davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1917-07-27
Active Securities
Stocks
tBy The Associated Pressl

lby Inc AssOclhleu IEeosl
All records for stock market dulness
thus far this summer were broken to-
day. Of the slender total, steels and
the more prominent war issues and
shippings supplied over two-thirds.
Some of the usual market leaders
remained unquoted throughout the ses-
sion, rails being especially ignored.
The attendance of brokers on the ex-
change was in keeping with the days
meaningless operations.
The action of the st. Paul directors
in reducing the semi-annual dividend
from 2l2 to per cent did not become
known until almost the close of the
day The cut occasioned no surprise,
having been foreshadowed in tie
heaviness of the stock for weeks past
st. Paul fell to 6S, an extreme de-
cline of IL points on the news, but
Immediately rallied, scoring a slight
net gain. More than ordinary inter-
est attaches to the decision of the St.
Paul board, however, because of the
prominence of the dominant interests
and the probable effect upon other
roads whose recent earnings have been
more or less disappointing.
Other happenings of the day, such
as the sudden advance in refined cop
per, higher rates for rubles and con-
tinuance on a large scale of the gold
outflow TO japan, South America and
other foreign points, attracted little
more than passing attention.
Movements of stocks, except in mo-
tors, shippings and few speculative
issues, where recessions ran from y
to almost 4 points, were extremely mar
row. United States Steel was a case
in point, fluctuating between 122 and
121h, closing at 1918, a gain OF
= of a point.
Bonds were irregular, large blocks
Of the Liberty issue changing HANDS.
United States bonds were unchanged
on call.
New-York tribune., 1917-07-27
Am. Hide & Leather
Earnings Increase

The American Hide and Leather
Company's surplus available for divi-
dends in the year ended June 30 last
was S1,779,511, compared with sl,642,-
992 in the previous year. This, accord
ing to the report issued yesterday, was
equal TO Sl368 a share earned on Sl3,-
000, 900 preferred stock, compared with
Sl2.63 earned in 1915. Accumulated
dividends on this issue up to and in
cluding March 1, 1917, amounted to
l15A per cent.
Net earnings of the company in the
quarter ended June 80 were S428,257,
compared with s5O9,264 in the corre-
spending period of 1916. Surplus
amounted to S262,8 ,8S2, compared with
S343,SS9 a year ago.
The company's net current assets as
of June 80, 1917, were Sl2,34l,754, and
bonds in the hands of the public were
S3,450,0OO. The figures for the year
are subject to minor adjustments in
the complete annual report. In a state
ment issued by the company it is speci-
fed that a revision of the inventory of
finished leather to conform to a basis
of cost would increase this valuation
by an amount equal to the anticipated
excess profits tax and the New York
State franchise tax.
New-York tribune., 1917-07-27
Philadelphia, Busy,
Gives Streetcars
Liberal Patronage
Rapid Transit Company Earns
1927 Share on Capital
Stock

Commercial and industrial activity IN
the district served by the Philadelphia
Rapid Transit system is reflected IN
the large increase in earnings reported
by that company for the fiscal year
ended June 80 last. Gross revenues 1or
the year amounted to s2s,559,6l4, an
increase Of s2,714,27O, or 1880 per cent,
while the surplus after all deductions
was s2.7s3,s70, equal to 1927 share on
the $4,000, 900 of capital stock. Last
wear the surplus was s1,672,704, which
was equivalent to S5.57 a share.
The company's balance sheet as OF
June 80 shows total surplus of s4,-
345.9OO, after the payment last year OF
two dividends aggregating Az per cent,
requiring $1,3S4,649, the amortization
of the 1910 strike expense and other
adjustments Of earnings.
T. T.. Mitten, chairman of the execu-
tive committee, says the year covered
by the annual report was remarkable
one for the company, the three slgnlh-
cant events being the large increases
in both the gross and net earnings, the
inauguration of dividends upon the
capital stock and the resumption OF
active negotiations with the city OF
Philadelphia looking toward the opera
tion by the company of the projected
city built subway and elevated system.
The expense Of operating the present
system, excluding taxes, increased
sl,49S,O31 during the year. The in
come account compares as follows:
1917. 1916.
Passenger .....S27,504,040 S24,S71,254
New-York tribune., 1917-07-27
Money and Credit

