davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-24
Submarines and Exchange

II is when we come to external con-
ditions, such as our adverse balance of
trade and the money markets Of neutral
nations, that the outlook Is almost
hopelesslyy obscured at the moment
Assuming that the German submarine
menace 10 overcome or is kept within
bounds, and that the neutrality Of
America Is preserved, there is, Of
course, no reason TO spprehend any ma
terial change from those main inhu-
ences which have been feature Of the
last eighteen months-namely, the pay
ment for imports through the ship
ments Of gold and securities by the
Allies, plus the actual credits obtained
abroad; and it is indicative Of the tenn
per Of the nation at the present time
that even the requisitioning Of foreign
securities by the government has been
taken in excellent part. To some ex-
tent, Of course, the German submarine
campaign will aid In restricting con-
sumption here, just as our own DOCK
ade Of Germany has helped at any rate
to prevent her having great adverse
trade balance. The pity Of it is that we
should require stern necessity to bring
about a drastic economy in consump-
ton which should have been effected
months ago. If, however, the United
States, without actually going to war,
should espouse still more closely and
practically the cause Of the Allies, much
no doubt could be done to still further
assist our problem Of the foreign ex-
changes, while the actual end OF the
war might be greatly accelerated. But
these are matters which only the
future, and perhaps the near future,
can revesl.--Tho Ststist, London.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-24
of the unfortunate fact that legisla-
ton cannot control the memorable
law of supply and demand.
The Common Cause

CFror, The London Telegraph
Like other measures required by
the war, the restriction of imports,
if it is further extended, will in
volve some dislocation of trade. and
will cause discomfort or inconven-
fence to individuals. In so far as
it affects only luxuries, no one has
a right to complain. That it will
affect the interests Of Allies and
neutrals is certain. We can SYM
pathize with the appeals put for
ward that the Paris modistes should
not be deprived of livelihood, that
the growers Of the Bordeaux dis
trict should have a market for their
wines. The answer is direct: The
interests of the Allies are one; there
is a common cause for which all
fight and suffer; we must prosecute
the war with all our strength; we
must do everything that contributes
to victory and avoid doing any
thing that hinders or weakens our
effort to that end.
The measures which may be neces-
sary to restrict our imports would
not be selfish. Tonnage released for
the carriage Of unnecessary luxuries
would be freed to the advantage OF
our allies as we'll as of ourselves.
If we gain space or time to trans
port coal or corn by not carrying
flowers or feathers we meet more
urgent need. If the restrictions hit
the trades of our allies, we are i'm
posing restrictions on ourselves. II
we limit the importation of wine,
we have cut down the production OF
beer to half the amount produced
before the war; we have practically
stopped the distillation of spirits for
drinking. In restricting imports we
are IN SOIIlS ildICcIo HhuiPSiSN ~
our treaty obligations; we cannot
give privileges to Allies which we
deny to neutrals, who are entitled
to the most favored nation treat
ment. This brings us to the rights
of neutrals. They will suffer loss
if their manufactures are no longer
exported to this country. Our justi-
fication. is complete. We and not
neutrals must judge our own neces-
sites and interests in the war that
we are waging. We cannot be ex-
pected for the sake of neutrals 70
provide shipping TO convey manu-
features and other articles of lux
ury which it is against our interest
to import. And neutrals have an
interest in our shipping which con-
tributes to their needs. But if neu-
trails complain of our restrictions,
what do they think of Germany,
which has declared war on the
world?
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-24
Dividends

Rostop a Albany Railroad.-Regular quar-
terIv dividend of So share. payable March
81 to stock Of record February Is.
Chicago Great Western Rsilway.-Dividend
of per cent on the preferred stock, payapie
April . TO stock OF record March 3.
Underwood OBSERVATION-DISCLOSURES quarterly
dividends of lst per cent on its preferred
ord III ner cent on the common stocks, pay
able April / 10 stock OF record March 10.
Interstate Iron & steel.-Initial quarterly
dividend OF Is, per ceRt on the preferred
stock. payable March l to stock OF record
February -.
Drirss.sesbury Ordnance. Regular quar-
terly dividends OF * per cent on It's hrst
preferred and ~ per cent on the second
stock OF record March /.
Cra.seIli. Chemical Regular quarterly div
blends OF y per cent on the preferred ana
~, per cent on the common stocks also. an
extra cash dividend OF 3l4 per cent on the
common. all payable March 81 20 stock OF
record March 10. .....
South Penn Oil.-ReGular quarterly diyi-
dend Of S. share. PAYABLE March 81 10
stock Of record February Is.
Atlantic. Gulf West Indies. Regulsr
quarterly dividend OF sl.25 share on the
preferred stock. payable April TO stock OF
record March 10.
Hart, sehamnsr & MsrI.-Regular quar-
tcriy dividend Of Ia per cent on the pre-.
ferred stock. payable March 81 to stock oil
record March 20. and ! per cent on the com,
mon. payable May 81 TO stock OF record
May 10.
Albert Pick 4 Cc.-Quarterly dividend OF
90 per cent, payable May 1 10 stock Of rec
ord April 20: also. full I per cent on the
preferred stock. payable in quarterly install,
ments Of Ia per cent each. ss follows Apru
| to stock Of record March %. July 10
stock OF record June rs. October 10 stock OF
record September IL and January TO stock
Of record December "A.
IIiah-C onsoIidsted Mining. Quarterly dlv-
acnd Of 81 a share. payable March % 70
stock OF record March II.
imperial Oh Co.. Ltd Regular ssml,An-
nual dis dcnd Of 81 share, payable Marsh l.
Eastman kodak Regular quarterly dnt t
dend OF IN per cent on the preferred.
per cent on the rommon. and an extra Oh
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-24
Big Increase Shown
In Shipping Profits
Atlantic, Gulf & West Indies
lines Earn About 60 Per Cent

Net earnings of the consolidated
companies of the Atlantic, Gulf and
West Indies steamship lines for the
year ended December 81, 1916, as sub
mitted to the directors yesterday were
ss,21O100, an increase of s5,l62,ll4
over 1915. This is equivalent to 4s.7
per cent on the s15,Ooo,ooo common
stock after allowing for the full D per
cent on the s15,000,000 preferred stock.
When the complete income account
is published in the annual report to be
issued soon it is estimated that the
additional revenues from controlled
companies. including the Mexican Nayi-
cation Company, the Southern Steam
ship Company and the International
Steamship Company, accounts of which
are listed separately, will bring the to-
tai surplus available for the common
stock up to approximately so per cent
of that issue.
In the tentative figures made puolic
Yesterday cash in bank on January
was shown to be s1,172,0oo.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-24
Trade Conditions

Despite many harassing disadvan-
tages, the volume Of trade at nearly all
markets is in excess Of year ago, &C
cording to leading trade authorities
Bradstreet's report says:
Railway embsrgoes retard or curtail IN
dustry, high prices for fcodstuffs superin-
duce social unrest. and the clouded aspect
of our foreign affairs directly or indirectly
holds Up financial enterprises and, mingled
with the factor of high prices, tends 10
render buyers cautious as 10 making fur-
Their commitments for distant delivery.
But, on the other hand, constant concern
lest supplies for far of delivery may prove
deficient il A purchasing impelling element
that quite largely overrides restraints. 30
buyers visiting the larger centres continue
70 purchase freely for nearby deliveries
more freely, in fact, than at this time last
year-and in numerous instances manu-
fncturers of wearable articles are well
booked up for fall.
Dun's Review describes the situation
in this wise:
Partial relief from the traffic congestion
has bettered the position of business
though progress in many directions con-
tinues hindered by the delays in transpor-
tation. Inability TO promptly secure ur-
gently needed supplies OF raw materials
still affects most industries adversely, and
rot little machinery is idle. while distri-
button of the necessities is impeded and the
strength of prices intensified. Obstacles in
overseas shipping also restrict export
movements, and the doubts about foreign
affair, make for general caution in enter
ing upon engagements for the future. IN
like the recent experience. demands are
mainly confined TO immediate requirements
and speculative tendencies are discouraged
vet Federal contracts accentuate the pres
sure on producing forces and consumption
of staple products is sustained in large
volume, notwithstanding the high prices.
Many commodities. in spite OF the rapid
ity and extent, of the previous upturn. have
risen further 10 an unprecedented level.
and this weeks list OF over 300 wholesale
quotations discloees Sc advances and 10 re-
cessions, !
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-24
News Digest
Foreign

Rubber Stocks Active In London
Market.-London, Feb. 23.-The stock
market displayed a good tone to-day
Premier Lloyd Georges speech had lit
tie effect, and the turnover was larger,
especially in rubber stocks, on good
dividends announced by the leading
companies. The foreign section was
firm, particularly Japanese bonds and
Russian and Brazilian issues, but Ar
gentine and homo rails declined. Ship
ping shares were steady. American So
curities were dull and uninteresting In
the absence of Wall Street advices.
Money was easier owing to arrange
ments made for the transfer OF war
loan funds with the minimum disturb
ance to the market. Discount rates were
quiet. Money, Az per cent. Discount
rates-Short and three month bills, -
asa per cent. Gold premiums at Lis
bon, 5000.
Paris Bourse.-Paris, Feb. 23.-Trad'
ING was quiet on the Bourse to-day
Three per cent rentes, 81 francs 80 cen
times for cash. Exchange on London
81 francs 8212 confines. Five per cent
loan, 81 francs so centimes.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-24
CENT.
PROFITS JUMP
TO Sl7,2S9,712
Company Shares Literally
in War Prosperity,
Despite Handicaps

On a gross business of s93,2i1,ool In
1916 the Central Leather Company re-
ports a net profit of s17,2ss,712. This
was increased through income from IN
vestments to sl7,S27, 4Os, which COM
Lares with net earnings of ss.465,lo4 IN
1915 and s6,715,13O the previous year.
Total sales in 1915 were s6s,917,s3s and
in 1914 they were s6O,s14,so2.
The annual report issued yesterday
reflects more fully than that OF the
year before the prosperity due to the
war in Europe. In a statement TO the
stockholders Edward c. Hoyt, presi-
dent. calls attention, however, to the
fact that. while the financial condi-
ton of the company is satisfactory, a
greatly increased amount of money IS
required to operate at the present lever
of prices over what was necessary
wear ago, inventories at cost being
about s12,OOO,O0 in excess of 1915.
Surplus available for dividends
amounted to ;15,4ss,201. After deduct
ing .2,SSo,9So the balance Of $685.
271 was equal to 33.14 per cent on the
sSe,7of,o3O common stock, compared
with 1882 per cent earned on the same
issue in 1915.
The net earnings for the four quar-
ters last year we're: First quarter,
sS.013,7O3; second quarter, s3,623,565;
third quarter, sS.6O7,OS7; fourth quar-
ter. s7,os3,052. The 1915 income ac-
count compares with the previous year
as follows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-24
AN. SMELLING RESUMES
OPERATIONS IN MEXICO
Furnaces Blown in at Monterey, After
Year of IdIeness

Furnaces Blown in at Monterey, After
Year of Idleness
Mining operations in Mexico sus-
pended nearly year ago, have been re-
sumed by the American Smelling and
Refining Company.
Three lead furnaces have been blown
in at Monterey. and two copper fur
naces will also be started up Mt the
Same place within few days.
The company withdrew its men from
the Monterey and Matehuala smelters
early in March, last year, when the
hostility Of the population toward
Americans, under the Carranza gov
eminent. became so intense that 1T was
deemed expedient to close down mining
operations and withdraw the men from
the smelters.
The three lead smelters at Monterey
have an annual capacity of 100000 tons.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-24
Friday. February eS, 1917

There was preponderance of
losses over gains when the session on
he Stock Exchange ended. In fact,
the closing might be called weak, and
yc: there was no great pressure TO sell
stocks Price. gave way more from
Jack Of buying power, 1t seemed, than
from any oths. caosa AS the mar
...et nov ,ts7ds &c Mi; Of the bust
ness Is Furnished by professional
traders. Por that reason day to day
price fluctuations cannot be accepted
.s al accurate index of public senti-
mont Investors and spectators
generally are waiting for the covert
act" or a settlement of the interna-
tional difficulty. Until that comes no
one expects much of the stock mar
ket. AS to what will happen when
the present period of waiting is
ended there is much difference of
opinion, although Wall Street may
be said TO be in state of conserva-
tive optimism. Whether this is
justified is Of course debatable, al
though it is a reasonable assumption
that the drastic cleaning out the
market experienced in recent weeks
has greatly strengthened fundamen-
tai conditions. One of the few fac
tors that is worrying the average
Spectator at the moment has been
the stiffening tendency of money
rates, although this has not yet ex-
tended to the call market.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-24

1t is proposed, as one means Of
solving the food problem, to fix maxi
mum prices for foodstuffs in the
larger communities of this state. II
the state produced its own food, such
action might meet with some sue
cess. AS it is, with by far the larger
part of the food supply coming from
other sources, the fixing of maximum
prices would hardly be likely to work
out satisfactorily. The results would
probably be similar 10 those expe-
rienced in other places where price
regulation has been attempted under
somewhat similar circumstances. In
Paris, for instance, maximum price
was fixed for butter not long ago.
That, it was thought, Would prevent
speculation, which was said TO be re-
tponsible for the high quotations,
and would enable every one TO get an
adequate supply at a reasonable
price. Nothing Of the kind hap
pcned. Instead, Paris, producing no
butter at all, had 10 pay the maxi
mum price for inferior quality, and
limited quantities Of that. The pro
Queer, being able 20 obtain better
price In other cities where there were
no fixed prices, simply diverted his
output. IT. ,as a simple illustration
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-24
RULES AGAINST SUsPtN0iv .rr
OF ILLINOIS 2-CENT RAIL
United Supreme Court Reiusf' , a
a,,;on Of Railroads for Injtne''0"

Washington. Feb. 23.-ApPll'a"' '.,,.
tho Illinois Central and twenty ION:
other railroads to enjoin eh'Vl. "a.
Of the Illinois two-cent passe"s ,a.,ic.
was to-day denied by Associate
clarke. Of the Supreme Court .,s
The railroads, at recent ~,
hesore Justice Clarke, so"s"' ~
20 suspend the states tSO sn,rss.
a.ndiug their appeal TO the '1r ',,s
ron,t from dismissal Of tne'r
FEDERAL District Judge lands M,
Attorney General Brd"d i anu pusl.
counsel representing the llIIn s -. r,il.
Ir,i,i,;es Commission, opposed ~
roads application. In %eHv a,oesss-
o oU given to-day in tho p,. pro. a.
;ng,. Justice Clarke said tnss f had ~.
mn, an individual justice ,,;eoi " rsis,
, sS 70 suspend the ~ !, ssuthohy
handing ssUts appeal, and ths' d sss, The i
'rot clear. he would aeh'
roads application.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-24
Relevant
Information
Westinghouse Electric.-In a state

Westinghouse Electric.-In a state
ment to stockholders in connection
with the recent stock offering Chair
man Trip of the Westinghouse Elec-
trio Board said that earnings for the
year ending March 81 would approx
mate s15,OOO,0O0. Yesterday it was re-
ported unoficially that the surplus for
dividends earned in the nine months
ended December 81 last was S11 49,, 000
This is at the rate Of somewhat better
than Sl5,0O0,000 per annum, or more
than % per cent on the s6o,00o,00o
stock outstanding. These figures. it is
stated, do not include the results of OPP
erations of the New England Westing-
house Company, which has the rife
contract. As of December 81 the COM
panv had cash. receivables and materi-
ais on hand valued at s66,379,053.
Southern Pacific.-The company re-
ports for the month of January gross
operating revenues of Sl4,235,7O9, an
increase of s4,397,737, compared with
the corresponding month Of last year.
Net operating income of s3,s39,60 rep
resented a gain of s2,494,509. Gross
earnings were the largest ever reported
in a single month in the history OF the
nroperty. The company has changed
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-24
ROCHSCHILDS WITHDRAW
FUNDS FROM SWISS BANKS

A Zurich correspondent of THE Daily
Telegraph" of London, writes that
Messrs. Rothschild. of Paris. recently
withdrew s4O,OOO,ooo from Swiss banks.
This was one of the results of the
alarm felt in France over the posslbil-
ity of a German violation of Swiss neu-
IralitY.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-24
RUSSIA REVIEWS $25,oOo,OOO
TREASURY BILLS IN JAPAN

Issue One of Several Loans to Pay for
War Supplies
Advices from Toxic state that the
Russian government has been success
full in renewing an issue Of 6o,00o,o0O
yen 1926, OOO,Ooo) treasury bills which
recently came due in Japan. Applica-
tions for the renewed bills amounted to
10000, 900 yen 5.OOO,Oo0).
Russia has hoated several loans in
japan since the war began to pay for
her large purchases of war materials
from Japanese manufacturers. Money
raised by Russia in this manner has
cost considerably more than 6 per cent.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-24

The above rates express the cost OF
foreign money in terms OF the Ameri-
can dollar. You buy an English pound
sterling for s4.75b; the intrinsic par
fly Is s4.s6% 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, 1917-02-24
The Dollar in Foreign Exchange

Exchange on Italy fell further yes
terday, the lire rate going to new low
record of 7.41 to the dollar, compared
with 1886 on Wednesday. The normal
rate Is 6.1s to the dollar and at prevail
ing rates it takes SLAP in Italian money
TO buy an American dollar.
The rest Of the market was quiet
and generally steady.
Closing rates yesterday, compared
with n week ago, were as follows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-24
Other Cities

Gould Roads in Kansas Sold at Auc-
tion.-Topeka, Kan, Feb. 23.-The Mis-
souri, Pacific lines in Kansas, formerly
known as the Kansas & Colorado Pa
cific, were sold at public auction here
to-day for s9,s00,000 to R. II. Nelson
and D. A. Holmes, representing respec-
lively the reorganization committee
and Kuhn, Loeb & Co., New York.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-24

The outlook for the company's bust
ness in the coming year, Mr.. Hoyt says,
is rendered extremely uncertain by the
high cost of hides, tanning materials
and labor. The embargoes by the rail-
roads and scarcity of ocean tonnage are
restricting the importation Of hides
and outward shipment of leather, while
cmbargoes enforced by foreign govern
ments on hide exports have added to
the company's troubles. "All these
factors make business difficult" he
says, "but your officers feel that the
present average cost of stock in proc
ess of manufacture and materials is
sufficiently below current market prices
to safely guard the inventories, except
in case of an exceedingly serious set
back to general business"
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-24
u. S. Treasury Finances

Washington, Feb. 23.-Tho condition
Of the United States Treasury at the
close to-day showed: Net balance in
general fund. s68,o53,527; total re.
ceipts, $2.227,337; total payments, ST..
9e2.4o5. The deficit this fiscal year is
$751; 1894, 964, against a deficit Of s58,.
4s7,469 last year, exclusive Of Panama
Genial and public debt transactions.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-24

Commercial Paper.-There was not
much activity in the commercial dis
count market yesterday, and rates re-
NAMED unchanged at AZ TO AZ per
cent for prime regular maturities. In
stitutions still display conservative
attitude and many city banks have
withdrawn from the market for the
time being.
Official rates Of discount OF each Of
the twelve Federal districts are as fol.
lows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-24
Elections

EN-. Rine. general superintendent OF
the Delaware, Lackawanna & western
Railroad. was formally elected mrs,
president yesterday, to succeed
f. +. LOOMS, who was made president
of the Lehigh Valley on Wednesday.
Mr.. Loomis's resignation as vice-presi,,
dent of the Lackawanna was accepted
at Yesterdays meeting Of the board.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-24

The extent to which the new Brit
ism embargoes against imported mer-
cnandise will effect the American ex-
port trade with Great Britain re-
mains TO be seen. There will be
less buying Of many things in this
country, but at the same time the
demand for absolutely necessary
merchandise might corresponding!
increase.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-24
New Haven Dissolution Hearing

Postponed the litigation instituted
by the United States against the New
York, New Haven g. Hartford Railroad
Co., the New England Navigation Com
pany and other defendants, Judge
julius NJ. Mayer, in the Federal Dis
trict Court, yesterday postponed until
March the hearing on the petition
for which, under the dissolution de-
cree of October II, 1914, certain Sc
curities of the Eastern Steamship Cor
poration were to be sold by July II.
The hearing was put off in accordance
with a stipulation entered into by
Charles, NJ Sheafe, jr., solicitor for the
New Haven Railroad and the New Eng
land Navigation Company, and Frank
NJ Swacker, Assistant United States
Attorney General.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-24

The stock of money gold in the
United States on February / was es-
timated at S2,912,465,116. Since
then the Allies have sent US approx
mately S9O,OOO,OOO. This brings the
total above 100000 for the
first time in the country's history,
and compares with s2,32s,421, 900 a
wear ago.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-24

2k per cent on the common. all paysbl.
April 2 TO stock of record March 10.
Atlantic & Pacific Steamship.-Dividend Of
40 per cent on the common stock and regular
senni-annual dividend Of 3is per cent on The
preferred stock. both payable March Is 10
stock Of record March !.
American MuItigraph.- Quarterly dividend
of 2 per cent and per cent extra on ta
common stock. payable March ! 10 stock Of
record February 20.