davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1917-12-31
Wants N. Y. Bank Q
Law Amended to
Aid Liberty Loan
Freer War Bond Credits by
State Institutions Is Pro-
posed by Supt. Skinner

ALBANY, Dec. 30-In order TO IA
ciltate the placing Of the next Lib
crty Loan, Superintendent Skinner, OF
the Banking Department, in his annual
report TO the Legislature, suggests that
the banking law be so amended that
loans upon Liberty bonds may be made
by the state institutions. as well as by
the national banks, without diminishing
the credit which they may extend to
their patrons for the purpose Of carry
ing on their usual business and meet
ing such further demands as arc made
upon them through the necessities OF
the war.
Subscriptions to the first two Liberty
loans by institutions under the super
vision of the New York State Banking
Department and their patrons totalled
nearly sl,OOO,OOO,OOO. Their subscrip-
tions to the first loan aggregated $751;
597.425. while the subscriptions to the
second Liberty loan totalled s5l7,-
39l, 200.
The following tables show the
amounts subscribed for these loans by
the different classes of corporations
and individuals subject TO the super
vision of the Banking Department, to-
gethcr with the amount Of subscrip-
tions which they received from their
patrons and the .o;al of such subscrip-
tione:
New-York tribune., 1917-12-31

IN THE aggregate there W. ne"
high record for coal pa Nuctlon
established beyond doubt IN the
year 1917, and the coal market IS III
such form that it appears by no means
improbable that before a great many
years have passed by the possibility oil
achieving an output Of l,00O,OOO,OOO
tons a year will be discussed. IN
fortunately, it appears necessary 10
make a mental deduction from the fig
ures quoted as tonnage produced by
reason Of the lessened efficiency OF 2
certain ,rtion of the coal, particularly
soft coal, that was shipped. We have
il on the authority of the Director OF
the United States Bureau Of Mines
that much Of the increased production
has been in impurities rather than IN
clean coal, at least per cent extra
slate. rock and such debris OF the
mines going forward. This would
amount to over 3O,OOO,OOO tons, and,
if correct, offset to a large extent the
gain over last years output.
This is a factor that must be taken
into consideration by the student OF
market conditions, and it is unfortu-
New-York tribune., 1917-12-31

3Gl. against 1897, 100000 the pre-
ceding week. In the market for
loans running for fixed periods very
little was done last week owing to
the fact that the important lending
institutions have temporarily with
drawn until after the turn of the
year. Rates on such credit accom-
modation, therefore, held firm at
51a to 6 per cent. Commercial
paper was also firm at 5l3
to per cent for most maturi-
ties. The consensus Of banking
opiuion at the close of the week
was that the money situation, con-
sidering the heavy demands that
have been made upon the market
during the last month and half, is
sufficiently strong to take care Of
the end of the year shifting Of
funds without undue strain. Credit
for this state Of affairs is due to
the splendid working Of the Fed
eral Reserve system plus the CO.
operation of the local banking COM
munity.
New-York tribune., 1917-12-31

The year is coming TO a close
with a revival Of confidence among
holders Of securities, particularly
railway securities, based on a great
stride toward the rehabilitation and
restoration Of railroad credit that
two weeks ago was hardly looked
for even by those most optimistically
inclined. Much history has been
written in the security markets Of
the last week, developments there
coinciding with and arising out Of
the revolutionary changes that have
come in the railroad world through
the Intervention Of the Federal gov
ernment which is now in full con
troll of operation of the railroads of
the country for the period of the
war. President Wilson's proclama-
ton announcing his intention Of
taking over control Of the railroads
caught Wall Street and the security
markets in the depths. The change
that followed the news from Wash
ington was spectacular. Railroad
stocks, including sterling investment
issues, which for months had been
steadily declining, stood in the aver
age at the lowest prices in a quar-
ter century, suddenly advanced with
the greatest vigor Imaginable.
Many ISSUES jumped 10 to 10
points on Thursday at the opening
Of the market, the sensational ad-
vance rejecting more than anything
else the relief felt over the fact that
the President in his control pro-
gramme guarantees railroad income
on almost as generous a basis as
could have been selected had the
railroad managers themselves had
the matter in their own hands.
This was all that was needed to re-
assure railroad security holderS OF
the safety Of their equity in rail-
road properties, and as result
market values have recovered a
large portion of the ground lost on
the extensive decline of the last
three months. Railroad bonds were
also helped by the developments.
Industrial stocks also benefited,
buying of these shares being
prompted by the belief that with the
railroad problem solved one of the
most depressing influences on the
whole situation will have been re-
moved.
New-York tribune., 1917-12-31
"Hysterical Economy

