davidaulloa/AmericanStories huggingface dataset:
The daily Gate City and constitution-Democrat. (Keokuk, Iowa) 1916-1922, 1918-08-14
No Mere Tiff.

Detroit Free-Press: We have quar-
rel with the German people, and so
long as they stand for the thing the
kaiser and his gang are doing well
continue to have
The daily Gate City and constitution-Democrat. (Keokuk, Iowa) 1916-1922, 1918-08-14
said Mrs. Hammond. well fool these

SAID MIS-. HAMMOND. We IT IUUI tHese
Germans
So they did. and soon had batch OF
biscuits under way, and then another.
AS they put them in the oven, one OF
the girls said, Believe me, If these
Boches throw shell in here while
the biscuits are baking It's going to
be something to pay"
The Boches didn't hit the kitchen,
with any of their eighty big shells, and
the doughboys surely enjoyed hot bis.
cults and. chocolate. The girls moved
only when the soldiers did, to another
town, where they continued their
work.
The daily Gate City and constitution-Democrat. (Keokuk, Iowa) 1916-1922, 1918-08-14
There are Others.

sioux Falls Argus-Leader: It's a
reasonable guess that the sultan -. ..
Turkey is not the sickest man IN
Europe
The daily Gate City and constitution-Democrat. (Keokuk, Iowa) 1916-1922, 1918-08-14
Cab Of the Gin,per;
Speed King of Air

Of United States Aviators Now
enbacker. All American Ace.
New-York tribune., 1918-07-18
Reserve Resources
Grow $92,O00,0oo
Federal System Shows
Great Increase in First
Four Months of 1918

WASHINGTON, July 17.-Strength
and growth of the Federal Reserve
system was shown to-day ~ the Fed
eIal Reserve Boards report that on
May 10 the 1892 member banks had
total resources of s24,O70, 100000, an
increase of $92,Ooo,OO0 since December
81. This included $1s,132,O00,ooo re-
sources of the 1858 national banks and
3S,000,o00 resources Of the 44s state
banks, members of the reserve system.
Loans and discounts, On May 10,
amounted to $12,142, 100000, Liberty
bonds and other government securities
held by the banks, $3,196, 100000; other
securities, $2,728,0 100000 demand de-
posits, $11,05o, 1000; time deposits,
s5,34o, 100000; capital stock paid, in
s1,367, 100000; surplus, s1,l43,ooo.ooo.
By districts resources were reported
as follows: New York, ss,156,OOo,ooo;
Chicago, s3,170,oOO,oOO; Cleveland, s2
206,o00,0OO; Boston, s1,791.ooo,ooo;
Philadelphia, s1,69S, 900; Kansas
City, $780, 1000; San Francisco
s1,315,000,O0O; Richmond, s1,0o0,l4os'
600; St. Louis, s976,0oO,OOo; Mime
apolis, s877, 7,0O0,o0O; Atlanta. s0Sl,ooO,-
600; Dallas, s725, 100000.
Resources of the 1873 banks in cen
trail reserve cities were $s,497 ,0O0,oeo,
slightly more than the S8,458,O0O,ooV
resources of the 1858 country banks
The AL banks in other reserve cities
reported resources of S7,1l5,0O0,ooo.
New-York tribune., 1918-07-18
Panhandle Cuts
Its Dividend on
Government Order
Unable to Get Federal Per-
mission to Make 21a Per
Cent Disbursement

At the suggestion Of the railroad ads
ministration, directors of the Pitts
burgh, Cincinnati, Chicago & st. Louis
Railroad, at a meeting in Philadelphia
yesterday, cut the semi-annual dividend
rate from 21a per cent to per cent.
This road, known as the Panhandle,
is controlled by the Pennsylvania sys-
tenn. The dividend is payable July 25
to stockholders of record on July %.
In an official statement issued after
tho meeting it was said that applica
ton had been made to the government
for permission to declare the full 21a
per cent, but from the context it was
apparent that the lower rate was or
dered. The statement said:
"On June % the board deferred ac-
tion on the semi-annual dividend be-
cause this company, having COM
menced business on January /, 1917,
as the result of consultations, had no
dividend record for the three years.
test period. Therefore, in accordance
with the act of Congress, it applied
for the approval of the government to
the declaration Of 2l1s per cent semi
annual dividend, the same as it paid in
1917. The company is advised that the
government has no objection to the
payment of a semi-annual dividend of
per cent. In view of this determina-
tion by the government, the directors
have declared 2 per cent semi-annual
dividend"
The consultations mentioned in the
directors statement referred to the
placing of all the Pennsylvania lines
under the direct control of the Penn
sylvania Railroad, whereas previously
the lines west of Pittsburg had to be
operated by the Pennsylvania Com
pany, this corporation now being no
longer in existence.
New-York tribune., 1918-07-18
Norway to Develop
More Water Power
Exploitation of Famous Falls
Will Be on Large
Scala

If Norway has been somewhat slow.
as far as the state is concerned, in TAX
ing up the exploitation of its water
power, the first movement that is being
made in that direction is very i'm
portant one, and the installation will
be one of the largest in Europe, says
The London Times" 1t is in connec
tlon with the oft-discussed More falls.
which, according to the plan now pre-
pared by the water-power director,
are calculated to yield some 100000
horsepower at the generators.
The origin Of the combination of
rivers and lakes which are able to
yield such large capacity is the Hell
santJernet, connected with the Lake
Nordmandslaagen, about 1860 me-
tres above the level of the sea. In
order to obtain the desired storage
some nine lakes will require to be
damned and regulated, forming reser
volrs OF capacity varying from So,
100000 to 356,000,0OO cubic metres
l ne aggregate storage will amount to
1,O4O 100000 metres.
of the More falls, which we're Dur.
chased by the Norwegian state some
ten years ago, has been abandoned and
in selecting the final plan two alterna-
tlves were considered, both including
an upper and a lower power station
The Rodberg alternative has been
chosen as possessing the greatest ad
Vantages. According to it. the upper
power station is placed at Rodbere. on
the Opdal River, and the lower at
Vrenne, on the Norefjord, at the latter
of which the Opdal River and the Hal
land Falls, which belong to the state.
VIII be utilized. The river Borge and
the lake Oktern have been reckoned
with as possible auxiliaries.
The cost of the upper power station
when the full capacity is installed. is
calculated at SS,5s000O kronen Cor So
100000 at normal rate of exchange
and that of the lower station at 14.9e4.-
600 kronen ($4,O00,OO0).
New-York tribune., 1918-07-18
News Digest
Foreign

London Market Firm. - LONDON,
July 1.-THE stock market continued
its favorable course to-day. The news
from the war theatre was still the
chief influence toward the firmness of
both home and Allied securities, while
Russian securities were further
strengthened by the strong financial
committee that has been formed and
by developments in Russia Oil, ship
ping and Marconi stocks were active
and higher. Other sections Of the mar
ket we're quiet. Money discounts were
quiet.
Paris Market Active. - PARIS, July
17.-Trading was active on the Bourse
to-day. Three per cent rentes sold at
81 francs 80 centimes for cash. Ex-
change on London was q francs 16
centimes. The s per cent loan brought
IS francs SIS confines.
British Foreign Trade. - LONDON,
July 1.-THE British Board of Trade
figures for the month of June issued
to-day show increases in imports of
e15, ,538 900. compared with the total for
June, 1917 The increases included
food, f4000,0oO; cotton, Ga, 1000 900; oils
and seeds, ga 900 GOO, and manufactured
articles, f7,000,00O. Export increases
were el,374,000, but the increase of
s5,0O0,000 in the export of cotton man
ufactured goods was Offset by the de-
crease of other manufactured articles.
New-York tribune., 1918-07-18
Wealth Markets and Commerce

ther purpose of securing such legisla
tion as may be necessary to perfect
the state banking systems.
"Third-We recommend that such
state bank sections of organizations
cooperate with existing state bank or
CARNATIONS in SO far as their interests
do not conflict.
'Fourth-It is not the purpose of
this association to oppose or in any
way antagonize the Federal Reserve
system as at present constituted, but
it is our desire to aid and assist the
Federal Reserve Board in every way
possible for the promotion of safe and
sound banking.
"Fifth-That this council cooperate
with the American Bankers Associa-
ton and the bankers associations of
the several states in all matters af
fecting banking interests, and it is not
our purpose to withdraw in any way
support from either Of said associa-
tions.
"Sixth-That we renew and redeclare
our allegiance to Woodrow Wilson, the
commander in chief of our army. and
navy. We pledge all that we are and
all that we have to victorious termi-
nation of the great conflict between
medieval autocracy and the free people
of the world. In our organized ca
pacity we stand ready to respond in
the future as state banks have re-
sponded in the past to every call made
by our government for either moral
support or financial aid.
"Seventh-That the secretary of this
association be and he is directed to
forward a copy of these resolutions to
the President of the United States and
to the Secretary of the Treasury; also
copy to the president of the American
Bankers Association and to the presi-
dents of the several state banking as
sociations and to the chairman of the
Federal Reserve Board"
Resources of S22,275, ,104,143
In it's perfected form the new coun-
Gil is expected to represent 2O,423 state
banks, trust companies and savings
banks in the United States. In states
where there are no associations of state
banking institutions such organizations
will be formed to have representation
in the national body. With all institu-
tions operating under state charter
represented in the council the total re-
sources will aggregate $22,275, ,1O4,143,
compared with total resources of $18.-
249,000,000 of national banks on Nav
10 last. The number of state banks,
trust companies and savings banks in
the United States by states and their
total resources follow:
New-York tribune., 1918-07-18
Expect Big Takings
OF u. S. Certificates
Wall Street Awaits Bank Sub
scriptions to $75O,OOO,OOO
Treasury Issue

Subscription figures of the latest
Treasury offering of $75o,0oo,oOo of
Al per cent Treasury certificates for
the New York Federal Reserve District,
on which the books closed Tuesday, are
awaited with much interest. The dis
atrict's quota was s254,OO0,OOO. In the
asprevious offering the districts quota
swas $251, 100000 and the final allot-
ment $312,0O0,0OO. Efforts have been
made by the Federal authorities to
get all the banks in the district to
subscribe to the certificates, so it is
believed that the response to the lat
est issue has been even better than
was the case with that preceding.
According to Chicago advices yester-
day, the seventh Federal Reserve Dis
trict's total subscriptions to the Treas
ury certificates were only $95,540,0 900,
whereas the districts quota was $685.
100000.
New-York tribune., 1918-07-18
Mark A. Noble Theodore G. Corwin
NOBLE & CORWlN
4 rs Broad st. New York 2
Empire Trust Co.
BOUGHT OR SOLD
Telephone Jill Broad.
Steel Supply Not
To Be Increased
War Requirements During
Balance of Year Will
Not Diminish

Washington has given no sign that
ordinary consumers of steel will get
larger allowances under the War
Boards latest statement, says "The
Iron Age" Later checking of figures
furnished by the government and its
allies is said to narrow the margin
between the probable output in the Sec
ond half of the year and the require
ments for war. Leading steel manu-
facturers up to this week have taken
the view that the situation would be
easier. They are less confident of that
now.
Actual precedence under the new
classification of orders is not far from
what has been followed. Some pro-
dueers are even more exacting than
before, now that they are asked by the
government to decide as to precedence
in shipment.
The meeting Of the steel producers
committee and the Director of Steel
Supply in New York Monday brought
no conclusion as to steel rail and other
pending prices. Only 100000 tons ad-
ditional of rails are wanted for this
year, and the railroad administration
wants the price fixed chiefly in view
of large purposes to be made for 1919
The stand taken for SAP price for
Bessemer rails is in the face of an
average cost Of $50 or more and the
contention of one producer that it
should have $50 for Bessemer and S65
for open hearth rails.
troversy is the payment of different
prices to different mills in view of
widely differing costs. This might be
worked, seeing that the government
will take nearly all the output
1t now appears certain that the open
hearth steel output of the country will
be practically taken up by war and es-
sential needs for the remainder of the
year and that whatever permits are
given for general or Glass D purposes
must be filled almost entirely with Bes-
semer steel.
The plate mills keep on producing at
yearly rate OF 100000 tons, re-
cent week showing 114,000 tons, while
new capacity may bring the rate up to
100000 tons year by January.
The possibility Of a return of some
nonwar selling of iron and steel is
being discussed pointedly, says "The
Iron Trade Review" While tangible
developments are few, the trend of ex-
pectations appears to be towards stu
alton of more liberal distribution. This
revived talk has been due in part to
the open authority recently given the
mills by the steel director to ship
small lots to any buyer without permit.
1t also is caused by growing convic-
tions in some quarters that essential
demands now in sight can be met by
the mills as needed, and that there
nay be some to spare.
New-York tribune., 1918-07-18
Sumatra Tobacco Acrobatic

American Sumatra Tobacco continues
its stock market acrobatics. 1t is in
deed dull day when it does not fluctu-
ate at least points. Yesterday
Sumatra kept up it's performance. On
transactions of $52,100 shares it sold
from 1921 down to 117A and then back
to 1925, the latter being 55s points
under the closing price on Tuesday. In
June Sumatra sold up to 1457s. Yes
terday the selling was attributed to So
called INSIDERS. The directors of the
company meet next week, and it is cur
rcntly reported in the Street that a
stock dividend will be declared.
New-York tribune., 1918-07-18
Information on Tariffs

A feature of the booklet on "Collec-
tion Tariffs" issued by the Anglo-South
American Bank, Limited, is descrip-
ton of the method of financing ex-
ports. with information regarding
terms of bills. interest, insurance poll
cies, goods and documents. protests
and cables. 1t gives the tariff for the
collection of bills in Great Britain.
France and other European countries,
the West Indies and South and Central
Americas. This bank has twenty-five o
branches in Argentina, Chile and Uru-
quay, as we'll as agents on the south
ern continent.
New-York tribune., 1918-07-18
New Quebec Corporation
To Build Steel Ships

QUEBEC, Que, July ia new ship
building concern, capitalized at s5,-
100000, to operate one Of the largest
ship yards in America has been formed
here. The new corporation will take
over the Federal Shipbnilding Com
pany of Sarnia, the Dominion Ship
building Company of Collingwood, Dus-
sault & Hutchinson of Lewis and
number of old French capital interests
and build steel vessels for the French
government. Docks and yards con-
construction has begun On the St.
Lawrence River, opposite Quebec City.
New-York tribune., 1918-07-18
New York
Bethlehem Stee, No+es All G,

Bethlehem Steel Notes All SoId.-The
Guaranty Trust Company, the Chase
Securities Company and j. & w. Selig-
man e. Co., syndicate managers. an
nounced yesterday that the syndicate
formed to offer $50,000,o0O Bethlehem
Steel Corporation per cent serial
notes had disposed of the entire issue.
The successful sale of the notes to the
PUBLIC relieves both the bankers and
the War Finance Corporation of their
transaction
New-York tribune., 1918-07-18
New Securities

Announcement was made yesterds!
that syndicate of bankers headed Dy
Lee, Higginson & Co. has purchased %
issue of s3,000,OOO of Edison ElectFls
Company of Boston per cent notes
maturing in 1922.
William A Read & Co. are offering
at 977s and interest, to yield 7SV PEI
cent, an issue of s5,000,0O0 three-seaii
Z per cent secured convertible notes u
the Steel & Tube Company of Amef''a.
The authorized amount o. the issue !; -
$500, ,0oO. The notes are direct oDs,,
cation Of the company, secured W
s5,ooo,O0o per cent general mor'esss
bonds. The company is large plv
ducer of steel tubular goods ana P.s
iron, with its principal plant Located .
South Chicago and Indiana hafDo,
The War Finance Corporation has ~,
nounced that it will accept the me- me-
notes as security in accordance va y. =.
the terms of the act under wnich ~
operating.
New-York tribune., 1918-07-18
Securities at Auction

The FOLLOWING securities were SOLD
Yesterday at the exchange salesroon
OF Adrian H. Muller & Son:
For account OF executor
shares Empire and Bay State Telc-
graph Co $500 each) )............. 50
~ For account OF whom it may concern
oS1s shares Security Bank OF Now York
.. .Sloc each) lot. Observation-Disclosures slol
$4,000 Tenth and Twenty third Street Ferry
Go. first mortgage per cent bonds
due June. 1919 osI.
so shares Fire Detecting Wire Co, Inc
,-o 800 eschl lot; :.......... ,25
t*5 eachl; lot. ot....................s2 5000
10 shares Roanoke Realty Co tsloo
s,- or each) lot .................... S35
@l7.2oo Roanoke Realty Co. certificates OF In
.oo ds6tedneSs: 10. .,;:........ -. s7s
pcr share ...................,. .. saa
New-York tribune., 1918-07-18

he above rates express the COST Of
foreign money in terms of the Ameri-
can dollar. You buy an English pound
sterling at. say, s475aa. The intrinsic
parity is $4.S6ss per pound. Thus you
say either that pounds are at a dis
count or that dollars are at 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 &C.
counts in England,
New-York tribune., 1918-07-18
Total 2O.423 Soo o75 10A 112

Capital, surplus and undivided
profits of all banking institutions under
state control in New York State aggre-
gate $562,015,974, according to the
latest figures. For Illinois the total is
$l7S,338,202 for Pennsylvania $751;
$4,000, for Massachusetts S124.69O.81l.
New-York tribune., 1918-07-18
The Dollar in Foreign Exchange

The foreign exchange market was
again extremely quiet yesterday. There
were no wide fluctuations in quotations.
Swiss exchange was slightly firmer
than on Tuesday. Rates on London
and Paris remained steady.
Closing rates yesterday, compared
with a week ago, follow:
Quoted dollars to the pound.l
New-York tribune., 1918-07-18
Money and Credit

Because of the heavy government de-
mands money rates we're firmly main
tained again yesterday. At the
Stock Exchange call money ruled at 6
to 61z per cent throughout the day.
There was no change in the market
Tor fixed date funds. Borrowers are
bidding6 6 per cent for loans maturing
within thirty days as we'll as for the
longer dates.
The president of one of the large
Wall Street banks expressed the opin-
ion yesterday that there will be con-
tinuance of tight money for some time
to come. He felt confident, however.
that the situation in the money market
would be handled with a minimum If
difficulty.
Ruling rates for money yesterday,
compared with a year ago, were as
follows:
Yesterday. Year ago.
Per cent. Per cent.
On mixed collateral 6 6
On industrial col't1 61a sH
Time money (mixed collatcraD:
Sixty days. ...... 534@6 4No
Ninety days...... 5s4@6 4I2@4sa
Four months..... 534@6 4N2@4al
Five to six months 5a4@6 1905
Commercial Paper.-This market
continues dull, with only small
volume of business moving Rates yes
terday were unchanged at per cent
for the best regular maturities.
Bank Acceptances.-The demand for
bank acceptances has slackened some
what with the Tightening of the general
money situation. Rates yesterday were
= Thirty Sixty Ninety
Spot ,',os. de- p.day days. ID days: days.
E gi bl q
banks. ~. .4h@4 4h@4A 4h@4A
E ibla
non-mem-
Der banks.44@4Is 4sa@4Hs 43a@4h
] eligible
bank bills.5A@4s4 sA@4s4 514@4M
For delivery within thirty days:
Per cent.
Eligible member banks ........ 1N2
Eligible non-member banks. .... ass
Ineligible bank hills.
Discount Rates.-The following table
gives the current rates of the twelve
New-York tribune., 1918-07-18

Organization of the United States
Council of State Banking Asso cia-
tions is probably the most important
development in the banking field
since the Federal Reserve System
was established. Through this body
the interests and policies of more
than 10000 banking institutions,
with resources exceeding by $4,.
000,000,000 those of all the ma
tional banks, will be coordinated.
Primarily, the object Of forming the
council was to conserve and protect
"those local privileges and interests
which have been developed and be-
come inherent in state financial in
stitutions"-in other words, to op-
pose such legislation as the Phelan
bill, now before Congress, under
which, as passed by the House, trust
powers would have been conferred
upon national banks throughout the
country, state laws to the contrary
Notwithstanding. In the council the
state institutions have created what
undoubtedly will prove to be a pow
erful and effective agency for COM
batting such legislation and for resist
ing pressure applied in other ways
to force them into the reserve sys-
tenn. But, beyond that, it is not i'm
possible that the council, working
in harmony with the Reserve Board,
as it apparently wants to do, will
eventually bring about much closer
cooperation between state and ma
tional banks, thus strengthening our
whole banking system against the
great tasks which it must perform
as the war goes on, and later when
the inevitable period Of worldwide
financial and economic readjust-
ment comes.
The ease with which the $50,000,-
600 of Bethlehem Steel notes were
sold was surprising even to bankers
who are in the closest touch with in
vestment conditions and ordinarily
can gauge the demand for invest
ment securities to a nicely. The
fact that the bankers insisted that
the War Finance Corporation un-
derwrite 40 per cent Of the issue
makes it sufficiently plain that they
were none too confident of favor
able reception for the notes, despite
the attractive terms upon which
they were offered to investors. And
there was apparently good reason
for their conservatism. The coun-
try had just finished paying taxes
running into billions of dollars,
while payments on the third Lib
erty Loan had not been completed.
1t was therefore seemingly a bad
time for a corporation to appeal to
the investment market for a large
amount of money. But, as it turned
out, the underwriters did not have
to take single dollars worth Of the
notes, and had, indeed, a demand
for more than were offered. The
transaction furnished fair test of
the market and supplied evidence of
the enormous investment power of
the country. 1t would not be sur
prising if the success of the Bethle-
hem issue should lead many other
corporations to venture into the
market for new capital.
New-York tribune., 1918-07-18
Elections

Joseph P. Grace, of the firm Of Il. Il.
R. Grace & Co.. has been elected ~,
rector of the National City COMP"
to succeed the late John w. Steriins'
New-York tribune., 1918-07-18

Silver.-Bar silver in London was
48Md. unchangcd; New York, 995ac,
unchanged; Mexican dollars, TIC, un-
changed.
Sub-Trcasury. - The Sub-Treasury
lost $2,229,326 to the banks yesterday.
Bank Clearings.-Bank clearings in
New York and the other principal cities
New-York tribune., 1918-07-18
FINANCIAL MEETINGS

FINANCIAL MEE 1--WE,
SPECIAL MEETING OF sTocKHo,Lpihasss, ias,
OF Modern Tool & Machine WORKS ists.
Will be held on the goth day OF Juay, JGuayr,nsny.
at l p NJ, at the office OF the S0s, sar tho
174 Worth Street New York Ci.y, .:,.n -, "a IN.
purpose of voting upon a propositinonh ass 10
crease IL. capital stock from szo'Vs'
$50 900. par value SIS per share shars'
Dated, ~ " July 1csh. 1919; ,xsnt
JOSEPH SUROWlEC: fsa~y'
JOSEPH KOPROW, secrcp~
MAXWELL LUSTIG. Counsel
New-York tribune., 1918-07-18

Federal Reserve banks on commercial
paper on all periods up to ninety days: