davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-12

One Of the main reasons for the
falling off in demand for high grade
investment bonds in the past week
or ten days is the prospect of a
United States government loan OF
large proportions in case of war
Inquiry among bond houses and in
vestment bankers during the week
revealed the fact that almost every
where business is waiting on definite
advices from Washington bearing
OH the loan matter. Some criticism
has been heard about the financial
district at the failure Of the finan-
cial authorize of the government
to acquaint the banking community
as to what the terms of such an
issue might be. 1t is realized, of
course, that an issue Of government
bonds, say for S5OO,OOO,OOO, as has
been talked, would attract a good
deal of capital now invested in other
issues.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-12
PROFIT-SHARING PLAN FOR
UNDERWOOD WORKERS
Directors Announce Scheme to En-
courage Thrift by Employees

The report of the Underwood Type
writer Company for the year ended
December 81 last shows net earnings
of s2,54S,67l. compared with s1,464,-
7S7 in 1915. The surplus after all
charges was s1,4O1,O9O, against $G79.-
$50 the year before.
Announcement; is made by President
Underwood Of new proft-shlring
plan for the benefit Of the employees
of the company. Requirement for
participation is that an employe must
have been in the continuous service
of the company for two full years or
more prior TO January !, 1917. The
plan provides that, after payment OF
dividends on the preferred stock and
setting aside an amount equal to 9
per cent on che common. and allowing
for such reserves as are required by
the company, 20 per cent OF the net
income remaining for one year IS to
be trusted for distribution among the
employees. In 1916 s29S,397 was set
aside for this purpose.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-12
SAFETY FIRST IN BANKING

Rea 3onable competition between banks
is manifestly healthy condition. But
when it enters the realm Of an interest
rate which is out of proportion to the
earnings Of the bank it is inconsistent
as well as dangerous practice.
For three hours one day in January
the writer stood beside a teller in the
largest lin point Of deposits postal
savings bank in the country. This bank
has about 100000 on deposit and
over $4,000 depositors. 1t is situated
in the most thickly populated and cos
mopoltan section of New York City
on the East Side. The writer inquired
of a number Of those who opened ac-
counts or made deposits why they did
not use banks other than the postal
bank for the deposit of funds. Safety
first" was the answer in each case
Interest is not to be compared with
the safety OF our funds" I'VE get ?
per cent interest here, and we are sur.
prised when even that is given TO US
eve know that our money is absolutely
safe" or course, it is the United
States which stands as a guarantor
and such depositor is fully aware Of
the safety Of the banks foundation
The point to be made is: Safety first;
rate Of interest second. In banking
more local quarrels have resulted over
the difference in the interest rate than
for any other reason. One bank raises
its rate to 4 per cent and the half
dozen other banks in the community
feel il incumbent upon them to raise
their rate. whether they can afford it
or not, sometimes even 20 the point
Of affecting the safety Of the insttu-
ton; all for fear Of losing business.
From, an editorial article in the
journal of the American Bankers
Association
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-12
What a Little Money
Did for Farming
North Dakota Agricultural
Income Increased $751;
100000 Annually by the
Intelligent Expenditure
of Only $4,000
MinncnpoIis. Februaln Z.

James J. Hill, acting for the
Great Northern Railroad; Howard
Elliott, for the Northern Pacific, OF
which he then was president, and
Edmund Pennington. then, as now,
president of the 500 Line, five years
ago pledged $4,000 each annually
for three years for a business men S
agricultural propaganda in North
Dakota. A hundred business men
of Minneapolis, st. Paul and Duluth
and a number Of North Dakota
bankers joined in a movement for
better farming, and the North Da-
kcta Better Farming Association
was organized.
For three years this association Of
business men annually spent 100000
in North Dakota teaching farmers
to plough deep, select good seed,
conserve the soil by crop rotation
and get away from the one crop idea.
Wheat. as a staple crop year after
year, was running North Dakota.
These business men put S27O,OOO
into the work and the State Of North
Dakota then took 1t over.
Interested selfshly because they
had business connections of impor-
lance i'm North Dakota, these bust
ness men nevertheless did a work
for the general good. 1t has been
estimated that the general effect Of
their work, in agriculture proper,
corn growing, better crops OF all
kinds and larger acreage yields, has
put North Dakota permanently on a
basis where the states income Is
S20,O0O,O00 year greater. The
work was so ramifying in that re-
spect that it would be difficult to
make an accurate estimate.
The livestock figures, however, are
definite. The North Dakota Better
Farming Association urged the
farmers to buy better stock and to
increase their herds. Prior to 1872
the total value of the livestock and
dairy proauct sales Of North Dakota
never passed 100000. For the
wear 1916 they exceeded 100000.
For a fair comparison this $685.
600. 900 must be scaled down to S24,-
100000. the difference allowing for
a price range Of high record. New
ertheless, it appears that since the
business mems propaganda started
North Dakota has risen to a posi-
ton where the annual livestock out
turn now means a money flow into
the state of S15,0OO,OO0 greater
This was brought about almost
wholly by the intelligent expenditure
of $4,000, to say nothing Of the
general betterment to agriculture as
a whole from the three-year cam
paign.
1t is said that there is no instance
in the agricultural history of the
country of business men entering
into an agricultural development
campaign with results so great and
so immediate.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-12

While the tendency of all classes
Of bonds was toward lower prices
last week, the weakness of certain
foreign government issues was es-
pecially striking. Anglo-French .
per cent bonds were particularly
weak, falling on the exchange to a
new low record Of 90%. This com
pared with a high for the week of
80. Other foreign bonds also lost
ground, and since the first of the
month declines in most Of these is
sues have ranged from to 2l2
points. Bond market observers In
discussing the weakness Of the for
eign bonds said they were not sur
prised, in view of current develop
ments. II is pointed out that spec
ulative holdings Of foreign govern
ment bonds are unusually large, and
this makes them especially vulner-
able in times like the present.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-12
French Tinsel Industry

The demand for copper in the manu-
facture of munitions of war has re
stlicted the use of the metal in many
other ways. but one Of its uses which
has been little thought Of is in the
manufacture of tinsol goods This in
dystry has been almost entirely sus-
pended in France, according to a state
ment by j. L. Jones, Consul at Lyons,
France, owing 10 government seques-
tration Of plants formerly making tin
sci, because it requires large quantities
Of copper The United States alone
took s9O9,7SS worth of French tinsel
goods in the first nine months of 1915.
and 1t is believed that the closing quar-
ter brought the total to more than ST.
100000.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-12
Monday, February ~, 1917.

The strain imposed upon the
nerves of the investment public by
the numerous uncertainties of the
international political situation
made itself felt in no uncertain de-
gree in last weeks bond market.
Prices of leading railway, industrial
and foreign and domestic state and
municipal issues-in fact, the whole
bond trading list, with but few ex-
ceptions-lost ground steadily, and
at the end Of the week declines of
/ to 3 points and more were not IN
common.
Offerings were not heavy, and
with a normal demand could easily
have been taken care of. But it is
this absence of buying power that
is the principal adverse factor in
the bond market at the moment.
Prospective purchasers Of invest
ment securities apparently have de-
cided that the present, with the pos
sibility of war in the ofing, is no
time to increase their holdings. At
the same time the holder of bonds
who desires to sell-and there was
considerable voluntary liquidation
in bonds last week-fnds an eX-
tremely thin market on which to
realize, for the very reason that
there is no sustaining demand. The
combination of these factors explains
largely why bond prices gave way
so easily at times last week.
In discussing the present trend OF
bonds, some bond men went so far
last week as to assert that the IN
vestment market had begun to dis
count actual hostilities with Ger
many. Fear of war is, of course, the
controlling factor in all the security
markets, but whether it will pro-
duce any greater degree Of timidity
on the part of investors is a ques-
ton that cannot be answered by a
single weeks performance in bonds.
The average price of ten repre-
sentative bonds used in making up
The Tribune's weekly chart is now
down about IA points under the
high price made in the last week of
January, when bonds reached the
highest level since the ante-bellum
period. More than half Of this de-
cline in the average took place last
week.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-12
ReAexes Of War

Although at the opening OF the year
1916 there was large and unliquidat-
ed stock Of diamonds in the hands OF
the syndicate, the most sanguine could
not have anticipated the enormous de-
mand that was in evidence during the
last few months Of the old year. says
"The London Daily Telegraph" in dis
cussing the position Of the diamond
trade. All classes of goods have been
cleared off and the syndicate IS. freed
from all stocks, which at one. time
amounted to nearly $15,O0O,OOO. An
unusual feature Of the trade has been
that buyers have come forward for all
grades of stones. from the commonest
to those of the finest water. In conse-
quencc of a short supply, due to the
mines not havingG been worked at<full
pressure during the war at one time
only the reserve blue ground at dump
was washed cutters arc more eager
than ever for the rough, being unable
to keep pace with the large demand for
the polished goods. All the leading
mines are naturally benefting, and
their profits are being largely aug
mented. for which very reason word
of caution is advisable with regard to
various outside companies, which are
certain to be brought forward owing to
the phenomenal condition of the dia.
mond market. For several reasons the
demand for diamonds is not likely to
slacken yet awhile. First, there is the
great prosperity of the United States
the largest consumers; secondly, there
is the smaller supply, due to what is
now proved to have been the wise pol
icy of the heads OF the industry; bu;
above all there is the control now es-
tablished by the syndicate over all the
producers De Beers, Premier. Jagers-
fontein and the fields in Southwest
Africa.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-12
Money for Peace Projects

The decision Of Congress as to the
extent of the preparedness increases
has been reached. The laws upon the
statute books fix the policies in &C
cordance with which the departmental
estimates have cited have been deter
mined. Presumably, it is unlikely that
there will be a reversal or even slight
alteration in the attitude of Congress
A. this session. Therefore, the observa-
tons / have presented are pertinent
only in so far as they apply to the
opinion that Congress should not be
neglectful Of other phases of the gov
ernment's duty. There is very con-
siderable section of Congress opinion
which holds that the preparedness
movement ought not TO bring the de-
velopment OF public buildings perma-
nently to a standstill and that it ought
not to effect a permanent abatement OF
the rivers and harbors development,
such as IL has caused in the past two
years. These men are not pork hunt
ers" and they have in mind no raid
upon the treasury. They feel however.
that the government in such times as
these, when there Is no threat OF I'm
mediate danger upon the horizon. ought
10 be engaged in many important en-
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-12
QUIET WEEK In
STOCK MARKET
Speculative Wall Street
Waits for Next Move in
World Crisis

For the most part the stock market
last week marked time awaiting the
overt act that might plunge the coun-
try INTO war with Germany. The i'm
petus OF the previous Saturdays sharp
rally following the severance of di2Io-
matte relations carried over in,o ne
caller trading days. The continuation
Of the rise reflected in the transactions
on Monday and Tuesday was mainly
confined. however. to the industrial
group which the trading public appar-
emily believed would be benefited by
the entrance o. the United States on
tie side Of the Entente Allies.
Despite the declaration by Union
Pacific directors Of AN extra dividend
which placed the stock on 10 pc cent
annual basis, prices OF leading railway
shares at the close Of business on sat
urday failed to reveal any important
gains, and in most cases losses were
found to have been suffered on the
weeks transactions.
Two theories we're advanced 20 nc
c5grt for IT, f.uiurc Of the rdiirCni
list % keep pace with the recovery IN
he lnfustrials One was that holders
of those securities were dispos'nG Of
them for the purpose of buying mum
ton stocks. which, when they move up
ward. furnish quicker profits. Another
given much credence in important
banking quarters, was that the rail
road stocks were being liquidated for
German account. Strength of exchange
rates on Berlin lent plausibility to this
view.
Prom the character of the trading Oh
Monday and Tuesday, as on the preced-
ING Saturday it was evident that the
rapidity with which prices advanced
WAS due in large measure to covering
operations by those who had sold
stocks short, holding to the opinion
that a severance of diplomatic inter
course with Germany would quickly be
followed by q declaration of war WIFI
this condition existing, they argued
that values would depreciate further.
This opinion was apparently out
weighed by sentiment that the market
had already largely discounted th'
worst that could happen, even should
state of war between Germany and the
United States actually become a fact
This led to the co..clusion then thai
the upward movement in the industrial
list was started by those who bought
, stocks for investment or in the eXpec
tation Of a quick profit on the rise.
Trading during the last half OF thC
week lapsed into extreme dulness, with
prices showing a tendency toward re-
cession. With an absence Of further
public buying the market fell into the
hands Of the professional spectators
who seem to have acquired a state OF
mind that is habitually bearish. They
scld stocks on the theory that Germany
has effected a virtual blockade Of
American ports, ignoring the fact thai
ships Of home registry form only a
small percentage Of the outgoing sail.
irgs.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-12
Japan's Shipping

Japan's mercantile marine consists OF
.17O steamers and 9,1S7 vessels. The
combined tonnage Of the former is es-
timated at l,704,7S5 tons. while that Of
the latter is 572 ,403 tons, according 10
THE Japanese Trade Bulletin" There
are 44S oceangoing steamers above
1000 tons each. which aggregate 1928
.12 tons.
The following list gives the number
Of steamers of 5000 tons and above ca
pecity:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-12
HIGH COST OF
PREPAREDNESS
Taxing the Country a
Billion for Instrumental
tiles of War
BY the HON. CLAUDE KITCHIN

BY the HON. CLAUDE KITCHIN
Majority Leader, House of Represent
atiyes
Iron an article IN the Journal o. the Amer
lean Bankers Association
"HE American government is
spending money so fast for in
creases in the army and navy
and for fortifcations that it is time
for US to take stock more carefully
in the relationship between these ex-
penditures and the revenue. The peo-
pie Of the country undoubtedly VIII
be amazed at the statement that
preparedness. together with the pen
sioning of soldiers who participated
in previous wars, already has eaten
M the total income Of the govern
ment from taxation. Whether or not
this amazement will tend TO diminish
the popular fervor for the prepared
ness movement is a matter with which
( am not directly concerned at this
time, but I do believe that it IS the
duty Of responsible craftsmanship TO
bring the voters Of the nation to a
more accurate realization OF the cost
of the movement in which the gov
eminent has committed itself.
The Treasury Department estimates
that the revenue to be derived from
all sources of taxation under existing
laws for the ensuing fiscal year,
namely, tho fiscal year 1918, will he
1888, 600, 900, to employ round num-
bcrs. That sum would include the
estimated revenue to be derived from
the new taxes levied at the last ses-
sion of Congress- total OF approx
mately 100000 900 more than was
ever raised before. The total amount
Of estimated expenditures for the
army and navy and for Notifications
in the ensuing fiscal year is s7s8,0O0,-
600. and the pension budget totals
S155, 100000. Thus there will be ex-
pended upon instrumentalities of war
and the maintenance of those who
participated in war a total of s943,-
100000, unless the Congress exercises
greater frugality than the executive
departments have shown in making up
their estimates.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-12
Swiss Watchmakers Active

The number Of gold watches stamped
by the Swiss Assay Office in 1916 was
6SS.497 as compared with 31S,9s2 In
1915; silver cases. SO94,663, as com
pared with 1.57O,66l; platinum, 3,l47,
against 1.1s0; other jewelry. i4l ,679
pieces. against 72,7s5.-Consular Re
port
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-12

Two steamships, each Of $4,000 tons
displacement, have been ordered by the
Togo Risen Kaisha Oriental Steamship
Company from the Mitsu Bishi build
ing yard, in Nagasaki. and the Kawa-
saki shipbuilding yard in Kobe, which
arc TO be completed by September,
1918. The two steamers will be placed
or the San Francisco line, which is now
served by six vessels, two OF them hav-
ing been purchased from the old Pacific
Mail Company.
This company is also having con
structcd five cargo boats, each Of 1000
tons. These are expected to.be ready
for use by September OF this year
Three Of them will be placed on the
San Francisco line and the other two
on tho South American line.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-12

II is believed that as soon as gen
cral investment conditions show i'm
proyement there will probably be
an Offering Of Canadian municipal
bonds in the local market. The Do
minion OF Canada is also expected
TO come into the New York market
for at least s5O,OO0,O00. Nothing
will be done with these loans. how
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-12

New York City bonds were under
pressure during the week, and de-
clines in this group ranged from l
to 3 points. There was considerable
realizing in these issues, many hold
ers switching from New York mu-
nicipals to those Of cities in the in
terror. Attention was called to the
prompt sale Of the new issue Of
State Of Massachusetts bonds, which
were purchased by local bankers at
what was considered bargain quo
tation and upon which the purchas-
ers within two days realized profit
Of about ] y points.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-12
STANDARD MILLING COMPANY.

PREFERRED STOCK DIVIDEND NO. q
y. y. City. February It'll 1911.
The Board OF Directors OF STANDARD Nj
ing Company have his day declared a guar
terly dividend ~ one and One-haf dag
Per Cent upon the Preferred stock o. Ii.
Company. payable out o. the earning q
the current fiscal year on February ~,
1917. 10 Preferred Stockholders Of record
the close OF business on February 18Th 1911
JOS A. KNOX Treasurer
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-12
Current Comment

In 1902 the average revenue usI'
load OF the Burlington was 200 tons
while in 1916 it was 5jS tons. In oth''
words. the average tonnage Of rev
enue freight handled per tram o
this Western road was increased 10
per cent IN fourteen years. Simllan)
the revenue freight train load OF ~
Baltimore and Ohio was nereass'
from i42 tons in 1910 70 665 tons y
1916. or % per cent IN SIX year
These increases have occurred 70
greater or less extent on many ONE
roads but they are far from universe
Where marked improvement has bee
made. II will be found that alm''
without exception, il has resulted ii''
definite campaigns and the cOneen'h
ton of attention on this par"'"
phase Of train handling.
Since earnings are measured ID "
miles. while operating expenses I"
counted ir train miles, the eeoh0n'
Of increasing the tons handed y
train should be self-eyident. A COZ
mon objection offered 70 heavy ,ta.
loading is the delay 20 cars resui.. :.
from holding them in yards to III y
trains. but an analysis Of actual pe
Torrance on an average raiI~Sy u,
moderately heavy traffic shows :.
thi, supposed disadvantage y :.
Of material consequence. Inc
Istiop between train loading anC ~
earnings is so close that this su'' !,
warrants the closest eOn S',,., Az
all operating officers. -R'I~"
Gazette.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-12
STANDARD MILLING COMPANY,


COMMON STOCK DIVIDEND 10 g
y y. city Februar IN. 1911
The second .nstalmcnt ~ Two Per le'
.2ceI. Gcc in cash and lse N siocl q ~
r..gh- Per cent $50 dividend UPON N
Common stock % the standard Millng Con
uauy which was declared on october ~
1916. will De payable ON February 2s,h Wy
TO ,he Common Stockholders ct record a. ~
close Of business on February lsth. 1911
Checks and certificates viii be ma-fg
JOS a. KNOX Treasure
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-12

Chronic congestion in siree'eSi !.
sure sign of poverty p01''T -,
the transit company but OF '''
pested citizens; an inside pow,
leanness Of soul. The man "nO
out thought Of protest will perm -,
self. day after day. to be paeA'0 :, NJ
car like a sardine, is a sardine' >" AZ
no claim on the Nobel prize i0f ",
spirit. He is the stuff Of when !,
utility coupons are made Il
lieved in the transmigrstion o. 10
We would cay that either IN ~ !,
incarnation he had been '"'' s
that he is slated for sheep
next In the doing Of insurree"s
things for the public veal r.
more hope Of a mule than OF
Commercial Vest.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-12
Exports from Niagara s..s
Falls to United ss~

The value Of the articles ,.s
AT the American Consulate o. 20
Falls. Ontario. for the United S'. 80 ;
creased from sio.OiS,sOS for y. ~
500. 29s.e7i FOR 1915. A large ~, y
OF the items show a eon'io'' 40
crease in both quantity s'o .,s
calcium carbide wa, the phnsi l..,r,
tiele invoised, the value OF me -, -, y
increasing from sS,oSe'o'S W.
sia, ls7.i00 for 1918.