davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-16
Gary Says Fixed
Prices Will Benefit
Steel Companies
Schedules in Some Instances
Are Lower Than Manu-
facturers Expected

+. H. Gary, chairman of the United
States Steel Corporation. said yester-
day that the steel industry generally
will be benefited by the attitude and
action of the War Industries Board and
the President in fixing prices for steel
products. Mr.. Gary attended the con-
ference of steel representatives IN
Washington last week. At these meet
ings the committee on iron and steel OF
the American Iron and Steel Institute,
of which Mr.. Gary is chairman. agreed
upon recommendations TO the President
concerning the prices 70 be hxed Tor
many of the leading seml-rnlshed and
finished steel products.
ION the whole. II may be said as
serted Mr.. Gary, "the negotiations with
the War Industries Board and the re-
suits were satisfactory TO the steel pro
ducers. although the prices named are
lower than had been expected.
"The disposition of the members Of
the board carefully TO inquire into the
facts relating 20 costs, capacity, taclll-
ties and profits has been so fair and
frank that the manufacturers without
exception will be Influenced TO respond
TO the requests of the board for pro-
ducton equal to full capacity. And
the prices determined upon will, with
some adjustments between manufact-
urers as to deliveries, yield profits suf-
ficient 10 bring them within the Presi-
dents original proclamation.
The prices of commodities not al
ready considered by the board will be
fixed by arriving at n parity.
THE steel industry generally will be
benefited by the attitude and action Of
the War Industries Board and the Pres
ident. The profits of some of the man
ufacturers will be somewhat decreased.
However. conditions will be more nor
NAL and they will be healthy"
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-16
War Now Costs
$6,5OO,OOO an Hour
Expenditures of United States
Estimated at $4O,0O0,000
a Day

The war in Europe is now costing the
nations of the world s6,500,000 an hour
and 100000 900 day, according 20 an
estimate issued yesterday By the Me
chanics and Metals National Bank.
The United States is under a present
expense running to fully fourth Of
the total amount, or S40,000000. This
is a rate of expenditure greater than
that Of any other nation involved,
Great Britain coming second and Ger
many third. A little less than year
ago it was calculated by the bank max
ing these estimates that the worlds
total daily war cost was Sl00,000,000;
at the beginning Of the war in August,
1914, the cost was placed at s5O,OO0,OOO.
Already the aggregate expenditures
of the various nations have exceeded
100000, 100000, of which all but a
fraction has been translated into per
manent national indebtedness. Inter
est on public debt is now reckoned TO
b.. more than 10 per cent of the normal
income of the German people, az COM
pared with less than one-half Of ] per
Ceht III ,he case VI '"e Pe'P'e VI nv
United States.
Altogether $4,000 900 men are to-day
actively engaged in the war. To what
extent the Entente Allies have gained
superiority over Germany il shown by
the bank in striking fashion. With no
more than 1000 900 OF American man
hood enlisted, the total military
strength of the Allies is 100000,
against total for Germany, Austria
Hungary, Bulgaria and Turkey OF 90
900, 900 The population of fourteen
Entente Allies. from which the ranks
Of their armies may be replenished. is
altogether 100000, 900, against a popu-
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-16
Canadian Lead Output

The total production in 1916 Of lead
in bullion credited TO Canadian mines
and estimated as recoverable from ores
exported was IL $685. pounds, which,
at the average price of lead in Mont
real, 8 cents per pound, was valued at
s3,5l0,s70, says the Department OF
Mines in recent report on mineral
production. In 1915 the production
was 46,3l6,450 pounds, valued at ST.
593,72l. There was a decrease Of over
10 per cent in quantity, but an increase
of over 80 per cent in total value
The 1916 production included $685.
$40 pounds of lead in bullion, of which
Z large portion was electrolytically re-
fined, and 2,755,30S pounds recoverable
from ores exported The lead bullion
was produced chiefly at Trail with
small contributions from smelters at
Kingston and Galetta, Ontario The
lead ores exported were derived from
Notre Dame des Anges. Quebec; Hol-
landia mine, Bannockburn. Ont; Sur
prise mine, SLOGAN. B. c., and the Sill
yer King mine, Mayo, Yukon district.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-16
Call il War REIMBURSEMENT

inquiry made yesterday among lead
ing members of the Stock Exchange
and the governing committee OF the IN
stitution disclosed the fact that there
was no basis at all for the reports that
the board might close its doors as IT
did in 1914 following the outbreak OF
the war. II was stated that no such
action is needed at this time; that the
selling of stocks and bonds Is nor
NAL process. readjustment OF the
security markets 10 the changed con-
ditions arising out of the entrance OF
the United States into the war.
Exchange officials reiterated that
everything possible was being done TO
check excessive professional specula
tion on the bear side of the market.
The principal factor, II was pointed
out, in forcing prices down is the
steady liquidation by investors who
have become apprehensive over the
huge war loan financing and the gov
ernment's burdensome war taxation.
Banking opinion in Wall Street yester-
day opposed any action being taken
that would deprive the country OF its
leading open security market.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-16
The Dollar in Foreign Exchange

The local foreign exchange market
was unsettled yesterday and rates on
the neutral countries Of Europe
dropped sharply. Dutch guilders fell
to 42i2 for checks, compared with a
high record last week Of 40 cents. This
break was attributed in foreign eX-
change circles to the reported stoppage
of all Dutch shipping to England on
account Of the pending differences be
tween Great Britain and Holland
Scandinavian rates declined in sym
pathy with guilders. and Stockholm
crowns were Y lower at 81. cents
Spanish pesetas were firm.
Closing rates yesterday, compared
with week ago, ale given in the table
below. American bankers have sus-
pended all dealings in German and
Austrian exchange, 20 that daily quota
tions for either marks or kroner are
no longer available.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-16
American Capital
Lnvades the Rand
New York Financiers Ac-
quire Interest in South
African Gold Fields

New York capitalists. headed by
Charles II. Sabin, president of the
Guaranty Trust Company, and William
p. Thompson, the we'll known financier
and mining man, arc back Of the
Anglo-American Corporation, just in
corporated at johannesburg, British
South Africa. for the exploitation and
development Of gold mining properties
in the Far Eastern Rand district.
According to information obtained
yesterday, this marks the beginning of
a new epoch in the history Of the
South African Rand. for it is the
first occasion on which definite ar
rangement has been made for the en-
ployment of American capital in that
field. The capital of the new company
has been fixed at s5,000,000 but the
total resources may IN time be in
creased 70 s30,000,0O0.
Ernest Oppenheimer. formerly Mayor
OF Kimberly, is chairman of the COM
pany. and the other directors are
Charles II. Sabin, William b. Thomp-
son and W. l.. Honnold, Of New York,
and H. Crawford and II. c. Hull, of
London. Mr. Honnold is a mining en-
gineer. of New York, who has spent
several years IN the South African gold
fields.
Il is stated that the object of the
corporation is 70 take leases on gold
mining properties in the new Eastern
Rand, which. it is expected. will re-
quire about s33,000000 for their devel-
op1nent and equipment. It is reported
that the Anglo-American Corporation
may seek a connection with the Con-
solidsted Mines Selection Company, an
English concern, which is already en-
gagged in developing mining properties
in that part of Che South African gold
fields.
For the past two years attempts have
been made by English interests to en-
list American capital for the Rand,
owing TO the restrictions placed on
new capital issues by the British gov
eminent.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-16

prices. In some quarters there was an
inclination TO criticise the action OF the
Controller ms being wholly unnecessary
and uncalled for at this time. ono
banker expressed the opinion that re"
banking institutions would care 70 take
advantage Of the Controllers action
inasmuch as carrying securities Oh wv
banks books at more than their cur
rent market value would be tantamouht
to carrying inflated assets.
II was learned that n number OF the
leading national banking INSTITUTIONS
in the city have already marked down
their security holdings to the current
market level, regardless of the move
made by the Controller.
National banks here are large mold
ers Of bonds "a investments. The Ma.
tional City Bank on the last call, az OF
September If. reported a total OF s6l'-
40. 900, the First Nationa Bank s6I.-
z3s.0 900, the Chase National BANK w.
900. 900. and the National Bank of Com
merce S23, 900. 900.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-16
Shattuck-Arizona Copper In .
Peru Seeking Coal Supply

The Minister of Fomento, In.
Peru, has just appointed two comm Ar
tees for the purpose OF reporting
the prscticability OF developing ~,
local means the rich coal helds ~
are known 70 exist in eeniral
northern Peru. The first committee,
70 make an exhaustive study OF
soft coal deposits AZ Oyon. IN me 4,
cinity OF the mines Of the Cerre
Pasco Copper Company. Il has ,.,a
proposed 10 extend the Norihwes,.,.
Railway of Peru from It's present AZ ..,.
minus at Sayan TO this field. Inc
ond committee is 10 report OF 'ns r.,
thrscite field Of the Santa Valley
Santa Valley terminates in the poI
Chimbote, and the present railway ,t
tends 70 within a few kilometres o. ,ss.
coal field 1t is now proposed to dew"
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-16
Relevant Facts

New York Railways. Gross opens
ing revenues in the month OF Angus
we're sl,136, 1853, an increase OF So'-D
over the eorresp onding month y"
ago. and income from operation .n'
expenses and taxes tota.ied S5J61.,
gain of S3.397 over August, 1916. ~
income after interest charges on uhS.'
lying, first real estate and reiu.aa,SSs
bonds. rentals, etc, amounted 70 ,Iv..
$50. an increase of S3,2Il There We
22.S2e.654 passengers carried dsi.Ns
the month, compared with 22N5l'''' :
year ago.
Inspiration Consolidated Copp1.w
Output Of this company IN Septsmss,.
to,alled 2,250,000 pounds OF coppc.'
compared with ll,l50,00O po,ss
produced in June, 100000 IN Ne 1ss
and ll.s50,000 IN September, 1910 A..
compaDy's mines were closed du'..'
July and August Of this year on "
count OF labor troubles.
Shattuck-Arizona Copper. In ,ns
month OF September this comps'
produced 7ll.92i pounds Of copper, -
362 pounds Of lead, 1881 ounces OF ~.
YER and So ounces Of gold, compare,
with an output Of 1866. 4i6 pounds ~.
copper, $500 pounds Of lead, ~
ounces o. silver and 4l9 ounces OF g.
In the corresponding month last l'
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-16

With very little increase in equip
ment the railroads handled 20 per
cent more freight in July, 1917, than
in the corresponding month a year
before. The showing is more re-
markable because even a year ago
traffic was of enormous volume. and
the roads appeared TO be operating
at capacity. The best thing about
this remarkable achievement in oper-
ating efficiency is that it is perma-
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-16
Controllers Action
Surprises Bankers
Says Few Institutions Will
Carry Bonds Below the
Market Values

Bankers in the financial district ex-
pressed surprise yesterday at the an
ouncement from Washington that
Controller Of the Currency John Skel-
ton Williams has instructed national
bank examiners that they need not re-
quire national banking institutions to
write OF the losses that have been
sustained on their securities as a result
of the severe depreciation in bond
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-16
Current

The above rates express the cost of
foreign money in terms of the Ameri-
can dollar. You buy an English pound
sterling at, say, t4.75}s. The intrinsic
parity is sis65s per pound. Thus. you
say either that pounds are AZ discount
or that dollars are at a premium, which
is owing to the fac: that n England
the demand for dollars with which to
settle accounts in this country is great
or than the demand m this country
for pounds with which to settle &C.
counts in England.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-16

Mr.. Untermyer's campaign against
short selling would have been more
effective had it been launched six
weeks or two months ago. 1t is true
that short selling was then exercis-
ing a decidedly adverse influence on
values. Just as is the case at pres
ent, the demand for securities was
extremely light, and consequently it
was comparatively easy for the bear
pools" which were operating at the
time TO raid the market and depress
prices. 1t is also true that a certain
amount of liquidation was forced in
this way. But the governors of the
Stock Exchange, recognizing the dan
ger of such tactics, weeks ago took
measures to check excessive short
selling. Since then bear raiding"
has played a much less prominent
part in the market.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-16

Inent. Long after the war Is over
the railroads will be reaping profits
from the economies which were eff
fected under the stress Of war. More
progress has been made in the last
six months than in any decade pre-
ceding.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-16
Monday. October Is. 1917

Under pressure of heavy llqulda-
ton stock prices again broke sharp
~, many issues dropping to new low
levels for the year. and, in not a Jew
cases. TO the lowest prices of record
for a number of years. The average
price of twelve representative indus
trial stocks has fallen 10 points IN less
than a month, and now stands nearly
30 points below the peak reached at
the height of the great speculation
which eliminated last fall. The aver
age price of these stocks is, in fact,
almost down to the level at which 1t
stood at the beginning of 1915. when
the market had not commenced to
recover from the effects of the 1914
crisis. Fifteen standard railroad
stocks are now selling, on the aver
age. at 95.7s, which is about 30
points below the years high and not
far from 40 points below the prc-war
level.
The days decline was nothing
more than continuation of the
movement which has been going on
without interruption for number of
weeks, and which recently has shown
signs of becoming more acute. But
an aggravating factor was injected
into the situation by the propaganda
for the closing of the Stock Ex-
change, which came into prominence
over the holiday, and as result sell
ing was on a rather more extensive
scale. Fears that Washington would
take cognizance of the suggestions
made by Mr.. Untermyer and others
and reports that the governors Of the
exchange would take drastic action
induced some traders to get out from
under. Indeed, an official of the
Stock Exchange expressed the opin-
ion that agitation Of this character
was mainly responsible for the
slump. No doubt he overstated the
case. but it is certain that the I'm
termver statement was a factor Of
considerable Importance.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-16
New Bank Examiner
Appointed for This District

PORTLAND, Ne, Oct. 15.-Daniel C.
Mulloney, of this city. National bank
examiner for Maine the last four years.
received notification to-day that he has
been assigned as examiner for the Sec
ond Federal Reserve District, with
headquarters in New York City.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-16

lation OF less than 100000 in ne
Central European nations. 80
The developed national wealth OF w
Allies is placed AZ 100000 OOOOOo =
the bank, while that OF the Ieut0t
powers is given as $4,000 100000.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-16
Week
Quoted cents to the until

Below is given the current exchange
value OF foreign money in dollars and
cents, together with the intrinsic gold
rarity, as calculated by the United
States Mint:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-16

Commercial Paper-Rates were un-
changed yesterday, with the bulk of the
business being done on a basis Of 5ls
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, 1917-10-16
Iondnn Money Market=LONDON.

Oct. 15.-Money was scarcer and the
rate rose TO 4 per cent.
Discount rates were firm, short bills
bringing Az per cent and three months
bills 1916 per cent
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-16
Stocks Decline
Sharply; Steel
Goes Below Par
Rumors Exchange Will
Close Doors Results in
Heavy Liquidation

Stock prices broke violently again At
the Stock Exchange yesterday az ner-
vous investors and spectators, worried
by the steady fall in market values
and the rumors that the Stock EX-
change might be closed, pressed their
holdings for sale. There was no great
decentralization. Stocks gave way quietly
without any of the excitement that
might be expected to accompany such
"A drastic scaling down of quotations.
The wave of liquidation that forced
prices literally to melt away reached
high tide in the afternoon. Stocks
were dumped into the market by in
dividuals and institutions in large
amounts, and prices of leading issues
were driven down 3, 4 and points or
more. The common shares os the
United States Steel Corporation. for
months the favorite speculative medium
Of Wall Street, broke under par for the
first time since last February. Steel
sold as low as 99is, and closed Ia
pojnts off on total dealings Of 3l2,oOO
shares. Total dealings in all stocks
fell barely short Of the million share
mark.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-16
Money and Credit

Money market conditions underwent
little change over the week end. Al
the Stock Exchange yesterday call
money was in abundant supply and the
ruling rate was per cent, compared
with Gla per cent at the close of last
week.
A quiet tone prevailed in the market
for time loans based on brokers Stock
Exchange collateral Banks continued
to restrict their offerings, despite the
Improvement disclosed in the Saturday
statement. Bid rates for loans against
industrial securities stood at 5i2 per
cent to 5&. per cent.
Ruling rates for money yesterday,
compared with a year ago, were as fol
lows:
Yesterday. Year ago.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-16
Exchange May BE Closed

Although officials OF the Ne" 10TH
Stock Exchange made it plain yester-
dav that there was no intention on
their part to close the exchange pc
cause of the severe decline in stock
prices during the last two weeks, re-
ports to this effect. which gained wide
circulation throughout the financial
district and which were telegraphed
broadcast over the country, caused
great number OF margin accounts to be
liquidated by holders, who feared that
il the exchange should suspend opera
lions they would be locked in" with
out market in which TO SELL
Investors were also unnerved by
these reports, while the announcement
Of The Controller of the Currency mat
national banks would be permitted 70
carry their securities on their books
above the market quotations served to
fix attention on the demoralzed condi-
tion of the bona and stock markets.
When the selling movement was at
its height prices of leading issues gave
way a point or so between sales IN
some cases. This was true particu-
larly of a number of railway shares.
Holders Of rails paid no attention APP
parently to the move on the part OF
the Eastern roads to obtain higher
freight rates.
Toward the close OF the Stock Ex-
change session prices rallied somewhat
from the afternoon lows. Big banking
interests were reported TO have en-
tered the market with buying orders
for Steel common. and as this issue
ceased its decline and began TO rally
the rest Of the market steadied.
Table of Declines
The following table shows what hap
pened yesterday to the better known
and more active railway and industrial
shares. Comparison is given between
the high quotations Of 1916 and 1917,
the low yesterday. with the net change
for the day:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-16
Strike Cuts
Profits of the
Third Avenue Ry.
High Cost of Materials Also
a Factor in Reducing
Earnings

Labor troubles and the steadily
mounting costs Of materials cut deeply
into the revenues of the Third Avenue
Railway Company in the year ended
June 80 last, according to the annual
report issued to the stockholders yes
terday Operating revenue. of the sys-
TEN aggregated ss,972,64s, a decrease
of s2,163,72i compared with the preced-
ing year.
Net earnings of the company from
operation Of its lines totalled 1884,
8Os, compared with s4,32s,176 the pre-
vious year, decrease Of s2,643,367
After taxes, interest charges and other
miscellaneous charges the company
had a deficit of sl,622,326, compared
with net income of s991,072 in 1916.
The balance sheet surplus. after all
charges, was s951,354, against s2,737,-
Sal the previous year.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-16
Better Operating Results

THE operations of the road have
recently shown some improvement, due
10 the introduction of more efficient
methods For the first eight months
OF 1917 the net income shows a surplus
of over 100000 over all fixed charges
as they were when the receiver was
appointed. The last four months of
the year are usually the best with the
Missouri. Kansas s. Texas, and there
fore the company should show a very
considerable surplus over its old fixed
charges but, In our opinion. there is
still room for improvement, as the net
earnings a mile of the Missouri, Kan
sas & Texas are considerably below
those OF the Frisco and also of the
Missouri Pacific systems.
1--WE hope that the next plan of reor-
ganization TO be proposed will do JUS
tiee to the real earning capacity Of the
road and 10 the intrinsic value OF the
various classes OF securities. especially
TO the Az per cent bond and note
holders"
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-16
Boston Bank Statement.-Tho VIC

statement of the Boston banks dis
closed a decrease of $4,000 in sur
plus reserves Loans and discounts in
creased 1861 900.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-16
Hurt by Epidemic

Edward A. Maher, president OF the
company, who has asked to be relieved
from his duties at the end Of the year
owing TO mis- advanced age, in his re-
marks to the stockholders points out
that the decrease of 81, 1872 in oper-
ating revenue was due TO the strikes
which were universal on all transporta-
ton lines in Manhattan and The Bronx
during the summer of 1916. Earnings
were also seriously affected by the
epidemic of infantile paralysis with
which the city was afflicted year ago.
Operating expenses increased over
year ago because Of the great increase
in the cost Of all materials used in the
maintenance and operation Of street
railways.
Considerable space in the report is
devoted to a discussion OF the COM
panys application for permission to
fix a charge on transfers as a means
of obtaining increased revenues.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-16
Days

Bank Clearings.-The days clearings
at New York and other cities: