davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-01
Money Brings
61-2 Per Cent
In Call Loans
Withdrawal of Government
Deposits Causes Bankers
to Boost Rates

Money rates stiffened materially yes
terday, belated borrowers on the STOCK
Exchange paying as high as on per
cent for call loans, while the rulihg
rate for such funds was A'7 per cent
or 1 per cent higher than the day be-
fore. Time loans were for the most
part negotiated at fractionally higher
rates than those heretofore prevailing
The immediate cause of the rise was
the calling of loans by number Oh
the banks which have been keeping the
money market generously supplied
with funds recently. Heavy with
drawals of government deposits TINS
week, together with the necessity OF
making final payments on subscrip-
tions 70 Liberty Loan bonds and pro
viding for first Of tho month require
ments, were the reasons given by hanK-
ers why money that had been placed
at the disposal Of Stock Exchange
houses had TO be called IN.
At the Federal Reserve BANK ~ was
reported that not more than SS,OOO,ooo
of the S5,O00,00O still due on the hnal
instalment Of Liberty Loan bonds had
been received during the day. A num-
Der OF small banks upstate, 1t was
said, remained to be heard from.
The sudden jump in the call money
rate was not entirely unexpected. some
of the better posted bankers in Wall
Street have been pointing out that too
many banks, especially country instI-
tutions, have made the mistake Of re
garding government deposits of war
funds in the same light as they have
always regarded deposits OF govern
ments funds by the Treasury Depart
ment, and have loaned this money out
freely without making due allowance
for it's withdrawal at any moment The
statement of the New York Clearing
House banks to day is expected 70 show
a large reduction in government de-
posts during the week.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-01
Friday, August 81, 1917

In London call money is easily
obtainable at per cent" according
{, current cable reports In Wall
Street the same commodity on the
same day goes over 6 per cent. That
call money is easy in London and
tight in Wall Street is owing TO the
same cause, namely, the govern
ments' borrowing for war. No para
cox is involved. England has been
over three years at war; this coun-
try only few months, In England
the process of feeding capital to the
Moloch is smooth and self-lubricat-
ing. Here it is new and stiff and has
TO be financed. Paying capital over
% the United States Treasury pats a
temporary strain upon the liquid re-
sources Of the banks. Later, as the
process goes on, the movement of
capital will, so TO speak, provide its
own means. The governments huge
borrowings will create large liquid
balances. There will be here, as in
England, more money and less
capital
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-01
The Trade Outlook
"Dun's Review" says

"Dun's Review" says:
"By far the most significant feature
Of the present situation is the process
of readiustment in some commodities
in which there had formerly seemed
no end TO the advances, and buyers
whose immediate requirements are well
covered now hold off in the expecta-
ton that the markets will turn more
strongly to their advantage. In sharp
contrast to the previous experience, IN
creasing pressure TO sell has developed
in numerous raw materials and also
in semi-fnished and finished products,
and where there has appeared some
revival of activity after considerable
period Of hesitancy and waiting, Is in
hides and leather, it has come mainly
as result of decisive yielding of
prices. With further downward re-
visions in the larger industries fore
Swallowed either through official action
or from other causes, the possibilities
of cancellations of orders are not dis
regarded; yet the sound position Of
business is demonstrated in many
ways, and the doubts about the
changes still 20 be effected, rather than
any weakness of fundamental condi-
tons, remain the chief obstacle 20
progress"
"Bradstreet's' says:
Governmental buying. moderate ex-
pansion in regular fall business, light
retail trade in the East, exceptionally
good crop reports, activity in industry,
liquidation in the stock market, IN
duced by concern over the excess
profits tax, and unanimity of opinion
respecting the expected large proper
tons Of fall trade. stand out as the
prominent features Of present-day
trade conditions. In the larger sense
war demands concededly dwarf ordi
nary commercial business to a greater
extent, perhaps, than at any time in
the past three years, but even so prog
ress in normal channels is seen, now
that the fall season is close at hand,
this manifestation being more evident
at centres that cater TO the agricultu-
raj regions than II is In the industrial
zones, which latter certainly continue
active. House trade in the larger
staple lines has expanded in con
servative way, thanks 10 the presence
of numerous visiting buyers in the
more important markets. Retail trade
ranges from fair TO good. the latter
word being Characteristic of conditions
in sections where soldiers are en-
cSmped, particularly at che South"
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-01
Rubber Exports from
The Amazon District

