davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-23
War Traffic Given
Right of Way

night Vi W.
To move the 100000 men to tn.
cantonments and the material for
the buildings requires 100000 freight
cars, according 10 a recent bul.
letin by the War Board. To move q
field army of $4,000 men requires
6.229 cars in $3.50 trains. The trans.
portation Of timber alone called for
$4,000 cars. Timber for the Louis.
Vile, KY, cantonment was cut on
Saturday and delivered, Kindred,
in Louisville on Wednesday.
War acquisitions have the right Of
way. r. S. Lovett is the chief Of
! priority in shipment. The exercise
CT this central authority makes coal
shortages, grain blockades and cot.
ton congestion nearly impossible.
1t moves what is most needed TO be
moved-fuel, food, munitions. The
use of the embargo power is second
in importance as a central lnstrU.
ment to the use of arbitrary car dis
tribution. Naturally the individual
shipper who is awaiting his dry
goods from New York, or his steel
from Pittsburgh, is disconnected by
embargoes and priorities. But he has
teen remarkably calm and patient,
and his troubles solve themselves
sooner or later, perhaps just as
rapidly as they did in 1915, wheH
there was no such thing as a GER
trail authority, but when there was
a gigantic blockade.
An important factor in the great
national transportation economy was
the elimination of certain passenge
trains which are variously re-
gsrded as unnecessary duples'
tons" "luxuries for the public or
necessary conveniences which must
be sacrificed in an emergency" Ar
aggregate of l6,26702S miles Of
train service has thus been saved
clearing the track for freight head
way, clearing the terminals, reless
ing engineers, switchmen, brakemen
Wipers, firemen, etc, for freight en-
ploy, and, what is very important
saving 100000 tons Of coa1
Double headed fast trains, excurslo1
trains and competitive trains rs"
been among those eliminated. Mean
while passenger traffic has increases
in total.
The Railroads War Board does no.
pretend that no community has SUI
fered by this "deprivation of service
instead of economy in service as
some compliments expressed it, nor
that the great rival roads have
eliminated all possible luxuries 10
competitive trains" nor does il den!
that there have been complaints from
the travelling public, but the enief'
Gency exists and the enormous say
ing is separate triumph by itselh
Much Red Tape
Is Cut Away
Efficiency sticks right out OF tns
railroad notices: Make es'"
freight car do the work OF tS0
and "In all cases keep the cars NOV
ing and settle differences Of opinion
afterward." A great deal of sddF
tional red tape might have accom-
ranied this Capitalization, not TO sH'
naturalization, of the American "a"
roads. Instead, lot Of existing '''
tape has been cut away.
This adventure extraordinary "
Capitalization by American RAILROADS
ard in the elimination of competlu',
transportation has been aceomplisneO
by a voluntary delegation OF ~
thority, leaving ownership, malnIr
aaee, revenues, profits, losses, soa',
tons to capital to the indi'idas,
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-23
Advertising Serves
Double Purpose

In printers Ink Of July %
1914, | had an article on the social
force Of advertising. 1t introduced
this review with a reference to the
great social and public values that
lay in the advertising Of company
.hat manufactures sanitary plumb
irg fixtures. An executive Of this
company was quoted as follows: 81
cannot emphasize too strongly that
VIC want our advertising to serve
more than a commercial end. We
plan TO be Of service to the public
while we are building up our bust
ness, and we are in position to rem
der this service We do not
feel that our advertising will be sue
cessful unless we carry out an eff
fcctive campaign of educational
work, thus rendering a distinct
public service while we are creating
a wider demand for our products
We already have contributed good
deal to sanitary advancement in this
country, and we mean 70 contribute
a good deal more Every
advertiser Of every kind Of product
should make his publicity educative
and instructive Advertis-
ing that points a way to improve
our homes and our health, that as
sists us to dress better, think better
and live better, or that helps US in
any way, is the advertising that is
vital, and will make a permanent
success for the product it serves"
Such is the spirit of the present
day business man. He appreciates
the fact that, in the long run, right
action and public service in business
are good for all parties concerned
And, as ! have had business men
tell me time and again, business is
rule to-day of the survival OF
the ittest."
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-23
THF, NEW ORDER IN BUSINESS
RECOGNIZES the Right Worker the Many Benefits HE Derives from ooa
Welfare Measures, Which Have Become Of the Present
Day Industrial Organization.

/ realize that their unions very often
do not represent them. Whatever tho
kindness or liberality OF the en-
ployer, the union encourages dlssat-
isfaction and obstinacy among the
workers. The union system as ire
ouently now practised destroys the
initiative of the worker; renders the
laborer uninspired and disinterested'
He becomes an automaton. lie IS
sullen, often impudent, always EN-
. phasizing his independence. He
wants to do as little as possible and
demands as much for this inefficient
labor (for work performed in such
spirit cannot be efficiently as pos
sible.
One manufacturer once told me OF
the situation In his factory and was
so deeply touched that l thought ne
would weep. For years he had
done everything possible for his en-
pioyes, but he had failed to arouse
the slightest sense of loyalty among
them. That day he had heard his
factory superintendent, kind man,
himself risen from a workman s
bench and in complete sympathy with
the workers, severely talked to by
impudent mechanics who had been
quietly reprimanded for very pal
pable mistakes they had made be-
cause of their indifference. So long
as the spirit is created among the
workers, no union or organization
responsible for it can Justlilabiy
pirate of socialism or social Justice
These labor union officials who are
responsible for such a spirit among
the workers are the greatest enemies
Of social justice in this country.
Much of the fine propaganda OF
business has been spread through
the agency of advertising, and the
force of publicity in modern business
enterprise, happily, has been fully
comprehended by constructive and
far-seeing business men. lnstltu-
tional advertising, as we have 1t IN
many forms to-day, is a decided con-
tribution to social progress and to a
better understanding of business
which is essential to our social
progress. For in this country, more
than in any other, business is very
great part of the social order. To
emphasize the point of advertising
as a forceful expression Of the re-
lation of business enterprise to So
cial progress through its educational
appeal and its prompting to better
living conditions, better health, etc,
let me cite one statement which
brought so large and appreciative a
response that I feel it should be men
toned here.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-08
ARGENTINA EXPECTED TO
PAY $1s,5OO,OOo IN CASH
Loan to Cover Maturing Obligations Is
Not Arranged

II was intimated in banking circles
Yesterday that the Argentine govern
ment would pay off, in cash, the SlS'-
500. 900 in obligations maturing in this
~ arket within the next two weeks.
Negotiations have been conducted
with local bankers looking toward the
formulation of some comprehensive and
permanent plan of financing which
would provide for miscellaneous short
term issues that that country has out
standing in the United States. 1t APP
pears. however. that nothing has been
ACCOMPLISHED in this direction, and as
the time is short in which to arrange
for the maturity of the impending loan
the impression prevails in banking
quarters that Argentina purposes to
pay it off.
Argentina has built up large gold re-
serves here in the last year, estimated
at upward of s5O,OOO,OOO. The gold is
held in trust by several institutions,
rctably the Guaranty Trust Company.
it's fiscal agent, and forms a part Of
the general conversion fund against
which the government has issued paper
money at home. 1t is considered prob
able that an arrangement may be made
whereby a portion of this gold can be
made available for payment of the i'm
uending maturity.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-08
URGENT DEMAND FOR
GERMAN EXCHANGE
Transfer of Funds to Berlin
Sends Marks Up

German marks rose sharply IN the
local foreign exchange market yester-
day. and the quotation for four marks
stood at the close at 7O7s cents, com
pared with 66A the day before, an adj
vance of 3Ss cents.
Bankers in touch with the exchange
situation attributed the movement IN
marks to buying by German interests
here who are DESTROYS OF RENTING
their funds to Berlin because OF the
possibility Of break between Germany
and the United States. While the
amount of purchases for such account
would be small in normal times, 1t is
sufficient at the present time. IN view
of the narrowness of the market for
German exchange, to send marks up
sharply.
Marks have still cents to go before
the quotation for four reaches the
level touched during the peace panic
of December. At that time German
exchange went above IS. Since then
tho value of the mark had been gradu-
ally declining until its sudden recov-
cry yesterday.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-08
Dividends

Mechanics & Metals National Bank. =
Quarterly dividend of 4 per cent, payable
February 10. This is an increase OF ! per
cent quarterly.
American Smelling & Rehning.-Regular
quarterly dividends Of ~ per cent on the
common and ls. per cent on the preferred
stocks. Preferred dividend is payable March
I 70 stock of record February /. Common
is payable March 10 to stock OF record FEB
ruary %.
American Tobacco. - Regular quarterly
dividend Of per cent on the common stock
and regular quarterly dividend of " per
cent on preferred stock. Common DIVIDEND
is payable March to stock of record Feb
ruary Is and preferred is payable April TO
stock of record February 10.
Electric Investment Corporation.-Regular
quarterly dividend OF ia per cent on its pre-
ferred stock. payable February Il to stock OF
record February 10.
Lanston Monotype Machine. - Regular
quarterly dividend of ~ per cent, payable
February rs 70 stock of record February IL
! Detroit United Railway.-Regular quar-
terly dividend Of Ia per cent, payable March
! TO stock OF record February 10.
Standard Milling.-Regular quarterly divi
tend of n per cent on the preferred stoc K
payable February 20 10 stock Of record Feb
/ ruary 10.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-08
Money and Credit

Money on call at the New York Stock
Exchange was in plentiful supply yes
ierday. and most of the leading Wall
Street banks offered demand accommo-
dation at the prevailing rate, which was
unchanged at ga per cent
The continued ease Of call money
offers striking contrast 10 the iirmness
OF time funds on brokers' Stock FIX
change collateral. Lending institutions
arc still proceeding cautiously in max
ing new commitments on time, and for
this reason rates for the longer maturi-
ties arc distinctly firm. Brokers quot
ed 3is to I per cent yesterday for
sixty-day industrial maturitics, ! per
cent for ninety days and four months
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-08

The above rates express the cost Of
foreign money in terms Of the Ameri.
can dollar. You buy an English pound
sterling for s4.75Iz; the intrinsic par
ity is s4.s65s per pound Thus, you
say either that pounds are at a 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, 1917-02-08
Relevant
Information

Nevada Consolidated Copper. The
company reported yesterday for the
quarter ended December 81 last, show
ing net earnings of Si,526,027, cone
pared with S2,739.l96 in the correspond
ING quarter of 1915. Dividends totalled
50 ,ees, 1855 against s999,728 year ago.
Surplus after dividends and all charges
amounted to $685., 59S, compared with
s1.514.515 in the corresponding quarter
of 1915. Earnings for the fourth
quarter were based on copper price
of 2s.4Os cents a pound and 25.s3o
cents a pound for the full year. Presi-
dent Eccles in his remarks to stock
holders said: "The production of cop
per amounted to 22,s9s,228 pounds, as
compared with 24,5s5,393 pounds for
the preceding quarter. The costs OF
copper produced, including Steptoe
plant depreciation and all charges eX-
cept ore extinguishment and after
crediting all miscellaneous earnings,
was 9.32 cents per pound, as compared
with SGT cents for the previous
quarter
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-08
The Dollar in Foreign Exchange

Exchange on Germany rose sensa-
tonally yesterday. Four marks, which
had an exchange value of 66% cents
Tuesday, rose yesterday to 7O9s cents
at the close. Vienna kronen were also
strong and closed at 11.15 cents, against
1910 the preceding day.
On light business Italian lire recov-
cred from IA to 40. The rest of the
market was barely steady.
Closing rates yesterday. compared
with a week ago, were as follows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-08
Chicago. indianapolis & Louisville
Norfolk Southern
French Embargo Measures

A cablegram from the American Con-
sui General at Paris, dated February /,
reads:
"a ministerial order Of January 81
abrogates export permission TO allies
and American countries of sulphur and
pyrites granted February IL. 1915. De
cree OF January 30 prohibits export
etc, from to-day OF sponges Of all
kinds and Of cadmium in all forms
subject to usual exceptions.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-08
Other Cities

Boston Copper. Boston, Feb. Few
material changes in the price OF cop
per shares were made on the local
market to-day. A slight recession
toward the close generally wiped out
small advances recorded in early sales.
Trading was moderately active. Cop
per Range, 62%; Allouez, 62i2; Old
Dominion. so.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-08
MILLS SPEEDING
UP GOVERNMENT
STEEL CONTRACTS
Demands To Be Met
Promptly, Regardless OF
Price, Say Authorities

Buying by the United States gov
eminent has become definite FACTOR
in the steel market. Mills and ord
nance makers arc being called upon 70
speed up deliveries on contracts
already placed, while the steel industry
as a whole is holding itself IN readl-
ness 70 turn out large additional quan
titles Of munition steel, plates for war
shin construction, structural steel for
extension OF navy yards and such
material as may be needed in the pres
ent emergency.
Iron and steel makers have fastened
70 assure the Federal authorities thae
their demands, whatever they may BE-
will be met promptly. The immediate
demand. according to "The Iron Age
will centre on material for the con-
struction of warships. The demand
for she'll steel ais not likely to De
heavy until we have something with
which TO shoot it," Active negotiations
bovevcr. are said to be under way for
hic additions to the nations artillery
equipment.
Demand Hard TO Meet
"Thc government" says The iron
Trade Review" "looms up as a large
BUYER at time when iron and steer
plants have their output closely SOLD
for many months. It's needs, depend
ing on their extent, probably cannot
he satisfied without some correspond
ing adjustments of business no"
booked
The Iron Age" says that there arc
no signs that anything in the way O.
Federal control CT industry IS likely
nor arc makers at all concerned over
any price concessions that may be eX-
acted, but that everywhere the attl-
tude is one of serving the country
first, with prices a secondary matter
This authority, however, maintains
that Federal supervision of the raii-
roads would be welcomed. An orderly
movement Of freight according to some
widely controlling plan is needed
With the government as partner
railroad managers would probably be
less harassed by restrictions which
leave too little time for bare traffic
problems.
Chaos in rail transportation, rather
than the scarcity of vessels, it is con-
tended, is chiefly responsible for the
delay in export shipments which IS
causing the steel mills much embar'
rassment and tends to retard the
country's output
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-08

Gold Currents.-Gold coin TO the
amount of 100000 was withdrawn
from the Sub-Treasury yesterday for
shipment TO South America.
The arrival of 100000 of coin from
Canada for the account of Canadian
baak was announced.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-08

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, 1917-02-08
New York
United kingdo

United Kingdom Loan Listed.-Thc
Stock Exchange has admitted to list
United Kingdom of Great Britain and
ireland $25O,0o0,000 one and two year
potpc
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-08
LIVERPOOL, London and Globe Com
NiIes.Rement. Pond Company. Stock

Niles Bement-Pond Company. Stock
holders yesterday elected Thomas Bek-
III a director. The board was reduced
to eleven members by the retirement
of J. P. Mckinney. A. c. Stebbins was
retired as vice-president, but will con-
tinuc as a director
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-08

In its bearing upon the general
money market it is interesting that
the diplomatic break with Germany
and the threat Of war contained IN
that development may prove, tempo
rarily at least, unfavorable to the
exchange situation between New
York and London. But that is like
~ 20 be the case if the tension con-
tinucs much longer. Already New
York banks, which two weeks ago
-crs carrying the largest balances
H. London since the beginning OF
the war, have begun to transfer
funds back to this side. Sitter
money rates in this market are the
magnet that is causing the latest
shift in the current, and wholesale
Withdrawals from London may occur
if rates 20 much higher here and
there is no compromising frmness
on the other side. A few days ago
conservative estimate put the total
Of New York banking balances then
IN London at upward Ct $2O0,OOO,-
coo, most Of which was invested in
Urine British commercial bills and
other paper OF equal liquidlty.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-08

Guaranty Trust Company e.
Bedford, president Of the Standard OH
Company of New Jersey, was yesterday
elected director of the Guaranty
Trust Company of New York.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-08
U. S. Treasury Finances

Washington. Feb. THE condition
Of the United States Treasury at the
close of business to-day was:
Net balance in general fund s89. 4s8, 1873
Total ordinary receipts. ..... f,281,0f1
Total ordinary payments. 2,826,s34
The deficit this fiscal year is S143.-
32e, 1877, against a deficit of S5i ,569, 957
last year, exclusive Of Panama Canal
and public debt transactions.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-08

Faced with the prospect of war,
the tendency on all sides in the
tanking community is toward ultra
conservatism. This is why the gen.
eral money market situation has
changed so materially since the po-
litical horizon became beclouded.
There is a great abundance of funds
TO be had for day-to-day needs. In
times like the present banks find
the call loan the safest manner IN
which to employ their funds. Those
who must have loans of long maturi-
ties, however, say for three to SIX
months, find they must pay sub
stantial premium over the rates pre-
vailing for demand loans. Nor is
the situation likely to change much
until the deadlock in our political re-
lations with Germany has been
broken.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-08
Wednesday, February :, 1917

Just as it wisely made prcpara-
,ions for the peace which didn I
come. so the financial world is now
making ready for the eventualltles
Of war. New corporate financing
has been temporarily suspended and
the banks are maintaining their re-
sources in as liquid a condition as
possible in order to handle expedi-
ticusly and with a minimum OF dis
turbance in the money market any
government financing which may be
REQUIRED. And in taking inventory
IF the situation it is found that one
Of the things which was causing
much concern only week ago, as 1t
had been for many months. may
prove 10 be blessing in disguise.
The oversupply of gold without
centralized control was rightly re-
garded as being pregnant with pos
sibilities of serious economic en-
Larrassment. 1t was undoubtedly
tho most disturbing force in the
economic structure, and it carried the
threat of even greater imitation than
had already been witnessed. Be-
sides being responsible in a consid-
cradle measure for the advance Of
commodity prices to the highest level
reached since 1872, when prices were
figured in terms of deprecated cur
r?ncy prior to the resumption OF
specie payment, the too great ease
of credit resulting largely from the
enhancement of our gold holdings
was rapidly developing a noticeable
inclination toward overeXtenslon OF
industry.
While the infationary tendency
might not be abated, and, in fact,
might be greatly accelerated, so far
as prices are concerned, by condl-
tons arising out Of war with Ger
many, the abundance Of gold would
noe be responsible for that.
On the other hand, it assures an
adequate base for the pyramid OF
credit which may have % be erected
to meet the emergency. If it were
not for the fact that our gold hold
ings have been greatly enhanced the
task might be much more difficult,
for the money market has had to
meet an unprecedented demand In
the last two years. In that period
we have made advances to foreign
borrowers exceeding the net sum OF
SO. 400 100000, while for domestic
financing, corporate, state and mu-
n;cipal, there has been provided a
sum in the neighborhood Of S5,O0O,'
0OC 600. In spite of this tremendous
outpouring of new securities and the
great expansion of commercial cred
its due TO the handling of a record
volume of business at high prices
the surplus cash reserves of the ma
t;onal banks alone are probably suf
ficient to serve as the basis for add
tional credits of from S4,O0O,OOO,O0C
to s5,OOO,OOO,OOO. Meanwhile thai
great reservoir of credit made avail
abe through the rediscounting priv
ilege of the Federal Reserve sys
ten has scarcely been tapped.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-08
Corporation Returns
Southern New England Telephone.

Southern New England Ielephone--Nepor'
FOR the year ended December 81, 1916. shows
earnings equal to 500 per cent on sl0.0oO.OOo
capital stock, compared with s.47 per cent
on the same amount OF stock in the year pre-
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-08
News Digest
Foreign

British ConsOIs Sag.-London, Feb. Z.
The stock market maintained good
tone to-day. although consols sagged
further on small sales made in order
to invest in the war loan. Home rails
and several industrials improved on
provincial buying, and Russian mines
and oils were firm, but neutral stocks
closed easy. American securities de-
clined slightly at the opening, but i'm
proved later and closed steady.
Money was in better supply owing TO
maturing treasury bills, of which SAL
OO0. 900 were retired last week. Money
was quoted at 43i per cent. Discount
rates. short, and three months bills, 5'd
SIS per cent. Gold premium at LIS
bon. 5000.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-08

United Cigar Manufacturers The
report for the year ended December 81
last, issued yesterday, showed a bal
ance available for dividends on the
common stock equal to 5.32 per cent