davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1917-11-23
A Market Opinion

"Liquidation may not yet have run
its full course" say John II. Davis &
Co., "but in its extent and its effects
it already has carried we'll beyond
the point marking general understand
ing Of and provision for the unfavor-
able facts and probabilities Of the
present abnormal situation. And this
discounting process has brought about
condition Of the bond and stock
markets whereby the investor is Of
fered opportunity and safety COM
bined as they have not been since
the dark days of 1907. Standard
stocks are far below the intrinsic
values that may be calculated from
past records, current earnings and
apparent prospects. That in due
course of time they will be materially
higher seems to US a matter of GER
tainty.
at is to be expected that the restora-
tion Of financial confidence, especially
as it relates to the stock market, will
be retarded more or less by uncertain
ty as to the duration of the war. Nat
urally, the fear Of the heavier burdens
that may be imposed by prolongation
Of the great struggle will operate to re-
strain. But that fear, which is now so
general, will be greatly modified If im-
pending developments in our own coun-
try show that the national administra-
tion has awakened TO the necessity of
reasonable and fair treatment of the
wealth, the energy and the industry
that American capital has devoted so
promptly and so freely TO the nations
wartime requirements. Undoubtedly
much of what has happened in the Sc
curty markets is TO be attributed to IN
vested capitals doubts as to the ability
or willingness of the government as
whole to distribute war burdens equally
and TO preserve property rights in con-
nection with the admittedly indispensa-
BILE coordination OF the country's re.
sources. II is assurance ss TO this that
Is sorely needed at the moment. There
is no real protest against restriction
Of profits or heavy taxation or extern
sive government borrowing or conscrip-
tion of whatever is needful. But there
is widespread resentment and fear Of
injustice and unintelligence in the APP
plication of these war measures. The re-
sentiment may be unimportant, but the
fear already has threatened that preser-
vation of financial stability and that con-
tinuation of high speed industrial &C.
tivity so necessary to win the war for
humanity. II must be dissipated, and
soon. And to that end there must be
some measure of promise by the Fed
eral government that business is not to
be denied profits sufficient to encourage
production, maintain efficiency and sus-
tain credit-this, at the moment, having
particular application Of the country's
railroads. There must be promise also
that taxation, while necessarily drastic,
will be equable and not unduly or sud
denly increased. Also, that government
financing, however extensive, will be in
telligently timed and handled so as 70
put the least possible strain upon Il {
credit structure"
New-York tribune., 1917-11-23
Campaign for
s2,OoO,OOO,OOO War
Savings Begins
Thrift Certificates, Says F.
w. Allen, Are Within
Reach of All

Preliminary steps in the fiotation OF
the $4,000, 100000 war savings certifi-
Gates authorized by Congress were
started here yesterday by Frederic
". Allen, Of Lee, Higginson Co.,
director for the metropolitan district.
Mr.. Allen on his return from Washing
ton began the task of perfecting an
organization to carry on the work in
greater New York. War savings
stamps, beginning December 3, will be
, sale throughout the year 1918.
These certificates" said Mr.. Allen
yesterday, "are intended for everybody
They are within he reach of all. The
owner of a Liberty bond is in no way
exempt from the duty of joining in
this movement. 1t is the duty Of every
man, woman and child Of our hundred
million people to practise economy to
the end that America may help bring
the war 20 a successful conclusion and
to safeguard our national stability and
integrity after the war.
The patriotic response OF greater
New York to the war savings campaign
will be additional evidence to Germany
that every citizen of this great city ID
solidly back Of the government in this
as in all other of its war undertakings
know that all those who are called
to participate in the campaign VIII re
spond promptly, glad Of this additional
opportunity to be of service.
"The war savings thrift stamps and
war savings certificates will not only
enable every one 10 do his DIT in help
ing the government win the war, but
through their other phases will re-
deem a spendthrift nation from spend
thrift ways. Every person who buys
will not only help his country but
greatly benefit himself. When the plan
is fully understood by the people they
will be quick TO respond to its patriotic
and its investment Importance. There
is no question of its being a great sue.
cess. Everything is in its favor and
no one can raise single objection
to it,"
A general committee, which Will ap-
point sub-committees to cover every
section of the city in the same way as
was done By the Liberty Loan com
mittcp will be appointed Immediately
An upstate committee Will be ap-
pointed at Syracuse next Monday nlgh'
New-York tribune., 1917-11-23
The Dollar in Foreign Exchange

Italian exchange displayed shrmer
tone Yesterday, with a checking Of the
persistent decline Of the last few days.
The rate for bills on Rome closed
steady at $50 lire to the dollar, after
recovering early in the day TO S.SS. Bet
ter news from the italian front was a
favorable influence on the market for
lire exchange.
In the face Of reports that the Boil
sheviki were about TO enter into nego-
tiations with the Germans for sepa-
rate peace, Russian exchange was
frmeI, and rublcs recovered TO l2la
cents, compared with 12h on Wednes-
DAY. Transactions in Russian eX-
change were light.
A further decline occurred in Scan
dinavian exchange rates, with Swedish
crowns leading with loss Of II cents
at 80. At this price the Swedish rate
represents a decline from the recent
high record Of cents a crown. French
exchange advanced again, francs going
to 573.
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 quota
tions for either marks or kronen arc
no longer available.
Quoted dollars to the pound.)
New-York tribune., 1917-11-23
Tin Imports Put
Under Control by
U.S.Government
Iron and Steel Institute
Will Regulate Use of
the Metal

The American Iron and Steel Insti-
tute, at the request of the United
States government, has undertaken to
control the importation of tin.
The action was taken at the instance
Of consumers of tin, who are dissatis-
fed with the conditions under which
they have been obliged to obtain the
metal from foreign markets, especially
the British.
1t is expected that under the concen-
trated control of the institute importa-
tion of tin will be expedited and the
market stabilized. Jobbers and consum-
ers have particularly complained OF
delay and interruptions to their bust
ness in the last two years.
Keep Track of Imports
The government also will be enabled
to keep track of the use to which all
imported tin is put. Importers Will be
required to produce for government In
spec,ion at any time directed all their
books and documents relating to trans
actions in pig iron, chloride of tin and
tin ore.
Importing consumers must agree to
use the tin for their own manufactur-
ing purposes and not to sell il to any
other dealer. Importing jobbers and
dealers will be compelled to keep a
record of all buyers to whom they have
sold the metal. No person may import
tin through the institute except upon
guarantee not TO use it for speculative
purposes or expectation.
Complete Reports Required
The institute will keep a record Of
all tin importations released to con-
sumers, importers, jobbers and dealers.
together with all data necessary to
indicate its final disposition and con-
sumption. From time TO time reports
of the amount of metal on hand will be
required from importers and dealers
in order that the information thus coll
lected may be used as basis for
future notifications in the regulations
controlling importation and distribu-
tion.
New-York tribune., 1917-11-23
Irving National Bank
Effects Stock Control
OF Broadway Trust
Name of the Latter Will Be
Changed to Irving Trust
Company

vndet an agreement made between
the stockholders of Broadway trust
Company and the Irving National oahh
last June an exchange Of stock had
been effected whereby stockholders Oh
both institutions will hold. stock in
each in the same proportion. The name
of the Broadway Trust Company, ac-
cording to q statement issued yester-
day by F. G. Lee, president Of the in
stitution, will on November 30 be
changed to the Irving Trust Company.
The advantage Of the consultation
il is said. will be TO give broader scope
to the financial interests identified with
both banks. National banks in other
cities, especially Chicago, have oper-
ated trust companies under JOINT
ownership in this manner. A trust
company operating under a state char.
ter is permitted TO transact business OF
a character which a national bank can
not handle, such as acting as trustee
for estates, registrars for corporations
and in other fduciary capacities.
New-York tribune., 1917-11-23
Relevant Facts
Dividend Observation-Disclosures

