davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1918-08-27
u. S. to Liquidate
Spanish Loan by
Shipping Staples
Cotton, Steel and Oil AL
lotments Proposed by
Treasury Agent

To pay off the loan of from 30o,-
100000 to 5oo,o00,o00 pesetas $780,
100000 to s10O,0oO,o00 at par) which,
according to a Madrid dispatch, the
United States is arranging in Spain, it
was ascertained yesterday that this
country has proposed the shipment of
10000 bales of cotton month and stip-
uiated allotments Of steel and OIL The
purpose of the credit, which will be
in pesetas is to stabilize the value of
the dollar, which is now at discount
in Spain.
Norman Davis, acting as special
agent of the Treasury Department, is
now overseas completing the negotl-
ations. Recently Otto Kahn. of Kuhn,
Loeb & Co., conferred with the King Of
Spain regarding the arrangement. 1T is
understood. Previous to that time
there had been an interchange of views
between American and Spanish bank
ers. but the latter were disinclined to
act without government support be-
CduoC OA tuClA AASCA RASCoSASA ~ sAAN
neutrality laws. The plan of sending
goods across to wipe out the credit,
it is said by bankers who are informed
of the progress of the negotiations, is
designed to meet that obstacle.
The credit will also be used in pay
ment Of the supplies bought in Spain
for the American army. On the basis
of unofficial reports of the forthcom-
ing loans, rates on Spanish exchange
fell from 271s to 23.7O in the last
month.
The unfavorable position of the dol
lar in Madrid does not correctly reflect
the trade balance between this country
and Spain. The balance in fact was
S42,0OO,OOO in favor of the United
States in the year ended June 80. a
difference in our favor larger than be-
fore the war. But England imported
more from Spain than she exported to
that country, and because of the sta
bilization of the pound sterling in the
New York market Spanish firms sold
sterling here, and as result rates on
Spain rose. This condition arose from
the impossibility Of shipping gold to
settle the trade balance between Great
Britain and Spain
New-York tribune., 1918-08-27
Register Liberty
Bonds for Safety
In Suggesting Conversion,
Federal Reserve Bank Says
Many Are Lost

The Federal Reserve Bank of New
York has sent letter to each bank in
its district asking for cooperation in a
campaign to acquaint the public with
all the details of converting first and
second Liberty Loan bonds into the
AZ per cent bonds of their respective
issues, privilege ending November 9.
Comparatively few holders have taken
advantage of the conversion privilege
Many Liberty bonds have been lost or
stolen and it is stated that registered
bonds that will protect owners can be
made out by the Treasury Department
with reasonable promptitude.
Up to the close of business on Satur-
day last s24,8S6,250 of the first Liberty
Loan and s400,229,750 of the second
Liberty Loan had been converted into
Az per cent bonds, it is stated by the
Bond Issue Division of the Federal Re-
serve Bank of New York.
provided by registered bonds, Louis
F. Sailer, deputy governor of the Fed
eral Reserve Bank, says in the let
ter to member banks:
"A very large number Of Liberty
Loan coupon bonds have been report
ed as either lost or stolen. Coupon
bonds are bearer obligations and pass
from hand to hand practically the same
as currency, and are seldom recovered
after loss. For this reason permit us
to emphasize the dcsirablity of secur-
ing registered bonds"
New-York tribune., 1918-08-27
Germany Preparing
For Peace at Sea
Shipping Concerns Combine to
Build Fleet of Big Ocean
Freighters

Germany evidently intends to keep
on the high seas after the war. Ac-
cording to the "Weser Zetung" three
big concerns have formed consortium
for building oceangoing steamships.
They are the Gutchoffnungshuette the
Allgemeine Elektrizitaets Geselischaft
and the Hamburg Line, and
the capitalization Of the amaigamation
for the present will be 100000 marks
or S23S0 900 at normal exchange The
combine will lease for seventy-fve
years land at Finkenwaerdcr II amburg,
upon which to construct shipyards, and
ii is proposed to build tank as we'll
as other kind of deep sea vessels. All
Of the largest shipping lines will be
represented in the directorate. The J.
j. Junge shipyard at Elsheth, which is
eighteen miles from Hamburg, has
been sold, the same publication states,
TO Hamburg consortium, which in
tends TO use the property for building
ocean frcighters.
ment was published, Berlin heard a
n large shipping yard is to be estab-
lishcd near that city in connection
with the recently founded Rickmers
Sudden &. m. b. H., and that the new
concern will build inland as we'll as
sea craft. Industrial concerns that fur
nish materials or machinery for the
building of ships will be paid in shares
OF the company that operates the vcs-
sells. The first work Of the new wards
will be the construction of twelve fast
vessels suitable for carrying ore.
New-York tribune., 1918-08-27
Loans Against
Acceptances Will
Aid Crop Moving
Other Bankers Join Nor.
gan & Co. in Broadening
Discount Market

Bankers predicted yesterday that tb.
establishment of preferential rate
on call loans against acceptsncs.
eligible for redscount at the Feder.,
Reserve Bank would aid in fnanc;nc
the country's cotton and grain crons
this fall. With the prospect tbat
money rates will continue to be s.if
Tor an indefinite period, it was pointed
out that the action taken by ] p
Morgan & Co. and other banking in.
stltutlons should have the effect of
creating an increased demand for hills
oaSed on the two great commodities.
Whlle the announcement bv the
Morgan firm that, beginning yesterday.
IL would make advances on call against
prime acceptances at Az per cent was
regarded as OF paramount Importance,
II II was learned that the Guaranty Trust
Company began this practice several
months ago in order to stimulate inter.
est in the bill market. This institution
has for long time been advocating
the need of broader discount market,
While the Columbia Trust Companv
Brown Brothers G. Co. and Heidelhaeh.
lckelheimer & Co. announced Yesterday
that they would make call loans on ac-
ceptance at 41a per cent, it was stated
at the First National Bank, the Chase
National Bank and the National CITY
Bank that no loans had yet been made
by them at the lower rate. 1t was re-
ported that the Bankers Trust Com
pany made advances at per cent. The
announcement of the Columbia Trus,
Company stated that this institution
had also entered the market to buy ac-
ceptances.
There was by no means a unanimous
agreement in important banking circles
on Wall Streets snap Judgment that
the establishment of a preferential rate.
on acceptance call loans would have the
effect of easing the situation so far as
loans for stock market purposes are con-
cerned. A we'll informed element held
the opinion that in view of the present
paucity Of funds and the outlook for
continued unprecedented demands from
the government the rates for Stock
Exchange loans would in all probabi-
lty hold around 6 and 61a per cent for
an indefinite period, prospect that
does not augur we'll for an increase in
speculative activity.
New-York tribune., 1918-08-27
Brazilians Buying
American Apparel

Brazilian imports of American wear
ing apparel and textiles increased $50
per cent between 1913 and 1916, and
might have been much larger had
american manufacturers studied the
Brazilian market more closely with
view to replacing goods that could not
be obtained from Europe" according to
bulletin issued by the Bureau of For
eelgn and Domestic Commerce at Wash
lngton.
Brazil offers promising field for the
sale of medium and high grade wearing
apparel, and American manufacturers
still have an excellent opportunity TO
make and maintain good connections,
which will be of the greatest possible
advantage when the war is over and the
old competition is resumed.
The sales of imported wearing ap
parel in Brazil are confined chiefly to
the larger coast cities, as the people of
the interior supply their needs in the
matter of clothing from the products of
domestic industries. AS in most other
South American countries, the people
desire to dress as we'll as possible and
are willing to pay good prices. They
buy the best they can afford.
New-York tribune., 1918-08-27
American Cotton Is
Grown by Chinese
Government Interested in Ex-
periments by H. Y. Mob
and Others

S~AA0 )tlAOAS
Experimentation with American cot
ton in the vicinity of Shanghai has
been greatly augmented this year, ac-
cording to newspaper statements in
China. The work has been directed by
the Cotton Improvement Association of
China, an organization with 400 men,
bers, started by H. Y. Mob, of the
Hou Sung Cotton Mill and the Teh Dab
Cotton Spinning Company. Mr.. Mob.
who has been experimenting with
American cotton plants for three years.
received this season 2,4OO pounds of a
seed that gave satisfactory results last
year. The seed, sufficient for about
sixty-six acres, was distributed among.
members of the association.
Mr.. Mob is a thorough believer in
future American cotton growing in
China and recently said:
"This is the fourth year of nv ex
pertinent station at Yangtzepoo. and
the results last year were exceedingly
gratifying: The seasons crop spun
consistently 32s and 42s, whereas the
usual return from Chinese cotton is
los or EOS. Unsuccessful attemnts to
introduce American cotton have been
due to late planting and to the use Ct
seed from portions of the United States
that ere drer than the Chinese cotton
districts. l studied cotton growing
when | was at school in Texas. and
when | wanted seed placed the order
where the climatic conditions more
nearly approximate those in China.
There are further indications this
year of an active interest in cotton
Improvement among Chinese officials
The chief of the Bureau of Industry
OF hIangsu was in Shanghai q few days
ago and talked over the problem with
me, lnqulrlng particularly into the re-
SUITS OF experimentation with Ameri-
can seeds. He stated that the bureau
was greatly interested and would rive
the closest attention to the matter"
New-York tribune., 1918-08-27
Goatskin Expectations

