davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-25

curties had been turned back TO that
country by the British, and that more
would be sold in this manner-in fact,
as many Of these securities are likely
to be sold back to Argentina as that
market will absorb.
The British financial authorities let
il be known last month that they dis
approved of the export Of gold from the
United States TO Argentina. At the
time they sought to discourage the
movement by instructing English
owned banks in Argentina to have moth
ing TO do with such transactions. This,
however, did not stop the exports, al
though the total Of movement in recent
weeks has been small, owing to the lack
Of available steamship space.
The gold has been going to Argentina
for the reason that the South American
republic has been selling more mer-
chandise to England and the United
States than these countries have been
selling there.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-25
Argentine Securities
Unloaded by Britain

Efforts are being put forth by the
British government, it was learned here
Yesterday. to reduce the discount on
New York and London exchange at
Buenos Ayres, and thereby check the
outflow of gold from the United States
TO Argentina. The effect is already be-
ing felt in the exchange market, and
Yesterday Argentine exchange, while
still at a premium, ruled at the lowest
rate in several weeks. Brokers quoted
exchange on Buenos Ayres at 101.4O
gold pesos to the American dollar, com
pared with a recent high of 90 and a
normal par of 1886.
The British scheme for adjusting a
difficult exchange situation is simple
and involves the sale to Argentine in
vestors of British owned Argentine
railway and industrial securities, Of
which hundreds of millions of dollars
worth are held in England. A banker
with an intimate knowledge Of the mat
ter said that within the last few weeks
a considerable block of Argentine Sc
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-25
Dividends

Norfolk & West.rn.-Regular quarterly
dividend Of | q per cent and an extra OF
per share on common stock, both payable
March 70 20 stock Of record February ~.
Pressed Steel Car.-Quarterly dividend Of
sf75 a share on the common stock. and the
regular quarterly dividend Of sl.75 a share
on the preferred stock. The common diVl-
dend is an increase of % cents share
Union Bag & Paper Corp.-Extra dividend
Of . per cent. payable February 10 to stock
Of record January 81.
Pure Oil.-Regular quarterly dividend OF S
per cent on the common stock and an extra
dividend Of 4 per cent, both payable March /
TO stock of record February &
Manufacturer Light & Heat-gxtra divi-
dcnd OF per cent, payable February - 10
stock of record February 10.
Amparo MininS.-Regulsr quarterly div.
dend of 3 per cent and an extra dividend OF
. per cent, both payable FEBRUARY ~ 10
stock OF record January 81
Cushman's Sons. Inc.-Dividend Of ] per
cent on the common stock. payable March J.
Rorden's Condensed Milk.-Regular semi
annual dividend Of per cent on the com.
mon stock. payable February 10 TO stock OF
record February !.
Pennsylvania Railrosd.-Regulsr quarterly
dividend Of ! y per cent. payable February
% 10 stock Of record February 10.
Preeport .Te1ss.--Special dividend OF 1l
per cent. payable February 10 10 stock OF
record February 10.
Standard Underground Cable.-Stoek divI'
dend Of 30 per cent.
Illinois Traction-Divdend Of :. Of ] per
cent on the common stock. payable February
Is to stock Of record January 81.
Chicago, st. Paul, Minneapolis & Omaha
Regular semi-annual dividends OF ga per
ont on the common and preferred stocks
PAYABLE February 90 to stock OF record Feb
r,Iary
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-25
News Digest
Foreign

London Markets.-London, Jan. "a
The steadiness of the war and French
loans, renewed buying Of diamond and
Canadian mining shares and the weak
mes of the consols were about the only
features of to-day's dull but cheerful
stock market. Dealings otherwise were
suspended, pending the result Of the
war loan. The recent support of Scan
dinavian shares here Is now attributed
to purchasers in those countries taking
advantage of the exchange situation,
which is against London, to acquire
stocks on better terms than in Scandi-
navia. American securities were idle
and fcatureless.
Money supplies we're more plentiful.
Discount rates were quiet. Money, 3H
per cent; discount rates, short and
three months bills, 5d5b per cent;
gold premiums at Lisbon, 5000.
Paris Bourse.-Paris, Jan. 24.-Prices
were firm on the Bourse to-day. Three
per cent rentes 81 francs % centimes
for cash. Exchange on London y
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-25
The Dollar in Foreign Exchange

New low records we're established
again yesterday for Russian and ltal-
ian exchange. Rubles declined to 27.9O
cents, compared with 1886 the day be-
fore, while lire we're quoted at 40 TO
the dollar, compared with 7.l6 on
Tuesday and q normal rate of 6.lS.
The value Of the Russian ruble in this
market now has deprecated almost %
per cent, while lire are at discount
of fully 40 per cent from their value
in normal times. Dealers in exchange
ascribe the steady decline in both Rus
sian and Italian rates to the inability
of banking interests in those countries
to finance their immediate require
ments. German exchange is frmer
Closing rates yesterday. compared
with a week ago, were as follows;
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-25
SEES UNITED STATES AS
DOMINANT BANKING POWER
Eugene Lamb Richards Tells Bankers
10 Preach Conservatism

Eugene Lamp RlCnaTuS ieiis Ddhhc''
TO Preach Conservatism
Need of financial preparedness and
the necessity of practical education in
economics and banking were empha-
sized by Eugene Lamb Richards, State
Superintendent of Banks, in r speech
here yesterday, at the annual luncheon
Of the Trust Companies Association OF
the State OF New York.
"The resources of New York trust
companies" Mr.. Richards said, "con-
stitute 30 per cent Of the total wealth
Of New York State, and at least 10 per
cent Of the country's total. The officers
and directors OF our trust companies
may safely be said to represent more
than that percentage Of the banking
brains OF the country.
"But the coming years will require
of you more than mere brains and
bullion. They will demand public
spirit. personal sacrifice and high char
acter.
"While hundreds Of men the country
over are urging military and naval pre-
paredness, only few Of the leaders
in the banking world are preaching
financial preparedness and the necessi-
ty of practical education in economics
and banking. While this country was
never intended to be, and never will be,
dominant military power. it is never
theless a dominant commercial and
banking power already, and is likely
soon to be the predominant one.
"The bankers should preach and prac-
tse conservatism. They should wher-
ever possible avoid competition. and in
place of competition should substitute
cooperation with one another, and
with these agencies, whether of the
Federal or the state government, which
stand ready to cooperate
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-25

Caution Urged on Bankers.-The Me-
chanics and Metals National Bank, IN
a circular on general financial condi-
tions, says:
at is proper enough TO urge caution
upon our hnanciers and investors al
this time of expanding business, but
il might not be amiss, in summing up
the whole situation, to express the
thought that, as the foreign buyer
will 90 on seeking American goods as
he requires them, so also the Amer
lean manufacturer ought to be en-
couraged in every possible way to go
on seeking the foreign buyer so long
az in that direction he gains proft'
Bankers who fail in offering this en-
couragement discourage foreign trade
and lend their efforts to reactlonary
tendencies. Those bankers who fail TO
appreciate the opportunity that lies
before the United States we believe
TO be few in number. A way Will De
found for financing our foreign busi-
ness: that way we believe will be
found here, and the financing Will De
forthcoming from American sources
For every dollar of credit EXTENDED
abroad al this time our control over
the future is made more sure. II we
are to lose our provincial habits OF
finance and broaden out into real
and genuine world market, our efforts
will be constantly directed toward
helping foreign buyers TO pay for their
purchases in this market. On the
other hand, if we are to remain pro-
vincial, and if we are to keep our
insulsr habits, we will shut the doors
against such buyers, Withholding credit
and making it necessary for them TO
20 elsewhere to satisfy their demands"
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-25
NORFOLK G. WESTERN PAYS
EXTRA DIVIDEND OF 81

Directors of the Norfolk E. Western
Railway Company, at meeting held in
Philadelphia yesterday, declared an
extra dividend Of l per cent on the
sl1s,628, 900 common stock, in addition
to the regular quarterly disbursement
of Ia per cent.
Norfolk & Westerns regular divi-
dend was increased from 6 20 z per
cent a year early in April, 1916. An
extra dividend of l per cent was also
paid at that time. A large party Of
the company's outstanding capital stock
is owned by the Pennsylvania Rail
road.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-25
MEETING OF FOREIGN TRADE
COUNCIL AT PITTSBURGH

The fourth annual convention Of the
National Foreign Trade Council will
open to-day in Pittsburgh. Business
men, bankers and sgriculturists from
ell parts of the country will be present
at the meeting, which will be devoted
chiefly 70 a discussion of foreign trade
developments in this country.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-25
ASSOCIATED oo SAs AyD E'Horn'

Pursuant to the sinking fund pro'ins...
Of Article 4 Of the Trust Agreement a.
January I. 1915. By and between tssoSi.
Gas and Electric Company and tlos.
Trust Company. Trustee. -esleh p Ioyv,
for the sale 20 Fidelity Trust Compsn
Trustee. at price not 20 exceed loss -
the psr value thereof and accrued intsIo-
of a sufficient number OF bonds lssueo
der said Trust Agreement 20 t.ks w
sum o. sss75. will be received AZ me on.'
Philsdelphis. until February I. 1917. OF u
o'clock VI.
VIM p GEsT, Prssidsn'
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-25

The above rates express the cost OF
foreign money in terms Of the Ameri-
can dollar. You buy an English pound
sterling for s4.75&; the intrinsic par
ity is s4.se% per pound. Thus, you
say either that pounds are at dis
count or that dollars are at a 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 n
this country for pounds with which TO
settle accounts in England
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-25
U. s. Treasury Finances

Washington, Jan. 24.-The eondine'
Of the United States Treasury AZ '''
close of business to-day was:
Net balance in general fund ssl'sh', -,
Total ordinary receipts. ,,los ~.
Total ordinary payments. 2'Io~~
The deficit this fiscal year IS w. ~,
ose. s4s. against a deficit Of sooso~,
last year, exclusive Of Panama 1'''
and public debt transactions.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-25

generally unchanged. A small volume
CT the best regular maturities is NOV
ing at 3i1 per cent.
Official rates of discount at each OF
the twelve Federal districts are as fol-
lows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-25
Relevant
Information

Brooklyn Rapid Transit.-A director
of the Brooklyn Rapid Transit Com
pany was credited in the Street yes
terday with an anonymous statement
that the regular quarterly dividend
will be declared on the stock when sc-
ton is taken hext month. 1t was stated
that the directors have not considered
the possibility Of reducing the dividend
at this time. The stock was active
again yesterday, and on dealings of
1900 shares closed y up. at 77la, after
selling to 76, new low for the current
movement,
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-25
Money and Credit

Liberal offerings by the banks com
bined with only a moderate demand
sent the call money rate at the New
York Stock Exchange 10 low Of ~
per cent yesterday, which YVES also the
closing level. Most Of the days loans
we're made, however, on basis Of q
ner cent. unchanged from Tuesday.
The market for time funds on
brokers' stock exchange collateral
lacked any new feature yesterday, vir-
tnally remaining the same as on re-
Gently preceding days. Rates continue
to display pronounced ease and the in
ouiry for accommodation is light.
Ruling rates on money yesterday
compared with a year ago, were as fol-
lows:
Call money!. ts4so 134's
Time money mixed coilatersD;
so days. 2R93 % 21a@2s4%
90 Gays. 2s4@3 20 2s41s
( months. 3A@3La'. 234@3 q
5 to mos sI4@3H'o 294@9 70
Gold Currents.-Gold 70 the amount
Of s1.067 900 was withdrawn from the
Sub Treasury yesterday for shipment
as follows: 81 900. 900 TO South Amer
lea. $4,000 70 Mexico and $4,000 to
tic West Indies.
Commercial Paper.-This market re
mains dull and easy, with conditions
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-25

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, 1917-01-25
NEW ARGENTINE
LOAN EXPECTED
Banking Interests Are
Said to Concur on Re
financing Plan

Thomas ". Lamont, OF j. P. Morgan
& Co., it was learned yesterday, has
gone to Washington to confer with Ad-
ministration officials concerning a new
loan 10 Argentina. IL was taken for
granted in financial circles that when
the banker returns from the capital
comprehensive plan for refinancing all
the indebtedness incurred by that
country in this market since the out
break of the European war, which VIII
be acceptable TO all interests, will
shortly be announced.
In February the South American re-
public must meet loan from Ameri-
can bankers amounting to slS,5O0,Ooo.
The syndicate from which this loan
was obtained consisted OF Hallgarten
e. Co., y. w. Halsey e. Co. (now merged
into the National City Company,
Kcuntze Brothers and A. r. Leach e.
Co. Other maturities falling due in
March, April and May bring the total
up to approximately t30,O0o,000.
Better Methods Expected
The Argentine government hereto
fore has adopted piecemeal methods
OF obtaining loans from the United
States. This has caused much I'M
favorable criticism here. Now that
the affairs of that republic are
under a new administration better
financing programme, it is expected,
will be adopted.
Attempts were made shortly before
the new year TO float long term Ar
eentine loan in this market. One Of
the reasons for the failure of these
negotiations was tho fact that two
banking groups sought to arrange the
financing. One was headed by Hall
garten g. Co. and William A. Read &
Co. The other group consisted of j. P.
Morgan & Co, the National City Com
pany. Kuhn, Loeb & Co., Harris, Forbes
& Co., Lee, Higginson & Co. and the
Guaranty Trust Company.
The latter group is expected to
handle the next loan, which will pro
vide for the slS,5OO,OOO loan due in
February.
Last Loan s16,soo,0O0
The last temporary loan made TO the
Argentine government was by the Nor
gan syndicate 1t amounted TO $780,
500 900. the notes to nun for six months
from December To- Representatives OF
this group when the loan was an
nounced in December expressed the be-
lief that shortly after the new year
permanent plan for financing Argen-
tine obligations would be agreed upon.
Bankers state any long term credit
TO Argentina is likely to exceed $685.
500 600. the total obligations maturing
here over the next four years. If, how
ever. a permanent arrangement is not
effected before the February loan
natures, that will be taken care of by
either an extension or another tempo
rary advance. In this event the tempo
nary loan will probably be less than
S30. 900, 900
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-25

For a considerable while Russia
has been purchasing sugar in Java,
the Philippines and even in Hong
Kong. The Russian purchases in
creased the price Of sugar in the
Far East to an extraordinary eX-
tent. But the difficulty of financing
has been responsible for Russia
turning to this market. The pur-
chases made hitherto in this market
have not been of sufficient volume
to cause any concern, and they can
not continue on any large scale with
out the help of England. But the
noteworthy feature is that Russia
imports sugar at all. AS is well
known, the principal reason is that
although Russia has the necessary
beet she has no means of converting
il into sugar. Many Of the prin-
cipal sugar factories were located in
Poland. and factories in Russia it.
self were worked by the Germans.
The war has been responsible for the
complete collapse of this industry.
If finances can be satisfactorily ar
ranged, there is every prospect of a
big trade in sugar between Russia
and the United States, for at least
three years, before the beet sugar
manufacture in Russia is restored to
its normal proportions.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-25
Wednesday, January 95, 1917.

The extraordinary feature of the
money market is that it should re-
main easy, when normally 1t would
be tight. Various reasons are given
for this state Of affairs; the principal
one being that all the industrial and
manufacturing concerns have made
such large profits and have such
large SURPRISES that they do not need
accommodation of banks. The deposits
with the banks have also increased
heavily. because of the large profits,
and the want of demand. Therefore,
the market is easy in spite Of the
fact that large dividends are being
distributed. The period of dividend
distribution has always been one of
stress for banks. This year, those
who received dividends have pre-
ferred to leave them with the banks,
because they have been dislncllned
to invest the money. This eXplana-
ton is very plausible, and is true to
a certain extent. 1t should, however,
not be forgotten that large part of
the profits are made up of high Sc
curity values. Even industrial and
manufacturing companies have, in
quite a number of cases, their
cash" in the shape of securities.
So long as security values are main
tanned there is not the slightest dan
ger of the money market being af-
fected. The flutter of the last few
weeks has not materially reduced
values, while the increase in values
during the twelve months has been
several-fold that Of January, 1916.
The actual profits from industry
and the trade of the last two years
are only a fraction of the paper
profits on which our present calcula-
tions are made. The high prices for
commodities and high values of Sc
curities have contributed toward in
creases in the deposits and loans of
the banks. The SURPRISES, therefore,
have not as firm basis as one would
like them to have. Such a position
is inevitable in banking, and so long
as values are maintained there is no
danger whatsoever. When, however,
values begin to move downward Sc
riously the position may become al
together different. 1t is not unusual
for heavy SURPRISES to be converted
overnight into deficits; it happened
on a small scale only a few weeks
ago. Such change is not likely;
but it is not impossible under the cir
cumstances. There has been no pc
riod in recent times when the money
situation has been so uncertain as
it is to-day.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-25

Boston Coppers.-Boston, Jan. "a
Trading in copper shares in the local
market to-day lacked interest. Prices
were steady and the buying was scat
tered among the active issues. The
close was generally firm. Copper
Range. 65&; Osceola, 81; Old Domin-
ion. 81.
New York Central Election.--Albany
Jan. 4.-Stockholders of the New YORK
Central Railroad Company IN annual
meeting here to-day reelected all OF
the present officers.
Steel Prices Advance.-Pittsburgh
Jan. 24.-Announcement was made here
tonight that the United States Steel
Corporation had advanced the price OF
structural shapes and plates So ton.
Top Price for Hogs.-Indianapolis
Jan. 24.-Hogs reached the highest
price ever paid for them in the
indianapolis market to-day. They sold
for s12 a hundred pounds. Almost one
hundred were purchased by local
packing company at that price.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-25

New Listings. New York Stock
Exchange has admitted the following
securities TO the list: General Chemical
Company, s2,622,200 common stock on
and after February !. 1917; New YORK
State Railways, s6,532,O0O fifty-year
consolidated mortgage Az per cent
bonds: s2.O23.000 United States Mort
gage and Trust Company certificates OF
deposit for Chicago and Eastern H.
lnois Railroad Company refunding and
Improvement mortgage fifty-year per
cent bonds; Ajax Rubber Company.
$1,000 900 capital stock; Columbia Gas
and Electric Company, sl3,4SS,50O nrst
mortgage per cent bonds; Transue q
Williams Steel Forging Corporation,
temporary certificates for 100000
shares Of capital stock, without nominal
or par value; Pittsburgh, Cincinnati,
Chicago and st. Louis Railroad Com
pany, sS4,S6O, 200 capital stock, and So
424,62O capital stock of the Calumet &
Arizona Mining Company.
United States Rubber Bonds Ad-
yanced.-It was announced yesterday
that the selling price for the United
States Rubber Company first and re
funding mortgage per cent bonds has
been advanced to 81 per cent and IN
terest. More than S37 100000 of the
S60,OOO.0O0 issue, it was stated, have
been sold.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-25

Pressed Steel Car.-Directors of this
company declared a dividend OF Ia
per cent on the S12, 100000 common
stock yesterday. This compared with
a disbursement Of q per cent the pre-
ceding quarter and puts the stock on a
per cent dividend basis. Dividends
on the junior stock issue were resumed
only last July. The company's earn
ings have been running large and a
considerable amount of profitable war
business has been taken on in addition
to the company's regular line of car
manufacture. One order taken in Au-
gust called for steel forgings for shells
aggregating s4,O00,OO0.
Ajax Rubber.-Final details in con-
nection with the purchase of the Racine
Rubber Company by the Ajax Rubber
Company, Inc, have been concluded.
Application has been made to list an
additional $1,000 shares of Ajax stock
on the New York Stock Exchange.
Through the purchase Of the Racine
company the number Of shares of stock
of the Ajax Rubber Company has been
brought up TO 1000, or S7,600,000 out
of total authorized issue of 10000
900. At the annual meeting of the
Ajax company, to be held in February,
the board of directors will be increased
from nine to fifteen members and the
present retiring directors reelected
The six new members that are TO be
added to the board are prominent men
of Chicago and Racine.
Westinghouse Electrical meet
ing Of the directors of the Westing-
house Electric and Manufacturing Com
pany yesterday the plan calling for the
erection Of new plant at Essington,
Penn, was formally approved. This
new plant will cost between $4,000, 900
and $4,000 and work will begin i'm
mediately on its construction. This is
in line with the recent circular which
was issued by the company calling at
tention to the substantial increase in
business which had rendered it neces-
sary to add materially TO the company's
plant capacity.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-25
New York

francs s1h confines. Five per cen
loan. SO francs So confines.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-25
limited States Rubber Bonds Ad-
Other Cities
oh Prices for Kentucky Hogs

High Prices FOR Kentucky Hogs:
Louisville, Jan. 24-Top prices toi
heavy and medium hogs jumped TWEEN
ty-fve cents to s11.50 at the Bourbon
stockyards here to-day, and established
a new record for the yards, which have
been in oueration for more than forty
wears.