davidaulloa/AmericanStories huggingface dataset:
The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1920-01-29
The How and Why of Foreign Exchrnge

the securities of one country held by
residents of another, and shipping
charges incurred by one country for
the use of the shipping facilities OF
another
The problem in all of these pay
ments is how an American who uses
only dollars can pay his debts to an
En- lishman who has no use for any
thing but pounds sterling. OF course,
it would be possible, under ordinary
conditions, for some part of the debt
to be paid in gold, as gold currency
of any country Is universally accept
ed at it's bullion weight But gold
payments are risky and inconvenient
and 1t is not good business to have
Americans sending gold to England
to pay their debts, and have the same
gold brought back to America on the
next steamer to settle English debts
to this country
! 1t is mach more in accordance with
modern business practice to make
these payments in drafts on an Eng
lish bank, in other words, paper rep
resenting gold instead of the actual
gold Hence arises the exchange
market; il is a place where an Am
erican with ed00 debt to pay in
England can buy e100 draft on an
English bank with which to settle his
account.
Now these drafts, like any other ar
ticle of business, are subject to the
laws of supply and demand. II a
good many people in New York are
asking for English drafts or bills
at the same time, while not many peo-
pie have English drafts to sell, the
price of English bills or exchange
will go up. on the other hand II
everybody in New York is selling
English bills and very few are being
bought, the price will go down, and
English exchange will be said to be
"at a discount" while dollars are "at
a premium" as compared with ster-
ling.
The supply of demand of drafts in
dicate the trend Of money payments
between any two countries. Between
England and the United States, for
example, If England should export
more goods TO us than we sent to her.
land should hold a large amount of
American securities on which money
payments would have to be made at
regular periods, and should also have
large merchant marine and ins,r-
The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1920-01-29
sAppnlRes FROM MONTANA.
Finest Precious Stones in the World
Mined at Yoao.

The worlds supply of sapphires
comes from the Yogo in Fergus couh-
ty, Mont, and their value exceeds
that of all other precious stones min
ed in the United States. The sap
phires occur in disseminated crystals
in a, dixie of igneous rock that Is about
five miles long. Formerly two COM
panies We're mining sapphires but
both mines are now worked by the
New Mine Sapphire Syndicate, one
concern controlled by English capital.
After mining the sapphire bearing
rock it Is allowed to weather on wood
floors. The softened rock is then
washed through sluices and the sap
phires, being heavier than the dirt
collect in the RIFLES. from which they
are gathered and sent to concentra-
tor which separates them from other
worthless minerals. The sapphire
dixie rock is allowed to decay on sew
eral successive floors and washed as
many times to insure all the sap
phres being recovered The gem
sapphires are sent to London, Ant
werp and Amsterdam to be cut into
jewels so that the war almost com
pletely curtaled production. In 1915
about a quarter of a million dollars
worth of rough sapphires was produc-
ed. The small and imperfect sap
phires are used for watch jewels
meter bearings and phonograpf
points. The Yogo sapphires are ar
intense blue and are considered the
finest in the world
The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1920-01-29

pear and answer the said complaint
within twenty days of the service of
this summons if served within said
Judicial District, ano within forty
days if served elsewhere; and you are
further notified that unless you so
appear and answer said complaint
within the time herein specified, the
plaintiff will take judgment against
you as prayed in said complaint.
Witness my hand and the seal Of
said District Court this 9Th day of
January, 1920.
HARRY A. ROGERS,
(SeaD Clerk District Court
By l.. L. BRAINARD,
Deputy
James A. Wayne,
Residence and P. o. Address,
Wallace, Idaho,
Attorney for Plaintiff.
J15-F19-6t
The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1920-01-29
Bureau of Mines Experiment Station

In connection with the work of the
bureau of mines, department of the
interior, the bureau is now conducting
IL mining experiment stations, To-
Gated in the various mining centers
Of the country and bending their en-
ergies toward the special mining
problems that are local to their part
Of the country. So great has been
the demand for knowledge concerning
the character of the work undertake
en- at these various mining stations
and its general relation to the min
ing industry, the bureau has issued
bulletin describing the work Of the
stations.
DIR. Van II. Manning, director of
the bureau, sketches the work Of the
different stations as follows:
At Columbus, Ohio.
The station at Columbus, Ohio,
situated at a clay working center, Is
employed mostly on ceramic prob
lens. In this country there are about
1000 firms manufacturing clay pro-
ducts, including brick, tile, sewer
pipe, conduits, hollow blocks, archi-
tectural terra Gotta porcelain, earth
enware, china and art pottery. The
amount invested in these industries
Is approximately $375,O0O,O0O and the
value of the products exceeds $685.
100000 annually.
The Bartlesviile Station.
The station at Bartlesville, Okla,
Is investigating problems that arise
in the proper utilization of oil and
gas resources, >uch as elimination OF
waste of oil and natural gas, improve
ments in drilling and casing wells,
prevention Of water troubles at wells
and of waste in storing and refining
petroleum and the recovery of gaso-
line from natural gas.
Great Work for the Coal Industry.
What the bureau of mines has done
for the great coal mining industry
chiefly through Investigations at the
experiment station at PittsDurg, Pa.
has been published in numerous re-
the more important accomplishments
have been the development and in
PRODUCTION of permissible explosives
for use in gaseous mines, the train
ing of thousands of coal miners in
mine rescue and first aid work, and
the conducting Of combustion inves-
LEGATIONS aimed at increased etllc!en-
cy in the burning of coal and the eff
fective utilization OF our vast depos-
it's of Ignite and low grade coal
How vast are the deposits of low
grade ores being made available
Il rough the experiment stations Is
shown by the work assigned to the
station at Minneapolis, Mimi. The
primary purpose of this station Is tC
devise methods of utilizing low grade
iron ores. 1t has been estimated that
the reserves of low grade magnetic
iron ores in the state of Minnesota
alone amounts to some forty billiol
luis, pul uiitii ie'eh'ls 'ie''V Va "
ores have been untouched because M
process Of treating them profitabll
has been devised. Even now only ONT
company is attempting to utilize
them. The Minneapolis station has
already demonstrated that one pro
cess for utilizing the great deposits o.
manga niferous iron ore on the Gu
puma range is metallurgically posi-
BILE.
Work such as this not only stimu'
lates mineral production and helps t.
The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1920-01-29
Novel Methods at Salt Lake.

VsFVk''VVo ~ WITT @"VNVs
The Salt Lake City station has de-
vised novel methods of treating GER
tam low grade and complex ores
lead and zinc. These methods show
large saving of metal over methods
hitherto empolyed and have made
available ores that other methods
could not treat profitably.
The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1920-01-29

make available tremendous resources
that are now unused. but 1t increases
the total wealth of the nation and
ultimately benefits every citizen.
The mining industry IL so related
to commerce and manufacture that
the Importance of publishing the re-
suits of technical Investigations OF
mining problems is becoming more
and more evident. The miner and
the mine operator are integral parts
Of the industrial system of the coun-
/ try, and each needs to keep in close
touch with what the government Is
doing through the mining experiment
stations of the bureau of mines.
I Problems Solved at Golden.
| In the west vast quantities of low
grade complex ores will become
available as soon as commercially
feasible processes are devised. Many
OF the problems involved, which are
being attacked at the Golden, Colo
station, the Salt Lake City. Utah
station, the Seattle, Wash, station
the Berkeley, Calf, station, are OF
such nature that the small opera
tor can not afford to attack them
and the large operator finds them
outside his field. Yet the solution OF
any of them may add greatly to the
available resources of the country
and may result in establishing a new
industry that will build up the dis
trict in which it is situated. Already
these stations, although young, have
witnessed such results.
Today, through the efforts of men
at the Golden station, there Is an
American radium industry. Former
/ ly the low grade radium bearing ore
was wasted, the best Of the ore was
bought by foreign concerns at ruin
ously low prices and the radum was
shipped back to this country at ex-
cessively high prices.
Novel Methods at Salt Lake.
! The Salt Lake City station has de.
vised novel methods of treating Ger.
tain low grade and complex ores
lead and zinc. These methods show
a large saving of metal over methods
hitherto empoyed and have made
available ores that other method.
could not treat profitably.
Seattle Station Busy.
The Seattle station Is busy will
the beneflciation of the low grade ore!
Of the northwest and the mining an(
states; the Tucson station is work
ing on the benehciation Of low grad,
cooper ores; and the Berkeley station
has shown how losses may be rednc
ed at quicksilver plants and how thu
methods at those plants can be i'm
proved.
In the conduct of these investiga
tions the bureau seeks and is obtain
ing the cooperation of the mine OPP
orators At more than a dozen mill
in the west engineers from the sta
tons are working directly with tn
mill men on various problems, and tn
results they already have obtained
more than warrant the existence o
the stations. Success in solving on
problem may easily be worth mil
lions to the country. Mining mel
are using these stations more an,
more freely as they realize that tn
government maintains these station
t. help them, and that the difficultie
of the operators, both large and small
will receive sympathetic consideration
and such aid as the stations can give
The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1920-01-29
NOTICE OF ASSESSMENT.
Office of the Friend Mining Company,
321 Lindelle Building. Spokane,
Washington, December rs, 1919.

321 Lindelle Building. Spokane,
Washington, December 26. 1919.
Notice is hereby given that at
meeting of the board of directors of
the Friend Mining company, held on
the 18th day of December, 1919, an
assessment of three (3) mills per
share was levied upon the capital
stock payable on or before the 2Sth
day of January, 1920, to VIM. Schier-
ding, treasurer, at his office at S21
Linde,le building, Spokane, Washing
ton.
Any stock upon which this assess
ment remains unpaid on the 2Sth day
Of January, 1920. will be delinquent
and advertised for sale at public auc-
ton and unless payment is made be-
fore will he sold on the 21st day Of
February, 1920, at 100 p. m. Of said
day to pay the delinquent assessment
thereon, together with the costs Of
advertising and expenses of sale.
VIM. SCHIERDING,
Treasurer Of the Friend Mining Com
pany; 321 Lindelle Building, Spo-
kane, washington. J1-29-5t
The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1920-01-29

in response to several inquiries
relative to foreign exchange, the rea-
sons for fluctuations and showing
how an alteration in one country at
fects all the rest, the Miner has gath
cred the following analysis of the
subject from various sources, includ-
ing the Magazine of Wall Street, and
as the subject is a timely one at
present it should prove of interest to
all. We trust those who have writ
ten this office for information on for
eign exchange will find herein an an
swer to their inquiries
The foreign exchange market at the
present time has been more disturbed
by conditions growing directly out OF
the war than any other phase OF
business, and will in all probability
he the last to return to normal. If
you pick up the financial page OF
your newspaper you will find London
exchange quoted at S3,5S or there
abouts to the pound, francs at 1857 to
the dollar, and lire at about l4.75 to the
dollar.
This represents u state Of affairs
that before the war was absolutely
Uncomfortable for any length of time
Up to 1914 rise or fall of the pound
to $4.S4 or s4.SS would be enough &c
cause a commotion, as the exchange
markets were run on the closest OF
margins, going up or down by six
teenths of point at time. Now
the exchange market is u wide open
speculative affair, going up or down
in huge waves, like stock prices on al
active day.
1t is obvious that the pounds,
francs" and lire quoted at those
abnormal prices are not the actua
gold pounds, francs or lire There Is
just as much gold in a pound sterling
as there ever was. What these trans.
actions represent is not gold but com
mercial paper, called bills of ex-
change" and representing right tt
draw on a foreign bank to specified
amount in some foreign currency.
How Exchange Works.
In normal times this is how the ex-
change market operates: Between any
two countries of Importance there are
always two great streams of payments
to be made in money or equivalents
Tor goods or services. The three
great sources Of money payments
from one country to another are for.
4 eign trade, dividends and interest or
The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1920-01-29

industrial accidents killed 34O0 and
seriously injured $4,000 in the state OF
Pennsylvania in 1918 according to re-
lie health service. Most of such ac-
cidents are preventable; many the re-
suit of carelessness. Safety first!
The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1920-01-29

Imposters always believe that a
soft hearted man is soft-headed.
The Washington herald., 1920-02-11
INCREASED INSURANCE.