The expectation of goatskins from
Ikungking, China, increased from 800
ozo untanned pieces in 1903 to 2,342,-
e52 in 1915. In that the latter year
there wss great demand for goat
skins from the United States. They
were needed TO fulfil contracts placed
In America by the Allied governments.
In 1917 exports decreased to 1893 035
pieces. The American market evident
~ became oyerstocked after a period
Of speculative buying, which continued
during the first three months of 1917.
and mas marked by zpurfold advance
IN prices.
New-York tribune., 1918-08-27
Argentina to Import Sugar

Sugarcane IN the Vicinity Of Tucu-
man and Jujuy. in Northern Argentina,
was damaged by frost in the last week
of June to such an extent that previous
estimates of the crop of 100000 metric
tons for Argentina mus, be reduced
probably by so per cent, according to
present prospects. This is stated in
"a united States consular report from.
Rosario. This loss will make it nee.
cssary Tor Argentina to import sugar
again this season, although it is at pres
ent not likely that the amount required
from outside sources will be as large
as last year.
New-York tribune., 1918-08-27


that the japanese people we're riot
ing in protest against the high price
Of rice, there was published an an
nouncement to- the effect that the
balance Of trade in favor Of Japan
since the beginning of the war had
reached the equivalent of more than
S1,000,000,000. Seemingly these
news items were unrelated, but as
matter of fact there was very
vital connection, for the conditions
produced by the creation of this
huge export balance were in all
probability responsible for the riot
ing.
Somewhat less than half of the
trade balance was settled by taking
deferred claims on the future pro-
duction of the Allied countries-by
making loans to them-and to the
extent that this was done the fnan-
cial position of Japan was strength
ened without disturbing internal
consequences. But for the remain
der Japan took gold, and thereby
laid the foundation of it's recent
trouble. For on this gold was based
an enormous imitation Of currency
and credit. According to the jap
anese financial commissioner to the
United States, the increase in Japan's
currency between the end Of July,
1914, and the end Of March$ 1918,
was 482,000,000 yen, or within
small fraction Of 80 per cent. How
much credit vas inflated is not
known. In any event, the inevitable
result of this preposterous expan-
sion of currency was a great rise in
commodity prices, just as similar in
f1ation has been followed by high
record prices the world over. 1t is
more than a coincidence that the ad-
vance in Japan was exactly the same
as the increase in the currency
that is, 80 per cent-measured by
the index number of fifty-six COM
modities compiled each month by
tn, Bank of Japan.
Curiously enough, rice did not
advance as much as the general level
Of prices, the increase being only 70
per cent up to last March. 1t may
be, however, that this particular
commodity has moved upward more
rapidly since March. In any event,
it must be remembered that rice is
to the Japanese people what wheat
is to Americans; and it is not so
long ago that people here protested
violently against a rise of l cent in
the price Of a loaf of bread, al
though they had met much more
drastic increases in other items of
their food budgets with apparent
unconcern.
Probably "profteering" was, as
has been stated, responsible for the
japanese outbreak. But "profiteer-
ing" is chiefly a by-product of inha-
ton, which makes it easier for the
producer to get high prices than to
take low ones. There are many in
stances in which American manu-
facturers have received bids for
goods so high that they have refused
to accept them and have made sales
below the bid prices. When they do
accept the fantastic bids they are
denounced as wicked in America as
in Japan.
New-York tribune., 1918-08-27

The above rates express the cost OF
foreign money in terms of the Ameri-
can dollar. You buy an English pound
sterling at. say, s4.756O. The intrinsic
parity is s4.SC5s per pound. Thus you
say either that pounds are at dis
count or that dollars arc at a premium,
which is owing to the fact that in Eng
land the demand for dollars with which
to settle accounts in this country is
greater than the demand in this coun-
try for pounds with which to settle ac-
counts in England.
New-York tribune., 1918-08-27
Nav Join Hide and Leather Board
News Digest
Foreign

London Market Cheerful.-LONDON,
Aug &c. - The stock market had a
cheerful tone again to-day. The con-
tinued successes of the Allies stimu-
lated the demand, but the turnover
was only moderate, as many securities
arc strongly held. Central American
issues were wanted, while other for
eigners were quiet. Shipping shares
advanced in anticipation of an extern
sion of the movement toward the con-
centration of resources. Gold mines
were good following the improved labor
outlook. Money was in better demand.
Paris Market Firm.-PARIS. Aug. 26.
Prices we're firm on the Bourse to-
day. Three per cent rentes sold for
62 francs for cash. Exchange on Lon
don was 26 francs so centimes. Five
per cent loan brought 81 francs IS CEN
times
New-York tribune., 1918-08-27
Steel Touches lis

The active buying of United States
Steel common, which featured last
Saturdays stock market session. was
in evidence again at the opening yes
terday, and the stock made another
new high price for the year. advancing
to 115 during the first few sales. After
the initial enthusiasm had subsidized
the market dropped back into the
lethargy that has lately characterized
it. Steel held firm throughout the day,
however, and closed at 114A, ret loss
Of u of a nnint
New-York tribune., 1918-08-27
Wealth Markets and Commerce
Relevant Comment
Dutch Investment Buying Reported

Brokers who before the war con-
Quoted large operations in this market
for Amsterdam account are authority for
the statement that important investment
buying of American securities has re-
Gently been renewed from this source.
The Dutch have always held the repu-
tation of being investors with keen
foresight, and in view of the present
trend of the war situation considerable
significance is attached to their &C
tivities
New-York tribune., 1918-08-27
The Dollar in Foreign Exchange

The continued movement Of francs
toward the normal was the outstanding
development Of yesterdays foreign ex
change market. Rates on Paris moved
from 5.61 units to the dollar to 5.57 for
checks and from 556 to $50 for cables.
These adjustments made the rates for
francs the highest since 1915, and cer-
tain foreign exchange brokers reiter-
ated that the process of stabilizaton
will be continued until francs are
quoted at about $50. Pesetas were
trif1e firmer. and scandinavian rates
were a shade higher. The weakness of
Swiss francs was uncurbed.
Closing rates yesterday compared
with a week ago, follow:
IL
New-York tribune., 1918-08-27
Regular Declarations

United Drug Company. Quarterly
dividend of 1E per cent on the com
mon stock, payable October 1 to stock
holders of record September 16.
Jordan Motor Car Company.-Divi-
dend of per cent on the preferred
stock, payable to stockh olders of record
August 27.
New-York tribune., 1918-08-27
BUY-SKLL

MIDWEST REFINING CO.
MERRITT OIL CORPORATION
ELK RAslN PETROLEUM CO.
INTERNATIONAL PETROLEUM
IMPERIAL OIL CO., LTD.
LoBIToS 0ILFlELDS, LTD.
SAPULPA REFINING CO.
HOUSTON OIL CO.
PORT LOROS PETROLEUM
NATIONAL FUEL GAS CO.
NORTkWEST OIL CO.
COSDEN AND CO.
BoHDs = STOCK
CARL LH.PFORZHElMER&CQ
Dealers In STANDARD on 6ecurftaes
ehss@ <eeo- i-1>S-A ersaA- Is NrsaA s.. u. Z.
New-York tribune., 1918-08-27
Dividends
Extras

Extras
Grasselli Chemical Company. - AN
extra dividend of per cent has been
declared in addition to the regular
quarterly dividends of II per cent on
the common and preferred stocks, all
payable September 80 to stockholders
of record September Is.
New-York tribune., 1918-08-27
Elections

Emlen S. Hare has been elected a
vice-presldent of the Packard Motor
Car Company. Mr.. Hare retains his
position as president of the New York
branch of the company.
New-York tribune., 1918-08-27
DIVIDEND NOTICES
KNOX HAr Co, M

KNOX HAT CO, INC.
The regular semi-annual dividend OF
s'sec on tho frst preferred stock OF the
Knox Hat Co.. Inc, WIN be patio September
>. 1915. TO first preferred stock holders OF
record on August 2Sth. l9ls, at 500 +. M
(Siynedl
BRAYrON wITHERELIA
Secretary and Treasurer.
August s7th, 1915.
New-York tribune., 1918-08-27

Commercial Paper.-Country institu
tions are fairly large buyers of COM
mercial paper. The rate is firm at 6
per cent for the best regular ma-
turtles.
Bank Acceptances.-Owinl to tho
firm money market the demand for
bank acceptances is somewhat lighter.
Rates yesterday wcle as follows:
Thirty Sixty Ninety
spot de- days. days. days.
livery: Per cent Per cent. Fer cent
K | igiblc
m m ber
banks. >. .4A@4 43a@4N 49k@4n
4 ! igible
non-mem-
bcr banks.4A@4Ha ns@4A 49s@4A
Incl eligible
bank bills.5A@4 sA@4A 5A@4sl
For delivery within thirty days:
Per cent
Eligible member banks. ........ Ne
Eligible non-member banks. $50. asa
Ineligible bank bills
Discount Rates.--The following tabls
gives the current rates OF the twelve
New-York tribune., 1918-08-27
English Marine Director Here

In view of the expectation that an
announcement will be made shortly OF
the International Mercantile Marine
plan for disposing of the company's
British tonnage and other assets more
than the usual significance is placed
on the presence here of Harold a.
Sanderson, English director. Mrt
Sanderson and P. A. S. Franklin. presi-
dent. were in conference yesterday
with ]. P. Morgan at the latter's OFFICES.
Rates on Pesetas Advance
Despite advices from Spain that the
United States was soon to arrange
credit of from $60,000,0O0 to S1oo,ooo,-
900 in that country to reduce the dis
count on the dollar. rates on pesetas
in the local foreign exchange market
rose slightly, instead Of declining. On
reports of the pending negotiations
rates on Spain declined from 27B to
23.7O in the last month, and it was
to be expected that the news from
Madrid would facilitate the decline.
But the movement was the other way:
Foreign exchange dealers attributed
the slightcr firmer tone of pesetas TO
indications that break between Ger
many and Spain would be avoided IT,
on the other hand, Spain should sever
relations with Germany or declare war
the rates on Spain would IN all prob
ability decline considerably.
May Join Hide and Leather Board
Henry Evans, president Of the Con-
tinental Insurance Company, and M. G.
Branch, of Richmond, Va, will be elect
ed to the directorate of the American
Hide and Leather Company at the an
nual meeting on September 4. accord
ing to reports current in the financial
district. Both are understood to rep
resent important holdings that are in
tcrested in the pending recapitalization
Of the company.
New-York tribune., 1918-08-27

Federal Reserve banks on ommercial
paper on all periods up to ninety days:
New-York tribune., 1918-08-27

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:
New-York tribune., 1918-08-27

Silver.-London, 49hd, unchanged;
New York, 101bc, unchanged; Mexican
dollars, 1880, unchanged.
Sub Treasury. The banks lost
$421, 900 to the SubTreasury yester-
day.
New-York tribune., 1918-08-27

Bank Clearings.-Bank clcarings in
New York and other cities were:
Exchanges. Balances.
New York. -. $415,o7a,4s7 s60,423,o5e
Boston ..... 36,614,765 7,,65,60S
Chicago ...... 84,349,256 6,781,467
Philadelphia :. 64,108,958 12,219,288
St. Louis ..... 30,442,418 8,448,540
New-York tribune., 1918-08-27

London Money Rates. - Money was
exchanged at 3 per cent. Discount
rates were short and three-month
bills 1882 per cent. Gold premiums
at Lisbon remained 10000.
New-York tribune., 1918-08-27
Money and Credit

Call money rates remained firm yes
terday at per cent on mixed collateral
and 615 per cent on industrial col
lateral. The beginning of the new
policy of j. P. Morgan & Co. of lend
ing money at call at An per cent
against acceptances eligible for redis-
count at the Federal Reserve Bank had
no perceptible effect on the money mar
ket at the Stock Exchange, and doubt
was expressed whether it would at any
time ease the situation there. Except
early in the morning, no new time
money was offered. The rate continued
to be per cent
Ruling rates for money yesterday.
compared with year ago, were as
follows:
Yefterday. Year ago.
Per cent. Per cent.
On pnixed co11a+or,1 q
Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1918-02-10

why we mus; tight on AT ANY cost until
Germany is beaten.
The giving o! world power TO Ger
miny means the Submersion OF the
individual. II means turning mon into
machines. II means crushing every.
human soul into mold.
This ~ Il queer old world. Every
thing goes round in circles. when sou
are highest YOU are mos; in danger OF
IA Hing. When you arc richest you are
poorest When YOU are verS old you
become an infant again.
Germany has been u" victim
scourrcd by this law OF the circle this
law OF the swinging pendulum. this
law or compensation or Whatever YOU
wish TO call il.
In devotins herself to the siorifca
ton OF war she has, destroyed its
Gl"Ties. In seeking TO transform II ma :
ton into an army she has made armies
forever distastcful. In seeking 10
MAKE warfare the steady diet OF man
Kind she has given the world Il severe
cnsc OF martial indigestion.
out OF this situation may ye no,
hope that. when this war is done. the
waT drums will beat no longer. that the
battle flags will be furied.