davidaulloa/AmericanStories huggingface dataset:
El Nuevo mexicano., 1918-01-31
LIVE ONES AT TAOS

An active and aggressive spirit is being
manifested by the Taos county chapter OF
the Red Cross. Taos Valley News says:
The treasurer's report shows $5S4.00 col
|lected from all sources, and expenditures
of $40O.2 81; leaving a cash balance on hand
OF $1S3.37. The Chapter sent out to our
soldiers seventy-nine Christmas packages.
They have knitted and sent out Sc sweaters,
SO pairs of socks and 9 pairs Of wristlets.
They have on hand five sweaters, II scarfs
and 10 pairs of wristlets. Plans are under
way for extensive organization work through
out the county.
Recently Mr.. and Mrs. Z. s. Barker went
to Tres Piedras and assisted in the organi-
Eation OF IN auxiliary unit with So members,
and every dollar paid in at once. Interest
in Red Cross work is growing, and quite a
number of our boys and girls have taken up
the work and are attending to their knit
ting with great enthusiasm. There win be
a dance Saturday night in the Rio Grande
Hall for the benefit of Taos Red Cross.
El Nuevo mexicano., 1918-01-31
So AT

The Red Cross auxiliary in Ancho report
So members, Much enthusiasm is manifest
ed and lots of good work is being done.
El Nuevo mexicano., 1918-01-31

THINGS now are buried
Out of sight
Along the road Of
Anthracite.
El Nuevo mexicano., 1918-01-31

IF YOU are not a member of the rifle
club you are likely to be pointed out to
tourists as you walk down the street.
El Nuevo mexicano., 1918-01-31

TEACHERS in Otero county in the future
win be paid in accordance with the length
Of time they have served satisfactorily. IN
Bent, District Z, $500 additional will BIO
spent on the new school house, for which
$4,000 in bonds recently was voted.
El Nuevo mexicano., 1918-01-31

RECENT reports lead one to believe
that they misspell the front name of the
Dual Monarchy.
El Nuevo mexicano., 1918-01-31

SWEDEN. who consents to let us
have a few boats, seems to be getting
wise to herself.
El Nuevo mexicano., 1918-01-31

SUPERINTENDENT e. w. Boyer of the
Clovis schools has been reelected.
El Nuevo mexicano., 1918-01-31

AN INVESTIGATION is being made Of
the killing Of seven head of antelope said
to have been run down and shot by hunters
in an automobile, near Clovis.
El Nuevo mexicano., 1918-01-31

A. ]. LINN, a successful young business
man of Carlsbad, has been given a position
lin the accounting department of the finan-
|cial division of the United States army ord
nance department, with headquarters in
Washington.
New-York tribune., 1918-07-02
War Causes Few
Business Failures
In This Country
First Half of 1918 Makes
Best Showing in Ten
Years

That the general readjustment Of
been accomplished with minimum of
disturbance is indicated by the COM
mercial mortality record of the United
States for the first six months of the
current year. According to II. G. Dun
Il Co.'s compilation, the showing is the
best since 1907, both in the number of
business failures and the total lia-
bilitics. The percentage of mortality
is probably even smaller than it was
then.
During the six months period there
were $3.50 commercial failures in the
country, compared with 7,4S8 for the
corresponding period of 1917. Total
defaulted indebtedness amounted to
$87,793 ,562 compared with 94,721 1856
year ago.
Compared with the 9,495 reverses
for $111,241 ,421 in the first half of
1916, the numerical reduction is 38
per cent, and the falling off in amount
about II per cent, while from the
1o15-thc high point for the period
decreases of over 53 per cent appear
in each instance. More than this, the
June failures, but 804 in number, are
the smallest of any month back to
July, 1907, and the sum of money in
volved, S10,606, 74l, is less than in all
months since May. 1910.
The second quarters figures, as
usual, disclose Improvement over those
OF the first quarter, and not in fully
q decade. in fact, has the mortality in
the second quarter been so moderate.
These comparisons afford concrete
evidence that the varied and radical
wartime readjustments have not gen
orally or seriously deranged business,
and it is not clear that commercial in
have been, have yet reached the mini
mum. as recently suggested in some
quarters.
Analyzed according to occupation,
the statement for the six months
shows reductions both in number and
total of liabilities in manufacturing
and trading lines, but more defaults
than year ago in other commercial
branches. With 3,911 failures for $32,-
2S3,314, against 5,239 for $37 OO4,55 in
the first half Of 1917. the trading class
makes relatively the best exhibit, the
numerical reduction being fully 25 per
NNi'' anu VIC CONTRACTION III Clle lndeDt-
edness Is per cent. The betterment in
manufacturing lines. however, is not
lnconsderable, 1878 reverses for
900 ,o93,969 comparing with 1888 last
year for $40,440, ,908, and thus showing
decreases of about 16 and t3 per cent.
respectively.
But among agents, brokers and
other similar concerns not properly in
cluded in either manufacturing or
trading there is an increase Of 1913 per
cent in number and of 18 per cent in
the liabilities. 400 such insolvences
for S204l6.249 contrasting with Sol
tor S17275.8S9 in the corresponding
period of 1917.
New-York tribune., 1918-07-02
British Security Values Improve

Holders Of American securities who
may be worrying about the possible ef
fects Of increasing the income and ex-
cess profits taxes in this country NAV
find some comfort in a compilation
made by "The Bankers Magazine" OF
London. This publication finds that
since the publication of the British
financial budget for the current fiscal
year there has been an improvement
in practically every department of the
London security market, which condi-
tion is attributed largely to the re-
moval of uncertainties connected with
the income tax. A list Of 3S7 repre-
sentative stocks shows a net apprecia-
ton between April Is and May IS of
nearly 943,000000. The total on the
earlier date was f2,571, ,612 600, while
on the later date the value of the same
securities had advanced to s2.6l4,S94.
600. The biggest increase was found
IN the shares of miscellaneous mining
enterprises, whose value jumped SO
per cent.
New-York tribune., 1918-07-02
Tight Money Times Are Over

In the good old antebelleum days
Wall Street used to approach the turn
of the half year with considerable ap-
prehension. 1t was always thought
that tight money might be looked for
in view of the heavy July l disburse-
ments. Some years in the past there
have been money market squeezes of
considerable proportions. New meth
DDS of handling the financial reins of
the money market, however, have
changed the aspect of things. For in
stance. yesterday, the first day of the
new half year, saw not a ripple in the
money market. Call money rates were
easy around 3la to A per cent and
there was a plentiful supply of time
funds. The banks had prepared in ad-
vance and had been helped by the
splendid cooperation of the Treasury
Department. The banks last week in
creased their surplus reserves $124,-
100000, which explains the present
ease of money. Bankers now look for
fairly easy money market until the
crops begin to move, toward the latter
part of July.
New-York tribune., 1918-07-02
Extend B. r. T. Note Time
Company Only Had to Meet
Coupon Interest Yesterday

Yesterday was the maturity day on
which the Brooklyn Rapid Transit
Company was scheduled to pay off in
cash s57,735 900 six-year per cent
notes, which. with the semi-annual in
terest coupon also due, would have
brought the total up to S59,178,375 had
not the War Finance Corporation and
New York bankers come to the rescue.
AS it was, the company had to meet
only the interest payment.
The plan by which the principal of
the notes was refunded for another
three years stated that the War Fl
nance Corporation shall pay off 80 per
cent in cash, provided the notehoders
agree to extend the other 70 per cent
for new notes, which bear per cent
interest. The War Finance Corpora
tion also gets these notes in return for
its loan
July 10 is the time limit set for de
posit Of the notes under the cXten-
sion arrangement. 1t is expected the
plan will be declared effective on that
date
New-York tribune., 1918-07-02
Security L.istings
Lowest for Decade
Government Control of Cap
ital Retards New Offer-
ings in 1918

