davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-16
Pittsburgh Board
Promises To Be Good;
Ticker Is Restored
Conference With officials OF
Local Exchange Clears
Misunderstanding

The official ticker service of the Stock
Exchange will be restored to the Pitts
burgh Stock Exchange after having been
removed for day. This decision was
reached here yesterday as the result
of conferences between officials of the
local exchange and John B. Barbour,
president, and Charles J. Holman. sec
rotary, of the Pittsburgh Exchange.
Mr.. Barbour and Mr.. Holman made
a hurried visit to New York for the
purpose of Strengthening out the mis-
understanding that had arisen over the
removal of the official stock quotation
service. According to a member of the
governing committee Of the local ex-
change, the Pittsburgh men promised
that no more irregularities would take
place in the use Of the New York Stock
Exchange prices. II any misuse had
been made of them, the officials of the
Pittsburgh Exchange said. this had been
due to carelessness, and not to any
knowledge that they had been used by
firms doing bucket shop business.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-16
Government Asks
For Steel Without
Naming a Price
Export Business Continues
Large, but Domestic Or
ders Fall Off

Inquiry has been made by the United
States government for 10000 tons Of
rails for use in portable tracks by the
American army in France. Unlike the
recent contracts for 100000 tons OF
eighty-pound section rails, no price is
fixed, bids being asked from the steel
makers.
According to 1.-The Iron Age" none
of the eighty-pound rails were refused
by the mills, but on two of the lots
concerning which a question was raised
as to price orders to 20 ahead with
the rolling have not yet been given.
although all these rails are wanted by
the government in six weeks.
Government orders for steel are in
creasing," says 1.-THE Iron Age land
the export movement is large, in spite
of embargoes, but ordinary domestic
business in iron and steel is insignifi-
cant. Without taking a final position
on the question of selling to the Allies
at the same prices as to the govern
ment, steel manufacturers have accept
ed orders from officials at Washington
this week applying on 10000 tons OF
annealed wire and 10000 tons Of wire
rods for Italy, prices to be fixed after
the commissions prices are made up.
While the general question is still in
abeyance, it is understood that some
steel interests have expressed a will
ingness to take business from the gov
eminent at prices to be determined
later, even though the material is for
an ally"
The effect of high steel prices on
construction is indicated in the report
Of July bookings of new business rep
resenting 41.5 per cent Of the countrv's
fabricated steel capacity. This is the
smallest total reported since February,
1915.
IL is estimated in the steel trade that
the United States Steel Corporation
has approximately 100000 tons of steel
for the navy, for government mer-
chart ships and for private yards. In
dependent steel companies are now
said to be getting considerable orders
for such steel in view of the large ton
mage already taken by the Steel Cor
poration.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-16
Difficulties Beset Italy's
Tomato Paste lnda'"'

The quantity of concentrates W. ~,
paste manufactured per year u "A
is estimated at 27,6Oo tons OF - -,
pounds each. To manufacture
amount, according to a consular W y.
requires about IS 800 tons Of coal " IA
ing estimated that it takes l'S0 p' =.
of coal to make one pound Of p ss.d u
government having requis,s'..so uss
coal within the country for !" yss rsr
i is difficult TO get supplies. 20 ss,-
eminent, however. has guarsnsss..s Osss
ufacturers Of paste the use y .si lc
freight cars to transport wooe n b
mite TO take the place OF e0,i soA
estimated that 10000 tons .,a pr-
will be required. OF the ss.i ~. ,sis ~
duction Of tomato paste tor MATTE
son, the government VIII :, TN so sss
about four-ffths. leaving ouI "a
for the use Of private eOnsu as.re.. ~
Tin plate for cans is also ss,' q u
tories having but SO per en-
amount needed for the seasVA'
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-16
The Dollar in Foreign Exchange

Foreign exchange rates moved WITHIN
narrow limits yesterday. Continued
offerings Of Italian lire from Rome
forced the rate down to 7.43 lire to the
dollar, compared with 7.41 on Tuesday.
Russian rubles were slightly hrmer,
while Swiss francs underwent improve
ment. Scandinavian exchange rates
were generally steady.
Foreign exchange brokers called at
tention to the fact yesterday that so
far the market has, outwardly at least,
made no response to the peace pro-
posals of the Vatican.
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.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-16
Ask Extension of
Time for the Sale Of
New Haven Holding
Trustees Unable to Sell Boz
ton & Maine
Stock

Marcus P. Knowlton and the QUA
trustees appointed under the dl'ssi'
ton decree Of October IL, 1914, ID III
governments Sherman law suit assih
the New York, New Haven Hsr'0s
Railroad Company and other dsi''s
ants, yesterday petitioned the fs''"
District Court for q further er"nn"
of time in which 10 dispose OF th Y
gregstion Of stock which they S'
and control as a result Of the hnp
ton. They hold among otner see'"
ties a block Of 2ls,1ss shares Of ''''
of the Boston & Maine Railroad 0'H
psny. The dissolution decree difse'''
Knowlton and the other four tru'H"
to dispose Of the stock at privs" W.
or public auction prior to J'nu'' .
1918.
Asking for the extension OF me A-
Of sale to January /, 1920, the "''""
in the petition state that from ''' -"
Of their appointment 10 the pre-
time the financial situation OF inc ~
ton e. Maine Railroad has been So
as to make it impossible for 'nea
sell the large block Of stock S''.
an enormous and unreasonable '''"
fee. The other stocks in their p0s ;,',
sion. the trustees explain, are n TIT;
those of railroads leased or Op.' a.
by the Boston & Maine Rsi!t0as ...a
their market value is seriously "a
by the same conditions which
the stock of that road.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-16
NJ, K. & T. Earnings
Only 2.34 P. c. in 1916
Smallest Income in Ten Years,
Despite Larger
Gross

On a properly investment Of $780,
1907 the Missouri, Kansas e. Texas
Railroad Company, now in the hands OF
receiver, yielded in 1916 an income
Of s5,443,O1S, the equivalent of 2.34
per cent, according to the report issued
yesterday by c. f. Schaff, receiver
This was the smallest income per cent
age in more than ten years, the average
annual income over a long period hav-
ing been 3.l4 per cent.
Operating revenues OF the Missouri,
Kansas g. Texas in 1915 aggregated
s96, 1882 an increase Of s4,2SO,2ls
over 1915. Operating expenses totslled
s29, 439,700, an increase Of s6,2lo,S84.
Net operating revenues were 1928, e8l
a decrease Of 1885, 664, compared with
the preceding year. Income from oper-
ations before allowing for interest de-
ductions amounted to S5,443,0l8, de-
crease Of 81 ,629, 800. This fell short OF
interest requirements on the companys
indebtedness by Sl,l34.634.
During the year s2,2S6,090 was spent
by the receiver for permanent additions
and betterments. exclusive of equip
ment. New tracksge amounting to 2l4
miles was laid during the year.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-16
Cotton Exchange
Puts Sc. Limit
On Fluctuations
Action to Prevent Violent
Price Changes May In
crease Speculation

Managers of the New York Cotton
Exchange, acting on intimations from
the authorities at Washington that
such action would be desirable, have
adopted an amendment to the rules
governing trading in cotton for future
delivery, intended to prevent violent
market fluctuations. The amendment,
which Yesterday was ordered posted for
ten days, will become effective on Mon
day, August q. 1t read as follows:
To avoid abnormal fluctuations of
prices. caused by conditions created
by the European war, and injurious
speculation incident thereto. trades
for future delivery in any month
shall, during any one day, not be
made at prices varying more than
three cents per pound above or below
the closing bid price of such month
on the preceding business of the ex-
change. Nor shall trades in any
month be made in any one day at an
advance of more than three cents per
pound above the lowest previous price
for such month on that date, or at
decline of more than three cents
per pound below the highest previous
price for such month on that day.
For the purposes of this rule, the
closing bid price shall be not less
than the minimum price prescribed
herein. This rule shall be in effect
during the period of the war and for
such period after the declaration OF
peace as the board of managers may
hereafter determine.
viii Not Prevent Swings
Brokers took the view that the opera
ton of this rule will prevent a big
rise or fall in prices for cotton over an
extended period, it being pointed out
that an advance or decline of 30 cents
a pound, or $3.50 bale, would be pos
sible in ten days; but violent overnight
fluctuations. such as have caused the
trade some extremely trying moments
in recent months, will, 1t is said, be
prevented.
Speculation, however, will not neces-
sarily be restricted. On the contrary,
the new ruling, according to some mem
bers of the Cotton Exchange, may have
a tendency to increase trading, be-
cause. with a limit of three cents on
fluctuations for any one day, margins
need not be so heavy as at the pres
ent time TO afford commission houses
ample protection.
Small Traders Kept Out
The cotton market for months has
been regarded as rich mans affair,
owing to the fact that commission
houses, which in normal times have no
hesitancy in accepting trades in fut-
ure contracts on the basis OF $40
bale, have in recent months been wont
to demand a margin of anywhere from
s25 to $50 a bale on such trades. Spec
ulation has been greatly curtailed as
the result of these heavy demands Tor
margins, which have kept large num-
Der of small traders out of the market.
officials of the Cotton Exchange have
conferred with the authorities at Wash
ington on several occasions of late, and
the trade here has been expecting that
steps to check fluctuations OF undue
violence would be taken.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-16
Hogs at $l8 a Hundred
New High Marks Set for Cat
tie and Sheep Also

CHICAGO, Aug. 16.-All records for
high prices were broken in the hoy
cattle and sheep markets to-day. A
top price of SIS a hundredweight for
hogs was established, an advance OF
% cents over Tuesdays record price
of s1775.
Only $4,000 hogs were offered in tho
Chicago market, where, under normal
conditions. there would be 10000. The
same shortage prevails over the entire
country. 1t is said the total offerings
in the eleven great hog buying cen
tres were only $4,000, instead of the
normal supply of 10000. ~
Cattle reached top price Of sl4.9O,
and many are being held for SIS. The
record price Tuesday was sl4.6O, and
on Monday S14.40. The minimum
prices for the poorest trade packing
hogs to-day was ST.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-16
Freight Congestion
Worries Japanese
Railway Authorities

japanese government railway author
tiles are still confronted with an i'm
mense accumulation Of goods awaiting
transport at all the stations in that
country. For some time past they have
been enforcing a restriction on the
amount of goods receivable for trans
portation, but despite the fact that
every possible effort is being made for
the reduction of consignments they go
on increasing.
At the end Of last year the total
amount Of goods at the government
railway stations was returned at 1885,
42O tons, but since then the accumula-
ton mas continued, and on June 10 the
total reached 463, 100 tons. Lately the
number Of applications to the railway
authorities forwarding goods has
greatly increased as the raw silk season
and the time for the planting of rice
shoots are approaching. The Japanese
Railway Board is said to be endeavor-
ing 10 devise means Of meeting the re
auirements of the situation, though
this is not easy, considering that the
maximum transportation capacity Of
the government railways is not much
more than 10000 tons month.
Mr.. Hasegswa, experimenting engi-
neer of the Railway Board, referring
to this matter, remarks that the chief
cause of the enormous increase in rail-
way freight must be attributed to the
scarcity of hold space and the conse-
quent rise in freight, much of which
has hitherto been carried on ships
being now collected on the railways.
The railway authorities are doing their
best to build trucks and engines, SO as
to increase the transport capacity, but
on account of the short supply of iron
and other materials the building Of
equipment does not proceed as quickly
as desired
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-16
Japan Buys Old Copp"

Japanese interests are ,s,,s
$1,000 600 to purchase old s'"
owned by the Kwsnstuns 0,,..,si
that may be extracted from e''. =, D.
cannon and other source" sis
same time a Chinese syndie.n, }
making offers. The sovs " 20 ~
dispatching military aSen .nd ".
chow, Linchow, Kinkeho" ..sssI -
whore to ascertain the
value Of the copper
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-16
Chalmers Plant May Be
Used by Maxwell Co.

Negotiations are under way between
officials of the Maxwell Motor Com
pany and the Chalmers Motor Com
pany looking toward the lease OF a
portion of the Chalmers plant by the
Maxwell company, so that the latter
may engage in government truck work.
There have been several conferences
between interests of both companies,
but no details of working arrange
ment have yet been agreed upon. The
present facilities of the Chalmers COM
pany, it is said, are larger than is re-
auired for the production of its motor
cars
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-16
Chinese Tin Production

Tin is at present the most impor.
tant metal produced in China The
production in 1915 was nearly 5000
tons about per cent of the worlds
total production. Over so per cent
came from Kokiu, in Yunnan; the rest
from Southern Human and Kwsngsi.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-16
Wednesday, August Is, 1917

The extraordinary rise in the
price of silver, which advanced 3
cents during the day-the greatest
upward move in single day in a
quarter of a century-has given
impetus to discussion of the posi-
bilities of dollar silver" Those
who take the affirmative side of the
debate argue that the European
belligerents will utilize silver to
stabilize the vast government issues
which have been put out to finance
the war. An interesting contribu-
ton to the discussion is presented
by "The San Francisco Chronicle"
1t says:
at is not quite clear how the use
Of silver would assist in strength
ening the credit of the obligated ma
tons unless bimetallism were re-
sorted to by the various govern
ments. Certainly nothing of value
would be accomplished by emitting
large quantities of silver coins If
they were not made a full legal
tender. If the coins emitted were
subjected to the fluctuations Incl
dent to variations Of the volume OF
silver production, they would be apt
to meet the same trouble which sub
sidiary coins encountered in Cali
fornia after the resumption Of
specie payments.
"That experience passed almost
unnoticed in the East, which was
content to use fractional paper cur
rency, but on this coast, where gold
and silver were in circulation, 1t
caused a great deal of mischief.
The subsidiary silver, because of its
limited legal tender quality, was
constantly at a discount, an evil
which was not cured until a law
was passed which enabled the hold
er of the overvalued coins to ex-
change them at par for full legal
tender money.
ut is inconceivable that Euro
Lean nations could inject into their
currencies a greater amount of sub
sidiary coins than commercial re-
ouirements would absorb without
encountering the same difficulty ex-
perienced on this coast. Unless the
emissions of overvalued silver coins
are regulated, they will inevitably
Huctuate in the same fashion as an
irredeemable paper currency; their
only superiority over the latter
would consist in the intrinsic value
Of the metal contained in them.
"If silver is resorted to as a
stabilizer of the national debts Of
Europe it will have to be remone-
tized. That can be accomplished by
international agreement upon a
ratio between the two metals. Eu-
ropeans just now are too busy to
consider subjects having for their
object the promotion of productivity,
but as soon as the conflict ceases
we may expect money to become the
burning question. When it does,
silver will occupy a different posi-
ton from that which it held when it
was discredited. The nations which
then believed it would inure to their
advantage to contract the metallic
basis of credit will now wish to
broaden it, because it may help
avert a calamity which many fear
the world is menaced with by the
huge national debts now owing"
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-16

indication in the preparedness work 80
far of any partisan spirit. The public
has little idea of the extraordinary
things which are being done st Wash
ington in connection with the develop
ment of the army and naval programme.
The work of building ships is at last
receiving intelligent attention, so that
important progress may be expected
from now on.-William A. LdW, presi-
dent, First National Bank Of Phila-
delphiG.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-16
Rig Demand for Coinage

Before the outbreak of the war bar
silver was worth around Al cents an
ounce. The current price, therefore,
represents an increase of nearly Az
cents. Europe has bought silver in un-
precedentedly large amounts for COIN
age purposes since the beginning OF the
war. and the demand here at home for
silver coinage is said to be proceeding
at a rate of from five to eight times
more than normal at American mlnts.
France and England are using about
twenty times their normal quota OF the
metal.
Local bullion dealers said yesterday
they were unable to say definitely
whether the current upturn IN silver
has any connection with the peace pro-
posals of the Vatican The opinion was
expressed in some circles that much
higher quotations mig ut be expected,
and predictions have been made that
silver will sell at 81 an ounce before
the boom is over.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-16

Gold Currents.-Gold bars valued at
81 ,OOO, 900 were withdrawn from the AS
saw Office yesterday for shipment to
Peru. The metal is to be used for com
age by the Peruvian government; am
Gold coin to the amount of 100000
was withdrawn from the local Sub,
Treasury for shipment to Canada, and
5000. 900 was taken for shipment to
Spain. An additional s1,067,000 was
taken out, but the destination was not
Z disclosed
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-16

The Mexican dollar is getting to
be worth more dead than alive every
day. It's circulating value is so
cents, while it's current bullion value
is 67ss cents.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-16
Money and Credit

Conditions in the local money mar
ket underwent little change yesterday.
At the Stock Exchange call loans ruled
at ga per cent, the same as the pre-
ceding day, with some business done
on per cent basis. .,
In the market for time loans based
on Stock Exchange collateral sixty day
maturities against industrial securities
were quoted at AZ per cent, with a
slight increase in activity. Some bust
ness is doing in maturities extending
over the end of the year at 6k per
cent, but the offerings are limited. ow-
ing to the conservative attitude Of the
banks, which are going slowly in max
ing commitments for such long periods
in view of the numerous uncertainties.
The peace talk Of the last day or two
has caused even greater caution among
lending institutions. Transactions in
loans secured by mixture Of railway
and industrial collateral were light yes
terday and there was no important
change in rates.
Ruling rates for money yesterday,
compared with year ago, were as fol-
lows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-16

Commercial Paper.-Rates for the
longer maturities of commercial paper
were firmly held at 5 per cent yester-
day. A light demand was reported.
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, 1917-08-16
DIVIDEND NOTICES
THE NATIONAL SUGAR REFINING
COMPANY OF NEW JERSEY.

The Board Of Directors q this Cousuy lss
this dsy declared dividend q ONE AND OF.
HALF PER CENT. NhT.) on tie c.sA. s,1
OF the Company. payable ooob1 J. wv .
September 10. 1911. -...,,.,.,..
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-16

Silyer.-Bars in London, AID, up
nd; New York, S6& cents, up cents;
Mexican dollars, 672s cents, up 70
cents.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-16

Bank Clearings.-Thed days clearing'
at New York and other cities:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-16
nnrnIK a MEsrFRN RAILNN oo

NORFOLK 4 WESTERN RAILWM %.
TIE Board OF Directors has declared I ~
terly dividend Of sl75 per share upou y "a
mon stock O. the Company. pay able a. ~ ~
Of The Company. Commercial Trust Bultlt M
delphis. Pa. September 10. 1911. 70 1 VeAa
August 81. 1911. .
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-16
Violent Rise in
Price of Silver
Due to Shortage
Advance of 3 Cents an
Ounce Greatest Witnessed
in rs Years

On the most spectacular price move
ment that has taken place in this mar
ket in twenty-five years the New YORK
quotation for commercial bar silver ad'
vanced cents an ounce yesterday TO
s6& cents. This upturn followed sim
liar advance in London, where price
of A pence an ounce was established
Silver at lis current quotation is selling
at the highest level since the boom
period of the early COS.
The head of one of the large bullion
houses in Wall Street attributed the
sudden squirt in the metal price, which
he characterized as one of the most vlo-
lent that he had ever seen, to the scare
itv OF silver for immediate delivery.
Demand from the United States govern
ment for coinage purposes, from Lon
don and other parts of the world, COM
bined with q no great increase in pro-
duction, has, according to this author
ity, stripped the market clean of spot
silver.
Short Interest Caught
Interests which have been holding
silver for high prices have in most IN
stances cashed in at current prices, but
the demand continues. 1t was inti-
mated also that certain metal inter
ests in London had been caught short
of silver and that the demand from that
quarter had sent the London price up
sharply, which in turn affected quota
tions here. The New York market al
WAYS follows the lead of the London
market, the latter having long held
control over the worlds silver quota
tions.
Mexican silver dollars, which are
worth so cents face value, were quoted
at 67Ss cents yesterday in this market
because Of the bullion value OF their
silver content.
Big Demand for Coinage
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-16

Below is given the current exchange
value of foreign money in dollars and
cents. together with the intrinsic gold
parity, rs calculated by the United
States Mint: Current
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-16

Sub-Treasury.-New York banks lost
TO the Sub-Treasury $4,000.