davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1917-12-23
Relevant Comment
4 Desirable Investment

United States Treasury certificates
Of Indebtedness issued in antici-
patton of war taxes next June
may be classed under the heading
invested capital" for the purpose
of computing the deduction and rate
Of taxation under the excess profits
tax law. For this reason they are re-
gsrded by bankers as highly desirable
short-term investments for corpora
tions and business men.
"The certificates" said Walter (.
Frew, president of the Corn Exchange
Bank. bear 4 per cent interest, and
this privilege enhances their value 10
the purchaser considerably. Business
men therefore will show as good judg-
ment by taking the certificates for
sound financial reasons as for purely
patriotic motives
Mr. Frew declared that the decision
of the Secretary of Treasury TO make
second Offering of certificates of in
Gebtedness for the purpose of avoid
ing a financial strain when tax pay
ments are due next June deserves the
careful consideration Of every impor.
tsnt corporation and business man Of
the country.
New-York tribune., 1917-12-23

dividend of ~ per cent on the preferred
stock. payable January / to stockholders OF
record December 20.
Sharon Steel Hoop Regular quarterly
dividend OF per cent. payable January 10.
Reece Button Hole Machine. Regular quar-
terly dividend of , per cent, payable January
II 10 stockholders Of record January :.
CRANKY Consolidated Mining, Smelling &
Powe-.-Regular quarterly dividend OF 2le
per cent, payable February ! to stockholders
Of record January lS.
international Button Hole Machine Regu-
lar quarterly dividend of | per cent. payable
January 10 to stockholders Of record Janu-
arv ..
United Gas & Electric.-Regular semi-an-
uual dividend OF 2is per cent on the pre-
icrrcd stock, payable January IS to stock
holders OF reco-d December 81.
Northern States Power.-Re Regular quarterly
dividend Of Ia per cent on the common and
preferred stock. Common dividend Is payable
January H. 10 stockholders OF record Deem
lcr 81 and the preferred dividend is payable
January 20 10 stockholders OF record Janu-
ar 81.
importers Traders National Bank
Regular semi-annual dividend Of II per cent,
payable January ?.
New-York tribune., 1917-12-23
Easy Money in Oil

" gold stocks are booming the get
''h'quiek swindler makes fat living
Silihg certificates of ownership in
''ld mines" but he is not particu-
a. and would just as soon make an
Iegiumate livelihood by selling the
''oek Of motor companies which exist
Wy on paper, OF copper mines which
''''ain no copper, or Of oil companies
nose only excuse for corporate ex-
'<hes is that incorporation is a
''sssary preliminary 10 a stock sell
campaign. Just now oil "promo-
''as are IN vogue, because the short
!" o. oil has been given much promi-
'a'e' and not a few millionaires have
va made overnight. "The oil City
''fiek" sounds a timely note Of warn
against the fake oil promoter. 1t
AyS in part:
0'hee the whole world is looking
-'a'd petroleum apd gas as the sur
and quickest road to fortune, the
-''e gang Of sly promoters find in
'D'as oil companies the easiest way
catching suckers. Some Of the
''a0ds used would seem 10 the ordi-
~ OIL man and the business man
Ho'eulous as 70 destroy their value.
!" 'hsre must be some who are at
N'sa BY just such circus advertise
Va" or they would net be employed
we promoters, for the latter are
-s"d enough 70 know how 10 lure the
' from the pocket Of the credu-
y public by speeious statements.
:. ! e0o"ebs Of sophistry are so IN
'"sh with facts that il is difficult
a We uniniuated 10 determine where
sIs,s enes and the other begins.
|fsr ,,eoly these advertisements re-
)tnd. u eh as the Aladdin Of business
Ia. greatest 0f fortune builders.
|,ss ssh's Of the Standard Oil COM
,lsn are slways mentioned as Il the
[ke,. fsS2aoiion was on par with
|ae, -hien mad been established for
{<<r;..s .s'ty year1.. The gusher wells Of
shd the Gulf Coast are also
New-York tribune., 1917-12-23
Decrease in Number
OF Wells Completed

