davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-21

The demand for basic materials
continues urgent, as prices clearly
show. While enforced economy and
submarine activity have no doubt
caused a falling off in sales of some
commodities for foreign account, 1t
is evident that there has been no re-
striction in the demand for the in
dustrial metals. If anything, it has
increased. The Allies need all they
can get, and for every pound which is
destroyed another must be ordered If
it is possible TO place the order. That
is becoming increasingly difficult,
however, and in consequence prices
60 on rising. The average of the
eight leading steel products stands
at $S3.57 a ton, against S78.27 for
February, and $3.50 in March, 1916.
Copper is quoted at 81 bid, but little
is TO be had at that price. A com
pilation published by "The Engineer
ing and Mining Journal" places the
loss of copper on vessels sunk by sub
marines since December l, at 62,OOO,-
600 pounds, or about S2O,OOO,OOO
worth. Foreign buying to replace
this metal is said to be contributing
importantly to the keen demand for
spot copper.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-21
Relevant Facts
Nav Department Stores.-Net profit,

May Department Stores. profits
for the fiscal year ended Janaury 81
last were s3,422, 1862, against s2,l6i.lo1
in 1916. The balance available for divi-
dends on the common stock was equal
to 1919 per cent, compared with 1877
per cent in 1915.
American Smelling and Refining
The directors have declared operative
the company's plan to exchange Ameri-
can Shelters Securities Company per
cent, Series B, preferred stock for first
mortgage 5 per cent bonds of the Amer
lean Smelling and Refining Company.
About so per cent of the outstanding
$50 1000, 900 stock has already been de-
posited under the plan.
Hartman National Bank Anniversary.
The Hartman National Bank cele-
brated its sixtieth anniversary as
national institution yesterday.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-21
Money and Credit

Offerings Of money were somewhat
more liberal yesterday, although the
market was quiet and rates were prac-
tically unchanged. Call money ruled
unchanged at 2iz per cent.
With the greater interest shown in
railway securities the inquiry for loans
based on a mixture Of railway and in
dustrial issues has broadened, although
the bulk Of the business Is still in loans
based on industrial securities.
Ruling rates on money yesterday,
compared with a wear ago. were as fol-
lows:
Yesterday. Year ago
Call money. 22Ss 2 ..
Time money mixed collatcral).
60 days ..... 3l2@314%s 2Is@274'o
30 Days. 317631l% 274@3 ..
month";. 334g4 o, 3 %
o 20 y mos. 40 3 ..
Commercial Paper. he tone b. cas-
Ter. but business is still az a minimum.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-21

from the fact that an expenditure OF
around $500 900 produced this re-
suit. OF course, there was plantsand
prestige and the ore lands and a great
organization. But il still remains that
new construction and investments
equal 20 about 25 per cent OF the org
inal capitalization have doubled the
quantity Of steel the company can
make.
The average price for It's products
was not stated in the earlier years, but
the net per ton for two record" years
with recent high and lo~ shows TINS:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-21

The above rates express the cost of
foreign money in terms of the Amer,
can dollar. You buy an English pound
sterling for s4.75h; the intrinsic par
ity is s4.S65s 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
his country for pounds with which to
settle accounts in England.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-21

In trade circles it is generally be-
lieved that the demand for copper
will continue on huge scale for
long time to come, even if peace is
restored at an early date. Over
production is considered unlikely, in
spite of the fact that productive
capacity has been so greatly OK
banded that the output IN 1917 Will
probably show substantial increase
over the record figures for 1916.
Discussing this point, the National
Conduit and Gable Company, one of
the largest domestic consumers OF
the metal, says:
Demand from all quarters has
broedened out at an astonishing rate,
thereby clearly demonstrating that
the movement into consumption actu-
ally justifes the remarkable expan-
sion in output witnessed during the
last two years. The entire copper
industry i'm this country is on the
best footing ever known in its his
story. and yet the absorption of the
metal has been on such huge scale
that nearby product is difficult TO OBJ
tain in large quantities.
II the position of the copper trade
is to be maintained on the present
extraordinary basis II will be a. big
argument IN favor of the persistent
eHor+ 70 enlarge producing capacity
TO an extent which will cover every
possible legitimate requirement for
a long time With "A highly salts
factory outlet for production more
copper is expected to be available for
manufacturing use during the next
twelve months than in any former
similar period. Ii is extremely graft
lying that recent mining developments
show that the copper resources are
abundant for the widely scattered
needs of the consuming world.
The market has had a long period
Of high prices. War demand has
been effective in bringing about
extraordinary advances in market
values, and while underlying condi-
tions encourage a firm outlook, il
does seem that bullish factors have
forced the selling basis for copper as
L high IS IT should go.
II is significant that so far this
year demand has exceeded supply.
During the first two months, it is
estimated, production fell 28,O00,00O
pounds short Of requirements.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-21

Average prices were about % per
cent higher on the small amount of ex-
port business, about $50 per ton, against
SAT for domestic, but the export bust
ness consisted almost entirely in fin
ished products. The average for 1914
was $50 per ton export, s34 domestic.
1t will be seen that the rise in the
corporations prices from the extreme
depression Of 1914 was almost exactly
the same as the general rise in all COM
modify prices, as shown by 'Dun's" and
"Bradstreet's" tables. The company in
1916 did not benefit much by the pre-
cipitous rise in metal products, which
came largely at the end of the year. Its
average for 1917 should be much higher
and its profits correspondingly larger.
We are now able to take fifteen
year view of this largest of industrial
enterprises. 1t is, on the whole, a
record of remarkable success.
Capacity Doubled
The first fact that stands out is that
it has nearly doubled its capacity, with
practically no increase in its capital.
1t is probable that the output in 1902
and 1906 was near the maximum. The
finished product Of these years and 1916
follows:
Tons.
1902. .................,. $4,000
1906. ................... 10,578,0O0
1910 ............ lo,o]<,UOU
This, after all, is the test of the
pudding. 1t is not question how
much surplus earnings have been
'ploughed i'm; it is n matter of re- +
suits, and the fact is that the Steel /
Corporation can now produce twice as
much steel as when it was formed, |
while its capital has remained the same
This is squeezing out n good deal Of
water"
How much was the original quantity
OF water may roughly be computed
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-21
Bank of Germany.-The statement
The Dollar in Foreign Exchange

Further recovery in Italian exchange
occurred yesterday, when the lire rate
went to 7.s1 TO the dollar, against
7.s4I1 the day before. German marks
were fractionally lower. Russian ru-
bles. after early weakness, hardened at
the close. Sterling and francs were
firm.
Closing rates yesterday. compared
with week ago, were as follows;
Week
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-21
War Profits of
E. w. Bliss Co.
837 Per Cent
Brooklyn Concern Making
Projectiles and Torpedoes
Revels in Earnings

OF the many remarkable annual re-
ports made by the war industrials,'
that issued yesterday by the Z. W.
Bliss Company. Of Brooklyn, is n some
respects the most extraordinary. In
1916 the earnings of this concern,
which manufactures torpedoes, projec-
tiles and other death dealing devices,
and incidentally some machinery that
can be utilized for peaceful purposes,
were so great. in proportion TO the
capitalization, as to make those of the
Bethlehem Steel Corporation, which
earned 1886 a share: the Scovill
Manufacturing Company, with 1868 a
share, and other war order companies
seem modest in comparison.
Earns S37 Per Cent
The Bliss company earned no less
than s41s.61 on each $50 share Of COM
mon stock. equal to s37 per cent. This
is almost double the 1915 earnings OF
S217.2S a share.
After deducting al. charges, includ-
inc preferred dividends, the net profits
amounted to slO,465,S2l, against s5'-
4s2.1O1 in 1915. OF this, A,os3,1oo
was distributed TO common sharehold-
ers. leaving a surplus for the year OF
s6.371.571 and a total surplus Of Sl3.'
721 .s39. equal TO nearly LOO per cent
on the common.
Cash Is Plentiful
Aside from it's capital stock, consist
ing of s1,25O.OO0 common and like
amount Of preferred, the company's
only liability, the balance sheet shows
is s3,7s2,2ls for accounts payable, ae-
crued salaries and wages. The cash
holdings at TIE end of the year were
81. s6O.325. decrease Of s3,2So,lo' Tor
the year This was due to heavy cash
dividend payments, and to the accept
ance of foreign government bonds IN
mart paymen. on contracts. The extent
IN which that has been done may be
measured by the increase in outside
investments" which rose from ss72,Os6
on December 81, 1915, to s2,33O,2o4 at
the close Of last year.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-21

Paper is moving at to AZ per cent,
depending on the maturity.
Official rates Of discount of each OF
the twelve Federal districts are as fo..
lows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-21
Steel Report an
Amazing Exhibit
In Prosperity
Record of 1916 Shows Phe.
nomenal Growth in Home
and Foreign Business

After all charges. including DIVIDENDS
of Z per cent on the preferred stock
and So per cent on the common, the
United States Steel Corporation as the
result of operations in 1916 had on De-
cember 81 a surplus of s20l,s35,5S4. a
sum greater by s54,66s,967 than the
largest net operating earnings Of any
previous year.
There was earned for each Of the
5,0s3,O25 common shares outstanding
s4s.45, or grand total Of s246,3l2,o03'
The largest previous surplus available
for dividends on the common stock was
in 1907. when 1850 per cent was earned.
In 1915 9.96 per cent was shown. and IN
the previous year the corporation was
forced TO draw upon its profit and loss
surplus TO pay the full dividend on the
preferred
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-21

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:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-21
DefauIted Bonds

and non-diyidend paying stocks
may in many case. be advsn-
tseeously exchanged for COM
mon stocks Of public utility
concerns, some of which are
paving dividends and have big
possibilities Of increased divi-
dends with consequent apPre-
citation in market value.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-21
Volume of Business

The total volume Of business done By
all the companies of the Steel Corpora
ton last year amounted to sl,23l,4'9'-
779, an increase Of s5O4.79o,l9o over
1915. The value Of the shipments of all
classes of products. including both do
nestle and export tonnage. was $685.
264,457, against s4s6, 352,O54 in 1915.
OF the 1901 ,15o,s73 in current assets
shown by tho balance sheet as Of De-
cember 81, cash totailed sl4s,394.76l.
On December 81, 1915. the corporations
cash item stood at 4,0s3,s04. The ex-
cess of current assets Including inven-
tories) over current liabilities Was
s4os, 2Os,437. Exclusive of the inven-
tory item, the Steel Corporation at the
close of 1916 had working capital OF
1926, 3O7 ,433, against sl11.006.665 at the
and ~ 1917
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-21
What Common Has Earned

common stock. mat WAS III i'i''
What Common Has Earned
In the eight years ended with 1914
the common earned an average OF a
little under s per cent. In the four
teen and three-fourths years from the
beginning it earned total of ia per
cent. or little over s per cent per
year II will he seen, then. that al
though capacity was doubled, this was
about Offset by reduced prices and
higher costs In a general way, while
the level of commodity prices, and
therefore, wages, rose between 80 per
cent and 40 per cent, steel prices
tended to fall; and the average OF
steel prices in, say, 1925 was lower
than in 1901 'O4, the first years of the
company's organization.
We can now see the wisdom which
guided the management in keeping
back four hundred millions of profits
earned in flush years. If it had not
the Steel Corporation would have
earned in 1916 less than two-thirds Of
what it did As it is. with 1916 added,
it has earned to date an undistributed
surplus of s6O6, 100000. OF this it has
upward of 1926, 100000 net cash. The
balance has gone into the property.
It will be seen that the corporation
is now in what might be termed an
almost impregnsble position. The earn
ings for this year, even on a lowered
output, might easily equal, if not ex-
coed, those of 1915, perforce of the
much higher prices in effect. With
$500 100000 or-more cash surplus. at
the end of 1917 the company could pay
per cent or 4 per cent dividend
on the common from the interest on
this sum.
This would equal the average an
nual dividend which was paid on the
common stock to last year. For the
first fifteen years of the company's
existence this was % per cent. On
this basis the average selling price
was in the neighborhood of $50 per
share.
Consumption After War
The paramount question for the in
weston is what will be the consump-
ton of steel after the war If the
general level of commodity prices re-
mains high, steel prices will tend to
do the same. If they do not, the de-
mand would tend to be relatively large,
for the market naturally expands with
lowered price.
Since 1915 we have added a billion
and more in gold to our money stock;
and perhaps three or four billions to
our checkable bank deposits. which are
the real currency" with which the
nations trade is carried on. Perforce
of this. the general level of prices has
risen by more than half in eighteen
months. And all the slack" has not
yet been taken up. Until it is prices
will go on rising; and they cannot de-
cline unless there is defation in some
form.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-21

Contrary to general impression, the
volume Of export business was not
large, only about Is per cent; and the
increase in domestic shipments for 1916
was much greater than in foreign. For
the three years these shipments COM
pare:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-21
Sales for Cash

Commenting on the operations Of
1916 Ebert II. Gary, chairman of the
board of directors, says that all ex-
port sales were for cash, but this does
not preclude thc'possibility that heavy
investments were made in the securi-
ties of Great Britain and France sold
in this country. The report makes no
reference TO these investments, but in
the balance sheet il is noted that the
item "sundry marketable securities"
jumped from s7,74s,O59 at the close of
1915 to s4O,337 $50 on December 81,
last. Mr.. Gary adds:
"The active demand for iron and
steel products for both the domestic
and export trade which prevailed at
the opening of the year 1916 continued
during the entire year. These demands
exceeded the capacities of the mills
and, consequently, prices advanced
throughout the year.
"The tonnage of untitled orders of
the subsidiary companies at December
81, 1916, was 1l,547 ,2S6 tons of rolled
steel products, the highest total ever
recorded in the history of the cor
poration and exceeding by 3,741,o66
tons, or 40 per cent, the untitled ton
mage at the close of 1915.
"The character of the order book is
excellent. The bulk of the tonnage
covers the needs of buyers for defnitive
contract work or their requirements
for operation and maintenance, thus
encouraging the belief that the opera
ton of the mills at their full capacity
will be continued for at least the
greater part of 1917.
1.-THE production during the year of
basic raw and semi-fnished materials
and Of rolled and other finished prod
ucts for sale to customers exceeded,
except in respect of cement, the output
in any previous year"
Expenditures made by the corpora
ton last year for maintenance and re-
newals amounted to 500 1927, an in
crease of s2t,O25,9S3 over 1915. The
aggregate amount of charges to and
allowances from gross earnings to cover
exhaustion of minerals, deterioration
arising from wear and tear Of improve
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-21
Bank Clearings.-The days clearing

Sub Treasury. -- New York banks
gained from Sub-Treasury sl,034,000.
Silver.-Bars in London, 35tt pence;
New York, 1928 cents; Mexican dollars,
55% cents.
Bank of Germany.-The statement OF
the Imperial Bank OF Germany, issued
March IS, shows the following changes,
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-21
Steel Corporations
Position Is NouU
Almost In,pregnable
BY CARL SNYDER

What few people, including our
financial authorities in Washington,
realize is that one effect of the pre-
vailing dilution of the currency Is TO
increase the value and earnings OF
real property-farms and steel plants
and abby a corresponding per cent.
II, for example, the average of steel
prices we're raised one-third and costs
rose in the same degree, this would
more than double the amount available
for dividends on the common stock OF
the United States Steel Corporation.
That and much more is what has act
ually happened, as is disclosed in the
report of the corporation for 1916, just
issued; and the end is not yet.
The Leanest Year
II is we'll known that 1914 was for
the Steel Corporation the worst year
in its history. II failed to earn even
the full dividend for the preferred;
nothing for the common. This had
never happened before.
II is also known that the four years
ending with 1914 was the poorest four
year period which the company had ex-
perienced. The net available for the
common stock and improvements was
equal to only Sc per cent year. These
were the company's "pauper" years.
In 1915 the corporation produced
record tonnage; but prices were still
low, and its net earnings were below
those of ten years ago. Last year the
tonnage rose beyond the expectations
Of the company's own officers, and
prices were nearly one-third higher.
The output and earnings a ton for
the three years compare as follows
las they are merely barometric, they
are given in round figures;
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-21
Wages Much Higher

The company states in its report that
the average rate of wages at the end
of 1916 had increased about 80 per
cent. The actual average wage per
day for all employees outside the admin
istrative and selling force for the years
compared this way:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-21

At 50 per ton profit, even with pro-
duction exceeding the previous record
wear of 1906. the company could not
earn a dollar for its s5OS,oOO,OOO OF
common stock. That was in 1914.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-21

In other words, The output last year
was two-thirds greater than in 1914, the
average selling price one-third higher,
and the net profits per ton increased
nearly $50 per cent.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-21

Commercial Paper The tone b. cas-
cr but business is still at a minimum.
The evening herald. (Klamath Falls, Or.) 1906-1942, 1917-02-06

mldame Reenee. a fallen operatic
idol OF Paris. comes 10 America with
her daughter Cora to seek q home.
Madame Renee becomes III, and A..
ter several weeks OF striving and
struggling TO succeed. she dies, leay.
Ing Cora alone and In destitute cir.
rumstances. In the tenement house
where Cora's mother died there lives
Marie and her crippled sister. Louise.
and they take Cora to live with them
when her mother passes away. Marie
is an artists model and poses for
George Garnier. a famous artist. The
artist is engaged to be married 10
Helen. the daughter Of very wealthy
woman OF high standing. This rich
The evening herald. (Klamath Falls, Or.) 1906-1942, 1917-02-06

P. H. Gibbons. the Algoma cook.
with whom he was keeping company.
That they had gone down to take
some pictures. and ON the south side
Of the house Neubert had picked up
an exploded .3s caliber revolver shell.
That he had thrown It away. He
Identified the revolver In court as be.
ing .3S caliber which had been TAX
en- from Mrs. Hobbs. On cross-exam
animation. he. developed = lack Of
memory regarding the length OF time
after he had seen the shell until he
recalled the matter to mind. Didn't
remember to whom he had first spok.
en- about 1t. Said he had not talked
It over with Judge Drake any more
than casually.
Miss Helen Stoner told OF seeing
Neubert pick up the shell. Was ask.
ed but two questions by defense. Her
evidence was corroborative Of Neu.
bert's.
Tom Slough. a nephew of Edwin G.
Ways was next called, and told OF
hearing two shots. one clear and the
other "muhed." Was tending hook
on the donkey engine about one-half
mile from the cabin. Heard about s
o'clock that night that Hobbs had
been shot. and went down with Mrs.
Way to see about II. Did not know
until they arrived that Way had been
shot.
The evening herald. (Klamath Falls, Or.) 1906-1942, 1917-02-06

Minister of Foreign affairs at Ber.
lin, who yesterday expressed surprise
end wOnderment at the sudden deci-
fare" on all ships on the high seas
within certain boundaries outlined by
Germany would cause "a break be-
tween Germany and the United States.
sion OF President Wilson In declaring
that the institution OF the "unre-
stricted and ruthless submarine war;
The evening herald. (Klamath Falls, Or.) 1906-1942, 1917-02-06
cisy Council
Allows Bills

Tue followint. bills were ailowct
last night by the city council at IL
Arst regular meeting Of the month.
{. D. Crisler, 800; A. l.. Leavitt
800; r. T. baldwin. 500: r. c
0roesbeck, sss.s3: J. W. seimens,
Sli.ss: DIR. r. r. Hamilton. @3s: J.
w. Hilton. SIS: J. 8. RAbourn. SIS:
Keith Ambrose, SIS; J. W. Hunsaker,
e7s: Eme 0arcelon. S7s; r. J. Sheets
SIS: o. D. Matthews. sls; I. X. stru-
BILE, els: A. d. Miller. $fs: NJ. r.
Doty, $13; Don J. zumwalt, $1::
Herald Publishing Co.. $73.ss; W. o.
Smith Printing Co.. $3.50; same, $11;
same. $l.3s; same. $3.50: Keller
cafe, s5c: Western Transfer Co.. 35c:
same. g1.s0; Ward Z Obenchain. soc:
Daily Record. abstract. 81; the Bond
Buyer. $ls: Link River Electric Co..
ei0.Ss: same. $1.ss. spitscr Rorick
Z Co.. &S.07; Keeler Bros. 75c: J. H.
Carnahan. SIS: H. Boivin. $3.50: /
Bushong Z Co.. $40: prisoners board.
a.: John H. Collman. S3s: o. X. !!
blacksmith shop. $s.7s; W. E. See
horn Co.. 37s.s0; klamath Fuel Co.. !
$3.50: L. &. Sullivan. 81; D. W.,
Powers. t3.so: Gun Store. Sass: Geo
c. Mitchell. $1l.so: sane. $l1.so: G.
G. Lorsas. ss.se; Big Basin Lumber |
Co.. e3.so: same. SASS: same.
e7.3S: Oregon Harness Co.. $3.5o;
california- Oregon Power Co. $4s1.7s:
D. X. Blacksmith shop. $31.sl; Stand
ard OIL Co.. $3.75: J. r. Goeller Z
son. $3.50: klamath Dye Works.
$3.50; A. G. Long. 1870: Keith Am
bross (sxpress). sl.35: Central gar
we. $3l.ss. !