davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-02
HIGH WAGES ENABLE
FOREIGNERS TO SAVE

The Federal Reserve Bank Of New
York issues the following statement:
All but q few reports indicate that no
slackcning was noted in the hard work OF
manufacturers and traders 90 supply the
great demands of consumers. The further
advance in prices which began three months
ago has developed into a widespread and
rather speculative movement in commOdl-
ties and securities.
The average salaried man finds II bur
densome 70 meet the additional cost OF
such necessaries as food. clothing. foot
wear and coal. Merchants and large
buyers Of raw materials are uncertain and
anxious about making important commit
ments. Manufacturers Of standard goods
which sell at standard rates may be
obliged 10 revise long established terms.
Labor ia fully employed ~ high wages.
Il D. noted that saving Is common enough
among the foreign element. bat often re-
marked that other worl.men generally are
spending too freely for iuNuries and not
taking advantage o. an unusual opportu-
nifty 20 lay by something for q rainy day.
There seems 10 be- less disposition 20 strike
than in recent months With the approach
Of winter the labor situation Is expected 20
he somewhat easier. as certain outside ac-
Invites will cease during the cold weather
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-02
BANK TO GIVE CLERKS
EXTRA COMPENSATION

The officers Of the Equitable Trust
Company will recommend 20 the board
Of trustees at its next regular meet.n,
relief measures iu the way OF extra
compensation 10 clerical employees 20
cover the increased cost OF living This
action rs in line with d sim lar pOlicy
recently announced by the Central
Trust Company.
Each month the Equitable Trust will
pay. in addition 10 the regular salaries,
- per cent OF the monthly salary
amount This is not 90 be- considered
as an increase IN salary. and b. 70 be
understood as entirely a temporary
measure. which viii be- discontinued or
decreased according 20 prevailing con-
dltions. 4 vparatc amount will be set
up from which these funds will be paid
The recommendation makes the pay
mcnts retroactive 20 include the months
Of October and November About $50
employees are affected. This action by
the Equitable Trust is apart from any
benefits the employees viii derive under
the profit sharing plan installed a year
ago.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-02

There is a disposition-in some In
stances i'll tempered and in others
emotionally uncritcal-to say that
the Federal Reserve Board at Wash
ington has placed the weight of its
Gisapproval upon the export Of
American credit TO belligerent coun-
tries, meaning specifically the En-
tente Alliance, and that the effect
indirectly is 20 put an embargo upon
the export of war goods. Nothing
whatever like that has happened.
The Federal Reserve Board did not
even object to the sale Of British
and French treasury bills in this
country What it did was 70 say
that the fotation of an unlimited
amount Of such bills among the COM
mercial banks Of this country would
tend unwisely and perhaps dan
gerously TO engage resources which
ought to be left liquid, as any banker
knows.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-02

A serious misunderstanding has
arisen from the wrong use Of simple
words. The bankers represented TO
the Federal Reserve Board that the
unsecured bills of the British and
French governments were 70 be
printed here and issued in unlimited
amounts. The position of the Board
was that the sale Of such bills up TO
one, two or three hundred million
dollars would be no serious matter
and might be left 10 the discretion
Of the issuing banks; but the bank
ers insisted that what they proposed
was TO sell Of such bills all the banks
would take. that was 10 say, an
indeternlindte amount, It was that
which the Board though dangerous
and 10 which it objected. When the
bankers publicly announced the offer
ing of bills they spoke Of a limited
amount. meaning obviously an indie
terminate amount. Afterward they
stressed the word limited, as if they
meant to float only q moderate
amount. but if that had been all they
intended to DO the Federal Reserve
Board would not have felt called
upon TO express either approval or
disapproval.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-02

The Federal Reserve Board did not
expect the Offering Of the bills TO be
withdrawn, nor is there anything in
its record TO indicate that it desired
that sequel. II had aimed only TO
keep within bounds particular kind
Of transaction which, if carried too
far, would create elements of danger.
It is unfair, therefore, 70 say that
the Board has frowned upon foreign
loans as such or that it has made
it difficult for the fiscal agents of
the Allies 10 raise credit in this
country. And that the Board
touched the subject of the private
investors participation at all was
owing to instances Of misrepresenta-
ton on the part Of bankers dealing
in foreign securities. 1t has been
watching the literature Of financial
propaganda and has now a large
collection Of it, annotated with blue
and red pencil marks in a manner
that might be very instructive TO
some people in Wall Street. 1t was
moved altogether by the cumulative
effect Of a great many things, in
GLIDING the sale 10 the French of
commercial credit at 6 per cent
which was then sold on the open
acceptance market at less than 8 per
cent, with the implied understanding
that the paper could be rediscounted
at the Federal Reserve Banks, which
was not true.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-02
ASQUlTH SITTING
ON A VOLCANO,
SATISFACTORILY
London Anticipates a Live
Nv Debate on War and
Peace Policies
BY FRANCIS W. HIRST
fBy cable 70 he Trfbunsl
p -.

LOndOn, DeceUtOer /.
The financial editor Of "The
Morning POST describes your Fed
eral Reserve Boards action. IS well
Intentioncd but crude. and even
amateurish. He holds that it is i'm
prudent for any money market, sud
denly and without warning, to cur
tail the credit Of the country's chief
customers.
Important debates on war and
peace policies may be expected next
week, when Parliament discusses the
manpower bill, which provides for a
form of civil conscription, and votes
on a new war credit, Independent
members Of the House of Lords are
considering the ACCESSIBILITY Of press
ing redoubled attacks upon individ-
ual ministers Bottomly, who says
Just what he chooses, declares
"Asquith and his colleagues are sit
ting on a volcano of the nations
discontent.7 This sort Of language
pervades John Bull" which is a
popular auxiliary Of "The Daily
Mail"
France in January will be spend
ing $4,000 pounds sterling daily,
the French budget statement shows,
and interest charges on the new
French war debt now total one hun
dred million pounds sterling per
annum.
The food supply problem engages
general attention. 1t depends upon
the exportable surplus of North
America, Argentina, India and Aus
tralia during the next six months.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-02

Those who think that II the Brit
ish and French governments cannot
place treasury bills with American
banks for an indeterminate amount
they will have 20 curtail their buy
ing Of American goods should be
treasured by the Morgan statement.
The announcement that the offering
Of the bills has been cancelled is
followed by a discussion Of the rea-
son for proposing to issue them at
all. which was 10 furnish "a credi.
medium that would accommodate the
American banking demand for an
investment Of short maturity and of
such limited volume that the gov
ernments could always undertake 70
lay down gold in New York sufficient
10 meet the maturing bills" This
is very interesting. II II was not
intended TO issue more bills than the
British and French governments
could redeem on maturity with gold
laid down in New York. then II Was
not really necessary 20 issue them at
all. for il will be just as easy for
the governments to lay down the
gold for goods at once and be done
with it. Moreover. on this state
ment the fiotation Of these bills
would not have prevented the gold
oeluge the bankers so much feared.
II would have only postponed it for
sixty or ninety days, since it was
intended. as now explained, to issue
hills only in such limited volume that
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-02
Dividends

New Jersey Zinc.-Extra dividend Of )
per cent. payable December II 10 stock OF
record December l.
Liggett x Myers Tobacco. Regular quar-
terly dividend Of "a per cent on the pre-
ferred stock. payable January to stock Of
record December IS.
international Silver Regular quarterly
dividend Of ~ per cent on the preferred
stock. payable January / 10 stock OF record
December IA.
Nichols Copper.-D Dividend Of 81 n share
on common stock. payable December 20 20
stock Of record December IL
American WOODEN Regular quarterly divi-
dends Of "a per cent on the preferred and
IL. per cent on the common stock. both pay
able January IS TO stock Of record Deem
her 7 /.
Seoyill Manufacturing. 49, Extra monthly divi-
dend OF 10 per cent. payable December l..
Dividends 50 Gar this year amount 10 90 per
cent.
Cuba Cane Sugar Corporation.--Re Regular
quarterly dividend of !. per cent on the pre-
ferred stock. payable January to stock Of
record December Is.
American Chiele.- Regular quarterly divi-
dend OF ! = per cent on the preferred stock
payable January . 10 stock OF record Deem
Der p.
Colorado Fuel and Iron.---Dividend OF 30
per cent on the preferred stock. payable De
Continued on page IS
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-02

