davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1917-12-02
Loans by Local
Banks Show a
Record Increase
Rediscounting at Federal
Reserve Bank Also
More Active

Loans Of the New York Clearing
House banks expanded s263.a7o, 900 last
week, the largest increase ever made in
a single week. The statement pub.
lisheJ yesterday showed total Of
loans and discounts carried by the
banks Of 1888 ,935.0OO. The record
breaking increase was attributed to
banking operations in connection with
the latest issue of s690,OO0,0oO OF
United States Treasury certificates Of
Indebtedness, put out TO anticipate war
tax payments.
According 90 the statement, the
United States government deposits
carried with tae banks at the end OF
the week aggregated 1881, ,155.O0O, com
pared with s757. 7.6i2 900. There were
large Withdrawals for government sc-
count during Che week. but these were
apparently Offset by the subscriptions
20 the new issue of Treasury certih-
Gates.
Surplus reserves of the Clearing
House banks increased s3s, ,73s.7 .76O, and
now stand at sl52,i22, ,45O, the largest
total in months.
Rediscount operations of member
banks at the Federal Reserve bank OF
New York increased sharply last week
the amount of commercial paper
bought by that institution totallins
s45S, ,720, 900, or about sl02. 100000 more
than a week ago. Total bills discount.
ed and bought aggregated s509,9l0, 900
compared with si0l 100000 the pre-
ceding week.
New-York tribune., 1917-12-02
Mexican Duties on
Exports of Metal

MEXICO CITY, Dec. The govern
ment announces the following export
duties on metal, in national gold, for
December:
Gold, 1888 pesos per kilogrsm; sill
yer. 2.SO3 pesos per kilogrsm; ore con-
centrates, 1924 pesos per kilogrsm;
copper bars, 81 centavos per Niiosram'
ore concentrates, .621 centayos per kilo-
gram: lead bars. so centayos per BIO
gram: ore concentrates. 10 centavos
per kilogram; zinc bars, .7S centavos
ner kiloeram; ore concentrates, W
centavos per kilogrsm; tin bars, BIZ
centavos per kilogram; ore concen-
trates, 10.e centsvos per kllogram;
mercury, IS centsvos.
Export duty on mercury Will be Dased
on TASKS on an average net weight OF
"a Kilograms. and a sample viii be
taken from every tenth flask for assay
10 determine whether it contains an
smalgam OF any other precious metai
subject 10 a higher duty.
New-York tribune., 1917-12-02
The Dollar in Foreign Exchange

The successful resistance OF the ltai-
ian military forces along their new line
Of defence was reflected in The mar
ket for Italian exchange last week. on
a comparatively small turnover the rate
recovered from 500 lire TO the dollar
TO 7.9S and closed around S;l5. The
rest Of the foreign exchange market
showed no important changes during
the week.
An interesting development was un-
covered in the market for exchange on
Holland, guilders holding unchanged g,i
"a q result of the suspension OF ali
cable communication between New
York and Amsterdam. Bankers re
ported n large accumulation OF Dusl-
ness owing to their failure 10 get cable
transfers through.
Scandinavian exchange rates moved
substantially lower, with Swedlsl
crowns selling down to 80 cents, com
pared with 37ls the week before. me
present price compares with recent
high record of 46 cents made fort
night ago.
Developments in Russia brought no
great change in the exchange value Of
rubles, which held steady around IL
cents. Advices from Petrograd quot
ing Lenine as saying that Russia might
repudiate all her foreign obligations
received little credence in important
financial quarters.
If you calculate the cost of the dol
lar in terms Of foreign money at par
value-that is, as if you were buying
dollars with pounds, marks or francs
its value at the close OF last week. as
compared with year ago, would be
about as follows:
New-York tribune., 1917-12-02
Relevant Facts

Oil Well Statistics.-During Novem-
Der 1,1s6 wells were completed in the
fields covered by "The Oil City Der
rick's' monthly report. This compares
with 2,40S wells completed in October
and shows a decrease Of 222 wells. To-
tai new production was SS,7S5 barrels,
q decrease of J4,733 barrels from that
Of October, when 14l,4l8 barrels were
produced. The heavy decrease is laid
to the strikes in the Gull Coast Geld,
drouth. and lack Of supplies in the
mid-continent field. The report shows
ABS rigs for new wells put up last
month, which is an increase of SO over
the number at the end Of October.
Guantanamo Sugar Company.-Total
earnings of this company for the fif-
teen months ended September 80 were
$3,46S,Os9. compared with S2,79S,S4i
for the twelve months ended June 30,
1916. The balance after all charges
was S565,475, equivalent 10 $9.42 a
share earned on S3,000000 capital
stock 800 par value), compared with
si6.12 share earned in 1916 on 81
749,750 stock.
British Treasury Bills.-Another Of
fering of s15,0OO,OOO British Treasury
bills will be made this week by J. P.
Morgan & Co., as agents of Great
Britain. The rate will be per cent,
the same as last week While the new
notes arc being offered tomorrow,
sl5,000,000 maturing will be paid off
so that the amount outstanding will
remain at sl00,0o0,000.
Telephone Earnings Lower.-Reduc-
tions in earnings of telephone COM
panies for the month of August are
disclosed in reports to the Interstate
Commerce Commission. Operating
revenues of $26,s09,96l are reported,
compared with s23,sl4,l6O for August,
1916. Expenses OF the companies were
SIS, l16,224, against s15,9911A for the
CORES sponding month of 1916.
New-York tribune., 1917-12-02
Local Banks Give
Wheat Export Co.
S3O,OOO,000 Credit
Acceptances to Run for 80
Days Are Rediscountable
at Reserve Bank

Twenty-one New York banks, headed
BIZ the Corn Exchange Bank, compose a
syndicate which has extended $780,
600 900 ninety-dsy acceptance credit,
secured by wheat in transit from Can
ada and the interior states TO the At
lantic seaboard, to the Wheat Export
Company, Inc, a company organized
carly in the year to buy grain for the
Allies. The credit is guaranteed by
the British government
The banks in the accepting syndicate,
in addition 70 the Corn Exchange Bank.
include the Bank of America, the United
Stctes. Mortgage ard Trust Company
the American Exchange National Ban",
the Bankers Trust Company. the Cen
trail Trust Company. the Chase Ma
tional Bank. the National Bank Of Com
merce. W. K. Grace & Co.'S Bank. the
Farmers Loan and Trust Company. the
First National Bank, the Irving Ma
tional Bank, the National Park Bank,
the Title Guarantee and Trust COM
pany, the Union Trust Company, the
Guaranty Trust Company, the Me-
chanics and Metals Gational Bank, the
Hanover National Bank. Heidelbach,
Ickelheimer & Co. and Brown Brothers
& Co.
Walter +. Frew, president Of the
Corn Exchange Bank, said yesterday
that the present credit differed from
the wheat purchase credit extended to
the Wheat Export Company about a
year ago. in that the first was direct
loan which is now outstanding to the
amount of approximately SiO.OOO,OOO,
while the credit just extended is based
on the export Of goods. The accept
ances created by the latter, he said,
may be redscounted at the Federal Re-
serve Bank.
New-York tribune., 1917-12-02

There was considerable improve
ment in the tone Of the bond market
during the week, Buying was not
heavy. but investment bankers were
inclined to regard the outlook as en-
couraging. Until the revival this
week investment demand had been
Of extremely small proportions, but
it is evident that prices are so low
that many conservative investors are
being attracted to the market. 1t Is
reported that men with large in
Genes have been the heaviest buyers
in the municipal section Of the mar
ket. The report is probably well
founded. for the tax exempt issues
are selling at prices which yield
extraordinarily high returns to those
with very large incomes. New York
City As Of 1857, for example, are
quoted at 90, at which price they arc
selling on better than a 4.5O basis.
Some other bonds of similar char
acter yield even more. The demand
for new municipal issues is still
light, as is apparent from the fact
that the State of Massachusetts, was
recently compelled to pay 4% per
cent for 100000, while Worcester
Mass. offered S25O,OOO AIS without
receiving a bid. Cleveland had to
pay lat per cent, Miami, Fla" OF
per cent. and so on. The Bond Buy
e." an authority on municipal Sc
curities. states that municipal bonds
are now selling at the lowest prices
reached in at least twenty-five years
Sales Of American state and munich
pal bonds in Novemmer and the
eleven month sended November 81
compared as follows;
New-York tribune., 1917-12-02
Other Cities
vool Merchants to Aid Government

BOSTON. Dec. IA meeting Of wool
merchants 70 act on tie report Of a
committee recently appointed to for
mulste some plan OF action relative to
buying the new South American wool
clip will be held here next Monday. The
committee was instructed by the Bos-
ton Wool Trade Association TO try TO
devise a plan which would best render
aid to the government in solving tne
question of the wool supply.
The committees report, made public
to-day. expresses the opinion that the
temporary lack OF supply OF south
American woods could DC obvisted n
the government should offer for sale
70 manufacturers. 10 be used for goy,,
ernment goods. some or all OF the WOOL
owned by the government. II proposes
that the Boston association agree TO
offer TO the government. at the market
price now prevailing, one-half OF eaen
lot of new clip South American wools
owned here. at any time during the
next six months. provided that the
government pay not less than cost, in
Guiding interest and carrying charges.
New-York tribune., 1917-12-02
Cut Out the Luxuries

If manufacturers and other pro-
ducers cannot meet Government re-
quirements for war purposes and also
supply regular trade demands for
luXuries and non-essentials consumed
by the public, preference must be
given to the former for the winning
Of the war. The Federal Government
has announced It's policy. but little has
yet been done 10 cut down the produc-
tion Of non-essentials. The first steps
will be to withhold from such indus
tries the coal and railroad transporta-
tion they require. In many cases, such
Rs hne silks and jewelry, no observable
strain is put on the railroads because
the tonnage is so small and most OF it
is handled by express or through the
parcel post. The only saving would
be in coal and labor.
To conserve our supply OF gold the
President has declared an embargo
on its export. Some neutral countries,
such as Japan and three or four Latin
American republics, are selling US
more than they are buying from US
and are entitled TO payment Of such
trade balances in gold, If we do not
increase our exports 20 them OF mer-
chandise which they need and would
gladly purchase from us. The Govern
ment can save gold if such merchsn-
disc is exported to such countries.
South America would include jewelry,
Gne raiment and other luxures in its
imports. and the manufacture Of such
articles for export should be en-
couraged 10 protect our gold reserve
and TO strengthen our trade relations.
Whenever factories that produce
non-essential3 are forced TO suspend
regular operations, the Government
should try 20 give them other work
suitable for ;heir equipment and labor
so that their oganization should not
be disrupted and their skilled work
people scattered. In such industries
skilled labor is the most important
factor
Machinery can be refurbished and
materials can be bought quickly, but
trained corps of skilled operatives can
not be modified az moments notice.
Many jewelry shops could turn out
small parts Tor guns and shells. Silk
mills could weave cloths required for
military purposes, and 50 OF through
the list of non-essent.al producers.
England is pursuing this policy. We
mus not destroy our industrial ELI
ciency when we can avoid il. and it
can be conserved by intelligent read
iustments without interfering With the
productions Of essentials. - AmericuR
Exchange National Bank.
New-York tribune., 1917-12-02

Real business in Russian eN-
change is at a standstill, it being dlf-
acult, If not impossible, 20 get pay
nents into Russia under present
conditions. But dealings in rubles
IN the local market are nevertheless
ot considerable volume. They rep
resent speculative transactions, and
It Is on busines of that character
u'at the daily quotations are chiefly
made. There is nevertheless a live
interest in this section Of the eX-
change market, for exporters and
eshers who have had large dealings
t'h Russia, and who may have still
EFger dealings il the pro-German
Sspepts lp tha. troubled country
New-York tribune., 1917-12-02

Tho report Of conditions in the
-. market in New York State IN
o.,obcr appears on casual inspection
-, entirely favorable document
..,r,vch as a decided increase in
.-Srstrial activity is indicated. Re
nc from 1,64s factories, repre-
ming all localities and industries
!, ,be state. show that there were
"a nor cent more workers on the
rolls IN October than in Septem-
hor This is a remarkable exhibit
40, labor market conditions are
.o,sidercd. and especially when ac-
INF is taken Of the heavy losses in
rnrkng forces through enlistment
.,5 the draft. But examination OF
- figures I'm detail discloses a rath-
-. disturbing fact, namely, that pro-
5,cers Of Injuries have added to
.be;r working forces relatively as
,rcb as some Of the factories en-
..cc6 in essential work. The piano,
o-ga, and musical instrument indus
NV employed 2.S per cent more work
ers in october than in September; an
crease Of 2.3 per cent is reported
- manufacturers of silk and silk
.oods. confectionery and ice cream
rlsnts employed 1913 per cent more
v,rkers. and manufacturers Of CT
.,rs and tobacco products reported
:, increase OF 90 per cent These
e,,res certainly suggest that the
assumption Of luxuries has not di'
FINISHED nearly as much as had
beep hoped by those who realize that
only through the curtailment of nom
essential consumption can sufficient
,abor be made available for the pro-
sue,ion OF war goods. The fact that
.bere should have been an increase
IN the number Of workers in factor
ies is Indicative of prosperity, but
to the extent that the increase is due
70 the employment Of labor in pro
duction Of luxuries it is false pros
perity. An encouraging feature of
the report is the swift expansion in
the number Of workers making fire
arms. tools and cutlery, there being
PA per cent more at work in Octo-
ber than in September, though COM
pared with a year ago q decrease Of
S4per cent is reported. Taking the
state as a whole, the number of
workers employed is 20 per cent
greater than in June, 1914, while
the aggregate Of wages paid shows
an increase Of 66 per cent In the
same period. Average weekly wages
in October were $17.33, an increase
Of s2.3S. or about 16 per cent in a
year.
New-York tribune., 1917-12-02
December Coupons
On Russian Bonds
Promptly Paid
Issue Of 51-2 Per Cent Sc
curities Selling at Half Of
Offering Price

The semi-snnaul Interest payment on
25,OOO, 900 Russian government oxter-
nal 81 per cent. bonds, due yesterday
at the Nation City Bank, was met. The
amount called for by the December
coupons was $G57, 800.
Bankers in this city who sold the
bonds 20 the American public did not
state from what source the funds with
which TO pay the December interest
was obtained, but il was intimated that
the payment was made with the ap-
proval Of powerful Russian interests.
The American banking group that
underworld the issue was made up Of
J. ?. Morgan & Co, the National City
Company, the Guaranty Trust Com
pan. Lee. IIigginson & Co. and Harris,
Forbes & Co. The original plans pro-
vided for the sale Of Sj0.0O0.O0 Of the
bonds. but only half this amount vas
underwritten.
Company Was Upset
About S2O000,00 worth was actually
sold 20 the public. When the CAM
paign 10 sell the bonds was under way
the Federal Reserve Board issued its
warning against 200 heavy particPa-
ton by American investors in the
securities of foreign governments. This
pronouncement adversely affected the
sale of the Russian bonds as we'll as
other Allied securities in this market.
The Russian bonds were offered at
o. to yield Ga per cent. They closed
yesterday at 45fl. or less than half the
original offering price.
Bankers estimate that approximate "
Sl25 100000 securities are held by
American investors. There have been
sales here from tire 10 time OF s50.-
100000 external 6la per cent bonds in
addition TO the 5i2s.
Rubls Bonds Decline Sharply.
Besides, about 2O0.00O,O0O ruble 5ia
per cent. internal Russian war loan
bonds have been sold in the United
States at prices averaging about ~
cents per ruble. This made the aver
age price per 1000 rubIe bond about
$500. Recently these bonds sold as
low as Sl0S. compared with a high
record Of $3.50. The current quotation
for the Russian ruble IS Is cents,
against a normal parity Of 5l.2 cents.
Faith in the ability of Russia to ultl-
mately work out it's financial as well
rs its political difficulties was OK
pressed yesterday by local bankers.
They do not believe that the Lenine
faction will attempt to go so far as TO
carry out its threatened reputation
of the debts incurred by the Imperial
government or by the kerensky regime
New-York tribune., 1917-12-02
Dividends

Th-City Railway 4 Light Regular quar-
terly dividend OF ! = per cent on tne pr,
fe,red stock. payable January 90 stoekhold-
err OF record December 20.
Steel Company Of Canada Regular quar-
t.rly dividends OF IL per cent on the com.
mon stock and l2. per cent on the prsferred
stock. payable February J TO stockholders Of
record Janusry -.
Trinidad Electric. Quarterly dividend %
IL per cent. payable January 10 70 stock
holders o. record November 10.
United Dug.-Usual quarterly dividend Of
u. per cent on the common stock, payable
January 10 stockholders OF record Decem'
be- -.
New-York tribune., 1917-12-02

The above rates express the cost OF
foreign money in terms OF the AMER,
can dollar. You buy an EngIlsh p3una
sterling at, say, sl75h. The intrinsic
parity Is s4s5ss per pound. Thus you
saw either that pounds are at diseGun
or that dollars are at premium, wnien
is owing 20 the fact that IN tnglsnu
the demand for dollars with "nleh 70
settle accounts in this country -
greater than the demand an TINS oouh'
try for pounds with which TO selVs
accounts in England.
New-York tribune., 1917-12-02

Daily low prices during November
for the two outstanding issues Of
Liberty bonds-the Si4 per cent
and the 4 per cent issue-are
shown in the above chart. The as
sold below the 31as about the mid
die of the month, and at their
widest difference were selling 2
points under the 319s. Last Fri
day they were selling at a discount
of over one point
New-York tribune., 1917-12-02

arc defeated and order is once more
restored. are deeply concerned. Yes
terday's quotation on rubles WAS lG
cents. decrease of 3S.2 cents or
Loarly 10 per cent, compared with
the normal value. At the current
1atc Of exchange, 81 in American
money will buy the equivalent of
1924 in Russian money. A number
ef factors have contributed to bring
tie ruble TO its present low estate,
the basic one, of course, being the
sweeping changes in the character
Of international trade with Russia.
An interesting discussion of the cor
ditions which have brought about
the present state Of things in the
Russian exchange market and of the
prospects for the ruble is presented
in the foreign trade bulletin of the
American Express Company. 1t
says. in part;
This is the situation in Russia. At
the present time. her exports OF
grain. oil, flax, hemp, timber and
other raw commodities have been
almost entirely suspended since the
outbreak Of the war. On the other
hand. imports of all kinds Of mate
rials and especially munitions OF war
have been enormous.
IN addition 10 the effect of the
usual law of supply and demand
working through the imports and eX-
ports, The upset condition of internal
affairs in Russia, business, political
and military. has operated to pro-
duce feeling of uncertainty as to
Russian values in the mind OF the
outside world. Since the beginning
Of The war the issue Of paper cur
rency has risen from little over
$1,000, ,OOO, ,OOO TO $1,000, 100000, al in
crease Of approximately S6,O00,0C0,-
600. as compared with an increase Of
about $3.50 ,OOO,0 900 in France and
$4,000, 100000 in Germany. About
$4,000 ,OOO, 600 of the increase has
been made during the last few
months since the revolution began.
As against these depressing fac
tors. it must be remembered that
Russia he's a large gold reserve (over
1000 OOO,0 900 rubles in 1919, and un-
limited agricultural, mineral and for
est resources; that she has never
defaulted on the interest or principal
Of her national obligations, and has
recently made specific promises that
repud.ation is not and will not be
considered under any circumstances.
In the year 1919 Russian exports
exceeded the imports by 15O,0OO,00O
rubles. and when Russian ports are
again reopened IL is only reasonable
20 expect, in view of the food short
age throughout the world. that the
exports will be still greater.
Therefore. although the present
large importations of munitions and
materials needed for war purposes
will be first supplanted by an equal
supply of all kinds of manufactured
articles which Russia will need, a
decided recovery in exchange values
may be expected, provided that the
best elements of the country prevail
and succeed in establishing a united,
liberal, but firm system of govern
ment.
One factor not mentioned in the
bulletin is that the par value Of the
Iuble may be arbitrarily reduced.
Some foreign exchange experts eX-
pect such action to be taken eventu-
ally
New-York tribune., 1917-12-02
Cost Of one dollar

Closing rates yesterday, compared
with a week ago. are given in the table
helow. American bankers have sus-
pended all dealings in German and
Austrian exchange, so that daily quota
lions for either marks or kronen are
no longer available.
New-York tribune., 1917-12-02
Money and Credit

Clearing House Statement ne week
~ statement Of the Clearing House
tarks disclosed an increase OF '-o''-
a.ooeo !, ls9ns and discounts. surplus
New-York tribune., 1917-12-02

Below is given the current eXchahge
value of foreign money in dollars ana
cents, together with the intrinsic goIg
rarity, as calculated by the united
States Mint:
New-York tribune., 1917-12-02
News Digest
Foreign

Paris Bourse.-PARIS, Dec. l.
Trading on the Bourse to-day was
quiet. Three per cent rentes were
quoted at 50 francs 90 centimes. and
exchange on London a. q francs q
centimes. The per cent loan was
quoted at 81 francs 80 centimes.
Amsterdam Bourse.-AMSTERDAN.
Dec. 1.-The Yourse continued firm
Yesterday. On peace prospects, Ger
man marks rose TO over thirty-slX
Dutch cents. American stocks we're
weak on the expectation that the news
from Russia will not please Wall
Street
New-York tribune., 1917-12-02

Sub-Treasury. -- New York banks
gained from the SubTrcasury, $2l'-
100000.
Silver.-Bars in London, 42s.d. un-
changed; New York, S4iic' unchanged;
Mexican dollars, 64l5c. unchanged.
New-York tribune., 1917-12-02
Corporation Returns
Colorado 4 southsr

Colorado 4 Southern
1917 1916
o.,oh.- o,oss .yi.soo, ,ss2 si.e25. .s34
~, sU., t.xes.. 535, $50 1875
Chicago. st. Paul. Minneapolis Omaha
1917 1915
o.,o,.., ,.os. .s2.ioe.s55 S2.i2s OBS
!, - ,sxes ass ,sss soI.7s7
Canadian Northern
1917 1916
o-,.,.- ..o.. .,3.s4i. 500 t3,7is.soo
oc,o''' y 5si,iOo i,22o, 800
New-York tribune., 1917-12-02

Accordance Rates-Current bid prices
for prime acceptances are as follo"s'
Thirty Sixty Ninety
Spot delivery: days. days DAYS
Eligible member .o,
banks ........ 3H2Vo $3.50 '18 %
Eligible nom
member banks 33H'o 1870 % 20
Ineligible bank
bills ....... AH2Po 42+p "
For delivery within thirty days:
Eligible member banks. $3.50
Eligible non-member banks. 4Is
Ineligible bank bills. o|2"
Bank Clcarings.-The Gays ciearings
A. New York and other cities:
Exchanges. Balances.
Now York .ss41 ,6e2,4t3 $54,6S3,0 ,0o6
pos.or 54.42S,ec6 7.6e3,53
pIjIodeInhis . So.36t,t4o 25,o42,e8t