davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-27

State Bankers Attack
Harding at Convention

the Administration at Washington they
can change il every four years.
Practically all Of the criticism OF
the system, as made by the state BANK,
ers, was on the fact that they Would
lose the present check y COLLECTION
charge upon entering the reserve plan.
This, they argued. meant the dlner-
ence between an annual proht ana
loss 70 many Of their number.
Mr.. Clausen outlined his plan Tor
gigantic overseas investment corpora
lion in an address delivered in the
afternoon. He said that it would deal
only in bonds and high grade securi,
ties guaranteed by the entire cspitai
strength of the corporations with
which il did business.
The lack of such investments so
essential TO the promotion OF iorelgh
,yade-has proven our deepest prob
Iem. and we canno, look for a solution
until at least part Of the financing IN
foreign countries is cared for with
American capital, which would prove
the strongest commercial bond with
the greatest possibility for the up
building Of permanent trade. On the
ability Of our bankers to meet TINS
test in organized form will rest the
possibility Of obtaining large foreign
commerce bound closely by hnanclal
and commercial ties in all it's ramifica-
tions.
After completing his remarks before
the bankers, he said that the corpora
ton already was being organized, ana
that it would be S50,OOO,OOO institu-
ton, but he declined to go further INTO
details.
Tells How England Saves
n r. Brand. vice chairman OF the
british War Mission, surprised many
members of the association by his
enumeration Of the method OF saving
millions Of dollars to England through,
conserving the nations resources, ana
even by small household economies.
There has been an enormous de-
crease in consumption OF many 1000
stufs and other materials" he SAID
personal expenditure on servants, mo
tor cars, clothes and everything else
has been cut down will give you two
examples. When | left England some
months ago, TO private owner OF mo-
tor car could get more than ten gallons
of qasolene a month. Our ration OF
sugar is twenty-five pounds per mead
ner annum now; American consumption
per head in 1916 was seventy-hve'
r. YOU reduced your consumption 70
ours. you would on that item alone
make a saving of about s4OO,O0O,ooo per
annum.'
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-27
Cotton Trading to
Be Resumed in
Liverpool Oct.
Limitations Set on Future
Contracts and Daily
Fluctuations

LIVERPOOL, Sept. 26.-Trsdips "
futures will be reopened on the COW.
Exchange here on October | under INV
following regulations: -,
The basis of the contract value va"
be Liverpool good middling instead ~
middling, which was the basis pris' !"
the cessation Of trading.
Trading will be in single months ~
stead of double, as previously. and N~
be permitted only for Ave monA'
ahead, the first month to be Jshu''"
1918. Il,
Fluctuations on any one day may ~
vary more than Id from the prs'''
closing. -
Any class OF order may be e1eeu"
for subjects resident in the British - FL
pire or countries allied with ~
Britain, but no order may be aec.p;Is
from any persons resident so''
these countries. .,.ls
Jobbers will be permitted to w.
under the old regulations govern
the liquidation Of contrssta
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-27
fidence than under the existing bor-
rowing conditions.
The Silver Situation

The New York quotation for bar
silver was lowered yesterday for
the first time in many weeks. 1t
now stands at $1.06la, or two cents
under its recent high record Of
S1.0S1a per ounce. The silver mar
ket position is extremely interesting.
The high price is stimulating pro-
ductiOn on all sides, while large
amounts of old silverware have been
coming into the market. Within
the last week much has been heard
of the possibility of the govern
ment's selling its s450,000,000 sill
yer dollars held by the Treasury
against outstanding silver certifi
Gates. Such a move at this time
would mean loss Of about 10
cents on each dollar, that being the
difference in the present bullion
value of the silver in the dollars
and the value at the time the dol
lars were coined, in the early '9Os.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-27
London Money Market.-LONDON
The Dollar in Foreign Exchange.

Exchange rates fuctuated in ir-
regular manner yesterday. Russian
rubles took downward turn, dropping
TO Il cents on a slight increase IN
offerings. French rates were slightly
improved. with francs at 5.7Sk to the
dollar. Spanish exchange made belated
response to the announcement OF the
ban on gold exports to Spain and
pesetas advanced TO 23h cents, the
highest rate touched in several weeks.
Pesetas are now full cent above the
price quoted in the local exchange mar
ket a week ago.
Closing rates yesterday, compared
with a week ago, ale given in the table
below. American bankers have sus-
pended all dealings in German and
Austrian exchange, 20 that daily quota
tons for either marks or kronen are
no longer available.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-27
Buying Licenses
A Possibility for
Steel Industry
Private Contracts Held
Back Pending Adjustment
to Fixed Prices

Much confusion has attended the
efforts Of the steel industry to adjust
itself to the prices fixed by the gov
eminent. Business, so far as the
booking of private contracts are con-
cerned, is, for the moment, practi-
cally at a standstill. While large
amount of tonnage on the books of
the leading producers representing pri-
vate tran sactions will not be affected,
there are contracts, "The Iron Age
points out, on which monthly settle
ments are based on current market
quotations, and these will automati-
cally be adjusted to the agreed prices
"The Iron Trade Review" says:
much Importance is attached to the
announcement that present contracts
in iron and steel will not be affected
by the new prices. The agreed sched-
ule is now being applied in q large
tonnage Of orders previously closed
by the government on a provisional
price basis"
Licenses to Buy Possible
With priority regulations from
Washington, and the prospect of in
creased buying for account of the Allies
at low prices, less material, 1t is ex-
pected, will be available for distribu-
ton to non-war industries.
"The governments control of steel
works output" says THE Iron Age
as tightening steadily. and it is in
timated that even licenses to buy may
in time be required"
1t is estimated that 100000 tons Of
steel products will be scheduled in the
next ninety days as the amount the
companies will be required to provide
this government and its Allies in the
coming year. THE Iron Age" says:
The committees Of the American
Iron and Steel Institute will resume
their activities within week. now
that the industry has been put upon a
cooperative basis, and the prices of all
iron and steel mill products will then be
worked out. Apparently the govern
ment expects the large producers,
under their agreement, TO stimulate
production, TO find way TO supply raw
materials 10 the smaller producers in
certain lines, particularly plates. so
that they can take their share of gov
eminent and Allied contracts.
Price Agreement Somewhat Vague
"While only six products are includ-
ed in the announcement, including the
three forms of finished steel which the
government will buy most largely,
prices on other products will be
worked out and put into effect later.
On billets, a pivotal intermediate prod
uct, omitted from the first list, SIS
advance over pig iron may fairly be
expected.
Much of the upheayal over the new
agreement was due 70 the vagueness
Of the Washington statement The
iron ore price OF S5.05, il develops,
applies to non-Bessemer Mesaba ore
and is the same as the contract price
for 1917 shipments. The S33 pig iron
price, IL is explained. is for basic or
No. 2 foundry iron at Northern furnace.
On other grades differentials will be
worked out by the pig iron committee.
On Southern iron the furnace price
will be made low enough to allow for
freight 20 the North.
That the prices named at Washing
ton are 10 be made effective promptly
on new transactions appxrs from the
quoting Of basic pig iron at $33 at
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-27
NOTICE TO STOCKHOLDERS,
New York. September 10. isiL

A Special Meeting OF the stockholden ~
the BENEDICT AMUSEMENT co. VII .:
held on the 3rd day Of october. 1911,
o'clock =. NJ. az the Office OF such so'n
pany. No. 8 Nassau Street. IN the Guy y.
New York. for the purpose Of voting upoh
a proposition TO increase its csplt.l go
from Eleven Thousand Dollars Vll.w,
consisting OF one hundred and ten Wv
shares OF the par value OF one Hundisss
Dollars (sl00) each. 20 sixty Thou.,,a ns
OF six hundred and i've (5C5) shares OF "a
par value OF One Hundred Dollars WI'"
each. -.
ALFRED FRANKENTHAL, President
ERNST l.. KAHN. Secretary.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-27
Wednesday, September rs, 1917

