davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-04-15
Germany's Latest
Appeal for Funds

Subscription books of the sixth Ger
man war loan. which were opened
March -, close tomorrow. Cable ad-
vices of the progress of the fotatlon
have been unusually meagre. There Is,
however, an abundance Of information
bearing on the strenuous efforts put
forth By the financial representatives.
Of the German government 10 impress
en- the empire the need of participation
IT, the offering.
The following is the sort Of language
which has been used in the official APP
peals:
The magnanimity Of the Kaiser
proposed to abbreviatc the war sacrl-
fees of all the peoples. Now that the
hand of peace has been rejected with
contempt, the German people Is
called upon to prove afresh to our
blinded enemies that German eco
monte strength and the German Will
10 sacrifice are and remain unbreak-
able. Germany's heroic sons and
brothers in arms keep watch unshak-
ably. Our cnemy's criminal will TO
destroy will be smashed by their
courage. But the enemy's hope OF
our growing weary at home must now
be destroyed by the new war loan
Our war loans rest firm and secure
on the iron ground Of Germany's ma
tional wealth and income, on German
power of economic development, on
German industry, on the spirit OF
army, navy and the people at home
and not last on the war situation
that has been won by our troops.
An appeal prepared for rural con-
sumption in Germany recommended the
new loan as the best possible invest
ment so long as the German Empire
does not collapse" Another appeal is
in this strain: Convert your money
into U-boats, into barbed wire, into
guns and shells, into machine guns and
cartridges. Let each lend TO the
Fatherland as much as he is able, the
rich much, the poor less. Let no one
CARE to hold back"
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-04-15
New York

Stock Exchange Firm Assigns. -The
Stock Exchange firm OF Morris & Pope
with Offices at 80 Broad Street, made
an assignment in favor OF creditors
The partners are Lewis G.. Morris. foor
member. J. Hathaway Pope and Frank
b. Porter.
John D. Peabody, who has been APP
pointed receiver for the failed brokers'
issued A statement, as follows:
THE firm Of Morris & Pope have
found that their capital has become
impaired and they have felt 1t thelr
duty TO their customers and creditors
10 make an assignment for their bene-
NJ. They fully expect 70 meet theIr
obligations, but for the better protec-
ton Of their creditors have decided 20
make this assignment now"
The firm IS said to have had hlgh
class clientele.
On January /, 1915. the present firm
was Organized. Mr. Porter, who was
admitted as a partner at that time Is
a .or-in-law Of the late John s. Ken
ucdy.
While the firm is member OF the
stock Exchange, during the war boom
period it did a large business on the
New York Curb. being known as spe,,
cislists in Electric Boat stock, and
more recently in the securities Of the
American and Columbia grapnaphone
cofupanies
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-04-15
Tax on Sugar Is
Opposed by Rehner
Proposed Levy Would Make
Price Prohibitive, Claus A.
Spreckels Says

Claus A. Spreckeis, president OF
the Federal Sugar Refining Company,
placed himself squarely on record yes
terday as strongly opposed to the pro-
posal 20 levy a Federal tax Of cent a
pound on all the sugar consumed in the
United States as one Of the methods OF
raising funds for paying the cost of
the war. He declared the tax would
make the price Of sugar almost pro-
tibitiye. and estimated that on the
basis Of 1916 consumption the aggre-
gate cost to the public this year would
be SS4,172,000. Coming on top Of the
abnormally high prices because Of the
world shortage OF the commodity, he
said, the situation would be serious.
Mr.. Spreckels's statement reads, in
part:
III Congress. as part OF its plan 10
increase revenues, should levy tax OF
cent a pound on all sugar, in addition
to the tariff Of the same amount, it Will
mean tkat sugar will cost the public -
more a barrel than it does a present.
Besides curtailing the quantity the
average family could afford TO buy
such an increase would seriously Grip
pie the important canning and preserv-
ing industries Of the country.
There is better way to augment
the national revenue from sugar. Al
present the government levies a tariff
of cent to "a cents a pound on for
eign sugars imported and refined here
hut receives no revenue whatever from
the home grown beet and cane sugar
"On the contrary. the domestic sugar
interests. chiefly the beet sugar makers
owing TO their larger output, absorb the
equivalent to the tariff for themselves
In 1916 they pocketed si6,056, 900, while
the United States Treasury received
only S3S, 10000 from the tariff
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-04-15
Dollar in Foreign Exchange

Firmness and strength displayed IN
the last week by exchanges rates on the
countries Of the Entente have been a
natural reflection Of the belief held IN
banking quarters that our entrance into
the war Will 20 far 70 rehabilitate the
finances Of the Allies. The proposed
loan o. S3.OOO.O0O.OOO by this country
70 helm the common cause against the
Tcutonic allies means much for the
weaker members Of the Entente. Rus
STA and Italy will be greatly benefited.
while Great Britain and France will
also find our financial assistance help
full in meeting the difficult problem Of
stabilizine sterling in this and other
neutral markets. The plan is 20 place
the funds in the hands Of Great Britain
and France. who will administer the
credit in a manner that will make it
most effective
Stability Of Italian and French e1-
change during the week has been the
most interesting feature Of the market.
Francs were maintained steadily at q
rate Of around $40 to the dollar, which
compares with a recent low Of 5.s5.
Italian lire huetuated around 40.
Russian rubles underwent further
improvement and at the close Of the
week were firm within a fraction Of
29 cents.
In the case of sterling exchange
the market has been steady without
any sensational developments. due to
the fact that the bankers in charge Of
British finance still hold an arbitrary
control over sterling rates. DEMAND
bills held most Of the week at the
peg" rate Of $4T5ie, where they
have been maintained for year and
a half
If you calculate the cost of the dollar
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 a year
ago. would he about as follows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-04-15
Relevant Facts

Interborough Traffic--1he number
of passengers carried by the INTERIOR
ough Rapid Transit Company in Feb
ruary was 6l,9S7.152, an increase Of
6.4l1.249 over February a year ago. OF
the total traffic the subway carried
35I9O.476 passengers. and the elevated
lines 26,7O7,676 people.
B.S o. TO Foster Farm Production
The Baltimore & Ohio Railroad has as
signed l2s members Of its traffic and
commercial development departments
20 the work OF promoting farm and
truck garden production. Systematic
efforts have been started TO assist in
the location and distribution OF seed
and fertilizer supplies and TO recruit
for farm work labor which can be
shared from other employment. Own
ers Of unused land in and near cities
and towns Will be urged and assisted to
use II for vegetable gardens.
NcCrory Stores Corporation. March
sales Of the company amounted to
s57s.403, an increase Of Sl07,044 over
the same period last year The in
crease for the three months ended
March 81 was S34Os92.
Peoples Gas Dividend Reduced.-Di-
rectors Of the Peoples Gas. Light ard
Coke Company, at the meeting in Chi
eaeo Yesterday. cut the quarterly divI-
dend rate from ~ per cent 70 / per
CEN. IN May. 1915. the dividend was
reduced from , per cent quarterly to
=. per cent. Increased cost Of gas
making materials and the uncertain
political situation we're gwen rs the
reason tor the action q ,he board.
Union Bank Of Canadl.-The New
York agency Of this institution vii
open It's doors for business to-morro-,
with George Wilson and 2. T. Short in
charge. A unique feature in eonnec-
ton with This Canadian agency IS that
IL will have an advisory committee o.
New York financial interests. consist
ing Of Richard Delsheld. Corne!iur
Vanderbilt and StIyvesant Fish. The
New York agency VIII give special a.
.en..on % fore,gr Exchange operations
Mexican Petroleum. A. the annual
meeting Of the company in Los Ange-
les, 0. D. Bennett. William II. Smith
T. A. O'Donnell and z. L. Doheny. jrr
were elected TO I'll vacancies on the
/ board. Herbert G. Wylie, manager OF
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-04-15
New Spanish Bonds

By a royal decree the Spanish gov
ernment is authorized TO issue bonds
maturing in fifty years, with interest at
E per cent. amounting in nominal value
70 $3.50 900, 900 Several former issues
of short term treasury bonds at lower
rates Of interest will be exchanged II
desired BY the holder, for the bonds OF
the new issue. This new issue IS to be
offered at 90, so that the government
will realize only s162.OOO,Oo0, out Of
which s1l29O3,OOO must be devoted to
the payment OF other treasury bonds
maturing in April and July OF the cur
rent year.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-04-15

Wall Street is coming to believe
that the tax burden will not fall 50
heavily upon industrial companies as
was feared at first. 1t is realized
that they Will have to bear fair
share Of the levy and that prices on
supplies needed to place the Amerl-
can army and navy on war footing,
and perhaps on those sold TO the Al
lies, will have to be reduced. But 1t
must be remembered that the mum
tions business was rapidly drying up
when the United States took its
stand with the Allies and that no
more new contracts were being
placed in this country. Many COM
ranies had already completed con-
tracts and were laying off working
forces and closing up plants. Others
would have been obliged to take like
action within few months. The
entrance of the United States into
the war gives these companies new
lease Of life. True, they will have
TO operate on a smaller margin of
profit than they made on European
orders. but they will at least be sure
Of a fair return for some time to
come. and that is much better than
no profit at all, which was what they
were facing a month ago. War
profits will not vanish; they will only
be reduced, perhaps even less in the
aggregate than is expected, owing
to the heavier volume Of business
which will be pressed upon the Amer
lean industrial plant. Moreover,
prices go on rising, and profits on
private business are probably mount
ing in proportion. 1t is altogether
probable that, on the whole, profits
will be much larger than they were
in peace time, even allowing for the
deduction Of a large excess profits
tax.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-04-15
Saturday, April II, 1917

The stock market, like almost
everything else in the world Of
finance, continues under restraint
imposed by impending financial OPP
erations on gigantic scale and un-
certainty as 70 the nature Of the tax
programme which is now being
framed. Though there was conSid-
cradle irregularity last week, the
market has, for the most part, stood
the test well. The price movement
was upward again, and a majority of
the active issues ended the week with
good net gains. The volume Of deal
ings, however, remained small and
outside" participation extremely
limited. Unfortunately for the
Street, there is nothing TO indicate
that a return Of public interest on a
large scale is likely in the near fut-
ure; At least, not until the govern
ments plan for taxation is pub
lshed.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-04-15
News Digest
Foreign

Dutch Sell American Securities
London. April "a. The stock market
was extremely quiet, with good I'M
dertOne. to-day. Argentine rails, OIL
shares and Mexican mines were the
best features. and tin stocks were IN
demand Rubber issues were easy
with the commodity. while gilt edged
securities remained dull owing 20 the
attractive new issues available. An eN-
ception was the war loan, which was
in good demand. as the quotation IN
cludes the dividend payable in a fort
night. American securities were dull
but steady.
Money vas plentiful. Discount rates
we're easy owing 20 f50000,00O Treas
urv bills issued yesterday, ruling a
shade in favor OF the government. COM
pared TO the previous issue.
In the exchange market New YORK
was easy at 4.76s, 476ls and Amster-
dam was weak at 1l.3S on continued
Dutch sales of American securities.
Money was quoted ~ per cent. DIS
count rates, short and three month
bills. 4SsM424 per cent. Gold pre-
MUM at Lisbon, $500.
Paris Bourse.-Paris, April II. -
Trading was quiet on the Bourse to-
day
Three per cent rentes, 81 francs 10
confines for cash.
Exchange on London, q francs q 4
confines.
Five per cent loan, SIS francs As cen
times.
- German Bank Statement.-The state
ment Of the Imperial Bank Of Germany
issued April shows the following
cbopoa ia marks.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-04-15

production and transportation. in
formed the stockholders that By the
end Of the present year the company
will be in possession of 100000 tons Of
shipping service, compared with pres
ent total Of, approximately, $4,000 tons.
The new ships will be obtained by
charter from the Pan-Americsn Petro-
leur. and Transport Company. which Is
the largest stakeholder OF the Mexican
Petroleum Comptny.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-04-15
Tax on State
And Municipal
Bonds in Debate
Attorneys Say Congress-
Lacks Power to Levy on
Such Securities

Has Congress the authority 90 levy
an income tax or state and municipal
bonds? This question, The Bond
Buyer points out. Is one which every
investor IN the United States IS vita!ly
interested in, since the government IN
order to raise the money necessary 10
defray war expenditures may attempt 70
place a levy on securities of this class,
which heretofore have enjoyed OK
emption from all taxes.
Howard F. Beebc, Of Harris, Forbes
& Co. and chairman OF the municipal
securities committee Of the Investment
Bankers Association. said that he had
IN his possession opinions from rccog
nized legal experts that Congress mas
not this right and that any attempt 20
pass war legislation to permit the
taxation Of state and municipal bonds
already exempt would not be upheld
by the Supreme Court if such law
were passed.
Mr. Beebe pointed out that the only
way by which this class OF securities
could be taxed would be through an
amendment to the Constitution. As
the taxation of state and municipal
bonds now exempt would OF necessity
be temporary measure it is not con
sidered likely that such action will be
taken.
Opinion of Mr.. Root
Many Of the best posted constitu-
tional lawyers, according to Mr.. Beebe,
have held as did ex-senator Elihu Root
at the time the mendment to the Fed
eral Constitution permitting the levy
OF an income tax was considered by
the New York State Legislature. that
the recent amendment to the COnsti
tuition of the United States does not
change the situation as regards taxa
ton OF municipal bonds.
Senator Root stated that the words
OF the new amendment, from what
ever source derived could not be con-
sidered separately, but would have TO
be read in conjunction with the bal
ance Of the amendment; and that the
only effect was to relieve the govern
ment from the necessity OF spportion-
ing the taxes among the several states,
leaving the question as 20 what char
acter of incomes should be subject to
tax TO be determined by the same
principles and rules as heretofore APP
Piled
What Other Attorneys Say
The banking syndicate which pur-
chased and recently offered the issue
OF S25OOO,O0 New York State bonds
advertised that such well known law
firms as Cadwalader. Wickersham e.
/ Taft and Cravath & Henderson have
rendered them an opinion that Con-
gress is without power to levy tax on
New York State bonds or the income
derived therefrom.
+ at naturally follows" says Mr..
| Beebe. that the same exemption would
, equally apply to other state bonds; and
under the terms Of many Federal de-
! cisions and in the opinion Of an almost
endless number of prominent attor-
neys, this applies to the obligations OF
all political subdivisions of such
states
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-04-15
Current

The above rates express the cost Oh
foreign money in terms OF the Amer
can dollar You buy an English pound
sterling for S475ai. the intrinsic par
itv is s4S6ts per pound. Thus. you
say either that pounds are at dis
count or that dollars are at pre-
MUM. which is owing 10 the fact that
in England the demand for dollars
with which TO settle accounts IN THIS
country is greater than the demand IN
this country for pounds with which -
settle accounts N England.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-04-15
u. S. Treasury Finances

Washington, April i4.-Condition Of
the United States Treasury: Net bal
anee in general FUND, s77.32s.24o; total
receipts. s3,es6,o64; total payments,
1;.fe2,6i3.
The dehei, this fiscal year is si7&-
oe3.612. against a deficit Of S56,69i AS
last year, exclusive Of Panama Canal
and public debt transactions
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-04-15
MeCrOv Store. Corpor.ti'
Dividends

Inzsrsoll- Rand. Dividend Of q per cent on
the common stock. payable April 30 10 stoek
Of record April 81.
PEOPLES Gas Light and Coke Quarterly
= ividsnd Of ! per cent, payable May p 10
..ock o. record May !. In previous quarter
T.. PEI cen, dividend VAS declared.
kelsey wheel Regular quarterly dividend
Of SIS = share. payable May ! 20 stock Of
record April To-.
United States Bobbin and Shuttle Divi-
dends OF $40 a share on the preferred and
81 a share on the common stock, payable
May / 20 stock Of record April II.
Tampa Eleetrie.-QuArtsrly dividend OF
$3.50 a share. payable May is z stock Of rec
ord May L
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-04-15

Treasury yesterday for shipment 10
Spain.
sub Treasury. - New York banks
los. TO Sub-Trcasury Ssss.d47.
Siver.-Bars in London. 36is pence;
New York. 73ts cents; Mexican dollars,
"a. cents.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-04-15
Cost of one dollar.

Closing rates yesterday, compared
with a week ago, arc given in the table
below. American bankers have sus-
pended all dealings in German and
Austrian exchange, so that daily quo
,ations for either marks or kronen are
no longer available.
Week
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-04-15
(ouot,d cents TO the unit

Below is given the current exchange
value Of foreign money IN dollars and
cents, together with the intrinsic golo
parity, as calculated by the United
Sfates Mint:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-04-15

Va Government was ever actuated by
NOR, unselfsh motives in declaring
var than our government has been IN
.his instance. It is not war OF con-
quest but a war Of humanity for the
nro,ection Of rights that are as sacred
=, .;v;,ization. But the responsibilities
re.tir. upon those directing the ar
80 Of the nation in this crisis are
tremendous as any Administration
10. sbouldercd before. To the gov
ornment authorities i committed the
enan.i.l solvehcy Of the nation the
nro,oc,ion Of its industries and the
aSoooording Of its food supply at 1"
.,.n when the world is heavily short
- tood.tuss. The latest reports from
,bo winter wheat area suggest fAll-
ins Of in production Of 6o'ooO'ooo bush
81, compared with year are a care
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-04-15
Current Comment

Wholesale distribution Of drygooo'
for the current week is running ABOUT
ovcn with the very heavy volume IN
this period a year ago. Road sales ior
Immediate shipments are about the
sam. "a in the week 1915, while road
sales for fall delivery are much IN eN-
..ss for the corresponding period last
wear Customers have been into mar
10, in smaller numbers. Collections
10, .be week are larger than IN the
qsme period last year. The cotton
m.rket is very hrm.-NarshdH F'eio
{. n
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-04-15
$984,99e,0O0
Total liabilities.

Gold reserve against net deposits and
note liabilities. 71.2 per cent.
Cash reserve against net deposits and
note liabilities, 1873 per cent.
Cash reserve against net deposits liza
bilities after setting aside 80 per cent
gold reserve against net liabilities on
Federal Reserve notes in circulation.
7f.5 per cent.
In The above statement the principal
items compare with one year ago as fol-
lows:
Total gold rcserve.....Inc. S216,975,OCo
Bills discounted and accept
anccs bought. 36,343,0OO
Due 10 member banks. Inc. 3l5,035, 900
Net liability for note Inc. 3,503 900
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-04-15
New York Federal Reserve

NcU York, AprH IL.
The condition of the Federal Reserve
Bank of New York at the close of bust
ness Friday, compared with the prcyi-
Gus week. follows:
RESOURCES
Gold reserve. s217,46O,9Os S236,es6, 1863
Legal tender
money ...... 1895, $50 13,220,2So
Total resve..$232, 4O7. 496 s24s. sOe,45o
Discounts ..... 1e.733.422 1e,154,639
Investments 29,267,37t 29267.371
Federal ResNe
notes ,neu. 11,557.165 1o,2t2,22O
All other res'cs 37e,167 4A.316
Total rcs'cs. 1928, 344,623 5000, 1886, 1873
LIABILITIES
Capi,al ....... stt8St,70o s11.sst7oo
Member bank
dcp'ts ,ncu. 259.stt.55e 2s5. 158.234
Govt deposip. 4,4O1.57S 3.24IS14
Due 10 other
F. T. banks
metz ...... t7.2497S5 8,ee7,44e
Total liabps .s2e3. 344,e2 s3os, ss5, 1873
Fed. Res. notes
outstanding. 1SS,238715 Ho.9o"/15
Secured as fol
lows: Gold
dep'tcd with
= X agent 1sS.239.715 176.so7.715
Bank Clearings The days clcarngs
al New York and other cities:
Exchanges Balances.
New York. .... s547 .e5o,o41 S33.226.529
baltimore $3.50. 7,212.23e o49,2oe
Boston ....... 37.e1e,611 7.27s.6s5
Philadelphia. $1,000, 955 4,264,7s6
Clearing House Statement. - The
weekly return of the Clearing House
banks Yesterday showed decrease Of
ss475q.36O in excess cash reserves. due
in large part 70 the drain 10 the Federal
Reserve Bank. Loans and discounts
increased $G.S33,Ooo. to a total Of So
eCS.5S9. 600. The actual statement was
Is follows:
Loans and discounts $50. S3,b6S559,OOO
Reserve in own vaults. 491 065, 900
Reserve in Fed. Res. Bank 228,437.0OO
Reserve elsewhere. ....... $1,000, 900
Ne. demand deposits. 37f7, S64, 900
Ne, time deposits...... 1925. 900
Circulation ...-...-......t <o,lU1.OOO
AGGREGATE reserye...... 77o.5o2. 900
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-04-15
Corporation Returns
Detroit. Toledo a lrOnton

,..t-,,.,y gross ...... Sis2.33s s'79.eeI
Dedcit after eKp.--.- |'lS7 ''''"N
NE. earnings.
MeCrory Stores Corporation
1917. 1916.
u.,rn gross ss!e- S57e,4o3 s47t.s59
Three mos. gro~s ..... i.57o.+3o i.22s.osa
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-04-15

Gold TO Spain. Bankers withdrew
s25o.ooo in gold coin from the Sub
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-04-15

Ncw York, AprI IL.
The condition of the Federal Reserve
Bank of New York at the close of bust
ness Friday, compared with the preyi-
Gus week. follows:
RESOURCES
Pullman herald. [volume] (Pullman, W.T. [Wash.]) 1888-1989, 1917-06-29
StageSetfOr GAR. EnCampnent

Rifle club, the registered men of the
community etc. DR.. j. +. Boiler
will be marshal OF the day.
AS a special attraction for the
Fourth of July celebration, the an
nnal Fat-Lean baseball game will be
staged on Rogers field at 1900 a. m
The athletic contests for the young
sters, however, will be held at
Reaney park, commencing at 1890
Il. m. on the Fourth. A big basket
dinner fill be served in Reaney park
at noon on the Fourth. The citizens
are urged to bring their families and
their baskets.
Nothing will be left undone that
might add to the comfort, convent
ence or pleasure of the visiting and
local veterans and ladies of the w
r. C.
The complete program for the
three days is given above.