There was further relaxation in
money rates in the local market yes
terday In the market for fixed date
funds, loans for the shorter periods
were easier, while lenders showed
disposition to offer loans based on in
dustrial securities more freely for
sixty and ninety days maturities,
which were quoted at AZ to per cent.
The supply of money for the longer
dates continued scarce and rates were
steady at to 5A per cent for four,
FIVE and six months. Loans based on a
mixture of railway and industrial col
lateral were quiet at 417 per cent to
4% per cent.
At the Stock Exchange the supply Of
call money was more than sufficient to
meet the days demands and the rate
ruled at 217 per cent, against 3 per
cent on Wednesday. The low was pa
per cent.
Ruling rates of money yesterday,
compared with year ago, were as fol-
lows:
New-York tribune., 1917-07-27
The Dollar in Foreign Exchange

Exchange rates on most of the neu-
tral countries of Europe advanced yes
terday again. The effect of the American
embargo on shipments to those countries
is to reduce the amount of exchange
available in this market. Swiss francs
rose to a new high record rate Of
4.57 to the dollar, while the rate on
Sweden advanced from 3l.50 cents to
32.05 cents. The Danish rate was also
higher. Francs and sterling rates
were steady. Russian rubles under
went improvement at 2l.40 cents
against Pills the previous day.
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., 1917-07-27
News Digest
Foreign

London Stocks Firm.-London, July
26.-The tone of the stock market was
generally firm to-day, though there was
some irregularity, the taxed war loan
being sold to invest in the tax-free
issue. The latter hardened apprecia-
bly,. Home rails were neglected, de-
spite dividend payments. Industrial,
oil and shipping shares were more
active and steadier. Foreign issues
were neglected, with the exception Of
Swedish bonds, which were firm on the
improved exchange situation. American
securities barely moved after adjust
ment to parity.
Paris Bourse-Paris, July 26.-Trad-
ing was quiet on the Bourse to-day
Three per cent rentes, 81 francs 10
centimes for cash. Exchange on Lon
don, q francs 18 centimes. Five per
cent loan, So francs 60 centimes.
New-York tribune., 1917-07-27
Canadian Notes
To Be Offered Soon

The slOo, 1000 Dominion Of Can
ada two-year 5 per cent notes par
chased by a syndicate Of New York
bankers. consisting of J. P. Morgan &
70 Rrovn Brothers e. Co. and Harris,
FoTbes & Co, will shortly be offered
for nublic subscription at 9S and in
terest. This will make the inter s.;
return to the purchaser OF the notes
approximately 6.1O per cent
New-York tribune., 1917-07-27
Thursday, July 26, 1917

Announcement that the govern
ment will need additional revenues
amounting to nearly $6,0OO,O 100000
has so far had little influence upon
security prices. The volume of trad
ing on the Stock Exchange, already
small, decreased little, but other
wise the stock market has been un-
affected by the news. The reason for
this apparent apathy is not hard to
find; it is simply that plans for rails
ing the money are not sufficiently
rnatured to permit forecast of pos
sible effects upon values. Whether
stock prices go up or down Will de-
pend in no small measure upon the
rroportion of the new requirements
raised by taxation. If the govern
ment should deem it wise to raise
large part of the money by increas-
ing taxes values might be adverse
ly affected for a time; if it should
decide to place reliance mainly upon
leans, with still greater imitation as
a consequent, stock prices might ad-
vance. AS it is, traders are at sea
and must wait for further develop
ments.
New-York tribune., 1917-07-27

Asked for his opinion rs to how
much Of the six billions the govern
ment should raise by taxation, a
prominent banker answered: "All
the traffic will bear" By that ne
meant all that can be raised without
putting a damper on industrial
progress. The government can bor-
row money-or credit-in almost
limitless amounts. 1t can pile loan
upon loan without end. That is the
easiest way, but it is dangerous un-
less balanced by heavy taxation.
What the government really borrows
consists principally of labor and
goods, and it's effective borrowing
capacity is therefore limited by the
quantities produced in excess OF the
requirements of the people for sus-
tenance. Loans make for initiation.
Initiation increases the buying power
of the people. Expansion OF buying
power increases the consumption of
goods-in other words, it makes for
extravaganza. Increased consump-
ton reduces the surplus of labor
available for the production Of goods
for national use. Taxation, on the
other hand, reduces buying power
and, therefore, consumption, and so
increases the surplus available for
national use. That is why it is
necessary to maintain certain ratio
tctween revenues from taxation and
leans. The problem is to determine
Just what the proportion to be raised
by taxation should be.
New-York tribune., 1917-07-27

Balance for common.s2 1877 s3,171,sa5
Announcement is made that work on
the company's new refinery at Port Col
borne, Ont, is progressing favorably
and will be ready for production about
the first of next year. The initial pro-
duction of this plant is put at 20,000,000
pounds of nickel year.
New-York tribune., 1917-07-27

NUTHWtrtIdI dptT. HIs WdThtI was
quiet yesterday. Rates were unchanged
az AZ to 5 per cent for the best regu-
lar maturities. Institutions are pro-
ceeding cautiously in their buying of
commercial paper owing to the uncer-
teinty regarding the governments fut-
ure financing.
Official rates of discount of each of
the twelve Federal districts are as fol-
lows:
New-York tribune., 1917-07-27

London Money Market.-London, July
26.-Money was in better demand and
discount rates were frmer Money, 4
per cent. Discount rates-Short bills,
Az per cent; three months bills, 1916
per cent. Gold premiums at Lisbon, 80.
New-York tribune., 1917-07-27

the local Sub Treasury. japanese bank.
ers arranged for the telegraphic trans
fer of s1,75O,000 in gold TO San Fran
cisco. This amount will be exported TO
Japan. Gold exports arranged on Jap
anese account so far this week aggre-
gate S2,750 900. Since June 1 shipments
to the Far East have totalled approx
mately S37,000,000 Shipments to ia
pan between now and September l are
expected to bring the total up to $780,
100000. The Bank of Taiwan and the
Yokohama Specie Bank are the two
principal shippers of the metal.
Bankers withdrew $730,000 in gold
coin yesterday for export to South
America, while $4,000 was taken for
shipment TO Spain.
New-York tribune., 1917-07-27
exchange Intrinsic

foreign money in terms of the Ameri-
can dollar. You buy an English pound
sterling at, say, s4.7511. The intrinsic
parity is S4.S65s per pound. Thus, you
say either that pounds are at 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 this
country is greater than the demand In
this country for pounds with which to
settle accounts in England.
New-York tribune., 1917-07-27

Below is given the current exchange
value of foreign money in dollars and
cents, together with the intrinsic gold
parity, as calculated by the United
States Mint: Current
New-York tribune., 1917-07-27

Canadian Bank Statement.-The re-
port of the Canadian chartered banks
as Of July II, compared with a year
ago, follows:
New-York tribune., 1917-07-27
Profits of Int.
Nickel Decline as
Taxes Increase
Heavy Expenses d Factor in
Reducing Balance for
Common Stock

Although the international Nickel
Company advanced the price of its
product nearly so per cent early this
year. earnings on the common stock
in the quarter ended June 80 fell off
slightly compared with a year ago, ac-
cording to the statement issued yes
terday. Net income of the corporation
in the three months period amounted
TO s3,551 ,494, compared with s3,SO2,974
in the corresponding quarter of last
year. The balance available for divi-
dends, S2,94O,127, is equal to 7.O2 per
cent, or S1.75 a share. on the common
stock, against 7.58 per cent, or Sl.S9
share, for the same quarter of 1916.
Il is stated unofficially that the drop
in earnings was due in large part to
the increase in taxes and general ex-
penses, this item jumping from s222,-
422 year ago to sS96,36S in the June
quarter.
Income Account
The income statement, compared
with the corresponding three months
of last year, follows:
New-York tribune., 1917-07-27
Bank of England. - The weekly

The bank rate was unchanged at
per cent. The proportion of reserves
to liabilities stands at 1886 per cent,
compared with 1852 a week ago.
Bank of France.-The Bank of
France in its weekly statement shows
the following changes in francs:
New-York tribune., 1917-07-27

Sub-Treasury. - New York banks
gained from the Sub-Treasury 5l,9S7,-
900.
Silver--Bars in London, 3a%d; New
York, 7SM cents; Mexican dollars, 81 u
cents.
Gold Currents. 49, The steady with
drswsls Of gold and transfers for ex-
port account continued yesterday at
New-York tribune., 1917-07-27

Sales. High' Low sJ. a.
$4,000 Tob Prod. 65 50 o4,l ~ q,
200 POO do do pr. rO4a4 tOal4 io+'i : 3 !
zoo C In IN Pae. 1853 1s5l4 $50 l
200 do pr. 1878 1873 ~ ~" a
$500 Tn Gig s.tf7s 1874 'm AZ I
iooUr Fruit.,s4I4 1874 iss4-
900 I'm Pap B 20 2s ~, ~ =,
sSOOU S I Al.fe2'4 i62la 's.3i o. !,
1900 U S Rub. eta 90 2 ,o,a. o. !
s2lOOU s Steel.t22 12I}l .t" 4
900 do pr....tiS iIS inS, I ,nSlb~ y
GOO Utah Cop. Ioa34 tc2'2 WI .eil- i
100 Utah s c 1874 lSz .o,.- ,o /
400 Vac Ch. 20 Ss74 40 -
100 do pr. ..ioe 10y soi.+ u
45Owa'sh p A 4sla a. ~ 1ss. 1
100 do pr B. 261+ 20 ~ aos, : y
200 West Md. 2o3+ 2oz oSi.-
800 w U Tel. 50 sS5s a. i
zoo west'e N. 4Sl, 4oIa s7i,I u
100 Wilson Co 67Ka oIya ,sit- j
1900 VIII & LIE i5ss Iol 70 m.+ y
5000 Willys o. 3oKa Es.a Ss.-- y
500 do pr. s6ls ss74 d. y
500 Wis Cent. 4s4 ~ co.
100 wool'orth 1875 '.o e ~
500 We PAN. 30 !"
New-York tribune., 1917-07-27

