davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1917-07-24

The majority of stocks closed with
net losses as a result of the days
trading on the Exchange. The turn
over was slightly less than 100000
shares. 1t was quite evident as the
day progressed that the professional
element, still in control Of the situa-
tion, were making the most of the
reported collapse of the Russian Of
fensive as a bear argument on Sc
curities generally. To be consistent
with professional arguments of other
days they should have bought war
stocks, on the theory that failure of
the Russians to keep up their ad-
vance on the East front means
prolongation of the war. Profes-
sional traders have in the past made
a bull argument out Of anything that
pointed to a lengthening out of the
struggle. But the trader never was
consistent. He always has been noted
for the rapidity with which he can
change his opinions and his market
position. The fact that professional
operators are about the only ones
who are doing anything in the mar
ket is the principal reason why the
market at present cannot be accepted
as an accurate index Of public senti-
ment.
New-York tribune., 1917-07-24
Railroad Earnings
Show Big Gains
May Operating Income Sl,loo,-
600 Larger than Year Before;
Eastern Roads Lose

Washington, July 23.-After five
months of decreased earnings COM
pared with a year ago, returns from all
the large railroads TO the Interstate
Commerce Commission for May, made
public to-day, show an increase IN net
revenue of approximately S3,455,oOo
and an increase Of s1,100,OOO in rail-
wav operating income over May, 1916.
Operating revenues totalled $780,
773O79. an increase Of approximately
s44,OoO,OOO. Expenses increased ap-
nroximately s41 800, 900, reaching $685.
s82 $40, leaving net revenue from rail-
wav operations of $lO7,09O,2OO. Oper-
ating income was s92,O7S,5iS. AFTER
taxes and uncollectable revenues nave
been deducted, an increase OF approx
mately S2.7O0,000 in the railways tax
bill is recorded d. so
Eastern roads as a group show de-
crease in net revenues compared with
Nav. 1916. Their operating revenue IN
creased $4,000, 900. Expenses, now
ever. increased approximately SZO,oVV'-
600. leaving net revenues from opera
tion approximately si,5OO,OOO less than
in Nav, 1916. Net operating income LOT
Eastern roads was $37,l73,794, as COM
pared with s42,66l ,4O4 in May, 1910.
Southern railroads maintained ABOUT
tho same average of net earnings as
last wear, the total for May being Vs.
a7a,4s4 ;Gs compared with slS,35s,345 a
wear ago. Operating revenues and ex-
nenses increased in each case approxi-
The biggest gain was shown by West
ern roads, whose revenue jumped s22,-
New-York tribune., 1917-07-24
Money and Credit

Improvement in the cash position Of
the Clearing House banks last week
was reflected yesterday in the call
money market at the Stock Exchange.
Banks were more liberal in their Of
fenngs than they have been in a week
or more, and the rate for demand loans
dropped sharply. Some loans were
placed as low as 2 per cent. but the
ruling rate was per cent. This COM
pared with per cent last Friday.
In the market for fixed date loans
based on Stock Exchange collateral the
uncertainties in the general situation
caused lending institutions to continue
their conservative policy with regard
20 new commitments. Accordingly
rates were maintained without much
change. The supply Of money obtain
able for the longer maturities was ex-
tremely limited. Bankers are cautious
because they cannot forecast with any
degree Of certainty when they will be
again subjected 20 the pressure Of large
essh Withdrawals. The NEXT Liberty
Loan payment, due the latter part Of
New-York tribune., 1917-07-24
Government Buys
24,O5O Motor Trucks

Washington, July 23.-Contracts for
24,050 motor truck bodies have been
let by the War Department. The In
ternational Harvester Company, Of
Chicago, will build more than one
third, it's contract being for 10000.
The next largest contract is with the
Grand Rapids School Equipment Com
pany. of Michigan, for 6,4OO. The
other awards follow: The London
Auto Supply Company, Chicago, / 900;
Mulholland g. Co., Dunkirk, n. Y, 500;
the Hercules Buggy Company, Evans
Vile, Ind, 400; the Theodor Kundtz
Company, Cleveland. 800; the G. ".
Stratton Company, Defiance, Ohio,
1000; the Eagle Wagon Works,
Albany, 1900; the Continental Car
Company, Louisville, KY, 1000
New-York tribune., 1917-07-24
Profitable Year for
Cotton Belt" Road
Company Is Rehabilitating
Freight Equipment on a
Large Scale

Net revenue of the st. Louis South-
western Railway Company, in the cal
endar year of 1916, amounted to s4'-
531,S24, an increase of Sl,lo5,o9l over
1915, according to the annual report OF
operations issued yesterday. Operat-
ing revenues were S13,S50,l3O, an IN
crease of s2,575,1O6. The balance after
all charges was s2,OS9,585, an increase,
of s1,35S,573. The profit and loss
statement for the year showed total
credits Of s6,375,716, an increase OF
s1,987,4Os.
Despite the favorable showing made
by the system, Edwin Gould, chairman
and president, calls the attention OF
.he stockholders 10 the large increase
in operating expenses, due TO the rapid
" and constantly advancing prices Of
materials and supplies of all kinds. and
also to the higher wages resulting from
the Adamson law and other a1Vahc'S
that have been granted.
These conditions" says Mr. Gould,
Coupled with a lack of adequate faclil-
ties and available credit, have brought
the railroads and the public face TO
face with a most critical situation. In
order that the railroads may. be placed
in a position to handle efficiently eX-
listing traffic and be prepared to meet
the necessities of the international sit
uation, it is absolutely essential that
they be granted higher rates
Mr.. Gould announces that pro-
gramme is now in effect on the ROAD
which provides for the rehabilitation
of freight equipment over a period OF
three years. The programme involves
the dismantling and rebuilding of 1850
box cars at the rate of 1850 year, and
also heavy maintenance repairs on S29
freight cars of various classes; the re-
tirement of 537 light capacity freight
cars no longer fit for service. At the
close of 1916 6l6 box cars had been
dismantled and rebuilt, heavy repairs
made to 343 cars, while seventy-one
had been scrapped or disposed Of.
Stree the close of the last year con-
tract has been let for the building of
125 steel underframe s0O00-poun
capacity box cars TO take the place OF
a similar number of 000-pound
wooden box cars no longer fit for SER
vice. Arrangements have been made to
build the additional cars called for
under the trust agreement at the COM
pany's shops.
New-York tribune., 1917-07-24
Monday, July %, 1917

The warning that the public must
economic in the use of gasolene by
curtailing pleasure riding caused n
sharp break in the prices of motor
shares on the Stock Exchange, but
part of the losses were regained late
ir the day, and the net declines in
such issues were no greater than the
losses in other groups. Were II not
for the fact that automobile stocks
have been going through a process OF
deflation for some months, and that
there is, or is commonly supposed TO
be, a large short interest in them,
they might have suffered a substan-
tial break on the statement of Mr..
Bedford. That is doubtful, however,
because dealings are largely confined
to the operations of professional
traders, who do not attempt to look
very far ahead these days, and who,
for the most part, see little prospect
of a general response to the appeal
for economy. They are probably JUS
titled in that view. Until the country
is "sold" on the war people are likely
to go on spending wastefully. 1t is
to be hoped that the awakening will
come soon. Depletion of industrial
man-power resulting from the Gre
alton of a great army must be offset
by diversion of labor from the manu-
facture of non-essential to essential
things if output of the latter is to be
maintained at the high speed neces-
sary to the efficient prosecution Of
the war.
New-York tribune., 1917-07-24
Relevant Facts

Dividend Disbursements.-Dir
of the American Water Works and
Electric Company have declared an
initial cash dividend of ~ per cent on
the cumulative first preferred stock,
payable August % to stockholders of
record August 20.
An extra dividend of per cent has
been declared by the Standard Oil Com
pany of Indiana, and also the regular
quarterly dividend of 3 per cent, both
payable August 81 to stockholders of
record August 8.
Lehigh Power Securties.-A new is
sue Of S20,000,000 per cent gold notes
is being offered for subscription at
95, each $1,000 carrying with it four
shares of new stock, without par value.
Purchasers of the notes may pay the
full amount at once, or 40 per cent OF
the purchase price now and the bal
ance TO be called not more than 10 per
cent at time.
National Acme Company.-For the
first six months this year the COM
pany's net sales were S9,494 ,733, COM
pdTeu Win So,Ofl,OoO lOl tHe COiIS-
spononding period in 1915, and net
profits S2,5l0,002, compared with ST.
639,SS2 last year. The decrease shown
in net profits this year, it is explained,
Is because provision has been made
this year for excess profits taxes. The
1917 net profits are equivalent to s5.01
q share for the six months period.
Southern Pacific.-The June operat-
ing statement disclosed total operating
revenues of S16,079,923, compared with
sl3,567 ,669 in the corresponding month
Of last year. Operating income was
s6,0l2,5s6, compared with S4,s20,944 a
year ago. In the six months ended
with June operating income Of the sys-
TEN was s2S,S74,541, compared with
s2O,243,13 in the corresponding period
Of 1916.
New-York tribune., 1917-07-24
Dividends

Thompson n-Starrett.-Regular semi-annual
dividend OF per cent on the preferred
stock. payable October ! 20 stockholders OF
record September %.
Superior Steel Regular quarterly divi-
dends of per cent on the first and second
preferred stocks. payable August Is 10 stock
holders of record August /.
New River Company.-Dividend of $3.50
n share on preferred. payable July 81 20
stockholders Of record July %.
American Soda Fountain.-Resular quar-
terly dividend Of ~ per cent. payable Au-
gust Is to stockholders OF record August l..
Illinois Traetion.--R Regular quarterly diw-
dend Of "A of | per cent on the common
record July 50.
New-York tribune., 1917-07-24
Western Roads Get
Coal Rate Increase

Washington, July 23.-Orders per-
hitting Western railroads to increa &c
coal and coke rates Is cents ton were
entered to-day by the Interstate Corr
merce Commission in a large number
of individual applications in which the
roads had made application for specific
increases. The commissions order
was in accordance with the decision
in the Is per cent case, in which it
held that the Western railroads. by
withdrawing specific applications,
might file new tariffs increasing rates
uniformly 10 cents a ton.
New-York tribune., 1917-07-24

The fact that the stock market has
ceased to attach any significance to
monthly railroad reports was again
demonstrated when the shares of the
Southern Pacific closed with a net
loss of half point. During the day
the company's June statement was
issued, showing that in spite of a
slight decrease in operating reve-
nues compared with May, operating
income for the month was the largest
in history. Transportation expenses
decreased s173,OOO, and this was due
in some measure to a decline in
freight traffic, but it also reflects the
saving effected by the elimination of
unnecessary passenger service.
New-York tribune., 1917-07-24
The Dollar in Foreign Exchange

Russian exchange broke sharply yes
terday on the reports of the apparent
collapse of the Russian offensive.
Rubles dropped to 2Oq4 cents for
checks, decline of one cent from
Saturday and new low record for
tho war period. The rest of the mar
ket was dull, without important change.
Closing rates yesterday, compared
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
tations for either marks or kronen are
no longer available.
Week
New-York tribune., 1917-07-24

The above rates express the cost OF
foreign money in terms of the Ameri,,
can dollar. You buy an English pound
sterling at, say, s475h. The intrinsic
parity is s4.86% per pound. Thus, you
say either that pounds are at a dis
count or that dollars are at pre-
MUM, which is owing 70 the fact that
in England the demand for dollars
with which TO settle accounts in this
country is greater than the demand In
this country for pounds with which to
settle accounts in England.
New-York tribune., 1917-07-24

oOo. 900 10 s13s,16e,S7O. while expenses
showed an increase of approximately
s14,00O,000.
Western roads paid approximately
81. 100000 more in taxes than last year
leaving net operating income at sti,.
$780, ,26O, as compared with s34,sII,oIo
in May, 1916, ali increase OF approx
mately S6,72O.O00.
New-York tribune., 1917-07-24

Economic textbooks tell us that
when the supply of money increases
faster than the production of goods
a rise in prices always follows, be-
cause demand expands along with the
ability to buy, so that, competition
for the goods available to be ex-
changed becoming keener, prices are
bid up. This theory is apparently
we'll supported by the experience Of
the last two years. The movement
of prices in the United States syn
chronizes remarkably with the curve
of the stock of money.
New-York tribune., 1917-07-24

The latest tabulation by "The
Bankers Magazine" Of London,
shows that stock values gained sub
stantially in the month ended June
81. On balance the aggregate value
of 387 issues increased S6,851 900.
New-York tribune., 1917-07-24
Loan to Canada
By United States
Regarded Likely
Dominion Arranges to Pay
$20,OOO,OOO of Notes
Due Here August |

Arrangements for paying off on Au-
gust l s2O,OOO,O0O Of the two-year 5
per cent notes of the Dominion of
Canada placed in this market in 1915
have been practically completed, sc-
cording TO information received in au-
thoritative banking circles yesterday.
It is understood that the funds for
meeting the obligation have already
been made available.
Moreover, steps taken by the fnan-
cial authorities of the Dominion TO OBJ
tain credit advances from the United
States government are, il is learned,
likely TO prove successful. The Cana
dian Finance Minister, Sir Thomas
White, on his recent visit to Washing
ton to sound officials there on the
feasibility of obtaining advances from
the American government, it is said,
found Secretary of the Treasury Nc
Adoo favorably impressed and willing
to grant Canada such financial assist
ance as is needed.
Loan of s1oo,ooooo Expected
A New York banker who is in a posi-
tion TO know said yesterday that in his
opinion the credit advance that the
United States government probably will
make TO Canada as an ally will be at
least 100000 900. OF this sum it is
expected that $20,00O,OOO will be used
tc reimburse the Canadian treasury for
the amount used for paying off the Au-
gust note maturity, the remaining $780,
10000 to be used for other govern
mental purposes.
Rate May Be 3l2 Per Cent
II has been known for many months
that Canada was in the market for
fresh funds. but the entrance of the
United States into the war compli-
Gated matters. as it closed temporarily
the American market for such loan OPP
erations as Canada might have con-
templated making here. II is greatly
to the advantage of Canada 70 obtain
credit advances from the United States
government in the same manner as
Great Britain and France and the
other allies, for in so doing more IA
vorable interest rate is oDtalheu'
Canadian borrowings in the American
investment market since the war closed
the English market to such operations
have in the average borne an interest
rate Of per cent. II the ohlteu
States advances funds TO Canada, the
charge il is expected, will be the same
as this government has to pay ITSELF
az per cent-at the present time
New-York tribune., 1917-07-24
Cottonseed Report
Issued at Washington

Washington. July 23.-A bulletin
issued by the Bureau of the Census
places the amount Of cottonseed received
at mills from August TO June 30 at A.
474,l55 tons. There were crushed dur
ing that time 4,433,2 3,293 tons and the
quantity on hand on June 30 was 55,l91
tons.
Productions and shipments for the
period follow:
Produced. Shipped
Crude
oil. 1890. $40 ,399 lbs. 1859. 800. .465 lbs.
Refined
OIL. 1,245. .53o, ,067 lbs. lbs.
Cake and
meal. 1885, .o55 tons 2.229oi3 tons
Hulls 1896 tons 933 500 tons
Imports of oil were s,99027 pounds.
Exports were: Oil. l39, 1882. 1856 lbs; cake
and meal, &s7,s7e tons; linters, as%,s3o
running bales.
New-York tribune., 1917-07-24
Yesterday. agt

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., 1917-07-24
London Money Market.-Londor

23.-Money was plentiful and discount
rates were quiet to-day. Bar silver,
397sd per ounce. Money. 4 per cent.
Discount rates: Short bills, Az per
cent; three-month bills, 1916 per
cent Gold premiums at Lisbon, 90.
New-York tribune., 1917-07-24

Commercial Paper.-The demand for
commercial paper was light yesterday,
with rates holding at 4Ad per cent.
Official rates of discount of each of
the twelve Federal districts are as fol-
lows:
New-York tribune., 1917-07-24

this month, is awaited with interest
Ruling rates of money yesterday,
compared with year ago, were as fol-
lows.
New-York tribune., 1917-07-24
Hayti

The United States is OBJ
ligated by the Treaty of
1916 to maintain a stable
government in the Repub-
lie of Hayti. The develop
ment of the resources of
Hayti should be marked in
the next few years.
Write for Circular C-5,
giving details of Haytian
American Corporation Sc
curities.
New-York tribune., 1917-07-24
News Digest
Foreign

London Disturbed by Russian Situa-
tion.-London, July 23.-The Russian
situation caused an unsettled feeling
in the stock market generally, and was
mostly reflected in further deprecia-
tion OF the rouble and decline in
Russian securities. The Forthcoming
vote OF credit was responsible for a
slight easing in consuls and gilt edged
securities. Rubber shares were firm
with the commodity, and Argentine
rails and oil shipping shares were
steadily supported. The other sections
we're dull.
New-York tribune., 1917-07-24
New York

Alabama Power.-Harris, =, 900,
Co. have purchased an issue us'r,S o, note,
900 fve-year s per cent Sc being Of.
OF this company, which are T,s., nons
fered FOR subscription, i.sus Of 81
are part Of an authorized ISSUE
oo0, 900.
New-York tribune., 1917-07-24

Gold Currents.-Gold coin TO the
amount of $2,S52,O0O was withdrawn
from the local Sub-Treasury yesterday.
OF this, sS52,OOO was taken for export
to Spain. The bankers did not divulge
the destination of the remaining s2,-
100000.
New-York tribune., 1917-07-24

Bourse Quiet.-Paris, July 23.-Trad-
ing was quiet on the Bourse to-day.
Three per cent rentes, 81 francs rs
centimes for cash. Exchange on Lon
New-York tribune., 1917-07-24

don. 27 francs IS centimes,
c.nt @ loan SIS francs so eentirie"
New-York tribune., 1917-07-24

Sub-Treasury. - New York banks
gained from the Sub-Treasury $636,OOO.
Silver-Bars in London, 3edd, up
nd; New York, 7S4s cents, up an u
cent; Mexican dollars, 61A cents, up
cent.
Meade County news., 1917-03-29
A Gigantic Meteor Stream.

One of the most accomplished and
assiduous students of meteors, Doctor
Denning, is of the opinion that the
August meteors, which radiate from
the constellation Perseus, and are
sometimes called the "Tears Of st.
Lawrence" belong to stream so
broad that the earth, travelling be-
tween 1S and 10 miles second, occu-
pies seven weeks in crossing 1t.
This would make the width of the
stream, if the earth traversed it at a
right angle to It's course, nearly SO,-
100000 miles. These meteors are so
scattered all around the orbit in which
they travel that some of them are
visible every year. They are believed
to be connected with a bright comet
which appeared in 1862 and is sup
posed to have a period Of about 12O
years. The outer end Of its elliptical
meteor stream is situated far beyond
the orbit of Neptune.
Meade County news., 1917-03-29
GIRLS! GIRLS! TRY IT,
BEAUTIFY YOUR HAIR
Make It Thick, Glossy, Wavy, Luxur.
liant and Remove Dandruff-ReaI
Surprise for You.

Your hair becomes light, wavy, fluf-
fy, abundant and appears as soft, lus-
trous and beautiful as young girls
after "Danderine hair cleanse" Just
try this-moisten a cloth with little
Danderine and carefully draw it
through your hair, taking one small
strand at a time. This will cleanse
the hair of dust, dirt and excessive oil
and in just a few moments you have
doubled the beauty of your hair.
Besides beautifying the hair at once,
Danderine dissolves every particle of
dandruff; cleanses, purifles and invig-
crates the scalp, forever stopping itch,
ing and falling hair.
But what will please you most will
be after few weeks use when you
will actually see new hair-fine and
downy at first-yes-but really new
hair-growing all over the scalp. II
you care for pretty, soft hair and lots
Of it, surely get 25 cent bottle of
Knowlton's Danderine from any store
and just try 1t. Adv.
Meade County news., 1917-03-29
What the First TELEGRAM Said.

Contrary to general belief, "What
hath God wrought" was not the first
message to be sent by telegraph nor
was Morse the sender Of the first COM
munication, says the Popular Science
Monthly. Instead, it was sent by one
Of the committee who were debating
upon the proposal of Morse, the in
ventor, to string q telegraph line from
Baltimore to Washington. Mr.. Morse,
who wanted to end the discussion and
at the same time demonstrate his In
vention, strung a wire from the com
mittee room to the top Of the capitol
One Of the committee, who was op'
posed to President Tyler wrote, "Tylel
deserves to be hanged" This was re
ceived by the man at the other end ex
actly as it was composed.