davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-02

So far as business mortality is
concerned, the entrance OF the United
States into the war has seemingly
produced little change from the
normal. If general and serious eco
nomic disturbances had resulted from
the nearly half a year of adjustment
TO the new war conditions, Its effects
would be seen in the insolvency rec
ords, but the statistics show no such
unsettlement. For the nine months
lust ended commercial failures in the
United States numbered l0,737 and
involved SAL ,95O,O38 in defaulted
Indebtedness, according to K. e.. Dun
G. Co. These figures compare with
1920 business failures for an ag-
gregate of S154, 5S6,707 in the cor
responding period of 1916. The pres
ent returns are the best for the
period since 1911. The fact that
business mortality has decreased
rather than increased since the dec
laration of war suggests that the I'M
certainties that developed on all
sides have inspired a spirit of con-
servatism in commercial and finan-
cial circles generally. For several
months now there has been ten
dency in many lines against over
extension.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-02

The August trade figures are IN
teresting, for they indicate, for one
thing. that the slump in the export
movement in July was only tempo
rary. Total outward bound snip
ments of merchandise from the
United States in August aggregated
a value of S490.O09, 1913, a gain of
over July. A year ago
exports totalled S510,167 ,43S,' but
with this exception the shipments III
August were the largest for that
month in the history of the country.
Imports continue to increase, the TO-
tai for August being valued at STU
5O9.379, an increase Of $45,OOO,OOo'
compared with July. The detailed
statement shows why the government
has finally acted to check the outflow
Of gold from the country. In August
. total Of SAG .O49 1906 was withdrawn
from the United States for foreign
account. The offset to this outward
bound movement in the form OF
imports aggregated only S18,692'17O.
Since the first of the year total eX-
ports of gold have aggregated APP
proximately $325,000,OOO, against
which there were imports of S524,-
100000.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-02
Money and Credit

Money rates were firmly maintained
yesterday. Banks continued to restrict
offerings Of time and call money, which
was TO be expected in view of the posi-
ton disclosed in the Saturday state
ment.
For the moment the beginning of the
Offering of the second Liberty Loan has
taken precedence over all other finan
cial activities. At the Stock Exchange
yesterday call money held firm at
per cent. Toward the close and after
the demand had been satisfied the rate
fell TO 2 per cent.
In the market for time loans based
on brokers Stock Exchange collateral
offerings were light and rates re-
manned unchanged from last week at
5ia TO 6 per cent for all maturities.
Ruling rates for money yesterday,
compared with year ago, were as fol-
lows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-02
War-Savings Stamps

The Canadian government announces
that ar issue Of war-savings stamps Is
in course Of preparation. These stamps
will be used in connection with a plan
to save in small amounts in the pur-
chase Of war-savings certificates. Spe-
cial war-Savings cards will be issued
having squares upon which the stamps
purchased from time to time may be
placed. When all the squares are filled
the cards may be taken to the postoiTice
and exchanged for a war-savlng certi-
fcate. The stamps will be in the de-
nomination Of 25 cents and the cards
will contain spaces for thirty-four Of
them and one l0-cent postage stamp
making, IN all, $500. When filled the
cards will enttle the holder to $40 al
the end of three years.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-02
Heavy Silk Imports

silk is no longer looked upon as
luxury by the people of the United
States, judging from a compilation by
the National City Bank, which shows
no signs of abatement in its manu-
facture. The quantity of raw silk i'm
ported in the fiscal year 1917 was larger
than ever before and at a higher price
than ever before. indicating that the
value Of the outturn of the silk fac
tories Of the United States in the cur
rent year will far exceed that of any
earlier year The total value Of raw
silk imported in the fiscal year 1917.
the compilation shows. is $4,000 900.
against Sll9,000,OOO in the former high
record year. 1916; and the quantity. 49,
S69, 900 pounds of raw silk. against 49,
OIL 900 pounds n the former high rec
ord year, 1916.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-02
American Shoes Well
Liked in Jamaica