More harm than good will result
from the general practices of "hysteri-
cal economy" in the opinion of S. W.
Straus, president of the American Soci-
ETY. for Thrift. "Thc tendency on the
part Of many &C our citizens to prsc-
tisc indiscriminate economy at this
time" says Mr.. Straus, ais regrettablc
because Of the danger Of injustice TO
legitimate business enterprises, with
out any benefit therefrom to our gov
ernmcnt in winning the war. Further
more, it is regrettable because of the
possibility Of fostering a popular mis-
understanding Of the true meaning Of
thrift.
"This condition, II It we're 70 con-
tinue, would tend to discount the valu-
able lessons in the sensible practices Of
thrift which we as individuals and as a
nation must learn from the war. We
must bear in mind that money is just
as essential in winning the war as food,
ammunition and guns. Any condition,
therefore, which tends to halt business,
transacted along conservative lines, and
stop the flow Of money through the
customary channels, saps our financial
power.
Money, lying dormant. is cold metal
nothing more. Money is merely
symbol Of wealth. It has no value
whatever excepting when in circulation
or when used as the basis Of credit.
Real wealth is only that which money
can buy.
"We must dfferentiste between the
elimination of waste and the withhold
ing Of money from legitimate business.
We must remember that what Is one
mans luxury is another mans neces-
sity, jointly creating transaction on
WHICH business and employment de-
pend. This statement does not, of
course, imply encouragement Of ex-
travagance. In the practice of true
thrift now or at any time. there is no
waste. Especially now we must abstain
essentials necessary TO the government
for the successful prosecution OF the
war. We must subscribe literally and
TO our greatest ability to the Liberty
loans and war charities. but we must
remember. also. that we will gain moth
ing as a nation in the encouragement
Of false economy, boarding and selfish
ness. American business constitutes
one of the strongest assets of the Allied
cause. Anything like financial panic
In America now would be a real disas-
ter, because the government would be
placed at tremendous disadvantage in
securing money with which to finance
itself and our allies.
"All our people are united on the
point that war requirements come
ahead of private considerations. but we
need not feel that it is our patriotic
duty TO create an epoch of receiver
ships and cripple the business of man
ufacturers, theatres, artists, musicians.
dressmakers, tailors, jewellers, small
shopkeepers and the millions of our
citizens whose livelihood is, directly OF
indirectly, dependent on so-called non
essentials. If an era Of receiverships
is precipitated through the dissemina-
tion Of doctrines of destructive econ
omy, a popular misconception Of thrift
will be created and the thrift move
ment In this country will be retarded
for many years to come"
New-York tribune., 1917-12-31

nate that the result has been SIS noted.
for il means more waste product car
ried in the already scarce freight cars
and increased dissatisfaction on the
part of those using the fuel. And the
retailer only too often, it is found, has
to meet enough criticism from the con-
sumers under the best CT circum-
stances. Yet better preparation is
something that, under the circum-
stances, was practically unavoidable.
The rush to get out tonnage, coupled
with the difficulty OF maintaining
proper discipline by reason of the labor
situation in general. has initiated
against clean COAL and the output is
now at so huge a figure that an in
crease Of impurities amounting to only
| per cent means 100000 tons and
more annually.
We may we'll designate 1917 as a
most notable year IN the coal trade
from news standpoint. Certainly
reyer has the industry received more
general publicity. and never before has
it been the object of direct govern
mental supervision, as it has been in
the last six months of the year now
drawing to a close. We nave seen in
augurated such a system of direct gov
ernmental control as probably none of
the moro conservative people in the
trade ever anticipated. Indeed, it may
we'll be that the older generation Of
coal men would have thought extremely
socialistic the recent measures pro-
posed should the details Of the fuel
administration have been put before
them in carly days.
And yet withal it is recognized that
the developments have, in many cases,
been distinctly favorable TO the trade.
Certainly the idea Of eXtortionate
prices has been thoroughly disposed Of,
for there has been in no instance any
official demand made for figures below
those that formerly were criticised in
terms, and while the ad-
vances made have not perhaps been
such as the circumstances of the in
dustry warranted, they have reached a
level fairly commensurate with the
New-York tribune., 1917-12-31

In connection with these loans Mr..
Skinner calls attention to the "disin-
clination of some of our ultra-conserv-
stive bankers to use to the fullest ex-
tent the rediscount privileges that have
been so freely offered in connection
with these loans. Our past experience
has fully demonstrated that the cur
rency Of the country should be so
elastic and adjusted to current needs,
and the old notion that a rediscount
by financial institution Is necessarily
a sign of weakness. Is inconsistent
with the theory upon which the present
currency Of the country is based. The
combination of gold and of commercial
paper as basis for our currency is be-
lieved To render it both safe and adjust
able, and the experience of the Federal
Reserve Bank of New York in connection
with the placing of these loans would
seem to demonstrate its elasticity.
IF currency oe considered simply as
an instrument, means of facilitating
business, it is evident that an ade-
quate supply of il is necessary to carry
on the business and commerce of the
country when such great demands are
being made upon the financial system
to meet the needs of the national gov
ernment. Unless advantage is taken Of
the rediscount privilege. contraction
and denial of credit to persons engaged
in carrying on the ordinary and neces-
sary business and commerce OF the
country seem unavoidable"
Mr.. Skinner also calls attention to
the sale Of Liberty bonds at less than
par within few days of their issue.
81 am firmly convinced" he says,
that no person or institution should
subscribe for Liberty bonds un-
less prepared TO take advantage,
if necessary, Of the means afforded
for carrying them practically without
cost until such time as he may be able
TO pay for them or they can be sold
at par or more. ANY other course seems
to me unpatriotic. Under such circum-
stances their sale at less than par
tends TO destroy confidence in them and
also leads 20 undue depreciation in the
prices Of other securities"
New-York tribune., 1917-12-31
Ocean Freight Situation

The difficulty Of obtaining shipping
space for the commercial cargo to
United Kingdom ports continues, ac-
eording to the Foreign Trade Bulle-
tin" issued by the American Express
Company and unless some further
special charters are arranged little or
no space will be available during Jan
uary.
10 French ports shipping remains
difficult and preference is given to
cargo which viii contribute directly or
Indirectly Go war activities. Steamers
afc booked iull practically as soon as
they art announced, thc rate appar-
entity not being "a matter Of prime i'm
Ioriancc.
To Italian ports. prompt space is
oolelnah.c. but rates continue very
higa.
Negotiations are under way for an
American steamer 20 Greek ports, but
until they arc consummatcd the CON
diuens OF shipping cannot be an
Eouuced.
To Switzerland shipping has been
temporarily interrupted owing 20 lack
Of steamer space 20 Marscilles. the port
OF entry Tor SWISS goods. T. is cN-
pccted that this situation will change
for the better ia January.
To Holland and scandinavian coun-
tries, conditions are unchanged.
To South America, space Is plentiful
and rates are on lower and steadier
plane than 90 transatlantic ports. A
few sailing ships have been loaded for
South America with rough cargo, but
moderation In steamer rates has made
this Improbable.
To the Orient there has been an ad-
vance in ocean rates from New York
and also from Pacific ports.
To Australia few immediate depart
ures from New York are in view. Two
sailing ships wero dispatched recently.
New-York tribune., 1917-12-31

Money rates on the whole were
firmly maintained during the week.
There was no stringency, however,
despite the fact that the end Of the
year will bring unusually large in
terest and dividend disbursements
on outstanding corporate securities.
At the Stock Exchange call money
held at 8 per cent practically
throughout the entire week, with a
slight shading of the rate TO 5%
per cent on Friday The banks
strengthened their position further
last week by reducing their out
standing loans and discounts by
$33,000,000, while cash reserves in
excess Of the legal requirements in
creased s35,135,620, and now
stands at s112,376,330. The banks
continued to make liberal use Of the
rediscount privilege with the Fed
eral Reserve Bank, the total Of bills
discounted and bought by that in
stitution from member banks dur
ms the week aggregating s403,l1O.-
New-York tribune., 1917-12-31

Such changes as have occurred
during the last week in the general
money position have been Of minor
importance. While the new condi-
tions created by the governments
taking over control Of the railroads
has naturally excited great interest
in banking circles, they have eX-
erted no direct influence on the
trend of money rates. Bankers, Of
course, realize that in the long run
the fact that the government is to
control the operations of the rail
roads and at the same time provide,
as announced by Secretary of the
Treasury McAdoo, the newly ap-
pointed Director General Of rail
ways, for the maturing obligations
OF the various companies, is likely
to have an important effect on
money market conditions generally.
Whether the large amounts Of
money that will be required for this
work-railroad maturities in 1918
are estimated in excess of $780,
100000 and additional sums are
needed for equipment purchases and
improvements-will be advanced by
the National Treasury, or whether
the railroads will themselves bo re-
quired to seek financial accommoda-
tion in the form Of sales Of notes
or bonds, backed by governmental
guarantee, is one Of the many de-
tails Of the whole programme that
remains to be worked out. II the
Treasury Department sees fit to
make the necessary advance to the
railroads the money will have to
come from the governments own
borrowings, which will add to the
war loan operations Of the govern
ment to that extent. Whatever
form the financial assistance to the
railroads takes, whether direct or In
direct, it is certain that with the
governments credit behind the car
riers for at least the full period Of
the war, the interest rates to be
paid will necessarily be much more
moderate than would otherwise
have been the case.
New-York tribune., 1917-12-31

to come, and therefore, the tonnage
being assured, the chief point is the
price at which il can be sold. Fortu-
nately, wage questions are supposedly
settled for a term Of years, or until
the end Of the war. We have hereto
fore seen that wage arrangements are
liable to modification on very short
notice, but the more recent arrange
ments were made in such a manner,
under government supervision ana
with government sanction, that they
may be assumed 70 have more sta
bility taan the private Arrangements
previously entered into; and II might
not be too much 70 say that they are
authorized government rates for mine
work.
One feature that must loom up large
in consideration of the future is the
fact that there will be very few new
mines opened, and this will have =
notable bearing upon future tonnage
and price conditions-long after the
war has been terminated, we would
say. The fact that IL Is difficult 20 Sc
cure new capital is one feature; the
fact that it is extremely difficult 10
secure supplies and equipment Is an
other, and the scarcity of labor Is
third circumstance. while over ana
above all is the fact that the fuel sd-
ministration naturally will not sane
ton anything like a division or diss-
patton Of the labor supply available A.
the present time. II is a fact tha,
miners working in well developeo
mine can produce much more coal thsn
a similar number Of men working N ..
mino that is being opened.
SO far, so good. But IN some, per
haps many. circumstances new mines
could draw upon 2 local suppl; o.
labor and so not interfere with tno
activities at other places. We have
seen an illustration Of this in the uns'
sual development Of the wagon mines
so-called, during the early part OF the
year. When stringent measures iot
the regulation thereof resulted IN the
rapid elimination of large number OF
them il was found that the employees
did not go TO other. larger mines, a.
some expected, but sought employment
in other lines close at hand.
Development Work Neglected
Allied TO the matter Of failure 70
develop new operations is the fast ,ns'
development work has been neglected.
and it seems quite reasonable 70 ap
prehend that there may be cor.
siderable shortage Of coal IN the yesIs
TO come on this account. Not only IN
the desire 20 get out tonnage because
Of the market price, but by speeding W
in response 10 he urgings TO get os.
tonnage as measure Of relief ns.s
mining and shipping been. pushed ~
the exclusion OF mere deyelopmsn'
work, so-called dead work, wnieh
suits IN very little tonnage being p'.
dueed per day or per capita. IL - )"
be feared that the time may DC elos'
at hand when the actual mining opets
tions are so close up 10 the limits 2,
the development work that output WI"
suffer on this account.
New-York tribune., 1917-12-31
Illinois Traction

Gross earnings OF the Illinois Trac-
tlon Company In November from all
sources were $1.2l3,066. compared with
Sl.iO4,9i2 the corresponding month last
wear. Net after expenses and taxes
was S392,1i3. compared with s477.29l
a year ago, but after deducting ten
months Federal AK amounting 70
siO3 .46s the net income for last month
was reduced 20 S2Ss,6l5.
For eleven months ended November
20 net earninex were S4,l23,057. com
pared with sfsl5,O45 for the CORE
Tp0ndinR period last year.
New-York tribune., 1917-12-31