Accusations against the Ameri-
can people of having started an orgy
of reckless spendings must be dis
counted by the fact that the public
took out nearly twice over so per
cent more life insurance in 1919
than in any previous year, although
the 1918 increase was regarded as
phenomenal" Haley Fiske, presi-
dent of the Metropolitan Life In
surance Company. declared last
night in his address at the banquet
to over 500 field representatives of
the company in Washington and the
State of Delaware, at the New Will
lard.
The many-sided mechanism OF
big insurance company was revealed
last night by Mr.. Fiske in his ad-
dress. The Metropolitan sold during
1919 s1,41S.6s1. .492 worth of life pol
icies, he stated. an increase of over
10 per cent over the 1918 record.
Sixteen and one-half million peo-
pie hold over 100000 policies in
the Metropolitan, he stated. Claims
paid to policy holders totalled S73,-
500, 900, OF an average of $505.93
for each minute of the business day.
The idea Of industrial insurance in
free medical and trained nurse
which was regarded as nov-
city a few years ago, has increased so
that the company now numbers 5.-
0o0. 900 workingman policyholders.
Company trained nurses paid nearly
a million and a half visits to 256, 900
sick industrial policyholders. he stat
ed. and more than 100000 free
giving health and hygiene
advice were distributed last year.
Details were given of the much-dis-
cussed group insurance" whereby a
company insures the whole working
force OF an industry. Kingsport, Tenn,
where the entire payroll of a city has
been grouped" by the company was
cited The company, under the direc-
tion of the city. provides nurses and
doctors for all city employees and regu-
lates and surveys sanitation and hous-
ing of the entire city. A moving pic
ture showing different angles of the
insurance business followed the lee
ture.
The banquet last night is the first of
a series Of forty-eight to be held
among field representatives of the
company in each State. The entire
stan of national officers of the COM
pany accompanies President Fiske on
his trip. In addition to representatives
in the District and Delaware agents
of the company from Hagerstown,
Havre de Grace and Cumberland, Md,
and Alexandra, Va, attended the af-
fair. Superintendents of the company
In the district included John Dolph,
Thomas A. Lee and Richard H. Rob-
erts.
The Washington herald., 1920-02-11
NEW STOCK ISSUE.

A special meeting of the B. F.
Goodrich Company stockholders will
be called for March 10. to consider
the proposals of the directors to is
sue $3O,0O0,0O0 fve-year per cent
gold notes, convertible into common
stock at so and change in the COM
mon stock of the company to no par
shares. Stockholders will also be
asked to approve an increase in the
number of authorized common
shares to provide for the conversion
of the new notes and for the pur-
chase of stock by employees.
In making the proposals for the
issue of notes and the change in the
common stock. it is understood that
the directors were Determined to pro-
vide additional working capital for
the broadening of the company's
business. The new note issue has
been underwritten by a New York
banking group, and it was officially
stated yesterday that IL the stock
holders approve the recommenda-
tions of the board, they have the op-
portunity to subscribe to the note
issue on favorable terms.
The Washington herald., 1920-02-11
WARDMAN PLANS
EXTENSIVE OPERATIONS

Harry Wardman has purchased
the two corner lots on the south
west corner of Connecticut and
Cathedral avenues and will erect
fOur-story apartment building
there. The lots were purchased
from the Waggaman estate. No
consideration was given.
Construction of the new apart
ment building will start next
spring and the building will prob
ably be ready for occupancy by
late spring. Although complete
plans for the apartments have not
yet been made. it is understood the
structure will be divided into
small apartments. varying from
one room and bath to four rooms
and bath. The lots have a 'front.'
age of fifty feet on Cathedral
avenue and a depth of over 100
feet.
The announcement of the new
apartments is expected to be fol-
Wardman company, which is un-
largest spring building program
in the history of the concern.
Brokers Meet Tonight.
The Washington Real Estate
Brokers' Association will hold it's
regular monthly meeting tonight
at the Board of Trade rooms. Dis
cussion of District realty prob
lens, plans for a big local attend
ance at the national convention of
real estate men. at Kansas City.
Mo-. next June and final arrange
ments for the annual dinner of the
local association on February %.
will be discussed. A report on
the meeting of the executive COM
mittee of the National Real Es-
tate Association at Chicago last
month will be read by Mr.. Fair
fax, former president of the local
organization.
The annual dinner of the associa-
tion on February % will be held at
the Maison Rauscher. and a full at
tendance Of local realty dealers is
expected. according to Lee ID. Latimer,
president of the District association.
The Washington herald., 1920-02-11
Japan's Housing RemeNy.

Possible solsce for houseIess Wash
ingtonians may be found in the fact
that news from Japan received YES
terday indicates that the District Is
not the only place TO have a housing
problem.
So acute Is the home shortage in
Japan that the Home Office has had
TO take the matter firmly in hand.
because Of the suffering and unrest
produced.
The Japanese plan is in the lend
ing by the state OF large sums or
money to the cities, who will build
model apartment buildings.' CapitaI
has been furnished to Toxic, Osaka.
Kioto, Yokohama. Kobe and Nagoya,
at a very low rate OF interest for
municipal buildings. The city of
Osaka has received a loan Of 10000. =
900 with which she expects to erect
apartments to house 1000 Of its home
less inhabitants The city will retain
the ownership Of the homes after they
are built
The Washington herald., 1920-02-11
LIVE STOCK

Chicago. Feb. 10.-Hogs-Re-
ceipts. $4,000 head: higher; bulk.
14.40a15.10; top, 1920; heavy, 14.25
a14.75; medium. 14.50a15.00: light.
14.50a15.2O: light light, 14.25a15.00;
heavy packing sows, smooth. 1880
a14.00: packing sows. rough. 13.00a
1850: pigs. 13.25a14.25.
Cattle Receipts. 15.coo head;
steady; beef steers. medium and
heavy weight. choice and prime
medium and good. 11.0O
a15.00: common. 9.00a11!00: light,
good and choice. 12.00a16.0O; COM
mon and medium, S.5Oa12.00; butcher
cattle. heifers, 6.50a12.50: cows,
G.50a11. IS; Gamers and cutters, $50
SIS; veal calves. 16.25a17.50; feed
er steers. 7.s5a11.75: stocker steers,
7.00a10.50.
Sheep-Receipts. 1900 head; firm:
lambs. 1s.0oa21. 0;culls ard common,
15.00a1S.00; ewes. medium, good and
choice. 10.75a13S5; culls and COM
mon, 6.50a10.25. ....
The Washington herald., 1920-02-11
COTTON EXPORTS.

Statistics issued yesterday by the
Department of Commerce are held
to Indicate that the inability of Eng
land to purchase American cotton
because of the exchange situation may
mean a virtual cutting to half of the
export trade Of the United States in
cotton.
More than half OF the cotton ex-
ported by the United States during
the five months ended in December
went to England, trade reports show.
For the five months the total exports
of cotton amounted to 2,S69. $40 bales
of 1.472, 81. go pounds. valued at
543.734.66O. of which England took
/, ,475, 800 bales of 765, ,Ss7, 80 pounds,
valued at SIS. al. $50.
For the month of December Eng
land imported 442,210 bales of 3d.
Ss5.1OO pounds of cotton. valued at
S94, 81 ,365. while the total exported
from the United States for the month
was S76.S40 bales of 450, 1890, 800 pounds.
valued at $50, ,64S,2 30.
The Washington herald., 1920-02-11
GRAIN PRICES
MUCH HIGHER
Surprises Traders
Heavily Committed to
Short Side.
FARMERS ENCOURAGED
Expectation Of Modified
: Embargo Also Proves
Factor.
IT. FARMERS ENCOURAGED

Chicago. Feb. 10.-The grain mar
kets surprised many traders today
and also proved that 1t is danger
Gus to put out short lines at the
time for prices advanced In all the
grains. Corn went up 3 Is to
4 1-2c, oats jumped to 2 3-4c, rye
was is to 1-2c higher, and bar
ley advanced lac.
The cash markets were also strong
at good advances, with wheat gain
ing &c. corn 1 to &c, and oats 1 to
&c. Sales of cash corn came to
10000 bushels. while the cash oats
sold totalled 335,000 bushels.
the change in the general condi-
tions surrounding the grain mar
kets will doubtless prove encourage
ing to the farmer and it will also
be more or less of a help to the
owners of large quantities of the
various grains in country elevators.
Expectation that the embargo on
Eastern shipments would be modi-
fed SO that limited shipments may
be made East vas one of the
strengthening factors. Strength at
outside markets, cash corn going 7
20 10c higher at Omaha. also helped
check the bears. The sterling ex-
change situation also was more set
tied.
Grain is not being sold freely by
the country because of the recent
price recessions. Advices say many
producers refuse to sell their grain
until better prices are offered.
Selling by the packers early on
advanced prices was the feature of
the provisions market. Resting
spots for the day were at gains of
IS to soc for pork, 12 1-2 to 15c
for lard and 81 1-2a30c for ribs.
Chicago Board Of Trade prices on grain
and provisions yesterday were: