davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1918-06-16
Control of Gold
Shipments Will Aid
Canada Exchange
u. S. War Orders in the
Dominion May Also
Change Rate
Especial Correspondence of The Tribuns)
TORONTO, June 16.-The premium

Especial Correspondence of The Tribuns)
TORONTO. Juno 15.-The premium
on New York funds over Canadian
funds is returning toward the 2 per
cent mark. Recently a recession had
occurred from per cent premium
on the dollar to per cent. The
normal rate of exchange between the
two countries in past years showed
small fraction in favor of New
York funds with a reversal to q
moderate premium on Canadian funds
when the Canadian crops were being
moved out Of the country in the late
autumn. This movement affected New
York funds, because settlements were
made in New York by Great Britain.
to which consumer the grain has been
consigned. The upward movement Of
New York funds has created. some
surprise, in view of recent efforts on
the part of Canadian authorities to
correct the exchange situation.
In ordinary times the shipment of
$4,000,000 in gold from Canada to the
United States within fortnight
would have helped to correct exchange.
The consignment Of that amount re-
Gently, however, appeared ineffective.
This is because the nations are dealing
in terms of hundreds of millions now
instead Of millions. 1t was thought in
some circles that the restrictions on
imports of luxuries and other nom
essentials into Canada, as recently
enacted by an Order in Council at
Ottawa would have an effect in right
ing exchange, because the heavy ex
States over exports to the United
States has been largely responsible
for the adverse exchange rate.
Further, the prohibition Of exports of
gold and silver bars, bullion or coin
without a special license from Ottawa
was authorized in order to help correct
exchange. Heretofore, gold has been
leaking out of the Canada to other
countries than the United States
through private sources. The pro-
hibition will have the effect Of
strengthening Canada's gold resources.
1t will not involve a cessation of ship.
enable the Ottawa government to
direct any exports of gold. AS mat
ter of fact, the United States is un-
likely to be the only country to which
gold will be shipped in the future, and
it is not improbable that larger con-
signments than hitherto will be for
warded.
Restrictions Will Help
In time it is inevitable that the
control of god shipments will help
Canadian exchange in New York. 1t
is estimated in Ottawa that an annual
saving of S10,000,000 to SIS 100000
will be made as result of the fore
going import restrictions. Hence, in
time the restriction will be a factor
in correcting exchange on New York.
The restrictions include among other
things, automobiles costing above
81 200 f. o. b. various fruits and vege
tables, of which Canada imports large
quantities. and certain drug products.
Some idea of the manner in which
Canada's imports have increased since
1918 (the bulk of imports latterly has
tome from the United States) is indi-
lated in the following table:
New-York tribune., 1918-06-16
New Bank Notes Soon Ready

, The new small denomination Fedora,
Keserve bank notes that are to sun
pant the silver certificates now be-
ing Withdrawn from circulation are
early next month. Orders have haen
placed for printing 100000, 900 of the
reserve bank notes of 81 ,denominat;on
and $bo,000,O00 Of 81 denomination
The designs for the new notes wers
approved recently. The new notes
wlll be allotted to the several Federal
Reserve banks upon pro rata bas;s
previously determined, with resnect
20 the printing Of notes of IS denomi.
New-York tribune., 1918-06-16
The Dollar in Foreign Exchange

