davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1918-07-15
Telcph
Hanover 6514

close Of the third Liberty Loan cam
paign. The banks last week were
called upon to meet heavy withdraw
ais by the government from it's de-
poslt account, and in order to do so
were required to restrict for the time
being the extension of time and de-
nand credit accommodation on any
large scale. On Tuesday the Treas
ury took from the banks the last of
the money that had been paid in to
the government in income and excess
profits taxes. This resulted in the
withdrawal Of approximately $780,
100000.
Meanwhile the banks are subscrib-
ing to a new issue of $750,O00 5000
OF a 71a per cent certificates of indebt-
edness, for which the books close this
week. 1t developed last week that in
the case of the last issue only about
half of the banks in the Federal Re-
W. w A|ioCA ~ VI ANcW OK puTClCl-
pated, approximately 45O out of
1,O45 failing to share in the subscrip-
ton. Interior banks were the great
est offenders in failing to buy the
certificates, and it is expected that
they will make a much better show
ing in the new offering. That should
tend to distribute the burden more
evenly among all the banks of the
district and take a part of the bur-
den off the shoulders of the city
institutions. So far as the local
money market is concerned, bankers
are inclined to predict continuance
of firmness in view of what thew
know of the impending demands of
the government between now and the
new Liberty Loan in the fall. At the
same time the moving of the crops
must be financed, and this will re-
Guire no small amount of money. for
the seasons crops promise to be the
most valuable in the history Of the
country.
New-York tribune., 1918-07-15

Canada's foreign trade in 1917 showed
large increase over that OF the pre-
vious year, in both Imports and eS'
ports. The total imports for 1917 were
5,O71,716, as compared with $780,
sol, ,512 in 1916, an increase Of $500
570,204, or 81 per cent Total expons
for 1917 were s1,593, ,5s6,o4s, compared
with 81 ,002 in the preceding
year, a gain of s4s1.141 ,047, or 43'2 per
cent. The greatest gains in exports
were in manufactures and IN agrcui'
ural products and animal produce.
Products of the mine and forest snc
miscellaneous items showed falling
off from the figures Of the previous
year.
The government Of Canada has no.
published statistics for the ealenossi
year 1917 in regard to the source ~
imports or the destination OF expofss
this decision having been reacneo a.
the result of advice from Great brila..
in connection with the conduct OF u,
war 1t is, therefore, not pe9sioie
present to analyze trade statistics ~
the calendar year 1917 on the pass y,
the countries with which trade NS.
transacted Figures for the fiscal !e1S;
ended March 81. 1917, however, woa" ".
indicate that the great bulk ol "; ";
years imports was from the n'.,s an.,s
States, but that Canada's exports W.. ~.
chiefly to Great Britain.--Comh'e'''
RpDOrtS
New-York tribune., 1918-07-15
Best of Army Shoes
Made in America

wendell Endlcott, of Endicott, John
son d. Co., who was selected by the
ohlted States government as COM
missioner to France for special study
OF shoes and leather for armv use. has
returned and filed his report. 1t in
cluded information as to shoe fttinos
sizes, repairing and salvage, as we'll
as regarding leather gloves, mittens
and coats, woollen gloves, arctics, oil
SKINS and raincoats. He is son of
1t. Is. Endicott, head of Federal food
conservation~in Massachusetts,.
Concerning the new Pershing trench
shoe, OF which shipments to France
nave begun, he says it is the strongest
and best footwear ever made for war
service
j., IT is the best" said Mr.. Endicott to
the Boston News Bureau, because it
is not only the strongest and most SER
vlceable, but fits and is comfortable
1t is hobnaled and weighs about five
and one-half pounds. American SOL
dlers over there have had experience
with French and English army shoes
furnished by our government through
emergency purchases, and were glad
20 gcV BACK even to our primary Amer
,cah &c army shoe. Over that shoe the
iershlng is great Improvement, espe-
cially IN waterprooting and durability.
Alter this all governments will have
army shoes hobnailed. After four
years experience the British have just
come to this decision and are acting
upon it. ''''7
"shoes worn by German soldiers
show that leather must be scarce in
germany Germans are using wooden
lifts in the heels and wooden pegs in
stead of nails"
New-York tribune., 1918-07-15
Government Aids
Bethlehem Steel
By Buying Notes
War Finance Corporation
Takes $2O,OOO,OOO of
$5O,OO0,OOO Issue

The new issue Of $50,000O00 serial 7
per cent notes Of the Bethlehem Steel
Corporation, which is being offered to
the public to-day on an average yield
basis of rs per cent. will be secured
by pledge of S70,Ooo0oO bonds to be
issued under new consolidated mort
gage. The notes will be convertible
later into the bonds on a 6h per cent
basis
Membership in the underwriting syn
dictate includes the Guaranty Trust
Company the Bankers Trust Company,
the Chase Securities Corporation and
J. e. w. Seligman & Co. The notes
will run from one to five years, $780,
600 maturing each year up to the end
of the fourth and $2O,O0O,0O the fifth
year. Referring to the participation
Of the War Finance Corporation in the
financing arrangement, the official
statement of the bankers said:
"Thc selling syndicate, which is offer
ing the entire issue, is to purchase
S30,000,000 Of the notes, and the War
Finance Corporation has made a direct
advance to the steel corporation
through purchase Of the remaining
$20,000,000 Of notes. 1t is understood
that the War Finance Corporation has
agreed to make this direct advance to
enable the steel corporation to under
take the construction of certain addi-
tions to it's plants desired by the
United States government and that the
increased output resulting from such
construction will consist of commercial
steel products essential to the govern
mcnt war programme.
at is understood that it was mu-
tually agreed that it was more prop
crly the function of the War Finance
Corporation as an agency of the gov
ernment to make such advance rather
than to have the corporation sell this
amount of additional notes to bankers.
In order, however, to give the invest
ing public an opportunity to purchase
the entire issue arrangements have
been made for an option under which
the notes taken by the War Finance
Corporation can be sold to the public
through the bankers.
"This feature marks a new departure
for the War Finance Corporation,
which it is believed will be very favor
ably regarded by the banking COM
munity, because it indicates their de-
sire to make advances in the form of
securities which will later prove mar
ketable, thus enabling them to reim-
burse their capital and be in position
to make additional advances to other
concerns"
The new note issue has the approval
of the Capital Issues Committee.
New-York tribune., 1918-07-15
Bi-lingual Effort to
Gain oreign Trade
Government to Issue Pamphlets
With Spanish-English
Text

with the purpose of stimulating for
clgn trade, the Department of Com
merce has issued the first of series of
Spanish English pamphlets. defining
with scientific accuracy certain gen
orally accepted American industrial
standards for construction materials.
This is an entirely new method Of
government trade promotion. The first
pamphlet, issued under the auspices of
the Bureau Of Foreign and Domestic
Commerce, is bi-linguial text entitled
Standard Specifications and Tests for
Portland Cement" and was prepared
Dy the American Society for Testing
American Society of Civil Engineers.
the Bureau of Standards, the Bureau Of
Foreign and Domestic Commerce and
the Office of Public Roads.
While the publication of this series
of standards is aimed to facilitate
American trade with the Latin coun-
tries, it is not an attempt to force
American standards upon these coun-
tries. The standards of the American
Society for Testing Materials are al
ready known and used there The de-
Clslou 20 puDllSh the standards in
Spanish was reached as a result of nu-
merous requests received from Latin
countries for just this sort Of informa-
ton. Great care was taken to make
the translations thoroughly idiomatic
as we'll as technically correct. By re-
spending to this existing demand fo>
information, the Department of Com
merce and the cooperating scientific
societies expect to stimulate in a
marked way certain lines of trade that
have been hampered in the past by
lack of data published in the native
language.
The pamphlet on Portland cement
Will be followed by others, the next
steel rails, and the one following then
as open-hearth steel girders and high
tee rails. The entire series is in pres q
and viii be issued soon.
New-York tribune., 1918-07-15
New Substitute for Fodder

The monthly magazine, "Tidskrift for
INDUSTRY of March, 1918, contains an
article concerning the production Of y
heather substitute for fodder for cat
tie. After summing up the develop-
ment Of the heather industry in Ger
many since the beginning of the war.
an account is given of this branch Of
nicelVlty IN Denmark, since the neutrals
nave been included in the blockade.
It IS understood that the results
acnleved III Germany form the basis
Tor the Danish industry, which is said
to be of considerable Importance 70
the country.
Ihe heather is ground to form a
sort Of flour, and is then mixed With
blood from the slaugh erhouses. when
II replaces such commodities as peanut
flour, copra -four, ETC., which can NO
longer be obtained in Denmark. It
would appear that the promoters Of
this new form of fodder believe thai
TINS is not temporary substitute for
that customarlly used, but that this
industry will have a lasting charac.
ter.
In accordance with this comnapv
was organized last autumn, which erect.
ed mill, at cost of 100000 crowns
lor the production of heather four
inns mill is situated on a heath. and
its production now amounts to 200
bags per day. 1t is understood that
blood mixed with the heather -four is
beginning to be used by the Danish
farmers as fodder for their live stock
instead of oats
The Aarhus Oliefabrik, at Aarhus. is
also taking Up the production of heath
er flour, and the same factory has
also for some time been experimenting
with the production of heather tea. it
is understood. with a favorable result.
Commerce Reports.
New-York tribune., 1918-07-15

other parts of the country present
familiar illustrations of cooperative
selling. Nor is this matter unworthy
of governmental interest and aid.
Value of Industrial Museums
The medieval fairs brought bushes
and prosperity to the towns which held
them. Even in war-stricken France
the past year, certain expositions hive
been maintained. Our own country al.
lords illustrations OF municipal indus.
trial museums suggestive Of develop
ment which might be greatly EXTENDED,
the city providing ample and suitable
halls and facilities for the display Of
the high-grade products distinctive
of its industry-doing this not as
matter of faveritism and patronage
but taking it upon itself to advance
thereby the interests of the whole city
as an industrial unit, in the spirit fre-
quently shown bya progressive chamber
of commerce.
The return to the ranks Of industry
Of the hosts of young crusaders, who
have gone through he'll to make the
world a decent place to live in, will
add a tremendous ferment to the social
and economic unrest. They are going
to demand that democracy in govern
ment find its counterpart in democ-
racy in industry; that life yield them
something more than the days wage
that it give them something Of the
zest Of adventure, of opportunity for
advancement, of chance for indepen'
dent leadership.
Extracted from an address before the
American Society OF Mach nical Enk!neers
New-York tribune., 1918-07-15
Japan's War Prosperity
Shown By Its Banks

sThe great war prosperity of japan
is shown in the latest reports Of the
banking institutions OF that country
recently received here. While sub
stantial increases in deposits appear to
be general. striking feature is the
number Of banks that show an increase
in their paid-up capital Thus, dur
ing the year ended December 81, last,
the deposits of the Yokahoma Specie
Bank increased from about 275, 900 900
yen 70 527 100000, and in the same
period 100000 yen was added to the
paid-up capital, making it $4,000. 600
yen. In the case OF the Industrial
Bank Of Japan, the tendency was even
more marked. for with an expansion IN
deposits Of 35,500000 yen to $4,000 600
yen. the capital was about doubled. the
total at the close of 1917 being 30
100000 yen.
New-York tribune., 1918-07-15
Seeking Ships, Not Money
Argentine Ambassador Denies
$4O,OOO,OOO Credit Report

WASHINGTON, July 14.-Romulo S.
Naon, Argentine Ambassador, declared
to-day there was no specific sum of
money involved in his new work here
as high financial commissioner. The
United States already has credit Of
$oO,OO0,0O0 in Argentina, but Mr.. Naon
says there is no authority for the re-
port that s40,0oo,o0O more Is to figure
In any transactions
Ambassador Naon to-day discussed
with Secretary Lansing and Assistant
Secretary Phillips some of the work
connected with his new post as high
financial commissioner.
One of the first things he will en-
deavor to do will be to secure addj-
tlonal shipping for commerce between
the United States and Argentina.
New-York tribune., 1918-07-15
Finance Economics
Telephone:


Wall Street is still waiting for the
next phase of the German offensive
in France. With the financial COM
nunity anxiously watching for the
expected stroke Of the German mill
tary machine, the security markets
o the last week have been rather
colorless. Price movements, while
attaining a fairly wide range at
times, were mainly the reflection Of
professional operations. In the mid
die of the week a wave of selling
came into the market and drove
prices down sharply for time The
recession was attributed to the ef-
fcrts Of spectators operating for
the decline, and that it is partially
successful was due largely to the
fact that the market lacked support
in the form Of new buying orders.
Ii was significant, however, of the
general feeling Of confidence in mar
ket values that the professional
drive did not produce any liquidation
to speak of. Moreover, sharp
Tightening in the local money situa-
ton was without apparent influence
en- quoted values. Competent observ-
ers look for a continuance of pres
ent conditions in the market for Sc
curities until the expected German
blow has fallen and the results can
be seen. Sentiment among holders
Of railroad securities was improved
during the week by the publication
o. the terms Of the contract between
the roads and the government, which,
apart from slight notifications, is
acceptable to the railroad manage
nlents.
New-York tribune., 1918-07-15
America Leads
World in War
Bond Buying
Ratio of Subscriptions to Popula-
ton in Excess of All
Other Records
MERICA'S response to the gov

\ MERlcA's response to the gov
~ ernment's appeals for funds has
been truly amazing. The people
have volunteered their dollars for the
war with all the readiness which ami
mated the Minute Men at Concord and
Lexington. More than thirty million
subscriptions have been received to the
three war loans issued thus far, and
the progressive increase in the num-
Der of subscribers to the loans gives
promise of an even more remarkable
record when the fourth loan is foatcd
IN October. There were 4,5O0,OOO sub
scrlbcrs to the first loan, 9,OC0,OOO to
the second. and 100000 to the third.
1t would not be surprising if 25, 900 900
subscriptions should be entered to the
next loan.
The fact that third Liberty bonds
were bought by one out of every 6.2
persons in the United States seems
the more remarkable when this record
IS contrasted with experience of other
belllgerents, even though it is recog-
nlzed that our liquid wealth is much
greater than that of any other nation.
In the ratio of subscribers Great Bri-
tain made the next best showing, one
out of every SO persons in that coun-
try participated in that realms third
war loan. Canada was third with a
ratio of 9.9 per cent on its fourth war
loan, while the French subscribed to
their first loan in the ratio of 1875.
These figures are presented in book
let just issued by the National City
Company, in which is given details of
tho war financing of all the belliyer-
ents.
Poor Showing by Germany
That Germans have not been so eager
to provide Kaiser Wilhelm with the
slnews of war is clearly shown by this
computation. The subscription ratio
Of the first German war loan was / to
So, and the best showing Of the eight
loans through which Emperor Will
lam's subjects have been mucted was
l to 10. The estimate regarding Aus
tr!a shows that only out Of every 80
OF the population Of that country have
loaned their government money to
finance the war. Italy is the poorest of
the big Allies. but it made a better
showing It's people subscribed to the
second war oan in the ratio Of to "a.
A table showing the ratio of war
nond subscribers to population in seven
belilgerent countries is as follows:
New-York tribune., 1918-07-15
Decrease in Rail Traffic

Referring to Bureau of Railway
Economics statistics covering the first
three months when railroads were
under government control, January to
March: inclusive, the "Railway Age"
says the figures show that during that
period the total ton-miles of freight
traffic handled were S3,355, ,oo0,O as
compared with S5,615,OOO, 900 during
the same months of last year. a de-
cllne OF 2.6 per cent. This decline in
the amount of traffic moved unoues-
uonably was due chiefly to the severe
weather IN January. In March, how
ever, the ton-mileage increased 7ls
per cent
New-York tribune., 1918-07-15
French Cities Growing

The war has made considerable
change in the population of France. In
some districts invasion by the Hun foe
has driven people to cities, while in
other sections the people have been at
tracted by the demand for munton
and other factory workers. According
to the Paris "Matin," the population OF
Marseilles has increased $4,000, to
$4,000, in four years; the gam OF
Lyons has been more than 200, ,00G, that
Of Bordeaux about $4,000 and Toulouse
$4,000.
New-York tribune., 1918-07-15
Norwegian Farmers Need
Funds to Increase Acreage

The war has diminished fhe ~.
supply Of scandinavian countries
such extent that Norway is feeling NV "
the need Of such legislation 's -. -.
been enacted by the United str's, IN
Congress for farm loans and 1arnl 1aa Las sc9
banks. It is said there are 2.sooss. 2s,',s.
acres left untitled in Norway, 0ssniisr isnisr
farmers cannot obtain capital. mo, 1n,
existing Jaws Norwegian banks ea',.l CO..
grant loans on lard. Following s,os
untary contribution OF si,S@o'VOo i' NJ
the general manager Of one OF .,.s,
largest Norwegian insurance comrAu,r, rr,,.
to provide funds for wor..ins I'd,
tho Norges Krcditforening, a pa.
firm of Christiania, has started ssms-
tional subscription to Obtain
nent capital for the same object
New-York tribune., 1918-07-15
Amsterdam Is Growing

Despite war restrictions on maritime
trade, the population of Dutch ports
is increasing. On the north side Of
the harbor, Amsterdam has grown to
an extent thet has caused city authori-
ties to consider the expenditure NJ
about $3.50, for the construction of
new school buildings.
New-York tribune., 1918-07-15

! Unusual quiet prevailed in the
market for listed bonds last week.
Prices displayed increasing irregu-
larity on smaller volume of busi-
ness. Apparently investors general
~ have adopted a much more eau
tious policy in view of impending
developments. Undoubtedly the at
tTactlve interest return presented in
recent new issues of corporate Sc
curities has been an important factor
IN making for dulness in the market
for old line railroad and other bonds.
Numerous small issues were brought
out during the week and further Of
fcrings are impending. An interest
ing bit of corporate financing that
has just been arranged for is the
Offering Of $50,000,000 per cent one
to five year serial notes of the Beth
lehem Steel Corporation, to be sold
at an average yield Of about rs per
cent. The notes are secured by S7O,-
100000 of bonds of the company and
the proceeds OF the sale will furnish
much needed working capital. The
cost to the corporation of the money
obtained by The sale of the serial
notes is so high that it would have
been considered prohibitive a year
ago. But conditions in the capital
market have changed greatly and
will probably undergo further
changes. AS matters now stand it
takes courage for even a corporation
with the best Of credit to borrow in
the open market. A striking ex-
ample is the case of the Union Pa
cific Railroad, which recently had to
pay 61a per cent for an issue of notes
secured by bonds as collateral. It is,
Of course, simply a case Of the gov
ernment monopolizing all but a small
portion Of the floating supply Of
capital. Whoever is so unfortunate
as to have to competa with the gov
ernment has to pay high for it.
New-York tribune., 1918-07-15
COUPONS
UNDERGROUND ELECTRIC RAUways
COMPANY OF LONDON IINITFD
&C. INCOME RONnS on ,oso

NOTICE IS HEREBY GIVEN THAT IN.
terest on the 6Gc Income Bonds for tina
naif-year ended June 80. 1918. az Two Per
Cent. (free Of British Income Taxi Will be
paid against presentation and surrender Of
Coupon No. 21 on and after the second day
of September. 1918.
In London-At the London County West.
minister and PARIS Bank. Ltd, Il 10th
bury, z. c.
In New York-At the New York Trust
Company.
In Amsterdam--At the Associate Casa
Coupons must be left for examination
three clear DAYS before payment
BY Order of the Board
W. L. MANDELICK. Secretary
London, 18th July, 1918.
New-York tribune., 1918-07-15

Money rates were much firmer
last week. The stringency in the
market for call funds at the Stock
Exchange made it necessary for the
bankers money committee to extend
assistance in order to keep the rate
from going above the maximum 6
per cent level. 1t was the first time
that the committee has been active
t. any important extent since the
New-York tribune., 1918-07-15
DIVIDEND NOTICES
International Agricultural CorDorstio,

,rho D,. July g. 1918
tona nne heaTa 91 pTee;ors Of the lnsra
day declared quarterly dividend q, ,ns an'
and one-ouarter per cent Gi.e5 ~ oas ,l
Preferred Stock Of the Company parasis "a. has
IVY 5hay 81. 81. isiS' 10 stockhoders Of record a.
transfer books will not be closed. ms
JOHN j. WATSON, Ir., Tressu-.-
New-York tribune., 1918-07-15
electric BOND AND SHARE RI

fHLF ERRED STOCK DIVIDEND No a
New York. July TO- lsis w.
T The regular quarterly dividend Of ., on.
ferred stock Of ELECTRIC ROM .Wn py,
SHARE COMPANY has been dec,srss ns9
payable August /, 1918. to stockholders :.
record at the close OF business JuIv ~
1918. II. NJ. FRANCIS Secretary
New-York tribune., 1918-07-15
Brazil Extending War Wires

About 100000 has been authorized
by the. Brazilian government since No
vember last for expenditure in mprov-
ing the telegraph service. The govern
ment is establishing better wire COM
mUnicaticn between Brazilian states
for national defence in time of war.