Dividend Disbursements.-Dir
Of the American international Corpora
ton have declared a quarterly dividend
Of 90 cents share on the common
stock, payable December 81 to stock
holders of record December 15. In the
preceding quarter dividend of 10
cents a share was paid.
The Cincinnati, New Orleans &
Texas Pacific Railroad Company has de-
clared an extra dividend of 31a per
cent on the common stock; also semi
annual dividend of per cent on this
stock and the regular quarterly dlvi-
dend of u per cent on the preferred
stock, all payable December IL to
stockholders of record December /.
The Indian Refnding Company has re-
sumed dividend payments on tie COM
non shares by declaring dividend OF
per cent, payable December 20 20 stock
holders of record December 10. This
is the first distribution on the common
stock since October, 1911. The regular
quarterly dividend of 1% per cent has
also been declared on the preferred
stock, payable December is to stock
holders Of record December 1.
Fifth Avenue Coach.-Total revenues
from operation for the year ended June
30, 1917, amounted to s2,243,sl6, an in
crease Of s574,O90 over the previous
year. Net earnings after all charges
and expenses totalled s5S2,636, an in
crease of sl39,539 over 1916. The COM
pany's balance sheet shows total assets
of N,7S5,474, compared with s1,143,312
a year ago.
Brooklyn Union Gas.-No action was
taken yesterday by directors Of Brook
lyn Union Gas Company on 1 per cent
extra dividend that is usually declared
at this time of the year Only the
regular quarterly dividend of IL per
cent was declared on the Sl8,000000
capital stock outstanding. The company
has been paying extra dividends of l
per cent each semi-annually. since jan
usry, 1911, in addition to the regular
New-York tribune., 1917-11-23

Complete figures covering rail-
road operations for the principal
systems of the country for Septem-
Der and the nine months, as COM
piled by the Interstate Commerce
Commission, indicate why the roads
are asking for higher freight rates.
All roads for September, while re-
porting total operating revenues Of
S357,731,325, an increase of about
$50, 100000 over the corresponding
month of 1916. showed net revenues
of S114,121,138, a decrease Of
about s7,500,000. After deduc-
tions for taxes operating income
amounted to $8S,985,000, a de-
crease Of about $20,000,000. In
the nine months period ended with
September the railroads reported
gross revenues from operations Of
$1,000, ,769, $50, compared with ST.
652,795,82s year ago, while
operating income after tax charges
amounted to s735,68S,542, a de-
crease of $5O,OOO,O0O. AS a class
the roads operating in the Southern
district about held their own COM
pared with a year ago. Western
district roads showed a slight de-
crease in net for the month of Sep
tember and a small increase in net
for the nine months. 1t was the
systems operating in the Eastern
district, those which have lately
asked for increased rates, that made
the bad showing. This group,
while reporting an increase of about
S16, 100000 in gross revenues for
September, showed a decrease Of
S4,000,000 in net, while for the nine
months period net revenues de-
creased SAG, 100000.
New-York tribune., 1917-11-23

Difficulties in the way of speed
ing up the country's production OF
soft coal are emphasized in the late
est figures on output covering the
month of October. Production of
bituminous coal in that month is
estimated to have been 47,429,7SO
tons. Although the total output
was larger in that month than IN
the shorter working month Of Sep
tember, the rate Of production de-
clined from 1,773,659 net tons per
working day in September to 1,756,-
600 tons in October. Total pro-
duction from January to October
81, 1917, is estimated as 454, 1885,
059 net tons. This Is an increase
of 4O,893,O75 tons over the pro-
duction in the corresponding months
of 1916. The bituminous mines
continue to produce more than last
year, but the slowing down in the
rate Of increase over 1916, which
began in September, also continues.
Thus by the end Of September the
1917 production was 1914 per cent
ahead of that in 1916; by the end
of October it was only 80 per cent
ahead. 1t is apparent that only by
acceleration of the present rate of
production can the total output of
the year 1917 exceed the record Of
last year by 10 per cent.
New-York tribune., 1917-11-23
Corporation Returns
Wheeling & Lake Erie
Dividends

National Lead.--Regulsr quarterly dividend
Of | per cent on the common stock. payable
December 81 70 stockholders OF record De
cember I.
Calumet & Arizona Mining.-Regular quar-
terly dividend of 81. payable December "a TO
stockholders Of record December 7.
Cuban-American Sugar.-Regular quarter
ly dividends of u per cent on the preferred
stock and 2is per cent on the common stock.
payable January TO stockholders OF record
December l..
dend of laI per cent on the common stock
and semi-annual dividend Of pa per cent
on the preferred. payable December l5 70
stockholders of record December /.
Interstate Electric Regular
quarterly dividend of y per cent on It's pre-
ferred stock. payable December 1 to stock
holders OF record November q.
South West PennsyIvania Pipe Lines
Regular quarterly dividend Of 50 q share.
payable December 81 TO stockholders OF record
December is.
Laekawanna Steei.-Extra dividend Of 3h
per cent in addition TO the regular quarter
ly dividend Of !. per cent, payable Deem
Der 81 10 stockholders of record December IL.
National Lead.--Usual quarterly dividend
of | per cent on the common stock. payable
December 81 TO stockholders Of record De
cember Z.
Baldwin Locomotive Works. Regular semi
annual dividend Of Siz per cent on the pre-
ferred stock, payable January | TO stock
holders OF record December 3.
Pennsylvnnia Water & Po~er.-Usual
quarterly dividend Of z per cent, payable
January . 70 stockholders OF record Deem
Der 10.
BcldinK- Paul Cortieelli.- Dividend OF Az
per cent on the preferred stock on account Of
back dividends. payable December Is To stock
holders Of record December /. This declara-
tion makes II per cent declared on the issue
this year and leaves IN per cent still un-
paid.
New-York tribune., 1917-11-23

rate Of per cent, making the annual
dividends equal to per cent since that
time.
Baldwin Locomotive Works.-Follow-
ing a meeting of the Board Of Directors
in Philadelphia yesterday Alba B. John
son. president, said that during 1917
the company's working force has been
increased to approximately 10000 men.
Locomotive production, he stated. has
also been largely increased and for
the ten months ended with October,
2254 were shipped, at the rate OF 225
month.
"This increase of production" said
Mr.. Johnson, "will be further continued
during November, December and the
months of 1918. While our earnings
have been satisfactory the increase IN
production and increased cost OF ma
tarials and labor have demanded large
increase in amount of working capltal,
as conditions have been unfayoraple lor
any financing.
.At no time in the history OF the
yorks has there been so large an
amount of business upon the BOOKS. Al,
the shell business has been transferred
70 the Eddystone Munitions company.
The work under contract shouid prove
nrodtable and gives promise OF sstls-
factory earnings during the succeeding
year"
AngIo-American Oil Company. Lid
At a meeting in London wednesday
stockholders passed resolution 10 IN
crease the capital stock by sl,Ooo'ooo'
The new shares will be offered to hold-
ora Of the company's share warrants
registered in the United States ana
other Allied and neutral countries IN
the proportion of one new snare ioi
cvery two shares now held at the price
of $3.50 a share.
Erie Financing-Concerning the an
nouncement. that the Utilities Oom-
mission of New Jersey had authorized
the company to issue sl0'OOO'Ooo Oh
twentv-ycar bonds, it was stated yester-
dav that it is not the intention OF the
coyonany to put out any new issue al
this time 1t is understood, however,
tbat the company may borrow SONY
money privately and use the ne" Do'us
as collateral 70 secure the roam
New-York tribune., 1917-11-23

After three days of rising prices
the stock market turned irregular
Yesterday, closing with the majority
of standard issues showing net
losses. With the development OF
reactionary tendencies came
slackening in the volume of activity
the turnover falling off fully 30 per
cent from the total Of the preceding
day. Speculative Wall Street
while still rejoicing over the brill
iant success of the British in their
drive on the Arras front, had Its
enthusiasm tempered by the rise in
the curve of U-boat sinkings.
While not unexpected, the striking
increase in the toll taken by the
German submarines served again to
emphasize that this menace to snip
ping has by no means been removed
but is still a factor that must be
reckoned with. The moderate set
back in stock prices, however, was
not attributed to the news develop
ments, but rather to the change that
had taken place in the technical po-
sition of the market. Undoubtedly
the advance begun iate on Monday
and continuing through Tuesday
and Wednesday resulted in the re-
tirement of considerable portion
of the outstanding short interest,
and with this supporting element
removed from the market the
downward tendency of prices was
quite natural. Moreover, as was
pointed out by market observers, it
might be expected that stocks
bought for purposes of support dur
ing the period when the market was
so weak would be offered on the rise,
and sales from that quarter prob
aDlN were q IdCCOI III ShSNh''AS ''~
continuity Of the upward movement.
1t was considered significant Of the
DAYS market that the trading slack
ened as prices eased off, while such
declines as occurred did not bring
about any renewal of the liquidation
that so unsettled the market on the
recent break. What was more, no
suggestion of the beginning Of any
new liquidation manifested itself,
indicating that stocks are in
stronger hands and security holders
are regaining confidence. In bond
market circles a somewhat broader
inquiry was reported from inves-
tors. although so far it has not
brought any marked Improvement
in prices or any expansion in ac-
tivity.
New-York tribune., 1917-11-23
Lackawanna a Steel
Pays 3 IL Per Cent
Extra Dividend

Directors Of the Lackawanna Steel
Company yesterday declared an extra
dividend of 81 per cent on the COM
mon stock in addition to the regular
quarterly payment Of IL per cent.
Both dividends are payable December
81 to stockholders of record on De-
cember IA.
The company has outstanding $685.
o00.00 common stock. The extra
dividend calls for distribution Of
sl,225 900, and the regular dividend a
payment of s525,000. On June 30 last
the company paid an extra dividend
of 81. per cent, and at the end of 1916
8 per cent.
New-York tribune., 1917-11-23
News Digest
Foreign

Traders in London Cheerful.-L0N-
DON, Nov. 22.-Cheerfu!ness was ap-
parent on all sides Of the stock market
to-day on the British victory. Allied
bonds and home rails hardened when
ever buyers appeared, despite TIE an
nouncement of New South Wales 5%t
per cent loan of f3,000,0 900 at 99lz.
Armament and shipping shares were
strong and rubber and oil stocks in
better request, but scandinavian bonds
were fiat. Petrograd exchange was
easier, while Scandinavian rates ad-
yanced.
New-York tribune., 1917-11-23
Need for Good Roads

The good roads movement must 60
on. The country cannot live its life
more abundantly" without them. The
war emphasized their need. Rail trans
portatton IL taxed TO the utmost. In
England, small country that il is, the
railroads have been found TO be made
quatc. The government there is en-
couraging all freight hauls OF forty
miles and less TO be made in motor
trucks: X Is a practical recommenda-
tion, for in that country good roads
have long been established. So, in
stead of cutting down our construc-
tion of better highways, the war should
stimulate US TO more road building
than ever. II is absolutely impossible
New-York tribune., 1917-11-23
Italian Shipping Earnings

Gross earnings Of the Navigazione
Generate ltsliann OF Genoa. Italy. one
OF the large Italian shipping COM
panles,. aggregated 5l.089.442 lire
{ slightly less than sl0.000,000) in the
year ended June 30 last. according TO
the annual report just issued. Net
profits were IS.i98.950 lire. At the
meeting. held in Genoa.
In September, IL was decided TO raise
tho capital stock to 100000, 900 lire.
New-York tribune., 1917-11-23
November 1lst. 4,

Tho Annual Meeting Of Stockholders ot
the Oyerman Cushion Tire Company will
he held at the once OF the Company. No.
$50 West kfth Street. Manhattan. on the
6th day OF December. 1917. at IL o'clock
noon, FOR the purpose OF elccung ive direc-
tors OF the Company and tranSacting such
other business as may legally come before
the meeting.
The transfer hooks will be closed a
o'clock \. NJ. December 3rd 1917. and re-
opened at o'clock T. NJ. December tth'
1917.
l.. l.. AMBERG. Secretary.
New-York tribune., 1917-11-23

Paris Bourse. PARIS. Nov. %. -
Trading was quiet on the Bourse to-
day. Three per cent rentes, 50 francs
rs centimes for cash; exchange on Lon
don, 81 francs % centimes; 5 per cent
loan, 81 francs 80 centimes.
New-York tribune., 1917-11-23
New York
Sells Seat on Stock Exchange

Sells Seat on Stock EKchange.-The
Stock Exchange seat of william Lem
mon, who has been a member of the
Exchange since 1872, was sold yester-
day to Julian Stevens Ulman for $780,
coo. This is an increase of $4,000 over
the last previous sale.
New-York tribune., 1917-11-23

CERTIFICATE OF MEMBERSHIP no.
2sI3. issued by the New York Producs
Exchange. March 3, 1892. 10 stephen G.
Hunter. having been lost or mslsld, applics-
tion has been made 10 the Board Of Mana
gers for a new certificate. All persons N.
terested are hereby notified 20 show esvs:
within the next six weeks why such new
certificate should not be issued.
L. b. HOWE. Secretary.
New-York tribune., 1917-11-23

traffic which is being poured upon
them by the government and the
public. The adoption of any less
liberal, comprehensive and construc-
tive programme will result in ma
tional disaster.
New-York tribune., 1917-11-23

The above rates express the cost of
foreign money in terms OF the Ameri-
can dollar. You buy an English pound
sterling at, say, H.75h. The intrinsic
parity is sassy per pound. Thus, you
say either that pounds are at discount
or that dollars are at n 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 to settle
accounts In ENGLAND.