The balance sheet shows total assets
on June 80 of s122,960,892, compared
with $120,951, ,457 on June 30, 1915.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1917-06-17
T obacco Land Is PLANTED
i'm Corn and Potatoes

a CONSIDERABLE acreage of land
IN in the counties of southern
q a. Maryland contiguous to Wash
inston which was devoted to the cul-
tiyntion Of tobacco last year is this
wear planted in corn. A steady decline
in tobacco acreage has been in progress
during many years in the country
around Washington. on the Maryland
side of the Potomac. but it will prob
ably show an abrupt decline when the
acreage figures for this year come to
hand.
The potato acreage will show an in
crease as well as the corn acreage.
Some of this increase in the acreage
of food crops will be due to newly
cleared land some to the cultivation
of "old fields" that have not been un-
der cultivation for a good many years
to the fact that grazing land has been
plowed up for planting in corn. po-
tatoes and other food staples for hui
man consumption.
There is still a large area of the 1and
of southern Maryland devoted to the
26.072 acres We're planted in tobacco.
and the weight OF the crop. cured, was
county there n We're s,25s acres ue Of 20.
baceo. with a crop of 3.542,s92 pounds.
In St. Mary county something more
than 5000 acres were planted to to-
baceo and the harvest was 100000
pounds. Charles county planted 1891
acres and raised 3.439.e21 pounds. Call
vert planted 5,194 acres and raised
3,3G..a3s pounds: Anne Arundel piant-
co e.ss- ACRES aud ia. .ss.eu 2.1Gl.3'o
Evening star. [volume] (Washington, D.C.) 1854-1972, 1917-06-17

pounds In Montgomery county only
5S7 acres were given over to the growth
Of tobacco, and from that small area
were gathered 5S4,3l4 pounds.
The acreage planted in corn in the
counties for the latest year covered by
the census statistics was far greater
than the tobacco acreage. st. Marys
county planted 21.00s acres of corn.
prince Georges 26,2S3, Charles 20.977
Anne Arundel 22.701, Montgomery 49,
o78. Calvert 1885. To the cultivation
of wheat ST. Marys county devoted H.
621 acres. Prince Georges 5,166, Mont
eomery 45.112. Charles 7.2S3, Anne
Arundel s.2s4 and Calvert 2,o5s. To the
cultivation of white potatoes St Marys
county gave up 200 acres, Prince
Georges 2.674. Montgomery 2,39S and
Anne Arundel 1875.
Nearly all the tobacco land in Mary-
land lies close to or within a few miles
of the District of Columbia. and by de-
voting a percentage of this large acre
age to corn and wheat and potatoes
the food output of this region, the sea
son willing. should show marked in
crease.
According to the most recent census
figures Maryland planted CAT 900 acres
in corn and harvested 1871 900 hush
els. 5S9S93 acres in wheat, haryestinp
9.4G3.457 bushels. and 1929 acres Of
potatoes, which produced 3,444.311
bushels.
Among the neighbor counties Of
Washington, Prince Georges planted
S34 acres In sweet potatoes and tool
Arundel county planted 2,297 acres and
got as Its return 297,5l4 bushels Ct
Marys county planted only so acre. ~
sweet notatoes and vans and dug 6.4S2
bushels. while Charles county planted
30 acres that produced 6.3aa bushels.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1917-06-17
italian Peasants Search for Image of Virgin of Peace
gFg9@gIgggS99@E@EI

Illuminating earnest faces, framed be-
tween spades and shovcls. ascending
the mountain before sunrise. Some
times these peasants, determined to
bring an end to the war. walk for
twenty and thirty miles.
For there is an added urge to i'm
mediate action. The holy virgin in her
appearance to Donata. says the peas
ant girl. stated that her image must
be found by July %. 1917. AS she APP
peared to Donata on January 81. the
peasants believe they cannot fail to
find the image before the stipulated
date To their joy they have already
discovered a small image OF the blessed
bambina and an ancient gold embroid-
red altar piece, which experts say is
400 years old. They have excavated
to a depth of forty feet in circum-
ference which Is fast growing beyond
the proportions Of even a big cathe-
dral
That ancient relics should be discov-
cred in this neighborhood is not
strange. for the district Is rich in his
tory and in memories. which reach back
even beyond the dawn of Christianity
into the pagan past. Long ago church
to the virgin stood in this locality.
church which was DESTROYED by an
earthquake and all signs Of it lost for
centuries.
1t is in these mountains with the pic
turesoue sheep herders. like figures from
a painting, it's peasant shepherdesses.
its colorfuI water carriers with their
great copper conche balanced upon
Thar unmoving heads. that dAnnunzio
has depicted his Daughter of Jorio."
1t Is in just such town as Tore del
Jo,sseri that he has described that pill
rrimaae to the shrine in The Triumph
of Death" 1t is a land filled with faith.
with poetry and with action. a land
where the youth deserted homes call
loudly for peace and where every nan
ing silent prayers as they dig for the
imaee-that the war may end.
ALICE ROHE.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1917-06-17

zerland's doubled. Exports leaving the
United States for Sweden in 1916 ran
over $48,000.008. These countries have
been particularly anxious about the en-
barge situation on this side of the At
lantic. On May Herman Lagercrantz,
former Swedish minister to Washington.
left Stockholm via London for this coun-
try. He is now here. having been sent
an embargo on exports to that country.
which is bordered on the one side by
Russia and on another by the enemy Of
Uncle Sam and the allies.
On the day the eX-minister left for our
shores. a dispatch came to Washington
from Bern. the chief executive of the
Swiss making a fervent appeal to Presi-
dent Wilson and America not to permit
the land of the Alps to starve.
Denial was made that imports are
reaching the kaiser's borders.
Late in April Norway's newspapers
prophesied actual starvation for the peo-
pie of the high-walled fiords. tho white
mountains and midnight sun. "for the
United States was going to cease export
ing the grain, sugar, salt pork and other
provisions which no other country fur
nishes Norway Fully as important.
perhaps. as these. has been the petroleum
and certain raw materials long furnished
Norwegian fishing fleets.
These fleets use oil-driven motors. and
fishing Is half OF Norway's life. Many
thousands of the coast natives know no
other meat, except an occasional bit of
reindeer.
Greece bought four times as much
merchandise and Portugal four times
as much. Jamaica. as a British pos
session, developed an annual trade of
$4,000, 900 into one Of $7.oO0.000. The
Dutch Indies trade increased at ratio
Of from to IS. Peru from 5 to IA and
Japan from 40 to 100. Japan's trading
facilities have been. since the war. like
nothing more than a swift, live Ball.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1917-06-17

these trusting. faithful people formed
procession to climb up to the spot
designated by the Virgin. AS they
marched they chanted. and their chants
were OF the sort to make scholars stop
and listen. A strange blend of folk
song and OF classic hymns, brought
down from ancient monasterieS, caught
on the breath of these simple people.
sounded through the mountain passes
as the peasants strobe toward peace.
Chanting. they climbed upward. men
and women. young and old. in the
darkness OF the winter morning. Tall
peasants with their picturesque Alb
ruzzi nantes draped about their
straight bodies, their heads covered
with huge fur caps. their legs meas
ed in skins. strapped with thongs, car
red reverentiy the crucifx and holy
cardles. Behind them came the others,
peasants and townspeople. all carrying
spades, shovels. picks, anything with
which they could dig for the image of
the virgin of peace.
Women with faces scanned and
wrinkled. their bodies bent beneath
years of toll. their heads covered with
the bright scarfs of the country. their
waists incased in the colored corsets
worn over their other garments, plod-
ded onward. each thinking of some de-
parted son. Young girls, their black
eyes lighted with thoughts of distant
lovers on the battlefield. followed
earnestly in that procession strug-
Cling upward.
In the hearts of the Italian peasants
singing their expressive songs, strug-
Cling toward the heights reverence
for the beautiful intermingled with
their faith. AS the little procession of
peace seekers wendell its way through
the gray dawn it stopped suddenly. All
fell upon their knees before the mar
vel of the rising sun.
"Of sudden" said Donata simply,
the sun came forth II tipped the
mountain top with rose. 1t struck the
great iron cross way up on the noun
tain and we knew IL was a sign"
When TIE frst spadeful of earth was
excavated. there were prayers such as
only these devout souls could offer, but
their prayers We're enforced by fervid
actions. Even before beginning their
work Of excavation the peasants erect
ed little shrine in the rocky hillside
TO the virgin of peace.
The first procession up the mountain
was only io,erunner of tnis .assion-