Arrangements recently completed for
the stabilization of Italian exchange,
which for several months had displayed
pronounced weakness, began to bring
results last week in the form Of sub
stantial improvement In the quoted
rates for Italian lire bills in this
market. Previous to- making effective
the new plan lire touched a low record
level of GIT. Last week they rallied to
500 and closed strong.
The Federal Reserve Board has
played an important part in bringing
about the improved position Of Italian
exchange. That body has enjoined
banks from making sales Of lire ex-
change to or purchases from foreign
ers. which Is tending to force the
market for Italian bills into the hands
Of the National Exchange Institute of
Italy, an agency created by the Italian
government for the express purpose Of
stabilizing italian currency In foreign
markets. At the present time the In
stitute has representative here who
is conducting all dealings with bankers
on it's behalf.
1t is understood that temporary
credits have been made to Italy by the
United States government, with the re-
suit that the supply Of lire bills has
decreased substantially in the past
week. Falling off in the available sup
ply Of Italian exchange has been, as
matter Of fact, the principal factor in
bringing about the Improvement in the
rate.
Importation Of $15.ooo.ooo Of gold
from Ottawa, Canada, last week from
the Bank of England's special deposit
ory suggested the possibility Of
large movement of the metal in this
direction on British government ac-
count. 1t developed, however, that this
was a special transaction and had
nothing to do with exchange.
Much interest was manifested in ex-
change circles at the announcement
from Washington that arrangements
have been completed for the stabiiza-
ton of the dollar in the South Amer
ican markets. Details of the plan
adopted have been withheld by Secre-
tary of the Treasury McAdoo on the
ground that publication would give aid
and comfort to the enemy. That steps
have been taken to stabilize the ex-
change value of the dollar is par
ticularly important to firms doing
business with Chile, the discount on
the American dollar in that market
having gone to As per cent.
If you calculate the cost Of the dol
lar in terms of foreign money at par
value-that is, il you were buying dol
lars with pounds, marks or francs--its
value at the close. of last week, as COM
pared with a year ago, would be about
as follows:
New-York tribune., 1918-06-16
Money and Credit

The Clearing House statement is
sued yesterday showed a number Of
large changes due to the shifting Of
funds incidental to the payment of the
Federal taxes. Loans and discounts Of
the banks increased $1O3,0oo,00o, while
net demand deposits increased $83,000,-
900. United States government de-
posits increased approximately 45,O00,-
900.
The Federal Reserve Bank statement
disclosed an increase Of approximately
Soo,oooo,oOo in the gold settlement fund.
Gold carried with foreign agencies de-
creased more than $5,oOo,0oO, as a re-
suit Of last weeks gold imports from
Canada.
The actual condition Of member
banks shown by the Clearing House
statement yeste rday follows:
New-York tribune., 1918-06-16
Republic Steel Moves Up

Republic Iron and Steel shares moved
up on active buying yesterday from
e7A to e0h, with the closing trans
action at 80, net gain Of 2N points.
1t was reported that a new pool was
formed in the stock on Friday. In this
connection publicity was given the cur
rent financial condition of the com
pany, the statement being made that
at the close of 1917 current asset.
totalled s2s,100,0o0, exclusive Of prop
erty account, which was estimated at
$73, ,767 900.
New-York tribune., 1918-06-16
ssemi-snnual semi dividends due on tho nre.
1erred stocks at this time. This action
was deferred last week. ''Ss'o"
Senator Owen Still Behind Rill

>, Hearings are still being held before
sne Banking and Currency COMMITTEES
Ea o. sne Senate; at Washington. on the
tbs HSen ..1ah pah; which would proxide for
change bank controlled bv the I1n;tsJ ~
States government. Senator Owen hes
1een pushing the bill for MANY month tt q
despite opposition from members "a ~ :
the Federal Reserve Board and iead-
ing bankers, who insist that such an
institution IN is not needed. So far ohlv
sne advocateS Of the bill have Appeared
petore the Senate committee, so that
out one side Of the question has besn
New-York tribune., 1918-06-16
Armour Debentures All Sold

Word reached the financial district
from Chicago yesterday that the $780,
100000 convertible 6 per cent debens-
ures Of Armour & Co., which were
offered to the public on Friday. had
all been sold. It was stated that The
subscription books were closed at 10
O'clock yesterday morning and that
many requests for subscriptions had
been refused. The bonds mature in
series Of $1o,000,00O each between 1918
and 1924, to yield on an average of
about 71S ner cant
New-York tribune., 1918-06-16
Rock Island Payments Expected

