davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-12-18

"A Y LETTER on gold produc-
NH ton in "The Engineering
L. and Mining Journal Of
December 3 has aroused some dis
cussion, as | intended it should. !
asked in this article. ado We really
need to produce gold to help win the
war;" It is pointed out that gold
is the basis Of currency. and that one
dollar of gold money can be used
as the basis of four dollars paper
currency. But the question to my
mind is. are we not paying too high
price for this result, and cannot
The fnanciers achieve the same re-
salts in other ways?
The approximate annual produc-
ton of gold of the United States and
its possessions is Sl00,00O,000. If
we assume that the average yield Of
gold ores in the United States is
SO q ton. this means the mining
Of 100000 tons Of ore. This fg-
IRE. of course, is but an estimate, as
considerable gold is made as a by
product in the production of other
metals. If, instead of mining TO-
100000 tons of gold quartz, or ore.
We mined 100000 tons of copper
ore, with n yield Of twenty pounds
10 the ton, we would increase the
country's production Of copper by
2OO,O00,000 pounds, which, at the
present price Of twenty-three and 4
half cents a pound, would be worth
S47,O00,000. Certainly this copper
Is of more Importance in winning
the war than the gold. | simply
take copper because ! am a little
more familiar with that metal, but
The same thing would apply to iron,
lead, nickel, spelter and the rarer
minerals necessary to produce high
grade steels.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-12-18
New York

Cities Service Company Develops Wv
Properties. Public offerings OF 50 .2oO'-
600 two-year Z per cent notes CT the
Cities Fuel and Power Company IS
made to-day by Montgomery & Co., IN
vestment bankers. The notes arc or,
fered Mt 90. to yield ~ per cent, and
are part Of total authorized issue Of
100000 900. They are guaranteed Dy
Inc Cities Service Company, and are
secured by deposit Of S16.750,OOO bonds,
notes and stock of subsidiary COM
panies.
The proceeds from the sale Of tne
issue. il was stated, will be used IN
largo part IN further development Of
the oil properties OF the Cities Service
Company. which now are said % be
producing over $1,000 barrels g day.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-12-18
,nd ~

rs high; that fuse costs 30 per cent
more than il did three years ago;
that steel even 1T the present gov
crnment prices, costs from two 10
three times what it did in normal
times. and that pipe, fittings drll'
steel. wire rope, bolts and nuts nave
doubled in price. In fact, they claim
that the general average price OF all
supplies used by gold mines ana
mills have doubled within the last
three years. As | say, these laws Of
trade will Of necessity diminish the
production Of gold and tend to d.
vert the labor and supplies to what
I think. John Stuart Mil would call
2 productive industry
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-12-18
Pierce Oil Asks
Permission to
Operate in Texas

AUSTIN, Tex, Dec. /" - ~
Graves Of the Twenty-sixth Dist1c.
Court to-day granted the motion q
the Pierce Oil Corporation to APP.
70 the Secretary OF State Tor a peiini'
70 do business in Texas. This corpor,l-
t;on Il the successor In Missouri 70 inc
WSaters-Pierce Oil Company, IN that .
bas purchased the business and prop
~r,v of the Waters-Pierce OH CON
DanV
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-12-18
Other Cities
,inhniidinr Mercer Under Nav.

Shipbuiiding Merger Under Way
DOVER. Del, Dec. 1.-THE Pusey &
Jones Company. a large shipbuilding
concern of Wilmington, to-day filed a
certificate with the State Department
permitting an increase Of capital from
sf.20O.OO0 to S20,000,O00. The increase
will make It possible 70 complete the
proposed merger Of the Pennsylvania
Shipbuildng Company and the New
Jersey Shipbuilding Company. both Of
Gloucester, y. j., with the Pusey &
Jones concern, resulting in large in
creaso In Ontnut.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-12-18
Foreign Bonds Again slump

