davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1918-08-25
Money and Credit

Loans and discounts Of the New York
Clearinghouse banks decreased S55,414,-
coo during the last week, bringing the
total to s4,406,0o4 900, according to the
weekly statement made public yester-
day. Large government Withdrawals in
part accounted for this curtailment.
Many time loans which became due
last week were not renewed. United
States deposits decreased from $442,-
e49,O0O to S3o3,351 900.
weekly statement reported an increase
Of some $22o, 100000 in bills discounted
and bought. The change was a reflex
Of the tightness of the money market,
which compelled member bankers. in
many instances to enlarge the extent
to which they used the rediscount priv
ilege. The aggregate of gold in the
vaults of the bank and in the settle
ment fund showed a further decline
during the last week
Bank Acceptances.-Owing to the
firm money market the demand for
bank acceptances is somewhat lighter.
Rates yesterday were as follows:
Thirty Sixty Ninety
Spot de- days. days. days.
livery: Per cent. Per cent. Fer cent.
E | igible
m m b ber
banks. .414@4 47s@4l4 43a@4A
E ! igible
non-mem-
Der banks.4A@4Is 43s@4A 43s@4Is
I n eligi bic
bank bills.5A@4 5N@4s4 5M@4aA
For delivery within thirty days:
Per cent.
Eligible member banks. ..4H
Eligible non-member banks. -. 45a
Ineligible bank bills. 6
Discount Rates.-The following table
gives the current rates of the twelve
Federal Reserve banks on commerce al
paper on all periods up to ninety days:
New-York tribune., 1918-08-25
Shortage of Goods
And Raw Supplies
Reasons Why Price-Fixine
Committee May Look
Into Cotton Prices
Special Correspondence o, Tho Tr4ouns>

Especial Correspondence Of Tho Trlbune>
BOSTON, Aug. 24.-In regard to con-
ditions at present governing cotton
milling, the editor Of "The American
Wool and Cotton Reporter" said to-
day:
strength continues to be prominent
feature of the general situation in tex
tile markets, with a shortage of goods
and raw materials. 1t is likely, now
that a complete scheme Of cotton warn
prices has been announced to be effec-
tive until October I. that raw material
prices will receive a good share Of tho
attention Of the price-fxine commit
tee.
The outlook for large crop~of cot
ton does not seem 30 favorable at pres
cnt, but it seems reasonably certain
that every effort will be made to pick
the crop at prevailing prices of TODAY
There is little possibility Of cotton de-
Ginning greatly and every possibility OF
higher quotations.
Tho export situation appears some
what better than IL has been. The
New-York tribune., 1918-08-25
y Wealth Market and Commerce

working on arrangements which will
result in the stabilization Of all rates.
Rates on Paris yesterday moved to
6.61 francs to the dollar for checks,
against 5.651A the week before. In
April, when the rate was most adverse
to Paris. it was quoted at 6.09H. The
present rate marks the highest reached
since the great downward movement
started in June 1915, when the Allied
governments were placing enormous
war orders in the United States
Besides the sentimental effect of the
war successes and the arbitrary pegging
Of rates, the large remittances from
the United States to France for the
maintenance of the American army
overseas are helping to stabilize French
exchange.
If you calculate the cost of the dol
lar in terms Of foreign money at par
value-that is, if you were buying dol
lars with pounds, marks or francs-its
value at the close of last week, as
compared with a year ago, would be
about as follows:
New-York tribune., 1918-08-25