The total number of wells COM
pleted in the United States in the
first eleven months Of this year was
21,302, as against 22,S69 for the cor
responding period Of last year, OF
the completed wells the ttal num-
bcr that produced oil was 15,205, as
against 17,4Gj for the similar pc
riod Of 1916. The initial production
of the 15,20j wells, however, aver
aged more than did the wells Of last
year, for the initial production for
1917 was l,428,j19 barrels, as
against i,477,9Ot barrels for the
first eleven months of 1916.
There was an increase in total
production from all wells this year
over last. Much Of the increased
supply of petroleum has come from
the mid-continent fields. 1t will be
recalled that with the decrease in
the output Of the famous Cushing
pool there was pessimism in the oil
world. But in Butler County, Kan,
the Towanda and Eldorado pools
have been splendid 7roducers Of
crude, AMI the Ol,lahoma-Kansas
yield for the year has averaged
$4,000 barrels daily. The daily
average Of those two states shows
an increase over last year, which
was largely due to the Towanda
pool. That pool has yielded as high
as 10000 barrels daily, but now its
production is threatened by water.
The total production of petroleum
in all parts of the country in the
first ten months was about 272,000,-
900 barrels, and if November kept
pace with the earlier months Of the
second half-year, yielding 10000
900 barrels, the total production for
the eleven months would be approxi-
mately 3O2,O0O,O0O.
New-York tribune., 1917-12-23
Denmark Gets Electric
Power From Sweden

The shortage of fuel of all kinds in
Denmark has kept the large users Of
power in that country anxiously look
ing toward Sweden for electric power
which, except in the dry seasons, is
developed in such abundance as to fur
nish a considerable exportablc surplus.
The villages in the northern part of
Shetland, according TO a consular re-
port from Copenhagen. have been OBJ
taining some small quantities OF cleo
tricity by cable across the sound, and
occasionally some Of il has been used
in Copenhagen. Now arrangements
are being made 70 lay additional cables
across the sound, with the intention of
furnishing the streetcar service of
New-York tribune., 1917-12-23

THE year about TO close has
9een the most remarkable
in the history Of the oil in
dustry in America. There has been
increased production in the face Of
the most trying circumstances, with
conditions initiating against the
drilling Of more wells. There has,
however, been the most stimulating
cooperation on the part Of all the
oil men in the country, with the aim
Of aiding the Federal government
and at the same time keeping tho
supply Of oil products moving at
such a rae as to help in the mobili-
zation Of the manufacturing and
transportation industries Of the ma
tion, so vitally needed in the prose
cution of the war.
Despite the prices offered for
crude oil-and with more than ten
thousand Producers or crude oil IN
the country, all laboring under vary
ing conditions and each having some
peculiar obstacle to overcome, high
prices were necessary-there was
not as much drilling Of oil wells as
might have been expected. The pro-
duccrs had many difficulties to face.
There were increased wages, in
creased prices for material and
piping-and, in fact, il was impos-
siblc at times to get drilling ma
terial at any price. There were
drouths in the mid-continent sec
tion, strikes in the Gulf Coast re-
gion and lack of transportation IA
cilities in other sections.
New-York tribune., 1917-12-23
Oil Industry Prepares for
The War Needs of 1918
Refining Capacity Will Be Increased Almost Quarter by
Completion of Is New Pants-Consumption
Running Far Ahead of Output
BY Walter Clark Teagle
President Standard Oil Company Of Ne1c Jersey

stock so far this year to supply the
refners. The stock of crude, accord
ingly, has decreased both in 1916
and in the present year. The total
stock of crude on January /, 1916,
was 198,000,000 barrels, including
storage of crude held in private
tank farms and leases. On Novem-
ber l, 1917, it was approximately
something over 158.000,000 barrels,
or less han one-half a years Weld
Of crude.
Production in Mexico, however.
has been on the increase, with the
result thl, about 100000 barrels
of crude have been imported. The
rehners, accordingly, have taken in
the first eleven months Of the year
over 35o,0Oo,OOO barrels of crude.
To the oil refners Of the country
special credit must be given whole
heartedly for meeting the emer-
gency. Had it not been for them it
would not have been possible to turn
out the refined oil products in such
a manner that adequate supplies
could hare been sent to our allies
and to the industries Of the country
and yet nave enough gasolene re-
naming for the automobiles Of the
country. There are to-day $50 re-
fineries n the country, with a daily
capacity Of 1,265,32j barrels, or
450,000,000 barrels annually. This
is an increase of thirty-three re-
fineries in a year. The refneries
alone represent capital of $685.
100000, but there are 11S refneries
building, and they will be completed
in 1918, adding a capacity of 1l0,-
600 barrels daily. These new re-
lineries are being constructed chiefly
in Wyoming, Texas, Kentucky and
Oklahoma. In the last named state
1orty-scyen refneries are being
put up.
Scientists Make
Supply Go Further
But the refners have done still
more. They have employed the most
skilled scientists, and searching and
intricate investigations have been
made, with the aim of extracting a
greater and still greater percentage
Of gasolene from petroleum and
making the supply OF crude petro-
leum go further than ever in meet
ing the demands of the government
and the public.
The events Of the present year
prove conclusively that the produc-
ers and the refiners are making
every effort TO keep pace with the
needs Of the nation in the waging of
the war against Germany and Aus
tria-Hungary.
New-York tribune., 1917-12-23
New York
Ano,her Offering of British Treasury

Another Offering of British treasury
Bills.-An additional block of sl0'OOO'-
OO0 Of British Treasury ninety day oills
will be offered tomorrow b. J. T. Nor
gan & Co. on a per cent discount 6a-
sis. the sale rate that has prevailed Tor
several weeks past. Last weeks ma,
turity Of s15,OO0,O was paid OIL and
ali of the sl5,OOO,O0O offered last Mon
1av N,as nlaced.
New-York tribune., 1917-12-23
Excess Profits
Tax Scored by
Robert r. Reed
Legislative Monstrosity Is
Term Applied to War
Measure by Lawyer

SPRINGFIELD, Mass. Dec. $50
far as any law or principle Of taxation
goes the excess profits tax, is legis-
lativc monstrosity, Robert r. Reed,
Of New York, declared tonight in an
address before the members OF the
Chamber Of Commerce. An excess
profits tax, the speaker said, never is
nor can be an income tax. Except for
war purposes and in war times it has
no place in any approved system Of
taxation. 1t would "hamstring and
economically destroy any country in a
few years operation in times Of
peace"
"Our present problem growing out
Of this tax measure said Mr. Reed,
"is undoubtedly a serious one. II IS
cur duty TO meet it first, last and all
the time in spirit Of patriotism, TO
stand up with all our resources and
maintain against all odds tho business
activities necessary to support and win
the present war. II the business Of
the country can be thrown upon its
back at this critical time. we and our
allies will for all practical purposes
have suffered a military disaster OF
the first magnitude.
Unfair Imposition Certain
The first and all important need is
that of legislative authority for fur
ther administrative relief from the ar
bitrary, unjust and destructive opera
ton of the tax in particular instances.
IL may be theoretically possible, but
it is humanity impossible, TO impose
a 60 per cent tax on business profits
without in some cases making the i'm
position both. unfair Ond ruinous. II
matters little what form we follow.
In the last analysis, II We wish TO
reach out and take 60 per cent Of war
or excess profits, we will have 10 have
a business mans board Of referees.
which can look at all the business
factors Of given case and say, Those
are not war profits nor excess profits,
but the normal and necessary income
of that particular business
Hopes for Relief
Mr.. Reed expressed the hope that re-
lief in this form will be given for 1917.
at involves the sacrifice Of no revenue
which any government in its right
senses could ever intend to collect" he
said.
One other matter OF Importance
which Mr.. Reed said deserves the most
earnest consideration Of the repre-
sentative merchants and business men
OF every community is the exclusion of
borrowed money in computing invested
capital as t.e basis for the graduated
percentage lax.
New-York tribune., 1917-12-23
The American Agricultural
Chemical Company

Sew lOfh. Dec D.. 1917.
4 quarterly dividend of ono uHd ono half
per cent on tie Preferred stock ~ this
Company go. 500. and quarterly disi-
dend ot one and ono -half per cent on fhe
Common Stock (No. 25j have been de-
ciarrd. payable January ~. islS. 10 stasN--
holders OF record at the close ~ bdhinsss
on Monday December -. 1911 .-
THOMAS A. DOE. Treasurer
New-York tribune., 1917-12-23
Drawing on Reserves
To Meet Great Demand

The production for the eleven
months IS accordingly almost equal
to the total yield for the twelve
months of 1916, but that has not
been sufficient to meet the demands
of the refaeries, for about 10000
600 barrels have been taken from
New-York tribune., 1917-12-23
The Importers a. Traders National Bank
Of New Nark

New York. Dec. 2lst. 1917
A dividend of Twelve Per Cent has n.
day been declared BY this bank. payable
on the End day Of January next The
l. 2 TOMNaLND n..hlar
New-York tribune., 1917-12-23
News Digest
Foreign

