davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-21
Finance Economics
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WALL CTREET OFFICE: Telephone,
Mills Building, IL Broad ST Hanover 65l4

IN the market for what may in war
time be termed destructive purposes,
that is, for manufacture into jewelry
and other objects of ornament, have
been forbidden for some time past,
first on the grounds that the gold
might be put to better use as a ma
tional reserve, and secondly because
of a desire TO restrict the natural
tendency of a class in the unaccus-
toned possession OF substantial
surplus to sink il in unproductive
finery, to its own material loss. The
shortage Of gold for manufacturing
purposes became so marked that a
short time ago imports OF the metal
from the states were effected on di-
rect account of the trade, but the
action necessarily resulted in a de-
pletion 20 Il at extent of our credits
abroad, and, this being recognized,
the official embargo has followed.
The royal proclamation prohibits as
from December last the importa-
ton into the United Kingdom of gold,
manufactured or manufactured, in
Guiding gold coin and articles con-
sisting partly of or containing gold;
all manufactures of silver other than
silver watches and silver watch
cases; iewelry of any description.
The prohibition will not apply to
any such goods imported under Ii
ccnse of the Board of Trade, or TO
gold consigned f., delivery at, and
sale to, the b. Of England.
The war has produced many
strange things, but few are more
novel than this-a country barring
gold, that is one of her greatest
needs.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-21

in Rumania. The paper says it must
be admitted that Germany could learn
very much from England, and declares
that Germany has done practically
nothing, while England has been mobi-
LIKING her holdings of foreign securi-
ties and raising credits abroad. 1t
adds:
No longer. however. can we remain so
proud or so modest. Hitherto we have APP
pealed only in the most trifing measure
TO foreign countries. and made only the
most trifing efforts TO obtain foreign par
ticipation in our war loans. while England
and France have not hesitated 10 offer
their issues even In neutral countries. The
reasons which determined our attitude no
longer hold good. In view Of the long dura-
ton Of the war. We must proceed more
actively against the deterioration of our
exchange. We must at last insist
that the steps we take shall not, az hitherto
has often been the case, be counteracted by
our allies. On the contrary. they must sup
port us in united action and we must show
foreign countries by all possible means that
we are not willing 10 let things drift as we
have done hitherto. and that we are deter
mined 10 take counter measures.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-21
The Dollar in Foreign Exchange

The week in the foreign exchange
market was characterized by special
weakness in several of the leading con-
tinental exchanges which carried rates
in some cases TO the lowest level of the
war period. Russian, Italian and Aus
trian exchanges we're especially weak.
Russian rubles, which closed a week
ago at 1880 cents, dropped sharply on
Thursday and Friday, falling to $3.50
cents. This compared with a normal
intrinsic exchange value of 51.2 cents.
Italian lire also declined abruptly, and
its new low record rate of 1903 TO the
dollar compared with 6.92 a week ago
and par of 5.1S1s. Austrian kronen
fell below If cents. German marks
we're also weak, but still held above the
low record of 60 cents for four estab-
lished several weeks ago.
Apart from the weakness of these ex-
changes, the firmness of sterling and
francs was an outstanding feature.
Sterling sight drafts held steady with
out scarcely a change throughout the
week, as was also the case with francs.
If you calculate the cost of the dol
lar 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, 1917-01-21

Labor was never so self-indulgent
as it is in these days Of plentiful
work and record wages. The case
Of the anthracite miners is typical
The whole country is crying for coal
and at some centres a fuel famine
is threatening. Yet some of the
mines have been operated at only
Is per cent of capacity because the
men refused to work eight hours a
day for six days in the week as the
wage agreement of May 3, 1916, pro-
vided. The operators hoped that the
wage concessions then granted,
which added 10 per cent to their
labor costs, would lead to greater
efficiency and increase the output.
But instead of increasing the in
tensity of labor the men have sought
extra holidays through a series Of
petty strikes at collieries whose pro-
duction has been greatly curtailed.
Sixty-fve collieries have been af-
fected by these strikes and whole
communities have been in idleness
for periods varying from five days
to six weeks. The men have insisted
upon stopping work on all church
holidays, although the agreement
STIMULATES that only legal holidays
shall be recognized. 1t is estimated
that the miners have lost S6,OOO,OOO
wages by taking these extra holidays
ri a time coal was scarce enough TO
command 50 and so ton at retail.
The miner has been complacent IN
the thought that no one could fill his
place without state license. He
has controlled the situation abso-
lutely. His obstinacy points again
to the futility of wage agreements
which control only one party to the
contract.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-21
Trade Conquests
Fostered Behind
the Firing Line
French Fair at Lyons in March
to Draw Manufacturers of
Many Nations

