davidaulloa/AmericanStories huggingface dataset:
The Colorado statesman., 1917-05-19

New Orleans, La. SO many
young Negro laborers are leaving
for the North that the canegrow-
ers of Louisiana have become
worried over the exodus. In
New Orleans, where the emf
grants come to entrain for the
North, the Mayor of the city has
declared that planters are every
day writing him from their plan
tations in the sugar belt to do
something to discourage the Ne
gro when passing through New
Orleans. The Mayor has been
holding conferences with railroad
and steamship heads with a view
of doing what he can to stop the
exodus. AS a result it is current
report that some hundred and
odd Negro laborers that had
passed the required physical ex-
animation and were listed to
leave on transportation tickets
in hands of railroad agents, failed
to get off Monday night, April
%, as they expected and were at
the station ready to do so.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-11
Frosts Endanger Corn
Low Temperatures Damage
Crops in Many Places

BUFFALO, y. Y, Sept. 10.-Light
frosts were reported to-day from sew
eral points in Western New York.
Near East Aurora il reached the pro-
portions Of a "killing FROST and truck
farms, especially tomato fields, sut-
fcred heavily. The Weather Bureau
has issued warnings OF further frosts
tonight. The lowest temperature re-
corded here last night was IL degrees.
GRAND RAPIDS. Mich, Sept. 10
Killing frosts, which visited Western
Michigan last night, caused thousands
Of dollara' damage to crops. Beans,
corn and potatoes suffered severely.
ST. PAUL, Mimi, Sept. 10.--Light
to killing frosts are reported from all
sections OF the state to-day, accord
ing TO the statement from officials OF
TIE local government Weather Bureau.
In some sections in the northern part
Of the state the temperature was so
low as to cause ice to form.
Persons we'll acquainted with crop
conditions assert the corn in this sec
ton needed at least two and, in some
cases. three weeks of rather warm
weather, and considerable damage may
have been done. Throughout. the state
heavy damage was done 20 late garden
crops.
In Southeastern Minnesota and West
ern Wisconsin il IS reported that the
frosts were so heavy rs to seriously
damage corn and totally destroy tho
garden crops.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-11

elimination Of competition In industry 10
the control Of credit through the DONNA
tion of these groups over our banks and
industries. IL is impossible that there
should he competition with all the facilities
for raising money or ceiling large issues
Of bonds in the hands Of these few bankers
and their partner. and allies. who together
dominate the financial policies of most of
the existing systems.
Justice Brandcis, in his book entitled
"0ther Peoples Money said:
The dominant element in our financial
oligarchy is the investment banker. As
ISOLATED banks. trust companies and life
insurance companies are his tools. Con-
trollcd railroads. public service and in
dustrial corporations ere his subjects.
Though properly but the middcmen. these
bankers bestride "a masters Americas bust
ness world, 40 that practically no large
enterprise can be undertaken successfully
without their participation or approval.
The development of our financial oil
pa-chy followed. in this respect. lines with
which the history Of political dospotism
has faniliarized us. II was 10y processes
such as these that Caesar Augustus became
master Of Rome.
know that you are familiar will
this situation and understand that i
we can once obtain money without hav
ing to appeal to this small fnancia
coterie the corporations of this countr!
will be operated more in the interest o
the stockholders and the public than a
present. ~ b. ANS En-
Boston, Sept. 8, 1917.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-11
Steel Orders Drop
Tonnage August 81 437,115
Smaller Than on July 81

Untitled orders on the books of the
United States Steel Corporation on
August 81 amounted to 1O,407 ,O49 tons,
according 70 the monthly statement, is
sued yesterday, 4 decline Of 437,ll5
tons from the figures made public for
July.
1t was the fourth consecutive month
in which the untitled tonnage of the
corporation has shown a decrease. The
decline for August. however, was not
so great AS had been predicted in some
quarters, il view Of the general uncer-
tainty over the proposed price-ixing
programme of the government.
Government buying has been large,
but not sufficient TO Offset the falling
OF in the demand from regular con-
sumers.
The following table gives the untitled
tonnage Of the United States Steel Cor
poration at the close of each month
since January. 1915.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-11

As already noted, the total for 1915
was less than that Of 1915: but it was
greater than that Of any preceding
year except 1912. Il was nearly twice
that Of 1897. or twenty years ago.
Gold production gained steadily
through the twenty years with the ey-
ception of the three years, lS99-l9O2,
when the Boer War stopped produc-
ton in South Africa. The growth was
in part due to the opening of new
fields in South Africa. in Alaska and
the Yukon. and in the Lena district
of Siberia: and In part to the ad-
vances in metallurgy, which increased
the yield Of mary older mines and dis
tricts and which made possible the
profitable work # low grade deposits.
As usual, il is very difficult TO say
what proportion of the gold won ac-
tually passed into circulation or be-
came part of the worlds money stock
The demand for gold was large, as in
1915, and it is probs BILE that Il larger
proportion of gold than in ordinary
years was monetized or in the form Of
bullion used 10 support credit reserves
Changed Currents
One consequence OF the commercial
disturbances caused by war was that
an unusual quantity of gold found it's
way to the United States, which now
holds the largest gold reserve in the
probably the largest amount
ever accumulated in any country. An
other effect of the war was found in
changing routes OF gold shipments
Thus a large part Of the Transvaal
gold, instead Of going TO London, was
shipped to Canada. whence It passed
into the United States. The adoption
of such unusual channels Of transmits
sion has added to the difficulty Of trac-
ing the movement OF gold. 1t is pos
sible only 10 say, as above, that proba-
bly, an unusual proportion Of the gold
supply has been used as money or the
basis of credit. II is probable also
that only a small proportion was used
in TIE arts-much less than IN an or
binary year. But the whole question
of the disposition Of the new gold
seems impossible Of any exact solution
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-11
New French Currency

Fifteen million francs in new bronze
nickel money is now being turned out
BIZ the French mint. This year, from
January to the end of June, 22,57o, ISL
bronze pieces have been struck at the
mint Of the nominal value of 1902, $50
francs 55 confines. In the month CT
July 3.T75,63l tronze coins were mint
ed. worth 253,Gj9 francs 70 confines.
From January TO June 63,578,7l2 silver
pieces were struck, OF the nominal
value of j7.St6,5l0 francs, and during
July ll,434,Ss9 silver coins were mint
ed, valued at ll,642,S33 francs. Last
wear 100000 francs worth of silver
money was stamped moatnly-that is,
as much as is normally issued in
whole year-and this year the average
coming has amounted so far monthly
to 100000 francs worth. On the
other hand, silver money is scarce IN
the provinces, and little bits OF card
board circulate in place OF bronze and
other token money.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-11
Dividends

Pittsburgh, Fort Wayne & Chicago Rail
wsy.-Regulsr quarterly dividend Of a pe'
cent on the guaranteed stock. payable Octo'
Der 10 stockholders Of record September ~
and "a. per cent on the special guaranteed
stock. payable October 1 10 stockholders Of
record September 10.
international Harvester Company Of Nes
Jersey.-R Regular quarterly dividend Of "a
Per cent o. the common stock, payable Oeto-
Der Is 10 stockholders Of record September 20
Beech Greek Railroad. - REGULAR quarterly
dividend OF | per cent. payable October / T"
stockholders Of record September -.
New York. Laekawanna & Western Rail
road Regular quarterly dividend Of ] = p.
cent. payable October 1 TO stockholders o.
record September IS.
Jewel Tea Regular artery dividend 81
IA per cent on the preferred stock, nayapN
October l 20 stockholders OF record Sep'em'
Der 20.
B.ssemer & Lake Erie Regular quarterly
dividend OF ~ per cent on the eommon
stock payable October II 10 stockholders %
record September Is.
s. II. Kress. Regular quarterly di'ideL"
of l.. per cent on the preferred stock; pay
able October / 20 sto 'kh3lders Of record Ssl
TENDER 20.
Osax. Homiuy OIL Regular Qu2rterl
dividend OF q. per cent psvSbe Sepiemp'i
20 20 stockholders Of record september -.
Oklahoma Producing 4 Refining Regu.s,
quarterly dividend OF ~ per cent psssof
September % TO stockholders 0i record sep
TENDER q.
Lone Star GzS.--Regular quarterly ol''
dend Of per cent. payable September ~
Joliet & Chicago railroad Regular 9ui'
terly dividend Of ;. per cent. payable oeS,-
Der to stockholders OF record September Il
whitaker Pzper.-Qusrterly dividend o.
Ia. per cent on the preferred stock. pAyaos
October 20 10 stockholders OF record Septeni
her 20.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-11

ing countries the exporting countries
should obtain, as il were, a reserve
control over the exchanges when nor.
NAL times return. That truth has
dawned more slowly upon the nes-
neutral countries in Europe. II is one,
however, which should be more clearly
and generally perceived. because II is
only by using 10 the utmost the civ
ilized usages as expressed through ths
international credit system that We
shall minimize economic disturbance
during the war and also shall lessen
the disturbance after the war. II, for
example, small countries. through tn
present wholly abnormal conditions.
add beyond d given point 10 their gold
holdings, they will easily run the risk
Of such initiation during the war period
a. will cost them dearly later, and
lead to an outPouriag OF gold on scale
as large as and perhaps in brieter
period than that which characterized
the inAow.-The London Statis'.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-11
Hoover to Discuss
Food Administration
National Chambers Convention
Will Be Greatest in Its History

WASHINGTON, d. c., Sept 1o.-An
address on the policies Of the Food
Administration, and the possible effect
upon business, will be given by Herbert
c. Hoover, Food Administrator, at the
war convention to be held by the
Chamber of Commerce of the United
States at Atlantic City, September Is
to 81.
Frank A, Scott, chairman of the War
Industries. Board, will speak at the
second session on the first day Of the
convention informing business men
what they'must do to assist the board
in securing supplies for our army. The
constitution Of the War Industries
Board, its. workings, and relations to
the industries Of the country in pro-
viding munitions and supplies. will
also be explained by Mr.. Scott. An OPP
portunity will be given to those in at
tendance 30 discuss from the floor the
various problems and the subsequent
bearings on their own trades.
According TO Waddill Catchings,
chairman of the programme committee,
the gathering will be the largest in
the National Chambers history, as in
dictated by early acceT tances of dele
gates
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-11
Money and Credit

Substantial Withdrawals OF deposits
from local banks yesterday for the &C
count of the Treasury Department ana
the Allied governments Offset the IN
auence of the favorable bank statement
Of Saturday in the local money market
The rate for call loans rose to 6 per
,cnt during the course Of the Stock
Exchange session. Most Of the Dusi-
ness was done on Az per cent basis,
however, compared with 4 pet cent last
Friday.
The tone Of the market for fixed
date maturities secured by the deposit
Of Stock Exchange collateral was
Grmer. although there was no quotable
change in rates. The bid quotation for
all loans based on industrial securities
was G per cent. Loans on mixture OF
railway and industrial securities were
maintained at 5 TO 81 per cent.
Ruling rates for money yesterday
compared with year ago, were as fol-
lows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-11
Problems in Gold

Long ago, and before she entered the
war America frankly recognized that
the position which had arisen was one
which not merely the old resources of
the Allies but the gold stores Of the
world would be unable TO meet unless
huge credits were granted to purchss-
ing countries. Moreover. it was also
recognized that even from the stand
point of the exporting country it was
more desirable that gold should not
come in too freely, but rather that
BY making advances to the purchas-
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-11
Monday, September 10, 1917

Initiation of credit was present in
marked degree when the United
States entered the war, and it has
become even more pronounced since
that event. Yet it is not easy 10
trace the effects on commodity
prices. Indeed, prices have not
arisen materially as a result of con-
ditions attending our participation
in the conflict. Dun's index number
oc commodity prices stood at 1867
562 on January 1. at 2OS.435 on May
! and at 214.455 on September /.
There was thus a net advance of 80
rCints, or % per cent, in the four
months ended May /, and an in
crease of 6 points, or per cent, in
the four months ended September 4.
That is. the rate of increase in prices
during the latter period was only
about one-eighth as great as the rate
of increase IN the former period.
The obvious conclusion is that the
effects of credit initiation have, for
the most part, been deferred, and
this conclusion is supported by gen.
eral reports on the state of trade.
With perhaps an exception here and
there, even those industries in;whicR
new credit presumably is being util-
lied do not reflect the change.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-11
Wyoming Banks Now
In New Jurisdiction

WASHINGTON, Sept. 10. 49, Wyo-
ming banks of the Federal Reserve sys-
tenn have been transferred, effective
September 80. to the direct jurisdiction
Of the new Omaha branch of the Kan
sas City reserve bank. Heretofore Wy
oming banks have reported directly to
the Kansas City reserve bank.
Both the Omaha branch and the pro-
posed new branch at Denver wanted
jurisdiction of the Wyoming banks. A
poll among the Wyoming banks as 10
which branch they would prefer re-
suited in .he selection Of Omaha.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-11

But though the effects Of imitation
may be deferred, they cannot be es-
capped. 1t is to be expected that
once the readjustment to war condi-
tons gets well under way, and re-
straints imposed by uncertainty re-
garding taxation, price fXation and
Tie like are removed, prices for un-
controlled commodities will resume
their upward march, and at a great
ly accelerated pace. If this should
prove to be true, and there is little
reason for doubling that it will, then
the effects upon prices for many in
dustrial stocks can hardly fail to
be favorable.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-11
The Dollar in Foreign Exchange

Russian rubles developed fresh
weakness yesterday, when they declined
to 1914 cents. the lowest price on rec
ord and loss of cent from las:
weeks closing. Only moderate
amount of offerings was responsible
for forcing the ruble quotation down,
the chief reason for the movement
being the absence of a demand.
Putting into effect yesterday OF the
embargo on gold exports was without
apparent effect on exchange rates.
Spanish pesetas ruled firm at 1890
cents. Swiss francs were fTactionally
higher. Sterling and francs were quiet
and practically unchanged.
Closing rates yesterday, compared
with week ago. are given u the table
below. American bankers have sus-
pended all dealings in German and
Austrian exchange, so that daily quota
tions for either marks &C kronen are
no longer available.
Quoted dollars to the pound.)
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-11
Allow Pullman Fare Increase

WASHINGTON, Sept. 10.-Increased
Pullman fares from FL Paso and Lare-
do, Tex, to destinations IN Mexico were
authorized to-day by the Interstate
Commerce Commission 70 bring the
fares TO a parity with those approved
by the Mexican government.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-11
Rate Increase Suspended

WASHINGTON, Sept. lO.-A pro-
posed increase Of two cents per hun
dred pounds in the rates on sisal from
New Orleans 10 st. Paul, Minneapolis,
Sioux Falls and other destinations in
that section was suspended to-day oy
the Interstate Commerce Commission
until January S. pending investigation.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-11
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, S4.751a. The intrinsic
parity is s4.s6ts per pound. Thus, you
say either that pounds are at discount
or that dollars are at a premium. which
is owing to the fact that in England
the demand for dollars with which to
settle accounts in this country is great
or than the demand in this country
for pounds with which to settle ac-
counts in England.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-11
RubIes Weak in London

LONDON, Sept. 1O.-ForeiSn ex-
change was unsettled to-day by the
latest political news, rubles depreciat-
ing 10 300 Swedish exchange was easy
and nominal, but inquiries indicated an
easy feeling among traders.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-11
Mines Fail to
Respond to Worlds
Demand for Gold
Production in 1916 Fell So, no.
l54, Compared with Pre-
ccding Year

With the demand for gold greater
than ever before, owing to the almost
Unsuitable appetite Of war, the worlds
production of the metal last year fell
short Of the 1915 output by SS,ll0,-
l54, or IL per cent, amounting in the
total to S47Oi42,O6S. This was $l0,-
344,64O, or % per cent, more than was
produced in 1914.
The table following presents the pro-
duction OF the metal by countries for
1914, 1915 and 1916. the first three
years Of the war:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-11
srld IL W $3.50. os7 .42s ;i7s5s2722 S7o.447, oss
Transvaal Yields More

These are the figures as compiled by
"The Engineering Record and Mining
Journal" in its annual review of the
worlds gold output. II is shown that
the most important gain shown in 1916
output as compared with 1915 was Of
about SG,OOO,OOO in the Transvaal, but
this was Offset by decreases of $780,
900 in the United States and 5000, 900
in Australasia The Transvaal gain
was due to intensive working of mines
and larger supply Of labor.
The loss in Australasia, on the other
hand, resulted from scarcity of labor,
from the diversion of capital to other
fields and from the absence of pros
pecting, which has prevented the dis
covery or opening of new mines to re-
place those which have been exhausted.
Apparently the war has had little
direct effect on gold production Most
OF the producing countries are out of
the direct track of the conflict. Even
in Russia the only effect in gold mining
felt was the withdrawal Of working
forces for the army, and this operated
only to a moderate degree. Mexico's
activity was diminished by internal
troubles entirely. The only countries
affected were in Europe, where the pro-
duction is but small at any time.
Twenty Years Output
The total gold production Of the
world for twenty years past is given in
the following table:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-11
Life Insurance
Companies Profit
By Fall of Rubles
Can Settle $4,000 Claim
With $1,000 Worth of
Russian Exchange

Certain American life insurance
companies which did considerable
business in Russia prior to the war
are finding that the abnormally low
price prevailing for rubles is saving
them great deal of money in the
case Of policies that are coming due
in Russia and have 20 be paid off there.
While no new business is now being
written in Russia by the American
companies. policies placed before the
outbreak Of the war are steadily COM
ing due, and as they were made pay
able in rubles the decline in the price
of rubla exchange makes the opera
ton an extremely profitable one from
the viewpoint of the insurance con-
cprpg
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-11
Commercial Paper. - \

Commercial Taper. = NO Imp0TVaHV
change occurred in the commercis
paper market yesterday. The demand
continued light and rates were firm
.around 5i4 per cent. -.
Official rates of discount for each Of
the twelve Federal districts are as fol-
loEs:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-11

Below is given the current exchange
value of foreign money in dollars and
cents, together with the intrinsic gold
parity, as calculated by tho United
States Mint:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-11

London Money Market.-LONDON
Sept. lO.-Money was plentiful and dis
count rates were quiet to-day. Money
was quoted at 3a per cent. Short
bills were quoted at AZ per cent in
the discount market.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-11
Apply for Gold Export Licenses.-Se,

Apply Tor Gold Export LIcenses.-oeN-
erai applications for license 10 export
gold from the country were made yes
terday at the Federal Reserve Bank
of New York, in accordance with the
workings of the embargo on all out
ward shipments Of gold announced
last week
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-11
Rnstnn Bank Statement. BOSTON,

Sept. l0-The weekly return OF the
Boston banks disclosed decrease Of
81 500 900 in loans and discounts. De-
posts decreased S2,303,000. Cash in
bank and in the Federal Reserve Bank
increased SS7S,000.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-11
How Ii Works

Normally, it cost the insurance COM
panies around ffty-one cents for each
ruble bought Now, however, owing
to the severe depreciation in the value
of Russian currency, rubles can be
bought for around sixteen cents
apiece. As result of this state Of
affairs an American company with a
policy 70 meet in Russia, say, for TO-
600 rubles, can settle the obligation
with the expenditure Of around 1900,
whereas with the normal rate OF ex-
change, the policy would call for the
payment. of nearer $4,000.
Selling Of Russian rubles in this
market from all parts OF the world,
particularly Japan. continues as the
chief adverse influence on the price.
Rubles fell sharply again yesterday,
he New York rate going to l5i2 cents,
loss of cent compared with the
CLOSING price last week
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-11

Sub Treasury. - New York banks
Gained from the Sub-Treasury s76S,OOO.
Silver.-Bars in London, 491sd, an in
crease of I'D, New York, 975sc, up lc;
Mexican dollars, nc, an advance Of lc.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-11
Days
Over Over Over

Bank Clearings.-The days clearings
at New York ard other cities:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-11
Outlook Uncertain

Foreign exchange bankers refuse to
make any prediction az to where the
decline in the ruble will go. Not only
are financial conditions in Russia bad,
hut ever since the revolutionary up
heaval of last spring the rapid politi-
cal and military developments have
rad an unfavorable sentimental infu-
ence on The ruble market.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-11
Twenty Years Output

The total gold production Of the
world for twenty years past is given in
the following table: