davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-06-10
The Dollar in Foreign Exchange

Weakness in Russian exchange and
strength i'm Spanish exchange have FUR
nished the outstanding features of the
weeks dealings in the local foreign
exchange market. Russian rublcs on
continued unfavorable advices from
Petrograd telling of the chaotic pollti-
cal and military situation with which
the recognized government is con-
tending caused fresh selling OF rubles,
which fell TO a new low record Of ~
cents. At this level they were at a
discount Of more than 80 per cent from
the normal par Of 51.2 cents. Toward
the end of the week they were slightly
frmer at 25l4 cents. Sharp declines in
Russian government securities have
tended 20 depress sentiment in Russian
exchange.
Exchange on Madrid showed pro-
nounced strength, pesetas rising TO
new high record Of around % cents,
compared with q normal value OF 1913
cents. Additional shipments Of gold
20 Spain were arranged for the ac-
count Of Spanish bankers. This move
ment Is taking place despite the feet
that the Bank of Spain is trying TO
discourage IL and has taken steps tow
ard this end. Early IN the war when
Spain was attempting 70 build up her
gold reserves the metal brought pre-
MUM In the Spanish market Now
the Bank of Spain has penalized i'm
ports by initiating a practice Of buying
gold at a discount. l. commenced with
paying a discount Of per cent for the
metal, but the bank has increased the
discount TO per cent At the present
time an American gold dollar will be
accepted at the Bank OF Spain in ex-
change for four pesetas and ninety
eight ceutavOs. whereas normally u
would bring I'VE pesetas and eighteen
centavos. Spain, Ike the Scandinavian
countries. does not want a heavy influx
Of gold owing 10 the fear of initiation.
Exchange on other foreign countries
has been quiet during the week. Ster-
ling and francs have held steady
around the so-called "peg" figures, the
former At S475i2 and the latter at
S5.72. The japanese exchange sltua-
ton shows little improvement and
japanese banks are continuing 20 draw
gold from this market, exports from
the United States since June l amount
ing 20 S9,O00,0O0.
If you calculate the cost OF the dollar
in terms Of foreign money-that is: as
If you were buying dollars with pounds,
marks or francs-its value at the close
Of last week, as compared with a year
ago, would be about as follows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-06-10
Saturday, J1tne ., 1917

The statement of untitled tonnage
IN the books of the United States
Steel Corporation shows a decrease
for the month of 296,492 tons to H.
$50. 591 tons on May 81. If you hap
pen to be long of stocks you will
probably interpret the statement IA
vorably. as indicating a large in
crease in shipments. If you chance
TO be short Of stocks you will prob
ably interpret it unfavorably, as IN
dicating a decline in the amount OF
steel business placed during the
month. There is circumstantial and
testimonial evidence to support either
Of these conclusions. So nearly
everybody is satisfied, save, perhaps
Wall Street statisticians, who find
the statement, lacking figures show
ing shipments, more confusing than
enlightening.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-06-10

has been presented TO the board Of d.
rectors to reduce the par value OF the
stock, list both classes OF stock on the
Stock Exchange, and hereafter give
stockholders the first opportunity 70
supply fresh capital. These matters
are expected TO come up for consider
alton at the next meeting Of the board,
scheduled for June 20.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-06-10
Steel Companies
In a. Scramble
For Scrap Iron
High Prices Paid Tor
UsabIe Material; Japan
Active in Market

Large steel companies in the Pitts
burgh district have purchased heavy
toanages of steel making pig iron and
Of scrap steel 20 be used in both open
hearth and in blast furnaces. The un-
usual activity has caused excitement
among selling interests and resulted in
an advance Of 50 TO So per ton in prices
Of pig iron and Of scrap.
TIE United States Steel Corporation
alone purchased nearly 10000 tons OF
old material and the Jones & Laugnlin
Steel Company took 10000 tons Of the
1900 tons OF Bessemer iron sold.
Other indcpendcnt steel companies
bought about $4,000 tons Of Bessemer
iron and 25.OOO tons Of basic, IN the az
create. Pessemer iron advanced from
$40 70 $50 Dcr ton and furnaces are now
asking S53 or higher Basic IRON SOFA
a. So 20 SO and some small Iol7
brough. 2t6 AZ valley furnaces; pro
ducers are now asking SIS 70 sou per
Ton az the furnace.
Foreign Inquiry Active.
More than half Of the total sales
made in the country were for delivery
IN The Pittsburgh district. The prinic'--
pAl feature in the New York market
Jas. week was the inquiry for over
100000 tons o. steel-making IRON Tor
expor. % France, Italy and Japan.
Basic iron. amounting 20 10000 tons
vas sold az So % SIS ton at last
en Pennsylvania furnaces for export
% japan The purchase OF several
l.000-ton lots Of Michigan charcoal
iron az $50 a ton At the furnace for
shipment into New England was an IN
teresting feature.
Government Purchases Large.
The United States government placed
orders FOR 1000 tons Of cast iron pipe
and 1000 tons Of hange pipe fittings
Tor army environments. The United
states Cast Iron Pipe and Foundry
Company advanced prices 50 ton, and
another advance Of 81 ton IS eX-
pteted on Monday.
Nunitlon manufacturers are in the
market for 10000 tons Of steel shapes
Tor plant extension. The government
j nego,.ating for 100000 tons Of shell
forging
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-06-10
E. w. Wagner & Co. Buy
New York Brokerage Firm

Renskorf, Lyon g. Co, who have been
members Of the Stock Exchange since
November 1s, 1903, announced yester-
day that they had sold their entire
business to +. w. Wagner & Co., Of
Chicago.
The Wagner concern has been estab-
lished since 1887 and holds memberships
on the New York Stock Exchange, New
York Cotton Exchange, Chicago Board
OF Trade and other exchanges. The
house operates large private wire
system, maintaining over fifty branch
Offices.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-06-10
u. S. Steel Reports
Fewer Untitled Orders

Untitled orders on the books Of the
United States Steel Corporation on
Nay u were l1,SsG,59l tons, a decrease
- 25sIs2 tons above the record fig
ures reported in April. This indicates
hat total orders booked were about
sJ5500 tons. or $4,000 tons less than
10 April. Shipments are estimated a.
80 900 tons and production o. rolled
steel lA00.O00 tons.
The following table gives the unhlNd
nnnage Of the company az the close Of
each month since January, 1910:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-06-10
Chase Securities Corporation.-stock-

holders OF the Chase Securities Cor
poration, which was recently created
through a special dividend Of % per
cent declared by the Chase National
Bank, have been advised that this
dividend is not taxable under the Fed
eral income tax law. as it was paid out
of the banks prior TO March /, 1913.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-06-10
Correction in Wheat Figures

In dispatch from Washington
printed in the Saturday issue OF The
Tribune il was stated that the wheat
crop "in 1915 was l,59i,O3O,oOO and in
the previous five years the average was
Il57 e6l 900 bushels" The figures
should have read l.Oll sos. 900 and $780,
1000, respectively.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-06-10
Relevant Facts

Norfolk Southern Railroad-In &C
cordance with the ruling Of the Inter
state Commerce Commission changing
the fiscal year Of the railroads to end
December 81, instead Of June 30, the
company has issued a comparative re-
port for 1915, IS follows;
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-06-10
Investments Desirable

at is not, therefore, the best mo-
ment for banking institutions with no
already established field and no oppor-
tunity TO put their money in circula-
ton.
"The service that new banking in
situations can do TO our country is not
exactly TO increase the credits, since
one OF our greatest troubles just
now is the imitation of credit. They
would do better service II they stimu-
lated the flow of capital 10 be invested
directly in the development Of the
natural resources, increasing produc-
ton, giving work to more people and
increasing the general activities.
Better than bank, either large or
small, our country would welcome the
organization Of financial and industrial
enterprises devoted to colonization,
trade, irrigation and development Of
latent natural resources, which are
now abandoned because money is de-
voted in preference TO commercial
speculation, avoiding enterprises that
require organization, patience, fore
sight and confidence in the general de-
velopment of the country.
IF this new banking institution
would succeed in producing such in
vestments, 10 would have done the
greatest service for promotion of good
and firm relations between both coun-
tries
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-06-10

The above rates express the cost OF
foreign money in terms Of the Ameri-,
can dollar. You buy an English pound
sterling at. say, Si.75i-. The intrinsic
parity Is S4.S6ss per pound. Thus, you
saw either that pounds are at dis
count or that dollars are at pre-
MUM. which is owing 90 the fact that
in England the demand for dollars
with which TO settle accounts IN TINS
country is greater than the demand IN
this country for pounds with which 10
aettle accounts In England.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-06-10

II is important when one high in
the councils Of the nation cautions
against "ftful and ill-advised cam
paigns for public and private econ
omy" that there be others TO respond
with emphasis that the people Of 10
country al GEOGRAPHICALLY coun-
try as extravagant as this-can af-
ford 10 spend money, time or strength
on anything but the necessarics OF
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-06-10
Cost Of one dollar

Closing rates yesterday. compared
with a week ago, are given in the table
below. American bankers have sus-
pended all dealings in German and
Austrian exchange, 50 that daily quo
tatious for either marks or kronen are
no longer available.
Week
Yor4ardav ago
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-06-10

The controversy between the Swedish
government and the United States i'm
porters Of Swedish chemical wood pulp,
in regard TO reexportation to England,
is working satisfactorily toward ad
iustment. says THE Paper MIL
When the Swedes adopted the license
plan for shipments 10 the United
States, there were already large stocks
of sulphite in this country. The own
ers exported a considerable amount Of
this tonnage to England, which gave
the Swedish government the idea that
their English export licenses were
being violated and caused them to de-
mand from American consignees cash
deposit equal to the value of the ship
ment, which would be confiscated with
cut notice il they believed the ship
ment was reexported to England. The
American exporters, of course, refused
to purchase on such a basis, but Of
fered TO make deposit Of American
securities to guarantee the shipment.
Statements issued by Dutch steam
shin companies show some extraordi-
nary dividends were paid in 1915. The
Rotterdam Lloyd paid Is per cent,
compared with 10 per cent IN 1915; the
ROYAL Holland Lloyd, % per cent, COM
pared with II per cent; Triton, 100 per
cent, compared with 40 per cent; and
Van Vievelt, Goudriaan & Co., 100 per
cent, against 100 per cent for 1913.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-06-10

present conditions make it imper-
ative that maintenance expenses that
have been deferred be met" says
"The Railway Age Gazette land
that properties be even better main
tanned in the future than they have
been in the past. The record of the
first three months of 1917 indicates
that these things can only be done by
means Of increases in revenues sutf-
cient TO leave a larger fraction OF
the operating-expense dollar to cover
maintenance as well as to meet those
expenses that cannot, even tempo
rarily, be avoided"
and, preceding the above, as part
Of the proof that higher rates are
needed it says:
"Since the year 1919 was the last
one of good business for the railways
,rhen conditions 10ere normal, COM
harrison of the results of the first
quarter of that calendar year with
those of the corresponding periods OF
1916 and 1917 are instructive.
"From 1918 to 1916 considering
the months Of January, February
and March only operating revenues
increased 1915 per cent; operating
EXPENSES only 6.S per cent; taxes
1917 per cent. The comparatively
small increase in operating expenses
was reflected in the gain in net oper-
atinq income, which showed an IN
crease Of $62,OOO,OOO, or All per
cent. compared with 1913.
in the first three months of 1917
the abnormal increase in operating
expenses and taxes was showing Its
influence. Operating revenues had
increased s18O,4OO,OOO, or 25.8 per
cent, over the same period Of 1913;
operating expenses, $127,4OO,OOO, or
24.3 per cent; taxes, $11 ,225,OOO, or
36.5 per cent, leovng an increase IN
net operating income orer 1918 Of
only SS7,S8O,O or 24.6 per cent, as
compared with 100000, or Al per
cent, in 1916. OF course, since 1918
there has been a large increase in
the investment represented by the
properties, on which return should
be earned
The italics are ours. AS "The
Gazette" says, the figures are in
structive.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-06-10
Inspiration Consolidated Copper-In

Inspiration Consolidated Copper-ln
May the company produced 100000
pounds Of copper, compared with H.
100000 pounds in April, 100000
pounds in March and l0,250,00O pounds
in February. The output for May,
1915. was 100000 pounds.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-06-10

now on deposit with the Clearing
House banks, the proceeds of sub
scriptions to the Treasury bill sales.
Loans and Observation-Disclosures
Reserve in own vaults. 359,e53. eco
Reserve in T. r. Bank. 26e,49e, 600
Reserve elsewhere. ..... 59,986.o00
Net demand deposits... 3,586,525, 900
Net time deposits.... 176,960.o00
Circulation ........... 29,477, 600
Aggregate reserve. ... 687, 430 goo
Excess reserve ....... 68,719 200
United States deposits deducted
i13C,53O00O. The changes from weel;
ago follow:
Loans and discounts ...I Inc S95.4e8,oO0
Reserve in own vaults. Dec. 1876. 900
Reserve in 7. r. Bank. Inc. 6t,2o3, 900
Recerve elsewhere $4,000
Net demand deposits....Dc $4,000
Net time deposits. .....Dec. 4,574,0c0
Circulation ............Inc. 10000
Aggregate reserve. ..... Dec. 2S,333,0O0
Excess reserve Dec. %, 150,5i0
Bank Clearings. days clearings
al New York and other cities:
Exchanges. Balances.
New York......s73o,o46.23s s56,422, 4O2
Baltimore co.. 6,7o7756 e4o935
Boston ........ 4s,35se14 17,4o1 .23e
Philadelphia o.. 62,5o2,e59 12,o43,37t
Acceptance Rates. Current bid
prices for prime acceptanccs are as
follows:
Spot delivery: 80 days 80 days 90 days
Eligible member
'' member s1,5 banks. a7s'. ag49s all%
bills ......... 44% 4ll9s 4l'5
For delivery within 30 days:
Eligible member banks...".... 3Ha0o
Eligible non-member banks... 35soo
Ineligible bank bills........... 4T2Po
Sub-Treasury.-New York banks lost
to Sub-Treasury S3,2S3,0OO.
Silver-Bars in London, 3s5 pence;
New York, 752, cents; Mexican dollars
% cents.
London Money Market.-London June
9.-Money, 312 AZ per cent. Discount
rates-Short bills, Ills per cent;
three-month bills, 44 per cent Gold
nremiurns at Lisbon $500.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-06-10

After all, we may have been worry
ing more than was necessary about
the prospect Of a shortage Of labor
to harvest the growing crops. Prob
lens like that have way of working
themselves out. Witness this item
from the Chicago correspondence OF
"The Iron Age:
The labor situation is bad with some
manufacturers because their employees
are leaving to take advantage OF the
high wages which Western farmers are
Offering. Most of these men formerly
lived in the open, and farm work un-
der present conditions is so attractive
that proffers of higher wages do not
induce them to stay in the shops.
This is an excellent illustration OF
the fact that the law of supply and
demand works just as inexorably in
the labor market as in the market
for other commodities. A year ago
farmers were complaining Of their
inability to secure help because Of
the high wages which were offered
in the war order industries. Now,
apparently, the situation is being re-
versed. However, the labor problem
will not be made any the less acute
bv such a movement as that men
toned in the paragraph quoted. 1t
is Just as imperative that the work
ing forces Of industries engaged IN
the manufacture Of war materials
be maintained at full strength as
that adequate forces be recruited for
parnering the crops. Much depends
on keeping production of food
and munitions both at the peak.
Obviously, the labor which goes to
the farms should consist of workers
at present employed in the produc-
ton of non-essentials. Unfortu-
nately it is much easier to suggest
such a thing than to accomplish II.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-06-10

Below is gwen 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, 1917-06-10

Lehigh Valley-The report Of the
company for the six months ended De-
cember 81, last, shows total operating
revenues Of s25,718,557, an increase Of
sl,47I34O over the corresponding
period Of the previous year. Operating
expenses increased sl,672,0O0 and taxes
$9S,7l9, leaving an operating income
Of S6,358,396, a loss Of $294,936. Other
income brought the operating net up
to s7,7lS,95S, and after allowing for
fixed charges Of s3,7ls,313 there re-
NAMED a surplus Of $4,OO2,6i5, equal
to $3.50 a share earned during the six
months period on 1,210,O34 shares Of
common stock Cpar value $500. In the
six months period preferred stockhold-
ers received s5,3l5,COO in dividends and
the common stock holders s3,o25,os5.
Du Points Buy Chemical Plant-The
Harrison, Inc, paint manufacturers, OF
Philadelphia, recently purchased by
the du Point company, has conciuded
the purchase of Beckton Chemical Com
pany, Of Newark and Philadelphia, an /
Of Candy, Clark & Co., OF Newark. The
price involved was estimated at 3d.
100000. The plants acquired manufact-
ure colors for paints, paper, ink, etc,
and the chemicals used in the paint
business.
Federal Light & Traction-Stock-
holders Of the subsidiary company. the
Central Arkantas Railway & Light
Corporation. have voted TO reduce the
authorized capital stock from slo,5oO,-
{ coo to $4,000, 900. of which sl,5Oo,OOo is
preferred and s2,5OO,OOO common.
| Cities Service Company-A petition
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-06-10
ReAexes Of War

The Prussian Minister Of Railways
las granted TO iron and steel works a
war price increase Of $3.50 a ton over
the contract prices, arranged in June,
1916, for a period Of three years. ac-
cOrding 10 German newspapers. quoted
by The London Iron and Coal Trades
Review" The basis price for heavy
rails was then fixed at 1925 a ton, as
compared with $3.50 in 1914, and the
war price increase has been conceded, IN
view Of the advance in costs since then.
The recent increase OF $40 a ton in the
quotations for semi-inished steel
having stimulated the demand for
equivalent advances IN the prices for
finished products, the German govern
ment has issued a statement emphasiz-
ing the undesirabiity OF this move
ment. and has taken steps TO prevent q
general increase. In the mean time. eX-
cept in the case of plates, official sane
ton has been Professionally withheld
from the advances which had been de-
cided upon by the various price con-
ventions. For the rest the maximum
prices in general are under strict con-
troll.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-06-10
Money and Credit
Federal Reserve Banks


" dSHlR9tOn, June ..
Total resources of Federal Reserve
banks increased $23s.OOOOOO during the
week just ended. The boards state
ment of condition of the banks June
s shows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-06-10
Large Inflow of
American Capital
Argentina's Hope
Opening of Branch Bank at
Buenos Ayres. Excites
Favorable Comment

Advices from Buenos Ayres indicate
that leading Argentine financial and
commercial interests are much inter
ested in the entrance Of the First Ma
tonal Bank Of Boston into the South
American banking field. That institu-
tion recently announced the opening Of
a new branch in the Argentine capital.
The hope is expressed in the South
American republic that it will be the
beginning of flow Of capital which
will be employed in the development Of
the vast natural resources of Argen-
tina.
LA Nacion," one of the two largest
newspapers in Argentina, in a recent
issue called attention to the fact that
the Boston banks new branch will be
the exclusive intermediary in our mar
ket for the buyers Of leather and woods
used in the shoe factories and woollen
mills Of the New England district"
Undertaking Wins Praise
"Such undertakings as this are
worthy Of praise" the paper continued.
Even if they are not large, they show
that the bankers and manufacturers in
the great American Republic are be-
ginning to realize the Importance of
establishing connections with US, and
are getting rid of prejudices which
made them disregard the opportunities
afforded by our markets.
at is the lack of accurate informa-
ton about Argentina that handicapped
the Pan-American policy as suggested
and promoted by statesmen who, with
full appreciation Of the commercial,
economical and financial possibilities
Of our country, made efforts to make
US better known in the United States.
Trade Advantages Seen
"The disturbances and the new needs
arising from the war by turning toward
the United States the tide of business
deyiated from the belligerent countries
have shown 10 the Americans the vol
ume of our foreign commerce and the
advantages their industries will derive
by placing their products directly here
and at the same time obtaining their
raw material here.
THE inducements created by this
abnormal situation have conquered the
indifference with which the Americans
looked upon the South American coun-
tries and make them establish bust.
ness connections now through their
banking institutions.
This is the principal significance
of such small banking enterprises, with
small capital. that cannot be compared
with other national and foreign bank
ing institutions. which, by reason OF
their long standing and the extension
Of their connections all over the coun-
try. as well as their financial resources
and the great public confidence they
enjoy, eventually absorb the smaller
establishments.
Furthermore, such branches OF for
eign banks come at a time when their
action is handicapped by the large
amount of idle capital and the general
low tone of the market, which inter
fere with their operations of credit.
Investments Desirable
e.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-06-10

China's salt revenue in 1916 yielded
S72,44O,000, an increase of about 49,
100000 over 1915. Of this total about
Sl5,OOOO0O was applied 70 the payment
OF the service Of the various loans Sc
cured by the salt revenue and 10000
900 was contributed 70 the indemnity
payment, while S52, 226,3O0 was released
to the free use OF the Chinese govern.
mCnt.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-06-10

The annual report of the Hong Kong
end Shanghai Banking Corporation esti-
mates that China exported 57,500,0OO
ounces of silver in 1916 and imported
only about 100000 ounces. 1t IS
stated there is no escape from the con-
clusion that the amount of silver in
China must be barely sufficient for
trade requirements.