davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-24
Australia to Fix
Prices Of Metals
Government May Take Over
Whole Tungsten Production

MELBOURNE, Australia. July 30
The chairman of the Sydney Metal EH-
change states that the policy Of the
Federal government with regard to
metals is that all minerals produced
IN Australia will In future be treated
in Australia.
An exchange similar to the London
Metal Exchange Is to be created. and
instead of metals being sold to London
thew will be sold to Sydney and Mel
bourne
Efforts are being made to induce Pre-
nier Hughes to fix a standard price for
copper for three years.
The government has made arrange
ments fixing the price Of zinc for ten
years. a. VII,
Regarding rare metals, Mr.. Hughes
has submitted a plan to the producers
whereby the government will contract
70 take over the whole of the tungsten
production at the worlds current
prices.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-24
British Treasury
Bills in Demand

Resumption of the sale OF BRITISH
Treasury bills in this market is meet
ing with marked success. 1t was
learned yesterday at the offices OF D. r
Morgan & Co., fiscal agents for Great
Britain, that not only had the first
weeks Offering of Sl5,ooo,oOO been
quickly subscribed, but that more than
half the second instalment Of similar
amount had been applied for. The pur-
pose Of the sale of these securities is
to provide funds to retire England's
floating debt in this market in the
form of demand loans made by Amer
lean bankers.
IL was estimated yesterday that the
amount of these loans now outstsnd-
ing Is approximately S2O0,0OO,OOO.
Early in the summer, bankers said,
they ran as high sometimes as $780,
100000. A considerable portion is un-
derstood to have been paid off from
the proceeds of the loans made to
Great Britain by the United States
government.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-24
Relevant Facts

Gulf, Mobile & Northern Railroad
Income report fled with the New York
Stock Exchange, covering the six
months ended June 80, 1917, shows
gross operating revenues of Sl,020, 4S7,
a decrease of S3O,3O3, compared with
the first half of 1915. Net operating
income, after expenses and taxes, was
S25O,9I8, compared with S2S3,44O a year
ago, and surplus after charges, totalled
1886, 657, a gain of S23,207, and equal
to 1922 share for the six months
period on the Sll,344,40O preferred
stock.
American Sumatra Tobacco. - Net
sales for the fiscal year ended July 81
amounted to S4,758,4l5, and profit on
sales totalled S1,78O,364 Net income
for the year, after interest, deprecla-
ton, reserve for taxes, etc, was ST.
Ol9,607, equivalent to 1885 share
on the common stock, after allowing
per cent on the 100000 preferred
shares.
Ohio Cities Gas.-Net earnings Of
the company for July amounted to ST.
0l1,57S, according to an official state
ment, the first issued since the capital
stock was increased from SlO,OOO,OOO
to $4,000, 900 and the Pure Oil Com
pany was acquired. The latter concern
contributed $3l2,5l2 to the total.
The balance sheet as Of July 81
showed cash on hand of S9,968,562, &C
counts receivable SO ,346, 239, oil in stor-
age S3,6l2229, temporary investments
s444.974 and materials and supplies
S979.6O5. On the liability side were
accounts payable of 81 ,848,491, accrued
taxes Of S452, 269 and accrued interest
Of S65,678.
Standard Oil Dividends.-Total divi-
bends payable by Standard Oil COM
panies for the third quarter OF the cur
rent wear amount to S22,96S,15l. re-
duction of s3,459, sol, compared with
the preceding quarter. This decrease
is partlv accounted for by the omission
of the extra dividends on Prairie Pipe
linz Of : per cent and of 3 per cent
nv the Prairie Oil and Gas Company,
The former amounting to 81 100000 and
the latter 20 $4,000. Also, the semi
annual payment of II per cent by III
nois Pipe Line, amounting TO sZ'4OO'-
600 was included in the second quarter.
In the following table is shown total
cash dividends paid by quarters since
the dissolution OF the parent oIahudru
Oil Company Of New jersey:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-24
Thursday, August %, 1917

