davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-05-29

1t is so seldom one hears anything
but defence of the value of specula-
ton when the subject is discussed in
Wall Street that anything said on
the other side of the question de-
serves to be printed. This quotation
is from the market letter of Keane,
Zayas q Potts, a Stock Exchange
house: "The nation must save to win.
Saving implies economy, the elm
ination of waste. Economy means
frugality, careful use. The extraor-
binary demand for money for war
purposes enforces economy in the
use Of money in other directions.
The essential things must be pro-
vided, the unessentials eliminated or
curtailed. Investment in productive
lines is essential if production is to
be progressive and continuous, there
fore funds must be made available
for investment. Speculation is nom
creative and therefore non-essential,
and national needs will compel its
curtailment during the war through
the withdrawal from its fields for
use in other directions of the funds
necessary to finance it on a scale of
any magnitude. The sequence should
be decreasing speculation and in
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-05-29
Italy Short of Corn

Italy will need 10 import at least
100000 tons of Indian corn this year,
according 70 the American Consul at
Venice. The normal quantity needed
for consumption in that country is
100000 tons. but the demand for
1917 will call for more than this
amount. owing to the substitution Of
maize for other cereals in the national
diet. At best the production this year
it is reported. will not be more than
two-thirds Of the amount NEEDED
hence imports of the amount indicated
will have TO be made from Argentina
and the United States.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-05-29
Active Securities
Stocks


fBy The Associated Prcssl
Higher quotations at the outset oil
to-day's active and diversified dealings
met with extensive realizing for prohts
and renewed opposition by the shorts
In consequence, gains in industrlais
and specialties were not retained.
The very large turnover Of the fore
noon again derived much of its power
an! influence from out-of-town cen
tres. albeit the West seemed disposed
to proceed with caution, pending an
adjustment of Federal war tax meas
ures. The approaching holiday also
induced closing out OF long lines by
traders.
United States Steel once more set the
pace. both on the rise and decline, adj
vancing to the new record of 1875, from
which IL reacted TO 1924, and closed
at 1929, net loss of ! q points. Equal
roversals were registered by most
equipments, munitions and less dis
tinctive issues.
Much OF the underlying strength was
furnished by rails. Important issues
of that description. especially Paciilcs
St Paul, coalcrs and many of the low
grade Western and Southwestern shares
were in demand at extreme advances
Of 1 to 3I2 points.
= Shippings also helped to sustain the
list in the final hour, when the average
level was lowest of the session. Ma
rincs rose briskly, with Atlantic, Gulf
and West Indies and Pacific Mail and
United Fruit also held strong.
Metals were under pressure most OF
the time, Utah making an abrupt de-
cline of points, others of that class
falling to ,. Central Leather, Amer
lean Wooden, motors and oils ranked
among the backward features, with
Peoples Gas. The latter made the new
low of 7O%,. and Ohio Gas also for
feited much of its SO. point gain. lr-
regularity ruled at the close.
Bonds were uneven on light offerings,
foreign issues showing no definite
trend.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-05-29
Monday, Moy IS, 1917

The irregularity and reactionary
tendency of prices in the industrial
Est on the Stock Exchange was not
particularly interesting or impor-
tant, because Twas not at all I'M
expected and took few by surprise.
After the sustained advance of the
last fortnight, a decline sooner or
later seemed inevitable. The mar
ket will, in fact, be in a better tech
nical position when the reaction has
been completed, if it has not already
run its course. The steel issues
have climbed very rapidly, United
States Steel common alone advanc-
ing more than twenty points with
scarcely a pause, and it was time
for a temporary turn in the other
direction. 1t is significant that in
spite Of the reaction Of the market
leader, which dropped three points
after touching a new high at 135,
Wall Street seemed fully as optimis-
tic as it has been at any time during
the last week or ten days.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-05-29

selling us since the war began: The
trade balance in favor of the United
States last year amounted to about
$50. 900. 900. IL is now running in our
favor at the rate Of about $3,OOO,OOO
"A month.
other exchanges were quiet yester-
day and showed no important changes.
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, so that daily quo
tations for either marks or kronen arc
no longer available.
Week
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-05-29
u. S. Treasury Finances

