New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-03-09
oo,tes Gain and Lose a
Point in Few Minutes
on False RumOr.
FIRMNESS IN RUSSIA
HOLDS PARIS PRICES
onotations on Certain Mexican
Securities Artificially
Maintained.
IS cable to The Tribune

Paris, NarCh o INC N0VN NiIu 9OSSiOii
cha stock market showed flnanciers
In under the spell Of a curious incident
.,,,b happened on Thursday with regard
r-ench rentes. French IS jumped near
!, point on a belief that NJ. Caillaux.
minister OF Finance. would exempt the ma
.,.r,l funds from taxation in his project
-. an income tax on transferable Sc
.,-i,es A denial Of such intention caused
.,,es 20 lose their previous gains. Mill
- ~ francs in French IS changed hands
ing the few minutes of false interpre-
-, and the quotation fell further on
a.,st taking, rallying sharply later
enough buying by some spectators for
=. account. who we're discounting a fut-
ure advance.
Tba stock market was more cheerful In
.,,seouence OF the firmness in ST. Peters
b,rr and the persistently strong current
- buvinc orders in Russian industrials In
which the movement of oil securities last
r,est took the lead. Hesitation was man
tested in Rio Tntos, and the entire cop
nor market remained inert
Brazilian securities were but slightly
,s,c,ed by the news from Rio de Janeiro.
Certain Mexican securities are doubtless
being srtihcialy kept up, but the majority
n Mexican securities are feeling TO the
mil the effect of conditions in Mexico.
The rest of the Paris Stock Exchange,
i,eudlng all the miscellaneous securities
and alec Rr1h-
hers. remains practically nil, although
sno,ations are IN virtually all cases well
'ed
A leading cause Of the buoyant under
tone is the strong position of Russia
financially and politically. A few years
ago Russian budgets were balanced with
difficulty. and during the period between
isg and 1905 these were marked by enor-
nous deficits. Since then large sur
puses over budget estimates have been
the rule
This is a matter Of vital Importance to
the French money market on account OF
the gigantic sums OF French money
placed I'm Russia. These remarkable re-
ceipts over and above all estimates are
largely due 10 the enormous profits COM
ing from the spirit monopoly. Thus the
Russians have been able to cover all their
exceptional expenditure. 70 establish a
special sinking fund for the public debt
and TO hand over considerable sums TO
the government treasury.
The equilibrium Of the budget. however,
is not the only factor In the financial con-
diuon OF q country. Its general none
tary status is an equally important con-
sideration; therefore the figures Of the
foreign trade Of Russia IN 1918 are re-
markably interesting In order TO realize
a monetary equilibrium I'm a country a
calculation must be made of the amount
Of sold which the country receives apart
from loans, and these gains must be
equal or superior 10 those payments TO
Be made abroad for every purpose.
The principal call Oh Russian resources
FOR abroad is the service Of it's public
debt which must be paid in gold The
calculation for this service IS estimated
for the current year at 4o3,OQ0,000 rubles,
but the Russian government will not be
allied upon 10 send abroad anything like
50 large a sum. In Russia, as in other
states growing in riches. a considerable
proportion Of the public debt has been re-
funded TO The loaning countries for some
years past. Thus. payments made abroad
IN reimbursement Of sums due for the
Russian public debt amounted only 10
-9eMo0 rubles I'm 1872.
According u other statistics. the guam
fF a fba
Russian debt abroad In 1912 amounted 70
$1,000 % rubles That IS about - per
cent Of the debt. To this sum must
be ADDED tho interest and dividends Of
private enterprises established in Rus
ga paid 20 creditors I'm foreign coun-
tres and foreign Neutrality-suspicious. pay
aos IN gold. These payments have regu-
iafly increased step by step with the de-
'eopment Of Russian Industry and IT'S
Better results. Yet the figure Of these
Interests and dividends payable in gold
Certainly exceeds one hundred million
rubles loo gold Thus Russia pays year
y. in one way or another. sum In gold
not Inferior 70 about S2O0COo0D.
Some Of this comes undoubtedly from
he gold mines in the Urals and IN Siberia
The output OF these mines reaches yearly
value Of about 5000 rubles. this being
roughly about one-sixth part OF the sum
required. Russian foreign trade supplies
ne remainder Although Russian indus
~ has made wonderful leaps during the
4Si fen years Russia remains great
ssncutural country whose produce com
ps'es actively with other great wheat
Holcing countries Ike tho United States
ana The Argentine Republic IN all the
Nhclpal world markets. Agricultural
''-hirles are usually exporting countries.
.'' Comparing the statistics for tho last
=" years The balance OF Russian foreign
"s's shows marked surpluses OF exports
'sr Imports s succession OF remark
a'y good harvests has further helped the
uasncisl situation.
me surplus for the last few years.
,.sh on the average. amounted 20 30
~" Of ru5les in favor of exports. It
nay be said IN conclusion that tho none
80 Position Of Russia is ss favorable
fcally as with regard 10 the bud
" Russia has all the gold sine requires
ensct foreign roimbursements. and
~ Tact is peculiarly instructive 10
ct' because there 81 more French
ey Invested IN Russia than I'm the rest
We world put together.