Foreign government bonds continued
TO decline yesterday, with the Anglo
French 3 per cents selling at a new
low record OF $685.. q decline Of -
points from the close Of last week.
French government 5i2s Of 1919 sold
down to 93%4, against a closing last
week OF 94is and high record Of l0l.
United Kingdom Of Great Britain 5l2s
Of 1921 were traded in at S7A, CON-
pared with a low last week OF ssh.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-12-18
Sentimental Value
Should Be Disregarded

am willing to let the matter rest
on this basis, but think it is mani
festlv unfair for the gold miners to
ask that they be given special prlvl-
leges in the way of reduced taxa
ton and to demand that gold mines
and gold mining companies be put IN
a separate category, and that their
war taxes be reduced. 1t seems to
me that this is a time when we must
disregard the sentimental value OF
gold. and basicly the value of gold
is only sentimental, and permit the
diversion of as much labor and sup
plies as possible to the production OF
the more necessary metals.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-12-18
Money and Credit

Improvement in the cash position of
the local banks as revealed in Satur-
days Clearing House statement did not
have any appreciable effect on the money
market yesterday. At the Stock Exchange
call money ruled firmly al the 6 per
cent level established last week. Bank
crs. however predicted a somewhat
easier tendency before the end Of the
current week as q result OF the COM
pletion Of the extraordinary govern
mont transactions.
In the market for fixed date loans
offerings continued light and only a
small amount Of business was done.
borrowers were bidding per cent for
practically all maturities on industrial
securities.
Ruling rates for money yesterday,
compared with a year ago, were as fol-
lows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-12-18
Jewe,t Bros Loans Liquidated

The weakness in yesterdays stock
market was attributed in part to sell
ing Of the securities held by banks as
collateral for loans made 10 Jewett
Bros. the brokerage firm placed IN the
hands Of q receiver on Saturday. Some
twelve banks were the firms creditors
10 the amount of approximately Sl,O0O,-
600. These loans, the receiver has
stated, were secured by more than the
usual 90 per cent margin asked by
lcnders OF call and time money.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-12-18
The Dollar in Foreign Exchange

Irregular changes were the rule in
the foreign exchange market yestcr-
day. Russian r4bles developed a weak
tone and declined y cent 20 1919, cents.
Exchange on Paris declined TO '.'i
for checks. compared with 5.73 9-l6 on
Saturday. Italian lire were firm.
Closing rates yesterday. compared
with a week ago, are given in the table
below. American bankers have sus-
pended all dealings in German and
Austrian exchange, so that daily quo
tations for either marks or kroncn arc
no longer available.
Quoted dollars 10 the pOund.)
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-12-18
News Digest


Foreign
Good Tone in London Stocks.-LoN-
DON, Dec. 1.-THE tone Of the stock
market was good. With the holidays
in view. dealings in tho speculative
sections showed a shrinkage. Invest
ment stocks we're dull, as most OF the
money is going into war bonds, but
the tax-free war loan was good ieat-
urc.
A few Of the oil, shipping and bank
shares were given the attention OF IN
yestors at steady prices.
Paris Borrse.- PARIS, Dec. IL
Trading was quiet on the Bourse today
Three per cent rentes, 80 francs %
confines. cx-coupon. Exchange on
London. q francs 25is centimes. rave
per cent loan, SO francs 10 cen'.mcs.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-12-18
Elections

". {. Sills. treasurer OF the Chevro-
let Motor Company, has been elected
director OF the company.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-12-18
Washington

Farm Loan Legislation Blocked.
WASHINGTON, Dec. l7.-Legi station
TO stabilize the farm loan bond mar
ket got under way in Congress to-day,
with the House Rules Committee re-
porting a special rule for its consider
alton. Senator Penrose, however
blocked immediate consideration Of the
subject in the Senate, charging that
the farm loan bank system had been
permitted TO drift into its present con-
dition.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-12-18
yesterday. Year ago.
Commercial Paper.-Rates quote,

commercial IaDSI' hdttS Quoteu
yesterday were 5i2 per cent for four
months maturities and So per cent
for six months. The market was quiet.
Official rates Of discount for each Of
the twelve Federal districts are as fol-
io,yS.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-12-18

q decrease Of S2.3I5.oOO in loans and
discounts. Cash excess with the Fed
cral Reserve Bank increased S1.4l1,05o
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-12-18
Quoted cents TO the unit.j

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, 1917-12-18
Bank Clearings.-The days clearings
a; New York and other cities:

Silyer.-Bars in London, 43d, IN
changed; New York, S57sc, unchanged;
Mexican dollars. 67c, unchanged.
Sub Treasury. - New York banks
gained from the Sub-Treasury $4,000.
London Money Market. LONDON.
Dee. H.. Money was in fair supply at
4 per cent.
Discount rates Short bills. 43s per
cent; three months bills, "a per cent.
Boston Bank Statement The weekly
statement Of the Boston banks showed
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-12-18

The above rates express the cost Of
foreign money in terms Of the Ameri-
can dollar You buy an English pound
sterling at. say, S4.75f,. The intrinsic
parity is s4.SGt. per pound. Thus, you
say either that pounds are at discount
or that dollars are at premium, 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 coun-
ny for pounds with which to settle
accounts in England.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-12-18
Partial Payment Plan

Purchases o. New YORK stock -.
800 n.te.i securities can De- made %
he Sar.s q, reasonable initial deoosi
80 succeeding monthly paymehis -
TO- Booklet M-ei. Partial payment s-s,,
rssiions." John Mut a go. Ns' ,,5.l,t.
the New YORK Sioth tA>"Nto-' w
way. New York. y. y.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-12-18
America Gains
Financial Pinnacle
In Three Years
Volume of Foreign Trade
Shows Phenomenal
Increases

WASHINGTON, Dec. l1.-America s
ascendancy to financial supremacy IN
the world in three years gives every
promise Of continuing after peace
comes. according to the annual report
Of the Bureau Of Foreign and Domes-
tie Commerce.
1T is probable that the demand By
European countries" the report says
especially Russia, France and Bel
GUM, for building material, macnIn-
cry, railway equipment and other CON
struction and reconstruction material
will be larger than during the war
Much Of our new business in South
and Central America. Australia and the
Far East, as well as in Africa - eH-
pected TO be permanent, especially IN
view Of our increased purchases OF
raw materials and foodstufs from
these countries"
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-12-18
Would Check Speculation in Liberty

Bonds WASHINGTON, Dec. ia
resolution TO make it unlawful TO buy
or offer 70 buy any Federal bonds is
sued since April 8, 1917. for less than
par and the accrued interest was in
PRODUCED to-day By Representative
Wood, of Indiana. The object is 20
prevent depreciation and speculation
in government wartime securities. II
was referred to the Judiciary Commit
tee. Secretary McAdoo recently stated
he was convinced German selling had
quoted Liberty bonds below par.
Express Companies Report Deficit
WASHINGTON, Dec. l7.-beading eX-
press companies, whose application for
a 10 per cent rate increase will be
heard further BY the Interstate Com.
merce Commission tomorrow, reported
10 the commission to-day an aggregate
deficit of S3496 in operating income
during August. as compared with earn
Ings Of S931.0O0 operating income In
the like month OF last year. During the
eight months ended with August the
companies earned S1.l8S000 operating
income. as compared with 5000 600 IL
the same period of 1916.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-12-18

Much OF our new business IN 'ou'"
and Central America. Australia and the
Far East. as well as in Africa, IS eX-
pected to be permanent, especially IN
view Of our increased purchases OF
raw materials and fOodstufs from
these countries"
Gold Flows to |. :.
Since 1914 the flow of gold has been
steadily toward the United States, IN
I'll one-third Of the worlds visible sup
ply Of gold is held here. Net imports
Of gold have amounted in three years
to s1.1l5, 5000 600, and. in addition, mill
ions of dollars worth OF American Sc
curities held abroad have been re-
turned here in exchange for merchan-
disc. Millions also have been invested
IN foreign securities and government
loans. and the United States has made
loans to the Allied governments
amounting to 32,250O00 600.
Exports in 1917 were valued at the
unprecedented sum Of i,OOO,OOO
and imports at $500, 100000. The
exports showed an interesting feature
in the growth in sales Of completed
manufactures $2,94i,0 100000.
Most Of the exports went 20 Eu-
rope. consisting in the main Of army
supplies and foodstuffs, but tremen-
Gous increases were made in com
merce with Latin America, the Far
East and remote parts Of the world
which formerly were customers OF
European countries. II is this new
trade which the bureau is organizing
90 aid American manufacturers TO re
tain after the war, and which Burwell
$. Cutler. chief of the bureau, says
can be done despite the United States
becoming a belligerent, adding:
To Hold Gains After War
1T is confidently expected that our
trade with South America. the Far
East. South Africa and Australia will
not be too seriously interfered with
and that We may reap in the future
the benefits Of having cultivated those
markets so assiduOusly and intelli-
gently during the last few years"
Exports 10 North American cOUn-
tries increased from S529,OC0,OO0 i'm
1914 to SILICA. 900 600. a gain Of t2C
p'I AtlAs 'ii piItiNH - t1OAAu amer
lea more than doubled. rising from
&l25,COO,C0O 10 $260OO0,O0O. Export
20 Asia increased more than three
fold. from Sll3.0O0,O00 to S3s0.O00,0 900.
Sales to Oceania rose from $S4 100000
10 S1l1.000,000 and 20 Africa from
S2S,000,000 TO SJ300O,00
For the first time in the history of
the United States, Europe took second
place in selling goods to the United
States. Imports Of $766OOO.o00 from
North America during the fiscal year
1917 were greater by Sl56,000,O00 than
the imports from Europe The in
crease in purchases from North Amer
lean countries was due LARGELY to the
greater value Of sugar purchased from
Cuba. Imports from South America
and Asia showed gain of ZOE per
cent over 1914.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-12-18
Engineer Tells
Why Gold Mining
Should Be Stopped
Not Gold. but Copper, Iron
and Other Basic Metals
Needed for War
BY ]. Parke Claiming

a ny LETTER on gold produc-
NE ton in "The Engineering
= and Mining Journal' Of
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-12-18

grade steeIs,
The Detroit times. [volume] (Detroit, Mich.) 1903-1920, 1917-01-18

lihood OF any violation o. neutrality
By the raider--but are nevertheless
taking 10 chances
The Detroit times. [volume] (Detroit, Mich.) 1903-1920, 1917-01-18

ftostnued trom ieE~ bnrl
methods pursued BY the Central
towers
Bslfour admits the diTculty ri
accomplishing these aims Dut 20
elsres a durs bic peace posgsble only
ia their fulhlluient fortified ~
Joint action Of civilized nations 70
enforce peace. once Il b attained
President Wilson fsvnrs use of
both arms 81 the countIy's defense
90 insure peace IN spite Of recent
reports he fyli such league shc Ia
De armed With cnly moral suasiun
The president recently described
20 some friends bis ideas on the sub-
jet BY saying be favored AN IN
ternational peace patrol ~ su@
eient strength 20 say mo" when sar
threatened and 20 SHOW the would
be aggressOr thar the no carried q
bite with 81"
The United Press is aDle 10 stale
the president continues 20 hold 'hls
opinion OF the character that such q
league Of nations should assume
but Is open-minded on details
Hts next step in the peace game
may De one looking 70 a union such
as he advoc ates
The Detroit times. [volume] (Detroit, Mich.) 1903-1920, 1917-01-18
Ship Insurance
Rates Boosted

NEW YORK. Jan. 1S-Marins On
derNriters In New York continue
today 20 boost rates on ships bOuny
for South American waters VA
risk rates leaped from genera
range o., two 90 three per cent lC
SIX and 10 per cent yesterday Wiz
The German raider still AZ large ara
new reports OF ships sunk TO-DAY
rates Yer, expected 20 90 even hieh
or. The ships already destroyed ol
the raider are valued. with Their
cArgoes. AZ about $4,000. 900. Insur
ance Is carried FOR the most par bf
local underwriters.
The French. liner Chicago saiieo
from New York at a. m today Cen
Bordeaux, regardless Of the raider
presence. She will have TO paSsen
gers aboard other large liners nov
on the Atlantic and not yet reported
as reaching their destinations arr
The Alphonso XII for Nigo. Spain
the American liner ST. Paul. witb
many Americans aboard. for Liver
pool. The Saga for Rio Janeiro; ihe
BraIos for San Juan. Porto Rice
the sac Paulo FOR Bahis and Burros
Aires
The Detroit times. [volume] (Detroit, Mich.) 1903-1920, 1917-01-18

PrfrtinR--the plata neat ktnd-.esf
I. rtuht--rsr,cS lob p~pt~--Nain fSI".
The Detroit times. [volume] (Detroit, Mich.) 1903-1920, 1917-01-18
POOR COAL
BLAMED By
Campbell
Continues from Page oas)

tCentinued from page oneD
shores today IS almost a. uncertain
as life itself
The steamer Pleasure q ths Do.
troit & Windsor ferry feet. .est me
WOOD u sri.aye dock Ar ~ o'clock
Wednesday nizht with The usual mid
night crowd, and reached tie Wind.
yor dock al 7 10 Thursday morning.
tfier 4 terrific battle with b. ice.
Tons and tons or coal were urn
cd in the effort ~ break thru ths
great fields Of ice that IN come
piaces extended down INTO the water
far beyond the draft % the boat For
couple OF hours the passengers
paced the decks and watched the
steamer buck The ice then Sadly
sought su-h repo-e rs thfy could get
In the cabins and smoking roCns
n vas drowsy crowd that c1ierzed
from the boat when she finally made
dock after trip lasting nearly eight
hours.
The steamer Britannia. the. nrize
zee crusher Of he ferry fleet. lefi
the Detroit dock halfhogr after
The Pleasure and got 20 Windsor AT
a m.
Car Ferries stuck Too.
The car ferries. meanwhile. were
having quite as difficult a Tine The
Detroit. q Wabash railway transfer.
left her slip on the Detroit eide a.
II o'clock "Wednesday nirhi with 4
paS aenger train aboard AMI ldnt
make th> Grand Trunk slip in wind.
ror until o'cifck THURSDAY norn
ing
While the ferries are hghtng tho
lee Jams. impatient passengers are
beginning TO risk death in alarming
numbers BY trying 20 walk over The
river According 20 inspectors ~
the United states customs sers ire.
no less than so persons clambered
over the sides ~ no ferries Wei
nesdsy
Two men clambsred over ~ slide
- the Pleasure whom she became
stranded. Thu--fsy MORNING md
walked 70 the Detroit dock vii.
The Detroit times. [volume] (Detroit, Mich.) 1903-1920, 1917-01-18
Raid May Lead To
L. Sherman Dispute
81 cARL D. GRoAr

Sf0H Correspondent aifeG PRESS
WASHINGTON. Jan IS --lnterna.
tioual complications with German
will ensne. II American lives we
sacrificed. contrary 20 international
"A ~. - = -T-Tr.r- 1C-lY-
ties. according 70 a broad of citi
hur 70 the United Press today
be Official Indicated peace ma
neuvers would not prevent this 20,
eminent from taking some action y
is rights were invaded In fact Z
was suggested that The threat q,
trouble between the TWO govern
ments Nigh, De club that would
force Germany into line on 'hc
peace moves
II was indicated that the agthort
ties are far from hopeful in the
peace situation az this moment
Several state De- Etnleut ofEcIa 3
said this afternoon no word had
come thru oricia channels concern
ing The raid, and their only infor
nation concerning Americans came
from press dispatches
The Detroit times. [volume] (Detroit, Mich.) 1903-1920, 1917-01-18
TOExPLAINz
BORROWING
PLAN HERE
A. j. Morris To Speak
At Dinner In Detroit
Athletic Club
SYSTEM WILL
DIGNITY LOANS

Arthur J. Morris. vice presiden,
and general counsel OF the Industrial
Finance Corporation OF NcN York
and founder OF the Morris plan OF
industrial loans and Investments ar
rived Detroit Thursday morning
and Thursday evening viii address
in the Detroit Athletic club anou,
80 bankers and business men on the
nosi OF est fishing Morris pIa,
bank In Detroit.
Fiftee years ago. Morris. her a
youthful attorney IN Norfolk. Va
became interested in the banking
problem. believing there Ma lack oi
elasticity In the American financial
system He graspcd the sociolost
cal side ~ the problem and began
II AnilG A-S- flaEi
The arst Morris plan company
organized seven years ago ~ NOT
toik. made loans amounting 20 $40.
800 in the frsi year Up fo Pee. 81,
1915. the number OF Morris plan
companies had Increased 10 80, and
The loans totalcd s2s.4S6ele during
the year In this period -oJ,Ps2 Dor
rowers were accommodated
The Morris plan banks are no'
Banks OF deposit" said he founder
90 the industrial loans system which
bears his name They do not con
Gict with existing banks 10 any
cmmunity. for they enter "a new held
that OF Industrial credit. They en-.
courage thrift In any communi'y
thru their influence on the industrial
classes. Just - a commercial bank
timula,es prosperity IN - coutmun
ny thru It's influence on the com
nerciai classes They 10 not on
courage or permit uneconomic bor
rowing"
other well.known oufo'town Nor
Who Will attend tho dinner and vii
probably BE- asked 10 say Few
words on the value 81 the Morris
plan 10 a community are r. J