Listings OF new securities on the
New York Stock Exchange during the
first half Of 1918 reached the smallest
total in more than a decade. The COM
pllation issued yesterday by Dow, Jones
& Co. showed an aggregate value of
S133, ,835 par value for the total of
such listin"s, a decrease Of 81 .S32.292.
O'o from the record breaking figures of
the corresponding six months Of 1917.
The extraordinary falling off in listinrs
is directly attributable to the govern
ment's control of the capital market
for war purposes and the consequent
curtailment of corporate financing.
In the first six months S92 ,8O7 1886
par value of new stock was admitted to
dealings on the exchange and $4O,344,-
500 par value Of bonds. While the
third. Liberty Loan bonds have been
traded in on the exchange since May
10 no specific amount has been listed.
New-York tribune., 1918-07-02
New Securities

Harris, Forbes & Co. announced yes
terday an Offering at SO and interest of
an issue of $1,5OOO00 first mortgage
sinking fund 5 per cent gold bonds
Of the Philadelphia Electric Company.
The bonds are dated October /, 1916,
and are due October 1, 1866, and are
callable at 40 and interest on October
/, 1921, or on any interest date there
after. They are also callable for pur-
interest on October |, 1921, and on
October l of each year thereafter. The
bonds are free of the Pennsylvania
state tax. and Of the 4 per cent normal
Federal income tax the company pays
the per cent tax deductible at the
source.
Bonbright e. Co. are making an ad-
vance offering of new issue of $1,20O,-
900 Metropolitan Edison Company bond
secured per cent notes, dated June 10,
1918, and due June Is, 1920. The offer
ing is made on a "when, if and as
issued" basis and is subject to ap-
proval by the capital issues committee.
The new notes are being issued to re-
tire S1,050,000 of one year per cent
notes due August l next and to par
TALLY reimburse the company for addi-
tions and improvements.
A. B. Leach & Co. and +. W. Press
prich & Co. announced yesterday the
offering at 1928 and interest of $500.
900 State of Mississippi serial 5A ner
cent bonds. dated April l, 1918, and
maturing April |, 1929 to 1884. Gala
bic at par October l, 1928, or on any
interest date thereafter.
New-York tribune., 1918-07-02
War Use of Industrial Plants

Pierre Jay, chairman of the board of
the Federal Reserve Bank of New York,
in his monthly review Of general finan-
cial and industrial conditions in this
district calls attention to the fact that
automobile plants are restricting the
output Of passenger cars to 80 per cent
of capacity, and in addition are devot.
ing their factories to making trucks,
gun carriages, mine anchors, tractor
parts, artillery wheels, and in some
instances installing machinery to
make shells. In the textile industry
so per cent of knit goods, rs per cent
of denim, 100 per cent of cotton duck
and so per cent of woollens are being
applied to government use.
New-York tribune., 1918-07-02
Banking Conference
On Chinese Loan
New York Financiers and State
Department Officials at
Two Meetings

Progress was made yesterday in the
negotiations between the State Depart
ment and New York bankers for q $780,
100000 loan to China. Two conferences
were held, one in the morning and the
other in the afternoon, with Brccken
ridge Long, Third Assistant Secretary
of State, representing the government
The meetings were held in the offices
of J. P. Morgan G. Co., and the
bankers in attendance for the most
Part were repre- sentative OF those in
stitutions which were in the old five
power group that contemplated $780,
100000 loan to China in 1918. In addi-
ton there were present Charles II.
Sabin, president of the Guaranty Trust
Company; Edward r. Tinker, vice
president of the Chase National Bank,
& Co.
The inclusion of these men at yes
terday's gathering indicated, as fore
cast last week, that the Projected adj
vance to China will be ,nderwritten
rot only by the American members of
the quntuple group, but by other
financial institutions, which will in
clude those r other cities O. the coun-
try. The bankers who participated in
the 1913 negotiations, which were
frowned UPON by William J. Bryan,
then Secretary of State, present at yes
terday's conference included j. P.
Morgan, Francis l.. Hine, president of
the First National Bank; Frank A.
Vanderlip, president of the National
City Bank; Charles E. Mitchell, presi-
dent of the National City Company,
and Mortimer H. Schiff, of Kuhn, Loeb
d Co.
Assistant Secretary of State Long
returned to Washington last night,
where he will present the views of the
Now York be kers To his SunerinrS
New-York tribune., 1918-07-02
cAothing and Woollen materials are be-

