davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-12-15
Slump in Stocks
Forces Brokerage
House to Assign
Customers Fail TO Respond to
Call for Additional
Margins

The New York stock Exchange hrm oil
Jewett Brothers, with Offices at l@V
broadway. announced before the open
ing of the market yesterday that II hau
made a general assignment 70 Allen H.
vonhard. Of the law firm Of Seabury'
Massey & Lowe.
Mr.. Memhard said late in the day
eoIlo,vino a meeting OF creditors. that
he had been unable to determine the
amount of the firms Liabilities. lie
ovnressed the opinion, however, that
the book value" of the assets would
take care of the debts. The following
statement was issued By the firm;
owing to precipitate declines in GER
tain securities carried by US for Gus
toners and inability of some customers
to put up additional margins our hrm
finds itself embarrassed, and IN order
10 protect the interests OF all we h"'c
made an assignment We beiieVe our
embarrassment is only temporary anu
that present plans VIII enaDIe US "
resume business
Loans obtained by the firm at twelve
banks in the financial district now out
standing total about $l,OOO,COO. ne
assignee said that these obligations
were amply secured by high class col
lateral. -, &c
The firm was organized on April 10,
1894. The partners are Charles H.
Jewett. jr.; Edward II. Jewett, George
W. Jewett' James G. Marshall and a.
Rehbein. Edward II. Jewett, who IS
the board member of the firm, became
a member of the Stock Exchange On
April II, 1894
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-12-15
Dollar Silver Is
Insisted Upon by
Small Producers

WASHINGTON, Dec. 14.-Small silver
producers must receive at least 81 an
ounce or shut down their mines
Director Baker Of the Mint. was told
to-day by delegation Of producers
from Western states who conferred on
the governments plans for acquiring
the silver output for the next year.
Mr.. Baker and Albert Strauss. the
governments foreign exchange expert,
told the silver men that R decision on
the price and details of the proposed
silver arrangements would be made IN
about a week. In addition to the silver
producers the conference included
Senators. Smoot. Pttman, King, New
lands, Ashurst, Smith of Arizona, Shat
roth and Borah.
Treasury officials to-day declared the
proposed silver acquisition was solely
10 meet the necessary need OF the
United States, Great Britain and other
-belligerents.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-12-15
Money and Credit

In the call loan market yesterday
the rate was firmly maintained at 8
per cent, in anticipation Of the OK
traordinary transfers Of banking funds
that will take place to-day in connec-
lion with the government financial
operations. The demand for funds
from stock Exchange firms was urgent.
The market for fixed date funds was
almost at a complete standstill. Offer
ings were practically nil owing to the
unwillingness OF banking institutions
to increase commitments over the end
Of the year. Renewals Of maturing
loans were refused and borrowers were
forced into the call market for an in
creasing proportion of their total
money commitments.
Ruling rates for money yesterday,
compared with year ago, were as fol-
lows:
yesterday. Year ago.
Call money. s % 4 %
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-12-15
War Bonds Used
To Pay a Special
Dividend of $40
D.. L. and w. Coal Co. Passes
Along United Kingdom and
Liberty Loan Securities

directors Of the Delaware, Lacka-
wan,a and Western Coal Company yes
terdav declared a special dividend OF
500 a share, payable as follows: 500
sbare m bonds at par of the United
Kingdom of Great Britain and Ireland
due 1919; 1915 in bonds at par oil the
United Kingdom Of Great Britain ana
I,eIand due 1921, and $3.50 in United
States Liberty Loan 4 per cent bonds
which are due in 1892. Presumably all
these bonds were subscribed for at the
time they we're issued.
The amount of the coal companys
stock outstanding is S6,59O,7OO and the
Ear value of each share is $50. Since
its organization it has treated stock
holders generously. Quarterly dlvi-
bends Of 2I2 per cent have been PAID
regularly from January, 1910, to the
present time. A special cash dividend
Of 20 per cent was paid April 10, 1913.
Another of 10 per cent was paid May
Is. 1914; on July Is, 1915, an extra
cash dividend of 80 per cent was paid;
on July Is, 1916, an extra cash dlvl-
dend of 10 per cent was paid, and on
June II this year shareholders received
a special cash payment of s2J share.
The so per cent dividend was paid on
July 10, 1915, following the decree of
the United States Supreme Court or
dering the company TO sever its CON
rection with the Delaware, Lackawanna
& Western Railroad.
The special dividend announced yes
tcrday is payable December % to stock
holders OF record December IL. II is
provided by the company that frac-
tional amounts on $1,000 Of the United
Kingdom bonds and of $50 of the Lib
erty As shall be settled in cash at
o. per cent, 81 per cent and 90 per
cent. respectively.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-12-15
Copper Supply Ample,
Producers Tell Board
Only 65 to 20 Per Cent of Out
put Needed for Govern
ment Contracts