London Money Market.-LoNp po-S,
Dec. 22.-Money was hrmer AZ > psi
cent. Discount rates-Short oiiis' as
ner cent; three months bills ~. per
cent Gold premium at Lisbon llU'
Paris Bourse.-PARIS Dec. 22.--
Trading on the Bourse was qu'et ~,
day. Three per cent renteS "elc
quoted al So francs 80 centlmes. ~,
change on London was p francs -
centimes. The per cent loan was was
quoted at SO francs 20 centlres. Inc
Bourse will be closed on Monday ana
TUESDAY next.
New-York tribune., 1917-12-23

Copenhagen and Frederksberg with a
large amount Of power. The difficulty
in obtaining copper cables and electric
transformers is delaying this work. u
is expected that most Of the power will
come from the Laga Lakes and the
Trollhattan Falls in Sweden.
New-York tribune., 1917-12-23
Dividend Changes

T.. ". Bliss.-Direetors have de-
elared an extra dividend OF llt per
cent or the common stock, in addition
TO the regular dividends Of per cent
ON tho preferred and ~ per cent on
the common shares. all payable De,
eember 81 TO stockholders Of record
december "a. Dividends amounting
TO 80 per cent were paid on the com,
mon stock this year. Total dividend
disbursements in the current year
were s625.000 in cash, compared with
S4,O93,75 in 1915.
Indiana Pipe Line.-This company
declared an extra dividend OF So
share and the regular quarterly divi-
denr of 81 share. payable February
rs TO stockholders OF record January
%.
Tonapah Mning-A dividend of 7 u
per cent has been declared By this
company, payable January | 20 stock
holders OF record December 81. In
October u dividend OF Is per cent was
paid.
New-York tribune., 1917-12-23

-. movement Of prices on the
~ Exchange of late has been out
~ proportion to the volume of
-.Sing. Under normal conditions
nT;,e range would have been
-,ou. :. with no pronounced trend, in
..-;od Of relative inactivity such
has been witnessed recently. But
=. market has been onesided, or at
,..., ~ unbalanced. most Of the time.
rr,spt for spasmoiic and rather
law liquidation, presumably by
,rre interests, dealings have con
';.t.d chiefly of the commitments Of
.,tsssional spectators. When the
~.,o,;ty Of them we're bearish and
s.rsp 10 sell, the demand was al
avs so thin that prices gave way
,,.i,v. When they began to buy
"A the market turned, stocks were
l.3to them cautiously, so that prices
20 almost as easily as they fell.
vsanwhile the public remained
,loof. and the swings Of the market
IA little or no relation to values.
Tbsy were based on news which no
.,e really pretended to be able to
i,,srpret in terms Of security values.
ma day the market would break
b.,ause a German drive on the
West front seemed imminent; the
,,1t day that was forgotten, be-
,,uss the headlines told Of some rail
road or tax or price fixing develop.
ment which seemed important at the
moment. Fluctuations have been al
most meaningless, and the only
hing one could be reasonably sure
sf was that many stocks and bonds
we're selling far below their actual
worth.
But in the last day or two there
have been indications Of a change
for the better, not great, but never
,heless encouraging. There has
been an awakening of interest in
some sections Of the security mar
h. The new demand has been felt
mainly in the investion section Of
he list, its effects being reflected in
he spectacular rise in foreign gov
gnment securities and the substan-
tai, though not sensational, i'm
wovement in some other bonds.
there has even been some invest
nsnt buying of high grade stocks, so
several brokers report.
Just what brought about the re-
s.wsl Of interest in these securities
is not apparent, but it is hardly
necessary TO look further than the
Stock Exchange list to find a sub
Gantial reason for buying. 1t IS
doubtful if there ever was a time
n the history Of Wall Street when
securities could be bought on such
an attractive yield basis as can be
obtained at present. Fifteen div
isnd-psying railroad stocks, selected
al random from the Stock Exchange
list, yield more than 81 per cent
At current prices. Twenty miscel-
aneous preferred stocks also yield
over sl4 per cent. Twenty miscel-
sneous common stocks, also Sc
lected at random, yield more than II
per cent. The return on foreign
goyernment bonds is so large as to
appear fantastic. The United King
DON 5hss Of November, 1921, sold
the other day on about a 10 per
cent basis, though they are secured
BY deposit Of securities with a mar
let value 20 per cent IN excess Of
he amount Of the issue, and as the
market value of the collateral de-
'ines additional collateral must be
Foyided, so that the 20 per cent
nargin is at all times intact. No
'onder bargain hunters are begin
iag TO appear in the Street.
New-York tribune., 1917-12-23
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, s475h. The intrinsic
parity is s4866s per pound. Thus, you
say either that pounds are at discount
or that dollars arc at a premium, 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 coun-
Try for pounds with which 70 settle
accounts in England.
New-York tribune., 1917-12-23
Cost OF ono dollar

