davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1918-02-17
Silver Legislation Drags

The silver trade is still waiting for
the government to put through it's spe-
cial legislation which will Ak the price
and provide $150,0000oO worth of the
metal through the safe Of that amount
Of silver dollars now held back of out
standing silver certificates. So many
different interests are concerned in
the proposed legislation that it is like
ly much time will elapse before the
bill is completed and enacted into a
law. Silver mining interests are hold
ing out for high price-around a
dollar an ounce. The British govern
ment, on the other hand, wants a lower
figure. In the meantime the silver
market is dull, with only small
amount Of business doing.
New-York tribune., 1918-02-17
National Conduit
Report Shows Thin
Margin of Profit
Surplus From Nine Months
Operations Amounts to
$21.O45

The National Conduit and Cable
Company in the nine months ended
December 81, 1917, according to a re-
port for that period issued yesterday,
+ saved only s1,231,6s4 in operating
profits from the net sales of s2O,31s,-
539; manufacturing costs and admin
istrative expenses consumed s19,OS6S55.
There was set aside S263,1s2 as a re-
serve for payment of excess profits and
income taxes, while $15,591 was written
off as representing the loss On the COM
pany's investment in Liberty bonds.
Presumably the bonds were sold in the
open market, as the balance sheet
shows no record of such holdings. De-
ductions, less discount on bonds pur-
chased for sinking fund purposes, were
S625,5T3, leaving a surplus of S692,539
from the nine months operations.
Further deductions, which included
certain charges incurred before the re-
organization of the company last April,
amounted to s171 ,494, leaving a ball
ance for dividends amounting to S521.-
CAS-. Dividends paid consumed 100000,
leaving final surplus of only 1,045.
On December 81 the company had cash
on hand of $1,430,647.
New-York tribune., 1918-02-17
Relevant Comment
Great Northern Ore Dividend

Directors Of the Great Northern Iron
Ore Properties yesterday declared a
dividend Of 81 share on the 100000
outstanding shares of stock. Inasmuch
as similar declaration was made six
months ago, the question whether it
might be the intention of the board to
place the stock definitely on 50 an
nual basis was Immediately raised. The
full dividends paid in 1917 amounted to
$3.50 share; in 1915 $1.25 share
was paid, and in the period from 1911
to 1915 the rate was so cents. The
disbursement to stockholders last year
was the largest with the exception of
1910. The dividend declared yesterday
is payable March Is to stockholders of
record on February 2S. Great North
ern Ore stock advanced to 29A follow
ing the action of the directors. The
closing price was 2s, net gain of l II
Y,Oi0tC
New-York tribune., 1918-02-17
Dividends Declared

American Power Light Company,-Rep-
ular quarterly dividend of per cent on the
common stock, payable March l to stock of
record February 19.
Boston & Albany Enthusiastically dvi-
tend OF per cent, payable March 80 to
stock Of record February %.
Chestnut Hill Railroad Company.-Regular
quarterly dividend of y per cent, payable
March to stock Of record February 20.
Cudahy Packing Company.-Regular quar-
stock. payable March Is to stock of record
March 5.
Philadelphia, Germantown & Norristown
road.-Quarterly dividend of per cent
payable March to stock of record February
Great Northern Iron Ore Company.-Divi-
dend of 81 per share payable March Is to
stock Of record February 29.
Southwestern Power & Light Company
Regular quarterly dividend of q per cent on
the preferred stock, payable March to stock
OF record February 19.
United Drug Company.-Regular quarterly
dividend of IA per cent on the common
March is.
United Eastern Mining Company.-Divi-
dend of cents per share. payable February
Smart Woods. Ltd.-Reguar quarterly
dividend of 1% per cent. payable April to
stock of record March 2S.
Cincinnati. New Orleans & Texas Pacific
Railway Company.-Regular quarterly diyi-
dend of "a per cent the preferred stock
payable March l to stock of record February
New-York tribune., 1918-02-17
Cotton Goods Trade
[By The Associated Press

Ey The Associated PreSS1
Government purchases of cotton
goods continue to exercise dominant
influence on a strong rising market.
Civilian purchasers are finding it in
creasingly difficult to obtain goods and
producers are insisting that anything
like a normal output is impossible un-
der present fuel and other conditions.
Efforts to move merchandise have been
more earnest this week, and they have
been aided by more favorable weather
conditions.
The government is negotiating for
$50 100000 yards of bandage cloths, for
which it has decided to pay II cents
pound, to selected Fall River mills,
and it is expected this will be the first
of many moves to put industry and
prices under strcter war control.
Other purchases or inquiries have in
cluded several million yards of denims,
twils for MILDLY blouses and wide
sheetings. The jobbing trade is more
active and retailers report improved
trade with the milder weather. Print
cloths are higher, fine combed yarn
goods have been advanced sharply and
Inquiries for many staple goods are
steady. Yarns and knit goods are firm,
with trade less active than is noted on
cloths.
Quotations on staple cotton goods are
as follows: Print cloths. 28-inch 64x
64s, 1874 cents; 64x60s, 1872 cents;
3812 inch 64x64s, 1871 to IA cents;
brown sheetings, Southern standards,
211a to % cents; denims, 2.20 Southern
indigo, 321a cents; tickings, 8-ounce,
37iz cents; standard prints, 131s cents;
staple ginghams, 1879 cents; dress
ginghams. 221a to 25 cents.
New-York tribune., 1918-02-17
Interior Banks
Withdraw Funds
From New York
Preparations to Buy Treas
ury Certificates Cause Re-
serves Here to Fall

Preparations made by banks through
out the country to meet the forthcom-
Ing issues Of United States Treasury
certificates of Indebtedness, which are
expected to approximate $3,000O00, 900
by the time the third Liberty Loan is
offered. were largely responsible for
the reduction of $6O,O54,OOO reported
yesterday in the surplus reserves of
the New York Clearing House institu-
tions. This reduced the surplus of
the local banks to $29,251 200, the
smallest with one exception since the
establishment Of the Federal Reserve
Bank system. On September last
tho surplus stood at s12,307 900. Dur
ing the week of December Is it stood
as high as $150,00O,0O0.
Banks in the interior of the country
withdrew funds heavily from this CEN
trc last week, presumably in order to
be in position to meet present and
future certificate issues. This was in
dicated bv decrease Of $98,O0o,0oo in
deposits. The local banks met these
demands principally by transfers
against their reserves in the Federal
Reserve Bank, which decreased $7O,-
100000.
In spite Of the heavy subscriptions
Of the local banks to the current offer
ing Of certificates of Indebtedness the
loan account increased only $6,143,000,
indicating that the banks were able to
curtail their investments in other di-
rections.
United States government deposits
with New York banks at the close of
the week aggregated $359,478,0 900, a
decrease of $50,272.O0O compared with
the preceding week.
The weekly statement of the Fed
eral Reserve Bank of New York dis
closed decrease of about $11 100000
in bills discounted and bought, this
item amounting to 1892, 2,135, 300 at the
end of the week. The gold settlement
funds increased from $9O,s20,OO0 to
$1O7,790,000. Federal Reserve notes
outstanding increased $4,000,000 to a
total of $470,379,030.
New-York tribune., 1918-02-17
Dollar in Foreign Exchange

Political and military developments
abroad have not been reflected in an
important way in the foreign exchange
market during the past week. Fresh
peace discussions have been without
apparent effect on day-to day rates.
OF greater interest to dealers was
President Wilson's proclamation plac-
ing all the foreign trade of the country
under control by license. This is ex-
pcted in time to have an important eff
feet on exchange rates on neutral coun-
tries. With imports, as is likely, reduced
mainly to essentials, the demand for
exchange is expected to fall of Ia many
cases. Whatever happens. IL h lixeiy
that the scope of the exchange sA-ks.
will be lessened and dealings thereby
considerably reduced. 1t is thought
probable that the premium on some of
the neutral exchanges will disappear
as imports from those countries fall
away.
The principal development in the ex-
change market itself during the week
New-York tribune., 1918-02-17
Current Opinion
"The Right Way to Lend"

(Ihe "Committee of Economics')
There are two ways for us to lenc
money to our country. The right way
Is the frank ana honest way of saving
by spending less or earning more. The
other and wrong way is the at first
cheap and easy, although ultimately
costly and painful, way of lending the
government what we borrow from the
bank. Even that species of robbing
Peter to pay Paul is, of course, better
than paying POul nothing, for Paul,
l. G., the United States Treasury, must
have the cash, But it can be justified
only when unavoidable or when used as
temporary eXpedient, and the debts
So contracted are soon repaid out of
savings
II buy government securities by
ewing up the purchase of pleasure
suI.omoolie, the government can buy a
ih'iltary truck with the same money.
and the labor and capital which wouid
nave made the pleasure car for me
VIII make the truck for the army in
stead That is the right way.
iae wrong method is employed If I
INSIST upon buying that pleasure car
ana SO can buy the government securi
Lies only by borrowing the money at a
pahk. have sacrificed nothing out of
current money income. | have simply
increased the money income of the gov
eminent. The bank which lends me
a1 .ne money does so by writing down a
9eposlt" to my credit on its books,
winch deposit" I transfer to the gov
erhment. This deposit" provides pur-
eaaslng power without providing or
Trslieasing re- anything to be purchased
me result is that instead of labor and
capital turning from the making of
Measure cars to the making of motor
tks Trucks they are called upon to make
eoth. give the government my check
- ouy the truck, but at the same time
enter the market to prevent the gov
uraament uani from getting it. In short. the
paolic po by its paper subscriptions ap-
peals generous to its government, but
sacrifice. WV '0"4
New-York tribune., 1918-02-17
"Public Safety Measures"

The spirit Of reform is spreading. A
few days ago members of the Curb
Market Association revived the agita-
tion to take their market indoors. so
that closer supervision of the activi-
ties of the members might be attained.
Now comes the following statement
from the Consolidated Stock Exchange: I:
"In further endeavor toward insti-
tuting public safety measures the gov
erning committee Of the Consolidated
Stock Exchange has under serious con-
sideration the advisability of requiring
every branch manager and correspond
ent to become member of the ex-
change and thereby enable the ex-
change to exercise greater official iuris.
diction over their business transac.
tions Of every kind"
New-York tribune., 1918-02-17
Loan
To Cuban Sugar
Growers Assured
Credit To Be Arranged in
Form of Rediscountable
Acceptances

Practically all of the $100,O00,OO0
loan sought by Cuban sugar growers
IN the American market to finance the
current crop has been assured, accord
ing to information obtained yesterday
at the Offices of the International Sugar
Committee, which, with committee OF
New York bankers, has been engaged
for several weeks past in working out
the details of the plan.
New York bankers and sugar refners
have subscribed s6O,oo0,000 of the
loan. The remainder has been con-
tribuSed by Boston, Chicago, Philadel-
phia and New Orleans interests. the
credit, it is understood, will be put
into operation in the form of accept
ances, which may be rediscounted at
the Federal Reserve banks.
The committee of New York bankers
which will aid in handling the opera
tion of the loan in this city is made
up of officials of the Guaranty Trust
Company, the Chase National Bank and
the National City Bank.
Financing of this years Cuban sugar
crop to supply the needs of the United
States and the Allies is part of the
food administration general pro-
gramme of distribution. The first step
was the purchase of 100000 tons of
the crop, to be shipped to the United
States and Great Britain. Shipments
up to the present time, it is under
stood, have. been paid for from ad-
vances by bankers, pending completion
of the general financial plan. Delay in
perfecting the details of this plan mas
been due to the unwillingness of bank
ers to go ahead until definite assurance
had been received from the govern
ment Shipping Board that enough ships
would he provided to carry the sugar
to it's appointed destinations.
The new Cuban sugar crop is esti-
mated at approximately 3,500,000 tons.
1t is worth at present prices in excess
of $780, 100000. In former years con-
siderable amounts of gold have been
shipped to Cuba as part payment for
the commodity. The governments en-
barge on the expectation of gold has
prevented payments from being made
in that manner this year.
New-York tribune., 1918-02-17
Banks Respond Literally to
Secretary McAdoo's Appeal

WASHINGTON, Feb. 16-Banks re-
sponded literally to the recent appeal
of Secretary McAdoo to lay aside per
cent of their resources weekly for pur-
chase of certificates of Indebtedness is
sued in anticipation of the third Lib
erty loan, according to preliminary re-
ports tonight from Federal Reserve
banks on the sale of the $500,000,0o0
block which closed yesterday. So many
subscriptions we're received that it will
be impossible to tabulate all until Mon
day or Tuesday, and consequently the
aggregate subscribed was not deter
mined.
Secretary McAdoo announced that
other issues would be announced about
every two weeks until the toal reaches
SO 5000, 100000. If this plan is followed
cclosely another block of certificates will
be offered next week.
New-York tribune., 1918-02-17
American Can Sinking Fund

The annual report Of the American
Can Company for 1917, issued last
week, showed that during the year
s514,500 of the per cent sinking fund
debentures were retired. On February
/, 1913, there was offered to the public
$15,000,00O of these securities at 97h
and interest. Since that time $2,127,-
500 have been retired, leaving the
amount still outstanding at $11,872,000.
The sinking fund provides that the
company must pay the trustee 100000
in cash on or before May l each year,
to be invested in the debentures at not
exceeding 1924 and accrued interest.
Their present market quotation is SO 1a
asked.
New-York tribune., 1918-02-17
British Columbia Crops
Increased Production of Fruit
Sold at Good Prices

From Vernon, centre Of the fruit
growing area Of interior British Colum-
bia, the statistics Of the 1917 fruit crop
have Just been issued. The total OUTPUT
reached 100000. The crop was slight
ly in excess Of 1916. but the best prices
since 1910 prevailed A very complete
system Of distribution has been estab-
lished. thus saving losses caused in for
rer years. The big bulk Of the crop was
sold in the Canadian prairies and VAN
couver Seventy-five cars of apples were
shipped, fifty to New Zealand and Aus
tralia. and twenty-five to South Africa
Altogether $500 cars of fruit were
shipped, of which 2,025 were apples, the
balance being made up Of plums,
peaches, apricots, prunes and small
fruits.
AS compared with last year, the in
crease In prices was 20 per cent on
apples, % per cent on plums AMI
peaches, 25 per cent on crab apples, Is
per cent on prunes. and 80 per cent on
living, and the doubling in the price Of
box material paper for wrapping and
nails, lessened the profits Somewhat
but. IN general. the growers of British
the women to the call for workers to
pick fruit helped largely to save the
crop and keep down the proaibitive de-
mands made by Chinese labor.
The British Columbia timber output.
aided by the Brewster aid to shipping
bill and the general increased demand
just given out by the forest branch Of
the Lands Department at Victoria.
shows a large increase over the last two
years. For the first ten months Of 1917
the output was 1,304,725, 900 feet, board
measure, an increase OF "a 4,462, 900 over
the preceding twelve months. The rev.
enue in 1916 from manufactured lumber
was S15.012,050 It is expected by the
end of the present year an increase Of
$7,500.00O on this will be made
Christian Science Monitor.
New-York tribune., 1918-02-17
Captured German Land
In Africa Is Valuable

One result of the taking of German
Southwest Africa by the South African
Union troops has been the discovery
that, instead of its being largely y
barren wild, it contains much good land
suitable for cultivation and grazing. In
a recent speech, Sir Thomas Watt, q
member of the South African Union
ministry, said that instead of finding
it a desert he found good land in the.
conquered territory, with wonderful
grasses, a great deal of vegetation. fat
cattle, splendid horses, and first-clas;
sheep, and he gained the impression
that it only required money and M
ergy under British occupation to make
it "a land of milk and honey. y."-Argo-
naut. =
New-York tribune., 1918-02-17

The number of commercial fail
ures last week was 1S per cent
smaller than in the corresponding
week last year, when business NOR
tality was at low ebb. In January,
1918, there were Ia per cent fewer
failures than in January, 1917. In
the calendar year 1917 only eight
terths of per cent of the 1,793,225
concerns doing business in this coun-
try became insolvent. A lower per-
centage than that has not been re-
corded in good many years, and
it has been equalled only twice in
the last decade. This is a truly
amazing record when it is considered
that for more than ten months bust
ness has been undergoing process
of readjustment the like of which
has seldom been witnessed. 1t has
been said that the difference be-
tween prosperity and depression or
dinarily is no more than Is or 20
per cent in the turnover of busi-
ness. The actual volume of busi-
ness done rs measured by clearings
and prices is currently less than 80
per cent of the turnover a Year ago.
That the country's commercial
structure has withstood the shock of
such a drastic curtailment, accom-
panied as it has been by such far
reaching disturbances as the recent
industrial shutdown, clearly indi-
Gates that business was on a much
stronger foundation than had been
generally supposed. AS rule, when
business undergoes such mushroom
like growth as was witnessed in the
thirty months preceding our en-
trance into the war, great crash
follows the first unfavorable devel-
opment. The calamity is so delin-
quent this time that there is ground
for hope that it will not come until
we enter the period Of deAation
some time after the war ends.
The general level of commodity
prices advanced very sharply in the
month ended February /. Measured
by Dun's index number, the cost a,
wholesale Of given number of each
of varied group of products was
$227, which is S37, or, roughly, 20
per cent, more than the cost on April
/, 1917. A significant feature of this
index is that the rise between Janu-
ary I and February ] Of this year
was substantially greater than the
upward movement in any month
since last summer, this despite the
fact that the index includes com
modities the prices for which have
been fixed. Evidently the imitation
arising out of the governments huge
financial operations is beginning to
have a more pronounced effect upon
prices. 1t would not be surprising
to see this index advance much more
rapidly henceforth than it has at
any time since the war began. Al
present prices are about 80 per cent
above the average on August /,
1914.
New-York tribune., 1918-02-17
In Japan. Too

The steady advance Of coal in Japan
since the war started has led to in
creased colliery enterprises. The rec
ognized coal fields being limited, ef-
forts are now being made to exploit
the Japanese portion of Saghalien.
Hitherto the authorities have prac-
tlcally prohibited private working of
coal fields, but this ban will be re-
moved to- some extent to relieve the
present shortage.
The Mitsui, Mitsubishi and other in
dustrial concerns are said to. be com
peting for coal-field concessions in
Saghalien.
New-York tribune., 1918-02-17
Price Fixing and Production
Engineering and Mining JourmaD

Engineering and Mining JourmoD
me reason why any price fixing dis
.0urages production is in no way mvs.
ssi'ous' Take the case of copper, for
sNa'nple. Before the fixing" the price
was about 26 cents, not the So cents
.na1 the authorities adopt in estimat-
'e The millions they saved the public.
-'Ven at 26 cents there was some COP.
pes produced at no profit. Such pro-
,usuesion is checked Immediately, for
,he thhefe is no longer the incentive to
t;a, nose producers to keep going in an
,", ,,J,ipauon of higher price that natu-
al market conditions might establish.
New-York tribune., 1918-02-17
Using Cast Iron for She'll.

They are making shells Of cast-iron In
Fravce, making them at the rate Of
!. 1.00e. .soe q day. THE Scientific Ameri-
ca4r qnoeas DdEns a. Custer as saying
these are more e:~stive than steel shells
In attacking earthworks. for they behave
as if the explosive they contain was de-
tonated directly in the earth And in
the open they burst into a far greater
will give
New-York tribune., 1918-02-17

was the fresh weakness displayed by
rates on. Italy, lire falling to 500 for
checks, despite the additional $b0,000,
900 credit advanced to Italy by the
United States government. Discussing
the continued decline in Italian ex
change, Luigi .Criscuolo, in "The Bank
ers IN, ,IMy,a!ggazine," says: .....
ment has an interest as an ally Of italy
in keeping her supplied with funds and
munitions of war, especially since both
nations are now at war with Austria,
1t really has no direct interest in
stabilizing the exchange rate, since
such an operation would require many
millions of dollars yearly. AS it is a
speculative proposition. 1t is doubtful
whether the government would care to
take part in it, although it might give
its sanction to any strong group Of
die the operation.
'In ordinary times banking credit
would be the logical solution, but from
Impressions gained in the last few
months the time is not opportune. 1t
is, obviously, a question that should be
watched closely, and this work should
be performed by group of men who
are competent in their respective voca-
tions-bankers, business men and
writer's on economic subjects.
For the last few months Italian
newspapers and periodicals have pub
lished many criticisms of bankers who
encouraged speculation in lire and Of
the Italian government officials who
took no steps to stabilize the rnte by
artificial means such as have been en-
ployed in other countries. 1t is the
writer's opinion that at this time
great deal can be done in tho United
States to strengthen 1taly's financial
position, with great future profit to
American iinanciers, merchants and
manufacturers. The work should be
conducted through some sort Of coop
Grafton between the Italian Embassy
and group Of bankers through tlnan-
cial attach6 who is familiar with
American financial methods and who
could interest American capitalists in
what Italy has to offer"
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., 1918-02-17
sarily follow the close of the war. It
is probable the quarterly disbursement
can be continued until that time"
Provide for Frisco Bonds

Directors Of the St. Louis-San Fran
cisco Railroad Company have declared
the six months interest to December
81, 1917, on the cumulative adjustment
bonds, payable April 1. The net income
available for this purpose was $685.
quire about $1,162,0O0.
New-York tribune., 1918-02-17
Corporation Returns

By-Products Coke Corporation.-Net earn
ings for year ended December 81 were
$3,OS9,7S3, compared with S2.219.643 for
1916. Total earnings amounted to s3,415.-
259. compared with s2.473.345 for the pre-
viO,rS wear