davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1918-09-10
Sale of Gold Bars
To Be Controlled
By Government
Will Stop Hoarding apc
Restrict Non-Essential
Use, Bankers Think

The New York Assay Office yester-
Gay received fresh orders from Ray
T. Baker. director of the United StaAes
Mint, to stop the sale Of gold bars
except to holders Of priority orders
until further notice The new arrange
ment will give the Federal authorities
absolute control over the use of gold
for domestic manufacture and for ex-
port.
In banking circles it was said that
the new gold rationing order was
destined to stop boarding Of the
precious metal. The opinion was also
expressed that the government pur-
posed to reduce the production of less
supply. Representative jewellers here
expressed the belief that they would re-
Give gold from the assay Office under
the now plan on the basis of their
previous consumption, but in greatly
curtailed quantities.
The authority to decide how much
gold may be sold to jewellers, gold
smiths, chemists, physicians, dentists
and others who regularly use the
metal will be vested in the War In
lustries Board, the War Trade Board
the Federal Reserve Board and the Sec
retary of the Treasury.
- Mr. Bakers statement, which was
sent to the superintendents of all coin
age mints and of the assay offices, says
in part:
ut is hereby ordered that from and after
this date and until further orders the sew
cral superintendent of coinage mints and
OF the United States Assay Office at New
York shall not pay or deliver gold bars in
exchange for United States gold coin or
certificates unless the applicant therefor
shall obtain and exhibit to the superin-
tendent concerned the following document
of authority:
81. In case of bars intended for indus
trial use within the United States an in
dustry priority certificate issued by the
War Industries Board or a similar author
ity from said board for the use intended to
be made Of such bars.
"2. In case OF bars intended for exporta-
ton, license for ~xNortation issued by the
Federal Reserve Board.
3. In any other case a special order of
the Secretary of tho Treasury approving
the transaction.
when a..s gold bars are delivered to
any applicant pursuant to the foregoing.
the date OF delivery, the value of the bars
and such ether data may be necessary
to identify the transaction shall be entered
cerned upon the document of authority in
such manner may essentially prevent
The use of such document in the future as
authority for a repetition of the delivery of
gold bars of the value then deiivered.'
The first official intimation that
such an order controlling the distribu-
tion of gold was forthcoming was the
announcement on August 80 of the
New York Assay Office that it had
been instructed to stop the sale OF
gold bars entirely until further notice
The next day it was announced that
the order had been rescinded In the
five business days that following the
resembling, it is understood that 81,
772,000 bars were bought. That CON
sumption was practically at double the
normal rate, and indicated that certain
interests were accumulating a supply
of gold against the contingency of this
issuance of a new restraining order.
New-York tribune., 1918-09-10
u. s. oreiga Trade
Is Doubled by War
Totals s2s, ,232, 100000, Com
pared With SIS, ,972, 900, coo
In Peace Years

For the first four years Of the war
exports of manufactures from the
United States were as much in value
as in the seventeen years preceding
the war, and exports of foodstufs in
the war period are as much as in the
ten years prior to the war. while e1-
ports of manufacturing material
actually show a decline. "a compilation
by the National City Bank Of New
York shows that the total foreign
trade of the country in the first four
years of the war was $29, ,232 0O0,O0O,
and in the four years Immediately
preceding the war 1922, ,000,0 600. The
imports increased from S6.SS7 100000
to $9,558, 100000, while the exports
jumped from $9,084000.0 900 to S19,674,-
100000. The increase in imports is
practically 40 per cent, and in exports
III per cent.
These figures are based upon the Of
fetal returns for the forty-eight
month the war began. to August /.
1918. The pre-war period is the four
fiscal years ended June SO, 1914.
How much of the increase is due to
higher prices cannot be at present &C
curately determined. 1t is possible.
however, to chow by great groups Of
articles the Increases and decreases IN
imports and exports when measured by
values. Exports of raw materials for
use in manufacturing for example,
show an actual decline in value, de-
spite the higher prices, the total value
of raw material for use in manufactur-
ing exported in the four years of war
having been but S2,733, ,O00 900, against
$2,96l 600 900 in the four years preced-
ing the war. This fall-otf in the value
of manufacturing material exported is
due chiefly to a decline of about 33 per
cent in quantity of cotton exported,
Germany, Austria-Hungary, Belgium
and Russia, normally large importers
of American cotton, having been prac-
tically out of the market.
New-York tribune., 1918-09-10
Stock Brokers Must
Report Loans Daily
Money Cosnrsittee Mandate to
Curb Speculation Now
in Force

The new machinery devised by the
bankers money committee to curb
speculation in securities on borrowed
money was put into operation yester-
day. AS result the four hundred and
tiftyodd Stock Exchange houses must
by noon to-day, for the first time under
the new arrangement, submit a re-
port to the committee on business con-
duct of the Stock Exchange covering
their outstanding loans as at the close
of business yesterday. This becomes
daily procedure and the information
thus obtained will be made available
for the use of the bankers commit ttee
in controlling the local money situa-
tion.
Forms to be used in reporting the
Stock Exchange loan account Of the
individual firms were sent out yester-
day. They call for figures on the daily
loan account as follows:
l. DEMAND LOANS;
(a) Carried by or collateral lodged with
New York banks or trust COM
panies.
(b) Carried by or collateral lodged with
private bankers, brokers, foreign
bank agencies others il the City
of New York.
lc) Carried by and collateral actually
> lodged with lenders outside Of New
York for New York commitments.
Total demand loans, per a, b and c.
2. TIME LOANS:
(a) Carried by or collateral lodged
with New York banks or trust COM
panies.
(b) Carried by or collateral lodged
with New York private bankers,
brokers. foreign bank agencies or
others in the City of New York.
(c) Carried by and collateral actually
lodged with lenders outside of New
York for New York commitments.
Total time loans, per a. b. and c.
Total of demand and time loans.
Bankers and distributors of invest
ment issues carrying bonds and short
term notes, while in process Of being
marketed, are permitted to note sep
arately the amount now being bor-
rowed against such issues.
A member of the money committee
said that whereas in the past the in
formation as to the Stock Exchange
loan account had been obtained from
sixty banks, the facts obtained in the
future from the Stock Exchange
houses will afford the committee a
complete survey of the whole money
market situation. No statement was
made whether the committee would
compel reduction of loans in par
ticular instances.
New-York tribune., 1918-09-10
Wheat Crop to
Exceed 1917 bv
Quarter Billion
But 100000, ,O00-Bushcl De.
crease in Corn Is Govern.
ment Forecast

WASHINGTON, Sept. 9.-Heavy los,
in the prospective corn crop, but con.
siderable increase in the forecast ~
spring wheat production, featured the
September crop report issued to-day BY
the Department Of Agriculture. Lack
of rain during August in the principal
producing sections Of the corn bel.
caused reduction Of 317,00O,0OO bush
els in the crop forecast, bringing the
loss in prospective production since
Julys1 to 487,O0o,OOO bushels, repre-.
senting more than SSOO,00O,O0O.
A corn crop of 2,672,00o,OOO bushels
this year was forecast to-day from Sep.
tember conditions. That would be
almost half a billion bushels less than
last years crop and slightly smaller
than the average crop of the five years
from 1912 to 1915.
The spring wheat crop showed i'm
provement and there was an increase
of 21,oO0o00 bushels in the forecast Of
production, bringing the prospective
crop to 343, 100000 bushels. With the
winter wheat crop OF $4,000 900 bush.
els, previously announced, this year:
total wheat crop viii be S99 100000
bushels. That is almost 250,OOO,O00
bushels more than was harvested last
year and 9O,O00OO0 bushels more than
the 1912-'16 average.
Estimates OF production of other
crops compared with those made a
month ago showed various changes,
Oats had q 49,o0O,O00 bushel increase,
tobacco a 20,0O0.000 pound loss, hay a
100000 tons loss and white potatoes
a 6000,000 bushels loss.
Other changes we're: Barley, 4,0OO,-
coo bushels increase; sweet potatoes,
100000 bushels decrease; fax 1,1oO,-
600 bushels increase and rice, 100000
bushels decreage.
The heaviest reduction in the corn
production forecast came from Kansas
with loss of 60 100000 bushels, Ne
braska with 60O00,0OO bushels. Mis-.
souri, with 57.000,00J bushels, Illinois
with 37,000,00O bushels and Iowa with
80 100000 bushels
New-York tribune., 1918-09-10
Canada's Wheat to
Regulate Exchange
Great Britain Will Pay for
Surplus Crop in
New York

Especial Correspondence of The Tribune)
TORONTO, Sept. 9,-ldeal growing
weather during August wrought a
transformation in the condition of the
wheat crop of Western Canada, es-
pecially in the Province of Saskatche-
wan. Drouth and a freak visitation of
frost during July impaired the condi-
ton of crops seriously, with the result
that the yield in the three prairie
provinces was estimated at no more
than 100000 bushels. The perfect
weather of, the latter half Of August
has added at least 25 per cent to the
size OF the prospective yield. Latest
estimates place the yield for the West
at 196,000,0O0 to 216,OOOOOO bushels,
and for the entire Dominion from 212,-
100000 to 232,O0O,OOO bushels. This
compares with 249, 100000 bushels in
1917, 231 100000 bushels in 1916 and
SIG 100000 bushels in the banner year.
1915.
Crop Is Being Harvested
The wheat crop is being harvested
now practically over the entire West.
No time will be wasted in getting it to
market. Canadian banks have made
adequate provision for the movement
OF the crop, and the supply Of cars has
been carefully placed throughout the
prairie provinces. 1t is Anticipated that
the new wheat will begin to move east
IN volume about the 18th of this month.
fne movement of wheat will I'M
doubtedly have an effect on the present
eXchange relations between Canada and
the united States. A premium of
around per cent on New York funds
over Canadian funds has been ruling
icr some months past. AS financial re-
latlons are very close between~the two
nations the Canadian government wax
urged to consider ways and means of
correcting exchange. The matter was
carefully ca dealt with by the Minister Of
finance. who consulted with the Wash
ihg1on Treasury Department.
Exchange Rate Too High
" ME the United States market was
opened to Canada for a loan such -
means of correcting exchange was CON-
sldered too expensive. The trade hoi-
ance against Canada at that time vac
Nose M;;s;s to S9o,o,ooo,oo0. The Finance
Munster decided that the on]v L.sl,ee hene.
nciai way IN which exchange could bo
rlghted was by the reduction OFT Of this us
eovrsa eovrFse Of trade aSs+ baance in the natural
nourse roontta Oh events. During the last few
months mo Canada's imports from the
United States have been reduced. MOST (,st
obo,,1d oh Ianada,s surplus wheat, which
bmehld b,,sbo1s aggregate over 100000, 900
oesnels a this year, or in value in excess
OF S2o0 100000, will be paid for by
Great Britain in New York. This wiz III
theae the expensn ns%aad an for Canadian funds at
should go long way toward niacim amo q q
oanadlan money on parity with l,;s GTnits
ed States funds. WIN y ilit-
rromlnent exchange brokers in TO-
ronto believe that the premium On No'w W.
1,f'r 1ork funds has reached it's maximum un
The They daa1;na an1te,pate lower rates at once.
York funds promises to become rorv new
Phaec,pltate the as the month grows old. a.
'he new crop moves to Atlantic rorts "'
New-York tribune., 1918-09-10
News Digest
Foreign

London Market Indicated Confidence
LONDON, Sept. 9.-The stock market
maintained confident tone today on
the weekend news, which brought a
number of investment orders from the
provinces. French 5s were the favorites
in the funds section, though good
business was transacted in other Allied
stocks. Home rails. oils and mines
We're firm and shipping shares rallied,
but Argentine rails were flat on reports
that the government will not sanction
increased rates. Russian issues closed
easy. Money was in better supply.
New-York tribune., 1918-09-10
New York
OoxraI nuAol. C4

Royal Dutch Stock Offer.-The Equi-
Table Trust Company, as depositary
has been informed that the Roval
Dutch Company has offered to holders
OF its ordinary shares the right to sub
scribe to new ordinary shares at par
to the extent of so per cent of their
present holdings. This entities the
holder of Equitable Trust Company
certificates for American shares to
subscribe to one share, par value
fiorins 100, for six American shares
held. The right to subscribe for the
new stock may be exercised by the
registered holders of American shares
of record September 13.
New-York tribune., 1918-09-10
Wealth Markets and Commerce sn

for ourselves and our associates would
be u per cent.
although the terms as a whole may
appear to be onerous, nevertheless, we
considered them the best obtainable
under the existing circumstances. We
are not responsible for the condition
Of the money market, nor do we con-
troll the price at which money is
quoted, any more than we do that of
wheat or cotton.
ave regret that Mr.. Williams did
not see fit to publish our correspond
cnce and the records of the case in
full if he felt obliged to publish any
part of them.
"Thc attack made upon us is not JUS
tilted, and we cannot allow it to pass
without recording in public way our
sense Of the injustice done to ourselves
and our associates"
New-York tribune., 1918-09-10
Dominican Tobacco Crop

Owing to the high prices obtained
for the 1917 crop, a large acreage was
planted for tobacco this year in the
Dominican Republic and it was ex-
pected the yield would total approx
mately 57,500,00o pounds, or double
the average. Drouth, however, has
done so much damage it is now likely
that the crop will not exceed 23,00O0O0
pounds. The greater part of the crop
will be exported to France, Spain,
Algiers and Holland The amount re-
naming from the 19l7 crop is about
12.42Q.0O0 pounda.
New-York tribune., 1918-09-10
Regular Declarations

Avery Cornpany.-Quarterly dividend i oi
13 per cent on preferred stock and annua.
dividend of 7 per cent on common, oo-s
payable October to stockholders Of reco's
September 21.
Chandler Motor Car Company.-Quarter'y
dividend of So per share. payable October :
to stockholders Of record September ".
Lone Star Gas Company.-Quartery a. dN', y,
dend of per cent. payable September 'V ~
stockholders of record September zl
Pittsburgh Plate Glass Company.-Qnar'
terly dividend Of l2a per cent on comthV.,,
stock. payable October l to stockholders q
record September a.
New-York tribune., 1918-09-10
Woman Bank Cashier
Smaller Railroads To Be Heard

The railroads which are expected to
ask the railroad administration FOR
greater compensation than that allowed
under the standard contract are expect-
ed to be given a hearing within the
next two or three weeks. 1t is under
stood that requests will be made for
extra allowances on account of extraor-
dlnary expenditures, both out Of can
ltal and earnings, which the officials
say were not considered in ARRIVING at
the standard compensation based unon
the taree-yeaS test period.
New-York tribune., 1918-09-10
Record Cotton Ginning
Hot and Dry Weather Caused
EarIv Picking

WASHINGTON. Sept. 9.-More cot
ton was ginned this year prior to Sep
tembcr / than in any previous year in
American records. The Census Bureau
announced to-day that 1,039,620 bales
lad been ginned. The previous high
record was 850,668 bales in 1916.
Owing to hot and dry weather in
the western part of the cotton belt,
especially in Texas and Oklahoma.
much cotton opened prematurely and
the picking was done early.
New-York tribune., 1918-09-10
Elections

Joseph Davis, vice president and con-
troller of the American Locomotive
Company, has been elected director
Of that company, succeeding the late
Sylvanus l.. Schoonmaher.
John c. Collingwood has been ap,,
pointed assistant manager of the bond
department of the Guaranty Trust
Company of New York and Henry A.
Theis was elected assistant trust OF.
fcer. G. Paques was elected assistant
treasurer of the Paris Office.
New-York tribune., 1918-09-10

1t required a comparatively small
volume of selling to force a rather
sharp reaction in the closing hours
Of the stock market session yestcr-
day. There have been days Of late
when the same turnover Of stocks
would have resulted in an equally
extensive advance. This only goes
to show how narrow the market is
at the present time. 1t was plain
Yesterday that stocks were undex
the shadow Of the new money mar
ket control. Nervousness over the
fresh inquiry into the Stock Ex-
change loan accounts through sys-
tenn of daily reports from indi-
vidual Stock Exchange firms, proba-
bly, caused the liquidation of some
outstanding margin accounts. At
the same time, there was no incen-
tive to buy stocks, so that the mar
ket lacked the support of specula
tive purchases. Everything now
points to quiet trading market
in stocks for some time to come.
Investment activity will probably
control the course Of prices, as
speculation will be held to mini
mum by the restrictions imposed
upon the credit supply.
New-York tribune., 1918-09-10
The Dollar in Foreign Exchange

A stimulated buying movement yes
on francs, which last week showed an
easy tone. The supply of pesetas bills
in this market was large and exchange
on Madrid fell again. Rates on London
were steady.
Closing rates yesterday compared
with week ago follow.
Quoted dollars to the pound)
New-York tribune., 1918-09-10

The above rates express the cost of
foreign money in terms CT the Ameri-
can dollar. You buy an English pound
sterling at. sey, $4.7560. The intrinsic
parity. is s4.SfSs per pound. Thus YOU
say either that pounds are at dis
count or that dollars are at premium,
' %nlcn is owing to the fact that in Eng,
iand 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. 'S
New-York tribune., 1918-09-10
Dividends
Reductions

Galera Signal Oil Company.-A quarterly
dividend of $3.50 on the common stock nsS a
been declared, which is g reduction OF Si.o';
in addition to the regular quarterly eivlaenu
of 50 on the preferred. both payable Sepssnr
ber 80 to stockholders of record August 81
New-York tribune., 1918-09-10
Money and Credit

Money rates were firmly maintained
at the beginning of the new week. At
the Stock Exchange the ruling rates
for call loans were 6 to 61A per cent
and practically all business was done
on that basis.
date funds was unchanged. the banks
showing no disposition to increase
their offerings.
Ruling rates for money yesterday,
compared with year ago. were as
follows:
Yerterday. Year ago.
Per cent. Per cent.
Call money:
On mixed collateral 6 4
On industrial col'tl 6L2
Time money (mixed collateraD:
Sixty days .......6 4H@4H
Ninety days ......6 4Ia@5
Four months ....6 S @5N
Five to six months 6 @5N
Commercial Paper.-A fair demand
was reported for commercial paper in
this market yesterday at per cent.
Bank Acceptances.-The demand for
bank acceptances has slackened some
what. Rates yesterday were as fol-
lows:
Thirty Sixty Ninety
Spot de- days. days. days.
livery: Per cent. Per cent Fer cent.
E ieib1e
m G m Der
banks. .4I4@4 43s@4I4 49s@4H
E igible
non-mem-
Der banks4A@4Is 4ss@4h 47s@4a
/ eligible
bank bills.5N@4 6A@434 6L4@43z
For delivery within thirty days:
Per cent.
Eligible member banks. ..4Ia
Eligible on-member banks. ..... A5s
Ineligible bank bills. ...........6 s
Discount Rates.-Ths following table
GiveA ShA saszsnt sasaa s4 The svslvs
New-York tribune., 1918-09-10

The new order of the Director
of the Mint, stopping the sale of
gold bars except to holders of
priority certificates, seems to be an
other step in the plan of the gov
ernment to mobilize gold in the
vaults of the Federal Reserve banks.
By preventing boarding, the new
arrangement ought to facilitate the
process of centring the control of
the metal, which is the basis of the
country's credit. W. P. G. Harding,
governor of the Federal Reserve
Board, in explaining the reasons be-
hind the governments gold policy,
recently said:
Ever since tho establishment Of
the Federal Reserve banks the board
has endeavored persistently and con-
sistently to increase the aggregate
gold holdings Of the banks. Since
tho entry of the United States into
the war the necessity for such an
effort has been emphasized. More
than $2,000,000,000 of gold and gold
certificates have been withdrawn
from circulation and transferred into
the vaults, of the Federal Reserve
banks, but there still remains in cir
culation and in bank vaults about
| $900,000,000 of gold certificates and
coin, most Of which can be and
| should be deposited. The effect of
boarding is to impair the ability of
the board to provide the strongest
| possible gold cover for our growing
volume of Federal Reserve notes and
deposits-and deposits will neces-
sarily continue to increase during
the continuance of the war. 1t is de-
sirable to have every dollar of gold
in the Federal Reserve banks, let
ting the circulating medium consist
of currency based on gold. Surren-
der to the Federal Reserve banks of
gold coin and gold certificates and
abstention from boarding means an
increase in the volume of bank credit
available for the community and in
creased ability to finance the war
and the necessary requirements of
business.
Another factor in the rationing O.
gold bars is the control it will civ,
the government over non-essentia
industries that use the metal. By
acting at the source Of supply tn,
authorities at Washington will b.
able to say precisely how much golt
jewelry, for example, may be man
ufactured. The use to which all tn,
gold on hand may be put will b.
dictated at the capital.