davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-04-01

Ii is true that these efforts have
not always been appreciated, and
there have been strikes and vexs-
tious disturbances at the best regu-
lated industrial centres. But the
average has been largely in favor Of
the Golden Rule scheme of regard
ing the industrial worker as flesh and
blood, instead of troublesome piece
Of machinery. This transformation
in the living conditions of American
workers started long before the
world-war began, but il gained fresh
impetus with the booking of rush
orders" for the countries at war. 1t
has put American industry to the
sort of test which shows the value
Of the shower bath in factory equip
ment. Similar changes have taken
Mace ia the countries at war, where
the effort 10 speed up industry has
forced the adoption of labor-saving
and labor-assisting methods which
were never provided before.
All these innovations have con-
,ributed to the efficiency of the work
ers and have made even the coldest-
blooded employer willing to provide
for the comfort Of his workers IN
wavs which he never thought OF be-
fore the hardships Of the last thirty
one months emphasized the brother-
hood of man. 1t is not philanthropy
lut shrewd business foresight, to
adopt measures which make II pos
sible for human beings TO do better
work. and so increase the Industrial
outnut. All observers testify TO the
increased efficiency of British work.
men under the new order of things
The indications are, therefore, that
the industrial economy OF all the
warning nations will be revised IN
the effort to make red blood count
for more and cold steel count Tor
less At any rate, there IS certain
70 he wider recognition Of the human
olenent in all industrial and business
dertakings. This may be purely
selfish policy for the employer, Dut
il is the policy which will aid ma
,eyiallv in the solution Of the prob
Ieros Incidental to the growing strife
between capital and labor.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-04-01

The shortage Of skilled workers is
reaching alarming proportions.
There Is no apparent source Of sup
ply before the war stops, and the
bclllgerent countries permit immi-
grafton again. But will they permit
II? This is question which the
future alone can answer. Unsk;lled
labor is nowhere as valuable as in
the United States, and should half d
million men be withdrawn from pro-
ductiyc pursuits here, the American
employer will bid still higher price
for human bulk and Drawn.
The unions realize the peculiar po-
sitiOn Of the labor market, and as
the railway strike episode showed,
intend to extract the last drop Of
corporation blood out Of the pcrllous
position that The great industries
arc in. II is probable, therefore,
that the war after the war; will
be a strife between capital and Ia
Dor, with the immediate odds favor
ing labor, providing the country
keeps prosperous enough to continue
work in night and day shifts.
Should the readjustment bring a
few years of hard times the scaling
down of wages would come as a
matter Of course, since employers
cannot pay high wages if demand
declines and earnings are low. But
VIC must not fool ourselves into
thinking that the solution Of The Ia
Dor problem will come automatically
with the return Of peace. 1t will
not. II will probably take a few
years Of hard knocks to bring the
laboring man down to the old corn
beef and cabbage basis. He may
reyer hit the old level again, and it
Is not desirable that he should
Prosperity Of the war period has
made the average worker Judge
everything in the terms Of ten-hour
wages for an eieht-hour day, with
extra compensation for overtime.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-04-01
Output
Yields Is lie. a
Pound Profit
Ray Consolidated foc 1916
Earns Over $l2,000,000
Surplus for Dividends

The annual report Of the Ray Con-
sclidated Copper Company for 1916, is
sued yesterday, adds another chapter
10 the striking record Of prosperity in
the war-stipulated copper trade.
Under the urge of high prices, the
Rays output was increased from 81
O04,261 pounds in 1914 and G0,33S, 93S
pounds in 1915, to 1883, $40 pounds
last year. That was only one factor
in swelling the years profits. The
average price received by the company
ior its metal was 101 per cent higher
than in 1914 and 81 per cent above the
average for 1915, whereas higher wages
ard commodity prices increased the
cost per pound of producing the metal
only per cent compared witt the pre-
ceding year and Is per cent compared
with two years before. The profit per
pound was 1856 cents in 1915, 1885
cents in 1915 and 4.43 cents in 1918.
As a result the net profits available
for dividends were $l2,0S4,1 65, equal
to $3.50 on each SIC share, or 100 per
cent. compared with 1922 share or
29.2 per cent in 1915. Dividends paid
during the year totalled S4,337,954,
while there was carried to surplus ST.
3iS,473. The total profit and loss sur
plus at the end of the year was $l3,-
S13,177, against S6,434,704 a year be-
fore.
A feature of the report is that re-
calculation indicates ore reserves of
9?,373, 226 tons. carrying an estimated
average Of 2.03 per cent copper. This,
in spite of last years heavy production,
is an increase of 21,461, ISL tons. Dis
cussne these figures, Sherwood Al
erich. president of the company says:
Ten years ago the company's present
main properties were purchased from Eng
lih owners, who had made a complete fail
urc with them. There were then approx
maiely 600, coo tons of ore in sight. We
have since developed total Of 100 .667 $50
tons, and have extracted and treated 49,
2a3 S5i tons. During these ten years we
have expended for new development, con-
s.ruction and equipment upon these prop
critics a total Of Sl3,S00,5l3. or this
amount 81. 9Os.44S came from the sale Of
capital securities, and the balance Of &c.
Sg2 ,065 came from earnings from opera
tions.
IN these ten years (of which less than
six have been productive years. the com
pany he's earned total Of $25.50l ,914. OF
This amount Sl.j29.9i5 has been reserved
for extiuguishmcnt Of mine development
costs aud Sl227.7i9 for depreciation Of
mine ard equipment. leaving balance Of
S22,74f,2I7
The record shows. as Mr.. Sherwood
points ont. that the company has paid
1881, 100 in dividends since 1t was
organized eight years ago.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-04-01
Reorganizes to
Obtain More
Working Capital
National Conduit and Ca.
BILE Co. Sells New Securi-
ties to Bankers

The National Conduit and Cable COM
pany, one of thesargest consumers Of
copper in the world, has arranged with
New York banking interests to effect a
readjustment of its financial structure,
which will provide $1,000 900 new work.
ing capital.
A new company will be organized UNI
der New York charter, which will ae-
quire the assets of the present con-
Germ. 1t will have a capitalization Of
100000 shares, of which $4,000 shares
have been purchased by banking syn
dicate consisting Of Pritchitt & Co.
and Millett, Roe & Hagen, who will
offer the new stock for subscription
at s35 share.
The National City Company and
Montgomery, Clothier & Tyler have I'M
derwritten an issue of $4,000 900 two
year per cent bonds of the new COM
pany, provision being made in the
mortgage for a 2IA per cent sinking
fund. After 81 has been set aside for
the stock, so per cent of the earnings
in excess Of this requirement will be
used in retiring bonds.
Tho National Conduit and Cable
Company began business in 1888 on an
investment Of $1,000. Its present plant
and equipment at Hastings on the Hud-
son constitute. one Of the finest manu-
featuring plants in the country. Up to
the present time no new capital has
been added 10 the business except that
taken from earnings, which in 1917
were estimated at si,0OOO0O, against
s3.OOO,OO0 the previous year
With the capital readjustment ef-
foctcd. IT is stated that the new conf
pany will have assets Of approximately
sl3.50OOOo. Of which 100000 will be
quick and S5,500,O0O fixed assets.
The company uses copper IN the man.
ufaciure % cables and various kinds OF
brass products, It's business emsnatinZ
largely from telephone and telegraph
companies and large electrical con-
corng
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-04-01
Business as Usual"

This is not the time for iain'hciarlea; a,
,cis: il is not the time for drawing III
and waiting until the war is Oyer. "5-
Is the time to be as constructive 10 ma, ma,
tor i activities as the lstion Will nave
70 6 '"' Constructive in military and nayat
affairs. The Stacker IN oua ,Iace5
"bould in public thought be place.
aion,,sidc Of the "siacker' IN war.
a FarR is .u an injury to the whole country
and ,1' to his fellow men. The business ,ad ec'
man who throws new energy ana h,, n{
tiyitv into the expansion OF ms ou3I-
ooss vii inspire confidence, and to the
' Ttcnt q that he gives employment to
people and create j. ~ ,.S59ry he sn % he pc
o'i"9 NJ trcn,th 10 the man who
acGIus N Gchts IL. battles: II. through
should fan down. the arm ana ON, me
rayv and the nation would be lmPoE-
or,.b.J and the country as whole
Would fail short of its responsibilities
Manufacturers Record.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-04-01
Saturday, MGYch 81, 1911.

Returns 20 the Interstate Com
mercc Commission for January, Civ
ing the earnings of Class | railroads,
are being cited as evidence that the
roads should be granted higher rates.
Emphasis is laid on the fact that
income after the deduction of ex-
pcuScs. taxes and uncollectible reve-
MUGS was only 100000 larger than
IN the same month last year, which
falls below the average monthly in
crease in 1916. The comparison is
absurd. Railroad earnings did not
begin to reflect the revival of bust
ness until well past the middle of
1918. Therefore, when earnings ex-
banded to record figures in 1916. they
showed enormous increases over
those of the preceding year, because
the comparison Is Of a period of OK
IRENE prosperity with one which was
largely marked by depression. OPP
Grating income in January, 1916, was
the largest ever reported for the
month up to that time, being $64,-
915,2S6, against $39,174,218 in 1915,
$50 ,943,4 10 in 1914 and $50, 1880
in 1918.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-04-01
The Eccentric Chinese

Petroleum may be thing for which
ones taste has to be cultivated. At any
rate, the Chinese dislike the smell and
touch Of it SO badly that they are much
in the situation Of the people who
seventy-hye years ago mad salt works in
Western Pennsylvania they s6ominaie
the petroleum and abandon we'll when
the proportion o. oil to brine gets nlgh'
Their feuugnarce for crude petroleum
nay be measured by the fact that IN
china Il takes from one 20 three gen
eratiors 70 bore veil, For the refined
psoauc.s Of petroleum they have no
sueh aversion, or even for the IN cans
in which they get II from the United
states, making out Of the latter = source
of almost zs many Of the neeessariss OF
lie as a South Sea islander hnds in
his favorite eoeoanut palm. 80 The
Nations Business.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-04-01

American industry is gradually
capitalizing the Golden Rule in its
relations with the human cogs of
the industrial machine. The move
ment is nationwide, and has been
helped by the pressure of war bust
rcss. The captain Of industry is by
nature q cold-blooded creature. who
in the old order Of things was ac-
customcd 10 regard his workmen
merely a. units in his dollar scheme
IF 90 much expenditure for so much
output. There was little pretence of
humanity about ii. except during the
playing TO the gallery period, which
came every four years with the Pres
idential election. But the situation
gradually changed, and the adoption
of scientific management, which Is
only another name for cutting out
waste. developed a better apprecia-
ZION Of the Increased earning power
% contented workers. compared with
a disgruntlod force.
This state Of affairs emphasized
're advantages Of The bonus system,
better factories, improved working
conditions, profit-sharing devices,
pensions, welfare work and the other
eyoedients in the movement to make
a worker self-respecting and self
supporting. 4 vital feature has been
the aim of large employers TO make
life more worth while in industrial
communities, from which the young
or generation migrated as soon as it
reached long trousers. These towns
have been made not only habitable,
but attractive. bright and cheerful
with fewer saloons and more libra
ries and recreation centres.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-04-01
The Dollar IN Foreign Exchange

Tie outstanding development i'm the
market for foreign money! during ,le
last week was the suspension Of deal-
lngs IN eNcLargc on Germauy and Aus
ira Following steady contraction
Of business in German marks and An
'rlan hronen for months, owing TO the
absence of international trade relation
between the United States and these
countries, all Of the important banks
and trust companies in the financial
district have refused 20 do business in
the Ieutonic exchanges. One reason
Tor TINS IS the difficulty in doing bust
ness promptly by wireless However.
American bankers. 10 is stated in re-
liable quarters, have practically with
drawn all their balances from the Cen
ia! nations, and for mat reason have
nothing Oh which they can sell mark
and krOncn bills. one house alone. q
private banking firm. with important
German connection, Is in the market.
and this concern will sell only a lin
lted amount of marks and kronen.
In the sterling ald franc exchange
market the tone has been one of pro-
nounccd iirmness. The Allied banker,
who have in charge the machinery for
regulating the exchanges have shipped
IN upwards Of SJ0,O00,O00 of gold from
Canada during the week, bringing the
total from all sources since January.
1918, 20 approx Sl.400 900 600.
italian lire bills have acted better.
presumably reelection Of the work
lngs OF the new credits obtained in
London. Russian rubies held most o.
their gain Of the previous week.
The strength Of neutral exchanges
attracted attention. particularly Span
lsh pesetss, which were very strong.
The advance occurred on a smaller vol
umc Of business, however, the estab-
lisbment Of martial law IN Spain hay
ing the effect of restraining financial
operations between the Two countries.
There were unusually heavy shipments
Of gold to Spain, aggrcgdting in all for
the week S3G00,00
If you calculate the cost Of the dollar
in terms OF foreign money that is. as
il you were buying dollars with pounds,
marks or francs its value az the close
OF last week, as compared with It year
ago, would be about as follows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-04-01
Brazilian Ry. Still
Unable to Get Funds
Control Of Road May Pass to
American Interests

Despite technical denial that the
French bankers have been unable TO
raise the 10000 600 francs of new CAPT
tai necessary for the reorganization OF
the Brazilian Railway Company, securi-
ties Of which are in default, the belief
persists in banking circles here that
American interests will eventually be
called upon to provide the cash needed
and that it is not improbable that the
control of the system. now in French
hands, Will pass to bankers here.
The Brazilian railway system IS the
largest in South America and has a
mileage Of upward of 5000 1t
has been in receivers hands since the
early months OF the war. Recently a
tentative reorganization plan was
adopted. the operation Of which has
been indefinitely postponed owing to
financial obstacles.
William Nelson Cromwell, counsel
for the French banks which were
20 raise the 2O,0O0,0OO francs agreed
to in the tentative reorganization
programme, has cabled here a state
men. that the report that the French
bankers have Withdrawn financial sup
port is incorrect. The attitude Of the
banks which have offered to furnish
the new capital specified in the reor
ganization plan continues unchanged
he says.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-04-01
Relevant Facts

/ Advance Rumely Company hrougn
/ The enforcement of a sales policy py
which it received 20 per cent IN cash
on its years business, this concern
which is the successor Of the old u
Rumely Company, discloSes strong
cash position in its first annual report
/ On December 81 last its cash holdings
stood at S2,37O,813. and excess of cur
rent assets over liabilities was $8,O34,-
s35. Total profits for 1916 were $2,l7s,-
32I. Of which $1,757,3i4 was derived
from the sale of its products and $40
/ 977 from investments.
Selling, general and administrative
expenses consumed sl,6s9.94l OF the
Years earnings and fixed charges S20l,-
9GI. leaving a surplus Of S2S3'41o.
Finley p. Mount, president Of the COM
rany. said in the report: "0ur strong
cash position, together with the tunda-
mental improvement in methods OF
operation, makes possible a reasonably
safe expansion and growth of bust
ness"
Joseph Dixon Crucible. For the
wear ended December 81, 1916 the COM
many reports surplus earnings OF
Sl,976,570 aud net revenues applicable
for dividends after deducting all
charges Of S3,767 ,40l, equal to slsS per
share on the S2OOo,OOO capital stock.
Approximately $4,000 was expended
out Of earnings for improvements. Dur
ing 1916 the regular semi-annual d.
yidends of pa per cent and extra d.
vidends aggregsting - per cent we're
paid. Another extra dividend Of 20 per
cent was declared in the current year
payable March 81.
White Motor. This company's re-
mort for 1916 shows net profits Of
S44ilOAi. from which $4,000 was set
aside to reduce the value Of inventories
on a basis of prices current on De
cember 81, 1915 After this provision
the years surplus was s33Ol,04l
equivalent to 23l3 per cent on $4,000
900 capital stock, or Sll.56 share on
900 900 shares of $50 par value. Cur
rent assets Of the company as Of De
comber 81, 1916, were Sli,61f,s15 ard
current liabilities were 1878, 2e7, lcay-
ing net working capital OF Slo,-
OgJ 600.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-04-01
FINANCIAL MEETINGS
sOuTHERN PACIFIC COMPANY.

NOiitE or ~ 81 iNbs
100 Broadway, New lorh. y. Y.
he Annual Meeting Of me Stakeholder
the Southern Pacihc Company viii be
no At the ofioe Of this Company IN
~ horsge. Jefferson County. Ken cry. o.
wednesday. April 4, 1917, 81 twelve o'clock
.een. standard lime. foT lbe following puT-
sosss va
10 elect hficen Directors
:. To transact an such other business as
~ legsliy come before the meeting, IN
N.eing the approval and rstihcst Of 81
%uon o. the Board Of Directors and OF
~ Executive Committee since the a.
e-sssl meeting II I've stock holders 0t this
@apsEy
,Fes The purposes 81 tho meeting, the
sAs Tor the transfer a stock viii be
Eeq az ~ O'Clock noon. on saturday.
sstee ~ 1917. aud will be rcopened AZ ~
= u, THURSDAY. April ,. lslf'
~ efeeF Of the Board Of Directors
A. HUGH NELL. Secretary.
ohsd. January 2. 1917.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-04-01
DIVIDEND NOTICES
WELLS FARGO & COMPANY

QUARTERLY DIVIDEND
4 quarterly dividend OF $3.50 per share
upon the capital stock of this Company
has been declared payable April 10th. 1917.
To stockholders 81 record al the close or
business. April eth. 1917. The Transfer
Books will close At the close OF business
April 9th, 1917, and be Teopened on April
2fst, 1914 Checks will be mailed.
C. H. GARDINER. Secretary.
New York March g. 1917
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-04-01
London Losing
Canadian Pacific
To New York
Bankers Arranging 10 Take
Over Large Block Of
Sterling Issues

Large amounts Of Canadian Pacific
Rcilway securities OF sterling deLomi-
ration issued in London viii soon be
transferred to American ownership I
plans now under consideration by the
company and the British Treasury do
net miscarry.
The plan is 10 convert these securi-
ties into dollar bonds and designed TO
aid IN stabilizing the sterling exchange
rate. }. p. Morgan & Co. will act for
both the Canadian Pacific and the Brit
ish government IN the Offering Of the
dollar bonds to American investors.
Operation Of the plan involves the
creation Of the dollar bonds. the pro
ccede from the sale Of which Will be
used 10 retire the sterling bonds al
ready deposited with the British Treas
any under It's mobilization scheme.
Stockholders to Act
Canadian Pacific stockholders will be
asked at a meeting scheduled for May
, TO approve formally the refinancing
in the form of new collateral trust
issue. The sterling securities to be re
tired consist of both the companys
direct obligations and bonds OF con-
trollod and leased lines.
The most recent attempt on the part
Of the Br.,eb government to realize
on its modified securities by their
convcrs;oY into dollar bonds was the
ofori,o boro IN Januarr Of an issue
Of sl5 900 600 ten-year s per cent
notcs Of tbc Central Argentine Rail
wsv. Il was announced at that time
that tins transaction was inc Ioietu"'
nor Of other OF similar nature
which would aid 30 staDili]ing me S'e'-
ling exchange rate.
How Exchange Was Benefited
...,i.
The manner IN when 'He Pio'Ne0
frorn the notes benefited the exchange
:....;o., ho,yoon Now York and Lon
-, Tho retirement Of an equiv
alent amount Of short term lndeb''
odness Of the South American railway
''i'e'' .,......i h.. +,,o Issues
in England repreSe".e' ~ ~ .,uoI =
of sterling notes which were called III
and p.id off.
p..rious - this transaction tho
,,,r.od that n had
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-04-01
Crop Reports
Especial 90 The TrbuncD
Ldfdgefte, Ind, March 20.


We have no statistical data on the
condition Of winter wheat and rye
throughout the state, but from obser-
yations made and reports brought IN
by different members OF the depart
ment and reports from farmers. We
judge tia. the condition Is not nearly
so bad now as ii was thought 20 be
three weeks ago Recent warm rains
have helped the situation very materi-
ally, and my estimate now would be
that damage due to winter killing will
not exceed 20 to 80 per cent.
A. 7. Wisneko.
Chief Of Soils and Crops, Purdue Uni
yersity, Agricultural Experiment
Station
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-04-01
Y. S. Treasury Finances

darlington, March 3l.--Condition Of
- United States Treasury: Net bal
e IN general fund, S92, e64, %64; total
esipts. S2,4o7,244; total payments.
k72s24.
~ ne deficit this fiscal year IS $780,
WIZ, against deficit of $49,63i 1854
year, exclusive of Panama Canal
y public debt transactions.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-04-01
LTrCnt

The above rates express the cost OF
foreign money In terms OF The Amer,
can dollar. You buy an English pound
sterling for s4.T5t the intrinsic par
ity is t4s6Es per pound. Thus. you
ssv either that mounds are at dis
count or that dollars are at pre-
mimi. which is owing u the fact tina,
in England the demand for dollars
with which TO settle accounts IN this
country Is greater than the demand il
thj, country for pounds with which t.
settle accounts in England.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-04-01

When the war is over the chief
rrohlem will be how to replace the
lost msn-power. The solution is OF
pressing Importance, for the skilled
,.orlor was never in so great de-
nand. both in belligerent and neu'
trail territory. Common Iaoorers
here are hard TO get at any price,
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-04-01
CROCKER WHEELER COMPANY,
Ampere, New Jersey.

At a meeting on March %. 1917 tho
Directors declared a regular quarterly diW-
dend Of q &c on the Preferred Stock for
the quarter ending March 81. 1917. payable
April 10. books close april 8.
The Directors declared a regular quar-
tery dividend Of go and an extra dividend
~ ifs on the Common Stock FOR the quar-
ter ending March 81. 1917. psya able April
To- books close April 8.
II. LANG, Secretary.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-04-01
lsneclal 70 Tie Trlbansl

Bismarck, ~ D., March so.
Winter rye in North Dakota is in
fair condition, although too much dry
weather and excessive winds may still
harm il. ]. n. Hsgan,
Commissioner Of Agriculture.