davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-07
u. s. AND PANAMA
BONDS WEAKEN
Banks Sell in Anticipation
of New Loan-StOCkS
Are ErratiC

Unusual activity prevailed IN the
market for Unitrd States government
bonds Yesterday at declines ranging
from 2. to IL per cent. Panama Is
sues were similarly affected, the recess
sion being ascribed TO selling by banks
in anticipation Of new government
Aotation to meet impending emergen-
cies.
The course of the stock market was
highly irregular, its movements re-
Aectinp general confusion OF ideas as
to what might really happen If TINS
country should become engaged IN
actual war with Germany.
Strength in special stocks at the
opening, heaviness in all divisions at
midday and recoveries in all, except
rails and shippings in the later deal
ings. summarized the erratic trend OF
quotations.
Initial advances, some Of which at
tanned impressive proportions, were al
together wiped out during the noon
hour. when disturbing rumors touching
upon the international situation were
current throughout the district.
In the final hour, which proved to be
the most active of the session, equip
ments and other issues more or less
directly associated with the war group
rose 5 70 . points from lowest leVels,
but rails and shippings hung back.
The belated movement in industrials
was simultaneous with reports that
many large contracts with the Federal
government we're under negotiation. IL
il understood that sales of copper and
other raw materials 20 important nome
interests are in process or consumma,
ton. Manufacturers of explosives ana
ammunition. reports have 1t, are ABOUT
, TO submit estimates tosthe authorities
at Washington.
Selling By foreign interests was
again put forward in explanation OF
the heaviness Of rails. Canadian Pa
cifc was once more an clement oil
weakness. with St. Paul at an extreme
decline of points, and | 70 Tor
other international shares. New Haven
was under renewed pressure at the new
low record of 3Sia, and Louisville G
Nashville and Illinois Central were
heaviest Of the Southern and South
western rails.
Trading in bonds was limited, for
eign issues hardening after an early
decline 10 new mnimums.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-07
Silver Bullets
By S. ROY WEAVER
Toronto, February 3

Toronto, FEBRUARY ,.
While there is little disposition TO
underrate the naval and military
support which the United States
might give TO the Entente Allies if
the severance Of diplomatic relations
should lead to war, informed circles
in Canada are profoundly impressed
with the Importance of the financial
assistance which would result from
participation Of the United States in
The conflict against Germany.
1t is common knowledge that Great
Britain has been financing her allies
as we'll as herself, and the strain has
been tremendous. The success Of the
present Victory" loan is proof that
Britain's resources are far from eX-
hausted, and with the application of
further extreme measures there IS
little doubt that the war could be
financed TO a successful conclusion
without the United States increasing
the scale Of the credit it has been ex-
tending 10 Britain and her allies. II
is, nevertheless, true that the finan-
cia, situation has been receiving a
great amount of consideration, and
the need Of money is quite as urgent
rs the need Of more soldiers.
The Allies have possessed a tire
nendous advantage in their ability
10 borrow in the United States and
by reason Of the fricndiness of
American financial interests. But
the problem Of credits on this side
of the Atlantic has become increas-
ingly difficult. Only the other day
Sir Thomas White, Canada's Minis
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-07
Big PROFITS FOR
CAN COMPANIES
All Previous Records EX'
ceeded by Volume OF
Business in 1916

Without taking into account proh'
from "war contracts" the American
Can Company last year earned the
equivalent of 1891 per cent on its out
standing common stock, after paying
interest on the dcbenturcs. preferred
dividends and setting aside S2,5OO,OOO
for depreciation.
Net earnings were Sl1,c'i,O4S, COM
pared with SG.533,sO6 in 1915 and So
595, $40 in 1913, the last full year OF
normal industrial conditions. The vol
ume Of business in usual lines exceeded
all previous records.
Concerning export business. +. ).
Wheeler, the president Of the company,
says in the annual report TO stock
holders issued yesterday:
"ln the export department no profits
have as yet been shown under the con-
tracts mentioned in last years report,
but difficulties causing delays have been
overcome. Under readjustments OF
contracts made in 1916 extensions Of
time Of delivery were made without
penalty and liberal additional advance
payments were received. Shipments IN
large volume began some months ago
and are proceeding regularly. No re-
jections Of Importance have occurred.
Present foreign contracts should be
completed IN the near future. The
management is confident that substan-
tial net profits will be realized from
this business
During the year the company spent
1871 ,isi for new construction. Ad-
vances 10 the export department were
IS, 5G7.Is0. making total advances to
that department TO the end Of 1915 OF
S21 OF ,l75.
In the 1916 balance sheet the item
New Construction" which in 1916 was
carried at 1929, s95, has been con-
solidated with other items under the
head plant, Real Estate, Etc." which
are listed ut $50 907 ,2S7. The combined
total is nov sS4, $50 1888.
Continental Cans Year
Like that Of American Can. the 1916
report OF the Continental Can Com
pany shows that the business trans
acted during the year was the largest
in the history of the company. Net
earnings Of $2,466,6G5 were zoos, 700
larger than those of 1915, and were
equivalent to 22.37 per cent on the sS.-
100000 common stock outstanding. The
surplus after charges. including COM
mon and preferred dividends, was ST.
39O,3l7, compared with S76i,ll4 in 1915.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-07

ter Of Finance, speaking in the
House of Commons, stated the stu
alton frankly when he said:
"An exchange situation exists TO-
Gay-by reason Of the fact that
Great Britain is importing so much
from this continent, by reason of
the fact that the exchanges have
broken down-under which Great
Britain can purchase munitions on
this side of the Atlantic only if she
can raise money with which to pay
for them on this side of the Allan
tic" That statement is absolutely
true; in fact, it falls short Of
full statement, because she not only
has to borrow on this side Of the At
lantic all the money required to pay
for her enormous purchases on this
side of the Atlantic, but she actually
has to borrow money on this side Of
VIC ALldilIlS " SuppOlL IhC ~
change, so that it is a fact that
Great Britain cannot purchase in
Canada unless Great Britain is
financed in Canada. Finance lies at
the basis of Great Britain's pur-
chases in Canada, just as finance
lies at the basis Of Great Britain's
purchases in the United States.
The thrift campaign and the APP
peal for national savings in the Do
m;nion and investment in govern
ment securities are evidence Of the
realization that money is going to
play a mighty part in the conclud-
ing phase Of the war. With the
great financial strength Of the United
States thrown in support of the
common cause the financial problem
will have been solved, and there
need be no more concern lest there
be shortage of "silyer bullets"
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-07

All the world has been affected by
the initiation Of prices arising out of
the war, but the effects of the inha-
ton upon trade, especially foreign
trade, of the neutrals and the bel
ligerents have been very different.
The United States has been a dis
tinct gamer on international bal
ance through the price distortion,
both because our exports have vastly
exceeded our imports and because
import prices have not risen so much
on the average as export prices.
Higher prices account for more than
a third of the increase in the value
Of our export trade. With the bel
ligerents, particularly the United
Kingdom, whose imports have been
greater than those Of any other
country, this situation is reversed.
Figures published by 'The Econ
omist" show that while the total
value of the trade Of the United
Kingdom Excluding government
purchases in 1916, as compared
with 1915, increased s1.087,00O,O0O,
there was actually a decline of
S457,O00,O00 in the volume Of the
trade. This shrinksge was particu-
larly marked in the case Of imports.
Their total value in 1916 was S4,-
46,OOO,OOO, against $4,259,5OO,oOO
in 1915, but figured on the basis OF
1915 prices the 1916 imports would
have been worth only $3,7l5,50O,0 900.
In other words, Great Britain paid
11.5 per cent more for a 1873 per
cent smaller quantity Of goods, the
average import price having ad-
vanced 24.3 per cent.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-07
Relevant
Information

American Foreign Securities Com
pany.-Directors have declared a divi-
dend of per cent from the earnings
for the six months ended February l.
This corporation, organized last sum-
mer by Wall Street banking Interests
along lines similar to that of English
debenture corporations, agreed 20 lend
500. 0O0, 900 TO the government OF
France. The loan was raised partly by
the sale Of approximately s95,oO0,oo0
Of the company's own secured notes ana
BY the sale OF SlO.O0O,OOO capital stock,
which was subscribed largely by the
bankers who made public offering of
the notes.
The collateral submitted by France
as security for tho loan. part Of which
was subsequently rehypothecated By the
American Foreign Securities Company
as security for it's notes, consisted IN
large part OF obligations Of neutral
countries, with some Of the securities
Of the Suez Canal Company and a con-
siderable block Of American stocks and
bonds.
The dividend just declared is pay
able February 10 to stockholders Of
record February II.
Detroit Edison Company.-Stockhold-
ers of record on February arc 20 be
allowed to subscribe at par for Is per
cent Of their holdings in new stock.
Present stock outstanding amounts TO
S19, $50 900. Under the stock subscrip-
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-07
Paris Bours,
New York

Coal Prices Up.-"The Coal Trade
Journal" says: Mondays snowstorm
ard gale, following as they did several
days of low temperatures, caused a
sharp advance in the price Of most
sizes Of speculative anthracite stand
ing at the harbor loading ports. Coal
Of this description is in such limited
supply that when a buyer is found who
really needs a cargo in hurry, the
shipper can practically name his own
price. Last week $3.50 +. o. b. was the
quotation most frequently heard on
mixed lots Of domestic sizes, and there
was not much fuctuation from day to
day. This week sales are reported at
81 TO SS.25 on coal at the piers. and
the market is said to be absolutely
free of loaded boats of either domestic
or steam sizes"
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-07
Tuesday, February 6, 1917

One Of the immediate results OF
two years of war-stimulated pros
perity was the great speculation IN
industrial securities. One Of the
eventual results may be the shifting
of many of the issues which IN the
past have been noted chiefly as spec
uIativc counters into the investment
class. Speculation is based on so in
tangible a thing as faith, but when
that faith is finally realized in con-
crete fact the opportunity for specu-
lation is Just so much reduced. 1t
is a noteworthy fact that many OF
the industrials which have made eX-
traordinary profits have been eX-
tremely conservative in the matter
Of dividends. Instead of distribut-
ing earnings in the lavish fashion
which might have been expected. they
have preferred to put themselves IN
sound financial condition, to con-
serve resources against any adverse
condition which might be encoun-
tered in the future, and to modernize
their plants.
1t may very well be as a conse-
udence that many industrial stocks
will, when the world settles down to
a peace basis, come to be looked upon
by the investor with more favor
than they have ever found in the
past. Investors are still more or
less suspicious even Of the seasoned
industrial preferred stocks. Ten of
them, selected at random from the
record of days trading, show an
average yield Of 6.65 per cent,
though they have paid dividends for
periods ranging from ten to twenty
five years. Ten seasoned railroad
preferred stocks selected from the
list in a like manner show an aver
age yield of 80 per cent. The re-
duction of this disparity is only d
matter of time. A few decades ago
these same rail issues were consid-
cred highly speculative.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-07
GERMANY TAKES
MONEY HOMIE
Balances on Deposit in
This Country Are Hur-
riedly Drawn Down

That Germany has materially re-
duced its cash balances in the United
States in preparation for war was EVIL
dent from a canvass made yesterday OF
banking institutions.
During the past few days" said one
of the countrys foremost foreign eX-
change bankers, German balances have
becr reduced 70 the extent Of millions
Of dollars
Cash balances now in local banks
belonging 10 German banks and indl-
viduals. il was estimated. would prob
ably be covered by 100000. As to
American securities held for German
account. it is believed that the total
would not exceed $50,OO0,000.
German Notes Mature April /
The extent of German borrowing IN
This market is now confined 20 the
s1O.OO0.OO0 Of one-year 6 per cent
Treasury notes. which mature on April
I next. In the event Of war payment
Of these notes would probably be de-
ferred until the cessation of hostilltles'
Al the Offices of Chandler Co., who
offered the notes to German-Amer1cah
investors. il was said yesterday that
no information could be given concern
inc whether cash would be supplied to
nav of the notes at maturity.
Goods in Store Financed
Several banking institutions IN TINS
oorn,ry have extended credit TO Ger
mons in some cases TO finance the
rurchases here of goods for shipment
after the war. A few banks have un-
dertaken to accept German drafts
against these goods in warehouse. Cot
ton, copper, wool, hides, etc, have oeen
tho commodities chiefly financed in this
manner. II has been estimated that
about $4,000 900 has been extended IN
this wav by certain banks for the pur-
chase Of Argentine wool stored at
Buenos Ayres.
This arrangement calls for the ac-
centarce of drafts by the banks here,
with several renewals. Ii war occurs
and American banks are forbidden TO
accent drafts for enemy citizens the
hanks will be liable for the current
acceptances on this and other transac'
tons which are at present in this mar
ket
II is reported that Germans have Sc
cured credit in this manner for snip
mert after the war 20 the extent Of
about S1O,OOO,OoO.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-07
Dividends

Studebaker Corporation. Regular quarter,
ly dividends Of ! y per cent on the preferred
and o. per cent on the common stock, pay
able March To stock Of record February 20
American Cotton Oil.-Resular quarterly
dividend of [ per cent on the common stock,
payable March I TO stock OF record Febru-
ary Is.
Lindsay Light Regular quarterly diyi-
bends of per cent on the common and IA
per cent on the preferred stock.
Crescent Pipe Line.-Begular quarterly
dividend of 10 cents share payable March
Is TO stock OF record February 20.
Kings County Electric Light & Power. -
Regular quarterly dividend OF s. a share.
payable March l to stock OF record teoru-
AIRY 9.
Mitchell Motors Regular quarterly diyi-
dend of $3.50 a share. payable February q
to stock OF record February 10.
Continental Refining. Initial dividend at
the rate OF 8 per cent per annum, payable y
of / per cent monthly on the 18TH Of each
month to stock Of record on the 10th.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-07

on this country, but as soon as an off,
cial denial OF the report was forthcom-
ing the market INN ediately recovered,
the closing quotation for checks being
4 lower a. 66%. Rates for lire again
moved sharply in favor OF Rome, the
closing quotation for checks being ia.
There was frmer market for ex-
change on Russia and also on Switzer-
land. Sterling rates were unchanged
for cables and a shade lower for de-
nland.
Closing rates yesterday. compared
with week ago, were as follows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-07
Money and Credit

Rates on call money ruled easier yes
terday, most of the loans being made
at 2lz per cent, while the closing quo
tatiou was "a per cent. Stock EX-
change borrowers for the moment are
getting the benefit of the policy adopt
ed by the banks generally, of keeping
funds as liquid as possible in order
70 be prepared TO meet any emergency
which may arise as the result Of gov
eminent borrowing. In other words,
while money could be had on call IN
almost any amount desired time loans
wero harder TO negotiate even at the
higher rates which became effective
Monday. Borrowers, however, were not
eager to secure funds, presumably for
the same reason that lenders were reti-
cent to put money out for the longer
perioas-narnely, uncertainty over the
outcome of the diplomatic break with
Germany.
Ruling rates on money yesterday,
compared with year ago, were as fol
lows;
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-07
WOOLWORTH SALES UP
S1l,OOO,00O IN 1916
Five and Ten Cent Stores Earn 1851
Per Cent on Common

Gross business of the F. W. Wool
worth Company, which operates a chain
of five and ten cent stores, jumped
from s75.995,774 in 1915 to s87,OS9,2n
in 1916. according to the company's an
nual report After payment of pre-
fcrrcd dividends there was balance of
$7.7S5,945. equal TO 1857 per cent on
100000 common stock, against 1918
per cent earned on the same stock in
the previous year. The 1916 income
account compares as follows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-07

The above rates express. the cost of
foreign money in terms of the Ameri-
can dollar. You buy an English pound
sterling for Sl75tt; tho intrinsic par
ity is s4.S6ss per pound. Thus, you
say either that pounds arc at dis
count or that dollars are at pre-
MUM, which is owing to 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 to
settle accounts in England.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-07
Emerson-B rantingham.- For

Emerson Brantingham.-t'or the year
ended October 81 last the company's
operating profits were s7O4,64S, against
s529,21S in 1915, and other income
s552,S42, compared with s371,23l. Total
income was thus S1.O57 400, an increase
for the year Of Si5Z041. This, together
with a small decrease in expenses and
interest charges, made it possible to
set aside $4,000 for depreciation, and,
after wiping out the previous deficit OF
s273,OS9, to carry over S7S,0Sf to sur
illus account. The compsny's foreign
trade showed marked improvement
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-07
Commercial Paper.-Mhilc

Commercial Paper.--Whilc offerings
were light, this was partly because the
attitude of the banks did not encourage
brokers to make an attempt TO dispose
any large amounts. Some desirable
paper was on the market at 81 to 4
per cent, but only a limited quantity
changed hands.
Official rate. OF discount Of each of
the twelve Federal districts arc as fol
lows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-07
The Dollar in Foreign Exchange

Dealings in reichsmarks were char
acteri1ed by weakness in the forenoon,
when Wall Street was aRitatcd over a
rumor that Germany had declared war
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-07

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, 1917-02-07
Other Cities
Sneculators Boost Hogs

Spectators Boost Pittsburgh,
Feb. 6.-Active buying, credited to
speculative interests at the Herr's ISL
and Stock Yards to-day forced the
price of hogs to $3.50 a 100 pounds,
90 cents higher than yesterdays close.
The record here is Sl4, reached during
the Civi! War.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-07

ton scheme it will be increased by
S2.9il.5 500. According to the announce
ment OF the company, payments on the
new stock are TO be made 80 per cent on
April 2 and % per cent on July and
October /, respectively.
New York Air Brake.-On transac-
tons Of only 900 shares the stock Of
this company advanced to l4l yester-
day, a net gain Of 3 points. Last No
vember the directors assured the pay
ment of 500 a share on the $l0,0OO,OOO
stock during 1917 by the declaration Of
$40 regular and $40 extra in dividends.
At the time the company announced
that the extra distribution did not pre-
clude the possibility of further extra
disbursements during the current year.
Total munition orders taken by the
company since the beginning of the
European war have been placed at
100000, 900. 1t is expected that the last
deliveries will be made by about
April /.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-07
Boston Coupcrs Boston. Feb. 6.

Boston Coppcrs Boston, Feb. s.
Prices of copper shares fuctuated in
the trading on the local exchange to-
day Opening quotations were higher,
but recession set in toward noon and
later trading was irregular. The close
was firm. Copper Range. CPS; Old Do
minion. sos; Osceola, 81.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-07
No Potatoes Received at Chicago

Chicago. Feb. 6.-For the first time in
years there were no potatoes received
on the Chicago market to-day. and
prices advanced 10 10 % cents a bushel.
Receipts ordinarily run from twenty
five TO forty cars.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-07
Bank Clearings. -The DAYS clearil

Sub.Treasury. -- New York banks
lost to Sub-Trcasury, $2,S65,000.
Silver.-Bars in London, 37is pence;
New York, II cents; Mexican dollars,
59st cents.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-07
s1i,7O2,3e5 900

Totals ...... s1I.702,365 100000
Compared with January last there
was a decrease Of t5,567,149 in the
amount Of National bank notes out
standing and an increase Of $I23.365
in outstanding Federal Reserve notes.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-07
National Bank Notes Outstanding

The Treasury Department reports the
amount OF National bank notes and
Federal Reserve bank notes outstand-
ing at the beginning of business on
February 1, as follows:
1917 1916
National Bank notes:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-07
News Digest
Foreign

London, Feb. 6-The money mar ket
was well supplied with funds to-day.
Discount rates we're steady.
The tone of the stock market was
good, but business was cautious, pend
ing Developments in the political world.
Neutral stocks recovered yesterdays
setback and there was sufficient busl-
ness to maintain home rails and gilt
edged securities, while oil shares, Rus
sian mines and Narconis we're strong.
Shipping stocks were inclined to ease
of. American securities were firm, but
only a small business was transacted.
Money was quoted at 4A per cent.
Discount rates for short and three
months bills 50 5is per cent. Gold
premium at Lisbon. so.
Paris Bourse. Paris, Feb. 6. Trad
ing was quiet on the Bourse to-day.
Three per cent renteS, G. francs %
centimes for cash. Exchange on Lon
don. u francs Sli2 confines. Five per
cent loan, 81 francs 60 confines.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-07

German Bank Statement. - Berlin,
via London, Feb. 6.-The statement Of
the Imperial Bank of Germany, issued
January q, shows the following
changes:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-07
Corporation Returns

Ray Consolidated Copper. Report Tor the
quarter ended December 81, l9io; compares
With the same period in 1915 as follows: