davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-28
COPPER PRICES
ARE WEAKENING
Sales Reported Under
Quotations Named by
Big Interests

Signs OF the development OF down
ward trend in copper price, were more
in evidence in the local metal trade
Yesterday than at any time since the
peace discussions began. The big pro-
ducing and selling interests insisted
that they were standing pat on quota
lions. but from other authoritative
quarters came rumors of price conces-
sions by large as we'll as small dealers.
One OF the big selling agencies was re-
ported to have offered consumer
metal for delivery in the first quarter
OF 1917 at 81 cents, against & recent
quotation of SO cents and better.
Additional amounts OF resale copper
have come into the market in the last
few days, and have been instrumental
in forcing prices TO lower levels by
dealers in second hand metal and the
small traders In the trade yesterday
a transaction in copper for January
delivery was reported at % cents a
pound. and offers TO dispose OF small
block, for that delivery at 2s& cents
are said to be common. The general
quotation, however, is soh TO 81 cents.
A few days ago 80 cents and better was
asked by these interests for this de-
livery.
The companies which produce and
sell the bulk OF copper handled in the
American market, and therefore largely
control the price movements. maintain
that there is only small amount OF
copper available for delivery in the
early months of next year for the rea-
son that most Of the metal has already
been contracted for at the high prices
Of the last few months. They claim IL
is difficult TO obtain metal for early
delivery, and for that reason refuse TO
follow the suit of the small dealers in
cutting prices. A representative OF one
of the most prominent houses in the
copper trade said yesterday:
awe have practically no copper for
sale ahead Of next July. For that rea-
son we are not quoting prices. Dealers
who are shading prices have only a
small amount to sell. Some consumers
who have loaded up with large amounts
of copper at prices considerably under
the prevailing quotations have also
been Offering the metal"
1t is admitted in the trade that the
condition Of the market is most unset
tied and confused, but no material
change is looked for until IL becomes
definitely known what Is TO be the re-
suit of the peace discussions.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-28

and cut. of the accumulation OF os.'
dend.. which amount 20 1871 per sea. ...,ly
West Penn RaiIwsy.-Resuhr oi.,,.i
dividend Of IL per cent on ths .storl
stock. payable February l TO STOCK u
January 20. ..l,
West Penn Traetion.-Rezuler qu,',,,5
dividend OF ia per cent on the e,,s.ors
stock. payable January 10 TO Stock u ~
January =. ,,.A.,l
North Butte Mining Quarterly en 20 %
OF IS cents a share. payable JAhu1V
stock Of record January J.. ,,.
Warren Bros.-Regular quartery ~ ,,r
OF ia per cent on hrst preierfeo. -, %
cent on second preferred and pc. 60 70
common stocks. all payable 'shO'
stock OF record December 20 ~.
Pittsburgh Coai.-ReSulsr qa:rt1 eos.
dend OF 4 per cent on ,ns ~ cord jan
payable January 70 10 ssoek o.
uary Is. NJ
ul;no,, Br,ek-Regulsr quarterly :, or y
dend Of n per cent. psysoie 'a
stock Of record January ..
We.t Penn Traetlor.-Regular ao, "A.
d;vidend Of one-half Of ] per cent ."
nreferred stock. payable January % 70
OF record January ,. -,
West Penn Regular qus, ~
d;vidcnd OF onc-ouarter OF per cen. - ,,,s
preferred stock. payable February
OF record January 20.
Smith Motor Truck Corpofs''on, -,
fcrred stock dividend Of per ~. 4.
annum from November y 10 peee, ns ,,.,orS
payable January Is 10 stcckholdef' VI
December 81. ,..,., ouaf-
Re-. Ruttenhole Machine. s,eges' 49,
,.rIv dividend Of 3 per cent psysof
AIRY is TO stock Of record January .
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-28
GERMANS WILL
IMPORT FOOD
FROM HOLLAND
A Trading Agreement
Signed-Active De-
mand for Potash
oW,r,l,. ria Trokertor 10 Tire TRIBUNE
BY ERNST KAHN
Berlin. December c5.

WtrsIsss cid 1Nokertor 10 The If1burs)
BY ERNST KAHN
Berlin, December c5.
The German-Dutch trading agree
ment has been signed. 1t covers the
importation from Holland of milk
products, meats, eggs and fruit.
There is a very active demand for
potash and it is increasing daily,
faster than the facilities Of distribu-
ton are provided by the govern
ment. Shares of the potash COM
panies are booming.
Coal prices have been raised two
to three marks per ton more. This
is the third advance since 1914. Coal
is still cheaper in Germany, how
ever, than in neighboring countries,
where by reason of rising cost Of
production, larger demand and di-
minished importations the price has
gone very high.
1t is evident that there is going to
be lively discussion of the manner
in which raw materials shall be i'm
ported into Germany and appor-
toned after the war. There will be
strong objections to making foreign
trade socialistic in method, or to its
being monopolized by semi-oficial
companies.
Associations Of employers and
trade unions are unanimously agreed
to create foundation for energetic
achievements under the new civil
CONSUMPTION law.
The German Interpretation OF the
Russian Prime Minister'S speech is
either that Russian militarism does
not recol from continuing the
slaughter, or that the fear of rev
olution after the war induces the
ruling caste to refuse peace out of
sheer despair.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-28
STOCK EXCHANGE TO
BE CLOSED SATURDAY

The governing committee Of the
New York Stock Exchange voted yes
terday to close the exchange on Sat
urday. This will give Wall Street
brokerage houses a triple holiday
from December 80 to January l. IN
elusive.
This action was taken in compliance
with n petition circulated among the
members Of the board which stated
that an unprecedented volume Of bust
ness has resulted in more or less
congestion throughout the Street, and
which has been intensified by the near
approach Of the end of the year, and
that an extra holiday at this time
would be appreciated by employers
and employees.
The New York Cotton Exchange and
the New York Produce Exchange will
be open for business as usual, as will
the banking institutions.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-28
Dividends

Baltimore 4 Ohio.-Semi-snnua dividends
~ per cent on the preferred stock and
2i1 per cent on tho common stock, payable
March 70 stock OF record January 20.
Penrsylvania Co.--Semi-annual dividend OF
4 ncr cent, payable December 80 TO stock OF
record same date. This makes s per cent for
the calendar year and compares with per
cent in 1915.
Delaware. Lsckawanna 4 Western Coal
Regular quarterly dividend OF 2i7 per cent.
paiable January Is TO stock OF record De-
ccnber 80.
L. $. Smelling, Refining & Mining
Quarterly dividend of Sl.?5 share on the
common stock. increasing dividend rate from
a 81 TO s. annual basis. Also. regular quar-
tery dividend OF S7is cents on preferred
stock. payable January 10 TO stock OF record
January D.
International Psper.-Quarterly dividend OF
Ia per cent on the preferred stock. payable
January Is 20 stock Of record January T.
Thi. places the stock on per cent basis
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-28

risk. Instead OF recovering steel com
mon may fall straightawny TO JOB
Then what is the broker 20 dot
This ruling Of the governing commit
tee officially relieves him OF any obliga-
ton to employ discretion. The order TO
sell Steel common at 1l5 stop be
comes imperatively operative imme-
diatcly after the stock has touched that
price. no matter what the next quota
ton may be, and if il touched 10 only
in a constructive sense, as when IN the
illustration il closed one night at 1l6
and opened the next morning at ll3, he
still must sell it for what he can get.
The operation of a stop order to buy
in the event OF certain price being
touched is merely the converse Of what
has been explained.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-28
Stop Los" Order
Officially Defined

The governing committee OF the New
York Stock Exchange yesterday adopted
the following resolution as TO stop
loss orders:
That stop order TO buy stock becomes
q market order when the stock sels AT OF
above the stop price
That a stop order TO sell etoek becomes
market order when a stock sells at or be-
low the stop price.
This is merely to invest with formal
and Official phrsseology practice
which has always obtained among brok-
ers. The reason for doing it is that in
some very excited stock market days of
the recent past clients have complained
Of the results obtained from the execu-
ton OF "stop loss" orders, generally
blaming the broker for not having done
better.
The operation is this: A client buys
100 shares OF United States Steel COM
mon at 100 and puts in an order at the
same time to sell 1t at 1l5, stop"
That means that he wishes his loss to
be stopped at a decline Of 5 points.
The understanding is that II Steel com
mon touches 115 the broker Is imme-
diately to offer his clients 100 shares
for sale at the best price then obtain
able. which in a normal market may be
1147.. But in time Of great confusion
Steel common may close one night at
116, open the next morning at ll3 and
fall Immediately to 1l1's. Then what
is the broker to do with his clients 100
shares? Sometimes he uses his dis
erection and does not sell his clients
stock at 1111a, hoping that It will re-
cover, but he uses discretion at his own
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-28
Money and Credit

Money on call at the New York Stock
Exchange was somewhat easier ycster-
day and the ruling rate was 8 per cent,
compared with 81 the day before. The
low was pa per cent and the close s.
Moderate case prevailed in the mar
ket for time funds on brokers' Stock
Exchange collateral. especially In in
dustrisl loans. which are now quoted
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-28
Other Cities

Boston Copper-Boston, Dec. a.
Although only moderately active, cop
per shares were strong to-day. Ar
vanccs exceeded two points in several
issues and we're almost general The
close was firm. Copper Range, 60;
Allouez, 65; Old Dominion, 81; Osce-
ola, 81.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-28
New York

National Bank of Commerce Flee
lions. Guy Emerson has been elected A
vice president of the National Bank Of
Commerce of New York, and II. p. Bar
rand of the foreign department of the
institution, has been appointed an as
sistant cashier.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-28
The Dollar in Foreign Exchange

Intense dulness prevailed again IN
the foreign remittance market and
changes in rates were small and unim-
por.ant. German marks continued to
display irmness, with the quotation for
four moving up to 73 cents, compared
with 72is the day before.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-28
GOLD EXPORTS
TO ARGENTINA
WORRY LONDON
British Treasury Seeks to
Check Movement from
This Country

The British financial authorities, II
was learned yesterday. view with dis
approval the large movement Of gold
from New York to Argentina, and have
undertaken to check the outflow so far
az possible.
London objects 10 the movement on
the grounds that it uitbdraws from
New York portion Of the British gold
sent here from Canada for the pur-
poso OF keeping the American money
markets easy and thus facilitating the
fotation of British loans. Any con
siderable outward movement of the
metal would tend 70 defeat this pur-
pose.
Instructions have been sent TO Brit
ism owned banking institutions in Ar
gentina asking them to refuse to enter
into negotiations with New York banks
where the export of gold from the
United States to Argentina is involved.
This action was taken few days ago
by the British Treasury after more
than s35,OOO,O 900 in gold had gone from
here to Buenos Ayres.
The gold that has been shipped from
New York has been sent in the course
of what is known in international
banking as triangular operation
whereby the South American export
ing houses selling food and merchan-
disc to London are paid in New York.
Argentna's Balances Large
The Argentine exporter instead OF
selling in Buenos Ayres his sterling
bills OF exchange drawn against the
shipments to London, prefers 10 sell
in the New York market because OF
the more favorable rate here. This
has resulted in the building up OF
large balances here to The credit Of
Argentine exporting houses, which
have been withdrawn in the shape OF
direct gold shipments to Buenos Ayres.
movement EApettcd W t"h'i""N
Bankers did not think yesterday that
the effort of the British to check the
movement would be efectual. The
only way to prevent a further outflow,
they thought, would be for Britain TO
establish credits in Argentina similar
to those obtained here, If that were
possible. This was discussed several
months ago when it was suggested that
Britain borrow against South American
securities.
Unless something Of this sort is done
a continuation of the gold movement
to Argentina is expected. One banker
predicted yesterday that an additional
5O,O00,OOO, besides the S35,OOO,OOo
already forwarded. is likely to go in
the next few weeks. The chief diff
Guilty in the past in making such ship
ments has been the lack Of steamship
space and the high insurance rates.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-28

The above rates express the cost OF
foreign money in terms OF the Ameri.
can dollar. You buy an English pound
sterling for S4.75la; The intrinsic par
ity is s4.S6ss per pound. Thus, you
say either that pounds are at dis.
count or that dollars are at pre-.
MUM. which is owing to the fact that
in England the demand for dollars
with which to settle accounts in this
country is greater than the demand in
this country for pounds with which to
settle accounts IN England.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-28
News Digest
Foreign

Psri. Boursc.-Paris, Dec 27.-Tra
ding on the Bourse to-day was steady.
Rentes were quoted at 6O.o5, exchange
on London at 27si Is and the > per
cent loan at SS.25.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-28
Rank Entertaius Customers.-Oficers

and directors of the Irving National
Bank are giving holiday reception to
customers of that institution between
4 and p. m. every day until Saturday
in the banks quarters in the Wool
worth Building.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-28
WALL STREET OFFICE:
Mills Building, 10 Broad st.

Wednesday. December q, 1916
II is not improbable that the food
problem in Germany is now becom-
ing really acute. The grain harvest
this wear compared favorably with
that Of 1915. but the 1915 crop had
been very poor. and as an offset
against the improved production OF
cereals this year has TO be set par
tial failure Of the potato crop, when
the season before had been GOOD
The soil Of Germany in normal
times is nourished richly by extra
neous manures, which are manly
three-potash, phosphorus and nj
trogen. There is, Of course, plenty
of potash, because Germany has the
largest available deposits Of that
substance in the world. The supply
Of phosphorus is much diminished
owing largely to the scarcity Of AMI
nal substances, but there is a large
source of an inferior quality of this
element in furnace Stag, now IN
creasingly utilized. The real diff
GUILTY is to obtain sufficient amounts
Of heterogeneous manures, formerly
obtained in great quantities from
Chile. The fxation Of atmospheric
nitrogen by the electrical process
has been technically very successful,
but unfortunately the products have
had to be divided between the farm
ers and the munition makers, the
wants of the latter coming always
first. Agriculture is known to have
suffered. There has been an increas-
ing use Of potash, referred to IN
wireless message TO The Tribune
from one of its German correspond
ents. However, using more potash,
though it helps, will not compensate
for insufficient quantities Of nitrog-
enous manures. Recently. 1t is I'M
derstood, the agriculturalists pre-
pared and issued memorial in which
they complained TO the Chancellor
of General Hindenburg's assault
upon the morals and patriotism OF
the farmers, protested against the
suspicion under which they had been
placed without proper investigation
of their own problems, and declared
that unless they we're provided with
at least 100000 tons of nitrogenous
fertilizers before spring a decrease
in the 1917 production Of cereals
would be inevitable.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-28
New Stock Exchange Listings.

United Fuel Gas Company s507,0OO:0 900
first mortgage per cent twenty-year
sink ing fund bonds, series A, and Sl0,-
100000 common stock of the Stewart
Warner Speedometer Corporation were
yesterday admitted to the list Of the
Stock Exchange by the governing COM
mittee.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-28
CORPORATION Returns

Goodyear Tire and Rubber.-Report for the
year ended October 81, 1916. shows net earn
ings of s7.003.330. equal TO 1854 per cent on
the si7 SOC. 900 common stock, after deduct
ing preferred dividends, against 55.7l per
cent on SS,3T7, 200 common stock in the year
preceding The income account compares as
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-28
Finance Economics
Telephones:
Hanover 6514

a.. 10 5 per cent for practically all
maturities. The tendency is due more
TO the light demand than TO any in
clination on the part Of lending insti-
tutions 10 make concessions in the
rates. There was no change IN the
rates FOR mixed collateral loans.
Ruling rates on money yesterday
compared with a year ago, wers as
follows:
Yesterday. Year ago
Call moneys % 2 q.
Time money mixed collateral:
60 days.. 4lA@4a'o 2iAq2Ia's
90 days. 4I4@4I2oo 2l2G224%
4 months. @44'o 234@3 .
to 6 mos. 4 @4IA's 234G3 %
Commercial Paper. This market
shows a slightly lower trend, with a
tendency TO broaden, though the vol
ume Of business moving is still small
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, 1916-12-28
Relevant
Information

international Paper Directors OF
this company declared a quarterly divi-
dend Of z per cent on the preferred
stock yesterday. Three months ago
dividend of per cent was paid, while
the payment previous to that was one
half of / per cent. This latest quar-
terly disbursement establishes the ST.
100000 Of per cent cumulative pre-
ferred stock on its full dividend basis,
thereby automatically stopping the ac-
emulation of dividends now amount
ing to 33IA per cent. The present divi-
dends are the largest on the preferred
since 1907, when the full rate was paid.
From 1909 to 1915 only 2 per cent
year was paid on the senior stock.
Nothing has been paid on the sl7,442,-
500 Of common since 1899. In that
year per cent was paid. Although no
announcement was made yesterday re-
garding the back dividends on the pre-
ferred, it was stated that the subject
came up for discussion by the direc-
tors. 1t is expected that eventually a
comprehensive plan calling for the COM
plete payment OF the accrued dividends
will be arranged. Last year the com
pary earned 5.44 per cent on its pre-
ferred stock. This year is expected TO
he the largest in the company's his
tory
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-28


There has been a change of the
steel buyers psychology. The idea
of scarcity no longer pursues him
into the night and torments him un-
ill he is resolved on the morrow to
option all the material he can per
suade the manufacturer to write
down in a book. "The effect Of peace
discussions" says The Iron Age,
"is chiefly seen in the holding off Of
buyers who have figured on extended
deliveries" 1t is better so. 1t now
appears that the clamor for pig iron
a few weeks ago was owing to the
fear that in the last half Of 1917
that important substance would be
too precious to buy. Some who
bought a great deal for the sake OF
their sleep are beginning to wonder
if they did not 90 rather far. In
the meantime the steel makers would
stimulate the thought of peace as a
defence against buyers. There is no
possibility of increasing production
current, and as for piling up orders
on the books, it is very exciting for
while, but at length the cost of
good ledger paper becomes an item
even to a steel mill. The problems
Of the manufacturer are immediate.
He cannot fill the orders in hand. In
one week the United States Steel
Corporation alone has banked the
fires in nineteen furnaces for lack
of fuel, or where the fuel is avail
able, for lack Of the cars with which
to move il. When the transporta-
ton machine is running under a
great strain, winter weather is par
ticularly harassing. 1t is just as
we'll for the buyer TO slow up.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-28

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, 1916-12-28

Public Service Corporation Of New jersey.
The November report shows an increase In
gross Of s43s.240. or 1871 per cent over that
month in 1915. and the balance available for
dividends, amortization and surplus was
$3.50. 494, a gain of $50. 1850
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-28
Canadian Bank Statement.--Montl

Canadian Bank Statement. Montreal,
Dec. 27.-At last the Canadian char
tered banks have shown a pause IN
their growth of deposits. This is shown
in the November report Of the char
tered BANKS Of the Dominion. which has
lust been issued In call loans those
in Now York show a decrease OF 5000
oo0 while those in Canada declined by
onlv $1,000. 900. The returns compare
"a follows with a month ago:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-28

Germany is now going into her
third crop year under war condi-
tons. You might think of her agrl-
culturally as well-nourished man
who is suddenly deprived of food.
The first day does not show much
falling off. He is living on his fat,
or on the nourishment stored up in
side of him. The second day he falls
off a good deal, and yet much less
than you might expect. On the third
day he becomes very weak, and on
the fourth he goes suddenly to
pieces. The 1914 crop was made
when the war started. The 1918
crop drew heavily upon the reserve
food with which the soil was stored.
The 1916 crop drew upon this
reserve Of nourishment more heavily
still. Now it comes to the third war
crop.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-28

Gold from Canada. Gold arrivals
from Canada yesterday aggregated
81. 100000. There were two shipments
one for sS,OOO,OOO going to the Assay
Office here and the other, for s4'oOO'-
600, going to the Philadelphia mint
Roth consignments were for the ao-
count of j. P. Morgan & Co., repre-
senting the British government
Yesterdays arrivals brought the TO-
tai imports of gold from all sources
since the first Of the year to $685.
OOO. 900.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-28

TT liabi..st.716,2t4e2o st,722. esa,es5
TT assets.s1,e57.5f1.502 81, e68. GAG, 288
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-28

Sub Treasury. - New York banks
lost TO the Sub-Treasury s2,c93,OOo.
Silver-Bsrs in London, 1914 pence;
New York. 1875 cents; Mexican dollars
5Sia cents.