davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1917-08-02
Dividends

American Tobacco.-Regular quarterly
dividend of , per cent on the common stock.
payable September TO stockholders Of record
August 10.
Inland Steel.-Regular quarterly dividend
of 81 a~share, payable September | TO
stockholdA Of record August 10.
General Asphalt Regular quarterly dvi-
dend Of a per cent on the preferred stock,
payable September ! to stockholders of rec
ord August Is.
Deere & Co.-Reguar quarterly dividend
Of J. per cent on the preferred stock. pay
able September l to stockholders Of record
August 10.
j. C.. White & Co.-Regular quarterly
stock. payable September | to stockholders Of
record August Is.
]. G. White Management Corporation
Regular quarterly dividend Of ia per cent
on the preferred stock, payable September |
to stockholders of record August l5.
J. G.. White Engineering Corporation
Regular quarterly dividend of Ia per cent
on the preferred stock. rayaOie September
To stockholders Of record August Is.
Savage Arms Quarterly divi-
dend of y per cent on the common stock
and regular quarterly dividends of l& per
cent on the first preferred and ~ per cent
on the second preferIe ed stocks. all payable
September 10 to stockholders OF record Au-
gust 81.
National Cloak & Suit.-Regular quarterly
dividend Of "a per cent on the preferred
stock. payable September l TO stockholders
Of record August 81.
Union American Cigar.-Usual quarterly
dividend of / per cent the preferred
stock. payable August Is TO stockholders Of
record July Al
New-York tribune., 1917-08-02
Report Is a Big
Surprise to Trade

Both of the government crop reports
published previously were out of line
with general expectations, but neither
Of them was as great a surprise to the
trade as the third, published yesterday
morning.
According to canvass made OF Cot
ton Exchange members on Tuesday, the
average expectation had been that the
report would show a condition of about
1913 per cent, or an improvement OF
about 8 points over the report OF last
month. Instead, the government made
the condition 70.3 per cent, or exactly
the same as a month ago, and there was
a rush to cover, which sent prices up
IL cents a pound within ten or fifteen
minutes.
October contracts, which had sold at
23.74 Just before the report was issued,
advanced TO $3.50, or 1856 points from
the lowest and 129 points above Tues
DAVIS closing figures. Sharp reactions
followed, but the market closed steady,
with list prices showing a net advance
of 63 to II points for the day.
The market was easier before the
government bureau report was pub
lished, and after opening at decline OF
"a to % points sold 25 to 27 points net
lower during the first hour.
New-York tribune., 1917-08-02
Net Rail Earnings
Show Big Increase

Washington, Aug. preliminary re-
turns of railroad earnings to the Inter
state Commerce Commission, covering
approximately one-third of the rail-
roads, show an increase in net reve-
nues for the month of June of nearly
10 per cent over June, 1916, the most
marked increase of recent months.
Earnings of siXty-eight roads are
shown. Operating revenues increased
almost one-sixth over June, 1916, to-
falling s142,l73,000. Operating ex-
penses increased from sS0,000,000 in
June, 1916, to S95,6S2, 900; leaving net
revenues from railroad operations of
sac, ,491 600, as compared with s42,37S,-
1873 a year ago. Net revenues per mile
show an increase of S48; rising from
S5O1 in June, 1915, to s549.
Western railroads showed an increase
in net revenues af s3,000,000, or nearly
90 per cent over June, 1916.
New-York tribune., 1917-08-02
New York
Certificates of Indebtedness onere

Certificates of Indebtedness onereu
To-day.-The following statement was
given ont Yesterday by R. H. fireman.
deputy governor of the federai ne
serve Bank of New York:
"The Secretary of the Treasury an
rounces to-day for subscription through
Federal Reserve Banks at par an ofer-
ing of $500, 100000 United States Treas
ury certificates of Indebtedness.
"The certificates will be dated August
Q. 1917. and will mature November 10,
1917. They will carry interest at tne
rate of 8 " per cent, payable from date
of issue with the principal at matuFitS'
"Thev will be issued in denomlna-
tions Of 81 900, $4,000, $4,000, 100000,
payable to bearer.
ut is highly desirable that banks,
especially those outside of the large
financial centres, should subscribe
literally for these certificates. By SO
doing they will be in a position to
anticipate the payments which they
may be called upon to make on account
of subscriptions to such further issues
of United States government bonds as
may be offered and will thereby assist
in stabilizing the money market
New Federal Reserve Member.-The
Northern New York Trust Company,
of Watertown, yesterday became a
member of the Federal Reserve sys-
TEN. This institution is the first trust
company in this state to take advan-
tage of the amendments to the law of
June 81, making the inducements to
trust companies and state banks en-
tering the Reserve system more at
tractive than they had been previous
ly. The company has a capital and
surplus of 100000 each and undivid-
ed profits of Sl15,000. The deposits
aggregate approximately S6,0OO,OOO.
Hudson and Manhattan Railroad Co.
Gross revenues in June were $509,651,
against $476,959 in the corresponding
month last year. Net operating revenue
amounted to S258, ,450, decrease of S8,-
236. For the six months ended June 80
net operating revenue totalled Sl,6I9,-
224, an increase of $S.417.
New-York tribune., 1917-08-02

The value of American exports
Of manufactures ready for con-
sumption was slightly smaller in
May, 1917, than in the correspond
ing month last year, whereas sub
stantial increases in exports of all
other groups of commodities were
recorded. But the value figures do
not measure the full extent of the
decline because meanwhile there has
been great rise in prices. The
statistics reflect the fact that the
Allies, and particularly Great Brit
ian, now depend upon the manufac-
turers of this country for a much
smaller portion of their supplies of
munitions than they did year ago.
This is also shown by examination
of the statistics showing their pur-
chases Of various commodities. May
exports of explosives, for instance,
fell off from s68,540,000 to s54,-
100000, while there were substan-
tial decreases in shipments Of manu-
features of brass, leather, zinc and
numerous other products. Evil
IDENTIFY the munition makers would
be facing a thin period were it not
for the huge requirements of the
United States government.
New-York tribune., 1917-08-02
The Dollar in Foreign Exchange

Exchange rates on most Of the neu-
trail countries of Europe were strong
yesterday. Dutch guilders advanced to
42A cents, compared with Ak the day
before. The rate for exchange on
Sweden went to 33 cents, new high
record. Swiss francs were steady.
Spanish pesetas advanced to 29.05 cents
despite The shipment of s1,200,000 in
gold to Madrid. Rates on London,
Paris and Rome were steady. Russian
rubles were slightly easier.
Closing rates yesterday, compared
with 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., 1917-08-02
News Digest
Foreign

London Market CheerfAl but Dull
London, Aug. 1.-The stock market
maintained a cheerful tone to-day de-
spite the slackness of business. Con-
soils advanced fraction and stimu-
lated colonial bonds and allied stocks.
Scandinavian issues were firm, as sales
of these are profitable at present eX-
change rates. Argentine rails and
South African mines were in good re-
quest, but oil, rubber and American
securities were quiet. Brewery stocks
were features on excellent dividends.
Paris Bourse Quiet.-Paris, Aug l.
Trading was quiet on the Bourse to-
day. Three per cent rentes, 81 francs,
5 centimes for cash Exchange on Lon
don, 27 francs, 18 centimes. Five per
cent loan, 81 francs, so centimes, eX-
coupon.
Canadian Car and Foundry Com
pany.-Montreal Aug. Nathaniel
Curry, president of the Canadian Car
and Foundry Company, told stockhold-
ers at the annual meeting yesterday
that while orders on the books totalled
more than S35,000,000 the question of
dividend payments on the preferred
stock should be held in allegiance until
the company's assets were in q more
liquid position.
Indications, he said, pointed to severe
monetary conditions this fall which
would make it necessary for the COM
pany TO borrow heavily, in addition TO
its own resources, to use full facilities
for the production of the orders now
on hand. After reviewing the impor-
tant features Of the negotiations lead
ing up to the booking of the large
Russian contracts and the difficulties
encountered in carrying these through
to completion, Mr.. Curry said:
Your company was IN fair way TO
complete its contracts with fair mar
gin of profits, which, while greatly un-
der our original estimates, was Il
substantial character, when immediate
ly upon the eve of the completion of
our work our loading, assembling and
shipping plant at Kingslsnd, n. j., was
visited by a fire and consequent eX-
plosion, which completely demolished
it. This occurred on January IL, 1917.
Fortunately for your company. at
least certain agreements had just been
completed which vested in the Russian
Commission the ownership of the larger
part Of the materials stored at Kings
land, and by far the greater portion OF
the loss fell upon the Russian gov
ernment.
New supplementary agreements had
again to be executed, and in the en-
suing negotiations we arranged TO cam
eel the contracts; your company re-
ceived the equity in the insurance of
all kinds carried at Kingsland, amount
ing after adjustment to approximately
S3,500, 900, together with the salvage
in plant and materials, all equity in
accounts with sub-contractors, etc, less
the sum of S585, 900 to cover the entire
equity of the Russian government in
all matters.
"The Kingsland plant carried all the
fire, explosion, use and occupancy and
marine assurances which Is was pos
sible to obtain, aggregaurc in total
about S3,900,000. Upon ,hH results of
the adjustments it was es' '.mated that
at least $4,000 would D.. collected.
and Of this sum about 100000 has yet
TO be paid"
Colonel B. w. Dur 'ormer general
manager Of the New York agency, and
New-York tribune., 1917-08-02

The above rates express the cost OF
foreign money IN terms of the 4meri-
can dollar. You buy an English pound
sterling at, say, s4.792s. The intrinsic
parity is s4.9G&s per pound. Thus. you
saw 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., 1917-08-02
Current Comment

Heavy distribution Of merchandise is
in progress throughout the West, and
business generally for the first half Of
1917 is unprecedented, but advance buy
ing is not so much OF factor as a year
ago, and not the same strife for mer-
chandise is seen as before the United
States joined the belligerents. Com
pared with all normal years, however,
the volume is very satisfactory. Some
large industries are run as near ~
maximum capacity as the inadequate
labor supply will permit. Price fixing
and war taxation cause the sort OF un-
settlement witnessed in the periods
when a new tariff law is under discus
sion.-National City Bank Of CHI
cdgo.
There is no way of telling how much
domestic anthracite the country could
absorb this month if an unlimited
quantity could be mined and transport
ed, but il is certain that the August
output will fail TO satisfy the demand.
just as shipments in July and earlier
months were inadequate. There has,
however, been let-up in the pressate
upon the retail trade IN many loesn'
ties, which some believe will be re-
fected in the wholesale situation be-
fore many weeks. The idea is becom-
ing rather general. in fact. that condl-
tions will be easier in September than
they are now.-Codt Trade Journal.
We are reaching for-if, indeed, we
have not already surmounted peak
OF an unprecedented prosperity. We
fully expect TO continue reading ana
hearing reports of large earnings
more probably large gross earnings
but as we gauge the signs OF the times
the next period in the cycle of trade
We are TO traverse is that OF readlusr
ment, and readjustment in the IONS
run usually spells lower prices: Amohs
the several indices pointing that way
Ia the position of money in the mote
or less near future. Credit expansion
all over the world has been on such az
enormous scale that spirit OF dlm-
dence might be excused in defining i's
limits. We, however, believe that ,ne
fear of imitation will act as a baek.,os
on our financial system, and thst .n,s
fear. coupled with the great demsnus
on investment capital, the impetus
that is still carrying business long eons
tracted for on an enormous sesie' an
the increasing cost of producing EI
will tend to raise money ratss-ops"'
Ger Trask &c Co.
New-York tribune., 1917-08-02
Wednesday, August I, 1917

The day after publication of the
most remarkable Steel report ever
issued transactions in that stock
totalled 78,300 shares, while the
turnover of all stocks aggregated
only 25O,SOO shares.
New-York tribune., 1917-08-02
DIVIDENDS
LIGGETT & MYERS TOBACCO COMPANY

81 Louis, Mo-, July 25tn, IsII.
A quarterly dividend OF three per cent
$50 was this day declared upon the Com
mon stock OF LIGGETT & MYERS TO-
BACCO COMPANY. payable on September
LIST, 1917, 10 Common stockholders Of rec
ord at the close OF business on August 18th,
1914 Checks will be mailed.
T. T. ANDERSON, Treasurer.
New-York tribune., 1917-08-02
Corporate Financing.-American rail

road and industrial corporations issued
s135,2S2,000 in new securities in July
chiefly in the form of short term notes.
This compared with a total of $780,
100000 a year ago, according to the
compilation of "The Journal Of Com
merce." Since January / corporate
financing has aggregated s1,0S1, 100000
against S1,470,0OO,O00 in the corre-
spending period of last year. Interest
and dividend payments this month will
aggregate 1922, against s14O,-
100000 in August, 1915.
New-York tribune., 1917-08-02
.Midvale Earns
S6.11 a Share for
Capital Stock
Builds Up Large Reserve
for Taxes-Steel Trade
Still Inactive

After setting aside s4,6l9,524 as re-
serve for Federal taxes, the surplus
earned for the capital stock of the Mid
vale Steel & Ordnance Company in the
quarter ended June 80 was $l2,224,SO2,
equivalent to $6.11 a share on the
100000 shares outstanding. This
was at the rate of s24.44 a year.
Net earnings for the quarter were
s1S,966,135, compared with sl5,S59, ,73s
in the preceding period, indicating that
as with other steel makers, profits Of
the Midvale are rising. The appro-
priation for Federal taxes was S2,9S2,-
769 larger than the amount deducted
for that purpose in the initial qua: GER
of the current year. There was charged
off to depreciation S1.2G5, ,fss, compared
with s1,3S1,84O in the preceding three
months.
Steel Trade Still Waiting
With the process of readiustment to
the changed conditions we'll under way,
fresh buying and price advances in the
iron and steel trade continue under
check and a waiting situation generally
prevailed. According to the "1ron Age"
active buying of iron and steel products
by the government in some cases, with
prices stipulated, but for the most
part at prices to be fixed later, is in
contrast with the continued abstention
of private buyers from the market.
There is little dissent from the view
that present conditions are likely to
last for some time and that II mean
time some of the price peaks come on
the steel trade will not suffer.
Chief of passing Developments have
been the buying of 100000 tons of
rails by the government for the build
ing of a double track railroad from its
French port to its battle front, a
marked reduction in output of steel
works and rolling mills due to the ex-
treme heat in all producing districts,
and the efforts of manufacturers in
steel and metal working lines to have
exempted from conscription enough
employees to hold output of war ma
terials where it is.
Buying Rails
The Washington governments rail-
road operations in France will be on
large scale and a vast engineering pro-
gramme is involved. There will also
be considerable buying of light rails
for portable tracks. The standard
sections just bought are S0-lb. rails.
Either Bessemer or open-hearth rails
will be accepted, sSS per gross ton
being paid for the former and $40
for the latter. For angle bars 3.25c.
was paid, and for track bolts and nuts
5.5Oc. Deliveries are to be completed
by October /. The Steel Corporation
took 10000 tons of the rails and the
remainder was divided among three
companies. Frances plate purchases
through j. P. Morgan E. Co., of which
$4,000 tons was reported last week,
run up to about $4,000 tons, at &c. for
hull steel and s.50c. TO &c. for boiler
steel.
New-York tribune., 1917-08-02
THE AMERICAN TOBACCO COMPANY,
Iifih A,enne

New York, August LIST, 1917
dividend OF 80 has been declared upon
the Common Stock Of The American To.
bacco Company, payable September LIST.
1917, TO stockholders OF record st the clos-
Of business August IS, 1917. Checks will be
mailed. J. VI. W. HICKS, Treasurer.
New-York tribune., 1917-08-02
Other Cities

Government Buys Spelter.-Boston,
Aug. lit was announced here yes
terday that the purchase of 23,250,OOO
pounds of high grade spelter by the
United States government has been
finally consummated at the following
prices: 8,25O,O0O pounds of grade A
spelter at 132 cents pound and
100000 pounds of grade B at 13
cents a pound. The governments last
previous order for spelter was for
2O,286,0O0 pounds, placed in May
through the zinc committee of the
Council of National Defence.
New-York tribune., 1917-08-02
@-EI


4 Hicks Lawrence, of New York, were s;l,
oIected directors at the annual meeting
70 represent American interests on 'Hs
company's board.
New-York tribune., 1917-08-02
Yesterday. /,

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., 1917-08-02

New Oil Wells.-Oil City, Penn,
Aug. 1.-The completion of 1877 oil
wells was effected during the month
of July in the fields covered by "The
Oil City Derrick's" monthly report,
which is decrease of twenty-six COM
pared with June. New production was
approximately 130,338 barrels, an in
crease of 6,275 barrels, and the larg-
est initial production for any month
so far this year.
New-York tribune., 1917-08-02

Gold Currents.-Thc Sub Treasury
transferred s3,75O,O00 20 San Francisco
by telegraph yesterday for the account
Of Japanese bankers who are shipping
that amount Of gold 10 Japan.
Gold coin 70 the amount Of 1920, 900
New-York tribune., 1917-08-02
was withdrawn yesterday for export to
Spain.

Official rates of discount of each of
the twelve Federal districts are as fol-
lows:
New-York tribune., 1917-08-02

available for common dividends,
amounting to 81, 1,6S0,504 was equivalent
TO S1913 share earned on SS,35o
shares of stock.
Failures in July.-There were l,1S7
failures in July, involving s17,24o,424
of indebtedness, against 1,1s6 reverses
in June for S1S,O55,153, according to
statistics compiled by R. q. Dun &
Co. In July, 1916, business failures
numbered 1,207, with liabilities of SILL
647,499. Excepting April, the present
returns make the best numerical ex-
hbit Of the year, and not in any July
back TO 1911 have there been so few
insolvencies.
Postal Telegraph and Cable Com
pany.-Figures submitted to the Inter-
state Commerce Commission show that
gross earnings for March were $685.
40, an increase of S46,514 over the
corresponding month Of 1916. Oper-
ating income, however, amounted TO
only SAT ,4S3, decrease of S27,4o9.
Midwest Refining Company.-An-
nouncement was made yesterday that
the Midwest Refining Company has
secured control of the Merritt Oil Cor
poration. When the latter concern was
incorporated the Midwest purchased a
large block of the stock. Now the
Midwest Refining Company has ac-
quired from A. +. Humphreys and his
associates their stockholdings in the
Merritt Corporation, giving it control
of the Big Muddy field in Wyoming.
American Light and Traction Com.
pany.-Reports for the year ended
June 80 last net earnings of S5,171,-
500, compared with S5464,9 1863 in the
preceding year. Expenses increased
1851 ,7S2, compared with the year be-
fore.
Hercules Powder.-Gross earnings for
the six months ended June 80 showed
a decline of Sl,02S, ,339, compared with
the corresponding period in 1915, total
earnings amounting to S26,692,3ll. |.
Net earnings, which totalled s3,351,1l6,
were S6,473,542 smaller than a year
go, and the balance, after deducting
$1S7,250 for preferred stock dividends,
was SO, 1853 ,S66, compared with S9,637,-
40S, as of June 80, 1916.
Chicago, Milwaukee & st. Paul.-Op-
Grating revenues in June, amounting to
S9.4l0,567 in gross, showed all advance
of S246,82l over the same month last
year. Net income, after expenses and
taxes, was S2,32O,272, an increase of
S425,s66.
New-York tribune., 1917-08-02

Sub-Treasury.-Ne% York banks lost
to the Sub-Treasury 1901 900.
Silver-Bars in London, 40hd; New
York, 79 cents; Mexican dollars, 61A
cents.
New-York tribune., 1917-08-02
Some Recovery

"The crop has recovered some Of its
lateness, but will average probably two
weeks late over the entire South. In
MANY sections in the eastern belt top
dressing with nitrate of soda or other
fertilizers has been resorted to. Where
conditions have been anyway favora,
BILE the crop looks well, has a splendid
color and is fruiting splendidly. To
date the labor supply has been gem
eraily adequate, though there is. some
fear expressed as to the supply OF pick
ers later on. Cotton is opening IN
TeYas and Florida"
New-York tribune., 1917-08-02
Onerations of PHILADELPHIA Mint.

Philadelphia. Aug. In the month Of
July the Philadelphia Mint coined the
following new pieces Of money: Half
dollars, 100000; quarters, 100000;
dimes, s5,55O,OO0; nckels, s4,223,S46,
and cents, S3,l3l 900.
New-York tribune., 1917-08-02

London Money London, Aug
Money was in better supply at 4
per cent. and discount rates were quiet,
short bills being quoted at AZ per
cent, and three-month bills. 4 1916 per
cent Treasury bills amounting 10 $780,
100000 were sold last week Gold pre-
MUM at Lisbon 80.