davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-05
A, the Miller Sees Il

Since il is shown that the man who
buys wheat low and sells il high, there
ny smsssing more money in year than
the most successful miller can gain in
a lifetime, has a clean bill OF health
ana is justified on his record, slso that
the farmer is guiltless. II necessarily
remains that the miller and baker are
the eyildoers, the food barons, the
rasnipulstors and spectators, and the
privilege il given them Of sharing the
odium between them unless they can
shove some Of it OF on the jobber and
the retailer. In order fully TO yindi-
cate themselves in future and acquit
themselves Of blame. all that will be
required Of them henceforth is 20 make
bricks without straw, or, rather. -four
and bread without wheat. The farmer
must have his two dollars a bushel for
wheat, and the consumer must have
four a. less than ten dollars a barrel
and his loaf Of bread in proportion;
The miller must grind the wheat into
-four. and the baker must nave the
-four, and the maker must make the
tween the two prices 70 producer and
Consumer As il takes approximately
i've bushels Of wheat 20 make barrel
d -four. IL will readily be seen that
. will be perfectly easy for the miller
and baker fully 20 satisfy The reason
able requirements Of the statesmen,
orators and publicity experts; all they
reed 10 do il 20 accomplish the impos-
INSTRUMENTATION Miller.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-05

years, inclusive, not regularly anS con-
tinually employed, shall register. This
includes all loafers, not only the i'm
pecunious and habitual "sons Of rest"
the hoboes, buns, tramps, etc, but also
all unemployed persons who may never
theless be aole to support themselves
by reason of ownership Of property or
income, and also those supported by
others. Failure to register is a misde-
meanor, and punishable by a fine not
exceeding $50.
1t is provided that the hours and rate
OF pay for work TO which the state
assigns the previously unemployed per-
son shall be the same as applies to
others in the same occupation.
Exceptions are made in the case Of
students and persons fitting themselves
to engage in trade or industrial pur-
suits, and no one is to be assigned TO
work he is not physically able to do.
IL is, however. intended that every able
bodied man in Maryland must do some
thing in behalf Of society, and at the
end of the time called for in his proc
lamation the Governor intends to exer-
cise the power given to him to put the
machinery of the law into operation
VI manufacturers Record.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-05
Urgent Call for Manganese

Ferro-rnanganese receipts-from Great
Britain are rapidly declining and the
situation confronting the steel indus
try Of the United States is not as as
surfing as it was. With submarine sink
ings Of 100000 to 5000 900 tons in the
last two months and with an evidently
more acute situation in England re-
garding supplies Of manganese ore and
metal to meet the increased demands
of the steel industry there, future i'm
ports from that source are not likelv
soon to resume the rate needed to meet
our total needs Of $4,000 tons per
month. The May and June available
supplies were less than $4,000 and a.
600 tons, respectively. The indications
arc that the July supplies will not be
any larger than those of May and
June.
In view of these facts, the ALLOW COM
mittee of the Council of National De-
fence has Just notified the steel indus
try that all possible conservation of
the alloys must be practised, and urges
a more liberal use of spiegeleisen
where at all feasible.
This unexpected development again
brings up the question of a wav TO
meet the situation. 1t is generally
accepted that metallurgically there is
no complete substitute for manganese
IN the important role it plays in steel.
In practice it is found that only the
high percentage alloy is efficient. Both
ZERO manganese and spiegeleisen are
high IN carbon. Were lower manpan-
ese alloys available, having a low car
bon content, they would probably be
nearly as satisfactory and find a wide
use.
solution of the problem which
holds out some hope is the conversion
OF our plentiful manganiferous iron
ores into low carbon manganese iron
alloy Blast furnace re iuction does not
meet the problem. The electric furnace
may perhaps solve it. The suggestion
OF intensive and prompt research, with
view to ascertaining whether such
ores cannot be electrically converted
into low carbon manganese allows.
might we'll be acted on. Such a metal
lurgical process successfully carried
out on commercial scale would be OF
incalculable value to the steel industry
Of the United States, ard perhaps rem
der US Independent of foreign sources
for manganese. It at least deserves n
thorough investigation.-The Iron
AQe.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-05
To Standardize
Japanese Exports

Complaints reaching Japan regard
inc the quality of goods shipped py
Jspanese manufacturers and exporters
"a other parts of the world are begin
ming 70 bear fruit. Accordingly, the
Japanese government is shortly to pu,
in practice system Of inspecting ana
stsndardizing the quality of the prin-
cipal exports from the country.
The matter is engaging the attention
If the Japanese trade guilds and other
similar bodies all over the country, and
their representatives have been hold-
ing meetings at the rooms of the De-
partment of Agriculture and Com-
merce. The japanese Minister OF Agf'-
culture and Commerce, addressing these
delegates, said:
mo complaint is made abroad about
the quality of habutai, or raw SILK III
which the manufacturing and trading
system is perfect and efficient. The
outcry is raised only in regard to those
goods which are Complementary
known as general cargo. One OF the
reasons is to be found in defects IN our
industrial system. 1t is therefore,
necessary to perfect this mechanism by
giving more financial assistance to the
intermediate and lesser manufacturers.
As to the prevention of the production
of inferior goods, an improved institu.:
ton should be founded on the basis OF
the existing trade guilds, making all
the exports concerned subject TO eN-
animation, according to certain uni
yersal standard :,
From a statement made by the al
rector Of industrial and commercial al
fairs in the Department OF agriculture
and Commerce, il IS learned that tne
authorities have come TO the conclusion
that if the great development acnleved
by Japan's foreign trade since the out
break OF the war is 20 be permanently
preserved. it is of urgent necessity 10
take steps TO prevent the production or
inferior goods. The authorities tnlnk
the best policy would be for the mer-
chants and manufacturers interested 20
arouse themselves 70 the evils or me
practice and enforce the suggested
measure by themselves, without de-
pending upon the government to LOOK
after their own interests. As result,
the government has decided that the
trade guilds shall organize an associa-
ton among themselves to assume the
responsibilities of enforcing the pro-
posed inspection of exports. This in
spection will be made under regula-
tons to be framed by the government
and the association. These regulations
will be the same all over the country
and the inspectors will be recommend
cd by the trade guilds or the associa-
ton, but the right Of appointing or
Diminishing them will be reserved to the
Minister of Agriculture and Commerce
or to the local Governor.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-05
Speeding Up Oil Production

II will be good thing for the couh-
try to learn the exact facts as to the
hazards Of the oil producing business
and the serious conditions as to drilling
materials and supplies now existing in
the industry. From this standpoint the
investigation now being undertaken ~
the Federal Trade Commission at the
request of Secretary Of the Navy Dam
iels to ascertain the cost Of producing
petroleum will be beneficial to the men
and the corporations engaged in THIS
line Of activity. The commission WIZ
find it extremely difficult, IL not impos-
sible, 70 arrive at any sure formula Tor
computing the average cost of barrei
of oil in anv state or any field Inc
oil producing game-and game Is inc
proper words a nit or miss PROPOSE
ton. Taking the area OF operations
into consideration, and this means the
prospect work, or validating, which Is
the beginning point Of all oil develop
ment. there are far more misses than
there are hits As an example, the
Gulf Coast region of Texas and Loulsi-
ana, from which the companies supply
ing the bulk of the Nays fuel oil re-
auirements obtain much Of the crude
for tho naval contracts, has yielded
only six major pools and seven OF
minor importance IN sixteen years OF
constant drilling, covering territory
many thousands Of square miles IN ex-
tent. The money thus spent IN IN
productive drilling mounts up INTO
the millions OF dollars, and is leglu-
mate part of the aggregate cost OF de-
velopins and producing oil in this re-
gion. The Federal Trade Commission
will find out that the prices being paid
for crude oil at the wells are no more
than sufficient to induce producers TO
drill and keep up the supply in certain
fields. In other fields the commission
will discover that drilling is Stacking
UP because the producers cannot AFFORD
to take chances on dry holes with ma
tcrial and supplies selling at existing
high figures. In the final analysis.
there can be only one legitimate basis
for computing the cost Of fuel oil for
the navy, and that is tho price OF crude
petroleum at the wells. plus a gather
ing and piping charge to the reilneries,
plus the expense of treating the oil to
conform to specifications, and on top
Of this a reasonable profit to the manu-
facturers.-OH Trade Journal.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-05
From Trade Journals
Even the Rich Must Work

Governor Harrington writes that ne
Is preparing a proclamation warning
all male inhabitants Of Maryland that
they will be required to find regular
employment by q certain date. This Is
in accordance with law passed at the
last session Of the Legislature, which
REQUIRES that all persons in good health
must have some regular employment.
Thi. law Is regarded as an excellent
measure at any time. but is especially
desirable in war times. when the re-
sources % the country in man-power
will unquestionably be taxed to the ut
most. Under this law idleness will not
be tolerated. even among the rich. I'M
less there Is some valid excuse FOR It.
II is provided that the state will find
employment for ell persons in good
health now out - employment. Failure
70 do the work assigned TO any one b.
the state subjects the Stacker TO a fine
Of 10. more than $500 or imprisonment
Of not more than six months, or both
fine and Imprisonment. at the discrs-
ton OF court OF justice.
The first requirement Of the law Is
that all able-bodied male persons be-
tween the ages Of eighteen and nifty
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-05
Reserve District
Reports Reflect
War Preparations
Some Localities Show a
Tendency Toward Increas-
ing Conservatism

WASHINGTON, Aug. General
business activities, rejecting in many
localities the governments military
preparations, coupled with some signs
of conservatism, because Of future I'M
certainties, are reported from all
twelve Federal Reserve districts. A
summary of the reports to the Federal
Reserve Board, published to-day, fol-
lows:
Boston-Little change; Liberty Loan
had stimulating effect on business con-
nected with the war; some retaroihg
effect in other lines because OF uncer-
tainty of money market. ..
New York-Cautious commitments
and conservatism in many lines pc
cause of uncertainty of course OF busl-
ness and prices during the next lie"
months.
Philadelphia-No change in the great
business activity prevailing IN THIS sec
ton.
Richmond-Busines generally salts
factory; only difficulty repienisninG
supplies. , ,l
Atlanta-ManulacVu anu ~
trial lines feeling the effect OF the gov
ernment's military preparation. :,
Characterization OF activity IN
many lines; banks finding good de-
mand for funds at firm rates. little
decrease in deposits through hoating
the Liberty Loan.
st. Louis-Marked feeling. OF conn
dencc: outlook entirely favorable;
while July is the dull season, business
has held up remarkably well.
Minneapolis-Cro situation rather
unfayorable, but is not expected TO
show immediate effect on business;
outlook for remainder of year salts
factory.
Kansas City-Crops good; general
reports scarcity Of materials and high
prices; shortage farm labor; whole
salers report business fully normal,
Dallas-Outlook very encouraging; la
Dor scarce, wages high; bank clearings
increasing; much depends on the cot
ton crop.
San Francisco-Bank clearings up
and deposits down because Of Liberty
Loan: high temperatures afecting
some crops unfavorably, but large IN
crease over vast year assured.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-05
ReAexes Of War

Another step in the subordination Of
private enterprise to state control as a
result of the world war has been taken
within the last few days, says the First
National Bank Of Boston, in the as
sent Of large majority Of South Afri-
can farmers and wool merchants to the
proposal of the British government
that it take over the new clip on the
basis of prices recently designated for
the 1918 Australian clip, which has
been taken over recently at last years
rates, or al average price in the grease
Of 81 cents. This price is very low
compared with values on similar woods
in the open markets Of the world. Best
fine staple woods, for instance, out OF
the Australian clip were Communicated
at 80 to 90 cents, clean basis in Aus
tralia, and would be worth in the Bos-
ton market to-day, il available, about
s1.s5 to s1.90. Thus the South African
growers stand to sacrifice considerable
in the price of their woods. although
the clip at the Cape, of course, is
hardly worth as much intrinsically as
the Australian. II is estimated that
there are left unshipped in Austrsl-
asia (as Of July u at least 100000
bales of the old clip and about % per
cent as much more in South Africa.
Dalgety's figures on Australasisn wool
exports for the pastoral year ended
June 30 show 1888 900 bales from Aus
trslia Ia decrease of 322, 400 baleD and
al. 600 bales from New Zealand "a de-
crease of 1850 bales); total, l,674,00O
IA decrease Of 42,060 bales compared
with the previous year.. With such
surplus stocks in the British Colonial
markets there could be little excuse for
the incorporation of a considerable
proportion of this surplus to the Unit
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-05
Steel Trade Busily
Engaged in Meeting
Government Demands

Interest In the steel industry was
mainly concentrated last week upon
government purchases and prospective
needs Of the Army and Navy depart
ments. Current merchant orders arc
few. but il 10 asserted they would be
much heavier If the mills would accept
the business offered. Domestic con-
.umers are especially anxious to place
orders for steel plates and for tin
plate. Railroads also are reported
anxious to purchase substantial ton
nsges Of rails for shipment at any time
In 1918 or earlier and pay liberal pre-,
miums, but mill capacity Is oversold
and, with heavy government orders
taking precedence over previous pri-
vate orders, shipments on contracts
must be long postponed.
Washington authorities have not
only purchased 100000 tons Of eighty,
pound rails, 10000 tons Of tie plates
and 10000 tons Of bolts and nuts for
export to France, but are about to
place orders for 10000 tons Of light
rails and 1900 railroad cars. calling
for $4,000 tons Of steel, for export to
France; for 10000 tons Of rails for
Russia and for 10000 tons Of rods and
wire products for italy. The Army De-
partment, II Is reported, will also spend
81, 900, 900 to equip railroad repair
shops in France. The Pennsylvania
Railroad, acting for the United States
government. has already taken bids on
list Of machine tools for use In
France.
Heavy orders have been placed by
the government for cold rolled shaftins
to be used in the manufacture Of fuses
and nose pieces for several millions OF
three-inch shells. Nearly 80 per cent
Of the capacity Of the shafting manu-
facturers is now employed on govern
ment work.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-05
The Dollar in Foreign Exchange

The past week in the local exchange
market has been important because OF
the extraordinary strength displayed
by rates on the neutral countries Of
Northern Europe. Norwegian, Swedish,
Danish. Dutch and Swiss exchange
bills sold at the highest levels in
weeks. In the case OF Swiss francs
rate of 44s to the dollar was reached
the highest for the war period.
in foreign exchange circles the gen
eral rise in the neutral exchange was
attributed TO a combination OF develop
mcnts, chief of which is the American
embargo on all exports to neutral coun-
tries. This tends, Of course, to reduce
the amount of exchange available and
compels the person who wishes to remit
TO the countries in question to bid high
for his exchange. At the same time 1t
is pointed out that the British govern
ment has pegged sterling exchange in
this market around S4.75iz, or dis
count of about per cent. Meantime
nothing has been done to stabilize
sterling in the neutral markets, where
il was down to a discount OF 10 to II
per cent in some cases. The result is
that the Scandinavian or Dutch ex-
porter of goods to England finds 1t TO
his advantage to sell his sterling drafts
in New York and TO buy exchange on
Scandinavia or Holland with the dollars
so received.
Were gold shipments to the Euro
pean neutrals possible this would solve
the problem. As matters stand, how
ever, gold is not acceptable there, and
at the same time the dangers of run
ming the submarine blockade are too
great. Bankers said during the week
that the wild fluctuations OF the neu-
tral exchange rates lately had caused
American importers great deal OF
trouble in arranging payment.
Exchange rates on the principal Al
lied countries were steady, as a rule.
last week. Great Britain resumed
shipments Of gold from Canada to New
York for the purpose Of stabiliZing
sterling.
II you calculate the cost of the dollar
in terms of foreign money-that is, as
If you were buying dollars with pounds,
marks or franci--its value at the close
of last week. as compared with year
ago, would be about as follows:
Cost nj ono doliar
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-05
NJ, K. 81 T. Net Increases

Cross earnings Of the Missouri, Kan
tss & Texas lines during June in
eftsisd i5iz,s3s, the totsi for the
month being ;5,4ts,ssL A large share
OF The increase In gross was saved for
nst owing 10 the fact that operating
expenses increased only izs7.534 and
ts1s, 1880. Operating income to
aled D+s,7S3, an increase Of I60o,osZ.
The ret income for the month after
charges was szfg,0z3. against de-
Deiene7 Of 1911 ,ei5 for June, 1915.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-05

ed States were the latter country in a
more favorable position with reference
TO shipping. Japanese manufacturers
and merchants have been better served
in this respect than American, and the
Oriental has made his debut in both
the South African and South American
markets this year to his own decided
advantage because he had the transport
tation facilities.
The mileage of railways in Australia
is naturally increasing more slowly
during these war years than in normal
times. For the year ended June 80.
1916, government lines open for traffic
increased by 676 miles and private
lines decreased by thirty-three miles,
compared with increases in the previ-
Gus year of 1875 miles in government
and l46 miles in private lines. The
combined net earnings OF the govern
ment railways reached their highest
point in 1924, when they were
$50, 640,920, but this was not the case
in the individual states. South Aus
tralia reached it's highest point in
10, WucIl us Ne'h
ings were $1,000. 900; also Tasmania
in the same year, when its earnings
were 1884, 900. Queensland reached its
highest point in l914-I5 with net earn
ings Of s6,9Se,s00. and New South
Wales in 1876. with Sl1,296,700.
The Japan Chronicle" states that as
q result Of the greatly reduced imports
of chemicals and medicines after the
outbreak Of the war the domestic de-
mand for opium greatly increased. BY
way Of promoting the home manufact-
ure Of drugs, it says, the government
has encouraged the cultivation OF the
poppy and the preparation Of opium.
The output accordingly increased in an
appreciable degree last year, amount
ing. as shown by the latest investiga-
tions, to 1888 pounds. No reliable
estimate of this years output is yet
possible for the whole country, but
Osaka is expected TO show an increase
Of about 20 per cent over last year.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-05
EXCHANGE In.rirsi,

foreign money in terms of the hmeri-
can dollar. You buy an English pound
sterling at. say, S4.79is. The intrinsic
parity is s4.se's per pound. Thus, you
say 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, 1917-08-05
Money and

Clearing House Statement. - The
actual condition of Clearing House
banks ard trust companies for the
week shows that they hold sl68,735,-
$50 reserve in excess of legal require
ments. This is an increase of s6l, S44,-
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-05

| 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. Current
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-05

Austrian exchange, so that daily quo
tations for either marks or kronen are
no longer available.
Week
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-05

Gold Currents of gold from
Canada on British government account
were further increased yesterday by
a consignment 20 J. p Morgan & Co..
amounting 20 SG,400,0OO. Like the ship
ment Of $4,000, 900 received by the
Same firm Friday, the gold was sent
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-05

Federal Reserve Banks

WASHINGTON Aug 4Fuh hrnkag Of approximately s23 100000
Boards
weekly statement Of conditions August made public to-day The state
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-05

to Philadelphia owing to the conges-
ton at the local Assay Office.
Yesterdays importation brought the
total gold imports into this country
from all sources since January l, 1915,
up to Sl,67l,l3l COO.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-05

Closing rates yesterday. compared
with n week ago, are given in the table
below. American bankers have sus-
pended all dealings in German and
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-05

Bank Clearings.-The days clearings
at New York:
Exchanges. Balances.
New York. S615,571,1N S43,S39, 1s1
Silver-Bars in London, aid; New
York, s0% cents; Mexican dollars, 621s
cents.
Sub Treasury. -- New York banks
gained from Sub-Treasury s637,2O9.
Acceptance Rates.-Current bid prices
for prime acceptances are as follows:
Spot delivery: 80 days 60 days 90 days
Eligible member
banks ...... 31s% 31s'o 3Is%
Eligible nom
member banks 39s's s7s1s 37s%
Ineligible bank
bills ......... 4I4eS 4I41s 414%
For delivery within 80 days:
Eligible member bsnks......... 33s%
Eligible non-member banks.... 3Is%
Ineligible bank biils........... b %