this respect Ger
m pU.nv' makes a very bad showing COM
U pared with England. The imposition
of higher taxes on war pronts W. wO ;, .s
have prevented mucn nrices from
Which the poor have been the G met
sufferers. The paper adds that IN Ger Ter
the position Of the middle d,asr eS buses
nesses are disappearing, while the tor-
nation of big trusts is increasing
enormously.
The Uruguaysn government has de-
cided to employ $4,000 on preliminary
surveys for system Of state railways.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-19
Italy Raises Maximum
For Banknote Issue

The "Gszetts oHicials," published ~
Bon. July II. 1917. contains a decree
Whereby the maximum amount Of the
goTsrnmsnt bsnknote issue 10 increased.
y q provided that the increase shall
~ an amount not exceeding 2OO,-
VV9ooo lire $500 ,000).
> Iait amount will, by decree Of the
iirtaiury Minister, be divided into b.
"a and l0.lira notes. 70 be issued as
et tsigeneiss Of the market shall de
nesa; and the decree will slso MAKE
l'niion for any measure which may
tses,ssry for the carrying out OF
iaii iaeEssss.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-19
News Digest
New York

DRY Goods Trade Activs-Marshsll
Field & Co., Of Chicago, in their weekly
review of the dry goods trade. say:
Wholesale distribution Of dry goods
for the current week is we'll in advance
of the corresponding period of gear
ago. Merchants have been in 10 market
in about equal numbers. Road sales
for both immediate snd future ship.
ments show good increases over the like
period in 1915. Collections are ahead
PRICE firm
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-19
Britain to Admit Some
Manufactures of Rubber

Importstions of rubber manufsct-
ures into the United Kingdom, which
have been prohibited since May 10 this
year. will now, according TO cablegrsm
from the American Consul At London,
no admitted to the extent Of 10 per
cont of the amounts imported in 1915.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-19

withdrawn last week the destination OF
which was not announced, while the
total taken out for all accounts ex-
ceeded $4,000 600.
Bank Clearings.--The days clearlngs
st New York and other cities:
Exchanges. Balances.
New York. ... $3.50, ,3et s41,eo4e42
BOSTON 35,eo5,o27 7,597,ei7
81 Louis. 3a,ee6,3te 2,e9o,376
Sub Treasury. - New York banks
gained from the Sub-Treasury S5,55b-
600
SiIyer.-Bsrs in London, 44d, IN
changed. New York, sS2, cents. un-
changed; Mexican dollars. 67ss cents
unchanged.
London Money Market.-LONDON,
Aug 18.-Noney, ga per cent. Discount
rates-Short bills, AZ per cent; three
months bills. 4 1915 per cent cold
premium At Lisbon, 5000.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-19
Saturday, august fS, 1917

Another nation is about to join
the ranks of those who have put up
bars against gold. Spain will take
the international currency only at
a discount. The Scandinavian
countries long ago placed restric-
tons on gold imports. Holland has
expressed a preference for settle
ment in other ways. When the
United States entered the war, and
thereby wrought great change in
our economic position, economists
and bankers were urging that meas
ures be taken either to curb i'm
ports Of the metal or to hoard it
in such a way that it could not be
used for credit purposes. And now
Japan, according to bankers, is to
place restrictions on the inward
flow. Of all the countries in po-
sition to command gold in impor-
tant quantities, by reason of large
excess of exports over imports of
merchandise, India is the only one
whose call for the token is unsatis-
fed. Indeed, India's appetite for
gold is not only unsatisfed; it is
Unsuitable, and for very simple
reason. Relatively little of the gold
which finds it's way into the bor-
ders of that country is utilized as
credit instrument. II is boarded.
When gold falls into the hands of
4 native Of India it mostly goes
either into the ground or into jewel
nv for the adornment Of the female
members of his family.
But in Japan, as in other world
powers, it becomes the basis for eX-
pansion of bank credits. 1t has
happened there. just as in other
countries since the war began, that
the food of gold has produced a
great price initiation, because the
supply of credit has increased much
faster than the production of goods.
All the phenomena which were wit
messed here are to be noted in ia
pan, but on relatively greater
scale. There was first an ecstasy
of speculation-in stocks, in food
stuffs, in all things which lent them
selves to speculative fancy-then
increased wages, compensating la
Dor for d time for the higher cost
of living, and, finally, jump IN
prices which is causing great out
cry among the poorer classes OF the
population. Accurate statistics OF
prices. in Japan are not available,
hut it is apparent that the move
luCQI ndS DOiiit a lNloAiHi' ~ WV
expansion of the gold stock similar
to that which has taken place IN
the United States. On July l, 1915,
the stock Of money gold in the
United States was 3 per cent great
or than on July !, 1914, while the
general level Of commodity prices,
as gagged by Dun's index number,
was per cent higher. By July l.
1916. the gold supply had expand
ed 81 per cent as compared with the
pre-war period, while prices were
up q per cent. On July ! Of this
year the increase in gold amounted
to 65 per cent, while prices showed
q net advance during the war of II
per cent. II cannot safely be said
thst al Of the increase in prices
was due to what would have been
regarded a. an impossibility before
the war-that is, to gold initiation
but. on the other hand, there can he
little doubt that that was the con-
trolling influence.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-19

The above rates express the cost of
foreign money in terms of the Ameri-
can dollar You buy 3n English pound
sterling at, say, Si.75n. The intrinsic
parity is i4.565s per pound, Thus, you
say either that pounds are at dis
count or that dollars are at pre-
MUM, which is owing m the fact that
in England the demand for dollars
with which 10 settle accounts in this
country 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, 1917-08-19
Guaranty Trust Enlarges Quarters.

The foreign department Of the Guar
anty Trust Company Of New York will
tomorrow occupy the entire second
floor Of the Guaranty Trust Building.
The new Offices are about 30 per cent
larger than those previously used by
this department, which Is practically a
complete bank in itself. with some 500
employes
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-19

Closing rates yesterday, compare
with . week age, are given IN me tapIs
bslov American bankers have sus--
n.rded all dealings in German and
Austrian exchange, so that daily quo
tstions for either marks or kronen are
no longer available.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-19

Gold Currenis.--United States gold
coin 10 the amount Of 100000 was
Withdrawn yesterday from the Sub
T,.,.prv The destination was not dis
e,o,sd' This made more than 100000
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-19
Money and Credit

Clearing House Statement.-There
wss an increase Of S4,420,s2O in surplus
reserve shown in the weekly Clearing
House statement, which resulted from
a decrease in loans snd discounts Of
S51,S5s, 900 snd drop in demand de
posts Of SCI 1927 900. The actual state
ment follows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-19

49, bssfssa Csr1aSs. Regular qJsfsfy
80 80 81 }i.1j q share On ne preferred
al. - share On the eOzamen ttCek' pay
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-19

Below is given the current exchange
value Of foreign money in dollars and
cents. together with the intrinsic gold
parity, as calculated b. the United
States Mint: Current
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-19

Federal Reserve Banks

WASHINGTON Resouces of Federal Reserve banks increased
week The condition Of the banks
August compared with week was as %
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-19

..-slslsy -Dafra Savage Mines. ksTulsf
1871 dividend 81 per rent. payable De
" st0ekhol5srs ~ record hsptfrn-
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-19
Dividends

l. ssrtAsrn Ohio Elsctri1. Regular quarter.
80, .ti''s'hd y y per cen, on The prsfsrrto
-, ,tTabls September 70 stockhol1trs
" rssogS ABzost ~
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-19

FDecrease. 7lncrease.
Acceptance Rates.-Current bid prices
for prime scceptsnces are az follows;
Spot delivery: 30 days 50 days 90 days
Eligible member
banks ....... 2Is% 3s'o see
Eligible non
member banks 33epo S3s% 51sPo
Ineligible bank .
Hills ........ 4A% 4A', tA%
For delivery within 20 days:
Eligible member banks. ........ 53B''
Eligible non member banks, 31s%
Ineligible bank bills........... D .
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-19

a ssvsn Shoe Regular quarterly hiviosna
80. 80 On he eosnnon s,oek. payable bsp-