davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-04
Competitors Not
Injured, Declares
Steel Corporation
In Answer to Government,
Control of Supply or
Price Is Denied

Washington. March SIN briefs fled
to-day with the Supreme Court, the
United States Steel Corporation, its
directors and subsidiaries presented
their defence TO the Federal Govern
ment's dissolution suit.
The corporation, the defe giants as
sert, was not formed with intent 70
monopolize or restrain trade. has not
since done so. has actually mad bene.
fetal and not harmful effect upon the
iron and steel industry, is A good"
combination, and has neither power
nor has it shown disposition to control
production prices or crush competitors.
With admitted control Of 400 per
cent of domestic consumption. the briefs
assert. "th.s falls far short Of control
ling the supply and obviously cannot
control the price
Relies on Rule Of Reason"
Mere size and power alone Of COM
bination. the defendants declare, are
not inhibited by the Sherman law
Also, they insist, the antitrust statute
prob bits Unreasonable" restraint of
trade-not necessarily restraint Of
competition" Relying upon the rule
of reason" application made by the
Supreme Court, the defendants ask dis
missal Of the Federal prosecution.
That President Roosevelt was not
deceived in the corporations acquisi-
ton Of the Tennessee Coal and Iron
properties in 1907 and that they were
bought to prevent a worse panic is
insisted in the briefs.
Public kept Fully Informed
In conclusion the defendants. recit-
ing numerous investigations By Fed
eral agents, state:
"The steel corporation has kept the
public and government fully informed
as 70 its course OF conduct and poll
cies ever since 70 was organ zed
Meanwhile, relying on apparent gov
eminent and public approval, 10 has
gone on spending millions IN develop
ment of its foreign and domestic
trade. 20 the manifest advantage Of its
employees, customers and the general
public. and without injury TO its COM
petitors or others. These circum-
stances indicate contemporaneous
Judgment IN favor Of the integrity and
management Of the Steel Corporation,
and such Judgment ought not to be
overturned al this late date except for
the most cogent and persuasive rea-
sons
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-04

The above rates express the cost OF
foreign money IN terms OF the Ameri-
can dollar. You buy an English pound
sterling for S4.75; the intrinsic par
ity is s4S6s per pound. Thus. you
say either that pounds are at a dis
count or that dollars are at a pre-
MUM. which is owing 70 the fact that
in England the demand for doilars
with which 20 settle accounts in this
country is greater than the demand in
this country for pounds with which T.
settle accounts in England
Exchange Crisis in CeylOn. On De-
cember IL, 1916. the Secretary Of state
for India announced that the sale Of
Indian government securities would be
limited 20 a specified amount weekly
until notice 20 the contrary was given.
Exchange banks financing the export
trade Of India and Ceylon obtained the
necessary funds prior 20 this announce
ment through the sale Of Indian securi-
ties in London, remittances being made
therefor TO India in practically IN
limited amounts. The need for funds
thus derived has been exceptionally
heavy during the past year on account
OF the abnormal preponderance Of ex-
ports over imports.
In Ceylon the effect is felt keenly. as
it is stated that the Colombo banks
have a very limited power OF selling on
London against their purchases Of ex-
porters' bills secured by shipping docl-
ments and consular invoices It Is
claimed that normal conditions can be
restored only when the unrestricted e.
gotiation Of Indian securities is again
permitted.
The exchange banks Of Colombo have
issued a Joint statement 10 the effect
that the export trade OF Ceylon will
have 20 be severely restricted and that
they viii nave 70 suspend the negotia-
ton Of bills representing new business
They caution Colombo sh .DDers against
entering into new contracts. The COM
mercial community has shown rs CO.
operation by discortinuing indefinitely
the customary weekly auction sales Of
rubber and tea at the Ceylon Chamber
Of Commerce. IL is said. however. that
some sales are still being made pri-
vafolv
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-04

