davidaulloa/AmericanStories huggingface dataset:
The Cook County news-herald. [volume] (Grand Marais, Cook County, Minn.) 1909-current, 1917-03-14

ate door, the main Cor Il ..,,4 III. e,
senate. and through the rotunda Of t,lt
capitol to the place set for the oath
taking. On reaching the inaugural
stand, Woodrow Wilson took a place
directly in front of Edward D. White,
the chief justice Of the United States,
aid the chief clerk of the Supreme
court, James D. Maher. The sergeant
alarms Of the senate and the congress
sional committee on arrangements were
Immediately on the left Of the presi-
dent. The vice president, the associ-
ate justices of the Supreme Court and
the members of the senate sat upon his
right.
When all We're assembled Chief JUS
tice White, having in his right hand the
open Bible upon which the hands of
many former presidents have rested,
advanced to Woodrow Wilson and ad-
ministered to him this oath, which is
imposed by the Constitution of the
United States:
'You do solemnly swear that you
will faithfully execute the office of
president of the United States aad
will to the best of your ability, pre-
serve, protect and defend the Consti
tuition Of the United States"
Woodrow Wilson said in a firm
voice, II do" and he became for the
second time president of the United
States of America.
Then the president delivered his in
augural address and on it's conclusion
he made his way with Mrs. Wilson to
New-York tribune., 1917-10-06
Active Securities
Stocks


lbs Tn. Associated Preel
Stocks reversed their recent course
today after an early period of inde-
cision in which some specialties made
further material recessions. Inc
rally. which seemed to proceed from
combination Of substantial support
and short covering. embraced many
ACTIVE issues. but was most effective
in the investment division.
Interest committed to the construc-
tive side Of the market professed to
derive much encouragement from the
expected carly adjournment OF Con
gress and an added factor of favor
able import was found in the indics-
tions Of a further relaxation of money
rates. The suggestion of the local
Federal Reserve BOARD to limit loans
on commercial paper 70 four months
was in line with the attitude Of the
main body in Washington.
Rails rebounded one to four points,
inc fdClICss htdulHS' W" iVih Nth-
trail and St. Paul rejecting an espe-
cial inquiry. Low grade Western and
Southwestern issues. as well as coal
ers. kept pace with this movement,
though in minor measure.
Industrials were irregularly respon-
sivc, United States Steel assuming the
accustomed place of prominence on
the rise from l05-,, yesterdays low
quotation. to 1882, and closing at
lOSas, net gain of 2l2.
There was further liquidation OF
Bethlehem Steels, Mdvale Steel. Colo
rado Fuel, oils. tobaccos and utilities.
but in general those stocks retrieved
much or all Of their early reversal on
the free buying of the final hour
international bonds, including the
French municipals, were heavy, other
war hotatons showing lower trend
on wider distribution. Domestic issues
were irregular, the Liberty 3'2s vary
ing from 1916 to 1882.
United States coupon IS gained ls
per cent on call.
New-York tribune., 1917-10-06
Silver Down a Cent
On Chinese Selling
Bar Metal Now OF 1888
Cents From High Record
Price of Two Weeks Ago

Cable advices received in the local
silver trade yesterday were TO the ef-
feet that China had come into the mar
ket again and was selling substantial
amounts Of the metal. This develop
ment was held responsible for the con-
tinued decline in the price Of COM
mercial bar silver, which dropped an
other cent yesterday TO 9l1s cents an
ounce.
China was a heavy purchaser OF sill
yer for several months up until two
weeks ago. The buying Of the metal
for Chinese account was one Of the
principal factors for the steady rise in
the price cf silver, which eliminated in
the high record of Sl.0Si2, reached a
fortnight ago. Then suddenly the de-
mand from China stopped and the mar
ket turned downward.
Bullion dealers expressed the oDin-
ion Yesterday that the Chinese mer-
chants had accumulated an oversupply
of silver and have lately been com
PEELED to unload a part. Predictions
are being made in the trade here that
the price Of silver will go lower on the
current decline.
New-York tribune., 1917-10-06
Venezuela to Establish
Numerous Stock Exchanges

A recent Venezuelan decree IN the
"Gaceta Ofcial" provides for the crea-
tion Of stock exchanges in all Of the
commercial centres OF Venezuela where
chambers Of commerce are now located
The stock exchanges will be governed
according 10 the provisions of the com
mercial code. Every company with CIR
culating bonds must register in the eX,
change office. paying a registry fee OF
one-hfth per mile on its subscribed
capital. In case it's capital is increased
the fees will be increased proportion
rtely. Companies must register within
ninety days after establishment OF the
stock exchanges under penalty OF pay
ing double fees.
New-York tribune., 1917-10-06
Wool Market

BOSTON, Oct 8 THE Commercial
Bulletin" says: "The demand for wool
continues steadily through the trade
and the volume OF business accom-
plshed during the week has been ss
large doubtless as that in the weeks
Immediately preceding, while prices
have kept very strong. Low secured
wools advanced about 3 cents pound
in the past fortnight. although greasy
woods showed hardly any rise. Manu-
facturers are getting further orders
from the government and apparently
are having a fair trade in Lightweight
goods. Some further buying s report
ed from the West at fully last weeks
prices for country bunch lots. Ohio
and Pennsylvania feeces: Delains
washed, s2a s3c; delaine unwashed
75d 76c; one-half blood combing, 76a
Tic; three-eighths blood combine
76a TIC. Michigan and New York
feeccs: Fine unwsshed. 600 SIC; de-
tdlHc AHHhsNtu, to'A ifNf DAf-No4A blNNs
unwashed, 75c; three-eighths blood un-
washed. 75a 76c Wisconsin, Missouri
and average New England: One-haB
blood. 70N re; three-eighths blood,
73G 74c; one-quarter blood, 72d 73c
Virginia, Kentucky and similar: One
half blood unwashed, TIA 7Sc. three.
oighths blood unwashed 7s0 roc
Secured basis Texas: Fine twelve
months. sl6sas1.72; fine eight months
California: Northern, $40
a sl.75; middle country, sl.45HSl50;
Southern. 1880 $40. Oregon: East
ern No staple, $3.50; Eastern cloth
ing. $500 Sl60; Valley No. /. $1,000
Sl65. Territory: Fine staple. Sls9n
slS2; one-half blood combing. Sl70c
sl75; three-eighths blood comb.ng,
Sli5N Sl50; fine clothing, $500 65;
fine medium clothing. 1850 sl60.
Pulled: Extra. sl80H 81 s5; "A. SlI0H
Sl.80; A supers, $500 sl65.
New-York tribune., 1917-10-06
Business Mortality Wanes
September Failures Set Low
Mark for Six Years

There were fewer commercial faiI-
uros in the United States during Sep
tembcr than in any month in six years
according to X. G. Dun & Co. Deiaul"
numbered 963. excluding banking ana
other fducary suspensions, and the
Indebtedness Of these was Sll ,9O3,O5l'
against Lac in August for SlS,oob'Zo'
and l154 IN September, 1915, FOR Sill
5Gg 078 But while the amount slightly
exceeds that Of year ago, II Is iess
than in any other September pach 10
1911. and the number, as intimated'
makes the most favorable comparison
since that time. Considering tnat the
steady increase in firms IN business mas
enhanced the possibilities OF hnahcial
embarrassment and that the country
has been undergoing process OF re.o-
iustment to new war conditions, inc
Insolvency record is surprisingly goou:
OF the 963 failures in September 20
for S57l4.05l were in manufacturing
occunations. 658 in trading lines Tor
S5Ob2.7t8 and 4s among agents, Drohers
and other concerns not properly IN
cluded in either OF the two leading
classes for sl,l36,252. These figures
compare with 3l6 manufacturing re-
verses for S5,447,3l3 last year, 100 III
trading for s5.160,449 and % IN other
commercial branches for 1851 $40. In
point of number the manufacturing
defaults were less numerous than IN
any month since June, 1912, and II Is
necessary to go back to September
1911, to find so few trading insoiveh-
cies; but the manufacturing liaoilities
exec exceed y. h1,s Dd of a,s H .sd Of S
1915 and 1915. On the other hand, the
trading Indebtedness IL the smallest OF
the present year. excepting that OF
June. and is slightly less than IN sep,
tember. 1916. while falling below all
IL. ..... .c hncL n 1Q1
New-York tribune., 1917-10-06
Japan's New Industry

Prior 70 the European war Japan was
a large importer Of pencils; to-day she
not only meets her own demand, but
is an exporter in ever increasing guam
titles Il is expected that this trade
will be held after the war. In 1911
Japan imported pencils from America
and Germany to the value Of SS50,OOO.
In 1912 a small quantity was exported,
but the product was crude. especially
the lead. and in some cases the wood
did not give satisfaction. Many I'M
provements have since been made, Japan
profting by experience, so that IN 1916
only $4,000 worth were imported while
S620,000 worth were exported.
New-York tribune., 1917-10-06
FINANCIAL MEETINGS
AMERICAN LOCOMOTIVE CoMPAN

30 Church -. New York sept 20. 1917
The annual meeting Of the st0ckh0.ia
OF this Company will be held a the ofH .
OF the Company az 80 Church Street. Sew
York CITY. on Tuesday. the siNfeentN dat
Of October 1911. a. twelve o'clock noon
FOR the purpose Of electing three Directors
for the term OF three years. and f0r tie
transaction OF such other business a. may
properly come before the meeting
Amendments 20 Sections 10 and - =
the Bylaws. aboiishiug the Finance Com
mittee. Will be presented for ratification.
The polls VIII open az twelve O'Clock
noon. and remain open for onc-haif hour
The stock transfer books % the Com
pauy will be closed from the seventeenth
day OF September. 1917. a. three O'Clock In
the afternoon. until tho seventeenth day -
october. 1917. az ten o'clock 10 the tore
noon.
By order Of the Board N Directors
". SPENCER ROBERTSON. Secretary.
New-York tribune., 1917-10-06
Dividends

Pieroe-Arrcw Motor Cr.-Regular quar-
terly dividend Of Sl.25 share on the com
mon stock, payable November ! to stock
hoders Of record October -.
Brown Shoe. Regular quarterly dividend
OF Sl.15 share on the preferred stock. pay
able November ! to stockholders Of record
October 90.
United States ber.-Reguar quarterly
dividends OF per cent on the first preferred
stock and = per cent the second pre-
ferred stock, payable October 81 10 stock
holders Of record October -.
Cerro Gordo Mines. Regular quarterly
dividend Of 2ia per cent and an extra OF ?
per cent. payable October IL 20 stockholders
Of record September 30.
Nash Motors Regular quarterly dividend
Of sl.t5 n share on the preferred stock. pay
able November ] TO stockholders OF record
October %.
Harbison Walker Refrsctories Regular
quarterly dividend of l.. per cent on pre-
ferred stock. payable October 20 10 stock
holders Of record October o.
Chevrolet Motor. Regular quarterly divi-
dend of per cent. payable November | 10
stockholders Of record October 5.
New-York tribune., 1917-10-06
Money and Credit

Call money was in fairly liberal sup
ply at the Stock Exchange yesterday,
where the majority Of loans were
placed on a AZ per cent basis, com
pared with on Thursday. In the af-
tcrnoon, after the bulk Of the demand
had been taken care Of, the market
cascd further and closed a. per cent.
This compared with a high rate for
the week Of 6 per cent.
In the market for time loans based
on Stock Exchange collateral rates un-
derwcnt no quotable change. Slightly
more activity was observed in loans
on mixture Of railway and indus
trial securities, with some business in
four months maturitics being placed
AZ per cent. Lenders Of time loans
seemed TO be breaking away from the
sixty 20 ninety-day limit that has
lately prevailed, and were more dis
posed 10 extend credit for the longer
periods. This tendency is apparently
due TO the improvement in the general
tone of the money market caused by
the formation Of the S2OO,OOO,OOO pool
by the money committee.
Ruling rates for money yesterday,
compared with year ago, were as fol-
lows:
New-York tribune., 1917-10-06

per cent level. with little business
moving on a slightly lower basis. The
local commercial paper market Is
much interested in the move Of the
money committee and the Federal Re
serve Board to encourage the making
OF commercial paper running not
longer than four months. IL is gen
orally conceded that II commercial
paper is made TO run for not more than
four months. instead of six months, as
is the present general practice. the
credit situation will be much i'm
proved.
Official rates of discount for each OF
the twelve Federal districts are as fol-
lows
New-York tribune., 1917-10-06
Bonus for Bank Employees

Approximately so employees Of the
National Bank of Commerce will bene-
nj from the extra compensation voted
by the directors yesterday in "recog-
milton of the prevailing high cost OF
living and loyal services rendered y
Employees receiving less than $4,000 a
year will be given 20 per cent Of their
annual salary Employees receiving up TO
$4,000 a year will be given l6 per cent Of
their annual salary. The first payment
on the bonus will be made on Novem-
Der 3, and the entire extra compensa-
ton will be made in six equal install
New-York tribune., 1917-10-06

to the new low price of s3@. Tho old
per cent preferred, which is second
airy to the new per cent preferred
stock in the matter Of dividends. closed
at 81. net loss for the day o' 4
points. The certificates representing
the new preferred stock, on the other
hand. were strong. the last sale being
NJ ON, up 2's.
Decline in French Cities Bonds.
Weakness developed yesterday on the
Of the cities of Bordeaux, Lyons and
Marseillcs. The Bordeaux issue sold
from 90 down to 90, the Lyons issue de-
clncd from 90 to 1914 and rallied to
90, and the Marseiles issue closed at
90, the low price Of the day, after sell
ing as high as 80. Below 90 these
bonds were selling on better than a II
per cent income basis. OF the $60,000,-
600 offered to American investors only
about s36.000.000 Of these bonds were
sold when they were brought out by
Kuhn, Loeb & Co. about year ago.
it VI tutu nho F~'f
100000.
Missouri, Kansas & Texas. In the
month of August this company earned
s3.S09 ,061 in gross operating income. an
increase of s564,5l6 over the CORE
spending month year ago. Operating
expenses increased sl72, ,79O. to s2,5s5,-
927, and operating income of sl,0S6,233
was s3S0.l76 greater than in August,
1916. Net income after interest
charges. etc, totalled S557,5 ,525, com
pared with s100,S4s in the year preced
ing. Gross revenues for the eight
months ended August 81 were S26.932,
l64, an increase of S4S3l.7l4 and net
income after charges was s4l5,860 a
gain of s2,6l6.3sS over the correspond
ing period in 1916.
L. W. Woolworth.-S g lles for the
month of September amounted to SS,.
246,S60. an increase of SS9S, 1853, or 1929
per cent over the corresponding month
in 1916. For the nine months period
ended September 80 sales were S64,Sl5.-
1863, a gain of s7,O37 .263. or 1918 per
cent. over the year preceding.
New-York tribune., 1917-10-06
{ CuYrent

The above rates express the cost OF
foreign money in terms Of the Ameri-
can dollar. You BUY an English pound
sterling at, say, s4.75h. The intrinsic
parity is $4SG9s per pound. Thus. you
say either that pounds are at discount
or that dollars are at a premium, which
is owing to the fact that N England
the demand for dollars with which TO
settle accounts in this country is great
er than the demand IN this country
for pounds with which to settle &C.
counts in England.
New-York tribune., 1917-10-06
Japanese Overseas Banking

The Sumitomo Bank, Japan, will soor
begin overseas activities. Although de
tails of the plans of the board OF d.
rectors are not available, it is expected
that branches will be opened in Lon
don. New York and Seattle in the near
future. The bank will inaugurate ex
change dealings and promote the en-
pire's growing trade with Great Brit
ain. the United States and Canada.
New-York tribune., 1917-10-06
Elections

r. +. Mclaughlin, president OF the
Chevrolet Motor Company Of Canada
has been elected a director Of the
Chevrolet Motor Company, to fll va
cancy.
r. H. Hubbard has been elected a
member of the board of managers Of
the New York Cotton Exchange, to sue
ceed W. II. Hubbard. resigned
Samuel Newburger. Sydney W. Har-
ris, Samuel p. Bush. I'd. Brown VIM
berley and Robert W. Sige have been
elected TO membership on the New York
Cotton Exchange.
New-York tribune., 1917-10-06
Friday, October 5, 1917

While prosperity prevails through
5ut the country and trade in most
lires remain very active. il is evil
dent that the volume of business
transacted is tending 10 diminish.
Not only is there a growing disposi-
tion 70 confne purchases to day-to-
Gay requirements, but except for war
work industrial expansion appears
10 have been halted for the time be-
ing, partly because Of the uncertain
outlook and partly because of the
Inability to procure capital In COM
petition with the government for
financing extensions. The reports OF
clearing houses in all sections plain
" reflect this state Of affairs. Bank
clearings in the United States In
September were 81 per cent larger
than in the corresponding period a
year before. Exchanges were effect
ed. however, at a price level about 40
per cent above that prevailing in
September, 1916, and allowing for
this a decrease of rather more than
80 per cent in the turnover is indi-
Gated. 1t must not be supposed that
anything ike a decline Of 80 per cent
in the quality of goods actually
changing hands has occurred. Much
Of the decrease in turnover is ac-
counted for by the subsidence Of
speculative activity on the New York
Stock Exchange, and perhaps even
more by the elimination of specua-
tion in wheat and other commodities.
u was estimated a year or two ago
that sixty bushels of grain were
traded in on the Chicago Board Of
Trade for every one actually passing
into consumption through the ma
chinery Of that market, and all these
superfuous transactions helped to
swell clearings. Now the grain
moves in a more direct line from the
producer to the consumer and clear
ings are correspondingly reduced.
New-York tribune., 1917-10-06
Relevant Facts

Bethlehem Steel.-Charles VI. Schwab
said yesterday that rumors Of i'm
pending changes in the company's or
ganization, involving the resignation
Of Z. G. Grace, president, were tut
terly false" 1t is understood, however,
that some of the minor officials will
be replaced Before the recovery be
gan in yesterdays stock market, Beth
lehem "B" common stock sold down
New-York tribune., 1917-10-06
Higher Freight Rates
On Potatoes Suspended

WASHINGTON, Oct. Proposed in
creases of from 70 l3 cents a hundred
pounds in freight rates on potatoes
from Wisconsin. Minnesota, Upper
Michigan, North and South Dakota and
Iowa TO the principal markets Of the
country were suspended by the Inter
state Commerce Commission day IN
til February :, pending investigation.
They were to have become effective
October 10
New-York tribune., 1917-10-06
The Dollar in Foreign Exchange

Exchange rates on the Scandinavian
countries were slightly easier yester-
day. A considerable amount Of bust
ness was done in Stockholm crowns at
37l2 cents, compared with 38 cents on
Thursday. Sterling exchange displayed
a slightly easier tone. but the market
in general was quiet.
Closing rates yesterday, compared
with week ago, al lo giv"n in the table
below. American bankers have Gus
pended all dealings in German and
Austrian exchange, 20 that daily quota
tions for either marks or kronar are
no longer available.
New-York tribune., 1917-10-06
Urge Steps to
Improve General
Credit Situation
Committee Favors Shorter
Maturities for CONNER
cial Paper

As a step toward increasing the IL
quidity of banking investments and
thereby aiding the general credit situa-
ton. the subcommittee Of the Liberty
Loan committee, known as the money
committee, issued a statement yester-
day favoring the issuance OF CONNER
cial paper running not longer than
four months, instead of six months, "a
is the present practice.
In discussing the matter the com
mittee said:
This committee, in analyzing the
present financial situation. considers 1t
Of utmost Importance TO emphasize this
suggestion in every possible way. IL
should be made certain that the amount
of commercial paper eligible for re
discount is the maximum that can be
provided.
Sound Position
This committee believes that the
financial machinery of the United
Statcs is sufficiently sound and elastic
10 meet the strain incident to the forth
coming war loan and subsequent loans.
Il feels, however, that the handling OF
such vast sums as are required by the
present situation calls for the most
careful preparation and forethought.
Anv method which will obviously
strengthen the money situation should
be adopted
"If current commercial paper is made
20 run for not more than four months,
instead Of ak months. as is the pres
ont general practice. the credit situa
ton will be greatly improved"
Reserve Board Approves
The Federal Reserve Board al Wash
ington has already put its stamp OF
approval on the proposal fact.
bankers generally are recognizing the
advantages of such step. ". p. G.
Harding. governor of the Federal Re
serve Board, In a recent statement,
pointed out that it seems desirable
that the commercial banks Of the coun-
try should have on their portfolios
maximum amount of paper that can be
redscounted with Federal Reserve
banks As the Reserve banks can re-
discount only paper which has not
moro than ninety days TO run. 1t fol-
lows that if investments of member
hanks are m six months paper, on an
average. only 30 per cent Of such paper
is available at any one time for redis-
count. But should the investments be
in paper having four months or less
10 run. at least 20 per cent would, on
an average, have not more than ninety
DAYS 10 run TO maturity. and would
therefore, be Immediately available for
use n the Federal Reserve Bank.
New-York tribune., 1917-10-06

ANDREW J. MCCORMACK. Auc,.onesr
REGULAR AUCTION SALE
sTOChs AND BONDS,
By ADRIAN II. MULLER q son,
OFFICE. 80. 55 WILLIAM ST,
WEDNESDAY, OCT. 10. 1917.
az 1890 o'clock. at tte
EXCHANGE SALESRODM
nos. Il AND rs YESEI STREET
For Account Of Whom Il May Concern
shs Chicago. 81 Paul. MINI. q
omaha K. 4 Prefd
80 shs Toledo 81 Louis & western r.
r. Common CT OF Dep.
1000 shs. southern on & Chemical CO.
LOO shs East Coast Navigation CO.. Inc,
Prefd
100 shs. Urban Water Supply CO.
n shs. Central Trust CO.
3 shs Bank Of America.
s. 900 Island OF & Transportation Corpn.
LIST Lien re Deb Note. 1890
$50 shs. The Crosby Petroleum CO.
New-York tribune., 1917-10-06
Liverpool Cotton Statistics

LIVERPOOL, Oc, } Weekly cotton
statistics: Imports :. 1000 bales, Amer
lean 10000; stock $4,000, American
224.000; forwarded $4,000. AmeresIn
$4,000; exports 1000; total sales l''VVV'
American $4,000.
New-York tribune., 1917-10-06
New York

Members of the New York Coffee and
Sugar Exchange yesterday voted 10
close the exchange on Saturday, fol-
lowing Columbus Day
New-York tribune., 1917-10-06

The stock market Jared better be-
cause selling pressure such as has
been exerted almost constantly dur
ing the last six weeks was noticeably
absent. As soon as it became ap-
parent that this was the case
Wall Street began to discuss the
question of whether or not the
liquidation had run its course, but
without arriving at a conclusion
which would satisfy the disinterested
culooker. Those who happened to
possess stocks at the moment were
inclined to believe that the end of
the liquidation was at last in sight,
while those VINO had sold short in
anticipation Of a further decline nat
trally were pessimistic and predict
cd a fresh wave of selling in the near
future. No substantial foundation
for either view could be discerned.
New-York tribune., 1917-10-06
DIVIDEND NOTICES
ono, Of The United Ga. improvement %.

W Corner BROAD and Arch streets
Philsds phis September ~ i4if.
The Directors have this DAY declared quar-.
terly dividend - tao per cent 81 90 per share.
pay able OCT. IS. 1917, n stocsh0der 0' -6coi
A. the close o. business Sept % 1911 ''-cJ
will 30 mailed
I " NORRIS Treasurer