The exports Of crude rubber from
the Amazon district to the United
States for the month Of July, 1911,
amounted TO 2I54,715 pounds, COM
pared with 2,91O,315 pounds during the
corresponding month last year. There
were no exports to Europe in July,
1917. although there we're 1867, $50
pounds during July, 1915. No ship
ments were made from Itacoatiara, Bra
I'll. and Iquitos. Peru. either to the
United States or TO Europe.
In view of the difficulties attending
the production and marketing of rub
Der produced in the Putumayo dis
trict Of Eastern Peru. decree was IS.
sued on June B, 1917, reducing by so
per cent the export duty on rubber
from that district. The duty Is col
lected at Iqutos, after which the. rub
Der is exported ny the way Of the
Amazon River. The duty was formerly
6 per cent ad valoren, being calculated
on the price AT Iquitos.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-01
F. C. Ranney, Long
Treasurer of the
St. Paul, Retires
Archibald C. LOOMS, Banker,
Is Named to Succeed Old
time Railroad Man

CHICAGO. Aug. 8l.-F. G. Ranney
for thirty years treasurer OF the Chi
cago. Milwaukee & st. Paul Railway
has been placed on the retirement list
at his own request, effective Septem'
Der l. The official announcement, is
sued to-day, said that Archibald G
LOOMS, nm Eastern banker, will sue
coed him.
Mr.. Ranney was treasurer OF the
Western Union Railroad Company OF
Wisconsin when that line was absorbed
by tho Chicago. Milwaukee & st. Paul
in 1879 He was made cashier of the
latter company and was elected treas
urer on February %. 1887.
Mr.. LOOMS has been president OF the
Aetna National Bank Of Hartford,
Conn; vice-president Of the Union
Trust Company of Providence, X. l.,
ard vice-president of the National City
bank of New York.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-01
Internal Instead of Foreign
Loan for Rio de Janeiro

The Municipal Council Of Rio de ia
metro authorized the Prefect to con-
tract an internal loan Of 10000 contos
(about S6.5OO,OOO), giving as guarantees
the cattle tax, the revenue OF the
slaughter house at Santa Cruz, and
such other security as he might deem
necessary. The maximum interest IS
10 be per cent per annum. and the
loan is TO be amortized within fifty
years. The object OF the loan, accord
ing to the American commercial at
tache at Rio de Janeiro. is the con-
solidation Of the floating debt of the
Federal District, the provision OF funds
for sanitation and improvement works
in the same district, and for other.
urgent services. also the rcdeemlng OF
bonds issued by decree of August 10.
1908, If this be possible. By this, de-
cree the question Of foreign loan
for the municipality Of Rio de Janeiro
is said to be disposed of for the pres
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-01
PENNSYLVANIA Systems
july Earnings Large

Total operating revenues OF sA4'o-4'
40 .ra reported by the Pennsylvania
railroad system for July, an increase
Of 1857 sos over the corresponding
nth wear ago. Operating income
M mos Ell 1885, however, was only S2l2's
81 IN ercess of July, 1915, because OF
aIo a IN Of s5,4s4,759 in operating
expenses The increase p; in TINS ' ~as
for the lines east oil. Gt I i;ros west ST.
So. $780, 0i, and for the lines "e''' 90
654,35i. .oo,q7s55 was
W ;hrtod nv the eastern part Of the
s sgstem and $l4,9ss,764 by the e. lines nnrs
west Of Ptssqr 2ss ea Net sr spTsG5s Te
reT Tor Tho twelve months ended July l
49, % nor cent earned on the property IN
y yss in the entire system was wa SU,,
ag ssiI 500 in 1915, and 1872 the year
previous.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-01
@ Wealth and Commerce q
Russia Reported
In Market for
More Engines

Tho Russian government, according
to reports in the financial district yes
terday Is making inquiries through
Washington for more locomotives. The
number wanted this time is placed as
high as 1000. IL is expected that con-
tracts will be placed for at least 1900
as soon as deliveries can be arranged.
Russia within the last nine months has
placed orders with American locomo-
tive builders for 998 engines, TO cost
approximately s50,0O0000. Payment, it
is said, will be from the advances made
by this government.
With the exception OF one large or
der for 76a engines, placed by the
United States government with the
Baldwin Locomotive Works, little new
motive power business was placed in
August. There were. however. several
new inquiries from domestic sources.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-01
The Dollar in Foreign Exchange

