davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-12-13
In Terms Of Ton-Miles

K. ]. Clancy. assistant 20 the gen
eral manager Of the Southern Pacihc
Railroad. has worked out some inter
estirg statistics showing how the rail-
roads OF the country not only Obtain
less dollars per ton mile oil ireighJ
bauled but that the dollars received
buv less than ever. The service that a
railroad renders is expressed IN ron
miles" 4 ton mile is the equivalent
Of hauling a ton Of freight one mile
What a railroad is able to earn by haul
ING ton Of freight one mile CORE
spondg toNyhat a workman can earn t9r
his hour of labor. In 1913 the RAJ
roads received on an average lIy MUS
for this unit Of service. In 1916 rates
had declined TO point where ton,
mile brought only 706 mills. In III"
al ton-miles would buy days labor
In 1916 70 took 1893 ton-miles. Now II
takes over 400. In 1915, 5,SOO,OOO ton
miles would buy Mallet locomotive
To day the locomotive costs almost
10 100000 ton-miles. To earn the
added cost Of the locomotive, estimated
IA Sal 25. a railroad would have TO
haul ton of, freight 1877 times around
the world a box car could be bought
in 1915 for l72.l53 ton-mlles. ne
came car now costs 2Si,O0O ton-miles'
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-12-13
Price Revision
To Follow Talk
On Steel Cost
Manufacturers Will Met
Government at Conference
in Washington

WASHINGTON. Dec. H. Nanuiss
urers Of steel have been invited BY Il,
Federal Trade Commission TO s..ts.
a conference here Friday on prods
ton costs.
The commission has examined net,
than 5000 cost sheets from 400 sis
mills in the United States preparsla,
70 submitting data 20 the Presid,r'
on which the War Industries Bear.
will revise steel prices, and mana
facturers viii be given opportsaii7
70 explain any factors which lle
think should be taken into consider
ton IN determining amounts they ar
10 receive under resdjusted prices f.
iectlye January I, 1918.
Trend Of production costs slrc
July, which was the las. month xss
INTO consideration when iemponu
prices were agreed upon in Septembsi
has not been disclosed by the comnb.
sion, but steel men contend that tAsr,
Las been steady increase.
steel mills at present are works.
only 20 per cent Of capacity, bg, ~.
eminent officials expect tina, the year,
production will be substantially lsrs
than last year. rs many plants hsss
made large additions TO their ecsr.
ment
Prices which the steel men viii n
asked 70 approve will be determirst
according 10 tne announced policy n
the War Industries Board. so that -;
only will fair profit be allowed %
all plants, but maximum produeii'r
VIII be encouraged.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-12-13
Relevant Comment
DolIar Bill Lasts Three Years.

ivory time a piece of paper money
changes hands it undergoes Just SO
much additional wear and tear. Ihus
tho increasing velocity of the circulat-
;r,, medium due to the speeding up OF
business activities greatly shortens the
average life Of such paper. The Treas
urer of the United States calls atten-
ton 70 this in his annual report. 1t
ia particularly noticeable, he says, IN
tho current issues Of the smaller de-
nominations. 50 and under. The aver
age life under present conditions OF
the one-dollar silver certificates IS one
voar. United States notes Of one dol
lar denomination last about three
years. The iive-dollar silver cer'lii-
Gates wear out on the average after
I'S5 years service, and the iive-dollar
Treasury notes last nearly three years.
The greater longevity OF the govern.
mont issues of the denominations OF
$40. $50. $50 and 500 is due to the
fact that these notes were formerly
held from year to year in bank re-
serves. At the close of the fiscal year
Of 1917 pieces OF the United states
naner currency outstanding numbered
M7gSS.93l, OF total value Of $3.50
D-o Sax
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-12-13
Western Union
Regular Dividends

New York Contra. Regular quarterly
dividend or a per cent, payable February /
to stockholders Of record January 3.
Michigan Central.-Regular semi-annual
dividend of . per cent. payable January %
to stockholders Of record December 81.
Detroit River Tunnel Regular semi-an-
nual dividend Of per cent. payable January
70 TO stockholders OF record January 5.
Mahoning Coal Railroad. Regular semi
annual dividend OF 50 on the common and
% Der cent on the preferred stock. Com
mon dividend il payable February | 10 stock
holders Of record January s. and the pre-
ferred dividend January 90 stockholders OF
record December 20.
Canada Southern Regular semi-annual
dividend OF y per cent. payable February
70 stockholders of record December 81.
Kanawha & Michigan. Regular quarterly
dividend Of = per cent. payable December
81 TO stockholders Of record December "A.
Merchants Dispatch Transportation
Regular quarterly dividend OF 2ie per cent
payable December 81 TO stockholders OF rec
ord December "a.
Toronto. Hamilton & Buffalo Regular
quarterly dividend OF IA per cent payable
January to stockholders Of record Deem
Der %.
New York State Realty & Terminal. -
Regular annual dividend OF per cent. pay
able January > 10 stockholders Of record De-
ceniber IS.
American Typcfounders.- Regular quarter
ly dividends Of I z. per cent on the preferred
and / per cent on the common stocks. both
payable January = 20 stockholders CT rec
ord January io.
United Shoe Machinery. Regular quarter
ly dividends OF 3 x cents ON preferred shares
and 90 cents on the common shares. payable
January 90 stockholde.s Of record Deem
be- rs.
National Cloak & Suit Regular quarterly
dividend Of sl.25 a snare on the common
stock. PAYABLE January H. 10 stockholders OF
record January :.
Haskell g. Barker Car Regular quarterly
dividend OF - cents a share payable January
= to stockholders of record December IS.
American Public Utilities. Regular quar-
terly dividend Of ~ per cent on the pre-
icrrci stock. PAYABLE January . 10 stockhold-
crs Of record December 20.
International Petroleum. Initial dividend
Of 30 cents n share on the ordinary shares.
payable January 81.
PhiIadelphia. Baltimore & wsshington.--
Regular aenli-aunIa. dividend Of 3 Tcr cent.
payable Dccembcr 81 70 st9ckholtcrs OF re-
ord December r..
Carolina Power & Light Regular quar-.
terly dividend OF IA per cent on the pre-
ferred stock. payable January 2 90 stockhold-
ers Of record December 10.
lsdkin River Power Regular quarterly
d,, id.nd Of A.. per cent ou the preferred
stock. payable January 10 stockholders OF
record Decen be- -.
A>hegille Power & Light Regular quar-
teriy dividend 81 a per cent on the pre-
ferred stock payable January = to stocs-
hoid-rs ol record Docsmbe. 10.
New York Savings Rank. Dividend for
the six months ending January 1, l9lS. at
the rate of I per cent per annum.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-12-13

Just three years ago yesterday
the Stock Exchange reopened after
having suspended dealings for more
than four months. Since the re-
opening themarket has gone through
the greatest boom ever witnessed IN
Wall Street and a year of almost
continuous liquidation, also without
precedent. The net result of the
great imitation and subsequent de-
fiation is a decline of about 9 points
in the average price of twenty-seven
stocks-ffteen rails and twelve in
dustrials-compared with the level
of July 80, 1914. The industrials
still hold a little of their gain, but
the railroads are far below the panic
prices made on that date. At pres
ent prices seventy-fve stocks, rep
resenting practically every impor-
tant group on the list, show an aver
age loss of Al points from the high
est prices reached since 1914. The
average loss, by groups, is shows in
the following table:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-12-13
Steel Industry in
Dread Of Further
Revision of Prices
More Furnaces Banked Be.
cause of Fuel Shortage
Pig Iron Scarce

Before adjustment 10 the ongIri
fixed prices has been more than BAD
carried out. the iron and steel indus'p
finds itself weighing the pOssioiliiy o.
being obliged TO complete this rssiif''
ment on still lower level. aeeordn
TO 1.-THE Iron Trade Review"
at is yet to be shown" says u'
authority. whether this will esm
weight in the reaiirmation or reyiysI
OF present prices January J. No go
mite decision on this question CIV.
ing out OF the conference Of iron =.
steel producers and government ~
sentatiyes az Washington this wees -
been formulated. but the bele
stronger that 10 change may DC -,
at this time. According % Nasn'"<
reports the conference was more os..
pied with the maintenance OF pfoa-.,
ton and prompt hlling Of goyernm,.
needs than with prices. Labor ~.
tions have assumed greater lnipon',,.<
The storm factor has lncresssa
difficulty Of obtaining supplies. fur.i
retarGing OF coke deliveries mas -
the banking Of many blast furns,.
Lack Of coal has brought about 49,
sale closing Of steel works and n"''
ing plants .s,,..,
THE Iron Age" says: "Specines''s.s.
Cor government steel are going "
mills faster than had been eounNo
and some classes Of mills ar. -
fully occupied on war account ~
seemed likely two months ago; 80.
there are gaps due to lsek o. .,..y
work. For example. Canadian 80,
having contracts for American "a
complain Of the slowneSs WIN s,ss
orders for the steel arc sent cu'
Washington 70 the makers here. ,,-f
"Tho pig iron market Is Nd
rteadily toward a condition 10 wssJ
consumers without war orders VI" -
Il wellnigh impossible 20 seeu't, ~
Philadelphia continues 20 lean "a ~
volume of new buying. About ~
tons was bought there in the wss ~
goo tons being basic, for del''e'
the first half Of 1915" ~
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-12-13
Oil Production Spurred

The advance in crude oil is expected
70 encourage winter development woTH
in the Eastern fields on a larger scale
than usual. For some ume' says
6T 9TH oil civ Derrick" Operators had
been slowing down with a view TO DIS
continuing development work during the
cold season. The advance will encour-
age a continuance and probably induce ;
others to try for new producing tern;
tory. Instead Of dull winter ~ VII snr
he one of activity. The demand tor
HIGH Grade crude is very great. Ito"
far the efforts Of operators can go
toward increasing the supply remains remains
10 he seen. From the present outlook
the prospects for increasing the Pro pro
duction are not encouraging ne
most OF the wells completed VIII DE
i;o,bt and the aggregate Of new produc-
lion small. The best that can be noped
for is preventing the fields as whoie
from showing decline
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-12-13
Elections

Robert II. fireman has been reelect I'd
Glass A director. Group ?, o. me
Federal Reserve Bank Of New forK.
and William b. Thompson, Class ;,
director. Group ,. each for term OF
three years from January !, 1913.
John Z. L.ggett, president. OF tne
Connecticut Brass & Manutactuf'a.
Company. has been elected CHAIRMAN n o.
the hoard of directors. Harry W. COD
dard. vice-president, has been elected
president to succeed Mr.. Liggett.
W. J. Wilson. Of Robert Winthrop
e Co. has been elected director OF
the Empire Steel & Iron Company.
G.. II. Smith. vice-president OF the
International Petroleum Company, mas
been elected president of the compan,y.
TO succeed W. c. Teag!e, recently
elected president of the Standard o'l
Company Of New Jersey.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-12-13
A. T. & 7. Retires
S3O,OOO,OOO Notes
Maturing Feb. ]
Purchases Made in Open
Market During Last
Year Profitable

More than 100000 600 of the $4,000
coo outstanding ~ per cent notes Of the
American Telephone & Telegraph Com
psny and its subsidiaries, maturing
robruarv next. have been retired by
purchases in the open market. Inc
remaining S2o.0OOOOO OF the notes an
official OF the parent corporation sara
Yesterday. will be paid OF IN ea'h 81
par when they fall due.
The company began purchasing Tue
notes 50 far retired about year ago
Same were bought at a SLIGHT premium.
,r,;lc others were acquired at less than
mar The funds used in purchasing the
notcs were derived from the sale IN
November. 1916. of SS0,O00OOO thirty
wear sinking fund collateral trust per
cent bonds TO a syndicate Of bankers
headed By J. p. Morgan Co.
Redemption Increases Income
"The sale OF these bonds" said an
official Of the company, supplied rs
with a great deal of surplus cash. AZ
cordjngly il was deemed wise to redeem
n large share of the outstanding notes,
as the income from the money thus IN
vested was considerably greater than
il would have been had we left the
money in the banks"
The original issue Of notes consisted
Of $4,000, 900 of the parent company'5
own two-year IA per cent notes and
SlO.OOO.O0O notes of subsidiary COM
NAMES. Later the notes were re-
arranged by substitution of the sub
sidiary notes for the parent company
notes. so that finally there were ou,-
standing S2I,6l0,000 notes of the Amer
lean Telephone & Telegraph Company
and S2S.3g0.O00 notes of subsidiaries,
the total remaining at S5O,OOO,OOO
Plenty of Cash on Hand
OF the parent company's holdings
there are only about S7,000,OO still 10
be retired. and Of the subsidiary COM
panies's obligations about $l3,OO,OOO re
NAMED 10 be redeemed. Cash holdings
of the Bell system, with which to pro
vide for the notes maturing on req
ruary !, are estimated at from S35'OOO'-
600 TO S40,000,000.
For the ten months ended October
30. the American Telephone q Iele-
graph Company reported gross earnings
of S2G.71O.S63. an increase of S3.s3o'-
SO4 over the preceding year. Net op,,
Grating income for the same. period
amounted TO S12.141,343, an increase
Of s5S9. O33. 1t is said that current
earnings are at the rate OF between -
per cent and Is per cent on the s43o'-
DOC. 600 capital stock after allowing Tor
The excess profits tax.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-12-13
Fire Insurance Rate
Increase Postponed

NO action was taken toward advauc-
ing fire. insurance rates al the monthly
meeting Of the NcW York Fire lusur
ancc Exchange, held yesterday after
~.on az l23 William Street. Although
an increase iH New York City has been
predicted following general aucrcasc
throughout The United States, Including
.iates adjacent TO New YORK. action ig
delayed here pending The completion
Of detailed reports from am member
companics. Thirty.0yc OF the go ire
insurance companies in the exchange
have not furnished the required infor-
nation because Of incomplete records
Should their reports be completed be
fore the second Wednesday in Janu-
ary. special meeting may be called
10 advance the rates.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-12-13

M the Sub-Trcasury 70 be exchanged
for gold coin. but the officials of the
Treasury DEPARTMENT have hit upon n
nlan 20 nut q check on such requests
Persons who seek the gold coins for
use as Christmas gifts like the bright
sbipv ones Of recent mintage. In other
Years ;he Sub-Treasury officials nave
taken pains TO get in a substantla
suppiv of new coins TO meet thl'
Christmas demand. Not so this year
however, and il. contrary to the poIlte
request Of the government, any one
demands gold coin for certificates he
Will probably get old furnished coins
that have seen the wear Of circulation.
Actually tho demand for gold coin has has
allen off very sharply. indicating that
most people are respecting the wishes
.of the government authorities
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-12-13
Refining Capacity Adequate

An OIL expert estimated yesterday
that tho consumption OF the American
rehneries would approximate 3S5 600.
900 barrels Of crude petroleum in the
complete year Of 1917 This would top
the 1916 figures by about $4,000 0Oj
barrels and would establish "a new
record for the industry. According t.
this authority the refining capacity Of
the country is fully capable Of taking
care OF all the crude produced. so That
speeding up production is principally "a
matter Of developing new hclds and
drilling new wells.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-12-13
Other Cities

Talk Of Eliminating $50 Liberty
Bonds. WASHINGTON. Dec. ~
Elimination Of $50 Liberty bonds in
future issues. on the ground that the
war savings system will accommodate
all purchasers. was discussed to-day by
representatives Of Liberty Loan com
mittees from oil parts Of the country
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-12-13
Yet Farmers Subscribed Sparingly

Attention was called by banker yes
to-day to the fact that the estimated
combined value Of corn and wheat
crops given in the governments ma,
CROP report for the season, alone one
eaualled the total money raised IN ne
two Liberty Loans. The corn crop 6G6
value was estimated at S4'65s OoV!O 100;
the wheat crop at 81 ,32O,0oo,OOC. Value
of the two together was not far rom
S6 600 600 900, as against slightly less
tban that amour raised in the ne
and second Liberty Loans: one mlgnV
saw that the corn and wheat farmers = 5
OF the country could have bought ins
,yar Loans out OF the proceeds OF TIM:
years crops without the assistance o.
the rest of the country.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-12-13
More Miami Bonds Offered

All of the 100000 bonds Of the
Miami Conservancy District Of Ohio
offered privately Monday by the Ma
tionsl City Company, the Guaranty
Trust Company and Harris, FORBES q
Co have been sold. The demand
for the issue has proved so satisfac-
tory. presumably because the bonds
are tax exempt, that the syndicate yes.
terday began Offering an additional
81. 100000. and before the close Of
business more than 100000 of the
second offering had been subscribed.
The funls from the total Offering of
ST. 100000 will cover the cost of the
estimated construction requirements
Of 1918 in the plan to prevent a re-
ct.rrence of foods in the Miami dis
trict. 1t was stated that further bonds
will not be issued until "such time as
il may be advisable to anticipate the
requirements Of 1919"
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-12-13
Few Gold Coins for Christmas

Periodically inclined citizens are re-
framing from using gold coins as
Christmas presents this year. This is
i, accordance with the expressed
wishes of the Treasury authorities at
Washington. who believe that the gold
can otherwise be employed to better
nurpose. Any person who has gold
certificate may. of course, present It
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-12-13

\ trader. observing yesterday 5
rapid decline in the market, re-
marked that stocks are selling
'mystcry-on. In sense he was
right. for there was no news Of suf-
Gcient import to account for the
more or less demoralized condition
Of the market. The selling came
largely from professional traders
bu; there was also some liquidation
Of investment holdings, though the
latter was not important in volume.
The decline was accelerated as stock
after stock dropped below its previ-
Gus low level for the year-in not a
few cases. for many yearS-and
stop orders were caught, or margins
exhausted. Support was extremely
thin. The lack of buying power
was especially noticeable in the rail-
road section Of the list, where losses
of a point or more between sales
we're recorded. Transactions in
railroad stocks reached only l2O,-
500 shares. out Of a total of 49,
500. There was some disposition
to attribute the slump to the seem
ing imminence Of government con
troll of the railroads. accompanied
by reports that the President would
name Justice Brandeis as the direc-
tor Of operations, and that no doubt
was a factor of importance. But
that explanation is not very con-
vincing when il is considered that
the industrial list led the decline,
and as a rule active industrial stocks
lost more than the rails. The
trouble is that the whole market Is
suffering from an attack Of nerves
similar to that experienced several
weeks ago, and lack Of information
as to lust how railroad stockholders
will fare under unification or gov
eminent operation is only one of
several factors responsible for the
general uncertainty back of the
selling movement. Fears Of
downward revision of fixed prices,
and that maximum prices will be es-
tablished for many industries which
have escaped so far, have played
part in the decline. But the pos
sibility of a great German drive on
the West front is generally believed
to have been the most important
factor making for unsettlment IN
the market. If that is true, then it
is not impossible that the market
has "overplayed" the news, for
there is no lack of confidence in the
ultimate victory of the Allies.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-12-13
Current

The above rates express the cost OF
foreign money in terms Of the Ameri-
can dollar You buy an English pound
sterling at, say, S4.75}s. The intrinsic
parity is si.SG6s per pound. Thus. YOU
say either that pounds are at q discount
or that dollars are al premium. " hich
is owing to the fact that in England
the demand for dollars with which to
settle accounts in this country Is
greater than the demand in this couu-
try for pounds with which to settle
accounts IN England
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-12-13
Money and Credit

Money on call at the Stock Exchange
was firmly maintained yesterday at
per cent. with a substantial amount OF
borrowing effected The money com
mittec was active, although its opera
lions we're not on such a large scale as
earlier in the week.
Offerings of fixed date funds were re
s;r.c;cd, with time loans on industrial
ccuri,ics quoted slightly higher, at
o., to per cent. Rates on mixed col
lateral loans were little changed.
Bankers reported somewhat more
active market in eligible bank accept
ances at around 3ts per cent.
Ruling rates for money yesterday,
compared with year ago, were as fol-
lows:
Yesterday. Year ago.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-12-13
Tax Stamp Bothers Bankers

officials Of banks which are mem
bers of the Federal Reserve system
said yesterday that if the new stamp
tax law is not amended soon 50 o.
70 relieve the day to day borrowings
at the Federal Reserve Bank Of the
excessive taxation now imposed. III;
tnre sales of treasury certificates Of
indebtedness by the government VIII
be affected unfavorably., since the new
Low vent into effect the banks have
not ayailed themselves Of the borrow
inc privilege at the Reserve Bank, as
the cost of loan if made for one DAY
would be at the rate OF ~ per cent
that is. 7 per cent for the tax IN ad-
dition to the 3 per cent interest charg-
ed bv the Reserve Bank. In the, past
the hanks have borrowed heavily at
the Reserve Bank to purchase treas
urv certificates Of Indebtedness. These
purchases. il is maintained, must be
greatly curtailed unless the war
revenue ac; is speedily amended.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-12-13

in session here. Most advocated It's re-
tention. however. and this recommended
ton probably will be made to Secre-
tarY McAdoO.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-12-13
Corporation Returns

Fisher Body Corporation. Report for TIE
three months ended October ~ shows sur
plus of $685. 6l. equal TO sos snare on
.ba coomon stock after allowing for divi-
dends on the s. .O00. 900 preferred stock. The
report compares as follows with the preced-
ing three months:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-12-13

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, 1917-12-13
lfNltIudg. fal db'
Can money. 6 % q ?,
Federal Reserve Banks Redeem Ger

fOcFaT NF>FfNt bdNkN NFUt'W NtT'
ti6cateS. WASHINGTON. Dec. T..
Most Of the, SiOO,0Oo.0oO certificates OF
Indebtedness issued September % ia
OF second Liberty Loan re
ceipts have been presented for rcdemp-
jion 20 Federal Reserve banks The
original date Of maturity. December -.
tarN McAdoo.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-12-13
German Bank Statement.-The
London Money Mark

London Money Market LONDON,
Dec. 12-Money was quiet. at 4 pc"
cent. Discount rates-Short bills, As
per cent; three months bills, IA per
cont. Cold premiums AZ Lisbon. no.