davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-23
No More Tips for
Pages on Change
Salary Increases to Compen-
safe Brokers' Messengers for
Loss of Gratuities

Tipping to pages and runners on the
floor of the Stock Exchange by the
members has been forbidden according
to a resolution passed by the govern
ing committee yesterday. This action
was taken as the result OF complaints
that the custom of distributing gratui-
ties to employees for services in carry
ing orders worked TO the detriment of
those members who were not so gen.
erous as some others.
As a result of the abandonment Of
the tipping system the exchange has
decided to increase the salaries of its
employees. The new wage scale will
90 into effect on September Is. In
some cases, it is estimated, the income
Of the runners and pages will be prac-
tically doubled. The exchange will in
stall a new pneumatic tube system to
aid in transmitting orders from one
part of the room to another and it will
require some skill to operate these.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-23
Banks Slow to
Respond to Call
For Gold Reserves

The Federal Reserve Bank of New
York yesterday made public the results
of the responses it has received to let
tiers sent out to banks and trust COM
panies In this reserve district request
ing them to aid in strengthening the
gold supply Of the country by replac-
ing their gold and gold certificates with
Federal Reserve notes.
Replies were received from forty
three of the 62S member banks and
from fifteen of the 400 non-member
banks. The former sent in sl,900,000
and the latter $4,000 in the form Of
gold or its equivalent.
Exclusive of the gold or gold GER
tificates held by the banks of the coun-
try the New York Reserve Bank esti-
mates that $500, 100000 gold is either
boarded or is in circulation.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-23

Private lending to Great Britain was
resumed yesterday with the sale by
J. P. Morgan Co. Of sl6,OOO,oOO
ninety-day, unsecured British Treas
ury l. o. U. bills. Under an arrange
ment with Great Britain, the bankers
announced, it is proposed TO continue
issuing such bills indefinitely, the only
Limitation being that the amount put
out during any one week shall not ex-
coed s15,00O,00o, while the total out
standing at ony one time is not to be
in excess OF $3.50, 100000.
The plan is substantially the same
as that which was to have been put
into operation last November. but
which was abandoned after the Federal
Reserve Board issued its memorable
warning to the banks throughout the
country not to purchase treasury notes
of foreign governments lest their funds
become tied up in a non-liquid form OF
security.
The present issue, it is understood
was arranged without consulting the
Federal Reserve Board. Officials OF
the Treasury Department at Wash
ington, to whom the matter was sub
mitted, see no objection to the plan,
according to the bankers.
IT. ID Ii. EarIiar Inane
II Is the intention to use the pro-
ceeds from the sale of the treasury
hills TO pay off obligations incurred by
the British government in this coun-
try, prior to this country's entrance
into the war; in particular, demand
loans held by the banks, the aggregate
of which is known to be very large.
The point Is emphasized that the pres
ent issue of treasury bills does not
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-23
Dividends

Mergenthaler Linotype. Regular quarter
ly dividend OF pa per cent. payable Septem.
Der % to stockholders OF record September I.
Galena Signal Oil.-Regular quarterly div
idends OF per cent on the preferred and
per cent on the common stock. payable Sep
tember % TO stockholders Of record Au-
gust 81.
Borden's Condensed Milk.-Regular quar-
tery dividend of Ia per cent on the pre-
ferred stock. payable September Is 10 stock
holders OF record September /.
Ohio Cities Gas.-Regular quarterly divi-
dend OF IL per cent on the preferred stock
payable October l 20 stockholders of record
September Is.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-23

