davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-14
Big Shrinkage
In alue Of
London Shares

In its annual review OF London Stock
Exchange operations In 1915 the "Bank-
srs' Magazine" OF London shows there
has been a depreciation in value during
the year in its list OF 3s7 representa-
tive securities of no less than t7i5,-
600. 900. This follows shrinkagc In
the previous year OF Sl,035,ooo,ooo,
while IL comparison be made in the
valuation OF July 30, 1914, a decline OF
approximately s3,O0o,OoO,ooo.
Much Of the depreciation during the
past year has been due TO the removal
OF Official minimum prices, the last o.
which disappeared in July. Other in
nuerces have been responsible for
heavy depreciation in tho past Few
months. the chief Of which, this author
ity saws. is "the cumulative effect Of the
huge addition 70 government loans
which have absorbed practically all the
funds which would otherwise have been
available for reinvestment in outstand-
ing securities. Until the end Of the
war. and the consequent stoppage OF
government loans, It is difficult to see
how there can be any important rally in
stock exchange securities, inasmueh as
any purchases for capital appreciation
must be restricted by the lack Of spare
capital and the absence OF speculative
facilities"
An analysis OF the depreciation in in
diyidual departments OF the London ES-
change during the year shows that the
decline has been most pronounced in
British and foreign government stocks.
where the losses were as much as z TO ?
per cent. A few sections showed sub
stantial gains. British bank shares
for example, rose per cent, industrial
issues i2ll per cent steel shares by
nearly q per cent and shipping issues
by over "a per cent.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-14

level in months. Until the last few
days the rate has held steadily around
f475h. simultaneously with the i'm
provement in demand bills occurred a
sharp advance in long bills. due large
" to investment buying. Incidentally
the whole sterling market was helped
by the fresh importstons OF gold and
the pronounced ease in the general
money market situation.
With the prospects of an early peace
fading as a result of the joint note of
the Allies, exchange moved against both
Berlin and Vienna. German marks
dropped back below 20 cents for four,
compared with a recent high record OF
rs. Vienna crowns reacted sympathet-
ically.
Russian rubles displayed reaetionary
tendencies and fell at one time in the
week TO a new low record of 1920 cents.
Subsequently they recovered slightly.
On a small amount Of business Italian
lire declined to a new low, with checks
selling around 500 to the dollar.
II you calculate the cost of the dol
lar in terms of foreign money-that is,
as if you were buying dollars with
pounds, marks or francs-its value at
the close of last week, as compared
with n year ago, would be about as
follows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-14
SOUTH AMERICAN
ROADS SEEKING
CAPITAL HERE
Offering of Such Securi-
ties to Investors Under
Negotiation

Negotiations have practically been
concluded by J. p. Morgan g. Co. for
public offering in this market of sub
stantial block Of securities OF the
Argentine Central Railroad. Bankers
associated with Allied financing in the
United States intimated yesterday that
the transaction was connected with the
programme for stabilizing sterling ex-
change and that bonds now outstanding
in London will be cancelled to the
amount OF the issue here. In all about
$4,000, 900 of the bonds, it is said, will
be offered at this time.
Importance attaches to the deal, in
that it will be the first time that Amer
lean bankers have undertaken to sell
South American railroad securities to
investors in this country through for
NAL public offering. 1t is expected that
efforts will be made to have the secu-
rites listed on the Stock Exchange.
Obligations Of South American pub
lie utility corporations we're recently
introduced to the American market in
an offering by William A. Read & Co.
Of an issue of s7,5OO,OOO three-year o
per cent notes of the Brazilian Trac-
ton, Light and Power Company. This
company does the street railway, cleo
trio light and power, gas and telephone
business in the cities Of Rio de Janeiro
and Sac Paulo. Brazil, and adjacent ter
ritory.
The banking firm offering the notes
has formed a syndicate for the purpose
Of handling other foreign public utility
leans they expect will be placed in this
market in growing amounts.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-14

The sacce.s Of the last Austrian
loan. which is the largest in It's his
tory. is Indicative of the part played
by military success in war finance.
Austrian finance was in very poor
shape in September, and 1t was
mainly through the advances Of Ger
many that Austria was kept going.
The success in Rumania and the
seizure Of foodstuf's that were very
badly needed have given new
strength to finance in Austria. AS
IN the case of other governments, a
large part Of these loans are only
conversions Of short-term notes into
o6g-term bonds. But each CONVEX
sion leaves the field open for the IS
sue Of fresh short-term bills. This
loan will relieve Germany Of the dit
fcdlty Of financing Austria, at least
for the present. Before this fotation
the total amount raised by the dual
monarchy for war purposes was So
100000. Of which Austria con-
rbuted S3I97OO0.00O.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-14
War Bread in Holland

Rumors have been current recently
that there would be another season oi
compulsory brown bread and no white
bread in Holland. as there was for TWO
months last spring (frOm April "a to
June 2D. owing to q scarcity Of wheat
Aour Rumors Of universal bread
cards and of restricted consumption o. ?,
bread have also been current Spch
81 yu ma" arc not unreasonable. as they
arise from the small margin Of wheat
and -four in this country and the pos
sibility, if not probability, Of that mar IA
gin being completely exhausted oy the
Sslsy or loss of wheat laden steam.
ersYReported by Consul Mahin al
Amsterdam.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-14

Now that the issue Of treasury
bills. exchequer and other short term
bonds has been suspended in Eng
land during the period of the flota-
ia, of the war loan, increasing re-
curse is being had TO currency notes.
During the week ended December 30
he amount Of currency notes out
standing showed a larger increase
Than for a long time past. From
Septembcr TO December the total
varied but little, but during Deem
her the increase amounted to $7O,-
100000. As the subscriptions to the
lsn will he first used to redeem
treasury bills, current expenditure
will have to be met out Of revenue
and by additions to the currency.
The close Of the year also brings an
Increase IN the revenue receipts. and
it is evidently on the basis Of this
alculation that the Chancellor of
ne Exchequer decided to drop the
usual means Of raising money to
carry on the war.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-14

It's unfortunate that the endeavor
% populsrize checks in France has
not met with the success it deserves.
The government. Industrial and rail-
way companies and banks have been
making strenuous efforts to reduce
currency requirements by making
settlements in checks, but the public
has not risen to the occasion, mainly
because Of its unfamiliarity with the
check. Even in normal times it Is
not easy to introduce new methods
all Of sudden Now that commerce
has been greatly reduced and much
Of the trading in France is done by
he government, it is no wonder that
people do not take to checks. Most OF
NE payments are made by the gov
Gnment, and the payee seems to pre-
Ter currency.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-14
saturday, January IS, 1917

o,;rions differ as to the saturation
-, IN the automobile trade. 1t is
S.,;tted that the demand for cars
:" This country cannot be maintained
:, tbe present level, although there
!. still great room for development
manufacturers are now exhorted to
syelop export trade. 1t is doubtful
=, export trade Of great magni-
dean be built up. The chief Eu-
..on countries were themselves ex-
..r4srs before the war, and the de-
ID from Asia. South America and
'.1sr narts of the world for a whole
car could be met possibly by a
w,sk's output. The future of the
ado must. therefore, rest mainly
nan the domestic market. The best
.,urse for those interested in the IN
5rstrv would be to 50 regulate pro
sn,tion that the saturation point
wo,ld never be reached. Unfortu-
r,,sly competition is too keen to give
~r.b hope Of that. Although the de-
,,rd on account of the war has
,,obablv not been as large as is gen
rally believed, it is a factor con-
t-ibuting to the prosperity of the
wade. When that demand ceases it
nav be necessary to curtail produc-
ton.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-14
Telephonei
Hanover 65lA

ers that the open market would not
have. For while it worked all
right, although the government made
no profit. Recent submarine activity,
however, has led to a serious situa-
ton, and the British government has
been in effect paying bonus to con-
Sumers at home and abroad. The in
crease in the rate is expected not only
to cover losses, but to leave a small
margin Of profit. At the same time,
the government is helping the free
flow of trade as far as possible by
supporting the insurance market in
London.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-14

