davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-05
Dividends

marlborough Consolidated Corporation
Regular quarterly dividend Of Il per cent on
the preferred stock, payable October l 70
stockholders of record September 10
marlborough Rapid Trsnsit.-Regular quar-
terly dividend of per cent, payable October
l TO stockholders OF record September 10.
Subway Realty.-Rcgular quarterly divi-
dend of II per cent, payable October ! to
stockholders of record September 20.
Manhattan Rail~ay.-Regular quarterly
dividend OF l&. per cent, payable October l
TO stockholders OF record September 10.
Tidewater Oil.-Rey,Ilar quarterly dividend
of 2 per cent and an extra dividend of per
cent, payable October | to stockholders Of
record September II.
Middle West Utilities. Semi-annual diyi-
dends ofgl per cent in cash and | per cent
in common stock on the common stock for
the half year ended August IS, payable Oc-
tober TO stockholders of record September
10.
United Light & Railways-Regular quar-
terly dividends of ! y per cent on first pre-
ferred and l per cent on common. payable
October 70 stockholders of record Septem-
Der /.
Southern Railway.-Regular semi-annual
dividend Of . per cent Mobile & Ohio stock
trust certiicatesl, payable October ! 70 stock
holders of record September Is.
Cambria Iron.-ReSular semi-snnusl diyi-
dend Of ? per cent, payable October ! 10
stockholders of record September 10.
American Woolen.--Regular quarterly divi-
dends Of 3. per cent on preferred and ! 4
per cent on common stock, payable October
is 20 stockholders OF record September a.
Montgomery Ward.-Regular quarterly
dividend OF IA. per cent on the preferred
stock, payable October / TO stockholders of
record September 20.
General Railway Signal.-Regular quar-
terly dividend of li2 per cent on the pre-
ferred and common stocks, payable October
! 20 stockholders OF record September 49,
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-05

This applies to the railroads as
we'll as to the industrials. The July
reports, now being issued, are mostly
favorable as to net. A few Of the
Eastern roads report slight de-
cljnes, but the prospects are that
even these will show gains when the
August figures become available.
That will be the first month in which
the reports will fully reflect the rate
increases recently granted. The
only big fly in the ointment of their
prosperity is the difficulty of obtain
ing funds. This, however, is not an
insurmountable obstacle, though bor-
rowing under present conditions nee
essarily is expensive. Developments
through the war period have, on the
whole, been favorable to the rail-
roads, and the outlook for them is
promising. Yet the liquidation of
railroad securities is becoming acute.
In several instances the low prices
CT the day were below anything Of
record in decades. Compared with
the prices prevailing earlyin 1914, a
group of fifteen representative rail
road stocks shows declines ranging
from 3 to As points, and an average
loss Of 22 points.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-05
Relevant Facts

Dividend Disbursements.-The Her
cules Powder Company has declared an
extra dividend of . per cent in addition
TO the regular quarterly dividend OF :
per cent on the common stock, payable
September 25 to stockholders of rec
ord September To-
Directors of the American Car and
Foundry Company have declared an
extra dividend of l per cent and a
quarterly dividend OF l per cent on
the common shares; also the regular
quarterly dividend of "a per cent on
the preferred stock, payable October
/ to stockholders of record Septem-
Der IA
An initial dividend of 30 cents a
share has been declared by the Jones
Brothers Tea Company on the common
stock, payable October Is to stockhold-
ers of record October /.
American Can.-0ne OF the few
stocks that scored a net gain in yes
terday's weak market was the pre-
ferred stock of this company. This
was attributed TO the announcement
that the directors had declared divi-
dend of ga per cent on account Of
the arrearage on this issue. which now
stands at a trife more than 81 per
cent. The amount of preferred stock
outstanding is SAL 300. Directors
at their meeting yesterday also de-
clared the regular quarterly dividend
of IL. per cent on the preferred stock.
The last payment on the back divi-
dends was IA per cent on July 2.
Missouri, Kansas & Texas.-As a re-
suit OF the action of Speyer & Co. in
applying for the appointment OF CO.
receiver for the company, it is expect
ed that within the near future there
will be an alignment among the six
teen protective committees for or
against the reorganization plan pre-
pared by j. e. W. Seligman g. Co. and
Hallgarten & Co. None of these COM
mittees has yet publicly declared itself,
but several, especially those represent
ing senior bond issues, have signified
their approval OF this plan. The petit
ton for the co-receiver intimates that
the committees representing the two
year notes and the general mortgage
Az per cent bonds are opposed
New Financing.-Corpora financing
in the month OF August totalled $685.
$4,000. compared with Sli6,336,000 in
the corresponding month a year ago
and SIS, 900 two years ago, accord
ing 10 tabulation made by The Jour
nal OF Commerce" Since January
corporation borrowing amounted 10 81 =
267 1898, 200, or S349 1923 300 less than
in the first eight months Of 1915. OF
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-05
.s2s, 6s6, se7.os s24, $50, 1896
TT app'ns. $e,o7o,s52.so s7,12s,sse.oi
Profit and
loss-surps17,st5,s 44.2s s17,53o,e77.so
Permanent Growth

Theodore ?. Shonts, president in his
statement to the stockholders, says the
average increase per diem was 223,SO9
passengers. while the daily increase in
gross earnings was S11,l58, against an
Increase in operating expenses Of
s7.160. An analysis of the traffic figures
shows a fairly equal distribution OF the
increase over the entire period. indi-
eating that it is not attributable TO I'M
usual causes. but that it represents a
permanent growth due to improved ia
cilities and greater travel per capita.
Increases in wages granted during
the year added 81 100000 TO operating
expenses. After the payment OF 20 per
cent in dividends the net surplus for
the year was S2,l02,654, an increase Of
S2lO,639. Total disbursements for in
juries and damages last year increased
sl54,2lO, amounting to S84l,l7 Presi~
dent Shonts attributes the increased eX-
penditures for accidents TO conditions
arising out Of the strike.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-05

this amount SAT- 1923. 100 was for rail-
ropd companies and s796,569, 100 for In
dustrial corporations.
New York Central.-July gross earn
iugs of the New York Central Lines
aggregated s3l,30S,708, compared with
$50, 4O8,5 in the corresponding month
Of 1916. Net after taxes. amounted 70
s9.345,248, against Sl0,l25,92I.. Vet az,
,er ,syes for the seven months ended
with July totalled $48,39i, 702, compared
with S63,4i6,383 a year ago.
New York Railways.-Following a
meeting Of the board Of directors yes
terday, it was announced that the in
terest on the company's per cent in
come bonds for the six months ended
June 30 last will not be paid This IS
the second time within year that the
company has passed the interest on
this issue, which amounts to S3O,626,-
g77.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-05

larly affected by the lcvies on their
war profits
Big Interests Selling
While attaching full importance TO
the heavy short selling by professional
operators. which has induced large
amount of real liquidation by fright,
ened security holders, this banker said
that "the lack of financial and economic
leadership in Congress had brougnC
about selling by important interests
Who were fearful of what the govern
ment's policy win lead to-" =,
The action Of United states steer
common at the close yesterday was
commented upon in commission houses
unfayorably. In the rally that began
about 2:45 Steel rose from low OF
IO4 10 LOG, presumably on covering oy
those who had sold for fall. inc
manner i'm which the stock was sofa
between lOj and 1906, however, indl-
Gated that there was plenty for SAFE
AT those figures. Naturally, this caused
a hesitation in the covering movement
and the closing was not far from the
lowest price Of the season. BANKERS
are not optimistic over the immediate
trend of the market. They say there
is too much uncertainty to warrant any
sustained buying movement for the
present.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-05
London Pays High
Price for Loan Here
Metropolitan Water Board
Bills Renewed on Seven
Per Cent Basis

Further evidence Of the increasing
cost of foreign borrowings in this mar
ket was afforded yesterday in the an
nouncement that an issue of S6'4Co'ooo
one-year discount bills of the Metro
politan Water Board of London Will be
renewed at their maturity on Septem-
her 18 on per cent discount basis.
A wear ago these notes were sold here
on per cent discount basis.
The same syndicate of bankers that
sold the maturing notes will offer the
new issue. l. consists OF the Guaranty
Trust Company, the Bankers Trust
Company, William A. Read & Co. and
Bernhard, Scholle & Co.
The Metropolitan Water Board oper-
ates the public water works supplying
the entire County of London and parts
Of five adjoining counties, serving a
nopulation Of about 100000. The OPP
Grafton Of the Water Board is such, &C
cordinC 10 the announcement OF the
bankers. that service is rendered prac-
,ically at cost. In order to supplement
its revenues the board has the power
Of obtaining a levy Of taxes by the
municipalities served.
1t was learned yesterday that the
Argentine government is arranging 70
paw off at their maturity on September
is sll 100000 discount notes sol here
last June TO a group of bankers headed
bv the Guaranty Trust Company. 1t
was said that no request had been made
TO have the notes renewed, and for THIS
reason it was assumed that funds would
be available to meet the maturing obll-
cation.
Measures now pending before the
Congress Of Argentina call for an in
ternal loan to the equivalent or $780,
OOO, 600 in United States currency and
the establishment OF a central govern
ment bank to be known as the Banco
de Ia Republica. It is believed that the
inauguration Of the proposed new sys-
tenn will 60 a long way toward assist
ing in the rehabilitation Of Argentine
finances.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-05
Money and Credit

Pronounced frmness characterized
the local money market yesterday. Gail
loans at the Stock Exchange ruled
throughout the day at 6 per cent. Some
calling of loans was reported, although
toward the close of the stock market
funds were more abundant. The rate
held strong, however, at 6 per cent.
The Saturday bank statement, with its
reduction Of s56,4OO,OOO in surplus re-
serves, bringing that item to sl2,3oo,-
600. the smallest since the establish
ment of the Federal Reserve banking
system, was largely responsible for the
strength Of call money. This had been
foreshadowed last week, when the call
rate went to 612 per cent. The ex-
PLANTATION of the heavy drain on the
cash position Of the local banks is
found in government Withdrawals.
Bankers say that IS soon as the gov
eminent disburses these funds in pay
ment of war materials they will flow
back into the money market channels
and will help TO relieve the situation,
although no ono looks for any marked
ease for some time to come.
The market for timu loans based on
Stock Exchange collateral was extreme
ly quiet yesterday, and not much bust
ness was done. For loans secured by
industrial collateral 8 per cent was bid
yesterday for sixty-dsy msturities, and
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-05
Only One Wheat Buyer
In Chicago Market
Private Sales Above Govern
ment Price Bring Warning
From Food Board

CHICAGO, Sept. a.-There was just
che buyer in the Chicago wheat market
to-day. and he didn't even visit the
Board of Trade. He was Uncle SAM
and he had an office in the Otis Build
ing. two blocks from the exchange.
There was one basic price, 1920, fixed
by President Wilson. The method pur-
sued was very simple. The man VINO
received the wheat had it placed in an
elevator, obtained receipt from the
elevator, took his receipt to the Otis
Building and got his money.
Through a misunderstanding a little
spot wheat sold slightly above the gov
eminent basis, but the local representa-,
tive of the Food Administrator issued
a warning that there must be no repe-
tition OF the ofense.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-05
Tuesday, September 4, 1917

Numerous explanations were adj
vanced TO account for the somewhat
sensational decline in prices on the
Stock Exchange, but the real cause
nay be summed up in word--liqui-
dation. Though professional selling
for the fall accumulated the down
ward movement, and profit taking
on such sales incidentally was large
~ responsible for the recovery which
came toward the closet had its In
ception in selling by investors. There
was nothing new in this, except that
the movement was broader. Liquida-
ton has been going on quietly, but
in noticeable volume and without in
terruption, for the last two weeks.
The pressure to sell has outweighed
the demand, and, as always happens
Under such conditions, whether it be
il stocks or commodities, exchanges
have been effected at constantly re-
ceding prices. Each recovery has
been followed by further selling, with
vclues working slowly to lower
levels.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-05
Other Cities

Offer to Settle at SO l-3 Cents on
DO!lar.-BOSTON, Sept. 4.-The W. &
A. Bacon Company, department store
owners, whose business was recently
placed in the hands of a receiver on
petition of creditors in bankruptcy
proceedings, to-day filed q schedule
showing liabilities Of s712,198. The
amount of assets, the firm reported,
has not been ascertained. With the
schedule the company submitted an
offer TO settle with creditors on a basis
of 80 l-3 cents on the dollar.
After the filing OF a bankruptcy pc
tition, on August l6, Federal Judge
Morton appointed Charles G. Bancroft,
president of the International Trust
Company, receiver, and counsel for the
Bacons stated that an effort would be
made to settle with creditors in the
hope Of avoiding bankruptcy.
The Bacon company, which long had
conducted a smaller establishment in
Boston, took over the business Of the
Henry Siegel Company after the fail
ure Of the latter concern some years
ago.
Canadian Pacific.-MONTREAL, Sept.
4.-Lord Shaughnessy, president OF the
Canadian Pacific, denied emphatically
here to-day rumors that his road is
offering organized opposition to the
proposed acquisition of the Canadian
Northern Railway by the Canadian gov
eminent.
August MISUNDERSTANDING, Sept.
A total of 610 stock companies were
incorporated with Secretary of State
Hugo during the month of August.
Their capital aggregated S32,467, 900.
This compared with 500 companies,
with capital of s34,296,O00, incorporated
in July.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-05
Gold Imports Not Expected
Britain Not Contemplating
Shipments at Present

Following the publication of last Sat
urday's bank statement, showing the
lowest surplus Of bank reserves since
.he establishments the Federal Re
serve system, rumors were current in
the financial district that a resumption
Of gold imports would be started TO
case the money situation.
At the Offices Of J. p. Morgan & Co.,
fiscal agents for Great Britain, il was
stated there had been no developments
10 indicate that the British government
would begin sending gold here in the
immediate future. The reservation
was made, however, that sudden de-
cision might be reached which would
result in shipments OF the metal to
this centre.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-05

While the effects of the liquida
ton are obvious, the reasons for it
are not so plain. 1t is true that
there are so many uncertainties in
the situation that investors have lit
lie inducement to purchase stocks at
the moment, but that is not to say
that the outlook is so serious as to
warrant the indiscriminate selling
Of securities without regard for in
trinsic values, which is what appears
to be taking place. Heavy taxation,
price fixing and the like are, of
course, more or less disturbing, but
there is good reason for being opti-
nlistic about the outcome of develop
ments in Washington. Extreme rad
icalism in the matter Of taxation
seems doomed to failure, while the
prices which have been fixed for
coal and other commodities are high
enough to enable most producers to
make profits which would be consid-
cred extraordinarily large in normal
times. Moreover, a fantastic infia-
ton is in the making, and in the end
it cannot fail to have its effects upon
the earnings Of industrial corpora
tons, especially those engaged in the
production of basic commodities. At
the worst, profits after the payment
of taxes Of a majority of such cor
portations will be far greater than
they were in peace times, and it is
not at all impossible that they will
be larger than they were even in the
record year 1916.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-05
The Dollar in Foreign Exchange

Russian rubles were sentimentally
affected by the capture of Riga by the
Germans and fell TO l73. cents yester-
day. This compared with 177s cents
on Friday Of last week Scandinavian
rates were firmly maintained. Italian
lire displayed weakness, falling to
rate of 1853 to the dollar. compared
with 1853 last week. Swiss francs were
easier.
Closing rates yesterday, compared
with week ago, are given y the table
below. American bankers have sus-
pended all dealings in German and
Austrian exchange, so that daily quota
tions for either marks oc kronen are
no longer available.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-05

foreign money in terms Of the Ameri-
can dollar. You Guy an English pound
sterling at, say. s4.75H. The intrinsic
parity is s4.S65s per pound Thus. you
say either that pounds are at discount
or that dollars are at premium, which
is owing to the fact that in England
the demand for dollars with which to
settle accounts in this country is great
er than the demand in this country
for pounds with which to settle ae-
counts in England.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-05
M'Neilie to Join D. & II.

MONCION, c. B., Sept. Al. K.
McNeilie, general superintendent Of
the Canadian government railways, to-
day resigned TO accept a position with
the Delaware & Hudson Railroad. He
will be associated with F. P. Gutelius,
formerly general manager Of the Cana
dian lines.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-05
marlborough
Earned SIG a
Share for Stock
Years Profits Increase, in
Spite of Large Strike
Expenditures