WASHINGTON, Dec. Hooper
producers to-day assured the War In
dustries Board that they were able to
meet the governments war needs
Labor conditions were said TO be much
improved and general satisfaction was
expressed with the distribution sys-
TEN. OF the present total output only
from 60 to 10 per cent now is required
for government contracts.
Rising cost of production on some
ranges was reported. but prices were
not discussed and no formal request
was made for increases when revision
OF present prices is taken up.
Producers present at the conference
were Joseph Clendenning, American
Smelling and Refining; c. +. Kelley.
Anaconda; II. l.. Agassiz and James
Macaaughton, Calumet and Hecla; p.
Todd. Quincy; James A. Nelson, Ohio;
I. Wolfson, United Metals; s. Rosen-
stamm, Miami, and n. l.. Amster,
shannon.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-12-15

Stock prices. in the course OF their
irrational gyrations, moved sharply
upward yesterday. There was ap-
parently no new reason why they
should have done so. any more than
there was apparent reason in the de-
cline which was witnessed on
Wednesday and early Thursday. The
railroad problem was in the same
state Of unsettlement; the German
drive"-if there is to be one-was
lust twenty-four hours nearer; the
six other minor uncertainties listed
by one Stock Exchange house were
no moro or less uncertain; and on
ton Of these things there was
money squeeze Of some proportions.
Borrowers were unable 10 satisfy all
their demands for call money
through the usual channels, and had
10 20 outside for money, paying as
much as 60 per cent. The eXplana-
ton for the advance in stock prices
can hardly be that investors all at
once concluded stocks were cheap,
which they are, from the investment
standpoint. and decided to buy, or at
least refrain from selling. But if
that is not the explanation, what
becomes Of the theory that liquida-
ton of investment holdings was re-
sponsible for the slump the day be-
fore? During the last three months
the stock market has suffered a good
many relapses similar TO that wit
messed this week. Each slump has
been attributed largely to "hquida-
ton of stocks by frightened invest
ors," who saw prices going constant
" lower. and were at last persuaded
10 get out from under. Each time,
also. the slump has been accompa-
MED by great activity, and when the
activity ceased prices stopped fall
inc, and in most cases have risen
sharply, as they did yesterday.
These things point plainly to one
thing. and that is not liquidation
by frightened investors though
no doubt much Of that has been in
duced. What is indicated by the ac-
ton Of the market is something
very different. 1t is what may be
termed scientific liquidation, and on
a great scale. The process is simple.
and it is conducted in about this
fashion: The market is strong, and
a demand for stocks is created, since
each time the bottom seems to have
been reached. When the market is
strongest the liquidation comes.
When the market has absorbed all
it can the slump follows. Then
selling orders are suddenly with
drawn. the market becomes in
active, encouraging rumors are
spread everywhere, prices go up and
the cycle is in motion again. 1t has
been repeated many times. That is
the way the thing looks on the sur
face. The theory may be wrong, but
it seems to afford the most logical
explanation yet advanced. The only
question is as TO the source of the
liquidation, which is too bulky to
come from other than large in
terests.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-12-15
Storm Curbs Trading

Wall Street felt the effects of the
storm in large reduction in its work
ing staff carly in the day. Many Stock
Exchange members we're an hour or
so late in getting down TO business
owing to blcckades on various trans
narration lines. Commission houses
we're almost deserted when the gong
sounded the opening of the stock mar
ket at 10 o'clock. Some houses WORKED
sbort-handed until midday, when their
storm-bound employees struggled in.
The crippled condition Of telegraphic
and telephone service held a good many
orders frcm the outside of the market,
tbus reducing the volume Of business
carly in the session.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-12-15
The Dollar in Foreign Exchange

Italian exchange continued its re
coyery yesterday. with lire advancing
TO $40 to the dollar early in the day
Subsequently the rate reacted 10 SO,
which compared with close on Thurs
day of $50. Scandinavian rates were
fractionaly higher. with Swedish
crowns selling up TO 35is cents. Other
rates were unchanged.
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 quota
tions for either marks or kronen are
no longer available.
(Ouoted dollars TO the pOund)
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-12-15
Dividend Changes

Dodge Manufacturing. Directors
have declared an extra dividend OF 4
per cent on the common stock and the
regular quarterly dividend Of l's per
cent on the common shares, payable
December q to stockholders of record
December %; also the regular quarter
ly dividend Of Ia per cent on the pre-
ferred stock. payable January to
stockholders OF record December y
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-12-15
Toledo Exchange Abandons
Trading in Grain Futures

TOLEDO. Ohio, Dec. l4.-Trading in
grain futures ceased to-day on the
Toledo Produce Exchange. II is the
first exchange 10 abandon trading in
corn and oats futures contracts. Jesse
Young, president Of the exchange,
said the action is not by order bu.
by common consent OF members. Trad
ing in cash grains will be the only
grain transactions. Speculative trad
ing in cloverseed. alsike and timothy
will be unrestricted. The new plan
may continue until the end Of the var
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-12-15
Dealings Start To-day in
Converted Liberty Bonds

Dealings in Liberty Loan bonds
which have been converted from the
3lz TO the per cent issue will be-
gin on the Stock Exchange to-day,
The conversion bonds are called the
Liberty Loan first ts 10 distinguish
them from IS already admitted to
dealings.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-12-15

&c: Mexican dollars. &C. an increase
Of &c.
Sub-TreasuTy.- York banks lost
20 the Sub-Treasury S3,056,000.
Bank Clearings. Total bank clear.
ings at the fourteen leading cities OF
the country, as reported by r. 6. Dun
& Co.. this week aggregated SoI'"-
25l,O52, decrease of S.S per cent com
pared with year ago.
More Gold for Chile. The Nsiions!
CITY Bank withdrew Ss50,O00 in gold
bars from the Assay Office for ship
ment 20 Chile. The metal is going for
ward on government account TO pay for
nitrate shipments 10 the United States.
London Money Market.-LONDON,
Dec. 14.-Money was in moderate sup
ply and firmer at { per cent. Discount
rates-Short bills, as per cent; three
months bills. 4a4 per cent Gold pre-
MUM at Lisbon, 10.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-12-15

The above rates express the cost OF
foreign money in terms of the Ameri-
can dollar You buy an English pound
sterling at, say, S4.75is. The intrinsic
parity is S4.s65s per pound. Thus, you
say either that pounds are at a 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-
try for pounds with which to settle
accounts IN England.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-12-15
Profits on Diamonds Doubled

The diamond mining industry OF
South Africa is rapidly returning to ITS
pre-war condition Of prosperity. The
report of De Beers Consolidated Mines
for the year ended June 80, Just re-
ceived from London, shows revenue
from diamonds of G4,629,722, or more
than double the preceding year. Ac,,
tual sales were s4,606,75l, compared
with s2.142,092 in 1916. Profits were
81. 81 .5S7. compared with sl,037,3?O the
wear before. This made it possible for
the company to pay off all arrears Of
dividends due to the preferred stock,
holders and to distribute the usual
dividend of 10 shillings a share, ana, N
addition, to pay a dividend of 20 shlI-
ings on deferred shares, the first, dis
tribution on this class of stock IN
three years. Most OF the diamonds
we're sold in the American market.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-12-15

announced to-day by the Federal Re
serve Board as follows:
J. II. Mellon, c. W. Brown and Tor.
Nor Bank Examiner De Camp. all OF
Pittsburgh, chosen by the Cleveland
bank. and 7. H. Given and James D.
Gallery. both of Pittsburgh. chosen by
the Reserve Board. Mr.. de Camp vii.
be manager and the branch will be
opeued next week
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-12-15
Elections

William A. Morgan, it was announced
yesterday, has been elected a director
OF the New York. Chicago & st. Louis
Railroad Company TO succeed W. ID.
Turner, resigned.
Henry A. Patten and Richard B.
Brown yesterday were elected vice
presidents of the Corn Exchange Bank.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-12-15
Relevant Comment
War Department Queries Banks

The War Department almost extend
ed its activities into the banking field
last week. Il reached out TO get de-
tails of all foreign exchange transac-
,ions OF local banks with neutral coun-
tries since February last A request
for such information was actually sent
to all of the big banks. Subsequently
the order was rescinded with the an
nouncement that the Federal Reserve
Bank would take care Of the matter. 1t
il understood that the Reserve oanK
officials will in the near future can
upon the banks TO furnish this inf09r-
nation. although since June practically,
all foreign exchange transactions OF
importance have been reported by the
banks TO the Federal Reserve Board
The whole proceeding is a part OF the
programme to stop all trading with the
enemy. either directly or indirectly.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-12-15

Royal Baking Powder.-This com
pany declared an extra dividend OF 2
per cent on the common stock, also
the regular quarterly dividends Of Ia
per cent on the preferred and ? per
cent on the common shares, all pay
able December 81 to stockholders Of
record December 10
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-12-15

Commercial Paper. -Commercial pa
per rates displayed increasing frness
yesterday, and the best four months
maturities were quoted at 5lz per cent
and six months az 5Sa.
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, 1917-12-15

Prairie Oil and Gas. An extra divi-
dend of 81 a share has been declared
in addition 10 the regular quarterly
dividend Of So a share, payable January
II 70 stockholders of record December
81. In September 81 a share extra was
declared
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-12-15

Torrington Company. extra divi-
dend Of l per cent has been declared
on the common stock and the regular
quarterly dividend OF per cent on the
common stock. payable January l to
observation-disclosures Of record December y.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-12-15
Other Cities

Officers Of Pittsburgh Branch Bank
NEUTRALITY-SUSPICIOUS., Dec. l4.-Di-
rectors of the Pittsburgh branch.
Cleveland Federal Reserve Bank, were
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-12-15

After dividends on the preferred stock the
balance available for the sls.OOOOOO common
tool was equivalent TO s34.l6 a share.
AGAINST s16.45 a share earned in the fiscal
YEAR ended September 30, 1916.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-12-15

Below is given the current exchange
value of foreign money in dollars and
cents, together with the intrinsic COLO
parity, as calculated by the United
States Mint:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-12-15
Corporation Returns

HARRISON Walker Refractories.-Report for
the year ended September 30, 1917. compares
f,ilo.va.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-12-15
NEW YORK STOCK EXCHANGE
TRANSACTIONS

TRANSACTIONS
Rail- Other All
roads stocks. stocks.
v,ord.v 90 leo 437. 500 $4,000
Day before 1903, 100 651'1OO Ios'I 1Uo
Week ago. $500 27o'4Oo oES'ooo
Year ago. .2s4,7oo 1,ss5,Soo 2,2so,SCo
January 10 date:
1916. .34.731 600 1eO,7o7, 100 215,43a, 100
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-12-15

Siiyer.-Bars in London, 431sd, an
advance Of I'D; New York, s6he, UP
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-12-15
News Digest
Foreign

London Stocks Irregular.-LOND0N,
Dec. 1.-THE stock market continued
irregular, with dropping tendency
to-day. Gilt edged securities declined
early on fears Of increased taxation
and a pos 5ible depreciation in values,
but hardened in the afternoon. Rub
Der. provisions and shipping shares
and Argentine rails improved fraction
ally on repurchases. Russian issues
were steady.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-12-15
Days

BANK IIcafIngs.-Ihe uAys cIeAFlngt
AZ New York and other cities:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-12-15

Paris Bourse.-PARIS, Dec. H.
Trading was quiet on the Bourse to-
day. Three per cent rentes, SO francs
80 confines for cash. Exchange on
London, y frarcs "a centimes. Five
per cent loan, So francs 10 confines.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-12-15

Time money mixed collsteraD:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-12-15

