davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-11-28
No Dodging War
Stamp Tax on
Stock Dealings
Governors of Exchange
Adopt Measures to En-
force Collection

Vigorous measures were taken yes
terday by the governors Of the STOCK
Exchange to enforce the payment OF
the new Federal war stamp tax, which
goes into effect on December l. This
levy amounts to 81 for each 100 shares
bought or sold, and, with the existing
state tax of 50, will bring the total
tax on exchange transactions up to 81
on hundred share units.
Investigation by officials Of the ex-
change of the operations OF certain
traders had disclosed efforts on their
part, it was acknowledged, to avoid
Payment of the state tax. A resolution
passed by the governing committee
calls for the strict enforcement OF the
rayment of both the Federal and state
levies. A governor Of the exchange
said:
"While the Stock Exchange authori-
ties realize that the operation Of the
new Federal stamp tax will probably
restrict trading on the exchange to
considerable extent, it is our inten-
ton to see that the government will
get from the transactions on the floor
Of the exchange every dollar that is
due it,"
Another resolution passed by the
Stock Exchange governing board yes
terday forbids the carrying Of specu-
lative accounts by telephone clerks
employed within the exchange building.
This action, according to report, was
taken because of the recent activities
of clerk who put through fictitious
orders while on jamboree that
amounted TO several thousand shares.
The resolution states that "the trans
action of any speculative business
either by his employer or by any men,
Der Of the exchange or firm represent
ed thereon, directly or indirectly. with
or for the account of any telephone
clerk employed within the exchange
building. shall be deemed an act detrl.
mental to the interest and welfare OF
the exchange"
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-11-28
S. w. Huff Elected
President of the
Third Avenue Ry.
Earnings Of the Company
Show Gain Over a
Year Ago

S. W. Huff, who has been vice-presl-
dent of the Brooklyn Rapid Transit
Company since 1908, was yesterday
elected president Of the Third Avenue
Railway Company, to succeed Edward
\. Maher. who recently announced his
Intention to retire from that office on
december 81.
The new head of the Third Avenue
system is a native of Virginia. HIS
first position after being graduated
from Cornell, in 1891, as an electrical
and mechanical engineer, was Win the
Baxter Electric Motor Company, OF
baltimore. Later he became success
sively electrical engineer OF the Co.
lumbia & Baltimore Railroad and mas
ter mechanic and electrical ana me-
chanical engineer of the United Kali
WAYS of baltimore. In l9O2 ne was
made general manager of the virginia
Railway and Power Company, OF kich,
mond. This position Mr.. HUFF hlIed
until he went with the Brooklyn Rapld
Transit Company
The income statement of the Thlrd
Avenue company for October, issued
Yesterday, showed total operating rev
enues of Ss96,965 an increase of $685..
e42 over the corresponding month OF
1916. Net income after taxes totalled
s2O4,s4S, compared with deficit
wear ago of s29s,264, For October,
i9I6 the company had deficit after
all charges Of s5O5,5O8. Last month
the deficit was only $3.50.
The Improvement is in part due to
better labor conditions on the com
pany's lines and partly to heavier traf-
fc, resulting from prosperous working
conditions throughout the city.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-11-28
Norwegians Buy
Large Paper Mill
British Capitalists Sell $780,
100000 Scandinavian
Project

British capitalists have sold to a
combine Of Norwegian tradesmen,
backed by the Bank Of Norway, the
Kellner-Partington Company. one OF
the largest wood pulp and paper mill
properties in the Scandinavian PENN
sula. The purchase price was in ex-
cess of s30,000,000
The Kellner- Darlington Company
for nearly thirty years has owned one
of the best waterfalls in Norway, the
Sarpsfoss, at which the company
erected extensive chemical wood pulp
and paper mills, as we'll as chemical
factories. The concern also owns more
than 100000 acres of forest land in
Norway. and considerably more than
100000 acres in Sweden, with important
chemical and mechanical pulp mills and
paper mills. The Norwegian interests,
which have bought the property, plan
to turn the business into joint stock
cOmDany
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-11-28
General Electric to
Pay Dividends in
Stock Regularly
Shareholders Will Thus De-
rive Benefit Of Company's
Invested Earnings

Directors of the General Electric
Company, in a statement issued yester-
day, said it was the intention OF the
company to distribute stock DIVIDENDS
semi-annually at the rate OF per
cent year, in addition TO paying the
regular per cent cash dividend. Ihis
decision, it was stated, has been
reached in view of the company's large
surplus account, representing earnings
invested In additional manufacturing
facilities and working capital.
A special meeting has been called
for January 8 to vote on the proposed
increase in capital from sl05,000,ooo to
l25 900, 900 to provide for the frst Of
these stock dividends, amounting to
$4,000. 900. recently declared, and the
additional 100000 OF stock which
IS to be offered to stockholders at par.
The latter, it is said, will supply all
the permanent capital which it APP
pears necessary to provide at present.
The proceeds of the s1O,OoO,oOO OF
three year notes just sold will be used
TO finance the heavy increase in orders
due to large government contracts. The
company now has about 1926, 100000 OF
untitled orders on its books, compared
with S135, 100000 in 1915. This large
increase, it is stated, has necessitated
extensions to manufacturing facilities,
completed and in process of erection,
which from January 1, 1916, to date
amount to about s36,000,000. The in.
crease In inventories and in customers
accounts during the same period is
placed at S70,000,000.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-11-28

A belated recovery in bond prices
appears to be under way. Through
cut the long period of recession IN
the quoted values of stocks, bonds OF
all classes were also under constant
PRESSURE, and the curve Of the course
of high grade investment securities
s,anted downward at an even more
acute angle than that depicting the
trend of stock values. The market
for investment securities was so
thin and the liquidation so constant
that the sharp improvement in the
stock market failed for a time TO
bring a sympathetic response IN the
bond market. Less than week ago
the average price Of thirty repre-
sentative bonds stood at the lowest
point reached in more than eighteen
Years and was still tending down.
ward. in spite of the fact that yields
on securities of unquestioned sound
ness were extraordinarily attractive,
and that the pessimism which had
Influenced investors to part with
their holdings regardless Of intrinsic
worth had been dispelled. But con-
siderable improvement in the demand
for bonds has been in evidence dur
ing the last two or three days, and
the action of the market has been
decidedly encouraging. Gains have
not been large, but the trend has
| cen steadily upward and recessions
minute in most cases. Railroad
bonds have gained quite as much as
others. which is the more significant
because the gains have come at
time when striking developments in
the railroad field might have been
expected to stife demand, even
though it is generally recognized
that the safety of underlying rail-
road securities would not be jeopar-
died by the drastic changes that are
under way. The following table
shows the recovery of some typical
railroad issues from the recent low
prices:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-11-28
ReAexes Of War

At a meeting of traders held IN
Copenhagen recently, NJ. Rode, Minister
Of the Interior, speaking Of the situa-
ton in Denmark during the fourth
year of the war, said:
"The war has gradually become also
an economic war against neutrals. Inc
effects of tie blockade war have al
ready been severely felt in our COM
munity, which finds itself in a position
without precedent during the last 100
wears. Butter and fats are to be
rationed. This is awaited with anxiety
in several quarters, and demand is
being made for the prohibition of the
exrort of butter. But we must remem-
her that if we do not supply foreign
countries with butter we shall have no
coal or paper and no ircn hoops and
barrels in which to salt and pack but
ter for keeping. If, therefore, We do
not export butter we shall have no but
ter in our own country.
Although it had been considered i'm
possible to make margarine without
vegetable oils, the efforts of the COM
mittee appointed to investigate the
possibility Of making the Norwegian
industry independent Of foreign raw
material have been completely sue
cessful and margarine, exactly like the
old kind in color, consistency and
flavor. has been produced from cod
liver oil, herring oil and other fish oils.
According TO the journal "Aftenposten,'
the manufacture of the new margarine
will require no change of machinery,
and the factories will be able to start
producing 1t with the shortest delay.
The Autralan war time profits tax
assessment act, details of which have
Just reached this country, via London,
contains several interesting provisions
which have not hitherto been known
here. For instance, it is provided that
the profits accruing to a person not
resident in Australia from the sale by
an agent in Australia Of the goods of
that person shall not be deemed to be
profits for the purposes OF the act, I'M
less the principal has branch and
carries stock in Australia or consigns
his goods to an agent for sale in
Australia. Deductions will be allowed
in computing profits for any sum paid
in respect of them on account of any
wartime profits tax or similar tax i'm
posed in any country outside the COM
monwealth. In estimating profits, no
account is TO be taken of income re-
ceived from investments, except in the
case of businesses where the principal
operation consists of the making of in
vestments. Even in these cases, inter
est derived from any Of the common
wealth war loans will not form part
Of the wartime profits for the purposes
of the tax. Gold mining companie, are
exempt from the tax, and also COM
panies formed since August 4, 1914,
for the purpose of mining for wolfram.
molybdenite, tungsten, scheelite, or
any other rare metal used in the manu-
facture of munitions of war, if the out
put of the mine is disposed Of to the
imperial government.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-11-28
Chicago & Alton Would
Reroute Heavy Tonnage

Adyices received In Wall Street yes
terday were to the effect that the Chi
cago e. Alton is negotiating with the
Missouri Pacific Railroad for the rental
Of ninety miles of the latter company's
tracks between Kansas City and Nor
ton. Mo. The Missouri Pacific has two
lines extending east of Kansas City,
ono paralleling the Missouri River and
the other some distance TO the south.
To relieve serious congestion of freight
traffic between Kansas City and ST.
Louis, the Alton proposes TO route
heavy tonnage trains between Kansas
City and Norton over the Missouri ra-
cific. this leaving Alton tracks to the
exclusive use of passenger and lighter
freight trains.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-11-28
Dividends

The Great Western Sugar Company
Yesterday declared an extra dividend OF
$40 a share on the common stock, also
the regular quarterly dividends OF Ia
per cent on the common and preferred
stocks, al payable January to stock
holders of record December 10.
Directors of the Buffalo g. Susque-
hanna Railroad Corporation yesterday
declared an extra dividend of 2 per cent
on the common stock, in addition ia
the regular quarterly dividend Of "a
per cent on the common shares and the
regular semi-annual dividend of per
cent OH the preferred stock, all pay
able December 20 to stockholders OF
record December 10.
The United States Steamship Com
pany has declared monthly dividend
of 1 per cent and an extra disburse-
ment of Y of 1 per cent, the same as
in the month preceding, payable Janu-
airy to stockholders of record Decem-
Der II.
The National Sugar Refining Com
pany has declared quarterly dividend
of IA per cent, an increase of a Of
per cent over the preceding quarter,
payable January 2 to stockholders OF
record December 10.
Atehison, Topeka & Santa Fc Railway
Regular semi-annual dividend OF ~ per cent
on the preferred stock, payable February
to stockholders Of record December 81.
Maekay Cos.-Regular quarterly dividends
OF | per cent on the preferred stock and 70
per cent on the common stock, payable Jan
uary' . to stockholders Of record December s.
Interboro Consolidated Corporation.--R egu-
lar quarterly dividend Of ] y per cent on the
preferred stock. payable January to stock
holders Of record December 10.
Realty Asseeiates.--Regular semi-annual
dividend Of per cent, payable January Is
TO stockholders Of record January 5.
Subway Realty.-Reguar quarterly divi.
dend Of IL per cent, payable January 2 10
stockholders OF record December 20.
marlborough Rapid Transit - Regular
quarterly dividend Of 5 per cent, payable
January . 20 stockholders Of record Deem
Der 20.
New York Edison---Regular quarterly
dividend of sl.15 a share. payable Deccn!-
Der IL.
Central Leather. - Regular quarterly diyi-
dend of Ia per cent on preferred stock.
payable January . to stockholders of record
December 10.
Pettibone-Mulliken. 49, Regular quarterly
dividend OF u per cent on the frst preferred
and "a per cent on the second preferred.
payable January 1 to stockholders OF record
December 20.
Booth Fisherics.-Regular quarterly divi-
dend Of sl.75 on the preferred and 30 cents
on the common stocks. both payable January
TO stockholders of record December 90.
Quincy Minins.--Dividend of 50 a share.
payable December % 20 stockholders Of rec
ord December I. Three months ago n quar-
terly dividend Of S. was declared.
Fisk Rubbcr.--Regular quarterly dividend
Of "a per cent on the second preferred stock.
payable December 10 10 stockholders Of rec
ord November 5.
Public Service Corporation Of New Jersey.
Regular quarterly dividend of 2 per cent.
payable December 80 TO stockholderi OF rec
ord December Is.
Federal Sugar RsdniRg. Regular quar-
terly dividend Of ~ per cent on the com
mon stock. payable December Is 70 stock
holders Of record December ..
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-11-28
Big Industrial Bank
Organized IN India

Advices have been received from
Bombay announcing the formation Of
the Tata Industrial Bank of India, with
an authorized capital of six crores of
rupees approximately s20,O0O,OoO, Of
which about ss,OOO,OOO is paid up. A
considerable part of the capital has
been taken by an influential London
group of fnanciers. The well known
Indian merchant firm Of Tata, Sons g.
Co. are associated with the enterprise.
The new bank, it is said, will make a
feature of financing and promoting the
development OF Indian industries.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-11-28
New York

Court Extends Sale of Eastern
Steamship Securities.-With the con-
sent Of Frank VI. Swacker. special
United States Attorney General, Judge
Mayer, in the Federal Court yesterday
granted the New England Navigation
Company and the. New York, New Ha-
ven & Hartford Railroad Company ex-
tension until April /, 1919, for the sale
of stocks and bonds of the Eastern
Steamship Lines, Incorporated. The
securities had been ordered sold by
decree Of the governments dissolution
suit.
In q statement flied yesterday, pur-
susnt to the courts order Of April Is,
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-11-28
News Digest
Foreign

London Stock Market Cheerful
LONDON, Nov. 27.-The stock market
maintained its cheerfulness and
strength to-day. The publication Of
the prospectus of the French loan did
not lessen interest in other Allied
war loans and git-edged securities,
in which there was fair degree Of
activity. Argentine rails were dearer
and shipping shares buoyant. while
oil. iron and steel stocks were active
and strong features, spectators as
well as investors buying them. Bra
lillian bonds were better.
Paris Bourse.--PARIS, Nov. a.
Trading was quiet on the Bourse to-
day. Three per cent rentes, SO francs
70 confines for cash. Exchange on
London, 81 francs 29h centimes. Five
per cent loan, 81 francs SO confines.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-11-28
Ruling by Controller to
Facilitate Bank Reports

WASHINGTON, Nov. 27.-To facili-
tate the reports Of national banks in
response to the call for conditions as
Of November 20. Controller Of the Cur
rency Williams tonight waived the re-
quirement that the reports must in
clude items Of interest accrued. but
not yet collected" and interest col
lected, but not yet accrued" Banks
must keep their records Of loans, how
ever. so that these items may be re-
ported In future calls,
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-11-28
Relevant Facts
CASTOR, Williams & wigmore.--Net

CASTOR, Williams & Wigmore.--Net
income for the six months ended Octo-
Der 81 amounted to S2,710,792, equiva-
lent to 1903 share on the 100000
shares of capital stock, Of no par value,
outstanding. In the fiscal year ended
April 80 last the company earned SlO.92
a share for its stock. Dividend dis
bursements for the six months ended
with October were s673,000, and, after
writing off S401,916 for doubtful &C
counts and reserving S304,695 for con-
tineencies, 81 1929, ISL was added to sur
plus, making the profit and loss sur
plus as of October 81 last S2,73S,l12.
Union Pacific. road reports for
October operating revenues Of s1S,423,-
S74, an increase of s1,430,O04 compared
with the corresponding month OF 1916.
Net revenues were Sf,444,O5l, an In
crease of s177,751. After deduction of
taxes, which increased $3.50 500, net in
come for October amounted to S5,4Oo,-
O25, a decrease of $3SS,755 compared
Win year nbO. III thc hASs w. ..
of the current year Union Pacltcs net
income amounted to s35, 734,32S, de-
crease of s1,644,39O compared with the
corresponding period Of 1916. Gross
operating revenues were SlO5,Ol3,4f9,
an increase Of s12,325,236.
marlborough Rapid Transit.-Gross
operating revenues of the company for
October were s3,563,592, an increase Of
s16,65S over the corresponding month
a year ago. Operating income OF ST.
647,O11 was brought UP to Sl,6SS,o63 by
other income. The surplus after all
charges was s724,570, compared with
s1.O32,194 for October, 1916. In COM
menting on the October earnings re-
port the company said: THE remark
able feature is that, Notwithstanding
passenger revenue for the correspond
ing month of last year was so0o,o0o
more than for October, 1915, due to the
diversion of traffic from the surface
lines owing to the strike, the passenger
revenue for October of this year came
within s43,223 of equalling last years
abnormal record
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-11-28
Denver Branch Reserve
Bank Directors Named

WASHINGTON, Nov. 27.-Directors
for the Denver branch of the Kansas
City Federal Reserve Bank were an
nounced to-day By the Federal Reserve
Board, as follows: c. A. Burkhardt,
manager; c. C. Parks, A. c. Foster,
Alya Adams and John Evans. The latter
two represent the Reserve Board. The
branch will probably be opened early
in January
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-11-28

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 s4.S6% per pound. 1ius, you
say either that pounds are at discount
or that dollars are at premium, which
is owing to the fact that in England
the demand for dollars with which TO
settle accounts in this country is
greater than the demand in this coun
try for pounds with which TO settle
accounts in ENGLAND
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-11-28

The October statement OF the
Union Pacific system was regarded
in some quarters as decidedly I'M
favorable" merely because it showed
a slight decrease in operating in
come as compared with the CORE
spending month last year. But far
from being unfavorable, it is really
a very good statement. Operating
income for the month was II per
cent larger than that for October,
1915, and az per cent larger than in
1914. For the ten months the report
shows a decrease Of S1,644,390, COM
AIRED with the corresponding period
last year-the most prosperous pc
rod in railroad histOry-but in
creases of S9,S73,195 and S10,224,-
979, respectively, compared with the
two preceding years. 1t is hard to
zee how any one can regard such a
showing as "unfavorable."
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-11-28

changed; New York, s4hc, unchanged;
Mexican dollars, 641hc, unchanged.
Gold and Silver Movements.-WASH
INGTON, Nov. 27.--Details Of the
country's commerce for the first nine
months of the year, made public to-day
by the Department of Commerce,
showed that the enormous increase in
gold exports was absorbed largely by
Japan and Spain.
Japan took s155, 1925 in gold from
the United States from January
through September, as compared with
s9,300,630 in the corresponding period
of 1916, and was virtually the only one
of the Allied countries to receive
precious metal from America in Sep
TENDER. Spain imported s99,337 400 for
nine months, against s9,60l 500 in the
corresponding period of the preceding
year.
Mexico got s6,712,279 in gold up to
September 90, as compared with less
than a million dollars in the CORE
spending period of 1915. Total gold
exports for nine months amounted to
S34S. 96S.514 in 1917, compared with
S94, 430,462 last year.
Silver exports increased from S41,-
1923 Goa in 1915 to s62, 233,e62 so far
this year. Imports Of gold almost
ceased in September, being less than
$4,000. 900, due to the fact that the
government now is financing the. AL
les purchases here by credits. Silver
however, attracted r. record high
prices, was imported IN unusual guam
titles. amounting TO sj,796,32O for the
month. or more than 100 per cent
greater than the quantity brought in
during September, 1916. Mexico sent
the bulk of the metal. with other large
quantities coming from Peru.
London Money Market-LONDON,
Nov. 27.-Money was tighter at per
cent. Discount rates: Short bills, AS
per cent; three months bills, AZ per
cent. Gold premium at Lisbon, lOo'oV'
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-11-28

1914 tho name of the new corporation,
successor Of the Eastern Steamsbip
Corporation, Is the Easter, ; Hs 90 the
Lines, Incorporated. According g. 70 r .mv
statement, the securities OF tne neS
COMPANY are: First and conso 1do nco
tbirtv-year income bonds: sb,,oo,ooy,
and 37.5OO shares Of preferred s''cA
and A7764 shares of common STOCK
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-11-28

Some investment bankers express
the opinion that the market may be
expected to show further improve
ment now that liquidation has run
its course, though there Is no pros
pect for anything like normal activ-
ity as long as the government con-
tinues to monopolize the investment
markets.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-11-28
Elections

William H. Truesdale, president OF
the Delaware, Lackawanna & western
Railroad Company, was YESTERDAY elect elect
ed a director of the Bank OF New iorh'
National Banking Association.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-11-28
Now Stuck Exchange Listings.-Go

srnors of the exchange yesterday voted
70 list the following securities to trad.
ing: s1,OSs,OOO additional cons0haa.eu
mortgage 4s per cent bonds Of the
Ruealo Rochester & Pittsburgh Kali
Dun Dun Co Comnsny; $4,000 shares Of the
y w.; ALLOW Steel Corporation, ana
:, 6SIioO additional capital stock Oh
the United Fruit Company.