The day on the Stock Exchange
was marked by the temperance Of
something which has been absent for
several months-public participation
in dealings on a substantial scale.
While there have been occasions
since we entered the war when the
public has displayed interest in a
stock which for one reason or an
ether came into temporary promi-
nence, transactions have been made
up chiefly of the exchanges of
counters among professional specu-
lators. Unfortunately for values,
the revival of interest in the market
took the form of heavy selling, so
that more liquidation occurred dur
ing the day than has taken place for
a long time. 1t is a significant fact
that the selling orders were re-
ceived from all parts Of the country,
the West in particular seemingly
being in haste to get out from under.
The selling was induced for the most
part by the Senate's drastic upward
revision of the surtax on incomes
and fears that the government will
cut prices for steel, copper and other
war materials relatively as much as
hltuminous coal prices were reduced.
If that happens Wall Street has
little hope of higher prices for in
dustrial stocks. The fixing Of prices
which would allow only fair mar
gin of profit would put a damper on
speculation, because under existing
conditions profits must be very much
more than what would be considered
fair, or even exceptionally good, I'M
der normal conditions, to arouse
speculative interest on the bull side
Of the market.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-24
Money and Credit

An easier feeling prevailed in the
call money market yesterday, owing TO
the willingness Of the banks TO lend
funds on demand in amounts largely
in excess Of the present requirements
Of Stock Exchange borrowers. Most OF
the days loans we're made at 3 per
cent but some money was put out late
as low a. ~ per cent, the closing rate
being IN.
Little time money was to be had for
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-24

the underwriters of the new issue. no
Confirmation of the rumors were forth
coming from these quarters.
General Motors Corporation.--Di-
rectors, at the organization meeting
elected W. c. Durant president:
Pierre S. du Pont chairman OF
the board, T. S. Merrill secretary, h.
H. Rice treasurer and NJ. L. Prensky,
controller. The directorate is now
composed of the following members: A.
G. Bishop, W. P. Chrysler, R. H. Col
Inns. W. L. Day. C. S. Mott. E: Yer
Linden, F. W. Warner, Pierre 5; du
Pont. W. C. Durant, ]. A. Haskell, L.
G, Kaufman, J. H. McCiement. and j. D.
Raskob. The first seven OF the al
rectorate named are also vlce-presi-
nosed of Messrs. Kaufman, chairman;
du Pont, Durant, McClement and Kas-
kob.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-24
Bankers Urge
Strict Control
Of Exchanges
Action Necessary to Pre-.
vent Use of American
Credit by Germany

Regulation of foreign exchanges by
the government is urged by bankers
here to prevent Germany from obtain
ing through agents in neutral countries
commercial credits that can be applied
to the purchase of supplies through
neutral channels. At the present the
only check on such transactions, bank
ers declare, is the constant vigilance on
the part of the leading financial insti-
tutions doing business in foreign ex-
change, to prevent any credits of this
character from being negotiated for
German account.
"The government" said one banker
yesterday, should lose no time in TAX
ing action to 'Hooverize' the foreign
exchange market. Despite the efforts
of the banks, cooperating with each
other and with the government Off
Gals to prevent such transactions,
there is nothing to stop any one who
might be so inclined from furnishing
Germany with credits by the purchase
of exchange through neutral countries.
AS a matter of fact, we have been let
ting money go into neutral countries
by the barrel without knowing posi-
lively how it is being used. This is
a ridiculous state OF affairs, especially
when such vigorous measures have
been taken to put check on German
activities in other directions.
Should Be Scrutinized
Foreign exchange business will bear
closer watching. The government off,
Gals at Washington, to be sure, cannot
do everything at once, but action to
place dealings in exchange under a
strict official supervision should be
taken without any further delay. Such
action should have been taken, in TACT,
as soon as this country broke off diplo-
matte relations with Germany. what
is needed is an official board which
could carefully scrutinize and wise all
dealings in foreign exchange. Such a
board would have authority to lnvesti-
gate, and, If necessary, put stop 70
anv transaction that gave the least
suspicion of irregularity. The oanKs
are doing their best TO prevent such
irregularities, but they lack the au-
thority to act in an othcial capacilS'
We need sheriff"
The bankers in this country are not
alone in their belief that the govern
ment should undertake to control tne
foreign exchange, especially as regards
dealings with neutrals. 1t is under,
stood that the Allies recently lntimated
10 the authorities at Washington that
thew believe such action should be
taken.
No Business with Enemy
Business relations with banks in
Germany and German owned banks
were wholly suspended by the leading
New York financial institutions almost
Immediately after this country entered
the war, and there has been the closest
co6peration with the government ever
since to prevent any financial dealings
with the enemy. The amount OF money
still on deposit here for the account
Of hanks in Germany is estimated at
about s5, 900 900. while another Sl,OOo'-
90. perhaps, is held on deposit Tor
German owned banks operating IN
South American countries. The latter
il is said never made it practice 10
keen large balances in this country
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-24
New York

