davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-12-19
Three Banks Vote
Extra Dividends
Central Trust Company to
Pay Additional Is Per
Cent to Stockholders

Holders Of bank stocks came in for
generous distribution Of extra divi-
dends yesterday. the Central Trust de-
clar.ng a payment of l6 per cent in ad-
ditioh to the regular quarterly dividend
of per cent; the Bank OF New York,
an extra of 50 share, along with the
usual semi-annual payment of SO, and
the National Park Bank, 10 per cent in
addition to the regular semi-annual
dividend Of 8 per cent.
With the extra dividend of 16 per
cent, which is payable January 2, stock
holders of the Central Trust Company
will have received 30 per cent for the
year. Since this institution was or
gained, in 1875, with a capital OF
81 100000, it has distributed S30665,
900 to the stockholders. This has in
cluded two big "melon" cuttings. On
June %. 1909, the capital stock was
increased from Sl.000.000 to 100000
by the issue of 10000 shares Of new
stock ut par. the stockholders having
been put in funds to pay for the stock
BY means Of $4,000 900 cash dividend.
Last May the stock was increased 10
$4,000. 900 under similar arrangement.
James y. Wallace has been president
since May. 1905. He started with the
bank thirty-fYe years ago as clerk.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-12-19
Christmas Bonuses

Directors of the Central Trust
Company yesterday voted for employees
the usual Christmas bonus Of 5O per
cent OF their yearly salaries. In add
ton, the extra compensation of 10 per
cent voted several months ago, as an
offset TO the increased cost of living
was raised to 20 per cent.
While not following a policy in the
past of giving Christmas bonuses to
its employees. directors Of the Nation
al City Bank have taken cognizance
of the higher living cost BY making
various periodical distributions dur.
ing the last year, which in the aggre
gate have amounted to 20 per cent OF
salaries not exceeding $4,000 a year.
The officers OF the bank are sending
to the go employees who have gone
into the various branches of the gov
eminent military service a box con-
tanning an assortment of smoking arti.
cles, cigars and cigarettes as Christ
mas and New Years gift.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-12-19

The mania for price fixing seems
to be spreading, the latest phase
taking the form of a bill to pro-
hibit the sale of Liberty bonds for
less than par and accrued interest,
in order "to prevent depreciation
and speculation" in war bonds. The
bill is no doubt the outcome of Tie
recent statement OF the Secretary Of
the Treasury, that German selling
had put the Liberty bonds below
par. II was introduced on the same
day the Secretary said that amy
man who sells a Liberty bond below
par stabs at the very life blood of
the nation" The bill and the state
ment are equally intelligent. Among
the millions who subscribed to the
Liberty bonds, in good faith and
with no intention Of selling them.
there are naturally a certain mum
Der who. for one reason or another,
are compelled to dispose of portion
Of their allotment. They should not
be accused Of lack Of patriotism. OF
course, any sale made for the pur-
pose Of depressing the price Of the
bonds would be worse than un-
patriotic, it would be reasonable.
No evidence has been produced to
show that there has been such
selling, however. The bill to stabil-
ize the bonds at par is absurd, and
there is little or no chance that it
Will receive serious consideration in
Congress. No one has ever succeed
ed in fixing the price Of a security
by fiat, and no one ever will. As a
banker remarked yesterday, zone
might as well try to force the Gulf
Stream TO flow up the Mississippi
River as TO attempt to keep the war
loan issues from seeking their own
price level" Enactment of the bill
would automatically prevent the
open sale Of the bonds, but it would
not prevent secret selling.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-12-19
New York

Goodyear Tire and Rubber to IN
crease Capital.-Directors OF the Goou-
vcar Tire and Rubber Company have
called a special meeting Of stocSnoiu-
ors at Akron. Ohio. on January - lot
the purpose of placing before them
nlan TO increase the outstanding cap
ital stock BY s50,000,000 in the form
Of $4,000. 900 new second preferred
and S25 600 600 common. At present
there is outstanding $23,li3,2DO cumu-
latiye per cent preferred stock ana
$40. 600 common. It is proposed TO
offer sl5.0OO.000 of the new second
preferred at par 70 present stocKhold-
crs and TO fix q dividend rate on the
issue of S per cent annually. The pro
ceeds from the sale of the new stock,
il is stated, are TO be used to take
care Of the company's needs tempo
rarily during the war and few years
thereafter" The company's total out
put this year, il is estimated, Will OK
coed sl5O.O00,00O. In circular TO
stockholders F. A. Soldering, president,
says that while the company did little
war business last year, the government
is now requesting it TO take consid-
cradle volume Of business. This, he
states. puts an added burden upon the
company and necessitates the carrying
OF a still larger supply of law mate
rails. Attention is also drawn by Mr..
Seiberling to the difficulty Of financing
under present conditions.
Not to Blame Tin Sellers.-A reso-
luton has been adopted by the tin
committee of the New York Metal Ex-
change that because of the embargoes.
government regulations and the posi-
bility of seizure for one cause or an
other the seller shall not be respon.
siole or liable if his inability TO make
delivery can be traced 70 any OF the
causes brought about by the war. The
resolution will be presented TO the
board of managers on December p.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-12-19
Mexican Government
To Acquire Railroad
Panama Line and Docks To Be
Purchased From s. Pear
son e. Son

MEXlCO CITY, Dec. lS.--The Finance
Department. announced to-day that an
agreement had been reached between
the government. and s. Pearson & Son
regarding dissolution Of the Tohuante-
pee National Railway. Prior to the
opening Of the Panama Canal this
road. running from Salina Cruz 10
Puerto Mexico, was a profitable enter
prise. being the only line across the
isthmuS. For some time the road has
been operated Professionally b. the
government.
Prcsiden: Carranza tomorrow Will
send bill TO Congress comforting on
him extraordinary powers 20 conduct
negotiations with Pearson & Son, Who
have the right under contract 20 oper-
ate the railway under a partnership
agreement with the government
The agreement now concluded con
templates that the government shall
acquire the road and also the docks
ard harbor works now under construc-
tion at Puerto Mexico, the contract
with the company being cancelled.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-12-19
Relevant Comment
Distillers' Stock Buoyant

A sharp rise in Distillers' Securities
on heavy trading was the stock mar
ket's response to the passage by both
houses Of Congress of the prohibition
resolution which now puts the matter
Of constitutional amendment before
the states for a referendum. Distilers'
opened at 1914 and sold up TO "a, clos
ing AZ points up for the day on total
transactions of 1900 shares. II was
obvious from the action of the stock
that the Street accepted the prospects
Of national prohibition with something
more than equanimity. The argument
heard around commission houses was
that at least three years would elapse
before the states finally acted upon the
amendment. and in the meantime the
company's reserve store of wet goods
would steadily appreciate in value, thus
adding to the asset value of the stock
up 10 the time il became necessary TO
liquidate and 90 out of business com
pleteiy. Distillers' stock at its present
price compares with high OF 444
made in October, which is also the
high price Of the year. Its low price
this wear was ll"4
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-12-19
Wilkes-Barre Short of Coal
Supply Scant Even in Centre
Of Producing District

WILKES-BARRE, Penn. Dec. IS
Sending coal 20 Newcastle may still
be regarded as the height of folly,
but such shipments would be welcomed
by the residents Of this city, wh'ch,
strange as it may seem, is despite its
situation in the centre OF the Pennsyl-
wanna anthracite producing region, real
~ suffering from a coal shortage Even
a mine manager. so the story goes. vas
the other day told that he could not
get more than two tons at a time for
his household requirements. Goa! IS
rctai.cd here directly from the mines
and distributed b. the CARLOAD from
the breakers.
Al The drivers sent out from the
breakers are instructed not 20 deliver
the allotted TWO tons 20 cellars which
have q sJfiicieu. supply. One driver
stopped az taree different houses be
fore he got rid o. . two-ton load. The
men are afraid TO disobey instructions.
as they know that they are watched
and will not be permitted 20 obtain
more coal II they supply cellars which
ARE daItdta "csl Iiltu. IN comment
ing on this situation the manager OF
prominent mining company said
that the largest coal surplus IN the
United States to-day vas the cellar
surplus" He explained this BY say
ing that the average householder had
provided himself so far ahead % re-
quircments that the cellars contained
July 100000 tons more than they
did at this time last year.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-12-19
Help in Time Of Need

Declaration of per cent dividend
on the common stock of the New York,
Ontario e. Western Railway Company
yesterday means s5S3,20O additional
revenue for the New York, New Haven
g. Hartford. as this company owns
s29,16O 900 of the s5S,1l3,9S3 of the
Ontario e. Westerns outstanding com
mon stock. 1t acquired a majority IN
terest in October. 1914. at cost OF $40
a share. The last previous dividend
declared by the Ontario & Western was
! per cent, on July "a year ago. In
1909. 1910 and 1911 dividends were paid
at the rate of per cent year. None
was paid in 1912, and in 1913 stock
holders received per cent.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-12-19
Money and Credit

Somewhat easier conditions pre-
vailed in the money market yesterday.
and although the ruling rate for call
loans on the stock Exchange was s
PER cent. a Jew loans were made dur
ing the day at "a and per cent
The banks increased their offerings OF
funds moderately. being in a much
stronger position now that the large
government operations have been com
pleted Tor the present.
Offerings Of Fixed date funds con-
t.nued light. with only small amount
OF business doing at 81 20 Q per cent
for the longer maturiiies. Most in
siitutiors were still declining 20 renew
loans. insisting that the loans
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-12-19
Regular Dividends

Kansas City Southern Railway Regsla'
quarterly dividend Of l per cent on the pre-
ferred stock payable January 10 To STOCK
holders OF record December 81
Central Leathsr.-Regular quarterly diyi-
dend of !. per cent on the common stock;
PAYABLE February 1 To stockholders of record
January 10.
American Telephone & Telegraph Regv-
lar quarterly dividend OF per cent, payable
January 10 to stockholders Of record Decem-
ber 81.
Library Buresu.--RegulAr quarterly diyi-
dend of per cent on the preferred stock.
payable January , 10 stockholders OF record
December 81.
New England Telephone. Regular quar-
terly dividend OF IA per cent. payable De-
cember 81 10 stockholders Of record Deeembef
10.
New York Dividend Of 3 per cent
on the preferred stock. payable February 10
70 stockholders OF record February S.
Arkansas Light & Regular quar-
tery dividend or l@a per cent on the pre-
ferred stock, payable January TO stoekhold-
ers OF record December is.
Chalmers Oil & Gas-Regular quarterly
dividend Of per cent on the preferred stock
payable January ! TO stockholders Of record
December 20.
Chicago City & Connecting Railway
Semi-annual dividend OF $50 a share on the
preferred stock. payable January 20 stock
holders OF record December %.
Cleveland Automatic Maehine.-Rexulsr
quarterly dividend % Is. per cent on the
preferred stock. payable January > to stock
holders OF record December 81.
Wisconsin Edison. Dividend OF sl.50 a
share. payable December 81 70 .toekholders
OF record December Fl.
Pine Bluf REGULAR quarterly dividend %
ia per cent on the preferred stock. payable
January ! 10 stockholders OF record Deeem.
be- -
81. Louis. Rocky Mountain 4 PariSe.-
Dividend OF l per cent on the common stoes,
payable January 10 10 stockholders Of record
December 81.
Duquesne LiRht.-Regular quarterly divi.
dcnd Of q per cent on the preferred stock.
payable February TO stockholders Of record
January I.
Air Reduetion.-R Regular quarterly dividend
OF 81 n share on the common stock and =
per cent on the preferred stock, payable
January is 10 stockholders Of record Jsnu-
AIRY ].
General American Tank Car-Rsrular
quarterly dividends Of Ia per cent on both
the first and second preferred stoeks. pay
able January 10 stockholders Of record De
eember 20.
Atlantic National BaAk. - ssmi-snnaai
stockholders Of record Dsesmbs %.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-12-19
Washington

Express Rate MISUNDERSTANDING
TON, Dec. lS.-Shippers from At
lanta, Nashville, Montgomery AMI
Columbus, Ga. protested against ex.
press rate increases when the hearing
in the case was reopened to-day be
fore the Interstate Commerce Commits
sion. On behalf of the shippers fig
ures were presented TO show that the
Southern Express Company during the
calendar year 1916 earned greater
profits than any year since 1912, and
that operating revenue in the first six
months of this year was greater than
in the corresponding period of 1916.
Representatives of Western railroad
commissions objected to the express
companies method of figuring depre-
citation, contending the items in that
class were eXorbitantly high con-
sidering charges for repairs.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-12-19
All Transactions
On the Exchanges
Must Be Reported

WASHINGTON, Dec. 49, Many stock
and produce exchange transactions
heretofore regarded secret must be re-
ported in the future to internal rev.
enue collectors. under permanent reg
ulations for exchanges. issued tonight
by Revenue Commissioner Roper.
So-called pair off" transactions, IN
which a dealer sells and Immediately
re-buys, or the reverse, and scratch
sales are 10 be reported monthly,
among other details.
The permanent regulations are SUB
stantially the same as tentative rules
issued nearly three weeks ago, except
that transactions in which stock IS bor-
rowed TO cover short sales are now
considered taxable.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-12-19
Advances on War Orders

Information received in banking cir
cles here yesterday was that the gov
eminent has begun paying out large
sums to industrial concerns in the form
of advances on war contracts. Checks
aggregating approximately SlO,OOO,OoV
according 10 report, were sent 70 an
parts of the country over the week end
Recently the Bethlehem Steel Corpora
ton obtained an advance OF S2'OoO'ooo
after officials had impressed upon the
Administration the necessity OF gov
eminent aid if war work was to be
speeded up.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-12-19
The Dollar in Foreign Exchange

Foreign exchange rates fuctuated
within a narrow range yesterday. The
principal development Of interest was
slight advance in Russian rubles,
which sold at 1926 cents. Italian lire
continued 20 display frmness.
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 eithcr marks or kronen are
no longer available.
(Ouofed dollars TO the pound)
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-12-19
WALL STREET OFFICE:
Mills Building, 10 Broad St

A noted economist remarked the
other day that the only way in
which one could be sure Of making
= profitable investment would be to
20 in debt as deeply as possible and
buy commodities. The great infia-
ton which is certain to attend our
programme for financing the war,
he said. will cause prices TO rise to
even more fantastic levels than
those which obtain at present,
whereas securities, the return on
which is fixed or limited, must be re-
adjusted to a basis of much higher
income owing TO the decreased pur-
chasing power of money. There is
no doubt that the great Jeftatlon IN
securities prices witnessed in the last
wear has been produced to consld-
cradle extent by that factor. But
though it is the most widely &C
cepted explanation, the increased
cost of capital is hardly sufficient in
itself TO account for the recent Sc
we're declines in the prices Of for
eign government securities listed
here. Another sharp break in these
issues was an outstanding feature
Of yesterdays dull market. The
Anglo-French IS went below 50, at
which price they yield over II per
cent; the American Foreign Securi-
ties IS dropped to 9115, yielding APP
proximately 9% per cent; the
Lyons Bordeaux arseilles 6s sold
at 1914, yielding more than q per
cent. The City of Paris 6s, at 1874,
return better than IS per cent on
the investment, while the United
Kingdom IS, maturing next Septem-
Der, yield nearly 10 per cent. Other
British loans are selling on SINH
lar basis.
Obviously, this condition has not
been brought about merely by the
increased cost Of capital; neither is
the theory that the decline is due to
liquidation by holders who wish TO
record a loss for the purpose Of es-
Gaping taxation a plausible one. The
chief cause Of the recent break IS
probably that developments in the
war situation of late have seemed,
on the surface, to be unfavorable
to the Allied cause. If this is the
real explanation for the break in
these securities, then the discount
ing process has been overdone. Even
though the war news is more or
less unfavorable, no one doubts for
a moment that, while the war may
be prolonged, the Allies will be vic
torious in the end. And holders Of
these securities need look only to
the ultimate result.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-12-19
\ Moot Problem in Exchange

Bankers who are~following The South
American exchange situation expressed
much interest yesterday in the news
that Peru and other republics to the
south are considering the establish
ment of gold reserves here. against
which currency will be issued in those
countries II is asserted that in all
cases il will be necessary to amend
the banking laws in order to permit
the emission OF currency against gold
deposited in q foreign country. as
would be the case in the event that
the plan under contemplation is adopt
Cd. The Federal Reserve Board at
Washington has been devoting a great
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-12-19
! o00- Share "Put" on Steel

One of the largest transactions that
have been made in the New Street priv
ilege market in weeks was put through
Yesterday, when a Stock Exchange firm
bought a "put" on 5000 shares of Unit
cd States Steel common stock at io.
The privilege is good for thirty days;
and at the moment it was sold Steel
was selling in the market at So: The
brokers commission on the put" alone
amounted t. s625. In these times nor
mally the turnover in single day in
the New Street market rarely exceeds
5000 shares for all puts" and "calls'
placed.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-12-19
Other Cities
Cuban Docks CORPORATION Res,raine,

PORTLAND, Me-, Dec. ls.-The Port
OF Havana Docks Company was re-
strained in a temporary injunction, is
sued to-day by Federal Judge Johnson.
from disposing of any of it's stocks
bonds or securities, pending determi-
nation Of an action Instituted recently
by minority stockholders.
The petitioners alleged that the ma
iority stockholders. oil residents Of
Cuba. intended to reorganize the cor
poration in ilanner detrimental to
minority interests. Tho company was
organized in Maine. with an authorized
capit'l Of s15.0C0000. for the purpose
Of building four large docks at Havana.
Two have been built.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-12-19
Liberty Bond Conversions

Announcement was made yesterday
that total applications received by the
bond exchange division of the Federal
Reserve Bank Of New York for Liberty
Loan first 4s-that is, the 3l5s that
have been converted-to date have
reached an aggregate par value OF
s106,47l 400. Total applications for me
coupon bonds so far amount to Zl.22h
with a par value of $4,000, 900, the in
dividuai pieces numbering 660.lS5. APP
plications for registered bonds amount
to slO,942,s5O par value. with 1885
pieces ordered. So far 7,645 appllca-
lions for coupon bonds. with an aggre-
gate par value Of s55,Sl6,450. have
been filled. A total of 3S5,OS0 indi-
vidual pieces were required in filling
these applications. It was stated at
the Reserve Bank that the practice
there ia 70 make delivery Of the con-
version bonds in the order in which
the applications are received.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-12-19

deal OF study to the exchange SITUATION
between the United States ana 'ne
South American countries. which ma
been aggravated By the embargo placed .I
on gold shipments from this country country
Under the plan now being considerea
the gold viii stay in this country, ou.
il will actually do the work tnat i
would do were it shipped to south
America
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-12-19

The above rates express the cost OF
foreign money in terms of the Ameri-
can dollar You buy an English pound
sterling at. say. s4.7jis. The intrinsic
parity is siS6ts per pound. Thus. you
say either that pounds are at q discount
or that dollars are at a premium, which
is owing 20 the fact that in England
the demand for dollars with which 20
settle accounts in this country Is
greater than the demand in this coun-
Try for pounds with which TO settle
accounts in England.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-12-19
SAVINGS BANKS
The BOwery Savings Bank
rs and 100 BowERY.

rs and TO BOW EhI.
NEW YORK, December 10, 1917
A scnt.annual dividend az the rate OF
THREE and ONE-HALF Per Tent
per aunum has been declared and VIII
he credited to depositors on all sums OF
$500 and upward and not exceeding
$4,000 which shall have been deposited
al least three months on the first day
Of January next. and VIII be payable on
and after Monday. January 81, 1915.
Money deposited on or before January 10
will draw interest from January ], 1913
HENRY A. SCHENCK. President
WILLIAM T.. KNOX, Comptroller
Joseph Il. LIDDLE, Secretary.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-12-19
News Digest
Foreign

Paris Bourse.-PARIS, Dec. Is
Trading was quiet on the Bours:e TO-
day Three per cent rentes, SO francs
80 centimes for cash. Exchange ,. on
London, q francs 25 centimes. FIVE
ner cent loan, So francs ID centlmes'
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-12-19
Gold for Sisal Grass

The Royal Bank Of Canada w'thdre"
$3.50 900 in gold coin from the SUD
Treasury yesterday for shipment to
Mexico. Permission to make the snip
ment WAS obtained from the Federal
Reserve Board. which has charge Of ali
such transactions. 1t is understood
that the shipment is being made to
paw for sisal grass being shipped into
The United States. This commodity IS
essential in the manufacture Of bind
ing Irvine. Most OF the sisal grass,
comes from Yucatsn, where large and
prosperous industry has grown up.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-12-19

Commercial Paper. Trading in com
mercial paper was on small scale
Yesterday, with rates holding firm at
5l2 to S. per cent for the best regular
maturities.
Official rates Of discount for each Of
the twelve Federal districts are as fol-
lows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-12-19
Dividend Changes

Central Railroad Of New Jersey. -Di-
rcctors have declared the usual extra
semi-annual dividend of per cent, pay
able December 81 20 stockholders OF
record December ~. The dividend is
payable out Of income from the Lehigh
& Wiiscs- Barre Coal Company.