Money market considerations were
chiefly responsible for the irregular
price movement and the decreased
activity at the Stock Exchange.
Call money is holding firm, con-
dition that is reflected in the estab-
lishment Of a daily loan rate at D
to per cent. Bankers report that
the scarcity of funds is such that
it is with extreme difficulty that
they are able to keep rates from
going still higher. They deny any
knowledge of the formation of a
s10O,00O,000 call loan pool to ease
the situation. The task of the
money committee, recently formed
here, however, is becoming more and
more burdensome.
The money market at the present
time is feeling the combined strain
of the offering of the new block of
s400,000,OO0 Treasury certificates,
the increased seasonal demands,
and the approaching October l dis
bursements, which will reach rec
ord figures. Periodical Withdrawals
of funds by the government and by
the Allies are also adding to the
burden. One banker discussed the
situation thus: "There is every
thing to make for tighter money
and nothing to ease up the situation
to any appreciate extent. We are
doing our best to hold rates at work
able levels, but the demands are
enormous. Were it not for the close
cooperation between the banks and
the financial authorities at Wash
ington, rates would, no doubt, be
much higher than they are now
This banker does not believe that
the banks have purposely raised
their call loan rates in order to dis
courage stock market speculation
for the rise.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-27
Pittsburgh Coal.-PITTsBURGH, Sept.
To Pass on Gold Exports
F. |. Kent Elected Deputy Gov.
ernor of Federal Reserve Bank

Frederick l. Kent, vice president Of
the Bankers Trust Company. was yes
terday elected by the board of directors
Of the Federal Reserve Bank of New
York as an acting deputy governor for
the purpose of handling the applica-
tons for permission to export coin,
bullion and currency under the Presi-
dents proclamation of September T.
Mr.. Kent will devote a large part Of
his time to the work at the Federal
Reserve Bank, but will not give up his
position with the Bankers Trust Com
pany.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-27
New York
Stock Exchange Listings.

Stock Exchange Listings. FOL
lowing securities were admitted TO
trading on the Stock Exchange yester-
dav by the governing committee: Union
Electric Light and Power Company, 81
100 600 additional refunding and extern
sion mortgage twenty-fve-year gold
bonds; American Sumatra looacco
Company. 100000 additional Z per
cent cumulative preferred STOCK: ~,
tcrnational Salt Company, sou. I'ioo
canital stock; Sinclair Oil and Refining
Corporation, 100000 additional stock
without par value.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-27

There is a general recognition OF
the need of greater liquidity of bank
investments as a money market aid.
Recently a number of responsible
bankers have advocated the short
ening of the maturity of commercial
paper as a step in this direction.
The Federal Reserve Board has put
its stamp Of approval on the pro-
posal. w. P. G. Harding, governor
of the board, has sent out instruc-
tons to the various Reserve banks,
urging that member institutions be
advised Of the advantages Of such
a step. It is stated that it seems
desirable that the commercial banks
of the country should have on their
portfolios q maximum amount OF
paper that can be rediscounted with
Federal Reserve banks. AS the Re-
serve banks can rediscount only pa
per which has not more than ninety
DAYS to run, it follows that II IN
yestments of member banks are in
six months paper, on an average
only so per cent of such paper IS
available at any one time for redis-
count. But should the investments
be in paper having four months or
less TO run, at least rs per cent
would, on an average, have not
more than ninety days to run to
maturity, and would, therefore, be
Immediately available for use at the
Federal Reserve Bank. The board
is of the opinion that the suggested
change would greatly improve the
banking condition of the country, as
the banks would make a turnover
three times a year instead OF twice,
and the credits which they would
provide would come up for consider
alton three times instead of twice
year. The borrower IN good credlt
would have no reasonable grounds
for complaint, and the borrower in
doubtful credit would be strength
ened by frank conversations with
his bankers at more frequent in
tervals than at present. 1t is sug-
gested that if the bankers of the
country will undertake this change
in methods of borrowing and insist
upon four months paper instead Of
six, the credit situation will be
greatly improved within a short
time; responsible borrowers would
have greater assurance of credits
and the banks themselves would be
in a position TO meet contingencies
with at least so per cent more con-
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-27

mat the SS,UUO,UUO 81. fauI q Dululh
Railroad Company's second mortgage 5
per cent bonds, maturing October !,
will be paid at the Offices Of j. p. Nor
gan g. Co. on and after that date.
Butte K Superior This company, 1t
was announced yesterday, will ask the
United States District Court of Mon
tana for a modification of the recent
decision ordering it to file bond for
81, 100000 and pay its earnings into
court, pending an appeal to the United
officials of the company asserted that
corporation is estopped from giving
it's capital investment The object of
this petition, it was said, is to allow
the company 70 operate the properties.
New York Central.-There will be
no public offering of the sl5,00O,O00 3
per cent notes of this company which
were offered privately for subscription
near the close of last week at ga TO
yield ca per cent. 1t was stated yes
terday that sales have been so salts
factory that the necessity Of public
offering has been obviated.
Illinois Central. Charles II. Mark
ham, president of the Illinois Central,
who was in the city yesterday, in com
menting on the heavy traffic which his
road has been carrying for months,
said:
Business in the South is wonderful.
The Southern railroads will do well
for some time. The South has paid
its way out of debt and is en-
joying prosperity never heretofore
having fallen to its lot. Increased
earnings during the summer have been
due largely to movement Of heavy traf-
fc. which does not usually move in any
considerable volume during the sum-
mer months. One Of the chief items
has been the heavy coal tonnage. But
the big item contributing 70 our record
this year has been cooperation Of ship
pers. This has been inspired to re-
markable degree by the establishment
of the board in Washington, which
gave the shippers assurance that at
last the railroads of the country were
being operated in harmony as a single
system, so that the efficiency is such as
the country has never before enjoyed.
This has inspired cooperation on the
part of the shippers, and has given the
transportation :ystem a record which
will mean a great deal in the develop
ment of the country's traffic in the
future"
Pittsburgh Oal.-PITTSBURGH, Sept
26.-Directors of the Pittsburgh Coal
Company Of New Jersey declared a
quarterly dividend of sl.25 share on
the preferred stock, and directors OF
the Pittsburgh Coal Company of Penn
sylvania declared a quarterly dividend
of $3.50 on the preferred stock.
The directors found it necessary to
make the separate declarations as some
shareholders in the New Jersey cor
poration have not yet transferred their
holdings on the books of the company
which recently took out Pennsylvania
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-27

The suggestion has been made in
Wall Street circles that the bank
ing law be so amended as to make
it possible for banks to take brok-
ers' notes secured by Stock Ex-
change collateral to the Federal
Reserve Bank, and rediscount them.
This is not permitted under the
present law, which provides that
commercial paper and bills Of sim
liar character can only be used by
the banks for borrowing at the re-
serve institutions. 1t is not consld-
cred likely that such change will
be made at this time, although Civ
ing the banks such privilege might
conceivably prove advantageous IN
some ways. The principal objec-
ton to placing brokers' notes in the
class Of rediscountable paper is that
it would help to promote stock mar
ket speculation. Moreover, only a
limited number of banking institu-
tons, principally in New York,
would be in position to use the
privilege.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-27
War Credits Act Booklet

The National Bank OF Commerce
has published for distribution the Of
fetal text Of the war credits act, as
approved by President Wilson last
Monday. This is one Of q series Of
booklets the bank is putting out in an
effort to acquaint business men with
the important legislation being enacted
BIZ Congress-
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-27
rarity, as calculated by the United
States Mint:

The above rates express the cost OF
foreign money in terms OF the Amer,
can dollar. You buy an English pound
sterling at. say, $4.151i. The intrinsic
parity is si.SG's pei, pound. thus you
say either that pounds IRE at discount
or that dollars are at premium, when
is owing to the fact that IN Eng land
the demand for dollars with which to
settle accounts in this country is great
or than the demand IN this country
for pounds with which TO settle &C
counts ia England.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-27
Elections

Stockholders of the New York, On
tario G. Western Railway Company, at
the annual meeting Yesterday, elected
F.. G.. Pearson, president Of the New
York. New Haven e. Hartford Railroad
Company, director. to succeed Secre-
tarv Richard ID. Richard.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-27

Valley furnace by two producers IN s .ne
Central West and by the sale OF e;VvV
tons of Bessemer iron az $3.50 AZ IuI'
mace, the tentative diferentlal on PEI
semer being put at 10 per cent over
basic. Coke producers have started Oh
promptly to establish the s. basis
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-27
Money and Credit

The supply of call money at the
Stock Exchange was somewhat larger
yesterday, but the rate was firmly
maintained at to per cent.
In the market for time loans based
on Stock Exchange collateral per
cent was freely bid for all maturities
up to the end of the year and offerings
we're light, only an occasional loan
being reported. There is evidence OF
a determination on the part of the
financial interests to conserve the sup
ply of banking credit
Ruling rates for money yesterday,
compared with q year ago, were as fol-
lows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-27