According to a report just issued oy
the Bureau Of Foreign and Domes'lS
Commerce, American MANUFACTURER
are now supplying three-tourths OF VIC
$500 900 worth of shoes imported an
nually into Jamaica, although
pointed out that much OF this trace hss
come 10 US since the war started Sn'
may or may not be retained when nor
NAL times return. The American shoe
has won a fine reputation Tor guam"
and especially for style.
The island offers an attractive ms
ket. az the products Of the e'uhs,s'
such as sugar, pimento. honey, Gomez,
cacao and logwood, are now cling
good prices, and imported goods ar
more generally purchased thAh 81,
before. L is rather small msl.
however, for, although the pSopnIs';'so."
OF Jamaica is $4,000. The sale OF IN"
ported shoes is restricted TO spgs
1000 OF that number, when in.luuI
the $4,000 white persons on ne lsis"u
Copies of the bulletin Market s ~,
Boots and Shoes in Jamaica, spee
Agents Series 40. l45. can De ootA,"N
at i've cents each from the supe,,
tendent OF Documents, 1oNer"isn. ~
Printing Oaice. Washington; OF ~ ~
any district or cooperative once ''
Bureau Of Foreign and pomes'S
merce.-Commerc Reports.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-02

Discussing the task which the gov
eminent has set itself in raising the
enormous sums needed to finance the
war, the National City Bank. in its
October circular, calls attention to
the fact that the problem of carrying
on the war is primarily an industrial
one. IL says:
A portion of the population joins
the fighting forces, another portion
supplies strictly war materials, and
the remainder supplies food. cloth
ing and other necesSaries for all. II
so many men join the army or are
employed upon munitions that there
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-02
Dividends

international Niekel.-Regular quarterly
dividend Of ~ per cent on the preferred
stock. payable November ] to stockholders
% record October IS.
United Drug. Regular quarterly dividend
OF H., per cent on the first preferred stock,
payable November l TO stockholders of rec
ord October Is.
Commonwealth Edison Regular quarterly
dividend Of per cent. payable November
TO stockholders Of record October l..
Stanley Motor Carriage. Regular quarter
ly dividend OF Ia. per cent on the first pre-
ferred stock. payable October TO stoekhold-
ers OF record September %.
Cudahy Packing. - Regular semi-annual
dividend OF 81 per cent on the preferred
stock. payable November TO stockholders OF
record October q.
Milwaukee & Chicago Breweries. Dividend
OF per cent. less income tax. payable 0cto-
Der Is 10 stockholders OF record October l.
Miami Copper. Dividend OF $3.50 a share.
payable November 10 to stockholders OF rec
ord November l.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-02

tom price for years It closed 3 points
off. at 90. Selling Of ST. Paul was
stimulated by the August operating
statement. which disclosed a decrease OF
slightly over 81 100000 IN net earnings
compared with a year ago.
Maxwell Motors. Total earnings OF
the company for the fiscal year ended
July 81 last were $5.914,904, compared
with s5,92G,s92 the previous year. The
net income after the corporation tax OF
2 per cent, but without deduction OF
the excess profits tax. was S5,5O' ,o9I
against S5,42G,G 36 n year ago.
The number of cars sold by the com
pany last year, the annual report
stated, showed an increase OF 80 per
cent. Net working assets on July 81
stood at S12,2S0,977
The company's balance sheet showed
current liabilities Of $5,609,0l6. com
pared with current assets OF SlS,OO9,-
3g4, Of which $l,852,304 was cash.
United States Panama Bonds Decline.
One United States Panama Canal B
per cent coupon bond, due 1861, sold on
the Stock Exchange yesterday at 80,
off points from the last previous
sale made last May. The Panama 49,
like other fixed interest bearing securI-
ties. have been declining since the en-
trance of the United States in the war.
Southern Railway.-The common and
preferred shares Of the Southern Kali
way held steady, despite the general
unsettlement of the railroad issues.
The roads August earning statement
disclosed gross revenues of S1,S53,oZo,
compared with $6496,7l0 year ago.
Net after taxes aggregated S2,O57 ,42o,
compared with Sl,945,203.
September Financing. New corpo-
rate financing in September amounted
to a total of s8O,S09, 500, according to
the compilation Of THE Journal If
Commerce" This compared with slso,-
$4,000 in August and s95,59s,sOO IN
September, 1916. The output Of capt.
tai issued since January | last total!ed
1.34S. 707 800, against Sl,7l2,826.OOO IN
the corresponding period OF 1916.
September interpretations. - During
the month Of September 587 stock COM
panies were incorporated with the Sec
rotary Of State, having total capital
OF 3O,240,O 900, compared with 6lO stock
companies, with an aggregate capitall-
cation of 1872 ,467 900. in August.
Grand Trunk. According to advices
from London. the company has passed
all interim dividends. The reason as
signed for this action is the inability
to obtain an advance in rates, despite
heavy increases in working expenses.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-02

CIV NV 'hpHkh 'N'N W ''Nli'F
nccessarics, and tncse cannot be
bought outside, IT is only question
of time until the organization viii
break down; but so long rs the
country is industriously self-support-
ing it can go on. and the financing
can somehow be done. II people
are simply exchanging work among
themselves il is certain that they
can settle accounts among them
selves, and the task Of financing is
that OF arranging the offsets and
settlements. In other words, II TINS
country can make and spare $4,000
000,0 worth Of products for war
purposes in year, 1T can pay itself
for them. If used for war purposes
they are. in n sense, surplus prod
ucts, balance over anc above what
the country has otherwise consumed.
and the country can take government
credit for them. The problem Of gov
eminent payments is primarily
clearing" problem. The Treasury
must become clearing house,
through which all the available
Icdits of the country are modified
and offset against the governments
expenditures.
The amount of the governments
borrowings depends largely on the
level of prices. II prices were normal
it perhaps would not have to raise
over 100000. 900 insteod of s14,-
0O0,O00,O00; but the level of prices
also increases the money income of
the people and enables them to sup
ply more credit TO the government.
Normal trade tends to be in balance
and to settle itself but when the
government takes so large share
Of production. trade is evidently un-
balanced. there must be correspond
ing credits without Offsets. and those
credits, practically equal in the ag-
gregate to the governments pur-
chases, are available for Treasury
use.
The problem Of government finance
is to gather IN these multitudihous
credits from all classes and all parts
of the country. Every business man,
farmer, or wage Garner whose in
come has increased more than his
outGo has a share Of this surplus
credit created by war conditions. II
he turns il over 10 the government.
either in taxes or for bonds. he helps
TO balance the situation and support
the government, but if he tries TO
spend II he adds TO the governments
difficulties by being competitor
when there are not enough supplies TO
90 around The continual rise OF wages
and prices shows that the people are
bidding against each other and
against the government for labor and
goods. and that private expenditures
are not being curtailed to correspond
with the increase in government ex-
pendtures. The only really effective
curb upon expenditures is the rise
of prices.
All the expenditures made or TO
be made are not to be counted as all
war waste or loss. The loans to the
Allies, although adding to the load of
the moment, will represent capital
debts to us, and probably establish
this country for long time to come
in a creditor position. The eXpendi-
lures upon merchant feet are
clearly for capital account. A great
part of the expenditure is caught up
and saved in one form or another.
Old Indebtedness is being paid. and
the industries of the country will be
much advanced, both in capacity and
methods. over what they were before
the war.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-02

status. and in none OF the hiteen n
dustrial categories enumerated IN the
study is the present labor force more
thin % per cent below normal, AFTER
deducting the number modified.
The arrangements that have oeeh
made for the purchase Of cattle IN the
United Kingdom for the feeding OF the
British army during the next re"
months have been revised IN the lIgh'
of a reduction in the demands OF the
army, which were originally estimated
al 100000 head. The reduction IN the
weekly purchases will be spread over
the whole area, and a smaller number
Of stock will be taken from England
Scotland and Ireland. The purchases
will be carried out in England By
traders nominated by the Auctioneers
Institute. and in Scotland by com
mit,ee of auctioneers; but in Ireland
the army authorities will buy cattle
through their own agents, as the army
has for some time been possessed OF
an organization for the direct pur-
chase Of agricultural produce IN Ire
land. The buyers have been instruct
ed 70 purchase cattle IN condition 70
WELD good lean meat, beyond that OF
"stores" quarters fat, but not
"prime." The purchases will be effect
cd at market rates, which are expected
20 rule below the maxima fixed by me
Food Controller.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-02
The Dollar in Foreign Exchange.

Foreign exchange rates moved mar
rowly yesterday. Spanish exchange
was easier There was no change in
Russian rubles
Closing rates yesterday, compared
with a week ago, ale given in the table
below. American banker, have sus-
pended all dealings in German and
Austrian exchange, 20 that daily quota
tons for either marks or kroner are
no longer available.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-02
INIDENDS
MIAMI COPPER COMPANi


DIVIDEND 10 =
October LET. 1877.
Tho BOARD 81 Directors ~ Miami opp,
Conpan, have this day declared diFli'nl
OF 81 50 per share. for Che quarter year I'M
INK September 30th 1917; on ne capita 80.
20 sfock holders OF record az the close Of
business on November LIST. 1917. Books VIII
not close ,.,,.,-.,,,. ---.......-
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-02
Relevant Facts

Chicago, Milwaukee & st. Paul.-One
Of the weakest of the railroad stocks
yesterday was st. Paul common, which
was actively traded in on downward
scale. Approximately $4,000 shares
changed hands on the exchange, the
stock selling as low as 529s, the bot
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-02
Monday, October I, 1917

A Wall Street banking house. III
explaining why the Second Liberty
Loan of 1917, now being offered, is
the worlds premier investment,
points out that the wealth of the
United States is S23O.OoO,OO0,O00, or
greater than that of Great Britain,
France and Germany combined; that
our estimated debt Of 1917, amount
ing to s7,OOO,OOO,OOO, is only 3.O4 per
cent of our wealth, as against a ratio
for England OF 27.9 per cent; France,
1925 per cent, and Germany, 34.2O
per cent. 1t is also shown that the
1917 debt is only 17.5 per cent OF our
estimated income of $4,000, 200, 900,
while England's debt is 1872 per cent
of her income, Frances 1884 per
cent and Germany's 2S6.27 per cent.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-02

Weakness Of the railway shares
furnished the principal feature of
the dealings at the Stock Exchange.
While some of the industrial issues
moved forward to substantial gains,
the tendency of the whole railway
group was downward. Large losses
were suffered by a number of these
issues. and the character and volume
of the offerings pointed to a resump-
ton of the liquidation which so an
settled the rails a fortnight ago.
New York Central, for example, lost
11s points net, New Haven ~. St
Paul g, Union Pacific Is, Canadian
Pacific Is, Baltimore e Ohio 2l2'
Delaware & Hudson 212, Lehigh
Valley Is and Norfolk & Western
l. Railroad operating reports for
the month of August, just coming to
hand, help to explain the steady Of
ferings of railway shares on the
market. They show in most cases
substantial increases in gross reve-
nues compared with the correspond
ing period of 1916, but when it comes
to net earnings the returns are far
from satisfactory. Heavy increases
in operating expenses have, with the
exception of very few roads, more
than offset the increase in gross, and
caused net earnings to fall below the
figures of a year ago.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-02
OFFICE OF
ARIZONA SMELLING co

Tho second sfalmcnt = tle dividend deo4af'.
M t,rs - 1917 from tic surplus eaTiGss -
,qls amounting 20 lec 10 rcn's I"f shIel VII =.
r.vabis Dbl November g.. 1911 % stHc~aol ie,. -
+seo-.l AZ close y bushes october Is, lsli'
r5eck. viIl De na!I~l Uy tlc Guaranty Trls; Con.
pary q Ncw YORK Transfer Agent TIE s'o'@
hoods viii Dot pc closed
PRANK " THOMPSON. Treasure
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-02
New York

Admitted to Partnership.-Tucker,
Anthony & Co.. members Of the New
York Stock Exchange, announce that r.
Meredith Blagden has been admitted as
a mariner In the firm.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-02

Pelow is given the current exchange
value of foreign money in dollars and
cents. together with the intrinsic gold
rarity, as calculated by :he United
States Mint:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-02
IN. New York Central Railroad Go.

New York. september Il. lfAt.
ntyiderd - one Dollar and TNent}
Ave- cents tsi25) per share on the Cap
ttal stock of this Company has been de-
clared payable November J, 1911 AZ 70.
once OF the Treasurer. 20 stockholders az
record At the close % business october =,
1917, EDWARD l.. kOSSlrEk. TREASURE
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-02

London Money Market-LONDON.
Oct. |. Money, per cent. Discount
rates: Short bills. Az per cent; three
months bills. 1916 per cent. Gold
premium at Lisbon. 1000.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-02
Current

The above rates express the cost Of
foreign money in terms Of the Ameri-
can dollar You buy an English pound
sterling at. say, .4.75L. The intrinsic
parity is $iSG's per pound. Thus, you
say either that pounds Ere n; discount
or that dollars are at premium, which
is owing to the fact that IN England
the demand for dollars with which 70
settle accounts in this country is great
or than the demand IN this country
for pounds with which to settle ac.
counts in England
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-02
News Digest
Foreign

London Stock Market.-LONDON.
Oct. THE stock market started to-
day with fair accumulation Of week
end orders for gilt-edged securities and
rubber and oil shares, which impaired
cheerfuIness to the other sections. but
as a good deal of money is waiting for
the new war bonds tomorrow. business
slackened later. Russian issues were
uncertain, but shipping. armament and
BRAZILIAN stocks were firm.
Paris Bourse.-PARlS. Oct. Trad
ing was quiet on the Bourse to-day
Three per cent rentes, 60 francs 80
centimes for cash; exchange on Lon
don. p francs IS confines: per CENT
rentes. IS francs so confines.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-02
Henry CIews & Co.

Il. "a. Is. - and 10 BROAD ST
MEMBERS y. \. STOCK EXCHANGE
Stocks, Bond, and Investment SseuntIs,
bought and sold on commission. Also earned
on conservative terms. Deposit Accounts
received subject TO check at sight
ln,erc., pad on daily balances.
BRANCH OFFICES
t<- ;,.e.. 40 s53 Third AZ.
20 ~, ,ityav 60 Warren ST.
.. - Souare Is Court ST. BHlyn
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-02
Yesterday.

Commercial Paper.-This market was
dull. Most of the business moving was
done on 5&4 per cent basis.
Official rates Of discount for each OF
the twelve Federal districts are as fol-
iows.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-02
Larger Revenues Expected

As 20 outlook for earnings. il is stat
ed that the "15 per cent rate case" will
bring in beginning with September)
81 300 900 new revenue a year. Three
millions more annually will accrue TO
the company through expected in
creases IN passenger rates. There is
also movement TO increase fares on
the trolley lines.
From slightly increased rates" says
the directors statement. better opera
tion and sales Of miscellaneous prop
erty, more than S12.000,0 900 floating debt
has been paid off in the last four years
and at the same time about $1,000, 900
has been spent for Improvements. bet
terments and equipment. These eX-
pendlturcs and others now being made
increase the permanent value OF the
property. but will not enable il 10 pay
the S45000,000 due April 10. 1918.
"If the Si5,000,000 Is not paid next
April the trustee may be forced 70 sell
the collateral securing the notes. II
il should not bring the face of the
notes the company must pay the diff
ference and the future value of the
collateral will have been sacrificed
This collateral stands on the company's
books at S96,512.5l6. and includes some
Of the most substantial and valuable
railroad securities in New England"
To make IT possible for the New
Haven to sell the proposed preferred
stock issue two-thirds of the l,571.179
shares outstanding must vote in favor of
il. Some of the most important stock
holding interests. including the Penn
sylvania Railroad. the Mutual Life In
surance Company and the American Ex-
press Company. have signifed their APP
prevail.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-02
CORPORATION Returns

Chesapeake & Ohio
August gross ........ s4.735.s5e s+.3o7.432
Net after taxes ...... 1.38s,3ie 1.553.1ol
Nashville. Chattanooga s st. Louis
August gross ........ S1.3o5.2os s1,2l2'oto
Net after taxes. 27s.112 34o.sel
Texas & Pacific
August gross ........ sr,7ss.so2 s1.e2s. so2
Net after taxes....... 431.111 455.o4s
Minneapolis. st. Paul & Sault Ste. Marie
Angus, gross ........ st.852,is4 sr.9si.s4s
Net after taxes....... 44o.o75 813.S9e
Chicago Division
August gross ........ si.23e.2s5 stte7.o92
Net after taxes....... 3s5.s1o 53o,e7e
Chicago, Milwaukee & st. Paul
August gross ....... $io.5oo. soa sioo2t. 1875
Net after taxes....... 2.24Z,Ool S,ooo,o+S
Colorado & Southern
August gross ........ s,.es7is2 sr43o. oe5
Net after taxes....... 6o2.5s9 SOC. o57
Georgia Southern & Florida
August gross ........ s23i.csf sos. i78
Net after taxes....... 2ts2s 3s.3is
Virginian Railsay
1917. 1916.
August gross ........ s1.ot3.t93 s75o.146
Net after taxes. 4S9.ss9 1859
Minneapolis & 81. Louis
1871 1916.
August gross ....... se6i.37 1913 542
Net after taxes. 22i, SAG 2e6.l7o
Gulf. Mobile & Northern
l9l 1916
August gross ........ s247 % Si64.1o2
Net after taxes. eo.32o $3.50
Detroit x Mackinac
1917. 1916.
August gross ........ si25.ss2 Si20.ss3
Net after taxes. 16,o54 7,S49
Mobile & Ohio
1917 1916
August gross ........ S1,195.153 S1.oo9. vi
Net after taxes.... 19l,428 1873 496
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-02

aad. New York. este. off lisc; Mcxl'
can dollars. 73c. decrease OF &c.