davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1917-06-12
Final Arguments
In Rate Hearings
Position of Southern Roads
Is Serious, Say
Counsel

Washington, June 1l.-With presen-
tation Of arguments by Western car
riers and shippers, the Interstate Com
merce Commission will complete It's
boarinps tomorrow on the application
of the railroads for Is per cent hori-
zontal increase in freight rates.
The cases of the Southern roads ana
SINNERS were submitted to-day, with
FIVE hours of final arguments. r. wal
ION Moore. chief counsel for the South
-, roads, told the commission that the
roads are facing an emergency due 10
;ncrsased wages under the Adamsoh
eicbt.hour-day law and to tremeno-
onslv advanced prices of supplies,
There has been little protest mere
AGAINST an increase in freight rates on
Fastern roads" he said, "and yet tne
Southern lines face situation as
seyious as. if not more serious thah'
those Of the East. Our credit Is NOT
a. strong. Our net earnings are de-
creasinp. and we have not the reserve
forces of Eastern lines 70 meet severe
strains" Mr.. Moore attacked tne 1orce
of the shippers arguments against DIS
turbance of rate relationships, ana con-
tinued: &c
rate relationships were never OF
Ioss imnortance to the country than
thew are right now. The markets are
taxing everything that can be pro
duced' and if there ever was time
when shippers could stand nori,
Loa,,,, demand. ouick markets and hlgn
nrices for their commodities
Special shipping interests whose
causes against increases were. pre-
sentcd included hardwood producers
SOFT drink manufacturers, brickmakers,
natural ice harvesters and hvestoch
and wool producers. ~ :.
s Davies Warfield, OF Baltimore. IN
behalf Of owrers of railway securities
urged the commission to grant the IN
crease.
New-York tribune., 1917-06-12
.Northwest's Crops
Better than Govt.
Report Indicates
Reasonably Good Season Will
Insure Biggest Food Har-
vest Ever Reaped
ViuuPnDOli.s .J1t1le II.

Minneapolis, Jlule II.
Minnesota. North Dakota, South Da-
kota and Montana are in such condi-
tion relative to the standing crops,
their strength and progress and the
moisture supply that it is difficult TO
see how there can be any adverse de-
velopment OF consequence for weeks to
come.
The rye crop, the least important Of
the food crops in these states, was
somewhat affected by dry weather in
localities. Grand Forks, in the Red
River Valley, has about it wheat area
that, while in good condition at this
time and benefited by the recent rains,
has had less than normal rainfall This
sums up the unfavorable features. The
whole crop, otherwise, over all the vast
area embraced by the three states, in
cluding grain and root crops, is in q
condition almost ideal.
Useless Estimates
The Federal Department of Agricult-
ure follows the practice of giving estl-
mates in bushels prospective when 1t
issues its monthly reports of conditions.
This finds little favor IN the Northwest
SO many things may intervene that
June l estimate, for example, that says
that the condition as stated represents
50 many bushels. is considered out here
of value only as possibility index, and
not of much value at that.
This whole area may be put down as
safe from damage possibility practical
ly through June. Any man whose in
terests are in Great Northern, North
ern Pacific, st. Paul or 500 Line, the
four roads that get the big haul into
and out of this territory, who hears a
bad crop report between now and late
June or July may dismiss it as local.
A little bad spot somewhere is always
sure TO develop. In the broad sense
nothing can happen meanwhile to hurt
the crop.
July will bring its need for more
rain. its insect, hot winds and rust
scares. A wet harvest is always pos
siblity. It is idle to speculate about
these things at this time.
If there is a reasonably favorable
season through to harvest time these
states will raise the biggest food crop
ever produced by far, because the great
est acreage ever planted is in the
ground.
Wheat the Exception
This does not mean wheat. The state
ment made in May in this correspond
ence that, despite the agitation for
food crop increase, the wheat acreage
Northwest would not be materially
larger is borne out. The campaign
started too late and good seed was
scarce.
But the corn, oats, barley and potato
crops and all the other small farm
crops are big. June has killed the South
Dakota crop in practically every year
when there has been crop failure or
partial failure in that state, and this
is true in degree of Minnesota and
rains all over the area, and crop condi-
tions are much better than the gov
ernment's June 1 report indicated.
New-York tribune., 1917-06-12
Monday, June II, 1917

