davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-30
WHINING SHARES
HIGHER IN PARIS
Russian Bank Stocks I'M
prove on Advices from
PetrOgrad
BY YVES GUY0T
In C.hln % M Trthnnn ]

Paris. Dec. 29.-There was little
doing on the Bourse to-day. The Ger
man reply 70 President Wilson was
not Of a nature to animate affairs
greatly, nevertheless the mine shares
have been better following the lead
Of New York, and Russian bank
stocks have improved on adyices from
Petrograd
French fnanciers are pleased that
the Federal Reserve Bank Of New
York will make the Bank Of France
It's correspondent here, as they con-
slider this a new mark Of the conf
dence of American bankers in the
economic and financial situation OF
France.
The new taxes are expected 10 pro-
duce 100000 francs, and if there
be added 100000, 900 from other rev.
enues the total will be nearly bill
ion. The only trouble Is that large
part Of competent opinion holds the
figures TO be too high.
SeQuestration officials have called
on French holders Of policies in
enemy insurance companies 10 pay
the premiums. The law Of 1905
called on foreign companies to keep
on deposit in France q mathematical
ly calculated reserve, required on in
surance in this country, and this has
been done by German companies; but
the reserve is in the form of notes,
mortgages, etc, for loans. Nothing
else at present is behind this insur-
ance, and this makes nice question
whether French policyholders want
to pay up the premiums.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-30
n. Y. STOCK EXCHANGE
ENDS AN ACTIVE YEAR
Total Dealings of 234,67S,000
Shares Only Thrice Exceeded

Total dealings in stocks on the New
York Stock Exchange for the full year
of 1916, which ended with yesterdays
session, aggregated 23i,67s,O 900 shares,
compared with 173,SS9,OOO in 1915.
Total dealings in bonds aggregated a
par value Of sl,l5s,2O9,O 900, compared
with 1851 1885, 900 in 1915.
The years dealings in stocks have
been exceeded only on three previous
occasions. In 1901 there were 265 ,266,-
600 shares traded in on the Exchange;
in 1905, 26l ,523,O shares, and in 1906,
2s4.O63,4 59 shares. The bond total set
a new record.
During the year there were seventy
six days in which Stock Exchange trad
ing exceeded 100000 shares. In seven
Of these days trading exceeded 1000 900
shares. In one of these seven days
December 21-trading exceeded S,OO0,-
900 shares.
In the biggest year on record-19o6,
when 2S4, 1853, 459 shares were traded
in-there were ia days in which trad
ing ran In excess of 100000 shares.
In that year there were four 1000, 600
share days and no 3,oOO,OOO-share days.
On the New York Consolidated Stock
Exchange l9,79O,34O shares were traded
in during 1916, compared with 1890
67S shares in 1915. The biggest month
was December, with dealings of s. 49,
500 shares, against 1.106,2l7 in the cor
responding month of 1915
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-30
MARINE INSURANCE UP
ON "VOLTAIRE SCARE

Reports that the long overdue Lam
port & Holt liner Voltaire had been
captured by a German prize crew and
was preying on Allied freighters in the
North Atlantic were responsible yes
terday for sharp advances In marine
insurance rates. Marine underwriters
quoted to g per cent for insuring
cargoes bound TO United Kingdom
ports, and 10 per cent TO Mediterranean
ports A few days ago these rates stood
at 8 TO per cent. Local underwriters,
it was said, would be hard hit II any
Of the six overdue vessels were de-
stroyed. The Georgia, which sailed
from Philadelphia about two weeks ago,
was insured In this market for
81 900 900.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-30

American securities have been
gold fattened- That is not 20 say
they cannot be liquidRted further
They can be iquidated even when
the gold content is greater than the
selling price. That actually has
happened Of late, the share capital
Of a corporation selling for less on
q brokers' quotation board than tho
cash assets reported in the Treasury.
That can always happen so long as
stocks are in the hands Of specula-
tors who care nothing for values in
the first place and who under pre-
tence Of buying and selling stocks
are really gambling in ticker prices
That kind Of SPECTATOR has no in
terest in the treasury assets of the
corporation on whose shares he has
pitched his bets. When his broker
is calling for more margin money OF
what use to him would be gold in the
corporation's treasury up to ten
times the value Of the stock? So he
sells, and that is called liquidation
of securities, whereas instead it is a
reckoning In pure speculation. Not
one man in ten engaged in it intends
ever 70 receive the stock he buys, or
expected 50 much as 70 see it Al
ways in the background are those
who actually buy and sell stocks.
with intent 70 receive and deliver.
They know what stocks are like to
look at and 20 feel. They are nu-
merically few, yet their judgment Of
values is worth more in the long run
than the opinion Of spectators as
% prices. The bear party" so
called, now operating in Wall Street,
may succeed in putting prices lower;
it cannot affect values. And when
it shat have depressed prices below
values, those few in the background
who DO actually buy and sell will
begin 70 buy, increasing the scale
Of their buying in proportion as the
bear party succeeds. What comes
OF that contest is well known. The
bear party invariably is beaten.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-30
BRITISH BAN
FAILS TO STOP
GOLD EXPORTS
Steamers Sailing Within
Few Days Will Take ST.
100000 to Argentina

Moro gold was engaged here Tor
shipment 20 Argentina yesterday, de-
spite the efforts Of. the British Treas
ury 20 check exports to that country
from the United States. Shipments Will
be made on steamers sailing within
the next few days.
In all Si.9OO,0 900 In gold coin was
withdrawn from the Sub-Tressury for
export T. Buenos Ayres. Al the same
tims advises from Boston stated that
the National Shawmut Bank would
ship $3.50. 900 20 rs Buenos Ayres cor
respondent
Il developed yesterday that, In add
ton 20 the action OF the British Treas
ury In asking British owned banks in
Argentina 20 refuse'to assist in gold
impor,ations from New York, marine
Insurance. agents in London have re-
fused 30 many instances TO insure gold
consigned 70 Buenos Ayres. Moreover,
difficulty has been encountered by New
York brokers seeking 20 arrange for
insurance from London underwriters
in getting their cables through 70 Eng
land.
Failure % get insurance in London
on gold destined TO South America may
seriously check the movement bankers
said yesterday. The rate now is near
Ing a prohibltive level. Normally, the
insurance rata Is y Of per cent. At
the present time IL ranges from 20 4
-or cont
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-30

Nobody likes a bear. He borrows
and sells what he does not own,
purely for the gain Of buying it back
at lower price and returning the
deprecated thing 20 the person from
whom he borrowed IL Short selling
has It's many uses; It has also evils
which are both financial and moral.
The late j. 2. Morgan, testifying
before the Pujo committee, could
not conceal his aversion for short
selling. If the bear, wishing 20 sell
stocks for fall, borrowed them from
the actual owners, who might then
know what he was doing, it would
not be so bad. But, Of course, stocks
could not be borrowed in that way.
The owner Of 1000 shares Of Steel
would not lend them 20 a man who
would sell them with intent TO de-
press the price. But II broker has
1000 shares Of Steel common on
margin for a client he viii lend
them 20 any one who wishes 10 sell
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-30
Friday, December e9, 1916
WALL STREET OFFICE;
Mills Building, IL Broad St

After the stock market has al
ready gone up great deal there
arises 3 @bun party in Wall Street
70 insist that now it shall begin 10
90 Nd IN earnest Likewise, after a
great deal Of more OF less unexpected
uouidntion has already taken place
there arises a Dear party" 20 insist
upon more liquidation. There Is now
such a bear party Il has KIND
Of leadership. and is well supplied
with phrases. "This is a hquidating
market That is one Of the phrases,
and people 90 about repeating 1t as
# the words themselves possessed a
mysterious power to act upon values
and disintegrate them. Those who
have missed a rise in prices demand
that it shall take place again, for
their benefit, and those who have
missed a fall demand in the same
spirit that there shall be another
fall. II is true that an idea Of iqui-
dation has been substituted for an
idea Of infinite rise, but those who
now treat that fact as if they had
invented il are very likely TO forget,
first that others already have
profted BY il in the stock market,
and. secondly, that since last we had
A o1iouidating stock market" great
deal OF value has been added unto
these stocks. The bear contrasts the
present price Of Steel common with
what II was ct the beginning Of the
war; or he can conservHtively
imagine II selling rs low az II was q
wear ago. But Steel common per
haps never again viii be worth as
little as it was before the war, and
even since a year ago IL has altered
so much in value that the manage
ment has felt justified in Offering it
70 employees at lot, price which
two years ago the widest bull hardly
dared 70 predict, and then only in
select company. The "bear party"
viii say that the price at which the
employees get their stock has nothing
10 do with II. But It has. Il re-
fleets the judgment Of the manage
ment, and although that judgment
Is fallible, you win find by consult
ing the record Of the annual stock
Offering to employees that its average
is good.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-30
Money and Credit

The last session Of the year passed
Of without causing q ripple in the
money market. Call money at the
New York Stock Exchange ruled IN
changed at per cent The low and
closing rate was PA per cent.
Time money on brokers' Stock Ex-
change collateral continued TO display
increasing ense - result Of a slight
ly larger volume OF offerings and a
falling of in the demand. Industrial
funds for all maturities are now being
offered at ~ per cent. Mixed money
was quoted yesterday az per cent.
Ruling rates on money yesterday
compared with year ago, were as
follows:
Yesterday. Year ago.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-30
Commercial Paper. Trading in coz

Commercial Paper Trading n COM
mercial paper was practically at q
standstill yesterday. Institutions were
not disposed 20 do anything before the
new year Even those accustomed 70
buy paper az this season Of the year
with the view 10 window dressing have
RETAINED on the present occasion.
Prime regular maturities were quoted
unchanged yesterday at 4 20 "A per
cent
Official rates Of discount at each Of
the twelve Federal districts are as fol-
lows.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-30

wAbash-The reorganized Wabash
Railway Company declared its 6rst
dividends yesterday. The directors
voted an initial quarterly disbursement
Of per cent on tho preferred "a"
stock, placing II on a per cent annual
basis. There is s46,2OO,OOO Of per
cent non-cumulative proht-sharing pre-
ferred "a" outstanding. preferential 20
dividends before any other stock OF the
company. There Is $45,725,7O9 Of .
per cent preferred "B" outstanding,
preferential az 70 dividends before the
s43,557126 common stock. Earnings
FOR the first four months OF the new
fiscal year beginning with July we're
al the rate OF G.s6 per cent on the
preferred a" issue. The old Wabash
company went into receivers hands IN
1911. The reorganization OF the prop
erty was completed last year.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-30
Relevant
Information

Atlantic, Gulf 6 West Indies-The
common stock. selling ex dividend yes
to-day, advanced 81 points, closing At
1l2& on a turnover OF 10000 shares.
The company issued its October state
ment during the day. II showed earn
lngs Of seSs,572, en- increase OF t454,-
500 over the corresponding month OF
1918, and m Increase Of about $4,000
over September Of this year. Net in
come for the ten months ended October
81 was s6.99S.769, an increase over
tho corresponding period % 1915 o.
S4,598L21
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-30
Finance Economics
1elephonei
Hanover 65i4

them short. That is one thing that
makes short selling seem unfair.
The bear borrows from brokers the
stocks Of the brokers' clients and
sells them. The effect Of this sell
ing is 70 depress the price, 50 that
the use he makes Of the securities
borrowed from the brokers Is pref
judicial to the interests of the brok-
ers' clients.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-30

Laws have been passed 20 stop the
lending Of a clients margined Sc
curlties without hts consent They
arc easily defeated. The client is
asked by the broker 70 sign an agree
ment expressly authorizing the
broker to make any use Of the
clients securities that the broker
may deem proper. and then It is the
same as before. The client, You may
observe. has no very clear idea Of
acquiring equities when ne buys on
margin. lie IS interested only in
the volatile nature Of prices. He
is intent upon beating fluctuations.
He does not think himself as q
stockholder IN the Union Pacific
Railway because he has bought the
stock IN A brokers' Office If he did
Wall Street would not be the manner
Of place It -. One thing hOpelessly
the matter with Wall Street is the
kind OF public that trades there.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-30
News Digest
Foreign

London Markets.-London. Dec. %
The money market is getting easier
and funds were more plentiful to-day.
A reduction in the bank rate is ex-
pected early in the new year Dis
count rates were quiet.
The stock market had a good tone
and was moderately active with busis
ness chiefly in colonial stocks, Argen-
tine rails and few Kaffirs. American
metals stocks we're weak and railroad
shares declined in sympathy with Wall
Street.
Money, per cent, discount rates,
short and three months bills, D y TO
SIS per cent; gold premium at Lis
bon, 5000.
Paris Bourse.-Paris Dec. 29.-Trad-
ing was quiet on the Bourse to-day.
Three per cent rentes. 60 francs 80 cen
times for cash; exchange on London,
q francs sll2 confines; per cent
loan. IS francs 25 centimes.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-30
The Dollar in Foreign Exchange

Foreign exchange rates tended 10
harden as a rule yesterday. German
marks were strong and advanced TO
1914 cents for four. Sterling drafts I'm
proved small fraction. Italian hre
were strong
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-30
CITIZENS SAVINGS BANK

g AND 81 BOwERY. COR CANAL ST.
18TH sEMI-ASNUAJ DIVIDEND.
The Trustees have ordered interest ~ the
ATE o. THREE AND OSE-HAlF (Si7)
PR CENT per snnurn 20 be paid 20 de-
nositors on and after January 18TH on OF
sums Of - snd Up TO $1,000 which IA .
renained on deposit for the three or 81
months ending December Slst. 1910. iu ac-
oordancs with the bylaws anc rules % the
bank Money deposited on OF before Janu
~, 10th will draw interest from January J..
HENRY HkSiER. Pres. dent
WrNRY SANIElt Secretary
FMII A. HUBER. Assistant Secretary.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-30
NORTHERN PACIFIC IS
BUYING EQUIPMENT

81 Paul, Dec %. Orders FOR 81
900 900 wortL Of equipment. prinoi-
pAlly rolling stock, are being placed
By the Northern Pacific Railroad Com
psny, President J. ". Hannaford an
nouneed here tN-day Equipment al
ready ordered includes $3.50 freight
cara
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-30

Texas Company-Shares Of the Tex
a. Company were unusually active and
strong yesterday. On dealings Of
1s.To0 shares they advanced 1874 points.
% ESQ, The rise was associated with
the further advance made In crude OH
prices. The company has s44.4O0 900
Of stock outstanding Of an authorized
issue Of s55,OOO,oOO, Last month the
stockholders voted to increase the
capital to the full $4,000 900. the ad-
ditional stock 20 be sold 20 present
stockholders at par and paid FOR on
January md April 5. Proceeds Of the
new issue are to be devoted to the ex-
tension of plants and other facilities.
The stock pays 10 per cent a year IN
dividends, In the year ended June 30
last the company reported earnings Of
A.49 per cent on the common stock,
against 21.31 per cent IN 1915 and
2o.62 in 1913. Over a period Of seven
years the company has shown average
annual earnings Of 2l.45 per cent.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-30
Current

The above rates express Tho cost OF
foreign money in terms Of the Ameri-
can dollar. You buy an English pound
sterling for t4.753 the intrinsic par
ity is SAS69s per pound. Thus, you
say either that pounds are at dis
count or thst dollars are at pre-
MUM, which is owing to the fact that
in England the demand for dollars
with which 20 settle accounts in this
country is greater than the demand in
this country for pounds with which 70
settle accounts in ENGLAND.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-30
New York

Trend of Business.-R. G.. Dun & Co.
say. The year closes with rather
general abatement of purchasing and
with the question of future readjust-
ments entering more largely into cal
culations Yet a certain hesltancy ana
slowing down il natural at this sea
son. in view Of the interruption caused
by inventorying end annual settlements
and the fact that in most cases re-
quirements were covered far ahead on
the previous extensive buying move
ment Producers still are less con-
cerned about securing additional con
tracts than in making deliveries on old
orders, and the difficulties of reducing
the great accumulation OF business are
intensified by the transportation break
down. which has been aggravated by
storms in some sections. Freight en-
bargoes further complicate the situa-
ton and manufacturing operations are
seriously hampered, with more blast
furnaces and other plants stopping be-
cause of lack of fuel. With outputs
and shipments restricted industrial
earnings have naturally diminished,
though the years results in this re-
spect have never been eaualled.'
Finley Darrell & Co. ReorganiIes.
Announcement was made yesterday that
the New York Stock Exchange firm Of
Finley Darrell & Co. would be sue
ceeded after January by Block, Ma
loney e. Co., with Offices az "a Broad
way. The resident partners Of the new
firm will be Benjamin Block, P. J. Ma
loney and W. B. Anderson, while l.. NJ.
Stein, F. f. Alstrin and Finley Barrell'
as special partner, will be located IN
tho Chicago office, at 2O3 South La
Sale Street.
Finley Darrell & Co. have for many
years been one OF the largest OF the
Wall Street wire houses. and was or
ganized in 1899.
New Firm Formed-A new invest
ment house has been formed under the
name of Case. Pomeroy & Co. with
Offices az 50 Wall Street The partners
arc Walter s. Case. former manager Of
the bond department OF Ladenburg,
Thalmann Company: Theodore Pom
eroy, former partner Of Allerton, Green
& King, OF Chicago. and Frederick A..
Judson, who was in charge OF the IN
vestigating department Of the Bankers
Trust Company.
New York Stock Exchange Employees
Fund. The annual fund made up out
Of voluntary contributions OF New
York Stock Exchange members for the
employees OF the exchange aggregated
about 5000 this year II has been
distributed 10 the 400 employees &C
cording 20 their years Of service.
New Brokerage Firm-Ths new
banking and brokerage firm OF ". J.
Wolman & Co. will open its Offices In
the Equitable Building next Tuesday.
Banking Firm Admits New Partner.
J. & ". Seligman & Co. announce
that Joseph L. Seligman will on Janu-
airy be admitted to partnership in the
firm
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-30

Gold from Canads.-Gold 20 the
amount Of $3.50, 900 arrived from Can
ada yesterday and WAS deposited at the
Assay Office for the account OF ). I.
Morgan q Co. This brings tho total
imports from ell sources since the hrst
Of the year to $500, 100000.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-30

az per cent on commercial paper and
promissory notes not running more
than 6fteen days and on commodity
paper running not more than ninety
days wns announced to-day By the
Federal Reserve Board for the st. Louis
reserve bank.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-30

Below is given the current exchange
value Of foreign money in dollars and
cents. together with the intrinsic gold
parity, as calculated By the United
States Mint:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-30
Elections

c. r. Hudson. formerly vice-president
OF the Mexican Central Railway Com
pany and later vice-president OF the
National Railways OF Mexico. has been
elected president and general man
ager of the Cuba Railroad Company,
with Headquarters In Camaguey. Cuba.
Frederick r. Fenton. who is we'll
known in the bond business, on the
first Of the year win sever his connec-
ton with Dewitt, Tremble & Co.. TO be-
come vice.president OF c. W. McNear
& Co. Chicago Mr.. Fenton was one
Of the organizers OF the Investment
Bankers Association OF America. hay-
ing been an officer since its inception.
J. Walter spslding. OF A. G. Spalding
& Bros, has been elected a director OF
the Importers and Traders National
Bank Of New York
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-30
Other Cities

High Record on Prices.-Pittsburgh
Dec. 2e.-Ths highest price ever quoted
for Pennsylvania crude oil was an
nounced by the principal purchasing
x-,,...x = $3.50 -
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-30

Sub-Treasury Operations for 1916
Statement Of Sub-Tressury operations
FOR the year 1918 up TO December %
shows that cash amounting 70 S2,1OI.-
903,565 was received and s2,le3, 1852. 395
di'bursed. The amount Of currency re.
ceived from the Treasury Department
FOR distribution here was s197,957 900
and the amount sent 20 the Treasury
Department was s325,o4O,536 Certif-
Gates Of deposit issued against coin and
currency received for redemption and
exchange amounted 70 1921 ,46s .673,
while the amount redeemed was sSl1..
567OSs During the year 27,45l 500 was
transferred to San Francisco, t10,475.-
600 10 New Orleans, $500 900 TO Gin
cinnau and $4,000 to Washington.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-30

Silver,-Barr In London, 1914 pence;
New York, 1914 cents; Mexican dollars,
58h cents.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-30
Bank Exchanges-Total ba

Bank Exchsnges.-Total bank et-
changes this week al the leading cities
in the United States, according 10
"Dun's Review" amounted 10 s4.60T.-
8l4,86s, an increase Of PAS per cent as
compared with the same week last year
and Ssh per cent as contrasted with
the corresponding week IN 1913.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-30

Bank EIchauges.-The days clear
inrs At New York and other cities:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-30

Sub Treasury. - New York banks
gained from the Sub-Treasury 81
905. 900.