davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-03
STEEL
EARNS SAB ON
COMMON STOCK
Net Profits in 1916 Above
Sl6,0OO,0O0 on Sales Near.
" Double Last Year

On gross volume Of business VALUED
at S52,s4i,0l7 the Republic Iron and
Steel Company last year earned, beside,
its regular 7 per cent dividends, SUI.
ficient to pay s47.9j on each share .,
common stock outstanding. This Is oul,
slightly less than the percentage earned
in the same period by the United States
Steel Corporation and furnishes an.
other example OF the prosperity thn
has come 10 the steel companies throus.
the enormous demands for their prct.
ucts incident TO the war in Eurox
However. John A. Topping, chairmau Of
the board OF directors, in his report 70
stockholders, stated that only per coz!
of the business done by the Republic
Iron and Steel Company last year rep.
resented sales of war steel"
The gross sales Of s52.si4,Ol7 in 1915
compared with s29,9l6,22s the preyicu
year and s2l ,366,2i9 in 1914 The az.
gregate net profits last year were SIS.
$685. PIP, a gain of ll,27O,S03. Deduct.
ing back dividends paid and disbun,.
ments on the common stock the 1915
surplus amounted to s9,SSl .29s. agains,
S2,32S,3l9 shown at the end Of 1915.
The company's balance sheet as 0,
December 81, showed s9,6OS,l39 cash on
hand. compared VIZ s3,7OO,237 the pre-.
vious year. Working assets Jumped
from si3,5lO,7Ss to Sl9,72l $50. Untitled
orders OH the books Of the company al
the close of the year amounted TO 6li,.
$50 tons of finished products and i5,.
O26 tons OF pig iron. Similar figures
at the close Of 1915 we're respectively
59l. 30 tons and l3S,406 tons.
Mr.. Topping said: Operating cond'
tions have been exceedingly trying dur
ing the year, because Of transportstio,
troubles. and also an account of he
character and supply Of labor. Notwl'A'
standing these difficulties and con"'
ouent abnormal high costs, the year
1916 will 20 down in history as rec
ord one in respect to output, hlgh pfiee'
and earnings
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-03
The Weeks Money Currents.-Ne,

Tho Weeks Money Currcnts.-New
York banks have sustained loss in
cash this week of about $23. 900 900, &C
cording TO preliminary estimates based
on reported movements of currency.
They received from the interior Sc. 1884,
900 and shipped ;e,5Ss, 900, including
;1,97l 900 national bank notes sent to
Washington for redemption. The loss
10 the interior. therefore, was 1891 900.
Ordinary disbursements by the Sub
Treasury were 100000. Payments
hy the banks aggregated Si5,i2s,000,
showing "A loss on Sub-Treasury opera
tions proper OF &4.O36,OOO.
During the week the Federal Reserve
Banks debit balances at tho Clearing
House amounted 10 t2.221,o 900. The
credit balances totalled s2i 1877 900. or
a balance against the local banks of
5I8,96s,0O0. This made a total loss in
cash Of t23,335.OOO.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-03
TO NAME STAREK
SUCCESSOR SOON
Consultation of BaruCh
May Mean Kuhn-Loeb
Man Will Get Place
From The Tribune Bureau


Washington, Feb. "A successor to
Charles Starek, former chief national
bank examiner at New York, who has
resigned as a Class c director Of the
Federal Reserve Bank in New York,
will be announced shortly. The large
financial interests in New York were
consulted about the selection of the
new director, who was picked, it is
said, by Paul NJ. Warburg, after con-
sultation with Bernard NJ. Baruch,
Colonel +. VI. House and Secretary of
the Treasury McAdoo.
Baruch testified at the leak investi-
cation in New York Tuesday that as
early as the middle of December he
had telephoned to Warburg, Colonel
House and Secretary McAdoo about a
prospective vacancy in the New York
Reserve bank. This testimony excited
interest here, because it was not until
last week that Controller of the Cur
rency Williams announced that Assist
ant Secretary of the Treasury Malburn
temporarily had succeeded Starek.
The precise political or financial sig
nifcance to be attached to Baruch's
possession of early information in the
case is not clear. but there is specula-
ton as to whether it bears on the di-
vision OF control Of the New York Re-
serve Board between the two great
banking groups there.
Benjamin Strong, governor of the
board. and Pierre Jay, reserve agent,
were appointed through Paul ". War
burg, it is said. J. p. Morgan was rec
ognized by appointment as a member of
the Federal Reserve Advisory Council.
Baruch's interest in the appointment
would appear TO indicate that the new
director will be Kuhn, Loeb man, So
called.
For a decade Starck was stationed
in New York City, having been assigned
there during the 1907 panic. When
the Reserve system was organized he
was placed in charge Of the entire New
York district, comprising more than 500
banks. lie found time TO rehabiltatc
the First-Second National Bank Of
Pittsburgh after it had been closed by
the Controller for nine months and
its affairs were about to be wound up,
and to clear up banking situation in
New Jersey involving ex-senator James
Smith.
He was the storm centre about n
year ago Of contest over the extent
and scope Of data TO be furnished b.
examiners TO Federal Reserve banks.
He took the position that men in
charge of the Reserve banks should not
be given confidential information about
national banks in the district. because
the officers of Reserve banks arc them
selves engaged in competitive banking.
Although successful at first in main
tanning this position. the Reserve Board
finally owe rruied him.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-03
Improving Amsterdam Harbor

The harbor facilities OF Amsterdam
are now barely adequate for the ship
ping which uses that port, according 70
Consul Frank ". Mahin, and will. It
is believed. he inadequate for the in
creased shipping that will come with
tho restoration of peace. Therefore
preliminary plans are being made for
extensive enlargement and improve.
ment of the docks and for additional
railway facilities to and from them
The greatest of steamships can be ac-
commodated by the proposed enlarge
ments. which will make the principal
dock system about 1000 feet long and
400 feet wide. The total cost of the
improvements il estimated a. i,0O0,O)
forms (Si sos ,000).
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-03
Friday, February 2, 1911

The session on the New YORK
Stock Exchange was interesting
enough. but until the final hour OF
trading the market seemed almost
stolid in comparison with the wild
ovrations Of the preceding day.
Prices fuctuated neryously within
comparatively narrow limits up I'LL
then and there was not great deal
of liquidation. Having recovered
from the first shock of the latest
episode in frightfulness SPECTATORS
began cautiously to make commit
ments. A trade looked good deal
less like an experiment with imam
cial dvanmite than it did on Thurs
dav. Traders, as is their wont, dis
coursed wisely on market prospects,
pointing their opinions with refer
ences to stocks which everybody
must see were selling below intrinsic
values. and so encouraged them
selves to make small purchases. The
majority were articulately bullish-
and all kept an alert eye on the news
ticker. waiting to see whether Wash
ington would charge or retreat. The
market was waiting on the news.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-03
STOCKS AGAIN
TUMBLE, RAILS
TAKING LEAD
Bears Play Active Part in
Late OutburSt of
Selling

Stocks again tumbled in a precipitous
manner during the final hour of trad
ing yesterday, when a sudden outburst
of selling in the leading railroad is
sues brought about a renewal of
liquidation and short selling through
out the list. With few exceptions the
leading shares added to their declines
of the day before, while the losses in
some of the high grade dividend pay
ing railroad issues, like st. Paul, Read
ing, Northern Pacific, New York Cen
ira! and Erie, bordered on the sensa-
tional.
The net declines yesterday and those
of the day before in the more active
stocks, together with the combined
losses for the two sessions, are shown
in the following table:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-03

Commercial Paper-While offerings
Ct prime paper were light, they were
ample as most of the leading buyers
have withdrawn from the market on &C
count of the unsettled political condi-
tons, it being the general disposition
among the large lending institutions to
keep their funds as liquid as possible
pending the outcome Of our present diff
ferences with Germany. For prime
regular maturities 81 @3h per cent
were the ruling rates.
Official rates of discount at each Of
the twelve Federal districts are as fol-
lows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-03
BUSINESS FORTIFIED WITH
ACCUMULATED CONTRACTS
Freight Congestion Is Principal Check
on Trade Momentum
"Dun's Review
business outlook:

"Dun's Review says concerning the
business outlook:
With the new international complication
acrentuating the. tendency toward conserNhO-
ism and caution. legitimate business hesltatc''
though its volume continues large toreis"
uncertainties influence all speculative mar
cts adversely. and in trade ana lndustry
there j. an increasing disposition 10 deier
forward comm; tments until the future u
more clearly defined. Yet the effect OF the
abatement of buying j. lesscned. with most
mills and factories covered by contracts TOT
rnonths 10 come. and leading producing m
tcrests do not offer price concessions IN IN
effort 10 stimulate demand. Signs OF yleIu,
ING however. are more apparent. ana
sharp reaction has occurred IN some raw
materials. such "a cotton. HeadWay ~
made in reducing orders that have accumu-
lated in many branches. but progress IN
,bia direction is still slow because OF the
handcaps imposed by the transportation
congestion and Inadequate labor supply,
With freight movements generally retarded
and ernhargoes in force. certain comnob'-
,;es are more scarce and costly. and pre-
,,;ums have not entirely disappeared.
S,r;ctIv domestic requirements remain ca
,crs;ve and. while distributors exercise pru-
dcnce in keeping merchandi>" stocks WITHIN
Tho limits of safety. consumption OF nercs-
.,,;es ia sustained in noteworthy volume az
the highest prices OF modern tunes
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-03

The above rates express the cost
foreign money in terms of the Ameri-
can dollar. You buy an English pounL
sterling for s4.75il; the intrinsic par
ity is $4.8GS 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 tc
settle account. n England.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-03
U. S. Treasury Finances

Washington, Feb. THE condihoh
of the United States Treasury at ne
close Of business to-day was: Net bs'
arce in general fund, ss4o92,3'9; toia
ordinary receipts, s2,6t3,e3S; total or
binary payments, s3,3i4.7Sh.
The deficit this fiscal year is slss
se2,7eo, against a deficit Of s51'S's@
last year, exclusive Of Panama Canal
and public debt transactions
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-03
Rice Supplies in Britain
Under Government Control

A cablcgram from the American
Consul General ut London, dated Jan
uary %. reads:
Announcement il made that the Com
mission on Wheat Supplies is now IN
control Of rice. Prices to be fixed from
time to time. All holders Of rice 10
arrive arc required TO furnish full par
ticulars before February l."
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-03

Nearly all the annual reports of
steel companies now being published
make striking exhibits in prosperity.
Earnings in 1916 from four TO ten
times as great as in the last full
year of peace are the rule rather
than the exception. Here is a table
giving the percentage earned on the
common stock of four such compa-
MES in 1916 and 1913 whose reports
have been issued in the last day or
two:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-03

This is only one of the many items
in reports of a remarkable year in
the steel trade. All of them speak
optimistically of the future. The re-
port of the Republic Iron & Steel
Company, issued to-day, gives fig
ures showing that untitled steel or
ders on hand at the end of the year
were sufficient to keep its plants
working at full capacity for at least
six months.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-03
NeutraIs More Worried
than England About
U-BOat Warfare
CHNNIBALISM ONLY
FRIGHTFULNESS LEFT
Germany May Be Driven
to That Soon, Says Cab
met Minister
By FRANCIS w. HIRST
LRF CabIa TO TIE Tnbilne.


London, Feb. 2.-Germany's last and
most desperate move has evidently
created a much greater sensation and
more alarm among neutrals than in
England. Rightly or wrongly, the man
in the street thinks the Germans have
always done their worst and that the
super-worst cannot make much differ
ence. The submarines may suffer as
much as the merchantmen, in the gen.
eral opinion.
Hayes Fisher, the minister who
threatened our wealthy classes with a
non-interest bearing loan, is quoted as
follows:
There is nothing the Germans can
do now that they haven't done, unless
they turn cannibals, and I'm not sure
they will not do that before long
through hunger" Mr.. Fisher also de-
clared that the war must be finished
this year, adding: 1--WE could not stand
seven years war, and neither could
the Germans"
Individuals Profit Immensely
Our stock markets were rather cheer
full yesterday and consols showed dis
tinct signs of a sentimental recovery.
Among all the markets cotton alone
displayed panicky conditions, and
there was more sensation in the trade
in the Manchester market than else
where. The fall in Italian money is at
tracing attention, nearly 80 lire now
being demanded for 20 shillings.
Individual profits continue enormous.
Sir John Ellermsn, shipowner, has just
put two millions of new money into the
war loan. Bank reports indicate a year
Of prosperity. But the shortage is be-
ginning 70 tell. Matches and sugar. for
instance. are not always or everywhere
obtainable in sufficient quantities
The restriction in raw tobacco i'm
ports is beginning TO alarm Irish to-
bacco manufacturers. The one-third
imports allowed by the government are
described as insufficient, though some
large manufacturers still have sufi-
cient stocks.
The Irish newspapers contain inter
views with Dublin tobacco manufacture.
ers. who complain that "the season for
buying new leaf in the states has been
in full swing two months and we are
still without information as 10 how
much we can purchase for importa.
ton"
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-03
Florida's First Flour Mill

what IL said 10 be the first -four mill
20 be established in Florida IL now be
ING constructed at Jacksonville. The
mill will have u capacity OF $50 barrels
a day. In addition to -four. quantities
of stock feed will be turned out. The
Northwestern Miller
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-03
DIVIDEND NOTICES
THE DOME MINES COMPANY LINZ

no FcrsonaI I..,,1c,.s
ENECUTIVE Offic .crt
30 70 TA'"'" January 7'nd -
The Board Of Directors n esr ~
declared Dividend 81 r.,is Ma.
,Ftftv cents per shsrel' para ct "
ist. 1877. To shareholders OF fetrN
close % business on ss'u'"
t1th. 1917, ,,p
" President and Ifs''
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-03

But toward the close there SUD
denly developed a fresh wave OF SELL
ing. for which various more or less
ingenious explanations were ad-
vanced. The chief cause of the move
ment seemed to lie in wild rumors
which proved unfounded. Part Oh
the selling came from Western IN
vestors and spectators who, some
what tardily, decided to play safe
Mostly, however, If was from local
sources, and brokers reported that
much of the stock which came on the
market had been locked up IN strong
boxes for months, though some big
short sales were also said to have
been made. In view of the fact that
the market had been pretty well
liouidated by the rush Of selling the
day before it did not offer as much
resistance as Wall Street had eX-
pected to the comparatively mild
pressure, and prices fell sharply be-
fore supporting orders and snort
covering brought a rally
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-03

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, 1917-02-03
>TOCk~ ND 80 .oN
Il, ADRIAN ~. Mtllth [" -
DFFI'E so 81 IS ILL ,ot.
WrpNtSpNl. ItBb. :. l'i"

WEpNtshN' ,rs
EXCHANGE ~A' lkEi,' l,,,..r-
>.,S =, sNp D. NEsEl sIEtbi'
For Account "f IA'''."l' .,. A.
- oeo NV York Railway Co. Or
fustmrut Ronds I'VE -, Rsi
q 600 Sew York Raj natr $50 ~
F'''' H.. & G.fdg H'g g t'n'. s,.
Huntington cub 60. -.
R-,,kflu Academy "i ,,
~. Arph.on Academy go. 90
paid 600 acct -. I'd
.b rnoporatiyc Dress ASH
,p-o ans ,Iope silver Ni1lis
L''"' .l Vn"Ecrz Publi7hins 90.
r,- Accom-, - Trustees ,,..
.,ooo ,t,gnois central q. H.. 81 H I.s
f'''VV ( TerruL lst Nis
Rsss,d; !, Bd, 3 ~ ds' New Jers,, GO
go nv. % s;' Ja Sas; 10 So CITY f.
=, 600 f sIHd' of Jersey cry 81 "''
Bond. 1872. v.,. IusErr
go. 49,. ,-o,rs,-
For Acct. or whom u Nay oSI.r.s..,
$50 600 International |fS, s' No,ss. 90
''' pv, 81, secured COLD Nco...ss .
- iait Aus. 1914. cogps.ss,r
....., A'.S. u. ,,,''nsi A. Great Nor'sss
|lVV'VVV - D. ,c. secured Gold NoteS :.
Aug 1. 1914. Aus. lsl'; ypssstsrss
g, 200 Jersey cts, iloboken IS.
F''''' Street RWy. ist M's. 80
r shs Kansas CITY Southern
prcfd. -,.,.. co 90
; shs Dis,iiicrs Securu''
mon. -, r,.r,,
a. shs. Holrsen Realty Ccrr, q
sSsh. G.rmsn,s Ftre insu,ys.y v
$1,000 Missouri. Kan. 8 trust y
' secured Note central i'
CT Of Dep. r,,tS =.
:, 900 shs stanley smelling mvc "a ~
s. 900 North American snie ,siA
Notes, dated sept ~ Wv
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-03

Total values of merchandise I'M.
ported from and exported to each of
the principal countries during the
twelve months ended with December,
1916, compared with the preceding
year. have just been made public by
the Bureau OF Foreign and Domestic
Commerce of the Department Of Com
merce, as follows:
TNp0pTS FROM
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-03

There were l7,35s.l44 eoeoanu,s'
valued at s697. 1903, invoiced at the
American Consulate at Colon, Panama
for tho United States during 1915, com.
nared with lO.79S,79j nuts, valued /"
s23i.205. for 1915.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-03

Nearly four-ffths Of our total ex-
norts in 1916 consisted Of goods
partly or wholly manufactured. That
IL the most satisfactory feature Of
the country's foreign trade, for The
Oyeates, profits lie ir the export Of
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-03
The Dollar in Foreign Exchange

Demand sterling ruled slightly lower
Yesterday on moderate transactions,
but rubles, lire and marks all showed
tendency 10 do little better The
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-03

market as a whole was quiet and with
out significant feature.
Closing rates yesterday, compared
with a week ago, were as follows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-03
Money and Credit

Stock exchange borrowers had no diff
foulty yesterday in obtaining all the
money they wanted on call loans at 8
per cent. In fact, late in the day some
loans were made as low as , per cent,
though the greater part OF renewals
were at the higher figure. The shift
ing of loans incident to the heavy liqui-
dGtion of securities on Thursday has
left the market in about the same po-
sition as it was previous to the heavy
selling movement precipitated on the
Stock Exchange by the fear of split
with Germany.
Rates for time money were slightly
f!rmer all around, though borrowers did
not manifest any more eagerness to ne
gotiate loans than heretofore. The de-
mand, for the most part, represented
the usual borrowing by business con-
Germs and manufacturers to cover their
requirements for periods ranging most
ly from sixty to ninety days.
Ruling rates on money yesterday,
compared with year ago, were as fol-
lows:
Yesterday. Year ago.
Call money. go 134oo
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-03
Aenrv CIews & Go.

f. 10 IS. II aud - REohD 81;
Nr,,BERs y. '. sToth tA,h',"'
Stocks, Bonds AID Investment Sseanap
sought and sod on commission. Also eH'f'
;, Conservative terms. Deposi, Accounts re-
..iyed subject 10 ,hcok al sight.
Interest pad IN daily balances.
400 ,,., - g53 Third -
1872 BroadWsy - 9, B.T.
- Union square i' o0N'' 80
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-03
Beet Sugar a Feature

An early rise of Sls points in Ameri-
can Beet Sugar was later explained by
the increased and extra dividends de-
clared on that stock. Republic Irons
extraordinary Statement. for 1916, show
ing net profits three times in excess OF
the previous year, was in keeping with
recent exhibits of similar industrial
corporations.
In the bond section Anglo-Frerch 5s
and United Kingdom 5l:s were again
depressed 10 new low records, with
heaviness in domestic issues. Tota,
sales (par yalue) aggregated s4,26O.OOO.
United States bonds were unchanged.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-03

When the break came the rails
suffered at least as much as the IN
dustrials. New York Central closed
with a net loss Of Az, Union Paclhc
was 314 points under Thursdays
final and other railroad issues
showed similar declines. 1t is hard
70 account for the fact that they all
at once became weaker than the In
dustrials. They had lost proportion
ately as much in the excited trading
Of the day before, and certainly moth
ing in the news could be construed
rs affecting them more adversely
than the industrials. One explana-
ton offered was that the traders
were selling their railroad holdings
TO get cash for the protection OF their
industrial positions. Whether that
is the case or not the fact remains
that recent liquidation has carried
the average price of high grade rail
road stocks to a level Of about 10
points below that at which they were
selling three years ago and some %
points below the high level Of 1913.
The movement has been almost eX-
actly the reverse of the trend of
earnings.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-03

than half those of the previous session.
1t was not until the final hour that the
trading Appropriated the volume OF
that of Thursday.
United States Steel was almost the
only stock Of Importance which failed
to fall under yesterdays lowest quota
ton. Other industrials, equipments
oils and numerous specislties OF no
specific descriptions were appreclaoly
lower on light offerings.
Brooklyn Rapid Transit, whieh ue-
veloped weakness prior to the recent
slump. lost points, selling down 70
6Si., its lowest price since 1910. Amer
lean Tobacco featured the high-prlced
industrials, dropping 10 points on one
sale