davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-02-03
D. & r. c.. Holds Gree Asset
Securities Valued at So, 100000

DENVER, Feb. 2-Securitics owned
by the Denver & Rio Grande Railroad
Company, which recently was placed
in receivership by the United States
District Court here, were valued at
approximately S3,000,000 in report
filed by appraisers in the court to-day
The securities are classed as free
assets" of the company, and it was
proposed that the court authorize the
sale of 100000 worth of them to the
Equitable Trust Company of New
York, to provide funds for payment of
interest on the roads bonds and to pay
other indebtedness. The court an
nounced It would order the same if the
Director General of Railroads, Will
lam G. McAdoo, gave his approval.
Directors of the Denver & Rio Grandc
expect that the interest due February
l on the companys first refunding 5
per cent bonds Will be paid before the
sixty day period of grace has expired
The default is regarded as only tenn
porary. The action of the Director Gem
eral Of Railroads in withholding APP
prevail of the payment of the February
coupon, it was stated yesterday, was
due to the desire on his part to have
it made clear that none of the Denver
company's earnings after January l, or
since the plan of government control
went into effect. viii be used to meet
this interest. The protective committee
for the bondholders. headed by Seward
Prosser, president Of the Bankers Trust
Company, was formed in order to help
clear up a misunderstanding that has
evidently arisen since receivers for the
road were appointed in Denver last
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-02-03

The " Frankfurtcr Zeitung" regards
this Improvement as the best gauge of
the prospects for a general peace. 1t
adds the following comment:
"This Improvement in exchange may
be taken as a symbol of our general
position. Overnight, as it were, the
world has changed its mind about Ger
many"
The "Berliner Tageblatt" interprets
the Improvement in the following
words: Zone may be disposed to at
tribute the sharp recovery of German
exchange to the defeat of Italy and
Russia's longing for peace, which is
spreading more and more to other ma
tions. That view, however, is only
partly true. The chief cause for the
rise in the value of the mark is that
speculation had depressed the value Of
the mark far below what was justified
by the curtailment of our national
wealth through the war"
1t elucidates further: "Foreign spec
ulators saw the quotations for German
banknotes and bills sinking day by day,
and consequently they plunged more
and more boldly. In Germany, on the
other hand, the rise in foreign ex-
change was promoted by passive atti-
tude In various quarters; the holders
of balances in neutral countries, for ex-
ample, refrained from drawing against
them. The calculations (of the
speculators) were negatived by our
successful advance into Italy and the
dawning of peace hopes, for now the
foreign spectators began to cover their
engagements, and in doing so they soon
made the unpleasant experience that
the offerings of mark bills rapidly
dwindled. That is the explanation of
the fact that German eXchange-which
under normal circumstances varies
only few pfennigs in price-rose rap
idly within short time, and in Ger
many foreign exchange rates were
heavily depressed"
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-02-03
ReAexes of War

According to "The London Times. !"
the British output of munitions is con-
stantly on the increase. Nearly 10000
workshops in Great Britain are now
producing munitions of war. Of these
5000 are establishments controlled by
the Ministry of Munitions and $50 are
national factories. The output of ma
terial of all kinds is on an immense
scale, but the limit has not been
reached. The erection of four new
national factories at a cost Of over
$10,0000OO has just been sanctioned
and extensions are being carried out in
many areas. Existing workshops are
being enlarged; new factory is being
built for the readaptation of old boxes
and packing cases from the battle
fields; aircraft and Institutional fac
tories are being established, and al
most every week there are demands for
other varieties of building subsidiary
to the production of munitions.
During the first three years of the
war" says "The Iron Age" "the Ger
man iron and steel industry voluntarily
subscribed $50 million marks, or about
S7,50O,O0O, to the relief of workmen.
Largely owing to government action,
wages have been advanced to a point
which it is realized threatens the coun-
try's competitive standing in the
worlds markets after the war. By
government favor the returns to steel
manufacturers have been made highly
lucrative, and at the same time war
profits taxation is far less than in
Great Britain or the United States.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-02-03
Turkey Depending
On Germany for the !,
Money to Make War
Teuton Ally Advances S32..
100000 a Month for Cur
rent Expenses
The Net0 York Tribune
EOrfi0n Neare R,rcn,l

david Bey, the Turkish Minister q
Finance, while on his way to Berlin
where he is to make arrangements for
e. new Turkish war loan from Germany. IS
was interviewed in Vienna by repre-
sentative of the "Berhner Tageblatt"
III regard to Turkeys tinanci:., stu.
alton.
Our entire public debt" david Bey
declared, (which before the war amount
ed to 3,OOo,oOO,Ooo marks, has now
reached s,0OO,O0o,O0O marks. 1t is trus
this IS considerable sum- But if one.
takes into consideration the natural .
wealth and the economic power of the =
Turkish empire, it is evident that Tur--- 3.
key has been less overburdened by ti.s:- =
war than the other states Of Europe
Also, we shall be able to balance up
our ordinary budget By introducing
various new taxes, especially on articles
OF consumption, without tiscally over.
burdening the population. In putin G.
into order our finances after the war
we shall be greatly helped during the
first eleven years after the war, tfanks
to our arrangements with the German
empire. In the course of those elevea ..
years we shall be able SO to develop
cur economic forces that it viii be easy
for us to meet all our financial obliga-oi
tons
"Our loan agreement with Germany
which concluded in Berlin for period
of six months will expire at the end Of :.
February. According to that agreement
Turkey receives from the German gc%-
eminent every month 5000 900 Turk
ish pounds (32,000,000 dollarse, for her-s.
current war expenses. We are going to
conclude now similar agreement 1t
Is possible that we may be able some
what to decrease our war expenses q.
present Also | shall have to discuss.
with the German government I must
return at the end of February to Con-
stantinople, where shall have to bring
up the budget before parliament"
Discussing the political situation,
the Turkish Minister of Finance said :
81 believe that from the Turkish :.
point of view the present negotiations
are received very favorably. The peace
programme which the Russian dele- :
gates have proposed in Brest-Litovse
appears acceptable to Turkey and the
Turkish delegates have said so at the
peace conference As to the question
of the straits, it is right that all COM
merclal nations, especially Russia,
should be al, owed free passage through :
the Dardanelles. And when Turkey will
see herself no longer threatened By
the danger of being dsmembered, She
will open her straits to the comrerciai-'
ships, not only in peace time, but also
in times Of war. At any rate, we ar.
actuated by the earnest desire to live
in friendship with democratic Russia,
which has renowned the claims of the
CZarist government"
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-02-03
Dollar in Foreign Exchange

So far as outward appearances went,
the foreign exchange market made no
response last week to the peace talk
based on reports of labor unrest in
Germany. Rates moved narrowly, and
such fluctuations as occurred were not
significant.
In the absence of any important
movement, interest centred in the new
regulations announced at Washington
whereby all dealers in foreign ex-
change must obtain special licenses
from the financial authorities. This is
a part of the programme to bring the
whole machinery of the foreign ex-
change market under the direct super
vision of the government, so that
transactions which might prove benefi-
cial to the enemy will be prevented.
Another development that aroused
interest was the withdrawal of Offer
ings of rupee exchange by the Federal
Reserve Bank of New York That in
stitution had previously sold exchange
on India to American importing houses
from supply Of 2O,00O,0O0 rupee, OBJ
tanned by the Indian government. The
banks price was 3413 cents a rupee
Since the bank exhausted its supply
the open market rate has advanced to
351a cents, and it is asserted that the
problem Of obtaining exchange on
India with which to make payments
for goods bought there is again Sc
rious.
Exchange on London and Paris con-
tinued steady. Italian lire were easier,
with rather erratic fluctuations There
was little change in Russian rubles.
If you calculate the cost of the dollar
In terms Of foreign money at par value
that is, as if you were buying dollars
with pounds, marks or francs-its value
at the close of last week, as compared
with year ago, would be about as fol-
lows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-02-03
Germany Blomes
Foreign Spectators
For Slump in Marks

The latest German newspapers de-
scribe with much jubilation an i'm
provement in the value Of the German
mark, which they claim is without
precedent in the whole history of the
exchange markets. The "Frankfurter
Zeitung" prints table to show the
gain, which is reproduced below. In
this table the figures in the first col
umn represent the par value of 100
marks in the currencies of the countries
in question, except for American and
English money, where the value of the
dollar and the pound sterling is given
in German marks. The present value
Of the currencies of countries at war
with Germany is calculated through a
process of double exchange, like buying
first on Holland or Switzerland, and
then buying there on the hostile land.
The second column gives the value of
the mark around the end of October.
when it was at its lowest.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-02-03
Stock Exchange Firm Admits
Woman as Special Partner

Among the firm changes announced
yesterday in the weekly bulletin Of the
Stock Exchange was the admission of
Mrs. Clara L. H. Thomas as a special
partner of Clement G. Whitney. of 1870
Broadway. The announcement aroused
unusual interest in the financial district
in view of the fact that Mrs. Thomas is
believed to be the only woman member
of Stock Exchange firm.
Kenneth B. Gordon, one of the part
ners of the concern, did not seem to
take the same view of the matter
cit is nobody's business" he said,
''but our own as to why we have ad-
mtted Mrs Thomas as a partner in the
firm of Clement & Whitney. I decline
70 make any statement whatever on the
matter"
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-02-03
cents. together with the intrinsic gold
parity, as calculated by the United
States Mint:

The above rates express the cost of
foreign money in terms Of the Ameri-
can dollar. You buy an English pound
sterling at. say, s4.75h. The intrinsic
parity is $4.S6ss per pound. Thus YOU
say either that pounds are at a discount
or that dollars are at premium. which
Is owing to the fact that in England
the demand for dollars with which 70
settle accounts in this country is great
er 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, 1918-02-03
Dividends Declared

Buffalo. Rochester & NEUTRALITY-SUSPICIOUS.
semi-annual dividends of 3 per cent the
common and preferred stocks, both payable
February Is to stock Of record February II.
Cripple Creek Central Observation-Disclosures
quarterly dividends of per cent the pre-
ferred and !. per cent the common
stocks. both payable March I to stock of
record February IS.
Jefferson & Ciearfield Coal Co.-Regular
serni-annuai, dividend of ata per cent on pre-
ferred stock. payable February Is TO stock of
record February H.
Pittsburgh & Lake Erie Observation-Disclosures
lar seni-annual dividend of $3.50 a share
payable February ! TO stock of record Jan
uary %.
American Window Glass Co.-Reguar
sem-annual dividend OF 3i2 per cent on the
preferred stock. payable March l to stock of
record February IS.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-02-03
Relevant Comment
Big English Banks Consolidate

The Wall Street banking community
was greatly interested yesterday in an
announcement from London, telling of
the absorption by the London County
G. Westminster Bank of PARIS Bank
Ltd The merger Of these two powerful
London banking institutions is the sec
ond amalgamation Of the kind that has
taken place in the last two months, the
National Provincial of England and
the Union, of London, and Smiths
Bank having combined under one head
in the latter part of December. Com
bined deposits Of the London County
& Westminster and PARIS Bank APP
proximate 100000, according to
the latest statement On June 30 last
the London County & Westminster had
total deposits Of f112,000,000, and
PARIS Bank about c60,O00,000. Invest
ments of the London County Bank ag-
gregated about 935,O00,0O0, those of
PARIS Bank about 9l6,000,00 The
London County L. Westminster Bank
was established in 1886. Its capital
consists of e1a,000,000, in zoo, 900
shares of $50 each. Paid up capital to-
tails 43,5OO,OO0, and the reserve f4,000,-
O0O The chairman of the board is the
Right Hon. Viscount Goschen. PARIS
Bank, Ltd, was established in 1865. 1t
has an authorized capital of f15, 100000,
of which SIP, $50 is issued and g.
423530 is paid up. The banks reserve
fund amounts to f2,100,000. Cecil F..
Parr is chairman of the board, and r..
Hugh Tenant deputy chairman.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-02-03
The present favored condition Of the

The present favored condition of the
industry was commented on at q recent
meeting in Berlin of representatives
OF nearly all German iron and steel
plants, bridge builders and car works
ana some shipyards and foundries. The
present scale of rewards to EMPLOYERS
ana "orkmen, 1t was argued, can ONLY
ne prolonged when peace returns bv
protection against foreign connection
and by the annexation of territory which
VIII increase Germany's supply of raw
materials. Only German peace can
MAINTAIN the German steel industry at
us present or prewar level and pre-
vent !! from assuming a less command
ing role after the war than it had be-
1ore. The unfavorable possibilities
ahead of the German steel trade have
been clearly emphasized in the answer
OF German professor, when asked TO
what extent the German iron mines
can supply the ironworks of the coun
Try after the war. He replied that in
the peace negotiations the pressing
needs of the German iron and steel in.
oustry must be especially watched.
that first of all sufficient sources of
iron and manganese ore must be as
sured, for on such supplies depends
the existence Of the empire and the
people,"
Inc increasing fuel shortage has led
practically all the European govern
ments to impose restrictions of some
sort or other on private MOTORING In
England only essential JOURNEYS can no
undertaken regardless of whether the
car owner has supply of petrol held
over from the time when restrictions
IN the use of petrol were unknown
the police having instructions to prose
cute people using motor vehicles for
pleasure or unesscntial purposes. In
France, although a greater supply Of
petrol Is available, the restrictions i'm
posed on the use of private motor
vehicles by the authorities arc continu-
ally increasing, and it is more than
probable that early in this year the
use Of petrol for other than Official
ana essential purposes will be abso
lutely prohibited. The Dutch govern
ment has prohibited the sale of petrol
and all petrol substitutes used for the
purposes of private motoring. Petrol in
Italy is extremely scarce and the Ital-
ian government allowed itself to be
Hurried into hasty legislation. A de-
cree was issued forbidding any but
military cars the use of the roads,
and in consequence the big factories
building vehicles for the government
were unable TO test their machines.
The order was then amended to permit
test cars the use of the roads, but no
ether concessions were made In Switz-
erland it is reported that private
motoring has ceased for some time ow-
ing to the scarcity of petrol. The
newly-made nillonaires of Norway
and Sweden are able to indulge in a
limited amount of motoring, which ow
ing to the high cost of imported vehi-
cles and of the fuel, tires and lubri-
eating oil will not bear examination in
regard to economy.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-02-03
Field Work Badly Handicapped

The unusually severe weather last
month, extending into fields where low
temperatures have not penetrated in
recent years, either greatly retarded
field operations or brought about a
complete shutdown. Even as far
South as the Gulf Coast worknen were
obliged to lay off, while frozen pipes
and cutting winds through Northern
Texas and Oklahoma paralyzed field
work.
Furthermore, strikes in Texas and
Louisiana, the congestion of freight
on the railroads, the scarcity of oil
sections-all combined to check work
and prevent the completion of wells.
Many of those reported as completed
are wells that were started in No
vember or October. In several sec
tions wells have been shut down when
half drilled or near the sand and are
still standing idle waiting for better
weather conditions. Operators are
anxious to get to work. The cold has
not only checked new work, but has
prevented the pumping of wells, and
the output of the leases is conse-
quently reduced. While the wells will
come back as soon as they can be
pumped regularly, the producer is
urged by the loss of his production to
freshen it with new wells, and this is
more activity in the carly spring.
Many Rigs Waiting to Drill
considering the conditions in the
field, the new work at. the end OF
January MAKES a good showing" says
"The Derrick" "There were 1929 rigs
waiting to drill at the close of the
month, and 1923 wells drilling, the
total being 1928. The net decrease
was 80, as compared with the December
report, there being a gain of nine in
the number of rigs and loss of eighty
nine in drilling wells. 1t will be re-
record in the amount of new work
under way or standing at the end OF
the month, and the January report is
the next best one ever made. At the
close of January, 1917, the new work
totalled 1898, so that the present one
shows an increase of nearly ZOO, and
is larger than for any other month
last year except December. The di-
visions showing an increase in opera
tions are Northern Louisiana and Okla
homa, while the loss in other divisions
is generally small, the largest decline
being thirty eight, in the Gulf coast.
AAHoHS luS coiIpleIloio we're oOo
dry holes and 1873 gas wells, or LOT less
failures and six fewer gas wells than
in December. More than half the fail
ures were reported from Oklahoma and
Kansas. Thirty per cent of the COM
pietions in the Texas Panhandle fell in
the dry column, and nearly one-half OF
those in the Gulf coast were non-pro-
ductive, and Northern Louisiana re-
ported eight losses out of the thirteen
drilled in. Subtracting the failures
and gas wells from the total compile
tons leaves only 76S productive oil
wells, which is the smallest number re-
ported for many years. In December
the number was 1,177, for November
1,524 and in October 1871. which made
q new high record
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-02-03
Municipal Borrowing Reduced

State and municipal borrowing in
January was much reduced, amounting
in the aggregate to S15,479000, ac-
cording to "The Daily Bond Buyer"
compared with $3s. o49, 900 in December.
The marked reduction in the volume
of borrowing of this character IS prin~
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-02-03
Bank Resources in
Principal World
Financial Centres
Greatest Expansion During War
Takes Place at New York
and Petrograd

Banking resources of some Of the
principal cities Of the world at or
shortly before the outbreak of the war
when compared with the latest availa-
Bile figures are seen to have expand
ed most in New York City and in Pc
trograd, not taking into consideration
the changes that may have been
brought about in Russia within the
past six months.
The total resources of the New York
Clearing House banks at the close of
1917 were s11,566,s67 900, compared
with sS,714.125,0OO in 1914. In arriving
at these totals the items capital, sur
plus, deposits and loans are included.
In November. 1914, the total assets
of the banks in Petrograd, including
the Bank of Russia. amounted to 3d.
100,000,000. In October, 1916. they had
nearly doubled, the aggregate being
s6,15O, 100000.
The figures for Toxic are particu-
larly interesting in that the expansion
of the Japanese banks has apparently
not been commensurate with the ex-
pansion Of business in that country as
the result Of the war. In 1914 the
paid-up capital, reserves, deposits and
loans Of the banks totalled 1.256784,-
600 yen, or about s62s,ooO.ooO. At the
end of 1916 they amounted to $685.
100000. Assets of the seventeen Lon
don Clearing House banks mounted
from s4,s40,o00, 900 at the end of 1913
to s5,S45, 100000 on June 80, 1917.
The latest available figures for all five
cities compare with the pre-war figures
in detail as follows:
New York City
Clearing House banks 1914. 1917.
Capital ......... S203,950 900 $238, I5o'oOs
surplus .. sos, 486, 900 558, oe6 .0Oe
Deposits a, e02 ,777.0oo 6.618, 2e2 ,00c
J Loans, etc. ..... 3,oe3 600 4.151,73s,ooe
Toxic
Paid-up capital :. $54,2oe, 900 $4,000. ooe
Reserve 90 O3O, 900 %, 900 .oOl
Deposits ....... 2a2,os4,5o 281. ooo, ooe
Loans Goo, ~ ,oVo %o@'0oo'o0s
Buenos Ayres
Equivalent in American money!
Dec. 81, 1913. Oct. 81, 1917.
! Deposits in current
accounts and in
savings banks. $500 300. 900 $S22,o0O,oo
Discounts and adj
vanceS ........ oo,fUO,UOO ooS,SoOoOo
Cash reserve 44,OOO, 900 1852, $50 900
Capital subscribed I'll, 800 600 1851 ,U0O
sPetrograd
Nov, 1914. Oct, 1916.
Total assets SO, 100, 900 900 So, 600 900
London
End of 1913 June 80. 1917.
ing ing Hse bks. $40. 900 900 s5s4s. 900 900
*Includng Bank of Russia.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-02-03
Money and Credit

An increase of Sill, 37s,00O in loans
and discounts of the Clearing House
banks, as indicated in the statement
issued yesterday, was largely the re-
suit of operations Of the United States
and foreign governments at this CEN
ire. United States deposits increased
from s243, 600. go to 100000. Net
demand depo~ IS of the banks increased
N7,5i0,0 900. Surplus reserves decreased
$34,574,45O and seood at $62,307,3O0 at
the end of the week.
The actual condition of member
banks shown by the Clearing House
statement yesterday follows:
Loans, discounts, invest
ments, etc. 50, 225, 260, 900
Cash in vaults of Federal
Reserve members. go. ss,73o,o
Heserve in Fed. Res. Bank 526, 600
reserve in vaults of state
banks and trust comics. 17,914,OOO
reserve In repositories. 8,642, 900
Net demand deposits. -. 1863, 1858 ,0C0
Net time deposits. ....... POI ,241 600
Circulation .............. 34.162, 900
aggregate reserve. 553,54O, 900
Excess reserve........... $780,. 800
United States deposits deducted,
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-02-03

Closing rates yesterday, compared
with a week ago, are given in the table
below. American bankers have sus.
pended all dealings in German and Aus
trian exchange, so that daily quotations
for either marks or kronen are no
longer available.
(QuOte ed dollars to the nound)