Call money. s % 4 e
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-12-15

Exchanges: Balances;
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-12-15

&c: Mexican dollars, &C, an increase
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-12-15

Sub-TreasuTy.- York banks lost
10 the Sub-Treasury S3,056,OO0.
Wauwatosa news. [volume] (Wauwatosa, Wis.) 1900-1948, 1917-04-27

1000 S g3 Ssi5s!] - - ;
TOGO SWATs THE FLY

midnight historical date when
adj K
Bourbon, accident helreness
sweehearted Humphrey
particular about flies
delicious varieties these live stock
chyary
mott to hsrshly a
fly"
"They notbe permitted %
"In this they similar to airplanes" smuggest
a fly ,rackh to and al
horsethes shoed" determinate
could assmiae this said.
shodder
&
she
caught this a M, Togo?' she ask it.
Five house butter
of others
bite thumb with his
are a
behind with containing
Humphrey saying
with peeY.
burgIared while everybody snubbng flies"
bullets
doggshly N
from
cruel feet intending leave 10000 spank capae that
Wauwatosa news. [volume] (Wauwatosa, Wis.) 1900-1948, 1917-04-27

cry
At lastly that him
without advertising All while
forhy hyspank
compishment
Wedsda
dshwash done kitchen
OF arrive
1e2 come Nogi make sleepy gohome while bed
light gass All Hon Fly where was it? turn
eyesight behind windowcutain
entirely enlarged buzze washing his front thumbs
looking
epeced-sa fly outward through door
o. This escape must not Slightly down hallway were ehdOm
there sting him with medical diseases
in air right over that MANTLE make talented swing lass
him with slipper he couve could
should dOwnly, my slipper upiy
Standing dnetuay in doorway of chidroom observe Hon Mr.
he held that , enlarged m shootish revolver
here" sOlup hiding
Were he stealing my chld?" gawsp him
Wait while shoot he narate while making target movement
All not" hOla Permit do have killed several with
@ careless heel Of TOed Hon Fly certainly that ne
dOwny, and pick Hon. Fly by
Here is what" he require peeviy chewing his breath
say you approach steahy mdnghts
hies? This from him with flashes
Hon Mrs in
Next time babys don't do so!" snarrel
slaughter flies for their
Midnight nytime" she narae
Maybe you are enrag because not burglar snuggest Yet
what is more horrible to have in house than a hy?"
deieeng outside
same,
uA gsHsi truly; TOGO
copyrsht international Bqreau9
Wauwatosa news. [volume] (Wauwatosa, Wis.) 1900-1948, 1917-04-27

prove II and TO prosper. is natural ;.
every American. and today unnraoo
dented offers are being made to secrr.
the residence of the home-hunter m
war condition is draining the Confines.
Of its foodstuffs and economis,s a~s
endeavoring to meet the rapid danI.
ton OF the nations stores of grain o.,
other farm products. Western Cancel
has proven her claim TO being the nan,
raj producer of economically gro,r,
foodstuffs and is indeavoring ia ova.
come worlds stNrtage in neceSsitto.
by offering her lands. practically frao
to anyone who will take them and nro
duce. Labor Is scarce in Canada, ana
is now being bonused. Good wages ara
offered and the time farm hand ;.
drawing pay in 1917. is considered NV
the Canadian Government. the same ga
residence duties on one of the free lea
acre farms, that this Government i.
giving away, in order to settle the fer.
tile prairies and bring about With,
a few years half billion annual cron
of wheat
The most conclusive evidence ia
available to any inquirer, that Western
Canada farm lands will prOduce mora
wheat of better quality ana at q
lower cost of production per acre than
has heretofore been known in gram.
growing countries. 1t is no idle state
ment TO say. that yields of fifty bushels
TO the acre of wheat are grown in Can.
ada the statement is made in all Seri.
BUSINESS and is backed up by the let.
ters and affidavits of reliable faimers
in Western Canada. These farmers
are enjoying the same home comforts
that their neighb0rs to the south par.
ticipate; they have the same good
houses. the same good horses and
cattle, the same good roads and cons
munication, as weIr as the same good
social conditions, and, best of all, they
own their land and what they earn
they own for themselves being foun.
datton for grenter wealth and indie
ADVERTISEMENT.