davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-07-26
u. S. Govt Buys
Locomotives for
Use in France
Places Contract Here for
Equipment Required for
Moving Troops Abroad

By October I next American-built To-
comotives will be carrying American
troops and supplies to the battle lines
in Europc. Construction of the engines
that will haul the trains over the
French railroads will be begun here
within the next few weeks, the United
States Army authorities having closed
contracts yesterday for 800 locomotives
to be exported to France for this pur-
pose. The American Locomotive Com
pany will build $50 OF the locomotives,
and the remaining $50 will be built
by the Baldwin Locomotive Works.
According to information obtained
yesterday at the local Offices Of the
American Locomotive Company confirm
ing the announcement, the government
order calls for the construction of con-
solidation type fralght locomotives
weighing 1000 pounds each, with ten.
ders attached. The engines will be OF
standard gauge and will be duplicates
of locomotives already ordered in this
country from the American Locomotive
Company by the French government.
Will Rush Work
The contract will receive priority
over all other business on the books of
the American and Baldwin companies.
Work will begin at once, and de liverles
of the locomotives will begin in Sep
TENDER. If all goes we'll, the companies
will have completed the deliveries by
the end of October. On their ARRIVAL
in France the locomotives will be used
on railway lines running from the
American base 10 the various battle
fronts.
Figures were recently compiled IN
Wall Street showing that prices for
railway locomotives are so high that
about the only purchasers at the pres
ent time are governments. Since June
| Russia alone has ordered five hundred
l00-ton locomotives and sixty-eight
narrow-gauge locomotives in this
country. The British government has
ordered 100 large consolidation en-
gines, similar to those which the United
States has just contracted for. Total
orders placed here for locomotives for
service overseas since June | amount
to 1,0l4, compared with 1877 for domes-
tic use.
Valves Shell Deliveries
Il was reported in the steel trade
yesterday that the French government
has waived immediate deliveries on its
she'll steel in order that precedence
might be given to rails and track sup
plies, of which a large tonnage is going
forward for the rehabilitation Of the
French railway system under the direc-
tion of American engineers.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-07-26
Finance Economics
Telephone:
Hanover e5l4

decline in the quoted values of the
former. Also, it is argued, 4 per
cent rate would cause big drain on
savings banks. Withdrawals have
already been heavy. One big New
York savings bank lost 1,400 &C
counts between July / and July 10,
in addition to reductions in thou
sands of others. Not all the money
withdrawn went into Liberty bonds.
Some of it disappeared from circu-
lation, for there is a tendency to
hoard cash. 1t is fortunate that
the dangers which usually attend
heavy Withdrawals from savings in
stitutions have been averted by ac-
ton of the Federal Reserve Board,
which recently ruled that member
banks may rediscount for non-mem-
Der savings banks.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-07-26
Spain's Wheat Crop Smaller
India Expected to Produce
More Cotton

Washington. July 25.-Spain's wheat
crop this year is forecast at l4l, 00S.-
600 bushels in a cable message from
the international Institute at Rome
10 the Department of Agriculture.
This is IA per cent less than last
years crop. The rye crop is forecast
at 27,77S,0O0 bushels, or 3,5 per cent
less than last year.
Crop conditions were reported as
good in Spain, average in Ireland.
Italy and Switzerland and mediocre in
Denmark, Great Britain and Sweden.
midas cotton crop was estimated at
4,273,000 bales of 400 pounds each. an
increase of l4.3 per cent over last
year.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-07-26
Money and Credit

Call money at the Stock Exchange
yesterday ruled at 3 per cent, with
some loans made as low as per cent.
Rates for time loans based on Stock
Exchange collateral continued firm, de-
spite the ease Of call money. In view
Of the general uncertainty OF their po-
stion, banks prefer TO remain liquid
by putting money out on call and with
holding offerings Of fixed date funds.
Borrowers were bidding ) per cent for
industrial collateral loans yesterday,
but loaning institutions were asking
ia per cent Loans against a mixture
OF railway and industrial collateral
were quoted unchanged at 4Is to "a,
per cent
Ruling rates Of money yesterday,
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-07-26
Vet income. s5,195.233 Dec. $416,r
Protests Transfer Ruling


Mr.. Williams. in referring to the ap-
pication of the company to the Pub
lie Service Commission for a modifica-
ton of the order of March II, 1914,
establishing certain rules and regula-
tons regarding the issuance Of trans
fers, says:
This order was accepted under pro-
test and without waving any legal
rights, and upon the understanding
that in case the effects should be ad-
verse the companies would apply TO
the commission for relief The COM
missions order required the establish
ment of over three hundred additional
transfer points, and became effective
June 1, 1914. Under the new regula-
tions the passenger receipts of these
companies have remained practically
stationary, while during the three
years preceding the order the average
increase in passenger revenue had been
over 100000 per year. The number of
transfer passengers carried, however,
has increased from 146,000000 in 1918,
20 nearly 173,000,000 in 1917, and the
average fare per passenger has conse-
quently decreased from 3.41 cents in
1918 to 1926 cents in 1917. The cost
of operation has of course materially
increased, and the actual rate of re-
turn for the year ending June 80, 1917,
upon the book value of the properties
used in operation has been only $685.
per cent, without any reservation for
contingencies. Clearly, therefore, re-
lief is needed
ITO the extent that the commits
sion's order compels a return of less
than what the courts have declared TO
be confscatory of property, it is prob
ably invalid II is not 10 the interest,
however, either of the company or of
its patrons. that return on a public
utility property should be limited TO a
rate which is merely within the limit
of cons,itutionality. For sixty years
the statutes of New York forbade 0 re-
duction of rates which would bring the
return upon capital expended TO less
than 10 per cent, and when that law
was repealed some years ago and power
was given to the Public Service Com
mission TO fix rates, there was no leg
islative intention to abolish the prin-
ciple of encouraging the business OF
transportation, but. on the other hand.
the Legislature specifically restricted
the Public Service Commissions in their
exercise OF rate-making powers by re-
quiring that they should give due re-
gard to reasonable average return
upon capital actually expended and 10
the necessity of making reservation
out OF income for surplus and contin-
gencies.' To comply with this re-
qulrement much larger return is
called tor than 6 per cent, anything
less than which the courts have de-
cided would be confiscatory OF prop
erty. New capital cannot be obtained
for the necessary improvements and
enlargement of transit unless Il is as.
sured OF an adequate return and is
protected by fair official regulation"
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-07-26
The Man Who Fights
Gives Most

Financial Editor, The Tribune.
Professor Seligman's recent letter
in reply to my article shows a COM
mendable desire to avoid lending sup
port to the slackers' theory of war
finance. One unfortunate result of
his letter, however, will be the unin-
territorial support which it lends to
those disingenuous persons who are
trying to pretend that the burdens of
this war will be distributed with
some approximation to equality. He
rightly states, as ] had already
shown, that it is not question as
between rich and poor, but he labors
tc cover up the fact that it is a ques-
ton as between those who stay at
home and those who go to the front.
1t is idle to contend that we who
stay at home, whether we be rich or
poor, will bear burdens which are
comparable with those borne by the
young men who go to the trenches.
however heavily the government may
tax us. Laboring men who stay at
home will, most of them, be slightly
better off than they would be if we
were not at war. Only those indi-
viduals who go to the front will bear
any appreciate burden. Business
men will in many cases, but not all,
make larger incomes by reason of
the war than they would make if we
were at peace. Many an eminently re-
spectacle family is still living on the
income of a fortune built up during
the Civil War while their competi-
tors, or those who would otherwise
have been their competitors, were in
the army. AS to burdens and sacri,
fees, even those who lose money by
reason of the war will not bear one
hundredth part of the burden which
they will bear who go to the front.
If Professor Seligman, or any one
else, were to surrender his entire
/ income save SIS month, or the pay
of private soldier, and all his CAPT
tai besides, and spend all his time
selling liberty bonds and soliciting
! for Red Cross funds, he would be
worthy of the highest commentator
for his public spirit; but as to his
burdens and sacrifices, bah! they
would be trivial and unworthy Of
being mentioned in comparison with
those of any conscript who is sent to
the trenches.
Therefore, repeat, the real ques-
zion, stripped of all disingenuous
twaddle, is simply this: Shall ne
,cho stay at home pay the money err
penseS Of this 1Oar so far as possible,
or shall 1Ce lend the money to the
government and then ask those 1cho
90 TO the front and bear the real
burdens Of sthe 1our help pay the
money back to as after they return,
ii they return?
T. N. CARVER.
Los Angeles, Cal, July 18, 1917.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-07-26
exchange Intrinsi,

The above rates express the cost oil
foreign money in terms OF the amer,
can dollar. You buy an English pound
sterling at. saw, S4.75i2. The intrinsic
naritv is s4.s65s per pound. Thus, you
saw either that pounds are at dis
count or that dollars are at pre-.
MUM. which is owing 20 the fact that
in England the demand for dollars
with which to settle accounts IN THIS
country is greater than the demand IN
this country for pounds with which to
settle accounts in England.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-07-26
The Dollar in Foreign Exchange

Exchange rates moved narrowly as q
rule in dull market yesterday. Rus
sian rubles were steady. Swiss francs
were strong.
Closing rates yesterday, compared
with a week ago, are given in the table
below. American bankers have sus-
pended all dealings in German and
Austrian exchange, so that daily quo
tations for either marks or kronen are
NO longer available. Week
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-07-26
3. r. T. Has Big
Gain in Gross,
But Net Falls
Balance for Stock $6.97 a
Share, Against $7.53 the.
Year Before

Although gross operating revenues
were the largest in the corporations
history, the Brooklyn Rapid Transit
Company, according to the report CT
operations for the twelve months ended
June 80 last, issued yesterday, earned
the smallest percentage on its capital
stock since 1910. Gross revenues
amounted to s29, 5O4,O19, against s27,-
948,772 in 1916. The balance available
for dividends was $5,l95,239, equal to
S6.97 a share on s74,455,2l3 capital
stock, against 1913 IN the previous
year. In 1913 the company earned
$9.l7 a share OH its stock, that being
the highest percentage.
T. S. Williams, president of the
Brooklyn Rapid Transit Company, says
the gross revenue from operations was
gratifying. but calls attention TO the
fact that this was largely Offset by the
increased charges. The operating ex-
perses were increased, he points out,
by the same influences that have pre-
vailed generally throughout the coun-
try in cumulative force since the
breaking out Of the European war
namely, the rising prices of labor and
materials.
High Costs
These expenses aggregated $751;
741.417, an increase of sl,047 ,509.38,
or 6.67 per cent, most of which in
crease was represented by higher
wages. The percentage OF operating
expense to transportation revenue was
1914, as compared with 56.15 for the
preceding year The charges to main
tenance of way and structure and
equipment aggregated s5,G0I, 1913, a
slight increase over the charges for
the preceding year. The amount ex-
pended, however, was less than the
amount charged by s120,376.02. which
balance was carried to the credit OF
reserves. The large increase in the
cost of power was due primarily to two
factors-namely, the higher cost OF
coal and the necessity for purchasing
outside power, because of delay on the
par. of the Public Service Commission
in approving arrangements for the
supply of power for rapid transit lines.
The burden of taxation continued to
increase, the amount charged for the
year being s2,351, l04.l6, which is 27.gi
per cent more than for the preceding
year.
The income account for last year,
with the changes from the preceding
twelve months, follows:
1917. Changes
Oper. revenues .s2e. 5o4. o18 Inc. $1.656.24s
Oper. expenses. . 16.741.4 AZ Inc. 1.o47. 500
Net earn. from
oper. ....... sf2,762,6ot Inc. $so7.737
Income from other
sources ...,.. 92I,6lo Inc. 1887
Total income. S13, f9o.416 Inc. $496, 846
Less taxes and
fixed charges. 7,995.178 Inc. s13, $40
Net income . s5,195,233 Dec. s416.5s4
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-07-26
Relevant Facts
Dividend Disbursements. Directors

Dividend Disbursements Directors
of the Scovill Manufacturing Company
have declared a monthly dividend Of
Is per cent, which compares wta
monthly rate Of 10 per cent, prevl'AI
paid. Dividend is payable August ! p"
stockholders of record July %.
The Great Lakes Steamship COMPANY
has declared a special dividend Of
per cent, payable August 10 to s'0e'
holders of record August ).
A dividend Of 50 a share has peer
declared by the Salmon Falls asnu.
featuring Company on the common
stock, payable September | to stoeA
holders of record August 70.
Directors of the New YORK p0eI
Company have resumed DIVIDENDS Or
the preferred stock, after a lapse .
nearly six years, by declaring d',
dend of > per rent. payable A1gus A"
TO stockholders of record August ..
The Pepperell Manufacturing CGn
pany has declared an extra DIVIDEND y
81 a share, in addition 70 me tei.,a
semi-annual dividend OF - s"'''
payable August /.
Southern California Edison. - ~
thority has been granted this comps.
by the California Railroad Comhii',,.s;, ~,
to issue Sl0,00O.O00 bonds. VI 70.
amount it is proposed to use tns p.
oeeds as far as available as ioH0,
100000 for cost Of adding 70
company's Big Greek hydro-ele'If1r.
plant and transmission Inc -.
Angeles; 1888, 2S7 10 pay ooIgs.--,
for the purchase Of stock OF me W. ",,.
Whitney Power and Electro Col,io,
ton; 100000 to pay ooliga'ios ,,i
the purchase of S5.000.0OO OF M, - -
refunding bonds Of the Faclne .,LIS
and Power Corporation, and S9'yc.,rs.,,
to pay outstanding notes OF 'he N'
and Pacific companies.
Butler Brothers Following u. ~,
ton of the board of directors ~ s,o,s
TO increase the companys capiIS p,,si.
from Sl5,0OO.000 TO $20.OOO,OVV' I'd
dent Stillwell said: AFTER our s'F iii
becomes S20.000,000 our surplus .,;sy,
be Ss.33S,952. The directors o.' y,
the company can continue to pp ~,
regular quarterly dividend al lhs 80,
of 10 per cent year on the oeS s66
CAPITAL. The company sold so'VyV..,s
ten-vear serial notes last February 80
part of the proceeds was spptVf'b srt.
for the company'S new ouiiG'ns .,p.
When new shares are issued 'hs -,
itaI stock will have doubled IN w., w..
over one wear. When the st voc noS !.
last year from $780, US
$4,000. 900, half OF the lno de shars
offered TO stockholders AZ slOV rod
and half was distributed IS
dividend"
Chicago. North shore & Milss s's,
Railroad. The National Guy 80 20 pur-
and Halsey, Stuart & 20. n See as
chased and are offering s'sS'vSS chr
per cent serial gold notes OF ' esil.
cago, North Shore & MilwSuss. lipt
road a high-speed interuroaa11 .stl
between Evanston vi, IT.. ..
Milwaukee. Notes OF a par W. va are,
$3.50, 900 mature in one year, isspt.
and the balance OF 81 thrss
Sos, 900 notes, mature IN two s",ed ~
years, and are collateraliy AZ d,
the deposit Of 100000 par vAiss st<3
company's first mortgage ~ ~
bonds. due in 1886.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-07-26

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: Current
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-07-26
Commercial Paper

Commercial Paper.--ihe majority OF
institutions displayed little interest in
the commercial paper market yester-
dag. A few sales were made at i2i per
cent, but the bulk of the business was
done on per cent basis.
Official rates of discount of each of
the twelve Federal districts are as fol-
lows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-07-26

Gold Currents.-Gold coin to the
value of $3.50, 900 was withdrawn from
the local Sub-Treasury yesterday. or
this 81 1863 900 was taken for export 20
Spain. The destination of the remain
ing 81 100000. which was in the form
of double eagles, was not stated by
the bankers making the withdrawal.
Several millions Of gold have been
taken from the Sub-Treasury on this
same account lately, the bank handling
the operation refusing TO make known
the destination. 1t is believed that the
gold is being taken for export
japanese bankers arranged yesterday
with the b-Treasury for the te le-
graphic transfer of S1,000,OOO to FRS
CO. This amount Of gold will be eX-
ported to Japan.
London Money Market-London, July
25.-Money and discount rates were
quiet Money, per cent. Discount
rates: Short bills, q per cent; three,
month bills, 413-l6 per cent. Cold
uranium at Ii shOn 90
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-07-26

Sub-Treasury. - New York banks
gained from the Sub-Treasury 3d.
266,000.
Silver.-Bars in London, 393sd; New
York, 1885 cents; Mexican dollars. 6 z
cents.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-07-26

A number of bankers who were
firmly convinced last May that the
Liberty Loan could not be success
fully foated on 3h per cent basis
are now strongly opposed to in
creasing the rate of interest on the
next instalment. 1t is now gen.
orally conceded that the loan can
be placed almost as easily on a 31a
as on a 4 per cent basis. Moreover,
i. is contended that an increase Of
the rate TO per cent would cause
disturbance in several directions
which should be avoided if possible.
For one thing, the investment mar
ket would be adversely affected.
Securities are now pretty well ad-
justed TO the 3h per cent basis, and
an increase 10 4 per cent might
cause a shifting Of funds from low
yield corporate securities to the gov
eminent bonds, with a consequent
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-07-26
Days

Bank Clearings.-The days clearings
at New York and other cities:
The Fargo forum and daily republican. [volume] (Fargo, N.D.) 1894-1957, 1917-02-06
FIRE DESTROYED
BRANERD DEPOT
Structure Built in 1872, Val
ued at $27, 900, Burned
to the Ground

Brainerd, Mimi, Feb. 6.-Brainerd's
Northern Pacific railway station, built
in 1872, valued at $4,000, was burned
to the ground at 3 o'clock yesterday
morning.
The building was two and half
stories high. On It's main floor were
the waitingrooms, ticket office, yard
masters office and express and baggage
department. On this floor everything
was saved, including mail. On the sec
ond floor were the general offices of the
Minnesota & International railway.
Considerable office furniture was saved,
the engineering books, etc. 1t is be
lieved the claim and accounting records
of the road are lost.
On the third floor were stored old
papers and books. There were three
vaults in the building, of which one
had a wooden door. If the vaults hold,
many records will be saved.
All express and baggage was saved.
Switchmen moved up three box cars
and loaded in fixtures, books and rec
ords General Offices of the Minnesota
& International railway may be estab-
lished in Gardner hall.
The station had solid beams of white
pine, said to have been hauled by OK
teams from st. Cloud. One of its build
ers was the late candidate for governor,
William E. Lee, of Long Prairie. julie
M Hannaford, president Of the North
ern Pacific, worked as clerk in the
station in the early days.
The Fargo forum and daily republican. [volume] (Fargo, N.D.) 1894-1957, 1917-02-06
HEMP GROWING
ON LARGE SCALE

Hemp growing will be undertaken on
quite an extensive scale on the Henry
Rold farm, near Georgetown. this
year. o. ]. Mortenson, who will have
charge Of the farm for the new owner,
DR.. J. T. Matson Of Minneapolis, says
120 acres Of the farm will be seeded to
hemp.
While hemp growing in this section
Of the country is somewhat in the ma
ture Of an experiment, Mr.. Mortenson
believes it will prove a success in
every way. Aside from the returns
from the sale of fibre and pulp is the
benefit to the land. It is claimed that
hemp will absolutely kill out AL other
growth, even Quack grass.
drill about the middle Of May or as
soon as danger Of freezing weather
has passed. Seed is grown in KEN
lucky and costs about Sc per bushel
which will plant two acres. No Guilt
walton is necessary and the crop is
harvested as soon as the plants begi&
to blossom. -
Hemp grown in this latitude does
not mature but is used for fiber and
pulp. The fiber is used in making
Irvine and for numerous other pur-
poses. Pulp is used in the manufacture
of certain grades Of paper. The fiber
is separated from the pulp by special
machinery made by the international
Harvester company. This company
also makes the machinery used in
baling the product for shipment.
On account of the difficulty in OBJ
tanning sisal for binding Irvine it has
been necessary to seek a substitute.
Hemp fiber has been found to be equal
to sisal for the purpose. and as 1t
costs no more to make it into Irvine,
the price Of the raw products is also
equal.
The Fargo forum and daily republican. [volume] (Fargo, N.D.) 1894-1957, 1917-02-06
GERMAN VIEW
OF BREAK
Continued from page one.)

(SOnLlnueQ from page On0.1
world. We also remember that Am
erican diplomats during the last
months and years of the war have
cared for German interests by proxy,
in several hostile countries with eff
cheney and great success.
THE text Of the presidents message
in the absence of other official docu-
ment has therefore been examined
most infinitely. Having no real rea-
sons for hostility to the United States,
remembering the traditional friend
ship which has existed between the
countries practically from the first
days of the United States. we natural
ly appreciate the words of a rather
non-hostile character which among
others of a different character are
found in that message as transmitted
by Reuters. In them President Will
son gives assurance that he wishes no
hostile conflict with Germany and I
can addthat we appreciate this and
other paragraphs in the message, join
ing in this respect with President WILL
sons note.
while we think to a certain extent
that we can see by what reason the
United States government was pro-
NOTED to it's present attitude on the
other hand we expect that President
Wilson will to the same extent see the
reasons which prompted US to take
our decision"