With a far-sightedness that is
characteristic, the French have laid
plans. through the Lyons Sample Fair,
to be held March l to 10, to make
their country clearing house for an
increasing portion OF the worlds com
mercial business. This fair is intend
ed to take the place Of that Of Leip-
zig, which before the war was an an
nual reunion Of all German manu-
facturers and also of manufacturers
Of other countries. II was open 20
everybody. The French now propose
to make the Lyons Sample Fair its
successor
Interest in the French commercial
programme has extended 10 the United
States, and a committee representing
some of the strongest business houses
in America has been formed 70 further
and foster American exports through
the Lyons Fair. Working in associa-
ton with the American organization
arc committees in Great Britain,
Italy, Spain, Russia, Switzerland and
other allied ard neutral countries.
United States To BE Represented
year ago the Lyons Sample Fair
had l,342 different exhibitors, but the
United States was not represented.
L.. arfe
proposes to correct the deficiency. "
is pointed out that the opportunities
for placing American goods before
buyers from Europe, South America
and the Orient offered BY the fair
will be unusual
At the 1916 fair more than 10000
600 in actual wholesale business wa
transacted, and 100000 more was
refused because of inability on the
part of the manufacturers 20 make
deliveries. IL is conservatiyely csti-
mated that more than s40,000,000 in
actual orders will be placed at the
1917 exhibition.
Bordeaux Fair Success
Lyons is not the only French city
that is striving to promote the com
mercisl welfare of France through the
fair idea. The city Of Bordeaux held
an exhibition last fall, the first Of its
kind there. Il was so successful that
it is TO be made a permanent annual
fixture. The total number Of exhibit
tors was 100.
One OF the main objects Of the fair
was to encourage colonial trade. FL
forts are being made at present to
create at Bordeaux one Of the most
important transshipping ports for the
French colonies CT West Africa and
Morocco. Consequently the colonies
were well represented, as well as gov
eminent and local institutions, socie-
ties, etc, whose aim IL is to encoUr-
age trade relations with Africa. The
French Colonial ONCE occupied % large
stand with an exhibit Of the natural
resources and products Of the colonies.
Within this stand also were statistics,
maps, circulars and photographs con-
corning the French possessions. Bor-
deaux agents for the colonies had i'm
portant displays Of raw and manu-
featured products. Since these repre-
sentatiyes are also importers for the
colonies via Bordeaux. there is an open
market here for American goods. I'm
fortunately very few American prof.
uets were on exhibition.
Local dealers and exporters were
we'll represented. There were eighty
one exhibitors from Bordeaux who
we're engaged in colonial and Ameri-
can trade.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-21

Gold seems to be in danger of los
ing favor everywhere. Sweden,
Norway and Spain have put up bars
against it, and there is a widespread
demand for measures to check the
influx, lest initiation get altogether
beyond control. But no one would
have expected that England would
place an embargo on gold imports.
She has, however, done just that, but
for very different reasons than those
which are impelling other countries
to refuse the metal. The Bankers
Magazine" Of London, just received
here. explains why the action was
taken;
Tn view of the great strain which
the war has involved in connection
with the financing Of imports of war
materials and ordinary merchandise,
nothing has been moro remarkable
than the extent to which our pay
ments abroad have been met by the
shipment Of gold, the gross total
having reached something like 200
millions sterling in the two years.
In the circumstances II must have
seemed strange to the uninitiated that
il should be necessary at this time
TO prohibit gold imports, but, as the
City knows, the explanation is sim
pie. The demand for gold for the
manufacture Of cheap jewellery Is in
normal times of moderate importance
in the bullion market, while it is to
be feared that small requirements
arc sometimes met By the melting Of
actual coin. The latter has been
countered by the recent official notice
calling attention to the fact that the
practic, amounts 20 felony and is
punishable as such, while purchases
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-21
Seasoned Issues Firm

SO far prices for well seasoned IS
sues have not been in the slightest de-
gree affected by prospective competi-
ton from the new issue. The aver
age price of forty active issues on
Thursday last reached new high level
Of 1925, an advance of Ga points
from the low Of September, 1915, when
foreign liquidation was at its height.
There has been an advance in the high
est grade railroad bonds of nearly 8
points during this period, while the
railroad issues classified as second
grade have climbed SA points. In the
public utility and industrial field the
advance has not been so great. partly
for the reason that these issues were
rot so greatly affected by foreign sell
ing during the early days of the war.
The insistent demand from investors
for good securities. together with the
plethora of money in the country,
makes it appear likely that additional
offerings of American railroad and in
dustrial bonds will be brought out IN
the near future. The corporations
thought likely to be the first to an
nounce new financing are the Southern
Railway and the Bethlehem Steel Cor
poration.
An expansion of some $55,Ooo,oOO in
actual loans and discounts shown in the
New York bank statement yesterday re-
fleets some of the heavy financing now
under way in connection with new un-
derwritings, such as the United States
Rubber bond issue and the forthcoming
British loan.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-21
Saturday, January 90, 1917.

The car famine has brought us the
personally conducted freight car.
This is the latest development In
cur overweight transportation sys-
tenn and suggests that we must IN
crease the efficiency of the country S
delivery service before we can invade
foreign markets successfully. For
when the South American buyer
contracts for American-made ma
chinery he naturally expects the sell
Ter to deliver it at some sea-board
point. And that is just what the sell
Ter cannot do when the railroads put
an embargo on foreign freight. SO
over in Pennsylvania, on freight IN
tended for delivery at steamship
piers, shippers have actually put
man on each outgoing car so as TO
fight its way through when a Sec
tion-hand in a congested yard wants
TO SlQeLTdCk lne CdI 1pl q hiNA
venient train" This personally con-
Quoted feature adds about Sl2 per
car to the freight charge on 2Oo-
mile shipment in cases where the ex-
porter has been fortunate enough 10
procure the necessary permit from
the railroad. Just what the con-
signee in Lima or Peru will say when
lie is asked to pay S420 in addition to
the regular freight charge in order
to insure the delivery of thirty-hve
car shipment of machinery at a New
York steamship pier ought to interest
even the Interstate Commerce Com
mission. These are war times and
there is no other market which could
fill the order. So the South American
contractor has to pay dearly for the
privilege Of doing business IN a
country where the load-line is ridicu-
louslv short Of where it ought to be
at a time when the earning capacity
Of the American freight car is higher
than it ever was before.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-21
Norwegian Customs Receipts

Consul General E. Haldeman Denni-
son reports from Christiania that the
customs receipts for the whole Of Nor
way for the twelve months ended Octo-
Der 81, 1916, amounted to $l7446,SOO'
as compared with Sl5,356,4oO for the
corresponding period in the previous
twelve months and SLABS, 500 for the
twelve months ended October 81, 1914
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-21
Dutch Banks in Russia

To the numerous banking institu-
tions recently established in Russia
has been added new one with capt.
tai of 100000 forms, says "The Rus
sian-American Journal of Commerce
The new bank represents mostly Rot
tcrdam capital. Following the eX-
ample Of the Rotterdam capitalists
Amsterdam bankers intend to open up
another bank with larger capital, the
name of which will be the Niederland-
Russian Bank.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-21
British Industries Fair

The second British Industries Fair
will be held in London from February
20 to March 9 next. The fair will be
confined TO the same trades as last
year-toys and games, earthenware and
china. glass, fancy goods, and station
cry and printing.
Concurrently with the London fair
the municipality Of Glasgow will hold
a fair that will embrace certain trades
not included in the London exhibition,
namely. textiles, ready-msde clothing,
boots and shoes, foodstuffs prepared
and preserved and domestic chemicals.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-21
News Digest
Foreign
ussian Treasury

London Welcomes Russian treasury
BiIIs.-London, Jan. 20.-Money is prac-
ticallv a drug on the market, and the
issue of elO,00O,OO0 Russian Treasury
hills to replace a similar amount faIl.
ing due will be welcomed by discount
honses. which have little opportunity
TO utilize foreign balances. Inc huge
amount of British Treasury bills iaI-
ing due is swelling the surplus and pal
ances will be forced into the war losh'
which is already going well.
The stock market was dull but cheer-
full. The 3l2 per cent war loan was
again firm, Canadian mining corpora
tions were strong and active features
and oil stocks and a few Kaftirs were
steady. The movements otherwise were
uninteresting. American securities
were idle around parity.
Money was quoted at 312 per cent.
Discount rates, short and three-month
bills, per cent. Gold premiums at
Lisbon, so.
Paris Bourse.-Paris, Jan. 2O.-Ir rad
ing was quiet on the Bourse to-day.
Three per cent rentes, 81 francs 40
centimes for cash. Exchange on Lon
don. 81 francs IL centimes. FIVE per
cent loan, SO francs 90 centimes.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-21
Dividends

Pullman Co.-Regular quarterly dividend
of 81 a share. payable February 10 TO stock
Of record January 81.
American Railway Regular quarterly div
idend Of q, per cent on the preferred STOCK
,s,able February Il 10 stock OF record Jan
uary 81.
Hoover Steel Ball Monthly dividend Of )
per cent. payable February ! TO stock Of rec
ord January 22
United States Bobbin & Shuttle.-Quar-
terly dividend of 1 per cent on the common
stock and ] per cent extra. and quarterly
dividend Of IA, per cent on the preferred
stock. all payable February ] TO stock Of rec
,-1 January 10
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-21

To the list Of articles published in
"The Board Of Trade Journal" of Octo-
Der 26 the importation of which into
Russia IS prohibited, are shortly 10 be
added refined table salt imported in
small receptacles, certain descriptions
Of chinawarc (faience), gold watches,
passenger vehicles and wallpaper The
new order comes into force on Febru-
airy IA next.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-21

The above rates express the cost of
foreign money in terms of the Ameri-
can dollar You buy an English pound
sterling for s4.75ii; the intrinsic par
ity is s4.s6S 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 10
settle accounts in England.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-21
Other Cities

Boston Coppers. Boston. Jan. 20
Trading in copper shares in the local
market to-day was dull and listless;.
Chief interest centred in Calumet and
Arizona. which opened at SOh, gain
of q of point over yesterdays close,
and rose to 1925 in later trading. The
close was generally higher. AlloueS
66%: Osceola, SO; Old Dominion, 90.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-21
New York
Stock Exchange Employees Election

Stock Exchange Employees Election.
The Employees Association OF the
Stock Exchange has elected the follow
ing officers: John Tangney, president;
William Z. Beynon, first vice-presl-
cent; Thomas 0'lIara, second VICE
president; John Burke, secretary; A.
Murphy, recording secretary, and Frank
Mackey. treasurer. The members OF
the executive committee for the en-
suing year are Bernard German, J.
Cronin and n. n. Petry. Erastus l.
Teft. of the committee Of arrange
ments, is honorary president OF the as
ISOLATION.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-21
Bank Clearings.-The days clearings
at New York and other cities:

Sub Treasury. - New York banks
gained from b-Treasury $S5O,00O.
Silver.-Bars in London, 81 pence;
New York, 1875 cents; Mexican dollars,
5S5s cents.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-21

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, 1917-01-21

Appoints New Assistant Cashier
William h. Lake has been appointed an
assistant cashier of the Mechanics ana
Metals National Bank. For a NUMBER
OF years he was credit manager
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-21

The Declining Mark.-The fall in the
exchange value Of the German marx
is discussed at length by the Frank
furter Zeitung," which laments the fact
that the mark has continued to decline
despite the German military successes
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-21
Relevant
Information

International Mercantile Marine
The preferred and common shares Of
this company In a burst of activity
yesterday showed gains Of 2ls and 3Ss,
respectively. More than $1,000 shares
OF the common changed hands, while
sales in the preferred totalled $4,000
shares. Traders have been perplexed
over the recent strength in the Marine
issues In the face Of renewed German
activities on the high seas, inasmuch
as most of the company's tonnage is
British owned. Bulls on the stock
point to higher ocean freight rates
and the expectation that the directors
will soon work out a plan for taking
care of the back dividends on the pre-
ferred in seeking an explanation for
the strength in the shares. As to the
latter, however, it is not likely that
any action will be taken until Lloyd
George has outlined the new British
plan for Matchmaking" British ship
ping.
Bethlehem Steel.-It was reported in
the Street yesterday that the Bethle-
hem Steel Corporation might issue a
preliminary statement Of earnings Tor
the year 1916 after the directors meet
ing next Tuesday. According to un-
official estimates, earnings for the full
twelve months are placed at approx
mately $6O,000,O00. If this is correct
the company earnings for 1916 were
equivalent to $500 a share on the COM
mon. In 1915 the Schwab concern
earned Sl1S share on the common
and paid out $50 share in dividends.
Dealings in the stock yesterday totalled
2,110 shares, with an advance Of 10
points to a close of 435.
New York Air Brake.-The annual
report of this company is due the lat
ter part of the month. 1t is expected
to show net earnings on the stock OF
approximately 500 a share. The COM
pany has been very successful in its
war contracts. Air Brake is now pay
ing dividends at the rate OF 20 per
cent a year, half of which is repre-
sented by a regular 10 per cent div
idend and half by an extra distribu-
ton Of 1919 per cent, payable in in
stalments of 2ls per cent a quarter for
five quarters.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-21

uhl COnditlon OIL the view 1Ork tleaT-
ing House banks on Saturday was as
follows:
Loans and discounts. 49, a. ,422, 900
Reserve in own vaults 80. 566 ,435, 900
Reserve in +. X. Bank. 1e4,879,000
Reserve elsewhere. 1878 900
Net demand deposits go. 1858, $4,000
Net time deposits. 164,669,000
Circulation ............. 2S,653,OOO
Aggregate reserve. 818, 900
Surplus reserve. ........ 202,472,6 $50
Changes from the actual condition Of
the week before were:
Loans and discounts. &. O.. Inc .S55 PCS, 900
Net demand deposits. Inc. IS, 1874 900
Net time deposits. .... Inc. 2,563,000
circulation Dec. oo,UVu
Aggregate reserve. Inc. 35,397 900
surplus reserve. ...... Inc. 21,O34,O1O
The reserve position of the New York
Clearing House banks is now the
strongest in more than a year. An in
crease in excess reserves over legal re-
quirements of $21 ,034,O1O last week
carried the item to $202, JAZZ, $50, the
largest since September Is, 1915, when
S220,S73000 was reported. The high
record surplus was reached on Septem-
Der IL, 1915, when total Of s224,l22-
900 was shown.
Aggregate reserves increased $685.
$4,000 during the week. This gain was
more than Offset by an expansion of
$55, 900 in the loan account. Syndi-
cate operations in connection with the
United States Rubber and other fnanc-
ing explained the increase in the loan
item. Net demand deposits gained
ss6,1s40O0.
Bank Clearings.-The days clearings
at New York and other cities:
Exchanges. Balances.
New York. ..... $3.50, 1852, COO s25, 2e6, 547
Baltimore ..... 6,095,554 391,818
Boston ........ 3S,10e,434 5,101,7
Chicago ...... 66,eso,4s3 4,927, 72o
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-21
Corporation Returns

Brooklyn Rapid Transit. Report for tne
six months ended December 81, 1916. com
pares a. follows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-21
New York Federal Reserve

NelC York, January 20.
The condition of the Federal Reserve
Bank Of New York at the close OF
business Friday, compared with the
previous week. follows:
RESOURCES
Jan. 10. Jan. Il.
Gold reserve. .s17S, t0o,460 S18e, 1S7, 1855
Legal tender
money ....." ooo,oSo S'ooo'oHf
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-21
Money and Credit
Federal Reserve Banks
Washington, January

" dshln9tOn, JUINuTJ ~V'
The Reserve Boards statement of the
combined resources and liabilities Of
the Federal Reserve banks January is
follows: