davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1917-06-08
Dividends

American steel Foundres. Regular quar-
terly dividend OF = rer cent. payable June
80 to stock Of record June 10.
Alls.Chalmers Manufacturing. Dividend
Of a., per cent on the preferred stock and .
of per cent on account Of back dividend.
both payable July 10 10 stock OF record
June 30.
American International Corporation. Diyi-
dend Of - cents a share payable June 80 10
stock Of record June l5.
Union Trust Of New York Regular quar-
tcrly dividend ot - sh1<c and ST extra.
payable July % to stock of record June %.
Electric Storage Battery. Regular quar-.
tcry dividend Of ! per cent on the preferred
and ] per cent on the common stocks. pay
able July 90 stock Of record June -.
Cluett Peabody & 60. Regular quarterly
stock. payable July . 10 stock Of record
June %.
General Petroleum Corporation. Dividend
II 10 per cent on the common stock. payable
quarterly. beginning October I. 1917.
Columbus Electric. Regular scmi-annual
dividend Of - share on the preferred
stock, payable July 10 stock Of record
June Is.
Central States Electric Corporation.-R Reg
the preferred stock. payable June 50 10 stock
Of record juno ..
RI Paso Electric Regular scm-annual
dividend Of s. share on the preferred stock.
payable July . 60 stock Of record June -.
Utilities Securities Corporation. Regular
quarterly dividend Of a., per cent on the
preferred stock. payable June - 20 stock Of
record June Is.
Tide Water oil Company. Declared the
regular quarterly dividend of . per cent and
an extra dividend Of per cent. both payable
July TO stock Of record June 10.
New-York tribune., 1917-06-08
Railroads Base
Rate Plea on
Mounting Costs
High Prices for Labor and
Materials Make Increase
Necessary, Carriers Say

Washington. June "A mass OF eN-
pense records and estimates was sub
mitted to the Interstate Commerce
Commission to-day by the railroads IN
rebuttal of evidence presented by the
shippers opposing 10 per cent genera
freight rate increase. The reout'al
will continue tomorrow, and then the
roads will close their case and arsu-
ments will begin.
A table prepared by statisticians Tor
the carriers puts the average increase
Of materials used by railroads at 10 per
cent in the last two years and 81 per
cent since July supplies were bought
Since the close Of the last fiscal year
according TO the table. the price OF pig
iron has advanced ll2 per cent steer
billets 90 per cent. structural steer %
per cent and other metals at sucn
rate as TO make an average increase OF
rs per cent for all metals used IN con-
struction.
Labor Costs Up
In addition. the roads witnesses SAID
the advance in the cost Of labor has
been very heavy. George W. Lamp, as
sistant controller Of the Louisville a
Nashville. told the commission that
operation of the Adamson law would
cost the road S75O.OO0 in 1917, while IN
creases in the cost of other labor would
bring the payroll to S3,l4l.2OO more
than that of 1916. Advanced costs OF
materials used by the road. he said, IN
GLIDING lumber, rails, coal and brass,
would amount to more than SiOOO,OOO.
Western carriers presented consld-
cradle data designed to show that IN
that territory it is impossible TO offset
higher labor costs under the Adamson
law by readjustments of sections or
divisions.
New Lumber Tariffs
Southern carriers notified the COM
mission that in case the proposed 10
per cent increase. with its preferential
provision. were granted. they would file
new tariffs on lumber from Mississippi
Valley and Southeastern points TO the
Ohio Valley. making a rate raise on the
basis Of cent hundred pounds. Such
a tariff. the railroad men declared.
would give an increased revenue OF
only about per cent and would pre-
serve the present preferentlals.
New-York tribune., 1917-06-08
Relevant Facts
Manufacturing Com

Alis.Chalmers Manufacturing Com
panv. Directors yesterday declared a
dividend OF = Of pet cent on account
Of back dividends. together with the
regular quarterly dividend OF u. per
cent on the preferred stock. This IS
tho same payment on the arrearage
that was declared three months ago.
when the preferred vas increased from
Is rcr cent rate 20 : per cent. Inc
total back dividends on the preferred
now amount to Sc per cent.
Pore Marquette. April gross earn
incs. the first since the now company
was formed under tho reorganization,
amounted TO S2.135.9S7. Operating eN-
penses ,otalled 81 .36l .090. leaving net
operating revenue of S77i.S96. The
months surplus after interest charges
was S36S. $50. Inasmuch as year ago
. the property was i'm receivcrshlp dlrec-
tors decided 10 make no comparisons
between current returns and those Tor
the corresponding periods last year.
American Steel Foundrics. After a
meeting Of directors YESTERDAY. Al
which tho regular quarterly dividend
Of L., per cent was declared, 1T was
announced that the company now has
over Sl00OO,0OO cash assets.
General Petroleum. Net earnings for
Ayril totalled $357 $50, after deductinS
nXed charges. interest. etc. making
total for the ten months OF S2.16o.fSl.
I'm tho last ten months the company has
acquired .5q5 acres Of patented lands.
-
under lease. Its outstanding bonds
have been reduced 10 100000. prlnci-
rally by the sale Of the steamship
mills.
Liberty National Bank. Directors Of
tho bank yesterday unanimously voted
10 make application to the Controller
Of the Currency for permission 70 rec
orimend to stockholders that the banks
capital be increased from Sl.000,0OO 20
$4,000 600. and that Sl.000,000 be trans
fcrred from undivided profits TO sur
Plus. Stockholders are to have the
privilege of subscribing at par TO two
shares Of new stock for each share Of
their present holdings.
Miami Copper. This company pro-
duced 5Il2.000 pounds of copper in
May. compared with 5.3i6.000 pounds IN
April. 1898 900 in March and i.729.32s
pounds IN May, 1916.
Braden Copper May copper produc-
tion set new high mark, total output
amounting to 6.750.000 pounds. In
April the company produced 100000
pounds. and in May, 1915. the total out
put was 3,sS2,000 pounds.
kennecott Copper. Total copper out
put IN May was 7.20s 600 pounds. which
compares with 10000 pounds pro-
duced in April, and compares with TO-
100000 pounds produced in May year
ago.
New-York tribune., 1917-06-08
The Dollar in Foreign Exchange

Russian rubes broke sharply again
yesterday and sold at a new low record
OF - cents, compared with -5;2 on
Wednesday. The closing quotation wa
-, cents. The decline 20 the new low
was accomplished on a comparatively
small amour: Of selling. owing 70 the
absence of any supporting demand.
Spanish exchange was strong again.
despite the export Of 100000 IN gold
20 Spain. Pesetas were quoted as high
as % cents during the day, but closed
Off around 22aa cents.
The rest Of the market was quiet and
showed no important changes.
Closing rates yesterday, compared
with week ago. are given in the table
below. American bankers have sus-
pended all dealings in German and
Austrian exchange, so that daily quo
tations for either marks or kronen are
no longer available.
Week
New-York tribune., 1917-06-08
Supply of Silver
Coins Increases
Prosperity Results in freer
Circulation of Money in
Small Denominations

Washington. June The Cnited
States government to-day announced
tho purcbase of 100000 ounces OF bar
silver from American refiners and bull
ion dealers for coinage purposes. Inc
nrices paid ranged from 759. to u cents
an ounce.
The orders for the metal were G'S-
tributed as follows: From the Ameri'
can Metal Company. 100000 ounces at
1885 for delivery at New York. and
100000 ounces. at 1875 for delivery at
Philadelphia; from the United Metals
Selling Company, 100000 ounces a'
1925 for delivery at New York, lOO'-
600 ounces at 1915 for delivery at
Philadelphia. and a like amount at .'oso
for delivery at San Francisco; from the
United States Smelling Company, loo'-
oOo ounces at 1875 for delivery at
Philadelphia. 100000 ounces at i" Tor
delivery at San Francisco, and lOO,OOO
ounces from the zimmerman lsna!
Companv for delivery at San francisco
al n cents.
Bullion dealers in the local market, IN
discussing the extensive purchases OF
the Treasury Department IN the last
two months. said that the buying from
this quarter has become one OF the I'M
portant factors of late in controlling
the price movements of the silver mar
Eet. Since early spring the government
purchases for coinage purposes nave
exceeded 100000 ounces, for when
prices have been paid ranging from '3
to II cents an ounce.
If. as expected. hundreds of thou
sands of Americans are sent abroad ioF
military service, a much larger supply
OF subsidiary coins. it is said, Will be
needed. and the government ls antlcl-
pating this by minting the money ahead
OF time. Both Great Britain and
France have found il necessary 20 IN
crease the coinage of silver since the
war began.
The demands Of domestic trade for
subsidiary coin have increased largely,
owing 10 the great prosperity OF the
United States. and this is another rea-
son why the government is mnting
more silver coins. Higher wages and
increased spending power have made
necessary a larger supply of currency.
On June the total of subsidiary silver
in circulation in the United states
amounted TO Sl93. 3.l9l,1I2, an increase OF
about $4,000. 900 compared with year
ago. and about S2,000,000 more than on
May last.
New-York tribune., 1917-06-08
Other Cities

United Drug Company. New Haven,
June THE final decree confirming
the sale of the Seamless Rubber Com
pany here TO the United Drug Company
cf Boston was signed by Judge Thomas,
of the Federal Court. to-day. The price
raid is about 100000 The receiver
will Immediately pay in full the claims
Of all creditors. amounting to S6OO.OO0,
with accrued interest of per cent.
The creditors are chiefly banks in New
York. Boston and New Haven which
made loans to the company. Tho new
owners will continue the business.
New-York tribune., 1917-06-08
u. S. Treasury Finances

Washington, June 1.-Condition Of
tho United States Treasury at close to-
dsy showed: Net balance in general
FUND. s20i, ,e87,e12; total payments, s4,-
e20, 1875.
The deficit this fiscal year is S52.-
o32.e43. against deficit Of s4o.647,e24
last year. exclusive OF Panama Canal
and public debt Transactions.
New-York tribune., 1917-06-08
News Digest
Foreign

Lordon Stocks Quiet. London. June
The stock market was cheered ny
the war news and Russian advices. but
business failed to expand correspond
ingly. Gilt-edge stocks we're marked up
and Russian securities rallied further.
Argentine railroads were an active
feature with an advance Of two points.
Industrial and shipping shares we're
active and irmer. while explosives
ruled irregular on profit taking.
The American department improved
in sympathy with the strength in Wall
Street. and closed steady.
Paris Boursc. Paris. June :. Trad
ing was quiet on the Bourse to-day.
Three per cent reu-es. so francs 81 cen
times for cash. Exchange on London.
y francs Is ccntimcs. Five per cent
loan, sS francs.
New-York tribune., 1917-06-08
Money and Credit

Decreased offerings combined with
an expanding demand to impart firm
ness to the time money market yester-
day. On loans based on industrial Sc,
curities as collateral the rate for all
maturities was advanced TO per cent.
On mixed collateral loans the rate was
about 4 per cent lower. =,
At the Stock Exchange yesterday call
money loaned in liberal amounts at 5S4
per cent, the days ruling rate.
Closing rates on money yesterday
compared with year ago, were as fol-
lows:
New-York tribune., 1917-06-08
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, S4.75i.. The intrinsic
parity is s4.S6ss per pound. Thus, yon
say either that pounds are at a dis
count or that dollars are at a 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
this country for pounds with which to
settle accounts in England.
New-York tribune., 1917-06-08
ThUrSdoy. Juno I, 1911

For the first time since the flow OF
,,old turned toward the United
+ States. at the end Of 1914, as result
Of the enormous increase in our eX-
ports of merchandise to the belllger-
cnts, the country's stock of money
qold shows a decrease. On May
il amounted to S3,121.887,4 ,443. On
Inn, the total was S3.088,71l,272,
indicating a net loss for the month
Of S33.176.171. It is practically GER
tain that the outward movement OF
tire metal, which began to assume
considerable proportions toward the
middle Of May. will continue Tor
some time. Japan contemplates
drawing on us for about S5O,OOO,OOO
m the course Of the next three
months. and she may take consider
ably more than that, since the bal
ancc of trade between the United
States and Japan runs steadily IN
he~ favor, and there is nothing to
indicate that the end of the flow TO
Spain is in sight. But whether we
continue to lose gold in settlement OF
international balances or not is not
question of grave concern, because
under existing conditions the loss
cannot be heavy enough to cause
consequential unsettlement of the
credit structure in this country.
It is not so long agO-less than
three months. in fact-when bankers
and economists throughout the cOun-
try were discussing the gold problem
in much different terms than they
are now. Then the point was made
that we had so much gold that unless
control of it were centralized we
should have a monstrous initiation,
which in the end might spell eco
nomic disaster. Our entry into the
war changed the situation somewhat,
since we then assumed the major
part of the burden of financing Al
lied purchases in the United States,
and therefore have more need of gold
to serve as the foundation for the
creation of additional credits. New
ertheless, we now have about third
Of the total gold supply Of the world,
and while it is desirable to keep as
much of it as possible under the
money market in order to make i'm
pending financial operations the
easier. we could afford to lose a
quantity of the metal and still have
enough left for our needs. More
over, it is to the interest of our Al
lies to maintain proper "balance' y
of gold in this market, and it is not
at all unlikely that if shipments to
Japan and neutral countries 20 on
they will be compensated by ship
ricnts to this country from Great
Britain. Information coming from
International bankers is to the effect
that shipments to this centre from
Canada will be resumed before long.
The explanation is that while the
Allies now look 10 the United States
government for funds TO finance
their purchases here. they are Just
as much concerned with the question
of interest rates as is this govern
ment. IF interest rates rise IN the
United States, so that the govern
ment has to pay a higher price for
rloney, the increase is automatically
passed on to the Allies to the extent
that they receive advances from the
American government. Therefore IL
is TO their advantage to keep rates
here as low as possible The easiest
way to do that is TO ship US gold.
New-York tribune., 1917-06-08
Elections

G.. Foster Smith, yice-pres ldent Of
the Nassau National Bank Of Brook
Ign. yesterday was elected president
to succeed y. Y. B. Hegeman, who re-
tired because Of IN health.
New-York tribune., 1917-06-08
New York

Cotton Exchange Brokers Want
Higher Commissions. A petition has
been presented 20 the managers OF the
Cotton Exchange requesting the an
pointment Of committee to !nvestl-
gate the matter Of raising commission
or changing the basis for ccmmissio ions
10 a sliding scale. Th., action ls the
result of Dissatisfaction IN some quar-
tiers over the present commission rate
in view Of increased risks and the high
level Of price,.
New-York tribune., 1917-06-08
Stock Exchange Seats Higher.

Stock EAChdngc NeaI~ HIgN'T. N'
membership OF William s. F. Prentice
has been sold 10 J. II. Gosdbv Mills for
SIS. 900. an advance of $1,000 over the
last previous sale. As a result of tho
recent action Of the governing commit
tee permitting substitutes TO trade on
the floor Of the exchange for member
called 70 the colors. H. was announced
that Edward j. Murtha will act for
Il. Y L. Moore. OF =. 7. Moore 8 %.
New-York tribune., 1917-06-08

Below is ven 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., 1917-06-08

position 10 the wishes of the officials
Of the Bank of Spain, who have
taken steps since the war began to
prevent an undue injection of gold
into the country's currency on the
ground that it would produce dan
gerous initiation. Normally the
American gold dollar is worth five
posotas and eighteen centavos IN
Spanish currency. \ year or so ago
the Bank Of Spain, in trying to stop
the importation Of American gold,
fixoG an arbitrary exchange value on
the dollar, reducing it to five pesetas
and thirteen centavos. This did not
suffice to check the gold influx, and
subsequently the figure was reduced
again. 1t now stands at four peso
tqs and ninety-eight centavos, put
ting the American gold dollar in
Spain at a discount Of about 8 per
cent. Gold imports into Spain have
not been stopped even by the fixation
Of this low rate, but they have never
thcless been somewhat restricted.
L. P. Ripley, president of the
Atchison, Topeka & Santa Fe, was
quoted yesterday as saying that in
his belief any benefits accruing to
the railroads through the granting
of increased freight rates will not
fully offset the almost prohibitive
prices for materials. The Atchison's
report to the Interstate Commerce
Commission for the four months
ended April 80 was published during
the day. 1t showed net income, after
the deduction Of operating expenses,
taxes and uncollectible revenues, of
S1l277,12O, an increase of $2,78S,-
S55, compared with the correspond
iaQ four months period in 1916.
New-York tribune., 1917-06-08

last week it was 1851 per cent. The rate
of discount remained at per cent.
Bank of France.-Paris. June The
weekly statement Of the Bank OF
France shows the following changes Gin
New-York tribune., 1917-06-08

Sub-Treasury.-Ncw York banks lost
10 Sub Treasury Sl,216,000.
Silver Bars in London, 2S', pence;
New York 75a. cents, Mexican dollars
5Sa. cents.
Gold Currents.-A local bank with
drew 100000 in gold coin from the
local Sub-Treasury yesterday for eN-
port TO Spain.
New-York tribune., 1917-06-08

The flow of gold to Spain is inter
estlng mainly because it seems TO he
moving against the current Of the
trade stream, and therefore presents
something of a mystery. 1t is not a
case of the trade balance running
against the United States, as is true
of our commercial interchange with
Japan. We are exporting goods to
Spain at rate of $7,000.OO0 monthly,
and importing from that country ap-
proximately 50, 100000 per month. I'm
The nine months ended with March
We sold S55,00O,0OO worth of goods
to Spain and bought hut $25, 100000,
leaving balance in our favor of
$3O,000,000. In the normal course
Of events it might be expected in
view Of this that we would be i'm
porting gold from Spain instead Of
exporting it. But the reverse is the
case. and in the last ten months
American exports Of gold to Spain
have exceeded S35,OOO,OOO. The in
ternational banker explains the
enigma when he points out that Brit
ish Indebtedness TO Spain for war
supplies bought in that market is he
ing settled through the New York
market. Sterling exchange is ruling
at n discount of about ID per cent in
Madrid at the present moment. This
makes possible profitable triangular
operations between London, New
! ork and Madrid. It IS pointed out
that Spanish merchants take sterling
bills arising out Of shipments TO
England and sell them i'm New York
because they can do better here.
Then they transfer the proceeds 10
Spain either by shipping gold or
selling at a new high record for
buying pcsctas. Pesetas arc now
the war period Of around % cents,
against a normal par Of 1913 cents.
One Of the striking features of the
New-York tribune., 1917-06-08
Yesterday
az o.

Commercial Paper.-Dealings con
tinued on a restricted scale yesterday
at ; per cent for the best regular ma
turtles.
Official rates of discount Of each OF
the twelve Federal districts are as FOL
lows:
New-York tribune., 1917-06-08

One Of the striking features Of the
gold flow to Spain is the fact that
it is taking place apparently in OPP
New-York tribune., 1917-06-08
Ia Us p
Over Over Over

Bank Clearings.-Thc days olesrings
al New York and other cities:
Exchanges. Balances.
New York. .s582. .834.287 S42. .349,6
Eoston .... 34.872.857 5,262. $50
Pbiladclphia 57,5e1.063 1882, 1873
New-York tribune., 1917-06-08
Iondon Money Market.

London Money Market. - London
June Quiet and comfortable condi-
tions prevail in the money market with
rates quoted at 3'e04h per cent.
Discount rates Short bills. ll-16 per
cent: thrco-month bills. "a per cent.
Gold premium at Lisbon $500.
New-York tribune., 1917-06-08

This Space Donated to
THE LIBERTY
LOAN COMMITTEE
by
Farmers Loan & Trust Co.
Franklin Trust Co.
5. W. Strauss & Co.
{. {. Kerr & Co.
lOOlc, llcIlIg u W
Joseph & Wiener.
Carl II. Pforzheimer & 10.
Frederic II. Hatch & Co.
Hartman National Bank.
Union Trust Co.
Metropolitan Trust Co.
New-York tribune., 1917-06-08
u.73i.32e.s .ss2 s3.s23.5s7. 900

The proportion OF the BANKS reserve
10 liability this week is 20.iS per cent.
New-York tribune., 1917-06-08
Significant Relations
Money and Prices:

Stock of money gold in the country
Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1917-07-23

in every state in the union. It has been
proved that the prisoner is amenable
to decent treatment. It has been prov
ed that prisoners may be trusted. They
have proved their timber in a hundred
ways and have always come out on
top.
One hundred thousand Of these men
are ready to join h army tomorrow!
Even the foreign born prisoners went
about the thing with enthusiasm.
This Is the spirit manifested by the
men confined in the prisons of New
York state, and knowing prisoners as
we'll a I do, I know the same spirit
anirnates those confined in. other pris-
ons throughout the union. The author
tiles have confined these me- because
they were proven unworthy Of liberty.
They were placed there on the as
sumption that when they came home
they would prove worthy Of a place in
the world again. Suppose a prisoner
reformed the first week he was there?
It isn't a question Of time, but one Of
inclination. The boys WANT to fight
for their country-isn't that an EVIL
dence Of reform? They are willing to
sacrifice their lives in an effort to wipe
fout the disgrace that had been their
fortune. It costs o to run q
prison than to maintain an army
In the field. Prisons manufacture
crin1ina1s-society MUST pay the
damage, however unwilling they
may be. ONE man with criminal
inclinations al do az much dam
age as q German U-boat. You r
Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1917-07-23
Fl. SMELLING
GETS SECOND
TRAINING CAMP
IT. Riley, Kas., Dropped
North Dakota Men to
Smelling.

Washington, July ga complete
revision In the plans for locations Of
the second officers training campst
open August 81, he been decided on
by the war department as a result Of
re-inspection Of the sites previously
chosen.
Under the new arrangement there
will be nine camps instead of eight,
Fort Mcpherson, Ga. Fort Logan H.
Roots, Ark, and Fort Riley, Kan.
being dropped from the list and
Plattsburg Barracks, N. Y; Fort Nj
agara. N. z; Fort snelling. Mimi.
and Fort Sheridan, ILL.,, added.
some Of the locations originally
ordered are Objectionable for, various
reasons" said a report on the subject
transmitted to Secretary Baker by
Adjutant General Mccain.
THE plan recommended above is
better suited to existing structures. No
new construction Is required. Men In
training camps will be much less
crowded than at present. The more
northern points may experience un-
favorable weather in November, but
this is more than offset by the more
/, favorable conditions that will exist
during August, September and Oc-
tober.
The assignment Of state quotas un-
der the new plan Includes:
At Fort Observation-Disclosures, Wis
consin and Illinois.
North Dakota, South Dakota, Ne
braska, Missouri, Kansas and Colo
RADIO.
At the Presidio-Montana. Wyom-
Ing, Idaho, Washington, Oregon, Ne
vada, Utah and California.