davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-04
HEAVY BUYING
SENDS STOCKS
UP WITH RUSH
Big Financial Interests
Support Market After
Break with Germany

Stocks were bought heavily on a rap
idly advancing market after Wall
Street recovered from the first shock Of
the news from Washington that diplo-
matte relations with Germany had been
severed. Shares which hesitated in the
first hours trading and sold off a point
or so Immediately following publication
Of the momentous news from Washing
ton turned buoyant in the last hour
and closed at or near their highest quo
tations. The net gains in the indus
trial list ranged from TO 10 points.
Among the railroads advances we're
less spectacular, but nevertheless sub
stantisl.
The gains, however, were not sufi-
cient 70 Offset the losses Of the two
previous sessions, but that the re-
coveries from the days low prices were
large is indicated from the following
table:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-04
On Paying Basis

The Federal Reserve banks the re-
port states, "have rot been operated
with profit as a primary object, but
they have all earned their expenses
as well as a substantial part of their
dividend requirements. They have won
the confidence Of the public, and the
fact Of their existence has enabled the
country 70 withstand, without the
slightest financial disturbance and
without any marked fluctuations in
rates for commercial paper, many
shocks and sensations which probably
would have led, under old conditions,
20 serious consequences.
The Federal Reserve system Is no
longer looked upon as al experiment.
II is established upon a firm and en-
during foundation ard il has demon
.trated repeatedly that IL is not being
conducted for the benefit Of any sec
ton. group r interest, but that the
policies governing its operation are
and will continue 10 be broad enough
20 serve, without discrimination or
favor. the banks and hose wko dea.
with banks throughout the entire eoun-
try. While regulatory and conserva-
tive. i, Is n me the less constructive
force. and as conditions throughout the
world become more normal the Fedora
reserve system will be recognized no.
only a, A dominant factor in our hnan-
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-04
January Mining Dividends

hlaing dividends paid Ia January,
'iI' By Il United States mining com
pssiss amounted 70 siis5s ITO. - com
F''.d viii p.75s,z7s paid by 30 mines
- !sn1arJ, 1918. seeording 70 The
.annssr'nz and Mining Journal"
NsAlargiesl. holding and steel eem-
p1ss paid pS7s0ls In 1917, "a
ssa'ss. A.2zis7s In 1915, While Cana
s'' Asxiesn and Central American
rss'ss paid s1sss,5ls in January
70" year, against tf,7s2 ,zg7 IN 1915.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-04
Steel Shares Take Lead

The buying movement, which had ex-
tended throughout the active list by
the last half hour, was under the lead
ership of United States Steel. The COM
mon stock rose from an extreme low
Of 9eas TO 1O4Ss. Advances in the
war issues averaged between 2 and s
points; Bethlehem steel rose 80 points
20 400.
Total sales for the two-hour session
were in excess OF a million shares. The
opinion Of commission houses was that
the upward movement was started by
investment buying from important
financial interests, who saw in the pres.
ent international situation a benefit TO
many important industries whose bust
ness might have been injured by an
early cessation Of hostlities in Europe.
Buying for long account induced the
covering Of short contracts.
Concerning yesterdays liquidation
Of the standard dividend paying rails
rumors we're again current that they
were being sold for the account Of Ger
man houses. who feared that a rupture
between this country and Germany
would have financial effects Of an un-
pleasant character Cor German share
holders
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-04
Saturday, February 8, 1917

No matter what the eventual eff
tects might be, there is little hkeli-
hood that this country's participa-
ton in the great war would turn the
tide of prosperity. If there were any
change at all it should be in the d.
rection of further expansion in the
volume Of business, both domestic
and foreign. No country IN the
world has resources even approach
ing in extent those of the United
States, and it is certain that war
would bring a great additional de-
mand upon those resources without
Immediately lessening the pressure OF
existing requirements. 1t is true that
a large part of the country's indus
trial plant is operating at, or close
to. theoretical capacity, but under the
stimulus of war-born need and pa
triotism there is little doubt that the
present enormous output could be
surpassed. Therefore, so far as In
dustrial companies are concerned,
there is, at worst, likely to be moth
ing more than a diversion Of output,
which would not greatly embarrass
them, and even that is improbable.
What is more probable is that In
dustry will be speeded up as never
before and that earnings will in con-
sequence at least keep up to the pres
ent rate. Wherein intrinsic values
would be adversely affected by war In
the near future it is difficult to see.
The realization that war would
not necessarily bring economic dis
aster overnight probably had as
much to do with the upturn in the
stock market as anything else.
Fluctuations such as have unsettled
tire market during the last week have
little relation to intrinsic values, and
that some stocks were selling below
their real worth has been obvious.
The recent break carried the average
stock prices well below the level at
which they stood a year ago, though
meanwhile earnings Of every COM
pany whose shares are represented IN
the list have been the greatest ever
recorded and the whole country has
made industrial and financial prog
ress beyond precedent.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-04
Hawaiian Sugar Crop Estimate

.ocIation on January 7, III, prepaTell
estimates for the crop Of 1917 from all
the caas-sugar plantations IN tee
isIand, The amounts are: Hawai-
leland 28a.9OO ons. Maui LIsnn, 40 3.
a5O. oahu Islzut i39800; Kauai Island
/, O7O. total. 81 )2o tons. This -
exceed the qusn isV Of sugar snip. -
from the crop o! isl6 by nearly 50,oVI
tons.-ConsulaT Report.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-04

The above rates express the cost {
foreign money in terms Of the Ameri.
can dollar. You buy an English poun,
.terlng for s4.75is; the intrinsic par
ity is s48e5s per pound. Thus, you
say either that pounds are at dis
count or that dollars are az a pre-.
MUM, which is owing to IL fact that
in England the demand for dollar,
with which 70 settle accounts ia this
country is greater than the demand in
this country for pounds with which te
settle accounts in England.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-04
Relevant
Information

Interborough Rapid Trsnsit~--Total
passengers carried during December
on the subway and elevated lines OF the
company passed all previous records
The number was 81. 7os,03o, an increase
Of s,i77,oes over December. 1918. and
s.zs7ssl over November. 1919 Planned
for q daily capacity Of 100000 persons
sbs average subway riding rose through
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-04
U. S. Treasury Finances

Washington, Feb. s.-condition OF
RE United States treasury to-day;
Ne. balanA b r,~.rsl fund, ss3,'ZS'-
esi; To- r.sip,s, s2-373,33o; total
paymcns. i1cSS,Ae.
The deficit this fiscal year IS Sl4o,-
o75.37s, agains, deficit Of sS1224,I'e
l.,t year. exclusive Of Panama Canal
ard public debt transactions.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-04
Foreign Branches

The report states that further con-
nections similar 20 the one made By
the Federal Reserve Bank with thu
Bank Of England will be authorized
from time 20 time as occasion requires,
thus enabling the Federal Reserve
banks, while assisting IN the Develop
ment Of our international trade, 70
provide for themselves. by holding a
substantial amount Of foreign paper,
an effective means OF absorbing any
shock due to sudden Withdrawals ot
gold for export There seems 20 DO
10 reason why the Federal Reserve
banks should not be placed upon tho
same footing in this respect as tho
great reserve banks Of Europe and
given wide powers in the matter Of in
ternational exchange, with the Federal
Reserve Board acting az the central
controlling force in the coordination
and direction Of operations.
The board admonition 20 national
banks against investing too heavily IN
foreign bonds expressed the opinion
that a reduction Of American exports
or settlement therefor in gold would bs
preferable whenever the absorbing
power OF the investment market shows
signs Of exhaustion 20 having banks
"unduly extend their investments m
,orsig, securities at a time when bust.
ness prudence and conservatism sug-
gest the necessity Of their maintaining
themselves in a particularly strong po-
sitior"
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-04

Gold reserve against net deposit and
note liabilities, $50 per cent.
Cash reserve against net deposit and
note liabilities, 77.8 per cent.
Cash reserve against net deposit La
bilities, after setting aside 40 per cent
gold reserve against aggregate liabili-
ties Of Federal Reserve notes in circu-
lation, 1874 per cent
In the above statement the principal
items compare with year ago as fol-
lows.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-04

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, 1917-02-04

the month 10 i,541 ,S32-the high rec.
ord reached on December IS. The ele-
waited lines also touched their high
water mark Of 1,252.0e3 passengers on
the same day. Figures for passengers
carried over the seven days in the
week before Christmas were more than
2'295,O00 greater than in the CORE
spending week of 1915 In ten years
the subway has carried 2,958,20O, 900
persons, about twice the population of
the world. Only one passenger was
killed in a train accident in that Pc
Rod.
Opposed TO Excess Profits Tax
Strong protest has been formulated By
the Merchants Association through its
executive committee against the pro-
posed excess profits tax" contained in
the general revenue bill passed BY the
House of Representatives az Washing
ton. The association recommends that
instead Of this revenue needed revenue
be obtained by an extension of the in
come tax through lowering the present
exemptions, through stamp taxes,
through taxes on sugar, coffee, tea and
similar commodities and through taxes
on capital employed in farming and
upon other form, OF capital now ex-
empt.
Republic Iron and Steel.-rhe re-
covery in the stock yesterday was
the greatest of any in shares of
the steel group. On transactions Of
nearly $4,000 shares IL advanced .
points 70 70 and closed at 741s, a net
gain for the two-hour session Of So .
The figures contained in the annual
report, showing nearly As per cent
earned on the stock, attracted a great
deal Of attention. In the last quarter
Of 1915 Republic exceeded the record
Of the United States Steel Corporation
when it earned at the rate of $3.50 a
share on the common. A feature OF
the quarterly earnings was that they
showed a graduated increase upward,
the maximum having been reached in
the fourth quarter.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-04

The congestion on the railways Is
naturally playing very important
part in the markets for copper. lead
and zinc. An immense stock Of those
metals is locked up in railway cars
whence II vii some day be released:
In the meanwhile there IS renewal
Of pronounced scarcity in many con-
suming districts where they are need
ed.-EngineeriEg and Mining journal
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-04
Bond Market Receptive

An issue Of s5OO,OOO,OOO of United
States government bonds, as proposed
in a resolution introduced in Congress
yesterday. will, in the opinion OF bank
ers and investment firms in the imam
cial district. be quickly absorbed.
The ease with which the recent $780,
100000 British ,oan was sold affords
an indication OF the present state Of
the money market Banks are in an
extremely lduid condition and have a
plethora of funds awaiting investment.
Investors throughout the country also
have plenty Of money with which they
would willingly buy a new government
issue.
One Of the factors that has made FOR
low money rates has been the recent
liquidation in the stock market. This
mas released a large amSnt 81 funds
formerly tied up in loans or stock eX-
change collateral.
Aside from the favorable iinancia.
rendition of the country ut the time
~ q crises in its affairs, the patriotism
O the American people would be SUI
rcient. bankers say, TO assure the sue
ess, Of government ibsncIng for war
purposes.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-04
Money and Credit
Federal Reserve Banks

Washington, February 8.
The Reserve Boards statement OF
the condition of the Reserve banks Feb
ruary shows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-04

Closing rates yesterday, compared
with a week ago, were as follows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-04
Liquidity Necessary

The purchase by American investors
OF desirable foreign loans in large
amounts" reads the report, "and the
absorption by them Of vast volume or
American securities previously held
abroad may be regarded as a healthy
and normal operation in view Of tha
circumstances which have existed since
the war began, but the board has
deemed il necessary, nevertheless, TO
emphasize the Importance Of having the
hanks Of the country keep themselves
in liquid condition.
Banks may, Of course, perform an
irportart function as temporary hold
ers OF securities during the process OF
their distribution 70 ultimate investors
hut in times when there are enormous
International transactions. such as 20
have witnessed during the past two
vesrs the velocity and volume Of our
foreign trade as far as IL Is based upon
long.tine credit must be regulated %
the power Of absorption OF the Ameri-
can investor. d.
"Wheneyer the absorbing power or
the Investment market shows signs OF
exhaustion il would, in the opinion OK
N. board, be better that tpe volume Oh
our exports be reduced, or that trade
balances in our favor be settled By i'm
ports OF gold than that our banks, es-
pecially those Of moderate size, should
unduly extend their investments IN Tor
eirn .ecuri,ies az a time when business
prudence and Conservatism suggest the
NECESSITY OF maintaining themselves IN
q particularly strong position.
The board is not, however, unmind-
full that large sccretions Of gold may
induce a rapid and dangerous expsn-
sion OF our credit structur-, and in out
lining the policy OF the Federal Reserve
banks and In considering amendments
that in its opinion should be made 10
the Federal reserve act, the board has
hoe, impressed with its duty &c keep
in close touch with the sltuad'" and
20 eop,rol as FAR as possible conditions
resul.r. from either an exe.'sSe IN
flow or outgo Of gold
The n.1sG closes its report with
detailed d..~u .,en Of the amendments
which it advocates 10 the reserve act
mos, Of which have received the M
dorsement Of the House Committee on
Banking and Currency.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-04
AMERICAS BANK
ACCOUNT TOPS
q BILLIONS
Report of Reserve Board
Shows Vast Resources
Features of the Year
Washington, February 8.

Washington, February 3.
The Federal Reserve Board, review
ing the operations OF the system IN
its annual report to Congress, issued
to-day, states that the tremendous ad-
vances in deposits. loans and discounts
have kept pace with the absorption OF
securities, having reached the highest
levels ever record,a The aggregate
bank account. OF tne American people
represented by the amount On de-
posts in all the banks in the country
is placed at s26,376. 600. 900 lthe esti-
mate being as Of June, 1915, an in
crease of more than $4,000, 100000, or
approximately 20 per cent, in two
years. Loans and discounts of Amer
lean banks are estimated at sl7,s49,-
100000, an increase of more than ST.
500, 100000, or about IS per cent, dur
ing the two-year period. Cash on hand
in American banks is estimated at ST.
4sS,OOo,0O0. or approximately $780,
100000 less than in June, 1914.
Big Security Holdings
With a :apitsl and surplus OF 81
044,000,000, the report continues,
American banks held, on June 80 last,
S6,o57 100000 OF long time securities,
principally bonds, in addition to about
$3.50, 100000 in United States govern
ment bonds, most OF which were used
70 secure circulation. During two years,
il is stated, total capital and surplus
of all American banks increased 81
per ce.t, while investment in long term
Notwithstanding United States
bonds, domestic securities and obliga
tons OF neutral and belligerent nations
rose TO $50 per cent of capital and
surplus, an increase Of 27.2 per cent
In connection with the issuance Of
Federal Reserve notes, the board points
out that the volume OF outstanding
notes on December 80 last was $780,
10000, but OF this total only sl7,5s8,-
900 was secured by eligible paper
pledged with the agents, the remainder
being secured by gold, dollar for dollar.
National bank circulation showed re-
duction during the year OF SASH, 96S.
More than $4,000 banks, the report
states, have nvailed themselves Of the
privileges Of the new clearing system
put into operation last July, and total
daily cIearsness OF Reserve banks ag-
gregste more than s125,00O.o00. Dur
ing the year the current expenses Of
the twelve Reserve banks amounted 20
s2,204,344 and net earnings totalled
$3.50 800, an average net earning ca
pacity on psid-up capital Of about 5
per cent.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-04

Sub-Treasury.-New York banks los.
to Sub-Treasury s736,000.
Silver.-Bars in London. 37as pence;
New York, 767s cents; Mexican dollars,
59ii cents.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-04
New York Federal Reserve

Neto York, February 5.
The condition of the Federal Reserve
Bank Of New York at the close OF
business Friday, compared with the
previous week, follows:
RESOURCES
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-04

Bank Clearinss.-The days clearings
at New York and other cities:
Exchanges. Balances.
New York ..... s7s7, eo3, si2 s37,o44,7f5
Chicago ....... 1851 237 6,812,277
Philadelphia. 6o,127,717 6,376.Sf9
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-04

ual condition Of the New York Clear
ing House bank. on Saturday was as
follows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-04

conviction has become by the hesdwsy
i proves 70 have made in Congress-
Frank ". No'on, Secretary Of the Rail-
way Business Association, in The Ma
tons Business.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-04

Clearing House Statcment~-The act
The Washington herald., 1917-01-07
ROSEDALE LEAGUERS
ORGANIZE BIG CLUB

The Rosedale Athletic Club. whose
baseball team Of the Rosedale League
were runner-ups for the District amateur
championship last year, have organized
under a charter and are now a real
club.
dance will be held at the Old Masonic
Temple, at Ninth and F streets north.
west, on February IS for the benefit OF
the baseball team. The followering we'll
known local players have already signifed
their intentions to play with the Rose
dalers next season: Kelly. Vernstein,
Lyons, Phipps, Fraser, Shugrue, Moran,
Long, Blair, Letcus and Noone
The following members of the Rose
dale bowling team are enjoying quite c
successful season I'm the Columbia Duck
pin circuit: H. Mccarthy, H Noone. H
Hagan, ]. Stanton. NJ. Moran. R DorT,
]. Hollaran. T. Mayhem and z. Bresna-
han.
The officers of the clubs for the present
year are NJ. Walsh, president; J. O'Con-
nor. vice president; ]. II. Noone, treas
urer; B. Foster. secretary. and Eddie
Bresnahan, manager. The club rooms
are located at 1921 H street northeast.
The Washington herald., 1917-01-07
To HOLD TITLE BOUT
At LYCEUM THEATER
Yokel-Turner Match to Be Staged at
Avenue Playhouse.

The Yokel-Turner wrestling match for
the worlds middle-weight championship
VIII be staged at the Lyceum Theater on
January Is. Joe Freeman, who Is well
known here in sporting circles, will pro-
mote this bout, and has decided that the
Lyceum Theater will seat enough local
followers OF the game to warrant it be-
ing used.
The ring for this match will be built
on the edge of the stage, extending out
over the front row OF seats, and make
possible the using of the stage for about
60 ringside seats. Yokel is coming here
for the largest guarantee ever offered for
any athletic attraction ever booked in
this city, but Freeman is confident of the
support OF the fans when the local Crap
pier meets this Salt Lake City Mormon.
Turner and Yokel are in New York City
today and will sign the articles of agree
ment for the bout before Clarence Gil
lespie, Of the Police Gazette, tomorrow.
The bout will be under the Police Ga
zette rules and will be for the world s
middle-weight championship
The Washington herald., 1917-01-07
deal Still Pending
FOR ARDMORE BATTLE
No Agreement Has Yet Been Reached
With Sullivan or Brennan.

The Maryland Athletic and Social Cluo
VIII stage a show some time after the
fifteenth of this month. At present quite
little dickering is going on between
President La Fontaine. and the mana gers
of Knockout Sullivan and Knockout
Brennan as he is attempting to match
one OF these battlers with Fay Keiser.
the Cumberland miner. in the main bout
over ffteen-round route.
The terms offered by La Fontsine TO
keiser are satisfactory to the Cumber-
land battler. but UP TO a late hour last
night no definite ARRANGEMENTS had been
made with either Sullivan or Brennan.
George King. who acted as manager of
the New Years day BATTLES. is not await
ing word from the main bout. but is busy
booking the serni-windup and prelimin-
aries, as he is anxious to give the local
fans the best bouts that are obtainabIe
from the talent in this section
Efforts are being made to book Patsy
Donovan. the fiy-weiRht battler. with the
best that Baltimore can produce while
Jimmy Conrad, the hard hitting local
bantam-weight. may also be given a
chance against a Baltimore opponent
Johnny Cunningham and Young Thomas
may be matched in a six-rounder, while
Young Grinder. Bruno Lange. Eddie
Lewis. Sailor White and Pat McGhan are
also looking for a chance to exchange
punches at the next entertainment Of the
Maryland Club.