the governments could undertake to
ship gold in sufficient quantities TO
redeem them as they matured.
No wonder the average person is
COMPOUNDED. The financial mind,
versed in the subtleties of these mat
tiers, is itself confused. First, we
are told that the Allies are becoming
independent of us economically by
reason Of their increasing ability to
supply their own industrial wants,
wherefore it will be necessary for US
TO give them credit on easier terms.
To this is added the statement that
unless we give them credit on easier
terms they will pay in gold for enor-
nous imports Of merchandise which
they increasingly do not require and
that if We take the gold we cannot
avoid building upon it a dangerous
credit pyramid. Then it is proposed
TO float British and French Treasury
bills among the banks at a lower
rate of interest than the British gov
eminent pays for money at home.
That will save US from being drowned
in Allied gold. But when this plan
is restrained In It's proportions by
the opinion Of the Federal Reserve
Board it is abandoned altogether,
with the explanation that it was
never intended to sell more Of those
bills than the foreign governments
could undertake to redeem with gold
laid down in New York" So in
any case the gold was TO come. 1t
does not hold together. We are max
ing ourselves ridiculous as world
bankers.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-02
U. S. Treasury Finances

Washington, Dec. The condition
OF the United States Treasury at the
close Of business to-day was: Net bal
ance in general fund. s13o,59S,636; total
ordinary receipts, s2,23o,e51: total ord
nary payments, s3.f24.7sS.
The deficit this fiscal year is slo2.-
426, 1873. against deficit of s42,4e9, 1888
last year, exclusive Of Panama Canal
and public debt transactions.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-02
Other Cities

State Bank Call Made.-Albany, Dec
IA call for statement of the con
dition of state and private banks and
trust companies at the close of bust,
ness on November 20, 1916, was issued
to-day by Superintendent Eugene Lamb
Richards of the State Banking Depart
mcnt
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-02

And all this time we have been
discussing the limited question
whether the Treasury bills of foreign
governments constitute the proper
means of financing foreign pur-
chases in the American commodity
markets. 1t is Illuminating to note
that the British government is criti-
cised at home for doing what the
Federal Reserve Board has thought
it ought not TO do on a very extended
scale here. English financial au-
thorities are calling attention to the
danger of piling any higher the
enormous amount of Treasury bills
now outstanding in Great Britain.
They advocate in place of them reg
ular loans.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-02
Money AMI Credit

Money on call ct the New York Stock
Exchange ruled yesterday at An per
cent, unchanged from Wednesday. The
high was 8 per cent
The market for time funds on
brokers' Stock Exchange collateral IS
firmly maintained. The bulk Of the
business is in loans against industrial
collateral, with ruling rate of per
cent for most maturities. Mixed col
lateral money is nearer per cent.
The National City Bank in its De-
cember bulletin emphasizes the loss in
bank reserves as the principal explana-
ton for the stiffening tendency. In
part this is attributable to the payment
of deposits into the Federal Reserve
banks on November Is, but it is the
season Of the year when the country
normally draws on New York. Surplus
reserves on November 25 got down to
s5S.647. 900. compared with $l24,lO7,O4O
on November 4 and s1S3,47700O on No
vember p, 1915. The bulletin adds;
These figures show why call money has
gone 70 per cent in the last week. They
also show that. although gold importations
exceeding expectations by over 100000 goo
have been received at New York IN the last
wear. the cash reserves Of the Clearing
House banks have actually been reduced IN
the sum OF $lZ3.23S.000. The cash hold
inps of the Federal Reserve Bank Of New
York have increased in the same time by
only S7I76.O00 showing that All the gold
which has been imported. and much more
besides, has gone 10 the country.
From June I 20 November 2, the Clear
ing House banks had net loss on daily
settlements Of S179.O40.000 70 the Fede al
Reserve bank and Sl3O.565 900 20 the
United States Treasury. or S2Ss,552.0OO 20
the two institutions. Besides this. they
have shipped important amounts direct 70
their correspondent banks.
Ruling rates on money yesterday,
compared with a year ago, were as
follows:
Non.crJavr Nauv
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-02

ing yesterday voted in favor of the
plan authorizing a new refundng and
improvement mortgage. The mortgage
is intended to make provision for pay
ment of all prior or underlying bonds
and OF the equipment trust obligations
and for future capital expenditures.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-02
Current

The above rates express the cost 0.
foreign money IN terms Of the Amen
can dollar. You buy an English pounj
sterling for S4.755s; the intrinsic par
ity is S486rs per pound. Thus, yol
say either that pounds are at dis
count or that dollars are at pre-
MUM. which is owing to the fact tina
in England the demand for dollag5
with which 20 settle accounts IN tn.
country is greater than the demand -
this country for pounds with which Z
settle accounts in England.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-02
Relevant
Information

Ohio Cities Gas.-On dealings Of
1890 shares Ohio Cities Gas. com
parstively recent addition TO the Stock
Exchange trading list rose to 11S1a.
and closed 1873 points up at 117h.
This is a holding corporation organ
lied in 1914. 1t operates properties in
Ohio and West Virginia. There is
t6,1O9, 900 (par $3.50 of common stock
outstanding, on which dividends are
now being paid at an annual rate Of 10
per cent. Recently an extra dividend
of per cent was declared on these
shares. The 5H per cent cumulative
preferred stock, Of which there is
6.460. 900 outstanding, is receiving the
full dividends. The latest earnings,
covering the four months ended July
81 last, showed a net Of s249,3OS. In
the fiscal year ended March 81 last the
company reported net income Of
N,142, $50, compared with SSS0,95S in
1915. In August an unofficial estimate
placed the company's earnings at ap-
proIimately 80 per cent year on the
common. When the stock was admitted
70 dealings on the Exchange, in Sep
tember, the company's application re-
ferring TO its oil properties said the
daily average production Of petroleum
in its West Virginia field at the end
OF the fiscal year is estimated at 5000
barrels. A plant 70 abstract gasolene
from casing head gas, with a daily
capacity Of 500 900 cubic feet Of gas.
10 now under construction. The plant
is expected TO be ready for operation
January / next
United Fruit.-Shares Of the United
Fruit Company declined 2A points, 70
q close Of l57%. yesterday. The direct
ors are scheduled TO meet in Boston
on December Il to pass on the Jsnu-
airy dividends. They may also con-
slider plans for financing $4,000, 900
notes due May /, 1918. While there is
no pressing demand at this time TO
pay of the notes, il has been the com
pany's policy 20 meet such payments
before due il this can be done 20 ad-
vantage. II is stated that two plans
are under consideration for meeting
the notes. Ono calls for an additional
stock issue, the stock TO be offered TO
the stockholders, carrying certain
rights. The other plan calls for pay
ment Of the notes, partly in cash out
Of the company's treasury and partly
from the proceeds OF the stock sale.
Last January the company issued $l2,-
! IS 900 new stock. making a total OF
$4S7s2 900 now outstanding. out OF an
authorized issue of $4,000, 900. Diyi-
bends are being paid at a rate Of S
per cent year. The company's in
como account for the four months
ended January 81. 1916, as reported 10
the New York Stock Exchange, showed
deficit OF 1862 90S after dividends
and other charges. Since then earn
ings Of the company have improved.
and in September IL was stated that
the company was running well ahead
Of earlier months and might approx
mats the record month OF juno. when
'i,700,000 net was earned.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-02

S16.5O0.OOO. The loss 20 the interior
vas s5.O25,OO0.
Gold movements. Gold TO the
amount Of 100000 was withdrawn yes
terday for shipment TO Spain.
Another 100000 was taken for ship
ment TO Canada. Local bankers arc
also shipping $4,000 to England on
special operation.
Banks security holdings.-The aggre-
gate security holdings O. the SIX Ne"
York City national banks reporting the
largest amounts showed an increase Of
slO79Ol3 on November u iast, the
date Of tho Comptroller's last CALL a.
compared with the previous call on sep
TENDER u. aI.l an increase Of S2''s59'-
us. as compared with year ago. Inc
following table gives the banks BOND
holdings on November II and year
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-02
New York
State of Trade. Bradstreet's say,

Sldle Oh Edue. DTduSlreeL say.
Ruflcs on the surface of the stream be-
tray the existence of some eddies, but gem
orally speaking the current of trade and
industry runs broader and deeper than ever
before at this date The need of cooler
weather as a stimulant 70 retail trade is
mentioned in a few dispatches, but with
early active holiday demand and new
wave of wage advances reinforcing the
abnormally large current business, COM
plant from this source is at a minimum. In
grain and hog products talk of a food en-
barge and resulting declines in prices have
fostered the belief that prices have reache 4
their zenith for time. al least. but on the
other hand, new high prices have been
reached for cattle and sheep and in the
great majority Of manufactured staples, as
in all raw materials, except. possibly. lum-
Der. there Is still wire edge on demand
and prices.
Commercial failures this week in the
United States, as reported by r. e.. Dun
& Co., are 247, against 313 last week,
283 the preceding week, and 36l the cor
responding week last year.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-02

Chinese tobacco and wine merchant.
at Shanghai have formed union 20
deal with the question OF taxes as
result OF the policy of the governments
in recent years 20 establish monopohss
ia these trades.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-02

Sub Treasury. - New York banks
gained from the Sub-Trcasury 49,
$4,000.
Silver. Bars in London, 357s pence.
New York, 1914 cents; Mexican dol
lars. 577s.
Week money currents. Reported
movements OF currency during the
week indicate a loss by the banks Of
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-02
DIVIDEND NOTICES
UNITED LIGHT &
RAILWAYS co.
Chicago
Preferred Stock Dividend No. rs
Common Stock Dividend No. 8

The Board o. Directors have declared dTdefi
o. one and One-HaR Per Cent li7f1 on -
First Preferred stock and dividend ~ one fef
Cent Nee) on The Common stock. PAYABLE oat y
The surplus eafnlnxs On January p 1917. 20 stocs-
holders % record a. The close q business ~
L. NJ. December 10. 1916
stock transfer books VII reopen Tor TRANSFER
December ls. 1919.
]. ". HEINKE secrstaJ
Decemhel l 1910.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-02

Below is given the current exchange
value of foreign money in dollars AMI
cents. together with the intrinsic gold
paritv. as calculated by the United
States Mint:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-02
Commercial Paper.-The mark,

Commercial Paper.-The market Is
dull, with firm undertone. The best
regular maturities continue to be quot
ed on per cent basis.
OfiGal rates Of discount at each o.
.he twelve Federal districts are as fol
lows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-02

Boston Coppers. Boston, Dec. l.
Although other issues were reaction
airy, copper share prices to-day moved
ahead from fractions up to points.
The close was dull and irregular. Cop
per Range, 1874; Allouez, 77A; Old
Dominion. 70; Osceola. 1907.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-02
News Digest
Foreign

London Markets.-London, Dec l.
Money was plentiful and discount rates
were quiet to-day. The situation in
Greece following the Rumanian uncer-
tainty had little effect on the Stock
Exchange, as the market was generally
good in anticipation Of the reinvest-
ment of dividends. Several firm spots
were noticeable, American Steel shares
reaching new high records. Copper
and shipping shares advanced and Chill
can bonds received increased attention
Rumanan oil issues were weak, and the
war loan finished easy. American Sc
curities were idle. with the exception
of Steel stocks, which were active ant
strong.
Money, 4A per ent; discount rates
short and three-months' bills, 81 to
65s per cent; gold premiums at Lisbon
$500.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-02

Paris Bourse.-Paris, Dec Trad
ing was quiet on the Bourse to-day
Three per cent rentes, 81 francs 10
centimes for cash; exchange on Lon
don. p francs S11a confines; five per
cent loan, rs francs 80 centimes.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-02
'i57day paper.

Bank Exchanges.-The days clear
ings at New York and other cities:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-02
Among the Banks

Among the Banks.-Morris X. Parker
is to take charge Of the bond and in
vestment department of the Equitable
Trust Company, succeeding r. W.
Pressprich, who has resigned to 90
into business for himself Morris J..
Dumont, for the last five years in
charge Of the bond department of the
Fifth Avenue branch of the Guaranty
Trust Company, has been made an as
sistant secretary of the bank.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-02

Expert Adwce
One of the features of the
EaskAg IraJt Company service to
depositors is the opportunity to con-
suit freely with officers regarding
financial and investment problems.
Such problems have personal in
tercst for US and we urge our de-
positors to avail themselves freely
of the opportunity for helpful dis
cussion.
Prospective deposition, will be
cordially received at any Of our
offices.
We help the small account to
grow and invite accounts of $500.
and over.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-02
Finance. Economics

the governments could undertake to
ship gold in sufficient quantities 10
redeem them as they matured.