Dealings in rubles yesterday resulted
in further concessions IN quotations,
the selling being 80 persistent as to
suggest that important interests were
behind the recent offerings of Rus
sian exchange, as well as spectators
who have profited by their short sales.
Italian exchange also was weak. but lit
tie change was noted in rates on Euro
pean neutrals. Francs were slightly
trmer.
Closing rates yesterday, compared
with week ago, are given n the table
below. American bankers have sus-
pended all dealings in German and
Austrian exchange, so that daily quota
lions for either marks or kronen are
no longer available.
Wa.L
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-01
Relevant Facts

United States Steel-It was several
before Steel common appeared on the
Stock Exchange ticker tape. Then the
selling orders were Jumped In a block
of $4,000 shares at prices ranging from
l1lla 70 1l2A, the stock selling minus
a. per cent dividend. c. ID. Barney 4
Co. and II. Content were tho firms
through which most OF the early liqui-
dation took place, according TO reports
in commission houses. Between IL and
! ~ o'clock another wave OF selling broke
the price TO 1924. Subsequent recov-
cries carried IL back to ll0&, but in
! the last few minutes of trading a de-
cline set in and tho last sale was az
! l09la, a net loss for the day of 2ia
/ points.
Republic Motor Stock Offering.-This
company will offer 10 stockholders of
record on August 81 the right to sub
scribe to 1876 shares Of common stock
at $50 share on the basis Of one share
Of new stock for every three shares Of
common now held. The annual report
for the fiscal year ended June 30 shows
net profits Of sl,3S4,227. Dividends
paid on the preferred stock amounted
| TO s85,53S and expenses of preferred
, stock issues totalled s32, 199. After the
deduction Of these two items and the
addition of S247,179 as surplus arising
from the reappraisal of properties,
there was reported balance of Sl,5l3,-
/ 669.
| Gulf States Steel.-With respect 10
the proposed redemption Of 100000
| first preferred stock Of this company
the voting trustees announce that, the
consent Of the holders Of the requisite
amount Of the second preferred and
common stock not having been obtained,
/ the plan had been abandoned.
New York Telephone Company.-This
company has petitioned the upstate
/ Public Service Commission for author
fly to issue S25,OOO,OOO common stock
u :,
/ reimburse the treasury for eXpendi-
I lures from income for proposed con-
struction and for other improvements.
Lake Superior Corporation. - Net
earnings for the fiscal year ended June
so, 1917, according to the annual re-
port, amounted TO s5,323,OO5, compared
with s3,5O3,47l in the year preceding.
The surplus balance after allowing for
fund. etc. totalled S429,2 an increase
of S7O,54O.
Seaboard Air Line Financing. - An
nouncement Of the offering of an issue
of 100000 two-year per cent notes
of this company is expected shortly
The notes will probably be underwent
ten by a syndicate headed by the Guar
anty Trust Company and the National
City Company. The proceeds from the
ale will be used In liquidating the
floating debt OF the road as we'll as pro-
viding for certain extension and i'm
provement work now under way.
Chicago, Milwaukee & st. Paul.-The
company's report for July shows that
net earnings declined 1861 900 despite
an increase of nearly 81 .OOo,o 900 in gross.
This was due TO jump Of sl,41O,7e6 in
operating expenses. The increases
were general. Transportation outlays
totalled s3,970,2l6. an increase Of S9b4,
0e9. In the cost of fuel for locomotives
alone there was an increase of approx
mately s250,o00.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-01
Much Damage in Texas

IT. .o,ton rrop specialist summar-
si,ustion of August 20 as iol-
lows: r..o In cot
BON cron conditions at this time IS 'he
heavy deterioration which mas occu ~ ~
:, Tovoe No rain OF real benent Eel!
IN Central and Southern Texas during
tho last month, and the crop wen. "
nieces rapidly. In much OF TINS sectlGi'
ono picking got the crop, and the staLA
ia dead or so badly damaged that noun
mo could now benefit it. Should heaVy
Ina come at this late date 1t is doubt
al ~ thew would benefit the crop. rost
nrohabIv would get any new fruit that
was put on. ros.or,
an nortion. Of Northern and Eastern
r.xas and in almost the entire cotton
bcIt 10 the east improvement was maui
J,r;ro Tho month, the chief exception
INC nortions Of Florida, Alabama ana
caoroia where, because OF too muGh
rain. weeyils are ravaging the crop III
~ older weevil infested states weeVIs
orc doing less damage than IN FORMER
years. Had
m,r,,,, worms are reported in several!
.oo.iars hut there has been no mate
sci damage 20 date. Rust, blight and
Shedding are local complaints IN mum
The crop generally is fruitlng vel
o,d .eons 10 have overcome a part OF
;.s Iateness in many sections, how.
over, IN the northern part OF the oeiI t
tbers is much young cotton when VIII
rconire at least q normal frost date 70
reach full maturity. :.,,oa ,d
"Thc crop has been largely plcAea ana
ginned in portions OF Southern Ie nazo
and picking is in progress every"hheiLe
in the southern part OF the cotton Delv;
There is some fear that scafcL.S ~.
nickers will be felt in most OIL ''e
s.ates"
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-01
$4,000 Bales
More of Cotton
Now Estimated
Agricultural Department
Issues Revised Forecast
of Yield

WASHINGTON, Aug. 3l.-Cotton
production prospects improved to the
extern. Of $4,000 bales during August
tho crop being forecast to-day at r.
499 900 equivalent b00-pound bales by
the Department Of Agriculture in its
revised estimate, based on the condl-
ton of the crop August %, which It
reported as 67.s per cent of normal
Acre yield was forecast at l'4'o
mounds. compared with 1863 pounds
forecast from July 20 conditions.
The crop forecast to-day compares
with 1899, 1000 bales, as estimated
from the condition of the crop on July
%. and ll,633,OOo bales, as estimated
from the condition on June 20 Last
years crop was 1l,449,93o bales; TWO
wears ago it was ll,l9l,s2 three
years ago, l6,134,930. and four years
ago, 14,l56,4o6. od
The condition reported compared
Min IN 2 per cent Of normal on July
Ok this wear, 6l.2 on August 20 OF isS'
ysar $50 two years ago, and w. III. ho
average on August 20 Of tho last ten
years. .o.o, nroduction
,ha Dauartment Of Agriculture allowed
"V Nor cent from the planted area fof
abandonment. The final outturh PRIV
ablv will be larger or smaller .han .,t'
nuantity forecast, according as conai,
ions hereafter are better or "o'Se
than average conditions. hv
The present condition Of the crop Oy
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-01

Experience teaches that the first
of q country's war loans IS the hard
est TO float, and that as one succeeds
another the fotation is less and less
difficult, up to some indefinite point
which remains to be discovered. That
Is because war finance is made buoy
ant by initiation. 1t is like a "bull
market" that moves by its own mo-
mentum and TO a very large degree
creates its own capital. The higher
stocks 90 the more they are worth,
and the more you can pawn them for
To raise money TO buy more-and so
on and on until it stops. War Dor
rowing cannot stop until the war
ends.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-01

appointment of receiver for the
Ridgetield & New York Railway Com
pany, alleging that the charter OF the
Ridgefield company expires on July J.
1919. and that nothing has been done
to complete the line from Ridgeteld'
Conn, TO the New York State line.
The petition sets forth that 1926
shares of stock were issued BY the
Ridgefeld company, Of which 3,5Ss
shares are owned by the New Haven
road The New Haven wants the
Ridgefeld company dissolved.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-01

Spectators go through the gest-
ures, Of having just discovered that
70 fix prices means to limit them.
Everybody who cared to think about
it knew that long ago. The basic
price Of wheat-S2.20, Chicago-is
q limiting price. The price fixed for
coal is a limiting price. Those yet to
be fixed for copper and steel and
other things will all be limiting
prices.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-01

There is no provision for compell-
ing the wheat producer to sell his
grain at any price. No government,
excepting not the German govern
ment, has yet been able TO make the
farmers sell, short Of going to fetch
his produce, and that would require
the services of an army.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-01
Changes in Operating staff of the

Changes in Operating staff OF the
New Haven Road.-NEW HAVEN, Aug
3l.-Among changes In the operating
staff Of the New York. New Haven &
Hartford Railroad, effective to-mor-
row, announced to-day. are the ap-
pointments OF Clinton |. BardO. gen
eral manager, 70 be assistant TO Presi-
dent Pearson; General Mechanical Su-
perintenden. G. W. Whildin, 20 be gen.
eraI manager; G.. o. Hammond, assis-
,ant 20 Mr.. Whildin, TO be general
mechanical superintendent. and ". L
Bean. who has been acting as assistant
70 the president, 10 be assistant. 70 Mr..
Hammond.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-01
Other Cities

Asks Dissolution Of Railroad Com
pany. BRIDGEPORT, Conn. Aug 81.
The New York, New Haven e. Hart
ford Railroad Company has filed a petit
ton in the Superior Court here for the
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-01
New York
Stock Exchange Seats Lower.

