davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-02
Railway Steel
Spring Prospers
On Peace Orders
Earns $2O.49 a Share,
Though War Contracts
Were Refused

Earnings of the Railway Steel Spring
Company in 1916 were the largest IN
the history of the corporation. The bal
ance of s2.765.sO6 available for divi-
dends on the common stock was not far
from seven times as much as that re-
ported in the preceding year and was
equivalent to 2049 per cent on the Sl3,-
100000 Of such shares outstanding. In
1915 the company earned only 3.O9 per
cent on the common, while in 1914 there
Sas deficit.
This showing is the more remarkable
because the company was one OF the
few equipment concerns which took no
war orders. War business was declined
because the management did not care
to assume the risk attending orders Tor
she'll and other munitions contracts. IL
did. however. book large orders for rail-
way equipment from Russia.
Gross earnings last year aggregated
s14.Os6. 499, compared with S7,O43,931 IN
1916-19l5 and S4,351 ,465 in 1914.
"The improved conditions existing
during the latter part Of 1915 continued
throughout the year 1916" says Presi-
dent Fitzgerald, land the plants of the
company have been operated TO their
fullest capacity during all the year
manufacturing its regular line of pro-
duction. Of which a considerable volume
has been sold. resulting in larger earn
ings, both gross and net, than in any
other year since incorporation. To meet
the demands Of this additional business
necessary alterations to the properties
have been made and the capacity fol
OUTPUT OF manufactured material has
been increased. The favorable condi-
tions in your company business are
still prevailing, and the outlook for the
wear 1917 continues promising"
The directors reserved during the
year 100000 from surplus earnings
for improvements, betterments and the
retirement of bonds. In addition, a
charge of 81 600 900 for depreciation OF
machinery, plants and gas wells has
been made and applied to operating ex-
pense. In 1915 S379,sl2 was charged of
to depreciation. A. ne end of the year
the company reported cash of Sl,4o4,4o3
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-02
News Digest
Foreign

London, March day 10 day loans
are temporarily easy owing TO the plen-
tiful supply Of outside funds, but week
~ rates are firm. Discounts are in
cined TO ease.
Easy money helped the tone of the
stock market and raised hopes of fresh
support in the near future. Gilt-edged
securities were marked up fraction,
Allied funds were cheerful on the war
news and mining and rubber stocks
were steady, but Brazilian and Argen-
tine issues and copper stocks were
weak. American securities received lit
tie attention and prices declined in
sympathy with Wall.Street.
Money. AZ per cent. Discount rates
Short and three-month bills. So per
cent. Gold premiums at Lisbon, so.
Paris Bourse. Paris, March l.
Trading was quiet on the Bourse to-
day. Three per cent rentes, 81 francs
rs confines for cash. Exchange on Lon
don, 81 francs SO centimes. Five per
cent loan, 81 francs 80 confines.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-02
Relevant Facts

Porphyry Copper Dividends -Direc-
tors Of the Nevada Consolidated Cop
per Company yesterday declared an
extra dividend of only 80 cents, com
pared with 81 three months ago, while
the directors of the Butte & Superior
Mining Company reduced the extra
payment to 1925, from s. paid the pre-
ceding quarter. Regular quarterly
dividends were declared at the rate OF
90 cents and SIPS a share, respectively
Utah Copper Company declared a
quarterly dividend Of $3.50 a share and
81 extra, unchanged from the previous
quarter Chino Copper Company de-
clared a quarterly dividend of $3.50 {
share and 81 extra. the same as was de-
clared three months ago. Ray Consoli'
dated Copper Company declared a quar-
terly dividend Of 70 cents a mare and
25 cents a share extra, unchanged from
the previous declaration. All these
dividends are payable March 81 70 stock
of record March 9.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-02
Dividends

American Car 4 Foundry. -E1irs p, =, 4
of 1 per cent and a quarterly dl' i-'t :. "a
per cent on the common stocA. Dbl SOY ~ ~
regular quarterly preferred difide.. -
per cent. all payable April 10 s'',A
ord March y. ,
Indian Refining Dividend of 81, per es.s
covering accumulated dividends on N' "a
ferred stock for the threc-Quart'r' 80
Septembsr rs. 1912. DIVIDEND N le''
March % TO stock OF record March DID,
AuisGhsImers.- Dividend Of o., yer sen,
on the preferred stock for the quarter ens'e y,
March 81. and three-fourths Of ] per ger,
account Of back dividends. both pay Aoe ~
is 10 stock OF record March II. 800,
stromberg Carburetor Of America. in w..
quarterly dividend OF . cents share. P"''
bic April 20 stock OF record March t''
American Steel Foundries Regular quM'
tcrly dividend Of ! = per cent on ~, ,,,s-ss nj
payable March 3 60 stock OF record Ma''"
Wheeling Steel 4 Iron. Regular 0usF,,'',n "a
dividend OF . per cent, pay able APT"
stock Of record March l..
New Jersey Zine.--Extra dividend of -
cent. payable March 10 TO stock OF NV
March ..
Celluioid Cc.-Resular quarterly diyieen''
Of . per cent, payable March 81 70 s'
record March s. ,
Avery Co.-Regular quarterly di'idena ~.
I s, per cent on the preferred stocA' lS'
April 20 stock Of record March II.
West Penn Traction a Water foses
Dividend OF IL per cent on me pIe..h>,
stock covering the quarter ended eec'n..,d
3t. 1915, payable March 10 10 stock OF 90
March 80. This Is the first DIVIDEND '''N
since March. 1914.
Cambria Iron Usual semi-annusi dNio'si
~ per cent payable April 70 hoide"
record March IS.
International Salt Dividend Of IN ~
cent. payable April I TO holders OF fe''N
March IL.
Union Trust.--Re Regular quarterly dlv'oS
Of 4 per cent. payable April i 20 s'oeA
record March "a. 4 -
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-02

The precipitate decline in the ex-
change value of Italian lire in this
market in recent days emphasizes
the urgent need of bolstering up
that country's credit. At yester-
days bottom fgure-the lowest Of
the war period-it required 7.72
Italian lire to equal an American
dollar, whereas in normal times the
intrinsic value of the Ira makes the
rate 5.18 to the dollar. The eX-
PLANTATION of the abrupt break in
Italian money is simple enough.
Italy, like her allies, has been buy
ing heavily of war materials and
foodstuffs in this market. Her ex-
ports to us have failed by wide
margin TO offset these purchases.
Consequently, the demand for lire
in New York has been very much
smaller than the demand in Italy for
exchange on this market.
Unlike England and France,
Italy's credit has not been such as
to make it possible for her to float
loans here for the purpose Of arti-
ficially stabiizing the exchanges.
As it is, the Allies have helped a
great deal in granting credits TO
Italy, but there is still need of
funds, as is indicated by the CON
Jinued decline in the exchange value
Of the Ira. 1t was limited yesterday
that the Italian government was
taking steps to obtain banking
credits in New York, but this could
rot be confirmed. 1t helped, how
ever, TO rally lire from their low to
a closing rate Of 7.69 10 the dollar.
Unless credit is soon arranged
there is no telling where the rate
will 20. Italy is in no position to
ship gold.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-02
The Dollar in Foreign Exchange

Italian lire set new low record of
7.72 yesterday. closing at 1853, com
pared with 1855 the day before. A
decline in demand sterling bills to
&4.747s attracted attention. This is the
lowest rate in nearly year and is
explained by the lack Of adequate mail
facilities between this country and Eng
land. which is interfering with the ma
chinery Of the sterling market. Cable
sterling rates WIRE firmly maintained
at ff7Gi..
Exchange o. L,r.g sas slightly hrm-
cr on a ANAL turnover.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-02

The above rates express the cost OF
foreign money in terms of the Ameri-
can dollar. You buy an English pound
sterling for s4.75j the intrinsic par
ity is ,4.S6x per pound Thus, you
say either that pounds are at dis
eount or that dollars are at a pre-
MUM, which is owing TO tire fact that
In England the demand for dollars
with which 20 settle accounts in this
country is greater than the demand in
this country for pounds with which 10
settle accounts in England.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-02
Thursday, March I, 1911.

The most interesting thing about
the stock market is that it remains
uninteresting in the midst of events
which might be expected to cause
more or less excited trading. Even
those who make a living out of its
gvrations show little interest. The
traders customary morning greet
ing. Flows the market?" is wholly
perfunctory, and is given merely as
matter of habit, without expecta-
ton of an answer. The market IS
lust the same as it was the day be-
fore.
Six weeks ago news of such
extraordinary moment as that which
is now received calmly would have
resulted in a succession of million
share days and great price changes.
Wall Street now thinks that war is
inevitable, but it makes no attempt
to anticipate the effects on security
prices. There is little fear that war
would cause a drastic decline IN
values; the worst that is expected rs
a reaction of comparatively slight
proportions, and it is the consensus
of opinion that swift recovery
would follow the first shock, If, in
deed, anything which could be called
a shock should be experienced. A
prominent investment banker voiced
the general belief on that point
when he said: "The stock market is
more nearly shock proof than have
ever seen it before. Nothing that is
likely to happen can disturb it very
much. 1t first prepared for peace
and then prepared for war, and IS
now so thoroughly liquidated that
equilibrium will be maintained no
matter which comes, though war is
less to be feared than peace, so far
as the immediate effects are con-
cerned."
Nevertheless, no activity can be
expected until Washington takes
definite action. That is the only
thing which can revive public in
terest. Meanwhile, the market will
continue to mill around meaning
lessly in response to the professional
traders changing fancy.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-02
Money and Credit

while actual trading rates show little
change from day 20 day there are signs
unmistskabe Of a general easing up
Of the money situation. Local banking
Institutions, u wss learned yesterday,
are 20 confident Of the strength Of their
position ~ the present time that funds
are being again transferred back to
London. Only "A week or 30 ago New
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-02

It frequently happens that very
high prices bring great invisible"
food reserves to light. At the end
of the 1914 crop year it was found
that there had been developed co.
100000 bushels more of wheat than
were known to exist, and IN 1898
high prices brought out 18O,OOO,00O
bushels more than the governments
estimate had shown. 1t is not i'm
possible that the present high prices
for potatoes, onions and other farm
products will develop supplies that
were not counted in the official re-
turns. The farmer who has a few
bushels more than he needs for his
own use, instead of letting them go
to waste or feeding them to the hogs,
may bring them to market. While
such holdings are small Individually,
in the aggregate they may add con-
siderably to the "visible" supply of
food and so go far toward reducing
the present high prices.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-02

York banks drew down their London
balances to bare working basis be-
cause of the tightening Of rates here
and the general uncertainty of the
whole financial situation.
At the New York Stock Exchange
money on call was in good supply and
most OF the days loans were placed on
a basis of ~ per cent, unchanged from
Wednesday. The high was 2l4 per cent.
Ruling rates on money yesterday
compared with year ago, were as fol-
lows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-02

Commercial PGper-This market is
quiet, with rates holding steady. Prime
regular maturities are quoted around
Az per cent. City banks are doing
little, while country banks have reduced
their purchases.
Official rates Of discount of each Of
the twelve Federal districts are as fol
lows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-02
New York

Elected Member of Consolidated Ex-
change. F. l.. Milliken, Milton Helm
and O'Connor de Cordova have been
elected members of the Consolidated
stock Exchange.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-02

Gold Currents.-Gold coin 10 the
amount Of $4,000 was withdrawn at
the Treasury yesterday for ship
ment to Spain.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-02

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, 1917-03-02

Bank of EngIand.-The Bank Of Eng
land reported decrease for the week
in gold coin and bullion holdings of
s1,A31,753. Proportion Of reserve 70
liabilities is now 1882 per cent, against
1920 last week. Other changes report
ed for the present week are as follows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-02

March Subscription on behalf Of the
government % $3.50 900 Of the Ss'oVV',
400 capital stock Of the new federal
loan hanks was announced by Secre-
tarv NcAdoo. The small public SUP,
scrintions TO the stock, Sl20,Vs0 TOT AZ
twelve banks. the Secretary said were
neither surprise nor a ulssppo'"'
ment. -..,-.
mo special effort was made 70 secure
nublic subscriptions" he explained
athe taking of the full amount Of STOCK
being assured by the government
underwriting. The fact that the oahm
we're unlikely TO pay any DIVIDENDS OF
this stock during the first year ana lnss
it will ultimately be retired a. pa
naturally made 10 unattracuVe 70
vestors. So far as the interest," OF ~"
banks is concerned, 10 is 10 tneu ~
vantage that the stock should De nv
By the government, as individual 500
holders are entitled 10 participate J"
dividends. while the goyefnment Is -.
cluded by the terms Of the act IRON, INV
receipts of dividends ON i.s STOCK
Injunction against Distilllng Som'
pany Continued Newark, -. o.. MeIen
Vice Chancellor Lane cohllhNcu o.
Injunction against the proposed ol'so,,
luton of the Distiiling Company
America. a New Jersey corporaNgN
capitalized at s66,00O000 lie also az
MED an application for DISMISSED OF .
bill seeking a permanent inJunctiSoh-
Joseph Ii. Allen. one Of the preterteo
stockholders OF the American compan},
and also in the United States indus,n1iis s
Alcohol Company and Che una p''
tilling Company, subsidiaries, was
complainant against the proposed us
solution with the subsidiary corpois
tons. The injunction VIII continue l!,s: :.
effect until suits against the disllu,S
company pertaining 20 tnancial IT, ~,
ests are dissolved. No date mas Des'
set for trial of the suits.
Stock Transfer TaXes.-Aloany' ~ :.
March l. Stock transfer taxes 70 ne
amount of S467, $40 were collected o. H oao
ing February. This IS nearly 800,
greater than + ebruary. 1916, ana prl.s
the total of moneys from tnls soIi.
for the eight months beginning '"s'
July 10 S5,4S4,5i4.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-02
brokerage Firm Reorganizes.-The

Stock Exchange firm OF Raymond,
Starr & Co. has been dissolved by mu-
tual consent and new copartnership
under the name Of Raymond, Shaw q
Co. has been formed. consisting OF
Harold ~ Raymond, John NJ. Shaw and
Harry ;. We'll.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-02

Goodyear Tire and Rubber. Official
announcement has been made by the
company that the growth of its bust
ness will be financed by an additional
issue Of S6,OOO,OOO preferred and 49,
37o 900 Of common. The latter will be
offered TO shareholders at par pro rata
An early offer Of the preferred to
the public is anticipated. At the pres
ent the company has Sl7,5OO,00O Of 7
per cent cumulative preferred out
standing and like amount OF common
Municipal Bonds in February. New
municipal bonds sold in February to-
tailed S22.45O.95O, compared with $780,
9l5.3O3 a year ago. Prices realized for
these securities, says THE Bond Buy
err" we're below those paid in Deem
her but counties and cities had no diff.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-02
Other Cities

Government Takes Nearly All OF
Farm Loan Bank Washington,
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-02

ficulty in selling their issues at ruling
values. Municipals, although not as
easily affected as other classes OF Sc
curities, reflected the sudden cessation
Of investment buying on the part Of
both institutions and individuals. Sales
for the first two months of the year
amounted to s64, 064 800, against $751;
326, 100 in 1916
Erie Railroad Financing.-Bankers
are preparing 70 finance the company's
13,500,000 three-year per cent notes
maturing April through a new note
issue which will amount to approx
mately S15,00O,OO0. Although the ma
turity of the new notes has not yet
been fixed, it was stated yesterday
that they would run for moro than a
year. The rate has not been decided.
Southern Railway. Subscription
books to the recent offering Of $685.
100000 two-year 5 per cent secured
notes Of the company will be closed to-
morrow.
Missouri Pacific Reorganization
Duncan Holmes, for the Missouri Pa
cfc reorganization managers, pur-
chased on the steps of the County
Courthouse yesterday the last parcel
of securities necessary to complete
this phase of the company's readjust-
ment programme. The sale covered
the collateral under the collateral trust
> per cent bonds of 1917 to a pa- value
of $14,375,000 The price paid was
$l0,100,000. Earlier in the day the col
lateral under the trust per cen. bonds
of 1920 was similarly disposed of for
S6,750,000 against a par value of 49,
$4,000. Nothing now remains in the
way of an early reorganization of the
property except legal and clerical de-
tails such as confirmation of the vari-
Gus sales, etc. It is expected that the
company will be taken out of receiver
ship by May and that securities of
the new company will be ready for de-
livery by June /.
Southern Power to Build New Plant.
Charlotte, y. c., March CONTRACTS
for the immediate construction Of a
hydro electric plant at Wateree, S. c.,
to cost approximately S5,O00,OO0 have
been let by the Southern Power Com
pany. The plant is to be completed by
November /, 1918. 1t will develop lOo,-
900 horsepower
The new plant, which will be located six
miles above Camden, will connect with
the other six plants operated by the
same concern and located upon the
same stream or its tributaries. Il will
be the largest plant of its kind in the
South.
-e---------
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-02

Closing rates yesterday, compared
with a week ago, were as follows;
Week
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-02
, Roard Member for Stock Ex-

New Board Member Tor Stock Ex-
change Firm.-Charles VI. Fair has be-
come the board member for the Stock
Exchange firm of James B. Colgate &
Co. and Howard +. Andrews has been
admitted to partnership.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-02
Citizens Central National Bank.

tltiLens ItntrAI NhtIOnHI bHHh.
The old sign of this institution, which
has been landmark in the wholesale
drygoods district on lower Broadway,
will be taken down and changed 20 the
Citizens National Bank.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-02

Bank of France.-The Bank of France.
in its weekly statement, reports the
following changes for the week, in
francs:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-02

Discount Rates Higher at San Fran
cisco.-W Washington, March 1.-The Fed
eral Reserve Board has approved the
following discount rates for the Federal
Reserve Bank Of San Francisco: Paper
maturing within fifteen days, 81 per
cent; 16 to 30 day paper, per cent;
81 70 so day paper, Az per cent; trade
acceptances, 80 to 90 days, 3is per
cent; agricultural paper, 90 to $50 days,
81 per cent; bankers acceptances, 80
to 80 days, 10 per cent.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-02

Sub Treasury. - New York banks
rained from Sub-Treasury 1851, 900
Silver-Bars in London, 37lt pence;
New York, 761z cents; Mexican dollars,
90 cents.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-02

Reserve Bank Returns GOld.-That
100000 in gold bullion taken over
a week ago by the New York Federal
Reserve Bank out of the Canadian ship
ment TO J. p. Morgan & Co. and stored
in its vaults has been turned in at the
Assay Office became known yesterday.
It is understood that the acquiring Of
the bullion by the Reserve Bank was
for the purpose of affording an imme-
date credit for the gold. Otherwise, If
deposited at the Assay Office, payment
could be made only piecemeal, and as
the metal was weighed, which, owing to
the limited facilities at the Assay
Office, is restricted to about $4,000, 900
a day. This is the most plausible ex-
PLANTATION offered in banking circles for
the unusual operation.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-02

The detailed statement compares as
follows with the same week a year
ago:
The Lamar register., 1917-11-07
Writer'S Unfinished Stories.

Several years ago n writer published
In a magazine the beginnings of half
dozen stories that he had never carried
to an end. with a note saying that all
writer's had such manuscripts tucked
away In their desks. He might have
added that those stories were also
tucked away in the consciousness and
operated silently and inexorably in the
weakening of the will. Those half
dozen beginnings were all good. They
plqued curiosity and they introduced
Interesting characters.
The writer would have done far bet
ter TO finish them all. better for his
reputation, his income and his force
as a worker.
Way down deep in the mind, perhaps
In the sub-conscious, those stories
pleaded to be told. those characters
asked for life.
The Lamar register., 1917-11-07
Sherman's Idea of War Exceeded By
Far in Vaplon's Brief Bout With
Motor Car

I've always been a man Of peace, |
wish this cruel war would cease;
wish our boys could come back home
and cultivate the sandy loan; raise
hay and beans and spuds and corn,
and milk the COW with crumpled horn,
wed the fair maidens all forlorn, and
be content no more to roam. Because
my blood is running cold, | thought
last spring | was too old to take a
gun and go TO war, and so | bought
motor car. I'd go to bed and dream
all night about the glorious delight of
skimming DER the landscape fair, or
chasing rabbits from their lair upon
moonlight summer night I'd pic
ture to my doubling wife the wonders
of care-free life; the glories of a
Sunday ride, the rushing mountain
stream beside, ten thousand miles
from hate and strife. Each night, /
said, we'd take our car and ride into
the country far, or scoot into the
The Lamar register., 1917-11-07

In 1916 it required only 100 bushels
Of corn. 225 Of oats or 10 bushels Of
wheat to purchase the same imple-
ments at a 10 per cent increase, or
SllO. Only 141 bushels Of corn, 243
bushels Of oats or 76 Of wheat were
required to purchase the same imple-
nents at 20 per cent increase or
si2O; 159 Of corn, 2s6 Of oats or 80
IF wheat at a 40 per cent increase or
$40. Was the purchasing power Of
these crops increased as much as the
price Of machinery?
Corn was worth 4s cents in 1910 and
70 cents in 1916. Two hundred and
sight bushels at the 1916 price pur-
chase s176 worth machinery or allow