davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-10
Higher Costs of
Manufacture Cut
Profits on Autos
Annual Report of WHY'S
Overland Co. Shows Earn
ings of $lO,O00,000

Although the volume Of business
transacted was the largest IN ITS MS
tory. the Willys-Overlsnd Company. IN
its report Of 1916 operations. shows
falling off in net earnings compared
with the year before. due in part to
the higher manufacturing costs.
Net earnings of the company and us
subsidiaries last year amounted to slO,-
016420. compared with Sll,2Ol 200 IN
1915. and 1892 ,499 in 1914. Net in
come. after deduction of interest. was
ss.5s5.7is. against s9,7sO.67S in 1915.
John y. WHY'S. president, tells the
stockholders that at present the com
pany's untitled orders for immediate
delivery are over 10000 cars. the larg'
est amount in the company's history.
Increased cost of manufacture during
the year was, according to President
WHY'S, due TO many important causes
not peculiar TO the Willys-Overiand
Company. but affecting nearly all Amer
lean manufacturers alike. The prin'
cipal increases in our costs he says
"other than these general advances.
were OF temporary character. notably
a decided increase in the public demand
for closed cars, and our voluntary pol
icy of writing down the value of our
tool equipment"
In it's balance sheet the company car
res good will. patents. trademarks, etc,
as an asset of sl4 ,059, 1882. Cash in banks
and on hand at the end of the year
amounted to 81, $50, against $4,'
C23,3 at the close of 1915.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-10
Would Use Excess War
Profits to Retire Bonds
Extra Dividends Mistake, Says
Am. Steel Foundries Head

Though the 1915 surplus avallaoie
for dividends on the capital STOCK Oh
the American Steel Foundries Company
vas equal to 2l.64 per cent, compared
with less than one-ff th of per cent IN
the preceding year. the "excess' prohts
will not be distributed to stockholders
r. P. Lamont, president Of the concern
states that large part OF the year
earnings arose from work OF tempo
rary character outside the companys
regular line Of business. Therefore. he
saws. in the judgment of the directors
"it would be a mistake 10 pay. out these
excess earnings in DIVIDENDS. inc!
should be conserved until all OF our
contracts for war materials arc
finished. and if at that time conditlons
warrant il these excess pronts shouIu
be used to call and retire our per CENT
bonds and provide for the payment Oh
our debentures when due
Gross sales for 1916 were s3l sol ,OVo'
against slO.O2f870 in 1915 and sls,4oo'-
81 in 1907. the highest previous gross.
December business amounted 70 over
quarter OF the year was approXlmatel!
10000, 900. equivalent 10 two-nftns OF
the entire year.
Net earnings from operations last
wear were s4.S42.237. from which was
deducted for depreciation SlSs,4l3'
against s2O4 .Os3 in 1915. The 1916 sur
plus available for dividends on the 81.
$4,000 capital stock was s3,1lo's'o
ftpd nraVfSlOp
Explaining why dividends were not
resumed prior to the last quarter OF
the year. Mr. Lamont stated that the
large volume of business kept the COM
pany short of cash.
Mr.. Lamont asserted that the com
pany's 1917 prospects were good. Or
ders on hand are sufficient 70 keep the
plants busy we'll into the second half
of the year.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-10
Bankers Approve
Attitude of the
Reserve Board
Prices for Foreign Bonds
Show Recovery - More
Loans Expected

Interpretation by Wall Street bank
crs Yesterday Of the Federal Reserve
Boards announcement concerning It's
attitude toward European war loans
was that the break in relations with
Germany had made advisable the estab-
lishment Of new policy regarding Al
lied financing in this country.
Approval vas expressed on all sides.
The Guaranty Trust Company, an insti-
tuition which has taken an important
part in the hotation of Allied loans,
sent this letter to its correspondents
throughout the country:
There has appeared in this morning :
press a statement by the Federal Reserve
Board which. in our judgment. expresses
an attitude so broadminded and construc-
tive and 50 important in its bearing on
the business progress OF the country that
We venture 10 draw your attention 20 a
copy OF the full text, which We inclose
herewith
Not only is it expected by bankers
that new loans TO France and Great
Britain will soon follow the Reserve
Boards statement, but it is believed
that a wider distribution of Allied Sc
curities already sold here will be ac-
tolerated. When the so-called "warr-
ing" Of November 81 last was issued the
Allies bankers were trying TO sell a
$50 000.00 Russian unsecured loan, and
Kuhn. Loeb e. Co. had just announced
an Offering for a similar amount Of So
curities Of French municipalities. The
immediate effect was that their sale
was halted and large amount was left
on the underwriters hands.
English and French external govern
ment loans along with those securities
suffered substantial price declines. The
Anglo-French per cent bonds, which
had been selling around 90. dropped
steadily until they reached the record
low quotation of 9Oi5, about two weess
ago. Other things played a part in this
decline, however.
Yesterday there was buoyant tone
to all the foreign issues that have been
sold here since the war started. On
the Stock Exchange the trading in them
was the heaviest for weeks. The fol-
lowing table shows the turnover and
the price changes of the more impor-
tant issues:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-10

The above rates express the cost o.
foreign money in terms OF the Ameri-
can dollar. You buy an English pound
sterling for s4.751; the intrinsic par
ity IL t4s6% per pound. Thus. you
say either that pounds are at dis.
count or that dollars are at prs.
MUM, which il owing 70 the fact that
IN England the demand for dollar
With which % settle accounts in thi.
countrY IL greater than the demand IL
this country for pounds with which to
settle account. In England.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-10
New York
Bank Starts Educational Department

BANK STARTS EuuCdtlOHdi bSpdi iheh''
The service department Of the Ma
tionsl Bank Of Commerce yesterday cs-
tablished division Of employment and
education. and Dwight l.. Hoopingarner
came from the Carnegie Institute OF
Technology to take charge. Mr.. Hoop
ingarner was connected with the bureau
Of salesmanship research at the Carne-
gle Institute of Technology. where he
held the major research fellowship.
Employment and education are 20 be
centred under one head at the National
Bank u Commerce. Cooperative rela-
tions will be established with universe
ties. schools and other sources so that
the best material can be brought into
the bank organization for training.
Several courses will be established un-
der Mr.. Hoopingarner's direction, en-
bracing economics. commerce and bank
ing. Each employe will be advanced as
rapidly ~ his capabilities develop.
Receives Bids for New York State
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-10

Bonds.-Eugene VI. Travis. State "a,
troller. announced yesterday he ys.,
receive sealed bids until April r
S25. 5000 I per cent ffty-yesr Va
York State bonds rs follows: sloM
600 each Of highway and CANA q.
S2,500,000 each Of Palsade ln,eras
Park and Forest Preserve under d,
referendum at the last election s,i r.
which bills OF authorization are ~
before the Legislature.
The new bonds were quoted ior Z,
first time on the Curb yesterday .,
"When. as and if issued basis st lii
bid basis.
No surprise was expressed a 4,
announcement OF The new ssgs.
had been known since the first q ,.
year that S25. 1000. 900 issue gs.t
have 10 be made. Bankers look i'fi
successful sale.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-10
News Digest
Foreign

Scandinavian Exchange Rates at Lon
don Decline.-London, March g
Money was in fair demand and discount
rates were easy to-day. The feature OF
the exchange market was the decline in
Scandinavian rates 20 about Is kroner
per pound sterling.
The stock market displayed a good
undertone, considering the smsllness
OF business. The war loan improved,
while other home funds were irregular.
Chinese bonds were firm features in
the foreign section. Argentine rails re-
covered further and shipping. rubber
and copper shares were the best in the
other sections. American securities
were irregular and undecided.
Money was quoted ct a, per cent.
Discount rates, short and three months
bills. 40 per cent. Gold premium az
Lisbon, 5000.
Paris Bourse. - Paris. March 9.
Prices were steady on the Bourse TO-
day. Three per cent rentes. 81 francs
25 confines for cash; exchange on Lon
don. 81 francs s2i3 centimes; ) per
cent loan. SO francs . centimes.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-10
Dollar in Foreign Exchange

The foreign exchange market was
extremely dull. The principal feature
was a fresh decline in Italian exchange,
which dropped 70 7.79 lire to the dol
lar, against 7.75 the day before. Ger
man marks were easier. while demand
sterling bills tended to harden.
Closing rates yesterday, compared
with week ago. were as follows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-10
Friday, March Q. 1917.

Nearly every misfortune has its
favorable reflex. A German subma-
rine aims a torpedo accurately and
the world is poorer by one merchant
ship and many tons of commodities.
The loss falls unevenly, however.
What brings disaster TO some may be
transmitted into profit for others. A
cargo Of, say, steel is destroyed, and
the British government must make
an entry on the wrong side of its
profit and loss account. But 1t can
not get along without steel, so 1t
must perforce order more, perhaps
at higher price, and those who own
steel stocks may receive dividends
even more fantastic than had been
expected. The point is made clear
by the Miners Bank of Wilkes
Barre, Penn, in a discussion OF
trade conditions in the Wyoming
Valley, when it says:
Increased submarine activity by
the Germans, although a factor Of
great disturbance for the country as
a whole. has been an indirect influ-
ence in broadening tho demand for
certain products of Wilkes-Barre
plants. This has been in note
worthy instance due TO the confscs-
ton by the Germans Of a large sup
ply of automobile parts and ma
chinery shipped from this city sew
eral weeks ago and captured on the
high seas. These orders will have TO
be duplicated, IL duplication is pos
sible, as the purchasers are in sore
need of the material. Other ship
loads of material and merchandise,
produced in Wilkes Barre, are SINH
larly exposed TO the hazards of ocean
travel.
The makers in this city have. how
ever, received pay for this work, and
will not suffer the slightest incon-
venience by reason Of the loss. On
the contrary, they will benefit to the
extent Of having to I'll fresh orders
as soon as they have free equipment
with which 70 produce the material.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-10
Currency Movements

Currency Movements.-Reported move
ments of currency this week indicate
a cash loss by the banks Of about s2O,-
100000 mainly through heavy drain
on collections at the Federal Reserve
Bank
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-10

J. p. Morgan & Co, as the head OF
the group Of bankers that has handled
Allied loans in this country, are eX-
pected 20 hurry TO completion plans
they have been working on for several
weeks for the fotation OF a new French
collateral loan. The amount will prob
ably be in the neighborhood Of $780,
100000, 10 run for less than five years,
and to be offered on about a 6 per cent
basis. Ample collateral, consisting of
American and other neutral securities,
has been in the possession Of the Nor
gan firm for weeks.
The stock market yesterday re-
sponded to the Reserve Boards change
Of policy in marked upward move
ment. The stocks OF those companies
that are likely to be benefited by con
tinuation OF foreign buying of the
basic materials used in the marufact-
ure Of munitions were noticeably
strong.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-10

Der cent on s4.722994 the previous
year. The annual report says: "busl-
ness of furnishing certain special ma
terials 70 European governments was
conducted throughout the year on
larger basis than during 1915. and Is
continuing on a somewhat reduced
scale. Your directors have deemed II
proper and expedient 10 distribute the
greater part OF the exceptional pronS
thus realized from the business OF the
last wear currently in the form OF
extra dividends. after setting aside the
sums required for the redemption OF
the mortgage bonds due in 1920 All
OF which nave been paid on. and for
certain reserves and investments. The
export business as whole has been
the largest in the company's history.
Electric Bond and Share. The COM
pany reports for the year ended De
cember 81 last gross income OF "
1905. compared with sl.s20.337 IN
1915. Net income amounted TO 1880
932. against s1,4Ol. Os4 the preceding
year. Surplus and undivided prohts at
the close of business December 81 we're
s5,l73,699.
American Hide and Lesther.-A new
reorganization plan for the American
Hide and Leather Company is under
discussion BY interests representing
large holdings of common and pre-
ferred stock The opposition when
developed when plans we're under CON
sideration last October is now said TO
be amenable to a readjustmeut of the
company's financial status. The plan
under consideration is said 10 involve
an issue of s2O,OO0,00O new stock, all
ono class. to replace the sl2,25o, 900
preferred and the s1l.260,000 common
now outstanding. The preferred stock
holders would get approximately W
per cent and relinquish all claims on
the 10 per cent dividends now In
arrears.
General Motors.-Directors of this
company yesterday declared quarter
L. dividend on the common stock piac-
ing it on ~ per cent annual oasis
compared with the present rate OF
per cent. Announcement was MADE
that the company has sold during the
seven months ended February % s5,oo3
cars and trucks, compared with 1920
cars and trucks for the corresponding
roriod A wear ago. The gross sales Tor
hat period we're sl02,s3o,659, against
s86.675,7l2 year ago. Cndlvloeu
profits increased from sl49sl,9s 70
Sl6,O00,984
Quaker Oats.-St Stockholders at spe-
cial meeting ratified the plan TO m
crease the capital stock from $4,000
600 to $50 900. 900. The new capitall-
zation will consist of $4,000. 600 com
mon and sl5.O0O.OO0 preferred. against
10000 900 common and ss,OOo,oOo pre-
ferred.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-10
Elections

l.. D. Brown has been eleelea 7. -
urer Of the 3. f. Goodrich O'lr
succeeding ". 4. Means. VINO y
elected second yice-presiden' "
company.
Edward y. Rich, o. BsltinS,'. H.,
been elected president Of the NJ y
Company. lie takes the plso. !,
william Middendorf' VINO 70 =, :
president Of the company sine 81 !.
organization Of the Alsoama, ~. y. ~
iron Com Jany. predeces 'or Of ''' p
ent corporation.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-10
Bank Clearings.-Unprecede

Bank Clearings.-Unprecedented bank
clearings for this period continue the
total at leading centres this week as
reported TO r. G. Dun & Co, aggregat-
ing s5.05s, 563,022, an increase of 25.9
per cent over the corresponding week
of last year.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-10

Below is given the current exchange
value % 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, 1917-03-10

the extravaganza which has pre-
vailed in a country where thrift is
not merely a virtue, but hard
necessity.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-10
Relevant Facts
marlborough RAND Transit Company.

marlborough RAND Transit Company.
Application of the company for per-
mission to make an additional issue
Of sl6,436,O90 in per cent bonds
under the first rcfunding mortgage
executed in 1913, after the dual system
contracts for $500. 900. 900 were signed,
was given a hearing yesterday before
the Public Service Commission. +. f..
J. Gaynor, auditor Of the Interboroush,
and other accounting and engineering
oficials testified 20 the extraordinary
expenditures OF the corporation. Tx
penditures already made and contem-
plated show an increase of Slo,361 1888
over what the company proposed 10
spend in 1918. Part of this sum IS
represented By new work and part by
increased costs. which the company's
officials testified have been incurred in
third-tracking and extension work. Es-
Inmates for this work as OF January,
1913, il appeared from the testimony,
were to amount 70 s26,953,I02. Up to
October last there had been expended
for these purposes S24,29s.S32. with
estimated requirements to complete
the work fixed at sl8,022,702. The ad-
ditions will make the total cost of the
dual system in the neighborhood OF
$4,000. 900. The plan OF the Inter
borough TO issue more bonds was fore
Swallowed earlier this week when the
company issued a report" of earnings
for the three months ended Marcn 81
with February partly estimated and
March wholly estimated, showing gross
revenues of s1O.671 900, an increase OF
s1.045,22l over a year ago; net
amounted to s2,753,0O an increase Of
s2i0,5 $40. With so much estimating,
these figures may be qualified con-
sderably when the actual returns are
made
Aetna Explosives.-The stockholders
protective committee extended the time
for deposits of common and preferred
shares TO March 90. Deposits up TO
Yesterday were said to be g. per cent
Of the common and about 30 per cent
of preferred stocks. The committee
announced it has sufficient deposits 10
90 ahead with its work.
Yale & Towns Manufacturing Com
pany.-Net earnings for 1916 were So
1856 .426. compared with s2,l26,269 in
1915 and 1868, 1913 in 1914. The balance
Of s2.723.s47 available for dividends
WAS equal TO 59.o7 per cent on $3.50
600 capital stock. compared with 1924
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-10

Gold Characteristics $4,000
withdrawn from the Sub-Treasury for
shipment to Canada yesterday, 100000
was taken for shipment TO Spain and
300 900 for Cuba.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-10

The statement which has been
made that Europe is spending its
wealth on war at the rate Of "A hun
bred millions day" is absurd. II
that we're true. a few years Of war
would leave Europe with no wealth
At all. The end Of the war will, in
fact, find the greater part of its real
wealth intact, though meanwhile
much Of IL may have been rcdistrib-
uted.
War has made and unmade the
fortunes Of many industrial con-
Germs, but there arc few instances
more surprising than that Of Court
aulds, Limited, large English man
ufacturing concern. II has become
tremendously prosperous since the
war began, and the rise Of its shares
has been a striking feature on the
London Stock Exchange. In 1913
the company paid w per cent. Now
II pays 30 per cent But the strange
part il that the jump in profits has
not been due % munitions contracts,
but 10 the manufacture Of artificial
silk. II is a striking illustration Of
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-10

Sub-Tressury. - New York banks
lost TO Sub-Treasury $4,000.
Silver.-Bars in London, S7!s pence;
New York, 1873 cents; Mexican dollars,
5Slz cents.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-10

Commercial Paper~Dealings con-
tinue extremely light, and the rate is
unchanged at Al per cent for prime
regular maturit;es.
Official rates Of discount Of each Of
the twelve Federal districts are as fol
lows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-10

international Paper Plan. About
per cent Of the company'S prei,T'
stock has been deposited under q
reorganization plan.
Bethlehem Steel Syndicate Profits
Subscribers 20 the syndicate ths, .
derwrotc the Sl5.0o0.000 new corr'
stock issue Of the Bethlehem Steel "a
poration. offered 20 sharehoIders
500 a share, yesterday received eft.l
for a total Of 100000. or = PEI n
OF the amount OF the new s,oek
Returns 10 Japan. u. lchiur
manager Of the Now YORK bar. 1
the Yokohama Specie Bank. len g''
day on the first leg Of a trip 70 lrlI
DC expects to be gone four O.
months. This is his first visit . 'is
I'M Sis year. ln his absence J. ga
will administer the affairs OF The al
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-10
Money and Credit

Call money was in liberal supply yes
terday, and loans were mostly at -,
per cent. The high rate for the day
was 2i7 per cent.
Continued case characterized the
market for time funds on brokers
Stock Exchange collateral. A fair
amount OF trading has developed in
loans based on industrial collateral at
Az per cent for the longer maturities.
Rates on industrial and railroad col
lateral loans are unchanged.
Ruling rates on money yesterday
compared with a year ago, were as fol-
lows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-10

The same bank reports that, in
spite of such handicaps as acute
freight congestion and war uncer-
tainties, prosperity in the district
continues on a rising scale and with
an excellent undertone:
Some of the large plants are turn
ing down foreign contracts every
day, as the demand for machinery,
small locomotives and other mate
rial il so great as to create the con-
diuons of Sellers market" in
which the buyer is willing enough
10 offer a premium II he can secure
quick deliveries. This community
is enjoying a high degree of pros
perity. and, although this is the "be-
tween seasons" period in the dry
goods market, most OF the large de-
partment stores show important Feb
ruary gains over last year. In one
retail establishment the increase has
been 90 per cent, in another about 10
per cent, while the total business OF
the most prominent stores for the
first two months OF 1917 will show
handsome gain over the same two
months OF 1915. These gains offer
the best possible evidence Of in
creased spending power of the peo-
pie and mesn that good deal more
money is being circulated in the
Wyoming Valley this year than was
in hand-to-hand circulation twelve
months ago.
Moreover, some Of the manufact-
urers have been forehanded, and in
consequence are reaping great prof
its from the continual advance OF
prices. One Of the largest plants, it
says, long ago protected itself
against the difficulties Of an advanc-
ing market by securing nearly a
million dollars worth Of steel. The
wisdom Of this action is shown by
the fact that the material is now
worth 40 per cent more than it was
at the time that the original order
was given. Other manufacturers
have also fortified their position as
best they could, so that the local in
terests, as whole, are probably as
well prepared TO handle the Difficult
ties Of war market" as those Of
almost any other American city.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-10

Quaker Oats Stockholders at a spe-
ciaI meeting ratified the plan TO IN
crease the capital stock from $4,000
GOO 10 100000 900. The new capital
7ation will consist of $4,000. 900 com
mon and sl5.OO0.OO0 preferred. against
$40 600. 900 common and ss,o0o,OOo pre-
ferred