Stock Exchange Seats LOwer.-Iwo
memberships on the Stock Exchange
were sold for $4,000 each, decline of
$4,000 from the last previous transac-
ton, in which Bernard NJ. Baruch was
the seller. The buyers In yesterdays
transactions were Howard F. Mcconnell
and Walter W. Hess.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-01

Firm Changes. following changes
in Stock Exchange firms announced
yesterday: Thomas P. Flsherty retired
from W. r. Craig & Co.; John X. Hol-
Inns retired from Fred Edey g. Co. and
James y. Wallace, jr.. admitted; How
ard A. Plummer admitted TO Evans,
Stillman & Co.. Charles c. Matchett
admitted to Markoe. Morgan E. Co., and
James F. Mathews admitted to Post
Brothers & Co
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-01
Current

The above rates express the cost OF
foreign money in terms of the Ameri-
can dollar. You Guy an English pound
sterling at say, s4.75&. The intrinsic
parity is s4.S6ss 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 great
err than the demand in this country
for pounds with which to settle ac-
counts in England.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-01
British Restrictions Evaded

In this way restrictions which Lon
don has placed upon gold exports 70
other countries have been evaded. II
has also been possible, foreign cx-
change brokers say, for the japanese
interests 70 obtain some additional
gold in this market by Offering rubles
acquired through payments made by
Russia for war supplies purchased in
Japan. The recent pronounced weakness
of Russian exchange in the local mar
ket Is, in fact, attributed in part TO
such selling
Ae mt exports of gold TO Spain, il
is pointed out, have also been made
possible largely because exchange deal
ers in Madrid have been in possession
of large amounts Of sterling bills, which
they have been wont TO offer in this
market. This proceeding, in the case
Of both Japan and Spain, bankers say,
has been displeaSing TO the British
financial authorities, who have been
anxious not only 10 sustain the rate
of exchange with New York on ac.
count of the great purchases of war
supplies being made here for the Al
lies, but TO keep tho local money mar
ket easy 10 facilitate borrowing. The
leakage Of gold from this country tends
10 contract these efforts.
On the other hand, neither the
Treasury authorities at Washington
nor the bankers of this country, it is
declared. relish having the gold stock
of the United States drawn on TO set
tie balances with Great Britain.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-01

at So per cent. Discount rates were
steady; short bills, AZ per cent; three
months bills. 4iS-l6 per cent. Gold
premium at Lisbon. 5000.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-01

Paris Bourse.-PARlS. Aug. 81
Trading was quiet on the Bourse to-
day. Three per cent rentes, 81 francs
80 centimcs for cash. Exchange on
London, 81 francs IL confines. Five
per cent loan. 81 francs 90 confines.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-01
News Digest
Foreign

London Securities Firm.-LONDON,
Aug. 31.-The stock market was firm
with a growing volume of speculative
business in the miscellaneous section.
Rubbers. tins and silver and gold mines
were active and hardening and arma-
ment and explosive shares were strong
features. Russians were steadier after
exchange dropped from 270 70 265.
Gilt-edged securities were steadily sup
ported, but Mexican rails were fiat and
American securities dull.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-01
Sees Use for
Silver Dollars
Now Lying Idle
Bank Would Send $400,-
100000 Reserve in u. S.
Treasury to India

Over s4OO,oOoOOO in silver dollars,
now lying idle in the vaults Of the
United States Treasury as reserve
against paper currency, the National
City Bank, in its September circular
suggests, could be used to settle our
trade balance with India, instead of
shipping gold to that country. This
great store of silver dollars the bank
regards as quite superfuous," and it
could more readily be spared than
gold"
If India is not paid in silver she will,
the National City Bank believes, insist
upon gold, the direct expectation Of
which from the United States TO that
country has been approved by the
British government
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-01
Week

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: