davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1917-12-11
Cudahy Packing Co.
Earns $33.64 a Share
High Cost Of Livestock Causes
Big Jump in Gross
Sales

Gross sales Of the Cudahy PacAlhS
COMPANY for the fiscal year ended oc'
.ober p totalled SlS4,siLOoO' an m
crease Of $jO,s5O,014 over the preceu'
inc year. Expenses. interest charges
ctc were Sl9.43O,9OO greater, so 'hat 'l
mot income amounted 10 Si'A7V'g-', az
increase Of only SlAl9,ll4. Hllo" "'Iis
for dividends on the preierrei stoVn'
Iast years surplus was equivalent 10
3Gi a share on Sll4i9,oOo common
= 4 Cudahy, president Of the com
many. states in the report that tne
vear's volume OF business IN pou!u'
Increased 10 per cent The large n
creose i'm dollars, he says, was mostly
Iue 20 increased values and costs
Inrincipally for livestock and IN pro
nortionate degree TO increases IN
wages. freights and prices pald ior
otter products handled and USED. -,
LAST wear" said Mr.. Cudahy IN the
ronort I'VE paid Ss7, 100000 for I'VE
etocl. This year. for not more than
10 per cent additional. we PAID SlZy'
600 900. an increase Of Sil,5Oo,OOO' or
nearly 40 per cent increase IN an.
These values and costs have involved
the necessity of the use Of additional
sums Of capital and borrowed money
cmployed in tie transaction Of the
business-items which, Of course are e,
ofrset by larger values on inventories
The gross sales for the year recently
ended we're divided as follows; froa,,
net derived from animals purchaseo
and slaughtered, sl60,000.OOO; other
edible products purchased and pre-
pared. slG.00O,OOO; non-edible products
not derived from animals, purchased
by the company, SS.000,00O.
New-York tribune., 1917-12-11
Burns Brothers Stock Slump

4 prominent director OF Burns
Brothers, asked 20 explain the big
break in the company's stock in the
last hour Of yesterdays trading, said;
81 know OF no reason for the decline
lust AS I have been unable to explain
the recent advance. The directors arc
and have been considering distriou-
ton Of the company's unissued stock
in the form Of stock dividend. but !
do not believe this plan will be an
nounced at the meeting scheduled 20
take place to-day. Il probably viii be
DELAYED for some time. owing 20 the
General uncertainties OF the future
After selling up to 114si yesterday
Burns Brothers stock dropped back to
iO4iy. and closed at lO5, net loss o.
s.. points.
New-York tribune., 1917-12-11
Federal Farm, Loan
Board Increases
Rate to 5 1-2 Per Cent

WASHINGTON, Dec 1o.-The gen
er4l upward movement Of interest rates
was recognized to-day by the Federal
Farm Loan Board by raising the rate
on government loans 20 farmers from
= % 81 per cent, in anticipation OF q
later increase In the present 4 y per
cent rate on farm loan bonds. Decision
probably Will be reached tomorrow
whether 20 raise the bond interest rate
~ this time, or 70 reduce the selling
price. which heretofore has been at q
premium Of = per cent.
ln spite Of the decision reached by
the Farm Loan Board, Secretary Nc
Adoo said to-day he hoped future issues
of Liberty bonds would bear per cent,
the same as Of the second loan.
One Of the immediate effects Of the
higher farm loan rate, il is expected,
vii! he 20 encourage similar advance
Of private mortgage loan rates on land,
which now range from = 20 per cent
above the government loans. Reports
reached the Treasury to-day that sew
eral insurance companies with big
loans on Middle Western farm lands
had decided 90 make no new loans, IN
order TO keep their assets liquid, and
would refuse 60 renew many expiring
mortgages. This. it was pointed out,
would tend to increase the cost OF
available loans.
The farm loan system has placed
nearly S30,O00,0OO in loans since it
started operation six months ago, and
applications for S300,000.000 are pend
ing. Private loans outstanding OF
farm lands in tie entire country are
estimated at nearly S4,000,000, 1000. The
new interest rate announced to-day
will not apply to loans approved by
any of the farm land banks, though
not actually completed.
New-York tribune., 1917-12-11
Norwegians Buy British Notes

Norwegian interests. which seem to
find the British government shor' term
notes especially attractive as invest
ments. increased their holdings OF
those securities by fresh purchases IN
this market yesterday. One large Nor
wezian shipping corporation bought .
block Of s25OOOO Of the United King
dom 81 per cent notes Of 1919 and an
other concern took smaller amount
A few weeks ago Norwegian banks
we're reported TO have purchased up
ward of a million dollars worth OF the
Rritish notes. Bankers here point ou,
that these investments have much po-
litical significance.
New-York tribune., 1917-12-11
Oil Drilling in
Illinois Discloses
Few New Pools
Work Confined to Congested
Fields-Drouth Affects
Kansas Output

Oil development in Illinois is psssiif
into the uninteresting stage, according
20 The Oil City Derrick" No new pOsh
are being discovered. and work IS coz
fined to the old cohgested fields. b
November forty-one wells were con.
pieted, loss of seven, and the prodss.
ton obtained was 500 barrels, los Of
l63 from the previous report. Tea ~
holes were reported. The close Of ns
month showed loss Of FIVE In tr
work.
Kansas would have made betts'
showing in November but for me
drouth and the lack of oil well sup
Plies. As IL was, 397 wells were coz
pleted in the short month. with new
production of 2s,34S barrels. This .r
a loss Of forty-eight wells and iAw
barrels. The number Of dry holes va
sixty-one. demonstrating the setl''u
of the wildcat operator, and 20 g.
wells were reported. New WORK pros
ises TO be active, as there were twenp'
nine more rigs than az the close o' ve
tober, although the drilling veh
showed q decrease of thi-ty-three,
oklahoma reported 7il completle,s
with new production OF 3O,22o oH
rels. Compared with october, TINS va
a loss OF 1877 in comp etitions and "
79S barrels in the amount o! Oh ~
tanned. The lj6 dry holes we're tWenq'
six less than in the previous repon
and fifty gas wells obtained MADE y
increase Of seven.
The Texas Panhandle made q ~
showing IN new work and the npmN
OF wells completed. but failed 20 coz.
the usual amount of new produeus-
This division IS credited with llS coz
pletions. an Increase Of fifteen, ~
4,54i barrels of new production, ~
crease OF 3,50i barrels as eonpsr
with the October report. Thirty-se'-
dry holes were found, or seven n,n
than the previous month. AZ the ei'i
OF November there were 2s. rlgs ~
wells dri ling. an increase of thl,E
new work. Among the wildcats ds1Is
the month was one good well VIZ
may lead up % a new field.
New-York tribune., 1917-12-11
Further Shrinkage in
u. S. Steel Orders
Tonnage on Corporations
Books November 30 Small
est Since April

Unified orders on the books Of the
United States Steel Corporation No
vember 30 amounted 70 S,897,l ,l07 tons,
a decrease Of 112.569 tons compared
with October. The shrinkage in un-
filed business was smaller than had
been expected. presumably because
shipments fell considerably below nor
NAL on account OF transportation con
gcstion. 81
1t was estimated that incoming
orders of the Steel Corporation last
month aggregated 100000 tons, or prac-
tically double the showing made in
October. Shipments in November were
said to be in the neighborhood Of
l.OOO.O00 tons, compared with approx
mately 100000 tons the preceding
month.
The unified tonnage OF the corpora
ton is now at the lowest total since
February. 1916. when S,568,966 tons
wero reported. Untitled orders have
declined each month for the last eight
months. The falling Off in November,
however. was the smallest since April.
The October decrease was 623,3O2 tons.
New-York tribune., 1917-12-11

a prominent mining engineer has
suggested that gold mining be sus-
pended in this country for the dura-
ton Of the war, in order that more
labor may be made available for
the production Of basic minerals.
This suggestion is certainly worthy
Of serious consideration. The war
will be won with copper and iron
and coal and like products, and not
by adding a hundred millions or 50
Of gold a year to a supply which al
ready is adequate. There is enough
money gold IN the country to pro
vide for an expansion of perhaps
seventy billions in bank loans, and
the danger is rather one of over
expansion on the basis of presen,
gold holdings rather than Of a short
age Of the metal.
New-York tribune., 1917-12-11
Short Olive Crop in Greece

Unfortunate climatic conditions a
Greece early in the year, eomo'.s
with an unusually severe dregtn ID
olive producing districts, seriogsp y.
down the olive crop in 1917. Ihs ~
ercc of disease in the groves mas
affected the situation. 50 much 50 -,
the Ministries Of Nationsl beons.
and Agriculture have made spprSp.i.
ations 20 combat the dreaded "pssrs, -,
and other olive tree diseases. ~,
these reasons. according % eon'.. ...,
report. i, is estimated that the
crop will not exceed 20 per esA'
that OF normal year. -,
In the AmphiSso district the p'.a
tion is estimated Et about ons,.si sS IL
the normal. not more than SIS'&f
Ions being anticipated. TINS st,',sr 80
hard blow at consumers OF frun ~.
this district. perhaps the best IN ~
grown in Greece. In good oliveye.ix.
production in Old Greece Is sooos
100000 okes (25.O00,00O gallons -,
which 100000 TO 9,25O.OOO S'
are generally exported.
In the Provinces OF New Greece go
ditions are brighter. reports irom
and Mitylene being very eneou,s
From Mitylene come estimates oi'
sible crop OF 7.460,ooo gallons.
New-York tribune., 1917-12-11
Regular Dividends

Toilet & Chicago Railroad. Regular quar-
tery dividend of Sl.lJ share, payable jan
uary 10 stockholders Of record December y.
American Power & Light Regular quar-
terly dividend OF IL per cent on the pre-
ferrsd stock. payable January : 10 Stock
holders Of record December l..
Pittsburgh. Fort Wayne & Chicago Rail-
ray.-Reguar quarterly dividend Of a per
cent on both the guaranteed and special
guaranteed stocks. The guaranteed dividend
/, payable January 9 and the special guaran-
teei January ?.
NAV Department Stores. Regular quarter
ly dividend OF =, per cent on the preferred
stock. payable January . 20 stockholders Of
record December j..
New York & Harlem Railroad. Regular
serui-annual dividend Of $3.50 on the COM
mon and preferred stock. payable January ,
g. stockholders q record December l..
Little schuylkiil River Railroad. Regular
eerni-annual dividend ~ . = per cent. payable
January 10 10 ,stockholders Of record Decem-
Der ! 4.
Beech Creek Railroad. Regular quarterly
dividend of ! per cent, payable January ~
stockholders OF record December ~.
Allegheny & Western Railway. Regular
semi-gnrIal dividend Of 81 share on tie
guaranteed stock. payable January o.
stockhoiders Of record December -
hathlsron AthaN " Otks. Regular quar-
tery dividend Of e per cent on the common
stock. payable January , 90 stockholders Of
record December 20.
Manhattan Electric Supply. Regular quar-
terly dividend OF ! per cent on the common
and =, per cent a share on the first pre-
ferred stock. payable January . to stock
holders Of record December 90.
Iron Cap Copper. Dividend of 90 cents
share On the common stock. payable January
I 10 stockholders of record December o.
Continental Refining. Regular quarterly
dividend OF . per cent on the preferred
stock. payable January I 20 stockholders OF
record December ).
American Coal Company Of AiIexhen,
COUNTY Dividend of $l.25. payable Deem
Der 20.
Lone Star Gas.-RegulAr quarterly divi-
dend % . per cent. payable December 80 10
stockholders OF record December 20
Oklahoma Producing & Refining Regular
quarterly dividend Of 2le per cent. payable
December IS 10 stockholders Of record De-
cenber Is.
ossge Hominy oil. Regular quarters div
idend ot "a per cent. payable December IS
70 stockholders OF record December is.
New-York tribune., 1917-12-11

Senator Smoot was quite right
when he stated that nothing more
erotesoue has ever been passed by
Congress than the excess profits tax
I'm the war revenue law" He might
have gone much further, for the
law is not only unworkable, but alb
solutely vicious. As was stated in
a recent analysis, the law, IN effect,
gives the Secretary of the Treasury
or the Commissioner Of Internal
Revenue the power to fix the value
Of the stock Of every large corpora
tion in the United States, merely
by arbitrary Interpretation Of the
statute. And under any attempt to
make the law effective arbitrary IN
terpretation would be essential
The absurdity Of the law is apparent
from the fact that in the case Of
one typical corporation the tax
may be equivalent to S25 d share on
it's common stock, or $50 a share,
depending on the way the Treasury
Department chooses to construe the
misunderstanding that it is pos
sible TO interpret it at all, which IS
doubtful
New-York tribune., 1917-12-11
Pacific Mail Pays
so Per Cent Extra
Stockholders to Receive $3.50
on Each SIS Share Besides
Regular Dividend

Directors OF the Pacific Mail Steam
ship Company yesterday declared an
extra cash dividend of 80 per cent on
the Sl,l50,000 OF common stock out
standing. The dividend calls for the
distribution of $3.50 share of So par
value common in addition TO the regu-
lar semi-annual dividend OF 80 cents a
share. Both dividends are payable
December 26 20 stock o. record De-
cember 2l.
The company has made large profits
from the operation of its service TO the
Far East, as a result of the great rise
in ocean freight rates.
New-York tribune., 1917-12-11
Relevant
Information
Increases Train Performance

Officers Of the Southern Pacific Rail
road recently had prepared an inter
esting chart for the purpose Of show
ing the remarkable increase in efficien-
cy in the use of motive power and
equipment on the lines of that system.
1t indicates that the revenue ton miles
per car on the Southern Pacific in
creased from something over $500 in
January. 1915, to 22,500 in August,
1917, while the revenue ton miles per
locomotive in freight service increased
from about 10000 in 1915 10 l,l50,000
in August last. On the basis of pres
ert operations the Southern Pacific IS
making one car do the work that re-
quired two or three cars a few years
ago. This increased efficiency in
operation is one reason why Southern
Pacific's net earnings have shown sub
staatial increases every month.
New-York tribune., 1917-12-11

In one respect at least the action
Of the stock market yesterday was
quite up to eNpectations-that IS IL
vas extremely dull and, except for
sensational fluctuations in one or
two Of the specialties, the price
range was narrow The chances
arc that the market will remain IN
a somnolent condition for some
time. There is not much IN the
present situation to encourage trad
ing ON either side.
New-York tribune., 1917-12-11
The Dollar in Foreign Exchange

Reports from PetroGrad that the
Bolshevih government proposes to
rcpudiate all Of Russia's foreign obli-
cations were without apparent effect
on ruble exchange rates in this market
yesterday. Rubles held throughout the
day a. 1885 cents.
A slightly easier tone was apparent
I'm Scandinavian rates. Sterling and
francs were steady. There vas no
change in Italian lire.
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 quota
tions for either marks or kronen are
10 longer available.
Quoted dollars to the pound)
New-York tribune., 1917-12-11
Argentine Exchange

Information obtained in foreign ex-
change circles indicates that the Fed
eral Reserve Board az Washington is
taking steps to adjust the exchange
situation between this country and
Argentina, which is now running
strongly against the United States.
"Ls Nacion," published in Buenos
Ayres. IN recent issue described the
position Of the Argentine exchange
market thus:
"For the last fortnish. there has
been noted al Increasing hrmness ~
foreign exchanges which, without beiag
extreme. benefits our producers and
importers. because 10 is possible for
them 10 liquidate their debts abroai
at an advantage of ) per cent COM
pared with the preceding fortnight
The causes OF this 20 beneficial situa-
tion almost privileged situation,
seeing that our money is at a premium
with respect 20 all the others except
that Of Spain are various and null
tiple. For one thing. the regime 6C
economy 10 which the country has sub
mitted, voluntarily or Involuntary,
has decreased by about S50000,000 the
value of our imports from abroad. az
compared with last year. whi-h year
in its turn showed great decrease in
comparison with its predecessors. In
addition 10 this we nave the notorious
diminution in the dividends of the rail
way companies and Of other foreign
enterprises, for reasons which II is not
necessary to specify. the appreciable
decrease in the remittanees effected in
other years by the Immigration 60
londrina" lemigrants who come TO Ar
gentina for the sole purpose of the
harvest. returning to their countries
or origin therea teri. and the falling
off in the remittances OF immigrants
resident in the country, who for vari-
Gus reasons are no longer in flourish.
ING economic conditions. A. the nrns.
New-York tribune., 1917-12-11

The consolidated income account
Of 12S large railroads for the month
of October makes about the worst
exhibit Of all reports issued by the
Interstate Commerce CommiSs on
since February Gross earnings
were Just as large as in preceding
months. but operating income
showed further shrinkage. being
only S407 per mile, compared with
S4S1 per mile in the corresponding
month last year For the roads in
the Southern district the report IS
not unfavorable, operating income
averaging $4OG per mile, against
S408 last year, when railroad pros
perity was at the peak. But .he
roads IN Eastern and Western ter
ritory made a miserable showing.
The operating revenues Of the
former averaged $2,S02 per mile,
an increase OF l4.Z per cent, put eN-
penses and taxes were so heavy that
operating income averaged only
$3.50 per mile, q decrease Of S118, or
1877 per cent in comparison with
October, 1916. In the case Of the
Western roads the increase in
operating revenues was Z per cent,
while operating income fell off SS1
per mile, or 1914 per cent. The
carriers in these districts have saved
less than nothing out of the addi-
tions to gross earnings. No wonder
the Eastern railroads asked that the
hearing Of the rate case, on which
decision is now pending, be post
poned for sixty days.
New-York tribune., 1917-12-11

cnt time the American dollar, which at
par is worth 1895. is quoted down TO
as low as $3.50; the Argentine gold
dollar. the par value Of which in Lon
don is 4slhd, is worth to-day as much
rs 523-iGd. II is with these two
countries that We maintain so per cent
Of our commercial interchange. As re-
CARDS exchange on France, we are ~
present efecting It AZ a profit OF IL
per cent. whilst on Italy the difference
In our favor is so per cent.
New-York tribune., 1917-12-11
INQUIRY for Conservation Bonds

About half Of the Si0,0OO,OOO D per
can. bonds Of the Miami Consery-
ancy District Of Ohio, purchased by
The National City Company, had been
subscribed for at the close Of business
Yesterday. although no public Offering
had vet been made Of the issue. II was
s.ated that Of the subscriptions 50 Tar
receiyed. none from the West had yet
been tabulated. Il is believed that
participation from this source VII!
sweU the total considerably.
New-York tribune., 1917-12-11
Small Coin Shortage in Japan

The advance in the price OF commodi-
ties in Japan has caused that country
10 experience the same phenomenon the
countries of Europe and the United
States have experienced namely.
shortage OF small coin. The japanese
government authorities have decided to
Issue paper money in 80, 20 and 10 sen
amounts. zone sen is approximately =
cent? Several million yens' worth Of
these small bills will be issued before
the end Of this year. Japan Bulletin.
New-York tribune., 1917-12-11

The American Gas & Electric Com
pany has declared an extra dividend OF
per cent on the common stock and
the regular quarterly dividend Of ~
per cent on the common shares, both
payable January to stockholders OF
record December IS; also the regular
quarterly dividend Of y per cent on
the preferred stock, payable February l
70 stockholders Of record January is.
New-York tribune., 1917-12-11
NOTICE or REDEMPTION or BoND,

NOTICE Is HEREBY GIVEN TIA. 4.
County OF Jefferson. In the STATE 0, Ys,
tsna. Will redeem upon prssenauG
through its County Treasurer. r. J. sra
be-. 20 OK lie "a Per Cent Refshdhs
Bonds numbered 81. 3s. 100. i0i. isg. W
i04. I05. 100. lD7, los, 100. no. IA
liz. Il3. IL, Iit, ii6, and III, .. ~
Series OF is3s-tsff.
On aud after thirty days from the Ssa
hereof interest Will cease on SAID borc,
Dated az Boulder. Jefferson CegE;G
Montana, this eth day OF November D
i9i7.
b. order OF ths Board % County ce~
m!ssioners ot Jefferson County. Stsn q
Montana
H. r. HOUGHToN. County clsk
New-York tribune., 1917-12-11
Severe Slump in
Tobacco Shares on
Proposed New Issue
Stockholders Asked to Ap-
prove $4,000, 900 Nom
Voting Common 'B'

Shareholders OF the American To-
bacco Company have been notified by
Percival s. Hill, president Of the con
Germ. that resolution has been passed
by the directors calling for the con-
version Of SJO,OOO,0OO unissued common
stock into common stock b." which IS
to possess the same rights as the pres
ent common stock to dividends, but
will not have any voting power. The
resolution will be presented TO stock
holders for their approval at q meet
ing called for January z.
Announcement Of the plan yesterday
took Wall Street by surprise. On the
Stock Exchange there was heavy sell
ing OF the company's common stock,
usually an inactive issue. On a turnover
Of C,1oO shares it broke from the open
ing price Of 16l TO 40. new low
record, and closed at 1903, a net loss
for the day Of 2l3s points. The stock
touched 2j6 in the bull market Of 1914,
and sold as high as 2l0 this year.
TO Provide for Notes
Commenting on the proposal 70
change the character Of the company
unissued common stock, Mr.. Hill said
that there was 10 intention 20 issue
any in the immediate future. Asked if
it was the purpose of the board to pro-
vide for the payment OF $25,O0OOOO
notes recently sold to bankers from
the proceeds Of new common stock B,"
Mr. Hill stated that this obligation
would not have 20 be met for two years
owing 10 the fact that the notes. while
made for ninety days, have seven re-
newals.
In letter to the American Tobacco
Company's stockholders Mr. Hill stated
that the increase in the volume Of bust
ness and the big advance in the cost OF
raw materials had made it necessary
to consider new financing.
Leaf tobacco" he said, "is an item
OF raw material that must be carried
eighteen months 10 three years before
it is properly usable in the msnufact-
ure Of our standard brands OF tobacco
and its products. With an increasing
volume of business we cannot permit
our stock to diminish, and leaf tobacco
has more than doubled in the last two
wears. so that an adequate stock nov
involves constant investment OF more
than $4,000, 900, or about twice the in
yestment OF a few years ago.
This growth Of business and IN
creased cost of material have required
the investment of much larger
amount Of working capital than was
formerly required, and the company
has. therefore, borrowed S25,000,000 in
order to insure its ability to meet the
growing demands for its manufactured
nrnducts
New-York tribune., 1917-12-11

The above rates express the cost Of
foreign money in terms Of the Ameri-
can dollar You buy an English pound
sterling a., say, S4.75is. The intrinsic
parity is s4.SG"s per pound. Thus, you
say either that pounds are at a discount
or that dollars are at a premium, which
is owing to 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 20 settle
accounts IN England
New-York tribune., 1917-12-11
Dividend Changes

An extra dividend Of 1925 snare
has been declared by the Albany &
Susquehanna Railroad Company ana
also the regular quarterly dividend OF
s4.5o q share. The extra dividend IS
payable January 20 ockholders OF
record December Is. and the regular
disbursement January to stockholders
of record December IS.