davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-25
A Union Which
War Might Bring
From The London statisD

From Tn. London StdtisD
We have no doubt that whether
America comes into the war or not,
the resources and credit of the Al
lies are such-to say nothing Of the
principles for which they are striv-
ing being now more frankly recog-
nized in America-that we shall
have no serious difficulty in making
all necessary arrangements for
financing our imports from that
country. Indeed, it is noteworthy
that some days before Germanys
impudent submarine note, which re-
suited in the severing Of diplomatic
relations between the United States
and Germany, the last British loan
on the other side Of the Atlantic for
S25O,000,000 was more eagerly alb
sorbed than any other which had
preceded it. Assuming, therefore,
that America remains outside the
contest, we shall no doubt obtain
from time to time further credits in
the States, though it will probably
be at the expense Of the shipment
of further collateral, circumstance
to be borne in mind by holders here
of all foreign securities. IF, on the
other hand, America were to join
the Allies, it is true that in one
sense monetary conditions might be-
come less favorable for ordinary
borrowing in the States. But with
the two greatest monetary centres
OF the world Joined in a common
issue. to secure the return and main
tenance Of peace, such reliable and
enduring system of credit would re-
suit as to insure not only the mini
mum amount of inconvenience dur
ing the war, but the soundest and
surest basis Of recuperation after
ward. Indeed, it is not at all I'M
probable that some such union
might make for easier money rates
on both sides Of the Atlantic, which
then would have one common object
in raising loans on the most favor
able terms.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-25
BRAZILIAN FINANCES
SHOWING IMPROVEMENT
Heavy Exports of Coffee and Sugar
Increase Country's Revenues

Heavy Exports of Coffee and Sugar
Increase Country's Revenues
In reply to a deputation which wait
cd upon him, the President OF Brazil
stated that the government By August
next would certainly be prepared 10
resume payment in cash Of the foreign
debt Of the republic. according TO "The
London Statist." He pointed out that
70 effect this a temporary increase in
taxation was necessary. and should be
regarded as a matter which every good
Brazilian would readily comply with.
He added, however, that heaxy taxa
ton would not be permanent. Bra
I'll is making rapid progress. She is
already exporting her coffee very
freely, and she is exporting sugar also
n exceptionally large quantities. The
war in Europe, which has had so many
surprising effects at the other side Of
the Atlantic. is giving the sugar pro
dueing countries great assistance. Not
only are the West Indies exporting
more largely. but it is stated that the
sugar exports from Brazil are ten
times what they used 10 be in peace
time.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-25
Current Comment

Tie financial and economic position
o. tie United States is wonderfully
strong at the present time and is well
fortified % withstand the shocks Of
possible international complications.
Re are passing through trying times,
but the people. for the most part, have
Kept their heads. The rest OF the world
is indebted 70 the United States for an
amount which breaks all precedent.
The country has been engaged for some
time past IN putting its house in order,
and we now have the new Federal re-
serve system 20 look 10 for assistance
IN case Of need. All this leads US to
believe that even il We were so unfort-
mate as TO be plunged into the vortex
Of the European war our financial posi-
aen would still remain secure.
The mercantile position Of our coun-
ny is sound. The number Of CONNER
cal failures for January amounted to
'rlJ 1885, as against over 1000 in the
1ne month Of 1915, and il is consider
'aiy below the January record for any
recent year.
More than sl54,7o0,0O0 will be paid
Ut this month in interest and dividend
cseurssmsnts This is much the larg-
~ sun ever disbursed in February for
iaeh purposes. Il means that the total
,snd awaiting reinvestment in the
Dai'ed States to-day is probably larger
iasa ever reported az this season OF the
Jsar Had Il not been for the latest
't'srnstional complications the indica-
wa are that most of this fund would
ave been quickly reinvested. but the
''asestment movement has been par
ahiy Checked by the war scare, which,
''ne respects. has been the most
pesneulsr Of the entire period. II IS
snihsanS however, that the unsettle-
Aet has scarcely reached a stage
's'fs stocks held by investors have
~n thrown upon the market 70 make
'''se ssles The chief effect thus far
rs bearing on the investment mar
- has been in the shape Of a -.
.fsiaing influence on new buying
ssVs Fcygo NeUadc National Bonk
+" San Prane1seo.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-25
News Digest
Foreign

Stocks Quiet in London and Cen
orally Steady. - London, Feb. ga
Further consideration of Premier Lloyd
Georges speech regarding restricted
imports was resumed on the Stock Ex-
change. to-day. There was little change
in stocks likely to be effected thereby
except in Brazilian issues, which were
slightly easier. Elsewhere the tone was
dull, with rubber stocks the only active
spot. Shipping shares were maintained
on the view that the demand for ton
mage will be in excess OF the supply.
even with smaller imports. American
securities were quietly steady.
Money was in good supply and dis
count rates were quiet. Neutral eI-
change rates az present are no. af-
fected by the prospective import re-
strictions, as only a small business Is
being transacted, principally on gov
erument account; but il is anticipated
in exchange circles that the rates will
move in favor Of England gradually as
imports lessen.
Money was quoted at AZ per cent.
Discount rates, short and three months
bills, 5bG5h per cent. Gold premiums
at Lisbon, 5000.
Paris Bourse-Psris, Feb. 24.-Trad-
ing was quiet on the Bourse to-day.
Three per cent rentes, 81 francs 50
confines for cash. Exchange on Lon
don, 81 francs s2l1 confines. Five per
cent loan, 81 francs so confines.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-25
.alth Markets and Commerce

man submarine campaign, continued TO
cause some confusion in, he sterling
exchange market during the week
rates have been firmly maintained
from day 70 day, indicating the extent
10 which the Allied bankers have the
situation under control. Fresh impor-
tations OF gold from Ottawa added -
the strength OF the sterling market,
the weeks arrivals sgyregating $40
100000, Of which s2s,5oo,Oo0 came to
New York and the remaining s2l,Ooo,-
900 was shipped to Philadelphia. De-
mand sterling scarcely moved from
Sash during the week, while cable
transfers held az s4.76n.
In exchange circles the speech OF
Lloyd George outlining the need Of
curtailing importstions il Great
Britain is to cope successfully with
the German submarine menace
aroused much interest. IL is recog-
nized that such a policy on the part
Of the British government, if carried
into effect, will result in decreasing
the supply Of sterling bills in this
market. This would, in the normal
course Of events, spell higher sterling
rates.
Continental exchanges moved mar
rowly as a rule last week. Exchange
on Italy was an exception and the
rate for lire dropped abruptly TO
new low record of TAI 20 the dollar,
compared with 723 a week ago and
par Of 5.1s125. At prevailing rates IL
takes SLAP in Italian money 70 buy
an American dollar. Current weak
ness Of lire exchange is based on re-
ports Of economic difficulties in Italy.
In London, the principal market for
Italian exchange, the rate is now S5
lire to the pound sterling compared
with a normal quotation Of around Is.
Russian exchange declined toward
the end OF the week and a quotation
Of close to $500 cents for the ruble
very nearly equalled the low record.
Normally a ruble is worth 5l.2 cents.
German marks rose early in the week
TO around 10 cents for four, but subse
quently eased OF and closed a frac
ton above 6s cents. French exchange
was slightly easier despite persistent
rumors that when investment condi-
tons are more favorable a new French
loan for sl0O,OOO,OOO will b. brought
out here.
II you calculate the cost Of the dol
lar in terms of foreign money-that is,
as if you we're buying dollars with
pounds, marks or francs-its value at
the close Of last week, as compared
with = year ago, would be about as
follows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-25
Dividends

wisconsin Regular preferred divi-
dsnd of , per cent, payable April : TO stock
Of record March 3.
Pennsylvania Water and Pover.--Resulsf
quarterly dividend OF u per cent, payabls
April 10 holders Of record March 10.
Colorado Power.-Rezulsr quarterly diyi-
dends Of "a per cent on the preferred stock,
payable March 10 TO stock Of record February
2s and = Of ! per cent on the common
stock, payable April IS 20 stock Of record
March 81.
Plymouth Rubber.--Regulsr quarterly divi-
dend Of Si.75 snare on preferred stock, pay
able March | 20 stock Of record February rs.
New York Trsnsit.-Regular quarterly
dividend Of per cent, payable April IL 70
stock OF record March %.
Detroit Steel Prodacts.-Dividend Of 10 per
cent on the common stock.
Citizens Gas Of Indianapolis. Special divi-
dend Of 10 per cent, payable May 1 10 stock
of record April 10.
Hons Dividend Of l per cent, payable
March 20 10 stock Of record March s.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-25
Scottish Banking in 1915

The January number Of The Scot
ish Bankers Magazine" gives in tabu-
lar form some interesting statistics
relative to the progress Of Scottish
banking in 1916. Compared with 1915
the deposits have increased by ss4,7ss,-
600, an extension unprecedented in
their history. The gross total now
amounts to s7s4,ilO,0oO. The note cir
eulation has also increased by si5.o40.-
600. The actual circulation OF the
Scotch banks is now close 70 $4,000
600. The massed capital OF the Scotch
banks is s4s,is5,OO0 and reserves in
1918 stood at s3s. 765.O0o The latter
figures show decrease Of s2,sos,oco
rs compared with 1915, accountable BY
appropriations for stock depreeistion'.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-25

got an assay. 1t showed $3.50 gold
and 900 ounces of silver to the ton.
Two or three days blasting into the
rock revealed a true rich vein, and
a party Of men paid him $50 900 cash
for his claim. Noble has driven past
that rock some scores Of times and
prospectors have prospected all
through that canyon. Had that rat
tier been two feet TO the right or
left Of where it was that rich deposit
would still be an unknown and IN
worked vein.
1t is, as "The Journal" says, "old
stuff" but is none the less interest
ing for that. No doubt the rattle
snake will be given full credit when
he potential mine is named.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-25
How to Finance War

20 n " Spra0ue IN Tho. Netc RepubNc)
To finance a war to the greatest
possible extent currently from taxa
ton is just. 1t would place all citi-
zens upon an equal footing in so far
as war conditions will permit. 1t
would leave the country in far bet
ter position TO make preparation for
and to conduct future wars if they
unhappily should come. The return
to peaceful activities would be enor-
mously simplifed. Taxation would
then be somewhat more burdensome
than before the war, but the In
crease would be insignificant in com
parison with that which must be
borne if the borrowing policy Is
adopted. Moreover, the proceeds Of
the additional taxes would be used
chiefly to relieve the families Of
those who we're killed or the soldiers
who were incapacitated during the
war. The danger that class antag-
onism might develop even to the
point of revolutionary outbreaks
would be eliminated. Finally, the
taxation policy would leave the
country in a vastly better position
for further industrial development,
to compete in the markets Of the
world and, above all, to take up its
social and other civilizing activities
more nearly where they were inter-
rupted at the outbreak of hostilities.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-25
LONDON STOCKS DEPRECLATE
s57,7so, 900 IN JANUARY
@'''e's Sell 20 Secure Funds 10 In
vest In War Loan

vest In War Loan
.as ian in the aggregate value Of
representative securities listed on
= L'hdon Stock Exchange amounted
S'.1s90oo in January. Total mar
!. 'nns Of zach issues at the end Of
nonth Is given a. si3, ,ss5,000
ne Banksrs' Magazine" of Lon
!. ~ compared with Si3,7sl, $4,000 at
= s'ss o. December.
'as authority attributes the shrink
70 market value 70 "a great pa
~ imDuIss which has Inspired a
- many y realize even first class
ashs stocks so a. TO have as
nsasy as possible available for
h'~ var loan" subscriptions 70
- we're elossd last week.
'',esn railway shares traded in
=. ' London board declined t22,250,-
= y Jsnuary. having a market value
~ ~ END q the month Of 81 ses.7b5,.
Amsrean railway bonds spprs-
''|d tIsStoSoo.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-25
TO GIVE FEDERAL RESERVE
AMENDMENTS A HEARING

Washington. Feb. Ex-Governor
Harding. Of the Federal Reserve Board
to-day got a promise from Democrat
leaders to permit the amendments 70
the Federal reserve law, approved by
the Senate banking committee, to be
taken up Monday, whether or not the
Senate has finished the revenue bill
The amendments are designed to in
crease gold holdings of the reserve
banks.
Chairman Owen Of the banking com
mittec assured Governor Harding there
would be no opposition.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-25
Other Cities
Drygoods Trade.-Chicago,

UrygoOds Irade.-OhIcHRut TeU. =
Marshall Field & Co., in their re-
view of the drygoods trade, say:
Current wholesale distribution OF
drygoods shows a good increase over
the corresponding period Of year ago.
Road sales for spring and immediate
shipments are running in advance OF
the sales last year, while future bust
ness is noticeably ahead Of that Of the
same period 1919. Customers have Wis
tied the market in about equal num-
bers. Collections have been normal"
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-25
U. S. Treasury Finances

Washington, Feb. 24.-Condition' OF
the United States Treasury at the close
to-day showed: Net balance in general
fund. S6S,3e574t; total receipts, So
a2s,s7e; total payments. s2.s2s,42o. The
deficit this fiscal year is siei.2s1 SOC,
against a deficit Of S57 sos last
year, exclusive Of Panama Canal and
public debt transnctions.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-25

Mining has hong since become
legitimate business, but for all that
il has not wholly lost the romantic
interest which since the beginning
has made it the most thrilling pur-
suit in which man can engage. Now
adays most Of the romance Is to be
found in the literature" of pro-
motors of scent stock, but occa-
sionally something happens which
proves that in mining, too, truth IS
stranger than fiction. "The Engi-
neering and Mining Journal re-
cords such an instance:
FOR several years ". <. Noble has
freighted mine supplies through the
Calico Canyon, in Nevada. On his
last trip, carly in December ms
wagon broke down, and as IT was
nearly time for camping he hobbled
hi. mules, built his FIRE, supped and
rolled himself in his blanket and
wen. 70 sleep. Toward morning he
,voks. kicked the embers together
and then noticed against an enor-
nous rock on the other side OF the
Gre a coiled rattlesnake, now aroused
and threatening. The instant shot
from Mobiles revolver passed through
the snakes head and struck the rock,
chipping Of a large scale and reveal
ing in tn. iigh. Of the fire some gilt
terlng substance. Mobiles expert
enced eyes told him tina. IL was gold
with his axe he clipped Of few
mounds Of the mixed rock and ore,
,oS. one Of the mules into Elko and
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-25

Every period of prolonged pros
perity in Wall Street is accompa-
MED by food of valueless promo
tons. Never before, however, have
INSCRIPTIONS promoters" engaged
in such a mad scramble for easy
money as in the last few months.
Hundreds, if not thousands, of
worthless issues have been foisted
on the unwary, who, in the end, will
have little or nothing to show for
their money but experience. The
craze for speculation has been so
great that many people have bought
without pausing to investigate.
An automobile company, having
plans and specifications for its chief
asset, is formed, and the promoters"
find an amazing number who have
money to invest and no knowledge
of how to invest it. Or perhaps 1t IS
a new mining company-preferably
a copper proposition, since that
metal has, as every one knows who
reads the papers, become SEMI
precious-the stock of which, 1t IS
promised, Will surely advance in
price on a certain date. Sometimes
it does, though no one can sell at
the new price but the promoter"
That makes no difference; there are
thousands who have faith even in
the most glaring absurdities. They
will buy quickly and repent at leis-
ure. By way Of variety, 1t may be
an oil company which opens the
gateway to sudden wealth-for those
who sell the stock-perhaps featur-
ing in its advertising a perfectly
good picture of a successful prop
erty three miles distant from its
own. That gets the money, too.
But no matter what form the Top
portunity" happens TO take, you
NAV know it as thing TO be avoid
ed by reason of the fact that the
promoter" always points to an as
tonishing record Of achievement by
some legitimate company IN the
same field, or else manufactures sta
tistics TO show that even If only
mart of what is claimed is realized
YOU will double your investment IN
a short period"
Rather more subtle than such ad-
vertisements, but no less dangerous
to the man who is unfamiliar with
the byways of finance, is the market
letter of the self-styled broker
who borrows an air of respectability
by discussing well known listed is
sues in connection with his pet pro-
motion. 1t will tell you that 1.-The
market was strong yesterday, Unit
ed States Steel, Union Pacific, Read
ing and Oshkosh Gold Mines all
advancing substantially, the latter
giving indications that the expected
advance, which may carry 1t to dou-
bic the present quotation, is now IN
der way. / advise my clients to
take advantage of this investment
opportunity before it is too late"
It is never too late TO investigate
the standing of the man with whom
Won intend TO do business. The dan
ger lies in buying too fast.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-25
Elections

G. VI. P. Murphy, first vice-presidens
OF the Guaranty Trust Company, has
been elected director OF the Beth
lehem Steel Corporation to succeed
William VI. Barnum, who, it is an
nounced, resigned to devote more time
to other interests.
W. F. Hartmann, assistant treasurer
OF the Bethlehem Steel Company, the
operating company. has been elected a
ce-president Of the Bethlehem Steel
Corporation, the holding concern.
The board Of directors OF the Cruel
bic Steel Company has elected I. Hart
Given, president Of the Farmefs' De-
post National Bank, to fill the vacancy
in the board caused by the death OF
c. c. Ramsey.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-25

The above rates express the cost OF
foreign money in terms of the Ameri-
can dollar. You buy an English pound
sterling for s4.75d; the intrinsic par
ity is s4.S6Ss per pound. Thus, you
say either that pounds are at a dis
count or that dollars are al a pre-
MUM. which is owing TO the fact that
in England tie 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, 1917-02-25
Relevant
Information
Banks Foreign Security Holdings.

Banks Foreign Security Holdings
The total Of foreign government and
other foreign securities held by ma
tioual banks Of the country OF the
United States was 1921 ,99S,O00 on De-
cember q last. the date Of the latest
call. This was an increase of S24,757,-
600 over the holdings on November II.
American Tobacco Company.-Stock-
holders will meet on March IA 20 vote
on retiring s25,9ss,40O par value of
the issued preferred stock and reducing
the authorized preferred from $780,
600 900 to s54,O1O,O0O. This action is
proposed because the amount to be
retired is now held in the treasury,
"having been received and exchanged,
principally in 1912. the preferred stock
of the Liegett & Myers Company and
the preferred stock Of the P. Lorillard
Company at par for preferred Of the
American Tobacco Company
Lehigh Valley Railroad.-Gross earn
ings for the month Of January
amounted TO s2,9s6,744, decrease,
compared with the same month last
year. of s34,sOO. Partly owing to the
higher cost Of supplies, operating ex-
Dense, increased s472,453, and taxes
were also larger, with the result that
net operating income declined 4s.S per
cent, 20 sS6l,Oo7.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-25
Corporation Returns

Commonwealth Edisen.-Report for the
year ended December 81. 1916. shows surplus
earnings Of 1888. 4i3. equal 20 $50 per ee3t
on H5,s3s.9 1886 capital stock. ss against 1911
per cent earned on the same capitalization in
1915. The report compares as follows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-25
Money and Credit
Federal Reserve Banks
Wosb;noton Esbruay7J {

Washington, February q.
Total reserves Of Federal Reserve
banks increased more than s12,0oo,0Oo
during the week, according to the
boards weekly statement issued to-
day. The statement shows the condi-
ton OF the banks on February % 70
be as follows:
RESOURCES
Gold coin and certificates in
vault .................S 28t, 1855. 900
Gold settlement fund, ..... 2l3,ool ,OoO
Gold redemption fund with
United States Treasurer. 1,sz2.oOO
Total gold reserve. ........ 4s7, $4,000
Legal tender notes, silver,
etc. lo'E-s'Ooo
Total reserve ........... 5f2,3s7, 900
Five per cent redemption
fund against Federal Re-
serve bank notes.... 100000
Bills discounted-members. 2o266.o0O
Acceptances bought. ....... 125,sot,oOO
United States bonds ...... 29,471,0Co
One-year treasury notes. 1s,647,OOO
Municipal warrants ....'.. W, IE4'VoO
Total earning assets. 2oe,474.o00
Federal Reserve notes--net. 22,o76, coo
Due from othsr Federal Re
serve banks-net ..... $4,000
Uncollected items 36,e4o, 900
All other resources ........ 8,271 coo
Total resources seo.2So, 900
LIABILITIES
Csnital paid in......... ss5,ess, 900
Government deposits....... f3,<o7, 900
Due to members-rescrve
account ............... s2,A75,ooo
Collection items. o6,Re, 900
Fed. Res. notes-net...... 1s,061 900
All other liabilities. ..... 522, 900
Total liabilities. ....... $3.50 10000
a
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-25

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, 1917-02-25

Clearing House Statement.-The
changes disclosed in the weekly state
ment of the New York Clearing House
banks were small and without special
significance. other than indicating the
extent to which the international diff
fculty has restrained business opera
IONS. Surplus reserves in the state
ment of actual condition increased
S1,737, 720, to a total OF sl67,452, $40.
This compares with a surplus Of sl34,-
$685. 100 a year ago. Loans underwent
some expansion. increasing Sl5,005,O0O,
compared with the week before. This
item now stands at $3.4sl ,667 900, COM
pared with s38s8, 500 900 a year ago.
Net demand deposits increased slO,-
100000, while aggregate reserves
yained $3.50 900 to a total Of s7so,626,
600.
The actual condition reported on
l..
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-25
The Dollar in Foreign Exchange

Although the lack OF adequate mail
facilities to England. due 10 the Ger