davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-04
Relevant Facts

Computing Tabulating Recording
Consolidated net earnings for the six
months ended June 80 were sS72,02s,
compared with s694,636 for the first
half Of 1915. The balance available
for dividends after interest charges
was S699, 5s4, equal to $3.50 a share
for the six months on s10,s57, 200 cap
ital stock, against So share in the
year preceding.
New Chemical Companies.--In the
month Of July the aggregate authorized
capital of new companies organized to
engage in the manufacture Of chemi-
calls, drugs and dyes amounted to Si0.-
2l5,000, according to compilation
made by The Journal of Commerce"
The total authorized capital for new
companies in June was S,775,000; in
July, 1916, S330,000 and in July, 1915,
$4,950,000. During the past thirty-one
months, covering the period when i'm
ports Of chemicals and dyes from Ger
many have been shut of, the total
capital invested in new companies was
s2l7 $50. 900.
Cumberland Pipe Line.-Prohts for
the six months ended June 30
amounted 70 s224.229, which Is equiya-
lent 10 s22 a share for the period on
100000 capital stock.
RaiIroae Bond Issues Likely.-New
railroad financing totaling S37 ,e56,00o
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-04
New Chinese Cotton Mills

The first cotton mills in China using
American power and equipment and
following out the latest methods In
American design for cotton yarn spin
ming are now being completed in Tien-
tsin for the Yu Yuen and VIVA Sing
Textile companies. These firms are
composed of Chinese, and employ Chi
nese capital exclusively. Construction
on two more plants, one for the Hou
Sung Textile Company of Shanghai and
the other for the Dee zee Textile Com
pany of Wuchang, has been started.
In the Yu Yuen, VIVA Sing and Hou
Sung mills the entire equipment came
from American sources. while in the
case of the Dee zee Company the weav-
ing machinery came from American
firms and the rest Of the equipment
from Great Britain.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-04
ReAexes Of War

Ono of the principal factors in
Japan's war time prosperity has hith-
erto been the large demands for sup
plies of all kinds from Russia, writes
a Yokohoma correspondent Of "The
Economist" of London. 1t is said,
however, that Of late Russian war or
ders have practically ceased to arrive
in this country. On the outbreak OF
the war the largest celluloid company
in Japan entirely suspended the manu-
facture Of celluloid and engaged exclu-
sively in the manufacture Of guncot-
ton to the order Of the Russian gov
eminent This company, no orders
being now received, has decided to re-
turn to the manufacture Of celluloid.
The Nippon Munitions Company is an
other concern which was practically
established to manufacture fuses for
Russia, and for the same reason is now
changing its equipment to take up that
of general machinery. The Japanese
general export trade to Russia, after
increasing very rapidly in the early
stages Of the war, now remains nearly
stationary. Various reasons are ad-
duced-e. g., the complicated internal
situation in Russia, and insufficient
railway accommodation in Siberia.
Probably two of the principal factors
are the difficulties attending the set
Element of Rrsso-Japanese accounts
and the increased economic activity Of
the United States in regard to Russia.
Last years trade between Japan
and China, as compared with that
of 1911, shows an increase of 1T
per cent in exports and of so per
cent in imports. OF over fifty principal
exports from Japan, those which in
creased yearly during 1876 are
fannelette, gray shirtings and sheet
ings, match sticks, chip braid for match
boxes, sake, beer, silk, cotton, satin,
printing paper and porcelain. Among
other japanese products which are be-
ing pushed vigorously in North China
are petroleum and artificial fertilizers.
The oil market in North China has
hitherto been held by the British Ash
attic Company and the Standard Oil
Company Of New York. With regard to
fertilizers, an enterprising japanese
company began two years ago distrib-
uting superphosphste gratis among the
Chinese farming population of Man
churia, and has resped a good reward
in increased orders.
good deal of American machinery
and construction material has recently
come into the district Of Stavanger,
Norway, according to the American
Consul located there. This machinery
is considered first class, but it is doubt
full whether the United States can hold
the market in this line after the war
unless special efforts are made by the
individual American factories. The
great increase Of Norway's material
wealth, the development Of the hydro
electric power lying unused in the
mountain lakes and falls, and the real
ization of the necessity OF being more
economically independent through the
use of natural sources, all increase the
possibilities OF Norway as a buyer in
the American market for machinery and
construction material. II seems likely,
however, that as soon as the war is
over the greater part Of the orders will
20 TO Germany.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-04

The decision Of the Senate Finance
Committee to reduce the proposed
tax on undistributed surplus from
Is to 10 per cent, and to exempt
from the levy surplus actually in
vested and employed in the business
or retained for employment in the
reasonable requirements Of the bust
ness" apparently goes a long way
toward eliminating what many have
regarded as the most Objectionable
feature of the governments taxa
ton programme. Reasonable re.
quirements" is rather indefinite,
however, and much may depend upon
the way It is interpreted. The gov
eminent would lose little by dropping
this feature of the revenue bill. 1t
is now estimated that less than
$4,000, 900 would be produced from
this source, and that is not sufficient
return to warrant the imposition of
q levy which might tend to impair
the financial standing of industrial
corporations. The purpose Of the
proposed tax, it is said, is to prevent
the withholding Of dividends, which
would reduce receipts under the in
come tax, but there is already in ex-
istence what seems to be an adequate
safeguard against that. 1t is con-
tanned in the clause of the income
tax act of 1916, under which it is
provided that "the taxable income
of any individual shall include the
share to which he would be entitled
of the gains and profits, if divided
or distributed, whether divided or
distributed or not, Of all corpora
tons, Joint stock companies, or as
sociations, or insurance companies,
however created or organized, formed
or fraudulently awaited of for the
purpose of preventing the imposi-
ton Of such tax through the medium
of permitting such gains and profits
to accumulate, instead Of being di-
vided or distributed; and the fact
that any such corporation, Joint stock
company or association, or insurance
company, is a mere holding COM
pany, or that the gains and profits
are permitted to accumulate beyond
the reasonable needs Of the bust
ness, shall be prind tdoie evidence
of a fraudulent purpose to escape
such tax"
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-04
Anticipated Yardstick
of Modem Trade
By LOCKWOOD BARR

From an article in Commerce and Finance
Gold has no intrinsic value except in
arts and sciences. The amount thus
consumed, together with what is con-
verted into jewelry, is SO insignificant
in comparison with the worlds hoard
Of gold that it can be neglected.
Then what is the value of gold7
Mons, except as the worldwide uni
versal yardstick of mankind with which
all things material arc measured. In
cidentally this yardstick is so anti
quated that it has long since outlived
its usefulness.
Gold has always been the stumbling
block in the progress Of fnanciers. It
has been the hardest, cruelest tyrant
and taskmaster brains have endured.
1t has truly been a golden milestone
around the neck of man and a CALLING
yoke harder to endure than militarism.
Let US turn backward up the river Of
history of people and follow its
branches and tributaries of ancient
customs to some origin as to why gold
was ever given value. Every material
thing has its own value commensurste
with its usefulness; or fictitious value
for some sentimental reason, such as,
for instance, a painting by an ancient
master or a snuffbox once used by
Napoleon.
First a Plaything
Gold was the first metal primitive
man discovered. It was always the
pure, yellow, beautiful metal, defying
the ravages of time and nature. AL
ways pure gold. Nothing else. Then It
was found all over the world, so that
every people had little of it or knew
what 1t was. 1t was too soft to be of
any use to the primitive man as a
weapon or tool and yet too fascinating
ly beautiful to throw away. SO the
savage man converted it into trinkets
and ornaments; what he had left he
bartered to g more fortunate savage
who had more wheat than gold. He
sold the gold for wheat. He did not
buy the wheat with the gold. The
classic Biblical reference to this trans
action is Joseph and his brethren, who
went to Egypt in time of famine.
When savage man exchanged wheat
for gold that transaction for the first
time established an intrinsic value TO
gold. The wheat was eaten. but the
gold remained and was handed down
from fathcv TO son and from mother TO
daughter. 10 accumulated. and the
boarding Of gold commenced. India to-
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-04
Active Securities
Stocks
LRx III. A.soc,.tn,t Pressl

By Tle AsSoGaGu FEeseJ
The third successive SESSION of higher
prices marked yesterdays broader stock
market operations, the short interest
evidently deeming it advisable further
to reduce commitments over the double
holiday.
As usual, the greater part of the
trading was in steels and the numerous
equipment of war issues, including
feathers. sugars and tobaccos. Shippings
and fertilizers shared in the advance
and rails were decidedly stronger,
though relatively inactive.
Industrial Alcohol responded indif-
ferently to yesterdays dividends Of 80
per cent, rising pa points at the out
set, reacting Az and closing at net
loss of point. Distillers' Securities,
a related issue, was very active at an
advance of point.
United States Steel led the list at an
extreme advance Of y Of point, but
lost part of its advantage on profit TAX
ing in the last hour. Most other steels
retained the greater part Of their to 2
point gains.
The more striking movements Of the
session we're scored by high priced to-
bacco shares, American Tobacco making
an extreme advance Of 81 to 2l2%
and Liggett Myers 10 to 235. United
Cigars at 1895 and Tobacco Products
at s7h established new high records.
Changers and low grade rails were
the most active issues in the trans
portation group, ST. Paul gaining Us
and $500" preferred 8. Pittsburgh &
West Virginia preferred rose points
on Wednesdays dividend.
Coppers, oils and motors were dull or
moderately heavy, but Peoples Gas re-
covered the greater part Of its APPOINT
decline. The market closed with a firm
undertone.
Bonds were irregular. United States
bonds Gold issues were unchanged on
call.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-04
News Digest
Foreign


Paris Bourse.-Paris, Aug. 3.--Trad-
ing was quiet on the Bourse to-day
Three per cent rentes, 81 francs Is CEN
times for cash; exchange on London, q
francs Is confines; per cent loan, 81
francs so centimes.
Canadian Rails Rise in London.-Lon-
don, Aug. 3.-The feature of the trad
inc on the Stock Exchange to-day was
a sharp rise in Canadian rails on re-
ports of the government controlling
Canadian Northern and financing Grand
Trunk Pacific. Gilt-edged securities
continued to harden and the buying or
ders exceeded the supply OF stocks
Most of the other sections responded
TO these movements, and the market
closed before the holidays tomorrow
and Monday firm and confident.
Money was plentiful and discount
rates were quiet.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-04
Friday, August s, 1917

Railway returns to the Interstate
Commerce Commission tell story
Of steadily increasing prosperity.
The June statements in most cases
are particularly favorable. They
are summarized, on a per mile"
basis, in an accompanying table, in
comparison with preceding months
Of this year and last. 1t will be seen
from the report-which covered
about one-third of the total mileage
in June-that even the Eastern
roads made a decidedly better show
ing. Their net operating revenues
amounted to 1924 per mile, against
1929 in May and s7S6 in June, 1916.
1t is the first month this year in
which the Eastern carriers had
larger net revenues than in the cor
responding period a year before.
Gross revenues expanded as usual,
but what is much more interesting
than that is the fact that the ratio
Of operating expenses to operating
revenues again improved. In Febru-
airy the ratio was s6.15 per cent.
Thereafter it declined steadily until
in June it was only Ills per. cent.
While 1t is still running consider
ably higher than last year, it would
not be surprising to see the ratio
brought down to a parity with the
1916 figures in the course of the
next month or two.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-04

day is suffering from the obstinacy
with which its peoples cling to the
tradition OF gold boarding.
Vanity dates from the fig leaf. Mod
ern women have no monopoly on self
decoration. Her ancestors, that branch
once removed from the monkey, &C
cording to Darwin, Spencer and Huxley,
made Solomon In all his glory look as
though he were in mourning. Here is
where the fictitious sentimental value
comes in. The savage women demanded
decorations for their bodies women
still do, and the male who could supply
the most trinkets, preferably gold, won
the job.
When Banking Began
Some long headed fnancier Of the
Stone Age learned that it was easier to
hoard the yellow metal than it was TO
hoard the winters supply Of food That
Stone Age man was our first great
banker. That banker always depended
upon the vanities of the women 10
make their husbands part with food as
needed, provided enough gold was dis
played.
But gold has not always been the
only ysrdstick Of value. The Indians
Of Long Island made wampum beads
Of sesshells gathered on Roekswsy
Beach. These served as standards Of
value. Sal. has done duty with some
savage tribes. In Kentucky In Daniel
Boone's day coonskins were the yard
stick. In the South a gallon Of molss-
ses was once the pay for a days Ia.
Dor.
After Adam and Eve migrated from
the Garden Of Eden gold grew more In
favor as a universal medium Of sx-
change. The primitive man knew By
experience that when all else failed,
when everything had been dissipated,
he could still fall back as a last re.
sort on his gold nose rings and brace.
lets 70 fill his empty belly with food.
Tribes and nations through the er'
perience of individuals earned the same
experience in times of war. They
could always find purchaser for Their
gold. Get that. Purchaser Of then
gold-the payment being food.
Hoarded Gold; Hoarded Bread
And so the tyranny Of gold spread
down through the ages as man gropec
blindly in the dark for q solution Of
his problem to find a way to accumu'
late his surplus wheat or his labor oy
converting IL into something Shien
could always be re-converted into food.
In gold he thought he had found
weapon which would always be his 70
command.
The first real rival Of gold was when
men learned TO trust each other and
new thing was created called credit
Even to-day those who trade with
primitive people must place TIER
bright beads and calicoes on the groune
before the savage will give up the riea
treasures which he has taken from ma
ture. There is no trust-no credit ID
contrast we have the dealings on the
New York Stock Exchange, where by ,hs
mere nod of head brokers make trades
every day running into millions OF COL,
lars and there is not even scrsp ~
paper 70 show for il. That was pig
Jump, but credit has been MAKING
progress every day of its life and nS
been battling 10 the death with goIo'
the ANTICIPATED yardstiek OF our pr''H'
tive ancestors.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-04
New York

Liberty Bond Quotations.-Beginning
Monday, Stock Exchange quotations on
Liberty bonds will be printed as hun
dredths, according to an announcement
made Yesterday by the committee on
quotations. Each variation Of l-5Oth
will hereafter be shown on the tape as
2-l00ths.
There will be no change in the
method Of trading, variations being in
5oths, as at present For instance,
sale at 99.44-50 will be printed as 99.ss.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-04
American Scythes for Russia

The American Steel Export COM
pany, Of New York, announced yester-
day that work was being rushed on q
contract for 100000 scythes for the
Russian government. The scythes are
TO be distributed without charge by the
Russian government to the peasants
throughout the various peasant dis
trict assemblies. Previous to the war
the Russian market was largely sup
piled with scythes made in Austria.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-04

was foreshadowed yesterday in the an
nouncement that the Illinois Public
Utilities Commission had authorized
the Chicago, Burlington & Quincy TO
issue s25.455, 900 4 per cent bonds and
the Chicago, Rock Island & Pacific to
issue si2,5oO,0oO first and refunding
mortgage bonds, the latter to mature
May /, 1884.
Union Tank Line Notes Sold.-1he
s7,500,000 per cent equipment trusN
notes Of this company purchased by
the Equitable Trust Company, it was
announced yesterday, have all been
sold
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-04
The Dollar in Foreign Exchange

Neutral exchange rates moved irreg-
ularly yesterday. Scandinavian bills
were quoted substantially lower, while
Swiss francs went to new high record
rate Of 4.4S to the dollar. Dutch guild
ers, which have been fuctusting err
raticslly for several days, were slightly
easier.
Importation Of gold from Canada On
British account was without apparent
effect on sterling rates. Francs were
triAe frmer. Russian rubles lost
small fraction.
Closing rates yesterday, compared
with a 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.
Wax
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-04
Current Comment

While there has been no blight
the crops in the Northwest, the pros,
pect and probable yield are not wn '.
they were few weeks ago. There M
been a shortage of rain in Washins.V.
and Montana. Recent rains helped tn'
situation considerably. but some dsu
age was done by the extreme heat tn,'
week. While the total agricultural ouu
turn in the Northwest this year wiz
not be up TO our earlier expectstion,,'
il will BY no means be small-Loais We
Hill -
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-04
American Radiator.-Regular at
Air Reduction Company
BUYS Welding Plant

Minneapolis. Aug. S.-Announcement
was made to-day that the Northern
Welding Company has sold It's local
plant and also It's Duluth branch. the
Duluth Gas Company, to the Air Re-
duction Company. a New York cor
poration. The transaction involved
s400 900
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-04
Ban on Rate Advances

Washington, Aug. 3.-Conferrees on
the bill increasing the membership OF
the Interstate Commerce Commission
from seven to nine members agreed to-
day on a provision whereby no increase
in freight rates can be asked before
January /, 1920, without first having
obtained the approval Of the Commits
e;op
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-04
Dividends

Porto Rican American Tobaeeo.--Scrip div
idend OF 4 per cent payable September to
stockholders Of record August Is.
Standard Oil Co. Of New York.-Regular
quarterly dividend Of 50 share. payable
September Is to stockholders of record Au-
gust "a.
National Cloak & Suit--Regular quarterly
dividend OF IL per cent on the preferred
stock. payable September to stakeholder. of
record August 81.
American RadIator.-Regular quarterly
dividend Of per cent on the common shares,
payable September 90 TO stockholders of rec
ord September 90 also. regular quarterly
dividend OF ~ per cent on the preferred
stock payable August Is TO stockholders OF
record August T.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-04

ANDREW =. MCCORMACK. Auc,ions.r.
REGULAR AUCTION SALE
STOCKS AND BONDS,
BY ADRIAN II. MILLER SON,
OFFICE, NO IS WILLIAM ST,
WEDNESDAY, AUGUST 8, 1917,
a. 1890 o'clock, at the
Elk, LANCE SALESROOM,
NOS. II AND Is VESEY STREET.
For Account OF Executors.
81 900 National r. r. Co. OF Mexico is,
Con. Mtg. 40 Bond, Oct. 1914. eou-
pom on.
$50 National Railways OF Mexico s%
Series Notes.
For Account OF Whom II May Concern.
% shs Lawyers Title g. Trust Co.
49s shs. Columbia Dye Works. Inc.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-04

The above rates express the cost Of
foreign money in terms of the Ameri-
can dollar. You buy an English pound
sterling at, say, .4.75A. The intrinsic
parity is $4.9e% per pound. Thus, you
say either that pounds are at dis
count or that dollars are at a pre-
MUM, which is owing TO the fact that
in England the demand for dollar:
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.
Dollar Declines in China.-Amoy,
China, Aug. 3.-To-day the American
dollar here is worth $3.50 silver, in
Chinese coin. This represents a drop
of three cents since July /. The nor
nal rate is about 1925 silver.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-04
DAYS

the twelve Federal districts are as FOL
lows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-04
Money and Credit

Money rates fluctuated within q mar
row range in a quiet market yester-
day. At the Stock Exchange there was
an abundant supply Of funds on call
at 2h per cent. Some business was
done on per cent basis.
In the market for time loans based
on Stock Exchange collateral the tone
was steady. Brokers reported good
demand for over-the-year loans, which
were quoted at per cent. where the
collateral consisted Of industrial col
lateral alone. Loans bsaed on a mix
ture OF railway and industrial securi-
ties were quoted at 4 to IN per cent
for sixty and ninety days, and AZ for
four, five and six months maturit!es.
Bankers were much interested yes
terday in the resumption Of gold I'm
ports from Canada on British account,
as in the past such shipments have
played an important part in shaping
the eoruse in the local 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, 1917-08-04

Sub Treasury. - New York banks
gained from Sub-Treasury s2,s6S,ooo.
Silver-Bars in London, Aid; New
York, S0& cents; Mexican dollars, 629s
cents.
Gold Currents.@J. P. Morgan & Co.
announced the arrival of 100000 gold
at Philadelphia on British government
account.
Local bankers withdrew $500, 900 in
gold for export to Spain and $4,000
for export to Panama.
Bank Clearings.-The weeks bank
clearings at the principal centres, &C
cording to R. G. Dun & Co., aggregated
s5,O29,s3o,92s, an increase of 2o.7 per
cent over the corresponding period Of
1916. Exchanges in New York were 3d.
29S,S65,47S, an increase Of l4.6 per cent
over q year ago.
Average daily bank clearings for the
year to date are given below, compared
with 1916:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-04

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: Current
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-04

Commercial Psper.--Dealings in COM
merciAl paper were light, with most Of
the business moving at per cent. In
stitutions are not disposed 10 extend
their commitments pending the issu-
anee Of the certificates Of indebtedness
announced BY the government for next
week.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-04

Official rate Of discount Of each Of