davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-05-04

Bank Of England Now
Federal Reserve Agent
New York Reserve Bank to Act
For British Institutions

Negotiations for establishing rcla-
,ions between the Bank Of England and
the Federal Reserve Bank of New
York. which were commenced by tho
governors Of the respective institutions
some months ago, have been concluded
The arrangement provides that the
Bank Of England will act as the cor
respondent and agent in London OF the
Federal Reserve Bank OF New YORK
and that the Federal Reserve Bank oil
New York will act in similar capa-
citv i'm New York for the Bank Of Eng
land.
The plan. it is said. does not contem-
plate that these institutions engage III
commercial foreign transactions the re-
latiouship established beng primarily
for the purpose Of afording greater
stability 10 rates Of exchange by mann
tanning with each other mutual accounts
of deposit, and BY representing eScn
other I'm the purchase Of bills. ne pan
will also create machinery by when
transactions in gold and gold com VIII
be facilitated. This IT is expected Will
in normal times, result IN eliminating
or reducing the extensive ana uhhece9-
sary shipments OF gold between nations
TO settle international balances, when
have heretofore not infrequently taken
place. The relationship will also es,
tabIish a means by which it is hoped
financing between the two countries
can be accomplished in times of emer-
gcncy without undue strain upon the
exchanges. 49,.
Provision is made for participation
bv other Federal Reserve banks OF the
United States desiring to JOIN IN the
transactions contemplated.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-05-04
TwoMuller, Schall &Co.
Partners Withdraw

Muller, Schall & Co.. private bankers
at 40 william Street, confirmed yester-
day report that two of the firm mem
bers had resigned following the en-
trance Of the United States into the
war against Germany. 1t was stated
that Edmund Pavenstedt and Frederick
Muller-S chall had severed their connec-
tions with the banking house. The two
remaining members of the firm. Will
lam Schall. jr., and Carl Muller are
American citizens. Muller. Schall &
Co., as we'll as the individual members
of the banking house were included in
the British blacklist published in July.
1916. Application of the blacklist in
this country was suspended few days
ago, as 1t will probably be superseded
by an American trading with the
enemy" act.
Zimmerman & Forshay, private
bankers, announced yesterday they
have been advised by their coun-
sci that according to the proclama-
tion by the British government on
April y the name of their firm has
been removed from the blacklist of
American business firms issued by the
British in July last year. The firm.
as well as the members, were includ-
ed in the ban Of the British govern
ment.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-05-04
German Mark Takes Place
Of Russian Ruble in Poland

Advices from Amsterdam. via War
saw, state that on April 20 a decree
issued by the German Governor-Gen-
eral Of Poland went into effect max
ing the German mark the legal tender
in Poland instead of the Russian ruble.
The new Polish mark is said to be
the equivalent Of the German mark
and the rate Of exchange on the ruble
is fixed at 216 marks. This means
that the rubles in existence IN Poland
must be withdrawn and Germany will
take them in payment for marks.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-05-04
Wheat Scarcity
Causes Scramble
In May Contracts
Record Prices in Chicago
Following Sensational
Rise at Winnipeg

Cash wheat Of contract grade sold
IN Chicago yesterday at S3.18 bushcl.
the topmost price on record in that
market. and at the same time trading
IN May contracts at $3.50 established
the highest point at which sales there
for future delivery have ever been
made. The top notch quotation was
attained on buying of 100000 bushels
Of May for house identified With
seaboard interests. and the presump-
ton was that the wheat would be
taken on delivery and shipped for eN-
port.
British Agents Act
Meantime the price of May wheat
at Winnepcg scared to S3.05. disclos-
ing a situation in that market which
called for prompt action on the part
of the ROYAL Wheat Commission, act
ing for the British government. In
order TO relieve the congestion that
has developed in the Canadian mar
ket as the result of enormous pur-
chases for British account. and at inc
same time let millers and shippers
who have sold short for May delivery
as a hedge against low grade whea,
and wheat in other positions, out OF
a tight predicament, agents OF the
ROYAL Commission announced tneV
would purchase certain of the lower
grades Of wheat at penalty, giving
May in return. q
The action taken recently by OIL
Gals Of the Winnipeg exchange III
eliminating speculation is SAID to nave
greatly intensified the situation I'm thaI
market resulting from the scarcity Of
contract wheat and announced lnteh-
tion of the British government to take
ali the wheat bought for delivery TINS
month and ship 1T for export.
Spot Markets Affected
Spot markets i'm America were in
fuenced considerably by the TACT thaI
the higher prices in Winnipeg nave
naturally checked offers OF CANADIAN
wheat on this side of the line. crop
news was of a favorable nature, but
failed TO have more than moderate
influence on values. The winter wheat
CROP is apparently making good pro
gress. and reports from numerous 10
cahties in the spring wheat states IN
Dictated an increased acreage. Leading
authorities continue to call attention
to the fact that stocks Of wheat IN
America are by no means exhausted
and il is believed that after May con
tracts have been evened up the market
will settle down to a more normal con
dition. May wheat at Chicago. closed
at the top. $3.50, a gain of ~ &c. for
the day; July closed 494c. higher, at
S2.25a4. A comparison OF prices fol-
lows: "
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-05-04
ThusdoN, May s, l9ff

Two Stock Exchange members
were discussing the market. an my
opinion" said one, trading is IS
per cent PROFESSIONAL "You are
too conservative the other said.
THAT is an underestimate. ! should
say it is over 80 per cent profess
sional.' And that is not so far from
the truth. Outside" participation
is almost inconsiderable. The public
neither buys on good news nor sells
on unfavorable developments. Nor
is this in the least surprising in view
of the many uncertainties IN the
situation, particularly uncertainty
regarding the form which the gov
crnment's tax programme will take.
Until it becomes possible to estimate
the effects of taxation on earnings
there is little likelihood Of a return
of public interest in the stock mar
ket. Lacking knowledge concerning
taxation, investors and spectators
are in a position comparable to that
Of n manufacturer who has no way
Of figuring costs and therefore can
rot tell in advance whether a con-
tract is likely TO yield profit or en-
tell a loss.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-05-04

Aetna Explosives Company and to liqSs
date all its goods and raw mstenss
now in course Of manufacture on fsyol,
able terms which will insure a msrAs;
at a higher price. The modihestion -
the original contract, the reeess;to
claim, will also relieve the reeelyersn.P
from any obligation to contriou,e N
the Canadian company's funds, sna WIZ
relieve the Aetna Explosives CompSns
from it's liability under the gusrSh'''
to the Imperial Munitions Board.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-05-04

The market being almost wholly
professional, the break in prices IN
duced little real liquidation, save in
enc or two "specialties." The drop
came abruptly at the opening, when
there was heavy short selling, in
anticipation of fall on overnight
reports from Washington indicating
that the submarine menace was more
serious than had been supposed.
Frices worked still lower during the
day, but traders generally seemed to
believe that the dangers of the sit
uation had been exaggerated, and
this feeling finally induced buying
both for long and short account. At
the end prices rallied, and while
practically all active stocks closed
the day with a net loss, the average
decline was only a fraction over a
point.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-05-04
April Clearings
Show Big Gain

Bank clearings in the United States
during April attained new high rec
ord for the period. total exchanges at
131 leading centres, as reported to
"Dun's Review" amounting to S24 ,S01,-
oS9,456, an increase of 2S9 per cent
ever the corresponding month last year
and Of no less than 65.9 per cent as
compared with April, 1915. When for
eign conditions and transportation de-
lays are considered. the exhibit is ex-
oellent; and while special financial OPP
erations and the high and rising COM
modify prices explain considerable
part Of the expansion, the returns
clearly show that general business is
Sustained in large volume.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-05-04
u. S. Treasury Finances

Washington, May 3.-The condition
Of the United States Treasury at the
close to-day showed: Net balance in
general fund, s142,73s,90e; total re-
ceipts. S7,169,177; total payments, 3d.
669.o46.
The deficit this fiscal year is s147.-
365.225. against a deficit of s48,775, 1856
last year, exclusive Of Panama Canal
and public debt transactions.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-05-04
The Dollar in Foreign Exchange

Italian exchange made but compare
lively little response yesterday to the
transfer of s1OO,OOO,oOO to the account
of the Italian government by the
United States. This development had
been discounted in the improvement OF
the lire rate two weeks ago. when II
rose from 40 to the dollar to $50. Lire
Yesterday were quoted around 100 to
the dollar.
Russian rubles were weak and de-
clined to 27.70 cents, closing at TO:
This compares with recent hlgh Of
o. so cents and low record for the war
period Of 27.4O.
Closing rates yesterday. compared
with week ago. are given in the table
below. American bankers have sus-
pended all dealings IN German ana
Austrian exchange, 50 that daily quo
tations for either marks or kronen are
Week
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-05-04
Earnings of the
Union Pacific
Set New Record
Balance for Common Stock
in 1916 Equals $17.64
a Share

For the calendar year 1916 opera
tiops Of the Union Pacific system re
suited in a balance available for divi-
dcnds equivalent to $l7.6i share on
tho common stock This was $5.22
share more than was earned on the
same amount of stock in 1918. De-
spite the roads splendid performance
as disclosed in the annual report
Union Pacific common stock took a
tumble of over points yesterday
selling down to 1873, but closed at
l34a.. a net loss Of * points.
Operating revenues last year far eX-
ceeded those of any other twelve
months pcriod since the railroad was
built. They amounted to Sl14,412,6O6'
this being an increase of s22, 46O,362
over the calendar year 1915. The
heavy gain in traffic from which these
large revenues were derived was han
died at an increase in transportation
expenses Of $j.S77537 Maintenance
expenses increased S3.782,294.
The income account in detail com
pares as follows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-05-04
Powder to Cost
Britain 7 Cents
A Pound More
New Arrangement Affect
ing Aetna Contract APP
proved by Court

An order increasing the contract
price of 100000 pounds Of smokeless
powder, to be delivered to the British
Imperial Munitions Board by the Aetna
Chemical Company, Ltd, Canadian
corporation, from fifty to fifty-seven
cents a pound. was issued yesterday
by Judge julius NJ. Mayer, in the
United States District Court, to the
receivers for the Aetna Explosives
Company, Inc. which went into bank
ruptcy about week ago. The Cana
dian company is subsidiary of the
Aetna Explosives Company.
The order was issued after the re-
ceivers. Ex-Governor Benjamin b. Odell
and ex-Judge George c. Holt. had in
formed the court that the Canadian
company had lost $4,000 on the con-
tract during the first quarter of the
rresen. year The contract. made with
the Imperial Munitions Board on Octo-
Der %. 1916, calls for the delivery of
100 900 pounds of powder per month.
delivery 70 be completed by July
next. The receivers also pointed out
that the company is in default or de-
livery to the extent of over 3'25O'OOO
pounds.
Canadian Company Financed
The Canadian company has been
financed, since the letting of the con-
many and it's subsidiaries. and on
March 81 was indebtol to them for
S4.333.647. OF this. $685. is rep
resented by advances made by the
Aetna Explosives Company. on ac-
count of real estate. plant and equip.
ment. OF the balance, upward OF
81 900 900 is represented by the sur
Mus of current assets over current
liabilities of the Canadian company.
At the time the receivershIp was APP
rointed the Canadian company was
without necessary working capital 10
carry out its contract, but the re-
ceivers did not deem il advisable TO
advance further funds. Negotiations
were then entered into with the Inn
pcrial Munitions Board. with the re-
suit that an agreement was reached re-
garding the seyen-cent increase in price
as reasonable profit. The board also.
it was pointed out. has agreed 70 ad-
vance the Canadian company Sl,00O,OOO
as additional working capital. the
money to be paid TO liquidator APP
pointed under the Canadian laws in
the nature of receivers certificates
which will be subject to repayment
with interest.
Relieved Of Liability
The receivers stated that under the
new arrangement the Canadian COM
pany will be able to repay not less than
100000 of its Indebtedness TO the
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-05-04
Relevant Facts

American steel Foundries. -- The
company reports for the quarter ended
March 81 net earnings Of S3,104,Sl4,
compared with SS737O7 in the CORE
spending period Of 1916 ard a deficit Of
SSg.763 in the corresponding three
months Of 1915. The surplus OF S2,40l,-
4O2 after all charges was equal TO
Sl3.97 q share earned on III, $40 shares
Of capital stock during the three
months period, compared with S2.oS
d share earned in 1916.
New York Dock Company. Reports
for the six months ended December 81
last revenues Of S1.64S,l97, against ST.
2gI,755 in the corresponding period OF
1915. Net amounted to S9l2,l93, com
pared with S700,420. For the twelve
months ended with December combined
income totalled $7S2,517, equivalent to
S".S2 a share earned on 100000 shares
of preferred stock, compared with $4.O9
earned in 1915.
Bethlehem Steel COrporation.-Di-
rectors of the Bethlehem Steel Corpo-
ration, at the request Of the govern
ment, voted yesterday to anticipate
payment on both the income and mu-
milton taxes. President Grace said the
sum to be turned over TO the gov
eminent in advance amounted to be-
tween S2,500,000 and $3,OOO,OOO. The
directors declared q quarterly dividend
Of Pr per cent on the S60,000,O0O OF
common stock outstanding. The divi-
dend is payable July , to holders o.
record June 10.
Chicago, Milwaukee & St. Paul Rail-
way.-W eakness in the general mar
ket, combined with an unfavorable
operating report for the company for
the month of March. forced st. Paul
common stock down yesterday to rs y,
the lowest level since 1898, when it
sold at 69il as . per cent dividend
payer. The stock recovered a large
part of its loss before the close, leav-
ing off at III, where il showed net
decline of seven-eighths Of a point.
The March operating statement dis
closed a decrease of $l19,472 in gross
revenues and a decrease of S70l.927 in
net. For the nine months period from
July ! 10 March 81 net earnings de-
creased S2,173,303 compared with a
year ago.
Wright-Martin Aircraft.-Stockhold
ers will be asked shortly to approve
an increase in the authorized amount
Of capital stock from 100000 shares TO
100000 shares of no par value. There
is now outstanding 100000 shares,
$4,000 having been issued at the time
Of the con.pany's organization. while
10000 were sold recently to provide
for current payroll expenses. 1t was
announced yesterday that the new is
sue Of 100000 shares will be under
written by the interests who organ
lied the company, without commission.
The stock, It is understood. will be
offered to shareholders at the under
writing price, which may be s.
share. The new financing will provide
the company with approximately 81
100000 working capital.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-05-04

Proportion of the banks reserve TO
liability this week is 1859 per cert;
last week it was 2O.90 per cent. Rate
OF discount. per cent.
The detailed statement for LAST week.
compared with the corresponding week
Of 1916, follows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-05-04
Money and Credit

Inward of s25,OOO,OOO in banking
funds was loaned out on call in the
money crowd" at the Stock Exchange
Yesterday. OF this about $2,000OOO
was placed on Az per cent basis, the
highest rate demand loans have touched
since they scared to Is per cent in De
cember. The bulk of yesterdays trans
actions was placed on 4 per cent
basis. however, which compared with
ruling rate of per cent the preceding
day. Call money rates have been hard
ening for several days, following the
beginning Of war loan operations by
the Federal government. Yesterday
there was more calling OF loans by
banks which were in need of funds to
assist the government borrowing, and
stock brokers consequently had TO look
elsewhere for credit accommodation.
Money brokers said yesterday that they
did not look for call money TO 80 much
higher on this swing, as they thought
the banks would eventually find 1t
profitable TO resort to the privilege OF
rediscdunting their paper at the Fed
eral Reserve Bank. and thus case up
the situation. 1t is generally admitted,
on the other hand, however, that the
end of the period of pronounced case
in money rates is past Current rates
for call loans compare with Pa per
cent year ago, while time loans now
at 4 TO AZ per cent compare with PA
10 3I4 per cent a year ago.
In the market for time funds against
brokers' stock exchange collateral Dor
rowers are bidding Y per cent for the
longer maturities secured By half rail
road and half industrial securities. but
the amount offering st this rate Is ex-
tremely limited. Rates on loans based
on industrial collateral alone range
from AZ 20 per cent.
Ruling rates on money yesterday,
compared with year ago, were as fol-
lows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-05-04
Current

The above rates express lne cost OF
foreign money in terms of the Ameri-
can dollar. You buy an English pound
sterling at. say, $4.75S. The intrinsic
parity is S4.S65s per pound. Thus, you
saw either that pounds are at dis
count or that dollars are at pre-
MUM, which is owing 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. [volume] (New York [N.Y.]) 1866-1924, 1917-05-04

Below is given the current exchange
value of foreign money IN dollars ana
cents, together with the intrinsic gold
parity, as calculated by the United
States Mint:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-05-04

Bank Of France Paris. May 3.-The
weekly statement of the Bank Of
France shows the following changes, in
francs:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-05-04
s17.o39,642 sS,726,os2

Surplus ..... St7,c39,642 s8,72o,oS2
The balance sheet shows an increase
for the six months from June 70 pe
cember 81 las. in the item OF Invest
ment in road and equipment OF 3D.,
614.OOO. This includes only S'il'ZZi
spent for new or rebuilding OF Ola
equipment. The average cost of MAN
tcnance of way and structures a mile
Of main track was 81 1881, or an increase
of 1927 over the preceding year
Traffic Statistics
Details of transportation operations
are set forth in the following compari-
SON: ,o,-
Tons of rev.
ricd ........ 2t,s27,1sO t7,365,saa
re rev. freight s,51o,2te,t44 s,622,ao5, $50
Az. rev. per
rev. freight
train mile. S4.Zo 94-Hl
Passenger traffic:
Rev. pass. car ,o
Rev. pass. car
ried l mile. 868,6O|,454 sH|,Zol,oo<
Az. rev. per
pass. train 40.
mi, pas. only s1.34 >i'S<
Az. I'll. pas
train rev. per
pass. train
r,ila S1.7 S171
"A in the case of the Southern Pa
cifc a considerable part of the in
cro.se in the Union Pacifc's revenues
last vaar was due TO the gain in trans
continental haul, which resulted in the
.,l.o of GINNING from Pacific ports
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-05-04
Yesterday.

Commercial Psper.-This market IS
quiet. whit a firm tone in evidence
The best regular maturities are quoted
at 4&a 20 per cent.
Official rates of discount Of each OF
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-05-04

Silver.-Bars in London. 3Sls cents;
New York, 1915 cents; Mexican dollars,
SO cents.
Bank Of England. London. May q
The weekly statement of the Bank OF
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-05-04

tho twelve Federal districts are as fol-
lows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-05-04

The receivers stated that under the
new arrangement the Canadian COM
pany will be able to repay not less than
100000 of its Indebtedness TO the
The evening leader. (Tarpon Springs, Fla.) 191?-19??, 1917-10-08

streaks of dawn of Monday may see
it's commencement.
The army of the crown prince in the
Champagne again has endeavored to
dent the French line, but again has
failed, with-considerable losses in men
killed or made prisoner. The heavy
artillery duel continues along the east
ern bank Of the Mouse river in the
Verdun sector.
Comparative quiet prevails on the
northern portion Of the front in Rus
STA and along this line to Rumania.
In Rumania, however, the Russians,
in an attack northwest of the town of
Sereth, captured arTeutonic allied po-
sition, made prisoners Of 762 men and
also took seven machine guns. Under
heavy artillery fire, the Russians
later were compelled to evacuate the
positions, having previously repulsed
several enemy infantry counter at
tacks.
Daily the Italians and Austrians are
engaging in battles for supremacy on
the slopes of Mont San Gabrielle IN the
Gorilla sector.
In the latest fighting the Italians
captured enemy positions on the
northern slopes and also took prlson-
ers. On several other sectors of this
theatre~the Austrians have delivered
attacks, but everywhere were re-
pulsed.
The evening leader. (Tarpon Springs, Fla.) 191?-19??, 1917-10-08
WAR BREAD TRIAL
FOR QUAKER CITY
Hoover Will Have the PhiladeIphians
Eating it Without Their
Knawing.

Washingtony Oct. S.-PsiIadelphia is
to be the scene of a government test
of a new formula for the 'balang Of
war bread, which probably will be tie
most interesting experiment ever
made.
Loaves of the new bread, baked with
the double object of conserving ingre-
dents and reducing the cost, are to be
sold to Philadelphians and they are
expected to eat it without observing
it is different from any they have
eaten up to date. The success of the
experiment will be the signal for the
adoption of the new formula through
out the country, and the effect will be
the saving of millions of bushels of
wheat.
Food Administrator Hoover has
chosen Philadelphia as an ideal city
to make the experiment, and arrange
ments have been made with number
of bakeries where the bread will b.
baked, and with a large number Of
stores through which it will be dis.
tributed. The names of the bakeries
and Of the stores will not be made pub
lie, SO in few days hoHsekeepef.
will receive the new bread withou
knowing it to be such.
If the plan works out as expected
and if all the bakers of the country
cannot be led to make the new bread
formula their standard, groups OF
bakeries will be induced to adopt the
plan, because, as they can sell it at
low prices, patronage will flow to
them.