parable to incessant dancing b, -,
bodied civilians of military aye av..
innately wrong" he said, "but ont ~
tune with the serious things that ~.
happening overseas"
A leading member Of the s.ocL o.
change was asked what it wou,d w..
If Stock Exchange loans were stamnos
non-essential.
The suggestion is absurd" he said
The supreme financial object noxv :.
the sale Of Liberty Bonds. The c,,;a
OF loans on Stock Exchange collater.,
would mean wholesale selling Of :.
curities Of all kinds, and conssoront,,.
prices would fall tremendous,v
result bargain hunters and others rs;+,,
ready money would invest heavily -
the under priced securities. and ~.
when the government came alons >.
doat its next issue Of Liberty Pona.
the money would already be snert g.
other purposes.
Moreover, many Of the cs,, ,.
are to carry the Liberty bonds bop,h.
by brokers and their customers H.
can the Reserve Board say that N.
third of brokers' loans which .,,.-
Liberty bonds are essential and ~.
o'her two-thlrds, which are for other
securities, are non-essential?
investment market l readily conesds
that 1t would be a mistake to make
money too easy, and thus foster snscn.
latlon. But no money would mean
panlc' and that, above all things. i. to
be avoided"
New-York tribune., 1918-08-25
Using Swedish Electric Power

Ilectriclty generated by water power
in Sweden has been transmitted under
water by cable to Denmark and Tho
current Is being used for lighting in
villages in the northern part Of
Zealand the island on which Copen-
hagen is situated. and in Hellerup. a
suburb of that city. Owing to inab;litr
to obtain the copper cables and eIactr;Ss
transformers required, the plan to on
crate streetcars in Copenhagen and
Frederlksberg by power from this
source has not been carried out
New-York tribune., 1918-08-25

naming of identical quotations for do
mestic mes? and for export trade offers cer- er
h1. tain .,a1I aavantnges which were unexpected
py many. Prospects of more Desirable
chhapp.ng conditions have made pur-
;masels ;oMs IN outside markets more anx-
to find the export trade co ou' ro,e ptislng ;a1l
good at time when the dificmlt;ass
OF transacting such business are so SO
numerous. If high prices are no orest
oeterrent In the EXPORT trade. thev
ougne not to be too great for the do,
New-York tribune., 1918-08-25
The Dollar in Foreign Exchange

The last week saw a movement OF
neutral and belligerent exchanges in
the direction of the normal. Francs
were especially strong, and the ncu-
trails, particularly Spain and Switzer
land, were weak. Opinion among bank
ers differed az to how much effect the
news OF perristcnt Allied advances had
on tho foreign exchange market. In
well informed circles it was snid that
tho inter.Allied financial committee Ia
New-York tribune., 1918-08-25
Cottonseed at Mills

The United States Bureau OF
Census has issued prelimina'! -,
port giving the amount OF eo''oNs
received at mills in this country l'V. =,
August l, 1917, to July 81 ias, ~,
4,26O,273 tons. This does net me-
sS ,927 tons on hand August nor 80 :,
1o6 tons reshipped. The quah',s go.
seed crushed during this pes,.S;ssv on
4,257.S25 tons, and the quannv 81,
hand at tho mills on July 81 wa "
a. tnns
New-York tribune., 1918-08-25
Opinions Differ
Only in Degree

Whereas the bankers differed among
themselves as to the wisdom of a rul-
ing, the brokers who were canvassed
stood solidly opposed to any sugges-
tlon that Stock Exchange loans might
be considered non-e essential. But when
all the differences of opinion were car
RED to the final analysis it appeared
that the divergences were of degree
and not of kind
All elements in Wall Street agreed
that the Stock Exchange itself served
a necessary economic function. and
on the other hand, all seemed to con-
cede that it would be inimicable to the
national interest to encourage an un-
limited speculative market at the nres-
ent time. The only real differences
arose over the practical decision as to
at what point loans should be cut off
Many-perhaps the majority-held that
the money committee was handling
that problem competently and needed
no new ruling on which to base it's
work
One broker said that an unrestrained
Dull market in war time would be bad,
because it would not look right He
said such a market would be COM
New-York tribune., 1918-08-25
Total Fisheries Yield

The Minister Of Marine and Fisheries -
reports that the market value of ali
kinds of fish, fish products and marine
animals taken by fishermen of New
Brunswick, Nova Scotia and Prince Ed
ward Island during the fiscal wear
ended March 81, 1917, was $l7,099 o40.
compared with $14,837,678 for 1916
New-York tribune., 1918-08-25
Zinc Price Unchanged
War Board Announces First
Grade Rate Is Continued

WASHINGTON, Ang. 24.-Twelvs
cents a pound as the maximum pr'''
on Grade A zinc will be continued on
deliveries between September shu
January I, 1919, under an I,reeme"'
announced to-day by the War ino''
tries Board. :. .o
The price at point of delivery IS ,hs ~
be the East St Louis price Plus 'A'
fre;obt
New-York tribune., 1918-08-25
An Appeal
F or Conservation

Repeated statements from, ths Fed
eral Reserve Board, buttressed by sim
liar appeals from the Federal Reserve
banks at San Francisco, Chicago, New
York and elsewhere, that credit must
be conserved emphasize the serious
ness of the problem. The Federal Re-
serve Bank of Boston, which has just
issued such circular, puts the need
emphatically as follows:
Therefore be it
Resolved, That the directors OF tho
Federal Reserve Bank of Boston, in
full accord with the views of the Fed
eral Reserve Board, hereby direct the
officers of the bank to impress in every
appropriate way upon the bankers and
other business men Of this district the
necessity for judicious conservation
of credits and other resources for pur-
poses not essential to the war.
by etfecting a curtailment Of the
existing loans granted for purposes
not connected with the prosecution OF
the war.
"By exerting their influence to re-
uuNc " minimum all eApeNdltuic'
Tor improvements and new undertak-
lngs which are not essential TO the
war.
"Concerted action at this crucial
time along these lines, on the part OF
all bankers and business men in this
district, will place at the disposal OF
the government increased facilities for
bringing the war to a successful con-
clusion."
Important words, these Such ap-
peals as this ought to cause q progres..
sive attempt to reduce all diversions Of
financial energy If war needs re,
quire it, by all means the non-essential
must be sacrificed But. care mus: be
taken that the essential is nor confusea
with the non-essential. Intelligent dS,,
cusslon and sincere interchanges o.
ideas cannot fail TO be stimulating.
New-York tribune., 1918-08-25
Tunisian Cork Harvest

The cork harvest in the Khroumirie
forests Of Tunisia for 1918 Is estimated
at 10000 quintals. But therc are doubt.
ss to the success of the sale, which will
negin IN about month, owing to lack
of ship tonnage.
New-York tribune., 1918-08-25

The above rates express the cost of
foreign money in terms of the Ameri-
can dollar. You buy an English pound
starting at, say, $4.756o. The intrinsic
parity is $4.865s per pound Thus you
say either that pounds are at a dis
count or that dollars are at a 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., 1918-08-25
Norway Supplied With Fuel

According to newspapers in that
country, Norway has provided for its
winters fuel supply. During four
months this year railroads carried
100000 cords OF wood and this distri-
button is still going on.
New-York tribune., 1918-08-25
Definition Might
Enhance Endurance

Yet an important element among the
bankers felt that the Reserve Board
had not yet gone far enough-nor had
it been specific enough-in it's general
classification Of credits. Bankers who
held this viewpoint explained that the
board could be of great help in enhanc-
ing the financial staying power Of this
country by frankly stating, for ex-
ample, that loans for stock market pur-
poses are essential only lin so far as
they are not used to promote a big
speculative movement. In this quarter
plea was made that the board sub
stitute particulars for generalities in
it's appeals for the conservation of
credits.
These bankers did not in the slight
est degree intimate that they desired to
see all call loans cancelled; nor did
they, on the other hand, as has been
suggested in some i'll informed circles,
try to beguile the Reserve Board into
putting itself on record as favoring the
extension Of much larger credits for
Stock Exchange purposes, and thus en-
couraging vast speculative market.
The attitude of the other side among
the bankers was, roughly, that the
board could not astutely go further in
its recommendations regarding the
credit situation. It was asserted that
for the Reserve Board to come out
openly and express definite views re-
garding the status Of loans for stock
market purposes would do more harm
than good.
The head Of an important trust COM
pany gave expression to this viewpoint
very clearly. There is already close
cooperation between the Federal Re-
serve Board, the local Reserve Bank
and the money committee" he said.
Through the agency of the money
committee the government is kept in
formed as to the nature Of the loans
that are made to brokers. Every effort
is being made to check undue specula-
ton while the needs of the government
are paramount.
HC llioHoy COIIIlltLeo WOIkS IN THIS
way: Each morning allotments are
made of the amounts each important
lending institution may be called upon
to make. 1t does not necessarily fol-
low, however, that the bank will be
called upon to lend that amount. This
depends entirely on the needs of the
market. Every effort is made to de-
I termine whether the loans made by the
committee are purely for speculative
purposes or are intended to finance in
vestment buying"
1t was pointed out in this connection
that the Stock Exchange business Is
carried on with but per cent of the
total loans and discounts OF the New
York Clearing House banks. Moreover
1t was estimated by capable authorities
that call loans amounted only to some
S2|5,ooO,O0O, and time loans to onlv
s4o,ooo,ooo. In active peace times the
proportion frequently reaches one-third
OF all loans, instead of one-fourteentb
as at present.
New-York tribune., 1918-08-25
New York Clearing House Banks

The actual of member banks <borr H. l.,
oan w ses lion 'ne preceding week, follows
Cash uauta S44e00040 900
Reserve in Federal Posara p "e'"oers. 9850ooo 13eOoo
Cash nc So ooOoO
repositories
Net demand deposits zee. 2oOOO
1ooo3OOO
Aggregate reserve ''''''''''''''. a5soe00o 23oOo
Excess reserve o41491oo0
''''''''. osaS523o Inc 1850
United States deposits 5000 35 nm
New-York tribune., 1918-08-25

Silver.-London, 4ahd, unchanged;
New York, 1ol%c, unchanged; Mexican
dollars, 78Hc, unchanged.
Sub Treasury. The banks lost
s477,00o to the SubTrcasury yester-
day.
London Money Rates. LONDON.
Aug. 24.-Money was unchanged at g
per cent. Discount rates we're, short
and three months bills, 317-32 per
cent. Gold premiums at Lisbon re-
mained 1870.
New-York tribune., 1918-08-25

Below is given the current exchange
value Of foreign money in dollars and
cents. together with the~intrnsic gold
parity, as calculated by the United
States Mint:
New-York tribune., 1918-08-25
What Wall Street Thinks
About Stock Market Loans
Without Exception Opinion in Financial District Is That the Market
Essential Time Peace and That No Restrictions
Should Be Imposed by Federal Authorities

ened-they virtually unanimously char
acterized the request for ruling as
absurd"
New-York tribune., 1918-08-25

=. Bank Clearings.-Bank clearings in
New York and other cities were:
Exchanges. Balances.
New York. :. $513,5o5,3 ,3ae $51,774, 1875
Boston .:..... 44,055.347 7,855,o17
Philadelphia. 68,078,3e8 14,176. 1856
New-York tribune., 1918-08-25
Federal Reserve Banks

WASHINGTON discount
ns and for the twelve Federal Reserve
Board
The condition the close of the business last night
s follows:
New-York tribune., 1918-08-25

Discount Rates.-Tho following table
gives the current rates Of the twelve
Federal Reserve banks on commercial
paper on all periods up to ninety days:
The Challis messenger. (Challis, Idaho) 1912-current, 1918-10-09

Five Million Men in Francois
II takes $1O7.50 to feed one army CO...
pany one day.-Do your part tovare
leeaing them by buying Fourth Lioefv
Bonds.
Five. Million Men in France-4s..
u takes ss1.6a to provide clothes an.
blankets for one man.-How ma%
WIZ you clothe through the Four
Liberty Loan?
A she'll dropped in the German Dpl
ieaves that many less Huns for er
men to put out Of action in hans
nand lighting. How many shells
your Fourth Liberty Loan starr
their way to France from our mun'ps
factories?
Enlist as our soldiers do-5uy sew
and KEEP them.
Civilization Insurance - LINZ"
Bonds" 81
Put service star on your s's
Bonds win estt,es--euy More asss'|
The Challis messenger. (Challis, Idaho) 1912-current, 1918-10-09

Our battalion went into action 1a0o
stfong; 27o men came back" writes =
Older from France. This seems :
terrible sacrifice. but
Americans have never retreatea On
inch on French SOIL" says Renters
correspondent at Paris. according 70
news dispatches. No wonder the unn
10 backing up. ~
10 your part in the Fourth J;hertv
Loan to let our immortal fighting mon
KNOW you are backing them IN,
Turn the Eagle Loose on Ev.rv
Fighting Dollar. '
Put your Dollars into khakl-su,
more Bonds. .,. NY
u Old Glory means anythlnu "a vo,,
Buy Bends! ~ you
Sack the Fighting men with N.
Psehtin9 loan-6uy Bonds. "'
Down With Your Hundred. .,s
Vown With the Huns. anu
The Challis messenger. (Challis, Idaho) 1912-current, 1918-10-09

when Britain reached the of the
troops really pouring through her France by
hundreds OF thousands her heart welled up within
welcome they will long remember portion
ABOVE Is SHOWN an American regiment marching
IN parade Mark enthusiasm passage TO the front
your subscription to the
The Challis messenger. (Challis, Idaho) 1912-current, 1918-10-09
KAISER PLANNED TO
RULE WORLD after
6 MONTHS WARFARE
Thought Theft of Iron and Coal
From France, Land From
Russia. Would Pay Bill q

Planning world trade domination, II
not actual world rule, as the outcome
of a short six-mcnths' campaign in
Europe, Germany now finds herself
outcast from among civilized nations.
her people impoverished, her honor
irrevocably stained by the blood Of
Belgium, and facing future Of
fathomless ignominy and disgrace.
Il will make room for my growing
people by taking some more of France
and few thousand square miles Of
Russia" said the Kaiser. I'VE will
get tho iron and coal in Northern
France for manufactures which we
will sell the conquered population Of
Russia, and this, besides indemnities.
will more than pay for the war. Eng.
land will not dare come in, and our
merchant fleets will soon crowd her
from the world trade routes.
III the United States does not
acQuiesce, her manufacturers will get
no more of our dyes and chemicals.
her farmers no more of our ferti.
lizeIs. And we will also take away
from her all South American com.
merce."
GERMAN GRAVES ,.glst,
GRIM ANSWER
Now. across the graves Of a mil.
lion of his young men, the Kaiser is
beginning to see the sun set on the
smallest of his ambitions. "Foch will
never cross the Rhine" is now the
German watchword German cities.
shrieking beneath the visitation Of
allied and American airplane bombers
cry out: mo more of this barbarity."
Such cries are echoed in the ghostly
laughs of thousands of Gotha and
Zeppelin victims in London and Paris.
The Rhine will be crossed, and
Cologne and Berlin will vince be-
meath the shells of Allied guns.
Five million men in France cries
America. Remember Belgium and
end the war in 1919"
To America and her five million
fighting men in France will come the
greater glory of the world war; But
that end will not be achieved with
out the sacrifice OF thousands of
those men, nor without the most
earnest and united support of those
OF us at home. Where we have given
valiant efforts to war work here
tofore, we must thrust our sholders
desperately against the wheel OF war
preparations from now on. To no
one person or class is it given to do
. greater share in this war than any
other person or class. Each must
do his utmost.
The Challis messenger. (Challis, Idaho) 1912-current, 1918-10-09

"We We're shelled without warning
at O'clock in the morning in our rest
billets, and three OF my lieutenants
were killed instantly in the inky dark.
ness" This is the simple letter Of q
captain on the battle line in France.
Do you count the dollars Of your
Fourth Liberty Loan subscription
when every retaliatory she'll from !
1S5 millinaeter howitzer costs nearly
$l0or
"rour limit is your duty In the
Fourth Liberty Loan"
Sack up Pershins and he will back
the Kaiser over the Rhine" Buy
Fourth Liberty Bonds.
'if you can't work, buy: II you canH
fight. buys If you have hou9ht-buy."
Fourth Liberty Bonds.
@eiberty Bonds speak language
the Kaiser understands. Talk to him
today Put your dollars In Uniform
The Challis messenger. (Challis, Idaho) 1912-current, 1918-10-09

hvey steel steamship turned ors in hundred and
shpyards has than million rsvets and the Of
the rveter guns swes in chores with the clicking the
machine in France to drows The dying German
their submarine exploits.
The clnkng dollars OF the Fonrh Liberty Loan will add
shrler voice to that chorus and further lower German
morala
It's easy to cheer for boys Make your dol
lars shout in the Fourth Liberty Lean Germany will under-
stand their voice without Translation.
The Challis messenger. (Challis, Idaho) 1912-current, 1918-10-09

The Fourth Liberty Loan is the first item on the program
f national war finance since the announcement OF our n
on to put five million in France and finish the war
next year On response to its call for our dollars our
friends and enemies will judge Of sincerity and earnesness
in making that pledge ~
The nation resources ample The success of the
Fourth Liberty Loan depends converting share Of
those resources into Fourth Liberty Bonds Nothing
The loan should be subscribed the first day and oyersgb
scribed the second day.
: Buy Liberty Bonds. Don't be Turtle.
The Challis messenger. (Challis, Idaho) 1912-current, 1918-10-09

Motor trucks BY the the great war
different from any other in adding mosy
Where preparation for battles previous
Since the Marne
gasoline and rubber have been ineeaatng
Sorae OF the American troops
shown above In halt village
thirty hours with hardly stop 49,
Your subscription to the liberty add the
certainty that will fight too late to
The Challis messenger. (Challis, Idaho) 1912-current, 1918-10-09
WEIGHT RESTS ON
AMERICAN FARMER

-
Upon no one class rests q greater
responsibility than upon the Ameri.
can farmer, who with his wives and
sons and daughters constitutes one.
third of our population. He has the
first and great responsibility of pro-
viding food for the nation at home,
food fop the fighting men abroad, and
food for our allies in the battle line
and their civilian population.
England. with millions of acres of
parks and hunting grounds converted
into farms can only raise crops to
feed her people half the year. France.
with every man in uniform, and
nearly half her fields overrun by
armies, does even less.
With her grain fields extended by
millions of acres of new land, Ameri-
ca is responding to the call and allied
hunger will never be an ally to Ger
many. Billions CT dollars OF Ameri-
cas- huge war loans are coming back
to the farmer in payment for his
grain and stock.
The farmer for his future honor
and standing in the nation, must see
that every penny Of this sum he can
spare 10 reinvested in war loans.
The Fourth Liberty Loan. now upon
us. calls for but portion of what
America must spend in war efforts in
the next few months. 1t must be sub.
scribed promptly and overwhelmingly.
That the man who is not for us is
against us" is as true now as when
It was written centuries ago.
II YOU buy fifty dollar bond
when you COULD BUY five hun.
dred dollar bond, you are not doing
your full duty as an American.
The Challis messenger. (Challis, Idaho) 1912-current, 1918-10-09

This shows OF the thousands
been smashed to dusty brick heaps opposing artillery during
German capture and occupation Too
the necessity sending where they have
spent happy with their nd ,
Your subscription Liberty Loan will help move
the ruin back into Germany.