davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-18

There is one industry unworried
by the problems of price fiXation
which are operating as a check on
trade in many lines of business
activity. That is the wool trade.
While government buying exercises
just as much influence on the wool
business as on steel, the former is
not hampered by uncertainties such
as confront steel makers. A plan for
meeting government requirements
has been worked out which appears
to be satisfactory 70 all concerned.
The Boston wool trade-the business
centres in voluntarily gave
the government an option on so per
cent of the wool owned in that mar
ket, and other markets followed its
lead. Discussing the plan, the First
National Bank Of Boston says in its
monthly letter:
The wool trade may we'll congratu-
late themselves upon the fact that
the method followed by the English
government, which has resulted in
all sorts Of complaints from the
tradesmen, some Of which appear TO
be more or less justified, has not
been followed here, and that tenders
10 the Federal government will be
upon individual offerings, although
these are guaranteed by the entire
trade. Moreover, there will be no at
tempt on the part Of the government
70 Ak arbitrary prices, but, on the
contrary, prices will be made by the
individual holder upon the basis re-
Gently prevailing, thus insuring
reasonable profit. Such offerings will
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-18
Boston Wool Market

BOSTON. Aug. 1.-THE Commercial
Bulletin will say tomorrow: Offerings
of wool are being made TO the govern
ment by sample to the extent of so per
cent of the stock owned here and val
uations by the various committees have
already begun. Aside from this new
development in the government pur-
chase plan. the demand for wool dur
ing the week has been moderate at very
firm prices.
Employment at the mills is good,
although the machinery occupation re-
turns Of the National Association Of
Wool Manufacturer show slight de-
crease on August /, compared with a
month earlier. Only scattering sales
are reported from the West"
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-18
As to the outlook in the wool trade
the bank says:

As TO the outlook in the wool trade
the bank says;
Just how heavy the demands of
the government will be under the
above purchase plan cannot be stated
at the moment. Should 90 per cent
of the wool in the country be taken
by the government-on the basis of
the Boston plan-then the total pur-
chases on the part of the govern
ment would probably approximate
115,000,000 pounds, since the returns
of the first Federal canvass Of I'M
consumed stocks Of wool in the coun-
try, as of June 80, indicated about
23O, 100000 pounds of wool (raw
equivalenD out Of total of 100000
900 pounds in dealers and manu-
facturers' hands, converting secured
wool, noils and tops to an approx
mate grease basis. In addition, it is
estimated that 50,0O0,OOO to 100000
600 pounds of wool was left in grow
ers' hands, or otherwise unaccoupted
for, on the above named date.
These stocks are larger than was
generally supposed to exist, but, in
view of the tremendous consumption
of wool throughout the country
prospective, as we'll as present-es-
timated at 7OO,OOO,OOO pounds a year,
or fully 90 per cent of our machinery
capacity, there will be no large mar
gin of stocks ito play with" in the
interim TO the early South American
arrivals and the 1918 domestic clip,
a point Of view only accentuated by
a decreasing domestic clip of about
275,000,000 pounds this year and
decrease in imports of clothing
woods from 300, 100000 pounds in the
six months ended May 81, 1916, to
213,000,O0O pounds in the same period
this year.
Hence, the trade has great reason
to desire a cooperative shipping pro-
gramme between America and Great
Britain, which will permit OF sub
stantial shipments OF wool from
Australia and New Zealand, as we'll
as from South Africa, in which Brit
ish colonies 100000 bales or more of
wool was known to have been left
unshipped from the old clip on June
80 last.
"Judicious buying" is reported
from the goods centres, as regards
the new spring offerings, high prices
naturally restraining large commit
ments. Civilian clothiers, however,
probably will not lose sight of the
fact that machinery is being en-
gagged on military cloths to an in
creasing extent over the 20 per cent
for worsted and 80 per cent for
woollen Of the machinery reported
active July l by the National Asso-
citation of Wool Manufacturers.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-18
Small Board to
Direct the Next
Loan Campaign
Work in This District Tc
Be Centralized in Man
agement Committee

Arrangements for handling the next
Offering Of Liberty Loan bonds in the
New York Federal Reserve district
provide for the appointment Of a
board Of managers TO whom the super
vision of the actual work in connection
with the flotaticn of the loan Will be
daleoated. This board will be appoint
ed by the standing Liberty Loan Com
nittee for this district and. according
to present plans, will be composed IL
only FIVE or six members.
Some of the younger men who, by
their energetic efforts in behalf OF the
recent Liberty Loan sale, demonstrated
that they had the sort of ability re-
ouired to direct successfully the great
amount of detail work involved IN the
huge financial operations of the gov
eminent, will, it is learned, be selected
IN act on the board OF managers Tor
the forthcoming loan. Among those
who have been named as likely to De
chosen are Charles Z. Mitchell, pres
ident of the National City Company;
Allen B. Forbes, of Harris, Forbes q
Co; GUY Emerson, vice-president Oh
the Bank Of Commerce, and Arthur h.
Anderson, with j. P. Morgan & Co.
Will Eliminate Confusion
The decision to place the actual
work of supervising the distribution
of the next Offering of bonds IN the
hands of q small number of men has
been dictated, it is said, by the fact
that the appointment Of large num-
Der of subcommittee resulted IN
more or less confusion. and duplica-
ton Of activities during the recent
Liberty Loan campaign.
As on that occasion, volunteer work
ers from among the banks and bond
houses will be depended on to do the
grcster part of the detail work at the
Liberty Loan headquarters and 10
solicit subscriptions for the bonds.
Shortage of Help
Owing to the fact that so many of
the younger men employed in the
Wall Street district have already been
drafted into the National Army, or
are eligible to serve, members OF the
Liberty Loan Committee say 1t may
be difficult to raise large enough
force Of competent workers when the
government decides to announce the
time for the next offering. This, it is
expected, will be late in October, or
early in November.
No details concerning the prospective
Offering have been made by the su-
thorities at Washington as yet, and
bankers here are still wondering
whether the interest rate on the ne"
bonds will be 3l1 or 4 per cent.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-18
Dividends

Standard Oil Company oil vs~ !,
Regular quarterly dividend Of - -
share and an extra DIVIDEND o. ~.
able October1, 20 stockholders "
August 81. Evsc
CuribIe stsel.-Regulsr qusrterD -
of ia, DER cent on the preferred 80 80
bic September % TO stoekhoiders '"
September Is. -
American Power a Light. KegsiI -
- J;'';Sn,d ~ / per cent on tne -
stock. payable SEPTEMBER
record August Il. ..,h 4
Fairbanks Morse. Regular 9es.rr.J -
dend OF ~ per cent on the p rsilss q .
payable September | 10 stoeNh'''
ord August 20. ..,,, r.
Colo,,So Power Regular ausrN,s. -
d.nJ Of one-haf Of I per cent on y
,,,on stock psyable October 10 70 49, -
~ record september %. also IN y
terly dividend OF ~ per cen. y a, ~
ferr.d stock, payable Septemoe'
holders OF record August 81 Sr
I,d.pendent Brewins.-Resuin 100
a;,',J.nd Of la per cent on inc isr !
stock. PAYABLE August 81 TO s'0~
record August %. -
International Cottca Mills. 100
t.rIv dividend of IL. per eent 81 81. a y
nayahle September TO stockh0io''
ord August 10. A I,
Northern Ohio Electric. 'ss.ssbk ~
per cent on the preferred s'oSn' lurpfs
TENDER 10 stockholders OF 49, .-.,.S<s
Cieyelard.ALron Bsr.-Resuia ia ~
dividend OF ~ per cent AnI :" ocseSsf
quarters OF per cent. rsyAos
stoc kholders Of record Septemp<'
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-18
Friday, august II, 1917

A very quiet day on the Stock Ex-
change was marked by one interest
ing feature-a drive of no mean pro-
portions against the railroad stocks.
Selling was mostly of professional
character, but it is probable that
some real liquidation occurred after
the movement got well under way.
Pressure was concentrated mainly
on what are known to the Street as
the "coalers"; that is, the railroads
which depend for a considerable part
Of their income upon their interests
in coal properties; and it was these
issues which displayed the greatest
weakness. Outstanding among them
was Delaware G. Hudson, which
broke to the lowest level touched in
more than twenty years. At 103, the
closing price, the days net loss in
this stock was 63s points. Since the
middle of january it has declined
almost 40 points. The explanation
for the especial weakness of Della
ware & Hudson is not to be found in
the earnings statements. The highly
unfavorable showing early in the
year was discounted by the substan-
tial decline which occurred then, but
recently there has been decided i'm
provement in earnings-so great an
Improvement, indeed, as to suggest
the possibility that the losses sus-
tanned in the first quarter might be
more than offset by gains through
the balance of 1917. An official Of
the company gave out a statement at
the time the May returns were pub
lished to the effect that earnings
after all charges were the greatest
ever recorded for any May in the
company's history. That further i'm
provement has been made since then
was made evident when the June re-
port showed income, after the de-
duction of transportation and traffic
expenses, heavier maintenance
charges and taxes and uncollectible
revenues, Of S734,127, an increase of
S142,443 over May and of $73,967
over June, 1916.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-18

1t seems improbable, therefore,
that the selling movement could have
found its impulse in the earnings
statements, though that was sug-
gested in some quarters as a reason
for the decline. Moreover, it should
be remembered that the fall of
Delaware & Hudson shares was
merely an aggravated instance of a
general decline in "coalers" and, to
a lesser degree, in the majority Of
railroad stocks. Probably the ex-
PLANTATION is to be found in the
prevalence of the belief that regula-
ton Of coal prices, and possibly the
taking over by the government of all
coal mines, will seriously !curtail
profits of such roads. The Delaware
& Hudson, for instance, derives a
very considerable portion of its
revenues from operations Of the
Hudson Coal Company, which it con-
.trols through ownership of all the
capital stock, as well as from other
- coal properties.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-18
The Dollar in Foreign Exchange

Only a small amount of business was
transacted in the local foreign exchange
market yesterday and such changes as
occurred in rates were small. Italian
and French exchange rates were slight
" easier. Other rates were steady
Closing rates yesterday, compared
with a week ago, are given in the table
below. American bankers have sus-
uended all dealings in German and
Austrian exchange, so that daily quo
tations for either marks or kronen are
no longer available.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-18
Gold Taken for India

Local bankers arranged with the Sub
Treasury yesterday for the telegraphic
transfer Of 100000 to San Francisco.
1t is understood that this amount OF
gold is being exported from San Fran
cisco to India for the account Of Ameri-
can importers who are employing this
method for meeting their obligations
in that country.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-18
L. |. Fare Increase Refused
Railroad Not Permitted to
Double Two Rates

terday approved the opinion of Com
missioner Whitney dismissing the APP
plcation of the Long Island Railroad
Company to increase its fare from )
to 10 cents between the Flatbush and
Railroad Avenue stations and between
Flatbush Avenue and East New York.
Commissioner Whitney declared in
his opinion that the burden Of proof
rested on the railroad and it had failed
to show that the proposed increase in
rates would provide additional COM
pensation to the company for services
rendered.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-18
Reorganization of
Brazilian Railway
Becomes Effective
French Bankers Agree to
Provide Necessary Work
ing Capital

French. English and Belgian bankers
representing control of the Brazilian
Railway Company. in receivers hands
since early in the war, have completed
arrangements for the reorganization of
the 5,000-mile system. William Nelson
Cromwell, counsel for the French in
terests. cabled an announcement to
this effect from Paris yesterday. stat
ing that the reorganization has been
brought to a successful result by COM
plete accord between the seven bond
holders committees in France. En-
gland and Belgium and by all the
French and English banks" The ma
jority control continues with the
French interests under a president of
their choice.
In obtaining the approval of the Bel
gian security holders it was found that
a considerable amount of their hold
ings is still missing, although the total
number of assents to the plan is suf
fcient to assure it success. The pre-
sumption is that these missing Bel
gian securities have been confscated
by the German government and are
now held by it in Berlin or some other
German city.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-18

Uncertainty as to what the gov
eminent may do about coal should
not adversely affect the shares of
railroad companies, which rather
than producers of the commodity,
are the largest consumers Of it.
Prospects of lower price for coal
logically should be regarded as a
favorable argument for such roads.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-18
Canada Stops
Grain Speculation

WINNIPEG, Man, Aug. 17.-Trad-
ing in wheat for future delivery will
cease on ali grain exchanges in Canada
on August 81. Official notice to this
effect was posted to-day on the Winnie
peg Grain Exchange on orders from
the Board of Grain Supervisors for
Canada.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-18
News Digest
Foreign

Confident Tone in London. Lon
don, Aug. 1.-THE stock market has a
confident tone to-day. Home stocks
were firmly held pending the new loan,
and Mexicans, including mines, were
active and on the upgrade. Brazilian
issues were dull under the influence of a
lower rate Of exchange. Oils were buoy
ant. especially Far Eastern varieties;
shipping stocks strong and Argentine
navigations were wanted. There was
also good demand for meats and
various industrials.
Paris Bourse.-Paris, Aug. 17.-Trad-
ing was quiet on the Bourse to-day
Three per cent rentes were quoted at
80 francs for cash. The per cent loan
was quoted at 81 francs 20 centimes.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-18

totalling, according to R. G. Dun e. Co.,
$5,30S, 1868, an increase of A Per
cent over year ago.
London Money Market.-London,
Aug. 17.-The supply of credits was
largely increased to-day by various
disbursements. Discount rates were
steady, but bills were scarce. Money
ruled at 90 per cent, unchanged from
Yesterday. Short bills were quoted
at Az per cent in the discount mar
hot
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-18

Coke Output Large.--The prodSes-
of coke in 1916 amounted to b4'S"S
net tons. valued at Sl7O,Sil,4s7. az
crease Of l2,952,435 tons in quasi
and S65, 337,3 1929 in value. The ou'p.s
beehive coke was 35,464, 22S tons =, =,
a reported value Of s95,+es,lZI. y
production of by-products coke vas
069,36l tons.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-18

be accepted or rejected by the gov.
eminent, upon the recommendation
of committee on wool supplies
composed of some of the best posted
manufacturers and merchants in the
country.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-18

Trading in railroad shares yester-
Gay contributed not far from 20 per
cent to the total of transactions on
the Stock Exchange, whereas for the
year to date the average has been
under II per cent.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-18

ANDREW J. MCCORMACK. Aue,iosx
REGULAR AUCTION SALE
STOCKS And BONDS,
by ADRIAN II. MULLER & soy
OFFICE 40 % WILLIAM 81,
WEDNESDAY, AUGUST 20, 1871
At 1880 o'clock. at the
EXCHANGE SALESROoM.
NOS. - AND IS VESEY STREET
For Account Of Whom II May Coresi
$4,000 Bitter Root Valley Orchards. y
LIST and Refdg Mtg 81 Si
Bonds
100 shs Geo. " Helms Co. comrz
$4,000 Note Of Caroline w. Baker, ~
January 70. 1915. endorsed
Chas. T. Baker and The ssa'
Coal Co.. payable is months -
date. interest 60.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-18
Current

The above rates express the cost CT
foreign money in terms OF the Ameri,
can dollar. You buy an English pound
sterling at, say, S475iS. The intrinsic
parity is $4.S69s per pound. Thus, you
say either that pounds are at as
count or that dollars are at pre-
MUM. which is owing to the fact that
in England tie demand for dollars
with which to settle accounts In TINS
country is greater than the demand IN
This country for pounds with which 70
settle accounts in England.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-18

marked by considerable unrest W
mobilization under the draft will iS'i
err reduce supplies in this respect
New York Imports.-lmports a. =
Port of New York for June, seeorti'
to reports issued by the CuiS'
House, totalled Sl54,9Oi,9S4, sg'if
S11s,65O.759 the previous month O.
S126,SO1,l6O for April. Imports Of a.
sugar from Cuba we're valued HF
65S, 469.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-18
Money and Credit

Loans of short maturity were mod
erately easy in the local money market
yesterday, but there was no change in
quotations. The longer maturities were
firmly held, indicating the disposition
OF banks to keep their funds liquid.
Call money at the Stock Exchange
was in liberal supply, with a closing
rate for the week of per cent. This
compared with 81 per cent on Thurs
day.
Ruling rates for money yesterday,
compared with year ago, were as fol-
lows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-18

Commercial Paper.-Although offer
ings were somewhat larger yesterday,
the rate for commercial paper held firm
Naround 5 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, 1917-08-18
Week

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: Current
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-18
Elections

Michael Gavin, OF Nonts'n"
Clo.hier & Tyler, has been slee''
director Of the White Motor Co"P'
to fill the vacancy caused BY the r' :,
nation of Theodore Roosevelt, li-
has Joined the American forces
France.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-18

Henry L. Moses has been ele''" :,
director and member Of the eAeS''
committee of the Public Bank
William A. Barg and Don l. he".
have been elected members OF the v
solidated Stock Exchange.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-18

Bank Clearings.-Although consider
ably smaller than earlier In the year.
bank clcarings this week at the princi-
pal cities in the United States touched
= new high record for the period,
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-18
Property All Restored

The reorganization plan provides
for the restoration to the old COM
pany of all its property. There is to
be a new issue of 100000 francs pri-
or lien bonds, of which the Frencn
banks will take Immediately 2l,oOo'OOV
francs. The purpose of the entire issue
is to provide needed working capital
The plan is like that recently promui-
gated by the Chicago, Rock Island q
Pacific security holders in that the re-
organization was put into effect with
out a foreclosure of any OF the mort
cages. The readjustment plan, accord
ing to the official summary, provldes'
First. all bond issues are extended to the
uniform date of 1863: second, all interest
is placed upon an income basis, becoming
again fixed net earnings warrant uluer
special conditions ; third, uniform system
Of sinking fund payments, beginning IN
1922. is established for all series OF bonds
fourth. all floating debt is discharged IN
full by secured creditors accepting their
present collateral in payment and by unse-
cured creditors accepting new secured de-
bentures subordinate TO the other issues
fifth, fresh capital Of 8OOOO,OOO francs IS
provided for by the creation OF twenty-five
wear per cent prior lien bonds, and OF
this issue the French Banques, fulfilling
their original agreement, take the entire
first issue Of 100000 francs at price
approximating par.
Joint Committee Established
It is further stated that
An unique feature Of the reorganization
is the complete preservation OF the legal
autonomy of the company, the preservation
of the entire Brazil Railway system OF
railroads cattle companies end other IN
. dustrial enterprises and the restoration 10
the company of all its property and affairs
upon the contamination of the reorganiza-
ton and the consequent dissolution OF all
receiverships in America and England
without foreclosure. To conserve all IN.
terests Joint committee, composed OF
Representatives of each series of bonds, IS
established. with adequate powers and with
the right of nominating a majority OF the
directors of the company, with diminishing
number as interest is resumed successfully
from the income basis TO the fixed basis.
The equity of stockholders is preserved by
their uniting with bondholders and cred
itors in carrying out the reorganization.
Until recently it had been supposed
that the reorganization of the property
was being delayed by the failure of
the French bankers to provide the So
00o 600 they agreed to furnish when the
plans were promulgated last year.
French investors have ar equity of
about 100000 900 in the Brazilian ram
ways.
The company was organized in 1905.
It now has S520C0,0O0 of stock out
standing. and funded debt of approx
mately S1OO,0OO,OOO. Percival Farquhar
and his associate, DR.. F. S. Pearson,
who was a victim of the Lusitania
were actively interested in the
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-18

Gold Currents.-Gold to the amount
Of 81 900. 900 was withdrawn from the
Sub-Treasury yesterday. The destina-
ton war not disclosed.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-18

Sub Treasury. - New York banks
gained from the Sub-Treasury 81
230, 900.
Silver Bars in London, AID, un-
changed: New York, S64 cents, UNI
changed Mexican dollars, 673s cents,
unchanged.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-18

Boston Acceptance Rate Changed
Boston. Aug. l7.--The Federal Reserv
Bank Of Boston has advanced it's buy
ing rate for prime ninety-day bankers
acceptances 70 81 per cent.