davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-15
Schwab's Large Holdings
Relevant Facts

Gillette Safety Razor Company En-
trance Of new interests into the affairs
Of the Gillette Safety Razor Company
and a reorganization Of its capital was
announced yesterday. !. +. Aldred, Of
Aldred g. Co., New York; Philip stock
ton, president OF the Old Colony Trust
COMPANY, Poston; r. c. Morse. of
Jackson g. Curtis, Boston; II. j. Fuller,
vice-president of Fairbanks, Morse e.
Co.. New York, and Bradley W. Palmer,
of storey, Thorndike, Palmer & Dodge,
of Now York, have become identified
With the company. The present man
agemont will be retained. The company
ie 20 be rc-incorporated with an out
standing capitalization of S6,0OO,OOO
fye-year peY cent convertible notes
and 10000 shares Of capital stock with
out par value. or which it is intended
TO inalguratc dividends at the rate OF
81 pc~ share per year. The S6,OOO,OOO
note issu. has been bought by syndi-
cate headed by Brown Bros. & Co. Of
New York: Alexander Brown & Sons,
Of Baltimore; the Old Colony Trust
Compaav, Jackson & Curtis and Curtis
4 Sanger. all Of Boston. The company
as il stands at present has outstanding
$500 900 Of common stock and 3d.
800, 900 of Z per cent cumulative pre-
ferred.
Dividends Declared.-An extra divi-
dend Of So share has ben declared by
the Prairie oil & Gas Company, in ad-
dition to the regular quarterly payment
Of 81 a share. payable October | to
stockholders Of record September %.
The last previous extra dividend Of 81
a share was paid April 30. 1917.
The Empire Steel & Iron Company
has declared a dividend of p per cent
on account Of accumulated dividends on
the preferred stock. payable October !
TO stockholders of record September u.
The Old Dominion Company of Maine
has declared quarterly dividend of 81
a share. payable September % to stock
holders Of record September "a. Quar-
terly dividends of So share were paid
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-15
AS a Railroad Man Sees the
Credit Position

Financial Editor of The Tribune.
The suggestion made by Mr.. Amster,
of Boston, and other publicists, that
the government should borrow several
hundred million dollars from the pub
lie through the sale of bonds, and then
loan this money to the railroads to
enable them 10 increase their facilities
for handling traffic, is one that ignores
the fundamental weakness in the rail
n way financial position.
III A business man heavily in debt, and
v unable to provide new capital for an
Improbable undertaking, is not likely
TO be placed in stronger position by
the further piling up of his debt, no
matter whether the rescuing credit is
private investor, bank or the gov
eminent itself.
If most business men in a particular
industry in d country are making little
or no profit, the working of the laws
Of supply and demand will inevitably
industry; the output will be curtailed,
and prices will then advance and prof
its rise to a poi that will make the
business attractive 10 those who re-
main in 1t. The survivors will he those
best equipped to continue the business.
But this economic readjustment can
not be made in the business of trans
portation by steam railways. Capital
once invested in the building and oper-
alton Of railways cannot be withdrawn.
These railways must continue trans
porting freight and passengers; they
must meet their payrolls and their bills
for supplies; they must maintain their
tracks and equipment. and, more than
this. they must, from some source or
other. constantly obtain new capital
for the expansion of their facilities to
keep pace with the growth of the com
munities they serve.
a manufacturer. finding his opera
tions becoming Improbable, can bank
his fires, discharge his workmen, and
sell his buildings and machinery. But
railway must continue to operate
night and day, in good times and bad.
The railway business in recent years,
taken as a whole. has not been profit
able. The prospect of fair return on
the investment has not been certain
enough 10 attract capital, and capital
is going into other ventures. But the
railways must be financed from $780,
ooo moo 70 $500 600. 900 a year must be
found TO provide for their expansion.
How are these funds to be at
tracted? Mr.. Amster and other well
meaning folk tell us that, lnasmuch
as the business is so unprofitab AS To
make difficult adequate financing by
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-15
The Dollar in Foreign Exchange

Further improvement in the value of
Russian rubes took place in this mar
ket yesterday. the rate rising to II
cents and closing at 1914 cents, com
pared with l6 cents Thursday, and rec
ord low this week of TX cents. The
continued upturn in rubles is attributed
to the improved political situation in
Russia.
Other exchanges were quiet yester-
day with moderate betterment noted in
both French and Italian exchange.
Scandinavian rates held firm, while
there was a slight advance in Spanish
pesetas.
Closing rates yesterday, compared
with II week ago, are given II the table
below. American bankers have sus-
pended all dealings in German and
Austrian exchange, so that daily quota
tions for either marks oc kronen are
no longer available.
Quoted dollars to the pound.)
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-15
Friday, September IL, 1917

Readjusting of business 10 war
conditions is a slow process, but step
by step progress is being made. Al
ready he steel industry is practi-
cally under Federal control, the wool
trade has assigned certain proper
tion of its product to the govern
ment. and the change is manifested
in other directions. In effect, in
dustry has been partly conscripted.
So far, however, nothing like selec-
tive oonscription of industry on an
important scale has been attempted.
Yet there is likelihood that it will
come if the war continues very long.
Tl.e greatest economic difficulty the
country will have to contend with is
g shortage of labor. If the country
should voluntarily 60 upon basis
OF rigid economy. the problem would
take care of itself. Labor now de-
voted to the production of non-es-
sential things would automatically
be shifted to the production of those
things which are essential to the
successful prosecution of the war
But while the business rs usual
slogan is no longer heard, expendl-
t,,rc as usual seems to be the rule
rather than the exception. Certain
" there is nothing TO indicate that
people are economizing in the con-
sumption Of goods to the extent
necessary to make up for the def
ciency created by the raising OF
large military forces and to insure
an adequate supply of labor in the
industries where it is vitality neces-
sary. Therefore, assuming war of
long duration, the government may
be compelled to force the saving Of
as much labor as is required to IN
sure maximum output Of war goods.
The process is not so complicated
as might be supposed. The state
may. for example, need more Of a
certain kind of machinery than
plants engaged in that particular
field can produce; but other plants.
engaged in the production Of ma
chinery of different type, could be
readily shifted to the manufacture
OF the essential product, and under
government orders the shift is made.
II has been done in England, in
France, and perhaps to an even
greater extent in Germany. There
j. no good reason why it could not
be- done herein fact, it was done
on a relatively small scale when the
munitions business afforded such al
Turing opportunities in this country
and there is little doubt that the
shift will be made when the neces-
s;ty for it becomes apparent to the
Administration. Moreover, it does
rot follow that much hardship would
result, for the government would be
under a moral obligation to insure
fair profits to the industries af-
fected.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-15
Silver Above 81
For First Time
In Is Years
Allies May Soon Hold In
formal Conference on
Situation

Silver sold above the dollar mark
in me New York market yesterday,
when commercial bars were quoted at
Sl.00ia per ounce. II was the first time
in twenty-five years that the metal has
touched that mark. The advance from
the preceding day was l's cents. In
London silver also touched new high
when it sold at 81 pence per ounce.
Concurrently with the fresh squirt in
silver, il was reported in the local trade
that plans were being laid for an in
formal conference of financial repre-
scntatives of the Allied nations, prln-
cipally Great Britain, France and the
United States, for the purpose Of dis
cussing the silver situation. These
countries are vitality interested, as is
the whole world, owing to the abnor-
mally heavy demand for silver for
coinage purposes. II has been stated
lately that the possibility of increasing
the amount of silver coin which may
be offered as legal tender both in Eng
land and France has been under discus
sion.
Predictions Fulfilled
The rise in silver to the dollar mark
fulfls predictions made early in the
spring that if the war continued the
metal would so considerably higher than
L was then quoted. If silver goes to
Sl.29 an ounce it will be on parity
with gold. Before the outbreak of the
war silver was drug on the market
around 45 10 90 cents an ounce. The
Mexican silver dollar, with a circulat-
ing value of so cents. now contains so
cents worth of silver bullion.
?. ID. Handy, head of the firm OF
Handy g. Hartman. dealers in bullion
and specie. and an authority on matters
pertaining to the silver market. said
yesterday that the chief explanation
for the continued rise in silver prices
was found in the natural working of
the law OF supply and demand The
demand. he said. augmented BY the
war. is far outStripping the supply OF
the metal.
Filling Void
According to Mr.. Handy's views, the
vacuum in the worlds metallic reserve,
caused by the withdrawal oil gcld from
circulation a. result Of the war, is now
being filed by paper and silver. The
silver is being used in the coinage of
the various countries on a larger scale
than ever before, owing to the lack OF
gold and the fact that the amount OF
paper money that can be issued with
safety is limited.
Another influence is the fact that
the silver rupee Of India has been made
legal terder in Mesopotamia and Egypt.
The result has been that large amounts
Of silver rupees have gone from India
into those countries. This has been
drain on the India silver supply. and IN
order to rrplenish the supply India has
bought silver from London. New York
and China. China's sales of the metal
last year exceeded 40,000,000 ounces, so
that the shortage there is now being
made an by purchases here.
1t is learned that shipments OF sill
YER, whica formerly went first to Lon
don and thence to the Far East are
now being made direct from San Fran
cisco. owing to the lower freight and
insurance rates in force in the Pacific.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-15

ANDREW j. N,CORNAGK. Auctionesr
REGTLfE AUCTION SALE,
STOCKS AND BONDS,
by ADRIAN H. Nj LLEa son
OFFICE, 80 - WILLIAM 81
WEDNESDAY, SEPT. 10, 1911
40 1880 o'clock. Il The
EXCHANGE SALESRpON.
NOS. - AID Is NESEN STREET
For Account Of Executor.
400 shs. Ann ArbOr Il i. common.
5000 sks Morn silver Mines co.
For Account - Whom u May concern
90 shs East River Nat. Bank
- srs Bank u hEerica.
20 sns. Central TrIs' 90. -
$4,000 New YORK & cuba Mall S,esm'h'
60. 80 Bd... 1879
1000 shS. Southern Oh q. Chemicsl %
100 shs. EssJ coast Nayig3tion Co.. IL
% shs German Alliance Insurance. ="
10 shs. Rome Brass & copper 60. -,
100 shS Agricultural Credit Co. in''
prefd
100 chs. Cluchneid Coal 'orpn. =.
shs. winchester Repeating Arns =, "a
50 shs. Lane Libby Fisheries 60. prs''
{ shS. WreuwOol Realty 90.
% .5O Sis. Caribbean Coal Go.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-15
News Digest
Foreign

London Market Cheerfui.-LONDON,
Sept. II. - Reassuring Russian news
had a favorable effect on the Stock
Exchange to-day. particularly in the
Russian section. where bonds advanced
TWO to three points. Russian mine and
oil shares were correspondingIy dearer,
while Russian exchange improved to
900. Glt-edged securities were cheer
ful and generally harder. without in
creased business. Specialties in the
mine, oil and rubber sections continued
active features. Americans were dull.
Paris Bourse. - PARIS. Sept. IA. -
Trading was quiet on the Bourse to-
day. Three per cent rentes, 50 francs
80 centimes for cash. Exchange on
London. 81 francs l8 confines; per
cent loan. IS francs 10 centimes.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-15

brings prices never before Known from
the wool clip. the biggest IN none!
value ever reported. from milk, ouu
ter. cheese and eggs. the result wou.a
be stupendous end would attest tns
fact that the Northwest IS eXtIensN
PROSPEROUS. The Commercial UesI
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-15
Stockholders of
Beth. Steel Vote
For New Issue
Objections of G. H. Venner
Defeated by Overwhelm-
ing Majority

Objections Of Clarence II. Ncnlcr to
the new financing programme Of the
Bethlehem Steel Corporation were
overruled by the stockholders at the
meeting held in Newark yesterday by
vote of 242,52l shares to 300. The
plan which received the approval Of the
stockholders provides for the issue OF
$50, 100000 per cent cumulative con-
vertibe preferred stock and S30,OO0.OOO
additional class "B" common stock.
The vote Of the stockholders was
taken after the application for an in
junction sought by Venner and others
was denied by the Court Of Errors at
Trenton.
When the roll had been called and it
was ascertained that there were present
holders in person or by proxy of 1867
5l8 out Of the total OF $3.50 shares OF
per cent non-cumulative preferred and
1928 out of total of l48,620 shares
of common, Venner. representing the
General Investment Company and the
Continental Securities Company, en-
tered a vigorous protest TO the pro-
ceedings.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-15
Current

The above rates express the cost Of
foreign money in terms OF the Ameri-
can dollar. You BUY an English pound
sterling at, say. $4.7512. The intrinsic
parity is s4.S6@s per pound. Thus, you
say either that pounds are at discount
or that dollars are at a premium, which
is owing to the fact that in England
the demand for dollars with which to
settle accounts in this country is great
er than the demand in this country
for pounds with which to settle se-
counts IN England
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-15
Money and Credit

Banks were fairly liberal with their
offerings of call money at the Stock
Exchange yesterday; but the ruling
rate remained unchanged at per cent
A small amount of lending was done on
a ( per cent basis late in the day.
Rates were firmly maintained in the
market for leans for fixed periods
against Stock Exchange collateral, o"-
ing TO the continued scarcity of offer
;ngs. Banking institutions are stlll
proceeding cautiously with regard 20
extending their credit commitments on
time. because it is generally felt that
this is a time when banking resources
should be kept as liquid as possible,
This feeling accounts for the fact that
many institutions arc carrying unusu-
ally heavy call loan accounts and will
continue to do so until after the STRAIN
OF the next war loan and the crop NOV
ing has been removed from the money
market.
Ruling rates for money yesterday,
compared with year ago, were as fol-
lows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-15

country aggregated t5.045, O56,979, nc.
cording 20 this weeks compilation Of
X. G.. Dun g. Co. This compares with
N,TiO,264.O37 TIE preceding week and
Si,779.95i,952 two weeks ago.
Gold Exports.-It was leaned yes
terdny that the machinery Of the gold
embargo announced this week is now
in full operation. The local Federal
Reserve Bank has already forwarded a
number " applications for license to
export tn, metal TO Washington with
its accommodations IL is understood
that the frat license was granted yes
tcrday for small shipment. The
amount or the destination Of the gold
was no. stated.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-15

Below is given the current exchange
value of foreign money in dollars and
cents. together with the intrinsic gold
parity. as calculated b. the United
States Mint:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-15
New York
Liberty Loan Committee Enlarged

Liberty Loan committee EniarBeu.~
The membership OF the Liberty Loan
Committee for this district, it was an
nounced yesterday, has been increased
to fifteen b. the addition OF three new
members.
They are James y. Wallace, president
Of the Central Trust Company; Walter
F.. Frew, president of the Corn EX-
change Bank, and Martin Vogel. Assist
ant Treasurer of the United States. with
Offices here.
Segregation of the executive and
clerical forces of the committee has
been completed, with the latter estab
lshed at 80 Wall Street. while the for
mer, including the general committee,
the committee on distribution. remain
on the fourth floor Of the Equitable
Building.
Liberty Loan bonds changed hands at
par or the Stock Exchange yesterday
for the first time since August Ia.
August Building Permits. New
building permits taken out during the
month Of August were 3l.9 per cent
smaller .han in the same month year
ago, according to reports received by
"Dun's Review" from one hundred lead
ing cities. The amount was SAC, 1859 POS,
against s57, 790.692 in August, 1916.
This heavy reduction is ascribed 10 the
abnormal rise in prices Of all kinds Of
materials, the shortage of freight cars
and the pronounced scarcity of labor.
American Institute of Banking.-At
the fifteenth annual convention Of the
American Institute Of Banking the fol-
lowing officers were elected: President,
R. s. Hocht, vice president Hibernia
Bank and Trust Company, New Orleans,
La; vice-president, J. C. Thompson,
auditor Northwestern National Bank,
Minneapolis. Mimi; members Of execu-
tive council for three years. Clarence
A. Rathbone, Boston, Mass; Wifred A.
Roper. Richmond, Va; Joseph A. Sea-
borg. New York City, and Frank J.
Maurice. Detroit, Mich.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-15

Bank Clearings.-The days clearings
at New York ard other cities:
Exchanges. Balances.
Now York S524,882, 637 $40, ago, 348
Baltimore $500. 9251,S04 t,330,t11
Ros.or w 36.S54.984 5,217.o48
Philadelphia -. 53.'/5,SZs |4oo'oO
SiIyer.-Bars in London. Sid, up Id.
New York. Sl.oOi2, up l7sc. Mexican
dollars, soc. an increase OF &c.
Sub Treasury. - New York banks
gained from the Sub-Treasury, &c.
$4,000.
Bank misunderstanding through
the banks at the principal cities of the
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-15

Commercial Paper.-The amount II
business done in the commercial paper
market was small yesterday. The Az
sence of demand tends to keep rates
firm around 81. to 5ia per cent for the
best regular matur!ties.
Official rates Of discount for each Of
the twelve Federal districts are as fol-
lows
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-15
Scraps Of Paper"

In the course OF his remarks he az.
serted that the officers and directors Of
the Bethlehem should not criticise the
Kaiser for regarding his treaty with
Belgium as scrap of paper because
"if this plan goes through the stock
certificates existing now are so much
waste paper
Venner's objections were that the
preferred stock had the first claim upon
earnings for dividends, and in case of
dissolution it came before any other
stock in the distribution of assets.
lie also claimed that the sale Of the
new stock at less than par was a viola
ton Of the law.
Schwab's Large Holdings
Charles VI. Schwab, chairman Of the
Bethlehem board, voted in person 104.-
$50 shares Of both class of stock, while
the management voted ll6.10i shares
of both classes in proxies. II is stated
that shares voted b. Mr. Schwab did
not represent all OF his holdings, but
only those shares carried in his own
name on the books.
The Covington leader. (Covington, Tenn.) 18??-current, 1917-05-03
LOCAL NEWS

Mr.. C. L. Taylor, Of Mason, who
has lately been very sick, is improv-
ing steadily.
Strawberries are selling in the
local markes at So per crate. The first
car load viii be shipped from here this
week The croD is Spotted" but the
quality Of the berries is fine.
Alex MCGOWAN, colored, arrested
by Deputy Sheriff Roberts for the cut
ting of Will Mills, colored, was tried
before Esq. Lauderdale Richardson
this morning, was fined $40 and was
released upon the fines being secured,
The firm Of Marks & Anderson
has sold out their grocery stock to
Gift & Craig and win now use the
space occupied by the groceries for
their grain and produce business.
Interesting club meetings have
been held this week by Miss Annie 4.
Merryman, county demonstration
agent, at Tabernacle, Garland-Davis,
Holmes-Liberty and Quito, the attend
ance ranging from 10 to Is, and in
one instance more than 20
AT the meeting Of the board Of
mayor and aldermen held Tuesday,
Mr.. John Craig handed in his resig-
nation as superintendent of the light
and water plant, to take effect June /.
This move on Mr., Craig's part was
made in order to give him a much
needed rest in the hope or recuperat-
ing his health. Mr. ]. S, Roberts was
given an appointment as traffic po-
liceman.
The Covington leader. (Covington, Tenn.) 18??-current, 1917-05-03
NONRESIDENT NOTICE

William C. Clegg and vile, Huldy A.
Clegg, VS.. Allen Dowdy, ct al
In the County Court of Upton County,
Tennessee.
In the cause it appearing to the
Court from the bill, which is sworn
to, that the defendants, Allen Dowdy,
Tom Dowdy, Charley Polk, Sarah
Polk, Same Hale, Malinda Hale,
Rush Bell, Fannie Bell, Will Nc
Farland, Bette Mcfarland, Will
liam Speer and Margaret Speer, Ethel
Dowdy, guardian of Pearl Dowdy, and
in her own right, Nellie Dowdy, and
Pearl Dowdy, are non-residents Of the
state Of Tennessee and are residents
of the state of Arkansas; and it fur
ther appearing to the Court from
compliments amended bill filed in the
above cause on this day, which is also
sworn to, that the residence of the
defendant, Balma Dowdy, is unknown
to the said compliments, and can not
be ascertained by them upon diligent
enquiry, and that they have made dill
igent enquiry therefor, it is ordered
that said defendant, Balma Dowdy,
appear before the Judge of said Coun-
ty Court at term thereof to be held
in Covngton, Tennessee, on the first
Monday in June next, and make de-
Tense to said original and amended
bills filed therein as aforesaid; and
that the other defendants named here
in appear before said Judge upon said
First Monday in June next and make
defense to said amended bill, or the
same will be taken for confessed, said
original and amended bills as to said
Balma Dowdy, and said amended bill
as to the other said defendants, and
the cause set for hearing ex parte.
1t is further ordered that copy Of
this order be published for four con-
secutive weeks in The Covington
Leader, a newspaper published in Gov
ington, Tennessee.
A true copy. Attest, May 2, 1917.
C. P. SIMONTON,
may3-4w Clerk
SHERROD SMITH,
Solicitor for Compliments.