Europe, of necessity, goes on mort
gaging its future earnings and saw
ing nothing at all. The debt of the
belligereHts is now about SSO,000,-
100000, and the interest charge is in
the neighborhood Of S11.000,000 a
day. But in spite of prodigious Dor
rowing operations, the interest rate
on internal loans has not risen much
end government obligations sell on
basis which makes the average yield
approximately 5 per cent. The aver
age yield of nine belligerent issues
in this market is about "a per cent,
though some are secured by excellent
collateral. The disparity is prob
ABLY accounted for by the fact that
foreign borrowers in this market
have no such control over funds here
as they have taken at home, and
must pay what the investor demands.
Also, the factor Of patriotism is Lack
ing. When peace is restored and capt.
tai is freed from restrictions these
disparities in yield Will no doubt be
wiped out. Probably that will be ac-
compEshed more by a rise in the
Weld on internal issues than de-
cline in the yield on those placed
abroad, though both may occur.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-04
Saturday, March 3, 1917

The absurd theory that war Will
produce material profit for a coun-
try is again advanced, just as it al
ways has been in the past whenever
war was in prospect. That the
theory is fallacious is no argument
against war. for there are principles
which must be maintained regardless
Of cost. But the fact is, as the Ma
tional City Bank said the other day,
that war is not recommended by
any one who understands its eco
nomic effects. as a means of increas-
ing the wealth Of a nation" IL IS
true. of course, that the immediate
effect is TO stimulate industry and
agriculture, and so to produce
greater business activity. 1t is true
also that such activity is commonly
maintained for some time after war
ends, because property destroyed IN
war must be replaced, and that gives
rise TO a big demand for labor and
materials. Il is these things which
produce the illusion of gain, because
they are concrete and visible to all,
while so long as every one not in
military service is actively employed
at d good wage, and therefore pros
porous, the inevitable effects Of the
consequent initiation and Of waste
fully producing goods for purposes
Of destruction are obscured.
4 shrapnel shell describes an arc
through the air, explodes and dlsap-
PEARS forever. With it goes a GER
tain quantity Of material-of steel.
copper. cotton. chemicals and other
commodities-and Of labor. All are
lost beyond recovery. and multiplied
by millions the loss becomes Stagger-
ing. There is. moreover, the loss
which comes from diverting labor
from productive work to military
service, and that is probably even
greater than the loss entailed in act
ual property destruction. But that,
too. is intangible.
If YOU can imagine for a moment
d country taking labor from produc-
tive employment and setting it at
work tearing down houses, so that
others might be employed in furnish
ing materials and rebuilding the
property destroyed. the fallacy be-
comes plain. Yet that is an exact
parallel of what is done in war, in
SPITE Of the optimistic theory that
war is d benefit in a material sense
So long as the world is as it is,
war cannot be avoided. But it is
fclly 70 believe that active participa-
ton in it can result in a gain in
wealth.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-04

Nevertheless, there are indications
that uncertainty and railroad con-
gestion have had little or no effect
upon general merchandising. For in
stance, the weekly report Of Mar
shall Field 4 Co., says:
Current wholesale shipments OF
drygoods are well ahead Of the cor
responding period a year ago. Road
sales for immediate delivery are
about equal 70 the same period last
year. while road sales for spring and
falI delivery show a marked increase
over the same week Of 1915. Gus
somers have been IN 70 market IN
about equal numbers. Collections
are largely 30 excess Of the same
week a year sgo.
The fact that the New York banks
have been losing money 10 the m
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-04
Dividends

r. ]. Reynolds Tobacco Regular quarter
ly dividend OF 3 per cent and az extra tivi-
dend Of > per cent on the common stock
also REGULAR quarterly dividend Of it, per
cent on the preferred stock. Last Decent er
an extra dividend Of per cent on the COM
mon stock was declared Dividends are pay
able April % stockholders Of record
March 81.
Julius kayser.- Regular quarterly divi-
bends of q per cent on the first and second
preferred and "a per cent on the common
stocks This Is an increase Of 4 Of l rer
cent on the common. Preferred dividends are
payable May ] % stock Of record April 20.
and common is payable April I 70 stock Of
record March 30.
Artillery Fuse.-Dividend Of 200 per cent.
raysbie % stockholders Of record Febru-
airy g
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-04

If bank clearings be accepted as
the measure of business volume, 1t
would seem that the turnover Of
goods in February was about 10 or
Y per cent smaller in quantity than
in the corresponding month last year.
Total clearings outside Of New York
for the month chat figure being
taken because it is less influenced by
stock market transactions than the
total including New York; were
about S8,4O0,OOO,OOO, against ST.
l2s. 900 900 in February, 1916, an in
crease Of S1,272,000,0O0. Higher
prices account for more than the full
amount Of the increase. The turn
over in February, 1916, figured at
current prices, would have been
something like 50 800, 100000.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-04
British Indian Exports
To the United States

