davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-26
Credit Unions to Organize

A conference was held yesterday of
the twenty-six credit unions Of New
York City organized within the last
two years with the object Of planning
federation for their mutual benefit,
discussion of methods and procedure
and general interchange OF ideas. A
temporary organization was perfected.
Christopher c. keenan,, supervising
committeeman of the Federal En-
ployes' Credit Union. was elected
temporary chairman, and r. B. MeIn-
tyre, president of the Credit Union of
Municipal Employees. temporary secre-
tary.
One of the tasks that will probably
be undertaken by the federation is that
OF perfecting plans for clearing
house association for their members,
so that idle funds in one credit union
may be loaned to another which has
more requests for loans than available
capital. In this manner the total
available assets of all the members
Will be earning interest continuously.
Another subject which will receive at
tention is the best method of provid-
ing for the establishment of savings
departments in the credit unions. so
that shareholders may deposit and
Withdraw their money in the same
manner as in savings bank.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-26
Dividends

Norfolk & Western Railway. - Regular
quarterly dividend Of ia yer cent on mo
common stock. payable December ~ 10 SUCK
holders Of record Novemoe- 81.
Pennsylvania Railroad.-Regular quarterly
dividend Of ~ per cent, payable NoveIoef
30 10 stockholders Of record November l.
Consolidated Gas.-Regular quarterly divi-
dend of q. per cent, payable december 10
10 stockholders of record November =.
Greene Cananea Copper.-Usual quarterly
dividend of 81 a share, payable November
26 TO stockholders of record November 3.
Lehigh Coal & Navigati0n.-Regular quar-
terly dividend of per cent, payable Novem-
Der 30 TO stockholders Of record October 81.
Washington-Virginia Railway. - Seminar
nual dividend Of 212 per cent on preferred
stock, payable November / to stockholders
of record October "A.
Standard Sanitary Manufscturing.-Reg
lar quarterly dividend of lis per cent and
an extra of | per cent on the common stock,
also the regular quarterly dividend OF ia
per cent on the preferred stock. all payable
November 5 TO stockholders of record Octo-
Der 81.
Butler Bros.-Regular quarterly dividend
of 2I2 per cent, payable November 10 70
stockholders of record November ..
Solyay Process.-Regular quarterly divi-
dend of per cent and an extra of l per
cent
Diamond Match.-Regular quarterly divi-
dend of per cent. payable December 10 10
stockholders Of record November 80.
British Columbia Packers Association
Regular semi-annual dividend Of 4 per cent.
payable November 20 to stockholders of
record November 9.
British Columbia Fishing & Packing
Regular semi-annual dividend Of 2 per cent.
payable November 20.
Riordan Pulp & Paper.-Extra dividend of
per cent on the common stock. in addition
to the usual quarterly dividend Of IL per
cent, payable November Is 10 stockholders
of record November S.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-26
Colorado Shale Oil

What is believed to be the first car
load of oil made from shale in Amer
lea and shipped in the United States
on regular order since the incep-
ton of the oil industry in 1859 is re-
ported as having been sent from Colo
RADIO to Detroit.
George Otis Smith, director of the
United States Geological Survey, has
announced that there is to be no fur
Their government Withdrawals of oil
shale lands in Colorado, and this has
had a reassuring effect on interests
identified with the industry. Mr.. Smith
says: at has been demonstrated that
the latent possibilities of the oil
shale of this region as source Of
petroleum are enormous. IL is also
known that there is locked up in these
shales vast amount of nitrogen
which can be recovered as a by-prod-
uct in the refining of the shale and
used in the manufacture OF fertilizers
and explosives. With all this infor-
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-26
Cotton Ginning

WASHINGTON, Oct. rs. - Cotton
ginner prior to October 10 amounted
to SSH ,624 bales, counting round as
half bales, the Census Bureau to-day
announced. Round bales included num-
bered 110,632 and Sea Island was
1881 bales.
Last year to October IS. ginnings
amounted to 7.303,1s3 bales, including
136,SO0 round bales and 5000 pa cs of
Sea Island. Ginnings by states this
year follow:
Alabama, 224.196; Arizona, 1921;
Arkansas, $4,000; California, 6,119;
Florida, 27.5O2; Georgia, l,043,996;
Louisiana, 346,349; Mississippi, $780,
O7S; Missouri, 1O,6CS; North Carolina,
151,S5S; Oklahoma, 41,776; South Car
DINA. 5SO,3Sl; Tennessee, 41,072;
Texas. 2,O72,467; Virginia, 1859, and
al other states, 1,157.
Ginnings Of Sea Island by states:
Florida, 20,351; Georgia, 1854, and
South Carolina, 976.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-26

Holders of railroad securities were
disappointed in the September oper-
ating statement Of the Atchison, To-
peka & Santa Fe system. This
helped to unsettle the railroad share
list. The road showed another large
increase in gross operating revenues,
indicating that traffic was holding to
a record volume, but this was more
than offset by the fresh increase in
the cost Of operation. Atchison's
gross revenues in September aggre-
gated 4,021, 779, anewrecord and an
increase of S1,252,918, compared with
the corresponding month of 1916.
Expenses amounted to S8,965,570 an
increase of S1,562,360. Operating
income totalled $3,933, 400, a decrease
Of $3.50 ,435, compared with a year
ago. Atchison's operating income
for the first nine months of the year
is still $2,429,733 ahead of the cor
responding period of last year,
amounting to $37, 525,443. The roads
September statement is similar to
that of the Union Pacific, issued ear
lier in the week, which disclosed a
heavy decrease in operating income
despite a substantial increase in
gross.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-26
ReAexes Of War

The "Gazzetta Ufficiale," published at
Rome, Italy, contains decree institut-
ing for the duration of the war and for
six months after the conclusion Of
reace, at the Ministry of Industry,
Commerce and Labor, the Central Com
mittee of the Cotton Industry. Its
scope is to facilitate the supply of raw
material, to regulate production in a
manner to insure in time, at just prices,
the satisfaction of the needs of the ltal-
ian army and those of the civil popula-
ton, and to see that such measures are
taken as are necessary to MAINTAIN the
exports so far as possible. because they
represent a national interest. The COM
mittee will be constituted by decree
Of the Ministers of War and of In
dustry, Commerce and Labor, and Will
be composed of state and military ON
Gals belonging TO the Ministries OF In
dustry, of War. of the Navy and Of
Arms and Ammunition, and representa-
tives of the cotton associations and
various groups of that industry.
The great Van Houten cocoa and
chocolate factory at Weesp, near Am
sterdam, Holland, has been forced to
stop work for lack of coal. 1t is hoped
that a supply may be received shortly,
but the situation is uncertain. Two
boats have been withdrawn from the
municipal ferry service across the Am
sterdam Harbor and others are making
a reduced number of trips. because of
the fuel shortage. The result is that
the former service of boat every
seven and a half minutes each way Is
changed 10 ten minutes during the day
and twenty minutes at night. The
scarcity Of coal forces the government
to limit the quantity allotted to the
Dutch company, which produces paper
in rolls TO such an extent that the COM
pany must entirely close one of its
factories. This will reduce by %, and
possibly even by so, per cent the guam
tty of paper available for Dutch news
papers. Accordingly, an association OF
important journals has reduced thelr
consumption by 20 per cent in compari-
son with their use of paper in 1915.
A regulation issued to manufacturers
Of steel in Great Britain states that in
view Of the difficulties in getting sup
plies Of ferrochrome, the use of the
same in connection with the manu-.
facture of stainless steel for cutlery
purposes is prohibited. Ferrochrome
must be used only in connection with
high speed, crucible carbon steel and
alloy steel, and in the case of the lat
ter only where a priority certificate or
other permit number has been obtained
which will warrant the manufacture OF
the steel in question.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-26
French Would
Broaden Market
For Their Bonds
Americans Asked to Adopt
Plan of Fortnightly
Settlements

PARIS, Oct. 25. - Negotiations are
under way between the Official Stock
Brokers' Association of Paris, which is
the governing body Of the Bourse. and
representatives of American banSs with
a view to participation after the war
by French branches of American banks
in the effecting Of fortnightly settle
ments Of Bourse transactions. The
manager of the Stock Brokers Asso-
citation said to-day that there was need
Of such cooperation, because after the
war French bonds would require
wider market in order to assure their
greater stability. The American bank
ers are considering the proposal in
favorable spirit.
About half the balances from Bourse
transactions left in suspense at the
outbreak of the war have been liqui-
dated. Sums aggregating 25O,oOo'oOo
francs are being carried over from SET
element to settlement without DIM
Guilty.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-26
Committee Will
Consider Marine
Dividend Matter
Directors Are Expected to
Act on Arrears on the
Preferred Stock

Directors Of TIE international Nor
camille Marine Company. at meeting
Yesterday, voted to refer the question
of settling the back dividends on the
preferred stock to special committee
of three, which is expected to report
back to the full board their recon-
mendations at an early date. Accu-
mulated dividends on the S51,72o'3oo
preferred stock at the time the cur
rent rate of 6 per cent was resumed
early last July totalled sSs share
or S42,757064.
p. A. S. Franklin, chairman OF the
board. would not divulge the names
Of the special committee, and other
directors referred all inquiries regard
ing their identity to him. I'VE APP
pointed a committee Of three directors
10 consider the question of dlvidend5
now in arrears on the preferred stock,
said Mr.. Franklin, land this commit
tee has been instructed TO report PACK
TO the full board at an early date. As
soon as the board has received the
recommendation of the committee II
will act promptly. -.
"No plan was discussed at to-day's
meeting, but | believe that the matter
will be speedily adjusted and that g
definite arrangement will be made
soon"
Yesterdays action Of the lnterna-
tional Mercantile Marine board was
the first definite step yet taken 70
provide for The back dividends on the
preferred stock. Wall Street has been
filled with rumors from time to time
that such action was imminent, put
when the directors met inquiries
were usually met with the statement
that "only routine business had been
transacted"
One of the reports heard as to how
the accumulated payments on the
senior shares would be taken care of
was that the stockholders would re-
ceive IS per cent in cash, 80 per cent
in per cent notes and so per cent in
new common stock. Sucn plan, II
was stated, would call for meeting
Of shareholders 20 authorize the add
tional common shares.
In the carly trading yesterday on
the Stock Exchange the Marine shares
were buoyant. The preferred made
new high on the present upward
movement of 94&4, but IN the after
noon sagged off with the rest of the
market and closed at S9A, for net
loss Of 81 points. The common stock,
after selling as high as 2S2s, closed
down Is, at 2612.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-26
Japanese Developing
China's Steel Industry

The Japanese who have financial and
other interests in the Han Yen Ping
steel plant at Hankow have made an
arrangement with the Chinese for the
further utilization of the iron products
of this country and for the establish
ment in Japan of steel industry. ac-
cordlng 70 statement from the Shang-
hal Office Of the Han Yeh Ping Cor
poration.
One oil the several public announce
ments that have been made in regard
to the undertaking is:
The establishment of a big steel
foundry at Kyushu, Japan, under Joint
Chinese and japanese ownership, is
confirmed by the Shanghai Office of the
Han Yen Ping Company, Ltd, the Chi
nese representative of the proposed
corporation. The project was passed
at board meeting early in September.
and the contract signed at Peking on
September by the managing director.
The capital of the new Joint concern
will be 100000 yen (yen equals 49.S
cents, and capitalists of each country
furnish half the amount. The contract
stipulates that the Han Yeh Ping Cor
poration shall furnish the new con-
Germ with 5000 tons of pig iron a
month at a reasonable rate.
The manager OF the Shanghai office
expressed the opinion that the new
foundry will be ready for operation in
two years. The Han Yen Ping Com
rany is now trying to obtain machin-
cry from the United States 10 enlarge
the blasting furnace at Tayeh, Hupeh,
in order TO increase the output of pig
iron.
IL was reported last week that Jap
snese interests were negotiating in
this country for the purchase of sew
eral blast furnaces, which they in
tended dismantling for shipment to the
Far East
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-26

The manner in which the railroads
of the country have been able to
make their facilities take care
of the sudden increase in bust
ness brought on by the war is shown
in report just made by the Western
lines to the General Railroads War
Board. Loading more goods into
cars, putting more cars into trains
and getting the trains over the road
faster have enabled them to take
care of an increase in traffic of over
fifth, Notwithstanding the fact that
they have not been able to get new
cars or engines. On the Western
lines almost nineteen billion ton miles
of freight were carried in May, June
and July this year, as against fifteen
billions last year. A ton mile is the
railroad measure of traffic, and
means the work equivalent to carry
ing one ton of freight one mile. This
was an increase in business of 21.2
per cent. In July, 1916, 21.6 tons of
freight were loaded into an average
car. Better loading had brought this
up to 1913 tons in 1917. Last year
the freight trains hauled COS tons
each; this year, 63S tons. Freight
train mileage jumped 1915 per cent
from twenty-five millions to almost
thirty millions. Moreover, this added
mileage of 1915 per cent took care Of
21.2 per cent more traffic. This eff
cient operation has thus saved, in
three months, the equivalent of al
most a million and half train miles
and $4,000 locomotive days. In other
words, without this saving, work
would have had to be done equivalent
10 hauling a million and half trains
one mile, and $4,000 engines would
have had to be worked one day
more. The alternative is, of course,
delay and congestion. Cooperation
on the part of the shippers is in a
large measure responsible for this
efficiency, and the results have been
possible only because shippers and
carriers have been working together
in the common cause of helping the
government win the war.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-26
Thursday, October rs, 1917

Fresh unsettlement of the stand
ard railway shares furnished the
principal development in the days
stock market dealings. Pressure was
exerted against the whole list, but 1T
made more of an impression in few
scattered issues. Wall Street, for
example, was confronted with the
spectacle Of Canadian Pacific selling
at 1881, the lowest since 1909, an
issue that in the prewar days sold
on numerous occasions well over the
200 mark. Union Pacific at l167s
was within a few points of the bot
tom figure reached in the war panic
of 1914. Industrial shares, prnci-
pally the more volatile, displayed
considerable strength in the early
trading, but lost ground rapidly in
the late trading, gains recorded in
the forepart Of the day being rapidly
converted into net losses of a point
or more. 1t was impossible TO find a
satisfactory explanation for the re-
dictionary tendencies in the news of
the day. Accordingly the best opin-
ion in the Street continued to hold TO
the view that the stock market is
still in the midst of the general re-
adjustment process. The liquidation
of both stocks and bonds has by no
means been eliminated as a market
factor of considerable Importance.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-26
Wells, Fargo & Co.-The comp
Elections

Robert N. Raymond, of the London
Exploration Company. has been elect
ed a director of the Greene -Cananea
Copper Company, to succeed p. L. Fos-
ter, resigned.
Benjamin P. Cheney, Boston; Au-
gustus D. Julliard, New York. and L.
De Witt Cuyler, Philadelphia, were yes
terday reelected directors on the Atchi-
son, Topeka & Santa Fe Railway at the
annual stockholders meeting here.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-26
Money and Credit

Money rates were firmly maintained
in a quiet market yesterday. Offerings
Of fixed date funds were restricted,
with lending institutions continuing to
take q conservative attitude until they
can determine how they will be af-
fectcd by the payments incidental to
the Liberty Loan subscriptions. Rates
for loans backed by industrial securi-
ties as collateral were quoted yester-
day at 5la to 5A per cert for sixty and
ninety days and four months, and b%
per cent for FIVE and six months. Loans
against l.ixture of railway and in
dustrial securities were to 5%4 per
cent.
At the Stock Exchange call money
was fairly plentiful at 4 per cent, UNI
changed from Wednesday.
Ruling rates for money yesterday,
compared with year ago. were as fol-
lows:
Yesterday. Year ago.
- ., an az o.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-26

For more than q month now the
capital market has been practically
closed TO private borrowing pending
the flotation Of the governments sec
ond Liberty Loan. The campaign
closes tomorrow. Ii is not improbable
that the end of the subscription
period will be followed by a renewal
Of corporate financing. Already one
industrial corporation, the y. f.
Goodrich Company, has arranged for
an issue of S15,OOO,OOO Of two-year 6
per cent notes TO provide fresh work
ing capital, it having been found
TO carry large inventories
Of raw materials which has involved
he employment of great amount of
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-26
Bankers Say Relations
With Paris After War
Must Become Closer

international bankers here expressed
the opinion yesterday that closer rela-
tions would exist between this centrs
and Paris after the war:
1t was pointed out that the French
method OF stock market settlements
differs very much from the procedure
here. but any system That might De
devised to broaden the market Tor
French bonds would probably prove
acceptable to American bankers.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-26

nation at hand, the government ny
consistently held that the oil-sIss -,
land should not be withdrawn "
should be classified as mineral la.s
and made available 70 the puohe ~
der the United States mining
When there was suggestion III
years ago that these oil-shale lsA
would prove an important faeto, ~
the production of petroleum m ~
country it looked rather absurd W.
the immense amount of oil SIN ~
in the earth was considered. w
however, in connection with the
coyery Of the nitrogen, the indu'S
may prove very fourishing one
OIL City Derrick.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-26
Relevant Facts

Extra Dividends Observation-Disclosures
Of the Standard Milling Company de-
clared yesterday dividend oil per
cent on the common stock, payable 4
per cent in cash and per cent in stock
out of earnings for the fiscal year end
ed August 81, 1917, in four quarterly
instruments. The first distribution VIII
be made November 80 to stockholders
of record November 10; the second
February %, to stockholders Of record
February IS, 1913; the third, May 81 to
stockholders of record May 81, 1918,
and the fourth, August 81, TO STOCK
holders of record August 81, 1918. Inc
regular quarterly dividend of ~ per
cent on the preferred stock was also
declared. payable November 81 70
stockholders of record November ~
1917. A year ago the same DIVIDENDS
were declared. -.
Indiana has declared the regular guar
terly dividend of 3 per cent, ana the
usual extra dividend OF per cent
nayable November 80 to stockholders
of record November ..
Allis-Chalmers Manufacturing. -
Total sales for the quarter ended sep
TENDER 80 last amounted TO S6'2o IVoo'
compared with s4,2l7,s6o in the cor
responding three months a year ago.
Net profits totalled S919,4O4, an in
crease Of s37l,205 over the 1916 quar-
ter. Untitled orders on hand Septem-
her 30 last totalled s17,345, 433.
Interborough Rapid Transit.-Atter
showing an increase of s65,363 in gross
operating revenues, which amounted to
S3,073,471, in the month of September,
net revenues of S1,6l9,337 were Sl77,-
SIS smaller than in tine corresponding
month year ago. There was an increase
of S244,17S in operating expenses, and
taxes were s116,S2S greater than in
September of last year. Net corporate
income after interest, rentals. etc,
amounted to s455,20S, a decrease Of
Sl64,374. There were 58,80l 1925 mas
sengers carried during the month, or
770,063 more than a year ago.
Goodrich Company to Issue Notes.
1t was formally announced by the B. F.
Goodrich Company yesterday that 1t
will issue $l5,OOO,OOO of 6 per cent
notes to cover a period of two years.
The issue will be in serial form and
the proceeds will be used to facilitate
the carrying of unusually large inven-
tories of raw materials made neces airy
by the war. The Central Trust Com
pany, the Chase Securities Corporation,
Goldman, Sachs & Co. and Lehman
Brothers will act as the bankers in the
transaction. There will be no public
Offering of the notes.
Wells, Fargo x Co.-The company
reports for the first six months of the
current year total operating revenue
of sl3,9S4,O72, an increase of S2,493,-
575 over the previous year. An in
crease of S3,298,0l4 in operating ex-
penses and taxes brought about loss
In operating income of SS04,439 the
total being S457,047 Other income of
SafT Qhs hrouOht tho total not ;ncoua
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-26
The Dollar in Foreign Exchange

Exchange rates moved narrowly in
the local market yesterday. Swiss
francs continued to display strength at
ASP TO the dollar. Italian lire under
went moderate improvement. Russian
rubles were steady.
Closing rates yesterday, compared
with a week ago, ale given in the table
belc,y. American bankers have sus-
pended ali dealings in German and
Austrian exchange, 20 that daily quota
tions for either marks or kronen are
no longer available.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-26
New York
'wo Stock Exchange Seats Change

Two Stock Exchange Seats Change
Hands Edwin NJ. Friedlander bought
the Stock Exchange seat of Charles
W. Townsend yesterday for $4,000,
unchanged from the last previous sale.
George p. Bissel and William {.
Moore were elected members Of the
exchange.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-26

working capital than would be ordi-
narily necessary. Other industrial
concerns are confronted by similar
problems, and will likely have to en-
ter the market for fresh funds in the
near future.