Paris Bcurse.-PARIS, Sept. %
Trading was quiet on the Bourse to-
Gay. Three per cent rentes, so francs
q confines for cash. Exchange on
London, q francs IS centimes: FIVE
per cent loan, 8S francs % centlmes.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-27
News Digest
Foreign

London Stocks Dull.-LONDON.S Sept
26.-The stock market was quietly IT.
regular to-day The gilt-edged section
was inclined to droop, but rubber, min
ing and shipping shares were steadily
supported. The other departments
were dull.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-27

Silver.-Bars in London, SAD, of Id;
New York, sl.061s, down &c; Mexican
dollars, Sac, q decrease of Sc.
Sub Treasury. - New York banks
lost to the Sub-Treasury $4,000.
Gold for Canada.-Local bankers
withdrew 100000 in gold from the
Sub-Treasury yesterday for shipment
to Canada. 1t is asserted in banking
circles that Canadian banks have been
calling loans in New York to help fin
ance the Canadian wheat crop and meet
impending war demands.
London Money Market.-LONDON,
Sept. 26.-Money was scarce at per
cent Discount rates were quiet, with
short bills 4% per cent and three
months bills 4is per cent.
The sales of Treasury bills last week
amounted to 100000, making the
total outstanding 00,000,000.
The new form of government borrow
ing is much discussed, and there is q
belief that bankers rate of interest on
deposits will be reduced, which will
force money into government securi-
ties and enable Treasury bill rates to
he lowered
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-27

Commercial Paper.-Buying of com
mercial paper was confined yesterday
to country institutions. The rate was
maintained at 5ia per cent. Some bust
ness was done on SO. per cent basis.
Official rates Of discount for each OF
the twelve Federal districts are as fol-
lows
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-27

Bank Clearings.-The days clearings
at New York and other cities:
Exchanges. Balances.
New York. 1892, 961, ISL s39,e76,605
Baltimore ..... 1000, AS 88S,e31
Philadelphia =. 51,604,336 o,14,fSA
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-27
Relevant Facts

Northern Pacific Railway
nouncement is made by the company
that the 100000 st. Paul e. Duluth
Railroad Company's second mortgage B
per cent bonds, maturing October !,
will be paid at the Offices Of j. p. Nor
gan a. Co. on and after that date.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-27
CORPORATION Returns

Utah Securities Corporation
Subsidiary Properties
Evening star. [volume] (Washington, D.C.) 1854-1972, 1917-11-29
soc Women's Hose, &c

A small lot Of Womens Fiber Hose. In plain
black and a few with stripes. A broken lot
as to sizes; 30c value. Special for Friday.
nafr &c 8arxaiu Basement.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1917-11-29
ACC Bureau Scarfs, Z9c

Plain white Bureau Scarfs, Of linene and
''Indian Head" Size 1Sx50 inches, with n
inch hem with row of hemstitching; 49c
value. Special for Friday only. 29c.
Bargain Basement.
The bystander. [volume] (Des Moines, Iowa) 1916-1922, 1917-09-14

been spending their vacation in Michi-
gan, have returned here, Mr.. Hueling
being employed as cook at the Alamo
club.
Mr.. and Mrs. Edwin Cater, assisted
by Mr.. S. Richardson, very pleasantly
entertained few friends at dinner
Sunday at the formers home on KEEL
!ogg avenue. Mr.. Ed. Mickey of the
Fort Des Moines training camp was
the guest Of honor, he being from Mr..
Richardson's home in Charleston, s. C.
Mrs. C. A. Cleggett of Des Moines
is expected in the city soon.
Mr.. and Mrs. M. B. Laurie, formerly
of st. Joseph, NO., have purchased a
new beautiful home on Eleventh
street. This is the third valuable
home purchased by colored families
here. We hope others will follow their
example.
Miss Sadie White of Boone, Iowa,
was calling on friends in the city last
week.
Mr.. S. Richardson, who has been
employed during the summer in the
Roup shoe store, has resigned to enter
in the senior class at Iowa State COL
lege.
Miss Minnie Green has been very
sick, but is rapidly improving now.