Chicago, Burlington & Quincy general
As moved up 2; Illinois Central 81
gained 2h; Chesapeake g. Ohio general
4ias, Il; Chicago. Burlington g. Quincy
joint As, *; New York Central con-
solidsted As, ~; New York Central
refunding 3hs, Ia; st. Paul general
AIS, IN; st. Paul refunding AIS, IA;
Northern Pacific general IS, IN; Union
Pacific first Is, n; West Shore Is. IN.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-14

The Guatemala market for steel
rails other steel products, agricultural
implements, machinery used in connec-
ton with the coffee, rice and sugar
plantations, and practically all lines Of
hardware is now controlled by dealers
in the United States. Before the Eu-
ronean war much Of the machinery
used on the country estates, known IN
local parlance as "hneas," came from
England, and other classes of ma
cbinery, particularly in Guatemalsn
breweries, came from Germany; but
for the last two years practically all
If this machinery has been brought
from the United States.-Consular Re-
port.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-14
Current

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 s4.S6fs per pound. Thus, you
say either that pounds are at a dis
count or that dollars are at pre-
MUM. which is owing to the fact that
in England the demand for dollsrs
with which to settle accounts in thii
country is greater than the demand 10
this country for pounds with which 70
settle accounts in England.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-14
CROCKER-wHEELEE COMPANY.
AID E-a - E-ll IL-A.L.A

Ala meeting on January 4. 1917. the d.
rectors declared a regular quarterly divi-
dend OF y z. In thA Preferred Stock for IN.
quarter ending December 81. 1915, payable
January 10, 1917. books closed January 8.
1917.
The Directors have placed the Common
Stock on an SCI per annum dividend basis
The Directors declared a reguiar quarterly
dividend OF 2es on the Common Stock for
the quarter ending December 81, 1915, pay
able January IS, 1917; books closed Jsng-
AIRY 8, 1911 L. LANG. Secretary.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-14
1916.
1913.


Adverse legislation has produced
no more market response than in
creased profits. The rails might
have been expected to break sharply
when the Adamson law was passed,
last September, but instead they re-
manned dormant for a short time
and then moved upward to the high
est point attained since the war be-
gan. Now, when the eight-hour
law, which was to have gone into
effect on January /, has been sus-
pended pending the decision of the
United States Supreme Court, the
movement is just as froward. One
reason for this lack Of responsive
ness is that speculation has centred
on the industrials. The ratio of
transactions in railroad stocks to
the total sales on the Stock Ex-
change was probably little more
than half as large last year as it was
in the year before the war. An
other is that by far the greater
mart of the foreign liquidation of
Americans consisted Of railway Sc
curities. Whatever the reason, no
shock seems great enough to bring
them to life.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-14

BY an order which provides for
the appointment of special commit
tees to supervise railway traffic,
Spain will have as much control over
ITS internal transportation as the bel
ligerent countries. Spanish shipping
was already fully regulated by the
state; thus all means of transporta-
ton in Spain are now government
controlled. The losses to Spanish
shipping from German submarines,
and other impediments to shipping,
necessitated state intervention in the
management that the country might
suffer the least. The cessation of
coastwise trade and high freights
increased the railway traffic. The
Spanish railways cannot obtain ad-
ditional rolling stock either at home
or abroad, ard present equipment is
not sufficient TO meet the demands
made upon it. Under state control
preference will be given to the trans
portation of coal, fertilizers and
other goods of Importance for agri-
culture and industry. Spain is the
hrst neutral country that has
adopted this method, and the thor
oughness of the plan is of great sig
nifcance.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-14

A recently established native bank
In Shanghai has made the new de-
parture, Tor a Chinese banking insti-
tuition, of issuing half-yearly report,
prepared in foreign style and having
them audited by firm of British ac-
countants. The bank is small one'
but is paying dividends at the rate OF
8 per cent. per annum.
In the past it has been largely the
lack Of such statements on the part OF
native banks, or of any safeguards In
the way of auditing, that has pre-
vented even the larger native institu-
tions from taking any considerable
mart in the financing Of foreign trade.
r. the precedent now set is Followed
it may mean the beginning of "a
process whereby the Chinese banks, like
the great Japanese institutions, will
begin TO take part in the financial
operations Of the world at large
Consular Report.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-14

Many Scandinavian banks and in
castrial and manufacturing com
panies have recently largely IN
creased their capital. The main OBJ
Jet Of this move is to avoid the ne
'esSlty Of seeking credit from for
egn countries as in the past. The
scandinavian countries were free
"rrowers, principally from France,
England and Germany; now they un-
%tstand that such accommodation
VII hardly be possible after the war.
WIN the accumulation Of new wealth
non war trade they are able to add
"'he capital of their banks and thus
ueate credit mechanism which is
"uhd to be Of great use after the
var.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-14

The stolidity of railroad securi-
ties is remarkable. In a period
featured by extraordinary specula-
tive activity, with industrials fluctu-
ating excitedly on mere rumors,
they have made relatively little re-
Spouse TO the most solid kind Of
news. When the great rise Of indus
trials carried those issues to new
high levels in the fall Of 1915 the
rails also advanced, bat the upward
movement did not have sufficient
momentum to bring the average
price of a group of representative
issues above the price at which it
stood on the eve of the war, and the
rise was followed by another long
period of apathy. Meanwhile, earn
ings have made new peaks with
monotonous regularity, but the
market has been slow to re-
fleet the railroads extraordinary
prosperity. That is fact which
can be visualized in the following
table, giving the monthly percent
age Of increase in gross earnings
and in the average price of fifteen
railroad stocks. January, 1915, is
taken as the base in each case:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-14
p copies Trade Ways

The Shing Wah Trading Company,
founded in 1911 by number OF prom
inent Chinese merchants, was organ
lied for the purpose Of extending
Chinese commerce throughout the
world by means Of direct business
transactions with the merchants OF
the principal foreign countries. Special
delegates were sent by the company
to the Panama-Pacifc international
Exposition to make a careful study OF
the American demands for Chinese
products. A. result the company
has increased it's capital and has APP
pointed an agent for the United States,
who, according to a report from Thorn
as Sammons, Consul General at Shang-
hal, sailed recently with a large ship
ment of Chinese products to be dis
posed Of in the American market The
shipment included fine art and indus
trial manufactures, such as pongee, SILK
tassels, embroidery, bamboo and
lacquer ware, and Tientsn carpets, as
we'll as a variety of natural products.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-14
NOTICE OF REDEMPTION OF RoNps.

NOTICE IS HEREBY GIVEN that the
County OF Jefferson. 10 the state OF
Montana. will redeem upon presentation
through its County Treasurer. Con. smith
20 Of It's ~ per cent. Refundins Bonds
s s. st. q. 81, Is, a. a. u. II. IS. So. Of
the Series lsss-ial4.
on and after thirty days from the date
hereof interest will cease on ssid bonds
Dated at Boulder Jefferson County, Mon
tana. this sth day of December. 1919
BY order OF the Board OF County Com
missioners OF Jefferson County State OF
Montana.
II. r HoUGHToN. County CLERK.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-14
The Dollar in Foreign Exchange

Pronounced hrmness in sterling OK
change bills furnished the outstanding
feature Of the wees in he foreign re-
mittsnce market. Sicnt drafts on Lon
don At S4.757s stood at the highest
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-14
DIVIDEND NOTICES
CARWEN STEEL TOOL co.
PHILADELPHIA, Jan. 9th. 1911

Philadelphia, Jan. 9th, 1917.
At special mestir~ q the Board -
Directors OF this Company held this day
dividend OF zee and an extra dividend
OF one-half OF one per cent (be.) was de-
clared. payable February 10th. 1917, 10
stockholders as Of record February ist,
1917. WM. II. WENSTROM.
sec'y g. Treas
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-14
New York Federal Reserve

NelU York, January IS.
The condition of the Federal Reserve
Bank of New York at the close OF
business Friday, compared with the
previous week, follows:
RESOURCES
Cold reserve. .s18e, 1877 1855 $t6S,o3S,425
Legsl tender
money 49,. e,63e,627 1o.223,s37
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-14

The declared export returns OF the
Hankow Consulate General for the first
nine months Of 1915 indicate that this
was a record period for exports from
Hankow to the United States. The to-
tai value of the exports increased to
s9,4S2, 400, as compared with s6,S66,65l
for the first nine months of 1915. This
is an increase of over 48 per cent.
Probably some 10 per cent of this gain
can be accounted for by the high rate
of exchange that has ranged approx
mately thus much higher than it was
during the same period Of 1915. while
the remainder represents an increase
in the volume of exports to the United
States.
The American purchases of wood oil
increased from a value of 81 ,000,2S9 for
the first nine months of 1915 to 3d.
213,7sS for the corresponding period Of
1916. Buffalo hides increased by S12s,-
$50. and this article is a comparatively
new export to the United States. Goat
skins increased in value by s247,6sO.
The shipments of cowhides decreased
by s22e, $50.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-14

FARMERS STATE BANK. NC GfEY EAGLE
MINI, pays so ,or siI months ard 5z fof one
year on Certificate OF Drposia Five Dollars Up
Responsibility Half Nilidn Doilar
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-14

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, 1917-01-14

Inc British government has raised
ae premium on cargo for war risks
from guinea 10 2 guineas per cent.
me War Risks Office was estab-
uShed when marine insurance was
%noralized because Of German raid
US and the government bound itself
" lake anything in English steam
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-14
Washington, Jan. /,

Gold reserve against net deposit ana
note liabilities, us per cent.
Cash reserve against net deposit and
note liabilities, 1873 per cent.
Cash reserve against net deposit liza
bilities, after setting aside 40 per cent
geld reserve, against aggregate net liza
bilties on Federal Reserve notes in cir
culation, 74.6 per cent.
Bills discounted and bought, 37.o79;
municipal warrants, 1926.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-14
to4,so7,ot5 1os,254,5t5

Clearing House Statement.-The act
ual condition of the New York Clear
ing House hanks on Saturday was as
follows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-14
S3.386.127,000

An increase of S40,997,lSO in the sur
Mus reserve Of the clearing house
banks carried the item to SlSl,43S,o2o'
or about Sl4O,OOO.OOO above the low
figure Of early December The excess
of legal reserve requirements is now
the largest in more than a year. A
wear ago the total stood at sl72,blS'91O.
The record surplus was established
shortly after the Inauguration OF the
new Federal Reserve banking system
with a total Of s224,O00,OOO.
The weeks increase of $50 76l 900 IN
aggregate reserves was Offset partially
bv an expansion of S4L349,OOO in loans
Demand deposits increased sos S9S,OOo'
The explanation of the further gain IN
reserves is found in fresh importations
Of gold and the seasonal flow OF iunds
n New York from interior points.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-14
Bank CIearings.-Tne days clesrings
Sub-Treasury. -- New York banks
Lost TO the Sub Treasury s5,S50,OOO.

SiIver.-Bars in London, SO pence
New York, 749s cents; Mexican dollars
57s. cents.