davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-18
Hawaiian Sugar
Companies Prosper

Honolulu, Feb. Twenty three SUI
gar companies Of Hawaii, which include
all that are listed on the Honolulu
Stock and Bond Exchange, disbursed in
cash dividends in 1916 total Of sie,-
259, GOO. according to figures just made
public here.
Based on the par value Of shares, the
average earnings of these twenty three
companies were 27.3 per cent on the
capital invested. In most cases, how
ever, the capital stock consists chiefly
Of reinvested profits, and the percent
age Of earnings Is in some instances
more than 100 per cent on the actual
original cash investment. Stock diyi-
dends are not included in the figures.
The largest earnings in proportion to
capital fell to the Onomea Sugar Com
pany, which disbursed cash dividends
aggregating 50 per cent Of its capital
stock. The Pepeekeo Sugar Company
came next, with 30 per cent
Dividend disbursements Of the TWEEN
ty-three companies during 1915 were az
follows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-18

meets the corporations contention that
IL 10 not q monopoly because it alone
cannot dictate prices with the dec
lsration that the corporation con
trols the output Of more than
90 per cent of production in almost
every branch OF its activity, and has
maintained prices. notably in the case
Of steel rails. to the extent that COM
petitors virtually have followed the
prices fixed by the corporation.
III competitors controlling half the
trade. not alone in one produc: but in
an entire series Of products constitut
ing one Of the grand divisions Of in
dustry. may thus combine through a
holding company" the brief says, go
what lengths can the process 60 with
out offending the law? II one-half OF
the steel industry may thus be com
bined through one holding company,
certainly those controlling the other
half would have the right to combine
through another holding company. And
Of course. IL il be lawful 20 centralize
control of the steel industry in two
holding companies. it would be equally
lawful to eentralize control OF every
other industry in two holding companies,
Such undue concentration of control
over industry was the very evil which
the act was intended TO prevent"
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-18
The Dollar in Foreign Exchange

Despite the partial success OF the
German submarine blockade in restrict
ing exports from the United States TO
England, there has been little reflection
Of this in the sterling exchange situa-
ton during the week, although consid-
cradle confusion still exists owing TO
the lack of adequate mail facilities. The
arbitrary control exercised over the
sterling market by the Allied bankers
has prevented developments in the last
week or so that might have tended TO
produce wild fluctuations. Sterling
rates have been held firmly around
s4.75h, the figure at which the bank
ers "pegged" the market for sight
drafts more than year ago, when they
first found 1t necessary to take over
control Of this market TO make it posi-
BILE 70 finance Allied purchases Of war
materials in this country. As part
Of the programme Allied bankers have
resumed the shipments Of gold from
Canada TO the United States, and dur
ing the last week arrivals for this ac-
count totslled s45,00O,00O. A portion
of the gold originated in Russia, and
was presumably & part Of Russis's con-
tribution 70 the Entente Gold Pool. In
banking circles It Is expected that the
current influx will aggregate upward of
500, 100000. The weeks outflow Of
the metal included s1,5Oo,O0O taken
for export to Japan. Argentina con-
tinues to draw on our gold supply in
settlement of the international trade
account between the two countries.
The movement in the Continental ex-
changes was rather narrow last week,
with Italian lire furnishing the most
striking fluctuations. Early in the week
IN. rate declined to 78i lire to the dol
lar. q new low record, but subsequently
there was moderate recovery TO q close
Of around 7.25. German marks were
slightly easier on a small turnover OF
business. The tendency was attributed
TO a subsistence Of German selling Of
securities in this market. Russian ru-
bles were barely steady.
II you calculate the cost Of the dol
lar in terms Of foreign money-that is,
as if you we're buying dollars with
mounds. marks or franes--its value at
the close OF last week, as compared
with a wear ago, would be about as
follows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-18
Saturday, February II, 1917.

The business record for 1916 is
so overwhelmingly distorted in COM
parison with a normal year that the
figures are almost bewildering.
Whether it be Of foreign trade or
domestic trade, pig iron output or
copper prices, or almost anything
else Of which there is statistical rec
ord, new peaks Of fantastic proper
tons stand cut in all directions like
a Woolworth building. But few Of
them are more extraordinary than
those disclosed by the annual re-
ports now being published by the
companies of whose products war
has been a great and wasteful con-
sumer.
The war has been a sort of magic
wand for many American industrial
companies. Not all Of the concerns
working on war orders have earned
as much as over-enthusiastic pre-
dictions might have led the incau-
tious to expect. Indeed, some Of
them have Jared very thinly. Mount
ing costs Of labor and materials,
trouble in meeting the exacting
specifications Of the purchasers Of
munitions, unexpected mechanical
difficulties and other unforeseen COM
plications have in some cases cut
profits so far under expectations
that the stakeholder, instead Of en-
Toying a feast, has received little or
nothing. Such experiences have been
the exception rather than the rule,
however. A majority Of the COM
panies which have so far reported
for the year show enormous in
creases in profits. AS illustrating
their remarkable transformation
from comparative poverty to unpar-
alleled prosperity, the percentage
earned in 1916 on the common stock
of a number of companies for which
returns have become available in the
last week or two is contrasted in
this table with the percentage earned
in 1913, the last full year Of peace:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-18
LEHIGH VALLEYS 1917
IMPROVEMENT PLANS

Intensive development Of the Lehigh
Valley Railroad, which carried with it
an expenditure of almost s6,000,000 for
extraordinary improvements in 1916,
will be continued during the present
year, according to an announcement By
the management yesterday. Plans have
been made for the expenditure Of over
$4,000, 900 for similar improvements in
1917.
To provide for heavier trainloads the
company will spend more than $4,000
600 for bridge renewals. Last year
100000 was spent for additional
roundhouse facilities at Manchester,
n. Y. and at Suspension Bridge, where
interchange is made with some Of the
lines Western connections Another
100000 will be spent this year for
additional roundhouse facilities at Buff
falo, where other Western connections
are made.
Other improvements under consid-
GRAFTON are the electrifcation Of tie
main line through the Pennsylvania
mountains and Of the branches in the
anthracite region and the completion
of the four-tracking Of the line from
the anthracite fields TO New York Hsr-
Dor.
This work has not been definitely
authorized. but it is expected it will
be pushed vigorously as soon as the
railroad has made sufficient progress
on its new freight terminals in the
Greenvile section Of Jersey City, where
an elaborate system of warehouses,
piers and big terminal yards is planned.
To acquire the site for this enterprise
the railroad company already has ex-
pended $4,000 900, and the terminals
for which plans have been drawn call
for an additional expenditure of $780,
000, 600
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-18
Dividends

CraeibIe stesl.-Rexul.r quarterly dividend
Of y per cent on the preferred stock and
dividend Of :, per cent 20 apply on the Dc.
ferred dividends. payable March 81 % stock
OF record March i6.
Republic Iron and steeI.--Reguisr cusrts--
" dividend Of ] \ per cent on the common
stock. payable May 20 stock Of record April
90 ard regular quarterly dividend OF = per
cent on the preferred stock, payable April :
70 stock Il record March 20.
MCKINLEY rraRh.ssvags Mines.--Resulsr
quarterly dividend Of 5 per cent. pAyshls
April / 70 stock Of record March 10.
International Cotton MiIl,.-Rsgulsr Guar.
,erly dividend Of IN per cent Oh preferred
stock. payable March 70 stock OF resord
February is.
Cincinnati Northern Raiircad.-Dividsnd OF
pcr cent, payable March 20 stock OF rec
ord February IS.
Bri,r Hin Steel. Quarterly dividend OF al
ner cent ard per cent extra On the eoni-
mon shars and quarterly disbursement 81
ia Der cent on the preferred stock, All PAP
able April 10 stock Of record March "a
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-18
Government ASSailS
u. S. SteelS Defence

Washington. Feb. 1.-THE United
States Steel Corporations defence TO
the governments dissolution suit was
assaulted to-day in a lengthy brief filed
bv the government in the Supreme
Court.
The government charges that the cor
marathon WAS formed not. as contended'
"a the result Of the legitimate develop
men. Of trade. but for the "suppres-
sion Of competition and the e1ploIta-
tim Of the public" The government
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-18
New York

English Bank opens more branches
In SpaIn.-The New York agency OF
the Anglo-south American Bank, Ltd
Yesterday received a cable from the
head Office at London announcing that
in addition 70 the branch st Barcelona
Spain, others have been opened ~
Madrid and Bilbao. The total number
Of branches now is twenty-three. most
liz in South America. As a result OF
the ruling Of the British Treasury dur
ing the early period OF the war which
prohibited foreign loans there has been
a marked increase Of direct transae-
lions between South America and the
New York Office.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-18
News Digest
Foreign

Orelgn
sold war loan" bonds drop points
in London. London, Feb. with
the war loan out Of the way the stock
market to-day developed slightly in
creased activity. There was a fair
amount Of business in corporation
stocks and colonial and excheouer
bonds at hardening prices, while home
rails were firm features and one TO two
points higher. The old war loan, the
conversion rights having expired, was
quoted AZ 81. nine points below yes
terdsy. In the miscellaneous section
shipping. copper and oil shares we're
the best spots American securities
we're steady, but very few transac-
tons we're recorded. The demand for
money slaekened and rates were re-
duced 20 al per cent Discounts we're
easy. Short and three months bills,
SD per cent.
Gold premiums at Lisbon so.
Paris Bourse-Paris, Feb. i7.-Trad-
ing was quiet on the Bourse to-day.
Three per cent rentes, 81 francs for
cash. Exchange on London. q francs
siiA confines Five per cent loan, 81
francs 70 confines.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-18
1913. the last full year of peace:

The list could be extended consid-
erably, for many other companies
have issued equally remarkable
earnings exhibits, but the above
will suffice to show pretty clearly
the change in industrial fortunes
wrought by war. On the average,
the sixteen companies represented
in the list earned nearly as much
last year as they would have made
in seven years under normal condi-
tons. A few Of them made profits
above the most optimistic forecasts.
On the other hand, few failed to
realize such extravagant profits as
were claimed for them when the
war boom was at its height. But
while their performance may have
disappointed the Spectator, it could
scarcely have disappointed any one
else.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-18
Court Permits
Bethlehem to
Increase Stock
Fenner Bought Shares TO Bring
Suit, Vice-Chancellor
Lane Declares

IN diminishing The temporary injune-
non which he had issued, restraining
ne Bethlehem Steel Corporation from
increasing Is capital stock, Vies-Chan-
esuSf Lane, sittinR A. Newark y, j.
ys1tsfoty stated that Clarence VI. ven
nsf, President Of the General Invest
snsnt Company, - Maine. which sought
snloin the Bethlehem Steel Corpora-
~ ron Increasing its capital stock
saa purchtsed The zt0ck held By his
sAp1nJ for the purposs ~ bringing
snit Toe decision WAS followed by
~ INJUNCTION ~ the previous action
go ~ ne Bethlehem Steel director.
- sets also included action 70 file the
,ntsls - Increase with the Secrs-
81 State Ia Trenton, despite Ven
80. protest There was no vote
t ths proposition submitted.
80 ''sf vas asked n he wished 70 vote,
80 ssho1nesd that he was not par
.ssp1Nnf IN the meeting, but was pres
.s,.s'b'H o. spectator. Bs then
~ fHal protest sgalnft al that
49,, 49, A's@tihg was a1journsd until
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-18

than that, except, perhaps, the faith OF
the writer In "The London Times"
Potatoes have not yet become a
luxury here, but if the price keeps
on rising they may soon be beyond
the reach Of the family Of ordinary
income. Last week another big ad-
vance was recorded, and at the close
they were bringing above SO a bush
ell, wholesale. Retailed by the quart,
as they are in New York, they are
worth perhaps 90 per cent more
than that. The consumer has only
one consolation-everywhere the
same condition prevails. In Eng
land the price is even higher than
il is here, though the government
has fixed maximum. And as you
complain to the marketman, who
charges you as much for a peck as
he used to charge for a bushel, you
at least have the satisfaction of
knowing that you are better off than
the people of Germany and Austria,
where a potato is a treasure worth
walking miles to get. Here is the
way the Vienna "Arbeiter Zeitung"
describes the potato famine in that
city: "How much acuteness people
apply to-day TO obtain this food, de-
spised in peace timel Not infre-
quently one reads that some well-of
woman has exchanged a beautiful
dress for two hundredweight Of po-
tatoes. Many Of the rich pay any
price for them. The poor regard
them as dainties, if they succeed in
securing a small quantity. {.
If the cold continues, potatoes viii
be sought like gold pieces"
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-18

The order issued recently by the
british Treasury compelling the sale
- tho government Of foreign securi-
ties apparently was regarded by a
GOOD many holders of such stocks
and bonds, especially small invest
ora. with misgiving. Their argu-
nent was that it would be Ubiquitous
70 force them to suffer the loss OF
capital which would be sustained by
selling securities bought at par at
a price of, say, 70, the present mar
ket But these critics of the com
Wandering" order, according 70 a
,y,iter IN 'The London Times" have
overlooked a very simple financiai
problem"
practically all h1ed interest bear
ing securities have deprecated as
,stnral result Of the high rates now
maid for the loan OF money and when
money TAteh Ihli NoPiSot
sppreeiste again. This applies 70
al .eeurities, British as well as for
e,gn; when the approaching pro
cess will return il merely matter Of
tine The government, IN purchasing
foreign securities, will provide inc
holders with an opportunity OF rein
vesting their money in other securi-
ties On very favorable terms. Be
aides the new war loan, they can re-
invest in eonsols, in home railway
prefercnce and debcnture stocks N
home corporation securities sno
many other British stocks, which Will
spproclate IN capital value in the
ssme-perhsps greater-degrec a.
foreign securities when money be-
comes cheaper. Holders OF foreign
s.eufitlea IN selling them at the pres
ont low prices 20 the government
need not suffer any diminution OF
income, and the securities which are
chosen 70 replace them will. n wisely
,elsetsd. enable the holders 70 re
cover eventually any capital loss they
sustain"
What. indeed, could be more simple
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-18
Other Cities

The Drygoods Trade-Chicago, Feb.
i7.-Marshall Field & Co.'s review OF
the drygoods trade says: wholesale
distribution Of drygoods is running
about even with the corresponding
period Of year ago.
"Road sales for immediate and
spring delivery are little behind
those Of a year ago. while road sales
for future shipment arc considerably
ahead Of last year.
Customers have been IN 10 market
in larger numbers. Collections are
bettar than last year
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-18
Total liabilities. $780,, 20

Gold reserve against net deposit and
note liabilities, 71.s per cent.
Cash reserve against net deposit and
note liabilities, 72-e per cent
Cash reserve against net deposit la
bilities, after setting aside 40 per cent
gold reserve against aggregate net liza
bilities on Federal Reserve notes in
circulation, 1913 per cent
In the above statement the principal
items compare with a year ago as fol-
lows:
Total gold reserves. Inc Sf54, o75,oOO
Bills discounted and accept
ances bought. Inc. e2,se3,OOO
Due 10 member banks. Inc. 272, 1o1 600
Net liability for notes Inc. 100000
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-18
Few Imports from Bolivia

Bolivian tin Is now for the first time
finding a market in the United States
due TO the establishment of a TIN ore
smelling works in New Jersey by the
American Smelling and Refining Com
pany. Total imports Of tin ore from
Bolivia in 1915 were valued at nearly
81 oOO, 900. against nothing in the pre-
eedipg year. and practically all Of this
1918 import occurred in the second
half of the year.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-18
Relevant
Information

Laekawanna steeL--Report OF earn.
ings for the twelve months ending De-
eember 81 last shows net earnings
Of s16,OsO,s5s. compared with s5,s77,47o
in 1915. The surplus available for divi-
dends was s12,21s, Pa. against So, 4O9, 1Oe
in 1915 and q deficit Of s1,652,445 If
1914. The company reports untitled or
ders amounting to SLIPS gross tons,
compared with s12.6so tons in 1915, a
decrease of 1854 tons. Untitled orders
as of February u. 1917. were reported
at 1,032,651 tons. Earnings on the
common stock last year were equal to
34.s1 per cent. compared with 2O.66 per
cent the year before.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-18

The above rates express the cost OF
foreign money In terms OF the Ameri.
can dollar. You buy an English pound
sterling for t47bhi the intrinsic par
ity IL t4ssS per pound. Thus, you
say either that pounds are ut q dis
count or that dollars are At pre-.
MUM, which Is owing to the fact that
IN England the demand for dollars
With which TO settle accounts in thi,
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, 1917-02-18
Cost Of one dollar.

Closing rates yesterday. compared
with a week ago, were as follows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-18

ing House banks on saturday was as
follows:
Loans and discounts. 90. s3.4se.662oo
Reserve IN own vaults. o<o'soo'oU
reserve IN req. hes. bAhk 'so'oos ~ ~
Ne zee ELSEWHERE .'''''' sS1ss7 ooo
~. e 80" .- uepo''''' sea 900 ooo
ci,cnIation PAYS 600
aggregate reserve'''''.'' noofe'oo
NHahges from 'he Ae'uai '0''u'''"" "a
the week before were;
Loans and discounts. Inc. s54,I2AoOo
Net demand deposits. Inc. 10, 10000
Net time deposits-......D Dec. S0o'VU
Aggregate reserve -. .OInc. a,2o1 900
Excess reserve. Inc. 1-25o,47o
Inc weekly return Oh 'n' Oiea.iHt
mouse DsnA' oiseIoseu oHiE sig ~
iH4F4O'e''eh' III ''o
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-18
Money and Credit
Federal Reserve Banks
Wall Street. February /

Wall Street, February II.
A gain Of more than s24,0OO,000 in
total resources of Federal Reserve
banks during the week is shown in the
weekly statement Of the banks condi-
ton February is. 1t follows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-18

Below is given the current .1chang.
value of foreign money in dollars and
cents, together with the intrinsic gold
parity, as calculsted by the UnIted
States Mint:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-18
New York Federal Reserve

Net0 York, February II.
The condition OF the Federal Reserve
Bank of New York at the close OF
business Friday. compared with the
previous week. follows:
RESOURCES
Feb. 16. Feb. 9.
Cold reserve. .s1s6, o4s,ee2 s17o,413,22o
Legal tender
money ...... lo<'4VI 100000
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-18
All Restraint Held Illegal

at fails to take into account that
tho view Of public policy upon which
Congress legislsted was not to wait
until the evils Of undue concentration
Of economic power have occurred or
become imminent and then attempt TO
restrain them. but to prevent their &C.
currence by striking at undue coneen-
trstion Of economic power itself.
Unless the underlying purposes Of
the act are to be wholly thwarted, it's
prohibitions must be construed TO in
clude every combination in whatever
form it interferes or threatens to In
terfere with the normal and effective
operation Of the law Of competition in
any branch Of trade
The company's plea that three
formidable competitors with q COM
bined capital Of se1 100000 afforded
brisk competition is reviewed and the
competition Is called negligible"
The brief says that the competition OF
all other companies combined left the
defendants in possession Of approx
mately so per cent Of the trade, suf-
ficient, it is contended, to constitute
them a monopoly within the meaning
Of the law.
The customary request is made that
the manner in which the dissolution
may be best effected be left to the
lower court to devise.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-18
FINANCIAL MEETINGS
WESTINGHOUSE ELECTRIC
MANUFACTURING COMPANY.

NOTICE. 10 bIDChHDI-DEflS.
siokhol6st are hsrsoy nothsd t1u AZ sp51al
s-ss1ls 11ly called for the p1rpose and head a.
Ia Fi.1s5grFh. PsrlsYlvanis. On tebr1sV 20
1911. ~ slockh1idsr cuiy o0nseotrd 70 10 N
ers2s q - GALA sfock q he Company from
80 900 GO - g. :. 600 Q00 such additiocA sioss
. = o1-ra1 s,oek. eotssu1F u 300 shares
q - "a Falls q 80 each
H11sB n f11scr1pffoU warraLb isuod 70 gDSJ-
scds1 rszrsla1t - ~ oTerirE q Decernb1 -.
tsls. Ar snalsd NO ne tsTus sttLod u asid
Sa-rzcis. AZ lpc- Ggrrrrder tDerB0f and paJ
RI q u sIh11l p1or prfos of go is Ier share
= ~ 0cos q ~ COnp&ny No. lb5 brosdWY.
"a % GU II ks-r Yo-x 70 subscrl5s Tor aid
sN.pooA EDcs on or before February 81
1911.
Dssf Psarusr H. 1917.
gASIIs c BEsSErT. ssveArJ.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-18

Tide Water Oil Company.-Annual
statement for 1915 shows earnings Of
sl4.476A1O, after deducting all operat-
ing and marketing expenses. From this
amount s3,452, 7O2 has been written of
for depreciation in all departments,
leaving net profits Of sl1,O22,7O7. or
80 OF per cent on the outstanding stock,
compared with 1926 per cent in 1915.