In the face Of an increase Of s2,575,-
1877 in operating expenses, due 10
higher labor and material costs
and expenditures incidental to the
strike, the Interborough Rapid Tran
SIT Company, which operates the
subway and elevated lines in Manhat'
tan and The Bronx, earned the equiVa-
lent Of s26 a share on s35,000,000 capt.
tai stock in the year ended June 81
last. This compared with $3.50 earned
on the same stock the preceding year.
Gross revenues from operations were
S39 ,866,146, an increase Of ll.OI per
cent compared with 1916. Net reye-
nues aggregated 23,282,853, an in
crease of Sl,399, AGO. The total funds
available for dividends were s9,l02,654,
compared with S8,892,015 the preceding
year.
79,S2L971 More Passengers
In the twelve months period the In
terborough lines carried 763,574,O85
passengers, or 1881, 97l more than the
year before. The subway contributed
%, l91 $40 Of this increase in passen-
gers carried.
The comparative income account for
the years ended June 80, 1917 and 1916,
follows:
1917 1916
Gross op revS39, 1866, 1864 S35, 1891 ,523.29
Oper. exp. 16,593,293.18 14,008, 1857
Net OF. revs23, 232, s53.26 So, 1893 1922
Taxes ...... 2,37t,384.S3 2,341 ,606.64
Inc. I'm op.s20411,46a.43 S1s,54t,755.6S
Non.op. inc. 559,C76.73 520,e30.39
Gross inc. S2o,e7o,545.fe $50, 122, 586.56
Inc. deduc's. 1905, 1864 11,409,259.57
Net corp'e
inc for
the year. s9,SS5,35s.52 $S,713,326.9s
Add Cont'ct
No. 3.... 2t7,2e5.e6 17S6S7.67
ss1o2,e54.3e se,Se2,O14.e6
Add:
Surp., June
80, 1915. &
June 30, r5st7,53o,s77.Ss st5,5oe, 1os.5s
Tax refund
and other
credits -. 53,264.st 25a74o.72
Totals $40, sse, 1877 .os s24,65s,s63.ss
Appropriated for;
Taxes prior
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-05

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, 1917-09-05
News Digest
Foreign
Russian Bonds Weak on London En-

Russian Bonds Weak on london E1-
change.-LONDON, Sept. 4.-The stock
market maintained a firm undertone
to-day, deLpite the Russian news,
which only weakened Russian bonds
and mines. Other Allied bonds, espe-
cially colonials, were in good demand,
while a broadening business was no
ticeable in Nigerian tins, Rhodesian
lands and oil and rubber shares at
higher prices. Shipping stocks were
firm, but American securities closed
dnll
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-05
New York
Metropolitan Trust Comp

Metropolitan Trust Company.-This
company has made arrangements
whereby its daily balances at the New
York Clearing House will hereafter be
settled through the Federal Reserve
Bank of New York. The action of the
company is in line with the move to
bring about greater Capitalization Of
gold in the Federal Reserve banks. It
is stated that the trust company has
made an initial deposit of 100000
in gold with the New York Reserve
Bank
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-05

Sub Treasury.-New York banks lost
to the Sub-Treasury $4,000.
Silver.-Bars in London, Ard, an
increase Of 10; New York, 93ssc, up
csc; Mexican dollars, 73c, an advance
Of &C.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-05

Official rates of discount for each Of
the twelve Federal districts are as fol-
lows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-05
August Business Mortality.-A com

August Business MOrtaIlty.-A COM
pilation made by r. G. Dun & Co.
tainties in trade and industry because
Of the war commercial failures in Au-
gust were less than in any correspond
ing month during the war period, with
the smallest liabilities for the month,
excepting 1915, since 1912. There were
LAC defaults, with liabilities of
Sl8OS5,207.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-05

Keen Competition for South African
WooI.-CAPE TOWN, South Africa,
Sept. 4.-The rumored purchase by the
government of the South African wool
and mohair clips is the subject Of con-
tinued widespread discussion, particu-
larly as Japanese and American buyers
are anxious 70 acquire the clips on bet
ter terms than those offered by the gov
eminent, if vessels are available and
the necessary permits can be obtained.
The Minister Of Agriculture has eX-
planned that there will be no comman-
deering of wool, and says permits will
not be refused japanese and American
buyers.
A farmers conference has passed a
resolution in favor of selling the clips
in the open markets and OF unrestrct-
ed trade with allied countries, particu-
larly Japan and the United States.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-05

Paris Bourse.-PARIS, Sept. T.
Trading was quiet on the Bourse to-
day. Three per cent rentes, 81 francs
% confines for cash. Exchange on
London, 81 francs Is confines. Five
per cent loan, 81 francs 95 confines.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-05

Banknote Circulation.-WASHING.
TON, Sept. 4.-The volume of national
bank notes outstanding on September
was s7l7,737,715.