davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-21
ARGENTINA PAYS
OFF NOTES TO-DAY
Treasury Bills Due in Lon
don Converted Into
Dollar Bonds

No long term financing Of obliGa-
tons incurred by Argentina in this
country since the outbreak of the Eu-
ropean war will be arranged until after
the next session of that country's Con-
gress. which convenes in May.
With the payment to-day of the $751;
100000 one-year notes Of the South
American yepublic put out year ago
by a syndicate headed by Hallgarten e.
Co., it is learned that arrangements
are being made 10 refund temporarily
another issue amounting to $l5,0Oe,00O,
which mature 100000 March /, So
100000 April and S50OO,OOO May l..
These notes were sold here by bank
ing group of which the Guaranty Trust
Company and Lee, Higginson e. Co.
were the leading members.
Bankers in this group said yesterday
it was quite possible that the tenn
porary loan will amount to S20,000,000.
This will provide for all of Argen-
tins's Indebtedness here not previously
extended or paid off, with the excep-
ton of $5,O00,OOO coming due Deem
Der IS next and $25,OOO,O0O maturing
May 10, 1920
Apparently as part of the British pro-
gramme for the maintenance Of sterling
exchange at workable level, the Prov
ince of Buenos Ayres, Argentina, recent
ly arranged for the issuance in New York
Of sS,O9S.2 ten-year per cent bonds
TO replace an issue of treasury bills Of
the province in sterling denomination
which came due in London. The an
nouncement issued in London in con-
nection with the issue said that the
new dollar bonds would be redeema5le
by semi-annusl drawings at par, the
first to take place on June Ia next.
The drawn bonds and coupons will be
payable in New York at the Offices of
Lee, Higginson & Co. In the exchange
the government of the Province OF
Buenos Ayres offered for each 9l00
treasury bill a cash payment of per
cent and ten-year bond of the new
dollar issue for $40. The new ten
year bonds, the announcement said,
would be secured by the deposit in
London Of Province of Buenos Ayres
5 per cent consolidation gold loan OF
1915 on the basis Of Gl23 IS Sd nomi-
nal value Of bonds for each $500 ten
year bond outstanding.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-21
TUESDAY, February 20, 1917.

Export trade in the current month
will probably show a precipitous de-
cline in value from the summit dis
closed by the January figures. 1t
could hardly be otherwise, in view
of the more or less demoralized con-
dition of shipping, especially in the
early part of February. But 1t is
by no means sure that the January
export record is a permanent one, as
some predict, or even that it will
stand for very long.
Whether or not the German sub
marine campaign should lead to war,
il seems reasonable to suppose that
American ships will not indefinitely
remain warped to their piers. Mean
while, the Allies need of goods is
more pressing than ever, and it is
altogether probable that they will
find a way to make up for the de-
ficiency In tonnage caused by SUB
marine destruction and the tieing up
of American ships. British mer-
chant vessels now in government
employment may be diverted to trade
uses as one means Of solving the
problem. However much they may
be required for military service, the
need of supplies is more urgent and
must be filled at any cost.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-21

Unless the submarine campaign
should prove more successful than
it now appears to be, it seems quite
likely that the loss of cargoes will
eventually result in greater de-
mand for our goods. The British
government has been importing lit
tie or nothing that it did not have
to have, and every cargo that finds
a resting place on the oceans bot
tom means just that much of a de-
ficiency in the supply of foodstuffs
and materials essential to the eff
cient conduct of the war. More
over, prices are again rising rapidly,
and this will contribute materially
toward keeping the value, though
not the volume, of our export trade
near the high water mark. 1t would
not be surprising, therefore, to see
the January record, marvellous as it
is, exceeded in the next few months.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-21
Dividends

Quincy Enthusiastically dividend OF s.
a share. payable March 26 to stock of record
February rs.
National Surety. Regular quarterly dvi-
dend OF 3 per cent, payable April TO stock
Of reco-d March 81.
Mcrgenthaler Linotype Regular quarterly
dividend OF az per cent. payable March ii
20 stock OF record March 3.
Waltham Watch.-Dividend Of 81 per share
on preferred stock. payable March 10 stock
of record February 20. This payment VIII
complete the liquidation OF deferred divldend'
on preferred share-.
American Gas.-Rcgular quarterly oiNi-
dcnd of per cent, payable March 10 stooN
~ record February 81.
National Sugar Refining. Regular quar-,
terly dividend OF ~ per cent. payable Apru
? 20 stock OF record March IL.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-21

1t is fortunate that this is the
case, for the January trade figures
show that the burden of financing
war purchases in this country has
become greater than ever. The ex-
port balance for that month was
nearly S372,OOO,OOO, exceeding all
records. 1t was eleven times as
great as the total excess of exports
in 1890, sixteen times as great as
the excess in 1895, and greater than
the balance in any full year from
1890 to 1897. Moreover, the actual
balance with the belligerents for the
month was undoubtedly larger than
the balance for the whole trade,
since the rest of it shows an excess
of imports. The recent British loan
of $3.50, 900, 900, it is calculated, suf-
feed to pay for but little more than
the balance of that country in a sin
gle months trade with US.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-21
Relevant
Information
National Enamelling and Stamping

NdliOndl EndHeliinb anu StaihPihS'
The preliminary report Of the COM
pany for the fiscal year ended Deem
Der 81 last, read TO the stockholders at
the annual meeting yesterday, showed
the largest business in the history OF
the concern. Net profits from opera
ton amounted 20 S2,857 1928, compared
with $1,199,s6l in 1915, and net avail
able for common stock dividends ag-
gregated s2,132,92l, or 1876 per cent,
compared with s455,479, or about 3 per
cent, the previous year. From the
available surplus for the year OF
s2,lS2. 921 the directors wrote of Sel''-
$50 for sinking fund requirements.
bond discount and additional reserve,
leaving a balance OF sl,3l9,54O. This
was equal TO SAC per cent on the COM
mon. President Kieckhefer said to the
stockholders: Your directors regard
the results as very satisfactory and
direct attention to the fact that nell
Their the volume nor the earnings nave
been benefited by any unusual amount
of EXPORT business, but there has proc
ably been an indirect benefit from the
limit of imports. The prospects for
the present year are very good. The
expenditures on additions and I'M
movements during the year amounted
to some s55O,oO0, and included the
building and equipment of new plate
mill at the Granite City plant as well
as extensions to the capacity Of the
steel furnaces at that point"
delaware. Lackawanna & western
R,iIroad.-The company's gross oper-
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-21
U. S. Treasury Finances

Washington, Feb. 2O.-The condition
Of the United States Treasury at tn,
close Of business to-day was: Net bal.
ance in general fund, so9.464,e33: total
receipts, s2,464,3e6; total payments
$1,910,977.
The deficit this fiscal year is $780,
566,71e. against deficit Of $60.095, 994
last year, exclusive of Panama Cana
and public debt transactions.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-21
New Expenditures Authorized

During the last year a careful study
has been made of what the company
should eXpend to produce the most eff
ficient and economical operation, and
an expenditure of about SIS, 700, 900
during the next eighteen months has
been authorized"
Such expenditures, according to Mr..
Elliott, will enable the New Haven TO
handle more traffic at less expense, and
should result in an annual saving OF
S., 100000
"A careful estimate of the probable
results from operation for the six
months ended June 80, 1917" he said,
leads the directors to hope for a final
result of the years operations of well
over per cent upon the capital stock,
including the undistributed surplus OF
companies which the New Haven con-
trolls.
This represents what the capital
stock is earning and what the direc-
tors in ordinary circumstances would
use as basis for considering the
question Of dividends, but it is clear
to the board that, pending the final set
Element of the various questions which
have arisen as a result of the decree
requiring the company to dispose of
part of its assets, all the net earnings
should be devoted to provide the addi-
tional facilities, which will amply repay
the expenditure"
Mr. Elliott said that the enforced
sale of securities of the New Haven
Railroad and of the New England Nav
igation Company, which now have a
market value of about S75,000.000, il
made within the next two years will
represent a substantial book loss, but
that the value of the physical property
is largely in excess Of the book value.
The increased value from this source.
it is believed, will materially exceed
whatever loss may be sustained from
the sale of assets not required in the
New Ravens transportation business.
The company's cash balance is now
about 100000. Floating indebtedness
totals approximately s43,0OO,0OO.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-21

Foreign finance awaits the pros
pective borrowing of the United
States. 1t seems that the govern
ment will have to reach an early de-
cision if it is to have the first call
on the market. France will soon
appeal for funds, and it is apparent
that Great Britain must place an
other big loan in this market, in
some form or other, in the near
future. Though the inward move
ment of gold has been resumed on a
large scale, obviously gold alone will
not suffice to finance her purchases
here, nor can a very large part of
the balance be liquidated by direct
or indirect payment for goods with
Treasury bills. That form of pay
ment will no doubt be avalled of to
an increasing extent in the future,
and the munitions companies will
probably be glad TO accept such pay
ment rather than lose their most
profitable business. But there will
remain a large excess which can be
settled only by further borrowing in
the form of publicly offered loan.
There is still huge surplus of
available credit in this country, and
the Allies have on deposit in New
York securities valued at hundreds
of millions which can be used as COL
lateral. The floating of another big
loan should therefore prove relative
ly easy.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-21
The Dollar in Foreign Exchange

Narrow fluctuations we're the rule in
the foreign exchange market yesterday.
About the only movement of import
ancc was recorded in Italian lire,
which were weak and declined to a rate
Of 1914 TO the dollar, compared with
729 the day before. This was a new
low record Marks continued to i'm.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-21

Perhaps the worst phase Of the
freight congestion is the attending
shortage Of fuel. Lack of coal has
seriously embarrassed the steel trade
and other industries, and has in
cases caused a suspension or cur
tailment Of operations. In the bit
luminous coal trade, which is the
more important industrially, the sit
uation last week was without paral-
lei in previous experience. "The
Coal Trade Journal" discussing the
congestion, says:
Some mines have gone for days
at a time without getting a car, and
those that averaged 25 per cent Of
their rating were doing we'll What
cars were available could only be
shipped within certain limits, as
fixed by the embargo situation and
rulesesgoyerning the return Of for
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-21
Gold Currents.-Gold col

Gold Currents.-Gold coin to the
amount of s2SO,OOO was withdrawn from
the Sub-Treasury yesterday for ship
ment to South America. Bankers with
drew $4,000 for local purposes. while
$4,000 was taken for shipment to
Porto Rico
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-21

prove and were fractionally higher-a at
c91a cents for four.
Closing rates yesterday, COMPARED
with a week ago, were as follows;
Wees
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-21
Elections

Evans r. Dick. jr. has been elected
director Of The Railways Company
General, 10 succeed William II. Crook.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-21
Money and Credit

Money on call at the New York Stock
Exchange ruled unchanged at 212 per
cent. Despite the increase in stock
market activity, the volume of funds
Offering was more than sufficient 10
meet the demand, and at one time loans
were placed on . per cent basis.
Wall Street banks, which arc refusing
to grant loans on time, are freely offer
ing money on call.
The situation in the market for time
funds on brokers' Stock Exchange col
lateral was unchanged. If anything, the
tendency is toward increased frmness.
There was somewhat more activity yes
terday, although the ajority of banks
continue 10 follow a conservative
policy. 1t was learned that the stiffen-
ing of money rates here has caused
heavy Withdrawals of New York bank
ing balances from London. Industrial
money is offered here now at Al to AZ
Fer cent for sixty and ninety days and
Az per cent for four, five and six
months.
Ruling rates on money yesterday,
compared with year ago, were as fol-
lows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-21

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, 1917-02-21

The above rates express the cost OF
foreign money in terms of the Ameri-
can dollar. You buy an English pound
sterling for s47j7s; the intrinsic par
ity is s4.S6fs per pound. Thus, you
say either that pounds are 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, 1917-02-21

Bank of Germany.-The statement Of
the Imperial Bank of Germany, issued
February 10. shows the following
changes, in marks:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-21
Commercial Paper.-Trading col

Commercial Paper.-Trading con-
tinues dull in the commercial paper
market. Few local institutions are ir-
terested at the moment, and a number
of the largest commercial banks have
withdrawn entirely from the market, in
expectation of higher rates. Most Of
the buying of paper now is coming from
banks in the interior. The small volume
Ct paper moving is being placed around
Az per cent for prime regular maturi-
ties.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-21
Progress Pointed Out

Mr.. Ellott's statement reviewed the
progress made by the New Haven since
June, 1914, and said that the company
is in stronger position to-day finan-
cially than at any time since that date.
To bear out this assertion the figures
are presented to show that the com
pany's floating debt has been reduced
S4,1s7, 900 in cash paid for new equip
ment and s5,S50,000 paid in cash for
additions to yards, tracks, terminals
and other expenditures. OF these ex-
penditures, Sl3,257,000 has been pro-
vided by earnings and current cash and
S7,300,000 from the sale of investments
and real estate.
These figures" said Mr.. Elliott, Sin
clude s2,337,0 900 paid by the company
on account of locomotives, passenger
cars and other cars acquired under
equipment trusts, and costing $8,776,-
600, leaving S6,439,00 yet to be paid;
but as most of this equipment is now
in active use the company is now en-
joying the benefit of not only the S20,-
$4,000 cash expended, but also of the
equipment represented by outstanding
trust certificates having a value OF
$3.50 900, a total bettcrment Of $780,
996. 900
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-21
Bank Clearings.-The days clearing

Sub Treasury. - New York banks
gained from Sub-Treasury S1,7OO,OOO.
Silver.-Bars in London, 80 pence;
New York, 1873 cents; Mexican dollars.
coz cents.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-21
new HAVEN IS
ABLE TO MEET
IT'S OBLIGATIONS
Notes Maturing May |, d.
rectors Say. Will Be
Paid or Refunded

Directors OF the New York, New
Haven & Hartford Railroad issued
statement yesterday reassuring stock
holders of the company's financial po-
sition and its ability TO meet obliga-
tions maturing in the near future. The
S25,000,000 of the New Ravens own
notes and slS,OOO000 of notes put out
by the New England Navigation Com
pany, both of which issues fall due on
May next, will, according to the
statement which was given out over
the signature of Howard Elliott, chair
man of the board, following a special
meeting, either be paid or refunded
before maturity.
It was further stated that the re-
funding of these notes "for further
period, as preliminary step in con-
nection with the permanent financing
of the short-term debt. and taken in
conjunction with the company's expec-
tation of selling further securities
which it owns, with a view TO reducing
its short-term debt and Increasing its
railroad facilities, leads the board Of
directors to feel that the present po-
sition of the New Haven, from stand
point of holders of its short-term in
debtedness, is the most satisfactory
existing at any time since this indebt-
edness swas created.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-21

Official rates Of discount OF each of
the twelve Federal districts arc as fol
lows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-21

Great as is the value of thrift from
the point of view of economies, yet its
value is not limited wholly to that field.
The training afforded by its practice
calls for the exercise of qualities that
are predominantly moral in their char
acter. Thrift means self-control. II
means self-mastery. 1t means that we
must learn to forego immediate pleas
ure for the sake of some more distant
good.-Frank G.. Mortimer.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-21

Tide Water Oil.-The stockholders
have authorized an increase in the
capital stock from s3O,0O0,00O to $4O,-
600 900. OF the new s1O,OO0,OO0 stock,
$1,000, 900 will be distributed as 10
per cent stock dividend on the present
500 900 900 stock outstanding. The div
idend will be paid to holders of record
February IS.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-21

Pacific Telephone and Telegraph
The company reports for 1916 surplus
Of s225.796, equal to l.25 per cent on
the S1s,OoO,0O0 common stock, COM
pared with O.56 per cent earned in 1915.
Gross earnings amounted to S21,250,-
ATS, against s2O,1l4,45S in 1915.
The Bourbon news. [volume] (Paris, Ky.) 1895-19??, 1917-11-27

Mr.. c. H. Goodman, who has been
in the Maysville ticket office of the
L. & N, has been transferred to
Paris, where he succeeds Mr.. w. r.
Clinkenbeard as ticket agent at the
Tenth street passenger station.
Mr.. Herman Barlow has been ap-
pointed baggagemaster at the Tenth
street passenger station, to succeed
his brother, Mr.. Harry Barlow, who
has been drafted into the army SER
vice, and is now at Camp Zachary
Taylor.
Mr.. T. E. Waterfelt, who has for
several years been local manager OF
the Paris Distilling Co.'s plant, has
accepted a position on the clerical
force of the L. & N. at the Third
street freight station.
Mr.. ]. H. Honey, who has been in
charge of the pumping station OF
the l.. & N. at this point, has been
promoted to the position of Travel
ing Inspector of Pumps for this di-
vision.
The Bourbon news. [volume] (Paris, Ky.) 1895-19??, 1917-11-27
SOCIAL AND PERSONAL.
UOmings and GOings of Our
People Here, There and
Elsewhere.

Mr.. and Mrs. F. p. Kiser enter.
tanned a party of ten at six
o'clock dinner Friday evening.
Mrs. Richard Logg, of Hanley
West Virginia, is a guest of. her
daughter, Mrs. Frank Trisler. on
Eighth street.
Mr.. George c. Webb and Mr.
George r. Hunt, prominent Lexing-
ton attorneys, have been attending
the sessions of the Bourbon Circuit
Court.
Miss Edna Huffman, of Coving-
ton, arrived Sunday to be a guest OF
Mr.. and Mrs. John r. Owens and
Mr.. and Mrs. Jack Owsley, at their
home on Harmon street.
Miss Irene Bramglette arrived
yesterday from the Kentucky Col
lege for Women at Danville, to
spend the holidays with her par
ents, Mr. and Mrs. L. D. Bran
blette.
Mr.. and Mrs. Herman Ward
and family have moved from Lex
ington to Paris to reside. Mr..
Ward is an L. & N. employee, and a
son of Mr.. o. S. Ward, who resides
on the Buckner farm.
Misses Sallie Lockhart and
Mary Clay left yesterday morning
for Atlanta, Ca, to visit relatives.
From there they will go to Eustis,
Florida, to spend the winter with
Col. and Mrs. E. F. Clay.
Mr.. and Mrs. Carter N. Martin,
Mrs. Frank Bedford, of Paris, and
Mrs. Oliver Mann and little daugh-
ter, Mary Carter Mann, of Cincin-
natl, were guests last week Of
Misses Ruth and Eva owen, in Win
chester.
Mrs. VIM. B. Ardery entertain
ed at bridge and five hundred at
her home, near Paris, yesterday af-
ternoon, for the benefit of the Red
Cross. The entertainment had been
announced for Monday of last week,
but had to be postponed on account
of illness in the family,
Mr.. and Mrs. James L. Day en-
tertained a number of little folks at
their home on South Brent street,
in honor of the birthday anniver-
sary of their little son, James Day,
Jr., and Mr.. Days sister, Miss Ethel
Day. The young folk were enter
tanned with games and music and a
luncheon was served.
Mr.. T. J. Martin was given a
surprise Friday night, when upon
being called to supper he found a
table laden with edibles and beau
tifully decorated. Seated at the ia
BILE were his three grandchildren,
James Douglass and Misses Elmeta
and Elizabeth Douglass. The occa-
sion was the celebration of Mr..
Martins SEVENTEEN birthday.
(Other Personals on Page 81
The Bourbon news. [volume] (Paris, Ky.) 1895-19??, 1917-11-27
RELIGIOUS.


"A Thanksgiving service of the
churches of Paris will be held at
the Methodist church Thursday
morning at 10 o'clock. The sermon
will be preached by Rev. R. G. Gold
smith, pastor of the Baptist church.
There will be special musical pro-
gram. All are cordially invited to
be present.
Baptist Church-Prayer meet
ing each Wednesday evening at z
o'clock. The pastor and people be-
gin series of talks about "The
Palace Rooms of the King" The
Christian life has been likened to
beautiful palace. AS men grow
through their religious experience
they are like pilgrims passing from
room to room of palace, each new
room being more beautiful than the
last. Next Wednesday the subject
is, "Beholding the Palace" "And I
Saw the Holy City," Meet with us
and enjoy these services.
Rev. r. Emmett Abram, of
Brooklyn, New York, will take
charge of the congregation of st.
Peters Episcopal church, OF Paris,
on January /, having accepted a call
extended some time after the resig-
nation of Rev. George H. Harris.
Rev. Abram was rector of st. Peters
church about eight years age, and is
pleasantly remembered here as a
minister and man. He will be given
a hearty welcome back to Paris by
the congregation and his former
friends.
The mission services being con-
Quoted at the Catholic church by
two priests of the Dominican Order
from Louisville, are attracting a
great deal of attention and large
crowds each morning and evening.
The services began Sunday, and will
continue throughout the week. The !,
sermons are eloquent and inspiring,
and we'll calculated to inspire the
highest thought. The speakers are
men of signal ability and their au
ditors the being rewarded by hear
ing some forceful sermons. The
public is invited to attend these SER
vices.