davidaulloa/AmericanStories huggingface dataset:
The day book., 1917-04-07

TESTERS LETTER
BY John EIkins
Mrs. John Lester picked up the
mornings mail which had, just been
slipped under the door of the apart
ment. One letter in Enthusiastically
feminine handwriting she started to
open when she saw that the address
began with Mr." instead of Mrs, "
so she stopped and looked cUTiOusly
at it, trying to recall the chirography
Of her various friends, but finally de-
Cided this was entirely strange to
her. She handed it to her husband
with puzzled and eXpectant air.
She thought he would at once tell
her who it was from. But he read it
hUTTiedly, thrust it back in the en-
velOpe and said nothing. It seemed
TO her an anxious look came into his
eyes. He did not leave the letter Iy-
ing on the table, but put it carefully
in his pocket. All these things Grace
Lester observed. It was natural when
Dne loves very deeply and dearly to
uOlACC III ILC OllC lONCu Il1C SLlE5l1ICoI
detail that seems to touch a deep
spring of feeling. With such a love
there is often a jealousy which is
quickly aroused.
- She saw he was not going to ex-
plain. She could not bear the sus-
pense, so she spoke.
81 see," she smiled, you have a
letter from a lady"
eyes" he answered. Then seeing
she was looking at him as though ex-
pecting an explanation he added: ct
is a woman who wants to know
about insurance rates"
'It's strange she did not write on
business to your Office"
Yes" he answered, picking up
the morning paper as though he
wished to dismiss the subject.
do I know herr"
The day book., 1917-04-07

Because I do. ." Her lips were trem-
bling and her voice. a bit unsteady.
He looked up from his paper and
spoke with increased irritation.
"See here, Grace, if you hadn't
been so Internally suspicious I'd have
let you see it. But I don't intend to
now"
''If it had been just business you'd
have let me look at it at first"
Her lips no longer trembled and
her voice was defiant.
Very well, think what you like.
But l tell you I'm tired of this eternal
The day book., 1917-04-07

"You Wouldn't Dare to Do That"
nagging. I'm not going to stand it,"
And he flung out of the house.
Grace sat for some minutes star
ing in a vacant way at the wall Then
she began to sob and the tears
welled up and trickled down her
cheeks. After this Upheaval of emo
ton she began to think, He had ac-
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-04-28
Money and Credit

The approach Of the end Of the week
made for decreasing dulness in the
money market yesterday. but rates
were unchanged, the tone holding firm
as a result Of the smaller offerings Of
local lending institutions. Bankers
have again assumed a waiting atti-
tude pending official sdvices regarding
the next offering of Treasury certiii-
Gates, which is expected in the course
Of the next week or so.
On time loans based on railway and
industrial securities as collateral the
asking rates now range from 1 TO AZ
per cent, depending upon the maturity.
Some business is doing in sixty-day
maturities at go per cent TO 4 per cent.
In the market for loans secured by in
dustrial securities alone rates range u
to y per cent higher
With the first government war Dor
rowing operation completed the furry
in the call money market caused by the
shifting Of funds incidental to the
transaction appears 80 have subsidized.
Loans on call were made yesterday at
the stock Exchange on per cent
basis, which compared with high Of
per cent earlier this week. Most Of
the days loans were placed at Pa per
cent, or At the same rate as on Thurs
day
Ruling rates on money yesterday,
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-04-28
Munitions Board
Asked to Regulate
Buying for War
Baker Seeks Way Out of
Difficulty After Army
Corners" Supplies

Washington, April q. Such confu-
sion prevails among the purchasing
officers Of the army. navy and marine
corps that it has been necessary for
Secretary Baker to appeal to the NUM-
tons Board, created by the Council OF
National Defence. for an adjustment
% the difficulties that have ensued.
These have proceeded from purchases
Of vast quantity of articles needed
for the military-naval establishment,
mostly in the way Of equipment and
clothing. There has been a sort of RI
valry between the purchasing branches,
with the result that higher prices have
prevailed than would result, Mr.. Baker
believes, from cooperation. In addition
to this factor Of cost, there was pre-
scented a serious situation arising from
the shortage of supplies.
It was found that the army had
through tentative contracts placed IN
various directions "conered' certain
standard articles, such as shoes, tent
age and woollens, with the result that
when the purchasing officers of the
navy and marine corps came into the
market they found that the War De-
partment had call on the output.
This will have to be adjusted, and II
is the task of the Munitions Board to
so arrange the industrial resources
which bear any relation to the supply
of the military-naval establishment
as to have as equal a distribution IN
proportion to service needs as possible.
Il is therefore proposed that the NUM-
tions Board shall regulate the amount
of material to be delivered to eacn
branch. with special reference to the
demand of the Allies in Europe IN the
matter of food and munitions IL Is
appreciated that the shipments to Eu-
rome must take precedence over the
needs of the War and Navy depart
ments in Washington.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-04-28
May Wheat in Chicago
Sells at S2.7O a BusheI

Chicago, April 27.-Seventeen cents
a bushel advance for wheat in less
than half an hour made the Board of
Trade sparkle with excitement, al
though the big margin calls enforced
of late kept the aggregate of business
relatively small. The upward leap Of
prices were largely due to recovery
from the effect Of Thursdays semi.
panic over peace rumOrs. After many
nervous fluctuations, the market closed
unsettled, 324 to 14i4 net higher, with
May at S2.671s to S2.6Sl2, and July
at S2.23h2 to $2.2ll2.
The market was virtually bare of
offerings, especially of the May option.
Instead of peace talk having caused
any sign of even temporary cessation
of foreign demand. new export bids
were actually higher than ever before
The premiums being asked for cash
wheat were suggestive of famine con-
ditions and caused active buying by
shorts, who have only few weeks in
which TO fiji contracts. and are con-
fronted with prospect of rapidly
diminishing stocks. The price for May
delivery jumped to } between sales,
and did not stop until the market had
reached SEQ, as against 1888 at the
opening.
A fall of liz quickly cnsued in the
May wheat price when holders showed
a disposition to realize profits. but re-
newed tightness of the market led 10
n succession OF rallies increasing in
force throughout the rest Of the day.
New crop months, in which the bulk Of
transactions took place, were swayed
chiefly by the strength Of cash wheat
and Of May No. red wheat. the or
binary contract grade. commanded for
spot delivery 1904 bushel. by far the
topmost price on record for Chicago.
One of the reasons given was that
freight handling facilities TO the East
were now ia better shape than for
months, owing partly TO the opening
Of navigation.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-04-28
Urges Adoption
Of Init. Paper
Dividend Plan
P. T. Dodge Intimates That
Cash Position Is Not SO
Good as Reported

Urging upon stockholders the ncces-
sty Of approving the plan for adjust
ing the back dividends on the preferred
stock. p. r. Dodge, president of the In
tcrnatonal Paper Company. in state
ment issued after meeting of the
board Of directors yesterday warned
against "allurinG statements from
sources other than the company. as to
the ability Of the company now TO pay
in cash the full back dividends,
amounting to 33i2 per cent"
The plan recommended for adjusting
this arrcaragc offers in settlement of
all unpaid dividends ~ per cent OF
their holdings in cash. II per cent in 8
pcr cent cumulative preferred stock
and - per cent in common stock BE
cause not enough stock has been de-
posted TO Justify the plan being de-
clared operative, further deposits Will
b. taken until May 10.
Mr.. Dodge stated that since the plan
was presented to stockholders in Jan
nary conditions had materially changed
in the paper industry, which make It's
acceptance even more desirable than at
the time it was put out.
"While it is believed favorable earn
incs will continue throughout this
wear" he said, at is not possible. to
predict the future, particularly IN view
OF the increasing cost OF operation
An the surplus earnings Of last year
as well as of this year will be required
TO meet maturing bonds and for the
cash distribution to stockholders if the
dividend adjustment plan is carried
out
Stockholders should remember as
soon as normal conditions return sharp
competition will again prevail. and while
the international Paper Company mas
every confidence in its ability to meet
this competition it is not safe TO inquire
that earnings will be sufficient tc more
than assure the regular dividends on
the preferred stock
Mr. Dodge said it was not unlikely
that unless the outstanding stockhold-
ers indicate more unanimous APP
proval by depositing their stock the
company may find it necessary TO
abandon the plan.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-04-28
Relevant Facts
Tennessee Copper and Chemical Com

Tennessee Copper and Chemical Com
pany.--In its first annual report this
corporation. which was formed TO sue
coed the Tennessee Copper Company
as part OF the refnancing programme.
shows operating profits of SS34,51l,
compared with $1,3O6,167 reported in
1915 by the old company. The surplus
after interest and depreciation charges
was $3S7,65S, a falling off of S67o,5Oo.
The report states that most of the
claims and suits against the Tennessee
Copper Company have been settled,
with the exception of claim by the
Russian government, which is still in
litigation.
1t was also disclosed that the COM
pensation received by bankers in I'M
derwritng the financing plan amounted
TO 100000, or 81 for each of the 200,-
600 shares of new stock issued. The
underwriters were j. S. Bache e. Co.
and Adolph Lcwisohn & Sons. Cash
holdings at the end Of last year were
$2,779,S91, the bulk of which was raised
by sale Of the new stock.
The report said that production from
company ores for 1916 amounted to
9,404, 295 pounds Of copper. with recov-
cries of $3.50 ounces Of silver and PIG
ounces of gold, Cost of copper pro-
duced was 1876 cents a pound. Pro-
ducton of sulphuric acid last year to-
tailed 1S1 ,G37 tons. The March acid
output was the largest in the company's
history, amounting to $4,000 tons.
The report stated that since January
!. 1917, the Tennessee Copper and
Chemical Corporation has received
from the Tennessee Copper Company
$l,0O00OO first mortgage per cent
bonds as collateral security for money
borrowed. There was set aside in ad-
dition to general reserve for dcprecia
tion charged against earnings for the
year $1,2O0,0OO. partly to cover depre-
cation of the company's No. acid
plant, which had to be practically re.
constructed.
POrphyry Copper Production.-Mar
output Of the leading porphyry copper
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-04-28
Milling Industry
Badly Upset by
Antics of Wheat
High Premiums for Cash Grain
Prevent Hedging to Pro-
tect Flour Sales
Uipned polls, ApriI p.

Minneapolis, April p.
Minneapolis millers are confronted
by a situation which is one of the most
remarkable that has developed in in
dustry since the world went to war
No. / hard wheat is selling, at this
writing, 35 cents bushel higher than
Nav wheat, and No Northern and No.
. Northern % to 30 cents higher.
This means that the whole great IN
dustry has of necessity gone upon
cash basis. For business that in nor
NAL times is largely done on a nut
ures" basis, this is radical change.
If a milling firm sales department
head, for example, gets an order from
New York for 10000 barrels of -four, ne
has got to have the actual wheat, or
take a risk such as no prudent busi'
ness man would dare assume. Millions
of barrels of flour are sold ordinarily
for the making of which the miller has
not the wheat. The process Is to
"hedge" by buying wheat futures.
What matters it ordinarily if the miller
has the wheat or not? He quotes a
price for -four, based on-the nearest
future, plus the small difference that
, or 3 or sometimes a cent premium
for cash wheat necessitates.
Speculations Legitimate Use
Then let come what may; he is safe.
If futures go down, his -four IS SOLD
-. Sat 40 D. IS
wheat is bought. When he actually
buys the cash wheat in the cars on
track out of which to make his -four. he
can sell out his futures, provided they
are not Offset meanwhile by additional
-four sales. This is the legitimate use
of the speculative wheat pit, and no
men ever have used it more continu-
ously or legitimately than the millers.
Cash Wheat Runs Wild
As wheat had advanced of late, cash
wheat has run away from the futures.
When Minneapolis May wheat sold re-
Gently at $2.45, No. hard sold at S2.77
to $3.50
Nc miller expecting to sell -four can
provide himself with wheat to make IT
of at such prices. Before he had the
-four sold cash wheat might go down 20
or % cents. Neither can he. with an
order in hand for -four, wire its accept
ance and secure himself by first buying
an equivalent in May wheat. or
course, he can sell -four for delivery in
May or later, based on the May price
hut nobody is buying that way now.
Flour Highest Since 1867
The result is that while -four of first
patent grade at this writing is quotably
$l320 a barrel. {. o. b. Minneapolis.
price not equalled for fifty years, or
since 1867, no miller will guarantee 1t
for as long time as a telegram can go
back and forth to a customer.
The business is done largely on basis
of acceptances, the miller first finding
out just what cash wheat he can buy be-
fore offering to sell any -four. And
cash wheat is so scarce that the miller
has got to bid up for it to get any.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-04-28
Dividends

Soutb,rn Pine Line. Regular g. y
dividend of So share. payaos
stock OF record May 10. 20,
Penn. seaboard Steel Corpors,'ea' 49,
lar quarterly dividend Of a
Nav TO stock Of record April - .,t,,
American Railways.-Regulaf $50
diyiJend of ia, per cent on me -.
stock. PAYABLE May IS 70 stosA u
May :. a. 1.,;S-i
Of . per cent and an extra
per cent. o,sr.c
Continental Paper BsE.-Resgln .sssl,-,s
~ dividend. OF ~ per cent on nv ~, ~
and common stocks. both pasuO's
stock Of record May ;. 4,,Ss
Massachusetts, Gas.--semi-shnns.ss. psyf''
NJ : pcr cent on rreferred sns'
June / 10 stock OF record May 30 49,
By.Produets Coke Corpors'oa., Al .
quarterly dividend OF IL per W.
extra Of ! per cent. Str. y
Yale A. Towne Manufacturing - ,e -
dend Of 5 per cent, payable "''
Of record May II. ..,r,s
u,ddl. West Utilities. Regular creiers
dividend Of $3.50 share on E Of 70
stock. payable June ! to ''''A
May IS. 500
Union Cotton Manufacture, vsys,
c,sr,erIy dividend OF ] p per 81 ~
NAV / 10 stock Of record Nv" ESQ
we.,amoe Cotton Mills 60. oo,', snd :
quarterly dividend Of Z Pe, ' s,,ek d ~
cent emf extra. payable May 70 '''
April -. .,., qasrif
dividend Of y per cen" -. aaarsf,
Diamond Ice 6 cosl.--k % be- srsls
dividend OF I& per cent on * 70
stock. payable May ! 70 '
April %.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-04-28
w. p. Hamilton Elected
Utah Copper Director

William Picrson Hamilton. q member
Of !. p Morgan & Co.. was elected =
director OF the Utah Copper Company
yesterday at the annual meeting or
stockholders IN Jersey City. Mr.. Ham
ilton IS also director and vice-presi-
dent Of the kenuecott Copper Corpora
ton, and his election 20 a place on the
board Of the Utah Copper is in line
with tho closer utilization which has
been established between these two
companies. lie succeeds r. A. Schir-
mer. of Boston. ono OF the original
Utah directors.
Figures made public ~ the meeting
showed that next TO the Kennccott
Copper Corporation, which owns ap-
proNmately 100000 shares. the Bank
ers' Trust Company is the largest stock
holder IN the Utah Copper Company.
with $4,000 shares 20 its credit. The
total number Of holders Of Utah Copper
shares Is about 5000. Some Of the
largest are:
Hayden. stone & Co., 10000 shares:
Central Trust Company. account X. W.
Allen, 10000 shares: Nathan Allen.
1000 shares; J. S. BachcF & Co. Al .69i
shares: Fred Edey d Co., 1870 shares:
{. n. MacNeill. 10000 shares: Richard
A. T. ptnrose. jr.. $1,000 shares. Spcn-
Ger Penrose, 3s,773 shares; ". Hinkl"
Smith. 10000 shares, Alvin Untermyer.
20,240 shares; Samuel Untermyer. 1000
shares; Isaac Untcrmycr. 1000 shares,
and George T.. Warren, 22,ii0 shares.
OF the directors d. {. Jackling has
about the smallest amount Of stock in
his own name, his total holdings being
GOO shares. Charles Hayden stands
credited with 1000 shares.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-04-28
News Digest
Foreign

Russian Bonds Show Strength.
London. April 27.-The holiday to-mor-
row and budget influences affected the
volume Of business in the British sec
ton Of the Stock Exchange to-day, but
among the foreigners Chinese and
Scandinavian stocks received attention
at firm prices, while Russian bonds
were the best of the Allied issues. Oil
shares were increasingly active and
gold mine and tin stocks had a good
tone, but Argentine rails were again
weak and American securities were un-
decided ard only occasionally marked.
Money conditions were comfortable
and discount rates remained unchanged.
Money was quoted at 41s per cent.
Discount rates for short bills, 42l per
cent; three-month bills, 413-16 per
cent. Gold premiums at Lisbon, 81.
Paris Bourse.-Paris. April 81
Trading was quiet on the Bourse to-
day. Three per cent rentes, 81 francs
80 confines for cash; exchange on Lon
don, 81 francs 1S confines; per cent
loan, SO francs 20 confines
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-04-28
Elections

At the annual meeting Of stockhold-
ers of Maryland Coal Company Of West
Virginia, held yesterday in New York
City. the following board of directors
was reelected for the ensuing year: j..
W. Galloway. II. S. Dickson, George
Hewlett, T. A. Knickerbacker, John T..
Manson, Gordon Smith and William H..
VanKleeck. At the organization meet
ing of the directors the following OH
GERS were reelected for the ensuing
year: j. w. Galloway, president;
George Hewlett, first yice-presldent;
Gordon Smith, second vice-president;
j. +. McGowan, secretary and treas
urer; II. $. Rodgers, assistant seere-
tary and treasurer.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-04-28
New Haven Reports a
Cair Gain in Income
Larger Returns from Subsidi-
airy Companies Help to
Swell Years Earnings

In compliance with the ruling of the
Interstate Commerce Commission that
the railroads should change their fiscal
year TO correspond with the calendar
year the New York, New Haven q
Hartford Railroad has issued a report
Of its operations for the twelve months
ended December 81 last. A separate
income account is included for the last
Sis months Of the year.
Total operating revenues for the full
calendar year were S0.432,166, an in
crease of $10.325,56O over 1915. An in
crease Of SSQ99.Sl2 IN operating OK
pCnses was attributed largely 20 un-
usually severe weather i'm January,
February and March, the large amount
Of business offered causing congestion
at many points. Taxes for 1916 in
creased S336556.
Operating income amounted TO $685.
05S.&5S. This was increased by non
operating income 10 $30,346639, a gain
OF $2.1OqO42 Total deductions con
stunned 24.791 Sol, leaving a surplus OF
SJ,j5i.911, am increase of $S95,S37. An
increase Of S1.1l9.769 in operating
income the report says was due 20
larger dividends received from the
Central New England Railway Com
pany and the New York. Ontario &
Western, and to increased interest
from other subsidiary companies.
Deductions from net income in.
creased Sls13.2O4. due entirely 10
greater sums spent for hire Of equip.
ment because Of congestion Of freight
and cmbargoes.
The income account for the siN
months ended December 81 showed
gross earnings Of 41,943.129, an I'M
crease Of S3.12O.5l3; operating income
Of S12,861.02l. increase S676.376: non
operating income S3.619.545. increase
$500. O50: deductions S11.934.4SO. in
crease $266,3O6; surplus $4,546,0 900, in
crease S1.23q.22O.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-04-28
Munitions Makers Using
Larger Amount of Cotton

Washington, April q. - American
munitions plants are using an incrcas-
ing amount Of Inter and hull fibre
cotton in the manufacture Of cXplo-
sives. as shown in a quarterly report
to-day by the Census Bureau.
In the year ended with March 81
they took scoops equivalent 5O0-pound
bales, as against 563.7lO in the cal
cndar year 1916 and 244.003 in 1915.
In the quarter ended March 81 1917
500 equivalent 500-pound bales were
consumed, rs against 1905 in the
preceding quarter and 1889 in the
quarter before .hpt
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-04-28
A More Conservative
Attitude in Bushes,
High Prices Cause Consume,
To Be More Economical

While expenditures for war supple
have stimulated activity in a nunbr
of lines, trade authorities say gsnsl
business is Of lessened magnituds, and
conservatism is a more esrriesou
feature in many quarters.
"The restricting influence d the higt
and steadily rising prices is clearly see,
in the growing tendency toward sconorJ
and retrenchment among consumers
says "Dun's Review" "and, as reHs,
tion of this, manufacturing activity I
in some branches subsiding. HesitarsI
in purchasing is more shsrply deiitl
in the staple commodities. inelutiri
footwear and textiles. and vsrisss
weather has also initiated against =,
best results in retail distribution
Mems suits, according TO "Bnt
streets" may advance so per cent, y
cause of the high cost Of wool, I
which purchases have been unusuilT
heavy in connection with goyernnc'
order for uniforms.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-04-28
Gasoline Profits Run
Into Large lotas

Figures obtained by the fs'''
Trade Commission in its efforts 70 |"
cover the reasons for the adVan" {
the price of gasolenc show tna' ~
Standard Oil Company OF New ~ ~
earned $5l, sol ,569 net in 1919 ~ : :,
plus az the beginning Of that yer ~ !.
S149.979,S6s; during the year y e.. g.
S31 1923. 909 TO surplus. The eonlps'.
capital was SlOO,OOO,O0O and rs nc %. !,
vestment at the beginning OF i'''
tailed S249.979,S6s. 80 Sd
This is the first time tnat 4,
igures showing the earnings o. ~
Standard oil Company have pee .,., 81 ;,
available. as the company mas INV
sued financial statements. IL D.
Net earnings Of the Sta arc, ~ (,
Company Of Nebraska were eyo' "a,
1918. The company's cap'S )
81 900. 900. and during that ~
added 1851 ,9l4 to surplus.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-04-28
Raymond, Pynchon&C
To Dissolve artnershP
New Firm Will Be Organized t
Take Over Business

The firm Of Raymond. Gfrth'r 8
Co. will be dissolved next N'ndiH
Harry Raymond and Charles u nl''
retiring. The firm was orpnil'd %
1895 by Mr.. Raymond in par'hsn'p
with George VI. Pynchon. The e'n''i'
will be reorganized, with the follosns
az partners: George VI. Pyne,re-
Clarence L. Graf. Francis 5. haAs.'
Henry d. Stur.evant, BENJAMIN y
Lathrop. William l.. Walker. Clng ,.
Bucknam. Henry L. D. Lewis, e'n ~
L. Johnston. jr., and William b. ~
SDecial
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-04-28
u. S. Treasury Finances

Washington, April 27.-Condition of
the United States Treasury at close
to-day showed: Net balance in general
fund. S144,S40, ESQ; total receipts, 3d.
2O5.o1e: total payments, S3,1So,S46.
The total deficit this fiscal year IS
s163. 063.761. against deficit of $780,
sos. 225 last year, exclusive Of Panama
Canal and public debt transactions.