cAothing and woollen materials are be-
ing made by retailers in advance Of
the season, partly because OF appre-
hension of later scarcity, and retail
sales are heavy. Business in the fur
trade has been very good, both whole
sale and retail, especially in towns out
side of New York City. Chain stores
are having very active business. Busi-
ness in the shoe trade is active, despite
recent sharp price advances due to
higher cost of leather. Collections are
reported good in practically all lines,
with exceptions only in drugs and
chemicals
New-York tribune., 1918-07-02

The above rates express the cost of
foreign money in terms of the Ameri
can dollar. You buy an English pound
sterling at, say, $4.753s. The intrinsic
parity is S4.S65s per pound. Thus you
say either that pounds are at 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 ac-
counts in England.
New-York tribune., 1918-07-02
Six Short Line Roads
Ask to Increase Rates

WASHINGTON, July 1.-Six addi-
tional short line railroads applied to
the Interstate Commerce Commission
to-day for permission to increas Sc
freight rates % per cent, to meet the
increases allowed other roads. They
were the Kansas City, Clay County &
st. Joseph Railway, Chicago, Ottawa e.
Peoria, Albany Southern Railroad.
indianapolis & Louisville Traction
Company, Western Ohio Railway Com
pany and the Fort Smith g. Western
Railroad.
New-York tribune., 1918-07-02
Relevant Comment
New Street Brokers Put Up Price

New Streets privilege brokers have
Joined the procession. They, too, have
felt the pinch Of high prices and are
passing the cost along to the consumer
Some of the biggest traders who put
out options on stocks in the form OF
puts and calls were reported yesterday
to have advanced their price from
s11250 to sl25 a hundred shares for
the thirtyday period. Dealers who
handle these options as result have
had to advance their selling price to
$13760 hundred shares.
New-York tribune., 1918-07-02
The Dollar in Foreign Exchange

Further Improvement was registered
in Italian exchange rates in this mar
ket yesterday, when lire bills went to
S.791a for cables, the highest rate since
early in the year. This compares with
a recent low record of GIG. The steady
recovery in Italian lire during the past
fortnight indicates that the plan re-
Gently put into operation to stabilize
the rate is working out satisfactorily.
Exchange rates on Paris and London
were firm. Spanish pesetas eased off
fractionally on fresh reports that the
United States is endeavoring to obtain
a credit in that market.
Closing rates yesterday, compared
with u week ago, follow:
(Quoted dollars to the pound.>
New-York tribune., 1918-07-02
Wealth Markets and Commerce n

A correspondent is puzzled by the
attitude of the Federal Reserve
Board toward the extension of cred
its to the non-essential industries.
Il do not see," he writes, "why
there should be any reduction in
such credits when it must be PLAN
to every one that enough credit for
all requirements could be created
without difficulty" The possibilities
of credit expansion under the Fed
eral Reserve System are, indeed,
fascinating, because there is hardly
any limit to the amount that might
be manufactured were the banks to
throw discretion to the winds and
proceed on a policy of unlimited in
flation, which is really what our cor
respondent has in mind. The result,
however, would be disastrous be-
yond calculation. The trouble with
those who argue against curtailment
of credits to non essentials-and
the argument is really part of the
"business as usual" propaganda-is
that they fail to recognize the fact
that credit which does not result in
the production of goods required
for war or for meeting the necessi
ties of the people is ineffective, and
not only produces higher prices, but
makes it much harder for the gov
ernment to get war materials by
stimulating civilian demand. The
National City Bank, in discussing
the rapid expansion of national bank
resources, makes some interesting
remarks in this connection. The
bank points to the fact that along
with the expansion of resources
there is a corresponding growth of
liabilities. Thus, each loan creates
an obligation on the part of the
borrower that swells resources, but
the credit thereby created is entered
as a liability. The bank says:
Transactions of this character are
rapidly swelling the banking totals.
In order to have a complete showing
of the effects of the government loans
and taxation of the last six months
upon the banking situation it would
be necessary to have the figures for
the state institutions, which are not
: available. The expansion of bank
credit may not appear very great
considering the size of the transac-
tions, but in view of the vast de-
mands which must be met in the
coming year every increase is to be
regarded with concern.
In saying this we are not consid
ering the adequacy of reserves or in
dicating any anxiety that the credit
organization of the country is reach
ing the limit of what it can carry.
That is NJ the point. The banking
power of country as organized in
the Federal Reserve system can ex-
tend credit almost indefinitely, but
there are certain consequences which
cannot be avoided, and which we have
often adverted to. This new credit
is additional purchasing power, and
when purchasing power increases
faster than the supply of labor or
goods wages and prices inevitably
rise.
The trouble, the bank goes on to
say, is largely that the consuming
public does not give way to war
demands. And the remedy does not
lie in stimulating demand by increas-
ing the public's command of goods,
but in drastically checking demand.
The situation is summarized aptly
in the statement that "the cat which
attempts to catch her own tail does
not get any nearer to it at top speed
than when standing still"
New-York tribune., 1918-07-02
New High Oil Well Record

A new high record in the number of
new oil wells completed was estab-
lished during the month of June, ac-
cording to "The Oil City Derrick" The
number was 2,71S. New production of
174,9l7 barrels, however, does not equal
the amount reported in June, 1917, but
is larger than any other month for the
last two years. The principal increase
in production occurred in the Kansas
and Gulf coast fields.
New-York tribune., 1918-07-02
BUY-8EIL

MIDWEST REFINING CO.
MERRITT OIL CORPORATION
ELK BASIN PETROLEUM CO.
lMTERNATl0NA PETROLEUM n
IMPERIAL OIL CO., LTD.
LoBIToS olLFsELDS, LTD.
SAPULPA REFINING CO.
HOUSTON OIL CO.
PORT LoBO6 PETROLEUM
NATIONAL FUEL GAS CO.
NORTHWEST OIL CO.
CO8pEN AND CO.
BONDS 4 STOCK
CARL lH.pF FORZHElNaER R&cQ
Denlers tn Standard on Securities
Phaso <1sD- i-344-l Rrsad- - He~ad S.. n. Z.
New-York tribune., 1918-07-02
Collections Said To Be Good

The money volume of the drygoods
movement is large, Mr.. Jay says, with
increase in sales of medium priced
goods, while sales of those of high
grade are decreasing. Purchases Of
New-York tribune., 1918-07-02
New York

Fewer Oil Companies Chartered. =
The total capitalization of oil com
panies chartered in June with capital
of 100000 or more each, according, to
The Oil Trade Journal" approximated
$4,000, 900 for eighty companies. These
figures compare with S60,0OO,OOO and
40 companies for May. Figures com
piled by "The Oil City Derrick" state
that June established a new high rec.
ord in new oil wells completed, the
number being 2,718.
New-York tribune., 1918-07-02
Money and Credit

In view of the heavy increase in
surplus reserves last week, the total on
Saturday amounting to approximately
$172 100000, the largest in months, the
banks found it possible yesterday to
increase their offerings of fixed date
funds. A substantial amount of busi-
ness was reported to have been done
at per cent for ninety day periods
on industrial securities as collateral.
Rates for loans against mixed COL
lateral were steady at 5A to per cent
for the regular maturities.
At the Stock Exchange the call
money market was active and the tone
comparatively easy. The days ruling
rates were 31a to 4 per cent. In the
afternoon just before the close the
rate jumped temporarily to 5 per cent,
but the closing rate was 4 per cent.
Ruling rates for money yesterday,
compared with year ago, were as
follows:
Yesterday. Year ago.
Per cent. Per cent,
Call money:
On mixed collateral 3la 4lA
On industrial col'tl4 5
Time money (mixed collateral):
Sixty days. 534@6 4a4@5
Ninety days...... 534@6 4s4@5
Four months. 80. 5a4@6 1905
Five to six months 534@6 1906
Commercial Paper.-A substantial
volume Of business is moving at 6 per
cent for the best regular maturities.
Bank Acceptances.-Activi slack
ened somewhat yesterday, but rates re-
mained unchanged, as follows:
Thirty Sixty Ninety
Spot de- days. days. days.
livery: Per cent. Per cent. Per cent
z i & Bile
m e M ber
banks. ..4A@4 4h@4a 4A@4M
E i lie
non-mem
her balsks.4a@4Is 42S@4I4 4qs@4.
e ligible
bank bills.sl4@4s4 5I4@4s4 5A@4sz
New-York tribune., 1918-07-02

Below is given the current exchange
value of foreign money IN dollars and
cents, together with the intrinsic gold
parity. as calculated by the United
States Mint:
New-York tribune., 1918-07-02

Sub-Treasury.-The banks lost to
the Sub-Treasury yesterday 100000.
Silver.-Bar silver in London was
4STsd, unchanged; New York. 991ac,
unchanged; Mexican dollars, Tie, un
changed.
New-York tribune., 1918-07-02

Discount Rates.-Tne 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., 1918-07-02
News Digest
Foreign

OICISII
London Market Closed - LONDON,
July Holiday on the Stock Exchange
to-day
Paris Bourse-PARIS, July Trad
ing was dull on the Bourse toe day.
Three per cent rentes, 60 francs rs CEN
times for cash. Exchange on London,
~ francs 16 centimes. Five per cent
lion, 80 francs 30 centimes
New-York tribune., 1918-07-02
Consolidated EXCHANGE Firm Sus

. Consolidated Exchange Firm Sus-
pends.-Announcement was made at the
Consolidated Stock Exchange yesterday
that the firm of Clarence c. Perpall &
Co., of SO Broad Street, was unable
to meet its obligations. Shortly after
ward an involuntary petition in bank
ruptcy was filed in the United States
District Court against the firm by Louis
Rothstein and Rebecca Rothstein. cred
itors for S1,1OO.
New-York tribune., 1918-07-02

For delivery within thirty days:
Per cent.
Eligible member banks ....... 4L2
Eligible non-member banks.... 45a
Ineligible bank bills. 6
New-York tribune., 1918-07-02

State Bank to Increase Capital.-A
special meeting of shareholders of tho
State Bank has been called for Julv
- to vote on increasing the capital
from $1,5O0,O00 to $2,O0O,0O0.
Canadian Northern Railway.-Gross
earnings ear for the fiscal year to June 21,
sal 'o36,ooo, compared with s39, 1893, 900
Tor the corresponding period last wear.
New-York tribune., 1918-07-02

Bank Clearings.-Bank clearings yes
terday in New York and other cities
were:
Exchanges. Balances.
New York. .$518,895,o7S $50, 1886
Boston ..... 73,191,418 7,350,652
Chicago ~ 95.634,452 7.3O1,893
Philadelphia :. 6e.876,192 12,179,757
St. Louis -. 29,680,822 1862, $50
New-York tribune., 1918-07-02

Commercial Paper.--A substantial
volume Of business is moving at per
cent for the best regular maturities.