Tin Plate Makers Meet Hoover
Manufacturers of tin plate have been
summoned by Food Administrator
Hoover TO meet in Washington to-day.
Just what action will be taken at the
conference could not be learned, but
presumably the meeting will have to
do with the supply of tin plate for
food containers. IL is reported that
manufacturers have oversold their
capacity for this years delivery OF TIN
plate. Certain domestic consumers are
trying to place orders for early ae-
livery next year but are meeting with
little success. Manufacturers are not
anxious to quote prices or to accept
contracts for next years delivery.
There is heavy export demand,
and recent sales for foreign account
have been made at around SIS per base
box
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-24
Corporation Returns
Goutk DID
Dividends

Magma Copper.-Regular quarterly diyi-
dend Of fifty cents a share, payable Septem-
Der % 70 stockholders Of record September Z.
Calumet & Arizona.-Regular quarterly
dividend Of two dollars and one dollar ex-
ira. both payable September q 70 stock
holders of record September Z.
Laelede Gas Lixht-Regular quarterly
dividend OF Ia per cent on the common
stock, payable September Is 70 stock Of
record September !.
Pennsylvania Water and Power-Regu-
lar quarterly dividend OF II per cent, pay
able October October ! 10 stockholders OF
record September 10.
New River Compsny.-Usual quarterly
dividend Of one dollar and fifty cents on
the preferred stock, payable August 81 20
stockholders Of record August "a.
Lackawanna Steel.-Dividend Of ~ per
cent, payable September % TO stockholders
Of record September IA.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-24
The Dollar in Foreign Exchange.

Further shipments of gold to Spain
yesterday tended to ease the rate Of
exchange on that country. Dealers in
Spain are said to be selling sterling
bills over here against dollar credits
created by the imports of gold. Lire
continued to weaken on selling against
commercial bills. A decline in rubles
suggested speculative selling inspired
by the pessimistic reports from Rus
STA. Francs were slightly easier.
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
tons for either marks or kronen are
no longer available.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-24
News Digest
Foreign

London Market Active.-LONDoN'
Aug. 23.-The stock market was strong
with increased activity to-day ne
provinces bought home industrials,. and
oil shares were buoyant, especially
Mexican and Egyptian descriptions
Mexican rails and mines were IN re-
mand and Brazilian Railway Company
securities hardened on the ANNOUNCE
ment of a reorganization scheme. re-
ruvian rails gained and Russian bonds
and industrials received more ATTENTION
and advanced to higher levels. Colo
mines were more active, while rubber
stocks were quietly firm.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-24

1t probably will be found in not a
few cases that the prices fixed for
bituminous coal are actually higher
than are now being received by the
operators, at least on large con-
tracts. A railroad official says that
the price named for coal which his
road used is more than 40 per cent
above the price which it is paying
under existing contracts, while a
Middle Western operator states that
more than half his product is sold
for 33 per cent less than the price
named for 1t.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-24
Other Cities

United Railways & Electric.-BALTl-
MORE, Aug. 23.-The company has APP
proved a financial plan which calls Tor
the issuance of S3,000,000 s per cent
five-year convertible notes, which are
to be sold at 97l2 and accrued interest,
and to use the proceeds for the pur-
chase of new cars, for extensions and
improvements to its lines and for
betterments and improvements to its
service. The notes will be convertible
into common stock of the company at
$50 a share during the first two years,
s32 a share during the third, S34
share during the fourth, and S36
share during the fifth year of the life
of the note issue.
Railroad Incorporated. - ALBANY,
Aug. 23.-The Nickel Plate Connecting
Railroad, four miles in length and
connecting the New York, Chicago &
vania Railroad at Hamburg Siding,
has been incorporated with a capital
of $4,000.
Cottonseed NEUTRALITY-SUSPICIOUS.,
Aug. 23.-The governments report for
the year ended July 81, 1917, shows
s4,493,52S tons of cottonseed, less re-
shipments received at mills, and A.
473,930 crushed. There were also
1897 tons held at mills on July 81.
The production Of crude oil amounted
to 1903 ,979,199 pounds; refined, 1881
S4S,954 pounds; cake and meal, 2,222,-
SIS tons; hulls, e6s,316 tons; linters,
1,32S,492 bales; hull fibre, 473,7S4'
bales. Stock on hand as of July 81
totalled 16,205,340 pounds of crude
oil and 299,256,97O pounds of refined
oil.
Public Utility Merger-SHARON,
Penn, Aug. 23.-The Mahoning G.
Shenango Railway G. Light Company,
controlled by the Republic Railway G.
Light Company, which has absorbed
number Of street railway and inter
urban roads operating in the Mahon-
ing Valley, has been incorporated with
s2l 900, 900 capital stock, of which s10,-
100000 is preferred and s11,0OO,OO0
common stock. The merger includes
the Mahoning Valley Railway, Mahon-
ing Valley Southeastern, Poland Street
Railway, Youngstown Park & Falls
Street Railway, and the Youngstown &
Sharon Street Railway.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-24
6 money (mixed collateral) !:

Commercial Paper.-While the rate
for prime six months paper remains
unchanged at 5 per cent, the banks are
taking only limited amounts at that
figure. Offerings, on the other hand,
are small, as the majority of big COM
mercial borrowers are not In the mar
ket for funds in large way at this
season of the year.
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, 1917-08-24
Public Utility Merger.-SHAR0N,
Elections

William H. Hill, vice-president Of TIE
American Radiator Company, it was
announced yesterday, has been elected
director of the Scoville Engine and
Manufacturing Company.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-24
B. M. Baruch Quits
Stock Exchange
For War Work
Noted Spectator May Act
as Buyer for U. S.
and Allies

Bernard NJ. Baruch, long a well
known figure in Wall Street and since
the entrance of the United States into
the war, active in government affairs as
chairman Of the Advisory Commission
of the Council of National Defence and
as a member of the buying committee
of the War Industries Board, has
sold his seat on the Stock Exchange to
Francis W. Welch for S5S,0OO. The
last previous sale of membership was
at $4,000.
In both financial and Washington
circles Mr.. Baruch has been frequently
mentioned as the man who will be
placed by President Wilson in charge
of all war buying in the United States,
not only for the government, but also
for the Allies. Wall. Street believes
that, having severed his official rela-
tionship with the exchange, the formal
announcement of his appointment as
government purchasing agent will soon
be made.
Negotiated Lower Prices
When efforts were made by the gov
eminent early in the summer TO OBJ
tain enough copper for the immediate
requirements of the army and navy
Mr.. Baruch met the heads of the lead
ing producing companies and arranged
with them a price of about 16 cents a
pound, one-half of the prevailing quo
tation in the open market. He has
the steel men Of the country for lower
prices.
Mr.. Baruch was named as a Wall
Street operator who had profted by
the now famous peace leak" of last
winter. He cleared himself of this
charge during the subsequent Con-
gressional hearings at Washington and
here in New York at the Custom
House, but said that he had sold the
market short heavily in the belief that
the German peace offer in Decem Der
would meet with serious consideration
from the Allies. He said his net profits
on these transactions amounted to
S476,16S.
During recent years Mr.. Baruch was
seldom seen on the floor of the Stock
Exchange. Since he became a member,
in 1899, he has never associated him
self with any firm, always trading for
himself alone. He has Offices at lis
Broadway.
He has been the most successful
stock Spectator of this decade and
has amassed a fortune Of many mill
lens.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-24
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:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-24
Current

The above rates express the cost OF
foreign money in terms of the Ameri-
can dollar. You buy an English pound
sterling at, say. S4.75A. The intrinsic
parity is t4.s6ts 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 great
er 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, 1917-08-24
London Money Market.-LONDON,
Bank of England Statement-LoN

The proportion of the banks reserve
to liability this week is 1900 per cent;
last week il was 1858 per cent.
Bank of France Statement.-PARIS,
Aug. 23.-The weekly statement of the
Bank of France shows the following
chanpes in francs.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-24
DIVIDEND NOTICES

MERGENTHALEg LINorl,rhsi 4. ~
Dividend 81. 81. 70
an ,h IssO eapi,G s,oes ., M,r.,s,a':s,, ~
Company viii 70 paid on ss'' ,sso ,D %.
the s,ockholders o, record - sa9 isi y
clo,s OF business on Septemoe
rransfer Books will no, he Josef, r-.sr<
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-24

Silver.-Bsrs in London, AND, un-
changed; New York, SSAc, unchanged;
Mexican dollars, 6S1zc, unchanged.
Sub Treasury.-New York banks lost
TO the Sub-Treasury $4,000
Gold Currents.-Gold coin amounting
to 100000 was withdrawn from the
Sub-Treasury for export, s54o,OOO
being for export to Spain. The des-
tination of the remaining s25O,OoO was
withheld
London Money Market.-LONDON,
Aug. 23.-Money was quieter at 3%
per cent. Discount rates were steady.
Short bills being offered at Az per
cent, and three months bills at 1915
per cent Gold premium at Lisbon
5000.
Bank of England Statement.-LON-
DON, Aug. 23.-The weekly statement
Of the Bank of England the following
changes:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-24

any period longer than ninety days,
and most banks were confning loans
for that period to customers who were
able to convince them that the need for
the money was urgent. For loans Sc
cured by mixed collateral higher rates
we're quoted for practically all maturi-
ties.
Ruling rates for money yesterday,
compared with a year ago, were as fol-
lows:
Yesterday. Year ago.
Durant weekly news. (Durant, Choctaw Nation, Indian Territory [Okla.]) 190?-1944, 1917-10-19
An Appeal to the People
to Sign the Food Pledge

Mrs " \ Dnran' county chair
man oi ~" Food pl",lG" Campaign
To he mad" III" W"ck 'uum"ncini,
October -. max" -'h" following ap-
peal To the p"opl" of III" county:
"DD YOU low" yuur country, and
are YOU willing 10 MAX" a sicriiic"
to assist your Cos" "rnm"nt in its
fight for fr""do mand rirht. and
liberty and happiness
"A Government that offers pro.
lection ard opportunity, such as ar"
to be found now here els" under the
sun.
This l. the time everyone should
he thankful for tn" opportunity to
sign the Loyalty Food Conservation
Pledge Cards.
"A million OF our men and boys
have been called to N" front Ia d"
tend 0ur libcrti"5 Thos" of us who
remain ~ home must provide for
their comforts to make our armies
invinCibic.
This scrvic" will entail an extra
burden on our earning capacity, and
the spirit in which "" meet this de
mand will prove our loyalty to our
Government.
This obligation j. purely a moral
one. do not b"liev" that any true
Durant weekly news. (Durant, Choctaw Nation, Indian Territory [Okla.]) 190?-1944, 1917-10-19

Dklahuman will fail to respond to
'ii' tot of loyalty.
"Dur Government has accepted
it, shar" of possibility for the
we'll being Of a Christian civilization
TIL" soul of IN" Naiion has spoken;
il i calling tu Us 10 husband our re
sources To feed our armies and thos"
ni IN" allies who have protected IL
from invasion.
IVY" will eat the bread of bitter
ness ard drink the cup of calamity
if the pruSsinns ever set foot ON our
shores.
"A careless contempt for economy
Is Il sin against ratrioiisn
81 appeal 10 yuu aS fire." people,
fearing God. but no evil king
VERY respectfully.
MRS W A Dl'RANT.
chairman, Bryan County"
Durant weekly news. (Durant, Choctaw Nation, Indian Territory [Okla.]) 190?-1944, 1917-10-19
USE \SCiRETS" FOR II\EI.
AND IDWEI.S WHEN
(ONSTIpiTEp
When i;iliolI>, IIca,l,cIy, Sich, For
Sour Stomach, i;ad Breath.
BAD Colds.
Got II 10 cent box

Got II Ia cent box
TAX" u tasrarct tonigh; t. cleans
your Liver. stomach and Bowels. and
You will surely fol great by morn
ing You men and women who hay.
headache. coated tongue. "A hadculd.
are bilious. nervous. upset. bothered
with n sick. EasSy. disordrr"d stum-
ach. or have backachc and feel all
worn out Are You keeping your
bowels clean with cascarctS or
merely forcing a pas.ar"way every
few days with salts, cathlrtic pills or
castor oil?
CaScar"tS Immediately cleans" and
regulate the stomach, rcmuy" the
sour. undigrst"d and f"rm"n'ing
food and foul gases; take the rycrSs
bile from the liver and carry of III"
waste matter and poiS-
onS from tn" bowels
Remember. a Cascar,t turigh, will
NtranGhtcn yon ont hy morning \
l".c"nt box from your druggist
means healthy bowel action. Il clear
head and chc"rfuln"SS for months.
Don't forget the children tadv)