Though Wall Street had done its
part toward making the Liberty
Loan a success-a larger part than
any other section of the country-it
was in sufficiently close touch with
the situation to realize that the pop
ular response to the appeal for SUD-
scriptions was not nearly as great as
had been hoped for. Yet, even IN the
financial district, the figures whicn
we're given out by the Treasury De-
partment, showing that only 90 per
cent of the issue had been formally
subscribed up TO last Thursday
night, came as a disagreeable sur
prise. A popular subscription OF DO
per cent would have been considered
satisfactory, though had the loan
been properly managed the people
should have entered applications for
the whole two billions long before
this. but included in the $1,000, ,OOO,-
900 applied for are the subscriptions
Of banking institutions. Nothing
more than a rough estimate is pos
sible, but indications are that the
subscriptions of the banks, the great
corporations and men of wealth have
probably totalled at least SSOO,OOO,-
600. If this estimate is accurate,
then the actual popular subscription,
to Thursday night, was no more than
a quarter of the offering. Therefore,
it seems certain that the closing OF
the books will find large quantities
Of the bonds in the hands of the
banks. 1t would have been much
better if all the loan could have been
placed with the people, and in a sense
il must be considered a failure to the
extent that they fail to take the
londs, but it is estimated that Amer
lean banks have at present surplus
reserve so large as to give them
lending power, in addition to out
standing loans, not far short of s1O,-
coo 100000. Therefore, they can
take care of their allotments without
embarrassment this time. But sue
ceeding operations must be handled
so as to place the bonds where they
should 90.
New-York tribune., 1917-06-12
Money and Credit

Money rates hardened all along the
line Yesterday. At the Stock Exchange
the ruling rate for call money was Az
per cent, and approximately $35'OOO'OVo
was placed on that basis when com
psred with a closing rate OF per cent
last Friday.
In the market for time loans based
on Stock Exchange collateral scant
supply of funds held the quotation on
mixed maturities at Az TO 5 per cent
while loans against industrial securi-
ties were to 5i2 per cent. The vol
ume Of business moving in this mar
ket was comparatively small.
The general tendency among the
banks is toward conservation in the
extension Of new credits pending the
middle of the month, when an install
r,ent on the Liberty Loan is due and
important income tax payments must
be made. Shifting of funds incidental
20 these transactions is expected tc
subject the local supply of money &c
heavy pressure for the time being; ir
fact. the effects are already beginning
to be felt. In the present situation the
banks are making more use of the re-
discount privilege at the Federal Re
serve Bank. Last week discount opera
tons at the Federal Reserve Bank o.
New York increased nearly $60,0OO,OOO
Closing rates on money yesterday
compared with a year ago, were as fol
! lows:
Yesterday. Year ago
New-York tribune., 1917-06-12
Harry Bronner Heads
M. P. Finance Committee

Harry Bronner was yesterday elect
ed chairman of the finance committee
of the Missouri Pacific Railroad, which
is soon to be taken out of receivership.
Mr.. Bronner announced that he will re-
fire from the firm of Hallgarten &
Co. on October 1. He will, how
ever. continue his connection with a
number of his present corporate inter
ests. Mr. Bronner was elected direct
or Of the Denver e. Rio Grande Rail-
road a few days ago.
New-York tribune., 1917-06-12

and closed at 24.25. This was a new
low record for the war period. The
decline was accomplished on only a
moderate amount of selling, there
being no supporting demand to speak Of
Spanish pesetas and Swiss francs dis
nIaved pronounced strength. In the
latter the rate advanced to 4.s9 francs
70 the dollar. compared with 5:04 on
SATURDAY. and a normal par of SIS.
Rates on Paris and London were
steady.
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., 1917-06-12
News Digest
Foreign

Securities in London Steady-London.
June ll.-Business transacted on the
Stock Exchange was fair, due to the
accumulation of weekend orders, prln-
cipally the war loan, home rails and in
dustrials. at steady prices. Argentine
rails were frm on a shortness of stock.
Explosives and shippings were feat
ures in the miscellaneous section:
Mines we're cheerful on the report OF
the Transvaal gold output. Russians
were uncertain. There was little do
ing in the American department, but
prices ruled steady.
Paris Bourse.-Paris, June 11.-Trad-
ing was inactive on the Bourse to-day.
Three per cent rentes. 81 francs for
cash. Exchange on London, q francs
is centimes. Five per cent loan, so
francs,
New-York tribune., 1917-06-12
u. S. Treasury Finances

Washington. June ll.-Condition OF
the United States Treasury at close
to-day showed: Net balance in general
fund. $347,727,313; toal receipts, S,2,-
2ei.742: total payments, s6,s81.632.
The deficit this fiscal year is $780,
704.060. against deficit Of $4o,ss7,e22
last year, exclusive of Panama Canal
and public debt transactions.
New-York tribune., 1917-06-12

departments were consolidated, many
economies were instituted. and under
the stimulus of war prosperity earn
ings steadily increased.
Missouri shippers, asserting that oy
a decision of the Missouri Supreme
Court the road, like others, had charged
excessive freight rates, made the only
objection TO the termination OF the re-
ceivership. They were overruled.
New-York tribune., 1917-06-12

The figures showing subscriptions
bv districts bear out the statements
which have been recently made con-
corning the Vests apathetic reception
of the war loan. A Chicago investment
banker attributes this partly to the
erroneous belief that the East has
made all the profits which have come
to this country as result of the war
and that it should therefore bear the
greater part of cost of the conflict.
This feeling is more pronounced the
further West one goes, he says.
Whether or not that feeling has
played an important part in holding
down subscriptions in the West, the
results speak for themselves. To
Thursday night, the New York Fed
eral Reserve district had taken prac-
tically the whole of the amount ap-
portioned to it on the basis of bank
ing resources; Cleveland had applied
for S5 per cent of its allotment;
Chicago for SO per cent; st. Louis
for "a per cent; Kansas City for 81
per cent and San Francisco for 26 per
cent. The Northwest did relatively
better, Minneapolis taking 81 per
cent. The final tabulation undoubt'
edlv will show substantial changes
in these percentages, but there is lit
tie prospect that the West will take
its full share of the loan.
New-York tribune., 1917-06-12

The above rates express The cost OF
foreign money in terms of the Ameri.
can dollar. You buy an English pound
sterling at. say. s475l.. The intrinsic
parity is s4.s6ts per pound. Thus, you
saw either that pounds are at dis
count or that dollars are at pre-
MUM. which is owing to 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., 1917-06-12
The Dollar in Foreign Exchange

Russian exchange broke sharply yes
terday. Rublcs sold down to 2i.25
cents, compared with 25lJ on Saturday,
New-York tribune., 1917-06-12

Below is gwen 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., 1917-06-12
Days

Bank Clearings.-The days clearings
at New York and other cities:
Exchanges. Balances.
New York. .S406, GAS. $50 S34,e28. .343
Baltimore ...... 6.445,632 591,716
Boston ........ 29,576.211 1888, 1902
Philadelphia 50.0o4,009 6,409,616
Sub-Trcasury.- New York banks lost
10 Sub-Treasury s2,O50,000.
SiIver.-Bars in London, 38}. pence;
New York. 76a. cents; Mexican dollars,
59iz cents.
London Money Market. - London,
June Money 304 per cent.
Discount rates Short bills, 1l-l6
per cent; three months bills. "a per
cent.
Gold premium at Lisbon. $500.
New-York tribune., 1917-06-12

The churning process continued IN
the days stock market with an ir-
regular price range and tendency
toward lower prices as a rule. So
far as could be observed on the sur
face there was nothing in the news
that affected stock prices one way or
the other, and the explanation of the
downward turn. in the afternoon
probably had TO do with increasing
frmness in the money market. At
the Stock Exchange $35,000,0 900 in
call loans was placed on a Az per
cent basis, and the top rate for the
day was ) per cent or the highest
in about a month. With some banks
calling loans, the shifting of col
lateral undoubtedly resulted in sell
ing Of stocks in addition to which
there was a good deal of profit-tak-
ing by traders who had bought early
in the day. 1t was notable feature
Of the days market that as gen
eral thing the pool favorites of last
week declined the most.
Pending the outcome of the pro-
posed legislation for the control Of
food farmers in the Southwest do
not appear in any hurry to contract
for the sale of winter wheat to be
harvested in the next few weeks.
Advices from Chicago indicate that
the big elevator interests which oper-
ate in that market have not so far
done any selling to speak as a
hedge" against purchases of actual
wheat from the country grain deal
ers or the growers themselves.
In former years, especially when
the wheat market entered the month
Of June at "A high level of prices, the
tendency has been for the elevator
concerns 70 begin selling freely for
July and September delivery against
purchases in the country. These
purchases in some cases consisted OF
old wheat held by the weather
New-York tribune., 1917-06-12

Commercial Paper.-Leading insti-
tutions continued their waiting attitude
yesterday and did very little IN the
commercial paper market, apparently
preferring TO await the completion OF
the war loan fotation before taking on
new offerings of paper. The tone was
firm at . per cent.
Official rates Of discount of each OF
the twelve Federal districts are as fol-
lows:
Daily capital journal. (Salem, Oregon) 1903-1919, 1917-05-07
One thousand Attended
ChampOeg Celebra6or

Founders Day at Champocp a,...
crowd Of about one thousand l.., 80 -. =
urdSy' which is considered a bic =, a..
tendance taking into consideration "a, n
threatening weather. Judge p II NJ
Arey presided during the exercise. =.
introduced tho speakers. Goy.,us' u
Ml.hysombe and State Senator Wood
were the principal speakers. With JOOu .h"E,
addresses by J. d. Lee. II IL" N ss9s sno.'
captain Harty, Il. Il. Farlan5 F.ut. F..lel
Croner, former governor n. n Co. s,'ues, pe
.C. d. Moores Among the pionoe,. ve' ,'ll anc
ent were N. W. Hawn and " q - fpre Iles
bree, pioneers Of lS43; Mrs pm. I'm
Moore, ls45, Abner Lewis NJ saIun Jiu
and J. n. Lewis of Aumsville who 'a''l' ~e.'
present at the historic meet;no "'., :,
Champoeg in lsl. 3 a
Daily capital journal. (Salem, Oregon) 1903-1919, 1917-05-07
PERSONALS

Alex Merrifield, of Aumsville, is in
the city.
w. Connell Dyer is in Corvallis on in
surance business.
Attorney Glen Unruh is in Albany to-
day on legal business.
K. T. Mauldin, of Silverton, was in
the city Sunday.
Miss Lenora Staley was an over Sun,
day visitor in Portland.
c. L. Sherman and wife spent Sunday
in Jefferson with relatives.
E. Nickerson, of Albany, registered
at the Capital hotel Sunday
William Agge was a Portland visitor
yesterday, registered at the Portland
hotel.
The families of c, E. Knowland and
Daily capital journal. (Salem, Oregon) 1903-1919, 1917-05-07

7. II. Galloway motored to Stayton Sat
urday for an over Sunday visit.
Mrs. Ada Dayton Robertson left this
morning for her home in Moro, Ore, aft.
er an extended visit here with relatives
Her husband is the pastor of the Pres.
byterian church at that place.
Harley Seamster, formerly of the
Kay Woolen Mills, left today fol
WashOugal, Wash, where he will make
his home
Mrs. Russell Eadmeades returned
Sunday evening from a weeks visit in
the country with Miss Mabel Porter.
| Mrs. Leona Gray Atkin, who fell and
broke her ankle on Twelfth and Yew
Park streets last Friday, is reported to-
day to be making satisfactory re-
| covery.
Daily capital journal. (Salem, Oregon) 1903-1919, 1917-05-07
wittenberg- King cOmpapv will cor


before the city council at its meeting
this evening asking the privilege Of
closing Market street between From
and the river. The company has re
Gently boughr two blocks along the riv
er front just north Of Min creek and
Market street extends directly through
their property AS the buildings of til,
company will extend the length of tn,
two blocks, they ask the privilege Of
closing the street. 1t is the genera
opinion Of business men that the coming
Of the evaporating plant of Wittcnberg
King company is one of the bgges
things from a business standpoint thai
has ever happened to Salem. as il give,
the farmer an outlet for all his produc,
at u contracted price
Daily capital journal. (Salem, Oregon) 1903-1919, 1917-05-07
State House Notes

On request of Attorney General Brown
Secretary Olcott this morning issued
call for meeting of the state emer-
gency board on May %. The meeting
is for the purpose of securing authori-
ty to use the sum of $4,000 that remains
as the unexpended appropriation voted
by the 1915 legislature for the investi-
CATION of the Hyde Benson land fraud
cases and the Pacific Livestock fraud
cases. The $4,000 asked for is to be used
i'll further investigation of the case of
the Pacific Livestock company, so that
the state can secure evidence to go
ahead with the prosecution.
( G. H. Purcell, bridge engineer Of the
state highway commission, and Herbert
Mum, highway engineer, have brought
their families to Salem and will live
here.
appointed a member of the national
progressive committee 1or Oregon at a
meeting of the progressive party in St
Louis, Missouri, April 13, 1917, accord
ling to letter received by Secretary
Of State Olcott Saturday from pro
gressive headquarters in New York
city.
State Superintendent of Public In
struction Churchill has returned from
a week s trip in Coos county, where hC
visited the high schools at Bandon
Marshfield, Coquille, Myrtle Point anC
North Bend Besides these schools, h,
visited several of the smaller rura
schools. Saturday he attended cor
vention of the school boards of tht
county at Marshfield. He said thi
morning that he was well satisfied
with the school situation in Coos coun
tv, and that the patriotic work is be
ing organized there in most efficien
manner. He said the county school su
perintendent and the county agricul
turist were working together in taking
an agricultural census to find out jus
how many acres are available for tn
different grains, etc
Daily capital journal. (Salem, Oregon) 1903-1919, 1917-05-07

Amsterdam, May 7.-Confi-
dence that all German battle
fronts will "continue irwin
cible, was expressed by the
kaiser today in a eongratula.
tory birthday message 60 the
crown prince, according 20 Ber.
lin advices. The message said;
"In grateful spirit and with
full confidence, look upon
your battle front and our other
battle fronts mperturbably re-
sisting all attacks. They will
continue invineible.o
Daily capital journal. (Salem, Oregon) 1903-1919, 1917-05-07

The First Aid class of the American
Red Cross, which was organized al tbs
office of Dr. w. Carlton smith Tbnrs
day, May 3, can receive no more msn.
bers. The maximum membership Of 95
having been reached, those wishing 10
join other classes will please leave tbei,
macs at headquarters. '4'''
Daily capital journal. (Salem, Oregon) 1903-1919, 1917-05-07
DIED
x X x x x * X * x < x x < x /

DIED 1856 l245G3 7S90$.... l24536 G
MORGREN-At her home in South Sa'
lem, Sunday April 6, 1917, Mrs Karn
Mortesen Morgren, in her S9th year.
She is survived by a daughter Mrs.
Peter Larsen; son Peter Morgren Of
Portland and two sisters, Mrs. Hansen
and Mrs. Peter Rasmussen.
The funeral will be held from the
chapel of Webb & Clough Tuesday af'
ternoon at O'Clock. Burial will be in
the Odd Fellows cemetery.
The husband of Mrs. Morgren died in
Salem 40 years ago today.
Daily capital journal. (Salem, Oregon) 1903-1919, 1917-05-07
COMING EVENTS

May Siberian jitney dance,
armory.
May ll.-Cireus day in Salem.
MAY Is. - "Maneuyers of
Jane" senior play, high
schoou auditorium.
MAY 17.-Salem Festival Chur-
us, First NJ. +. church.
May l9.-Last day Of register
ing for special election,
June 4.
May 29.-Coneert by College Of
Music, advanced class, First
NJ. +. church.
Daily capital journal. (Salem, Oregon) 1903-1919, 1917-05-07

Glenn L. Rice and Myrtle EsteDa
Paine, who secured u license 70 marry
Saturday, went to the home of CITY Re-.
corder Race at ll05 South Twelfth
street, Saturday evening and were mar.
ried by him. The usual ceremony was
performed.
Daily capital journal. (Salem, Oregon) 1903-1919, 1917-05-07

A marriage license was issued Satur-
day to 8. A. Peters, Jr., Portland
banker, and Freda Butterfield of Sa-
lem; George A. Anderegg, bookbinder
of South Twenty first street, and Net
tie May Tade of Norway street, Salem.
Daily capital journal. (Salem, Oregon) 1903-1919, 1917-05-07
Court House News

Department No. two, or the equity
department of the circuit court, under
Judge Bingham, opened today for the
May term. Cases were set this morn
ing and this afternoon the session open
ed with the divorce case of Hudson
against Hudson.
Daily capital journal. (Salem, Oregon) 1903-1919, 1917-05-07

The salesmanship class of the CONNER
cial department of the high school re-
membered the birthday of their in
structor, Merrill Davis, by presenting
him with silver cup this morning.
Daily capital journal. (Salem, Oregon) 1903-1919, 1917-05-07

The chairman Of the membership
committee of Willamette Chapter Red
Cross wishes TO thank Miss Merriam
of the high school and her art class
for the Red Cross posters now ON dis
play in many of the business stores.
Daily capital journal. (Salem, Oregon) 1903-1919, 1917-05-07

Members of the Elks lodge are hold,
ing a weekly drill and tonight the call
is made for the drilling members to re-
port at 1880 O'Clock.
Daily capital journal. (Salem, Oregon) 1903-1919, 1917-05-07

The concrete foundation forms are
being poured today FOR the new Electric
building ON Liberty street opposite the
Elks temple. The Portland Railway,
Light & Power company viii occupy the
building as soon as completed.
Daily capital journal. (Salem, Oregon) 1903-1919, 1917-05-07

Fred E. Erixon writes the Elks' lodge
here that he delayed his visit several
days in New York City for the special
purpose of attending the session Of New
York lodge, No. l, the first Elk lodge
organized in this country.
Daily capital journal. (Salem, Oregon) 1903-1919, 1917-05-07

Festival chorus rehearsal tonight
chapel Waller hall, Z o'clock. Every.
one taking part is requested to be pres
ent.
Daily capital journal. (Salem, Oregon) 1903-1919, 1917-05-07

The river is rising today with a stage
of 6.5 feet. The record for rainfall so
far this month is .54 of an inch. The
range of temperature Sunday was from
sc to 46. For the same date one year
ago it was from 81 to 40.
Daily capital journal. (Salem, Oregon) 1903-1919, 1917-05-07

that all grating and all top working o
trees be done by May 10. About A
members attended tins session OF tn
association.