davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-05-19
Denver & Rio Crande
Must Pay Big Sum
Equitable Trust Co. Given
Verdict for $32,277,274
Against Railroad

A decision filed in the United States
District Court yesterday awards inc
Equitable Trust Company verdict oil
S32.272,274 against the Denver hI"
Grande Railway Company under the
terms of a contract executed IN l9oo
for the fotation of a S50,00O,O 900 BOND
issue to finance the Western Pacihc
Railway and the Denver g. Rio Grahue
system.
An agreement was entered into at
that time under which the Denver q
Rio Grande obligated itself to guaran-
tee the payment of the bonds at tneir
maturity. The agreement was not lu''
filled. Judge Hand, who wrote the
oninion declared that "the whole pur-
nose Of the contract was to give the as
surance of the Denver companies
credit to the proposed issue. The syn
dictate which underworld the issue IN
formed the public that the Denver COM
nanies stood back of it. They were
hound 70 the limit of their financial
powers to support that company ana
their refusal was dictated by no more
respectable consideration than nave
unwillingness to keep on paying their
debts" ~, ...od
In conclusion, Judge Hand stated
that the Denver companies reputation
was a breach of the whole contract ana
gave an immediate right to fuii dam
ages. Justice certainly accords WIN
principle in such a result, ne salu'
afor the reputation was without even
color of justification, an undisguiseu
and candid disregard of the most de-
liberate undertaking put forth to be
relied upon by the public at large"
Anticipating that the enforcement OF
the payment of such large sum by
the Denver e. Rio Grande Company at
this time might force II into the hands
of receivers, Judge Hand suggested
that the trust company enter into an
arrangement with the railroad company
for the payment of the amount IN IN
stalments. and it is expected that TINS
course will be pursued in the event OF
the decision being upheld by the higher
courts should an appeal be taken.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-05-19
Treasury Issues
New Certificates
At a Higher Rate
Purchase by Investors and
Smaller Banks Is
Urged

Washington, May 18.-As part OF the
Liberty Loan financing the Treasury
Department has offered TO the banks OF
the country, through the Federal Re-
serve banks, another block of Treasury
certificates of indebtedness. 5000, 900, 900
in amount. due July 80, bearing 81 per
cent interest and convertible into Lib
erty Loan bonds.
This brings the total of certificates
issued and authorized up to approx
mately s7O0,0O0,O00. Other offerings
probably will swell the total to 81 ,000,-
900 900 by June 10, the date upon which
subscriptions TO the loan will be closed.
In a circular sent to-day TO banks
and trust companies Secretary McAdoo
requested that, in making payment on
Liberty Loan bonds for themselves or
others, they acquire Treasury certifi-
Gates of indebtedness in as large
amounts as possible. or at least to tho
extent of so per cent of their payments.
The circular contained details of NJ.
McAdoo's plan to redeposit, so far as
possible, the proceeds OF the loan IN
banks through which subscriptions are
forwarded to the Treasury Department.
Announcement was made at the
Federal Reserve Bank Of New York
Yesterday of the opening of subscrip-
tons to the new issue of Treasury GER
tihcates.
Bankers were much interested in the
fact that Secretary of the Treasury
McAdoo had raised the rate on the i'm
pending issue to 81 per cent, whereas
the preceding issue was made on
per cent basis. The change in the rate
was approved generally and was looked
upon as a recognition on the part of the
Treasury Department officials of the
need of making the interest more close
" accord with current rates in the gen
eral money market. The Treasury De-
partment circular issued in connection
WIN tne dlUOuHStlHtht' ASNO"t"NN ""
that "these certificates be widely dis
tributed, and to that end the rate Of Sh
per cent has been established. with the
PARTICULAR purpose in view of encour-
aging the sale of these certificates to
investors and the smaller banks, even
in those districts where higher money
rates usually prevail. and thus bring
about a gradual general preparation
throughout the country for conven-
lent method of anticipating the pay
ment of the Liberty Loan
Proceeds of this issue, as from the
others that have preceded twill provide
the government with funds pending the
sale of the war bonds. The indebted
ness certificates will be received by the
government at par and accrued interest
in payment Of accepted SUBSCRIPTIONS
for Liberty Loan bonds.
Following are the various issues OF
certificates SO far announced and the
dates when they reach maturity:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-05-19
British Trade Back

The formation of the British Trade
Corporation. the title of the British
trade bank which is being foated under
government auspices, has reached an
advanced stage. for copies Of its pros
pectus have now been circulated among
interested parties. The nominal CAPT
tai of the institution has been fixed a..
S50,000,000, but the first issue will be
limited to a quarter OF that amount,
si2,500,000. The creation of the bank
is the outcome of important proposals
made by government committee ap-
pointed by the Board Of Trade. This
committee has been considering finan-
cial facilities for trade after the war.
particularly with regard to the finan-
cling of large oversee contracts" II was
recommended that such a bank should
be established with a large capital.
which should not accept deposits at call
or short notice, and should open cur
rent accounts only for parties who
were proposing to make use OF the
overseas facilities which it would AZ
ford. The bank should endeavor to
promote working transactions on JOINT
account with other banks, and where
desirable should cooperate with the
merchant and manufacturer. and pos
sibly accept risks with them upon joint
account. Associated with il would be
an information bureau in close touch
with the commercial intelligence de-
partment Of the Board Of Trade. and II
should become a centre for syndicate
operations. availing itself Of the spe-
cial knowledge it thus acquired. Re
ceiving assistance from the govern
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-05-19
Friday. May rs, 1917

II is significant that banks are
subscribing for the Liberty Loan.
Bankers are unanimous in the opin-
ion that, if possible, every dollar Of
the loan should be placed perma-
nently with private investors, In or
der that the banks may continue to
Keep in a liquid condition and so
provide without strain for the
the needs of business and for tenn
porary government financing. On
Wednesday Of this week the presi-
dent Of large national bank issued
a statement urging individual in
,estors 10 subscribe as much as pos
>lble 10 the loan, so that banking re
sources might be utilized for other
legitimate purposes. That institu-
ton has just subscribed for a large
block of the bonds for its own &C
count.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-05-19
Dividends

u. s. Industrial Alcohol.-Regular quar-
terly dividend of ia per cent on the pre-
ferred stock. payable July 10 to stock OF rec
ord June 30.
Hooking Valley Railway.-Regular semi
annual dividend of per cent on the common
stock. payable June 80 to stock OF record
June Is.
Standard Oil Company Of Ohio. Regular
quarterly dividend Of 50 share and an extra
ST per share, both payable July to stock OF
record June |.
J. /. Case Threshing Maehine.-Resular
quarterly dividend of Sl75 a share on the
preferred stock. payable July l to stock OF
record June II.
General Chemical.-Rcguar quarterly divi-
dend of - per cent on the preferred stock.
payable July to stock of record June is.
Chesebrough Manufacturing. - Regular
quarterly dividend of SO and an extra OF 90
cents a share, payable June 10 to stock OF
record June 2.
South West Penn Pipe Lines.-Regular
quarterly dividend of SO share, payable
July TO stock of record June 10.
Montreal Cottons.-Regular quarterly divi-
dends Of | per cent on the common and Ia
per cent on the preferred stocks. payable
June IL to stock of record June 8.
Winchester en-Powell.- Dividend Of 3
per cent on the common stock. payable May
10 to stock of record May IS.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-05-19

II the amendments TO the Federal
Reserve act now before Congress are
passed-and NEST bankers think
they should be-the position Of the
system may soon be greatly
Strengthened by the mobilization,
under control of the Reserve Board,
OF large amount of gold now in
the pockets of the people. Approx
nately SSOO,0O0,0OO of gold, more
than quarter of the total stock of
The country, is in circulation. 1t Is
planned TO make an appeal 70 the
people TO exchange this gold for Fed
sral Reserve notes, which are just
rs good for circulation purposes, but
lack the efficiency of gold as basis
. for credit. Gold in circulation is
perhaps only a fifth as efficient as
gold in bank vaults, where it serves
its proper function as the founda-
ton upon which credit structures
may be erected. 1t should be mob
iized at the earliest possible mo-
ment, because all available credit is
likely to be needed before long.
There is another great advantage to
be gained by impounding gold in the
vaults of the Federal Reserve sys-
TEN; its use for credit purposes may
then be so controlled as to restrain
. undue imitation.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-05-19
DIVIDEND NOTICES

At q Meeting Of Dirsessn ~ -
London il was decided 10 psy - l.a.ss
dend Of 81, 60 Per Csst. free n
come Tax on Ordinary Shares . ~
1917. All transfers received . srts -
on or before 18th June will y = ~
passed for payment Of diIdssd !. -
BRITISH.AMERlCM l
TOBACCO COMPANY, LINE
May Is, 1917.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-05-19
Britain's Steel Capacity
Makes Rapid Inoe

A Sheffield, England, cc!r. z
writing of the English stes. ~ -
the work of increasing SCI 81 -
capacity, not in the Sheme,e
alone, but in other eentrs, 800
ceeding at a great pace, eo"s -
ing let for the erection o. -
furnaces and plants OF the m |
pacity. Additional rolling "a -
also under construction. 10
ties of British steel ros"ssi a
1916 show, an increase 10 - ~
of some 10 per cent over az q \
year. Since the close OF ~. .h n
duction has been on 2 nv - 4
saes s : huge e scale .. 70 g. |
possibility Of the indspssro
Great Britain OF foreign
its supply Of steel.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-05-19

An unusual condition prevails in
the marine insurance market, and it
is growing increasingly troublesome
TO the exporter as time goes on. 1t
has to do with the difficulty Ameri-
can shippers are having in procure
ing sufficient insurance at any rate
TO cover the value Of their cargoes.
4 reason for this is found in the
steadily rising prices of commodi-
ties. A ship that, filled TO capacity,
carried s1,0O0,000 of goods a year
ago now may carry a like quantity
Of similar goods and yet have a
cargo worth 100000, simply be-
cause the market value of the COM
modities has increased. This has
brought a larger demand for marine
Insurance into the market than
would be the case normally, and the
result has been to reduce the avail
able supply of insurance. In the
words OF a prominent marine insur-
ance broker, the market is "short. y
Rates have not changed much lately
In London a limited amount of in.
surance for the transatlantic run
can be obtained for per cent, but
this applies to swift, armed vessels
. The general rate is 10 to ~ per cent
to Liverpool, with an added 2 per
cent for unarmed vessels. Rates on
shipments 10 the Mediterranean arc
up at 101s TO 10 per cent, owing
70 the recent shipping losses re-
ported from that quarter.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-05-19

In announcing that the Treasury
Department has made allotments Of
the Liberty Loan among the various
Federal Reserve districts, IN proper
ton to their banking resources, but
IN excess of the total amount of the
issue, a writer makes the surprising
discovery that "the government has
purposely set up high marks for the
Reserve banks to shoot at, the the
Dry being that no great harm is done
if the loan is considerably oversub-
scribed"
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-05-19

ANDREW }. MCCORMACK. Aseusassf
REGULAR AUCTION euk
STOCKS AND DQNpe
BY ADRIAN II. MULl0 ~,
OFFICE. NO. SIS WILLIAM 81
"WEDNESDAY, MAI - UlI,
at 1910 o'clock. q Ne
EXCHANGE SALE3boQ1
NOS. IL AND is vESEY efkxBt
For Account Of Executor
is shs. Remington TyDsvnas o|
common.
81 sha American Car . yWe1
Co. prefd.
$1,000 Central r. r. Of n J. A|
Mtg. so Boa, 1871 -
$4,000 New York 8 Hobossa SaH u
So BIDS, 1916.
For Account of rrusfeea ,|
ass shs. The Maltine Co tf
For Account Of Whom II Asy cesen
$4,000 Savannah. Florida wee" y
LIST Mtg. 81. BIDS, 1874
SO shs. Deep Well water % =.
5000 shs. Argonaut CopsolidAsse n
ing Co.
10 shs WinnIsook Club, ALL Y
paid. -
Is shs. James Eyerards Irssd.1
1925 Bay Ridge Theatre Csfph
Mtg. &C. Bds. 1871
100 shs Mutual Trust "a o's'
". J. i
$50. 900 Mutual Trust Co.. orsnss y 1
Ctf. OF Deposit. Il
$s3,59ies Mutual Trust Co.. Ofsns@
CT. Of Deposit
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-05-19
The Dollar in Foreign Exchange

Foreign exchange rates huctuated
within narrow limits yesterday, and the
amount Of business transacted was I'M
usually small. Russian rubles were
slightly frmer, while the rest of the
market held barely steady.
Closing rates yesterday, compared
with a week ago. are given in the table
below American bankers have sus-
pended all dealings in German and
Austrian exchange, so that daily quo
tations for either marks or kronen are
no longer available.
Week
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-05-19
FINANCIAL NEEIlNoe
GREENE CANANEA coRrszS! ! ::

NOTICE OF ANNUAL MELT -. ~
Notice is hereby given that ~ X
Meeting OF the Stockholders g, ". ~
Cananea Copper Company WIZ S,ss<s1
the once OF the Company, " ~ y
New York, y. Y. on NonosL ~
teenth day OF June. 1911. AZ W. -
noon. for the transaction q a, =
business that may come o~@'s - ~
ing. including the election on
tors 10 hold Office for three years Z.
The transfer books Of the Comp. ~
not close. but only stoekhoiders d,
as at , O'Clock p NJ. Friday; ~
will be entitled 10 vote al tnn ,so
By order OF the Board Of pifsecrr
j. W. ALLEN. sserr
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-05-19
Elections

Arthur B. Hatcher has been elected
an assistant treasurer of the Guar
anty Trust Company.
Frederic G. Lee, president of the
Broadway Trust Company. has been
appointed chairman of the newly ere
ated finance committee of the Famous
Players-Lasky Corporation.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-05-19

siOO. 900. 900 loaned by the United
States TO the Russian government, Slo,-
600. 900 will go to the Westinghouse
Electric and Manufacturing Company
in settlement of troublesome munition
contracts. The remainder of the loan,
it is understood, will go to other mu-
milton. steel and equipment companies
that have been selling supplies to Rus
STA.
Mexican Government Bonds Decline.
United States of Mexico 4 per cent
gold bonds Of 1904. due 1854. sold to
the amount of $4,000 on the Stock
Exchange yesterday at 80. decline OF
43s points from the last previous sale.
made April 4. Last year the bonds sold
as low as 27i1, declining to that level
from high Of so. Early this year
they touched &c.
New Haven Injunction Dissolved.
Boston. May 18.-Under the terms or
final decree entered in the supreme
Court to-day for the dismissal of bill
in equity brought by Ralph 5. Bartlett
and other minority stockholders OF the
New York, New Haven g. Hartford
Railroad for leave to bring suit IN the
name OF the corporation hBdlHSN i"'h
directors for $l02, 100000 damages an
injunction issued in 1914 restraining
transfer of stock held by individual de-
PENDANTS was dissolved. The bill was
ordered dismissed by the court on
May 3.
The case had been before the court
in one form or another for more than
three years. Bartlett and others
sought to recover from directors who
served from 1904 to 1909 for alleged
illegal expenditures in acquiring rail-
road, street railway and steamship
properties in New England to stifie
competition.
The defendants were William Rookie
Teller, Charles NJ. Pratt, Lewis Cass
Ledyard and George McCulloch Miller,
of New York; James S. Hemenway,
Heaton Robertson and Frederick F..
Brewster, of New Haven; Charles f.
Brooker, of Ansonia, Conn; d. Newton
Barney, of Pennington, Conn; James S.
Elton, of Waterbury, Conn; Robert w.
Taft. of Providence. X. l.; William
Skinner, of Holyoke, and Charles S.
Mellen, of Stockbridge.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-05-19

Washington. May $3.50
the United States Tressasy, = =
to-day showed: Net bslsses .s;rn
fund. $1ss, 7ss.eoi; total W. NJ!
3a2.37s; total payments,
The deficit this hsesi No.
2eo2is, against . deficit - ~ q
last year. exclusive Of - Iss.
and pubic debt trsnsse'''
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-05-19
Current

The above rates express the cost OF
foreign money in terms of the Ameri-
can dollar. You buy an English pound
sterling at, say, s4.75la. The intrinsic
parity is s4.S6% per pound. Thus, you
saw either that pounds are at dis
count or that dollars are at a pre-
MUM. which is owing to the fact that
in England tie 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, 1917-05-19

the rate holding firm at per cent for
the best regular maturities.
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, 1917-05-19

ment. the British Trade BssI -
be appointed TO carry tnrouss
commercial and financial 'ts" . 81
in which the government
ested
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-05-19

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, 1917-05-19
Money and Credit

Banks were more liberal yesterday
in their offerings of time funds, and
as result further easing of rates
was recorded. Loans based on a MKT
ure Of railway and industrial securities
as collateral were quoted at a. TO AZ
per cent and shade lower in some
eases for sixty-day maturities. Az per
cent for ninety days and AZ to IA per
cent for four. five and six months.
Loans on industrial securities ruled at
- to per cent for all maturities.
Call money at the Stock Exchange
WAS freely offered. and most Of the
days loans were placed on a pa per
cent basis, with a low rate of 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, 1917-05-19
News Digest
Foreign

Money in London Plentiful.-London'
May ls.-The stock market was faifiy
active and cheerful to-day, with Rus
sian issues a strong feature during the
forenoon. but they closed below the
best. British shares were inclined 70
dulness, probably on account OF the
Irish deadlock and the holiday to-nor-
row. Mexican bonds advanced point
and International Mercantile Marines
were in good demand. Speculative
issues and American securities were
quiet.
Money was plentiful, owing to gov
eminent disbursements being quoted
at 3aM4 per cent. Discounts were
quiet, with short bills quoted at 1l-l6
rer cent and three months bills at AZ
per cent.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-05-19
Corporation Returns

Lehigh & Hudson River valley.-Report
for the year ended December ~, 1916, COM
nares as follows
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-05-19
The government of New Zealand had
up to March 81 last expended for war
purposes approximately sl75000,00O. '

An article in the "Frankfurter lei
tung" on the German munition plants
at Essen, the home of the Krupp works,
says: "The number of Krupp workmen
and officials has grown nightly since
the autumn of 1914. In quality the
workers and the officials are neces-
sarily different from what they once
were. The field army, with it's claims,
has made big inroad on personnel,
especially at the beginning of the war.
To-day women constitute one-fourth of
the whole personnel; a strong women's
division helps to maintain the largest
German private undertaking. The
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-05-19
Relevant Facts
Motor Shares Weak.-The general

Motor Shares Weak.-The general
decline in the shares of the automobile
manufacturing companies yesterday
was one of the outstanding features OF
trading on the Stock Exchange ohand-
Ter Motors lost 37s points, General
Motors 25s. Studebaker ga, WHY'S
Overland ga, Maxwell Motor common
.. and the second preferred Ia. wall
Streets explanation of the tendency OF
the group is plausible enough. II Is
nointed out that the demand for pleas
ure cars is likely 70 fall of IN the
limited States if the governments
drastic war tax programme goes
through. This it is believed would al
foot materially the earnings of the
motor companies. Some of the COM
NAMES however, have already taken
stems to Offset this possible effect oil
the war by preparing to convert their
surplus plant capacity TO other uses
such as motor trucks and airplane en-
gines.
Lackawanna Steel.-The stock was
backward yesterday and closed at a
fractional loss at 90A after an early
snurt TO 9l7s. There is rumor in the
financial district that the directors may
take action at their meeting next
Thursday on the declaration OF an
extra dividend, payments to be made
ont of profits of the first half OF 1917.
SO far this has not been ofhciaiiy con-
frmed.
Columbia Gas and Electric.-Follow-
inc publication of the April operating
statement, the company's shares closed
point up yesterday at 40lz. April
gross earnings were S917,7S2, an in
crease of 16.4 per cent over year ago.
Net operating earnings were S469,553,
AN increase of 14.5 per cent. The sur
Mus after charges of s303,575 was an
increase Of 1905 per cent over April,
1916. The companys net operating
earnings for the four months ended
with April were S2,21S,414, an increase
Of l7.5 per cent.
New York, Chicago & st. Louis
RaiIroad.-for 1916 operating revenues
were sl5Ss7 ,92s, compared with. sl2,-
5S63sO in 1915. Net income was ST.
6559ss. compared with s9OS,97o in the
preceding year.
Utah Securities Congratulations
earnings for the twelve months ended
December 81, 1916. of all properties
controlled by the Utah Securities Cor
poration,, amounted TO 1896, COM
pared with s4.s27,725 in 1915, and net
earnings. with intercompany charges
eliminated. totalled s3,095,022, against
s2,549,77s in the previous year. In
come from all sources accruing to the
Utah Securities Corporation for the
period were s997.193, which compares
with s1,514,s91 for the twelve months
ended March 81, 1916, and combined
net income decreased from $625,9ls to
sa54,l23.
Westinghouse Electric.-It is re-
ported in financial circles that of the
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-05-19

Paris Bourse.--Paris, May 18.-Trad-
ing was quiet on the Bourse to-day.
Three per cent rentes, 81 francs 40 CEN
times for cash; exchange on London,
q francs Is confines: per cent loan,
IS francs TIA centimes.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-05-19

Weeks Currency Movement. - Re
ported movements of currency this
week indicate a loss in cash by the
banks of approximately s15,0o0,o0O. On
dealings with the Federal Reserve Bank
there was a balance against the banks
Of s24,336,0 On operations with the
Sub-Treasury the banks gained $4,000
600. Gold exports aggregated So
$50 400
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-05-19
Bank Clearings.-The days clearin

Silver.-Bars in London, 377s pence;
New York, 74N cents; Mexican dollars,
577s cents.
Sub-Treasury. - New York banks
gained from Sub-Treasuty s2S.770,o0O.