Washington, May 2s.-Condition OF
the United States Treasury at close to-
day showed: Net balance in general
fund. 1924 1888, t47; total receipts, $780,
328,4S4; total payments, s5.145,22S.
The deficit this fiscal year is $780,
S4s,o34. against a deficit of s49,528,243
last year. exclusive of Panama Canal
and public debt transactions.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-05-29
American Funds
Freely Loaned on
Call in London
Rates Being Paid by Bor-
rowers Abroad Attract
New York Banks

New York banks have assumed po-
stion of importance in the London call
money market. They are at present
lending money on call abroad in larger
sums than at any time since the war
started. Loans of this character. 1t is
said, can be made at rates that are eX-
cecdingly attractive at this time, the
London borrowers being willing to pay
4 per cent. and even higher, for de-
mand loans secured by collateral.
One banker estimated yesterday that
American banks now have balances to
their credit in London which probably
exceed S15O,0O0,OOO. The bulk of these
funds, it is explained. are being placed
in call loans. rather than invested IN
English commercial bills and British
treasury bills, as has been the practice
in the past, for the reason that New
York bankers want to keen their money
employed in such way that 1t can be
withdrawn Immediately and transferred
to this side IN case an urgent need shouid
arise. Some OF the London banks, IN
order to retain American funds IN that
market. have been paying what amounts
to a premium on loans made by New
York banks.
Must Keep Funds Liquid
eve have a large surplus of funds
that we must keep liquid" said the
banker in discussing the London-New
York banking situation. "and we find IL
more profitable to put money out on
call in London than here. Then, too,
there is a limit to the amount of liquid
investments that can be obtained here.
which has forced US to other markets.
If the occasion arises. Of course, where
money is needed here in hurry we
can overnight liqudate our loans IN
London and effect transfer TO New
York"
This banker added that since the
United States has Joined the Allies the
banking relations between London and
New York have become much more in
innate. and that the transfer OF large
amounts of banking funds between the
two centres is almost an everyday oc-
currence.
Strong Position Indicated
The fact that local institutions, IN
addition to providing for the govern
ment needs in purchasing Treasury
certificates, assisting in floating. the
Liberty Loan and taking care of the
credit needs Of domestic business. have
a suficiency of funds to lend abroad
testifes to the strong position OF the
American money market.
Until recently the local banking bal
ances in London have been small. as
Immediately after the United States en-
tered the war the New York banks re-
duced their holdings abroad to bare
working basis.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-05-29
Current

The above rates express the cost Of
foreign money in terms of the Amerl-
can dollar. You buy an English pound
sterling at, say. s4.75Rs. The intrinsic
parity is s4.s65s per pound. Thus, you
say either that pounds are at a dis
count or that dollars are at pre-
MUM, which is owing to the fact that
in England the demand FOR dollars
with which to settle accounts in this
country is greater than the demand in
this country for pounds with which to
settle accounts in England.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-05-29

ne HONtllcllI VI VIC '"iAAN e'N
group was more interesting than
ANYTHING which developed in the in
dustrial section, although tangible
reasons therefor were hard to find.
Nothing in the overnight news from
Washington changed the aspect of
the rate case. The Commerce Com
missions hearings are likely to con-
tinue for some time, and the evil
dence remaining to be taken will be
on the negative side of the debate.
A decision probably will not be
reached for several weeks. So it can
hardly be said that the sudden re-
yival of interest in the railroad
stocks was due to any development in
that situation. Besides, Wall Street is
not so sure that the roads will get
the 10 per cent advance as it was
a week ago. Nor were the several
highly favorable monthly reports
published during the day responsible
for the reversal of market sentiment,
though these reports were not with
out significance. Wall Street has
paid relatively little attention to
monthly railroad returns of late,
and apparently ignored them this
time. The stock of the Southern Pa
cific, for instance, advanced no more
than a number of others in the list,
though the returns for April showed
that operating income was S1,572,-
796, or 1875 per cent, larger than in
the corresponding month year be-
fore, while for the first four months
of this year operating income in
I creased $5,542,787, or 40 per cent, in
spite of the higher cost of labor and
materials. AS a matter of fact, in
so far as they have a bearing on the
rate case, such reports as this might
be construed as bearish, since they
make an exhibit in prosperity which
the commission is not likely to over
look in considering the evidence laid
before it. Possibly the explanation
of the squirt in railroad stocks is
that, in view Of such reports as that
mentioned, and of the testimony of
several railroad officials on cross-ex-
animation last week-to the general
effect that dividends on their stocks
would not be cut, even if the commits
sion should refuse to grant them
higher pay-professional traders
and "outsiders" as we'll decided that
prices were low enough to make them
a purchase, 10 matter how the rate
case may be decided. Possibly it is
merely that such stocks had been
oversold; that, no doubt, did play a
part in the market, but probably it
was a secondary part, for the move
ment began, according to some
houses, with substantial buying for
long account, much of which came
from the West. Whatever the rea-
son, it was sufficient to bring about
a net gain Of about IL points in the
average price of fifteen high grade
issues, on much heavier trading than
has been witnessed in that section of
the market for long time.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-05-29
Brazilian Coal Imports

OF the 33.22s metric tons Of coal lm-
ported At Rio de Janeiro, Brazil, dur
ing March, 1917, Consul General Gott-
schalk reports 1882 tons were Ameri-
can fuel and 5,276 tons British. These
figures compare as follows with the
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-05-29

Chicago Great Western Railroad
The 1916 report of the company shows
profits more than double those of the
preceding twelve months, with net in
come after all deductions of 81 ,335,36S,
compared with S1,009,497 in 1918. The
report says:
1.-THE company provided ample power
of the most modern design in the
early part of the year, before prices
advanced to prohibitive figures, and 1t
has been in shape to handle success
fully a much larger volume of bust
ness. But, unfortunately, like all
Western railroads, limited supply of
equipment has been available because so
much was loaded East and, owing to con-
pested conditions there, not returned.
Fully 20 per cent of the company's
freight car equipment was off the line;
and what little remained, plus the for
eign cars received, averaged from 80
per cent to So per cent of the total
cars owned by the company. Fuel
prices during the year were quite IA
vorable, because of contract nego-
tiated nearly two years ago. Materials
of all kinds have advanced enor-
mously in price, but the full effect OF
the advance was not felt because of a
large stock purchased in anticipation
of the rise in prices"
1916. 1915.
Total copper rev.s16,131,es1 st4,11s,321
Oper. expenses. 11,249,665 10,456,757
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-05-29

creasing investment, and we believe
that change in this direction is i'm
pending and that it will be for the
better"
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-05-29

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, 1917-05-29

corresponding month Of the w.
ceding years: March, 1915 Iov
ports, 67,i5s tons: American ses1
1875 tons: British coal, Ss,V-S =
March, i9i5-Total imports.
tons; American coal. 1850 tomb
ish coal. l7.lSS tens. Il
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-05-29
Boston Bank Statement.-The

" report OF the Boston banks disclosed
an increase in surplus reserves Of
$4,000. while loans and discounts de-
creased s2.7s1, 900.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-05-29
Money and Credit

Although the banks improved their
reserve position last week, money rates
yesterday showed no important change,
and the combination of scarcity of of
ferings with a fair demand served to
impart an undertone of irmness. Rates
for loans based on industrial securities
were AZ. to 5 per cent for all maturi-
ties, while for mixed funds they were
Az to Az per cent.
Call money at the Stock Exchange
ruled at 3 per cent, or unchanged from
last Friday.
Closing rates on money yesterday,
compared with a year ago, were as fol-
lows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-05-29
Relevant Facts

Greene-Cananea Copper.-The COM
pany's report of 1916 operations shows
total revenues from metal sales of
S16,s59,77l, compared with s4,030,9O6 in
1915 and $685. 1898 in 1914. Copper
sales contributed s14,633,309 of this,
compared with S3,O95,S69 in 1915. Net
income applicable to dividends was &c.
9OS,5l3, equivalent to s6.9l share on
100000 shares of capital stock,
against S1.36 share earned in 1915.
Porphyry Copper Output por-
phyry copper producers maintained
output at a high level in April. Utah
and Chino show large increases over
March. The production figures for
the month in pounds compared with
Mar,b folloW.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-05-29

Commercial Paper.-Trading in this
market was dull, but a steady tone pre-
vailed. Prime regular maturities were
quoted unchanged at per cent.
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, 1917-05-29
NEW YORK STOCK EXCHANGE

NEW YORK STOCK EXCHANGE
TRANSACTIONS
Rail- Other All
roads. stocks. stocks.
Yesterday. .207 200 1857, 400 1.294,6o0
Day before. 47.5O0 716.o 900 764, 400
Week ago. $4,000 100000 el5,9oo
Year ago.. 1900 $4,000 263, 400
January I TO date:
1e17..... o,350,400 1904, 300 80,305, 200
1916. . 1o,e45, 100 62.005 300 1880, 900
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-05-29
Yet income. s2,335,3eS s1,ooe,4s7

Southern Pacific.-The company's re-
port for April showed gross operating
revenues of Sl5.4l3,900 compared with
S12.35l,273 in 1916 and Sl0,l64,036 in
April, 1915. Operating income after
taxes amounted TO S4,9S9,929, compared
with $685. 23 year ago and s2,3s8,-
3l5 in 1915. In the first four months
of the current year the Southern Pa
cific system has earned net after taxes,
$l6,s70,199, against 1927 ,i92 in the
corresponding period OF 1916 and
s9,530,2l7 in 1915.
Illinois Central.-April gross amount
ed to $685. S9, against 1884, $50 a
year ago; net income after taxes,
Sl,472.s49, compared with 1907 ,OS5.
President Markham, replying 10 the
contention that the failure OF the rail
roads 10 handle more coal contributed
TO the high price OF that commodity,
said the railroads were not TO blame.
Our road" he said, handled 10000
tons more than ever. High prices are
due to increased demand, the same as
corn. There is too much talk and too
little thinking. Every one rushes into
print with his theories. II is impossi-
BILE for the railroads TO provide for un-
foreseen business. The increase has
been enormous, and the roads have
done marvellously we'll"
Holiday on Foreign Exchanges
London, May 2s.-To-day is a holiday
on the London, Liverpool and Paris
financial and commercial exchanges.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-05-29

Sub-Treasury.-New York banks lost
to Sub-Treasury s77S.000.
Slver.-Bars in London, 377s pence:
New York. 745s cents; Mexican dollars,
5Sls cents.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-05-29
-DayS-N
Over Over Over

Bank Clearings.-The days clearings
az New York and other cities:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-05-29

Net revenue. =. s4,Sa2,0 S3,o62,564
Tax accruals and
uncol. revs.... 5S9,015 ooS,Slo
Oper. income. S4,292,013 S3,O92,646
Non-op. income. 1,431,874 1,145,632
Gross income. S5,723,887 s4,238,278
Total deductions. 3,388,51e 3,229,781
". ;oo % 225 asa 81 O0o 4o7
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-05-29
Illinois Central.-April gross amount

Holiday on Foreign Exchanges
London, May 2s.-To-day is a holiday
on the London. Liverpool and Paris
financial and commercial exchanges.
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1917-06-04

Farce, Seven Keys 20 Baldpate,' benent
House OF Good Shepherd St Magdalen
Asylum. Germantown. Broad Street Theatre.
S;l5 O'clock Admission charge.
Concert, Municipal Band, BenJamin
Roeshman. conductor. Twelfth and Spring
Garden streets, S:15 o'clock Free.
Northwest Business Mems Association,
meeting. 1886 Columbia avenue, s 80 o'clock
Free.
Chester Avenue Improvement Associations,
meeting, First L. P. Church. Fifty-seoond
street and Chester avenue. $3.50 O'Clock.
Free
Passyunk Avenue business Mems AS
sociRtion, meeting. Passyunk avenue and
Moore street, $3.50 o'clock. Free
wissinominE Improvement Association.
meeting, Toomey's Hall, 3320 Vankirk
street, $50 o'clock. Free.
Liberty, Loan meeting Of officials Of busi-
ness association and Improvement leagues
Hotel Adelphia, o'clock. Free.
Opening Of the thirty-hrst annual con-
vention and exhibit of the American Order
Of Steam and Electrical Engineers, Parkway
Building, Broad and Cherry streets, :
o'clock. Free
Automobile Club of Philadelphia annual
meeting, club building. es South Twenty
third street, 8 o'clock Members
Dance for benefit Of Chestnut Hin Con-
sumptive Home, Colonial Dance Castle,
5524-30 Germantown avenue. Admission
charge.
Cor ImmRculRtum Dramatic Society,
Fifty Miles from Boston," auditorium Of
the Sacred Heart School, Third and Reed
streets, $3.50 o'clock. Admission charge.
L. Of p. Musical Alumni Concert, Hous.
ton Hall. Admission charge.
Philadelphia Musical Academy. com.
mcncement, witherspoon Hail. Free.
school, school building, Twenty-seco..- and
ontario streets. Free.
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1917-06-04
LAUBER-wAGNFR

Announcement is made Of the marriage
OF Miss Lulu Wagner, daughter of the late
Mr.. and Mrs William Wagner, and Mr.
George w. LAUDER on Wednesday, May
80. at O'Clock. at the home of the brides
uncle and aunt Mr.. and Mrs John Ger
lach, S22 West Erie avenue, by the Rev.
Dr. II. Brown, of st. Matthews German
Lutheran Church, Seventh and Luzerne
streets Miss Helen Bowers attended the
bride, who was given in marriage by her
uncle. Mr.. Edward Wagner was his broth.
ers best man. The ceremony was followed
by a reception. Mr. LAUDER and his bride
upon their return from a short trip will be
at home after June IS at S23 West Erie
aypnue
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1917-06-04
North PHILADELPHIA

In aid of st. Lulte's Homeopathic Hos
pital, Broad and Winghohocltlng streets, a
lawn fete will be held on Thursday
afternoon and evening from to 10 o'clock
in aid Of st. Luke's Homeopathic Hospital
Broad and Wingohocklng streets Supper
will be served from $50 to o'clock. In
addition to the usual sale of homemade
cakes and candy, fancy and useful articles,
there will be many outdoor amusements and
excellent music The affair is in charge Of
Mrs. William II. Grams, Mrs. A. w. Grlgg,
Miss NJ l.. Lewars, Miss Carrie D. Speese,
Mrs. H. X. Mansfield. Mrs. c. T. Jeffres,
Mrs. James NJ. Repplier, Mrs. Arthur
Thacher, Mrs. L. Hopper, Mrs. Samuel
Thompson. Jr.. Miss eBatrce Farrell, Miss
Margaret Wilson, Miss Hortense p. Beck,
Miss Mary Guckes Miss Mary Delk, Mrs.
William c. Rltzius Miss Alice MacLaugh-
lin, Mrs L. NJ Schober, Miss Elizabeth b.
Hart, Mrs j. Frederick Leitenberger, Mrs.
II. X Roessler, Mrs. David Halstead, Miss
Farrell, Miss Battersby and Miss Helen
Sterrtt
Mrs. William r. Lindner, of 3233 North
Park avenue has gone to High Point, on
Barnegat Bay for the month Of June.
The Kynett Auxiliary to the Red Cross
Society meets every Tuesday afternoon from
to o'clock in the Kynett Methodist Epis-
copal Church. Seventeenth and Cayuga
streets All residents of the nelghborhood
are invited TO join and help sew for the So
cety.
Mr. and Mrs. Harry W. McClelland and
their family. of 3429 North Fifteenth street.
haVS opened their cottage in Wildwood and
will remain at the shore until late in the
autumn.
The Ladies' Glee Club of ST. Pauls Re-
formed Episcopal Church, Mrs. Caroline
VOL, leader. will repeat ''Visions OF Ye
Olde Tyne Songs" presentation OF living
pictures and delightful music, tonight in the
chapel, Broad and Venango streets
The members Of the North Philadelphia
Business Mems Association will hold their
monthly meeting tonight in the Robinson
Building Germantown avenue and Juniata
street.
Mr.. and Mrs II. Harry Lyman, OF 2241
North Park avenue have gone to Atlantic
CITY TO spend the season at their cottage.
DR. Thomas r. Eldridge will give an IL
lustrated lecture, "Ballooning and Ava-
ton" on Thursday night in the Erie Avenue
Methodist Episcopal Church, Seventh street
and FEie avenue. Admission is free.