davidaulloa/AmericanStories huggingface dataset:
Echo : Wochenblatt der Vereinigten Deutschen Socialisten Clevelands. [volume] (Cleveland, O. [Ohio]) 1911-1920, 1917-03-17


bie slIliierten often Stell,1ng nobm,
trat Elm onoerer fiir Die ;3entral=
ndd)te Elm.
Inter oen beutih =omerifaniihen |
8enolien trat ser Sipielpnlt iebr ,
lhurf berpor. @abreno Elm Seil !
Sic !Soltl,ng ser oeutihen 6rnftions-
nebrbeit i'm 9feihstag pollitanoig
billigte ilno Siebfnedt ,mo 8enoIIen !
iregen ibrer foniequenten Soltl,ng
reroanlmte, troten oie groBe Me6r.
belt in. ser oeutId)en Sprahgrltppe
orgoniiiert lnO ibre Tarteiorgone
gegen bie oumgefollenen" politi=
iten llno gefperfid)oftlid)en 1Siibrer
Sheioenonn Segien & SO. =
mo Ben bon ibnen geidloiienen
faulen gurgirieoen auf. Gen met
item oeltid)-omerifariit)en GenoIlen
fam es ooh red)t ionoerbar Dor. bab
lSiibrer ser bel,tihen So5ialoemo-
fratie uno ireien Generalization ieit
9eQim bcs arieges geraoe fiir bos
@cgclteil eintrnten, mas lie ii6er
Oier5ig Sabre lang Dertel0igt batten.
,ll,ter SEN cngliih.ipredenoen 8e=
noiien brohte Ser @eltfrie9 ebert
falls &erpirrlng uno 3DieIpaIt.
Gbos. NuIieI murbe Elm begel'ltc-
ter &riegsIilhrer. Ser III g2ort ltno
Shrift oofiir eilrtrat. boB iidl Ole
Ser. Stnaateu nit alien 9}fitteIn an
| Sem &riege, lnb 3lpnr gegen
Geltiflono beteiligen IoIlen. Ser
GER llno slmerienger lpnren nit Der
| n@ereitihoft einperltanoen, ,SiIldllitt
lmo 0oiDln maren gegen Elm Gu-
har9o ouf 2ebensnlittel lmo Muni-
ton lmo IfIieBlih glni,bte jeoer
! hieier 8enonl,telE oab ihre @nltlng
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lcetcr 3eit, ieit ole 8efohr, oaB oie
Ser. Sfaaten III Ben Gricg hlneIll.
ccioaen neroen, INNER groBer ipltr:
Sc, oie So,ialiitiidIe Nartei Iebr elm:
11iitig III ihren Glnogebungeil fill
Gr6altlmo oes 1Srieoen5 ge'eigto iult
Sic pielen Observation-Disclosures, ol(
o!lcrorts inter Sen 9lltipiSlen Ser
Sos. Tartei abgebaltell puroen lulo
fpcroen, beipieIen baben. Iie wi
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Sen.
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S)orf, auf nelhenl iiber oic Stel
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gen sic HeioIution, oie bon Ben Ho
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rob lie iolgenoe Grgansml1en iii
+. Sen Soil eines Grieges ipilnIdlen:
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!. Sraarliiotipn allen @enilhunge
! ser. Nefrlltierl,ng entgegellSlltrettei
+ lnlttels OBSERVATION-DISCLOSURES
W Observation-Disclosures, elmer az
+ arciliucn beIehrenoen Tropaganot
il ,lnb omrd, iraeno melfe Ser Ntittt
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pi Erinsipicn llno Saftif, oie lih DO
:. iclbIt en,picblen mogen.
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4. Ser Vcrione oes &rieges linter'til
Echo : Wochenblatt der Vereinigten Deutschen Socialisten Clevelands. [volume] (Cleveland, O. [Ohio]) 1911-1920, 1917-03-17

sic Ntobiliiation ser SSnoltltrie 5u
ariegs5pefen binoern fonlten.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-07-01
Few Securities
Bearing German
Stamp Dealt In
Stocks and Bonds SO La.
belled Have Disappeared
from the Market

Ever since the beginning of the Eu-
ropcan war, when Germany was cut
of from direct commercial intercourse
with the United States, substantial
amounts of American and other securi-
ties bearing German government rev.
enue stamps have found their way back
70 this country via neutral countries.
This brought into being considerable
floating supply OF such securities,
which were dealt in on quite an ac-
tive scale here. Lately the market has
practically disappeared as a result Of
the curtalmcnt of the supply.
Two Explanations
I'm financial circles two explanations
arc offered to account for the sudden
drying up Of the supply Of German
stamped securities on this side. 1t is
asserted that houses which before the
United States entered the war were
engaged in handling securities brought
back from Germany have ceased such
/
continued they might DO accused of
trading with the enemy. The other
explanation is that actual hostilities
between the United States and Ger
many have entirely shut out the source
of supply, and such German stamped
securities as were in the market have
been gradually absorbed until few are
to be had.
German Stamped Japanese Bonds
German stamped Japanese govern
ment bonds are listed on the New
York Stock Exchange. and there have
been substantial dealings in them ever
since the war began. These bonds sell
several points under the market price
for the Japanese bonds of the same de-
nomination which do not carry the
German stamp. The difference in the
market value is due to the fact that
the German stamped issue cannot be
negotiated in either the London CT
Paris market, where all German
stamped securities, are under the ban.
Under the German laws foreign Sc
curities for which market is sought
in Germany must carry German rev.
enue stamp. In this country American
securities bearing such stamp have
been accepted at the current market
price without question.
Since the European war began local
bankers with German connections have
offered for sale here large amounts OF
American railway securities with ac-
cumuiated dividends at substantial con-
cessions under the current market quo
tations, agreeing TO make delivery Oh
the securities at the end of the war.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-07-01
AS Railroads See 1t

To the Financial Editor OF The Tribune:
have just been reading your com
ment in this mornings Tribune on the
railroad outlook. ] can quite under
stand how you take an optimistic view
of earnings in view of the continued
increase in gross, but | cannot share
your general optimism.
Look at the returns for the Eastern
roads for the four mouths. While their
gross has increased s32,0O0,O0O, their
expenses and taxes have increased $685.
100000. leaving a net loss Of s36,OO0,-
600, or q per cent.
When the full effect of 1917 costs ap-
pears in the statements of the Eastern
roads the net is bound 10 go much
lower. On the basis OF last years bust
moss, the Adamson law is costing the
Eastern roads 100000 month and
other wage increases S3,5O0,000. When
the full effect of current coal prices IS
reflected in the operating returns there
viii be an increase of about S6,O00,OOO
a month in the fuel bill, and when
materials purchased at 1917 prices show
their full effect in the expenses there
will be added about $1,000 900 a month.
These four items mean an increase on
last years basis of S20000,000 month.
You know never like to look az the
dark side of the railroad picture. but |
cannot see how, under these circum-
stances. railroad earnings in the next
few months. without an increase in
rates, are going to be very satisfactory.
Even with the good earnings Of 1915
the average for the last three years is
not one 70 use as fair basis Of normal
earnings. | notice that you speak of
the average of 1914. 1918 and 1916 in
your comment this morning. The East
crn roads earned on their property in
vestment in this period 502 per cent, as
compared with SIT per cent in the pre-
cedng three years, and 5.59 per cent in
the next preceding three years.
The middle period, 1911, 1912 and
1913, showed such a low return on prop
Crty investment that the Interstate
Commerce Commission in its rate de-
cision in 1914 declared it to be below
what was demanded in the public in
terest FRANK II. FAYANT.
chart which accompanies Mr.. Fay
ants letter presents, in graphic form,
the following statistics of Return on
Property Investment in the case OF
the Eastern railroads.
Yearly Az. Cumulative Az.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-07-01
Saturday, June so, 1917

Wall Streets reaction to the
freight rate decision was at least as
interesting for what did not happen
as for what did. What happened
was that professional spectators,
anticipating violent break and per-
fcctly willing to help it along for a
profit, went heavily short of railroad
shares at the opening of the stock
market, with the result that prices
dropped several points in some in
stances and fractionally in many
others. But the market offered stub
born resistance to selling pressure,
and a recovery quickly followed. At
the end losses were mostly small,
while in several cases fractional net
gains were recorded. The weakness
did not extend TO the industrial list I;
on the contrary, even the coppers,
which are confronted with serious
labor troubles, and the motor shares,
which have been persistently at
tackled at every favorable opportu-
nifty for weeks, showed decided
strength, and those which closed the
day with a loss were far outnum-
Tered by those which gained sub
ctantially.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-07-01
ReAexes Of War

japanese shipping men are urged by
Baron Kenjiro Den, Minister Of Com
munications. 10 cease selling ships 70
foreigners, so that at the close OF the
war Japan will be in a position 20 eX-
tend its foreign trade to a greater eX-
tent than has before been possible. In
Kobe recently Baron Den made an sd-
dress before nearly all the shipping
magnates Of the empire, including
Baron R. Kondo. president Of the Nip
ron Yusen Kaisha; $. Asano. president
Of the Togo Kisen Kaisha. and X, Hori.
president Of the 0saks Shosen kalsha.
the three largest shipping companies IN
Japan. Love your ships was the
message Baron Den brought 10 the
shipping men. He stated that he be-
lieved there would be no slump in ship
ping at the close OF the war. and that
Japan, with mighty feet Of mer-
chantmcn. should be in position to
take advantage OF new foreign com
merce. He pointed out that the sale OF
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-07-01
The Dollar in Foreign Exchange

Russian exchange continued to de-
cline during the last week, despite 'ne
,nparent improvement in political con-
ditions in that country, and rubles ie'l
g. 90 5o cents. new low record, loss
~ cent compared with the preeeoihg
,veek The normal par value OF tho
ruble IS 5120,oents. The principal eN -
nlanstion for the persistent weaAhesS
If ruble exchange is apparently 10 De
found in the fact that the country u
nractically 70 ell intents and purposes
on paper basis.
Fvcbange on London and Paris was
ouiet and generally steady with lur-
,ber imports Of gold OF approximately
$50 600 600 on British account, bringane
the total for the movement TO sluI'
$4,000. Spain took 81 ,4oo.OOo OF eo'u
in tho course Of the week, but spanish
nesetas continued firm. On japanese
account s9,l95,00O was shipped 20
Toxic. making the total outflow IN tnat
direction this month IN excess OF S-o'-
100000. IT.,
In local foreign exchange circles
much significance was attached 10 inc
loss of Sl9.000,000 in gold holdings OF
the Imperial Bank Of Germany, as as
closed in its weekly statement; ms
!, the first gold the Reichsbank has re-
leased since the fall Of 1914. BANKERS
here believe that the gold went to Hol-
land. and the opinion is held that Ger
many has finally found il absolutely
necessary to pay her debts to me
neighboring neutrals of Europe IN gold
instead of deprecated paper.
II you calculate the cost OF the dollar
in terms of foreign money-that IS, as
if YOU were buying dollars with pounds,
marks or francs-its value at the close
of last week, as compared with a year
ago. would be about as follows;
Cost of one dollar
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-07-01
News Digest
New York
Sues Mexican Petroleum Company

Sues Mexican Petroleum Company
The Guaranty Trust Company of New
York brought suit yesterday in
the Federal District Court against the
Mexican Petroleum Company, Limited,
of Delaware. The action is for the pur-
pose Of recovering $4,000 as balance
due under the sinking fund provisions
on three series of bonds aggregating
S5.940,OO0. issued in accordance with a
mortgage made October 3, 1871, TO the
Standard Trust Company, which cor
poration was later merged with thc
Guaranty Trust Company. The COZ
plant explains that the sinkings fund
payment due on October !, 1916. was
1891 600 and of that amount but SOIL
600 was paid. Although demand has
been made for the balance, 100000, the
Guaranty Trust Company alleges 1t IS
still unpaid and it therefore asks judg-
ment for that amount, with interest,
since October l last.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-07-01

The Federal Reserve banking sys-
tenn has passed through the first real
test it has had to meet since it was
established, in the fall of 1914, with
flying colors. What could scarcely
have failed, under the old system, to
develop into an extremely acute
money situation Of serious and far
reaching proportions has been passed
with hardly "A ripple on the surface
e the financial waters. II used to be
considered disgrace for a bank to
borrow, and when one had to do so
!, was looked upon with suspicion.
And since banks, like Caesars WIFI,
must be above suspicion, it was the
invariable practice when a squall was
seen to be approaching TO refuse ac-
ccmmodation, and, what was worse,
"a call in loans on every side. Natu-
rally this strengthened the banks,
but il didn't help matters much IN
any other way; in fact, it merely ag-
cravated the situation. But, along
with many other things, there has
been a great reversal in the last two
wears in this respect. II is no longer
considered disgraceful for bank to
borrow funds. IL is done merely as a
matter Of course, because 1t IS the
proper thing to do. The Federal Re
serve system is great reservoir,
which the banks can tap at VIII. ne
extent 10 which they have done so
recently and the part which such ac-
ton played in ayerting a dangerous
,redjt stringency are disclosed in the
returns Of various national banks IN
,csnonse 10 the call Of the Controller
If the Currency for a report OF their
condition as Of June 20. The state
oent Of the National City Bank Tor
instance. showed "Bills Payable with
Federal Reserve Bank" amounting to
s25. 900, 900; that Of the National
psnk Of Commerce, $l6,O0O,Ooo'
wbile for the First National Bank
the amount was $60,000,0OO. On the
preceding call-that Of May 5--none
~ these institutions reported such an
item. Discounts and time loans OF tne
First National on June 70 amounted
70 s42.97i,352, while demand loans
outstanding totalled s59,966,2H. II
!, had no, been possible to reds
cunt ritb tAs Federal Reserve Bank
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-07-01

Note. The comment TO which Mr..
Fayant refers called attention 20 the
fact that the operating income that is,
the income after deductinC expenses.
taxes and uncollectible revenues of all
Glass ! railroads in the month Of April.
while somewhat less than $4,000, 600 be
low tho April, 1916, figures, was s27,-
100000, or 90 per cent, larger than the
average for the three years 1914. 1915
and 1916. and S29,00O000. or 81 per
cent, larger than in Anril. 1913. 1t also
Loted that the tendency is decidedly
toward improvement even In the case OF
the Eastern roads. which have felt the
effects Of rising costs TO greater ex-
tent ;han the roads in other sections Of
the country. Thus. operating income
for April, 1917. was only IS per cent
smaller than in April, 1916, whereas for
the first three months of the year the
decrease was 80 per cent.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-07-01

One of the interesting things
which developed during the day was
that many Wall Street persons, who
naturally look at things from the
railroad point Of view, expressed the
opinion that the rate decision was a
fair one. A member Of a prominent
Stock Exchange house in discussing
the case said; 1T is plain, as the
commission implies, that most rail-
roads are prospecting under exist
ing rates. Of course, we would have
teen glad if the commission had seen
tit TO grant horizontal increase of
10 per cent, because that would have
been followed by active dealings on
the Stock Exchange-possibly by
something very like a real bull mar
ket. But, as | see it, the Western and
Southern roads did not succeed in
making out a case for higher pay
End the Eastern roads got about
what they were entitled to on the
record Of earnings, on which the de-
cision apparently was based. More
over. the fact that the decision is
tempered by the promise to grant re-
ref if a dangerous decline in earn
ings should develop makes it much
less disappointing than would other
wise have been the case. At any
ate, ] think it altogether improbable
that failure to grant all that was
asked for will endanger the dividends
Of any of the important roads"
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-07-01

many ships would embarrass exporters
by creating a shortage OF bottoms. and
showed that Norway and the Unlted
States, in addition 70 Japan. had
prohted immensely by the tying up or
German. French and British vessels.
Before the war, no said, there were not
more than five ships engaged in for
eign trade outside those subsidized by
the government, and At present theirs
were more than seventy. Al the ship
building yards iu Japan are working at
full capacity 20 turn out new vessels,
and even 40 that there IS an increasing
demand Tor cargo pace m Japan ports
Baron Den ftated Eat as mary bottoms
as poss bic must D. conserved ~ order
that proper mean 20 extend fore "a
trade az the end a. the war should be
on hand. II IS reported from the
Orient that wherever British snip'
have been withdrawn for Admiralty
service their places have been taken
Immediately by Japanese vessels, which
hope 70 mold the bushes. when peace
comes.
The Cologne Gazette is exercised
about the future Of the German civ
.l:ans who are interned in enemy coun-
tries. and concludes a long discussion
Of the subject as follows:
Apart from the duty Of justice. u
is our urgent interest not 20 surrender
again 20 the foreigner the Germans
who return 20 US from abroad. There
are so many Of our mos efficient and
best informed Germans trong thcm.
Precisely. after the war trey could rem
der u great services with their thor-
ough knowledge Of foreign countries
and fiji many a gap among us which
has been very bitterly felt II 10Th
ing IS done for them, we shall inccs
the danger that. grumbling aud dis,
appointed they will turn their back or
the old Fatherlard and once more
carry their powers and abilities 70
countries where they are lost 20 US. A
natural remedy would be 70 divert
those OF them who do not find their
place among US 70 the states that are
allied with US, where their activity and
knowledge would be of great value. IL
is true that all these states sre in the
East, and not all the people who have
worked for wears in England. France
and Italy viii be either ready or NJ FOR
activity in the East. But the attempt
could be made.
This problem OF the utilization Of
the real powers Of our Germans abroad
Is among the most difficult and deepest
problems which we can conceive. At
the same time. il is the logical extern
sion of our problem Of unity, which
lasted for n hundred years and for so
long seemed 10 the best among us TO
be insoluble. Two or three genera
tons ago the sigh was. II only Ger
many we're unitedv To-day we sigh.
III Germany could only unite all her
forcesn The first problem was solved.
and the second will be solved also"
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-07-01
Dividends

s4~e tnasfRround Gable 20. Of Can
ys,,,3.F,tl-Snflal dividend ~ III per cent.
Ssy ~ ~ holders ~ recOfd July 30.
"a. ipFD'r 70 Eztfs dividend ~ 81 q
sgslm Af1f.pn " me q1srtfTiy dividend.
f.r fsz@st ~ ~ sN1k u record Au-
iT"eafsliisrnis Corp. A dividend ~
-. mare ~ ~ ogt-fs ndinz preferred
Ia. .kssabis Jlly ~ q, stocs Of record
y a. ~ towing Ne accumulated dividend
S'HF'rfd stoek b. july J.
hs, p.'s4 =" 60. 4 Electric Tn. com
~ $3.50 " sseoHd dividend 81 I per
,.rt ,ss<inz NJ sinh On regular per
III -. ne 1iyfFnd is payable August
"<s II record Juiy a.
~ ss-s htsinf Co.--A DIVIDEND Of ~
k,ssl. ~, ~ ~ s>eyHylatlys preferred stoeE,
'sr ~ ', stoes ef record July 2.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-07-01

What did not happen was liquida-
ton Of railroad securities. Such
selling as occurred was almost wholly
professional, and much of it was, as
has been said, for short account. The
public certainly did not sell railroad
stocks. It would not have been sur
rrising if it had, in view Of the many
dire predictions which have been
made of late, but evidently investors
have not lost confidence in the in
trinsic worth of railroad securities.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-07-01

there can be no doubt that a very
substantial part of the banks de-
nand loans would have been called.
That is true also of all the other
large banks. It is not hard to imagine
what would then have happened in
the money market under those cir
cumstances. The - per cent rate for
call money which resulted from the
peace disturbance last December
might have been doubled or tripled.
Chesapeake e. Ohio stock was one
Of the few railroad issues to score an
advance on the days trading. This
probably was due to publication of
the highly favorable May report,
which showed surplus after charges
Of 1854, SOS, compared with s5Si,50l
in May, 1916. For the first five
months Of the year gross earnings
of the Chesapeake gained Sl,026,9O5
over the corresponding period last
year, while the surplus after charges
increased S672,429, or 20 per cent.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-07-01
Relevant Facts

Colorado Fuel and Iron.-Directors
Yesterday declared an initial dividend
on the common stock, Of which 1884,
235. 800 is outstanding. The dividend is
payable at the rate of three-fourths OF
1 per cent on July %, October %, 1911
and January 25 and April 25, 1918, from
the surplus of the company Tor the
year beginning July l, 1911
Sinclair Oil and Refining. Directors
are scheduled 20 meet tomorrow, ana
{ is expected that various plans 20 re-
ire the company's floating indebted
ness and to provide funds for develop
ment work will be discussed. "hile 1t
has been reported that an issue OF from
$4,000. 900 to S15,O00,0 900 short term
notes, convertible into stock, might be
decided upon, interests Identified with
the management are said TO favor
plan for raising 100000 TO 10000
400 through the issuance Of from 200,
600 TO 100000 shares Of new stock,
without par value, at around $40
share.
Ohio Cities Gas. It was announced
Yesterday by the syndicate managers
who have underwritten the 100000
shares Of new stock TO be available for
subscription by Pure Oil shareholders
that there is no definite amount allotted
10 each shareholder. The plan IS TO
allow subscriptions, and, If oversub-
scrbed. to apportion the stock as the
syndicate determines. II IS stated that
over 81 per cent of the Pure Oil stock
has been deposited under the cash pay
ment plan of S215Q share.
Chicago. Milwaukee x st. Paul. The
greatest loss in any Of the railroad
stocks yesterday as result of the
Interstate Commerce Commissions de-
Cision was in s.. Paul The stock
aroppcd 20 II and closed az 70, a net
decline of 3 points. The drive caused
particular comment, in view Of the fact
that the road is not greatly interested
i'm the rate decision. as Il traverses An
agricultural country where the i'm
proved condition OF spring wheat
should bring an increased revenue
merely from the bulk Of traffic. ST.
Paul handles a comparatively small
proportion of the heavy ore and the
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-07-01
DIVIDEND NOTICES.
THE BANK OF AMERICA

Nev York June Z2nd, 1917.
Tie Board - Directors have to-day DE-
clared s.ni-snnual dividend of fourteen
90 per cont. FREQ - TAX. payable July
End. 1917. g. stockholders u record ot THIS
date Tho transfer books VIII remain
closed until July Sra. 1917.
" n BENNET, Cashier.