davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-11

Quarterly reports of the Chino and
Utah Copper companies bring out an
interesting fact, namely, that in
spite of higher prices for labor and
supplies, the cost of producing the
metal, which had been rising for
some time, decreased in the three
months ended June 30. 1t cost the
Chino 9.65 cents a pound to make
copper, against 1912 cents in the
first quarter Of this year and $50
cents in the corresponding period
last year. Perhaps the decline was
partly seasonal, but it is worth not
ing that the cost in the second quar-
ter of 1916 was larger than in the
first quarter. The Utah made cop
per in the June quarter for 9.464
cents a pound, compared with l0.843
in the preceding period and 6.726
cents in the June quarter last year.
This year, however, there was in
cluded in the cost figure a charge
equivalent to 1928 cents a pound for
Federal taxes.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-11
Active Securities
Stocks
[By The Associated Pressl


Diverse developments bearing upon
quoted value doubtless accounted for
the lower trend of yesterdays restrict
ed operations in the stock market. A de-
crease of over 100000 tons in untitled
orders of the United States Steel Cor
poration for July, a new low record for
Russian remittances and the expansion
of labor troubles we're among the prin-
cipsl drawbacks.
On the other hand, call money re-
Taxed from Thursdays opening rate
of per cent and several of the lead
ing industrial and producing compa-
MES submitted favorable financial re-
ports. Among the more noteworthy Of
these were the annual statement of the
Maxwell Motor Company and the
quarterly return of the Utah Copper
Company.
Apart from shippings, tobaccos, SUI
gars and oils, which seemed to derive
much of their irregular strength from
pools and other professional interests,
war shares continued under intermit-
tent pressure. United States Steel re-
acted 2 points to 1224, with substan-
tial recovery, Bethlehem Steel new
stock "a, General Motors AS and
few high-priced specialties lost to 8
points.
Rails manifested a sudden reversal
from their recent firmness, dividend
paying issues like Reading, st. Paul,
Canadian Pacific and Delaware e. Hud-
son breaking l to 3 points on compare
lively small offerings. The preferred
shares of the Lake Erie & Western,
Chicago Great Western and Rock Is
land roads yielded to a like extent, but
Southern Railway common and pre-
ferred were in steady demand, the lat
ter gaining IA points. Lowest prices
were made in the final hour, with frac-
tional recoveries at the close.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-11
The Dollar in Foreign Exchange

Weakness of Russian exchange fur
nished the principal development Of
importance in the local market yes
terday. Rubles dropped to 2O.7O cents,
new low record, and closed at 5000
cents. The normal quotation is 51.2
cents.
The rest of the market was quiet.
Italian lire moved slightly lower, but
the decline bore no special significance.
Neutral exchanges were generally firm.
Closing rates yesterday. compared
with week ago, are given in the table
below. American bankers have sus-
pended ell dealings in German and
Austrian exchange, so that daily quo
tations for either marks or kronen are
no longer available.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-11
Union Carbide
To Merge With
Air Reduction
National Carbon Co. May
Be Included in Big Indus
trial Amalgamation

Plan. have been practically COM
pleted for the merger of the Union Car
hide Company and the Air Reduction
Company, Inc. The National Carbon
Company, of Cleveland, will probably
be included in the combine.
Based on recent market prices, the
three companies have a capitalization
in excess of $3.50, 100000. In the organ
ization of the new holding concern it
was reported that the total authorized
stock capital may be as high as $780,
10000. No details Of the merger, how
ever, have yet been made public. It is
expected that the organization of the
new company will involve an exchange
Of stocks and that only shareholders Of
the acquired companies may participate
in the subscription to the new stock.
Products of Carbide Company
Combination of the Union Carbide
Company, the Air Reduction Company
and the National Carbon Company will
place under one control concerns that
operate in similar or related fields. The
business of the Union Carbide Com
pany consists of manufacturing and
dealing in calcium carbide and all gas
producing materials and gas, especially
acetylene gas, as we'll as all machinery
relating thereto. IL also produces and
sells metalurgical and chemical sub
stances and compounds, etc, and deals
in coal, coke, oil, lumber, etc. 1t has
plants at Niagara Falls, n. Y, and Sault
Ste. Marie, Mich.
The Air Reduction Company was or
ganized in November, 1915, by Percy
Rockefeller and associates to manu-
facture and sell oxygen, nitrogen,
aoetylene and other gases and appa-
ratus for their manufacture and use.
The company acquired the American
rights of the French process for ex-
tracing liquid oxygen and liquid nitro
gen from the air. The plants are
located at Brooklyn, Chicago, Pitts
hurgh, Defiance, Ohio; st. Louis, Balti-
more, Philadelphia, Detroit and Jersey
City.
Has Many Plants
The National Carbon Company, Inc,
was incorporated on January Is, 1917,
as successor to the National Carbon
Company, which was incorporated Jam
cary 16, 1899, in New Jersey. It's bust
ness is the making of lighting carbons,
wet and dry batteries, carbon brushes
for generators and motors, carbon
electrodes and kindred products. The
plants are located at Cleveland, FIRE.
mont and Fostoria, Ohio; New York,
Long Island City, San Francisco,
Noblesville, Ind; Clarksburg, w. Va;
Niagara Falls, Jersey City and To-
ronto.
The stock capitalization of the three
companies is as follows: Air Reduc-
ton, $4,000 shares, no par value; Ma
tional Carbon, s5,600,000 per cent
cumulative preferred and 100000 COM
mon shares of no par value; Union Car
bide, sS3,131 ,554, all stock of one class.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-11
Copper Profits
Rising While
Costs Decline
Higher Prices Help to Swell
Earnings of Utah and
Chino in June Quarter

Two of the leading porphyry copper
producing properties Of the country,
the Utah Copper Company and the
Chino Copper Company, issued their re-
ports OF operations for the June
quarter yesterday, disclosing in each
case large increases in profits COM
pared with the preceding three months
and corresponding period of 1916.
Operating costs showed substantial
reduction.
The Utah Copper Company reported
total income Of Sl0,563,54l, compared
with s7,24S.3ls in the preceding quarter
and S9,95S,316 in the corresponding
period of last year. Earnings were
computed on a basis of 27.977 cents a
mound for copper, compared with 26.l73
cents in the first quarter this year. Aver
age cost per pound of net copper pro-
duced was 9464 cents, against lO.e43
cents in the previous quarter. The report
SAYS the cost of the quarter was stu
high, principally because it was neces-
sary to make a heavy charge against
operations for increased state and FED
eral taxes. The amount set aside for tax
es, based on existing laws, was Sl,24o'-
600. equal TO 1923 cents per net pound
of copper produced. :,
The Chino Copper Company reported
total income of $685. 1922, against ST.
992.O71 in the first quarter this year
and 1921 1863 a year ago. Earnings
for the three months were based on
27.86 cents a pound for copper against
26.3s cents pound in the first quarter;
Cost per pound of net copper, produced
after allowing for smelter deductions
and crediting miscellaneous income,
was 9.65 cents a pound compared with
1912 cents for the previous quarter.
The amount set aside as reserves for
payment Of Federal, state and county
taxes applicable to the quarter was
S314,370.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-11
Neutrals Buying
u. S. Treasury Notes
Scandinavian Banks Prefer
Securities to Money; Den
marks Gold Still Here

Demand for American securities from
the prosperous neutral countries OF
Europe which are carrying large cash
balances here is reaching substantial
proportions. Bankers in touch with
the situation said yesterday that Sean
dinavian banks have again been show
ing interest in United States Treasury
&C rtficates of indebtedness. Purchases
on this account of the latest 81 per
cent issue are said to have amounted to
So, 900 900. Under normal conditions
the Scandinavian countries might be
expected TO draw gold out of the United
States. As matters now stand they
refuse to take gold, as they already
have more than they can probably en-
ploy at home.
Switzerland is also making inquiries
regarding American securities. The
international exchanges are running
strongly in favor of the Swiss, and
American dollars are now ruling at a
discount of about 10 per cent in that
country. In view of the possibility of
liquidating the trade balance by the
shipment of gold from the United
States to Switzerland, the next best
course open to the Swiss bankers is to
invest their American balances in Sc
curities.
Japan is also buying securities here
with a part of her balances in this mar
ket. The agency of a Japanese bank
has bought 100000 of bonds in the
past two months.
1t was stated yesterday that the
s25,000,O0O in gold paid to Denmark by
the United States government early
this year for the Danish West Indies
is still on deposit with local banks,
drawing interest.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-11
Other Cities

Kentucky Farm Loan Bank.-LOUIS-
WILLIE, Aug. 10.-The report Of the
Federal Farm Loan Bank of Louisville,
covering operations from March / to
July 81, shows that 5000 applications
were received for loans which aggre-
gated S8,290,83S. During this period
loans amounting to s3,274,1 100 were ap-
proved. The bank has completed plans
for issuing s250,0O0 bonds at 101 u, to
bear interest at the rate of Az per
cent. A New York syndicate, it is an
nounced, will take 40 per cent of the
bonds, and the remaining so per cent
will be for public offering.
Boston & Albany Bonds.-ALBANY,
Aug. 10.-The Public Service Commits
zion has authorized the New York Cen
trail Railroad Company to guarantee
Sl,000,000 twenty-fve-year per cent
bonds, to be issued by the Boston e.
Albany Railroad Company. The pro-
ceeds are to be used to cover advances
of S748,747, made by the New York
Central Railroad Company, and for
proposed additions and improvements.
June Foreign Breadstuhs Trade
WASHINGTON, Aug. 10.-Foreign trade
in breadstuffs Of the United States for
the month of June, as announced by
the Department Of Commerce, amount
ed to s73,442,447, compared with $685.
S23,243 in the same month a year ago.
Total exports for the fiscal year ended
in June were sl,7l9,616,416, against
S1,241, 1864 for the year preceding.
July Anthracite Shipments
WILKES-BARRE, Penn, Aug. 10.-To-
tai shipments Of anthracite for the
month OF July amounted to 6,724,252
tons, a reduction of 324,7S5 tons, COM
pared with the preceding month. This
decrease was brought about by the OBJ
servance of Independence Day, which
reduced the working time in the mines
by about a day and half; of one ex-
ira Sunday, and Of several button
strikes" which followed the observance
Of Button Day, and also of reduc-
ton in the number Of men, due to en-
listment in the military forces. De-
spite this falling off in shipments. there
was a gain of l,29l,374 tons over July,
1916, and exceeded the previous high
July record, made in 1912, by $1,000
tons. From January to July 81 ship
ments amounted TO 44,39l ,345 tons, an
increase OF 5,53S, s02 tons over the cor.
responding period in 1915, and estab-
lished a new high record for the first
seven months Of the year.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-11
Better Tone in Wool Market

BOSTON, Aug. lO.-"The CONNER
cial Bulletin" of Boston, will say 70
morrow:
while the volume OF business 10 'n'
wool market during the week ""
hardly up to the average, the tone "''
unquestionably better. due in part, per
hsps, to the clarifying announcement
with reference to the plan of the rec.
eral government to purchase Wool 10.
military purposes. Values on all grsos'
are fully firm.
AT the mills a considerable par =.
the machinery is engaged on dome. =.
war orders. No important changes ."
reported from the West"
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-11
Federal Govt Buys
Cars for France

Orders were placed yesterday by the
United States government for 5000
eight-wheel freight cars, to be delivered
to France as soon as their construction
has been completed. Negotiations are
under way for an additional order for
5000 four-wheel cars, also for France.
The placing of this contract may be an
nounced to-day.
The order placed yesterday was d.
vided among the American Car and
Foundry Company, the Standard Steel
Car Company, the Pressed Steel Car
Company, the Ralston Steel Car Com.
pany and the Bettendorf Company Of
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-11

Colorado Fuel Co.
Reports Big Gain
In Net Earnings

Net earnings of the Colorado Fuel
and Iron Company in the three months
ended June 80 last aggregated s2,553,-
ore, according to the quarterly report
issued yesterday, an increase OF sS0l,-
$50, compared with the corresponding
period OF 1916. Gross receipts were
sl1,97S,996, against SS,21i,403 a year
ago. Operating expenses increased 81
962,7os.
The income statement for the quar-
ter, compared with the corresponding
period Of 1916, follows:
1917 1916
Gross receipts. sl1,97S,9s6 ss,2l4,4o3
Operating ex-
penses ........ S,4Zo,slo o,soo,<oo
Net earnings
from operations s2,553,079 sl,75l,ls5
Income from
other sources. 32S,2S5 2o",'So
Total income. -. s2,ss1,365 s1,ss4,9s9
Deduct:
Bond interest,
taxes, sinking
funds, etc.. S03,lS1 7oS,5oo
Surplus for the ,,o
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-11
News Digest
Foreign

London Market Firm.-LONDON,
Aug, 10.-The stock market had q
cheerful tone to-day and bonds were
well supported. The British Az per
cent war loan and also the French loan
were in renewed demand, and Scsndi-
navian issues recovered on buying for
remittances to Scandinavia. Peruvian
bonds were in good demand and South
American rails improved. Marconi
stock rallied on a statement that the
company is likely to receive full COM
pensation during the suspension of it's
service. Oil shares were active lead
ers, silver mines finished strong and
rubbers were quietly firmer.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-11

ANDREW J. MCCORMACK, Auctione.t
REGULAR AUCTION SALE
STOCKS AND BONDS,
BY ADRIAN ii. MULLER son,
OFFICE, NO. 55 WILLIAM ST,
WEDNESDAY. AUGUST Is, 1917,
at 1890 O'Clock, at the
EXCHANGE SALESROOM,
NOS. Il AND IS NESEY STREET.
For Account OF Trustee.
10 shs Brooklyn Trust Co.
For Account Of Whom II May Concern.
$1,000 Yosemite Lumber Co lst Mtg. g.
Bonds. 1919
$4,000 Yosemite Lumber Co. LIST Mtg. g.
Bonds. 1925.
100 shs. American District Telegraph
Co. Of Brooklyn.
10 shs. Seattle Film Co. prefd,
90 shs Thomas & Bass.
300 shs. Tropical Timber Co, Inc. CON.
mon.
s.. 900 Milwaukee Gas Light CO. LIST N,s
40 Bonds, 1927.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-11
LIGGETT & MYERS TOBACCO cOMPASr

The Board OF Directors OF Liggett .
Myers Tobacco Company has resolved
issue Seven Million Three Hundred a.,
Seventy-siN Thousand and Forty D0llsn
(S7,376.0 900 additional seven per csr
GeS) cumulative preferred stock heretofon
authorized by the stockholders.
This new stock will be issued as ~ Octt.
Der /, 1917, and will be offered 20 all stock
holders OF record at the close OF bushes
September 10th. 1917. for subscription A.
par in the proportion OF one share Of nss
preferred stock for each five shares Of
stock. whether preferred or common, he'd
by them, TO be paid for I'm cash on Octo.
Der LIST, 1917.
Warrants for rights OF subscription viii
be sent TO stockholders Of the company ~
the Central Trust Company, 81 Wall Street
New York, y. Y, as soon after September
10th. 1917, as practicable.
r. T. ANDERSON, Treasurer
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-11
Dividends

Homestake MininE.-M Monthly dividend OF
G. cents n share. payable August % To
stockholders Of record August 20.
philadelphia Electric. Regular quarterly
dividend Of IA per cent. payable September
rs 10 stockholders Of record August is.
Grass.lli Chemical. Usual quarterly diyi-
dend. Of n per cent on the preferred and
common stocks, payable September 30 TO
.,oekholders Of record September IL.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-11
Liverpool Cotton Market

LIVERPOOL, Aug. 1O.-Weekly cot.
ton statistics: Imports, $4,000 bales /;
American, $4,000 stock, 270,000;
American, 10000; forwarded, $4,000;
American. $4,000; no exports; total
sales, $4,000; American, $4,000.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-11
New York

Liberty National Bank.-The Liberty
National Bank announced yesterday the
increase of its capital stock from ST.
100000 to 100000, the details having
been approved by the Controller Of the
Currency at Washington. The surplus
Of the bank has been increased from
1000, 900 to 81, OOO, 900.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-11
Relevant Facts
Liggett & Myers Tobacco Company

Liggett & Myers Tobacco Company.
Plans have been completed for a new
issue of s7,376,O4O per cent cumula-
tive preferred stock, which is to be
issued as of October l and offered to
shareholders Of record on September
10. The stock will be offered at par in
the proportion of one share Of new pre-
ferred for each five shares, whether
preferred or common, now held by
stockholders. The proceeds of the new
issue, it was announced, will be used
for additional working capital. An
official, commenting on the new issue,
said: "The Liggett g. Myers Company
commenced business on December l,
1911, with an amount of cash which
hardly seemed sufficient for the needs
of the business. This has necessitated
the borrowing from time to time of con-
siderable amounts of money, The con-
stantly increasing business of the COM
pany since its formation and the in
creased cost of all kinds of material,
especially leaf tobacco, make it advis-
able, in the opinion of the board of di-
rectors, 10 issue the additional pre-
ferred stock"
Wheeling & Lake Erie Railroad
The company has issued its annual re-
port for the new fiscal year ended De-
cember 81 last, which makes the fol-
lowing comparison with the previous
wear:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-11
Hogs Sell at SIT

CHICAGO, Aug. 10.-Another mile
stone in the upward march of hog
prices was reached to-day, when choice
heavies sold at the new record price Of
SIT a hundredweight.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-11
Morse Ships on PACING

A steamship line has been Organise
at San Francisco, called The sou.a
America Pacific Line" with hye w va
sells operating between that city ar
Guayaauil. The steamers, with Nv ".
freight-carrying capacity, are: | r.i.
ernor Forbes. $500 tons; baJa foc
ifornia. 1900 tons; Sinaloa' 90.
tons; Regulus, 5000 tons, and hS Nar.
lus, 5000 tons; all under the W.
wegian flag. The vessels are oSnyT
in Christiania. Norway. The head W
fee is in San Francisco.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-11

The figures representing the operat-
ing expenses include, under main
tenance of equipment, an item of s446,-
S35, covering the residual value of cars
which had been retired from service in
previous years but not dismantled or
disposed of until during the present
fiscal year.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-11
DIVIDEND NOTICES.
UNITED STATES
COMPANY


A regular dividend Of one per cent and N srns
dividend Of one-hali n one per cen. hn ben
declared on the capital stock O., this COMPANY
payable September lst 1917. 10 Stockholders
record Oh the books OF this Company At the elc'
Of business on August I6 1917.
y. II. CAMPBELL. TreDgrr
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-11

amount of gold to Japan. There was
also withdrawn $250,000 gold for ship
ment TO Canada, s150,O0O to Cuba, and
$4,000 TO Mexico.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-11

Standard Oil of Kansas.-Director
have declared an extra dividend of So
a share, in addition to the regular
quarterly dividend of per cent, both
payable September Is to stockholders
of record August 81.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-11

United Alloy Steel Company.-Net
profits for the six months of 1917 were
S2,559, 000 This is at an annual rate
of $40 share for the 100000 shares of
no par value.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-11

American Brake Shoe & Foundry
1t was reported yesterday that the gov
eminent has placed with this company
an order for 5000 pieces of 6-inch ar
tillery. This is one Of the biggest
munition orders ever placed with a sim
gle company by the United States gov
eminent.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-11
Week

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, 1917-08-11

foreign money in terms of the Ameri-
can dollar. You buy an English pound
sterling at, say, s4.75h. The intrinsic
parity IS $4.s6S 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 dollars
with which to settle accounts in this
country is greater than the demand in
this country for pounds with which to
settle sccounts in England.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-11
NEW YORK STOCK EXCHANGE
TRANSACTIONS

TRANSACTIONS
Rail- Other All
roads. stocks. stocks.
Yesterday. Sc, 100 401,700 457.eO0
Day before. 29,400 $4,000 $4,000
Week ago. 34,400 $4,000 428,300
Year ago.. 1890 227, 300 33s, 100
January to date:
1917. 1888, 900 105, 2o8,2oo 1902, 100
1916. 16,3os,5O0 80,467, 300 96,775,soo
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-11
NATIONAL BISCUIT COMPANY

18th THE Board OF Director IN
pRrrEppEn declared the seyea,y s.shih os'
n,,,, eeuive quarterly div:ene oioss
S'''oe"o and thfee-qulrsD u ~ PEI on
the Pfeieed Capital stock OF the Compsoy, psriss
August 3lH, 1917 10 stockholders Of feo0s AZ tie cos
OF business August l7th, 1917. TrsnI.i ooosi vl 90
DO closed. C. P. WELLS, TfeascsL
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-11
Money and Credit

While the call money rate at the STOCK
Exchange was slightly lower yester-
day, the market still continued under
the influence of the heavy payments
made Thursday on account OF the
$500, 900 900 certificates of Indebted
ness operation. Banks continued to
restrict their offerings, and the ruling
rate for demand loans was 81s per
cent, compared with the day be-
fore.
A broader demand for loans secured
by Stock Exchange collateral devel-
oped yesterday. This, combined with
the limited offerings Of the banks,
caused a marking up of about 4 per
cent in the quoted rates. For loans
based on industrial securities alone
the rate yesterday was per cent for
four and five months, and ga per
cent for six months. Loans on mkt
ure of railway and industrial collat.-
eral were AZ TO 5 per cent for five and
six months maturities.
Ruling rates for money yesterday,
compared with a year ago, were as fol-
lows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-11

Sab Treasury. 49, New York banks
Loaf 70 the sub-Treasury 3275,OoO.
siIyer.-Bars in London, az l-lsd;
New York, s27s cents; Mexican dollars.
63z cents.
Gold Currents>--The local Sub-Treas-
ury transferred 81 $4,000 70 San Fran
eisco Yesterday for the account OF Jap
snese bankers, who are shipping that