Invoices certified at the American
consulates at BomSay and Madras.
India. show considerable increases in
shipments TO the United States dur
ing 1916. compared with the preceding
year. The value Of the exports from
Bombay increased from Sf,i2s,96s for
1915 90 sS.26l. 2s3 fo- 1915, and from
Madras from s4.5ls.S52 to ss.ssi.5s7
These gains cover number Of articles.
among which are carpets and rugs,
skins. pearls and precious stones. salt
petre. castor seeds and tumeric.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-04

70 Sub-Treasury Sl,222,OOo.
Silver.-Bars in London. S7is pence;
New York, 1868 cents; Mexican dollars.
5si4 cents.
With the delivery BY the national
mint of Japan 20 Russia Of small sill
yer coins which she is making for her
ally, says a Canadian dispatch TO The
Journal of Commerce" there Will be
ample silver coinage circulating IN
Russia TO care for any such exigency
such as the one that arose at the early
part Of the war, when a silver panic
prevailed.in the country and every per-
son grabbed up all the silver coins he
could get, with the result that silver
was practically drained out Of circula-
ton.
This information was given by Nicho-
las Rojdestvensky. of the Department
Of Finance, Petrograd, who with Eu-
gene Yikaref and Alexandra Wegner'
also Of the department, visited Ottawa
20 discuss financial questions with Sir
Thomas White and currency matters
with Controller of the Currency J. E.
Rourke. The three representatives Of
the Russian government had just come
from japan. where they looked into
the progress of the coinage being made
for Russia Mr. Rojdestyensky, who
is skilled metallurgical engineer,
stated. in speaking OF the silver panic
in his country in the early days Of the
war. that the paper money in the form
Of stamps representing the values Of
the various small silver coins. which
was at once placed into circulation. has
been all taken in now, and since Janu-
airy there has been ample silver coin
age in circulation.
Before the war the national mint Of
Russia was making about 10000 900
roubles' worth Of small coins. and thus
when the panic started was unable 20
turn out sufficient 20 meet the demand.
TIE order was then placed with Janan.
Mr. Roidestvenskv stated that the Pos
elan mint is now making 10000 ono
roubes' worth Of silver coinage a wear.
AT cold coins have been drawn out
Of circulation in Russia for the needs
NJ the countrv's war purchases There
is ample gold in the State Bank al
potrocrad. where. if the owner Of 3
-ouble gold piece presents the coin he
will receive paper or silver money 20
he equivalent ~ roubles aid . ko-
neks. so high has the value OF gold
risen.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-04
News Digest
Foreign

Foreign
Shifting of War Loan Funds Feature
Of London Money Market. - London.
March 3--The money market finished
the week easy despite the shifting of
war loan funds and the payment Of the
first instalment of the loan. amounting
70 about s45.OOOOOO. Discount rates
were easy.
The feature OF the exchange market
is the weakness OF the Italian lire,
which. quoted at 37.75 70 3S.2j per
pound sterling, or a depreciation Of 80
per cent. causes some comment. No
reason Is given for the decline except
market Influences.
Idle conditions prevailed on the
stock Exchange, where the only trans
actions we're a few in home funds al
firm prices and an occasional purchase
Of colonial bonds and rubber shares.
Foreign rails were weak. American Sc
curit.es after adjustment 20 parity fin
ished dull.
Noney was quoted at Al per cent.
Discount rates. short and three
months bills, 81 per cent. Gold pre-
miums az Lisbon, 20.
Paris Bourse. - Paris. March 3. -
Trading was quiet on the Bourse to-
day. Three per cent rentes. 81 francs
So confines for cash; exchange on
London. q francs s2le confines; ) per
cent loan, 81 francs IS confines
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-04
Morgan & Co. Take
Over More City of
Montreal Bonds

Acting on the suggestion Of J. p.
Morgan & CO. the Board Of Control
o. the City Of Montreal has author
ilsd further Issue Of bonds in dol
ar denomination IN New York 20
redeem sterling bonds outstanding IN
LFzisna. In the sum Of 1000 900.
INA MAKES in al $50 100000 Of civic
as'sntgre bonds which the City Of
Montreal viii transfer from England
. tais si1e. Owing % the difference
!. - szesSngs rates in favor Of New
i'is' The Montreal controllers,a il IS
s.s'%e' will thus save the city about
'''D'oeoo On the operation.
The Canadian province Of isni-
va aas already done this on con
ssFabie scale ard has saved more
nan 400 900 In addition 70 inc
s'srng which the transfer effects. %
- assists Great Britain in stabiliz'
sEsriing exchange.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-04

The relative activity Of the stock
market, accompanied by a rise in
prices, may have been due in part to
a resumption Of public interest, but
purchases by those who had sold
stocks earlier in the week, in the be-
lief that they could be bought back
at lower prices, We're the main cause
Traders prefer to be out of the mar
ket over the holiday, even though it
has shown no disposition to respond
to the most momentous news.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-04

very short, there is great danger that
some. if not all, Of the factories viii
be forced to close. throwing large num-
bers of people out OF employment If
supplies from the United States can
not be had soon.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-04
Shortage of Sugar
Aggravated by
Losses in Cuba
Sharp Rise in Prices Anti
cipated by Wholesalers
British Buy Heavily

worldwide shortage in supplies Of
sugar, due mainly 20 the curtailmcnt %
production in Europe. may, 10 was stat
ed In trade circles yesterday. be agra
waited seriously by the political disturb
ance in Cuba. The statement was
made that refined sugar may sell as
high as Is cents pound and possibly
higher before the end OF the year il
the damage being wrought on the Gu
ban sugar plantations by reyolutionists
is as great as reported. According 20
some advices hundreds Of acres Of
sugar cane have been destroyed by FIRE
One report estimates the loss az 10000
tons, and the general tenor Of advices
from Liberal sources Is to the effect
that the rebellion In that country is
far from being quelied, despite the
claims Of the Cuban government 20 the
CONTRARY.
Allowing for exaggeration Of the
damage claimed wholesalers In the
local market say that Che tuation may
become serious They hold that even
if the destruction 5y fire should prove
negligible. as the officials Of the Cuban
government contend, there is still
possibility that a large part Of the crop
may be lost because Of the scarcity Of
labor 20 harvest IL.
British Commission Buys
Meantime a bloyant tendency is i'm
parted by the continued heavy buying
for foreign account The British pur-
chasing commission was reported yes
terday to have bought 100000 tons Of
raw sugar ia Cuba, valued az approx
mateIy 100000. for delivery during
March and April The price was said
20 havt been ! cents q pound, f. 0. b.
Cuba.
Hitherto Great Britain has bought
American refined sugar. and dealers are
wondering whether she nov intends 10
abandon this policy and give the REIN
ing business over 20 the English REIN
ers. some Ia The trade expressed the be-
lief that az a measure Of economy raws
were secured with the object Of trad
ine -hem over 70 American rehners for
their product The last purchase Of
Cuban raw sugar BIZ The British com
mission was negotiated the early part
Of last December, VIXEN 10000 tons
we're obtained at 800 cents T. 0. b.
Cuba.
Labor Situation Improves
Prospects that the labor troubles in
Philadelphia refneries VII be settled
amicably were brighter yesterday.
Those not troubled with strikes have
been called upon 20 I'D export orders
taken near the close Of 1915 and the
early part OF this year. The result has
been that domestic demand has been
far in excess Of the production. and
,obbers and manufacturer. fearing
that the output Of the reaneries will
not sufficiently increase % take care o.
the normal domestic demand. are in
s!sting on buying more than the sugar
produced.
The railroad situation throughout the
United States has operated against the
delivery o. sugars. Brokers estimate
that not greater than 20 per cent Of
the entire American beet production IS
still available for shipment east Of the
Rocky Mountains. negligible quantity
90 Tar as i.s effect on domestic con-
sumption is concerned.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-04
U. S. Treasury Finances

Washington, March 5.--Condition Of
the United States Treasury; Net bal
ance. s67. 122. 667; total receipts. 81
4s2. 7se; total payments. s2.S26, 1885.
The deficit this fiscal year is si52.-
3fe.23e. against a deaeit Of s51 .33s. $40
last year. exclusive OF Panama Canal
and public debt transactions.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-04
New York


Dutch Shell Company Appoints Rep
resentative Here. Richard Airey has
been appointed New York representa-
tive OF the Compania de Petroleo Ia
Corona and other subsidiaries Of the
uutcr Shell interests.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-04
t.. 143,3e1.215 134,546,i15

Clearing House Statement.-The
weekly return Of the New York Clear
ing House banks reflected the shifting
of funds incidental 20 the first of the
month financing. together with certain
important syndicate operations. This
explains the increase during the week
Of $50,s2S.O0O in the loan item, which
now stands at 1852. 49,, 900, compared
with S3,362,179. 900 a year ago. Surplus
reserves were reduced by S3.025,67O,
and now stand at sl64, 427 ,270. com
pared with $l37,520,444 a year ago.
Aggregate reserves gained nearly S.,
100000.
The actual condition reported on Sat
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-04

terror for several weeks is also a
sign that the volume Of general bust
ness is well sustained.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-04
February Mining Dividends Di

T FUIU dIN NtIIIIIs IIIF EIfNI-- =
dends paid in February by twenty-five
United States mining and meta.lurgi
cal companies, according to The Min
ing and Engineering Journal amount
ed Co S12.s12.26s, as compared with ST.
935.Os paid by twenty-six similar COM
panies in February, 1915. Canadian
and Mexican mining companies paid
S2Is6,s51 in 1917, as against Sl,324i-
677 In 1915.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-04

r. ]. Reynolds Tobacco Company
The company will issue S2.500.O0o adj
ditional : per cent preferred stock
bringing the outstanding issue Of this
class I'D to s5.O00.OOO. The new pre-
ferred will be offered TO common
stockholders az par 70 the extent o.
25 per cent Of their present holdings
of common. The company has SlO'oOO'-
600 of common outstanding.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-04

e. Co. This brings the total imports
from all sources 70 date this year 20
$4,000, 900, and since January 1915, TO
1926, 100000. The Federal Reserve
Bank purchased yesterdays consign-
rerf
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-04
Relevant Facts

Chicago. Milwaukee & st. Paul
Railroad company reports Janu-
airy gross earning Of Se35l ll3.
compared with S7645,037 in the cor
responding month OF 1916. Net after
taxes aggregated s1.665,ll3. compared
with Sl.579.779. Net for the first
seven months Of the new fiscal year
ended January 81 last amounted 20
500 sOO.396. agains. S20.6ll,739 in the
CORRESPONDING period Of last year.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-04

B.F. Goodrich A special meeting o.
stockholders will be held March a. I'M
mediately following the annual meet
ing. for the purpose Of authorizing a
reduction IN the authorized preferred
stock from S27.3OO,000 TO S26,40O 600:
Announcement was recently made or
the retirement of 100000 Of the pre-
ferred.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-04

cents, together with the intrinsic GOLD
parit', as calculated by the United
States Mint:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-04

New Shipping Companies-A new
nigh record for capitalization OF new
ship companies wos made last month.
The journal OF Commerce estimate
tbs total an s3U.5-5.JUU. compared Win
a. 475 600 in January and S5,525.OoO
N February Of 1915. Since the begin
ming Of the war the total capitalization
Of new shipping concerns mas reached
Sl44.972.0 900.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-04

Gold reserve against net deposit and
note liabilities, 74.0 per cent.
Cash reserve against net deposit and
note liabilities, 754 per cent.
Cash reserve against net deposit liza
bilities, after setting aside 40 per cent
geld reserve, against aggregate net liza
hilities on Federal Reserve notes in
circulation. 76.4 per cent.
In the above statement the principal
items compare with year ago as fol-
lows:
Total gold reserves. .. Inc $50 2e1 900
Bills discounted and accept
snces bought. ......Inc. $1,000. ooo
Due 90 member banks Inc 2e0 $4,000
Net liability for notes.-the 1887, 900
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-04
New York Federal Reserve

Ne1O York, March 3.
The condition Of the Federal Reserve
Bank of New York at the close OF bust
ness Friday, compared with the previ-
Gus week. follows:
RESOURCES
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-04

Closing rates yesterday. compared
with a week ago, were as follows.
Week
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-04

Bank Clearings.-The days clearings
az New York and other cities:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-04
Porphyry Copper Output-January

production figurec Of the leading
porphyry copper producers compared
with December follow, in pounds:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-04
Corporation Returns

Missouri. Kansas & TeIa