davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-08-25
Cash Basis
Is Impossible

other brokers pointed out that with
the daily settlement system which nre.
walls on the New York Stock EXCHANGE
1t would be virtually impossible to run
thls market on cash basis with no
call loans) in the way the London ex.
change. which has fortnightly settle.
ments, is now conducted. It. was also
suggested that, If the official market
was forced to close down broker,
would become stock dealers. and IN.
dlvlduals who had to convert their 90.
curlties into money would have to A.
cept the price fixed by the broker. act
ing as dealer, instead of 8 price do.
termlned by supply and demand ins
tree market. Moreover, the prots.
ton which the rules Of the Stock En-.
change give the public, it was said.
would be lost if the market was forced
to close. And the ensuing business,
would have to be done In an unrepn.
lated fashion.
Despite the fame of controversy thu.
was started by the inquiry for further
oennltlon as to what constitutes
essential loans, Wall Street has prob.
ably been improved by the SELF.
scrutiny which has resulted.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-08-25
Rains Break Drouth
And Cotton Price
Drops So a Bale
Reaction on New York Cot.
ton Exchange Follows
Runaway Market

The developments in the Cotton Ex-
change yesterday constituted an anti
climax to Fridays excited, record
breaking market. Prices, which rose
the previous day almost to IS cents a
pound, receded from $50 to ITS points.
or approximately So bale. A report
of good rains in the Southwest was the
chief external factor in causing the
runaway market to face about.
In spite of the advices that showers
were breaking the drouth, it was not
believed that the rain had come in
time to prevent the expected low end
Of August condition figures. Yet the
traders seemed to feel that Fridays
rise had more than sufficiently dis
counted the forthcoming condition
figures, and the high price levels could
not be maintained in face of reports of
better weather conditions. Selling be-
came fairly general in the two-hour
session, but compared with the scene
Of the day before the market seemed
narrow
The opening VS. quiet. Although
the early weather-m showed good
rains, the initial offerings were quickly
taken up by renewed Liverpool buying
and overnight covering. The demand
was soon supplied, however, and the
market was weaker after the publica-
ton of the Western belt forecast and
the detailed weather report. October
sold off to 33.05 and January to $3.50,
and the market closed at the lowest
point Of the day.
Although local traders were doubtful
about the effect the rain, SO long de-
layed, would have on the crop, Texas
planters who we're in the city expressed
the opinion that the rains would be
most beneficial and would increase the
crop with normal frost date. Local
observers, at any rate, believed that
the deterioration had been checked, and
reports reached the ring that South
western spot offerings were increasing.
A comparison of prices follows:
A comparison Of prices follows:
Yes days Previous Year
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-08-25

charged up at the new government
prices. Additional prices on cotton
goods are to be announced shortly, to
include denims. plaids, cheviots, etc
1t is also expected that the converting
trades will be apprised by the price
hxlng board under what plan they may
work to harmonic their sales with the
prlce-fxing plans adopted for mills.
Jobbers and retailers are buying
goods very moderately. The advance
in cotton has removed all likelihood Of
cancellations on the part of either re-
tailers or johbcrs, as 1T seems to trad
ers that the October l price revision
by tho government cannot be on a
lower price basis. Prices quoted are
as follows: Print cloths. 2S-inch 64x64s.
l2A cents; 6ox6os. 11A cents; 3s1s-
inch 64x64s, 1915 cents; brown sheet
ings, Southern standards, 207s cents:
denims, 2:2o Southern, indigo, 371s
cents nominal: tickings, s-ounce. 42ls
cents; prints, % cents; staple ging-
hams, 1919 cents; dress ginghams, 90
cents and "a cents
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 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,-
$4,000 to S3o3,351 900.
weekly statement reported an increase
Of some 1920, 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 er
banks. .414@4 47s@4l4 43a@4A
E ! igible
non-mem-
Der banks.4A@4Is 1904 43s@4Is
I n eligi bic
bank bills.5A@4 5N@4s4 5M@4aA
For delivery within thirty days:
Per cent.
Eligible member banks. Az
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. [volume] (New York [N.Y.]) 1866-1924, 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. [volume] (New York [N.Y.]) 1866-1924, 1918-08-25
y Wealth Market and Commerce

working on arrangements which will
result in the sterilization Of all rates.
Rates on Paris yesterday moved to
6.61 francs to the dollar for checks,
against 1864 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. [volume] (New York [N.Y.]) 1866-1924, 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 tremendously
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. [volume] (New York [N.Y.]) 1866-1924, 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
Fredericksburg by power from this
source has not been carried out
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-08-25

naming of identical quotations for do
m mes? and for export trade offers Ger er
h tain lazy, advantages which were unexpected
ny many. Prospects of more Desirable
chhapp.ng conditions have made pur-
;oMs IN outside markets more anx-
to find the export trade co o wi, pti ;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. [volume] (New York [N.Y.]) 1866-1924, 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 pertinent 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. [volume] (New York [N.Y.]) 1866-1924, 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 lbs, ~,
4,26O,273 tons. This does net me-
sS 1927 tons on hand August nor 80 :,
1o6 tons reshipped. The quah',s go.
seed crushed during this percy %
4,257.S25 tons, and the quannv 81,
hand at tho mills on July 81 wa "
a. tnns
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 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-
ton 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 IN
limited speculative market at the nres-
emit 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. [volume] (New York [N.Y.]) 1866-1924, 1918-08-25

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. [volume] (New York [N.Y.]) 1866-1924, 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 ,h ~
be the East St Louis price Plus Wv
fre;obt
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 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 expenditures
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. [volume] (New York [N.Y.]) 1866-1924, 1918-08-25
Tunisian Cork Harvest

The cork harvest in the Khroumirie
forests Of Tunisia for 1918 Is estimated
at 10000 quintals. But there are doubt.
ss to the success of the sale, which will
begin IN about month, owing to lack
of ship tonnage.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 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. [volume] (New York [N.Y.]) 1866-1924, 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. [volume] (New York [N.Y.]) 1866-1924, 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 WORKS 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. [volume] (New York [N.Y.]) 1866-1924, 1918-08-25
New York Clearing House Banks

The actual of member banks shown H. l.,
oan w ses lion 'ne preceding week, follows
Cash uauta S44e00040 900
Reserve in Federal Posara p "e'"oers. 9850ooo $4,000
Cash nc So $4,000
repositories
Net demand deposits zee. 2oOOO
1ooo3OOO
Aggregate reserve ''''''''''''''. a5soe00o $4,000
Excess reserve o41491oo0
''''''''. osaS523o Inc 1850
United States deposits 5000 35 nm
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 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-
NAMED 1870.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 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. [volume] (New York [N.Y.]) 1866-1924, 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. [volume] (New York [N.Y.]) 1866-1924, 1918-08-25

=. Bank Clearings.-Bank clearings in
New York and other cities were:
Exchanges. Balances.
New York. :. $513,5o5,3 ae $51,774, 1875
Boston $500. 44,055.347 7,855,o17
Philadelphia. 68,078,3e8 14,176. 1856
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-08-25
Federal Reserve Banks

WASHINGTON discount
tons and for the twelve Federal Reserve
Board
The condition the close of the business last night
s follows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 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 Dickson County herald. (Dickson, Tenn.) 1907-1979, 1918-04-05
THE SPRING DRIVE

unr boys are going "oyer the top
and Into sSo mans land this spring
No one has any doubt of their ability
10 EST there,, Theirs Will also he n
kprsag drts. On thlA sids VI ths ocean,
brrnase March IN the years "hiue MfH
day" " In ths most fatal monsh u the
year. March aud April liz a time whsn
resistance usually IA at lowest ehb. IL
IL u trying season for the ''rnndown"
man, Hut. lnsdical sciehce .stepss In, aud
says. ~ need not be- W. should cut
tiSase a love of health sense OF re-.
Tp~Shlttty for tbr care ~ oar Bodies
~ilp not allow the maehinery II the body
u clog Put tho stomach aud HseF III
ufopee condition. Take nf iierce's
Golden Medical Discovery 10 b. had at
tnust drug stnres ia tablet or liquid
form. tablets sixty VIAL cum-
posed uf native herbs This puts thu
stomach and liver ia proper condition
You may he Flooding along no sprtne
no elasticity, nu Vita btN ne Snou rs yaH
have put the body into tts normal phy Ni
cul condition. oiled thu machinery. AZ
II wefr- you allt tina ne. vim, Ngnr
aud vitality within you, A ilttie pep,
and We laugh aud live. Try Ii now
Send itv Fierce, Buffalo, y y. i0e. fer
trial package, A little energy Viii save
the day the prime necessity Of life IN
health With spirit and energy YOU
have the power 10 force yourself into
action The Golden Medical Discovery
Ia the spring Tonic which you need.
The Dickson County herald. (Dickson, Tenn.) 1907-1979, 1918-04-05
CALVES ON SEPARATED MILK


fprspATsd ny tAs tnsssa States pspaxs.
m~ms vi Axsssssisatsss
at Yeast fcar-Gtths Of sii dairy
calves are raisas GA separated milk.
g~Hia being used to supply she TINT 70
moved Usually II pays we'll IN freed
whals snlak fur about tive WEEKS NJ the
snd Vt walch time separated nask naay
b~ used Ia part The proportion vi thin
latter may be gradually increased until
nj Tire end ut THE fourth ssevk II IN used
altogether. No fixed ruisx ut feeding.
based aron age. can be given. eeexus~
the si1# aud vigor 90 THE calf must III.
ways be considered Calves especially
strong al birth may be par an sxpars
assd milk snsirsiy al two weeks III agT.
but this should aos h~ attempted with
weak ones. Until the calf In I'm xixaTs
GUS and thrifty coadition 10 attemrss
should be made 10 change to separated
milk. This change should always BIT
made gradually,
For the aFst tear days. from eight 10
twelve pounds VT milk fruaa the darn
shosnd be led After this TINA the
tnilk may b. fram amy eow or COWS tn
the herd. but preferably not fsum any
that are nearly dry. MILK containing
sat more than ger cent III hatserfat
" considered the best fur this pur.
pose.
Al the beginning Of the third week
the substitution III EITHER skim III sssis
aratstf sfffk may es>4ntfi+ifS'e MI rio rate
VI one pound d day. The quantity et
the daily rasirn may - Increased two
to four pounds, depending at.on ths
slsor ~ the enlf. The quantity. how.
sRsr. slliitltd ~ kept well below TIA
capacity ~ the calf that II. when II
daes not dr,nk eagerly shat ts offered.
the quantity should IT, cat dawn.
Az the beginning - The fourth week,
FROM ets#half 10 thtseauHeters NJ the
milk ration should ht' separated miis'