Some questions propounded by
Byron w. Holt are worth printing
because they are being asked by al
most every one in the financial dis
tlict. To attempt to answer them
would be futile, since only Washing
ton can do that, and naturally it will
not seek advice from Wall Street
They follow:
when we want more wheat we
fix a high price for it. When We
want more coal, or steel, or copper,
we fix low prices for them. Why?
Can our price-fxing commissioners
JIggle with prices and economic laws
and get any desired results?
as not the amount of wheat to be
Jrcduced determined largely by the
amount of labor available? II more
farm labor is, by high prices and
wages, diverted to raising wheat, will
rot there be less corn, oats, hay,
potatoes, cattle, hogs and sheep
raised? Why should wheat growers
be favored at the expense of other
farmers and at the expense of the
consuming public?
"But, if this bounty of perhaps 81
a bushel, or of 81 ,OOO,oOO,OOO, if the
scheme works as we'll as expected,
be given for several years, who will
be the greatest benefciaries of Uncle
Sans generosity? Will it be the
actual growers of wheat, the tillers
CT the soil-nearly one-half of whom
are tenant farmers-or will it be the
land owners-the farmers OF the
farmers? What will be the effect on
the prices of wheat lands Of taking
$1,000, 100000 from our taxpayers and
handing this 81 900, 100000 over to our
wheat growers? Would not the prices
Ct wheat lands double and treble in
value? Would not there be profit
eering OR the part Of the owners of
our big wheat ranches that would
make the war profits of some of our
so-called war industries look like 80
cents?
Anyhow, why should our govern
nent legalize and encourage profit
eering on the part of our wheat
growers and discourage prohteering
OF the part of our producers of coal,
copper and steel? Why bride the
farmer and rob the copper produ-
cer%
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-23
Current

The above rates express the cost of
foreign money in terms Of the Ameri.
can dollar You buy an English pound
sterling at, say, s475h. The intrinsic
parity is s4S69s per pound. Thus, you
say either that pounds are at discount
or that dollars are at premium, which
is owing to the fact that in England
the demand for dollars with which to
settle accounts in this country is great
err than the demand in this country
for pounds with which to settle &C
counts in England.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-23
Elections

Directors Of the National City Com
pany have elected George X. Weeks a
ce-president. Mr.. Weeks is located
in San Francisco and will have direct
supervision Of the company's business
west of the Rocky Mountains.
George {, Taylor. president Of the
American Express Company, and Rod
man Wanamaker have been elected di-
rectors of the Curtiss Aeroplsne and
Motor Corporation, in place Of Startling
Burgess and James Imbrie, resigned.
]. Kearsley Mitchell was also elected
a director, to succeed Frank H, Russell.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-23
Wednesday, August %, 1917

An unusual situation has been
created in the copper market by the
pending fixation of prices for the
metal. Consumers naturally are
holding aloof, save in those cases
where requirements are extremely
urgent, and producers do not press
the metal for sale. The result is
that prices can hardly be said ts
truly reflect the state of supply and
demand, while the amount of bust
ness transacted from day to day is
inconsiderable in relation to output
and consumption. Yet, save in so
far as production has been halted by
strikes and inadequate transporta-
ton, copper is being made as rapidly
as the capacity of the smelters will
Iermit. Under these conditions, 1t
might be supposed that vast quaint
ties of the metal are being accumu-
lated by producers, and, indeed, it
may be that accumulations have
been large. In the absence Of sta
tistical data it is impossible to say
with certainty just what is taking
place. 1t seems probable, however,
and such information as is obtain
able confirms the belief, that the
drying up of current business has
not caused any appreciate increase
in stocks. The reason is that when
American participation in the war
injected a new factor into the situa-
ton, producers were far behind de-
liveries, and consequently copper
has been shipped in fulflment of ex-
isting contracts about as rapidly as
it came from the refneries. That,
at least, is the opinion of some un-
piejudiced observers.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-23
News Digest
Foreign
Steady Market for Stocks in London

Steady Market for Stocks in London.
LONDON, Aug. 22.-The stock mar
ket was cheerful to-day, with broad
ening business in oils and various
Mexican issues. Bonds were strongly
held and home rails were more active
and higher on the settlement of the
trouble with the engine men. Shipping
shares were frmer, Argentine rails i'm
proved, mining and rubber stocks were
steadier and there was a good inquiry
for miscellaneous industrials, including
meats.
Paris Bourse.-PARIS, Aug. "a
Prices were unchanged on the Bourse
to-day. Three per cent rentes, g.
francs 80 centimes for cash. Exchange
on London, q francs IS centimes.
Five per cent loan, 81 francs 80 CEN
times.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-23
Cattle at Highest
Prices; Hogs Ease

CHICAGO, Aug. 22.-csttl' T' = !.
the highest price in the history ). .,
market at the .tOckysrd::;, . .h;;s !" ;
steers were quoted 81 sio;ov y ons 4
Hogs dropped from the b hisa saniul
$50 on Tuesday TO Sls.oO III, rsrs
weight, with few sales, ana ''
ing from SIC 70 Si9.2b.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-23
Oil Rise CONTINUES

SHREVEPORT. La, Aug. -: =, ~
lines to-day announced ~. dIstnt'
for crude oil in the Shrevepo".; 10 ,ssr
For Caddo light an advance =. ~ pns
a barrel was posted, making {. md -
50. De Soto advanced to u"
River 70 ll.e0
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-23

Hartley Withers, financial adviser
to the British government, recently
told in a few words why thrift in
war time is not merely a virtue, but
an imperative necessity, when he
said: apart from borrowings
abroad and realizing assets abroad,
the savings of the people are the
only sources out of which the war
can and must be financed. If the
people do not save enough volun-
tarily to supply in taxes and loans
out of savings all that the govern
ment needs, then the government
forces them to save more by getting
money from the banks, which the
hanks manufacture for it. By this
process money is multiplied, prices
rise and compulsory saving is forced
on the PROFESSIONALLY those least
able to bear it-because their money,
being deprecated, gives them less
goods; and so they have to go with
cut goods and curtail consumption.
The idea that war can be paid for
by financial legerdermain, involving
no privation to anybody, is delu-
sicn."
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-23

per cent. The figures suggest that
labor has not been faring so badly
in the race with prices as had been
generally believed.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-23
Producers Will
Net Fair Profit
With Coal at 81
Despite Heavy Costs, Price
Fixed Leaves Good Mar
gin, Observers Say

While Stock Exchange prices yester-
day registered the most pessimistic
view Of the Administrator action in
fixing 81 a ton as the price that will
be paid by the government for run Of
mine bituminous coal in the principal
producing districts. impartial observers
in the trade voiced the opinion that
the new rate is fair quotation. show
ing that the authorities at Washington
had conducted a thorough investiga-
ton Of pre-war conditions as well as
those now existing.
Although the prices named by the
President are materially lower than
those negotiated some weeks ago by
the Coal Production Committee Of the
Council Of National Defence. those con-
yersant with conditions in the coal
trade declared that the mine operators
would still reap a profit Of 20 per
cent on their sales. They figured it
out this way:
so Cents Profit
Before the war bituminous coal was
produced at the mines for 80 cents a
ton; the cost to the large producers
now, despite admittedly heavy in
creases in cost of labor. materials. etc.,
does not exceed s1.5O a ton. which still
90 a
is a greater profit than was made De-
fore the war.
An official of an important railroad
operating in the Southwest said that
the producers generally in that section
would get more under the governments
scale of prices than they have been
receiving from the system OF which ne
is the operating head. Under the pro,
posed price schedule $40 ton will
be paid for run Of the mine soft coal,
whereas the railroad company's con-
tract called for the payment OF only
Sl65 ton.
Readjustment of Retail Prices
IL was admitted, however. that the
retail dealers will not be allowed TO
enjoy the exorbitant profits under the
governments programme that they have
been getting, the reason being that
there will be fixed price at the mine
which will necessitate a radical read
justment of present retail prices.
On the Stock Exchange there was
heavy selling not only of coal company
stocks on the assumption that there
will be a radical cut in their profits.
but Of those railroads which would be
affected by reduction by the govern
ment in anthracite prices. The stocks
where the liquidation was heaviest,
with the net losses sustained. were as
follows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-23

quarterly dividend Of l "a per cent, pay
able September Is to stockholders Of
record September 8.
Toledo Machine & Tool.-Directors,
it was announced yesterday, have de-
clared a stock dividend Of 100 per cent,
payable to stockholders Of record
August 81. After payment of this diyi,
dend the total stock outstanding will
be 81, 100000, out of an authorized cap
ital of 100000. In 1915 the company
paid a 100 per cent stock dividend.
Calumet & Arizona Mining.-In the
month of July the company produced
3,551,2 POS pounds of fine copper, COM
pared with 4,92S,000 pounds in June,
and 6,O35,S29 pounds in July, 1916.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-23

Opinion in the trade and in banking
circles closely allied with the financ-
ing Of these corporations was that the
government would give serious consid-
Grafton to conditions now existing and
would not put into effect prices which
would call for wage reductions in order
TO show a fair profit after all ex-
penses had been deducted from gross
earnings.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-23

II is said that the leading produc-
cre have sold the greater part Of
their 1917 output in advance, and
that in some cases they have con-
t,acted to deliver copper which will
not come out of the ground until
next spring. If this is true, and
considering the oversold condition Of
other basic industries it may very
we'll be the case, then the fixing of
prices would not Immediately affect
the industry to anything like the ex-
tent generally anticipated, except in
So far as government requirements
would necessitate diversion of out
put from private consumers. In the
case of coal, it is expressly provided
that the new schedule Of prices shall
not apply to existing contracts, and
there is no reason to suppose that
similar provision will not be made
when prices are fixed for copper, if,
as now seems certain, they are fixed.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-23

London Money Market. - LONDON
Aug. Z2-Money was in good demand
and discount rates were quietly hard
er. There was substantial increase in
the sales Of Treasury bills last week.
when the total reached was f57 1854 900.
Money, 81 per cent. Discount rates
Short bills, 4S-4 per cent; three
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-23

Below is given the current exchange
value Of foreign money in dollars and
cents, together with the intrinsic gold
parity, as calculated by the United
States Mint:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-23

Gold Currents.-Gold coin to the
amount of s665,oO0 was withdrawn yes
terday from the Sub-Treasury for ship
ment to Spain. There was also with
drawn 100000 in gold bullion, but its
destination was withheld.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-23
Money and Credit

Call money commanded a slightly
higher rate at the Stock Exchange yes
terday, the bulk of loans being made
at per cent.
Little was doing in the time money
market Loans were confined mostly
to 80 and 90 day maturities, as the
banks generally are not inclined to put
out funds for longer periods pending
the new war financing by the govern
mont.
Ruling rates for money yesterday,
compared with year ago, were as fol-
lows:
Yesterday. Year ago.
en- ,.ano,, o. d. o.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-23
Steels and Coppers Drop

Steel and copper stocks, in addition
to some real selling by frightened
holders, were sold short by profess
sional operators on the theory that the
action of the government in regulating
coal prices will be followed by q mora
unfavorable readjustment of quota
tions than has been assumed would
take place. The losses in the leading
Ia
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-23

Commercial Paper. - The market
showed no tendency to emerge from
the dulness which has characterized
it for some time past. The banks were
willing to take desirable short matuii-
ties, but little of this kind of paper
was offered. Paper maturing before
the first of the year was quoted around
Az and 4& per cent. rne rate for six
months on the best names continues
at per cent.
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, 1917-08-23

Silver.-Bsrs in London, 444d, un-
changed; New York, SSAc, unchanged;
Mexican dollars, 6Sizc, unchanged.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-23

The first effects of our entrance
irto the war on the state Of employ
ment in this country are statistically
presented in the current number Of
the monthly review of the Federal
Bureau of Labor Statistics. In no
less than seven of the thirteen in
dustries from which reports were
received there were decreases in the
number of workers on the payrolls
in May as compared with the pre-
ceding month, while two of the in
dustries also report a decrease in
the number Of workers employed
compared with May, 1916. The
statistics of employment in the vari-
Gus trades covered by the bureaus
Investigations are given below:
Establish Number on Per
ments payrolls. cent
Industry. reporting. April. May.change.
Boots and shoes 20 5s,s25 59,46 -0.s
Cotton manu-
featuring -. 52 1858 44,340 OF
Cotton finish
ing. Is 1886 1851 +1.s
Hosiery and un-
derwear ..... SO 2S,333 2s,772 LIS
Woollen ...... As 4,454 1850 los
SILK ........... Al 2O,4S9 20,191 lis
Mems ready
made clothing 35 1873 1922 +3.3
hon and steel. 1903 1896 1s9,222 +2.s
Car building
and repairing 40 4s,41o 1920 +oA
Cigar manufact-
uring ....... 81 1907 1880 -O.3
Auto obile
manufacturing 80 124 sos l22,Osl -2.2
Leather manu-
featuring &C.. 81 1886 1882 -4.3
Paper making. 43 1888 1880 --2.6
II will be seen that the automobile
manufacturers reduced working
forces more than any Of the other
dustries-though the loss was
relatively greater in leather manu-
facturing-which shows for one
thing that the stock markets judg-
ment of conditions in the industry
was well founded.
That wage rates were still climb
ing is evidenced by the fact that,
save in the leather manufacturing
industry, where the amount Of the
payroll decreased one-half of
pr cent, there was a substantial in
crease in the total Of wages paid
throughout the list. Thus, the boot
end shoe manufacturers reduced
working forces nearly per cent,
bit paid 40 per cent more in total
wages. Motor car makers had %
per cent fewer employees, but paid
IL per cent more in wages. In the
iron and steel trades, where the
number Of workers was 20 per cent
larger, wages rose 1877 per cent, and
car builders and repairers increased
their forces by a fraction Of per
cent and their payroll costs by Ill
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-23
w alth NJ r k cts and

month bills, 413-16 per cent Gold
premiums at Lisbon, 5000.
Bank Clearings.-The days clearings
at New York and other cities:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-23

Sub Treasury-New York banks lost
to the Sub-Treasury s1,958,000.
The day book. [volume] (Chicago, Ill.) 1911-1917, 1917-04-30

..lNJSll w., ,Ns.->cE2e4- +zs'I''Sllil:
deer mister Editer-i herd tell
purity good COAX in the art room this
a. m. which you mite put in the pa
per
a swell society dame comes into a
studio of a famous artist and says are
you the artist who painted that love-
ly pitcher Of sOlymOn on the thrown
& he says he is
well want you to pante one of
my father
all rite, he tells her, bring the old
gentleman in & will pante him, but
she says he has been dead now for
5 years, & he says have you photo
graf of him, but she didn't have none
as her old man was afrade of the
camera
so the artist says how can pante
him when i never saw him nor his
pitcher, but the lady says well you
never saw solymOn eether, & that
was a purfectly lovely pitcher Of him
you painted
Wu6u SuS OnSLSu " give LII 1OO
doIlers to do the work the artist says
all rite, & he starts to work on a
pitcher, putting plenty of whiskers
on the Ease
when it was done the dame comes
in with bunch of her friends to see
it. The artist draws off the cover
ing & stands back so they all Good
see the pitcher Of her father
my goodness, she said, pore old IA
Their has grown a long beard sinct he
went to heaven, and her friends said
they thought he had changed a lot
sinct they last seen him.
-O-O
EVIDENTLY RICH
ILL., I,nnr ALrnntnnnl NTH 49,.
The day book. [volume] (Chicago, Ill.) 1911-1917, 1917-04-30
GOOD JUDGE.

Tourist-Who is the best doctor in
the village?
Native-Wal, I allus recommend
DR.. Killumquick.
TOurist-Are you a good Judge?
NatiVe-JUdge! No, I'm the IN
deTtaker.-Judge.
The day book. [volume] (Chicago, Ill.) 1911-1917, 1917-04-30
EVIDENTLY RICH

1--WE been threatened with appen
dicitis."
who threatened you, the doctor?