davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-01-20
Other Cities

State Adds to evenues.-ALBANY
Jan. 19.-The collection of approx
mately s6o,0oo,o0o in revenues last wear
was one of the most important func-
tons of the State Controllers office.
Upward Of nearly 100000 more was
added to the states income during the
year.
One Of the most striking instances of
saving to the STATE during recent times
resulted from the discovery of the IL
legal issuance of stamps evidencing
the payment Of stock transfers, with
the result that the total collection of
taxes from this source ha- been enor-
mously increased. Last year proved
to be the largest in the history of the
stock transfer tax, which Melted over
$7,786,5l1. 1t was also the case in the
corporation tax, where S13.oS2.723. or
nearly $2,0000O0 over the previous
year, was collected
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-01-20
Canadian Bankers
Considering Gold
Shipments to u. S.
High Rate for New York
Funds Calls for Cor
receive Measure

Canadian banking interests, it was
learned yesterday, are taking steps to
of'ng about, possibly through the ship
ment of $15,o0O,0O0 to SEE, 900, 900 of
gold to New York, an adjustment of
the abnormal exchange situation now
existing between Montreal and New
York. Owing to the depletion of Cana
dian banking balances ut this centre,
the rate on New York funds at Mon
treal yesterday went to a record pre-
MUM of Us per cent. or S13.375 nor
Sl'ooo. This is the premium Canadian
interests have to pay in order to OBJ
tain funds needed for making paw.
ments in New York.
According to information received in
local banking circles, Canadian bank
crs have been in conference regarding
the unfavorable exchange position, and
are now considering asking permission
of the Canadian Minister of Finance
Tor shipping enough gold to the United
States to straighten out the situation.
"A banker who is in close touch with
the matter said yesterday that pos
slbly an arrangement would be made
whereby the Dominion authorities, who
now have an embargo on all gold ex-
ports, may make it possible for the
banks to send a substantial amount of
gold to New York on the promise that
as soon az it is convenient the metal
will be returned to Canada
Normally grain shipments into the
United States from Canada would tend
to correct the exchange situation by
building up the balances carried here
by Canadian banks, but, owing to the
transportation congestion, these ship
ments have been sharply reduced. At
the same time the heavy purchases
here Of steel and other material for
the manufacture in Canada of war sup
plies for the British government have
tended to create a larger demand for
New York funds at Montreal.
1t was only few months ago when
the shoe was on the other foot. Cana
dian banks then had big balances here
which they wished to transfer across
the border. Finally they obtained per-
Of the Federal Reserve Board
to ship $25, 100000 in gold to Canada,
but the mere fact that the gold was
available resulted in quick adjust
ment Of the exchange situation.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-01-20
rench Contract for
Explosives Approved
Receivers of Etna Company
Authorized by Court to
Close Deal

Judge Julius NJ. Mayer, in an order
issued yesterday in the Federal Dis
trict. Court, authorized Benjamin b.
Odell and George c. Holt, as receivers
of the. Etna Explosives Company, to
enter into contract to supply the
French Republic with 5000, 900 pounds
of guncotton and nitro cellulose pow
der, at price which will be to the best
interests of the creditors of the explo-
slves company.
Under the contract, which was en-
tered into after conferences between
the receivers and the War Industries
Board of the Council Of National De-
fence, 00O00; pounds Of the explosives
are TO be delivered during the month
of February, and from March to Sep
TENDER there are to be deliveries Of
100000 pounds month:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-01-20
Great Alaskan Gold Region
Over $1oo,ooo,ooo Produced
in Yukor-Tanana District

The first gold deposits found in in
land Alaska were in the Yukon-Tanana
region, which lies between the Yukon
and Tanana rivers, west Of the interna-
tonal boundary. The earliest of the
pioneer prospectors crossed the Chill
koot Pass about 1880 and began mining
in the interior of Alaska six years later.
after finding gold in the Yukon Tanana
region. Since then this region has pro-
duced gold to the value of about $780,
COOo0o. The region, known as the Cir
Gle quadrangle owes its chief present
Importance to the placer mines. which.
though Worked in a small way. have
produced gold to the value of over
$500 600
The town of Circle is one of the old
est White settlements on the Yukon. 1t
was located before the surveyor had
determined that the town was not on
me Arctic Circle, as supposed but fifty
miles south of it. Despite its nearness
TO the Arctic Circle, there are neither
glaciers nor permanent snow in the
YUKON Tanana region. 1t is indeed a
land OF fertile valleys and grassy slopes,
ana during the short but warm sum
mers vegetation thrives, many grains
can be ripened and vegetables grow
luXuriantly. The establishment of ade
quate railroad transportation facilities
may be expected to develop this entire
region greatly.
The United States Geological Survey
announces that it's Bulletin 539 con-
tains topographic and geologic map
of the Circle quadrangle and is illus
trated by excellent halftone views of
portions Of the area. A few copies of
the report are still available and can
be obtained by application TO the
Director United States Geological Sur
vey, Washington, D. C.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-01-20
Cottonseed Statistics

Cottonseed received at mills in the
five months ending December 81, the
Census Bureau yesterday reported.
amounted to 3,172,252 tons. crushed
2,l17,1S7, and on hand December 81
1,O8S 1892.
Cottonseed products produced dur
ing the five monts and en- hand Deem
Der 81 were: Crude oil produced. 636.-
~ $50 pounds; on hand. 170,406, 638
refined oil. 1895, 1867. and l5s,755.-
122 pounds; cake and meal, 1,0l2,9s7
and so.493 tons; linters, 534.837. and
24S,130 bales; hull fibre, 104 ,9o5. and
e,443 bales. Imports of oil. 2.27S. 29l
pounds; exports, 1S,5l9,671. Exports
OF cake and meal, 16,o24 tons, and OF
linters 105,199 bales.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-01-20
The Dollar In Foreign EXCHANGE

Strength of French exchange furn-
lshed one of the most interesting de-
velopments in the local market last
week, the rate advancing to 56SM
francs to the dollar for cable trans
fers, the highest point reached since
last April. Improvement in the posi-
ton Of franc exchange was attributed
mainly to the demand for remittances
incidental to the payment of the Amer
lean forces in France. At the same
time the supply of French exchange
being made has been greatly curtailed
by the credit advances made to the
French government by the United
States.
Most of the other foreign exchange
rates moved narrowly last week. Rus
sian rubles continued to display
steady tone around 10 cents, despite
fresh evidence of chaotic financial and
economic conditions now prevailing in
Russia.
An interesting situation has devel-
oped in New York Montreal exchange
As result of the heavy purchases
here Of steel and other materials for
the manufacture in Canada of war sup
plies for Great Britain combined with
the suspension of grain shipments,
Canadian banking balances at this cen
ire have fallen sharply, and the rate
for New York funds at Montreal has
lately been steadily advancing until it
now stands at premium of rs per
cent Unless the situation improves,
it is expected that gold shipments will
be made from Canada to New York to
adjust the exchange. Conferences Of
Canadian bankers are already being
held with view to placing the matter
before the Canadian Minister OF
Finance.
If you calculate the cost of the dollar
III terms of foreign money at par value
that is as if you were buying dollars
With pounds. marks or francs-its value
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-01-20
American Ice Report

Total sales Of the American lee
Company for the fiscal year ended Oc-
tober 81, 1917, according to the an
nual report made public yesterday,
were S9,840,529, compared with $9,l r.
962, the preceding year. Net earnings
after expenses, taxes, etc, amounted
to 81 ,336,14f, towl,ich was added $174,-
403 of other income, bringing the
years total net up to S1,51O $50. an
increase Of $46G,1 1875.
Net income after interest and other
charges was s9S3,312, equivalent to
$6.5S a share on $l492O,200 preferred
stock, compared with $500 earned on
the same amount Of stock in the 1916
fiscal period.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-01-20
German Mark Falls
On Neutral Exchanges
Loss of Confidence in Peace
Negotiations Given as
Cause

LONDON, Jan. 19.-The value Of the
German mark has fallen sharply on
neutral exchanges in the last few days,
rejecting loss of confidence in neu-
trail countries regarding the outcome of
the peace negotiations at Brcst-Li-
tovsk and the present condition Of
internal affairs in Germany. In Berne
exchange on Berlin. which early this
month was 90, is now 1910. In Chris
tiania it has fallen within the week
from 6275 to COPS; at Stockholm, from
G050 to $3.50; at Copenhagen, from
0b.75 to 6250; at Amsterdam, from
47.55 on January to 4l.65 yesterday.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-01-20

The primary object Of the plan to
regulate security issues is economic
rather than purely financial. 1t is
probably designed more to restrict
non-essential industries than to in
sure essential industries of priority
IN the capital markets. Consequently
would not be surprising if the
FEDERAL Reserve Board should event.
ually extend the "moral" restric-
tons to include bank credits. The
views of the board on the credit
question are therefore of interest.
The last issue of the Federal Reserve
Bulletin contains the following:
Nobody should draw upon the credit
resources Of the country except to
hnance transactions which are essen
tlal for q nation at war.
Credit should be saved as much as
goods.
Conservation of credit as regards
non-essental enterprises is neces-
sary in order to provide, without I'M
due expansion, the credit required by
the government and by business es-
sental to the success of the war
and the well being of the country.
The board most earnestly invites
serious consideration of these and
kindred steps in the development Of
programme of national economy
and bespeaks the cooperation of all
'he banks of the country in behalf
OF their adoption in their several
communities. The banks are urged
70 teach in their districts t. mean
ing and necessity of saving and its
ieiatlon to the successful financing
u the war; to tell the city merchant
ana the country storekeeper that this
- not the time to buy and stock up,
especially with Injuries. Let tn
people everywhere be encouraged to
'ohsume fever things and let those
NC the simple and substantial things
mat are necessary to health and
strength. Let the public realize that
~ Is more respectable in slch war
''mes as confront US to be seen in old
.'o'nes than in new ones. Let the
'anKs tell the people of their COM
"unIties and their authorities, the
mayors and governors, that this is
'S1 ice time for cities to be spend
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-01-20
Relevant Comment
Rediscountable Sugar Paper" Proposed

Rediscountable Sugar Paper" Proposed
The plan under consideration by New
York bankers for financing the Cuban
sugar crop Of 1918 is said to provide
for the issuance of some form of short
term security, either six or nine
months, in such shape that it can be
purchased by banks and used for re-
discount purposes. What may happen
is that the International Sugar Com
mittee, of which Mr. Hoover is the
head, may buy the entire sugar crop,
paying the grower spot cash as he
delveis his sugar. Then by storing
the raws in Cuba they can be drawn
upon gradually for shipment north as
ocean tonnage is avail .aDip. 1t is as
sumed that the big refiners will be
buyers Of a possible issue of $3.50, OOQ,-
600 short term paper. Competitor OF
the plan is reported to hinge on the
assurance that enough ships will be
provided to move the Cuban sugar
crop.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-01-20

Inc above rates express The cost Of
foreign money in terms of the Ameri-
can dollar. You buy an English pound
sterling at, say, s4.75lA. The intrinsic
parity IS $685. per pound. Thus, you
say either that pounds are at a dis
count or that dollars arc at q premium.
which is owing to the fact that in Eng
land the demand for dollars with which
to settle accounts in this country is
greater than the demand in this coun-
try for pounds with which to settle ac-
counts in England.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-01-20
Dividend Changes

American Navigation.-Th COMPANY 20
duced its quarterly dividend from per cent
to li2 per cent. The dividend will be paid
January - to stock of record January 3.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-01-20
Extra Dividends

American District Telegraph of New Ter
sey.--Ihe company has declared an extra
dividend Of / per cent. in addition to the
regular quarterly dividend of per cent. both
payable January 30 to stock of record jam
airy 3. ~
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-01-20
Marine Shares Tumble

In sharp contrast to its recent trend,
international Mercantile Marine pre-
ferred turned rcactionary in ycstel-
days market and closed at S9l2, the
low price for the session and decline
OF "a points from Fridays last sale
Yesterdays weakness in the face of a
generally strong stock market provoked
some rather caustic comment in com
mission houses, in view of the recent
reports that important developments
in the compaily'. affairs are being CON
sidered by the board Of directors.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-01-20
Money and Credit


banks decreased s32,543 900 last week,
according to the weekly statement of
the Clearing House Association, issued
yesterday. Loans now stand at S4,O34,-
10000. Net demand deposits decreased
S1',5S0.000 to total of $500, 763 900.
Aggregate reserves decreased $50
9S1 900 and totalled $556,S09 900 at the
close of the week. There was de-
crease of s1o,996,7s0 ms reserves in
excess of legal requirements. The
United States government increased
slightly its deposits at this centre. the
statement showing a total of $780,
100000 with the Clearing House banks.
compared with $126,24s 900 a week ago
The Clearing House statement fol-
lows:
Loans, discounts, invest
ments, etc.. s4,o34,9 81 900
Cash in vaults of Fed.
Res. members. ....... 100000
Reserve in Fed. Res Bank SCI, zoe, 900
Reserve in vaults of state
banks and trust cos.. 1886. GOO
Reserve in repositories 9,713.OO0
Net demand deposits. 3,666,7s2 600
Net time deposits. 198,73o,oOo
Circulation ............ 34,o70,OO0
Aggregate reserve . $50 sos. 900
Excess reserve ....-..... 67,676,23O
United States deposits deducted,
s139 ,9Se,0 900
The changes from week ago were:
Loans and DISCOUNTS -. Dec .$32, 543 600
Cash in vaults of Fed
Res. members. ...... Dec. 7,280,OOO
Res. in Fed. Res. Bank Dec. 21,566 600
Res. in vaults of state
banks and trust cos. Dec. 532. 900
Res. in repositories. Inc. 1.117.OCo
Net demand deposits. Dec. 1850. oco
Net time deposits. ......Inc. 1886, 600
Circulation ........... Dec $4,000
aggregate reserve $50. Dec. 20,95 900
Excess reserve $1,000. Dec. 1O,296,78O
Acceptance Rates.--Current bid prices
for prime acceptances are as follows;
Thirty Sixty Ninety
Spot delivery: days. days. days.
Eligible member
banks .... q % % q %
, member banks ; 41s% 4A9s 414%
AlISil iUic UdHh
bills ......... s % 5 % S %
For delivery within thirty days:
, Eligible member banks. 4Lh o.
Eligible nonmember banks. 4aa o.
Ineligible bank bills. s %
Bank Clcarings.-The days clearings
at New York and other cities:
EXchanges. Balances
Boston. ........ 4O,866,208 1888, 424
Philadelphia.... 6o,o3e,74o 1890 1925
Sub Treasury. New York banks
gained from the ub-Treasury $4,000.
Silver.--Bars in London, 44%d un-
changed; New York, $3.50, an increase
of &c. Mexican dollars, 72hc, I'M
changed.
London Money Market - LONDON.
Jan. 19.-Moncy firmer at 31z per cent.
Discount rates-Short bills, 1892 per
cent; three months bills. 41-32 per
cent Gold premium at Lisbon ITO 0O
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-01-20
News Digest
Foreign

Paris Sourse Lifeless.-PARIS, Jan.
19.-The Course was lifeless to-day.
Three per cent rentes. 59 francs for
cash. Exchange on London, 81 francs
Is e confines. Five per cent loan, 50
francs SO centlmes.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-01-20

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, 1918-01-20
az the close of last week, as compared
WIN year ago, would be about as fol-

CTVS1Hg EN(IS lyesterday, compNred
with week ago, are given IN the table
below. American bankers have sus-
pended all dealings in German and
Austrian exchange, SO that daily quo
tatlons for either marks or kronen arc
no longer available.
(OuOt nd do11nru IN %I,A ,>o,rI\
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-01-20

The stock market no longer has
harometric value. 1t is following
instead of anticipating economic
ocsnts. Active interest in the market
e confined almost wholly to profess
s;onal SPECTATORS, who are content
:, squeeze a living out of the daily
svrations and make no attempt to look
rery far ahead, since no one can for
sec the extraordinary developments
which are following one another in
ranid succession or even estimate
,be effects on prices after they have
taken place. 1t is Just as we'll for
all concerned that the market is mar
row and outside participation at a
minimum, for if the public should
take an active interest it could hard
~ be on the constructive side under
nresent circumstances. Only the fact
that the market had been over liqui-
dated prevented a serious break when
fire Garfield order was issued. 1t
was perhaps the most severe test the
market has had to face since the
United States entered the war, and
the shock was the greater because
such drastic action had not been an
tcipated, and the surprise was there
fore complete. Wall Street expected
trouble Hnen the market opened
Thursday morning, and it seemed for
time that its fears might be real
lied Professional traders fastened
to unload and to sell short and prices
opened considerably below the pre-
ceding days close. But the ava
lanche of selling which was expected
to come from investors failed to ma
terialize. The result was that the
market remained inactive, with
meaningless fluctuations. At the
close Saturday the average price of
fifteen representative railroad stocks
was a fraction above the average at
the close on Wednesday, while twelve
representative industrial issues were
up about half point
The Federal Reserve Board has
decided that, for the present at least,
regulation of new security issues is
to be on voluntary basis, as was
proposed by leading New York bank
e1s. 1t is to be hoped that moral
suasion will be quite as effective as
legal restriction, and probably it will
re, inasmuch as the plan has the
backing of the leading banking and
Investment interests of the country.
The only serious obstacle is the diff
Guilty of determining just what con-
stitutes a non-essential industry; but
the same difficulty would apply even
we're the restriction enforced instead
Of voluntary. Whenever there is any
doubt the question presumably will be
PUT up to the Reserve Board for a
decision. In any event the restric-
tons are not likely to be SO rigid as
those now in effect in England, for
the reason the banking and invest
ment position of this country is much
stronger than that of our ally. Out
OF new capital issues aggregating &c.
oe2,980,000 put out in England last
year only S34,528,000 was for indus
trial purposes, and most of this was
obtained for projects intimately con-
nected with war work. Normally
industrial borrowings in England
amount to something like a billion
dollars year.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-01-20
Federal Reserve. Banks

WASHINGTON. 19The decline of
by
night
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-01-20

Traffic statistics Of the Interborough
Rapid Transit Company show that So
G05678 tickets were used in subway
traffic last November, against $685.
364 for the corresponding month Of
1916. The ele sated system carried co.
o62,647 passengers, contrasted with
30,45S,0 for November 1916. On the
subway divisions the largest number
of passengers carried was on the lines
from Nincty-sixth Street to South
Ferry. The Broadway branch carried
4,484,757 people and the Lenox Avenue
branch 6,560,131 On the elevated lines
the route from Chatham Square to
135th Street was most extensively used
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-01-20

A victory over German propaganda
Details of the British negotiations
with Argentina interests for the pur-
chase of grain are contained in the fol-
lowing Buenos Ayres dispatch to "Thc
London Times:
"The terms of the agreement which
has now been reached for the purchase
of 100000 tons of Argentine cereals
are eminently satisfactory to all con-
cerned. generous minimum price has
been agreed upon, with the object of
bcnefting producers, VINO, however, un-
fortunately became frightened at the
delay in the negotiations and have
largely transferred their produce re-
Gently to spectators.
"The outstanding feature of the
agreement is that the Allies in the
fourth year Of war obtain credit to the
extent of e40,000,o00 at per cent on
note Of hand alone-surely almost un-
rrecedented in the annals of interna-
tional finance. An important result of
the agreement Will be the regulation
Of the exchange rate with London,
decreased importations
and heavy selling of meat, hides ana
wool bills. COUPLED with the expecta-
on of grain bills offering-has reached
ID per cent above par, with every pros
pect Of mounting. Presenting that the
agreement is ratified, it is justitiable to
regard it as a mastery victory over
German influence and propaganda
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-01-20
1917 Mining Dividends

American mining, metallurgical and
holding companies paid S242, 1853, 5S8 IN
1917 to their stockholders in the form
C dividends, compared with S237 $685.
1913 in 1916, according to the compila-
ton Of "Thc Engineering and Mining
Journal" The largest total was dis
bursed by the Utah Copper Company,
amounting to s23 ,555. 900. The Anaconda
Copper Company paid sl9,815,00o IN
dividends to its stockholders, the New
Jersey Zinc Company S14, roc, 900, the
Kennecott Copper Corporation $685.
coo, Phelps, Dodge e. Co. $14,40000o.
Calumet e. Hecla $500, 900, and Chino
Copper, sS,612,000.
Dividends paid by mines in Canada,
exico and other South and Central
American countries aggregated S22,-
477,657 last year, against $24, lS0S94 IN
1916. The Cerro De Pasco mines, of
Peru, led the group with disbursements
CT $4,009, 47U.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-01-20

ST. LOTUS, Rocky Mountain & Pacific
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-01-20
Corporation Returns

lah SECURITIES Corporate
Subsidiary COMPANIES
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-01-20

London Money Market - LONDON.
Jan. 19.-Money firmer at 312 per cent.
Discount rates-Short bills, 8 31-32 per
cent; three months bills. a 1872 per
cent. Gold premium at Lisbon, 1000