Closing rates yesterday, compared
with week ago, are gwen 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 arc
no longer available.
New-York tribune., 1917-12-23
NEW YORk. ONTARIO AND WESTERN
RAILWAY COMPANY

New York. December rs. 1919
The BOARD of Directors has this day de-
c,arcG a dividend % two per cent. on the
Common stock. payable January 49, 1915.
10 Stockholders OF record 90 =. 81. De-
cember 81, 1911
r. d. RICHARD secroiR-y
New-York tribune., 1917-12-23
ATLANTIC NATIONAL BANK
af the civ af Npsx NarL

December g.. 1915
Tho Board Of Directors hete th's day de-
clared a seni-snnual dividend ~ 90. free
OF tax. payable on and after January 2.
1918. TO stockholders Of recnrd az the close
Of business December 2s. 1917
+. l.. ANDRUSS. Cashier.
New-York tribune., 1917-12-23
THE RANK OF AMERICA.

Now York. December .lsf. 1917.
Tho Board Of Directors has- to day de-
clared a sefnl-annuRl dividend 81 fourteen
Gb per cent, free OF TAX, payable Junu-
sry End, 1918. 10 stOckholdeTs q record
Of tnis date The transfer looks vii ir-
main closed until January 3rd. 1915
W. ". BENNkr. cashier.
New-York tribune., 1917-12-23
OTIS ELEVATOR COMPANY.

2sth ST. llth Ave. " Y G.. Dee l0 1917
The quarterly dividend o. 81 80 p'f share on
the Preferred stock. and tl25 per share ~ the
Common stock will - paid January IS 1913. fg
the stockholders " record A. tho close q bushises
On Dec 81. 1911 Checks Will be mailed
w. G.. McCUNE. Treasurer
New-York tribune., 1917-12-23
E. w. BLISS COMPANY,
Rorouah OF Rrooklyn. New Nork

December -. 1879
The Board OK Directors OF this COMPANY
has this day declared = quarterly dlVid~ud
of one and oue-quartcr per cent ~ i.TI.
and an extra dividend 81 eleven and one
quarter per cent Giksel on the Common
Stock OF the Company 90 be paid from th"
accumulated net earnings of the Company
on December 3lst next. 20 holders ~ tbr
Common stock Of record on the books ~
the Company at the close of business De.
cembsr 2gth next. Transfer books VIII be
closed December 10Th to 3lsi. both dates
inclusive.
HOWARD {. SEAMAN.
New-York tribune., 1917-12-23
DIVIDEND NOTICES
E. w. BLISS COMPANY.
Borough OF Brooki,n. N"'s ,ort

December "a. 1917
The Board OF Directors of this COMPANY
has this DAY declared quarterly div, hd
Of two per cent (2SJ On the Preferred
stock Of the Company. 20 be paid from th-
on December 3lst next. 20 holders of ~"
Preferred stock OF record on the books of
the Company AZ she close of business d.
cefnber 2ith next Transfer books will b-
closed December goth to 3ist. both dates
inclusive.
HOWARD c. SEAMAN.
NnnrnI , A u
New-York tribune., 1917-12-23
Corporation Returns

Wheeling & Lake Erie
1911 1916.
n,,,.er,be- oross si,o4O.17o s7e5.6e8
~, as,s- taxes...... 25o,t32 207 $50
New-York tribune., 1917-12-23
The Dollar in Foreign Exchang'

Dealings in the local toreign , eI.
change market during the isSt TeeS eS
were on the smallest scale IN a lohg
time. Fluctuations in rates 40 fesu''
New-York tribune., 1917-12-23

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., 1917-12-23
Bonuses

The Brooklyn Trust Company an
Eounced yesterday that in addition to
Il distribution Of pproximately 10 per
cent made in November to employees 10
offset higher living costs it will make
its usual Christmas distribution of 10
per cent of the salaries of officers and
employees.
The impor ting and exporting firm Of
Castor, Williams & Wigmore, Inc, has
declared a bonus of 10 per cent of the
yearly salaries to 700 of their en-
rloyes.
Stock Exchange firms announcing
Christmas bonuses were Hartman &
Co., 20 per 'cent. and Hornblower 4
Weeks, Is per cont.
The 105 employees of W. r. Grace &
Co. now in the military service are in
cldded in the 10 per cent bonus TO all
employees OF that organization.