Army & Navy Club Of Manila h''H S"s .o"p'"
American Supply Co. Of Ksnkskse National Starch Co"p'"
A. nu rI,;, cono,,, New Castle Sbensnso Valley R. G.
- c., S,..,, R,Id Co. Cubs Mail Steamship Co
Bule ter
Caro- Water Works Company 80 ~. - ALL. re-
C.d. Rapid, City Of Rsunding Bonds r 49,
Chtsnoos, City Water Company o. c.: p.Ir.,;.. -
.s"H brewing No"p'' Portsmouth & Suffolk Water Company
Co""o'' "o N0"p', Richmond Beach Railway Company
Consumers Park Brewing Company
e0'u'''" O"'' Southern Pub Uhite,
Gown" r. Yub, Company, Con,Oid,.d
Equipm Trust Certificates, Sero'A Dbl
Chc.,o & North Western Railway Co., ~
n H.; pa C,, Union Depot Company, Columbus Ollie
~. -, TI, r.n,,, Uun UiGh. Company
Water Supply CotMse vsnoe''o'sn |o'"'' ~
East Suppyco 2adMs warren "' C"p'' ~ ''O
e. G, I I,h,, w., e Warren Water Company, (Sas Of 1909
FL Pao & Southwestern Railroad Co. u''he N0''n WI"
Ellsworth COlie, Company n''a"'o' "'e '' N"p''
Souher Railroad "'0'~'r' " 'O"P~n'
Herkm., Mohawk, lln Fsnkfor,
Electric Railway Company E. St Lou, Granite City Water e,
Hogsson Brothers County Of Vndsbush Indian,
lndi,n,p poll, SLe.,te Traction Co. JANUARY I5TH 1918
lndsnap Union Railway Company Lyudae Monks
Company Co. and Minneapolis A Railway Co.
SteetRs Railway Company ST. Paul City Railway Company
Lawrence Park Realty Company JANUARY GOTH. 1915.
Mobile Light Railroad Company pehn Water H'rk' company
Mobile Ohio Railroad Company EIten JANUARY 3isr 1918
zion la Mtg. P.rsn, Water Supply Power Company
Dividends
JANUARY 2ND 1915. WeymanBrusn Company Preferred
Duluth. Traction Co, Common W. Woolvor,b Co. P.f,rrS
Duuth- Superior Traction Co., Preferred
Twin City Rapid Transit Co, Common JANUARY oTH 1918
City Rapid Transit Co., Preferred Detroit Hd. Shwe.rs
Weynsn Bruion Company, Common road Company
New-York tribune., 1917-12-31
Bond Men
Wanted
Gulf and ship ISIant Railroad Go.
First Mortgage RefandlnS and Terminal

First Mortgage Refundng and Terminal
Five Per Cent. Gold Bonds
As provided In section seven of Article
Two OF the Mortgage securing thc issue -
bonds above described. the undersigned. ss
Trustee, will receive sealed proposals up 10
3 =. NJ on January Ith. 1915. for the ssi.
TO T. OF such bonds for account of the sink
ing Fund, az A price not exceeding no yer
cent. and accrued interest % the amount -
$74Si9.S4. conditioned upon the paymon,
to the undersigned Of that amount on ~
before January End, 1915, as provided
the said Mortgage.
THE NEW YORK TRUST COMPANl.
E'orrn,rlv New York. Security snd
Trust Company. Trustee
B. H. ". MORSE. secret@r.
December 7th. 1871
New-York tribune., 1917-12-31
The Farmers Loan and Trust
Company
I6. IS, 20 and D WILLIAM STREET
New York City

Coupons and Dividends due in January are payable at this
Office on and after January st, 1918, as follows:
New-York tribune., 1917-12-31
Heavy Tonnage Of Waste
Helps to Swell 1917 Coal
Output to Record Figures
abor Unkied in Mining Often Fails to Distinguish Between
Fuel and Slate Rock or Other Debs-Review OF a f>c
markablc Year of Activity in Anthracite Fields
By Frederick f. Saward
Editor The Coal Trade Journal

cost Of production so Tar as large
output Of coal is concerned.
The year opened with practically IN
rrecedented prices, which were natu-
rally soon reflected in demand Tor
higher wages, az d. IN the face Of con,
tract arrangements extending well
into the future, conferences were held
and advances willingly granted on
basis much more liberal than some that
had been vigorously combated only one
year before. Perhaps making virtue
of necessity a better feeling developed
between operators and miners, and
every efTor. was made b. producers to
increase the output of coal, although
it must be admitted that in many cases
the liberality of the terms Of employ
ment had a result contrary to expeeta-
tious
New-York tribune., 1917-12-31
Years to Overcome Shortage

While great advances in traffic facil-
tiles resulted from the coordination Of
railroad facilities, it was found that
the deficiency therein by reason of the
stunted growth Of our railroads in re-
cent years caused an ever apparent lack
of service on the coal carrying lines.
In fact, it has been freely asserted
throughout the past several months
that the shortage of labor, coupled with
the railroad conditions, means that
New-York tribune., 1917-12-31
The Outlook

As to the outlook of the future, il is.
perhaps. superfuous 10 say that much
depends upon the price that is fixed
for soft coal. for il is recognized that
the demand will b. equal to the pro-
ductive capacity Of the mines for years