davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-26
ST. PAUL TO ISSUE MORE
BONDS FOR ELECTRIFICATI0N

The Chicago, Milwaukee g. st. Paul
Railway Company is expected to an
nounce shortly plan calling for the
issuance of an additional s25,0OO,OOo Of
its general and refunding mortgage
bonds, probably bearing interest at ~
per cent. 1t was understood in banking
circles yesterday that Kuhn, Loeb e.
Co. will underwrite the issue.
Proceeds from the sale of these
bonds are to be used largely in connec-
ton with the proposed electrification Of
900 miles of road in the State Of
Washington. Permission TO proceed
with this work was granted by the di-
rectors at a meeting yesterday. The
new electrifcation will be on the Puget
Sound division from Othello to the Pa
cifc Coast
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-26
News Digest
Foreign

London Markets.-London, Jan. 20
Money was in good request and dis
count rates were steady to-day.
The gilt-edged section of the stock
market was brighter under the lead OF
the French loan and Scandinavian and
Brazilian securities, while fair trans
actions occurred in the war loan, but
consols were weak and Mexican Ma
tional rails were offered. Oil shares
were harder, especially Russians, on
the advance in the selling price of
crude oil. The other sections were
neglected. American securities were
steady. but trading was light. Nor
folk & Western common was IN good
demand on the extra dividend.
Money, 3h per cent; discount rates
short and three months bills, 5G51s
per cent; gold premiums at Lisbon, 80.
Paris Bourse.-Paris, Jan. 25.-Prices
were heavy on the Bourse to-day.
Three per cent rentes, 62 francs 70
confines for cash; exchange on Lon
don, 81 francs BIZ centimes; . per
cent loan, SO francs 60 ~centimes.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-26

But there are more solid reasons
than these to be advanced in support
Of the contention that the effects of
the "shock Of peace" will, so far as
the market is concerned, be neither
disastrous nor of long duration, if it
is shocked at all. The rise in the
general level Of stock prices in the
last eighteen or twenty months has
been substantial but by no means
without foundation. Certain Of those
issues which have been the medium
of intense speculation may still be
selling at prices not warranted by
earnings and prospects, but they do
not constitute the whole market,
even if they are the most sensational
section Of it The average price of
a group Of representative issues, in
Guiding some of the war" stocks, is
now less than points above the
level at which the same issues were
selling early in 1914, and actually
several points lower than the highest
point reached in 1918. That calcu-
lation includes a number of railroad
stocks which are selling lower now
than they we're before the war. TAX
ing only the average of the indus
trials in the group, there has been a
net appreciation since January,
1914, of about IS points, and of
about II points compared with the
high of 1918. That is, Of course, a
big improvement, but there is moth
ing extraordinary about it when it
is considered that industrial COM
panies in general arc in much
stronger Fundamental condition now
than they were then. Their profits
have been enormous, and the general
adoption Of a conservative dividend
policy has enabled them not only to
improve their plants. make liberal
provisions for depreciation and the
like. but 20 build up cash reserves
that add greatly TO their strength.
On the average the cash holdings of
industrial companies arc probably at
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-26
C. M. SCHWAB INSPECTS
sPARROWS POINT SHIPYARDS

Baltimore, Jan. 25.-Charles VI.
Schwab, OF the Bethlehem Steel Cor
poraticn, inspected his steel plant and
shipyards at Sparrows Point to-day
and stated that there would be no
curtailment, as has been rumored, in
his original plan of making the plant
here the largest on the Atlantic sea-
board, at a cost of S4O,OOO,OOO. He
further said he wished to deny that
any men here or at his other plants
would be laid off, but that the contrary
would be true and that more would
be needed. He also announced that
the system OF bonuses which is in
operation at Bethlehem for turning out
orders and for new construction would
be put into effect here.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-26
VALUE OF FOOD EXPORTS
DECREASED LAST YEAR
Wheat and Flour Shipments Show Big
Shrinkage

Wheat and Flour Shipments Show Big
Shrinkage
Washington, Jan. 25.-Food exports
generally from the United States fell
off s43.000,OOO last year. Department
of Commerce statistics announced to-
day show their value to have been
s745, 900, compared with S7ss,O00,-
600 in 1915. Meat and dairy products
showed increases, but breadstuffs fell
off sharply.
Corn was the only grain showing an
increase, while wheat fell off $1,000
600 bushels and flour 100000 bar
res. Beef showed decreases in canned,
fresh and picked, but bacon, hams and
shoulders exports increased $1,000
900 pounds and pork 100000
pounds.
Oils and gasolene exports increased
considerably during the year. There
was 21.OO0,000 gallons more gasolene
sent abroad than in 1915. Crude oil
showed an increase of 100000 gall
Ions, illuminating oil 100000 gal
Ions, lubricating oil 100000 gallons
and residuum and fuel oil l45, 900 900
gallons.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-26

quotation for four marks rose TO 6sS
ut one time, compared with an early
low Of 677s, and closed at 0Ses.
One explanation for the increased
demand for mark bills is renewal
OF German selling Of American Sc
curities. It has been reported for a
week past that German investors have
been liquidating in this market some
OF their holdings of securities in re-
Gently reorganized American rail-
roads. Delivery on these sales /.
stipulated in Germany or in adjoining
neutral countries, in accordance with
the practice Of the past year or more,
and payment is made from this side
Immediately, necessitating the pur-
chase Of marks for making the remit
lance. Sales of American securities
By German holders off and on since
the beginning of the war have for
the most part exhausted the floating
supply, but there is still said to be
a considerable amount held in the
hands of private investors in Ger
many.
Russian rubles, which have been de-
clining steadily for a fortnight, met
some support yesterday and recovered
to 2S.4O cents, compared with a low
record of 2790 on Wednesday. Italian
lire were also slightly improved at
7.19 to the dollar, against 7.2O the
day before.
Closing rates yesterday, compared
with a week ago, were as follows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-26
EXCHANGE sUspENDs BROKER
Charles II. Burke Accused OF Irregular
itIcs In Stock Deal

Charles II. Burke, Of the brokerage
firm Of Degener & Burke, has been
suspended from the privileges OF mem
bership en- the New York Stock Ex-
change for one year because Of alleged
irregularities in a transaction in Union
Bag and Paper stock. Mr.. Burke was
called before the committee Wednes-
day afternoon and notified OF his sus-
pension.
The committee explained that on De-
cember 90, 1916. Mr.. Burke sold at H.
the bid price, through another broker,
who cleared it, 100 shares Of Union
Bag and Paper common as basis for
obtaining 400 shares in various odd
lots at 12h.
The committee on business conduct
instructed the secretary Of the ex-
change TO prefer a charge against Mr..
Burke of conduct inconsistent with
"just and equitable principles Of trade,
under Section Of Article II of the
constitution"
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-26

These huge and constantly grow
ing cash accumulations are excellent
shock absorbers. They make for
great security, no matter what may
come. If wisely used they will pro-
vide insurance against the reduction
of dividends through a long period
of adversely. In the past dividends
have been commonly paid out of cur
rent earnings, and the advent of a
period of depression was always
marked by widespread reduction of
dividend disbursements. But that
need not happen this time, even if
we should run into a period of
stress. A great many corporations
could continue the payment of divi-
dends out of cash reserves for sew
eral years, though profits dropped
to nothing. 1t may be that the end
ing of the war will bring heavy
liquidation and that prices will fall
considerably, but there is at least as
much reason for believing that on
the average stocks will emerge from
the war period well above the level
at which they entered it. The pros
poets of a so per cent decline are
certainly remote.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-26
OVERTURE MADE
TO THE MINORITY
IN LONG ISLAND
Debentures Offered for
Common Stock Under
New Financial Plan

Ralph Peters, president Of the Long
Island Railroad Company, announced
yesterday that special committee OF
directors, consisting of Herbert G.
Lakln, August Belmont, Charles NJ
Pratt. Walter G. 0akman and himself,
had agreed with the Pennsylvania
Railroad Company upon a plan for the
reimbursement OF the finances OF the
Long Island.
The plan provides for the issuance
of s5,212,100 per cent twenty-year
debenture bonds by the Long Island
company, which, it is proposed, are to
be exchanged at par for the stock, not
under the control of the Pennsylva-
MIA. 1t is also proposed to issue COM
mon stock for the balance Of the Long
Islands debt, approximating s25,OOO'-
900.
The Pennsylvania has agreed to &C
cept the debentures and common stock
at par for the debt due it from the
Long Island.
L. Latin Kellogg, an attorney rep
resenting minority stockholders, said
Yesterday that he was not certain
whether the plan proposed by the di-
rectors would be acceptable to his eli
ents.
Suit Still Pending
Early in 1916 Mr.. Kellogg brought
suit against the Pennsylvania in the
Supreme Court of New York on be-
half of the brokerage firm Of Dick
Brothers for an accounting of S2S,O3l,-
425, which it was alleged was lost
through mismanagement. This litiga-
ton is now awaiting a decision.
That the success of the plan de-
ponds upon the minority stockholders
acauiescence was emphasized in the
following statement issued by the
Long Island Railroad:
"The success of the plan depends
upon its acceptance by the minority
stockholders, because the Pennsylva-
MIA Railroad Company has not obli-
gated itself to carry any part of II
into effect unless the owners of sat
isfactory amount of the stock of the
Long Island Railroad Company held
by others than itself consent to its
terms and agree to exchange their
stock for the debenture bonds"
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-26
Bank Of Brazil TO Expand

The Bank Of Brazil intends to in.
crease its capital from 100000 to
100000 francs, with the object Of
developing industrial and agricultural
credit. The establishment in the neal
future Of branches in agricultural CEN
tres Is also foreshadowed.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-26
Relevant
Information
Lee Rubber and Tire.-The directors

Lee Rubber and Tire.-The directors
of this corporation passed the diyi-
dends on the company's stock yester-
day. Heretofore 80 cents share reg
ular and 20 cents a share extra had
been discussed quarterly. President
Garthwaite in statement issued to
the stockholders said:
Higher labor costs, caused by labor
trouble, and resulting in decreased
production, together with a general
increase in the cost of crude ma
terials, have seriously affected earn
ings. The company has expended a
considerable sum of money in COM
pleting a new mill for the manufacture
of miscellaneous goods, in which oper-
atoms have recently been started, and
in putting in additional machinery and
equipment, which should be installed
in the early part of the year and which
will nearly double its capacity. While
the operating company has a substan-
tial surplus, the directors have con-
sidered it wise to conserve this sur
plus for the development of its bust
ness and therefore recommended that
no dividend be declared, as they feel
that the interests Of all stockholders
would be best served by this policy"
United States Cast Iron Pipe.-Di-
rectors of the United States Cast Iron
Pipe and Foundry yesterday referred
the question of dividends to the ex-
ecutive committee. II was reported
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-26
Other Cities

Boston Coppers.-Boston, Jan. 25.-
Fractional price increases were the
rule in copper share trading on the
local exchange to-day. There was
little demand and the market general
ly was featureless. The close was
firm. Copper Range, 66%; Allouez,
66h; Old Dominion, 81.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-26
Money and Credit

Money on call at the New York Stock
Exchange ruled slightly higher yester-
day at per cent. The low and closing
rate was 1 q per cent.
Conditions in the market for time
funds on brokers' Stock Exchange col
lateral show little change from day to
day. The tone continues dull and easy
with Industrial money quoted at 8 per
cent for sixty days, ninety days and
four months and 81 per cent for five
and six months. Rates on mixed col
lateral loans are unchanged.
Ruling rates on money yesterday,
compared with a year ago, were as fol-
lows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-26

Gold Movement.-Goldco coin amount
ing TO 100000 was received yesterday
at the Sub-Treasury from Montreal for
account of a Canadian bank. There was
100000 in coin withdrawn for ship
ment to Cuba.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-26
Elections

Landon K. Thorne has been elected
a member of the board of directors and
a vice president Of William P. Bon
bright & Co.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-26
Commercial Paper.-Trading in C

Commercial Psper.-Trading in COM
mercial paper is nearly at a standstill
as a result of the extremely light offer
ings. The few trades effected are on
3la per cent basis as rule.
Official rates of discount at each OF
the twelve Federal districts are as fol
lows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-26
The Dollar in Foreign Exchange

Strength of German marks furnished
the outstanding feature of a dull for
eign exchange market yesterday. The
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-26

The above rates express the cost Q
foreign money in terms of the Ameri
can dollar. You buy an English poun,
sterling for s4.75A; the intrinsic par
ity is S4sG% per pound. Thus, you
say either that pounds are at a dis
count or that dollars are at pre-
MUM, 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 country for pounds with which to
settle accounts in England.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-26

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. [volume] (New York [N.Y.]) 1866-1924, 1917-01-26

unofflcially that dividend Of not less
than 8 per cent might be declared.
Earnings Of the company In 1915 were
s1,S0s, 900, equivalent to 100 per cent
on the s12,OoO,00O preferred stock.
Sears, Roebuck & Co.-The directors
Of Sears, Roebuck & Co. have recon-
mended a stock dividend Of % per cent
on the common stock. A special meeting
Of the stockholders has been called for
February 20 for recommendation. The
directors have also recommended that
the dividend rate on the common stock
be placed on a basis Of 8 per cent a
year, beginning with the payment TO
be made in May. The company has
$50 10000 OF common stock outstand-
ing and sS,OO0,000 Of Z per cent cum
ulative preferred. Dividends of z per
cent per annum have been paid on the
common for a number Of years. Sales
Of the concern in the full twelve
months of 1916 totalled s146,s3s,507,
compared with s113,121, 654 in 1915. In
1915 1857 per cent was earned on the
common, and over period Of nine
years average annual earnings of 1910
per cent have been shown on the COM
mon.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-26

Bank of England.-The Bank Of Eng
land reported an increase for the week
in gold coin and bullion holdings Of
G597.752. Proportion of reserve to liza
biities is now 1910 per cent, against
1890 last week, 1910 January II and
1916 January 4. Other changes re-
ported for the present week are as fol-
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-26

Grasselli Chemical.-Cleveland, Jan.
25.-At the annual meeting of share
holders Of the Grasseli Chemical Com
pany to-day the earnings of the COM
pany were reported at s9,s35,ooO for
the year 1915, or slightly better than
20 per cent of the present common
stock issue of s13,913,OOO, after de-
Quoting the preferred stock dividend
requirements. During the year 1915
the company earned s4,s59,Ooo. The
gain for 1916 was substantially 100
per cent.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-26
New York
Small Loans in Demand.-Tl

Small Loans in Demand.-The Nor
ris Plan Company of New York, IN
statement issued yesterday covering
the two years of its corporate life, re-
ported a total Of 28.304 loans made,
aggregating S3,451 1850. Of the total
STA, or more than one-third, were
for sums ranging from $50 to $50. The
company sold 2,439 investment GER
tificates during the two-year period
and 1852 instalment certificates, bear
ing interest at per cent, amounting
in the aggregate TO more than $780,
900. The company is a small borrow
ers' institution, making a business OF
extending credit to wage-earners.
Metropolitan Life Prospers.-Direc-
tors of the Metropolitan Life Insurance
Company announced 10 seven hundred
visiting managers yesterday that the
business Of 1916 had indicated the most
prosperous conditions of any year IN
the history of the company. The assets
at the end of the year were $6OS,O97'-
ga, an increase of s66,000,OOO. After
paying dividends there was a surplus TO
policyholders of S2S,167,51l Income for
1915 was S153,043, 319, a gain of Sl4,-
995,173. Total insurance written was
s596,S56,52S.
Asks Dismissal of Subtitle Denver
& Rio Grande Railroad Company filed
an answer in Judge Hands court yes
terday to the suit brought by the
Equitable Trust Company of New York,
empounding 100000 of the rail
roads funds on deposit with banks and
trust companies in this city. The court
was asked to dismiss the Equitable
Trust Company's complaint, with rea-
sonable costs and charges.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-26

Bank Of france.-The Bank of
France, in its weekly statement re-
ports the following changes for the
week lin francs):
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-26

least twice as large as they were be-
fore the war.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-26

Silver.-Bars in London, 37A pence;
New York, 1914 cents; Mexican dollars,
50 cents.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-26
Bank Clearings.-The days clesrings
al New York and other cities:

Sub Treasury. - New York bank
lost to Sub-Treasury s2,134,0O0.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-26

Twin City Rapid Transit.-The COM
pany reported yesterday for the year
ended December 81 last showing gross
revenues Of SIC, lSS,O54. against So
453,964 in 1915. Total income aggre-
gated s3,251,7 SS, compared with ST.
725,8O9 the preceding year. The sur
plus of s2,23754s, after deducting the
7 per cent dividend of 100000 pre-
ferred, was equal to 9.22 per cent on
the s22 100000 common stock, against
6.S3 per cent in 1916. During the year
the company charged into operating
expenses S1,122,2OO for depreciation.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-26

FARMERS STATE BANK. lNC. GREY EAGiF
MN pays fcs for dr months and So for o.s
seer on Certificate % Deposits Five poiltn W.
A.. possibility Ia Million p9lau.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-26

compared with S113,121,6 54 in 1915. In
1915 1857 per cent was earned on the
common, and over period OF nine
years average annual earnings of 1910
per cent have been shown on the COM
mon.
Distribution of Profits.-A number of
important industrial corporations de-
clared extra dividends yesterday. The
Standard Screw Company directors
voted an extra cash disbursement OF
30 per cent on the common stock and
authorized the officers to take the
necessary steps for redemption Of all
the outstanding $4,000, 900 preferred B
stock. The Scoville Manufacturing
Company announced an extra dividend
Of 10 per cent, payable February l.
This is the tenth successive monthly
dividend of 10 per cent paid by the
company. Dividends so far this year
have amounted to % per cent in cash.
A special dividend of 20 per cent IN
glo-French bonds was paid on jan
uary 5. Cash dividends paid in 1916
were SO per cent in extras and per
cent regular, total of 1O6 per cent.
Directors Of the American Brass Com
pany have declared an extra dividend
of II per cent in addition to the reg
ular quarterly payment of TX per cent.
Atchison, Topeka & Santa Fe.-Gross
earnings of S13,i33,s67, reported for
December, compared with sl1,4O9,lSI
in the corresponding month Of 1913.
Net, after taxes, amounted to $685.
S2s, against s4,O31 400 in December,
1915. Net, after taxes, for the Six
months ended with December totalled
s27,974,122, compared with s22,67S'o2l
for the corresponding period Of the
preceding year. For the full twelve
months ended December 81, Atchison
earned 6.66 per cent on its property
investment, compared with 5.37 per
cent in 1915.
h IN
Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1917-04-07

had been running. Now as their
glances met, hers keenly inquiring Of
Whitaker's still bewildered eyes. she
pulled up abruptly and stood astara.
He saw, or fancisd, something closely
akin to fright and CONSERVATION In her
look. The hush In her cheeks gave
way to swift pallor. The hands
::e::::ha!!eeaa that drew her beach cloak
close about her. She seemed to make
an Intellectual effort to speak.
On his part, Whitaker tried to get
up. A keen twinge in HIS ankle, how
ever, wrung an involuntary grunt from
him, and with wry grimace he sank
back.
"Ohr" cried the woman, impulsively.
you're hurt" She advanced pace,
solicitous and sympathetic.
"Oh, not much" Whitaker replied
In tone more Of hope than Of assur-
ance. He felt tendsrly OF the injured
member. 'Only my ankle--twisted It
few days ago, and now again. It'll
be nil right In Q moment Or two"
Her gaze Travelled from him to the
edge Of the blum.
n didn't sesl mean, / heard some
thiag, md turned, and ~. yoa tEylnG
Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1917-04-07
Grundy Center Items.

Spec;a! 10 Times Republican.
Grundy Center, April TN the
death Of ". a Stricken. Grundy
county, lost one Of her very oldest res
dents. Mi Str;ckier lived OH the
same farm i'll Nelrose township for
over ftftv years. TTe came 10 that farm
IN the very carly days Of the county.
He leaves wife and number Of chill
dren.
The p J EayroHd eighty acres
north ~ .rwn and the Aihcrts eighty
near Dixie were disposed Of this week
by Arerds & Slumberg.
The councl again had the question
Of a special election for a franchise for
the new telephone company up for
consideration this week bat as the pro-
posed franchise had not been given
sufficient consideration, the matter was
again continued until next week, VIII en-
il is expected that the council will pass
the ordinance and fix n time for the
holding Of the special election.
The paving gang IS here ready TO be-
gin work On our forty blocks of bitu-
I.thlc pavement Work vii begin in
earnest next Monday. The town Is also
putting in several blocks OF storm
sewer.