The government during the coming
week. it was reported yesterday, will
advance to the Chicago, Rock Island 4
Pacific Railway 90 per cent Of its al
lotted compensation, based on the av-
erage net earnings for the three years
ended June 80 last. According to esti-
mates the amount will figure out to
be about $13,950,000. If the expected
happens directors will probably meet
shortly theresfter and declare the
New-York tribune., 1918-06-16
Relevant Comment
Offering Of Utility Bonds

A campaign to sell publicity issues
Of a long-term character will be
launched by the National City Com
pany this week in an Offering Of ST.
100000 6 per cent bonds Of the San
Joaquin Light and Power Company.
The bonds. which do not mature until
August /, 1850. will be offered at IS
to yield about 6% per cent. The com
pany serves q population Of some
$4,000 people in the San Joaquin Val
ley Of California.
New-York tribune., 1918-06-16

weak again to-day on the Amsterdam
Bourse. 1t is reported that important
financial houses both in Amsterdam
and Switzerland are getting rid of their
holdings Of Austrian bills.
Discount Rates.-The following table
gives the current rates of the twelve
Federal Reserve banks on commercial
paper on all periods up to ninety days
New-York tribune., 1918-06-16

The above rates express the cost of
foreign money in terms Of the Ameri-
can dollar. You buy an English lound
sterling at. say, s4.75M. The intrinsic
parity is s4.S6ss per pound. Thus you
say either that pounds arc ut dis
count or that dollars are at premium,
which is owing tc the fact that in Eng,
land the demand Tor 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., 1918-06-16

Loans, discounts, invest
mentS, ETC.. $4,597, ,312, 600
Cash In vaults of Federal
Reserve members... 1oo,o1s,ooo
Reserve in Federal Re-
serve anks............ 651,ee7,ooo
Cash in vaults of state
banks and trust COM
panies ................ 15,12o,ooo
Reserve in repositories. 9,9O3, COO
sNet demand deposits. 3,821, ,352, 900
*Not time deposits. ...... 16O,267, 600
Circulation ............ 36,754, 600
Aggregate reserve. 676,99O, 600
Excess reserve. 69,596, 900
UNITED States deposits deducted.
1921 $4,000.
The changes from week ago:
Loans and discounts. F.. Inc .$103, ,593, 900
Cash in vaults Of Fed
eral Reserve mem
oers ................D Dec. $4,000
Reserve In Federal Re-
serve banks. Inc. 35,877,oOO
Reserve in vaults of
state banks and trust
companies ..........Dec. $1,000
Reserve in repositories Inc. $4,000
Net demand deposits. Inc o3,468,0 900
Net time deposits. .... Inc. 1859 900
circulation ........... Dec. 100000
Aggregate rererve. -. Inc. 36,548. 900
Excess reserve. Inc. 25.478 3o0
Bank Acceptances.-Rates were un-
changed yesterday, as follaws:
Thirty Sixty Ninety
Spot de- days. days. days.
livery: Par cent Per cam, Per rar%
Eligib1e
= banks; ;. .414@4 4n@4a 4n@4AV
Eligible
non-mem-
Der binks.4h@4Is 4ss@44 4h@4A
Ineligible
bank bills-5A@4s4 5A@4s4 oA@4M
For delivery within thirty days:
Per cent
Eligible member banks. ....... 4H
Eligible non-member banks. ~
Ineligible bank bills. ls............6
London Money Market.-LONDoN.
juno l5.--Money was firm at 2% Der
cent. Discount rates were: Short bills.
3ss per cent; three months bills. 3h
per cent. Gold premium at Lisbon was
at 10000.
vienne Money Market.-AMSTER-
DAM. .gsne 15.--Vienna exchange was
New-York tribune., 1918-06-16

Sub-Treasury.-The banks lost to tho
Sub-Treasury yesterday $9,903,000.
Silver.-Bar silver In London was
4S%d, unchanged; New York, 99hc,
unchanged; Mexican dollars, 77c, un-
changed.
New-York tribune., 1918-06-16

Below Is given the current exchange
value Of foreign money In collars and
cents, together with the intrinsic gold
parity, as calculated by the United
States MINT:
New-York tribune., 1918-06-16

government to relinquish control Of
the roads after the war. The les
sons in efficiency learned under
the spur of wartime necessity will
some day spell prosperity for the
carriers such as their most optimis-
tic shareholders could not have
imagined two years ago-always
providing that spectre of govern
ment ownership is laid.
In the first three months after
The government took over the rail-
roads they have made a relatively
poor showing. From January / to
March 81 the number of revenue
ton miles decreased 2.6 per cent,
compared with the like period a
year before. But that was owing
mainly to adverse conditions en-
countered in the first six months of
the year. In March the ton mileage
gained IL per cent, and further i'm
provement is to be expected as
rolling stock is increased under
priority orders.
New-York tribune., 1918-06-16
Cost Of one dollar

Closing rates yesterday, compared
with week ago, follow:
Quoted dollars to the pouud.)
New-York tribune., 1918-06-16
Federal Reserve Banks

1BDepte and profits tar
Federal Reserve banks during the
week increased indicating fairly stable codoh
under unusual financial The condition OF tho Twelve banks " 'n
close OF business last night by the Federal Hesere ooaros week
The Barre daily times. (Barre, Vt.) 1897-1959, 1918-02-11
DEATH OF WILLIAM WRIGHT.
Barre Man Had Been in Poor Health a
Long Time.

William Wright passed away at his
home, so Seminary street, Sunday fore
noon at l040 o'clock, the end following
a long period of failing health. He is
survived by his wife and seven children
as follows: William Wright and Robert
Wright of Barre, Leslie Wright of Hast
ings, Mich. Mrs. David Mortimer of
Barre, Miss Margaret Wright of Lake
wood, n. j., Mrs. George Gilman of La
coma, n H., and Mrs William II. Jones
of Philadelphia, Pa. A sister, Mrs Jes
sic Ramsay, lives in Dundee, Scot, and
brother, John Wright. is resident Of
Aberdeen, Scotland
The deceased w4s born in Aberdeen,
Scotland, Dec 20, lS49, and came TO
America in 1870, settling in Westerly, r.
!. Later he was employed in other gran
ite centers, and afterward came TO Barre,
where he had resided for many years.
Mr.. Wright was granitecutter by
trade and was employed by various firms
in this city until i'll health compelled
him to retire.
The funeral will be held at the house
Tuesday afternoon at 80 o'clock. The
body will be placed in the receiving vault
at Elmwood to await interment at Hope
cemetery in the spring.
The Barre daily times. (Barre, Vt.) 1897-1959, 1918-02-11
NOT A CANDIDATE.
Alderman Clyde H. Reynolds States So
Positively.

| A decisive statement from Alderman
| Clyde II. Reynolds to-day set at naught
rumors of his candidacy for a re election
from the fourth ward, and incidentally
set the political pot in that bailiwick
a-bubbling again. In the period of un-
certainty preceding his announcement
that he is to retire from politics, Alder
man Reynolds was recognized as strong
candidate, and it was generally conceded
that the man who sought to defeat him
at the polls would have hard fight on
his hands. BY his act of elimination,
Mr.. Reynolds has opened the way for
candidates. that might not have been de-
clared had he decided to go before the
ward voters for another term. During
the past year Alderman Reynolds has
served creditably as chairman of the fire,
cemetery and library committees, and
has been active as a member of the cleo
tions. property, police, finance and sal
ary committees. His statement follows:
II have been requested to allow my
name to be presented at the citizens
caucus as candidate for reelection. |
have also learned that others, of whom
| have no personal knowledge, are work
ing in my behalf. ] wish to thank these
friends and supporters for their efforts.
and | also wish to thank the members of
the council and the voters of ward for
their cooperation during my term of Of
flee, but am positively not a candidate |
for reelection. Respectfully,
&c. II. Reynolds"
The Barre daily times. (Barre, Vt.) 1897-1959, 1918-02-11

included chemistry and architecture As
sultan. II Is said he had often presided
over an analysis Of poisons OF which he
was in such dread. He built many no
table structures IN Constantlnople. Al
Saloniki he was equipped with set of
tools and turned out numerous models
of mosques and palaces. His only visit.
ors were the military commander OF the
Saloniki garrison, who came nov and
then with some order and two physi-
clans, with whom the former sultan had
little TO do. lie was suspicious of the
medical men They were often required
TO take a preliminary dose of their medi-
cine in the presence of the once Imperial
patient.
Some years ago Add Hamid began
writing what was generally supposed 20
be his memoirs, and part of his alleged
production was published, but after
time his restlessness got the better of
him and he tore up his manuscripts. In
March. 1911, ii was said he tried to es-
ape from his fortress, and, upon frus.
ration of the plot, he sought to xii him
self He broke a tumbler and with the
agged glass tried TO open vein. One
II his attendants seized him before he
lad done himself injury. He thereupon
,rought down Allahs curse upon the
Young Turks, and wildly declared that
this empire will soon disappear from
he earth, and be engulfef by the sea-"
The Barre daily times. (Barre, Vt.) 1897-1959, 1918-02-11
CAPT. MCLEAN WAS COOL.
Gave Orders on Tuscania As If Nothing
Had Happened.

Glasgow, Scotland, Feb ll.-Captair
Mclean of the Tuscania has submitted
a report to his owners and to the boaro
OF trade and the naval authorities. II,
declined to make statement for publ
cation, remarking that the main facts OF
the disaster already had been fairly stat.
ed
A young Irish lad, resident of Glas.
gov. who acted as Capt. McLean's boy
told the Associated Press correspondent
that after the torpedoing Capt. Mclean
| looked to be the coolest man on board
giving orders as if nothing had happened
to interfere with the ordinary. ship rou-
! tine.
HE was just like father looking
after his children the boy said. "and
repeatedly encouraged small parties who
were hurrying to get into lifeboats"
The lad added that the captains amaz-
ing GOODNESS had marvellous effect upon
the American soldiers. The second Off
Ger, who superintended the launching of
the boats on the starboard side, the boy
said, also gave a splendid example of
courage, exercising great control over
the men and repeatedly risking his life
to get the boats away. The boy saw
him lifting an unconscious man and
leaning over the ships side at danger
Gus angle, placing him in a boat which
was being lowered The conduct of all
the officers and crew was magnificent,
the boy declared. and they stuck by the
ship until all of the soldiers had dis
embarked.
The boy also was impressed by the
courage of the American soldiers when
the British destroyers came alongside
and they had to slide down ropes. which,
he said, was a dangerous proceeding ow
ing to the swinging of the boats The
Americans accepted the risk with great
spirit. he said, three of them shouting,
Let her rip as one after another they
clambered overheard and slid rapidly TO !
the deck of warship Indeed, many
looked upon the exciting experience as
joke. the boy recalling that one was
coolly smoking cigarette as he took |
his turn on the rope.
The Tuscania's S second officer had re-
experience. He was in a boat |
with 40 others. He said, "all at once
we bumped into something hard and /
when | looked around there was sub
marine lying awash to look at his dirty
work. What could we dos We simply 1
,arried on and got picked up. The tin
ish submerged Immediately after"
The Barre daily times. (Barre, Vt.) 1897-1959, 1918-02-11
CAPTAIN SHERWANS
RELATIVES HOPEFUL
That He Will Be Among the Saved of
the Tuscania--At Present Norwich
Graduate is Not Accounted For

Northfeld. Feb ll.-Captain NJ. Phil
ip Vincent Sherman. who is reported in
Associated Press dispatches from Wash
ington to be one OF the 345 men known
to have been on the Tuscania and thus
far not accounted for. is not resident
of Northfeld, as stated in the dispatches,
but was graduated from Norwich univer
sity in the class of 1907 with the de-
gree of b. S. He entered army service
from Kansas City, Mo.
Captain Sherman married a Mortified
girl. Miss Beryl Hildreth. daughter of
Mrs Z. j. Fisher of this town, and Mrs.
Sherman and her three children are stay
ing at Mrs. Fishers home. although Mrs.
Sherman was away from town to-day.
The members of the family have received
no definite information concerning the
fate of Captain Sherman.
The Barre daily times. (Barre, Vt.) 1897-1959, 1918-02-11
DISCUSSED ORTHODOXY.
Ministers Monday Club Met ir Barre
To-day.

Fifteen elergymen were present to-day
at the regular monthly meeting of the
Ministers Monday club, which was held
in the Baraca class room of the Barre
Congregational church. The meeting was
called together by the president. Rev
&c. +. Bingham. and the scripture excerpt
was read by Rev. ;. r. Bloomfield. who
also offered prayer. Rev. J.. q. Sherbuine
read an interesting paper. entitled An
Apology for the Modern Orthodox Posi-
tion." which was followed by an animat-
ed discussion.
The following ministers were present:
Rev. Charles =. Bingham OF Mortified.
Revs. James Ramsge, B. G.. Lipsk4. J. r..
Reardon. T.. Grassland and h. ]. Iehigh
Of Barre. Revs. r. y. Leach. :. r. Blom-
field. L. q. Sherburue. +. c kennev. L. G.
Carson. Wesley g. Mead Of Montpelier.
Rev. John Irons of Williamstoun. Rev.
". II. Bishop Of Websterville. and the
secretary. Rev. Prank Elomfield 81 Berlin.
After adjournment early this after
nnon. the elcrgymen repaired 20 Cafe
shepard for dnnsr.
The Barre daily times. (Barre, Vt.) 1897-1959, 1918-02-11
57TH PIONEER INFANTRY.
That Is the Title of the LIST Vermont In
fantry.

Col. II. I. johnson has been informed
of the official designation of the lst Yer
mont regiment. There has been great
deal of comment as TO the number the
regiment wonld receive. Many persons
have given IL n number but IL was only
last week that the official designation
and number was made known by the
government. II is the 57th Pioneer in
fantry. At present il is unassigned and
under the name recently given il will
probably remain SO,
A pioneer regiment. as explained in
the military status. is cross between
infantry and engineers. Their duties are
arduous and varied. II can be attached
for the timebeing to any division or
corps and transferred as necessity re.
quires from one corps TO another. They
do road building and police towns. When
a town is taken detachment can be
placed in charge of the affairs OF the
town. establishing government, the COM
manding officer Of which is the mayor of
the town They may be constructing
bridges, guarding ammunition trains,
munition stores or doing other work.
The men are more apt to be in the heat
of the fire than those in the trenches be-
cause they are in the open and if build
ing roads the work must be continued,
while those fighting in the trenches are
protected.
Not Sure of Going to Vermont Regiment.
Local boards Of exemption this morn
ing received messages from the adjutant
generals office, stating that no promise
IAN be made that the men who are self
nducted into service, for the present at
east, will go to the lst Vermont regi !
nent No explanation as to the reason
'or this change has been received at the
,djutant generals Office. II is possible |
hat the number self inducing is greater
han was expected would be accom-
,lished when the drive started.
A few over 800 men have thus far |
igned up to go to Camp Greene, 20 hav
ng been received this morning from
,aledonia county. But it was stated by /
IN official this morning that if he wanted
o get into the lst Vermont he would
axe his chances even with the new regu
alton, for he believed it was a $3.50
wager that recruit would 90 to that
egiment.